@1delta/margin-fetcher 5.0.27 → 5.0.29

package/dist/index.js

@@ -9,7 +9,7 @@ import { Chain } from '@1delta/chain-registry';
 import { multicallRetryUniversal, getEvmClient, getEvmChain, getEvmClientUniversal } from '@1delta/providers';
 import { LiquityTroveManagerAbi, LiquityActivePoolAbi, LiquityStabilityPoolAbi, LiquityPriceFeedAbi, LiquitySortedTrovesAbi, RiverTroveManagerAbi, RiverStabilityPoolAbi, TellerMarketRegistryAbi, TellerV2Abi, InverseMarketAbi, InverseOracleAbi, InverseDbrAbi, Erc20Abi, LlamaLendControllerAbi, LlamaLendControllerV1Abi, LlamaLendControllerV2Abi, LlamaLendVaultAbi, LlamaLendAmmAbi, MetaMorphoAbi, ExactlyPreviewerAbi, ExactlyAuditorAbi, LenderCommitmentGroupAbi, ResupplyRegistryAbi, ResupplyPairAbi, ResupplyUtilitiesAbi, ResupplyRewardHandlerAbi, ResupplyPairEmissionsAbi, ConvexPoolUtilAbi, FraxlendPairAbi, FrankencoinPositionAbi, FluidLendingResolverAbi, FluidVaultResolverAbi, FluidLiquidityResolverAbi, MoolahVaultAbi, UsddVatAbi, UsddJugAbi, UsddSpotAbi, MorphoLensAbi, AaveV4SpokeAbi, AaveV4OracleAbi, AaveV4HubAbi, DolomiteMarginAbi, GearboxMarketCompressorV310Abi, MorphoBlueAbi, MidnightAbi, TermRepoTokenAbi, TermRepoServicerAbi, TermRepoCollateralManagerAbi, LiquityTroveNFTAbi, LiquityCollSurplusPoolAbi, TellerCollateralManagerAbi, TermMaxViewerAbi, InverseEscrowAbi, CurvanceMarketManagerAbi, CurvanceCTokenAbi, GearboxCreditAccountCompressorV310Abi, UsddCdpManagerAbi, UsddProxyRegistryAbi, CurvanceProtocolReaderAbi, CurvanceCentralRegistryAbi, TermPriceConsumerAbi, CurvanceOracleManagerAbi, TermMaxOracleAggregatorV2Abi } from '@1delta/abis';
 export { MorphoLensAbi } from '@1delta/abis';
-import { prepareDebitDataMulticall, prepareLenderDebitMulticall, parseDebitDataResult, parseLenderDebitResult, getPermit2ContractAddress, getCompoundV3CometAddress as getCompoundV3CometAddress$1, getMorphoAddress, getAaveCollateralTokenAddress, getSiloHalfForUnderlying, bandLtvCurve, InitMarginAddresses, getLstAcceptedInputs } from '@1delta/calldata-sdk';
+import { prepareDebitDataMulticall, prepareLenderDebitMulticall, parseDebitDataResult, parseLenderDebitResult, getPermit2ContractAddress, getLstAcceptedInputs, getCompoundV3CometAddress as getCompoundV3CometAddress$1, getMorphoAddress, getAaveCollateralTokenAddress, getSiloHalfForUnderlying, bandLtvCurve, InitMarginAddresses } from '@1delta/calldata-sdk';
 import { proxyNativeFetch } from '@1delta/proxy-fetch';
 import { BALANCER_V2_FORKS, BALANCER_V3_FORKS, UNISWAP_V4_FORKS, isFlashLoanSourceExcluded, FLASH_LOAN_IDS } from '@1delta/dex-registry';
 
@@ -21931,7 +21931,7 @@ async function fetchTellerMarkets(chainId) {
     }
     return null;
   };
-  const num15 = (i) => {
+  const num16 = (i) => {
     const b = big18(i);
     return b === null ? null : Number(b);
   };
@@ -21941,9 +21941,9 @@ async function fetchTellerMarkets(chainId) {
       config,
       available: big18(base),
       committed: big18(base + 1),
-      minRateBps: num15(base + 2),
+      minRateBps: num16(base + 2),
       collateralPerPrincipal: big18(base + 3),
-      maxLoanDuration: num15(base + 4),
+      maxLoanDuration: num16(base + 4),
       marketId: big18(base + 5),
       totalAssets: big18(base + 6)
     };
@@ -22906,20 +22906,20 @@ async function fetchInverseMarkets(lender, chainId) {
     if (Object.keys(byAddr).length > 0) {
       const rows = markets.map((market) => {
         const m = byAddr[market.address.toLowerCase()];
-        const num15 = (v) => typeof v === "number" && Number.isFinite(v) ? v : null;
+        const num16 = (v) => typeof v === "number" && Number.isFinite(v) ? v : null;
         return {
           market,
-          totalDebt: num15(m?.totalDebt),
-          dolaLiquidity: num15(m?.dolaLiquidity),
-          leftToBorrow: num15(m?.leftToBorrow),
-          price: num15(m?.price),
+          totalDebt: num16(m?.totalDebt),
+          dolaLiquidity: num16(m?.dolaLiquidity),
+          leftToBorrow: num16(m?.leftToBorrow),
+          price: num16(m?.price),
           borrowPaused: typeof m?.borrowPaused === "boolean" ? m.borrowPaused : null,
-          dailyBorrows: num15(m?.dailyBorrows),
+          dailyBorrows: num16(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 dec2 = num15(m?.replenishmentIncentive);
+            const dec2 = num16(m?.replenishmentIncentive);
             if (dec2 !== null) return Math.round(dec2 * 1e4);
             const meta = Number(market.replenishmentIncentiveBps);
             return Number.isFinite(meta) ? meta : null;
@@ -64138,8 +64138,9 @@ function marketTags(sheet) {
   if (g) {
     if (g.mutability === "immutable") push(out, "immutable");
     if (g.mutability === "governed") {
+      const contractEnforced = (g.timelockSecs ?? 0) > 0 && g.timelockSource === "on-chain";
       const isTimelockRoot = g.controllerKind === "TIMELOCK";
-      if (!isTimelockRoot) push(out, "no-timelock");
+      if (contractEnforced) ; else if (!isTimelockRoot) push(out, "no-timelock");
       else if (!g.timelockSecs && !g.timelockUnknown) push(out, "no-timelock");
       if (g.controllerKind === "EOA") push(out, "eoa-controlled");
     }
@@ -64915,7 +64916,8 @@ var TERM_PROFILES = [
         "There is NO deposit or redemption before maturity \u2014 you enter and exit by TRADING on an AMM, so both legs move against you with size and need a slippage tolerance.",
         "The quoted liquidity is pool DEPTH, not idle cash waiting to be withdrawn.",
         "The rate is fixed at purchase. Selling early realizes whatever the market pays that block, which can be above or below your entry.",
-        "Buying gives up the underlying\u2019s own floating yield for the term \u2014 that is the trade, not an extra return on top."
+        "Buying gives up the underlying\u2019s own floating yield for the term \u2014 that is the trade, not an extra return on top.",
+        "Redemption is 1:1 in the underlying, so the fixed rate itself carries no credit risk \u2014 but you are paid in that underlying, and whatever risk it carries (a depeg, a failure of the protocol behind it) passes straight through to you."
       ]
     }
   }),
@@ -65561,6 +65563,11 @@ function buildTermSheet(input, opts = {}) {
 var LENDING_VAULT = {
   rateKind: "variable-curve",
   rateSource: "utilization-curve",
+  // Structural, not curated: these vaults can only reach markets that require
+  // collateral. A shortfall is possible (bad debt socializes to depositors, and
+  // `principal.risks` carries that), but the loan book itself is collateralized
+  // by construction — which is a different statement from Maple's or Native's.
+  solvency: "overcollateralized",
   defaultExitMode: "instant-capped",
   priceRisk: "none",
   counterpartyKind: "vault-strategy",
@@ -65600,13 +65607,19 @@ var VAULT_PROVIDER_TRAITS = {
   },
   // The only provider that publishes a real debt accumulator on the row
   // (`totalBorrowed` / `expectedLiquidity`), so utilization is exact here.
+  // Lends to leveraged credit accounts, which post collateral and carry a
+  // health factor — collateralized, like the rest of this class.
   gearbox: { ...LENDING_VAULT, reportsGovernance: false },
   // A thin 4626 wrapper over an Aave v3 supply position: the rate IS the
   // reserve's supply curve. Publishes no liquidity field of its own.
   "aave-earn": {
     ...LENDING_VAULT,
     counterpartyKind: "pool",
-    reportsGovernance: false
+    reportsGovernance: false,
+    // The ONLY provider reporting `fee` as a fraction. Its own type documents
+    // it (`0.1` = 10 %) while morpho / silo / euler-earn / termmax / yearn all
+    // document percent.
+    feeIsFraction: true
   },
   // The VAULT is perpetual and its rate floats with what the curator earns
   // rolling FT positions — it is NOT itself a fixed-term instrument, which
@@ -65631,6 +65644,10 @@ var VAULT_PROVIDER_TRAITS = {
   },
   lst: {
     rateKind: "variable-managed",
+    // A pro-rata claim on real staked capital — fully backed, no borrower.
+    // The residual risk is slashing and the exit queue, both of which the
+    // exit terms and the profile state; neither is a solvency question.
+    solvency: "overcollateralized",
     // Staking rewards are neither a curve nor a governance dial — the rate is
     // reconstructed from the share/asset ratio moving.
     rateSource: "derived",
@@ -65647,6 +65664,15 @@ var VAULT_PROVIDER_TRAITS = {
   // the TermMax FT promise reached by an AMM discount instead of a quote.
   pendle: {
     rateKind: "fixed-term",
+    // A PT redeems 1:1 for the accounting asset at maturity — there is no
+    // borrower, no leverage and no tranching on the Pendle side, so the
+    // fixed-rate promise itself carries no credit risk.
+    //
+    // What it does NOT mean: the SY it redeems into is only as good as the
+    // protocol behind it, and that risk passes straight through to the PT
+    // holder. That is a property of the underlying, stated in the profile's
+    // implications, not a defect in this classification.
+    solvency: "overcollateralized",
     rateSource: "derived",
     rateWindow: { kind: "forward" },
     defaultExitMode: "market-sale",
@@ -65757,12 +65783,15 @@ function windowFromAprWindow(aprWindow) {
 var isNum2 = (v) => typeof v === "number" && Number.isFinite(v);
 var clamp012 = (v) => Math.max(0, Math.min(1, v));
 function buildRate2(input, t, maturity) {
-  const base = input.supplyRate ?? 0;
+  const hasLegs = input.supplyRate != null || input.rewardsRate != null;
+  const base = hasLegs ? input.supplyRate ?? 0 : input.totalRate ?? 0;
   const rewards = input.rewardsRate ?? 0;
-  const total = input.totalRate ?? base + rewards;
+  const total = base + rewards;
   const isNav = input.navOracle != null || input.solvency === "nav-attested";
   const termIsBacked = maturity.kind === "fixed-date";
-  const kind = isNav ? "nav-accrual" : t.rateKind === "fixed-term" && !termIsBacked ? "variable-managed" : t.rateKind;
+  const window = resolveRateWindow(input, t);
+  const measured = window?.kind === "trailing" || input.yieldProfile === "volatile";
+  const kind = isNav ? "nav-accrual" : measured && t.rateKind !== "fixed-term" ? "realized" : t.rateKind === "fixed-term" && !termIsBacked ? "variable-managed" : t.rateKind;
   const source = isNav ? "oracle" : t.rateSource;
   return {
     kind,
@@ -65782,7 +65811,7 @@ function buildRate2(input, t, maturity) {
     source,
     // A PT's discount is fixed at purchase; every other vault floats.
     isLocked: kind === "fixed-term" && termIsBacked,
-    window: resolveRateWindow(input, t)
+    window
   };
 }
 function resolveRateWindow(input, t) {
@@ -65790,7 +65819,9 @@ function resolveRateWindow(input, t) {
   if (input.isForwardApr === false) return { kind: "trailing" };
   const fromAprWindow = windowFromAprWindow(input.aprWindow);
   if (fromAprWindow) return fromAprWindow;
-  return t.rateWindow;
+  if (t.rateWindow) return t.rateWindow;
+  if (input.yieldProfile === "volatile") return { kind: "trailing" };
+  return void 0;
 }
 function buildMaturity2(input, now) {
   const expiry = input.expiry;
@@ -65814,10 +65845,12 @@ function buildFees2(input, t) {
       id: "performance",
       label: "Performance fee",
       when: "performance",
-      // Every provider that reports `fee` reports it as a PERCENT of yield.
       unit: "percent",
       basis: "yield",
-      value: input.fee,
+      // Normalized to PERCENT here, because the providers disagree: `aave-earn`
+      // publishes a fraction and the other five publish percent, so a uniform
+      // read renders a 10 % curator cut as "0.1 %".
+      value: t.feeIsFraction ? input.fee * 100 : input.fee,
       payee: "curator",
       mutable: true,
       description: "Taken from the yield the vault earns, not from your principal. The published rate is already net of it."
@@ -65990,11 +66023,11 @@ function buildCounterparty(input, t) {
   return {
     kind: t.counterpartyKind,
     address: input.address,
-    // Absent curation means we do not know, and the honest default is the
-    // structurally true one for an on-chain lending vault. `coverage` records
-    // which of the two it was, so a consumer can tell an asserted
-    // `overcollateralized` from an assumed one.
-    solvency: input.solvency ?? "overcollateralized",
+    // Three tiers, most specific first: a CURATED per-vault classification, then
+    // the provider's STRUCTURAL answer where one exists, then an assumption.
+    // `coverage` records which tier answered, so a consumer can always tell an
+    // asserted `overcollateralized` from an assumed one.
