@1delta/margin-fetcher 0.0.412 → 0.0.413

package/dist/index.js

@@ -1,8 +1,8 @@
 import { parseAbi, keccak256, encodeAbiParameters, formatEther, BaseError, erc20Abi, stringToHex, pad, encodeFunctionData, formatUnits, isAddress, getAddress, decodeFunctionResult, decodeAbiParameters, concat, AbiEncodingLengthMismatchError, concatHex, toBytes, slice, hexToString, InvalidAddressError, boolToHex, integerRegex, numberToHex, bytesRegex, BytesSizeMismatchError, arrayRegex, UnsupportedPackedAbiType } from './chunk-YILYOOYB.js';
 import './chunk-BYTNVMX7.js';
 import './chunk-PR4QN5HX.js';
-import { Lender, LIQUITY_FAMILY_LENDERS, isAaveType, isCompoundV3, isMultiMarket, isSiloV2Type, isSiloV3Type, isDolomite, isMidnight, isTerm, isExactly, isLiquityFamily, isRiver, isTeller, isInverse, isTermMax, isResupply, isUsdd, isFrankencoin, isLlamaLend, isEulerType, isAaveV4Type, isInit, isMorphoType, isCompoundV2Type, isVenusType, isSumerType, AAVE_V3_LENDERS, AAVE_V2_LENDERS, isAaveV2Type, isAaveV32Type, isAaveV3Type, isFluid, isGearboxV3, isYLDR, isCompoundV3Type, isLista, isTectonicType, isKineticType, isBenqiType } from '@1delta/lender-registry';
-export { isAaveType, isAaveV2Type, isAaveV32Type, isAaveV3Type, isCompoundV3, isCompoundV3Type, isInit, isMorphoType, isMultiMarket, isYLDR } from '@1delta/lender-registry';
+import { Lender, isExactly, isMidnight, isTerm, isTermMax, isTeller, isListaDao, isLiquityFamily, isRiver, isInverse, isUsdd, isCompoundV3Type, isFluid, isGearboxV3, LIQUITY_FAMILY_LENDERS, isAaveType, isCompoundV3, isMultiMarket, isSiloV2Type, isSiloV3Type, isDolomite, isResupply, isFrankencoin, isLlamaLend, hasCrossMarginRisk, isEulerType, isAaveV4Type, isInit, isMorphoType, isCompoundV2Type, isVenusType, isSumerType, AAVE_V3_LENDERS, AAVE_V2_LENDERS, isAaveV2Type, isAaveV32Type, isAaveV3Type, isYLDR, isLista, hasSubAccounts, isTectonicType, isKineticType, isBenqiType } from '@1delta/lender-registry';
+export { hasCrossMarginRisk, isAaveType, isAaveV2Type, isAaveV32Type, isAaveV3Type, isCompoundV3, isCompoundV3Type, isInit, isMorphoType, isMultiMarket, isYLDR } from '@1delta/lender-registry';
 import { fetchTokenLists, fetchTokenList, aavePools, compoundV3Pools, initConfig, morphoPools, compoundV2Pools, eulerVaults, siloMarkets, siloV2LenderKey, siloMarketsV3, siloV3LenderKey, aaveV4Spokes, aaveV4SpokeLenderKey, fluidResolvers, gearboxResolvers, dolomiteConfigs, midnightConfig, termConfig, termMarketsByChain, exactlyConfig, liquityLendersByChain, riverLendersByChain, inverseLendersByChain, llamaLendLendersByChain, usddLendersByChain, frankencoinLendersByChain, resupplyLendersByChain, tellerConfigByChain, tellerPoolsByChain, termMaxConfigByChain, aaveReserves, compoundV3Reserves, liquityConfigFor, liquityBranchesByChain, riverConfigFor, riverChainData, termMaxApiBaseUrl, termMaxLenderKey, inverseConfigFor, inverseChainData, llamaLendConfigFor, llamaLendChainData, llamaLendApiBaseUrl, resupplyConfigFor, usddConfigFor, usddChainData, frankencoinConfigFor, frankencoinChainData, aaveOracles, morphoTypeMarkets, resolveMidnightApiBase, resolveTermApiBase, llamaLendMarketByVault, getSiloV2MarketEntry, getSiloV3MarketEntry, dolomiteEmode, aaveTokens, morphoTypeVaults, eulerConfigs, gearboxMarketCompressor, gearboxMarketConfigurators, gearboxV3LenderKey, midnightMarketsByChain, parseAaveV4SpokeLenderKey, gearboxAccountCompressor, compoundV2Tokens, exactlyMarketsByChain, aaveOraclesConfig, compoundV2Oracles, compoundV2TokenArray, compoundV2OraclesConfig, compoundV3OraclesData, compoundV3BaseData, compoundV2Reserves, aaveV4Oracles } from '@1delta/data-sdk';
 import lodash from 'lodash';
 import { multicallRetryUniversal, getEvmClient, getEvmChain, getEvmClientUniversal } from '@1delta/providers';
@@ -16139,12 +16139,12 @@ function getCall(lender, chainId) {
 
 // src/lending/public-data/compound-v2/getters/venus.ts
 function readVTokenMetadata(meta, token) {
-  const pick2 = (...values) => values.find((v) => v !== void 0);
+  const pick3 = (...values) => values.find((v) => v !== void 0);
   return {
     vToken: meta.vToken ?? "",
     exchangeRateCurrent: meta.exchangeRateCurrent ?? 0n,
-    supplyRatePerBlock: pick2(meta.supplyRatePerBlock, meta.supplyRatePerBlockOrTimestamp) ?? 0n,
-    borrowRatePerBlock: pick2(meta.borrowRatePerBlock, meta.borrowRatePerBlockOrTimestamp) ?? 0n,
+    supplyRatePerBlock: pick3(meta.supplyRatePerBlock, meta.supplyRatePerBlockOrTimestamp) ?? 0n,
+    borrowRatePerBlock: pick3(meta.borrowRatePerBlock, meta.borrowRatePerBlockOrTimestamp) ?? 0n,
     reserveFactorMantissa: meta.reserveFactorMantissa ?? 0n,
     supplyCaps: meta.supplyCaps ?? 0n,
     borrowCaps: meta.borrowCaps ?? 0n,
@@ -16169,7 +16169,7 @@ function readVTokenMetadata(meta, token) {
     pausedActions: decodePausedActions(meta.pausedActions ?? 0n),
     depositRate: apyToApr(
       calculateRateForCompoundType(
-        pick2(
+        pick3(
           meta.supplyRatePerBlock,
           meta.supplyRatePerBlockOrTimestamp
         )?.toString() ?? "0",
@@ -16179,7 +16179,7 @@ function readVTokenMetadata(meta, token) {
     ) * 100,
     variableBorrowRate: apyToApr(
       calculateRateForCompoundType(
-        pick2(
+        pick3(
           meta.borrowRatePerBlock,
           meta.borrowRatePerBlockOrTimestamp
         )?.toString() ?? "0",
@@ -22904,7 +22904,7 @@ async function fetchTellerMarkets(chainId) {
     }
     return null;
   };
-  const num10 = (i) => {
+  const num11 = (i) => {
     const b = big13(i);
     return b === null ? null : Number(b);
   };
@@ -22914,9 +22914,9 @@ async function fetchTellerMarkets(chainId) {
       config,
       available: big13(base),
       committed: big13(base + 1),
-      minRateBps: num10(base + 2),
+      minRateBps: num11(base + 2),
       collateralPerPrincipal: big13(base + 3),
-      maxLoanDuration: num10(base + 4),
+      maxLoanDuration: num11(base + 4),
       marketId: big13(base + 5),
       totalAssets: big13(base + 6)
     };
@@ -23879,20 +23879,20 @@ async function fetchInverseMarkets(lender, chainId) {
     if (Object.keys(byAddr).length > 0) {
       const rows = markets.map((market) => {
         const m = byAddr[market.address.toLowerCase()];
-        const num10 = (v) => typeof v === "number" && Number.isFinite(v) ? v : null;
+        const num11 = (v) => typeof v === "number" && Number.isFinite(v) ? v : null;
         return {
           market,
-          totalDebt: num10(m?.totalDebt),
-          dolaLiquidity: num10(m?.dolaLiquidity),
-          leftToBorrow: num10(m?.leftToBorrow),
-          price: num10(m?.price),
+          totalDebt: num11(m?.totalDebt),
+          dolaLiquidity: num11(m?.dolaLiquidity),
+          leftToBorrow: num11(m?.leftToBorrow),
+          price: num11(m?.price),
           borrowPaused: typeof m?.borrowPaused === "boolean" ? m.borrowPaused : null,
-          dailyBorrows: num10(m?.dailyBorrows),
+          dailyBorrows: num11(m?.dailyBorrows),
           // The API serves it as a DECIMAL (`replenishmentIncentive: 0.1`),
           // unlike the on-chain bps — normalize here, and fall back to the
           // curated metadata value when the field is missing.
           replenishmentIncentiveBps: (() => {
-            const dec = num10(m?.replenishmentIncentive);
+            const dec = num11(m?.replenishmentIncentive);
             if (dec !== null) return Math.round(dec * 1e4);
             const meta = Number(market.replenishmentIncentiveBps);
             return Number.isFinite(meta) ? meta : null;
@@ -26866,30 +26866,138 @@ var { isArray } = lodash;
 var maxRetries = 3;
 var MULTICALL_FAILURE = "0x";
 var isFailedCall = (value) => value === void 0 || value === null || value === MULTICALL_FAILURE;
-var retryFailedSlots = async (chainId, contracts, mapped, getEvmClient17, nextRpcId, batchSize, logs) => {
-  const failedIdx = [];
-  for (let i = 0; i < mapped.length; i++) {
-    if (isFailedCall(mapped[i])) failedIdx.push(i);
+var MULTICALL_REPAIR_ROUNDS = 3;
+var MAX_CALLS_PER_SHARD = 400;
+var DETERMINISTIC_ERROR_NAMES = /* @__PURE__ */ new Set([
+  "ContractFunctionRevertedError",
+  "RawContractError",
+  "AbiDecodingZeroDataError",
+  "AbiDecodingDataSizeTooSmallError",
+  "AbiFunctionNotFoundError"
+]);
+var isDeterministicCallError = (error) => {
+  let err = error;
+  for (let depth = 0; err && depth < 8; depth++) {
+    if (DETERMINISTIC_ERROR_NAMES.has(err.name)) return true;
+    const message = String(err.shortMessage ?? err.message ?? "").toLowerCase();
+    if (message.includes("execution reverted") || message.includes("returned no data"))
+      return true;
+    err = err.cause;
   }
-  if (failedIdx.length === 0) return mapped;
-  try {
-    const provider = getEvmClient17(chainId, nextRpcId);
-    const returnData = await provider.multicall({
-      allowFailure: true,
-      batchSize,
-      contracts: failedIdx.map((i) => contracts[i])
-    });
-    returnData.forEach((entry, k) => {
-      if (entry?.status === "success") mapped[failedIdx[k]] = entry.result;
-    });
-  } catch (error) {
-    if (logs) console.log("error in multicall failure-retry", error);
+  return false;
+};
+var REPAIR_BACKOFF_BASE_MS = 100;
+var REPAIR_BACKOFF_JITTER_MS = 60;
+var sleep = (ms) => new Promise((resolve) => setTimeout(resolve, Math.max(0, ms)));
+var backoffForRound = (round) => REPAIR_BACKOFF_BASE_MS * 2 ** round + Math.random() * REPAIR_BACKOFF_JITTER_MS;
+var endpointUrl = (client, rpcId) => client?.transport?.url ?? `rpc#${rpcId}`;
+var resolveEndpoint = (chainId, getEvmClient17, startRpcId, tried, maxProbe = 12) => {
+  let fallback = null;
+  for (let probe = 0; probe < maxProbe; probe++) {
+    const rpcId = startRpcId + probe;
+    let client;
+    try {
+      client = getEvmClient17(chainId, rpcId);
+    } catch {
+      break;
+    }
+    const url = endpointUrl(client, rpcId);
+    if (!tried?.has(url)) {
+      tried?.add(url);
+      return { client, rpcId, url, reused: false };
+    }
+    fallback ??= { client, rpcId, url, reused: true };
+  }
+  return fallback;
+};
+var toSlots = (returnData, allowFailure) => {
+  if (!allowFailure)
+    return returnData.map((value) => ({ value, permanent: false }));
+  return returnData.map(
+    ({ result, status, error }) => status === "success" ? { value: result, permanent: false } : {
+      value: MULTICALL_FAILURE,
+      permanent: isDeterministicCallError(error)
+    }
+  );
+};
+var slotValues = (slots) => slots.map((s) => s.value);
+var recordPermanentFailures = (slots, offset, collector) => {
+  if (!collector) return;
+  for (let i = 0; i < slots.length; i++) {
+    if (slots[i].permanent) collector.add(offset + i);
+  }
+};
+var repairFailedSlots = async (chainId, contracts, slots, getEvmClient17, nextRpcId, batchSize, logs, rounds = MULTICALL_REPAIR_ROUNDS, options) => {
+  let searchFrom = nextRpcId;
+  for (let round = 0; round < rounds; round++) {
+    const failedIdx = [];
+    for (let i = 0; i < slots.length; i++) {
+      if (isFailedCall(slots[i].value) && !slots[i].permanent) failedIdx.push(i);
+    }
+    if (failedIdx.length === 0) return slots;
+    const endpoint = resolveEndpoint(
+      chainId,
+      getEvmClient17,
+      searchFrom,
+      options?.tried
+    );
+    if (!endpoint) {
+      if (logs)
+        console.log(
+          `multicall repair: no usable endpoint for chain ${chainId}, giving up with ${failedIdx.length} failed slots`
+        );
+      return slots;
+    }
+    searchFrom = endpoint.rpcId + 1;
+    await sleep(backoffForRound(round));
+    try {
+      const returnData = await endpoint.client.multicall({
+        allowFailure: true,
+        batchSize,
+        contracts: failedIdx.map((i) => contracts[i])
+      });
+      let repaired = 0;
+      returnData.forEach((entry, k) => {
+        const idx = failedIdx[k];
+        if (entry?.status === "success") {
+          slots[idx] = { value: entry.result, permanent: false };
+          repaired++;
+        } else if (isDeterministicCallError(entry?.error)) {
+          slots[idx].permanent = true;
+        }
+      });
+      if (repaired === 0)
+        options?.onEndpointFailure?.({
+          chainId,
+          url: endpoint.url,
+          rpcId: endpoint.rpcId,
+          kind: "slots"
+        });
+    } catch (error) {
+      options?.onEndpointFailure?.({
+        chainId,
+        url: endpoint.url,
+        rpcId: endpoint.rpcId,
+        kind: "transport"
+      });
+      if (logs)
+        console.log(
+          `error in multicall failure-repair round ${round} chain ${chainId}`,
+          error
+        );
+    }
   }
-  return mapped;
+  return slots;
 };
-var multicallViemAbiArray = async (chainId, abi, calls, getEvmClient17, retry = true, providerId = 0, retries = maxRetries, allowFailure = true, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, logs = false, retryFailed = false) => {
+var multicallViemAbiArray = async (chainId, abi, calls, getEvmClient17, retry = true, providerId = 0, retries = maxRetries, allowFailure = true, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, logs = false, retryFailed = false, permanentFailures, options) => {
+  const tried = options?.tried ?? /* @__PURE__ */ new Set();
+  const endpoint = resolveEndpoint(chainId, getEvmClient17, providerId, tried);
+  if (!endpoint) throw new Error("No usable RPC endpoint for " + chainId);
+  const endpointOptions = {
+    tried,
+    onEndpointFailure: options?.onEndpointFailure
+  };
   try {
-    const provider = getEvmClient17(chainId, providerId);
     const abiIsArray = isArray(abi[0]);
     const contracts = calls.map(({ address, name, params }, i) => ({
       abi: abiIsArray ? abi?.[i] : abi,
@@ -26897,46 +27005,83 @@ var multicallViemAbiArray = async (chainId, abi, calls, getEvmClient17, retry =
       functionName: name,
       args: params
     }));
-    const returnData = await provider.multicall({
+    const returnData = await endpoint.client.multicall({
       allowFailure,
       batchSize,
       contracts
     });
     if (!allowFailure) return returnData;
-    const res = returnData.map(
-      ({ result, status }) => status !== "success" ? MULTICALL_FAILURE : result
-    );
-    if (!retryFailed) return res;
-    return retryFailedSlots(
+    const slots = toSlots(returnData, true);
+    if (retries > 0 && slots.length > 0 && slots.every((s) => isFailedCall(s.value) && !s.permanent)) {
+      if (logs)
+        console.log(
+          `multicall fully failed on rpc ${endpoint.rpcId} for chain ${chainId}, failing over`
+        );
+      options?.onEndpointFailure?.({
+        chainId,
+        url: endpoint.url,
+        rpcId: endpoint.rpcId,
+        kind: "slots"
+      });
+      await sleep(backoffForRound(0));
+      return multicallViemAbiArray(
+        chainId,
+        abi,
+        calls,
+        getEvmClient17,
+        retry,
+        endpoint.rpcId + 1,
+        retries - 1,
+        allowFailure,
+        batchSize,
+        logs,
+        retryFailed,
+        permanentFailures,
+        endpointOptions
+      );
+    }
+    const finalSlots = retryFailed ? await repairFailedSlots(
       chainId,
       contracts,
-      res,
+      slots,
       getEvmClient17,
-      providerId + 1,
+      endpoint.rpcId + 1,
       batchSize,
-      logs
-    );
+      logs,
+      MULTICALL_REPAIR_ROUNDS,
+      endpointOptions
+    ) : slots;
+    recordPermanentFailures(finalSlots, 0, permanentFailures);
+    return slotValues(finalSlots);
   } catch (error) {
     if (logs) console.log("error in multicall", error);
+    options?.onEndpointFailure?.({
+      chainId,
+      url: endpoint.url,
+      rpcId: endpoint.rpcId,
+      kind: "transport"
+    });
     retries--;
     if (retries < 0) throw new Error("Failed too often");
-    providerId++;
+    await sleep(backoffForRound(0));
     return multicallViemAbiArray(
       chainId,
       abi,
       calls,
       getEvmClient17,
       retry,
-      providerId,
+      endpoint.rpcId + 1,
       retries,
       allowFailure,
       batchSize,
       logs,
-      retryFailed
+      retryFailed,
+      permanentFailures,
+      endpointOptions
     );
   }
 };
-var multicallShardedAbiArray = async (chainId, abi, calls, getEvmClient17, poolSize, retries = maxRetries, allowFailure = true, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, logs = false, retryFailed = false) => {
+var multicallShardedAbiArray = async (chainId, abi, calls, getEvmClient17, poolSize, retries = maxRetries, allowFailure = true, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, logs = false, retryFailed = false, permanentFailures, options) => {
   if (poolSize <= 1) {
     return multicallViemAbiArray(
       chainId,
@@ -26949,7 +27094,9 @@ var multicallShardedAbiArray = async (chainId, abi, calls, getEvmClient17, poolS
       allowFailure,
       batchSize,
       logs,
-      retryFailed
+      retryFailed,
+      permanentFailures,
+      options
     );
   }
   const abiIsArray = isArray(abi[0]);
@@ -26959,45 +27106,88 @@ var multicallShardedAbiArray = async (chainId, abi, calls, getEvmClient17, poolS
     functionName: name,
     args: params
   }));
-  const shardSize = Math.max(1, Math.ceil(contracts.length / poolSize));
+  const shardSize = Math.max(
+    1,
+    Math.min(MAX_CALLS_PER_SHARD, Math.ceil(contracts.length / poolSize))
+  );
   const batches = [];
   for (let i = 0; i < contracts.length; i += shardSize) {
     batches.push({ start: i, items: contracts.slice(i, i + shardSize) });
   }
   const results = new Array(contracts.length);
-  const runBatch = async (batch, rpcId, attemptsLeft, size) => {
+  const runBatch = async (batch, rpcId, attemptsLeft, size, tried) => {
+    const endpoint = resolveEndpoint(chainId, getEvmClient17, rpcId, tried);
+    if (!endpoint) {
+      if (logs)
+        console.log(
+          `sharded multicall: no untried endpoint left for chain ${chainId}`
+        );
+      return;
+    }
+    const shardOptions = {
+      tried,
+      onEndpointFailure: options?.onEndpointFailure
+    };
     try {
-      const provider = getEvmClient17(chainId, rpcId);
-      const returnData = await provider.multicall({
+      const returnData = await endpoint.client.multicall({
         allowFailure,
         batchSize: size,
         contracts: batch.items
       });
-      let mapped = allowFailure ? returnData.map(
-        ({ result, status }) => status !== "success" ? MULTICALL_FAILURE : result
-      ) : returnData;
+      let slots = toSlots(returnData, allowFailure);
+      if (allowFailure && attemptsLeft > 0 && slots.length > 0 && slots.every((s) => isFailedCall(s.value) && !s.permanent)) {
+        if (logs)
+          console.log(
+            `sharded multicall shard fully failed on rpc ${endpoint.rpcId}, failing over`
+          );
+        options?.onEndpointFailure?.({
+          chainId,
+          url: endpoint.url,
+          rpcId: endpoint.rpcId,
+          kind: "slots"
+        });
+        await sleep(backoffForRound(0));
+        return runBatch(
+          batch,
+          endpoint.rpcId + 1,
+          attemptsLeft - 1,
+          size,
+          tried
+        );
+      }
       if (allowFailure && retryFailed) {
-        mapped = await retryFailedSlots(
+        slots = await repairFailedSlots(
           chainId,
           batch.items,
-          mapped,
+          slots,
           getEvmClient17,
-          rpcId + 1,
+          endpoint.rpcId + 1,
           size,
-          logs
+          logs,
+          MULTICALL_REPAIR_ROUNDS,
+          shardOptions
         );
       }
-      for (let j = 0; j < mapped.length; j++) {
-        results[batch.start + j] = mapped[j];
+      recordPermanentFailures(slots, batch.start, permanentFailures);
+      for (let j = 0; j < slots.length; j++) {
+        results[batch.start + j] = slots[j].value;
       }
     } catch (error) {
       if (logs) console.log("error in sharded multicall batch", error);
+      options?.onEndpointFailure?.({
+        chainId,
+        url: endpoint.url,
+        rpcId: endpoint.rpcId,
+        kind: "transport"
+      });
       if (attemptsLeft <= 0) throw error;
+      await sleep(backoffForRound(0));
       return runBatch(
         batch,
-        rpcId + 1,
+        endpoint.rpcId + 1,
         attemptsLeft - 1,
-        Math.max(1, Math.floor(size / 2))
+        Math.max(1, Math.floor(size / 2)),
+        tried
       );
     }
   };
@@ -27007,7 +27197,7 @@ var multicallShardedAbiArray = async (chainId, abi, calls, getEvmClient17, poolS
     while (true) {
       const idx = cursor++;
       if (idx >= batches.length) break;
-      await runBatch(batches[idx], workerId, retries, batchSize);
+      await runBatch(batches[idx], workerId, retries, batchSize, /* @__PURE__ */ new Set());
     }
   };
   await Promise.all(Array.from({ length: workers }, (_3, w) => worker(w)));
@@ -27037,7 +27227,11 @@ var getCompoundV2UserDataConverter = (lender, chainId, account, metaMap) => {
           const lendingPositions = {};
           let totalDebt24h = 0;
           let totalDeposits24h = 0;
-          const asstsIn = data[data.length - 1].map((a) => a.toLowerCase());
+          const assetsInRaw = data[data.length - 1];
+          if (isFailedCall(assetsInRaw) || !Array.isArray(assetsInRaw)) {
+            return void 0;
+          }
+          const asstsIn = assetsInRaw.map((a) => a.toLowerCase());
           for (let i = 0; i < tokens.length; i++) {
             const { cToken } = tokens[i];
             const key = createMarketUid(chainId, lender, cToken);
@@ -28520,7 +28714,11 @@ var getAaveV3UserDataConverter = (lender, chainId, account, metaMap) => {
