--- title: "Redemption Backstop Changelog" canonical: "https://pharos.watch/methodology/redemption-backstop-changelog/archive/v1/" description: "Redemption Backstop Changelog - Pharos methodology version history." --- # Redemption Backstop Changelog [All versions](https://pharos.watch/methodology/redemption-backstop-changelog/) ## v1.9 - Second lower-cap issuer review tranche **Effective:** 2026-03-23 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.8 - Expanded reviewed lower-cap issuer redemption coverage **Effective:** 2026-03-23 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.7 - Sky LitePSM routes now use live PSM capacity **Effective:** 2026-03-23 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.6 - Reviewed full-supply redemption routes can now be documented-bound **Effective:** 2026-03-23 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.5 - Fresh live-metadata gating and clearer route provenance **Effective:** 2026-03-22 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.4 - Live Liquity fee telemetry for formula routes **Effective:** 2026-03-22 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.3 - Documented-bound full-system redemption for Liquity routes **Effective:** 2026-03-22 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.2 - Failure-safe snapshots and evidence-aware capacity semantics **Effective:** 2026-03-22 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.1 - Fee-source coverage expansion **Effective:** 2026-03-20 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 Origin: Contemporaneous release record Commits: Commit provenance not recorded ## v1.0 - Initial redemption backstop scoring **Effective:** 2026-02-28 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 Origin: Reconstructed from git commit history Commits: Commit provenance not recorded