+    solvency: input.solvency ?? t.solvency ?? "overcollateralized",
     socializedLoss: input.solvency === "tranched-junior" ? true : void 0,
     curator: input.curatorName ?? input.curator
   };
@@ -66032,7 +66065,10 @@ function buildGovernance(input, t) {
     // `0` is REAL on the providers that run no timelock pattern (Lista earn) —
     // it means no notice period, which is exactly what a holder needs told.
     timelockSecs: input.timelock,
-    timelockSource: "metadata",
+    // Read off the VAULT, not inferred from a governance screen — and the vault
+    // enforces the queue itself, which is why this delay stands even though the
+    // controller above is an unscreened curator address.
+    timelockSource: "on-chain",
     powers: ["set-caps", "change-fees", "pause-withdrawals"],
     roles: hasRole ? roles : void 0
   };
@@ -66092,6 +66128,7 @@ function buildCoverage2(sheet, input, t) {
   else if (!t.reportsPerformanceFee)
     pending.fees = "provider-publishes-no-fee-schedule";
   if (input.solvency) present.push("counterparty");
+  else if (t.solvency) present.push("counterparty");
   else pending.counterparty = "solvency-not-curated-default-assumed";
   if (sheet.supply?.exit.liquidity) present.push("exitLiquidity");
   else pending.exitLiquidity = "provider-does-not-publish-liquidity";
@@ -66105,7 +66142,7 @@ function buildVaultTermSheet(input, opts = {}) {
   const now = opts.now ?? Math.floor(Date.now() / 1e3);
   const t = vaultTraits(input.provider) ?? FALLBACK_TRAITS;
   const maturity = buildMaturity2(input, now);
-  const fees = buildFees2(input);
+  const fees = buildFees2(input, t);
   const supply = {
     // A vault share is never collateral IN the vault — it earns, full stop.
     // (It may be collateral somewhere else; that is the other market's sheet.)
@@ -66244,9 +66281,501 @@ function splitUid(uid) {
   if (!venue || !chainId || !ref) return void 0;
   return { venue, chainId, ref };
 }
+var VENUE_KIND_LABELS = {
+  lending: "Lending markets",
+  vault: "Vaults"
+};
+var VENUE_KIND_DESCRIPTIONS = {
+  lending: "Supply into a lending market. Same-block exit, bounded by liquidity.",
+  vault: "Deposit into a yield vault. Exit terms vary per vault."
+};
+var EXIT_MODE_LABELS = {
+  instant: "Instant",
+  "instant-capped": "Instant (capped)",
+  "instant-or-queued": "Instant or queue",
+  "fee-or-queued": "Fee or queue",
+  "fixed-cooldown": "Cooldown",
+  queued: "Queued",
+  "request-based": "Request",
+  "market-sale": "Market sale",
+  "at-maturity": "At maturity",
+  "off-chain": "Off-chain",
+  "dex-only": "DEX only"
+};
+var EXIT_MODE_DESCRIPTIONS = {
+  instant: "Withdraw any time.",
+  "instant-capped": "Withdraw up to the available liquidity.",
+  "instant-or-queued": "Withdraw instantly, or queue for the rest.",
+  "fee-or-queued": "Instant exit for a fee, or queue for free.",
+  "fixed-cooldown": "Request, wait out a cooldown, then claim.",
+  queued: "Withdrawals are queued.",
+  "request-based": "Withdrawals need a request and a later claim.",
+  "market-sale": "Exit by selling the position on a market.",
+  "at-maturity": "Locked until maturity.",
+  "off-chain": "Exit is settled off-chain.",
+  "dex-only": "Exit only by selling on a DEX."
+};
+var ACTION_LABELS = {
+  deposit: "Deposit",
+  withdraw: "Withdraw",
+  "request-withdraw": "Request withdrawal",
+  claim: "Claim",
+  cancel: "Cancel request"
+};
+var GATING_LABELS = {
+  "allowlist-contract": "Permissioned",
+  kyc: "KYC required",
+  "cap-full": "Cap full",
+  paused: "Paused",
+  frozen: "Frozen",
+  "collateral-only": "No yield",
+  matured: "Matured"
+};
+var RATE_KIND_LABELS = {
+  "variable-curve": "Variable (utilization)",
+  "variable-managed": "Variable (managed)",
+  "user-set": "Borrower-set",
+  "fixed-term": "Fixed term",
+  "fixed-open": "Fixed",
+  "zero-interest": "Interest-free",
+  prepaid: "Prepaid",
+  "nav-accrual": "NAV accrual",
+  none: "No rate"
+};
+var RATE_SOURCE_LABELS = {
+  chain: "On-chain",
+  api: "Protocol API",
+  oracle: "Oracle",
+  realized: "Realized"
+};
+var SYNTHETIC_FAMILIES = ["AAVE_V4", "COMPOUND_V3", "SWAYLEND"];
+var FAMILY_KEYS = [
+  .../* @__PURE__ */ new Set([
+    ...Object.values(Lender),
+    ...SYNTHETIC_FAMILIES
+  ])
+].sort((a, b) => a.length - b.length || a.localeCompare(b));
+var BRAND_OVERRIDES = {
+  LISTA_DAO: "Lista",
+  FLUX_FINANCE: "Flux",
+  TERMMAX: "TermMax",
+  LLAMALEND: "LlamaLend",
+  USDD: "USDD",
+  USDAF: "USDaf",
+  DTRINITY: "dTRINITY",
+  DFORCE: "dForce",
+  OVIX: "0VIX",
+  WE_PIGGY: "WePiggy",
+  ZEROLEND: "ZeroLend",
+  HYPERLEND: "HyperLend",
+  HYPURRFI: "HypurrFi",
+  HYPERYIELD: "HyperYield",
+  LAYERBANK_V3: "LayerBank V3",
+  TAKOTAKO: "TakoTako",
+  SWAYLEND: "Swaylend",
+  BENQI: "BENQI",
+  YLDR: "YLDR",
+  YEI: "YEI",
+  RMM: "RMM",
+  PAC: "PAC"
+};
+function titleCaseKey(key3) {
+  return key3.split(/[_-]/).filter(Boolean).map((s) => s.charAt(0).toUpperCase() + s.slice(1).toLowerCase()).join(" ");
+}
+var VAULT_PROVIDER_BRANDS = {
+  fluid: "Fluid",
+  gearbox: "Gearbox",
+  morpho: "Morpho",
+  lista: "Lista",
+  silo: "Silo",
+  "euler-earn": "Euler",
+  termmax: "TermMax",
+  lst: "Liquid staking",
+  savings: "Savings",
+  lagoon: "Lagoon",
+  "aave-earn": "Aave",
+  upshift: "Upshift",
+  yearn: "Yearn",
+  hypercore: "HyperLiquid",
+  gmx: "GMX",
+  pendle: "Pendle"
+};
+function isInstanceSegment(seg) {
+  if (/^\d+$/.test(seg)) return true;
+  if (/^0X[0-9A-F]+$/i.test(seg)) return true;
+  return seg.length >= 8 && /^[0-9A-F]+$/i.test(seg);
+}
+function venueBrandKey(venue) {
+  if (venue.startsWith(VAULT_VENUE_PREFIX)) return venue;
+  const key3 = venue.toUpperCase();
+  for (const family of FAMILY_KEYS) {
+    if (key3 === family || key3.startsWith(family + "_")) return family;
+  }
+  const segments = key3.split("_");
+  const cut = segments.findIndex(isInstanceSegment);
+  return (cut > 0 ? segments.slice(0, cut) : segments).join("_");
+}
+function venueBrand(venue) {
+  if (venue.startsWith(VAULT_VENUE_PREFIX)) {
+    const provider = venue.slice(VAULT_VENUE_PREFIX.length);
+    return VAULT_PROVIDER_BRANDS[provider] ?? titleCaseKey(provider);
+  }
+  const family = venueBrandKey(venue);
+  return BRAND_OVERRIDES[family] ?? titleCaseKey(family);
+}
+var EARN_LABELS = {
+  venueKind: VENUE_KIND_LABELS,
+  exitMode: EXIT_MODE_LABELS,
+  action: ACTION_LABELS,
+  gating: GATING_LABELS,
+  rateKind: RATE_KIND_LABELS,
+  rateSource: RATE_SOURCE_LABELS
+};
+var EARN_DESCRIPTIONS = {
+  venueKind: VENUE_KIND_DESCRIPTIONS,
+  exitMode: EXIT_MODE_DESCRIPTIONS
+};
+function earnLabel(dimension, key3) {
+  return EARN_LABELS[dimension][key3] ?? key3;
+}
+function earnDescription(dimension, key3) {
+  return EARN_DESCRIPTIONS[dimension][key3];
+}
+function earnMarketLabel(input) {
+  const asset = input.assetSymbol?.trim();
+  if (!asset) return input.fallbackName ?? "";
+  const collaterals = (input.collateralSymbols ?? []).map((c) => c?.trim()).filter((c) => !!c);
+  const distinct = [...new Set(collaterals)];
+  if (distinct.length === 1) return `${asset} \xB7 vs ${distinct[0]}`;
+  return asset;
+}
+var SAME_BLOCK_EXIT_MODES = /* @__PURE__ */ new Set([
+  "instant",
+  "instant-capped"
+]);
+function isIlliquid(input) {
+  if (!input.exitMode || !SAME_BLOCK_EXIT_MODES.has(input.exitMode))
+    return false;
+  if (!input.tvlUsd || input.tvlUsd <= 0) return false;
+  if (input.liquidityUsd === void 0) return false;
+  return input.liquidityUsd <= 0;
+}
+var CATEGORY_PROVIDERS = /* @__PURE__ */ new Set(["savings", "lst"]);
+function resolveEarnIdentity(venue, brand) {
+  const isVault = venue.startsWith(VAULT_VENUE_PREFIX);
+  const provider = isVault ? venue.slice(VAULT_VENUE_PREFIX.length) : venue;
+  const providerBrand = venueBrand(venue);
+  const key3 = venueBrandKey(venue);
+  if (isVault && CATEGORY_PROVIDERS.has(provider)) {
+    return { protocol: { key: key3, name: brand?.trim() || providerBrand } };
+  }
+  const name = brand?.trim();
+  if (!name || name.toLowerCase() === providerBrand.toLowerCase()) {
+    return { protocol: { key: key3, name: providerBrand } };
+  }
+  return { protocol: { key: key3, name: providerBrand }, curator: { name } };
+}
+
+// src/earn/normalize.ts
+function num12(v) {
+  if (v == null || v === "") return void 0;
+  const n = typeof v === "number" ? v : Number(v);
+  return Number.isFinite(n) ? n : void 0;
+}
+function str5(v) {
+  if (typeof v === "string") return v.length > 0 ? v : void 0;
+  if (typeof v === "number" && Number.isFinite(v)) return String(v);
+  return void 0;
+}
+function addr2(v) {
+  return str5(v)?.toLowerCase();
+}
+function yieldProfile(v) {
+  return v === "yield-bearing" || v === "volatile" ? v : void 0;
+}
+function denomination(v) {
+  return v === "stable" || v === "volatile" ? v : void 0;
+}
+function usdValue(formatted, priceUsd) {
+  if (formatted === void 0 || priceUsd === void 0) return void 0;
+  const v = formatted * priceUsd;
+  return Number.isFinite(v) ? v : void 0;
+}
+function formatRaw(raw, decimals) {
+  if (raw == null || raw === "") return void 0;
+  let value;
+  try {
+    value = BigInt(raw);
+  } catch {
+    return void 0;
+  }
+  if (decimals <= 0) return Number(value);
+  const base = 10n ** BigInt(decimals);
+  const whole = value / base;
+  const frac = value % base;
+  const n = Number(whole) + Number(frac) / Number(base);
+  return Number.isFinite(n) ? n : void 0;
+}
+
+// src/earn/fromVault.ts
+var FRACTION_RATE_PROVIDERS = /* @__PURE__ */ new Set();
+var SDK_FRACTION_RATE_PROVIDERS = /* @__PURE__ */ new Set([
+  "hypercore",
+  "gmx"
+]);
+var RATE_SOURCE = {
+  morpho: "api",
+  silo: "api",
+  lagoon: "api",
+  hypercore: "api",
+  gmx: "api",
+  upshift: "api",
+  yearn: "api",
+  "aave-earn": "api",
+  pendle: "api",
+  lista: "chain",
+  fluid: "chain",
+  gearbox: "chain",
+  "euler-earn": "chain",
+  termmax: "chain",
+  lst: "chain",
+  savings: "chain"
+};
+var RATE_KIND = {
+  morpho: "variable-curve",
+  lista: "variable-curve",
+  silo: "variable-curve",
+  "euler-earn": "variable-curve",
+  fluid: "variable-curve",
+  gearbox: "variable-curve",
+  "aave-earn": "variable-curve",
+  // The TermMax VAULT is a perpetual curated 4626 whose curator rolls
+  // fixed-term FT positions — the vault itself has no maturity and no locked
+  // rate. `fixed-term` here claimed both, producing a "fixed" rate with no date
+  // attached to it. The LENDER `TERMMAX_*` is fixed-term; this is not.
+  termmax: "variable-managed",
+  // A PT's implied APY is locked in at purchase and realized only by holding
+  // to maturity — the same promise TermMax's FT makes, reached by a different
+  // mechanism (an AMM discount rather than a quoted curve).
