So far: the parts, one by one. And three measurements of our own. Today: the whole thing in motion. What does the paper say happens IF it runs? It describes a loop: → steady buying and money in the pools make pDAI easier to trade → a coin that trades reliably gets used: for payments, trading, borrowing → use brings income → income pays for more support and, in time, for real backing → and round again One arrow in that loop the paper labels with care: "possible adoption". People actually using it. That is the step nobody can force. What is closed today? The paper found four routes shut when it looked: → the credit line at Aave is set to zero → one copied token (sETH2, a staked-ETH token) is broken in its code → Maker's swap counter is shut (post 07) → the issuers only have limited cash And the big open point: who pays the dollar side? Somebody has to put real money behind the bids. The paper names a candidate, USDC that came from Ethereum, and writes in its own table that getting it or funding it "remains open". It also says plainly what it has NOT shown: → no proven campaign to peg pDAI → no proven intent → the private chain: unseen → no proof that one party controls it all Then the test. The paper spells out how you would check whether pDAI is really being held at a price: orders of 1,000 pDAI, within 1 % of the target, over 24 hours, 100 on each side. That test has not been run. Why it matters: this is the honest state of things. A blueprint with a loop that makes sense on paper, routes that are closed today, and a test that would show whether the service exists at that size. The paper calls its open points not established "rather than impossible". Both halves count. Tomorrow: the whole paper in ten sentences. PROOF OF READ · 11/12 Check it yourself Loop: paper p. 12. Five phases, p. 10: activate routes · accumulate gradually · build execution depth · operate the price policy · extend economic use. Four gates, p. 12: zero Portal caps (all 17), broken sETH2 logic, disabled ordinary Maker PSM, finite issuer cash. Payer, p. 17: conversion into the benchmark Ethereum-origin USDC, "or independent funding of it, remains open". For the source side, p. 16: "delivery payer and latency remain unknown". And p. 460: "One passing episode does not establish perpetual support." Test, pp. 459–460: 1,000 pDAI per request, ±1 %, 24 hours, 100 requests per side; "this investigation did not submit orders". Not shown, pp. 458–459.

So far: the amount of pDAI went from 4.69 billion to 120 billion and back to 44. Today, our third measurement: who received the newly created pDAI? Since the copy, 431 addresses have received newly created pDAI. One of them accounts for 55.9 % of the entire net increase. Its numbers: 106.1 billion created to it. 84.0 billion destroyed again by it. What remains: about 22.17 billion. The timing: → 16 April 2025, 05:47 UTC: 95.1 billion pDAI in ONE step. → 06:27 UTC, forty minutes later: the Maker shutdown. → 10:26 UTC the same day: 72.9 billion destroyed again. → 18 April, after the shutdown: 10 billion created, destroyed 11 blocks later. Then another 989 million, destroyed 4 blocks later. One more fact from the chain: the address that received the 95.1 billion is the same address that sent the shutdown transaction forty minutes later. What the paper says about holders: it names no accumulator. It records single purchases. We looked at the other side: who was handed the new pDAI when it was made. Why it matters: if you want to judge whether pDAI can be bought up or held at a price, you need to know how it is spread. More than half of the net new supply went through one address. Where it went from there is a different question, and we have not answered it here. What we do not know: why. An address is not a person, and timing is not a motive. Every transaction is below. Don't trust me. Re-measure it. Tomorrow: what would happen if the machine runs. And the test nobody has run yet. PROOF OF READ · 10/12 Check it yourself 95,138,643,085.81 pDAI minted, 16 April 2025, 05:47:15 UTC: TX 0xed5e890fca0af3913f2cf50a86f304129bf34b8724baf1dbe8560bab675140c6 72,931,193,872.97 burned, 10:26:05 UTC: TX 0x05ef20cd67269f4c73d8a2928a08e7caaabadc19f527dc723e9ddb432859bc73 10,000,000,000 minted, 18 April 2025: TX 0x9e113c3733e24ba2b65dfcadf3a4bc950ce153d40289ebbd33441fad7a3eb997 burned 11 blocks later: TX 0x53c6094b9dd280d170fe995f3849f99fecc843e6d40bfd0b751a7471995b08f6 988,967,726.77 minted: TX 0x2e18ccbe0a4ea43cea800f5830958058f4701ca8b05754a44c333fbc078fa542 burned 4 blocks later: TX 0x86241ed47da88d27f9afe78408868b81ee4c19b419f11a10792a826e6c515fe3 Shutdown transaction, same sender as the recipient of the mints, 06:27:15 UTC: TX 0x6530fc843a760c883bcdf00ec006fc1b9bcaa8049f79d9e9c65b8f096d21dd3a Seven mints to this address between 24 March and 18 April 2025. 431 and 55.9 %: all mint and burn events since the copy, two RPCs. Paper pp. 5, 158.

"The things that we build will continue to work while we're asleep." @RichardHeartWin , wherever you are right now, thank you. For believing in us before we believed in ourselves. For building something no one can switch off. For teaching us that patience is power and that freedom is worth the wait. You gave us the tools. The rest is on us. The chain runs. The community stands. We're not going anywhere. Hold the line. 🫡