Redemption Backstops

Modeled redemption-route coverage for tracked stablecoins. This subsystem estimates how credibly a holder can exit to par or near-par outside secondary-market DEX liquidity, then exposes that estimate through a standalone snapshot API. Since redemption v4.3 the legacy effectiveExitScore blend is retired: same-notional exit is published by the Safety Score V9 Exit pillar alone, which composes the same route-scoring primitives from shared/lib/exit-route-scoring.ts.

Agent navigation — Grep the heading you need: Methodology Versioning · Coverage · Cron Schedule · Scoring Model · Route Modeling · Database Schema · API Endpoint · Frontend Consumers.

Methodology Versioning

• Current methodology version: v4.42
• Public methodology anchor: /methodology/#redemption-backstop-methodology
• Canonical source files: shared/lib/redemption-backstops.ts, shared/lib/redemption-backstop-configs/*, shared/lib/redemption-backstop-scoring.ts, shared/lib/methodology-versions/redemption-backstop.ts
• Structured changelog: shared/data/methodology-changelogs/redemption-backstop/

Latest v4.42 update: market-implied degradation now requires an open live downside incident plus a fresh authoritative current signed deviation at or below -2500 bps. If current evidence is unavailable, the route publishes unknown / market-implied, remains impaired, and stays unrated instead of asserting present degradation from the incident's historical peak. Scoring weights, formulas, and the threshold remain unchanged.

Earlier release history lives in shared/data/methodology-changelogs/redemption-backstop/; keep this document focused on the current contract.

The standalone history is published at /methodology/redemption-backstop-changelog/. The current methodology section distinguishes this route diagnostic from V9 Exit, which re-evaluates exact same-notional route evidence under the V9 policy.

Coverage

Configured coverage is defined statically behind the thin facade in shared/lib/redemption-backstops.ts, with route-family modules under shared/lib/redemption-backstop-configs/.

• Configured coins and family counts: derived from REDEMPTION_BACKSTOP_CONFIGS; do not copy the changing roster or totals into this document
• Route families: offchain-issuer, stablecoin-redeem, collateral-redeem, queue-redeem, psm-swap, and basket-redeem
• No discovery layer: only coins present in REDEMPTION_BACKSTOP_CONFIGS are modeled

The config registry is validated at module load time against TRACKED_META_BY_ID, so unknown IDs fail fast during build/test/runtime startup.

npm run audit:coverage -- --domain=redemption-backstops --report <path> writes per-config audit rows with both the literal configured capacityBasis and the resolved runtime-style resolvedCapacityBasis. Reserve-sync rows use the tracked adapter's direct/proxy redemption-telemetry declaration when resolving that audit basis. The report also includes capacityFallbackSource for reserve-sync fallback ratios/USD buffers and dailyLimitUsd when a static model caps same-day capacity, so review queues can distinguish route-family defaults from explicit fallback or daily-limit constraints.

Cron Schedule

• Pattern: 11 */4 * * *
• Function: syncRedemptionBackstops(db, signal)
• File: worker/src/cron/sync-redemption-backstops.ts
• Trigger order: runs after sync-live-reserves in the 4-hourly reserve lane (worker/src/handlers/scheduled/hourly-live-reserves.ts)

The cron reads:

1. The strict stablecoins cache via loadStablecoinsCache(...), including its generation timestamp, underlying price-observation timestamps and provenance, FX references, and same-generation prices used to derive current signed deviations
2. The latest DEX liquidity snapshot via loadDexLiquiditySnapshot(db) so both the liquidity map and freshness can be reused
3. A preloaded map of the latest authoritative reserve snapshot metadata for routes that use live reserve telemetry for capacity or fee inputs

No external HTTP calls happen during the redemption-backstop pass itself; any live reserve telemetry is reused from D1.

Status semantics:

• ok when every active configured route resolves to a usable scored row and the reused DEX diagnostic input is fresh, when the only unresolved active rows are a tiny missing-capacity tail within the current active-config tolerance budget (max(1, ceil(activeConfigured * 1%))), when current market evidence intentionally marks a route impaired, or when a configured route is absent from the active runtime stablecoins cache but still materialized as a diagnostic missing-cache row. The DEX score remains backward-compatible context only; it never computes a combined exit score.
• degraded when at least one row is written but any active configured route fails, hits a non-missing-capacity/non-impaired/non-missing-cache unresolved state, the missing-capacity tail exceeds that tolerance budget, the reused DEX liquidity snapshot is stale or missing, the runtime cache has no active configured route at all, a reserve-metadata or DEX-liquidity preload step failed, or the D1 write/retention step returned warnings
• error when zero routes resolve to a usable scored row because of route failures, blocking unresolved states, all active configured routes missing capacity, or every configured route being absent from the active runtime stablecoins cache

