# R3 — Endogenous collateral and reflexive systems

Terra, Beanstalk and Neutrino belong in this investigation, but they do not share one balance sheet. UST offered conversion into newly issued LUNA; USDN drew on an existing WAVES reserve; BEAN offered voluntary credit and market liquidity without par collateral redemption. Their common vulnerability was dependence on demand, liquidity and institutional execution that could deteriorate together. Their observed failures were different. This report treats classification as version-specific, not as a label inherited from a directory. **R3-C002, R3-C011, R3-C022, R3-C039** [R3-S002](https://medium.com/terra-money/columbus-5-launches-welcome-to-the-future-of-terra-8a9ebfa570c5) [R3-S012](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/FieldFacet/Dibbler.sol) [R3-S024](https://medium.com/neutrinoteam/usdn-vs-ust-understanding-the-differences-d58c950dd22)

## Coverage and method

The eligibility window is **2020-01-01 through 2021-12-31**. Research retrieval occurred on **2026-09-16 UTC**; the exact dataset timestamp is recorded in `asOfUtc`. Dates of events, publication and retrieval are separate. The report covers four deep families—Terra, Beanstalk, Neutrino and Basis Cash—and one shorter contrast, Empty Set Dollar. It searched native Terra, Ethereum and Waves histories, plus later Arbitrum migration and ported-asset leads. It does not claim a complete census or a complete incident history through retrieval.

Discovery began with the three seeds and branched through project announcements, governance records, repositories and linked aftermath material. A Beanstalk launch commit was retrieved and inspected. Current source archives were inspected for Basis Cash, Neutrino and ESD, with their historical limitations retained. An original empirical Terra paper and a commissioned forensic investigation provide different evidence from project assertions. A paper is not automatically independent evidence for every narrative claim it repeats.

GitHub's historical-commit API returned rate-limit errors. Several Terra release paths failed, the old whitepaper route now serves shutdown HTML, Neutrino documentation failed retrieval, and Beanstalk's creation transaction returned 403. These failures are recorded, not counted as successful verification. No contract is marked verified solely because a repository lists its address. Current documents do not silently establish 2021 mechanics. No sibling campaign reports were requested or read, no agents commissioned, and no transactions or spending performed. No financial exposure is known to this researcher; the user's holdings and affiliations were neither supplied nor inspected.

The visible assignment supplied no numerical TaskDescriptor budget. Work stopped after seed-first reconstruction and two contrasts to preserve usable outputs. The unresolved queue includes DSD, TSD, Mithril Cash, Basis Dollar, Basis Gold, EAST, individual DeFo assets and BASE. These are discovery leads, not silently accepted deployments or exclusions. Searches for later XTN and Basis Cash outcomes were inconclusive; unauthenticated airdrop results were disregarded. The dataset records actual routes and dead ends.

## Census and taxonomy

| Case | Eligibility evidence | Mechanism and target | Depth |
|---|---|---|---|
| R3-P001 Terra UST/LUNA | September 2020 announcement; 2021 governance | USD target, endogenous mint/burn convertibility; later discretionary external support | Deep |
| R3-P002 Beanstalk/BEAN | August 6, 2021 launch record and linked commit | USD target, non-convertible credit/seigniorage system | Deep |
| R3-P003 Neutrino USDN | November 2020 first-anniversary account | USD target backed by volatile WAVES, recapitalization tokens; later floating XTN | Deep |
| R3-P004 Basis Cash | February 2021 retrospective describes launch two months earlier | USD target, voluntary bonds and seigniorage shares | Deep, deployment mapping incomplete |
| R3-P005 Empty Set Dollar | V1 acknowledged by 2021 audit and V2 migration | Credit-family relative followed by reserve/stabilizer redesign | Triaged |

Eligibility rests on **R3-C001, R3-C010, R3-C021, R3-C032, R3-C037**. [R3-S001](https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53eab0f8f0ac) [R3-S011](https://docs.bean.money/developers/misc/upgrade-history) [R3-S022](https://medium.com/neutrinoteam/neutrino-protocol-celebrates-first-anniversary-394794c72f0d) [R3-S034](https://medium.com/basis-cash/basis-cash-v2-migration-plan-6bdd88198da2) [R3-S037](https://www.openzeppelin.com/news/empty-set-v2-audit)

“Endogenous” needs an explicit boundary. LUNA was native to the monetary/security system and issued to absorb UST contraction. WAVES had uses outside Neutrino and was deposited rather than generated by a USDN redemption. It is therefore more precise to call USDN volatile native-chain collateral with reflexive ecosystem exposure than to call it an identical LUNA mechanism. Stalk and BAS represented governance/seigniorage interests, not dollar collateral pledged to every stablecoin holder. **R3-C007, R3-C016, R3-C030, R3-C031** [R3-S002](https://medium.com/terra-money/columbus-5-launches-welcome-to-the-future-of-terra-8a9ebfa570c5) [R3-S012](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/FieldFacet/Dibbler.sol) [R3-S024](https://medium.com/neutrinoteam/usdn-vs-ust-understanding-the-differences-d58c950dd22) [R3-S031](https://github.com/Basis-Cash/basiscash-protocol)