+  pendle: "fixed-term",
+  savings: "variable-managed",
+  lst: "variable-managed",
+  lagoon: "variable-managed",
+  upshift: "variable-managed",
+  yearn: "variable-managed",
+  hypercore: "realized",
+  gmx: "realized"
+};
+function resolveExitMode2(provider, meta, tvl, liq) {
+  const declared = str5(meta.withdrawalMode);
+  if (declared) return declared;
+  const fallback = vaultTraits(provider)?.defaultExitMode ?? "instant";
+  if (fallback !== "instant-capped") return fallback;
+  const total = num12(tvl?.totalAssetsFormatted) ?? num12(tvl?.totalAssetsUsd);
+  const available = num12(liq?.liquidityFormatted) ?? num12(liq?.liquidityUsd);
+  if (total === void 0 || available === void 0) return "instant-capped";
+  if (total <= 0) return "instant";
+  return available >= total ? "instant" : "instant-capped";
+}
+function earnMarketFromVault(row, chainId, opts = {}) {
+  const provider = str5(row.provider);
+  const address = str5(row.vaultAddress)?.toLowerCase();
+  const underlying = str5(row.underlying)?.toLowerCase();
+  if (!provider || !address || !underlying) return void 0;
+  const meta = row.providerMeta ?? {};
+  const info = row.vaultInfo ?? {};
+  const rates = row.rates ?? {};
+  const tvl = row.tvl ?? {};
+  const liq = row.liquidity ?? {};
+  const shareDecimals = num12(row.decimals) ?? 18;
+  const assetDecimals = num12(row.assetDecimals) ?? num12(row.underlyingInfo?.asset?.decimals) ?? shareDecimals;
+  const toPercent2 = (v) => ratePercent(v, provider, opts.fractionRateProviders);
+  const rewards = toPercent2(rates.rewardsRate);
+  const deposit = toPercent2(rates.depositRate);
+  const base = toPercent2(rates.supplyRate) ?? (deposit !== void 0 && rewards !== void 0 ? deposit - rewards : deposit);
+  const total = toPercent2(rates.totalRate) ?? deposit ?? sum(base, rewards) ?? 0;
+  const rate = {
+    total,
+    base,
+    rewards,
+    // A vault has no separate intrinsic leg — whatever it pays IS the venue's
+    // own yield. Leaving this undefined rendered an empty "Venue APR" on every
+    // vault row, which read as "this vault pays nothing".
+    marketOwn: total,
+    // ...and for the same reason it can never be pass-through.
+    passthrough: false,
+    kind: resolveRateKind(provider, meta),
+    source: RATE_SOURCE[provider] ?? "api",
+    // The curator's cut. Dropped entirely until now, which left the earn row
+    // unable to say why its net rate sits below the gross one — and left the
+    // term sheet built from this row with no fee schedule at all.
+    fee: toPercent2(rates.fee)
+  };
+  const maturity = resolveMaturity(meta);
+  const availability = resolveAvailability(meta, maturity);
+  const exitMode = resolveExitMode2(provider, meta, tvl, liq);
+  const market = {
+    earnUid: buildVaultEarnUid(provider, chainId, address),
+    chainId,
+    venue: vaultVenue(provider),
+    venueKind: "vault",
+    // Curator first (it names the actual operator), then the provider brand.
+    brand: str5(row.curatorName) ?? venueBrand(vaultVenue(provider)),
+    // What the vault is BUILT ON, kept apart from who runs it — see
+    // `resolveEarnIdentity` for why this is not simply provider-vs-brand.
+    ...withCuratorEntity(
+      resolveEarnIdentity(
+        vaultVenue(provider),
+        str5(row.curatorName)
+      ),
+      str5(row.curatorEntity)
+    ),
+    name: str5(info.name) ?? str5(row.displayName) ?? str5(row.name),
+    ref: address,
+    logoURI: str5(info.logoURI) ?? str5(row.underlyingInfo?.asset?.logoURI),
+    asset: {
+      address: underlying,
+      symbol: str5(row.underlyingInfo?.asset?.symbol) ?? "",
+      decimals: assetDecimals,
+      assetGroup: str5(info.assetGroup),
+      priceUsd: num12(row.underlyingInfo?.prices?.priceUsd)
+    },
+    // The vault IS a share token by construction; carry it so a withdraw in
+    // share units can be built without a second lookup.
+    shareToken: {
+      address,
+      symbol: str5(info.symbol) ?? str5(row.symbol) ?? "",
+      decimals: shareDecimals
+    },
+    rate,
+    // The vault origin reports RAW base units + a pre-formatted convenience
+    // field. Carry both; fall back to formatting the raw amount ourselves so
+    // `formatted` — the field consumers sort on — is never silently absent.
+    tvl: amount(
+      tvl.totalAssets,
+      tvl.totalAssetsFormatted,
+      tvl.totalAssetsUsd,
+      assetDecimals
+    ),
+    liquidity: liq.liquidity != null || liq.liquidityUsd != null ? amount(
+      liq.liquidity,
+      liq.liquidityFormatted,
+      liq.liquidityUsd,
+      assetDecimals
+    ) : void 0,
+    depositCapacity: str5(meta.depositCapacity) ?? str5(meta.maxDeposit),
+    maturity,
+    exit: {
+      mode: exitMode,
+      settlement: str5(meta.redemptionType),
+      cooldownSecs: num12(meta.withdrawalCooldownSeconds),
+      feeBps: num12(meta.withdrawFeeBps)
+    },
+    availability,
+    risk: {
+      yieldProfile: yieldProfile(info.yieldProfile),
+      denomination: denomination(info.denomination),
+      // The curated trust classification, where one exists. Typed on `EarnRisk`
+      // since the surface was written and never populated — a tranche's
+      // first-loss position is the term most worth surfacing on a rate list.
+      counterparty: str5(meta.solvency),
+      score: num12(row.rating?.score),
+      label: str5(row.rating?.level),
+      illiquid: isIlliquid({
+        exitMode,
+        tvlUsd: num12(tvl.totalAssetsUsd),
+        liquidityUsd: num12(liq.liquidityUsd)
+      })
+    },
+    // Filled by `capabilities.ts` — kept required on the type so a normalizer
+    // that forgets to stamp them is a compile error, not an empty CTA.
+    capabilities: [],
+    providerMeta: row.providerMeta
+  };
+  return market;
+}
+function ratePercent(value, provider, fractionProviders = FRACTION_RATE_PROVIDERS) {
+  const n = num12(value);
+  if (n === void 0) return void 0;
+  return fractionProviders.has(provider) ? n * 100 : n;
+}
+function implausibleRatePercent(percent) {
+  return !Number.isFinite(percent) || percent < 0 || percent > 1e4;
+}
+function resolveRateKind(provider, meta) {
+  if (meta.navOracle || meta.solvency === "nav-attested") return "nav-accrual";
+  return RATE_KIND[provider] ?? "variable-managed";
+}
+function resolveAvailability(meta, maturity) {
+  const isMintable = meta.isMintable;
+  const capacity = str5(meta.depositCapacity) ?? str5(meta.maxDeposit);
+  const capFull = capacity === "0";
+  let gating;
+  let reason;
+  if (isMatured(maturity)) {
+    gating = "matured";
+    reason = "This market has reached maturity";
+  } else if (isMintable === false) {
+    gating = "allowlist-contract";
+    reason = "Deposits are permissioned for this vault";
+  } else if (capFull) {
+    gating = "cap-full";
+    reason = "Deposit cap is full";
+  } else if (meta.paused === true) {
+    gating = "paused";
+    reason = "Vault is paused";
+  }
+  return {
+    canDeposit: gating === void 0,
+    // Exits stay open under a deposit cap, a mint allowlist or a maturity —
+    // every wind-down we have integrated (Lista, dTRINITY/Sonic) keeps the
+    // door open outward, and a matured bond is precisely the case where the
+    // holder still needs out. An explicit pause is the one thing that shuts
+    // both.
+    canWithdraw: meta.paused !== true,
+    gating,
+    reason
+  };
+}
+function resolveMaturity(meta) {
+  const expiry = num12(meta.expiry) ?? num12(meta.maturity);
+  if (expiry === void 0 || expiry <= 0) return void 0;
+  const nowSecs = Math.floor(Date.now() / 1e3);
+  return {
+    kind: "fixed-date",
+    maturity: expiry,
+    maturityIso: str5(meta.expiryIso) ?? new Date(expiry * 1e3).toISOString(),
+    // A SNAPSHOT — a cached listing ages, so a countdown must be recomputed
+    // from `maturity` rather than ticked down from this.
+    secondsToMaturity: Math.max(expiry - nowSecs, 0),
+    // A PT simply stops earning: it redeems for the underlying at par and
+    // sits there. No penalty, no liquidation, no auto-roll.
+    atMaturity: str5(meta.atMaturity) ?? "stops-earning"
+  };
+}
+function isMatured(maturity) {
+  if (!maturity?.maturity) return false;
+  return maturity.maturity <= Math.floor(Date.now() / 1e3);
+}
+function amount(raw, formatted, usd, decimals) {
+  const rawStr = raw != null ? String(raw) : void 0;
+  return {
+    raw: rawStr,
+    formatted: num12(formatted) ?? formatRaw(rawStr, decimals),
+    usd: num12(usd)
+  };
+}
+function withCuratorEntity(id, entity) {
+  if (!id.curator || !entity) return id;
+  return { ...id, curator: { ...id.curator, entity } };
+}
+function sum(a, b) {
+  if (a === void 0 && b === void 0) return void 0;
+  return (a ?? 0) + (b ?? 0);
+}
 
 // src/terms/vault/input.ts
-var num12 = (v) => {
+var num13 = (v) => {
   if (typeof v === "number") return Number.isFinite(v) ? v : void 0;
   if (typeof v === "string" && v.trim() !== "") {
     const n = Number(v);
@@ -66254,7 +66783,7 @@ var num12 = (v) => {
   }
   return void 0;
 };
-var str5 = (v) => typeof v === "string" && v.trim() !== "" ? v : void 0;
+var str6 = (v) => typeof v === "string" && v.trim() !== "" ? v : void 0;
 var bool2 = (v) => typeof v === "boolean" ? v : void 0;
 var fromRaw = (raw, decimals) => {
   const s = raw == null ? void 0 : String(raw);
@@ -66262,69 +66791,86 @@ var fromRaw = (raw, decimals) => {
   const n = Number(s) / 10 ** decimals;
   return Number.isFinite(n) ? n : void 0;
 };
+function sdkRates(row, provider) {
+  if (!SDK_FRACTION_RATE_PROVIDERS.has(provider)) {
+    return {
+      supplyRate: num13(row.supplyRate),
+      rewardsRate: num13(row.rewardsRate),
+      totalRate: num13(row.depositRate)
+    };
+  }
+  const pct2 = (v) => {
+    const n = num13(v);
+    return n === void 0 ? void 0 : n * 100;
+  };
+  return {
+    // GMX splits fee APY from incentive APR; HyperCore reports one number.
+    supplyRate: pct2(row.baseApy ?? row.apr),
+    rewardsRate: pct2(row.bonusApr),
+    totalRate: pct2(row.apy ?? row.apr)
+  };
+}
 function toVaultTermInput(vault, provider, chainId) {
   const row = vault;
-  const address = str5(row.address)?.toLowerCase();
+  const address = str6(row.address)?.toLowerCase();
   if (!address) return void 0;
-  const assetDecimals = num12(row.assetDecimals) ?? num12(row.decimals);
+  const assetDecimals = num13(row.assetDecimals) ?? num13(row.decimals);
   const asset = row.asset;
   return {
     provider,
     chainId,
     address,
     vaultUid: `vault.${provider}:${chainId}:${address}`,
-    name: str5(row.displayName) ?? str5(row.name),
-    brand: str5(row.brand),
-    curatorName: str5(row.curatorName),
-    description: str5(row.description),
+    name: str6(row.displayName) ?? str6(row.name),
+    brand: str6(row.brand),
+    curatorName: str6(row.curatorName),
+    description: str6(row.description),
     asset: {
       chainId,
-      address: str5(row.underlying)?.toLowerCase() ?? "",
-      symbol: str5(asset?.symbol),
-      name: str5(asset?.name),
+      address: str6(row.underlying)?.toLowerCase() ?? "",
+      symbol: str6(asset?.symbol),
+      name: str6(asset?.name),
       decimals: assetDecimals,
-      assetGroup: str5(asset?.assetGroup),
-      logoURI: str5(asset?.logoURI)
+      assetGroup: str6(asset?.assetGroup),
+      logoURI: str6(asset?.logoURI)
     },
-    supplyRate: num12(row.supplyRate),
-    rewardsRate: num12(row.rewardsRate),
-    totalRate: num12(row.depositRate),
+    ...sdkRates(row, provider),
     isForwardApr: bool2(row.isForwardApr),
-    aprWindow: str5(row.aprWindow),
+    aprWindow: str6(row.aprWindow),
     // GMX / HyperCore / Pendle report USD only and set the token-denominated
     // fields to their USD figure — `totalAssetsFormatted` is the cross-provider
     // magnitude either way, so prefer it over re-deriving from raw.