       if (data.length !== expectedNumberOfCalls) {
         return void 0;
       }
-      const userEMode = Number(data[expectedNumberOfCalls - 1]);
+      const rawEMode = Number(data[expectedNumberOfCalls - 1]);
+      if (isFailedCall(data[expectedNumberOfCalls - 1]) || !Number.isFinite(rawEMode)) {
+        return void 0;
+      }
+      const userEMode = rawEMode;
       const lendingPositions = {};
       let totalDebt24h = 0;
       let totalDeposits24h = 0;
@@ -32358,6 +32556,85 @@ var getTermMaxUserDataConverter = (_lender, chainId, account, meta) => {
   ];
 };
 
+// src/lending/user-data/fetch-balances/validate.ts
+var BALANCE_FIELDS = [
+  "deposits",
+  "debt",
+  "nav",
+  "collateral",
+  "adjustedDebt",
+  "borrowDiscountedCollateral"
+];
+var APR_FIELDS = ["apr", "borrowApr", "depositApr"];
+var isBadNumber = (v) => typeof v === "number" && !Number.isFinite(v);
+function checkSubAccount(entry) {
+  const violations = [];
+  const accountId = entry?.accountId ?? "0";
+  const balance = entry?.balanceData;
+  const apr = entry?.aprData;
+  for (const field12 of BALANCE_FIELDS) {
+    if (isBadNumber(balance?.[field12]))
+      violations.push({
+        accountId,
+        code: "non-finite",
+        detail: `balanceData.${field12} = ${balance[field12]}`,
+        requiresFailedReads: false
+      });
+  }
+  for (const field12 of APR_FIELDS) {
+    if (isBadNumber(apr?.[field12]))
+      violations.push({
+        accountId,
+        code: "non-finite",
+        detail: `aprData.${field12} = ${apr[field12]}`,
+        requiresFailedReads: false
+      });
+  }
+  if (isBadNumber(entry?.health))
+    violations.push({
+      accountId,
+      code: "non-finite",
+      detail: `health = ${entry.health}`,
+      requiresFailedReads: false
+    });
+  if (isBadNumber(entry?.borrowCapacityUSD))
+    violations.push({
+      accountId,
+      code: "non-finite",
+      detail: `borrowCapacityUSD = ${entry.borrowCapacityUSD}`,
+      requiresFailedReads: false
+    });
+  const mode = entry?.userConfig?.selectedMode;
+  if (mode !== void 0 && mode !== null && String(mode).includes("NaN"))
+    violations.push({
+      accountId,
+      code: "invalid-mode",
+      detail: `userConfig.selectedMode = ${String(mode)}`,
+      requiresFailedReads: false
+    });
+  if ((balance?.debt ?? 0) > 0 && (balance?.deposits ?? 0) <= 0)
+    violations.push({
+      accountId,
+      code: "debt-without-collateral",
+      detail: `debt = ${balance?.debt}, deposits = ${balance?.deposits}`,
+      requiresFailedReads: true
+    });
+  return violations;
+}
+function validateUserData(userData, hadFailedReads) {
+  const kept = [];
+  const dropped = [];
+  const violations = [];
+  for (const entry of userData?.data ?? []) {
+    const found = checkSubAccount(entry);
+    violations.push(...found);
+    const fatal = found.filter((v) => !v.requiresFailedReads || hadFailedReads);
+    if (fatal.length > 0) dropped.push(entry?.accountId ?? "0");
+    else kept.push(entry);
+  }
+  return { kept, violations, dropped };
+}
+
 // src/lending/user-data/fetch-balances/parse.ts
 function getUserDataConverter(lender, chainId, account, params, meta) {
   if (isAaveV4Type(lender))
@@ -32452,6 +32729,7 @@ var filterEmptyUserData = (userData, keepActiveControllerMode = false) => {
   if (filteredData.length === 0) return null;
   return { ...userData, data: filteredData };
 };
+var getReadFailurePolicy = (lender) => isMultiMarket(lender) && !hasCrossMarginRisk(lender) ? "lenient" : "strict";
 var convertLenderUserDataResult = (chainId, queriesRaw, rawResults, lenderState, options) => {
   const queries = organizeUserQueries(queriesRaw);
   const lenderData = {};
@@ -32464,51 +32742,94 @@ var convertLenderUserDataResult = (chainId, queriesRaw, rawResults, lenderState,
       query3.params,
       lenderState
     );
+    const data = rawResults.slice(currentSlice, currentSlice + sliceLength);
+    let failedCalls = 0;
+    let retryableFailedCalls = 0;
+    for (let i = 0; i < data.length; i++) {
+      if (!isFailedCall(data[i])) continue;
+      failedCalls++;
+      if (!options?.permanentFailures?.has(currentSlice + i))
+        retryableFailedCalls++;
+    }
+    currentSlice += sliceLength;
+    const allFailed = data.length > 0 && failedCalls === data.length;
+    const policy = getReadFailurePolicy(query3.lender);
+    const voided = allFailed || policy === "strict" && retryableFailedCalls > 0;
+    if (failedCalls > 0) {
+      options?.onIncomplete?.({
+        lender: query3.lender,
+        failedCalls,
+        retryableFailedCalls,
+        totalCalls: data.length,
+        dropped: voided,
+        reason: allFailed ? "all-reads-failed" : voided ? "partial-read-cross-margin" : "partial-read"
+      });
+    }
+    if (voided) continue;
+    let convertedData;
     try {
-      const data = rawResults.slice(currentSlice, currentSlice + sliceLength);
-      let failedCalls = 0;
-      for (const entry of data) if (isFailedCall(entry)) failedCalls++;
-      const allFailed = data.length > 0 && failedCalls === data.length;
-      if (failedCalls > 0) {
+      convertedData = converter(data);
+    } catch (e) {
+      options?.onIncomplete?.({
+        lender: query3.lender,
+        failedCalls,
+        retryableFailedCalls,
+        totalCalls: data.length,
+        dropped: true,
+        reason: "converter-error",
+        detail: e instanceof Error ? e.message : String(e)
+      });
+      continue;
+    }
+    if (!convertedData) continue;
+    const incomplete = retryableFailedCalls > 0;
+    const publish = (key, entry) => {
+      if (!entry) return;
+      const { kept, violations, dropped } = validateUserData(entry, incomplete);
+      if (dropped.length > 0) {
         options?.onIncomplete?.({
-          lender: query3.lender,
+          lender: key,
           failedCalls,
+          retryableFailedCalls,
           totalCalls: data.length,
-          dropped: allFailed
+          dropped: kept.length === 0,
+          reason: "invariant-violation",
+          detail: violations.map((v) => `${v.code}: ${v.detail}`).join("; ")
         });
       }
-      if (allFailed) {
-        currentSlice += sliceLength;
-        continue;
-      }
-      const convertedData = converter(data);
-      if (convertedData) {
-        if (isMultiMarket(query3.lender)) {
-          Object.keys(convertedData).forEach((market) => {
-            const filtered = filterEmptyUserData(convertedData[market]);
-            if (filtered) {
-              filtered.lender = market;
-              if (failedCalls > 0) filtered.incomplete = true;
-              lenderData[market] = filtered;
-            }
-          });
-        } else {
-          const filtered = filterEmptyUserData(
+      if (kept.length === 0) return;
+      entry.data = kept;
+      entry.lender = key;
+      if (incomplete) entry.incomplete = true;
+      lenderData[key] = entry;
+    };
+    try {
+      if (isMultiMarket(query3.lender)) {
+        for (const market of Object.keys(convertedData)) {
+          publish(market, filterEmptyUserData(convertedData[market]));
+        }
+      } else {
+        publish(
+          query3.lender,
+          filterEmptyUserData(
             convertedData,
             // Euler: retain a controller-only (empty) sub-account so its active
             // controller mode reaches the leverage-open builder.
             isEulerType(query3.lender)
-          );
-          if (filtered) {
-            filtered.lender = query3.lender;
-            if (failedCalls > 0) filtered.incomplete = true;
-            lenderData[query3.lender] = filtered;
-          }
-        }
+          )
+        );
       }
     } catch (e) {
+      options?.onIncomplete?.({
+        lender: query3.lender,
+        failedCalls,
+        retryableFailedCalls,
+        totalCalls: data.length,
+        dropped: true,
+        reason: "converter-error",
+        detail: e instanceof Error ? e.message : String(e)
+      });
     }
-    currentSlice += sliceLength;
   }
   return lenderData;
 };
@@ -37131,7 +37452,7 @@ function unflattenLenderData(pools) {
   }
   return result;
 }
-var getLenderUserDataResult = async (chainId, queriesRaw, getEvmClient17, allowFailure = true, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, retries = 3, logs = false, concurrency = 1) => {
+var getLenderUserDataResult = async (chainId, queriesRaw, getEvmClient17, allowFailure = true, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, retries = 3, logs = false, concurrency = 1, permanentFailures, onEndpointFailure) => {
   const queries = organizeUserQueries(queriesRaw);
   const builtCalls = await Promise.all(
     queries.map(async (query3) => {
@@ -37158,8 +37479,11 @@ var getLenderUserDataResult = async (chainId, queriesRaw, getEvmClient17, allowF
     batchSize,
     logs,
     // Retry individual failed slots: a dropped call here is indistinguishable
-    // from "user has no position" downstream, so it is worth one extra pass.
-    true
+    // from "user has no position" downstream, so it is worth re-reading on
+    // other endpoints before giving up.
+    true,
+    permanentFailures,
+    onEndpointFailure ? { onEndpointFailure } : void 0
   );
 };
 var prepareLenderUserDataRpcCalls = async (chainId, queriesRaw, batchSize = MULTICALL_DEFAULT_BATCH_SIZE, blockTag = "latest", allowFailure = true) => {
@@ -37224,8 +37548,11 @@ async function getLenderUserDataMulti(account, chainQueries, lenderState) {
       };
     }
   );
+  const permanentFailuresByChain = cleanChainQueries.map(
+    () => /* @__PURE__ */ new Set()
+  );
   const promises = cleanChainQueries.map(
-    async ({ chainId, queries, providerOptions }) => {
+    async ({ chainId, queries, providerOptions }, i) => {
       return await getLenderUserDataResult(
         chainId,
         queries,
@@ -37233,7 +37560,9 @@ async function getLenderUserDataMulti(account, chainQueries, lenderState) {
         providerOptions.allowFailure,
         providerOptions.batchSize,
         providerOptions.retries,
-        providerOptions.logs
+        providerOptions.logs,
+        1,
+        permanentFailuresByChain[i]
       );
     }
   );
@@ -37245,7 +37574,8 @@ async function getLenderUserDataMulti(account, chainQueries, lenderState) {
         chainId,
         queries,
         data[i],
-        parsedLenderState
+        parsedLenderState,
+        { permanentFailures: permanentFailuresByChain[i] }
       );
       returndata[chainId] = dataForChain;
     } catch (e) {
@@ -38032,7 +38362,14 @@ function fuseLenderData(userDataResult, summary) {
       lender,
       chainId,
       account: userData.account,
-      data: userData.data
+      data: userData.data,
+      // Carry the partial-read marker onto the entry the client renders — the
+      // top-level `incompleteLenders` list alone leaves a consumer to re-join it
+      // by key, which no client did, so broken aggregates rendered as fact.
+      ...userData.incomplete ? { incomplete: true } : {},
+      // Same reasoning for the stale marker: a client that cannot see it will
+      // render a cached position as a live one.
+      ...userData.stale ? { stale: true, staleAgeMs: userData.staleAgeMs } : {}
     });
   }
   entries.sort(
@@ -40083,13 +40420,66 @@ var monadLstFetcher = {
     return out;
   }
 };
+
+// src/yields/intrinsic/linearRewards.ts
+var YEAR_SECONDS4 = 31536000n;
+var ONE_E186 = 10n ** 18n;
+var LINEAR_REWARDS_APR_ABI = [
+  {
+    name: "rewardsCycleData",
+    type: "function",
+    stateMutability: "view",
+    inputs: [],
+    outputs: [
+      { name: "cycleEnd", type: "uint40" },
+      { name: "lastSync", type: "uint40" },
+      { name: "rewardCycleAmount", type: "uint216" }
+    ]
+  },
+  {
+    name: "maxDistributionPerSecondPerAsset",
+    type: "function",
+    stateMutability: "view",
+    inputs: [],
+    outputs: [{ type: "uint256" }]
+  },
+  {
+    name: "storedTotalAssets",
+    type: "function",
+    stateMutability: "view",
+    inputs: [],
+    outputs: [{ type: "uint256" }]
+  }
+];
+var linearRewardsCalls = (address) => [
+  { address, name: "rewardsCycleData", params: [] },
+  { address, name: "maxDistributionPerSecondPerAsset", params: [] },
+  { address, name: "storedTotalAssets", params: [] }
+];
+var LINEAR_REWARDS_READS = 3;
+function linearRewardsApr(results, offset = 0) {
+  const cycle = results[offset];
+  const maxPerSecondPerAsset = results[offset + 1];
+  const storedTotalAssets = results[offset + 2];
+  if (!Array.isArray(cycle) || typeof maxPerSecondPerAsset !== "bigint" || typeof storedTotalAssets !== "bigint" || storedTotalAssets === 0n) {
+    return 0;
+  }
+  const [cycleEnd, lastSync, rewardCycleAmount] = cycle;
+  const window = BigInt(cycleEnd) - BigInt(lastSync);
+  const uncapped = window > 0n ? rewardCycleAmount / window : 0n;
+  const cap = maxPerSecondPerAsset * storedTotalAssets / ONE_E186;
+  const perSecond = uncapped < cap ? uncapped : cap;
+  return Number(perSecond * YEAR_SECONDS4 * ONE_E186 / storedTotalAssets) / 1e16;
+}
+
+// src/yields/intrinsic/fetchers/frax.ts
 var CHAIN_ID7 = Chain.ETHEREUM_MAINNET;
 var FRXETH_SUMMARY_URL = "https://api.frax.finance/v2/frxeth/summary/latest";
 var SFRXETH = "0xac3e018457b222d93114458476f3e3416abbe38f";
 var SFRXUSD = "0xcf62f905562626cfcdd2261162a51fd02fc9c5b6";
 var SFRAX = "0xa663b02cf0a4b149d2ad41910cb81e23e1c41c32";
-var YEAR_SECONDS4 = 31536000n;
-var ONE_E186 = 10n ** 18n;
+var YEAR_SECONDS5 = 31536000n;
+var ONE_E187 = 10n ** 18n;
 var SFRXETH_KEY = "SFRXETH";
 var SFRXUSD_KEY = "SFRXUSD";
 var SFRXUSD_GROUP_KEY = "Staked Frax USD::sfrxUSD";
@@ -40125,33 +40515,6 @@ var XERC4626_ABI = [
     outputs: [{ type: "uint256" }]
   }
 ];
-var LINEAR_REWARDS_ABI = [
-  {
-    name: "rewardsCycleData",
-    type: "function",
-    stateMutability: "view",
-    inputs: [],
-    outputs: [
-      { type: "uint40", name: "cycleEnd" },
-      { type: "uint40", name: "lastSync" },
-      { type: "uint216", name: "rewardCycleAmount" }
-    ]
-  },
-  {
-    name: "maxDistributionPerSecondPerAsset",
-    type: "function",
-    stateMutability: "view",
-    inputs: [],
-    outputs: [{ type: "uint256" }]
-  },
-  {
-    name: "storedTotalAssets",
-    type: "function",
-    stateMutability: "view",
-    inputs: [],
-    outputs: [{ type: "uint256" }]
-  }
-];
 var robustFetchJson2 = async (url, { timeoutMs = 5e3, attempts = 3 } = {}) => {
   let lastErr;
   for (let i = 0; i < attempts; i++) {
@@ -40188,7 +40551,7 @@ var fetchSfrxEthAprOnChain = async () => {
   const window = BigInt(cycleEnd) - BigInt(lastSync);
   if (window <= 0n || totalAssets === 0n) return 0;
   const perSecond = lastRewardAmount / window;
-  return Number(perSecond * YEAR_SECONDS4 * ONE_E186 / totalAssets) / 1e16;
+  return Number(perSecond * YEAR_SECONDS5 * ONE_E187 / totalAssets) / 1e16;
 };
 var fetchSfrxEthApr = async () => {
   try {
@@ -40203,26 +40566,14 @@ var fetchSfrxEthApr = async () => {
 var fetchFraxSavingsAprs = async () => {
   const results = await multicallRetryUniversal({
     chain: CHAIN_ID7,
-    abi: LINEAR_REWARDS_ABI,
-    calls: [SFRXUSD, SFRAX].flatMap((address) => [
-      { address, name: "rewardsCycleData", params: [] },
-      { address, name: "maxDistributionPerSecondPerAsset", params: [] },
-      { address, name: "storedTotalAssets", params: [] }
-    ]),
+    abi: LINEAR_REWARDS_APR_ABI,
+    calls: [SFRXUSD, SFRAX].flatMap((address) => linearRewardsCalls(address)),
     allowFailure: false
   });
-  const aprAt = (offset) => {
-    const [cycleEnd, lastSync, rewardCycleAmount] = results[offset];
-    const maxPerSecondPerAsset = results[offset + 1];
-    const storedTotalAssets = results[offset + 2];
-    if (storedTotalAssets === 0n) return 0;
-    const window = BigInt(cycleEnd) - BigInt(lastSync);
-    const uncapped = window > 0n ? rewardCycleAmount / window : 0n;
-    const cap = maxPerSecondPerAsset * storedTotalAssets / ONE_E186;
-    const perSecond = uncapped < cap ? uncapped : cap;
-    return Number(perSecond * YEAR_SECONDS4 * ONE_E186 / storedTotalAssets) / 1e16;
+  return {
+    sfrxUsd: linearRewardsApr(results, 0),
+    sfrax: linearRewardsApr(results, LINEAR_REWARDS_READS)
   };
-  return { sfrxUsd: aprAt(0), sfrax: aprAt(3) };
 };
 var sfrxEthFetcher = {
   label: "SFRXETH",
@@ -41849,7 +42200,7 @@ var hastraPrimeFetcher = {
   }
 };
 var RAY5 = 10n ** 27n;
-var YEAR_SECONDS5 = 31536e3;
+var YEAR_SECONDS6 = 31536e3;
 var SPARK_VAULTS_V2 = [
   {
     chainId: Chain.ETHEREUM_MAINNET,
@@ -41927,7 +42278,7 @@ var SSR_ABI = [
 var aprFromVsr = (vsr) => {
   if (vsr <= RAY5) return 0;
   const perSecond = Number(vsr - RAY5) / 1e27;
-  return perSecond * YEAR_SECONDS5 * 100;
+  return perSecond * YEAR_SECONDS6 * 100;
 };
 var chainsOf = (vaults) => [
   ...new Set(vaults.map((v) => v.chainId))
@@ -41992,6 +42343,23 @@ var sparkSavingsFetcher = {
     return out;
   }
 };
+var CHAIN_ID8 = Chain.ETHEREUM_MAINNET;
+var SREUSD = "0x557ab1e003951a73c12d16f0fea8490e39c33c35";
+var SREUSD_KEY = "SREUSD";
+var SREUSD_GROUP_KEY = "Savings reUSD::sreUSD";
+var sreusdSavingsFetcher = {
+  label: "SREUSD",
+  fetch: async () => {
+    const results = await multicallRetryUniversal({
+      chain: CHAIN_ID8,
+      abi: LINEAR_REWARDS_APR_ABI,
+      calls: linearRewardsCalls(SREUSD),
+      allowFailure: false
+    });
+    const apr = linearRewardsApr(results);
+    return { [SREUSD_KEY]: apr, [SREUSD_GROUP_KEY]: apr };
+  }
+};
 var RATE_ABI = [
   {
     name: "rate",
@@ -42019,9 +42387,9 @@ var SUSDP_VAULTS = [
     address: "0x472ed57b376fe400259fb28e5c46eb53f0e3e7e7"
   }
 ];
-var YEAR_SECONDS6 = 31536e3;
+var YEAR_SECONDS7 = 31536e3;
 var BASE_27 = 1e27;
-var aprFromRate = (rate) => Number(rate) / BASE_27 * YEAR_SECONDS6 * 100;
+var aprFromRate = (rate) => Number(rate) / BASE_27 * YEAR_SECONDS7 * 100;
 var SUSDP_KEY = "SUSDP";
 var SUSDP_GROUP_KEY = "Staked USDp::sUSDp";
 var parallelFetcher = {
@@ -42241,10 +42609,10 @@ var toriFetcher = {
     return { [STRUSD_KEY]: apr, [STRUSD_GROUP_KEY]: apr };
   }
 };
-var CHAIN_ID8 = Chain.ETHEREUM_MAINNET;
+var CHAIN_ID9 = Chain.ETHEREUM_MAINNET;
 var SNUSD = "0x08efcc2f3e61185d0ea7f8830b3fec9bfa2ee313";
-var YEAR_SECONDS7 = 31536000n;
-var ONE_E187 = 10n ** 18n;
+var YEAR_SECONDS8 = 31536000n;
+var ONE_E188 = 10n ** 18n;
 var SNUSD_KEY = "SNUSD";
 var SNUSD_GROUP_KEY = "Staked NUSD::sNUSD";
 var SNUSD_LEGACY_GROUP_KEY = "sNUSD::Staked NUSD";
@@ -42280,7 +42648,7 @@ var STAKED_NUSD_ABI = [
 ];
 var fetchSnusdAprOnChain = async () => {
   const [vestingAmount, lastDistribution, vestingPeriod, totalAssets] = await multicallRetryUniversal({
-    chain: CHAIN_ID8,
+    chain: CHAIN_ID9,
     abi: STAKED_NUSD_ABI,
     calls: [
       { address: SNUSD, name: "vestingAmount", params: [] },
@@ -42295,7 +42663,7 @@ var fetchSnusdAprOnChain = async () => {
   const window = elapsed > vestingPeriod ? elapsed : vestingPeriod;
   if (window <= 0n) return 0;
   const perSecond = vestingAmount / window;
-  return Number(perSecond * YEAR_SECONDS7 * ONE_E187 / totalAssets) / 1e16;
+  return Number(perSecond * YEAR_SECONDS8 * ONE_E188 / totalAssets) / 1e16;
 };
 var snusdFetcher = {
   label: "SNUSD",
@@ -42308,13 +42676,13 @@ var snusdFetcher = {
     };
   }
 };
-var CHAIN_ID9 = Chain.ETHEREUM_MAINNET;
+var CHAIN_ID10 = Chain.ETHEREUM_MAINNET;
 var APYUSD = "0x38eeb52f0771140d10c4e9a9a72349a329fe8a6a";
 var APYX_LINEAR_VEST = "0x0d62b4cc02b4b51ed19ddf41d7a7979cf394c99f";
 var APYX_DISCOVER_URL = "https://api.apyx.fi/v1/rewards/seasons/2/discover";
 var APYX_DEFILLAMA_POOL = "cb6139f9-4a68-4efd-8245-0312a92aee55";
-var YEAR_SECONDS8 = 31536000n;
-var ONE_E188 = 10n ** 18n;
+var YEAR_SECONDS9 = 31536000n;
+var ONE_E189 = 10n ** 18n;
 var APYUSD_KEY = "APYUSD";
 var APYUSD_GROUP_KEY = "apyUSD::APYUSD";
 var APYUSD_LEGACY_GROUP_KEY = "apyUSD::apyUSD";
@@ -42343,7 +42711,7 @@ var APYX_READ_ABI = [
 ];
 var fetchApyusdAprOnChain = async () => {
   const [totalAssets, unvested, periodRemaining] = await multicallRetryUniversal({
-    chain: CHAIN_ID9,
+    chain: CHAIN_ID10,
     abi: APYX_READ_ABI,
     calls: [
       { address: APYUSD, name: "totalAssets", params: [] },
@@ -42360,7 +42728,7 @@ var fetchApyusdAprOnChain = async () => {
     throw new Error("apyx vesting state empty");
   }
   const perSecond = unvested / periodRemaining;
-  return Number(perSecond * YEAR_SECONDS8 * ONE_E188 / totalAssets) / 1e16;
+  return Number(perSecond * YEAR_SECONDS9 * ONE_E189 / totalAssets) / 1e16;
 };
 var fetchApyusdApyFromApi = async () => {
   const res = await fetch(APYX_DISCOVER_URL, {
@@ -42480,7 +42848,7 @@ var strataFetcher = {
   }
 };
 var RAY6 = 10n ** 27n;
-var YEAR_SECONDS9 = 31536e3;
+var YEAR_SECONDS10 = 31536e3;
 var DSR_ABI = [
   {
     name: "dsr",
@@ -42508,7 +42876,7 @@ var SUSDD_GROUP_KEY = "Savings Usdd::sUSDD";
 var aprFromDsr = (dsr) => {
   if (dsr <= RAY6) return 0;
   const perSecond = Number(dsr - RAY6) / 1e27;
-  return perSecond * YEAR_SECONDS9 * 100;
+  return perSecond * YEAR_SECONDS10 * 100;
 };
 var fetchChainDsr = async (chainId, pot) => {
   const [dsr] = await multicallRetryUniversal({
@@ -44444,6 +44812,30 @@ var SINGLE_CHAIN_ENTRIES = {
       yieldFetcher: fraxSavingsFetcher,
       yieldKey: "SFRXUSD"
     },
+    {
+      // Resupply sreUSD — the savings leg of the reUSD CDP, and the same
+      // `LinearRewardsErc4626` family as the two Frax rows below (so it
+      // shares `linearRewards.ts`). Plain instant 4626: `maxDeposit =
+      // uint.max`, no cooldown, no exit fee (verified on-chain 2026-08).