Cron metadata includes synced, resolved, unresolved, unresolvedMissingCapacity (plus per-family/per-provider familyMissingCapacityBy / providerMissingCapacityBy breakdowns when any capacity is missing, so a single failing adapter family cannot hide inside the aggregate tolerance), unresolvedCritical, availabilityDegraded, marketImpliedDegraded, marketEvidenceUncertain, missingCapacityOkThreshold, coverageRatio, failed, configured, activeConfigured, cacheAbsentConfigured, dynamic, estimated, static, liquidityStale, severeActiveDepegThresholdBps, registry/run manifest fields (registryHash, familyCounts, strongProxyCount, heuristicCount, validatorVersion, configMethodologyVersion, v4ScoringParametersHash), and route-status producer fields (routeStatusProducer, routeStatusProducerFetches), plus capped matching ID lists or missingFromCache when relevant. Intentional confirmed impairment and current-evidence uncertainty do not by themselves degrade the cron run.

Scoring Model

Component Weights

Defined in shared/lib/redemption-backstop-scoring.ts:

If capacityScore is unavailable, computeRedemptionBackstopScore() returns null and the route is treated as unrated. When executable capacity is measured, zero capacity returns a zero headline with zero-executable-capacity; positive capacity below both the first 1% request-completion and $100,000 absolute-capacity breakpoints returns zero with immaterial-executable-capacity. Other components cannot manufacture a positive route score without a material executable exit.

Route-Family Caps

Some route families are intentionally capped even when their component mix scores higher:

An optional per-config totalScoreCap can apply an additional config-cap.

The exit-route observation envelope this producer emits is consumed by the Safety Score V9 Exit pillar, which is the only same-notional route grader. Redemption observations accept only issuer-redemption and protocol-redemption as potentially scoreable families; eventual-redemption is diagnostic-only. Reviewed documented-terms evidence uses a one-year review window. Reviewed opaque-fee observations can carry modeled capacity tagged with feeEvidence: "undisclosed-reviewed" while remaining producer-level non-score-eligible; a consumer must apply an explicit bounded-unknown fee policy rather than treating the route as cost-bounded. Route independence — and with it the pillar's bounded redundancy credit — is decided by the V9 Exit pillar from enumerated failure domains and physical resource keys.

The V9-only FPI path observes its Controller Pool, FRAX and FPI price feeds, and CPI tracker at one Ethereum block. Admission pins every dependency address and runtime hash, verifies current oracle rounds and controller/feed agreement, rejects paused or out-of-band state, and measures the live fee, quote, FRAX balance, and maximum redeemable FPI. Capacity is denominated as input FPI at the CPI peg; execution cost and the pinned FRAX output value remain separate so the all-in loss must satisfy the modeled-request ceiling. The configured CPI update bounds admit observations up to 62 days old at high model confidence, downgrade observations from 62 through 366 days to medium, and reject older state. The issuer collateral response and the nested route attempt publish through the same reserve-adapter result, so a failed issuer request cannot leave a new route attempt attached to stale composition. This evidence is consumed only by explicit V9 replay and does not alter standalone public redemption rows or scores.

Severe active downside depegs add a current-exercisability gate on top of the static route score. The incident gate is an open live depeg_events row whose explicit direction is below peg; peak_deviation_bps, peak_price, started_at, and incident age remain historical context and never establish present severity. degraded / market-implied requires the same stablecoins generation used by the redemption run to be no more than 1800 seconds old, its underlying priceObservedAt ?? priceUpdatedAt to be finite, non-future, and no more than 1800 seconds old, non-cached and authoritative price trust, an authoritative peg reference, and a finite current signed deviation at or below -2500 bps. A fresh authoritative deviation above that boundary releases this overlay without closing the incident. If currency cannot be established, the route publishes unknown / market-implied, remains resolutionState: impaired, applies market-implied-depeg-evidence-uncertain, and withholds its score; a missing feed therefore cannot turn a permanently collapsed asset into an open static route.

Confirmed downside impairment and current-evidence uncertainty both propagate through modeled outputs. Dependency weights come from variantOf and pegReferenceId parents when either is set; otherwise, for every route family except offchain-issuer, they are derived from reserve composition (reserves[].pct) and declared dependencies (dependencies[].weight). Only dependencies with confirmed current severe evidence contribute to outputImpairedShare, and the dependency with the largest absolute current severe deviation supplies the attribution. Any confirmed severe dependency takes precedence over uncertain dependencies; when none is currently severe but at least one relevant open incident is uncertain, the route is unknown and unrated. The direct strong-live exception remains limited to current permissionless atomic/immediate live-direct capacity and never bypasses output impairment or uncertainty. The redemption producer only reads depeg_events; lifecycle ownership, recovery, and incident closure remain with the depeg producer.