-    totalAssets: num12(row.totalAssetsFormatted) ?? fromRaw(row.totalAssets, assetDecimals),
-    totalAssetsUsd: num12(row.totalAssetsUsd) ?? num12(row.tvlUsd),
-    liquidity: num12(row.liquidityFormatted) ?? fromRaw(row.liquidity, assetDecimals),
-    liquidityUsd: num12(row.liquidityUsd),
-    instantLiquidityRatio: num12(row.instantLiquidityRatio),
+    totalAssets: num13(row.totalAssetsFormatted) ?? fromRaw(row.totalAssets, assetDecimals),
+    totalAssetsUsd: num13(row.totalAssetsUsd) ?? num13(row.tvlUsd),
+    liquidity: num13(row.liquidityFormatted) ?? fromRaw(row.liquidity, assetDecimals),
+    liquidityUsd: num13(row.liquidityUsd),
+    instantLiquidityRatio: num13(row.instantLiquidityRatio),
     totalBorrowed: fromRaw(row.totalBorrowed, assetDecimals),
     expectedLiquidity: fromRaw(row.expectedLiquidity, assetDecimals),
-    withdrawalMode: str5(row.withdrawalMode),
-    withdrawalCooldownSeconds: num12(row.withdrawalCooldownSeconds),
-    withdrawFeeBps: num12(row.withdrawFeeBps),
-    fee: num12(row.fee),
-    swapFeeRate: num12(row.feeRate),
-    redemptionDiscountBps: num12(row.redemptionDiscountBps),
+    withdrawalMode: str6(row.withdrawalMode),
+    withdrawalCooldownSeconds: num13(row.withdrawalCooldownSeconds),
+    withdrawFeeBps: num13(row.withdrawFeeBps),
+    fee: num13(row.fee),
+    swapFeeRate: num13(row.feeRate),
+    redemptionDiscountBps: num13(row.redemptionDiscountBps),
     instantRedeemEnabled: bool2(row.instantRedeemEnabled),
     isMintable: bool2(row.isMintable),
-    depositCapacity: str5(row.depositCapacity),
-    supplyCap: str5(row.supplyCap),
+    depositCapacity: str6(row.depositCapacity),
+    supplyCap: str6(row.supplyCap),
     paused: bool2(row.isPaused),
     depositsPaused: bool2(row.isDepositPaused),
     withdrawalsPaused: bool2(row.isWithdrawalPaused),
     isClosed: bool2(row.isClosed),
     whitelisted: bool2(row.whitelisted),
-    expiry: num12(row.expiry),
-    timelock: num12(row.timelock),
-    owner: str5(row.owner),
-    curator: str5(row.curator),
-    guardian: str5(row.guardian),
-    feeRecipient: str5(row.feeRecipient),
-    solvency: str5(row.solvency),
-    navOracle: str5(row.navOracle),
-    yieldProfile: str5(row.yieldProfile),
+    expiry: num13(row.expiry),
+    timelock: num13(row.timelock),
+    owner: str6(row.owner),
+    curator: str6(row.curator),
+    guardian: str6(row.guardian),
+    feeRecipient: str6(row.feeRecipient),
+    solvency: str6(row.solvency),
+    navOracle: str6(row.navOracle),
+    yieldProfile: str6(row.yieldProfile),
     exposures: Array.isArray(row.exposures) ? row.exposures : void 0
   };
 }
@@ -66341,7 +66887,7 @@ function vaultTermInputFromEarnMarket(m) {
     name: m.name,
     brand: m.brand,
     curatorName: m.brand,
-    description: str5(meta.description),
+    description: str6(meta.description),
     asset: {
       chainId: m.chainId,
       address: m.asset.address,
@@ -66354,46 +66900,56 @@ function vaultTermInputFromEarnMarket(m) {
     rewardsRate: m.rate.rewards,
     totalRate: m.rate.total,
     isForwardApr: bool2(meta.isForwardApr),
-    aprWindow: str5(meta.aprWindow),
+    aprWindow: str6(meta.aprWindow),
     totalAssets: m.tvl.formatted,
     totalAssetsUsd: m.tvl.usd,
     liquidity: m.liquidity?.formatted,
     liquidityUsd: m.liquidity?.usd,
-    instantLiquidityRatio: num12(meta.instantLiquidityRatio),
-    totalBorrowed: num12(meta.totalBorrowed),
-    expectedLiquidity: num12(meta.expectedLiquidity),
+    instantLiquidityRatio: num13(meta.instantLiquidityRatio),
+    totalBorrowed: num13(meta.totalBorrowed),
+    expectedLiquidity: num13(meta.expectedLiquidity),
     withdrawalMode: m.exit.mode,
     withdrawalCooldownSeconds: m.exit.cooldownSecs,
     withdrawFeeBps: m.exit.feeBps,
     fee: m.rate.fee,
-    swapFeeRate: num12(meta.feeRate),
-    redemptionDiscountBps: num12(meta.redemptionDiscountBps),
+    swapFeeRate: num13(meta.feeRate),
+    redemptionDiscountBps: num13(meta.redemptionDiscountBps),
     instantRedeemEnabled: bool2(meta.instantRedeemEnabled),
     // `canDeposit` already folds in the cap, the pause and the gate, so it is
     // the authoritative answer — but the REASON is what a disabled CTA renders,
     // and that only survives in the raw fields.
     isMintable: m.availability.canDeposit ? void 0 : false,
     depositCapacity: m.depositCapacity,
-    supplyCap: str5(meta.supplyCap),
+    supplyCap: str6(meta.supplyCap),
     paused: m.availability.gating === "paused" ? true : void 0,
     withdrawalsPaused: m.availability.canWithdraw ? void 0 : true,
     isClosed: bool2(meta.isClosed),
     whitelisted: bool2(meta.whitelisted),
     expiry: m.maturity?.maturity,
-    timelock: num12(meta.timelock),
-    owner: str5(meta.owner),
-    curator: str5(meta.curator),
-    guardian: str5(meta.guardian),
-    feeRecipient: str5(meta.feeRecipient),
+    timelock: num13(meta.timelock),
+    owner: str6(meta.owner),
+    curator: str6(meta.curator),
+    guardian: str6(meta.guardian),
+    feeRecipient: str6(meta.feeRecipient),
     solvency: m.risk?.counterparty,
-    navOracle: str5(meta.navOracle),
+    navOracle: str6(meta.navOracle),
     yieldProfile: m.risk?.yieldProfile,
     exposures: m.refs?.exposures
   };
 }
+function originRates(rates) {
+  const supply = num13(rates.supplyRate);
+  const rewards = num13(rates.rewardsRate);
+  const deposit = num13(rates.depositRate);
+  return {
+    supplyRate: supply ?? (deposit !== void 0 && rewards !== void 0 ? deposit - rewards : deposit),
+    rewardsRate: rewards,
+    totalRate: num13(rates.totalRate) ?? deposit
+  };
+}
 function vaultTermInputFromSourceRow(row, chainId) {
-  const provider = str5(row.provider);
-  const address = str5(row.vaultAddress)?.toLowerCase();
+  const provider = str6(row.provider);
+  const address = str6(row.vaultAddress)?.toLowerCase();
   if (!provider || !address) return void 0;
   const meta = row.providerMeta ?? {};
   const rates = row.rates ?? {};
@@ -66401,60 +66957,58 @@ function vaultTermInputFromSourceRow(row, chainId) {
   const liq = row.liquidity ?? {};
   const info = row.vaultInfo ?? {};
   const assetInfo = row.underlyingInfo?.asset;
-  const assetDecimals = num12(row.assetDecimals) ?? num12(assetInfo?.decimals) ?? num12(row.decimals);
+  const assetDecimals = num13(row.assetDecimals) ?? num13(assetInfo?.decimals) ?? num13(row.decimals);
   return {
     provider,
     chainId,
     address,
     vaultUid: `vault.${provider}:${chainId}:${address}`,
-    name: str5(info.name) ?? str5(row.displayName) ?? str5(row.name),
-    brand: str5(row.curatorName) ?? str5(meta.brand),
-    curatorName: str5(row.curatorName),
-    description: str5(meta.description),
+    name: str6(info.name) ?? str6(row.displayName) ?? str6(row.name),
+    brand: str6(row.curatorName) ?? str6(meta.brand),
+    curatorName: str6(row.curatorName),
+    description: str6(meta.description),
     asset: {
       chainId,
-      address: str5(row.underlying)?.toLowerCase() ?? "",
-      symbol: str5(assetInfo?.symbol),
+      address: str6(row.underlying)?.toLowerCase() ?? "",
+      symbol: str6(assetInfo?.symbol),
       decimals: assetDecimals,
-      assetGroup: str5(info.assetGroup),
-      logoURI: str5(assetInfo?.logoURI)
+      assetGroup: str6(info.assetGroup),
+      logoURI: str6(assetInfo?.logoURI)
     },
-    supplyRate: num12(rates.depositRate) ?? num12(rates.supplyRate),
-    rewardsRate: num12(rates.rewardsRate),
-    totalRate: num12(rates.totalRate),
+    ...originRates(rates),
     isForwardApr: bool2(meta.isForwardApr),
-    aprWindow: str5(meta.aprWindow),
-    totalAssets: num12(tvl.totalAssetsFormatted) ?? fromRaw(tvl.totalAssets, assetDecimals),
-    totalAssetsUsd: num12(tvl.totalAssetsUsd),
-    liquidity: num12(liq.liquidityFormatted) ?? fromRaw(liq.liquidity, assetDecimals),
-    liquidityUsd: num12(liq.liquidityUsd),
-    instantLiquidityRatio: num12(meta.instantLiquidityRatio),
+    aprWindow: str6(meta.aprWindow),
+    totalAssets: num13(tvl.totalAssetsFormatted) ?? fromRaw(tvl.totalAssets, assetDecimals),
+    totalAssetsUsd: num13(tvl.totalAssetsUsd),
+    liquidity: num13(liq.liquidityFormatted) ?? fromRaw(liq.liquidity, assetDecimals),
+    liquidityUsd: num13(liq.liquidityUsd),
+    instantLiquidityRatio: num13(meta.instantLiquidityRatio),
     totalBorrowed: fromRaw(meta.totalBorrowed, assetDecimals),
     expectedLiquidity: fromRaw(meta.expectedLiquidity, assetDecimals),
-    withdrawalMode: str5(meta.withdrawalMode),
-    withdrawalCooldownSeconds: num12(meta.withdrawalCooldownSeconds),
-    withdrawFeeBps: num12(meta.withdrawFeeBps),
-    fee: num12(rates.fee),
-    swapFeeRate: num12(meta.feeRate),
-    redemptionDiscountBps: num12(meta.redemptionDiscountBps),
+    withdrawalMode: str6(meta.withdrawalMode),
+    withdrawalCooldownSeconds: num13(meta.withdrawalCooldownSeconds),
+    withdrawFeeBps: num13(meta.withdrawFeeBps),
+    fee: num13(rates.fee),
+    swapFeeRate: num13(meta.feeRate),
+    redemptionDiscountBps: num13(meta.redemptionDiscountBps),
     instantRedeemEnabled: bool2(meta.instantRedeemEnabled),
     isMintable: bool2(meta.isMintable),
-    depositCapacity: str5(meta.depositCapacity) ?? str5(meta.maxDeposit),
-    supplyCap: str5(meta.supplyCap),
+    depositCapacity: str6(meta.depositCapacity) ?? str6(meta.maxDeposit),
+    supplyCap: str6(meta.supplyCap),
     paused: bool2(meta.paused) ?? bool2(meta.isPaused),
     depositsPaused: bool2(meta.isDepositPaused),
     withdrawalsPaused: bool2(meta.isWithdrawalPaused),
     isClosed: bool2(meta.isClosed),
     whitelisted: bool2(meta.whitelisted),
-    expiry: num12(meta.expiry) ?? num12(meta.maturity),
-    timelock: num12(meta.timelock),
-    owner: str5(meta.owner),
-    curator: str5(meta.curator),
-    guardian: str5(meta.guardian),
-    feeRecipient: str5(meta.feeRecipient),
-    solvency: str5(meta.solvency),
-    navOracle: str5(meta.navOracle),
-    yieldProfile: str5(info.yieldProfile),
+    expiry: num13(meta.expiry) ?? num13(meta.maturity),
+    timelock: num13(meta.timelock),
+    owner: str6(meta.owner),
+    curator: str6(meta.curator),
+    guardian: str6(meta.guardian),
+    feeRecipient: str6(meta.feeRecipient),
+    solvency: str6(meta.solvency),
+    navOracle: str6(meta.navOracle),
+    yieldProfile: str6(info.yieldProfile),
     exposures: Array.isArray(row.exposures) ? row.exposures : Array.isArray(meta.exposures) ? meta.exposures : void 0
   };
 }
@@ -67252,7 +67806,7 @@ async function fetchTokenBalances(chainId, account, tokens, options = {}) {
 }
 
 // src/terms/input.ts
-var num13 = (v) => {
+var num14 = (v) => {
   if (v == null) return void 0;
   const n = typeof v === "string" ? Number(v) : v;
   return Number.isFinite(n) ? n : void 0;
@@ -67283,12 +67837,12 @@ function toTermSheetInput(row, ctx = {}) {
       {
         category: v?.category ?? k,
         label: v?.label,
-        borrowCollateralFactor: num13(v?.borrowCollateralFactor),
-        collateralFactor: num13(v?.collateralFactor),
-        borrowFactor: num13(v?.borrowFactor),
-        liquidationPenalty: num13(v?.liquidationPenalty),
-        closeFactor: num13(v?.closeFactor),
-        targetHealthFactor: num13(v?.targetHealthFactor),
+        borrowCollateralFactor: num14(v?.borrowCollateralFactor),
+        collateralFactor: num14(v?.collateralFactor),
+        borrowFactor: num14(v?.borrowFactor),
+        liquidationPenalty: num14(v?.liquidationPenalty),
+        closeFactor: num14(v?.closeFactor),
+        targetHealthFactor: num14(v?.targetHealthFactor),
         collateralDisabled: v?.collateralDisabled === true,
         debtDisabled: v?.debtDisabled === true
       }
@@ -67296,11 +67850,11 @@ function toTermSheetInput(row, ctx = {}) {
   ) : void 0;
   const rewards = pick2(row, "rewards")?.map((r) => ({
     asset: r?.asset,
-    depositRate: num13(r?.depositRate),