+      //
+      // The rate is deliberately modest and that is not an error: sreUSD is
+      // funded by Resupply's revenue share plus the DYNAMIC OFF-PEG component
+      // of the borrow rate, not by the whole borrow rate — 0.74% APR against
+      // a 2.27% borrow rate at integration, cross-checked against DefiLlama
+      // (0.711%) and the protocol's own `Utilities.sreusdRates()` lens.
+      address: "0x557ab1e003951a73c12d16f0fea8490e39c33c35",
+      underlying: "0x57ab1e0003f623289cd798b1824be09a793e4bec",
+      // reUSD
+      symbol: "sreUSD",
+      brand: "Resupply",
+      description: "reUSD is Resupply\u2019s CDP stablecoin, minted against other lenders\u2019 supply positions (Curve Lend / Fraxlend). sreUSD streams the protocol\u2019s revenue share plus the off-peg borrow-rate amplifier to depositors on a 7-day linear cycle. Instant exit.",
+      decimals: 18,
+      isRebasing: false,
+      isMintable: true,
+      withdrawalMode: "instant",
+      yieldFetcher: sreusdSavingsFetcher,
+      yieldKey: "SREUSD"
+    },
     {
       // Frax sFRAX — the pre-rename sibling of sfrxUSD, over legacy
       // FRAX. Still live and roughly 2x sfrxUSD's size, so it stays a
@@ -52814,7 +53206,7 @@ var Erc4626PreviewRedeemAbi = [
 ];
 
 // src/vaults/lst/readers/shared.ts
-var ONE_E189 = 10n ** 18n;
+var ONE_E1810 = 10n ** 18n;
 var rescaleDecimals = (v, fromDec, toDec) => toDec >= fromDec ? v * 10n ** BigInt(toDec - fromDec) : v / 10n ** BigInt(fromDec - toDec);
 var MULTICALL3_ADDRESS = "0xcA11bde05977b3631167028862bE2a173976CA11";
 var Multicall3BalanceAbi = [
@@ -52857,7 +53249,7 @@ var readerBeetsStS = (entry) => ({
     }
     const liquidity = toBigInt13(pool);
     return {
-      totalAssets: totalSupply * exchangeRate / ONE_E189,
+      totalAssets: totalSupply * exchangeRate / ONE_E1810,
       totalSupply,
       exchangeRate,
       liquidity
@@ -52890,7 +53282,7 @@ var readerBenqiSavax = (entry) => ({
     {
       address: entry.address,
       name: "getPooledAvaxByShares",
-      params: [ONE_E189]
+      params: [ONE_E1810]
     },
     { address: entry.address, name: "totalPooledAvax", params: [] }
   ],
@@ -52901,7 +53293,7 @@ var readerBenqiSavax = (entry) => ({
     if (totalSupply === void 0 || exchangeRate === void 0) {
       return void 0;
     }
-    const totalAssets = toBigInt13(totalPooled) ?? totalSupply * exchangeRate / ONE_E189;
+    const totalAssets = toBigInt13(totalPooled) ?? totalSupply * exchangeRate / ONE_E1810;
     return {
       totalAssets,
       totalSupply,
@@ -52920,7 +53312,7 @@ var readerBgtWrapper1to1 = (entry) => ({
     return {
       totalAssets: totalSupply,
       totalSupply,
-      exchangeRate: ONE_E189
+      exchangeRate: ONE_E1810
     };
   }
 });
@@ -52950,7 +53342,7 @@ var readerDineroBeraEth = (entry) => ({
       return void 0;
     }
     return {
-      totalAssets: totalSupply * exchangeRate / ONE_E189,
+      totalAssets: totalSupply * exchangeRate / ONE_E1810,
       totalSupply,
       exchangeRate
     };
@@ -52962,7 +53354,7 @@ var readerErc4626 = (entry) => ({
   calls: [
     { address: entry.address, name: "totalAssets", params: [] },
     { address: entry.address, name: "totalSupply", params: [] },
-    { address: entry.address, name: "convertToAssets", params: [ONE_E189] }
+    { address: entry.address, name: "convertToAssets", params: [ONE_E1810] }
   ],
   abis: [Erc4626ReadAbi, TotalSupplyAbi, Erc4626ReadAbi],
   parse: ([assets, supply, rate]) => {
@@ -52979,7 +53371,7 @@ var readerErc4626PreviewRedeem = (entry) => ({
   calls: [
     { address: entry.address, name: "totalAssets", params: [] },
     { address: entry.address, name: "totalSupply", params: [] },
-    { address: entry.address, name: "previewRedeem", params: [ONE_E189] }
+    { address: entry.address, name: "previewRedeem", params: [ONE_E1810] }
   ],
   abis: [Erc4626PreviewRedeemAbi, TotalSupplyAbi, Erc4626PreviewRedeemAbi],
   parse: ([assets, supply, rate]) => {
@@ -53059,7 +53451,7 @@ var readerEtherFiWeEth = (entry) => {
         }
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate,
         liquidity
@@ -53092,7 +53484,7 @@ var readerHyperbeatBeHype = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53100,7 +53492,7 @@ var readerHyperbeatBeHype = (entry) => {
   return {
     calls: [
       { address: entry.address, name: "totalSupply", params: [] },
-      { address: stakingCore, name: "BeHYPEToHYPE", params: [ONE_E189] }
+      { address: stakingCore, name: "BeHYPEToHYPE", params: [ONE_E1810] }
     ],
     abis: [TotalSupplyAbi, HyperbeatStakingCoreAbi],
     parse: ([supply, rate]) => {
@@ -53110,7 +53502,7 @@ var readerHyperbeatBeHype = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53142,7 +53534,7 @@ var readerKelpRsEth = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53160,7 +53552,7 @@ var readerKelpRsEth = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53192,7 +53584,7 @@ var readerKinetiqKHype = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53200,7 +53592,7 @@ var readerKinetiqKHype = (entry) => {
   return {
     calls: [
       { address: entry.address, name: "totalSupply", params: [] },
-      { address: accountant, name: "kHYPEToHYPE", params: [ONE_E189] }
+      { address: accountant, name: "kHYPEToHYPE", params: [ONE_E1810] }
     ],
     abis: [TotalSupplyAbi, KinetiqStakingAccountantAbi],
     parse: ([supply, rate]) => {
@@ -53210,7 +53602,7 @@ var readerKinetiqKHype = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53250,7 +53642,7 @@ var readerLairStKaia = (entry) => ({
     if (totalSupply === void 0 || exchangeRate === void 0) {
       return void 0;
     }
-    const totalAssets = toBigInt13(totalStaking) ?? totalSupply * exchangeRate / ONE_E189;
+    const totalAssets = toBigInt13(totalStaking) ?? totalSupply * exchangeRate / ONE_E1810;
     return {
       totalAssets,
       totalSupply,
@@ -53284,7 +53676,7 @@ var readerLidoWstEth = (entry) => ({
       return void 0;
     }
     return {
-      totalAssets: totalSupply * exchangeRate / ONE_E189,
+      totalAssets: totalSupply * exchangeRate / ONE_E1810,
       totalSupply,
       exchangeRate
     };
@@ -53322,7 +53714,7 @@ var readerListaSlisBnb = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53330,7 +53722,7 @@ var readerListaSlisBnb = (entry) => {
   return {
     calls: [
       { address: entry.address, name: "totalSupply", params: [] },
-      { address: manager, name: "convertSnBnbToBnb", params: [ONE_E189] },
+      { address: manager, name: "convertSnBnbToBnb", params: [ONE_E1810] },
       { address: manager, name: "getTotalPooledBnb", params: [] }
     ],
     abis: [TotalSupplyAbi, ListaStakeManagerReadAbi, ListaStakeManagerReadAbi],
@@ -53341,7 +53733,7 @@ var readerListaSlisBnb = (entry) => {
         return void 0;
       }
       const pooledBnb = toBigInt13(pooled);
-      const totalAssets = pooledBnb ?? totalSupply * exchangeRate / ONE_E189;
+      const totalAssets = pooledBnb ?? totalSupply * exchangeRate / ONE_E1810;
       return { totalAssets, totalSupply, exchangeRate };
     }
   };
@@ -53371,7 +53763,7 @@ var readerMantleMEth = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53379,7 +53771,7 @@ var readerMantleMEth = (entry) => {
   return {
     calls: [
       { address: entry.address, name: "totalSupply", params: [] },
-      { address: staking, name: "mETHToETH", params: [ONE_E189] }
+      { address: staking, name: "mETHToETH", params: [ONE_E1810] }
     ],
     abis: [TotalSupplyAbi, MantleStakingAbi],
     parse: ([supply, rate]) => {
@@ -53389,7 +53781,7 @@ var readerMantleMEth = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53410,7 +53802,7 @@ var readerOffChain = (entry) => {
       return {
         totalAssets: rescaleDecimals(totalSupply, shareDec, underlyingDec),
         totalSupply,
-        exchangeRate: ONE_E189
+        exchangeRate: ONE_E1810
       };
     }
   };
@@ -53444,7 +53836,7 @@ var readerRenzoEzEth = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53463,7 +53855,7 @@ var readerRenzoEzEth = (entry) => {
       return {
         totalAssets: totalTvl,
         totalSupply,
-        exchangeRate: totalTvl * ONE_E189 / totalSupply
+        exchangeRate: totalTvl * ONE_E1810 / totalSupply
       };
     }
   };
@@ -53519,7 +53911,7 @@ var readerRocketReth = (entry) => {
       }
       const liquidity = depositPool ? toBigInt13(slice2[2]) : void 0;
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate,
         liquidity
@@ -53561,7 +53953,7 @@ var readerStaderEthx = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53579,7 +53971,7 @@ var readerStaderEthx = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53596,7 +53988,7 @@ var readerStaderMaticX = (entry) => {
       {
         address: rateAddress,
         name: "convertMaticXToMatic",
-        params: [ONE_E189],
+        params: [ONE_E1810],
         chainId: homeChainId
       }
     ],
@@ -53611,7 +54003,7 @@ var readerStaderMaticX = (entry) => {
       }
       const isCrossChain = homeContract !== void 0;
       return {
-        totalAssets: isCrossChain ? totalSupply * amountInMatic / ONE_E189 : totalPooledMatic ?? totalSupply * amountInMatic / ONE_E189,
+        totalAssets: isCrossChain ? totalSupply * amountInMatic / ONE_E1810 : totalPooledMatic ?? totalSupply * amountInMatic / ONE_E1810,
         totalSupply,
         exchangeRate: amountInMatic
       };
@@ -53643,7 +54035,7 @@ var readerStakeWiseOsEth = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53651,7 +54043,7 @@ var readerStakeWiseOsEth = (entry) => {
   return {
     calls: [
       { address: entry.address, name: "totalSupply", params: [] },
-      { address: controller, name: "convertToAssets", params: [ONE_E189] }
+      { address: controller, name: "convertToAssets", params: [ONE_E1810] }
     ],
     abis: [TotalSupplyAbi, StakeWiseOsTokenAbi],
     parse: ([supply, rate]) => {
@@ -53661,7 +54053,7 @@ var readerStakeWiseOsEth = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53693,7 +54085,7 @@ var readerStCelo = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53701,7 +54093,7 @@ var readerStCelo = (entry) => {
   return {
     calls: [
       { address: entry.address, name: "totalSupply", params: [] },
-      { address: manager, name: "toCelo", params: [ONE_E189] }
+      { address: manager, name: "toCelo", params: [ONE_E1810] }
     ],
     abis: [TotalSupplyAbi, StCeloManagerAbi],
     parse: ([supply, rate]) => {
@@ -53711,7 +54103,7 @@ var readerStCelo = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53744,7 +54136,7 @@ var readerSwellGetRate = (entry) => ({
       return void 0;
     }
     return {
-      totalAssets: totalSupply * exchangeRate / ONE_E189,
+      totalAssets: totalSupply * exchangeRate / ONE_E1810,
       totalSupply,
       exchangeRate
     };
@@ -53775,7 +54167,7 @@ var readerValantisWstHype = (entry) => {
         return {
           totalAssets: totalSupply,
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53793,7 +54185,7 @@ var readerValantisWstHype = (entry) => {
         return void 0;
       }
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E189,
+        totalAssets: totalSupply * exchangeRate / ONE_E1810,
         totalSupply,
         exchangeRate
       };
@@ -53827,7 +54219,7 @@ var readerVedaAccountant = (entry) => {
         return {
           totalAssets: rescaleDecimals(totalSupply, shareDec, underlyingDec),
           totalSupply,
-          exchangeRate: ONE_E189
+          exchangeRate: ONE_E1810
         };
       }
     };
@@ -53846,7 +54238,7 @@ var readerVedaAccountant = (entry) => {
       const exchangeRate = rawRate * scale;
       return {
         totalAssets: rescaleDecimals(
-          totalSupply * exchangeRate / ONE_E189,
+          totalSupply * exchangeRate / ONE_E1810,
           shareDec,
           underlyingDec
         ),
@@ -53882,9 +54274,9 @@ var readerAnkrRatio = (entry) => ({
       return void 0;
     }
     return {
-      totalAssets: totalSupply * ONE_E189 / r,
+      totalAssets: totalSupply * ONE_E1810 / r,
       totalSupply,
-      exchangeRate: ONE_E189 * ONE_E189 / r
+      exchangeRate: ONE_E1810 * ONE_E1810 / r
     };
   }
 });
@@ -53928,7 +54320,7 @@ var readerCoreEarnRate = (entry) => {
       return {
         totalAssets: totalSupply * r / CORE_RATE_DENOM,
         totalSupply,
-        exchangeRate: r * ONE_E189 / CORE_RATE_DENOM
+        exchangeRate: r * ONE_E1810 / CORE_RATE_DENOM
       };
     }
   };
@@ -53950,7 +54342,7 @@ var readerCoreStakedRatio = (entry) => {
       return {
         totalAssets: totalStaked,
         totalSupply,
-        exchangeRate: totalStaked * ONE_E189 / totalSupply
+        exchangeRate: totalStaked * ONE_E1810 / totalSupply
       };
     }
   };
@@ -53981,7 +54373,7 @@ var readerStellaStDot = (entry) => ({
     {
       address: entry.address,
       name: "getPooledTokenByShares",
-      params: [ONE_E189]
+      params: [ONE_E1810]
     },
     { address: entry.address, name: "getTotalPooledToken", params: [] }
   ],
@@ -53992,7 +54384,7 @@ var readerStellaStDot = (entry) => ({
     if (totalSupply === void 0 || exchangeRate === void 0) {
       return void 0;
     }
-    const totalAssets = toBigInt13(pooled) ?? totalSupply * exchangeRate / ONE_E189;
+    const totalAssets = toBigInt13(pooled) ?? totalSupply * exchangeRate / ONE_E1810;
     return {
       totalAssets,
       totalSupply,
@@ -54030,7 +54422,7 @@ var readerKintsuSMon = (entry) => ({
     const totalAssets = toBigInt13(pooled);
     const totalSupply = toBigInt13(shares);
     if (totalAssets === void 0 || totalSupply === void 0) return void 0;
-    const exchangeRate = totalSupply > 0n ? totalAssets * ONE_E189 / totalSupply : ONE_E189;
+    const exchangeRate = totalSupply > 0n ? totalAssets * ONE_E1810 / totalSupply : ONE_E1810;
     return { totalAssets, totalSupply, exchangeRate };
   }
 });
@@ -54466,7 +54858,7 @@ var getLstValidators = async (chainId, shareToken) => {
 };
 
 // src/vaults/lst/fetchPublic.ts
-var ONE_E1810 = 10n ** 18n;
+var ONE_E1811 = 10n ** 18n;
 var ERC20_BALANCE_ABI = parseAbi([
   "function balanceOf(address) view returns (uint256)"
 ]);
@@ -54581,8 +54973,8 @@ var fetchLstShareTokens = async (chainId, multicallRetry, prices = {}, tokenList
     const underlyingUnit = 10n ** BigInt(underlyingDec);
     const totalAssetsFormatted = Number(state.totalAssets) / 10 ** underlyingDec;
     const totalAssetsUsd = priceUsd !== void 0 ? totalAssetsFormatted * priceUsd : 0;
-    const convertToAssets = state.exchangeRate * underlyingUnit / ONE_E1810;
-    const convertToShares = state.exchangeRate > 0n ? ONE_E1810 * shareUnit / state.exchangeRate : 0n;
+    const convertToAssets = state.exchangeRate * underlyingUnit / ONE_E1811;
+    const convertToShares = state.exchangeRate > 0n ? ONE_E1811 * shareUnit / state.exchangeRate : 0n;
     let liquidityRaw;
     if (state.liquidity !== void 0) {
       liquidityRaw = state.liquidity;
@@ -57987,7 +58379,7 @@ var NavOracleReadAbi = [
 ];
 
 // src/vaults/savings/readers/shared.ts
-var ONE_E1811 = 10n ** 18n;
+var ONE_E1812 = 10n ** 18n;
 var toBigInt15 = (v) => {
   if (v === void 0 || v === null) return void 0;
   if (typeof v === "bigint") return v;
@@ -58028,7 +58420,7 @@ var readerErc46262 = (entry) => {
       return {
         totalAssets,
         totalSupply,
-        exchangeRate: convertToAssetsRaw * ONE_E1811 / underlyingUnit
+        exchangeRate: convertToAssetsRaw * ONE_E1812 / underlyingUnit
       };
     }
   };
@@ -58150,7 +58542,7 @@ var readerErc4626Idle = (entry) => {
       return {
         totalAssets,
         totalSupply,
-        exchangeRate: convertToAssetsRaw * ONE_E1811 / underlyingUnit,
+        exchangeRate: convertToAssetsRaw * ONE_E1812 / underlyingUnit,
         ...capacity !== void 0 ? {
           instantRedeemCapacity: capacity,
           instantRedeemEnabled: true,
@@ -58199,7 +58591,7 @@ var readerErc4626WithdrawLimit = (entry) => {
       return {
         totalAssets,
         totalSupply,
-        exchangeRate: convertToAssetsRaw * ONE_E1811 / underlyingUnit,
+        exchangeRate: convertToAssetsRaw * ONE_E1812 / underlyingUnit,
         ...capacity !== void 0 ? {
           instantRedeemCapacity: capacity,
           instantRedeemEnabled: true,
@@ -58228,7 +58620,7 @@ var readerFrankencoinSavings = (entry) => ({
       // `fetchPublic` derives `convertToAssets` / `convertToShares` from
       // `exchangeRate`, and 1e18 makes them the identity.