Declared tracked-stablecoin outputs also carry an additive downstream-resolution disclosure. When an output row in the same snapshot is not resolved, the otherwise independent upstream row publishes outputDependencyResolution: { stablecoinId, resolutionState }; the field is omitted when every observed output row is resolved. This marker does not suppress a valid same-run measurement, change routeStatus, downgrade confidence, alter any score, or gate Safety Score V9 Exit eligibility. It is stored in the existing redemption details_json envelope, so it adds no typed D1 column and requires no migration or redemption methodology-version bump.

Route Modeling

Config Registry

Each configured coin declares:

• routeFamily
• accessModel
• settlementModel
• executionModel
• outputAssetType
• capacityModel
• costModel
• optional costModel.feeDescription
• optional holderEligibility
• optional routeStatus (open or unknown)
• optional routeExitCorrelation
• optional totalScoreCap
• optional outputAssets
• optional unresolvedOutputAssetKeys and unresolvedOutputDisposition
• optional docs and reviewedAt
• optional notes
• optional reviewed overlays v9RouteCostTerms, v9RouteReviewTerms, and v9ComposedDexExit. A v9RouteReviewTerms.settlementModel is the canonical reviewed settlement fact for both the standalone producer and V9: conservative corrections remain admissible, while a favorable correction requires its cited review to remain inside the 365-day evidence window. The remaining V9 projections stay consumer-specific.

The public registry import lives in shared/lib/redemption-backstops.ts. The actual config inventory is split by route family under shared/lib/redemption-backstop-configs/ to keep review and change scopes small.

outputAssets records concrete holder-route outputs, not every reserve asset. Stable outputs use tracked stablecoin IDs; collateral outputs use canonical asset:<symbol> keys. Configured baskets are limited to 16 members, matching the ExitRouteOutput.assetKeys bound. Leave the field unset when the published route is incomplete or when its tracked and untracked members cannot all be represented: an incomplete subset must not turn an unresolved basket into a resolved one. When a complete reviewed route contains untracked assets, unresolvedOutputAssetKeys may preserve the exact identities for diagnostics; those keys do not resolve or score the output.

July 2026 Output Reconciliation

The 2026-07-15 source pass made the following config-only evidence rulings. It did not change scoring weights or formulas.

The 2026-07-26 follow-up resolved ZYS to the exact tracked ZSD output and made three other known-but-unpriceable routes explicit without promoting them: DLLR records ZUSD + DOC as an unresolved basket, wiTRY records untracked iTRY, and AZND remains an anonymous unresolved asset because Mu Digital's primary materials do not name the redemption settlement asset.

The 2026-07-19 second output pass made the following rulings over the routes that stayed unresolved after the first pass. It did not change scoring weights or formulas; the two passes share the same bar — a published output set must be complete enough that declaring it does not misstate the documented holder route.

Capacity Models

Capacity resolution is dispatched in worker/src/lib/redemption-backstop-capacity.ts, with per-model resolvers under worker/src/lib/redemption-backstop-capacity/ (supply-full.ts, supply-ratio.ts, fixed-usd.ts, reserve-sync.ts); redemption-backstop-sources.ts orchestrates the entry build and calls into it.

Rows may include capacityProfile, which separates immediateUsd, dailyLimitUsd, queuedUsd, eventualUsd, scoringUsd, scoringHorizon, and capacityProfileConfidence. Legacy immediateCapacityUsd, immediateCapacityRatio, and capacityScore remain populated for compatibility. Reserve-sync backing or total supply is not evidence that the holder route can eventually redeem all supply; eventual capacity therefore remains absent unless that route-level claim passes the explicit reviewed opt-in.

Live reserve adapters can now emit a nested metadata.redemption object for new redemption-specific telemetry. The validator rejects malformed or unsupported redemption telemetry before persistence, including negative capacity, capacity ratios outside 0..1, negative fees, capacity fields from adapters that declare no capacity support, fee fields from adapters that declare no fee support, or direct-capacity tiers emitted by proxy-only adapters. Legacy flat metadata remains readable while existing adapters are migrated to the nested contract.

