Redemption Backstop Changelog: v1 archive
Historical release evidence. Return to current versions and the complete history index.
What this controls
Redemption Backstop Changelog: v1 archive version history
Use this changelog to trace how Pharos changed the related scoring, data-source, threshold, or interpretation rules over time. Entries record the contract active at each release; archived rules are retained so historical charts and citations can be read against the rules active at the time.
Primary references
Latest version
Second lower-cap issuer review tranche
A second lower-cap review tranche upgrades more issuer-backed routes from heuristic supply-full modeling to reviewed documented-bound redemption capacity, with targeted fee and settlement corrections.
Impact snapshot
- USDH, FIDD, AEUR, USDX, USDM, SBC, EURR, USDR, WUSD, and AUDD now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- USDM and AEUR now disclose reviewed non-instant settlement expectations from issuer materials, while USDH now carries an explicit fee-free reviewed route and SBC now uses reviewed pricing language instead of an undocumented fee assumption
- These routes remain eventual-only issuer exits without a separately measured immediate redeemable buffer, but they now qualify as medium-confidence redemption evidence instead of low-confidence heuristics
v1.9Mar 23, 2026Second lower-cap issuer review tranche
A second lower-cap review tranche upgrades more issuer-backed routes from heuristic supply-full modeling to reviewed documented-bound redemption capacity, with targeted fee and settlement corrections.
- USDH, FIDD, AEUR, USDX, USDM, SBC, EURR, USDR, WUSD, and AUDD now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- USDM and AEUR now disclose reviewed non-instant settlement expectations from issuer materials, while USDH now carries an explicit fee-free reviewed route and SBC now uses reviewed pricing language instead of an undocumented fee assumption
- These routes remain eventual-only issuer exits without a separately measured immediate redeemable buffer, but they now qualify as medium-confidence redemption evidence instead of low-confidence heuristics
DetailsHide details
Second lower-cap issuer review tranche
A second lower-cap review tranche upgrades more issuer-backed routes from heuristic supply-full modeling to reviewed documented-bound redemption capacity, with targeted fee and settlement corrections.
- USDH, FIDD, AEUR, USDX, USDM, SBC, EURR, USDR, WUSD, and AUDD now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- USDM and AEUR now disclose reviewed non-instant settlement expectations from issuer materials, while USDH now carries an explicit fee-free reviewed route and SBC now uses reviewed pricing language instead of an undocumented fee assumption
- These routes remain eventual-only issuer exits without a separately measured immediate redeemable buffer, but they now qualify as medium-confidence redemption evidence instead of low-confidence heuristics
Impact notes
- USDH, FIDD, AEUR, USDX, USDM, SBC, EURR, USDR, WUSD, and AUDD now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- USDM and AEUR now disclose reviewed non-instant settlement expectations from issuer materials, while USDH now carries an explicit fee-free reviewed route and SBC now uses reviewed pricing language instead of an undocumented fee assumption
- These routes remain eventual-only issuer exits without a separately measured immediate redeemable buffer, but they now qualify as medium-confidence redemption evidence instead of low-confidence heuristics
v1.8Mar 23, 2026Expanded reviewed lower-cap issuer redemption coverage
A lower-cap review tranche now upgrades multiple issuer-backed and tokenized-cash routes from heuristic supply-full modeling to reviewed documented-bound redemption capacity.
- CASH, MNEE, USDP, GUSD, XUSD, XSGD, USDQ, EURQ, EURe, EURI, TBILL, EURCV, and USDCV now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- TBILL, EURI, EURCV, and USDCV now also disclose reviewed non-instant settlement constraints from issuer documentation
- These routes remain eventual-only and do not claim a separately measured immediate redeemable buffer, but they can now resolve medium confidence instead of low
DetailsHide details
Expanded reviewed lower-cap issuer redemption coverage
A lower-cap review tranche now upgrades multiple issuer-backed and tokenized-cash routes from heuristic supply-full modeling to reviewed documented-bound redemption capacity.