-    variableBorrowRate: num13(r?.variableBorrowRate),
-    stableBorrowRate: num13(r?.stableBorrowRate),
+    depositRate: num14(r?.depositRate),
+    variableBorrowRate: num14(r?.variableBorrowRate),
+    stableBorrowRate: num14(r?.stableBorrowRate),
     kind: r?.kind,
-    endsAt: num13(r?.endsAt),
+    endsAt: num14(r?.endsAt),
     claim: r?.claim
   }));
   return {
@@ -67313,29 +67867,29 @@ function toTermSheetInput(row, ctx = {}) {
       "underlyingInfo.asset"
     ),
     underlying: pick2(row, "underlying"),
-    decimals: num13(pick2(row, "decimals")),
-    depositRate: num13(pick2(row, "depositRate")),
-    variableBorrowRate: num13(pick2(row, "variableBorrowRate")),
-    stableBorrowRate: num13(pick2(row, "stableBorrowRate")),
-    intrinsicYield: num13(pick2(row, "intrinsicYield")),
+    decimals: num14(pick2(row, "decimals")),
+    depositRate: num14(pick2(row, "depositRate")),
+    variableBorrowRate: num14(pick2(row, "variableBorrowRate")),
+    stableBorrowRate: num14(pick2(row, "stableBorrowRate")),
+    intrinsicYield: num14(pick2(row, "intrinsicYield")),
     rewards,
     rateModel: pick2(row, "rateModel"),
-    originationFee: num13(pick2(row, "originationFee")),
-    totalDeposits: num13(pick2(row, "totalDeposits")),
-    totalDebt: num13(pick2(row, "totalDebt")),
-    totalDebtStable: num13(pick2(row, "totalDebtStable")),
-    totalLiquidity: num13(pick2(row, "totalLiquidity")),
-    borrowLiquidity: num13(pick2(row, "borrowLiquidity")),
-    totalDepositsUsd: num13(pick2(row, "totalDepositsUSD", "totalDepositsUsd")),
-    totalDebtUsd: num13(pick2(row, "totalDebtUSD", "totalDebtUsd")),
-    totalLiquidityUsd: num13(pick2(row, "totalLiquidityUSD", "totalLiquidityUsd")),
-    utilization: num13(pick2(row, "utilization")),
-    irmTotalDeposits: num13(pick2(row, "irmTotalDeposits")),
-    irmTotalDebt: num13(pick2(row, "irmTotalDebt")),
-    lockupRatio: num13(pick2(row, "lockupRatio")),
+    originationFee: num14(pick2(row, "originationFee")),
+    totalDeposits: num14(pick2(row, "totalDeposits")),
+    totalDebt: num14(pick2(row, "totalDebt")),
+    totalDebtStable: num14(pick2(row, "totalDebtStable")),
+    totalLiquidity: num14(pick2(row, "totalLiquidity")),
+    borrowLiquidity: num14(pick2(row, "borrowLiquidity")),
+    totalDepositsUsd: num14(pick2(row, "totalDepositsUSD", "totalDepositsUsd")),
+    totalDebtUsd: num14(pick2(row, "totalDebtUSD", "totalDebtUsd")),
+    totalLiquidityUsd: num14(pick2(row, "totalLiquidityUSD", "totalLiquidityUsd")),
+    utilization: num14(pick2(row, "utilization")),
+    irmTotalDeposits: num14(pick2(row, "irmTotalDeposits")),
+    irmTotalDebt: num14(pick2(row, "irmTotalDebt")),
+    lockupRatio: num14(pick2(row, "lockupRatio")),
     minBorrow: pick2(row, "minBorrow", "caps.minBorrow") ?? void 0,
-    supplyCap: num13(pick2(row, "supplyCap", "caps.supplyCap")),
-    borrowCap: num13(pick2(row, "borrowCap", "caps.borrowCap")),
+    supplyCap: num14(pick2(row, "supplyCap", "caps.supplyCap")),
+    borrowCap: num14(pick2(row, "borrowCap", "caps.borrowCap")),
     debtCeiling: pick2(row, "debtCeiling", "caps.debtCeiling"),
     isActive: pick2(row, "isActive", "flags.isActive"),
     isFrozen: pick2(row, "isFrozen", "flags.isFrozen"),
@@ -67361,8 +67915,8 @@ function toTermSheetInput(row, ctx = {}) {
       "flags.variableBorrowDisabled"
     ),
     config,
-    closeFactor: num13(pick2(row, "closeFactor")),
-    targetHealthFactor: num13(pick2(row, "targetHealthFactor")),
+    closeFactor: num14(pick2(row, "closeFactor")),
+    targetHealthFactor: num14(pick2(row, "targetHealthFactor")),
     fixedTerm: pick2(row, "fixedTerm") ?? ctx.fixedTerm,
     terms: pick2(row, "terms"),
     market: resolveMarketDescriptors(row, ctx.market)
@@ -69071,7 +69625,7 @@ function validateTermSheet(sheet) {
       if (g.powers?.length)
         fail("immutable-powers", "immutable governance must not carry powers");
     }
-    if (g.timelockSecs && g.controllerKind && g.controllerKind !== "TIMELOCK")
+    if (g.timelockSecs && g.controllerKind && g.controllerKind !== "TIMELOCK" && g.timelockSource !== "on-chain")
       fail(
         "timelock-without-timelock-root",
         `timelockSecs set but controllerKind is ${g.controllerKind}`
@@ -69089,466 +69643,6 @@ function validateTermSheets(sheets) {
   return sheets.flatMap((s) => validateTermSheet(s));
 }
 
-// src/earn/labels.ts
-var VENUE_KIND_LABELS = {
-  lending: "Lending markets",
-  vault: "Vaults"
-};
-var VENUE_KIND_DESCRIPTIONS = {
-  lending: "Supply into a lending market. Same-block exit, bounded by liquidity.",
-  vault: "Deposit into a yield vault. Exit terms vary per vault."
-};
-var EXIT_MODE_LABELS = {
-  instant: "Instant",
-  "instant-capped": "Instant (capped)",
-  "instant-or-queued": "Instant or queue",
-  "fee-or-queued": "Fee or queue",
-  "fixed-cooldown": "Cooldown",
-  queued: "Queued",
-  "request-based": "Request",
-  "market-sale": "Market sale",
-  "at-maturity": "At maturity",
-  "off-chain": "Off-chain",
-  "dex-only": "DEX only"
-};
-var EXIT_MODE_DESCRIPTIONS = {
-  instant: "Withdraw any time.",
-  "instant-capped": "Withdraw up to the available liquidity.",
-  "instant-or-queued": "Withdraw instantly, or queue for the rest.",
-  "fee-or-queued": "Instant exit for a fee, or queue for free.",
-  "fixed-cooldown": "Request, wait out a cooldown, then claim.",
-  queued: "Withdrawals are queued.",
-  "request-based": "Withdrawals need a request and a later claim.",
-  "market-sale": "Exit by selling the position on a market.",
-  "at-maturity": "Locked until maturity.",
-  "off-chain": "Exit is settled off-chain.",
-  "dex-only": "Exit only by selling on a DEX."
-};
-var ACTION_LABELS = {
-  deposit: "Deposit",
-  withdraw: "Withdraw",
-  "request-withdraw": "Request withdrawal",
-  claim: "Claim",
-  cancel: "Cancel request"
-};
-var GATING_LABELS = {
-  "allowlist-contract": "Permissioned",
-  kyc: "KYC required",
-  "cap-full": "Cap full",
-  paused: "Paused",
-  frozen: "Frozen",
-  "collateral-only": "No yield",
-  matured: "Matured"
-};
-var RATE_KIND_LABELS = {
-  "variable-curve": "Variable (utilization)",
-  "variable-managed": "Variable (managed)",
-  "user-set": "Borrower-set",
-  "fixed-term": "Fixed term",
-  "fixed-open": "Fixed",
-  "zero-interest": "Interest-free",
-  prepaid: "Prepaid",
-  "nav-accrual": "NAV accrual",
-  none: "No rate"
-};
-var RATE_SOURCE_LABELS = {
-  chain: "On-chain",
-  api: "Protocol API",
-  oracle: "Oracle",
-  realized: "Realized"
-};
-var VENUE_BRANDS = {
-  MORPHO_BLUE: "Morpho Blue",
-  MORPHO_MIDNIGHT: "Morpho Midnight",
-  FLUID: "Fluid",
-  GEARBOX_V3: "Gearbox V3",
-  AAVE_V4: "Aave V4",
-  AAVE_V3: "Aave V3",
-  AAVE_V2: "Aave V2",
-  SKY: "Sky",
-  USDD: "USDD",
-  LIQUITY_V2: "Liquity V2",
-  SILO_V2: "Silo V2",
-  SILO_V3: "Silo V3",
-  EXACTLY: "Exactly",
-  TELLER: "Teller",
-  TERM_FINANCE: "Term Finance",
-  TERMMAX: "TermMax",
-  LLAMALEND: "LlamaLend",
-  CURVANCE: "Curvance",
-  INVERSE: "Inverse",
-  FRANKENCOIN: "Frankencoin",
-  RIVER: "River",
-  RESUPPLY: "Resupply",
-  TANGENT: "Tangent",
-  DOLOMITE: "Dolomite",
-  LISTA_DAO: "Lista",
-  FLUX_FINANCE: "Flux",
-  COMPOUND_V2: "Compound V2",
-  COMPOUND_V3: "Compound V3",
-  EULER_V2: "Euler V2",
-  INIT: "Init"
-};
-var VAULT_PROVIDER_BRANDS = {
-  fluid: "Fluid",
-  gearbox: "Gearbox",
-  morpho: "Morpho",
-  lista: "Lista",
-  silo: "Silo",
-  "euler-earn": "Euler",
-  termmax: "TermMax",
-  lst: "Liquid staking",
-  savings: "Savings",
-  lagoon: "Lagoon",
-  "aave-earn": "Aave",
-  upshift: "Upshift",
-  yearn: "Yearn",
-  hypercore: "HyperLiquid",
-  gmx: "GMX",
-  pendle: "Pendle"
-};
-function isInstanceSegment(seg) {
-  if (/^\d+$/.test(seg)) return true;
-  if (/^0X[0-9A-F]+$/i.test(seg)) return true;
-  return seg.length >= 8 && /^[0-9A-F]+$/i.test(seg);
-}
-function venueBrand(venue) {
-  if (venue.startsWith("vault.")) {
-    const provider = venue.slice("vault.".length);
-    return VAULT_PROVIDER_BRANDS[provider] ?? provider;
-  }
-  const segments = venue.split("_");
-  const cut = segments.findIndex(isInstanceSegment);
-  const family = (cut > 0 ? segments.slice(0, cut) : segments).join("_");
-  if (VENUE_BRANDS[family]) return VENUE_BRANDS[family];
-  let best;
-  for (const key3 of Object.keys(VENUE_BRANDS)) {
-    if (family.startsWith(key3) && (!best || key3.length > best.length))
-      best = key3;
-  }
-  return best ? VENUE_BRANDS[best] : family;
-}
-var EARN_LABELS = {
-  venueKind: VENUE_KIND_LABELS,
-  exitMode: EXIT_MODE_LABELS,
-  action: ACTION_LABELS,
-  gating: GATING_LABELS,
-  rateKind: RATE_KIND_LABELS,
-  rateSource: RATE_SOURCE_LABELS
-};
-var EARN_DESCRIPTIONS = {
-  venueKind: VENUE_KIND_DESCRIPTIONS,
-  exitMode: EXIT_MODE_DESCRIPTIONS
-};
-function earnLabel(dimension, key3) {
-  return EARN_LABELS[dimension][key3] ?? key3;
-}
-function earnDescription(dimension, key3) {
-  return EARN_DESCRIPTIONS[dimension][key3];
-}
-function earnMarketLabel(input) {
-  const asset = input.assetSymbol?.trim();
-  if (!asset) return input.fallbackName ?? "";
-  const collaterals = (input.collateralSymbols ?? []).map((c) => c?.trim()).filter((c) => !!c);
-  const distinct = [...new Set(collaterals)];
-  if (distinct.length === 1) return `${asset} \xB7 vs ${distinct[0]}`;
-  return asset;
-}
-var SAME_BLOCK_EXIT_MODES = /* @__PURE__ */ new Set([
-  "instant",
-  "instant-capped"
-]);
-function isIlliquid(input) {
-  if (!input.exitMode || !SAME_BLOCK_EXIT_MODES.has(input.exitMode))
-    return false;
-  if (!input.tvlUsd || input.tvlUsd <= 0) return false;
-  if (input.liquidityUsd === void 0) return false;
-  return input.liquidityUsd <= 0;
-}
-
-// src/earn/normalize.ts
-function num14(v) {
-  if (v == null || v === "") return void 0;
-  const n = typeof v === "number" ? v : Number(v);
-  return Number.isFinite(n) ? n : void 0;
-}
-function str6(v) {
-  if (typeof v === "string") return v.length > 0 ? v : void 0;
-  if (typeof v === "number" && Number.isFinite(v)) return String(v);
-  return void 0;
-}
-function addr2(v) {
-  return str6(v)?.toLowerCase();
-}
-function yieldProfile(v) {
-  return v === "yield-bearing" || v === "volatile" ? v : void 0;
-}
-function denomination(v) {
-  return v === "stable" || v === "volatile" ? v : void 0;
-}
-function usdValue(formatted, priceUsd) {
-  if (formatted === void 0 || priceUsd === void 0) return void 0;
-  const v = formatted * priceUsd;
-  return Number.isFinite(v) ? v : void 0;
-}
-function formatRaw(raw, decimals) {
-  if (raw == null || raw === "") return void 0;
-  let value;
-  try {
-    value = BigInt(raw);
-  } catch {
-    return void 0;
-  }
-  if (decimals <= 0) return Number(value);
-  const base = 10n ** BigInt(decimals);
-  const whole = value / base;
-  const frac = value % base;
-  const n = Number(whole) + Number(frac) / Number(base);
-  return Number.isFinite(n) ? n : void 0;
-}
-
-// src/earn/fromVault.ts
-var FRACTION_RATE_PROVIDERS = /* @__PURE__ */ new Set();
-var SDK_FRACTION_RATE_PROVIDERS = /* @__PURE__ */ new Set([
-  "hypercore",
-  "gmx"
-]);
-var RATE_SOURCE = {
-  morpho: "api",
-  silo: "api",
-  lagoon: "api",
-  hypercore: "api",
-  gmx: "api",
-  upshift: "api",
-  yearn: "api",
-  "aave-earn": "api",
-  pendle: "api",
-  lista: "chain",
-  fluid: "chain",
-  gearbox: "chain",
-  "euler-earn": "chain",
-  termmax: "chain",
-  lst: "chain",
-  savings: "chain"
-};
-var RATE_KIND = {
-  morpho: "variable-curve",
-  lista: "variable-curve",
-  silo: "variable-curve",
-  "euler-earn": "variable-curve",
-  fluid: "variable-curve",
-  gearbox: "variable-curve",
-  "aave-earn": "variable-curve",
-  // The TermMax VAULT is a perpetual curated 4626 whose curator rolls
-  // fixed-term FT positions — the vault itself has no maturity and no locked
-  // rate. `fixed-term` here claimed both, producing a "fixed" rate with no date
-  // attached to it. The LENDER `TERMMAX_*` is fixed-term; this is not.
