Pinned-basis classification: evidence record (1 pinned / 38 market)
Reviewed and accepted by the orchestrator 2026-07-20. This is the evidence record behind the basisClass registry seeded in feat/pinned-basis-class (src/lib/data/basis.ts BASIS_TOKENS, src/lib/data/dune.ts MIRROR_EXTRA). The verdict matches the seeded registry EXACTLY: sUSDS is the only PINNED asset; all 38 other tracked wrappers are MARKET-measured. No registry change follows from this review. See docs/plans/pinned-basis-class-plan.md for the mechanism and criteria, and metrics.md M19 for the doctrine.
Criteria (all three must hold for PINNED)
- Instant, permissionless, at-rate, fee-negligible. Redemption is same-block, open to anyone, at the accrual/share rate, with zero or <2bp fee, and NO cooldown / queue / gate.
- Capacity effectively unbounded. Redemption is not liquidity-gated in a way that regularly binds (a lending-vault share redeemable only from un-borrowed liquidity is NOT automatically pinned; it needs evidence utilization does not trap exits).
- Proceeds are the book numeraire or hard-pegged to it by an on-chain 1:1 PSM with real capacity.
Everything is verified at primary sources (contract code via Herd, on-chain reads, official docs). Every border case defaults to MARKET (the honest side).
PINNED (1)
| Asset | Verdict | Evidence (C1 / C2 / C3) | Confidence |
|---|---|---|---|
| sUSDS | PINNED | C1 PASS: SUsds.sol redeem/withdraw is a same-block transfer of already-held, Vat-funded USDS, no fee / cooldown / gate, maxRedeem = balanceOf. C2 PASS: proceeds are held USDS, not lend-out liquidity. C3 PASS: numeraire bridge USDS to DAI 1:1 via DaiUsds, then DAI to USDC via the Sky LitePSM (tout() = 0) against pocket 0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341 holding ~$4.34B USDC. Residual risk = the USDS peg itself (the documented blindness). | High |
MARKET, with evidence (38)
Carry legs (BASIS_TOKENS)
| Asset | Verdict | Why not pinned | Confidence |
|---|---|---|---|
| sUSDe | MARKET | C1 fail: StakedUSDeV2 cooldownDuration = 86400 (read on-chain); withdraw/redeem revert via ensureCooldownOff, exit runs through the Silo unstake path. | High |
| syrupUSDC | MARKET | C1 fail: Maple MaplePool requestRedeem + escrow + withdrawal window. | High |
| syrupUSDT | MARKET | C1 fail: same Maple queue mechanism as syrupUSDC. | High |
| reUSD | MARKET | C1 fail: ShareToken burn is MINTER_ROLE-gated (no permissionless redemption). Its discount history is real. | High |
| wstETH | MARKET | C1/C2 fail: unwrap is instant but stETH to ETH is a multi-day Lido withdrawal queue. | High |
| weETH | MARKET | C1/C2 fail: ether.fi multi-day withdrawal queue. | High |
| rETH | MARKET | C1/C2 fail: burn is bounded by the deposit pool's ETH; otherwise a multi-day queue. | High |
| osETH | MARKET | C1/C2 fail: StakeWise multi-day withdrawal queue. | High |
| ezETH | MARKET | C1/C2 fail: Renzo multi-day withdrawal queue. | High |
| GHO | MARKET | C1/C3 fail: no redemption mechanism at all; the GSMs are capped and freezable; GHO has traded to ~$0.97. Par token whose deviation IS the signal. | High |
| USDe | MARKET | C1 fail: mint is onlyMinter; redemption is whitelisted (not permissionless). | High |
| USDtb | MARKET | C1 fail: AnchorageToken mint/burn is MINTER_BURNER_ROLE; the public burn reverts Deprecated. | High |
| WBTC | MARKET | C1 fail: custodial, whitelisted mint/redeem (BitGo merchants). | High |
| cbBTC | MARKET | C1 fail: custodial, whitelisted (Coinbase). | High |
| USDC | MARKET | Numeraire reference; the deviation IS the signal. Market by design. | High |
| USDT | MARKET | Numeraire reference; the deviation IS the signal. Market by design. | High |
| DAI | MARKET | Numeraire reference; the deviation IS the signal. Market by design. | High |
Mirror-only wrappers (MIRROR_EXTRA)
| Asset | Verdict | Why not pinned | Confidence |
|---|---|---|---|