Sky DAI and USDS now use the live sky-makercore PSM USDC balance as their immediate redeemable bound when that telemetry is fresh, with the prior 33% reviewed heuristic retained only as fallback. USDe uses the live ethena adapter's same-run reads of the EthenaMinting contract's own USDT/USDC balances as direct redemption capacity, capped by the per-asset and global max-redeem-per-block configuration read in the same pass and gated on a usde() identity check; any failed read withholds the telemetry entirely and the reviewed 0.5% fallback ratio takes over. Reservoir rUSD, srUSD, and wsrUSD use the live reservoir adapter's same-run on-chain reads of the USDC Peg Stability Module (pinned address, underlying() identity check, underlyingBalance(), paused()) as the terminal-leg capacity bound with route status open/paused from the same reads; the balance-sheet USDC bucket stays diagnostic and a failed read withholds the redemption block, falling back to the documented 25 bps minimum PSM balance. Mento FPMM pools (JPYm, CHFm) additionally read the pool's lpFee() + protocolFee() live each run, so the route carries a current measured fee instead of an undisclosed-fee marker; the verified implementation caps the combined fee at 200 bps. cUSD now uses the live cap-vault onchain adapter for bounded current redemption capacity, scoring against unpaused available vault balances rather than full eventual basket redeemability. The producer also binds the complete USDC + WTGXX output weights and aggregate unit value to the same reserve snapshot, using the tracked timestamped WTGXX Chainlink NAV feed; output valuation fails closed if that source-bound basket fact is unavailable. USD3 now uses the live 3jane-usd3 onchain adapter for fee-free, bounded USDC redemption capacity from availableWithdrawLimit(address(0)); credit NAV outside currently redeemable waUSDC liquidity is not scored as an immediate exit. LUSD now uses the live liquity-v1 onchain adapter for bounded current direct capacity, scoring against TroveManager.getEntireSystemDebt() when the 4-hourly reserve snapshot is fresh and clean rather than the old static full-supply model. BOLD, Base Dollar BD, feUSD, USDQ, NECT, and CDP use the live liquity-v2-branches onchain adapter for bounded current direct capacity rather than the old static full-supply model. Configs without a mechanism-redeemability packet conservatively use aggregate ActivePool branch debt when the 4-hourly reserve snapshot is fresh and clean, while BOLD and BD use their same-run TroveManager packet to include only branches explicitly reporting redeemable = true. A false branch is excluded from immediate capacity and degrades route status; an unreadable required redeemability packet leaves the route unrated instead of publishing aggregate debt. Shutdown/sunsetting reads remain an additional degraded or unknown route-status signal. BD's reviewed route covers its five Base launch branches and carries the current CollateralRegistry redemption fee into the nested telemetry. meUSD now uses the live liquity-native-active-pool onchain adapter for Mezo's native ActivePool shape, scoring against latest contract debt only when the same-run collateral, TCR/MCR, and fee telemetry is fresh and clean. reUSD now uses the live resupply-pairs onchain adapter for bounded current direct capacity, scoring against aggregate RedemptionHandler.getMaxRedeemableDebt(pair) only when the same-run handler guard state shows permissionless redemptions are open. If the guard is closed above the threshold, the route is marked cohort-limited and does not enter V9 Exit. Re Protocol reUSD now uses re-metrics instant redemption vault capacity from the official metrics payload as same-run API telemetry, retaining a reviewed fallback because redemptions above the instant vault capacity can spill to the queue. fxUSD now uses f(x)'s protocol pool API debt balances as live proxy capacity, while USDaf uses Asymmetry's timestamped protocol supply data as direct live capacity. JupUSD uses Jupiter's public transparency API for current USDC/USDtb holdings and oracle route-status context, with the previous 10% reviewed buffer retained only as fallback. M0 wrappers wM, USDSC, and USDnr now use m0-wrapper-underlying capacity telemetry from the underlying M token balance; the m-extension wrappers (USDSC on Soneium, USDnr on Ethereum) also require their reviewed SwapFacility and approved swapper route before emitting whitelisted-primary direct capacity. ERC-4626 single-asset wrappers such as fxSAVE, Spark savings wrappers, sUSDS, scrvUSD, and stcUSD use the live adapter's idle underlying ERC-20 balance as current direct redemption capacity when fresh