Original Basis is proposal ancestry, not an independently included operational stablecoin. TerraKRW/TerraMNT and DeFo's national-currency assets are adjacent non-USD experiments. XTN's floating reserve valuation is not continued achievement of USDN's dollar promise. New-chain LUNA is aftermath, not another eligible USD stablecoin. **R3-C008, R3-C026, R3-C041–R3-C043** [R3-S001](https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53eab0f8f0ac) [R3-S008](https://classic-agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498) [R3-S022](https://medium.com/neutrinoteam/neutrino-protocol-celebrates-first-anniversary-394794c72f0d) [R3-S026](https://resources.cryptocompare.com/asset-management/1256/1698049445806.pdf) [R3-S031](https://github.com/Basis-Cash/basiscash-protocol)

## Terra: convertibility into dilution capacity

### Contemporary mechanics and Columbus versions

The September 21, 2020 announcement identifies a September 12 launch with Bittrex. This establishes activity, not an independently verified first mint. Its description of minting UST for dollar-valued LUNA must be separated from promotional claims of unlimited scalability. Conversion supplied tokens, not dollars in a segregated account. The report does not adopt the announcement's payment-adoption claims. **R3-C001–R3-C002** [R3-S001](https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53eab0f8f0ac)

Before Columbus-5, seigniorage also flowed toward community and oracle rewards. The September 30, 2021 upgrade announcement described full seigniorage burning and swap-fee compensation for validators. That changed distribution and LUNA value capture; it did not add external redemption collateral. LUNA holders could benefit when expansion reduced supply, but remained exposed when contraction issued LUNA. Treating both versions simply as “LUNA burned” loses the treasury distinction. **R3-C002–R3-C003, R3-C007** [R3-S002](https://medium.com/terra-money/columbus-5-launches-welcome-to-the-future-of-terra-8a9ebfa570c5)

Convertibility was constrained by virtual market depth, recovery timing, spreads and oracle updates. Jump Trading's May 21, 2021 proposal explicitly discussed manipulation of external reference markets followed by profitable on-chain conversions at LUNA holders' expense. It proposed a larger base pool and shorter recovery period. These are contemporaneous acknowledgments of the tradeoff between contraction capacity and oracle attack exposure, not hindsight-only criticism. Proposed values are not presented as verified deployed parameters. **R3-C004** [R3-S003](https://classic-agora.terra.money/t/liquidity-parameters-2/1175)

The January 2022 follow-up estimated daily capacity rising from approximately $135 million to $293 million under proposed changes. Those are simulations, not a hard debt ceiling or a measured guarantee of realizable dollars. A virtual pool is also not an inventory of external collateral. The thread's discussion of implementation and parameter symmetry reinforces why a proposal alone cannot establish the configuration at a later crisis block. **R3-C004** [R3-S004](https://classic-agora.terra.money/t/liquidity-parameters-3/3895)

Anchor added a separate demand incentive. Surviving documentation describes borrower incentives, a deposit-rate target and direct support from a finite yield reserve; it displays 20.5% target and 19.5% threshold rates. These numbers are not asserted for every 2021 block. An Anchor deposit claim, UST-to-LUNA conversion, and sale of LUNA for dollars were three different exit dependencies. **R3-C005, R3-C039** [R3-S005](https://docs.anchorprotocol.com/anchor-2/protocol/anchor-governance/modify-market-parameters)

### Collapse and subsequent outcomes

For May 2022, J.S. Held documented LFG/TFL peg-defense activity using external resources and exchange records. The empirical Terra study documents the joint UST/LUNA collapse. Neither permits a conclusion that reserve intervention guaranteed redemption or restored durable parity. J.S. Held's commissioned scope and the paper's reliance on secondary reporting for parts of its narrative limit stronger causal attribution. **R3-C006** [R3-S006](https://lfg.org/audit/LFG-Audit-2022-11-14.pdf) [R3-S007](https://arxiv.org/html/2207.13914v3)

The reflexive mechanism is nevertheless identifiable: holders seeking to leave UST could create LUNA, then seek buyers for it. Falling LUNA prices required more units for the same dollar-valued conversion, while issuance diluted incumbent holders. Reserve purchases could absorb some selling without solving that feedback. This is causal inference from the rule and observed collapse, not proof of a uniquely identified coordinated attacker. Early successful exiters obtained liquidity unavailable on equivalent terms to remaining holders; precise beneficiary profits are unknown. **R3-C007** [R3-S002](https://medium.com/terra-money/columbus-5-launches-welcome-to-the-future-of-terra-8a9ebfa570c5) [R3-S006](https://lfg.org/audit/LFG-Audit-2022-11-14.pdf) [R3-S007](https://arxiv.org/html/2207.13914v3)

The May 16 revival document, subsequently marked passed, proposed a new chain without the algorithmic stablecoin and snapshot-based allocations. An airdrop is not a dollar redemption of old UST. TFL's current site reports wind-down beginning September 30, 2024; a March 28, 2025 announcement describes a crypto-loss claims portal. Company wind-down is not proof that either chain stopped, and a claims portal is not proof of final recovery. **R3-C008–R3-C009** [R3-S008](https://classic-agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498) [R3-S009](https://www.terra.money/) [R3-S010](https://medium.com/terra-money/terraform-labs-crypto-loss-claims-portal-launch-7e85e3222db7)

What survived was capacity to coordinate a different chain and recovery process, not demonstrated preservation of the original peg. The principal unresolved historical questions are exact emergency execution, the old market path's subsequent status and final distributions.