       totalSupply: deposits,
-      exchangeRate: ONE_E1811
+      exchangeRate: ONE_E1812
     };
   }
 });
@@ -58254,7 +58646,7 @@ var readerNavOracle = (entry) => {
       const exchangeRate = toBigInt15(raw);
       if (exchangeRate === void 0 || exchangeRate <= 0n) return void 0;
       return {
-        totalAssets: totalSupply * exchangeRate * underlyingUnit / (ONE_E1811 * shareUnit),
+        totalAssets: totalSupply * exchangeRate * underlyingUnit / (ONE_E1812 * shareUnit),
         totalSupply,
         exchangeRate
       };
@@ -58268,7 +58660,7 @@ var readerNativeWnlp = (entry) => {
   return {
     calls: [
       { address, name: "totalSupply", params: [] },
-      { address, name: "getNlpByWnlp", params: [ONE_E1811] },
+      { address, name: "getNlpByWnlp", params: [ONE_E1812] },
       { address, name: "instantRedeemFeeBips", params: [] },
       { address, name: "instantRedeemEnabled", params: [] },
       // Falls back to the vault itself when no CreditVault is pinned —
@@ -58302,7 +58694,7 @@ var readerNativeWnlp = (entry) => {
       const windowSeconds = toBigInt15(window);
       const bips = toBigInt15(feeBips);
       return {
-        totalAssets: totalSupply * exchangeRate / ONE_E1811,
+        totalAssets: totalSupply * exchangeRate / ONE_E1812,
         totalSupply,
         exchangeRate,
         // `instantRedeemFeeBips` on-chain is already basis points, so it
@@ -58342,7 +58734,7 @@ var buildReader2 = (entry) => {
 var resolveYieldApr2 = async (entries) => (await resolveEntryApr(entries)).apr;
 
 // src/vaults/savings/fetchPublic.ts
-var ONE_E1812 = 10n ** 18n;
+var ONE_E1813 = 10n ** 18n;
 var fetchSavingsVaults = async (chainId, multicallRetry, prices = {}, tokenList = {}) => {
   const entries = getSavingsRegistry(chainId);
   if (entries.length === 0) return {};
@@ -58391,8 +58783,8 @@ var fetchSavingsVaults = async (chainId, multicallRetry, prices = {}, tokenList
       1,
       Number(liquidityAmount * 1000000n / state.totalAssets) / 1e6
     ) : 1;
-    const convertToAssets = state.exchangeRate * underlyingUnit / ONE_E1812;
-    const convertToShares = state.exchangeRate > 0n ? ONE_E1812 * shareUnit / state.exchangeRate : 0n;
+    const convertToAssets = state.exchangeRate * underlyingUnit / ONE_E1813;
+    const convertToShares = state.exchangeRate > 0n ? ONE_E1813 * shareUnit / state.exchangeRate : 0n;
     const displayName = composeVaultDisplayName(
       entry.brand,
       entry.brand,
@@ -59354,8 +59746,8 @@ var postInfo2 = async (url, body) => {
 };
 var latestAccountValue = (portfolio) => {
   if (!Array.isArray(portfolio) || portfolio.length === 0) return void 0;
-  const pick2 = portfolio.find((p) => p[0] === "allTime") ?? portfolio.find((p) => p[0] === "day") ?? portfolio[0];
-  const hist = pick2?.[1]?.accountValueHistory;
+  const pick3 = portfolio.find((p) => p[0] === "allTime") ?? portfolio.find((p) => p[0] === "day") ?? portfolio[0];
+  const hist = pick3?.[1]?.accountValueHistory;
   const last = hist?.[hist.length - 1];
   return last?.[1];
 };
@@ -60725,7 +61117,7 @@ var readVaultSharePrices = async (chainId, addresses, multicallRetry) => {
 };
 
 // src/vaults/yield/annualize.ts
-var YEAR_SECONDS10 = 365 * 24 * 60 * 60;
+var YEAR_SECONDS11 = 365 * 24 * 60 * 60;
 var SCALE = 10n ** 18n;
 var appendSnapshot = (points, snap, options) => {
   const maxPoints = options?.maxPoints ?? 90;
@@ -60754,7 +61146,7 @@ var computeVaultApr = (points, options) => {
   if (pThen === 0n) return void 0;
   const ratioScaled = BigInt(now.p) * SCALE / pThen;
   const ratio = Number(ratioScaled) / 1e18;
-  const apr = (ratio - 1) * (YEAR_SECONDS10 / windowSeconds);
+  const apr = (ratio - 1) * (YEAR_SECONDS11 / windowSeconds);
   return {
     apr,
     sharePriceNow: now.p,
@@ -61228,7 +61620,7 @@ function parseRawRpcBatchResponses(batches, batchResponses, allowFailure = true)
   });
   return allResults;
 }
-function parseMulticallRpcResponses(responses, batches, allowFailure = true) {
+function parseMulticallRpcResponses(responses, batches, allowFailure = true, permanentFailures) {
   const allResults = [];
   const sortedResponses = [...responses].sort((a, b) => a.id - b.id);
   sortedResponses.forEach((response, batchIdx) => {
@@ -61261,6 +61653,7 @@ function parseMulticallRpcResponses(responses, batches, allowFailure = true) {
           if (!allowFailure) {
             throw new Error(`Call failed for ${metadata.functionName}`);
           }
+          permanentFailures?.add(allResults.length);
           allResults.push("0x");
           return;
         }
@@ -61277,6 +61670,7 @@ function parseMulticallRpcResponses(responses, batches, allowFailure = true) {
               `Failed to decode result for ${metadata.functionName}: ${error}`
             );
           }
+          permanentFailures?.add(allResults.length);
           allResults.push("0x");
         }
       });
@@ -61557,6 +61951,2492 @@ async function fetchTokenBalances(chainId, account, tokens, options = {}) {
   return parseTokenBalanceResult(rawResult, prepared.query);
 }
 
-export { ApiBookSource, DEFAULT_MIDNIGHT_API, DEFAULT_OUTLIER_GUARD, DEFAULT_STALE_REJECT_SECONDS, DEFAULT_TERMMAX_API, EMPTY_BALANCE, EXACTLY_LENDER_KEY, GMX_API_HOSTS, GMX_READ_CONTRACTS, GMX_SUPPORTED_CHAINS, HYPERCORE_VAULT_REGISTRY, IDLE_MARKET_ID, INTERFACE_IDS, LAGOON_API_URL, LAGOON_CHAIN_IDS, MORPHO_LENS, MaxParamThresholds, STABLECOIN_SYMBOLS, STCELO_MANAGER_ADDRESS, TELLER_CALLS_PER_BID, TERMMAX_CALLS_PER_ACCOUNT, DECIMAL_BASE as TERMMAX_DECIMAL_BASE, TERMMAX_LIQUIDATION_PENALTY, TERMMAX_LIQUIDATION_WINDOW_SECS, TERMMAX_LIQUIDATOR_BONUS, TERMMAX_PARTIAL_CLOSE_FACTOR, TERMMAX_PARTIAL_LIQUIDATION_THRESHOLD_USD, TermMaxApiSource, TermSubgraphSource, UPSHIFT_CHAIN_IDS, UPSHIFT_VAULTS_URL, VAULT_SHARE_PRICE_PROBE, VOLATILE_VAULT_OVERRIDES, YEARN_CHAIN_IDS, YEARN_YDAEMON_BASE, __resetResupplyUserCaches, accountDepositListKey, accountWithdrawalListKey, appendSnapshot, applyPositionDelta, attachPricesToFlashLiquidity, buildFluidFTokensCall, buildLiquityUserCall, buildLoopResult, buildMorphoTypeCall, buildMorphoTypeUserCallWithLens, buildPortfolioTotals, buildSumerAccumulators, buildSummaries, buildTellerUserCall, buildTermMaxUserCall, buildVaultLookup, calculateLeverage, calculateNetApr, calculateOverallNetApr, calculateWeightedAverage, classifyFreshness, classifyReliability, classifyVault, collectFeedObservations, computeBorrowDelta2 as computeBorrowDelta, computeCloseTradeDeltas, computeCollateralSwapDeltas, computeDebtSwapDeltas, computeDepositDelta2 as computeDepositDelta, computeEModeAnalysis, computeOpenTradeDeltas, computePostTradeMetrics, computeRepayDelta2 as computeRepayDelta, computeSumerBorrowDelta, computeSumerDepositDelta, computeSumerRepayDelta, computeSumerWaterfall, computeSumerWithdrawDelta, computeVaultApr, computeWithdrawDelta2 as computeWithdrawDelta, computeZapTradeDeltas, consensusReference, convertExactlyMarketsToResponse, convertFrankencoinMarketsToResponse, convertInverseMarketsToResponse, convertLenderUserDataResult, convertLiquityMarketsToResponse, convertLlamaLendMarketsToResponse, convertResupplyMarketsToResponse, convertRiverMarketsToResponse, convertTellerMarketsToResponse, convertTermMarketsToResponse, convertTermMaxMarketsToResponse, convertUsddMarketsToResponse, createMarketUid, createMidnightBookSource, createMulticallRpcCall, createRawRpcCalls, createTermBookSource, createTermMaxDataSource, decodeListaMarkets, decodeMarkets, decodePackedListaUserDataset, decodePackedMorphoUserDataset, detectInterfaceKinds, encodeBalanceFetcherCalldata, exactlyPairLtv, exactlyPenaltyRateToAprPercent, exactlyWadRateToPercent, feedKeyOf, feedStatKey, fetchDolomiteAccountNumbers, fetchEulerEarnVaults, fetchEulerEarnVaultsFromSubgraph, fetchEulerSubAccountIndexes, fetchExactlyMarkets, fetchFlashLiquidityForChain, fetchFluidFTokens, fetchFrankencoinMarkets, fetchGeneralYields, fetchGeneralYieldsByMarketUid, fetchGmxExecutionFees, fetchGmxTickerPrices, fetchGmxVaults, fetchHypercoreVaults, fetchInverseMarkets, fetchLagoonApiVaults, fetchLagoonVaults, fetchLiquityMarkets, fetchListaVaultsFromChain, fetchLlamaLendMarkets, fetchMorphoUserBalances, fetchMorphoUserPositionMarkets, fetchMorphoVaults, fetchMorphoVaultsFromApi, fetchMorphoVaultsFromChain, fetchOraclePrices, fetchPendlePrices, fetchResupplyMarkets, fetchRiverMarkets, fetchSiloVaults, fetchTellerMarkets, fetchTermMarkets, fetchTermMaxMarkets, fetchTokenBalances, fetchTokenMetadata, fetchUpshiftApiVaults, fetchUpshiftVaults, fetchUsddMarkets, fetchYearnApiVaults, fetchYearnVaults, filterActiveLenders, filterLendersByProtocol, frankencoinKeyParts, frankencoinLenderKey, fuseLenderData, generateLendingPools, getAavesForChain, getAssetConfig, getBalanceForMarketUid, getBorrowCapacity, getCachedLiquityTroves, getCachedTellerBids, getCachedTermMaxDiscovery, getCachedTermMaxMarket, getCachedTermMaxMarkets, getCoreValidators, getFluidFTokensConverter, getGmxApiHost, getGmxReadContracts, getGmxUserPositions, getHealthFactor, getHypercoreUserPositions, getHypercoreVaultRegistry, getLenderAssets, getLenderPublicData, getLenderPublicDataAll, getLenderPublicDataViaApi, getLenderUserDataMulti, getLenderUserDataResult, getLendersForChain, getLstDelegation, getLstValidators, getLstWithdrawalRegistry, getLstWithdrawalRequests, getMaxAmountClose, getMaxAmountCollateralSwap, getMaxAmountDebtSwap, getMaxAmountOpen, getMergedUserData, getMorphoTypeMarketConverter, getResolvedDolomiteAccountNumbers, getStCeloValidatorGroups, getSubAccountAddress, getSubAccountIndex, getVaultPublicDataAll, getVaultWithdrawalRequests, hasEulerEarnVaultSubgraph, hasLagoonVaults, hasMorphoPositionIndex, hasMorphoUserApi, hasMorphoUserSubgraph, hasUpshiftVaults, hasYearnVaults, inverseKeyParts, inverseLenderKey, isStablecoinSymbol, isYearnV3, keysFromMaps, lenderApiOnly, lenderFamily, liquityCandidateTroveIds, liquityKeyParts, liquityLenderKey, llamaLendKeyParts, llamaLendLenderKey, multicall3Abi2 as multicall3Abi, nanTo, needsLenderApproval, needsTokenApproval, noOpResult, normalizeToBytes, parseBalanceFetcherResult, parseMergedResult, parseMulticallRpcResponses, parseRawRpcBatchResponses, parseRawRpcResponses, parseTermMaxLtv, parseTokenBalanceResult, positivePart2 as positivePart, predictInverseEscrow, prepareLenderUserDataRpcCalls, prepareMergedMulticallParams, prepareMergedRpcCalls, prepareMulticallInputs, prepareTokenBalanceRpcCalls, priceGlvVaults, priceGmMarkets, probeAaveFeedTimestamps, pruneFeedStats, readVaultSharePrices, rejectOutliers as rejectPriceOutliers, resolveDerivation, resolveStCeloDepositGroup, resupplyKeyParts, resupplyLenderKey, riverKeyParts, riverLenderKey, selectAssetGroupPrices, stampVaultClassification, tellerBpsToPercent, tellerImpliedLtv, tellerLenderKey, tellerPoolFromLenderKey, termLenderKey, termMaxApiBase, borrowNif as termMaxBorrowNif, curveApr as termMaxCurveApr, curveAprNumber as termMaxCurveAprNumber, daysToMaturity as termMaxDaysToMaturity, lendNif as termMaxLendNif, mintGtFeeRatio as termMaxMintGtFeeRatio, ratioToNumber as termMaxRatioToNumber, ratioToPercent as termMaxRatioToPercent, tickToAprNumber, tickToPrice, unflattenLenderData, updateFeedStats, usddIlkBytes32, usddKeyParts, usddLenderKey };
+// src/terms/types.ts
+var TERM_SHEET_SCHEMA_VERSION = 1;
+
+// src/terms/input.ts
+var num10 = (v) => {
+  if (v == null) return void 0;
+  const n = typeof v === "string" ? Number(v) : v;
+  return Number.isFinite(n) ? n : void 0;
+};
+function pick2(src, ...keys) {
+  for (const k of keys) {
+    if (k.includes(".")) {
+      let cur = src;
+      for (const seg of k.split(".")) {
+        if (cur == null) break;
+        cur = cur[seg];
+      }
+      if (cur != null) return cur;
+    } else if (src[k] != null) {
+      return src[k];
+    }
+  }
+  return void 0;
+}
+function toTermSheetInput(row, ctx = {}) {
+  const marketUid = ctx.marketUid ?? pick2(row, "marketUid", "poolId") ?? "";
+  const lender = ctx.lender ?? pick2(row, "lender", "lenderKey", "lenderInfo.key") ?? marketUid.split(":")[0] ?? "";
+  const chainId = ctx.chainId ?? pick2(row, "chainId") ?? marketUid.split(":")[1] ?? "";
+  const rawConfig = pick2(row, "config") ?? void 0;
+  const config = rawConfig ? Object.fromEntries(
+    Object.entries(rawConfig).map(([k, v]) => [
+      k,
+      {
+        category: v?.category ?? k,
+        label: v?.label,
+        borrowCollateralFactor: num10(v?.borrowCollateralFactor),
+        collateralFactor: num10(v?.collateralFactor),
+        borrowFactor: num10(v?.borrowFactor),
+        liquidationPenalty: num10(v?.liquidationPenalty),
+        closeFactor: num10(v?.closeFactor),
+        targetHealthFactor: num10(v?.targetHealthFactor),
+        collateralDisabled: v?.collateralDisabled === true,
+        debtDisabled: v?.debtDisabled === true
+      }
+    ])
+  ) : void 0;
+  const rewards = pick2(row, "rewards")?.map((r) => ({
+    asset: r?.asset,
+    depositRate: num10(r?.depositRate),
+    variableBorrowRate: num10(r?.variableBorrowRate),
+    stableBorrowRate: num10(r?.stableBorrowRate),
+    kind: r?.kind,
+    endsAt: num10(r?.endsAt),
+    claim: r?.claim
+  }));
+  return {
+    marketUid,
+    lender,
+    chainId,
+    asset: pick2(
+      row,
+      "asset",
+      "underlyingInfo.asset"
+    ),
+    underlying: pick2(row, "underlying"),
+    decimals: num10(pick2(row, "decimals")),
+    depositRate: num10(pick2(row, "depositRate")),
+    variableBorrowRate: num10(pick2(row, "variableBorrowRate")),
+    stableBorrowRate: num10(pick2(row, "stableBorrowRate")),
+    intrinsicYield: num10(pick2(row, "intrinsicYield")),
+    rewards,
+    rateModel: pick2(row, "rateModel"),
+    originationFee: num10(pick2(row, "originationFee")),
+    totalDeposits: num10(pick2(row, "totalDeposits")),
+    totalDebt: num10(pick2(row, "totalDebt")),
+    totalDebtStable: num10(pick2(row, "totalDebtStable")),
+    totalLiquidity: num10(pick2(row, "totalLiquidity")),
+    borrowLiquidity: num10(pick2(row, "borrowLiquidity")),
+    totalDepositsUsd: num10(pick2(row, "totalDepositsUSD", "totalDepositsUsd")),
+    totalDebtUsd: num10(pick2(row, "totalDebtUSD", "totalDebtUsd")),
+    totalLiquidityUsd: num10(pick2(row, "totalLiquidityUSD", "totalLiquidityUsd")),
+    utilization: num10(pick2(row, "utilization")),
+    irmTotalDeposits: num10(pick2(row, "irmTotalDeposits")),
+    irmTotalDebt: num10(pick2(row, "irmTotalDebt")),
+    lockupRatio: num10(pick2(row, "lockupRatio")),
+    supplyCap: num10(pick2(row, "supplyCap", "caps.supplyCap")),
+    borrowCap: num10(pick2(row, "borrowCap", "caps.borrowCap")),
+    debtCeiling: pick2(row, "debtCeiling", "caps.debtCeiling"),
+    isActive: pick2(row, "isActive", "flags.isActive"),
+    isFrozen: pick2(row, "isFrozen", "flags.isFrozen"),
+    borrowingEnabled: pick2(
+      row,
+      "borrowingEnabled",
+      "flags.borrowingEnabled"
+    ),
+    depositsEnabled: pick2(
+      row,
+      "depositsEnabled",
+      "flags.depositsEnabled"
+    ),
+    collateralActive: pick2(
+      row,
+      "collateralActive",
+      "flags.collateralActive"
+    ),
+    hasStable: pick2(row, "hasStable", "flags.hasStable"),
+    variableBorrowDisabled: pick2(
+      row,
+      "variableBorrowDisabled",
+      "flags.variableBorrowDisabled"
+    ),
+    config,
+    closeFactor: num10(pick2(row, "closeFactor")),
+    targetHealthFactor: num10(pick2(row, "targetHealthFactor")),
+    fixedTerm: pick2(row, "fixedTerm") ?? ctx.fixedTerm,
+    terms: pick2(row, "terms"),
+    market: resolveMarketDescriptors(row, ctx.market)
+  };
+}
+var ROW_DESCRIPTOR_KEYS = [
+  "liquity",
+  "river",
+  "teller",
+  "inverse",
+  "exactly",
+  "usdd",
+  "termmax",
+  "broker",
+  "collateralProvider",
+  "loanProvider"
+];
+function resolveMarketDescriptors(row, ctxMarket) {
+  const fromParams = pick2(row, "params.market");
+  const rowLevel = {};
+  for (const k of ROW_DESCRIPTOR_KEYS) {
+    if (row[k] != null) rowLevel[k] = row[k];
+  }
+  const merged = { ...ctxMarket ?? {}, ...fromParams ?? {}, ...rowLevel };
+  return Object.keys(merged).length > 0 ? merged : void 0;
+}
+
+// src/terms/tags.ts
+var push = (set, ...tags) => {
+  for (const t of tags) set.add(t);
+};
+function marketTags(sheet) {
+  const out = /* @__PURE__ */ new Set();
+  const { governance: g, oracle: o } = sheet;
+  if (g) {
+    if (g.mutability === "immutable") push(out, "immutable");
+    if (g.mutability === "governed") {
+      const isTimelockRoot = g.controllerKind === "TIMELOCK";
+      if (!isTimelockRoot) push(out, "no-timelock");
+      else if (!g.timelockSecs && !g.timelockUnknown) push(out, "no-timelock");
+      if (g.controllerKind === "EOA") push(out, "eoa-controlled");
+    }
+  }
+  if (o) {
+    if (o.kind === "none") push(out, "no-oracle");
+    if (o.kind === "nav-attested") push(out, "nav-attested");
+    if (o.band === "HIGH" || o.band === "CRITICAL") push(out, "oracle-flagged");
+    if (o.flags?.some((f) => f === "wrong-asset" || f === "correlated-proxy"))
+      push(out, "oracle-flagged");
+  }
+  return [...out];
+}
+function rateTags(rate) {
+  const out = /* @__PURE__ */ new Set();
+  switch (rate.kind) {
+    case "fixed-term":
+    case "fixed-open":
+      push(out, "fixed-rate");
+      break;
+    case "user-set":
+      push(out, "user-set-rate");
+      break;
+    case "zero-interest":
+      push(out, "zero-interest");
+      break;
+    case "prepaid":
+      push(out, "prepaid-interest");
+      break;
+    case "nav-accrual":
+      push(out, "nav-accrual");
+      break;
+    case "variable-curve":
+    case "variable-managed":
+      push(out, "variable-rate");
+      break;
+  }
+  if (rate.rewards?.some((r) => r.indicative || r.kind === "points"))
+    push(out, "points-rewards");
+  return [...out];
+}
+function maturityTags(maturity) {
+  const out = /* @__PURE__ */ new Set();
+  if (maturity.kind === "fixed-date") push(out, "has-maturity");
+  if (maturity.kind === "perpetual") push(out, "perpetual");
+  if (maturity.kind === "rolling-duration") push(out, "rolling-duration");
+  if (maturity.atMaturity === "physical-delivery")
+    push(out, "physical-delivery");
+  return [...out];
+}
+function availabilityTags(a) {
+  const out = /* @__PURE__ */ new Set();
+  if (a.gating !== "permissionless") push(out, "permissioned");
+  if (a.cap != null || a.capUtilization != null) push(out, "capped");
+  if (a.blockedBy === "cap-full") push(out, "cap-full");
+  return [...out];
+}
+function counterpartyTags(c) {
+  const out = /* @__PURE__ */ new Set();
+  if (c.solvency === "undercollateralized") push(out, "undercollateralized");
+  if (c.solvency === "tranched-junior") push(out, "first-loss");
+  if (c.solvency === "nav-attested") push(out, "nav-attested");
+  if (c.socializedLoss) push(out, "socialized-loss");
+  return [...out];
+}
+function deriveSupplyTags(supply, market = {}) {
+  const out = /* @__PURE__ */ new Set();
+  push(out, ...rateTags(supply.rate));
+  push(out, ...maturityTags(supply.maturity));
+  push(out, ...availabilityTags(supply.availability));
+  push(out, ...counterpartyTags(supply.counterparty));
+  push(out, ...marketTags(market));
+  switch (supply.exit.mode) {
+    case "instant":
+      push(out, "exit-instant");
+      break;
+    case "instant-capped":
+    case "instant-or-queued":
+      push(out, "exit-capped");
+      break;
+    case "fixed-cooldown":
+      push(out, "exit-cooldown");
+      break;
+    case "queued":
+    case "request-based":
+    case "fee-or-queued":
+      push(out, "exit-queued");
+      break;
+    case "market-sale":
+      push(out, "exit-market-sale");
+      break;
+  }
+  if (supply.exit.priceRisk === "may-be-impossible")
+    push(out, "exit-may-be-impossible");
+  for (const r of supply.principal.risks) {
+    if (r === "first-loss") push(out, "first-loss");
+    if (r === "physical-delivery") push(out, "physical-delivery");
+  }
+  return [...out];
+}
+function deriveBorrowTags(borrow, market = {}) {
+  const out = /* @__PURE__ */ new Set();
+  push(out, ...rateTags(borrow.rate));
+  push(out, ...maturityTags(borrow.maturity));
+  push(out, ...availabilityTags(borrow.availability));
+  push(out, ...counterpartyTags(borrow.counterparty));
+  push(out, ...marketTags(market));
+  push(out, borrow.debtShape === "accruing" ? "accruing-debt" : "static-debt");
+  const trigger = borrow.liquidation.trigger;
+  if (trigger === "price") push(out, "price-liquidation");
+  if (trigger === "time") push(out, "time-liquidation");
+  if (trigger === "price-and-time")
+    push(out, "price-liquidation", "time-liquidation");
+  if (trigger === "redemption") push(out, "redeemable");
+  if (trigger === "none") push(out, "no-liquidation");
+  if (borrow.liquidation.redeemable) push(out, "redeemable");
+  if (borrow.liquidation.seizure === "full-collateral")
+    push(out, "full-collateral-seizure");
+  switch (borrow.exit.earlyRepay) {
+    case "free":
+      push(out, "early-exit-free");
+      break;
+    case "penalty":
+      push(out, "early-exit-penalty");
+      break;
+    case "discount":
+      push(out, "early-exit-discount");
+      break;
+  }
+  if (borrow.maturity.atMaturity === "default-seizure")
+    push(out, "full-collateral-seizure");
+  return [...out];
+}
+
+// src/terms/format.ts
+var SECS_PER_DAY = 86400;
+function pct(value, dp = 2) {
+  if (value == null || !Number.isFinite(value)) return "\u2014";
+  const s = value.toFixed(dp).replace(/\.?0+$/, "");
+  return `${s === "" || s === "-" ? "0" : s} %`;
+}
+function duration(secs) {
+  if (secs == null || !Number.isFinite(secs) || secs < 0) return "\u2014";
+  if (secs === 0) return "none";
+  if (secs >= SECS_PER_DAY) {
+    const d = secs / SECS_PER_DAY;
+    return `${d % 1 === 0 ? d : d.toFixed(1)} day${d === 1 ? "" : "s"}`;
+  }
+  if (secs >= 3600) {
+    const h = secs / 3600;
+    return `${h % 1 === 0 ? h : h.toFixed(1)} hour${h === 1 ? "" : "s"}`;
+  }
+  if (secs >= 60) {
+    const m = Math.round(secs / 60);
+    return `${m} minute${m === 1 ? "" : "s"}`;
+  }
+  return `${Math.round(secs)} second${Math.round(secs) === 1 ? "" : "s"}`;
+}
+function shortDate(unixSecs) {
+  if (unixSecs == null || !Number.isFinite(unixSecs)) return "\u2014";
+  const d = new Date(unixSecs * 1e3);
+  const months = [
+    "Jan",
+    "Feb",
+    "Mar",
+    "Apr",
+    "May",
+    "Jun",
+    "Jul",
+    "Aug",
+    "Sep",
+    "Oct",
+    "Nov",
+    "Dec"
+  ];
+  return `${d.getUTCDate()} ${months[d.getUTCMonth()]} ${d.getUTCFullYear()}`;
+}
+function feePhrase(fee) {
+  const magnitude = Math.abs(fee.value);
+  let amount;
+  switch (fee.unit) {
+    case "bps":
+      amount = `${magnitude} bps`;
+      break;
+    case "apr-percent":
+      amount = `${pct(magnitude)}/yr`;
+      break;
+    case "percent":
+      amount = pct(magnitude);
+      break;
+    default:
+      amount = String(magnitude);
+  }
+  const rebate = fee.value < 0 ? " rebate" : "";
+  const qualifier = fee.indicative ? " (estimated, resolved at execution)" : "";
+  return `${fee.label}: ${amount}${rebate}${qualifier}`;
+}
+function maturityPhrase(m) {
+  if (m.kind === "fixed-date" && m.maturity)
+    return `until ${shortDate(m.maturity)}`;
+  if (m.kind === "rolling-duration") {
+    if (m.maxDurationSecs) return `for up to ${duration(m.maxDurationSecs)}`;
+    return "for a term you choose";
+  }
+  return "with no maturity";
+}
+function rateLabel(sheet) {
+  switch (sheet.rate.kind) {
+    case "fixed-term":
+    case "fixed-open":
+      return "Fixed";
+    case "user-set":
+      return "You set";
+    case "zero-interest":
+      return "No interest";
+    case "prepaid":
+      return "Prepaid";
+    case "nav-accrual":
+      return "NAV";
+    case "none":
+      return "No yield";
+    default:
+      return "Variable";
+  }
+}
+var earlyRepayPhrase = {
+  free: "repay any time at no extra cost",
+  discount: "repaying early earns a rebate",
+  penalty: "repaying early costs a penalty",
+  "market-price": "exit early only at the market price",
+  "not-allowed": "no early repayment"
+};
+var exitPhrase = {
+  instant: "withdraw any time",
+  "instant-capped": "withdraw up to available liquidity",
+  "instant-or-queued": "withdraw instantly or queue",
+  "fee-or-queued": "instant exit for a fee, or queue for free",
+  "fixed-cooldown": "withdraw after a cooldown",
+  queued: "withdrawals are queued",
+  "request-based": "withdrawals need a request",
+  "market-sale": "exit by selling on the market",
+  "at-maturity": "locked until maturity",
+  "off-chain": "exit off-chain",
+  "dex-only": "exit only via a DEX"
+};
+function supplyHeadline(s) {
+  if (s.role === "collateral") {
+    return `Collateral only \xB7 ${maturityPhrase(s.maturity)}`;
+  }
+  const rate = `${rateLabel(s)} ${pct(s.rate.aprTotal)}`;
+  const exit = exitPhrase[String(s.exit.mode)] ?? (s.exit.settlement === "sync" ? "withdraw any time" : "delayed withdrawal");
+  const cooldown = s.exit.cooldownSecs ? ` (${duration(s.exit.cooldownSecs)})` : "";
+  const mat = s.maturity.kind === "perpetual" ? "" : ` ${maturityPhrase(s.maturity)}`;
+  return `${rate}${mat} \xB7 ${exit}${cooldown}`;
+}
+function borrowHeadline(b) {
+  const rate = b.rate.kind === "zero-interest" ? "No ongoing interest" : b.rate.kind === "user-set" ? `You set the rate (${pct(b.rate.minApr)}\u2013${pct(b.rate.maxApr)})` : `${rateLabel(b)} ${pct(b.rate.apr)}`;
+  const mat = b.maturity.kind === "perpetual" ? "" : ` ${maturityPhrase(b.maturity)}`;
+  const exit = earlyRepayPhrase[String(b.exit.earlyRepay)] ?? "see repay terms";
+  return `${rate}${mat} \xB7 ${exit}`;
+}
+function supplyDescription(s, sheet = {}) {
+  const parts = [];
+  if (s.role === "collateral") {
+    parts.push(
+      "Deposits here are collateral only \u2014 they secure borrowing and do not earn interest."