reserve telemetry is available, rather than treating the full wrapper supply as immediately executable. Vaults whose redemption is atomic and unconstrained against an external savings module — currently sdai-sky (legacy Sky DSR pot routing), susdd-tron-dao-reserve (sDAI-fork pot/join exit in the USDD v2 Maker-fork core), and sdola-inverse-finance (unstakes from the fully liquid DolaSavings module), each leaving the vault's idle underlying balance at ~0 despite unconstrained same-block redemption — instead set redemptionLiquidity: { source: "atomic-full-backing" } to score the full convertible backing (ratio 1.0) as same-run live-direct capacity. sbold-k3-capital uses redemptionLiquidity: { source: "sbold-sp-withdrawable" } to read the BOLD amount withdrawable from its Liquity V2 Stability Pool positions through calcFragments(); it stays at documented-bound confidence because unswapped collateral gains are excluded and K3's collateral-health gate can temporarily restrict withdrawals. sfrxusd-frax is another explicit exception: local Ethereum withdrawal is disabled, so redemptionLiquidity: { source: "fraxtal-hop-withdrawable" } observes the Ethereum RemoteHop, Fraxtal Hop, and MintRedeemer path from finalized blocks. It pins all six upgradeable implementations, validates peers, token and oracle identities, verifies the three inventory views, caps capacity by Ethereum sfrxUSD supply, and checks that the Fraxtal Hop can fund the quoted return message. The packet remains diagnostic and non-scoreable because the holder's Ethereum transaction gas and a primary-source or measured completion-time upper bound are unavailable. Failed exact-route or sBOLD reads do not fall back to full NAV or the disabled local sfrxUSD withdrawal path. eearn-ember now uses a specialized fixed-block observer that pins its vault, validator, and protocol-config proxy/implementation identities, reads pause/queue/fee state, and emits zero 300-second capacity because the holder route is operator-batched; idle USDC is diagnostic only. sdusd-dtrinity pins the Ethereum dSTAKE token, router, collateral vault, exact active strategies and conversion adapters, then bounds atomic dUSD output by the live dLEND strategy maxWithdraw cross-checked against available dUSD liquidity and reads the current unstaking fee. Both observers fail closed on identity or required-state drift. Reviewed Yearn V3 vault configs can use redemptionLiquidity: { source: "yearn-v3-withdrawable" }, which measures totalIdle() plus each funded default-queue strategy's min(currentDebt, convertToAssets(maxRedeem(vault))) from the same on-chain run; if any funded strategy probe fails, the route does not fall back to full NAV. Reviewed Morpho vault configs can additionally use Morpho V2 liquidity or Morpho V1 liquidity.underlying as same-run API capacity after validating the exact vault, underlying asset, listed status, and chain id; Morpho V2 forceDeallocatableLiquidity remains contextual and is not scoring capacity. Since v4.32 these ERC-4626 paths also assert current route openness: the adapter probes the vault's paused() surface (plus isShutdown() for Yearn V3) in the same run and emits routeStatus: "open" only when the capacity read is clean, positive, and no probe reports a halt — a probed true emits "paused", a revert reads as "no pause surface" rather than as evidence, zero capacity stays "unknown", and warnings still force "degraded". This supplies the current-open attribution the V9 exit pillar requires before a live-direct atomic observation is score-eligible; the specialized observers (eEARN, sdUSD, sfrxUSD) keep their own richer route-state contracts. GHO now uses tracked swappable GSM backing as a live lower bound even when reserve sync is degraded solely by aggregated residual issuance outside the configured GSM set, because that warning reflects reserve completeness rather than invalid tracked telemetry. wsrUSD continues to prefer live Reservoir USDC balance telemetry when available, but now falls back to Reservoir's documented 25 bps minimum USDC PSM balance instead of remaining unrated when the live feed lacks a trustworthy source timestamp. Reviewed bounded primary-market liquidity buffers published by protocols or issuers, such as DOLA's USDS PSM share or JupUSD's USDC buffer, can also use documented-bound ratio semantics when the underlying source is explicit enough to avoid pretending the ratio is merely a blind heuristic. Reviewed route docs alone are not enough to promote delta-neutral or strategy-backed rails into documented-bound full-supply semantics; those routes still need either an explicitly published immediate buffer bound or fresh live reserve telemetry.