## Beanstalk: credit, stolen liquidity and conditional recovery

### Launch and pre-exploit distinctions

The project upgrade register links deployment on August 6, 2021, block 12974075, to commit `ccce0fa18a83cc09f6a889c302b6e509230a486f`. This snapshot was retrieved. Explorer access failed, so the record remains a project-supported deployment linkage rather than bytecode verification. **R3-C010** [R3-S011](https://docs.bean.money/developers/misc/upgrade-history) [R3-S041](https://etherscan.io/tx/0x40b23cea3aa6e1a7dd89bbcd24c67f6fa1f6d663d7609f14046cd6cf50b6ce86)

Launch `Dibbler` requires available Soil, burns Beans being sown, calculates Pods from principal and Weather yield, and places the resulting claims at an index. Soil is capacity to take new credit, not reserves. Pods are claims on future Beans, not dollars and not an unconditional redemption of BEAN. Stalk participates in governance and issuance incentives; it is not an equity token into which every Bean is redeemable. **R3-C011, R3-C014, R3-C016** [R3-S012](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/FieldFacet/Dibbler.sol) [R3-S015](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/GovernanceFacet/GovernanceFacet.sol)

The launch `Sun` logic compares current and target pool quantities. Contraction offers Soil; a lender must actually sow to burn Beans. Expansion makes Beans available to debt and Silo participants. Weather responds to debt and demand conditions. This matters because an announced contraction opportunity is not itself contraction: lenders must prefer a delayed claim to retaining liquidity now. Raising promised future Beans cannot manufacture willingness to lend. **R3-C011–R3-C012, R3-C018** [R3-S012](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/FieldFacet/Dibbler.sol) [R3-S013](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/SeasonFacet/Sun.sol) [R3-S018](https://docs.bean.money/almanac/disclosures)

The launch oracle used cumulative BEAN/ETH and USDC/ETH Uniswap prices. Thus a system without collateral redemption still depended on external pricing and market depth. Silo assets and LP tokens supported liquidity and deposit positions; they did not create a universal one-dollar withdrawal right for Beans. Code allowed Stalk-based diamond upgrades and emergency commitment, plus owner pause functions. Those powers belong in the mechanism analysis because they could affect custody, accounting and future issuance. **R3-C013–R3-C014, R3-C039** [R3-S014](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/OracleFacet.sol) [R3-S015](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/GovernanceFacet/GovernanceFacet.sol)

This snapshot is not silently treated as April 2022 code. The founders' later assessment says intervening BIPs materially improved the original model, including Convert, and acknowledges limitations of the launch design. That is a project assessment, not independent proof that the updated monetary design would survive every run. **R3-C016** [R3-S019](https://bean.money/blog/thoughts-before-the-barn-raise)

### Exploit, Replant and later custody change

The April 19, 2022 postmortem says a flash loan enabled a governance attack on April 17 that stole approximately $77 million in non-Bean assets from liquidity pools. Governance was removed and the protocol paused. The economically relevant number here identifies outside assets taken; it should not be conflated with larger figures that may include native-token valuation destruction. This report does not independently reconcile every published loss estimate. **R3-C015** [R3-S016](https://bean.money/blog/beanstalk-governance-exploit)

The attacker benefited directly; depositors and LPs lost assets, while Bean holders lost effective exit liquidity and creditors faced worse prospects. This is demonstrated governance exploitation with monetary consequences. It is not evidence that BEAN's putative Stalk backing became insolvent—there was no such redemption promise. Equally, classifying the initiating event correctly does not prove the credit mechanism sound under disappearing demand. **R3-C016, R3-C018** [R3-S012](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/FieldFacet/Dibbler.sol) [R3-S016](https://bean.money/blog/beanstalk-governance-exploit) [R3-S018](https://docs.bean.money/almanac/disclosures)

BIP-21 introduced replacement Bean and Unripe assets, alongside Fertilizer-based recapitalization, with an August 6, 2022 unpause schedule. Subsequent disclosures confirm Replant and a 5-of-9 community multisig. Legacy recovery was conditional, rather than demonstrated full repayment. New capital received prospective issuance exposure and old holders accepted recovery conditions; a revived interface or another peg crossing is not evidence that every victim was made whole. **R3-C017–R3-C018** [R3-S017](https://github.com/BeanstalkFarms/Beanstalk-Governance-Proposals/blob/master/bip/bip-21-replant.md) [R3-S018](https://docs.bean.money/almanac/disclosures)