-  termmax: "variable-managed",
-  // A PT's implied APY is locked in at purchase and realized only by holding
-  // to maturity — the same promise TermMax's FT makes, reached by a different
-  // mechanism (an AMM discount rather than a quoted curve).
-  pendle: "fixed-term",
-  savings: "variable-managed",
-  lst: "variable-managed",
-  lagoon: "variable-managed",
-  upshift: "variable-managed",
-  yearn: "variable-managed",
-  hypercore: "realized",
-  gmx: "realized"
-};
-function resolveExitMode2(provider, meta, tvl, liq) {
-  const declared = str6(meta.withdrawalMode);
-  if (declared) return declared;
-  const fallback = vaultTraits(provider)?.defaultExitMode ?? "instant";
-  if (fallback !== "instant-capped") return fallback;
-  const total = num14(tvl?.totalAssetsFormatted) ?? num14(tvl?.totalAssetsUsd);
-  const available = num14(liq?.liquidityFormatted) ?? num14(liq?.liquidityUsd);
-  if (total === void 0 || available === void 0) return "instant-capped";
-  if (total <= 0) return "instant";
-  return available >= total ? "instant" : "instant-capped";
-}
-function earnMarketFromVault(row, chainId, opts = {}) {
-  const provider = str6(row.provider);
-  const address = str6(row.vaultAddress)?.toLowerCase();
-  const underlying = str6(row.underlying)?.toLowerCase();
-  if (!provider || !address || !underlying) return void 0;
-  const meta = row.providerMeta ?? {};
-  const info = row.vaultInfo ?? {};
-  const rates = row.rates ?? {};
-  const tvl = row.tvl ?? {};
-  const liq = row.liquidity ?? {};
-  const shareDecimals = num14(row.decimals) ?? 18;
-  const assetDecimals = num14(row.assetDecimals) ?? num14(row.underlyingInfo?.asset?.decimals) ?? shareDecimals;
-  const toPercent2 = (v) => ratePercent(v, provider, opts.fractionRateProviders);
-  const base = toPercent2(rates.depositRate ?? rates.supplyRate);
-  const rewards = toPercent2(rates.rewardsRate);
-  const total = toPercent2(rates.totalRate) ?? sum(base, rewards) ?? 0;
-  const rate = {
-    total,
-    base,
-    rewards,
-    // A vault has no separate intrinsic leg — whatever it pays IS the venue's
-    // own yield. Leaving this undefined rendered an empty "Venue APR" on every
-    // vault row, which read as "this vault pays nothing".
-    marketOwn: total,
-    // ...and for the same reason it can never be pass-through.
-    passthrough: false,
-    kind: resolveRateKind(provider, meta),
-    source: RATE_SOURCE[provider] ?? "api",
-    // The curator's cut. Dropped entirely until now, which left the earn row
-    // unable to say why its net rate sits below the gross one — and left the
-    // term sheet built from this row with no fee schedule at all.
-    fee: toPercent2(rates.fee)
-  };
-  const maturity = resolveMaturity(meta);
-  const availability = resolveAvailability(meta, maturity);
-  const exitMode = resolveExitMode2(provider, meta, tvl, liq);
-  return {
-    earnUid: buildVaultEarnUid(provider, chainId, address),
-    chainId,
-    venue: vaultVenue(provider),
-    venueKind: "vault",
-    // Curator first (it names the actual operator), then the provider brand.
-    brand: str6(row.curatorName) ?? venueBrand(vaultVenue(provider)),
-    name: str6(info.name) ?? str6(row.displayName) ?? str6(row.name),
-    ref: address,
-    logoURI: str6(info.logoURI) ?? str6(row.underlyingInfo?.asset?.logoURI),
-    asset: {
-      address: underlying,
-      symbol: str6(row.underlyingInfo?.asset?.symbol) ?? "",
-      decimals: assetDecimals,
-      assetGroup: str6(info.assetGroup),
-      priceUsd: num14(row.underlyingInfo?.prices?.priceUsd)
-    },
-    // The vault IS a share token by construction; carry it so a withdraw in
-    // share units can be built without a second lookup.
-    shareToken: {
-      address,
-      symbol: str6(info.symbol) ?? str6(row.symbol) ?? "",
-      decimals: shareDecimals
-    },
-    rate,
-    // The vault origin reports RAW base units + a pre-formatted convenience
-    // field. Carry both; fall back to formatting the raw amount ourselves so
-    // `formatted` — the field consumers sort on — is never silently absent.
-    tvl: amount(
-      tvl.totalAssets,
-      tvl.totalAssetsFormatted,
-      tvl.totalAssetsUsd,
-      assetDecimals
-    ),
-    liquidity: liq.liquidity != null || liq.liquidityUsd != null ? amount(
-      liq.liquidity,
-      liq.liquidityFormatted,
-      liq.liquidityUsd,
-      assetDecimals
-    ) : void 0,
-    depositCapacity: str6(meta.depositCapacity) ?? str6(meta.maxDeposit),
-    maturity,
-    exit: {
-      mode: exitMode,
-      settlement: str6(meta.redemptionType),
-      cooldownSecs: num14(meta.withdrawalCooldownSeconds),
-      feeBps: num14(meta.withdrawFeeBps)
-    },
-    availability,
-    risk: {
-      yieldProfile: yieldProfile(info.yieldProfile),
-      denomination: denomination(info.denomination),
-      // The curated trust classification, where one exists. Typed on `EarnRisk`
-      // since the surface was written and never populated — a tranche's
-      // first-loss position is the term most worth surfacing on a rate list.
-      counterparty: str6(meta.solvency),
-      score: num14(row.rating?.score),
-      label: str6(row.rating?.level),
-      illiquid: isIlliquid({
-        exitMode,
-        tvlUsd: num14(tvl.totalAssetsUsd),
-        liquidityUsd: num14(liq.liquidityUsd)
-      })
-    },
-    // Filled by `capabilities.ts` — kept required on the type so a normalizer
-    // that forgets to stamp them is a compile error, not an empty CTA.
-    capabilities: [],
-    providerMeta: row.providerMeta
-  };
-}
-function ratePercent(value, provider, fractionProviders = FRACTION_RATE_PROVIDERS) {
-  const n = num14(value);
-  if (n === void 0) return void 0;
-  return fractionProviders.has(provider) ? n * 100 : n;
-}
-function implausibleRatePercent(percent) {
-  return !Number.isFinite(percent) || percent < 0 || percent > 1e4;
-}
-function resolveRateKind(provider, meta) {
-  if (meta.navOracle || meta.solvency === "nav-attested") return "nav-accrual";
-  return RATE_KIND[provider] ?? "variable-managed";
-}
-function resolveAvailability(meta, maturity) {
-  const isMintable = meta.isMintable;
-  const capacity = str6(meta.depositCapacity) ?? str6(meta.maxDeposit);
-  const capFull = capacity === "0";
-  let gating;
-  let reason;
-  if (isMatured(maturity)) {
-    gating = "matured";
-    reason = "This market has reached maturity";
-  } else if (isMintable === false) {
-    gating = "allowlist-contract";
-    reason = "Deposits are permissioned for this vault";
-  } else if (capFull) {
-    gating = "cap-full";
-    reason = "Deposit cap is full";
-  } else if (meta.paused === true) {
-    gating = "paused";
-    reason = "Vault is paused";
-  }
-  return {
-    canDeposit: gating === void 0,
-    // Exits stay open under a deposit cap, a mint allowlist or a maturity —
-    // every wind-down we have integrated (Lista, dTRINITY/Sonic) keeps the
-    // door open outward, and a matured bond is precisely the case where the
-    // holder still needs out. An explicit pause is the one thing that shuts
-    // both.
-    canWithdraw: meta.paused !== true,
-    gating,
-    reason
-  };
-}
-function resolveMaturity(meta) {
-  const expiry = num14(meta.expiry) ?? num14(meta.maturity);
-  if (expiry === void 0 || expiry <= 0) return void 0;
-  const nowSecs = Math.floor(Date.now() / 1e3);
-  return {
-    kind: "fixed-date",
-    maturity: expiry,
-    maturityIso: str6(meta.expiryIso) ?? new Date(expiry * 1e3).toISOString(),
-    // A SNAPSHOT — a cached listing ages, so a countdown must be recomputed
-    // from `maturity` rather than ticked down from this.
-    secondsToMaturity: Math.max(expiry - nowSecs, 0),
-    // A PT simply stops earning: it redeems for the underlying at par and
-    // sits there. No penalty, no liquidation, no auto-roll.
-    atMaturity: str6(meta.atMaturity) ?? "stops-earning"
-  };
-}
-function isMatured(maturity) {
-  if (!maturity?.maturity) return false;
-  return maturity.maturity <= Math.floor(Date.now() / 1e3);
-}
-function amount(raw, formatted, usd, decimals) {
-  const rawStr = raw != null ? String(raw) : void 0;
-  return {
-    raw: rawStr,
-    formatted: num14(formatted) ?? formatRaw(rawStr, decimals),
-    usd: num14(usd)
-  };
-}
-function sum(a, b) {
-  if (a === void 0 && b === void 0) return void 0;
-  return (a ?? 0) + (b ?? 0);
-}
-
 // src/earn/fromPool.ts
 var FIXED_TERM_PREFIXES = [
   "EXACTLY",
@@ -69568,7 +69662,7 @@ var USER_SET_RATE_PREFIXES = [
   "EBISU"
 ];
 function earnMarketFromPool(row, fallbackChainId) {
-  const marketUid = str6(row.marketUid);
+  const marketUid = str5(row.marketUid);
   if (!marketUid) return void 0;
   let earnUid;
   try {
@@ -69576,24 +69670,24 @@ function earnMarketFromPool(row, fallbackChainId) {
   } catch {
     return void 0;
   }
-  const chainId = str6(row.chainId) ?? fallbackChainId;
-  const venue = str6(row.lender) ?? str6(row.lenderKey);
+  const chainId = str5(row.chainId) ?? fallbackChainId;
+  const venue = str5(row.lender) ?? str5(row.lenderKey);
   if (!chainId || !venue) return void 0;
   const flags = row.flags ?? {};
   const assetInfo = row.underlyingInfo?.asset ?? row.asset ?? {};
   const underlying = addr2(assetInfo.address) ?? addr2(row.underlying) ?? addr2(row.poolId);
   if (!underlying) return void 0;
-  const decimals = num14(assetInfo.decimals) ?? num14(row.decimals) ?? 18;
-  const priceUsd = num14(row.underlyingInfo?.prices?.priceUsd) ?? num14(row.price);
-  const base = num14(row.depositRate);
-  const intrinsic = num14(row.intrinsicYield);
+  const decimals = num12(assetInfo.decimals) ?? num12(row.decimals) ?? 18;
+  const priceUsd = num12(row.underlyingInfo?.prices?.priceUsd) ?? num12(row.price);
+  const base = num12(row.depositRate);
+  const intrinsic = num12(row.intrinsicYield);
   const rewards = sumRewardAprs(row.rewards);
   const marketOwn = sum2(base, rewards);
   const rate = {
     // Prefer our own sum over the origin's `apr`, because `apr` is documented
     // as `depositRate + intrinsicYield` and therefore EXCLUDES incentives —
     // using it as the headline would under-report every incentivized market.
-    total: sum2(base, intrinsic, rewards) ?? num14(row.apr) ?? 0,
+    total: sum2(base, intrinsic, rewards) ?? num12(row.apr) ?? 0,
     base,
     rewards,
     intrinsic,
@@ -69611,15 +69705,19 @@ function earnMarketFromPool(row, fallbackChainId) {
     // The family brand ('Morpho Blue'), not the per-market key. The specific
     // market identity survives on `name`.
     brand: venueBrand(venue),
-    name: str6(row.name),
+    // Same resolver as the vault half, so `protocol.key` means one thing
+    // across the listing: the STABLE family key, never the per-market venue.
+    // No lender publishes a curator today, hence the undefined.