The resulting row is tagged with one sourceMode:

• dynamic when fresh latest-success authoritative live reserve snapshot metadata is available
• estimated when static supply models or configured reserve-sync fallback ratios are used
• static when the route remains configured but the current snapshot could not resolve a usable score, including failure-safe rows written after per-coin sync errors

Provider / Source Definitions

Provider identifiers are defined in shared/lib/redemption-backstop-providers.ts and describe where the capacity number came from, what confidence defaults apply, and whether the source can ever survive a severe-depeg gate.

reserve-sync-metadata readback can refine confidence to live-direct or live-proxy when the configured adapter declares direct or proxy redemption-capacity telemetry. Proxy and queue telemetry can provide context or lower-bound capacity, but they cannot qualify as severe active-depeg live-direct evidence.

Each row also carries:

• resolutionState:
  • resolved when the route produced a usable score
  • missing-cache when the stablecoins snapshot did not contain the asset or its current supply
  • missing-capacity when the route is configured but current runtime inputs could not produce usable capacity
  • failed when a route-specific resolver failed
  • impaired when the route shape is known but current market or route-availability evidence either contradicts broad par redemption or cannot establish whether an open downside incident is still severe; impaired rows have score = null and modelConfidence = low
• routeStatus:
  • open for normal resolved routes without current impairment evidence
  • degraded when fresh authoritative current evidence confirms severe market-implied impairment
  • unknown with routeStatusSource: market-implied when an open downside incident lacks current authoritative evidence; this withholds the score rather than restoring the static route claim
  • paused, cohort-limited, and other unknown combinations remain available to explicit route-availability sources and backward-compatible legacy rows
  • whitelist or approved-holder gates should normally be modeled through accessModel / holderEligibility; use cohort-limited only when current route evidence shows impairment beyond that reviewed eligible cohort
  • unknown route status remains a low-confidence signal unless the capacity evidence is direct live telemetry or a source-reviewed documented bound
• routeStatusSource:
  • static-config for normal config-derived status
  • market-implied for both confirmed severe current-depeg impairment and unresolved current-evidence currency on an open downside incident
  • reviewed adapters may currently emit protocol-api or onchain as live current-route evidence
  • operator-notice is reserved for an explicit reviewed notice; no standalone operator override or route-status feed is wired in the cron path today
  • merge precedence is live adapter evidence, then static config, with the market-implied overlay applied last unless a strong live-direct route is explicitly open; output impairment or uncertainty cannot use that exception
• holderEligibility:
  • derived from the route access model by default: permissionless onchain routes are any-holder, whitelist routes are whitelisted-primary, issuer API routes are verified-customer, and manual routes are issuer-discretionary
• capacityConfidence:
  • live-direct for live reserve-sync capacity sourced from direct current redemption telemetry
  • live-proxy for live reserve-sync capacity inferred from a live proxy liquidity bucket rather than a protocol-native redemption-limit feed
  • dynamic only as a legacy / unresolved reserve-sync bucket when older stored rows lack the richer live-capacity classification
  • documented-bound when a bounded model is explicitly configured that way after source review, including reviewed full-supply redeemability where official issuer or protocol terms establish eventual redemption of outstanding supply
  • heuristic by default for supply-full, supply-ratio, and inferred legacy rows without stronger evidence
• Reserve-sync capacity now ignores degraded snapshots, weak fee-only adapters, and snapshots that do not carry scoring-grade freshness evidence by default. The only exceptions are route-specific lower-bound warning classes that explicitly preserve a trustworthy redeemable-capacity floor while keeping reserve sync itself degraded for completeness review.
• Immutable fully on-chain systems and reviewed direct issuer / direct redeem routes can use documented-bound with eventual-only semantics when protocol mechanics or issuer terms establish full-system redeemability directly, even if no separate immediate buffer is measured
• capacitySemantics:
  • immediate-bounded when the model is intended to represent a current redeemable buffer
  • eventual-only when the route is scored as eventual redeemability rather than immediate same-size liquidity. Current V9 applies the unified Exit route ladder: reliable reviewed non-atomic issuer/protocol/eventual routes require output, evidence, failure-domain, and capacity gates and receive the applicable delay/confidence discounts. The DEX-gated primary-market bonus was historical V7.05 behavior, not a current scoring path.
• capacityBasis (orthogonal to capacityConfidence: basis describes the model shape, confidence the evidence strength — consumers must read both; a psm-balance-share basis can be live-measured or a heuristic guess):
  • typed evidence basis such as issuer-term-redemption, full-system-eventual, psm-balance-share, strategy-buffer, hot-buffer, daily-limit, fixed-buffer, live-direct-telemetry, or live-proxy-buffer
  • fixed-buffer identifies a reviewed fixed USD buffer (capacityModel.kind === "fixed-usd"), distinct from live-direct or live-proxy telemetry
  • reserve-sync fallback ratios use the configured basis when present, otherwise route-family defaults such as psm-balance-share, strategy-buffer, or hot-buffer; they are not labeled live-proxy-buffer unless live proxy telemetry produced the capacity
• Live reserve telemetry fields are additive display/provenance context, not Safety Score eligibility by themselves:
  • capacityKind describes the adapter-declared evidence shape, such as live-direct-bounded, live-queue, live-proxy-validated, documented-bound, documented-eventual, or heuristic
  • freshnessKind describes the adapter-declared redemption freshness evidence, such as verified-source-timestamp, same-run-onchain, same-run-api, reviewed-static, or unverified
  • sourceTimestamp, sourceUrls, settlementDelaySec, queueDepthUsd, dailyLimitUsd, minRedeemUsd, and liveHolderEligibility are carried through the API/UI when emitted by live reserve adapters
• feeConfidence:
  • fixed for bounded bps schedules
  • formula for disclosed formulas such as Liquity-style base-rate fees
  • undisclosed-reviewed when docs were reviewed but only descriptive fee information is available
• feeModelKind:
  • fixed-bps, formula, documented-variable, or undisclosed-reviewed
• modelConfidence:
  • high, medium, or low rollups used by the API and detail page to communicate fidelity
  • low for heuristic-capacity routes, unresolved rows, impaired rows, unclear holder eligibility, stale docs without current route-status evidence, or unknown route status without direct live telemetry or source-reviewed documented-bound capacity
  • confidenceDetails can expose the component evidence scores and rollup reasons
• routeExitCorrelation:
  • independent-issuer-rail, same-stablecoin-pool-backing, same-protocol-liquidity, wrapper-to-parent-dependency, or unknown
  • retained as legacy diagnostic/display metadata; it has no current scoring effect
  • V9 Exit derives route independence from disjoint failure domains and physical-resource keys instead of this tag