BIP-50, proposed October 1, 2024 and marked passed, documents Reseed and Arbitrum migration. Its corrected record distinguishes voted text from implementation corrections. The exact migration block and full revised oracle configuration remain open. **R3-C019** [R3-S020](https://github.com/BeanstalkFarms/Beanstalk-Governance-Proposals/blob/master/bip/bip-50-reseed-beanstalk.md)

A significant recent development is EBIP-23. Published August 24, 2026, it reports an August 23 action withdrawing 90% of BEAN:wstETH Well liquidity into a 2-of-3 multisig. It describes asynchronous requests for fills and an initial local LP-token shortfall. These are project-reported actions, not independently checked balances. The practical distinction is important: liquidity held by a multisig with delayed fulfillment is not immediate AMM liquidity, even if economic exposure remains. This record prevents ending the history at Replant or assuming unchanged permissionless exits today. **R3-C020, R3-C040** [R3-S021](https://github.com/BeanstalkFarms/Beanstalk/issues/1189)

What survived the 2022 incident was an ability to restart under different governance and recapitalization terms. Neither permanent credit availability nor complete recovery was demonstrated.

## Neutrino: finite collateral and changing recapitalization rights

### 2020 versus Moon Factor

The November 25, 2020 anniversary describes a 2019 launch and active USDN, WAVES collateral and NSBT roles. Its account of WAVES-derived staking rewards explains a demand incentive whose source differs from Anchor's reserve subsidy. Ported tokens on Ethereum and BSC introduce additional representation and bridge dependencies; those deployments were not individually verified. **R3-C021–R3-C022, R3-C042** [R3-S022](https://medium.com/neutrinoteam/neutrino-protocol-celebrates-first-anniversary-394794c72f0d)

WAVES sent into Neutrino was locked, not burned. USDN-to-WAVES conversions depleted that reserve rather than creating unlimited new WAVES. Initially, NSBT sales were intended to recapitalize deficient reserves. This avoids one specific LUNA dilution channel, but not collateral-price risk: WAVES reserves can remain numerically unchanged while their dollar value falls. Reserve ownership also does not prove immediate access or sufficiently deep markets for liquidation. **R3-C022, R3-C030** [R3-S024](https://medium.com/neutrinoteam/usdn-vs-ust-understanding-the-differences-d58c950dd22)

Moon Factor is a material version boundary. The January 15, 2021 announcement describes a maximum NSBT supply of 2,835,689, an issue curve sensitive to supply and backing, and removal of auction functions including `sellBond`. A description of original NSBT redemption cannot therefore be assumed indefinitely. A cap protects against some dilution but may limit recapitalization capacity precisely when losses require more capital. The latter is inference; the implementation changes are first-party reported facts. **R3-C023, R3-C030** [R3-S023](https://medium.com/neutrinoteam/moon-factor-activated-f05691a3465c)

### 2022 stress, SURF and XTN

By June 17, 2022 the project acknowledged that approximately 95% of NSBT had been issued and remaining issuance capacity could not recapitalize the system in stressed conditions. It also described gNSBT-dependent daily swap limits. Those 2022 restrictions are not backdated into 2020. Together they reveal distinct bottlenecks: reserve value, willingness to buy recapitalization exposure, and permission/capacity to execute arbitrage. **R3-C024** [R3-S024](https://medium.com/neutrinoteam/usdn-vs-ust-understanding-the-differences-d58c950dd22)

The August 2022 SURF explanation offered discounted recovery exposure, staking benefits and conversion at 115% backing, with issuance reducing backing toward 105% in a repayment cycle. That moves losses through time and toward new investors; it does not create an outside guarantor. Illustrative balances in the article are examples, not measurements. Earlier exiters could consume finite collateral while later holders retained impaired claims. **R3-C025, R3-C030** [R3-S025](https://medium.com/neutrinoteam/what-is-surf-and-why-is-it-important-for-the-neutrino-ecosystem-8962c2230049)

The XTN litepaper explicitly acknowledges failure of the USDN setup during 2022 and replaces the hard dollar target with basket value per circulating token. It retains governance-dependent collateral selection and legacy incentive machinery. Swop.fi's February 1, 2023 announcement independently, as an affected AMM operator, explains why its old flat stablecoin pools were no longer suitable. That operational adaptation supports a real target change, although exact rename and reserve-addition transactions remain unverified. **R3-C026** [R3-S026](https://resources.cryptocompare.com/asset-management/1256/1698049445806.pdf) [R3-S027](https://medium.com/swop-fi/swop-fi-in-line-with-ecosystem-changes-81609fbcd15d)

Accounting terminology also changed the interpretation of supply. A July 2023 project explanation says the token was preissued on November 22, 2019 and routine “issue/burn” released or relocked inventory. Its July 28 clarification distinguishes that process from an actual irreversible token burn. These operations affect circulating supply without necessarily changing total issued supply; confusing the two can manufacture a false reserve or debt calculation. **R3-C027** [R3-S028](https://medium.com/neutrinoteam/why-xtn-is-not-actually-burned-fc4716390ae1)