- CASH, MNEE, USDP, GUSD, XUSD, XSGD, USDQ, EURQ, EURe, EURI, TBILL, EURCV, and USDCV now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- TBILL, EURI, EURCV, and USDCV now also disclose reviewed non-instant settlement constraints from issuer documentation
- These routes remain eventual-only and do not claim a separately measured immediate redeemable buffer, but they can now resolve medium confidence instead of low
Impact notes
- CASH, MNEE, USDP, GUSD, XUSD, XSGD, USDQ, EURQ, EURe, EURI, TBILL, EURCV, and USDCV now carry reviewed documented-bound eventual redemption capacity instead of generic heuristic supply-full modeling
- TBILL, EURI, EURCV, and USDCV now also disclose reviewed non-instant settlement constraints from issuer documentation
- These routes remain eventual-only and do not claim a separately measured immediate redeemable buffer, but they can now resolve medium confidence instead of low
v1.7Mar 23, 2026Sky LitePSM routes now use live PSM capacity
Sky DAI/USDS routes now score against fresh live PSM USDC capacity from reserve telemetry, and infiniFi IUSD now carries a fixed zero-fee redemption model.
- DAI and USDS use current Sky PSM USDC balance as dynamic immediate redemption capacity when fresh live reserve metadata is available
- When Sky live metadata is unavailable or stale, those routes fall back to the prior reviewed 33% heuristic instead of becoming unrated
- IUSD now uses a fixed zero-fee redemption model, allowing its existing dynamic-capacity queue route to resolve high confidence
DetailsHide details
Sky LitePSM routes now use live PSM capacity
Sky DAI/USDS routes now score against fresh live PSM USDC capacity from reserve telemetry, and infiniFi IUSD now carries a fixed zero-fee redemption model.
- DAI and USDS use current Sky PSM USDC balance as dynamic immediate redemption capacity when fresh live reserve metadata is available
- When Sky live metadata is unavailable or stale, those routes fall back to the prior reviewed 33% heuristic instead of becoming unrated
- IUSD now uses a fixed zero-fee redemption model, allowing its existing dynamic-capacity queue route to resolve high confidence
Impact notes
- DAI and USDS use current Sky PSM USDC balance as dynamic immediate redemption capacity when fresh live reserve metadata is available
- When Sky live metadata is unavailable or stale, those routes fall back to the prior reviewed 33% heuristic instead of becoming unrated
- IUSD now uses a fixed zero-fee redemption model, allowing its existing dynamic-capacity queue route to resolve high confidence
v1.6Mar 23, 2026Reviewed full-supply redemption routes can now be documented-bound
Reviewed issuer and direct-redeem routes can now use documented-bound eventual-only capacity when official terms establish full-supply redeemability without a separately measured immediate buffer.
- Multiple issuer and direct-redeem routes now resolve capacity confidence as documented-bound instead of heuristic after source review
- These routes stay eventual-only and do not claim a separately measured immediate redeemable buffer
- Dynamic immediate-capacity telemetry is still required for high-confidence uplift on routes where current buffer size matters operationally
DetailsHide details
Reviewed full-supply redemption routes can now be documented-bound
Reviewed issuer and direct-redeem routes can now use documented-bound eventual-only capacity when official terms establish full-supply redeemability without a separately measured immediate buffer.
- Multiple issuer and direct-redeem routes now resolve capacity confidence as documented-bound instead of heuristic after source review
- These routes stay eventual-only and do not claim a separately measured immediate redeemable buffer
- Dynamic immediate-capacity telemetry is still required for high-confidence uplift on routes where current buffer size matters operationally
Impact notes
- Multiple issuer and direct-redeem routes now resolve capacity confidence as documented-bound instead of heuristic after source review
- These routes stay eventual-only and do not claim a separately measured immediate redeemable buffer
- Dynamic immediate-capacity telemetry is still required for high-confidence uplift on routes where current buffer size matters operationally
v1.5Mar 22, 2026Fresh live-metadata gating and clearer route provenance
Reserve-backed redemption routes now stop scoring against stale live metadata, the API methodology envelope tracks stored snapshot rows, and detail surfaces disclose clearer source provenance.