+    );
+  } else {
+    const comp = [`${pct(s.rate.components.base)} base`];
+    if (s.rate.components.rewards)
+      comp.push(`${pct(s.rate.components.rewards)} rewards`);
+    if (s.rate.components.intrinsic)
+      comp.push(`${pct(s.rate.components.intrinsic)} from the asset itself`);
+    parts.push(
+      `You earn ${pct(s.rate.aprTotal)} (${comp.join(" + ")}), ${s.rate.isLocked ? "locked for the term" : "floating with utilization"}.`
+    );
+  }
+  if (s.exit.mode === "instant") {
+    const util = sheet.utilization?.utilization;
+    parts.push(
+      util != null && util >= 0.95 ? `Withdrawals are instant in principle, but utilization is ${pct(util * 100)} \u2014 there may be little or no liquidity to withdraw right now.` : "Withdrawals are instant, up to the liquidity available in the market."
+    );
+  } else if (s.exit.cooldownSecs) {
+    parts.push(
+      `Getting out takes ${duration(s.exit.cooldownSecs)} \u2014 request first, then claim.`
+    );
+  } else if (s.exit.priceRisk === "market-price") {
+    parts.push(
+      "There is no redemption before maturity; exiting early means selling the position on a market at whatever price is bid."
+    );
+  } else if (s.exit.priceRisk === "may-be-impossible") {
+    parts.push(
+      "Exiting early requires a buyer on the order book, and there may not be one at any price."
+    );
+  }
+  if (s.backedBy && s.backedBy.count > 0) {
+    parts.push(
+      s.backedBy.weightBasis === "unweighted" ? `Your deposit is lent against ${s.backedBy.count} accepted collateral asset${s.backedBy.count === 1 ? "" : "s"}; the protocol does not record which one backs which borrow.` : `Your deposit is lent against ${s.backedBy.count} collateral market${s.backedBy.count === 1 ? "" : "s"}${s.backedBy.topWeightPct != null ? `, the largest being ${s.backedBy.topWeightPct.toFixed(0)} % of the total` : ""}.`
+    );
+  }
+  return parts.join(" ");
+}
+function borrowDescription(b) {
+  const parts = [];
+  if (b.rate.kind === "zero-interest") {
+    parts.push(
+      "This market charges no ongoing interest \u2014 the borrowing cost is a one-off fee taken at open."
+    );
+  } else if (b.rate.kind === "prepaid") {
+    parts.push(
+      "Interest is prepaid by holding a separate token; the debt principal itself does not grow."
+    );
+  } else if (b.rate.kind === "user-set") {
+    parts.push(
+      `You choose your own rate between ${pct(b.rate.minApr)} and ${pct(b.rate.maxApr)}; a lower rate is cheaper but makes you redeemed first.`
+    );
+  } else {
+    parts.push(
+      `You pay ${pct(b.rate.apr)}${b.rate.isLocked ? ", locked for the term" : ", floating with utilization"}.`
+    );
+  }
+  parts.push(
+    b.debtShape === "static-face" ? "The amount owed is fixed at trade time and does not accrue." : b.debtShape === "prepaid" ? "The debt principal is static; the cost is the prepaid interest token burning down." : "The amount owed grows continuously as interest accrues."
+  );
+  if (b.maturity.kind === "fixed-date" && b.maturity.maturity) {
+    const consequence = {
+      "penalty-accrues": "a late penalty starts accruing",
+      liquidatable: "the loan can be liquidated regardless of its health",
+      "default-seizure": "the loan defaults and the collateral is forfeit",
+      "physical-delivery": "the collateral is delivered to lenders",
+      refinanced: "a keeper refinances it into the variable position",
+      "stops-earning": "it simply stops accruing"
+    };
+    const what = consequence[String(b.maturity.atMaturity)];
+    parts.push(
+      `It matures on ${shortDate(b.maturity.maturity)}${what ? `; if nothing is done then, ${what}` : ""}.`
+    );
+  }
+  if (b.liquidation.trigger === "time") {
+    parts.push(
+      "Liquidation here is triggered by TIME, not price \u2014 being late is the trigger, and being over-collateralised does not protect you."
+    );
+  } else if (b.liquidation.liquidationLtv != null) {
+    parts.push(
+      `Liquidation starts at ${pct(b.liquidation.liquidationLtv * 100)} LTV, with a ${pct(b.liquidation.penalty * 100)} penalty.`
+    );
+  }
+  return parts.join(" ");
+}
+
+// src/terms/profiles.ts
+var P = (p) => p;
+var TERM_PROFILES = [
+  // ── Variable-rate pool lenders ───────────────────────────────────────────
+  P({
+    id: "pool.variable@v1",
+    name: "Variable-rate pool market",
+    family: "pool",
+    supply: {
+      description: "A shared liquidity pool. Deposits earn interest paid by borrowers, at a rate that moves with utilization. Withdrawals are instant up to the cash left in the pool.",
+      implications: [
+        "Your yield is not fixed \u2014 it rises and falls with borrowing demand.",
+        "If utilization reaches 100 %, withdrawals are blocked until borrowers repay or new deposits arrive.",
+        "Your deposit is exposed to every collateral asset the market accepts, not just one."
+      ]
+    },
+    borrow: {
+      description: "Borrow against collateral at a rate that moves with utilization. The debt accrues continuously and can be repaid at any time.",
+      implications: [
+        "The rate can change block to block \u2014 a cheap borrow can become expensive.",
+        "If the collateral value falls past the liquidation threshold, a liquidator repays part of your debt and takes collateral plus a penalty."
+      ]
+    }
+  }),
+  // ── Fixed-term families ──────────────────────────────────────────────────
+  P({
+    id: "exactly.fixed@v1",
+    name: "Exactly fixed-rate pool",
+    family: "exactly",
+    supply: {
+      description: "A fixed-rate deposit into a maturity-dated pool, backed by the floating pool. The rate is locked when you deposit.",
+      implications: [
+        "Withdrawing before maturity sells the position back at the current curve rate \u2014 the haircut worsens as rates rise.",
+        "After maturity the deposit stops earning but is never penalised and never expires."
+      ]
+    },
+    borrow: {
+      description: "A fixed-rate borrow with a static face value (principal + fee) locked at trade time, under a shared cross-margin risk module.",
+      implications: [
+        "Repaying early is REBATED, not penalised \u2014 but the rebate can be zero when the pool has no unassigned earnings left.",
+        "Repaying late accrues a linear penalty of roughly 164 %/yr on the face value, which drives the position toward liquidation on its own.",
+        "A liquidator settles at full face value \u2014 only you, repaying voluntarily, get the early-repay rebate."
+      ]
+    }
+  }),
+  P({
+    id: "midnight.orderbook@v1",
+    name: "Morpho Midnight order book",
+    family: "midnight",
+    supply: {
+      description: "A fixed-rate lend filled from an order book of maker offers rather than a pool. Interest lives entirely in the entry price: you pay a discount now and are owed the face value at maturity.",
+      implications: [
+        "Exiting before maturity means selling your units into the bid side at a discount \u2014 there may be no bid.",
+        "Two ongoing fees are charged to the LENDER side and reduce your net position.",
+        "Bad debt is socialised across lenders."
+      ]
+    },
+    borrow: {
+      description: "A fixed-rate borrow of zero-coupon units. The debt is a static unit count that accrues nothing; you receive the discounted value now and owe the face at maturity.",
+      implications: [
+        "Once maturity passes the loan is in default and can be liquidated regardless of health or LTV \u2014 being past due IS the trigger.",
+        "Over-repaying REVERTS: the repayment must be sized to the exact debt.",
+        "Repaying early costs face value with neither fee nor rebate, so there is no saving in paying sooner."
+      ]
+    }
+  }),
+  P({
+    id: "term.auction@v1",
+    name: "Term Finance repo",
+    family: "term",
+    supply: {
+      description: "A fixed-rate, fixed-maturity tri-party repo. Lending happens either in a scheduled sealed-bid auction or by buying repo tokens on the secondary market between rounds.",
+      implications: [
+        "Lending is possible between auction rounds via the secondary book, even when borrowing is not.",
+        "Exiting early means selling the repo token on the secondary market at whatever price is bid."
+      ]
+    },
+    borrow: {
+      description: "A repurchase obligation with a static face value, originated only inside a scheduled sealed-bid auction round.",
+      implications: [
+        "Borrowing is ONLY possible inside an open auction round \u2014 most repos sit between rounds and cannot be borrowed even though they quote a rate.",
+        "Any rate shown outside an open round is the previous round\u2019s clearing rate: historical, not obtainable.",
+        "Repaying early costs the full face value with no rebate, so early repayment is strictly worse than holding to maturity."
+      ]
+    }
+  }),
+  P({
+    id: "termmax.fixed@v1",
+    name: "TermMax fixed-maturity market",
+    family: "termmax",
+    supply: {
+      description: "Lending is buying a zero-coupon bond token (FT) on a fixed-maturity AMM. You pay a discount now and redeem the face value at maturity.",
+      implications: [
+        "You are NOT principal-protected the way a pool supply is: after maturity, unpaid collateral is distributed pro-rata to all bond holders \u2014 you can be settled in collateral instead of the asset you lent.",
+        "That loss is socialised across the whole bond supply, so a default anywhere in the market affects you regardless of which loan defaulted.",
+        "Exiting early requires a maker order to sell into, and one may not exist."
+      ]
+    },
+    borrow: {
+      description: "A fixed-maturity loan represented by an NFT, with a static face-value debt that accrues nothing.",
+      implications: [
+        "After maturity plus a two-hour liquidation window, unpaid collateral is delivered to lenders.",
+        "The debt is a static face value \u2014 repaying early does not reduce the amount owed."
+      ]
+    }
+  }),
+  P({
+    id: "teller.pool@v1",
+    name: "Teller V2 pooled loan",
+    family: "teller",
+    supply: {
+      description: "A deposit into a lender-commitment pool that funds fixed-term, fixed-APR loans. There is no price oracle anywhere in this market.",
+      implications: [
+        "Borrowers are defaulted on TIME, not price \u2014 the pool\u2019s protection is collateral seizure after a missed payment, not a margin call.",
+        "Withdrawals sit behind a delay."
+      ]
+    },
+    borrow: {
+      description: "A fixed-term, fixed-APR loan with escrowed collateral and TIME-based default. There is no oracle and no health factor in the liquidation trigger.",
+      implications: [
+        "On default a liquidator seizes your ENTIRE escrowed collateral, not just the amount owed \u2014 at 50 % LTV that is roughly twice the borrowed value.",
+        "The grace period after the payment window can be extremely short \u2014 as little as five minutes.",
+        "Being over-collateralised does not protect you: a perfectly healthy loan is defaulted for being late.",
+        "An upfront origination fee is charged at borrow time."
+      ]
+    }
+  }),
+  P({
+    id: "lista.broker@v1",
+    name: "Lista brokered fixed term",
+    family: "lista",
+    borrow: {
+      description: "A fixed-rate loan fronted by a single market broker over an underlying Morpho-style market. Interest accrues linearly and freezes at maturity.",
+      implications: [
+        "Repaying early costs roughly half the remaining-term interest as a penalty.",
+        "If the loan is not repaid at maturity, a keeper refinances it into the variable position."
+      ]
+    }
+  }),
+  // ── CDP families ─────────────────────────────────────────────────────────
+  P({
+    id: "liquity.cdp@v1",
+    name: "Liquity V2 family trove",
+    family: "liquity",
+    supply: {
+      description: "The Stability Pool absorbs liquidated debt in exchange for discounted collateral. It is an earn position, not collateral.",
+      implications: [
+        "Your deposit is converted into collateral when liquidations occur \u2014 the balance is meant to change composition."
+      ]
+    },
+    borrow: {
+      description: "A CDP where YOU set the interest rate. A one-off upfront fee is charged at open, and there is a minimum debt size.",
+      implications: [
+        "Your collateral can be REDEEMED at par while the position is perfectly healthy, if you carry the lowest interest rate on the branch. Raising your rate is the only defence.",
+        "You pay a one-off upfront fee equal to roughly a week of interest at open, and again whenever you adjust the rate.",
+        "There is a minimum debt size; you cannot leave a position below it."
+      ]
+    }
+  }),
+  P({
+    id: "river.cdp@v1",
+    name: "River (Satoshi) trove",
+    family: "river",
+    borrow: {
+      description: "A CDP with NO ongoing interest. The entire borrowing cost is a one-off decaying mint fee charged at open.",
+      implications: [
+        "There is no APR \u2014 the cost is the mint fee, so a short-held loan is expensive and a long-held one is cheap.",
+        "Your collateral can be redeemed at par while healthy."
+      ]
+    }
+  }),
+  P({
+    id: "inverse.firm@v1",
+    name: "Inverse FiRM market",
+    family: "inverse",
+    borrow: {
+      description: "A CDP where interest is PREPAID by holding DBR tokens. The debt principal is static; you burn one DBR per borrowed dollar per year.",
+      implications: [
+        "Running out of DBR triggers a permissionless forced top-up at roughly 54.75 %/yr, repeatable every block, and freezes withdrawals.",
+        "The debt principal never grows \u2014 the cost is the DBR balance burning down.",
+        "Only governance-approved contracts may borrow, which blocks leverage and other routed flows."
+      ]
+    }
+  }),
+  P({
+    id: "usdd.cdp@v1",
+    name: "USDD CDP ilk",
+    family: "usdd",
+    borrow: {
+      description: "A Maker-style CDP with a governance-set stability fee and no utilization curve.",
+      implications: [
+        "The rate is set by governance, not by a market \u2014 it can change without any utilization signal."
+      ]
+    }
+  }),
+  // ── Vaults ───────────────────────────────────────────────────────────────
+  P({
+    id: "vault.lending@v1",
+    name: "Curated lending vault",
+    family: "vault",
+    supply: {
+      description: "A curated vault that allocates deposits across underlying lending markets. A curator chooses which markets and how much.",
+      implications: [
+        "You are exposed to every market the curator allocates into, and the allocation can change.",
+        "Withdrawals are limited to the vault\u2019s liquid cash \u2014 if allocations are fully utilised, exits queue."
+      ]
+    }
+  }),
+  P({
+    id: "vault.savings@v1",
+    name: "Savings vault",
+    family: "savings",
+    supply: {
+      description: "A yield-bearing wrapper whose share price accrues. There is no borrow side and no utilization.",
+      implications: [
+        "The exit mechanism, not the APR, is the load-bearing term here \u2014 check the cooldown before depositing."
+      ]
+    }
+  }),
+  P({
+    id: "vault.nav@v1",
+    name: "NAV-attested vault",
+    family: "savings-nav",
+    supply: {
+      description: "A vault whose share price is published by an operator from an off-chain net asset value rather than derived from on-chain holdings.",
+      implications: [
+        "There is no on-chain solvency invariant \u2014 the share price is a trusted input, not a computed one.",
+        "The published value can be stale; some feeds keep no round history at all."
+      ]
+    }
+  }),
+  P({
+    id: "vault.tranche-junior@v1",
+    name: "Junior tranche",
+    family: "tranche",
+    supply: {
+      description: "The junior slice of a tranched structure. It pays a higher rate precisely because it absorbs losses first.",
+      implications: [
+        "This is FIRST-LOSS capital \u2014 a drawdown hits your position before it touches the senior tranche.",
+        "Redemptions can be paused when senior coverage falls below its minimum."
+      ]
+    }
+  }),
+  P({
+    id: "vault.tranche-senior@v1",
+    name: "Senior tranche",
+    family: "tranche",
+    supply: {
+      description: "The senior slice of a tranched structure, protected by junior capital up to the size of that junior slice.",
+      implications: [
+        "Protection is finite \u2014 it ends when the junior tranche is exhausted."
+      ]
+    }
+  }),
+  P({
+    id: "vault.credit@v1",
+    name: "Undercollateralized credit pool",
+    family: "credit",
+    supply: {
+      description: "A pool lending to borrowers who are not fully collateralised on-chain. Repayment depends on off-chain credit arrangements.",
+      implications: [
+        "There is no on-chain collateral to liquidate if a borrower does not repay.",
+        "Exits are delayed or capped by the pool\u2019s own inventory."
+      ]
+    }
+  })
+];
+var BY_ID = new Map(TERM_PROFILES.map((p) => [p.id, p]));
+function getTermProfile(id) {
+  return BY_ID.get(id);
+}
+var DEFAULT_PROFILE_ID = "pool.variable@v1";
+
+// src/terms/buildTermSheet.ts
+var isNum = (v) => typeof v === "number" && Number.isFinite(v);
+var clamp01 = (v) => Math.max(0, Math.min(1, v));
+function assetRef(input) {
+  const a = input.asset ?? {};
+  return {
+    chainId: String(a.chainId ?? input.chainId),
+    address: String(a.address ?? input.underlying ?? "").toLowerCase(),
+    symbol: a.symbol,
+    name: a.name,
+    decimals: a.decimals ?? input.decimals,
+    assetGroup: a.assetGroup,
+    logoURI: a.logoURI
+  };
+}
+function defaultConfig(input) {
+  const cfg = input.config;
+  if (!cfg) return void 0;
+  return cfg["0"] ?? Object.values(cfg)[0];
+}
+var RATE_MODEL_TO_KIND = {
+  variable: "variable-curve",
+  fixedTerm: "fixed-term",
+  userSet: "user-set",
+  zeroInterest: "zero-interest",
+  dbr: "prepaid",
+  protocolSet: "variable-managed"
+};
+function rateKindOf(input) {
+  const mapped = input.rateModel ? RATE_MODEL_TO_KIND[input.rateModel] : void 0;
+  return mapped ?? "variable-curve";
+}
+function rewardTerms(input, side) {
+  if (!input.rewards?.length) return void 0;
+  const out = [];
+  for (const r of input.rewards) {
+    const apr = side === "supply" ? r.depositRate ?? 0 : r.variableBorrowRate ?? r.stableBorrowRate ?? 0;
+    if (!apr) continue;
+    const isPoints = r.kind === "points" || !r.asset;
+    out.push({
+      asset: r.asset ? { chainId: input.chainId, address: String(r.asset).toLowerCase() } : void 0,
+      kind: isPoints ? "points" : "token",
+      apr,
+      side,
+      claim: r.claim ?? (isPoints ? "none" : "accrual"),
+      endsAt: r.endsAt,
+      // Points have no priceable value, so they must not inflate `aprTotal`.
+      indicative: isPoints || void 0
+    });
+  }
+  return out.length ? out : void 0;
+}
+function buildRate(input, side) {
+  const kind = rateKindOf(input);
+  const rewards = rewardTerms(input, side);
+  const priceableRewards = (rewards ?? []).filter((r) => !r.indicative).reduce((s, r) => s + r.apr, 0);
+  const menuBest = input.terms?.length ? Math.min(...input.terms.map((t) => t.apr)) : void 0;
+  let base;
+  if (side === "supply") {
+    base = input.depositRate ?? 0;
+  } else if (kind === "fixed-term") {
+    base = menuBest ?? input.stableBorrowRate ?? input.variableBorrowRate ?? 0;
+  } else {
+    base = input.variableBorrowRate ?? 0;
+  }
+  const intrinsic = side === "supply" ? input.intrinsicYield ?? 0 : 0;
+  return {
+    kind,
+    apr: base,
+    components: {
+      base,
+      rewards: priceableRewards || void 0,
+      intrinsic: intrinsic || void 0
+    },
+    aprTotal: base + priceableRewards + intrinsic,
+    basis: "apr-nominal",
+    compounding: kind === "zero-interest" || kind === "none" ? "none" : "per-second",
+    source: kind === "fixed-term" ? input.fixedTerm?.provider?.kind === "orderbook" ? "orderbook" : input.fixedTerm?.provider?.kind === "auction" ? "auction" : "derived" : kind === "variable-managed" ? "governance" : kind === "user-set" ? "borrower" : kind === "nav-accrual" ? "oracle" : "utilization-curve",
+    isLocked: kind === "fixed-term" || kind === "fixed-open",
+    rewards,
+    menu: input.terms?.length ? input.terms.map((t) => ({ ...t })) : void 0
+  };
+}
+function buildMaturity(input, now) {
+  const ft = input.fixedTerm;
+  const maturity = ft?.maturity;
+  if (isNum(maturity) && maturity > 0) {
+    return {
+      kind: "fixed-date",
+      maturity,
+      maturityIso: new Date(maturity * 1e3).toISOString(),
+      secondsToMaturity: Math.max(0, maturity - now)
+    };
+  }
+  if (input.terms?.length) {
+    const durations = input.terms.map((t) => t.durationSecs).filter(isNum);
+    return {
+      kind: "rolling-duration",
+      minDurationSecs: durations.length ? Math.min(...durations) : void 0,
+      maxDurationSecs: durations.length ? Math.max(...durations) : void 0
+    };
+  }
+  return { kind: "perpetual" };
+}
+function buildFees(input, side) {
+  const out = [];
+  const ft = input.fixedTerm;
+  if (side === "borrow") {
+    const origination = input.originationFee ?? ft?.fees?.originationFeePercent ?? void 0;
+    if (isNum(origination) && origination !== 0) {
+      out.push({
+        id: "origination",
+        label: "Origination fee",
+        when: "entry",
+        unit: "percent",
+        basis: "principal",
+        value: origination,
+        payee: "protocol",
+        description: "Charged once at borrow time as a percent of the amount borrowed. Not an APR \u2014 never add it to the rate."