October 2023 documentation scheduled a Power DAO transition and changes to remaining NSBT inventory. It is recorded as a transition announcement, not proof of every completed step. Retrieved current Ride code contains basket conversion, control-contract prices, blocking checks and delayed accounting. It cannot establish 2020 oracle signers, admin thresholds or swap delays. **R3-C028–R3-C029** [R3-S029](https://medium.com/@neutrinoteam/neutrino-governance-moving-forward-56b624613ebb) [R3-S030](https://github.com/waves-exchange/neutrino-contract/blob/master/script/neutrino.ride)

The property that survived was finite-reserve accounting without USDN-driven unlimited WAVES creation. Dollar parity did not survive the documented redesign. Exact 2022 reserve/price paths, Vires-related causal contributions, and later restitution remain unresolved; this report does not substitute allegations for those measurements.

## Basis Cash and the shorter ESD contrast

Basis Cash separates BAC, BAB debt and BAS seigniorage participation. Its February 2021 migration account establishes earlier activity but does not prove an exact launch day. The conceptual contraction exchanges BAC for discounted BAB; settlement is in BAC when conditions permit, not dollars or a guaranteed sale of BAS. **R3-C031–R3-C032** [R3-S031](https://github.com/Basis-Cash/basiscash-protocol) [R3-S034](https://medium.com/basis-cash/basis-cash-v2-migration-plan-6bdd88198da2)

The retrieved Treasury revision contains BIP-3/BIP-4 changes, so it is kept separate from the original README model. `buyBonds` burns BAC below parity subject to a conversion-cap calculation. `redeemBonds` requires an above-ceiling oracle price and sufficient treasury BAC. Allocation logic reserves issuance for debt while routing other issuance onward. Operator powers include changing oracles, ceiling curves and seigniorage routing, and migrating token authority. Exact deployment binding and operator identities were not verified. **R3-C033–R3-C034** [R3-S032](https://github.com/Basis-Cash/basiscash-protocol/blob/master/contracts/treasury/Treasury.sol) [R3-S033](https://github.com/Basis-Cash/basiscash-protocol/blob/master/contracts/treasury/TreasuryState.sol)

Treasury BAC is a settlement budget denominated in the liability-like token itself. It is not an independent dollar reserve. A buyer of BAB needs confidence in future expansion and an eventual market for received BAC. If that expectation disappears, discounted bonds need not attract buyers. Debt caps constrain an accounting route but cannot supply missing demand. BAS recipients benefit from expansion; delayed creditors, BAC holders and LPs bear contraction risk. These are mechanism-based inferences, not measured individual losses. **R3-C036** [R3-S031](https://github.com/Basis-Cash/basiscash-protocol) [R3-S032](https://github.com/Basis-Cash/basiscash-protocol/blob/master/contracts/treasury/Treasury.sol)

The February 2021 V2 plan sought a return to peg; a subsequent update delayed BAC liquidity migration following the Yearn/3crv incident and identified Uniswap TWAP dependence. This is evidence of stress and redesign, not evidence of a Basis-specific hack. Later terminal status and lasting recovery were not established. **R3-C035** [R3-S034](https://medium.com/basis-cash/basis-cash-v2-migration-plan-6bdd88198da2) [R3-S035](https://medium.com/basis-cash/basis-v2-migration-plan-update-c83bee2ee2a2)

ESD is retained more briefly because deeper seed work had priority. The repository lists mainnet addresses, but its evolving master is not treated as the original monetary controller. The April 2021 OpenZeppelin audit documents a different reserve/stabilizer architecture and a migrator that excluded coupons. The August release uses ESS/DSU names, unlike the audit's ESD/ESDS/sESD. These are separate evidence layers, not a single silently merged version. **R3-C037–R3-C038** [R3-S036](https://github.com/emptysetsquad/dollar) [R3-S037](https://www.openzeppelin.com/news/empty-set-v2-audit) [R3-S038](https://medium.com/emptysetdollar/empty-set-v2-live-migrate-now-2a6fceb55d08)

## Historical constraints, disputes and stopping point

The evidence supports constraints for subsequent research, not a proposed protocol:

- **Identify the actual exit asset and its buyer.** Issued LUNA, reserved WAVES, future Beans and treasury BAC expose holders to different risks. Market capitalization is not executable reserve inventory. **R3-C039**
- **Separate solvency, capacity and access.** A finite reserve may be undercollateralized; a funded pool may be rate-limited; assets may exist under a custodian while the AMM lacks them. **R3-C030, R3-C040**
- **Treat credit contraction as voluntary.** More promised future tokens cannot guarantee new lending when expected demand falls. **R3-C018, R3-C036**
- **Treat governance and oracles as monetary dependencies.** They can change issuance, asset access and prices used for conversion. More conversion throughput can increase oracle exposure. **R3-C004, R3-C014, R3-C034, R3-C040**
- **Name the loss allocation.** Dilution, impaired debt, stolen custody, conditional recovery and abandonment of a target are not interchangeable outcomes. A redesign may preserve a community without preserving the old claim. **R3-C007, R3-C016–R3-C017, R3-C026, R3-C039**

These conclusions synthesize the cited cases. Counterfactual claims that a particular cap, oracle delay, multisig or different incentive would have prevented collapse are untested. No final monetary protocol or Uniswap v4 design is proposed.

