2 Current implementation status
The public framework describes both the current MVP and research directions. Capabilities are explicitly marked by implementation status. Equations labelled Conceptual framework, Research direction, or Future methodology are not claims about live production code.
2.1 Current production boundary
LSDx currently publishes deterministic, rules-derived analytical snapshots once daily at 02:15 UTC. The engine uses live daily market/reference observations where available together with curated structural registry fields. It is not a real-time system, a calibrated risk model, or an oracle.
The current source set is:
| Source | Status | Current use |
|---|---|---|
| Binance | LIVE / DAILY | Shared ETH, SOL, and BNB reference-market price, change, and quote volume |
| CoinGecko | LIVE / DAILY | Token market price and 24-hour change |
| DeFiLlama | LIVE / PARTIAL / DAILY | Protocol TVL, market capitalisation, and change where a verified protocol slug exists |
| Canonical registry | CURATED STRUCTURAL PROXY | Liquidity, validator, redemption, governance, and custody fields |
Dune, Rated, Yahoo Finance, Poloniex, and blockchain RPC/on-chain reads are not current production ingestion sources. They may be research or target integrations only.
2.2 Public metric meanings
| Public metric | Current meaning | Status |
|---|---|---|
| Market price | Observed token market price | LIVE / DAILY |
| Mechanics-aware reference value | Native-asset price multiplied by current underlying units per token, when authoritative mechanics data is available | LIVE / PARTIAL |
| Premium / discount | Market price relative to the mechanics-aware reference | UNAVAILABLE when required claim-rate data is missing |
| Indicative reference band | Uncalibrated deterministic mechanics-aware reference plus bounded heuristic adjustments | HEURISTIC |
| LSDx Yield Indicator | Chain-specific base plus deterministic bonuses and penalties | HEURISTIC; NOT APY; NOT CALIBRATED |
| Confidence / coverage | Publication input-quality tiers and coverage attributes | OPERATIONAL QUALITY LABELS; NOT STATISTICAL COVERAGE |
Legacy API fields named adjusted_yield_bps, fair_value_lower, and fair_value_upper remain for compatibility. Their meanings are governed by metric metadata: the first is the LSDx Yield Indicator; the latter two are the indicative reference band. They are not a measured risk-adjusted APY, arbitrage-free fair value, or 95% confidence interval.
2.3 Five conceptual risk dimensions versus current measurement
| Risk dimension | Intended meaning | Current raw/proxy inputs | Current source | Status | Current limitation | Target measurement |
|---|---|---|---|---|---|---|
| Depeg | Market dislocation from redeemable economic claim | Token price, native price, claim rate when available | CoinGecko + Binance + authoritative mechanics source when implemented | LIVE / PARTIAL | Claim-rate ingestion is absent for most non-rebasing tokens; valuation is withheld | On-chain/protocol claim rate, executable redemption, multi-venue depth |
| Validator / slashing | Loss and performance risk from validator operation | Operator count/share and slashing-socialisation description | Canonical registry | CURATED STRUCTURAL PROXY | No live validator performance or slashing feed | Validator-level performance, incidents, correlated exposure, loss severity |
| Liquidity | Ability to trade without material impact | Token market observations plus depth, volume, venue share | CoinGecko/Binance + canonical registry | MIXED LIVE + CURATED | Token depth/volume/share are not yet live or fully provenanced | Multi-venue executable depth, spreads, volume, stress liquidity |
| Exit delay | Time and uncertainty to redeem or unstake | Redemption type and cooldown bounds | Canonical registry | CURATED STRUCTURAL PROXY | Does not measure live queues or protocol buffers | Live queue, buffer, epoch, and settlement-state measurement |
| Centralisation | Control and concentration of operators/governance/custody | Operator shares, curated-set flag, upgradeability, governance and custody descriptions | Canonical registry | CURATED STRUCTURAL PROXY | Static descriptions are not live control-risk measurements | Time-stamped operator/control graphs and governance execution telemetry |
The production engine does not currently implement a calibrated weighted formula such as
\[R = 0.30D + 0.20S + 0.20L + 0.20E + 0.10C.\]
That equation is a conceptual framework / future methodology. Current outputs use chain-specific threshold rules, bonuses, penalties, partial live market data, and curated structural proxies.
2.4 Mechanics-aware valuation policy
For an exchange-rate-accreting or wrapped/share token, one token need not equal one native unit. The reference is therefore:
\[V_t^{ref} = P_t^{native}\,\kappa_t,\]
where \(\kappa_t\) is authoritative underlying units represented by one token. LSDx does not substitute a fabricated or timeless \(\kappa_t\). If a current authoritative observation is absent, premium/discount and the indicative reference band are returned as unavailable with insufficient_mechanics_data (or stale_mechanics_data).
2.5 Provenance state
Every analytics-affecting structural numeric field now has a field-level provenance envelope. Existing registry values for which the original source, observation time, retrieval time, or owner was not recorded are explicitly labelled curated_unprovenanced; LSDx does not invent missing provenance.