+      });
+    }
+    if (isNum(ft?.fees?.latePenaltyApr) && ft.fees.latePenaltyApr !== 0) {
+      out.push({
+        id: "late-penalty",
+        label: "Late-repayment penalty",
+        when: "late",
+        unit: "apr-percent",
+        basis: "face-value",
+        value: ft.fees.latePenaltyApr,
+        payee: "lenders",
+        mutable: true,
+        description: "Accrues on overdue debt after maturity until repaid. Simple interest on the face value, not compounding."
+      });
+    }
+    if (ft?.earlyRepay?.kind === "discount") {
+      out.push({
+        id: "early-repay-discount",
+        label: "Early-repayment rebate",
+        when: "exit",
+        unit: "percent",
+        basis: "face-value",
+        // Negative = rebate. Sign is load-bearing.
+        value: -0,
+        indicative: true,
+        payee: "protocol",
+        description: "Repaying before maturity costs LESS than face value. The exact rebate is resolved at repay time and can be zero."
+      });
+    }
+  }
+  if (side === "supply") {
+    if (isNum(ft?.fees?.continuousFeeApr) && ft.fees.continuousFeeApr !== 0) {
+      out.push({
+        id: "continuous",
+        label: "Continuous lender fee",
+        when: "ongoing",
+        unit: "apr-percent",
+        basis: "principal",
+        value: ft.fees.continuousFeeApr,
+        payee: "protocol",
+        description: "An ongoing haircut taken from the lender side."
+      });
+    }
+    if (isNum(ft?.fees?.settlementFee) && ft.fees.settlementFee !== 0) {
+      out.push({
+        id: "settlement",
+        label: "Settlement fee",
+        when: "exit",
+        unit: "percent",
+        basis: "principal",
+        value: ft.fees.settlementFee * 100,
+        payee: "protocol"
+      });
+    }
+  }
+  return out;
+}
+function capUtil(total, cap) {
+  if (!isNum(cap) || cap <= 0 || !isNum(total)) return void 0;
+  return clamp01(total / cap);
+}
+function buildAvailability(input, side) {
+  const frozen = input.isFrozen === true;
+  const inactive = input.isActive === false;
+  const enabled = side === "supply" ? input.depositsEnabled !== false : input.borrowingEnabled !== false;
+  const cap = side === "supply" ? input.supplyCap : input.borrowCap;
+  const total = side === "supply" ? input.totalDeposits : input.totalDebt;
+  const capUtilization = capUtil(total, cap);
+  const capFull = capUtilization != null && capUtilization >= 1;
+  const noLiquidity = side === "borrow" && isNum(input.borrowLiquidity) && input.borrowLiquidity <= 0;
+  const canOpen = enabled && !frozen && !inactive && !capFull && !noLiquidity;
+  let blockedBy;
+  if (!canOpen) {
+    if (inactive) blockedBy = "shutdown";
+    else if (frozen) blockedBy = "frozen";
+    else if (!enabled) blockedBy = "disabled";
+    else if (capFull) blockedBy = "cap-full";
+    else if (noLiquidity) blockedBy = "no-liquidity";
+  }
+  return {
+    canOpen,
+    // Closing a position stays possible in every wind-down we have seen —
+    // freezes stop entry, not exit. Adapters override where that is false.
+    canClose: true,
+    blockedBy,
+    gating: "permissionless",
+    cap: isNum(cap) && cap > 0 ? String(cap) : void 0,
+    capUtilization,
+    requires: side === "supply" ? ["token-approval"] : void 0
+  };
+}
+function buildUtilization(input) {
+  if (!isNum(input.utilization)) return void 0;
+  const shared = isNum(input.irmTotalDeposits) && isNum(input.irmTotalDebt);
+  return {
+    utilization: clamp01(input.utilization),
+    basis: shared ? "pool" : "market",
+    irmTotalDeposits: input.irmTotalDeposits,
+    irmTotalDebt: input.irmTotalDebt,
+    supplyCapUtilization: capUtil(input.totalDeposits, input.supplyCap),
+    borrowCapUtilization: capUtil(input.totalDebt, input.borrowCap),
+    lockupRatio: input.lockupRatio
+  };
+}
+function buildConstraints(input, siblings, acceptedCollateral) {
+  const ceiling = input.debtCeiling;
+  const ceilingNum = isNum(Number(ceiling)) ? Number(ceiling) : 0;
+  const lender = input.lender ?? "";
+  const collateralAssetCount = acceptedCollateral?.count ?? 0;
+  const marketCount = siblings.filter((s) => s.marketUid).length || 1;
+  return {
+    isolation: ceilingNum > 0 ? { enabled: true, debtCeiling: String(ceiling) } : void 0,
+    crossMargin: hasCrossMarginRisk(lender),
+    // A sub-account lender gets the honest generic answer; its adapter refines
+    // it to the concrete shape (`nft` / `cdp-id` / `loan-id` / `escrow`).
+    positionModel: hasSubAccounts(lender) ? "sub-account" : "account",
+    observed: {
+      collateralAssetCount,
+      marketCount,
+      multiMarketKey: isMultiMarket(lender)
+    }
+  };
+}
+function liquidationFrom(cfg, input) {
+  return {
+    trigger: "price",
+    ltv: cfg?.borrowCollateralFactor,
+    liquidationLtv: cfg?.collateralFactor,
+    penalty: cfg?.liquidationPenalty ?? 0,
+    closeFactor: cfg?.closeFactor ?? input.closeFactor ?? 1,
+    targetHealthFactor: cfg?.targetHealthFactor ?? input.targetHealthFactor,
+    seizure: "proportional"
+  };
+}
+function buildModes(input) {
+  const cfg = input.config;
+  if (!cfg) return void 0;
+  const keys = Object.keys(cfg);
+  if (keys.length <= 1) return void 0;
+  const out = [];
+  for (const key of keys) {
+    const c = cfg[key];
+    if (!c) continue;
+    const isDefault = key === "0";
+    out.push({
+      modeId: key,
+      label: c.label,
+      isDefault,
+      entry: isDefault ? void 0 : "user-selected",
+      liquidation: {
+        ltv: c.borrowCollateralFactor,
+        liquidationLtv: c.collateralFactor,
+        penalty: c.liquidationPenalty ?? 0,
+        closeFactor: c.closeFactor ?? input.closeFactor ?? 1,
+        targetHealthFactor: c.targetHealthFactor ?? input.targetHealthFactor
+      },
+      availability: c.debtDisabled ? { canOpen: false } : void 0
+    });
+  }
+  return out.length > 1 ? out : void 0;
+}
+function buildExposures2(input, siblings, direction) {
+  const cfg = input.config;
+  if (!cfg || siblings.length === 0) return void 0;
+  const categories = Object.keys(cfg);
+  const items = [];
+  for (const sib of siblings) {
+    if (sib.marketUid === input.marketUid) continue;
+    const sibCfg = sib.config;
+    if (!sibCfg) continue;
+    let best;
+    for (const cat of categories) {
+      const here = cfg[cat];
+      const there = sibCfg[cat];
+      if (!here || !there) continue;
+      if (direction === "accepted" || direction === "backing") {
+        if (here.debtDisabled === true) continue;
+        if (there.collateralDisabled === true) continue;
+      }
+      if (!best || (there.collateralFactor ?? 0) > (best.collateralFactor ?? 0))
+        best = there;
+    }
+    if (!best) continue;
+    items.push({
+      asset: assetRef(sib),
+      marketUid: sib.marketUid,
+      via: "collateral",
+      ltv: best.borrowCollateralFactor,
+      liquidationLtv: best.collateralFactor,
+      liquidationPenalty: best.liquidationPenalty
+    });
+  }
+  if (items.length === 0) return void 0;
+  return {
+    count: items.length,
+    weightBasis: "unweighted",
+    items
+  };
+}
+function buildSupply(input, now, siblings) {
+  const canBeCollateral = input.collateralActive !== false;
+  const earns = (input.depositRate ?? 0) > 0 || (input.intrinsicYield ?? 0) > 0;
+  if (input.depositsEnabled === false && !canBeCollateral && !earns)
+    return void 0;
+  const rate = buildRate(input, "supply");
+  const maturity = buildMaturity(input, now);
+  const fees = buildFees(input, "supply");
+  const availability = buildAvailability(input, "supply");
+  const liquidity = isNum(input.totalLiquidity) ? {
+    assets: input.totalLiquidity,
+    assetsUsd: input.totalLiquidityUsd,
+    ratio: isNum(input.totalDeposits) && input.totalDeposits > 0 ? clamp01(input.totalLiquidity / input.totalDeposits) : void 0
+  } : void 0;
+  const supply = {
+    role: canBeCollateral ? earns ? "both" : "collateral" : "yield",
+    rate,
+    maturity,
+    exit: {
+      mode: "instant",
+      settlement: "sync",
+      liquidity,
+      partialAllowed: true,
+      priceRisk: "none",
+      fees: fees.filter((f) => f.when === "exit" || f.when === "performance")
+    },
+    fees,
+    backedBy: buildExposures2(input, siblings, "backing"),
+    modes: buildModes(input),
+    counterparty: {
+      kind: "pool",
+      solvency: "overcollateralized"
+    },
+    availability,
+    principal: { protected: true, risks: [] },
+    info: { headline: "", description: "", tags: [] }
+  };
+  return supply;
+}
+function buildBorrow(input, now, siblings) {
+  const cfg = defaultConfig(input);
+  const debtDisabled = cfg?.debtDisabled === true;
+  if (input.borrowingEnabled === false && debtDisabled) return void 0;
+  if (debtDisabled && (input.totalDebt ?? 0) === 0 && input.borrowingEnabled !== true)
+    return void 0;
+  const rate = buildRate(input, "borrow");
+  const maturity = buildMaturity(input, now);
+  const fees = buildFees(input, "borrow");
+  const borrow = {
+    rate,
+    maturity,
+    debtShape: rate.kind === "prepaid" ? "prepaid" : rate.kind === "fixed-term" ? "static-face" : "accruing",
+    exit: {
+      earlyRepay: "free",
+      atMaturityCost: rate.kind === "fixed-term" ? "face" : "accrued",
+      lateBehaviour: "none",
+      partialAllowed: true,
+      fees: fees.filter((f) => f.when === "exit" || f.when === "late")
+    },
+    liquidation: liquidationFrom(cfg, input),
+    acceptedCollateral: buildExposures2(input, siblings, "accepted"),
+    modes: buildModes(input),
+    fees,
+    counterparty: { kind: "pool", solvency: "overcollateralized" },
+    availability: buildAvailability(input, "borrow"),
+    info: { headline: "", description: "", tags: [] }
+  };
+  return borrow;
+}
+function isPlainObject(v) {
+  return typeof v === "object" && v !== null && !Array.isArray(v);
+}
+function mergeDeep(base, patch) {
+  if (!patch) return base;
+  if (!isPlainObject(base) || !isPlainObject(patch)) return patch ?? base;
+  const out = { ...base };
+  for (const [k, v] of Object.entries(patch)) {
+    if (v === void 0) continue;
+    const cur = out[k];
+    out[k] = isPlainObject(v) && isPlainObject(cur) ? mergeDeep(cur, v) : v;
+  }
+  return out;
+}
+function finalizeInfo(sheet) {
+  const market = { governance: sheet.governance, oracle: sheet.oracle };
+  if (sheet.supply && !sheet.supply.info)
+    sheet.supply.info = { headline: "", description: "", tags: [] };
+  if (sheet.borrow && !sheet.borrow.info)
+    sheet.borrow.info = { headline: "", description: "", tags: [] };
+  if (sheet.supply) {
+    sheet.supply.info = {
+      headline: sheet.supply.info.headline || supplyHeadline(sheet.supply),
+      description: sheet.supply.info.description || supplyDescription(sheet.supply, sheet),
+      implications: sheet.supply.info.implications,
+      tags: deriveSupplyTags(sheet.supply, market)
+    };
+  }
+  if (sheet.borrow) {
+    sheet.borrow.info = {
+      headline: sheet.borrow.info.headline || borrowHeadline(sheet.borrow),
+      description: sheet.borrow.info.description || borrowDescription(sheet.borrow),
+      implications: sheet.borrow.info.implications,
+      tags: deriveBorrowTags(sheet.borrow, market)
+    };
+  }
+  return sheet;
+}
+function buildCoverage(sheet) {
+  const present = [];
+  const notApplicable = {};
+  const pending = {};
+  if (sheet.supply) present.push("supply");
+  else notApplicable.supply = "no-supply-side";
+  if (sheet.borrow) present.push("borrow");
+  else notApplicable.borrow = "no-borrow-side";
+  if (sheet.utilization) present.push("utilization");
+  if (sheet.constraints) present.push("constraints");
+  if (sheet.oracle) present.push("oracle");
+  else if (sheet.borrow?.liquidation.trigger === "time")
+    notApplicable.oracle = "time-based-liquidation";
+  else pending.oracle = "not-classified-for-this-lender";
+  if (sheet.governance) present.push("governance");
+  else pending.governance = "screener-has-no-rows-for-this-market";
+  return {
+    present,
+    notApplicable: Object.keys(notApplicable).length ? notApplicable : void 0,
+    pending: Object.keys(pending).length ? pending : void 0
+  };
+}
+function buildTermSheet(input, opts = {}) {
+  const now = opts.now ?? Math.floor(Date.now() / 1e3);
+  const siblings = opts.siblings ?? [];
+  const base = {
+    schemaVersion: TERM_SHEET_SCHEMA_VERSION,
+    asOf: now,
+    profileId: opts.profileId ?? DEFAULT_PROFILE_ID,
+    marketUid: input.marketUid,
+    lender: input.lender,
+    chainId: input.chainId,
+    supply: buildSupply(input, now, siblings),
+    borrow: buildBorrow(input, now, siblings),
+    utilization: buildUtilization(input),
+    constraints: void 0
+  };
+  base.constraints = buildConstraints(
+    input,
+    siblings,
+    base.borrow?.acceptedCollateral ?? base.supply?.backedBy
+  );
+  const merged = mergeDeep(base, opts.patch);
+  for (const side of ["supply", "borrow"]) {
+    if (merged[side] && !base[side]) merged[side] = void 0;
+  }
+  const withInfo = finalizeInfo(merged);
+  withInfo.coverage = buildCoverage(withInfo);
+  return withInfo;
+}
+
+// src/terms/severity.ts
+var SEVERITY_ORDER = {
+  critical: 0,
+  warn: 1,
+  info: 2
+};
+function rankFindings(findings) {
+  return [...findings].sort(
+    (a, b) => SEVERITY_ORDER[a.severity] - SEVERITY_ORDER[b.severity]
+  );
+}
+function fmtSecs(secs) {
+  if (secs >= 86400) {
+    const d = secs / 86400;
+    return `${d % 1 === 0 ? d : d.toFixed(1)} day${d === 1 ? "" : "s"}`;
+  }
+  if (secs >= 3600) {
+    const h = secs / 3600;
+    return `${h % 1 === 0 ? h : h.toFixed(1)} hour${h === 1 ? "" : "s"}`;
+  }
+  if (secs >= 60) {
+    const m = Math.round(secs / 60);
+    return `${m} minute${m === 1 ? "" : "s"}`;
+  }
+  return `${secs} second${secs === 1 ? "" : "s"}`;
+}
+function marketFindings(sheet) {
+  const out = [];
+  const { governance: g, oracle: o, utilization: u } = sheet;
+  if (o?.band === "CRITICAL") {
+    out.push({
+      severity: "critical",
+      id: "oracle-critical",
+      side: "market",
+      message: `The price oracle for this market scores CRITICAL for feed correctness${o.priceDescription ? ` (reports ${o.priceDescription})` : ""}.`
+    });
+  } else if (o?.band === "HIGH") {
+    out.push({
+      severity: "warn",
+      id: "oracle-high",
+      side: "market",
+      message: "The price oracle for this market scores HIGH risk."
+    });
+  }
+  if (o?.flags?.includes("wrong-asset")) {
+    out.push({
+      severity: "critical",
+      id: "oracle-wrong-asset",
+      side: "market",
+      message: `The oracle does not price the intended asset${o.intendedPair ? ` (expected ${o.intendedPair})` : ""}.`
+    });
+  }
+  if (o?.mutability?.mutable && !o.mutability.timelockSecs) {
+    out.push({
+      severity: "warn",
+      id: "oracle-swappable",
+      side: "market",
+      message: "The price oracle can be replaced with no delay by its controller."
+    });
+  }
+  if (g?.mutability === "governed") {
+    if (g.controllerKind === "EOA") {
+      out.push({
+        severity: "critical",
+        id: "governance-eoa",
+        side: "market",
+        message: "A single private key (an EOA, not a multisig or timelock) can change this market\u2019s parameters."
+      });
+    } else if (g.controllerKind === "TIMELOCK" && g.timelockUnknown) {
+      out.push({
+        severity: "info",
+        id: "governance-timelock-unknown",
+        side: "market",
+        message: "Parameter changes go through a timelock, but its delay could not be read."
+      });
+    } else if (!g.timelockSecs) {
+      out.push({
+        severity: "warn",
+        id: "governance-no-timelock",
+        side: "market",
+        message: `Parameters can be changed with no notice period${g.controllerKind ? ` by a ${g.controllerKind.toLowerCase()}` : ""}.`
+      });
+    }
+  }
+  if (u && u.utilization >= 0.98) {
+    out.push({
+      severity: "warn",
+      id: "utilization-full",
+      side: "market",
+      message: `Utilization is ${(u.utilization * 100).toFixed(1)} % \u2014 withdrawals may not be possible until borrowers repay.`
+    });
+  }
+  return out;
+}
+function supplyFindings(supply) {
+  const out = [];
+  if (supply.principal.risks.includes("first-loss")) {
+    out.push({
+      severity: "critical",
+      id: "first-loss",
+      side: "supply",
+      message: "This is a junior/first-loss position \u2014 it absorbs losses before other depositors and can be marked down sharply."
+    });
+  }
+  if (supply.principal.risks.includes("physical-delivery")) {
+    out.push({
+      severity: "critical",
+      id: "physical-delivery",
+      side: "supply",
+      message: "On default you can be settled in collateral rather than the asset you lent."
+    });
+  }
+  if (supply.counterparty.socializedLoss) {
+    out.push({
+      severity: "warn",
+      id: "socialized-loss",
+      side: "supply",
+      message: "Bad debt is socialised across all lenders in this market, not borne by the defaulting borrower alone."
+    });
+  }
+  if (supply.counterparty.solvency === "undercollateralized") {
+    out.push({
+      severity: "critical",
+      id: "undercollateralized",
+      side: "supply",
+      message: "Borrowers here are not fully collateralised on-chain \u2014 repayment depends on off-chain credit."
+    });
+  }
+  if (supply.counterparty.solvency === "nav-attested") {
+    out.push({
+      severity: "warn",
+      id: "nav-attested",
+      side: "supply",
+      message: "The share price is published by an operator; there is no on-chain solvency invariant."
+    });
+  }
+  if (supply.exit.priceRisk === "may-be-impossible") {
+    out.push({
+      severity: "critical",
+      id: "exit-may-be-impossible",
+      side: "supply",
+      message: "Exiting early means selling on a market that can be empty \u2014 there may be no exit before maturity at any price."
+    });
+  } else if (supply.exit.priceRisk === "market-price") {
+    out.push({
+      severity: "warn",
+      id: "exit-market-price",
+      side: "supply",
+      message: "Exiting early means selling at the prevailing market price, which can be below par."
+    });
+  }
+  if (supply.exit.cooldownSecs) {
+    out.push({
+      severity: "warn",
+      id: "exit-cooldown",
+      side: "supply",
+      message: `Withdrawals require a ${fmtSecs(supply.exit.cooldownSecs)} waiting period.`
+    });
+  } else if (supply.exit.settlement === "async" && supply.exit.mode !== "instant") {
+    out.push({
+      severity: "warn",
+      id: "exit-async",
+      side: "supply",
+      message: "Withdrawals are not instant \u2014 they queue or need a request."
+    });
+  }
+  const exitFee = supply.exit.fees.find(
+    (f) => f.when === "exit" && f.value > 0 && !f.indicative
+  );
+  if (exitFee) {
+    out.push({
+      severity: "warn",
+      id: "exit-fee",
+      side: "supply",
+      message: `Exiting costs ${exitFee.label.toLowerCase()}.`
+    });
+  }
+  if (supply.exit.liquidity && supply.exit.liquidity.assets <= 0 && supply.exit.settlement === "sync") {
+    out.push({
+      severity: "warn",
+      id: "no-liquidity",
+      side: "supply",
+      message: "There is no withdrawable liquidity right now \u2014 your deposit cannot be taken out until borrowers repay."
+    });
+  }
+  if (supply.backedBy) {
+    if ((supply.backedBy.worstRiskScore ?? 0) >= 4) {
+      out.push({
+        severity: "warn",
+        id: "backing-quality",
+        side: "supply",
+        message: "Some collateral backing this market is low quality or thinly traded."
+      });
+    }
+    if (supply.backedBy.worstOracleBand === "HIGH" || supply.backedBy.worstOracleBand === "CRITICAL") {
+      out.push({
+        severity: "warn",
+        id: "backing-oracle",
+        side: "supply",
+        message: "Collateral backing this market is priced by an oracle flagged as risky."
+      });
+    }
+  }
+  const points = supply.rate.rewards?.filter((r) => r.indicative) ?? [];
+  if (points.length > 0) {
+    out.push({
+      severity: "info",
+      id: "points-rewards",
+      side: "supply",
+      message: "Part of the advertised return is a points program with no priceable value."
+    });
+  }
+  if (!supply.availability.canOpen) {
+    out.push({
+      severity: "warn",
+      id: "supply-closed",
+      side: "supply",
+      message: `Deposits are currently unavailable${supply.availability.blockedBy ? ` (${supply.availability.blockedBy.replace(/-/g, " ")})` : ""}.`
+    });
+  }
+  return out;
+}
+function borrowFindings(borrow) {
+  const out = [];
+  const liq = borrow.liquidation;
+  if (liq.seizure === "full-collateral") {
+    out.push({
+      severity: "critical",
+      id: "full-collateral-seizure",
+      side: "borrow",
+      message: "On default a liquidator takes your ENTIRE collateral, not just the amount owed \u2014 at 50 % LTV that is roughly twice the borrowed value."