The most consequential disputes remain deployment/configuration identity and recovery completeness. Project assurances of stability are not accepted as proof. Neutrino's claim of avoiding death spirals is narrower than avoidance of dollar losses. Beanstalk's governance exploit does not prove monetary insolvency, but recovery does not prove monetary robustness. Terra's attack attribution remains contested. Basis Cash's README and later source differ materially. Missing later sources do not establish that a project ceased activity.

## Validation notes

Local validation **passed**: UTF-8 JSON parsing, required fields at every schema level, enumerations, unique IDs, cross-array references, version ownership, and the presence of retrieved sources for factual claims. Report claim/source IDs, generated source links, coverage of all 43 claims, and the two named artifacts plus the short README also passed. Counts: 5 protocols, 19 versions, 42 sources, 43 claims, 10 search-log records and 10 uncertainties. Code was inspected as historical evidence; no monetary simulation, contract replay or independent bytecode verification was performed. Structural success certifies artifact consistency only, not truth, exhaustive coverage or economic safety.

## Source register

All sources were retrieved or attempted on 2026-09-16 UTC; exact retrieval metadata is in the dataset. A null publication/event date means unknown, not the retrieval date. Archive URLs are null because no independent archive snapshot was retrieved. Mutable source paths are identified explicitly.

- **R3-S001** — [Announcing TerraUSD](https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53eab0f8f0ac). documentation; publication 2020-09-21; event 2020-09-12; version un-pinned. Access: retrieved. Launch announcement, not genesis transaction; promotional adoption claims not accepted.
- **R3-S002** — [Columbus-5 Launches](https://medium.com/terra-money/columbus-5-launches-welcome-to-the-future-of-terra-8a9ebfa570c5). documentation; publication 2021-09-30; event 2021-09-30; version Columbus-5. Access: retrieved. Project account of upgrade; economic benefits are forecasts.
- **R3-S003** — [Liquidity Parameters - 2](https://classic-agora.terra.money/t/liquidity-parameters-2/1175). governance; publication 2021-05-21; event 2021-05-21; version un-pinned. Access: retrieved. Jump Trading proposal; parameters proposed, not independently verified as executed.
- **R3-S004** — [Liquidity Parameters - 3](https://classic-agora.terra.money/t/liquidity-parameters-3/3895). governance; publication 2022-01-29; event 2022-01-29; version un-pinned. Access: retrieved. Capacity numbers are proposer simulations; thread includes disputed implementation status.
- **R3-S005** — [Anchor: Modify Market Parameters](https://docs.anchorprotocol.com/anchor-2/protocol/anchor-governance/modify-market-parameters). documentation; publication unknown; event see claim / unknown; version un-pinned. Access: retrieved. Undated surviving documentation; displayed rates are not a historical time series.
- **R3-S006** — [J.S. Held report on LFG and TFL peg defense](https://lfg.org/audit/LFG-Audit-2022-11-14.pdf). audit; publication 2022-11-09; event see claim / unknown; version Report dated November 9; filename November 14. Access: retrieved. Commissioned investigation; uses exchange API records as well as public transactions; not an audit of monetary solvency.
- **R3-S007** — [Anatomy of a Stablecoin’s failure: the Terra-Luna case](https://arxiv.org/html/2207.13914v3). paper; publication 2022-09-25; event see claim / unknown; version arXiv:2207.13914v3. Access: retrieved. Original quantitative research; narrative also cites secondary news. Coordinated-attack attribution remains disputed.
- **R3-S008** — [Terra Ecosystem Revival Plan 2 [PASSED GOV]](https://classic-agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498). governance; publication 2022-05-16; event see claim / unknown; version un-pinned. Access: retrieved. Living amended proposal; planned launch date is not proof of actual genesis.
- **R3-S009** — [Terraform Labs shutdown notice](https://www.terra.money/). other; publication unknown; event 2024-09-30; version un-pinned. Access: retrieved. Company wind-down does not establish shutdown of either blockchain.
- **R3-S010** — [Terraform Labs Crypto Loss Claims Portal Launch](https://medium.com/terra-money/terraform-labs-crypto-loss-claims-portal-launch-7e85e3222db7). other; publication 2025-03-28; event see claim / unknown; version un-pinned. Access: retrieved. Claims process announcement, not evidence of final recoveries.
- **R3-S011** — [Beanstalk upgrade history](https://docs.bean.money/developers/misc/upgrade-history). documentation; publication unknown; event see claim / unknown; version un-pinned. Access: retrieved. Project-maintained retrospective links transactions and commits; no replay performed.