+    ...resolveEarnIdentity(venue, void 0),
+    name: str5(row.name),
     // Never re-derived — the uid's third segment as the origin minted it.
     ref: marketUid.split(":")[2],
-    logoURI: str6(assetInfo.logoURI),
+    logoURI: str5(assetInfo.logoURI),
     asset: {
       address: underlying,
-      symbol: str6(assetInfo.symbol) ?? "",
+      symbol: str5(assetInfo.symbol) ?? "",
       decimals,
-      assetGroup: str6(row.underlyingInfo?.assetGroup) ?? str6(row.asset?.assetGroup),
+      assetGroup: str5(row.underlyingInfo?.assetGroup) ?? str5(row.asset?.assetGroup),
       priceUsd
     },
     // A lending supply position is an aToken/cToken/eToken balance, but the
@@ -69640,7 +69738,7 @@ function earnMarketFromPool(row, fallbackChainId) {
       row.totalLiquidityUSD ?? row.totalLiquidityUsd
     ),
     depositCapacity: void 0,
-    utilization: num14(row.utilization),
+    utilization: num12(row.utilization),
     // Lending withdrawals are same-block, bounded by available liquidity —
     // which is exactly `instant-capped`, not `instant`. A pool at 100 %
     // utilization cannot be exited, and calling that `instant` is the kind of
@@ -69648,12 +69746,12 @@ function earnMarketFromPool(row, fallbackChainId) {
     exit: { mode: "instant-capped", settlement: "sync" },
     availability,
     risk: {
-      score: num14(row.risk?.score),
-      label: str6(row.risk?.label),
+      score: num12(row.risk?.score),
+      label: str5(row.risk?.label),
       illiquid: isIlliquid({
         exitMode: "instant-capped",
-        tvlUsd: num14(row.totalDepositsUSD ?? row.totalDepositsUsd),
-        liquidityUsd: num14(row.totalLiquidityUSD ?? row.totalLiquidityUsd)
+        tvlUsd: num12(row.totalDepositsUSD ?? row.totalDepositsUsd),
+        liquidityUsd: num12(row.totalLiquidityUSD ?? row.totalLiquidityUsd)
       })
     },
     capabilities: [],
@@ -69708,9 +69806,9 @@ function resolveAvailability2(row, flags, totalRate) {
   };
 }
 function isSupplyCapFull(row) {
-  const cap = num14(row.caps?.supplyCap) ?? num14(row.supplyCap);
+  const cap = num12(row.caps?.supplyCap) ?? num12(row.supplyCap);
   if (cap === void 0 || cap <= 0) return false;
-  const deposits = num14(row.totalDeposits);
+  const deposits = num12(row.totalDeposits);
   if (deposits === void 0) return false;
   return deposits >= cap;
 }
@@ -69719,7 +69817,7 @@ function sumRewardAprs(rewards) {
   let total = 0;
   let seen = false;
   for (const r of rewards) {
-    const apr = num14(r?.depositRate);
+    const apr = num12(r?.depositRate);
     if (apr === void 0) continue;
     total += apr;
     seen = true;
@@ -69727,14 +69825,12 @@ function sumRewardAprs(rewards) {
   return seen ? total : void 0;
 }
 function amount2(formatted, usd) {
-  return { formatted: num14(formatted), usd: num14(usd) };
+  return { formatted: num12(formatted), usd: num12(usd) };
 }
 function sum2(...parts) {
   const present = parts.filter((p) => p !== void 0);
   return present.length ? present.reduce((a, b) => a + b, 0) : void 0;
 }
-
-// src/earn/capabilities.ts
 var ASYNC_EXIT_MODES = /* @__PURE__ */ new Set([
   "fixed-cooldown",
   "request-based",
@@ -69789,9 +69885,11 @@ function vaultCapabilities(row) {
   const caps = [];
   if (SWAP_ROUTED_PROVIDERS.has(provider)) return swapRoutedCapabilities(row);
   if (row.availability.canDeposit) {
+    const inputs = depositInputs(row, provider);
     caps.push({
       action: "deposit",
-      requires: depositRequires(provider, meta),
+      inputs,
+      requires: depositRequires(provider, meta, inputs),
       // Phase 3 flips this to `true` once the `vault.*` venues are registered
       // with the conversion solver. Advertising it before the route can serve
       // it would be worse than the current gap — a client would build a zap
@@ -69803,13 +69901,14 @@ function vaultCapabilities(row) {
   const mode = row.exit.mode;
   const isAsync = ASYNC_PROVIDERS.has(provider) || ASYNC_EXIT_MODES.has(mode);
   if (!isAsync) {
-    caps.push({ action: "withdraw" });
+    caps.push({ action: "withdraw", requires: withdrawRequires(provider) });
     return caps;
   }
   if (mode === "fee-or-queued" && meta.instantRedeemEnabled !== false) {
     caps.push({
       action: "withdraw",
-      feeBps: num14(meta.withdrawFeeBps) ?? row.exit.feeBps
+      requires: withdrawRequires(provider),
+      feeBps: num12(meta.withdrawFeeBps) ?? row.exit.feeBps
     });
   }
   caps.push({
@@ -69827,14 +69926,58 @@ function vaultCapabilities(row) {
   }
   return caps;
 }
-function depositRequires(provider, meta) {
+function isBookPriced(provider) {
+  const risk = vaultTraits(provider)?.priceRisk;
+  return risk === "market-price" || risk === "may-be-impossible";
+}
+function swapRoutedProvidersArePriceConsistent() {
+  return [...SWAP_ROUTED_PROVIDERS].filter((p) => !isBookPriced(p));
+}
+function depositInputs(row, provider) {
+  if (provider !== "lst") return void 0;
+  const share = row.shareToken?.address ?? row.ref;
+  if (!share) return void 0;
+  try {
+    const accepted = getLstAcceptedInputs(row.chainId, share);
+    if (!accepted?.length) return void 0;
+    return accepted.map((a) => ({
+      asset: String(a.asset),
+      symbol: a.symbol,
+      mode: a.mode,
+      needs: a.needs,
+      optional: a.optional
+    }));
+  } catch {
+    return void 0;
+  }
+}
+function isBoundNeed(need) {
+  return /^min/i.test(need);
+}
+function depositRequires(provider, meta, inputs) {
   const requires = [];
   if (meta.delegation) requires.push("validator");
   if (provider === "gmx") requires.push("executionFee");
+  if (isBookPriced(provider)) requires.push("slippage");
+  if (inputs?.length) {
+    const common = inputs[0].needs?.filter(
+      (n) => inputs.every((i) => i.needs?.includes(n))
+    );
+    for (const n of common ?? []) if (!requires.includes(n)) requires.push(n);
+  }
+  return requires.length ? requires : void 0;
+}
+function withdrawRequires(provider) {
+  const requires = [];
+  if (isBookPriced(provider)) requires.push("slippage");
+  if (provider === "gmx") requires.push("executionFee");
   return requires.length ? requires : void 0;
 }
 function requestRequires(provider) {
-  return provider === "gmx" ? ["executionFee"] : void 0;
+  const requires = [];
+  if (provider === "gmx") requires.push("executionFee");
+  if (isBookPriced(provider)) requires.push("slippage");
+  return requires.length ? requires : void 0;
 }
 function claimRequires(provider) {
   return void 0;
@@ -69844,6 +69987,191 @@ function supportsCancel(provider, meta) {
   return typeof meta.withdrawQueue === "string" && meta.withdrawQueue.length > 0;
 }
 
-export { ApiBookSource, DEFAULT_MIDNIGHT_API, DEFAULT_OUTLIER_GUARD, DEFAULT_PROFILE_ID, DEFAULT_STALE_REJECT_SECONDS, DEFAULT_TERMMAX_API, EARN_DESCRIPTIONS, EARN_LABELS, EMPTY_BALANCE, EXACTLY_LENDER_KEY, FRACTION_RATE_PROVIDERS, 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, PASSTHROUGH_RATE_EPSILON, PENDLE_ASSETS_URL, PENDLE_CHAIN_IDS, PENDLE_MARKETS_URL, SDK_FRACTION_RATE_PROVIDERS, 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_PROVIDER_PROFILE, VAULT_PROVIDER_TRAITS, VAULT_SHARE_PRICE_PROBE, VAULT_VENUE_PREFIX, 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, buildVaultEarnUid, buildVaultLookup, buildVaultTermSheet, calculateLeverage, calculateNetApr, calculateOverallNetApr, calculateWeightedAverage, classifyFreshness, classifyReliability, classifyVault, clearPendleMarketsCache, 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, convertDssMarketsToResponse, convertExactlyMarketsToResponse, convertFrankencoinMarketsToResponse, convertFraxlendPairsToResponse, convertInverseMarketsToResponse, convertLenderUserDataResult, convertLiquityMarketsToResponse, convertLlamaLendMarketsToResponse, convertResupplyMarketsToResponse, convertRiverMarketsToResponse, convertTellerMarketsToResponse, convertTermMarketsToResponse, convertTermMaxMarketsToResponse, convertUsddMarketsToResponse, createMarketUid, createMidnightBookSource, createMulticallRpcCall, createRawRpcCalls, createTermBookSource, createTermMaxDataSource, decodeListaMarkets, decodeMarkets, decodePackedListaUserDataset, decodePackedMorphoUserDataset, deriveBorrowTags, deriveSupplyTags, detectInterfaceKinds, dssIlkBytes32, dssKeyParts, dssLenderKey, duration, earnDescription, earnLabel, earnMarketFromPool, earnMarketFromVault, earnMarketLabel, earnUidFromMarketUid, earnVenueKind, encodeBalanceFetcherCalldata, enrichTermSheet, enrichmentIndexFromRows, exactlyPairLtv, exactlyPenaltyRateToAprPercent, exactlyWadRateToPercent, feePhrase, feedKeyOf, feedStatKey, fetchDolomiteAccountNumbers, fetchDssMarkets, fetchEulerEarnVaults, fetchEulerEarnVaultsFromSubgraph, fetchEulerSubAccountIndexes, fetchExactlyMarkets, fetchFlashLiquidityForChain, fetchFluidFTokens, fetchFrankencoinMarkets, fetchFraxlendPairs, fetchGeneralYields, fetchGeneralYieldsByMarketUid, fetchGmxExecutionFees, fetchGmxTickerPrices, fetchGmxVaults, fetchHypercoreVaults, fetchInverseMarkets, fetchLagoonApiVaults, fetchLagoonVaults, fetchLiquityMarkets, fetchListaVaultsFromChain, fetchLlamaLendMarkets, fetchMorphoUserBalances, fetchMorphoUserPositionMarkets, fetchMorphoVaults, fetchMorphoVaultsFromApi, fetchMorphoVaultsFromChain, fetchOraclePrices, fetchPendleApiAssets, fetchPendleApiMarkets, fetchPendlePrices, fetchPendlePtMarkets, fetchResupplyMarkets, fetchRiverMarkets, fetchSiloVaults, fetchTellerMarkets, fetchTermMarkets, fetchTermMaxMarkets, fetchTokenBalances, fetchTokenMetadata, fetchUpshiftApiVaults, fetchUpshiftVaults, fetchUsddMarkets, fetchYearnApiVaults, fetchYearnVaults, filterActiveLenders, filterLendersByProtocol, finalizeInfo, findingsFor, formatRaw, frankencoinKeyParts, frankencoinLenderKey, fraxlendAssetPerCollateral, fraxlendKeyParts, fraxlendLenderKey, 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, hasPendleMarkets, hasUpshiftVaults, hasYearnVaults, ilkToKeySegment, implausibleRatePercent, inverseKeyParts, inverseLenderKey, isFailedCall, isIlliquid, isLiveMarket as isLivePendleMarket, isStablecoinSymbol, isVaultVenue, isYearnV3, keySegmentToIlk, keysFromMaps, lenderApiOnly, lenderFamily, liquityCandidateTroveIds, liquityKeyParts, liquityLenderKey, llamaLendKeyParts, llamaLendLenderKey, mergeDeep, multicall3Abi2 as multicall3Abi, nanTo, needsLenderApproval, needsTokenApproval, noOpResult, normalizeToBytes, parseBalanceFetcherResult, parseEarnUid, parseMergedResult, parseMulticallRpcResponses, parseExpirySeconds as parsePendleExpirySeconds, parseRawRpcBatchResponses, parseRawRpcResponses, parseTermMaxLtv, parseTokenBalanceResult, pct, assetKey as pendleAssetKey, positivePart2 as positivePart, predictInverseEscrow, prepareLenderUserDataRpcCalls, prepareMergedMulticallParams, prepareMergedRpcCalls, prepareMulticallInputs, prepareTokenBalanceRpcCalls, priceGlvVaults, priceGmMarkets, probeAaveFeedTimestamps, pruneFeedStats, rankFindings, ratePercent, readVaultSharePrices, rejectOutliers as rejectPriceOutliers, resolveAdapter, resolveDerivation, resolveStCeloDepositGroup, resolveVaultProfileId, resupplyKeyParts, resupplyLenderKey, resupplyMarketLabel, riverKeyParts, riverLenderKey, selectAssetGroupPrices, shortDate, splitChainScopedAddress as splitPendleChainScopedAddress, stampCapabilities, stampVaultClassification, stampVaultTermSheets, 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, toVaultTermInput, tryParseEarnUid, unflattenLenderData, updateFeedStats, usdValue, usddIlkBytes32, usddKeyParts, usddLenderKey, validateTermSheet, validateTermSheets, validateUserData, vaultTermInputFromEarnMarket, vaultTermInputFromSourceRow, vaultTraits, vaultVenue, venueBrand };
+// src/earn/positions.ts
+function buildLendingPositionUid(lender, chainId) {
+  if (!lender || !chainId) {
+    throw new Error(
+      `Invalid lending positionUid parameters: lender=${lender}, chainId=${chainId}`
+    );
+  }
+  if (isVaultVenue(lender)) {
+    throw new Error(
+      `Lender '${lender}' uses the reserved vault venue namespace`
+    );
+  }
+  return `${lender}:${chainId}`;
+}
+function isVaultPosition(p) {
+  return p.venueKind === "vault";
+}
+function isLendingPosition(p) {
+  return p.venueKind === "lending";
+}
+function legEarnUid(marketUid) {
+  if (!marketUid) return void 0;
+  const parts = marketUid.split(":");
+  if (parts.length !== 3 || parts.some((p) => !p)) return void 0;
+  if (isVaultVenue(parts[0])) return void 0;
+  return marketUid;
+}
+function num15(v) {
+  const n = typeof v === "number" ? v : Number(v);
+  return Number.isFinite(n) ? n : 0;
+}
+function legAsset(pos) {
+  const asset = pos.underlyingInfo?.asset ?? {};
+  const address = typeof asset.address === "string" ? asset.address.toLowerCase() : (
+    // Fall back to the uid's third segment, which IS the underlying for
+    // the default-format lenders and merely a harmless label for the rest.