- Reserve-sync capacity now requires a fresh authoritative live snapshot; stale metadata falls back conservatively or leaves the route unrated
- GHO normalizes current tracked GSM buy fees into redemption fee telemetry, while the API methodology version now reflects the latest stored row version instead of the live code constant
- Detail pages now show reviewed-vs-fallback source provenance, and Honey is modeled as a basket exit under stress-state redemption semantics
DetailsHide details
Fresh live-metadata gating and clearer route provenance
Reserve-backed redemption routes now stop scoring against stale live metadata, the API methodology envelope tracks stored snapshot rows, and detail surfaces disclose clearer source provenance.
- Reserve-sync capacity now requires a fresh authoritative live snapshot; stale metadata falls back conservatively or leaves the route unrated
- GHO normalizes current tracked GSM buy fees into redemption fee telemetry, while the API methodology version now reflects the latest stored row version instead of the live code constant
- Detail pages now show reviewed-vs-fallback source provenance, and Honey is modeled as a basket exit under stress-state redemption semantics
Impact notes
- Reserve-sync capacity now requires a fresh authoritative live snapshot; stale metadata falls back conservatively or leaves the route unrated
- GHO normalizes current tracked GSM buy fees into redemption fee telemetry, while the API methodology version now reflects the latest stored row version instead of the live code constant
- Detail pages now show reviewed-vs-fallback source provenance, and Honey is modeled as a basket exit under stress-state redemption semantics
v1.4Mar 22, 2026Live Liquity fee telemetry for formula routes
Formula-based Liquity redemption routes can now consume current on-chain fee telemetry from live reserve sync instead of relying only on the generic reviewed-formula bucket.
- LUSD and BOLD live reserve adapters now record current redemption fee bps from official protocol contracts
- Redemption backstop cost scoring uses live fee bps when that telemetry is available, while keeping the route labeled as a formula model
- If live fee telemetry is missing, these routes fall back to the prior reviewed-formula scoring bucket
DetailsHide details
Live Liquity fee telemetry for formula routes
Formula-based Liquity redemption routes can now consume current on-chain fee telemetry from live reserve sync instead of relying only on the generic reviewed-formula bucket.
- LUSD and BOLD live reserve adapters now record current redemption fee bps from official protocol contracts
- Redemption backstop cost scoring uses live fee bps when that telemetry is available, while keeping the route labeled as a formula model
- If live fee telemetry is missing, these routes fall back to the prior reviewed-formula scoring bucket
Impact notes
- LUSD and BOLD live reserve adapters now record current redemption fee bps from official protocol contracts
- Redemption backstop cost scoring uses live fee bps when that telemetry is available, while keeping the route labeled as a formula model
- If live fee telemetry is missing, these routes fall back to the prior reviewed-formula scoring bucket
v1.3Mar 22, 2026Documented-bound full-system redemption for Liquity routes
Immutable Liquity-style routes can now be marked documented-bound when protocol mechanics establish full-system redeemability, while still preserving eventual-only capacity semantics.
- LUSD and BOLD now resolve capacity confidence as documented-bound instead of heuristic
- These routes stay eventual-only and do not claim a separately measured immediate redeemable buffer
- Reviewed Liquity-style fee formulas remain dynamic formula inputs rather than fixed bps placeholders
DetailsHide details
Documented-bound full-system redemption for Liquity routes
Immutable Liquity-style routes can now be marked documented-bound when protocol mechanics establish full-system redeemability, while still preserving eventual-only capacity semantics.