| sGHO | MARKET | Fails ONLY C3: a CLEAN instant 4626 holding GHO (C1 + C2 PASS), but the proceeds are GHO, a soft dollar with no par redemption. The sole "one criterion away" case (see registry note). | High |
| sUSDf | MARKET | Fails C3 (and C1 by re-arm risk): cooldownDuration currently 0 but admin re-armable up to 90d, and USDf is a synthetic dollar. | Medium |
| srUSDe | MARKET | C1/C2 fail: Idle Strata CDO senior tranche with an exit fee and strategy-gated maxWithdraw. | High |
| sUSDai | MARKET | Bespoke OToken, no standard 4626 exit path. Low confidence, defaulted market. | Low |
| steakUSDC | MARKET | C2 fail: MetaMorpho vault, instant redeem but redeemable only from idle liquidity. | High (family) |
| gtUSDC | MARKET | C2 fail: MetaMorpho; live evidence idle ~$0 against $29.6M NAV. | High |
| gtUSDCcore | MARKET | C2 fail: MetaMorpho family, liquidity-gated. | High (family) |
| USUALUSDC+ | MARKET | C2 fail: MetaMorpho family, liquidity-gated. | High (family) |
| gtusdcf | MARKET | C2 fail: MetaMorpho family, liquidity-gated. | High (family) |
| gtUSDT | MARKET | C2 fail: MetaMorpho family, liquidity-gated. | High (family) |
| eUSDC-2 | MARKET | C2 fail: Euler vault ~92% utilized, cash $113k against $1.40M NAV. | High |
| eUSDC-22 | MARKET | C2 fail: Euler family, liquidity-gated. | High (family) |
| yvUSD | MARKET | C2 fail: Yearn aggregator share, liquidity-gated by its underlying strategies. | Medium (family) |
| yoUSD | MARKET | C2 fail: aggregator share, liquidity-gated. Low confidence, defaulted market. | Low |
| fLiteUSD | MARKET | C2 fail: lending/aggregator share, liquidity-gated. Low confidence, defaulted market. | Low |
| iETHv2 | MARKET | C1/C2 fail: ETH vault share behind withdrawal queues. Low confidence, defaulted market. | Low |
| earnETH | MARKET | C1/C2 fail: ETH LRT vault share behind queues. | Medium (family) |
| yoETH | MARKET | C1/C2 fail: ETH vault share behind queues. Low confidence, defaulted market. | Low |
| liquidETH | MARKET | C1/C2 fail: ether.fi Liquid ETH vault share behind queues. | Medium (family) |
| tETH | MARKET | C1/C2 fail: Treehouse ETH vault share behind queues. | Medium (family) |
| PST | MARKET | Bespoke wrapper, not individually read. Low confidence, defaulted market. | Low |
Family notes
- MetaMorpho (steakUSDC, gtUSDC, gtUSDCcore, USUALUSDC+, gtusdcf, gtUSDT). All are ERC-4626 vaults whose
redeemis instant AT-RATE but drawn only from IDLE market liquidity: exit is trapped whenever utilization is high. Criterion 2 fails as a class. The live gtUSDC read (idle ~$0 vs $29.6M NAV) is the reference exhibit. - Euler (eUSDC-2, eUSDC-22). Same liquidity-gating; eUSDC-2 read at ~92% utilization (cash $113k vs $1.40M NAV) confirms criterion 2 fails.
- ETH vault / LRT shares (iETHv2, earnETH, yoETH, liquidETH, tETH). Wrappers over LSTs / LRTs whose ETH exit sits behind multi-day withdrawal queues; criteria 1 and 2 both fail.
- Aggregator / lending USD shares (yvUSD, yoUSD, fLiteUSD). Shares over strategy baskets or lending markets; instant-at-rate only up to the underlying's free liquidity, so criterion 2 fails by family.
- sGHO is the single "one criterion away" case. It passes 1 and 2 cleanly and fails only 3 (proceeds are GHO). It would become a PINNED candidate if GHO ever gains deep, permissionless, par redemption to USDC; re-evaluate then. This is flagged inline on the
MIRROR_EXTRAsGHO entry indune.ts.
Low-confidence, defaulted market
These were not individually read to primary sources (or lack a standard exit to read); they DEFAULT to market (the honest side) and should be revisited if they become carry legs or gain material exposure: sUSDai, PST, yoUSD, fLiteUSD, yoETH, iETHv2, plus the family-classified vault shares not individually read (earnETH, liquidETH, tETH, gtUSDCcore, USUALUSDC+, gtusdcf, gtUSDT, eUSDC-22, yvUSD).
Outcome
1 pinned (sUSDS) / 38 market. The seeded registry stands unchanged; this file is its evidence of record.