+    pos.marketUid?.split(":")[2] ?? ""
+  );
+  const decimals = typeof asset.decimals === "number" ? asset.decimals : void 0;
+  const symbol = typeof asset.symbol === "string" ? asset.symbol : void 0;
+  return { address, symbol, decimals };
+}
+function toLeg(pos) {
+  const depositsUsd = num15(pos.depositsUSD);
+  const debtUsd = num15(pos.debtUSD) + num15(pos.debtStableUSD);
+  const hasSupply = depositsUsd !== 0 || num15(pos.deposits) !== 0;
+  const hasDebt = debtUsd !== 0 || num15(pos.debt) !== 0 || num15(pos.debtStable) !== 0;
+  return {
+    earnUid: legEarnUid(pos.marketUid),
+    marketUid: pos.marketUid,
+    ...pos.loanId ? { loanId: pos.loanId } : {},
+    asset: legAsset(pos),
+    side: hasSupply && hasDebt ? "both" : hasDebt ? "borrow" : "supply",
+    deposits: pos.deposits ?? "0",
+    depositsUsd,
+    debt: pos.debt ?? "0",
+    debtUsd,
+    collateralEnabled: pos.collateralEnabled ?? false,
+    ...pos.withdrawable !== void 0 ? { withdrawable: pos.withdrawable } : {}
+  };
+}
+function isCountable(leg) {
+  return leg.loanId === void 0;
+}
+function earnPositionFromLenderEntry(entry) {
+  const subs = entry.data ?? [];
+  const subAccounts = subs.map((sub) => {
+    const legs = (sub.positions ?? []).map(toLeg);
+    const counted = legs.filter(isCountable);
+    const suppliedUsd2 = counted.reduce((a, l) => a + l.depositsUsd, 0);
+    const borrowedUsd2 = counted.reduce((a, l) => a + l.debtUsd, 0);
+    return {
+      accountId: sub.accountId,
+      health: sub.health ?? null,
+      suppliedUsd: suppliedUsd2,
+      borrowedUsd: borrowedUsd2,
+      netUsd: suppliedUsd2 - borrowedUsd2,
+      legs
+    };
+  });
+  const active = subAccounts.filter((s) => s.legs.length > 0 || s.netUsd !== 0);
+  const crossMargin = active.length <= 1;
+  const suppliedUsd = num15(entry.balanceData?.deposits);
+  const borrowedUsd = num15(entry.balanceData?.debt);
+  return {
+    positionUid: buildLendingPositionUid(entry.lender, entry.chainId),
+    chainId: entry.chainId,
+    venue: entry.lender,
+    venueKind: "lending",
+    lender: entry.lender,
+    account: entry.account,
+    brand: entry.lenderInfo?.name,
+    name: entry.lenderInfo?.name,
+    ...entry.lenderInfo?.logoUri ? { logoURI: entry.lenderInfo.logoUri } : {},
+    suppliedUsd,
+    borrowedUsd,
+    netUsd: num15(entry.balanceData?.nav),
+    apr: num15(entry.aprData?.apr),
+    depositApr: num15(entry.aprData?.depositApr),
+    borrowApr: num15(entry.aprData?.borrowApr),
+    // Only a cross-margin account HAS one health factor. Publishing the first
+    // sub-account's as the row's would be a number about a different position.
+    health: crossMargin ? active[0]?.health ?? null : null,
+    leverage: num15(entry.leverage),
+    crossMargin,
+    legs: subAccounts.flatMap((s) => s.legs),
+    subAccounts: active,
+    ...entry.incomplete ? { incomplete: true } : {},
+    ...entry.stale ? { stale: true, staleAgeMs: entry.staleAgeMs } : {}
+  };
+}
+function vaultSharesToAssets(sharesRaw, meta) {
+  if (sharesRaw === 0n) return 0n;
+  const totalSupply = BigInt(meta.totalSupply || "0");
+  if (totalSupply === 0n) return 0n;
+  return sharesRaw * BigInt(meta.totalAssets || "0") / totalSupply;
+}
+function earnPositionFromVaultBalance(meta, chainId, input, format) {
+  const assetsRaw = vaultSharesToAssets(input.sharesRaw, meta);
+  const assetDecimals = meta.assetDecimals ?? meta.decimals;
+  const assets = format(assetsRaw, assetDecimals);
+  const priceUsd = input.priceUsd ?? 0;
+  const suppliedUsd = priceUsd * parseFloat(assets);
+  const market = input.market;
+  const uid = buildVaultEarnUid(meta.provider, chainId, meta.address);
+  return {
+    positionUid: uid,
+    earnUid: uid,
+    chainId,
+    venue: `vault.${meta.provider}`,
+    venueKind: "vault",
+    provider: meta.provider,
+    vault: meta.address,
+    // The catalogue's identity resolution (curator, brand, branded icon) beats
+    // the raw share-token name where it resolved.
+    name: market?.name ?? meta.name,
+    ...market?.brand ? { brand: market.brand } : {},
+    ...market?.logoURI ?? meta.logoURI ? { logoURI: market?.logoURI ?? meta.logoURI } : {},
+    asset: {
+      address: meta.underlying,
+      ...market?.asset.symbol ? { symbol: market.asset.symbol } : {},
+      decimals: assetDecimals,
+      priceUsd
+    },
+    sharesRaw: input.sharesRaw.toString(),
+    shares: format(input.sharesRaw, meta.decimals),
+    assetsRaw: assetsRaw.toString(),
+    assets,
+    shareDecimals: meta.decimals,
+    suppliedUsd,
+    // A vault share is a supply-only instrument — there is no borrow leg to
+    // report, and `0` here is a fact rather than a missing read.
+    borrowedUsd: 0,
+    netUsd: suppliedUsd,
+    // For a vault the position's APR IS the venue's rate — there is no borrow
+    // leg to net off, so unlike the lending half the two never diverge.
+    ...market?.rate?.total !== void 0 ? { apr: market.rate.total } : {},
+    ...market?.rate ? { rate: market.rate } : {},
+    ...market?.exit ? { exit: market.exit } : {},
+    ...market?.availability ? { availability: market.availability } : {},
+    ...market?.capabilities ? { capabilities: market.capabilities } : {},
+    ...meta.yieldProfile ? { yieldProfile: meta.yieldProfile } : {},
+    ...meta.denomination ? { denomination: meta.denomination } : {}
+  };
+}
+function earnPositionTotals(items) {
+  let suppliedUsd = 0;
+  let borrowedUsd = 0;
+  let lendingUsd = 0;
+  let vaultUsd = 0;
+  for (const it of items) {
+    suppliedUsd += it.suppliedUsd;
+    borrowedUsd += it.borrowedUsd;
+    if (it.venueKind === "vault") vaultUsd += it.netUsd;
+    else lendingUsd += it.netUsd;
+  }
+  return {
+    suppliedUsd,
+    borrowedUsd,
+    netUsd: suppliedUsd - borrowedUsd,
+    lendingUsd,
+    vaultUsd
+  };
+}
+
+export { ApiBookSource, DEFAULT_MIDNIGHT_API, DEFAULT_OUTLIER_GUARD, DEFAULT_PROFILE_ID, DEFAULT_STALE_REJECT_SECONDS, DEFAULT_TERMMAX_API, EARN_DESCRIPTIONS, EARN_LABELS, EMPTY_BALANCE, EXACTLY_LENDER_KEY, FRACTION_RATE_PROVIDERS, 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, PASSTHROUGH_RATE_EPSILON, PENDLE_ASSETS_URL, PENDLE_CHAIN_IDS, PENDLE_MARKETS_URL, SDK_FRACTION_RATE_PROVIDERS, 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_PROVIDER_PROFILE, VAULT_PROVIDER_TRAITS, VAULT_SHARE_PRICE_PROBE, VAULT_VENUE_PREFIX, VOLATILE_VAULT_OVERRIDES, YEARN_CHAIN_IDS, YEARN_YDAEMON_BASE, __resetResupplyUserCaches, accountDepositListKey, accountWithdrawalListKey, appendSnapshot, applyPositionDelta, attachImplications, attachPricesToFlashLiquidity, borrowDescription, borrowFindings, borrowHeadline, buildExposures2 as buildExposures, buildFluidFTokensCall, buildLendingPositionUid, buildLiquityUserCall, buildLoopResult, buildMorphoTypeCall, buildMorphoTypeUserCallWithLens, buildPortfolioTotals, buildSumerAccumulators, buildSummaries, buildTellerUserCall, buildTermMaxUserCall, buildTermSheet, buildTermSheetsForGroup, buildVaultEarnUid, buildVaultLookup, buildVaultTermSheet, calculateLeverage, calculateNetApr, calculateOverallNetApr, calculateWeightedAverage, classifyFreshness, classifyReliability, classifyVault, clearPendleMarketsCache, 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, convertDssMarketsToResponse, convertExactlyMarketsToResponse, convertFrankencoinMarketsToResponse, convertFraxlendPairsToResponse, convertInverseMarketsToResponse, convertLenderUserDataResult, convertLiquityMarketsToResponse, convertLlamaLendMarketsToResponse, convertResupplyMarketsToResponse, convertRiverMarketsToResponse, convertTellerMarketsToResponse, convertTermMarketsToResponse, convertTermMaxMarketsToResponse, convertUsddMarketsToResponse, createMarketUid, createMidnightBookSource, createMulticallRpcCall, createRawRpcCalls, createTermBookSource, createTermMaxDataSource, decodeListaMarkets, decodeMarkets, decodePackedListaUserDataset, decodePackedMorphoUserDataset, deriveBorrowTags, deriveSupplyTags, detectInterfaceKinds, dssIlkBytes32, dssKeyParts, dssLenderKey, duration, earnDescription, earnLabel, earnMarketFromPool, earnMarketFromVault, earnMarketLabel, earnPositionFromLenderEntry, earnPositionFromVaultBalance, earnPositionTotals, earnUidFromMarketUid, earnVenueKind, encodeBalanceFetcherCalldata, enrichTermSheet, enrichmentIndexFromRows, exactlyPairLtv, exactlyPenaltyRateToAprPercent, exactlyWadRateToPercent, feePhrase, feedKeyOf, feedStatKey, fetchDolomiteAccountNumbers, fetchDssMarkets, fetchEulerEarnVaults, fetchEulerEarnVaultsFromSubgraph, fetchEulerSubAccountIndexes, fetchExactlyMarkets, fetchFlashLiquidityForChain, fetchFluidFTokens, fetchFrankencoinMarkets, fetchFraxlendPairs, fetchGeneralYields, fetchGeneralYieldsByMarketUid, fetchGmxExecutionFees, fetchGmxTickerPrices, fetchGmxVaults, fetchHypercoreVaults, fetchInverseMarkets, fetchLagoonApiVaults, fetchLagoonVaults, fetchLiquityMarkets, fetchListaVaultsFromChain, fetchLlamaLendMarkets, fetchMorphoUserBalances, fetchMorphoUserPositionMarkets, fetchMorphoVaults, fetchMorphoVaultsFromApi, fetchMorphoVaultsFromChain, fetchOraclePrices, fetchPendleApiAssets, fetchPendleApiMarkets, fetchPendlePrices, fetchPendlePtMarkets, fetchResupplyMarkets, fetchRiverMarkets, fetchSiloVaults, fetchTellerMarkets, fetchTermMarkets, fetchTermMaxMarkets, fetchTokenBalances, fetchTokenMetadata, fetchUpshiftApiVaults, fetchUpshiftVaults, fetchUsddMarkets, fetchYearnApiVaults, fetchYearnVaults, filterActiveLenders, filterLendersByProtocol, finalizeInfo, findingsFor, formatRaw, frankencoinKeyParts, frankencoinLenderKey, fraxlendAssetPerCollateral, fraxlendKeyParts, fraxlendLenderKey, 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, hasPendleMarkets, hasUpshiftVaults, hasYearnVaults, ilkToKeySegment, implausibleRatePercent, inverseKeyParts, inverseLenderKey, isBoundNeed, isFailedCall, isIlliquid, isLendingPosition, isLiveMarket as isLivePendleMarket, isStablecoinSymbol, isVaultPosition, isVaultVenue, isYearnV3, keySegmentToIlk, keysFromMaps, lenderApiOnly, lenderFamily, liquityCandidateTroveIds, liquityKeyParts, liquityLenderKey, llamaLendKeyParts, llamaLendLenderKey, mergeDeep, multicall3Abi2 as multicall3Abi, nanTo, needsLenderApproval, needsTokenApproval, noOpResult, normalizeToBytes, parseBalanceFetcherResult, parseEarnUid, parseMergedResult, parseMulticallRpcResponses, parseExpirySeconds as parsePendleExpirySeconds, parseRawRpcBatchResponses, parseRawRpcResponses, parseTermMaxLtv, parseTokenBalanceResult, pct, assetKey as pendleAssetKey, positivePart2 as positivePart, predictInverseEscrow, prepareLenderUserDataRpcCalls, prepareMergedMulticallParams, prepareMergedRpcCalls, prepareMulticallInputs, prepareTokenBalanceRpcCalls, priceGlvVaults, priceGmMarkets, probeAaveFeedTimestamps, pruneFeedStats, rankFindings, ratePercent, readVaultSharePrices, rejectOutliers as rejectPriceOutliers, resolveAdapter, resolveDerivation, resolveEarnIdentity, resolveStCeloDepositGroup, resolveVaultProfileId, resupplyKeyParts, resupplyLenderKey, resupplyMarketLabel, riverKeyParts, riverLenderKey, selectAssetGroupPrices, shortDate, splitChainScopedAddress as splitPendleChainScopedAddress, stampCapabilities, stampVaultClassification, stampVaultTermSheets, supplyDescription, supplyFindings, supplyHeadline, swapRoutedProvidersArePriceConsistent, 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, toVaultTermInput, tryParseEarnUid, unflattenLenderData, updateFeedStats, usdValue, usddIlkBytes32, usddKeyParts, usddLenderKey, validateTermSheet, validateTermSheets, validateUserData, vaultSharesToAssets, vaultTermInputFromEarnMarket, vaultTermInputFromSourceRow, vaultTraits, vaultVenue, venueBrand, venueBrandKey };
 //# sourceMappingURL=index.js.map
 //# sourceMappingURL=index.js.map