+    });
+  }
+  if (liq.trigger === "time" || liq.trigger === "price-and-time") {
+    out.push({
+      severity: "critical",
+      id: "time-liquidation",
+      side: "borrow",
+      message: `This loan can be liquidated for being LATE, regardless of how over-collateralised it is${borrow.maturity.graceSecs ? ` \u2014 the grace period is ${fmtSecs(borrow.maturity.graceSecs)}` : ""}. A healthy health factor does not protect you.`
+    });
+  }
+  if (liq.redeemable || liq.trigger === "redemption") {
+    out.push({
+      severity: "critical",
+      id: "redeemable",
+      side: "borrow",
+      message: "Your collateral can be redeemed at par while the position is perfectly healthy, if you carry the lowest interest rate on this branch."
+    });
+  }
+  if (borrow.maturity.atMaturity === "physical-delivery") {
+    out.push({
+      severity: "critical",
+      id: "physical-delivery",
+      side: "borrow",
+      message: "After maturity plus the liquidation window, unpaid collateral is delivered to lenders."
+    });
+  }
+  if (borrow.maturity.atMaturity === "default-seizure") {
+    out.push({
+      severity: "critical",
+      id: "default-seizure",
+      side: "borrow",
+      message: `Missing the payment window puts the loan in default and forfeits the collateral${borrow.maturity.graceSecs ? ` \u2014 the window is only ${fmtSecs(borrow.maturity.graceSecs)}` : ""}.`
+    });
+  }
+  if (borrow.maturity.atMaturity === "liquidatable") {
+    out.push({
+      severity: "critical",
+      id: "past-due-liquidatable",
+      side: "borrow",
+      message: "Once maturity passes the loan is in default and can be liquidated regardless of its health or LTV."
+    });
+  }
+  const latePenalty = borrow.fees.find((f) => f.when === "late" && f.value > 0);
+  if (latePenalty) {
+    out.push({
+      severity: "warn",
+      id: "late-penalty",
+      side: "borrow",
+      message: `Repaying late accrues ${latePenalty.label.toLowerCase()}.`
+    });
+  }
+  if (borrow.exit.earlyRepay === "penalty") {
+    out.push({
+      severity: "warn",
+      id: "early-repay-penalty",
+      side: "borrow",
+      message: "Repaying before maturity costs a penalty."
+    });
+  }
+  if (borrow.exit.earlyRepay === "not-allowed") {
+    out.push({
+      severity: "warn",
+      id: "no-early-repay",
+      side: "borrow",
+      message: "This loan cannot be repaid before maturity."
+    });
+  }
+  if (borrow.debtShape === "static-face" && borrow.exit.atMaturityCost === "face") {
+    out.push({
+      severity: "info",
+      id: "static-debt",
+      side: "borrow",
+      message: "The amount owed is fixed at trade time and does not accrue \u2014 repaying early does not reduce it."
+    });
+  }
+  if (borrow.exit.overRepayReverts) {
+    out.push({
+      severity: "warn",
+      id: "over-repay-reverts",
+      side: "borrow",
+      message: "Sending more than the exact debt REVERTS \u2014 the repayment must be sized precisely."
+    });
+  }
+  if (borrow.debtShape === "prepaid") {
+    out.push({
+      severity: "warn",
+      id: "prepaid-interest",
+      side: "borrow",
+      message: "Interest is prepaid in a separate token; running out triggers a forced top-up at a punitive rate and freezes withdrawals."
+    });
+  }
+  const origination = borrow.fees.find((f) => f.when === "entry" && f.value > 0);
+  if (origination) {
+    out.push({
+      severity: "info",
+      id: "origination-fee",
+      side: "borrow",
+      message: `An upfront ${origination.label.toLowerCase()} is charged at borrow time.`
+    });
+  }
+  if (borrow.acceptedCollateral) {
+    if (borrow.acceptedCollateral.worstOracleBand === "HIGH" || borrow.acceptedCollateral.worstOracleBand === "CRITICAL") {
+      out.push({
+        severity: "warn",
+        id: "collateral-oracle",
+        side: "borrow",
+        message: "Collateral you can post here is priced by an oracle flagged as risky \u2014 a mispricing can liquidate you."
+      });
+    }
+  }
+  if (!borrow.availability.canOpen) {
+    out.push({
+      severity: "warn",
+      id: "borrow-closed",
+      side: "borrow",
+      message: `Borrowing is currently unavailable${borrow.availability.blockedBy ? ` (${borrow.availability.blockedBy.replace(/-/g, " ")})` : ""}.`
+    });
+  }
+  if (borrow.availability.requires?.includes("caller-allowlist")) {
+    out.push({
+      severity: "warn",
+      id: "caller-allowlist",
+      side: "borrow",
+      message: "Only governance-approved contracts may borrow here, which blocks leverage and other routed flows."
+    });
+  }
+  return out;
+}
+function findingsFor(sheet, side) {
+  const sideFindings = side === "supply" ? sheet.supply ? supplyFindings(sheet.supply) : [] : sheet.borrow ? borrowFindings(sheet.borrow) : [];
+  return rankFindings([...sideFindings, ...marketFindings(sheet)]);
+}
+function hasCritical(sheet, side) {
+  return findingsFor(sheet, side).some((f) => f.severity === "critical");
+}
+var exactlyAdapter = {
+  id: "exactly",
+  matches: isExactly,
+  profileId: () => "exactly.fixed@v1",
+  build: (input) => ({
+    supply: {
+      // Fixed deposits have no late penalty and no expiry — an unclaimed
+      // matured deposit simply stops earning.
+      maturity: { atMaturity: "stops-earning" },
+      exit: {
+        mode: "market-sale",
+        settlement: "sync",
+        // `withdrawAtMaturity` before maturity pays face / (1 + curve rate),
+        // so the cost is deterministic but worsens as rates rise.
+        priceRisk: "haircut-formula",
+        partialAllowed: true
+      },
+      counterparty: { kind: "pool", solvency: "overcollateralized" }
+    },
+    borrow: {
+      debtShape: "static-face",
+      exit: {
+        earlyRepay: "discount",
+        atMaturityCost: "face",
+        lateBehaviour: "penalty-accrues",
+        partialAllowed: true
+      },
+      maturity: { atMaturity: "penalty-accrues" },
+      liquidation: {
+        // Price-based, but coupled to time through the penalty above.
+        trigger: "price-and-time",
+        seizure: "proportional"
+      },
+      counterparty: { kind: "pool", solvency: "overcollateralized" }
+    },
+    constraints: {
+      // Exactly reuses `loanId` as the MATURITY, stringified — not a loan
+      // counter. This is the trap the field exists to defuse.
+      positionModel: "loan-id",
+      positionIdMeaning: "The unix maturity timestamp of the fixed pool, as a string."
+    }
+  })
+};
+var midnightAdapter = {
+  id: "midnight",
+  matches: isMidnight,
+  profileId: () => "midnight.orderbook@v1",
+  build: () => ({
+    supply: {
+      exit: {
+        mode: "market-sale",
+        settlement: "sync",
+        // Selling units into the bid side — there may be no bid.
+        priceRisk: "market-price",
+        partialAllowed: true
+      },
+      counterparty: {
+        kind: "orderbook",
+        solvency: "overcollateralized",
+        // Bad debt is socialised to lenders via `lossFactor`.
+        socializedLoss: true
+      },
+      principal: { protected: false, risks: ["bad-debt"] },
+      maturity: { atMaturity: "stops-earning" }
+    },
+    borrow: {
+      debtShape: "static-face",
+      exit: {
+        // Face value, 1:1, neither fee nor rebate — so paying early is not a
+        // saving, it just gives up the time value.
+        earlyRepay: "free",
+        atMaturityCost: "face",
+        lateBehaviour: "liquidatable",
+        partialAllowed: true,
+        overRepayReverts: true
+      },
+      maturity: { atMaturity: "liquidatable" },
+      liquidation: { trigger: "price-and-time", seizure: "proportional" },
+      counterparty: { kind: "orderbook", solvency: "overcollateralized" }
+    },
+    constraints: { positionModel: "account" }
+  })
+};
+var termAdapter = {
+  id: "term",
+  matches: isTerm,
+  profileId: () => "term.auction@v1",
+  build: (input) => {
+    const auction = input.fixedTerm?.auction;
+    return {
+      supply: {
+        exit: {
+          mode: "market-sale",
+          settlement: "sync",
+          priceRisk: "market-price",
+          partialAllowed: true
+        },
+        counterparty: { kind: "auction", solvency: "overcollateralized" },
+        availability: auction ? { canOpen: auction.canLend === true, window: auction } : void 0,
+        maturity: { atMaturity: "stops-earning" }
+      },
+      borrow: {
+        debtShape: "static-face",
+        exit: {
+          // No rebate — on a debt that never accrues, early repayment is
+          // strictly worse than holding to maturity.
+          earlyRepay: "free",
+          atMaturityCost: "face",
+          lateBehaviour: "liquidatable",
+          partialAllowed: true
+        },
+        liquidation: { trigger: "price", seizure: "proportional" },
+        counterparty: { kind: "auction", solvency: "overcollateralized" },
+        availability: auction ? {
+          canOpen: auction.canBorrow === true,
+          blockedBy: auction.canBorrow ? void 0 : "auction-closed",
+          window: auction,
+          minSize: auction.minBorrowAmount
+        } : void 0
+      },
+      constraints: { positionModel: "account" }
+    };
+  }
+};
+var termMaxAdapter = {
+  id: "termmax",
+  matches: isTermMax,
+  profileId: () => "termmax.fixed@v1",
+  build: () => ({
+    supply: {
+      exit: {
+        mode: "market-sale",
+        settlement: "sync",
+        // Selling FT needs a maker order on the other side, which may not exist.
+        priceRisk: "may-be-impossible",
+        partialAllowed: true
+      },
+      counterparty: {
+        kind: "orderbook",
+        solvency: "overcollateralized",
+        socializedLoss: true
+      },
+      principal: {
+        protected: false,
+        risks: ["physical-delivery", "bad-debt"]
+      },
+      maturity: { atMaturity: "physical-delivery" }
+    },
+    borrow: {
+      // A raw uint128 face value with zero accrual.
+      debtShape: "static-face",
+      exit: {
+        earlyRepay: "free",
+        atMaturityCost: "face",
+        lateBehaviour: "liquidatable",
+        partialAllowed: true
+      },
+      maturity: { atMaturity: "physical-delivery", graceSecs: 7200 },
+      liquidation: { trigger: "price-and-time", seizure: "proportional" },
+      counterparty: { kind: "orderbook", solvency: "overcollateralized" }
+    },
+    constraints: {
+      positionModel: "nft",
+      positionIdMeaning: "The GT (loan) ERC-721 token id."
+    }
+  })
+};
+var tellerAdapter = {
+  id: "teller",
+  matches: isTeller,
+  profileId: () => "teller.pool@v1",
+  build: (input) => {
+    const teller = input.market?.teller ?? {};
+    const graceSecs = typeof teller.paymentDefaultDuration === "number" ? teller.paymentDefaultDuration : void 0;
+    const attested = teller.requiresBorrowerAttestation === true;
+    return {
+      // Not a coverage hole: Teller genuinely has no price input.
+      oracle: { kind: "none" },
+      supply: {
+        exit: { mode: "queued", settlement: "async", partialAllowed: true },
+        counterparty: { kind: "pool", solvency: "undercollateralized" },
+        principal: { protected: false, risks: ["bad-debt"] }
+      },
+      borrow: {
+        debtShape: "accruing",
+        exit: {
+          // Free, pro-rata early repayment — but only a FULL close is
+          // supported; there is no partial collateral withdrawal.
+          earlyRepay: "free",
+          atMaturityCost: "accrued",
+          lateBehaviour: "default-seizure",
+          partialAllowed: false
+        },
+        maturity: { atMaturity: "default-seizure", graceSecs },
+        liquidation: {
+          trigger: "time",
+          seizure: "full-collateral",
+          gracePeriodSecs: graceSecs
+        },
+        counterparty: { kind: "pool", solvency: "undercollateralized" },
+        availability: attested ? { gating: "attestation", requires: ["token-approval"] } : void 0
+      },
+      constraints: {
+        positionModel: "loan-id",
+        positionIdMeaning: "The Teller bidId of this loan."
+      }
+    };
+  }
+};
+var listaBrokerAdapter = {
+  id: "lista-broker",
+  matches: isListaDao,
+  profileId: (input) => input.variableBorrowDisabled && input.terms?.length ? "lista.broker@v1" : "pool.variable@v1",
+  build: (input) => {
+    const brokered = input.variableBorrowDisabled === true && !!input.terms?.length;
+    if (!brokered) return {};
+    return {
+      borrow: {
+        debtShape: "accruing",
+        exit: {
+          earlyRepay: "penalty",
+          atMaturityCost: "accrued",
+          // A keeper refinances an unpaid loan into the variable position
+          // rather than liquidating it.
+          lateBehaviour: "refinanced",
+          partialAllowed: true
+        },
+        maturity: { atMaturity: "refinanced" },
+        liquidation: { trigger: "price", seizure: "proportional" },
+        counterparty: {
+          kind: "broker",
+          address: input.market?.broker ?? void 0,
+          solvency: "overcollateralized"
+        }
+      },
+      constraints: {
+        positionModel: "loan-id",
+        positionIdMeaning: "The broker posId; the dynamic (flexible) loan uses the uint128 max sentinel."
+      }
+    };
+  }
+};
+var liquityAdapter = {
+  id: "liquity",
+  matches: isLiquityFamily,
+  profileId: () => "liquity.cdp@v1",
+  build: (input) => {
+    const liquity = input.market?.liquity ?? {};
+    const minDebt = liquity.minDebt != null ? String(liquity.minDebt) : void 0;
+    const minApr = typeof liquity.minAnnualInterestRate === "string" || typeof liquity.minAnnualInterestRate === "number" ? Number(liquity.minAnnualInterestRate) / 1e18 * 100 : void 0;
+    const maxApr = typeof liquity.maxAnnualInterestRate === "string" || typeof liquity.maxAnnualInterestRate === "number" ? Number(liquity.maxAnnualInterestRate) / 1e18 * 100 : void 0;
+    return {
+      supply: {
+        // The Stability Pool is an earn position, never collateral.
+        role: "yield",
+        exit: { mode: "instant", settlement: "sync", partialAllowed: true },
+        counterparty: { kind: "cdp", solvency: "overcollateralized" },
+        principal: { protected: false, risks: ["bad-debt"] }
+      },
+      borrow: {
+        rate: {
+          kind: "user-set",
+          isLocked: false,
+          source: "borrower",
+          minApr,
+          maxApr
+        },
+        debtShape: "accruing",
+        exit: {
+          earlyRepay: "free",
+          atMaturityCost: "accrued",
+          lateBehaviour: "none",
+          partialAllowed: true,
+          minDebt
+        },
+        liquidation: {
+          trigger: "price",
+          seizure: "proportional",
+          // The field that makes redemption visible.
+          redeemable: true
+        },
+        counterparty: { kind: "cdp", solvency: "overcollateralized" }
+      },
+      constraints: {
+        positionModel: "cdp-id",
+        positionIdMeaning: "The trove id (a keccak of owner + branch + index)."
+      }
+    };
+  }
+};
+var riverAdapter = {
+  id: "river",
+  matches: isRiver,
+  profileId: () => "river.cdp@v1",
+  build: () => ({
+    supply: {
+      role: "yield",
+      exit: { mode: "instant", settlement: "sync", partialAllowed: true },
+      counterparty: { kind: "cdp", solvency: "overcollateralized" },
+      principal: { protected: false, risks: ["bad-debt"] }
+    },
+    borrow: {
+      rate: { kind: "zero-interest", isLocked: true, compounding: "none" },
+      debtShape: "accruing",
+      exit: {
+        earlyRepay: "free",
+        atMaturityCost: "accrued",
+        lateBehaviour: "none",
+        partialAllowed: true
+      },
+      liquidation: {
+        trigger: "price",
+        seizure: "proportional",
+        redeemable: true
+      },
+      counterparty: { kind: "cdp", solvency: "overcollateralized" }
+    },
+    constraints: {
+      // River troves are ADDRESS-keyed — there is no id to discover.
+      positionModel: "account",
+      positionIdMeaning: "Troves are keyed by owner address; there is no id."
+    }
+  })
+};
+var inverseAdapter = {
+  id: "inverse",
+  matches: isInverse,
+  profileId: () => "inverse.firm@v1",
+  build: () => ({
+    borrow: {
+      rate: { kind: "prepaid", isLocked: false, source: "oracle" },
+      debtShape: "prepaid",
+      exit: {
+        earlyRepay: "free",
+        atMaturityCost: "accrued",
+        lateBehaviour: "none",
+        partialAllowed: true
+      },
+      liquidation: { trigger: "price", seizure: "proportional" },
+      counterparty: { kind: "cdp", solvency: "overcollateralized" },
+      availability: {
+        // Every CONTRACT caller must be allowlisted by a 48h governance vote,
+        // which is what blocks leverage and other routed flows.
+        requires: ["token-approval", "caller-allowlist"]
+      }
+    },
+    constraints: {
+      positionModel: "escrow",
+      positionIdMeaning: "A per-user CREATE2 escrow address, computed rather than discovered."
+    }
+  })
+};
+var usddAdapter = {
+  id: "usdd",
+  matches: isUsdd,
+  profileId: () => "usdd.cdp@v1",
+  build: () => ({
+    borrow: {
+      rate: { kind: "variable-managed", source: "governance", isLocked: false },
+      debtShape: "accruing",
+      exit: {
+        earlyRepay: "free",
+        atMaturityCost: "accrued",
+        lateBehaviour: "none",
+        partialAllowed: true
+      },
+      liquidation: { trigger: "price", seizure: "proportional" },
+      counterparty: { kind: "cdp", solvency: "overcollateralized" }
+    },
+    constraints: {
+      positionModel: "cdp-id",
+      positionIdMeaning: "The CDP id issued by the manager for this ilk."
+    }
+  })
+};
+var compoundV3Adapter = {
+  id: "compound-v3",
+  matches: isCompoundV3Type,
+  profileId: () => "pool.variable@v1",
+  build: (input) => {
+    const isBase = (input.totalDebt ?? 0) > 0 || input.borrowingEnabled === true;
+    if (isBase) return {};
+    return {
+      supply: {
+        role: "collateral",
+        rate: { kind: "none", apr: 0, aprTotal: 0, isLocked: false },
+        // Collateral earns nothing in Comet and cannot be lent out.
+        exit: { mode: "instant", settlement: "sync", partialAllowed: true }
+      },
+      // Explicitly no borrow side on a collateral row.
+      borrow: void 0
+    };
+  }
+};
+var fluidAdapter = {
+  id: "fluid",
+  matches: isFluid,
+  profileId: () => "pool.variable@v1",
+  build: (input) => ({
+    // Only claim the liquidity-layer basis when the layer totals are actually
+    // present. The origin does not select `irmTotal*` today, and asserting a
+    // basis we cannot verify is worse than reporting the plain market ratio —
+    // the validator rejects it for exactly that reason.
+    utilization: input.irmTotalDeposits != null && input.irmTotalDebt != null ? { basis: "liquidity-layer", lockupRatio: input.lockupRatio } : { lockupRatio: input.lockupRatio },
+    constraints: {
+      positionModel: "nft",
+      positionIdMeaning: "The Fluid vault position NFT id."
+    }
+  })
+};
+var gearboxAdapter = {
+  id: "gearbox",
+  matches: isGearboxV3,
+  profileId: () => "pool.variable@v1",
+  build: () => ({
+    utilization: { basis: "pool" },
+    constraints: {
+      positionModel: "sub-account",
+      positionIdMeaning: "The credit-account address opened for this user."
+    }
+  })
+};
+
+// src/terms/adapters/index.ts
+var TERM_ADAPTERS = [
+  exactlyAdapter,
+  midnightAdapter,
+  termAdapter,
+  termMaxAdapter,
+  tellerAdapter,
+  listaBrokerAdapter,
+  liquityAdapter,
+  riverAdapter,
+  inverseAdapter,
+  usddAdapter,
+  compoundV3Adapter,
+  fluidAdapter,
+  gearboxAdapter
+];
+function resolveAdapter(lender) {
+  return TERM_ADAPTERS.find((a) => a.matches(lender));
+}
+
+// src/terms/stamp.ts
+function buildTermSheetsForGroup(rows, ctx = {}, opts = {}) {
+  const inputs = rows.map((r) => toTermSheetInput(r, ctx));
+  const out = /* @__PURE__ */ new Map();
+  const index = opts.enrich === false ? void 0 : enrichmentIndexFromRows(rows);
+  for (const input of inputs) {
+    if (!input.marketUid) continue;
+    const adapter = resolveAdapter(input.lender);
+    const sheet = buildTermSheet(input, {
+      now: opts.now,
+      siblings: inputs,
+      patch: adapter?.build(input),
+      profileId: adapter?.profileId(input) ?? DEFAULT_PROFILE_ID
+    });
+    if (index) enrichTermSheet(sheet, index);
+    if (opts.withImplications !== false) attachImplications(sheet);
+    out.set(input.marketUid, sheet);
+  }
+  return out;
+}
+function attachImplications(sheet) {
+  if (sheet.supply) {
+    const found = findingsFor(sheet, "supply").filter((f) => f.severity !== "info").map((f) => f.message);
+    if (found.length) sheet.supply.info.implications = found;
+  }
+  if (sheet.borrow) {
+    const found = findingsFor(sheet, "borrow").filter((f) => f.severity !== "info").map((f) => f.message);
+    if (found.length) sheet.borrow.info.implications = found;
+  }
+  return sheet;
+}
+var BAND_ORDER = ["LOW", "MEDIUM", "HIGH", "CRITICAL"];
+function enrichmentIndexFromRows(rows) {
+  const oracleByMarketUid = /* @__PURE__ */ new Map();
+  const governanceByMarketUid = /* @__PURE__ */ new Map();
+  const assetRisk = {};
+  for (const row of rows) {
+    const uid = String(row?.marketUid ?? "");
+    if (!uid) continue;
+    const feeds = Array.isArray(row?.oracleInfo?.feeds) ? row.oracleInfo.feeds : [];
+    if (feeds.length > 0) {
+      const primary = feeds.reduce(
+        (worst, f) => BAND_ORDER.indexOf(String(f?.band)) > BAND_ORDER.indexOf(String(worst?.band)) ? f : worst
+      );
+      oracleByMarketUid.set(uid, {
+        marketUid: uid,
+        oracle: primary?.oracle ?? void 0,
+        provider: primary?.provider ?? void 0,
+        priceDescription: primary?.priceDescription ?? void 0,
+        intendedPair: primary?.intendedPair ?? void 0,
+        correctOracle: primary?.correctOracle ?? void 0,
+        denominatorMatch: primary?.denominatorMatch ?? void 0,
+        fixedRate: primary?.fixedRate ?? void 0,
+        score: primary?.score ?? row?.oracleInfo?.worstScore,
+        band: primary?.band ?? row?.oracleInfo?.worstBand,
+        flags: Array.isArray(primary?.flags) ? primary.flags : void 0,
+        components: feeds.length > 1 ? feeds.map((f) => String(f?.oracle ?? "")).filter(Boolean) : void 0
+      });
+    }
+    const breakdown = Array.isArray(row?.risk?.breakdown) ? row.risk.breakdown : [];
+    const gov = breakdown.find((b) => b?.category === "governance");
+    if (gov) {
+      governanceByMarketUid.set(uid, {
+        marketUid: uid,
+        tier: gov.tier ?? void 0,
+        score: gov.score ?? void 0,
+        ownerKind: gov.ownerKind ?? void 0,
+        signerThreshold: gov.signerThreshold ?? null,
+        signerCount: gov.signerCount ?? null,
+        mode: gov.mode ?? void 0,
+        // The screen resolves the governance ROOT but does not carry the
+        // timelock delay through to this shape, so the notice period stays
+        // genuinely unknown — see `coverage.pending`.