Docs / Notes

• docs prefers explicit config-reviewed sources first (docs[] + reviewedAt), then live-reserve display links for reserve-sync routes, then the coin metadata's proofOfReserves.url, then preferred public links (Docs, Proof of Reserve, Transparency, Website)
• docs.provenance distinguishes reviewed route docs from fallback live-reserve, proof-of-reserves, or generic project-link sources so detail pages do not overstate evidence quality
• docs.reviewedAt is the route-review date, not a claim that the rendered fallback link itself was the reviewed source; the detail card now shows review date and provenance together
• docs.sources[] records structured provenance for what the linked source supports (route, capacity, fees, access, settlement)
• The registry check ratchets aggregate source-support coverage and emits per-config warnings when a documented-bound capacity route lacks explicit route or capacity support. These warnings are backlog controls, not hard CI errors, until the remaining documented-bound source-support gaps are cleaned up.
• feeDescription carries docs-backed fee text when the route fee is fixed, conditional, dynamic, flat-fee-based, or publicly undisclosed
• notes merges config notes plus runtime notes such as stale reserve metadata expiry, conservative fallback use, or live fee fallback
• capsApplied records any score caps triggered during scoring

Cost Modeling

• feeBps is still used only when the route has a bounded fixed basis-point fee that can be represented cleanly in the score model
• Formula-based routes can also populate feeBps from fresh latest-success live reserve snapshot metadata when the protocol exposes a current on-chain redemption rate; the route still remains labeled as feeModelKind = formula
• Every on-chain rate probe must explicitly pin the return-value decimal scale; missing scale fails configuration validation rather than silently publishing an unknown fee
• Reviewed fixed-fee routes may also consume fresh authoritative live fee telemetry when the protocol exposes the current active redemption fee and the static config is only a safe fallback bound
• feeModelKind distinguishes fixed-fee routes from documented formulas, documented variable schedules, and reviewed-but-undisclosed fee rails
• feeDescription is used to surface:
  • dynamic formulas such as Liquity-style min 50 bps + baseRate
  • conditional fee schedules such as borrower-vs-non-borrower redemptions
  • flat minimums or bank/network charges that do not map cleanly to one global bps number
  • cases where public docs were reviewed but no numeric redemption-fee schedule is published
• If live formula telemetry is missing, the route falls back to the reviewed-formula bucket rather than pretending a fixed fee is known
• costScore uses the active-user scenario by default when v4 fee-shape inputs are present; optional costScenarioScores exposes retail, active-user, and institutional route-size scores

Database Schema

Migration: worker/migrations/0000_baseline.sql in the current post-squash tree, plus 0094_redemption_backstop_runs.sql for completed-run snapshot manifests and 0120_redemption_backstop_run_rows.sql for the manifest-scoped current row store. Historical introduction lives in the pre-squash lineage recorded in worker/migrations/MANIFEST.md.

redemption_backstop

Current snapshot table, one row per configured stablecoin.

Key columns:

• stablecoin_id — PK
• score
• effective_exit_score
• dex_liquidity_score
• access_score
• settlement_score
• execution_certainty_score
• capacity_score
• output_asset_quality_score
• cost_score
• route_family
• access_model
• settlement_model
• execution_model
• output_asset_type
• provider
• source_mode
• immediate_capacity_usd
• immediate_capacity_ratio
• fee_bps
• queue_enabled
• updated_at
• methodology_version
• details_json
• snapshot_run_id

details_json now also stores routeFamily, provider/source provenance, immediate-capacity fields, optional live telemetry fields, fee fields, resolutionState, routeStatus, routeStatusSource, routeStatusReason, routeStatusReviewedAt, holderEligibility, capacityConfidence, capacityBasis, capacitySemantics, feeConfidence, feeModelKind, modelConfidence, and feeDescription alongside docs, notes, and free-form capsApplied markers such as market-implied-depeg-evidence-uncertain. The v4.42 uncertainty state therefore uses existing JSON fields and requires no typed column or D1 migration.

snapshot_run_id links current rows to a completed redemption_backstop_runs manifest when written by the post-0094 worker. API and report-card readers prefer the latest valid completed run. If the newest completed manifest is incomplete or its rows are unreadable, readers try recent earlier completed runs before returning 503. The true-legacy MAX(updated_at) fallback is retired: with no valid completed run, readers fail closed to 503 (fresh local databases 503 cleanly until the first completed sync).

redemption_backstop_history

Daily history table keyed by (stablecoin_id, snapshot_date). No runtime reader consumes it today; rows are retained for 90 days for future track-record use and pruned in bounded batches by the same retention pass that prunes run manifests.

