Internal
Week 4 — Peak and risk guards
Two things share this date. I am not gluing them into one story.
| Liquid peak | $210.215219 observed stablecoins at 18:41:54 UTC. About $0.01 of that sat outside trading collateral. |
|---|---|
| $221.40 | Reconstructed equity from an assumed $18 start plus gross resolutions. Not a liquid balance. |
| Internal scripts | Paper-state guards removed. The simulator became a no-op. |
| Order of events | The files do not say whether the edits came before or after the peak print. |
A UC change from this period also tried maker bids under the ask, and in a 28 April maker/taker experiment, a second taker leg. That is more exposure, not proof of profitable fills.
The peak is cash. The guard removal is code. Same calendar day is not a cause.
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