- **R3-S012** — [Beanstalk launch: Dibbler](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/FieldFacet/Dibbler.sol). code; publication unknown; event see claim / unknown; version ccce0fa18a83cc09f6a889c302b6e509230a486f. Access: retrieved. Retrieved through codeload snapshot; source-to-deployed-bytecode equivalence not independently checked.
- **R3-S013** — [Beanstalk launch: Sun and adjacent Weather/Silo facets](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/SeasonFacet/Sun.sol). code; publication unknown; event see claim / unknown; version ccce0fa18a83cc09f6a889c302b6e509230a486f. Access: retrieved. Codeload source snapshot; linked Sun imports Weather; no deployment replay.
- **R3-S014** — [Beanstalk launch: OracleFacet](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/OracleFacet.sol). code; publication unknown; event see claim / unknown; version ccce0fa18a83cc09f6a889c302b6e509230a486f. Access: retrieved. No additional limitation recorded.
- **R3-S015** — [Beanstalk launch: GovernanceFacet](https://github.com/BeanstalkFarms/Beanstalk/blob/ccce0fa18a83cc09f6a889c302b6e509230a486f/protocol/contracts/farm/facets/GovernanceFacet/GovernanceFacet.sol). code; publication unknown; event see claim / unknown; version ccce0fa18a83cc09f6a889c302b6e509230a486f. Access: retrieved. Launch code must not be equated with all exploit-date code.
- **R3-S016** — [Beanstalk Governance Exploit](https://bean.money/blog/beanstalk-governance-exploit). postmortem; publication 2022-04-19; event 2022-04-17; version un-pinned. Access: retrieved. First-party loss estimate; no independent transaction replay.
- **R3-S017** — [BIP-21: Replant Beanstalk](https://github.com/BeanstalkFarms/Beanstalk-Governance-Proposals/blob/master/bip/bip-21-replant.md). governance; publication unknown; event see claim / unknown; version BIP-21; mutable master. Access: retrieved. Proposal plus retrospective upgrade history used for execution context.
- **R3-S018** — [Beanstalk disclosures](https://docs.bean.money/almanac/disclosures). documentation; publication unknown; event see claim / unknown; version un-pinned. Access: retrieved. Current evolving disclosures, including Arbitrum; not launch-era documentation.
- **R3-S019** — [Thoughts Before the Barn Raise](https://bean.money/blog/thoughts-before-the-barn-raise). other; publication unknown; event see claim / unknown; version un-pinned. Access: retrieved. Founders’ retrospective assessment, not proof of economic robustness.
- **R3-S020** — [BIP-50: Reseed Beanstalk](https://github.com/BeanstalkFarms/Beanstalk-Governance-Proposals/blob/master/bip/bip-50-reseed-beanstalk.md). governance; publication 2024-10-01; event see claim / unknown; version BIP-50; status Passed. Access: retrieved. Includes corrections to voted text; exact migration transaction not replayed.
- **R3-S021** — [EBIP-23: AI Safety Precautions](https://github.com/BeanstalkFarms/Beanstalk/issues/1189). governance; publication 2026-08-24; event 2026-08-23; version Issue 1189. Access: retrieved. Reports committed action; transaction and custody balances not independently verified.
- **R3-S022** — [Neutrino first anniversary](https://medium.com/neutrinoteam/neutrino-protocol-celebrates-first-anniversary-394794c72f0d). documentation; publication 2020-11-25; event 2019-11-25; version un-pinned. Access: retrieved. Project launch anniversary; token issuance predates launch. Ported deployments not individually verified.
- **R3-S023** — [Moon Factor activated](https://medium.com/neutrinoteam/moon-factor-activated-f05691a3465c). documentation; publication 2021-01-15; event 2021-01-15; version un-pinned. Access: retrieved. Formula partly rendered as image; precise curve not transcribed.
- **R3-S024** — [USDN vs UST: Understanding the Differences](https://medium.com/neutrinoteam/usdn-vs-ust-understanding-the-differences-d58c950dd22). documentation; publication 2022-06-17; event see claim / unknown; version un-pinned. Access: retrieved. Retrospective and promotional. Claims of immunity to death spirals not adopted; 2022 access restrictions not backdated.
- **R3-S025** — [What is SURF?](https://medium.com/neutrinoteam/what-is-surf-and-why-is-it-important-for-the-neutrino-ecosystem-8962c2230049). documentation; publication 2022-08-08; event see claim / unknown; version un-pinned. Access: retrieved. Describes SURF mechanics; illustrative balances are not observed measurements.
- **R3-S026** — [Neutrino 2.0 XTN Litepaper](https://resources.cryptocompare.com/asset-management/1256/1698049445806.pdf). paper; publication unknown; event see claim / unknown; version Six-page Neutrino 2.0 litepaper; also present in project code archive. Access: retrieved. Project-authored document on third-party host; publication and activation dates unknown.