- LUSD and BOLD now resolve capacity confidence as documented-bound instead of heuristic
- These routes stay eventual-only and do not claim a separately measured immediate redeemable buffer
- Reviewed Liquity-style fee formulas remain dynamic formula inputs rather than fixed bps placeholders
Impact notes
- LUSD and BOLD now resolve capacity confidence as documented-bound instead of heuristic
- These routes stay eventual-only and do not claim a separately measured immediate redeemable buffer
- Reviewed Liquity-style fee formulas remain dynamic formula inputs rather than fixed bps placeholders
v1.2Mar 22, 2026Failure-safe snapshots and evidence-aware capacity semantics
Redemption backstop snapshots now materialize failed rows safely, separate eventual redeemability from immediate capacity, and reuse more live reserve metadata.
- Failed per-coin syncs now write fresh failed rows instead of leaving stale resolved rows live
- `supply-full` routes no longer expose full current supply as immediate capacity on the detail surface
- OpenEden USDO, GHO, and wsrUSD now reuse live reserve metadata for immediate redeemable capacity; infiniFi ratio now uses supply as the denominator
DetailsHide details
Failure-safe snapshots and evidence-aware capacity semantics
Redemption backstop snapshots now materialize failed rows safely, separate eventual redeemability from immediate capacity, and reuse more live reserve metadata.
- Failed per-coin syncs now write fresh failed rows instead of leaving stale resolved rows live
- `supply-full` routes no longer expose full current supply as immediate capacity on the detail surface
- OpenEden USDO, GHO, and wsrUSD now reuse live reserve metadata for immediate redeemable capacity; infiniFi ratio now uses supply as the denominator
Impact notes
- Failed per-coin syncs now write fresh failed rows instead of leaving stale resolved rows live
- `supply-full` routes no longer expose full current supply as immediate capacity on the detail surface
- OpenEden USDO, GHO, and wsrUSD now reuse live reserve metadata for immediate redeemable capacity; infiniFi ratio now uses supply as the denominator
v1.1Mar 20, 2026Fee-source coverage expansion
Expanded redemption-fee coverage with docs-backed fixed fees, conditional fee descriptions, and clearer handling of issuer routes without a single public fee schedule.
- Redemption backstop entries now expose a fee description alongside bounded fee bps when available
- Multiple assets now carry docs-backed fixed fee inputs instead of generic unknown-fee handling
- Routes without a single public numeric fee now surface explicit variable or undisclosed fee descriptions instead of false precision
DetailsHide details
Fee-source coverage expansion
Expanded redemption-fee coverage with docs-backed fixed fees, conditional fee descriptions, and clearer handling of issuer routes without a single public fee schedule.
- Redemption backstop entries now expose a fee description alongside bounded fee bps when available
- Multiple assets now carry docs-backed fixed fee inputs instead of generic unknown-fee handling
- Routes without a single public numeric fee now surface explicit variable or undisclosed fee descriptions instead of false precision
Impact notes
- Redemption backstop entries now expose a fee description alongside bounded fee bps when available
- Multiple assets now carry docs-backed fixed fee inputs instead of generic unknown-fee handling
- Routes without a single public numeric fee now surface explicit variable or undisclosed fee descriptions instead of false precision
v1.0Feb 28, 2026ReconstructedInitial redemption backstop scoring
First operational release of the redemption backstop scoring framework with effective-exit assessment.
- Introduced per-stablecoin redemption route configs with access, settlement, execution, and output-asset scoring
- Effective-exit score combined capacity utilization with weighted route-family scores
- Report card safety dimension now includes redemption backstop component
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Initial redemption backstop scoring
First operational release of the redemption backstop scoring framework with effective-exit assessment.
- Introduced per-stablecoin redemption route configs with access, settlement, execution, and output-asset scoring
- Effective-exit score combined capacity utilization with weighted route-family scores
- Report card safety dimension now includes redemption backstop component
Impact notes
- Introduced per-stablecoin redemption route configs with access, settlement, execution, and output-asset scoring
- Effective-exit score combined capacity utilization with weighted route-family scores
- Report card safety dimension now includes redemption backstop component