+        delaySeconds: gov.delaySeconds ?? null
+      });
+    }
+    const token = breakdown.find((b) => b?.category === "token");
+    const chainId = String(row?.chainId ?? uid.split(":")[1] ?? "");
+    const address = String(
+      row?.asset?.address ?? row?.underlying ?? uid.split(":")[2] ?? ""
+    ).toLowerCase();
+    if (token?.score != null && chainId && address) {
+      assetRisk[chainId] ??= {};
+      assetRisk[chainId][address] = {
+        riskScore: Number(token.score),
+        source: token.label ?? void 0
+      };
+    }
+  }
+  return { oracleByMarketUid, governanceByMarketUid, assetRisk };
+}
+function toDigest(sheet) {
+  const strip = (e) => e ? (({ items, ...rest }) => rest)(e) : void 0;
+  return {
+    schemaVersion: sheet.schemaVersion,
+    profileId: sheet.profileId,
+    marketUid: sheet.marketUid,
+    supply: sheet.supply ? {
+      rateKind: sheet.supply.rate.kind,
+      aprTotal: sheet.supply.rate.aprTotal,
+      maturityKind: sheet.supply.maturity.kind,
+      maturity: sheet.supply.maturity.maturity,
+      exitMode: sheet.supply.exit.mode,
+      settlement: sheet.supply.exit.settlement,
+      canOpen: sheet.supply.availability.canOpen,
+      headline: sheet.supply.info.headline,
+      tags: sheet.supply.info.tags,
+      backedBy: strip(sheet.supply.backedBy)
+    } : void 0,
+    borrow: sheet.borrow ? {
+      rateKind: sheet.borrow.rate.kind,
+      apr: sheet.borrow.rate.apr,
+      maturityKind: sheet.borrow.maturity.kind,
+      maturity: sheet.borrow.maturity.maturity,
+      debtShape: sheet.borrow.debtShape,
+      earlyRepay: sheet.borrow.exit.earlyRepay,
+      liquidationTrigger: sheet.borrow.liquidation.trigger,
+      canOpen: sheet.borrow.availability.canOpen,
+      headline: sheet.borrow.info.headline,
+      tags: sheet.borrow.info.tags,
+      acceptedCollateral: strip(sheet.borrow.acceptedCollateral)
+    } : void 0,
+    oracle: sheet.oracle ? {
+      kind: sheet.oracle.kind,
+      address: sheet.oracle.address,
+      provider: sheet.oracle.provider,
+      band: sheet.oracle.band
+    } : void 0,
+    governance: sheet.governance ? {
+      mutability: sheet.governance.mutability,
+      controllerKind: sheet.governance.controllerKind,
+      timelockSecs: sheet.governance.timelockSecs,
+      tier: sheet.governance.tier
+    } : void 0,
+    utilization: sheet.utilization?.utilization
+  };
+}
+function enrichTermSheet(sheet, index) {
+  const uid = sheet.marketUid;
+  if (!uid) return sheet;
+  const oracleRow = index.oracleByMarketUid?.get(uid);
+  if (oracleRow?.oracle && sheet.oracle?.kind !== "none") {
+    sheet.oracle = {
+      ...sheet.oracle,
+      kind: "price-feed",
+      address: oracleRow.oracle.toLowerCase(),
+      provider: oracleRow.provider,
+      priceDescription: oracleRow.priceDescription,
+      intendedPair: oracleRow.intendedPair,
+      correctAsset: oracleRow.correctOracle ?? void 0,
+      correctNumeraire: oracleRow.denominatorMatch ?? void 0,
+      fixedRate: oracleRow.fixedRate,
+      score: oracleRow.score,
+      band: oracleRow.band,
+      flags: oracleRow.flags,
+      components: oracleRow.components
+    };
+  }
+  const govRow = index.governanceByMarketUid?.get(uid);
+  if (govRow) {
+    const immutable = govRow.mode === "immutable";
+    sheet.governance = {
+      ...sheet.governance,
+      mutability: immutable ? "immutable" : "governed",
+      controllerKind: govRow.ownerKind,
+      safe: govRow.signerThreshold != null && govRow.signerCount != null ? { threshold: govRow.signerThreshold, owners: govRow.signerCount } : void 0,
+      // Only meaningful on a TIMELOCK root — see the validator rule.
+      timelockSecs: govRow.ownerKind === "TIMELOCK" && govRow.delaySeconds != null ? govRow.delaySeconds : void 0,
+      timelockSource: govRow.delaySeconds != null ? "screened" : void 0,
+      // Three states, not two. A TIMELOCK root whose delay we could not read
+      // is NOT the same as "no notice period" — claiming the latter would be
+      // a false alarm on the safest governance shape we screen for.
+      timelockUnknown: govRow.ownerKind === "TIMELOCK" && govRow.delaySeconds == null ? true : void 0,
+      tier: govRow.tier,
+      score: govRow.score
+    };
+    if (immutable) {
+      sheet.governance.timelockSecs = void 0;
+      sheet.governance.powers = void 0;
+    }
+  }
+  const quality = index.assetRisk;
+  for (const exp of [
+    sheet.supply?.backedBy,
+    sheet.borrow?.acceptedCollateral
+  ]) {
+    if (!exp) continue;
+    for (const item of exp.items) {
+      const chain = item.asset.chainId;
+      const addr2 = item.asset.address;
+      const q = quality?.[chain]?.[addr2];
+      if (q) {
+        item.quality = {
+          riskScore: q.riskScore,
+          source: q.source,
+          liquidityUsd: q.liquidityUsd,
+          governanceScore: q.governanceScore,
+          governanceLevel: q.governanceLevel,
+          upgradeable: q.upgradeable,
+          canPause: q.canPause,
+          adminKind: q.adminKind
+        };
+      }
+      const itemOracle = item.marketUid ? index.oracleByMarketUid?.get(item.marketUid) : void 0;
+      if (itemOracle?.oracle) {
+        item.oracle = {
+          kind: "price-feed",
+          address: itemOracle.oracle.toLowerCase(),
+          provider: itemOracle.provider,
+          band: itemOracle.band,
+          score: itemOracle.score,
+          flags: itemOracle.flags
+        };
+      }
+    }
+    const scores = exp.items.map((i) => i.quality?.riskScore).filter((n) => n != null);
+    if (scores.length) exp.worstRiskScore = Math.max(...scores);
+    const BAND_ORDER2 = ["LOW", "MEDIUM", "HIGH", "CRITICAL"];
+    const bands = exp.items.map((i) => i.oracle?.band).filter((b) => !!b);
+    if (bands.length) {
+      exp.worstOracleBand = bands.reduce(
+        (worst, b) => BAND_ORDER2.indexOf(b) > BAND_ORDER2.indexOf(worst) ? b : worst
+      );
+    }
+  }
+  if (sheet.coverage) {
+    const present = new Set(sheet.coverage.present);
+    const pending = { ...sheet.coverage.pending ?? {} };
+    if (sheet.oracle) {
+      present.add("oracle");
+      delete pending.oracle;
+    }
+    if (sheet.governance) {
+      present.add("governance");
+      delete pending.governance;
+      if (sheet.governance.timelockUnknown)
+        pending["governance.timelockSecs"] = "delay-not-carried-by-screen";
+    }
+    sheet.coverage = {
+      ...sheet.coverage,
+      present: [...present],
+      pending: Object.keys(pending).length ? pending : void 0
+    };
+  }
+  finalizeInfo(sheet);
+  attachImplications(sheet);
+  return sheet;
+}
+
+// src/terms/validate.ts
+var approx = (a, b, tol = 1e-6) => Math.abs(a - b) <= tol;
+function validateTermSheet(sheet) {
+  const v = [];
+  const uid = sheet.marketUid;
+  const fail = (rule, message) => v.push({ rule, message, marketUid: uid });
+  if (sheet.schemaVersion !== TERM_SHEET_SCHEMA_VERSION)
+    fail("schema-version", `unexpected schemaVersion ${sheet.schemaVersion}`);
+  if (!sheet.profileId) fail("profile-id", "missing profileId");
+  for (const side of ["supply", "borrow"]) {
+    const s = sheet[side];
+    if (!s) continue;
+    const c = s.rate.components;
+    const expected = (c.base ?? 0) + (c.rewards ?? 0) + (c.intrinsic ?? 0);
+    if (!approx(s.rate.aprTotal, expected, 1e-6))
+      fail(
+        "apr-total",
+        `${side}.rate.aprTotal ${s.rate.aprTotal} != base+rewards+intrinsic ${expected}`
+      );
+    const priceable = (s.rate.rewards ?? []).filter((r) => !r.indicative).reduce((sum, r) => sum + r.apr, 0);
+    if (s.rate.rewards && !approx(c.rewards ?? 0, priceable, 1e-6))
+      fail(
+        "rewards-priceable",
+        `${side}.rate.components.rewards ${c.rewards} != sum of non-indicative rewards ${priceable}`
+      );
+    if (s.rate.basis !== "apr-nominal")
+      fail("rate-basis", `${side}.rate.basis must be apr-nominal`);
+    if (s.maturity.kind === "fixed-date" && s.maturity.maturity == null)
+      fail(
+        "maturity-missing",
+        `${side}.maturity.kind is fixed-date with no maturity`
+      );
+    if ((s.rate.kind === "fixed-term" || s.rate.kind === "fixed-open") && s.rate.kind === "fixed-term" && s.maturity.kind === "perpetual")
+      fail(
+        "fixed-term-perpetual",
+        `${side} is fixed-term but maturity.kind is perpetual`
+      );
+    if (s.availability.canOpen === false && !s.availability.blockedBy)
+      fail(
+        "blocked-reason",
+        `${side}.availability.canOpen is false with no blockedBy`
+      );
+    if (!s.info.headline) fail("headline", `${side}.info.headline is empty`);
+    if (!Array.isArray(s.info.tags))
+      fail("tags", `${side}.info.tags is not an array`);
+  }
+  if (sheet.supply) {
+    const e = sheet.supply.exit;
+    if (e.mode === "instant") {
+      if (e.settlement !== "sync")
+        fail("instant-sync", "exit.mode instant must be settlement sync");
+      if (e.cooldownSecs)
+        fail("instant-cooldown", "exit.mode instant must not carry a cooldown");
+    }
+  }
+  if (sheet.borrow) {
+    const l = sheet.borrow.liquidation;
+    if (l.seizure === "full-collateral") {
+      const impl = sheet.borrow.info.implications ?? [];
+      const tags = sheet.borrow.info.tags ?? [];
+      if (!tags.includes("full-collateral-seizure") && impl.length === 0)
+        fail(
+          "full-seizure-warning",
+          "full-collateral seizure must surface a tag or an implication"
+        );
+    }
+    if (l.penalty < 0 || l.penalty > 1)
+      fail("penalty-range", `liquidation.penalty ${l.penalty} outside 0..1`);
+    if (l.closeFactor <= 0 || l.closeFactor > 1)
+      fail(
+        "close-factor-range",
+        `liquidation.closeFactor ${l.closeFactor} outside 0..1`
+      );
+  }
+  for (const [label, exp] of [
+    ["supply.backedBy", sheet.supply?.backedBy],
+    ["borrow.acceptedCollateral", sheet.borrow?.acceptedCollateral]
+  ]) {
+    if (!exp) continue;
+    if (exp.count !== exp.items.length && exp.items.length > 0)
+      fail(
+        "exposure-count",
+        `${label}.count ${exp.count} != items ${exp.items.length}`
+      );
+    if (exp.weightBasis === "unweighted") {
+      if (exp.items.some((i) => i.weightPct != null))
+        fail(
+          "unweighted-has-weight",
+          `${label} is unweighted but an item carries weightPct`
+        );
+      if (exp.topWeightPct != null)
+        fail(
+          "unweighted-top-weight",
+          `${label} is unweighted but has topWeightPct`
+        );
+    } else if (exp.items.length > 0) {
+      const sum = exp.items.reduce((s, i) => s + (i.weightPct ?? 0), 0);
+      if (Math.abs(sum - 100) > 0.5)
+        fail(
+          "weight-sum",
+          `${label} weights sum to ${sum.toFixed(2)}, expected ~100`
+        );
+    }
+    if (exp.items.length > 0) {
+      const scores = exp.items.map((i) => i.quality?.riskScore).filter((n) => n != null);
+      if (scores.length > 0 && exp.worstRiskScore != null) {
+        const worst = Math.max(...scores);
+        if (exp.worstRiskScore !== worst)
+          fail(
+            "exposure-worst-score",
+            `${label}.worstRiskScore ${exp.worstRiskScore} != actual worst ${worst}`
+          );
+      }
+    }
+  }
+  const u = sheet.utilization;
+  if (u) {
+    if (u.utilization < 0 || u.utilization > 1)
+      fail("utilization-range", `utilization ${u.utilization} outside 0..1`);
+    if (u.basis !== "market") {
+      if (u.irmTotalDeposits == null || u.irmTotalDebt == null)
+        fail(
+          "irm-basis-totals",
+          `utilization.basis is ${u.basis} but irmTotal* are missing`
+        );
+      else if (u.irmTotalDeposits > 0) {
+        const derived = u.irmTotalDebt / u.irmTotalDeposits;
+        if (Math.abs(derived - u.utilization) > 0.02)
+          fail(
+            "irm-basis-mismatch",
+            `irmTotalDebt/irmTotalDeposits ${derived.toFixed(4)} != utilization ${u.utilization.toFixed(4)}`
+          );
+      }
+    }
+  }
+  const o = sheet.oracle;
+  if (o) {
+    if (o.kind === "none" && o.address)
+      fail("oracle-none-address", "oracle.kind none must not carry an address");
+    if (o.kind === "none" && sheet.borrow && sheet.borrow.liquidation.trigger !== "time")
+      fail(
+        "no-oracle-non-time",
+        `oracle.kind none but liquidation.trigger is ${sheet.borrow.liquidation.trigger}`
+      );
+    if (o.address && o.address !== o.address.toLowerCase())
+      fail("oracle-lowercase", "oracle.address must be lowercased");
+  }
+  const g = sheet.governance;
+  if (g) {
+    if (g.mutability === "immutable") {
+      if (g.timelockSecs)
+        fail(
+          "immutable-timelock",
+          "immutable governance must not carry a timelock"
+        );
+      if (g.powers?.length)
+        fail("immutable-powers", "immutable governance must not carry powers");
+    }
+    if (g.timelockSecs && g.controllerKind && g.controllerKind !== "TIMELOCK")
+      fail(
+        "timelock-without-timelock-root",
+        `timelockSecs set but controllerKind is ${g.controllerKind}`
+      );
+  }
+  for (const side of ["supply", "borrow"]) {
+    const modes = sheet[side]?.modes;
+    if (!modes) continue;
+    if (modes.filter((m) => m.isDefault).length > 1)
+      fail("multiple-defaults", `${side}.modes has more than one isDefault`);
+  }
+  return v;
+}
+function validateTermSheets(sheets) {
+  return sheets.flatMap((s) => validateTermSheet(s));
+}
+
+export { ApiBookSource, DEFAULT_MIDNIGHT_API, DEFAULT_OUTLIER_GUARD, DEFAULT_PROFILE_ID, DEFAULT_STALE_REJECT_SECONDS, DEFAULT_TERMMAX_API, EMPTY_BALANCE, EXACTLY_LENDER_KEY, GMX_API_HOSTS, GMX_READ_CONTRACTS, GMX_SUPPORTED_CHAINS, HYPERCORE_VAULT_REGISTRY, IDLE_MARKET_ID, INTERFACE_IDS, LAGOON_API_URL, LAGOON_CHAIN_IDS, MORPHO_LENS, MULTICALL_FAILURE, MaxParamThresholds, STABLECOIN_SYMBOLS, STCELO_MANAGER_ADDRESS, TELLER_CALLS_PER_BID, TERMMAX_CALLS_PER_ACCOUNT, DECIMAL_BASE as TERMMAX_DECIMAL_BASE, TERMMAX_LIQUIDATION_PENALTY, TERMMAX_LIQUIDATION_WINDOW_SECS, TERMMAX_LIQUIDATOR_BONUS, TERMMAX_PARTIAL_CLOSE_FACTOR, TERMMAX_PARTIAL_LIQUIDATION_THRESHOLD_USD, TERM_ADAPTERS, TERM_PROFILES, TERM_SHEET_SCHEMA_VERSION, TermMaxApiSource, TermSubgraphSource, UPSHIFT_CHAIN_IDS, UPSHIFT_VAULTS_URL, VAULT_SHARE_PRICE_PROBE, VOLATILE_VAULT_OVERRIDES, YEARN_CHAIN_IDS, YEARN_YDAEMON_BASE, __resetResupplyUserCaches, accountDepositListKey, accountWithdrawalListKey, appendSnapshot, applyPositionDelta, attachImplications, attachPricesToFlashLiquidity, borrowDescription, borrowFindings, borrowHeadline, buildExposures2 as buildExposures, buildFluidFTokensCall, buildLiquityUserCall, buildLoopResult, buildMorphoTypeCall, buildMorphoTypeUserCallWithLens, buildPortfolioTotals, buildSumerAccumulators, buildSummaries, buildTellerUserCall, buildTermMaxUserCall, buildTermSheet, buildTermSheetsForGroup, buildVaultLookup, calculateLeverage, calculateNetApr, calculateOverallNetApr, calculateWeightedAverage, classifyFreshness, classifyReliability, classifyVault, collectFeedObservations, computeBorrowDelta2 as computeBorrowDelta, computeCloseTradeDeltas, computeCollateralSwapDeltas, computeDebtSwapDeltas, computeDepositDelta2 as computeDepositDelta, computeEModeAnalysis, computeOpenTradeDeltas, computePostTradeMetrics, computeRepayDelta2 as computeRepayDelta, computeSumerBorrowDelta, computeSumerDepositDelta, computeSumerRepayDelta, computeSumerWaterfall, computeSumerWithdrawDelta, computeVaultApr, computeWithdrawDelta2 as computeWithdrawDelta, computeZapTradeDeltas, consensusReference, convertExactlyMarketsToResponse, convertFrankencoinMarketsToResponse, convertInverseMarketsToResponse, convertLenderUserDataResult, convertLiquityMarketsToResponse, convertLlamaLendMarketsToResponse, convertResupplyMarketsToResponse, convertRiverMarketsToResponse, convertTellerMarketsToResponse, convertTermMarketsToResponse, convertTermMaxMarketsToResponse, convertUsddMarketsToResponse, createMarketUid, createMidnightBookSource, createMulticallRpcCall, createRawRpcCalls, createTermBookSource, createTermMaxDataSource, decodeListaMarkets, decodeMarkets, decodePackedListaUserDataset, decodePackedMorphoUserDataset, deriveBorrowTags, deriveSupplyTags, detectInterfaceKinds, duration, encodeBalanceFetcherCalldata, enrichTermSheet, enrichmentIndexFromRows, exactlyPairLtv, exactlyPenaltyRateToAprPercent, exactlyWadRateToPercent, feePhrase, feedKeyOf, feedStatKey, fetchDolomiteAccountNumbers, fetchEulerEarnVaults, fetchEulerEarnVaultsFromSubgraph, fetchEulerSubAccountIndexes, fetchExactlyMarkets, fetchFlashLiquidityForChain, fetchFluidFTokens, fetchFrankencoinMarkets, fetchGeneralYields, fetchGeneralYieldsByMarketUid, fetchGmxExecutionFees, fetchGmxTickerPrices, fetchGmxVaults, fetchHypercoreVaults, fetchInverseMarkets, fetchLagoonApiVaults, fetchLagoonVaults, fetchLiquityMarkets, fetchListaVaultsFromChain, fetchLlamaLendMarkets, fetchMorphoUserBalances, fetchMorphoUserPositionMarkets, fetchMorphoVaults, fetchMorphoVaultsFromApi, fetchMorphoVaultsFromChain, fetchOraclePrices, fetchPendlePrices, fetchResupplyMarkets, fetchRiverMarkets, fetchSiloVaults, fetchTellerMarkets, fetchTermMarkets, fetchTermMaxMarkets, fetchTokenBalances, fetchTokenMetadata, fetchUpshiftApiVaults, fetchUpshiftVaults, fetchUsddMarkets, fetchYearnApiVaults, fetchYearnVaults, filterActiveLenders, filterLendersByProtocol, finalizeInfo, findingsFor, frankencoinKeyParts, frankencoinLenderKey, fuseLenderData, generateLendingPools, getAavesForChain, getAssetConfig, getBalanceForMarketUid, getBorrowCapacity, getCachedLiquityTroves, getCachedTellerBids, getCachedTermMaxDiscovery, getCachedTermMaxMarket, getCachedTermMaxMarkets, getCoreValidators, getFluidFTokensConverter, getGmxApiHost, getGmxReadContracts, getGmxUserPositions, getHealthFactor, getHypercoreUserPositions, getHypercoreVaultRegistry, getLenderAssets, getLenderPublicData, getLenderPublicDataAll, getLenderPublicDataViaApi, getLenderUserDataMulti, getLenderUserDataResult, getLendersForChain, getLstDelegation, getLstValidators, getLstWithdrawalRegistry, getLstWithdrawalRequests, getMaxAmountClose, getMaxAmountCollateralSwap, getMaxAmountDebtSwap, getMaxAmountOpen, getMergedUserData, getMorphoTypeMarketConverter, getReadFailurePolicy, getResolvedDolomiteAccountNumbers, getStCeloValidatorGroups, getSubAccountAddress, getSubAccountIndex, getTermProfile, getVaultPublicDataAll, getVaultWithdrawalRequests, hasCritical, hasEulerEarnVaultSubgraph, hasLagoonVaults, hasMorphoPositionIndex, hasMorphoUserApi, hasMorphoUserSubgraph, hasUpshiftVaults, hasYearnVaults, inverseKeyParts, inverseLenderKey, isFailedCall, isStablecoinSymbol, isYearnV3, keysFromMaps, lenderApiOnly, lenderFamily, liquityCandidateTroveIds, liquityKeyParts, liquityLenderKey, llamaLendKeyParts, llamaLendLenderKey, mergeDeep, multicall3Abi2 as multicall3Abi, nanTo, needsLenderApproval, needsTokenApproval, noOpResult, normalizeToBytes, parseBalanceFetcherResult, parseMergedResult, parseMulticallRpcResponses, parseRawRpcBatchResponses, parseRawRpcResponses, parseTermMaxLtv, parseTokenBalanceResult, pct, positivePart2 as positivePart, predictInverseEscrow, prepareLenderUserDataRpcCalls, prepareMergedMulticallParams, prepareMergedRpcCalls, prepareMulticallInputs, prepareTokenBalanceRpcCalls, priceGlvVaults, priceGmMarkets, probeAaveFeedTimestamps, pruneFeedStats, rankFindings, readVaultSharePrices, rejectOutliers as rejectPriceOutliers, resolveAdapter, resolveDerivation, resolveStCeloDepositGroup, resupplyKeyParts, resupplyLenderKey, riverKeyParts, riverLenderKey, selectAssetGroupPrices, shortDate, stampVaultClassification, supplyDescription, supplyFindings, supplyHeadline, tellerBpsToPercent, tellerImpliedLtv, tellerLenderKey, tellerPoolFromLenderKey, termLenderKey, termMaxApiBase, borrowNif as termMaxBorrowNif, curveApr as termMaxCurveApr, curveAprNumber as termMaxCurveAprNumber, daysToMaturity as termMaxDaysToMaturity, lendNif as termMaxLendNif, mintGtFeeRatio as termMaxMintGtFeeRatio, ratioToNumber as termMaxRatioToNumber, ratioToPercent as termMaxRatioToPercent, tickToAprNumber, tickToPrice, toDigest, toTermSheetInput, unflattenLenderData, updateFeedStats, usddIlkBytes32, usddKeyParts, usddLenderKey, validateTermSheet, validateTermSheets, validateUserData };
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