Stored fields:

• score
• effective_exit_score
• dex_liquidity_score
• updated_at
• methodology_version
• details_json
• snapshot_run_id

The cron writes immutable redemption_backstop_run_rows first, writes daily history, and marks the run manifest completed only after the immutable row count and bounds are valid. The legacy current-mirror refresh is retired: readers (including the depeg-resolver context, which uses a narrow store reader over the latest valid completed run) consume immutable run rows exclusively, and the redemption_backstop table is frozen in place pending a separately coordinated destructive cleanup.

redemption_backstop_runs

Completed-run manifest table used to prevent mixed-generation current snapshots from being treated as fresh.

Stored fields:

• run_id — unique generated run identifier
• started_at
• completed_at
• status (running, completed, or failed)
• expected_count
• written_count
• methodology_version
• min_updated_at
• max_updated_at
• metadata_json

The sync inserts a running row before writing immutable run rows, writes history after those rows are complete, and marks the manifest completed only after the immutable row count and update bounds are valid. If immutable row, history, or completion writes fail after the manifest is started, the writer best-effort marks the manifest failed with phase-specific failure metadata before rethrowing. Readers prefer the latest valid completed run, use its max_updated_at for response freshness, and use its methodology_version for API methodology attribution. If no completed run exists, they return 503; the legacy current-mirror write and the MAX(updated_at) fallback are retired.

Run manifests and immutable run rows are pruned after successful writes with a 14-day retention window. The prune keeps the just-written run and the latest completed run even when either is older than the cutoff, so current API reads stay intact. Retention failures are recorded as completed-run warnings instead of failing the already-written snapshot.

API Endpoint

GET /api/redemption-backstops

File: worker/src/api/redemption-backstops.ts

• Returns 503 with { "error": "Redemption backstop snapshot unavailable" } when no valid completed run can be read cleanly from immutable run rows (including before the first completed sync on a fresh database); partial manifested current rows are not treated as authoritative
• The response metadata carries snapshotSource: "run-rows"; snapshots are read only from immutable rows for a valid completed run
• Otherwise returns the current map plus methodology metadata from buildRedemptionBackstopsSnapshot(db), with methodology.version attributed from the latest completed run manifest and currentVersion preserved as the live code version
• Cache profile: standard (public, s-maxage=300, max-age=60) with freshness headers based on updatedAt

See API Reference for the exact response shape.

Frontend Consumers

• src/hooks/api-hooks.ts exports useRedemptionBackstops(), wired through FRONTEND_API_QUERY_DESCRIPTORS.redemptionBackstops in src/lib/api-query-descriptors.ts with the CRON_RESERVE_SYNC producer interval (4-hour reserve lane cadence)
• src/hooks/use-stablecoin-detail-view-model.ts fetches the map and passes the coin-specific entry into the stablecoin detail view model
• src/components/stablecoin-detail/redemption-backstop-card.tsx renders one Standalone route score with a route-specific title (Issuer redemption route or Redemption route), source freshness, route family, source mode, resolution state, route status, model confidence, access/settlement/output/capacity blocks, eventual-only vs immediate-bounded capacity messaging, explicit redemption-fee summaries keyed off feeModelKind, reviewed docs/source context, component subscores, and contextual methodology hint / footer actions.
• src/lib/stablecoin-detail-view-model.ts includes redemption freshness in the detail-page stale-query rail
• /coverage consumes useRedemptionBackstops() through src/lib/coverage/redemption.ts. It distinguishes scored route-family states from low-confidence heuristic routes, resolved-but-unscored routes, configured-but-unrated routes, impaired routes, no route, and Data n/a feed-unavailable states. Within impaired rows, degraded / market-implied means confirmed current severe evidence, while unknown / market-implied means the open incident lacks current authoritative evidence; both remain unrated and cannot inflate public strong-coverage counts. The Redemption quick filter includes configured/resolved route states but excludes Data n/a.

The maintenance coverage audit requires a durable reviewed disposition for every active asset without a route config. shared/data/coverage-dispositions/redemption-coverage-dispositions.ts records evidence URLs, reviewer/date, rationale, the exact blocker and evidence still needed, and a route family only when official evidence proves that family. add means the holder route is evidenced but configuration still needs the listed capacity/status inputs; needs-research, defer, and hard-reject remain legitimate coverage outcomes and do not create a scoreable route. The audit rejects stale registry rows and keeps heuristic configured routes visible until hard capacity evidence replaces them.

There is currently no dedicated list page or standalone public methodology section for redemption routes; the primary user-facing surface is the stablecoin detail page. Contextual hints identify the route score as standalone and link to the Safety Scores methodology section for the separate V9 Exit model.