- **R3-S027** — [Swop.fi in line with ecosystem changes](https://medium.com/swop-fi/swop-fi-in-line-with-ecosystem-changes-81609fbcd15d). documentation; publication 2023-02-01; event see claim / unknown; version un-pinned. Access: retrieved. First-party evidence of affected AMM response, not full XTN migration execution.
- **R3-S028** — [Why XTN is not actually burned?](https://medium.com/neutrinoteam/why-xtn-is-not-actually-burned-fc4716390ae1). documentation; publication 2023-07-20; event 2019-11-22; version Updated July 28, 2023. Access: retrieved. Retrospective token issuance account; transaction link not independently replayed.
- **R3-S029** — [Neutrino Governance moving forward](https://medium.com/@neutrinoteam/neutrino-governance-moving-forward-56b624613ebb). governance; publication 2023-10-03; event see claim / unknown; version un-pinned. Access: retrieved. Transition schedule; individual execution steps not verified.
- **R3-S030** — [Neutrino Ride contract](https://github.com/waves-exchange/neutrino-contract/blob/master/script/neutrino.ride). code; publication unknown; event see claim / unknown; version retrieved master; SHA256 098a6dca3e5f8167642f8f3c7c90e7d04343ea2acdd9be4ef3f0830364e2d63c. Access: retrieved. Includes basket mechanics; cannot establish 2020 deployed oracle/admin parameters.
- **R3-S031** — [Basis Cash source repository](https://github.com/Basis-Cash/basiscash-protocol). code; publication unknown; event see claim / unknown; version master retrieved via codeload. Access: retrieved. README model and latest repository are not necessarily launch code.
- **R3-S032** — [Basis Cash Treasury implementation](https://github.com/Basis-Cash/basiscash-protocol/blob/master/contracts/treasury/Treasury.sol). code; publication unknown; event see claim / unknown; version SHA256 1049c2a79f6783bbf0cb7ae5a06548aeaddb94c7b4636859864e997698a5f9d9. Access: retrieved. Retrieved master contains BIP-3/BIP-4 changes; deployment mapping unresolved.
- **R3-S033** — [Basis Cash TreasuryState authority](https://github.com/Basis-Cash/basiscash-protocol/blob/master/contracts/treasury/TreasuryState.sol). code; publication unknown; event see claim / unknown; version master via codeload. Access: retrieved. Operator identity at each deployment not verified.
- **R3-S034** — [Basis Cash V2 Migration Plan](https://medium.com/basis-cash/basis-cash-v2-migration-plan-6bdd88198da2). governance; publication 2021-02-02; event see claim / unknown; version un-pinned. Access: retrieved. Plan establishes retrospective existence, not final deployment configuration.
- **R3-S035** — [Basis V2 Migration Plan Update](https://medium.com/basis-cash/basis-v2-migration-plan-update-c83bee2ee2a2). governance; publication 2021-02-06; event see claim / unknown; version un-pinned. Access: retrieved. Schedule and delay announcement.
- **R3-S036** — [Empty Set Dollar source and deployment register](https://github.com/emptysetsquad/dollar). code; publication unknown; event see claim / unknown; version master via codeload. Access: retrieved. Master evolved beyond first deployment; coupon remnants are not proof of launch parameters.
- **R3-S037** — [Empty Set V2 Audit](https://www.openzeppelin.com/news/empty-set-v2-audit). audit; publication 2021-04-01; event see claim / unknown; version bf9753ef9cd5b17236036257f290e0d0b850a029. Access: retrieved. Audit explicitly excludes game theory and incentive design; naming differs from August release.
- **R3-S038** — [Empty Set V2 Live](https://medium.com/emptysetdollar/empty-set-v2-live-migrate-now-2a6fceb55d08). documentation; publication 2021-08-02; event 2021-08-02; version un-pinned. Access: retrieved. Project launch announcement, no deployment replay.
- **R3-S039** — [Historical Terra whitepaper route](https://www.terra.money/Terra_White_paper.pdf). paper; publication unknown; event see claim / unknown; version un-pinned. Access: inaccessible. URL now returns shutdown HTML, not the requested paper.
- **R3-S040** — [Neutrino documentation route](https://docs.neutrino.at). documentation; publication unknown; event see claim / unknown; version un-pinned. Access: inaccessible. Tool retrieval failed; not used for technical facts.
- **R3-S041** — [Beanstalk contract-creation transaction](https://etherscan.io/tx/0x40b23cea3aa6e1a7dd89bbcd24c67f6fa1f6d663d7609f14046cd6cf50b6ce86). transaction; publication unknown; event 2021-08-06; version un-pinned. Access: inaccessible. 403; transaction identifier comes from project upgrade history; not called independently verified.
- **R3-S042** — [Basis Cash prelaunch AMA](https://medium.com/basis-cash/crypto-ama-with-spencer-noon-c61ef8ecb55). documentation; publication 2020-09-01; event see claim / unknown; version un-pinned. Access: partial. Search returned substantial article text; direct open not performed; discovery/context only.