Ordered, and deliberately undated

Phases

1. I

   Instrument shipped

   The public design: the mechanism, every parameter with its bound, the fee table with its holes visible, and the open-problems list. This site.

   • Mechanism published
   • Parameters and bounds
   • Open problems named
   • Palette and hero derived and verified
2. II

   Orbit next

   The hook. A single pair, a single managed range, on a testnet, with the NAV guard designed before the code rather than after it.

   • v4 hook: range management
   • NAV deviation band
   • Buffer accounting
   • First external review
3. III

   Ephemeris later

   Mint, redeem and the locked class. Redemption under stress is the part that has to be specified here, not the part that is discovered later.

   • Mint and redeem at NAV
   • Buffer escalation rule
   • Locked class and boost
   • Redemption-under-stress spec
4. IV

   Transit later

   Intents and batching, which cannot ship before the solver set has rules. The rules are the deliverable; the router is the easy half.

   • Solver registration and bonds
   • Batch construction rule
   • Gas abstraction
   • Public settlement archive
5. V

   Sidereal later

   Tokenised equities, once the halt policy, the corporate-action path and the transfer-restriction question have answers rather than placeholders.

   • Halt and closure policy
   • Corporate actions
   • Restriction compatibility
   • Reference-price attestation