In one paragraph
The plans priced a closed bonded network whose customers are five named firms a sponsor must hire, paid in USD. The live product is a listed freeze. F2 already funds perps on two rails; instruments are quoted /DFY; the bond and the clerk ticket are still USD; readers are free; the invest page sells the publisher, not the network. A Q4 2026 tokenization harbor, even assumed, is a listing convenience. It is not a reason to make DFY the rail.
Recommendation under present levers: Listings primary; USD bond; DFY only as a wrapper unit. The board adopted listings as primary revenue; the 4-of-5 bonded quorum kept as a public good a regulator can ask for; USD bond floor; DFY only as the unit of listed wrappers. V19 is a second offering or it is nothing. Bonded-DFY is P5 by another name. Changing levers here does not amend the plan of record.
Named firms live
0 / 5
Gate 23 November 2026. Lab seats 5.
F2 freeze
0.5737
Sealed #169 · tape 0.5630 · ETH + Canton
Bond pool
$275.0k
USD · not DFY · five middle-tier seats
Method PV (these levers)
$11.2M
v0.18 anchor $19.2M · band $6.8M–$17.8M
v0.18 as written
Bonded · USD
$10.4M
Present value, v0.18 method, current gate and multiple.
Harbor on · 35% haircut
Bonded · DFY
$5.3M
Present value, v0.18 method, current gate and multiple.
Plan of record
Listed · open
$11.6M
Present value, v0.18 method, current gate and multiple.
What the live product already chose
- Genus II is listed. F2 is a perpetual freeze used as a funding mark. The plan’s first money was a week-23 P3 settlement licence. The tape did not wait.
- DFY is a wrapper unit, not a rail. GM! Core · 1D prints as BTC1D/DFY, ETH1D/DFY and four others. The bond pool, clerk tickets and NAV remain USD. Insider holding of DFY is 86.8% — the reason v0.17 designed W instead.
- The network is non-investable. Two open readers, no name, no bond. No W. No NetCo. /invest sells the booklet’s publisher, a CSAI subsidiary, on a listing thesis: wrappers list and settle on any venue.
- The bonded layer is integrity, not a book of business. Supermajority 4 of 5. Bond pool $275k USD. Seats are labelled Lab North through Lab Gate. A named desk replaces a simulated seat. That is I1, not a $24k Freeze SKU.
Observation score
17 plan claims read against the live site on 11 September 2026.
Admission is the product
Closed bonded · USD
Sponsored products need five identified, bonded signers. Each product induces Freeze licences, desk licences and Reads, all in USD. The publisher is paid by the population the network admits. This is v0.17/v0.18 as written.
The rail is the token that already exists
Closed bonded · DFY
Same closed admission network, with DFY as the bond and fee currency, under an assumed Q4 2026 tokenization safe harbor. The harbor is taken as given for this column. It is not in the v0.17–v0.19 record, and it is not law.
Plan of record
Listed · open
A non-investable distributed network. Signers are integrity a regulator can ask for, not a customer cohort. Readers are free. Any token exists only to support listings — DFY as the wrapper numeraire of GM! Core, or W as a work record the Read never prices. Primary revenue is the listing / methodology licence.
Levers
Defaults are the live observation: 0 named firms, listings already 70% of the commercial story, DFY as wrapper numeraire, Q4 harbor assumed for the scenario, no NetCo.
DFY posture
Live is wrapper. Rail is the closed-network conversion. None is v0.18 as written.