{ "as_of": "2026-10-31", "graded_on": "2026-11-13", "spec_sha256": "00ecf4ffb751f617bada987681521ace2a17a43bdb61e50a90d9b081fc3fa1c5", "rows": [  {   "id": "T1",   "side": "toll",   "claim": "Intents keeps the lead among native cross-chain rails",   "metric": "rail_share_13w",   "op": "<",   "threshold": 40,   "unit": "%",   "deadline": "2027-12-31",   "effect": "Toll-road leg dead: drop to the bear case.",   "value": 64.0805,   "status": "live",   "room_pct": 60.2  },  {   "id": "T2",   "side": "toll",   "claim": "Gross fee rate holds (three months)",   "metric": "gross_bps_90d",   "op": "<",   "threshold": 8,   "unit": "bps",   "deadline": "2027-12-31",   "effect": "Fees are compressing: pricing power is gone.",   "value": 14.9248,   "status": "live",   "room_pct": 86.6  },  {   "id": "T3",   "side": "toll",   "claim": "Captured revenue rate holds (three months)",   "metric": "net_bps_90d",   "op": "<",   "threshold": 2.5,   "unit": "bps",   "deadline": "2027-12-31",   "effect": "Partners are winning the split: cut the base case.",   "value": 4.6454,   "status": "live",   "room_pct": 85.8  },  {   "id": "T4",   "side": "toll",   "claim": "Reported volume stays corroborated on-chain",   "metric": "flow_ratio_median",   "op": "<",   "threshold": 0.35,   "unit": "x",   "deadline": "2027-12-31",   "effect": "Reported volume has come apart from settled flow: stop trusting it.",   "value": 0.5745,   "status": "live",   "room_pct": 64.1  },  {   "id": "T5",   "side": "toll",   "claim": "Annualised volume does not fall below its pre-September run rate",   "metric": "vol_annualised",   "op": "<",   "threshold": 26000000000,   "unit": "usd",   "deadline": "2027-06-30",   "effect": "The September step-up was temporary.",   "value": 47962291042.47,   "status": "live",   "room_pct": 84.5  },  {   "id": "T6",   "side": "toll",   "claim": "No exploit leaves Intents users with large unrecovered losses",   "metric": "exploit_unrecovered_365d",   "op": ">",   "threshold": 10000000,   "unit": "usd",   "deadline": "2027-12-31",   "effect": "Security, not fees, is the binding risk: drop to the bear case until the loss is repaid and the cause is fixed.",   "added": "2026-11-12",   "value": 0.0,   "status": "live",   "room_pct": 100.0  },  {   "id": "A1",   "side": "token",   "claim": "Captured revenue stays well below the value of issuance",   "metric": "offset_90d_rev_pct",   "op": ">",   "threshold": 50,   "unit": "%",   "deadline": "2027-12-31",   "effect": "Revenue is closing on issuance faster than we expected: raise the bull weight.",   "value": 18.9737,   "status": "live",   "room_pct": 62.1  },  {   "id": "A2",   "side": "token",   "claim": "Captured revenue, annualised from the last three months, stays under $100M",   "metric": "rev_annualised",   "op": ">",   "threshold": 100000000,   "unit": "usd",   "deadline": "2027-06-30",   "effect": "Revenue is ahead of our base path: the bear half of the thesis is wrong.",   "value": 22280176.91,   "status": "live",   "room_pct": 77.7  },  {   "id": "A3",   "side": "token",   "claim": "No large on-chain burn of bought NEAR",   "metric": "largest_daily_burn_since_buyback",   "op": ">",   "threshold": 100000,   "unit": "NEAR",   "deadline": "2027-12-31",   "effect": "A binding burn exists: set the claim input to 1.0.",   "value": 3851.27,   "status": "live",   "room_pct": 96.1  },  {   "id": "A4",   "side": "token",   "claim": "NEAR stays priced far above fee-token comps",   "metric": "near_multiple",   "op": "<",   "threshold": 60,   "unit": "x",   "deadline": "2027-12-31",   "effect": "The premium has closed: the valuation objection no longer holds.",   "value": 157.1,   "status": "live",   "room_pct": 161.8  },  {   "id": "A5",   "side": "token",   "claim": "The market's premium over our base case does not keep widening",   "metric": "price_over_base_pct",   "op": ">",   "threshold": 100,   "unit": "%",   "deadline": "2027-12-31",   "effect": "The market keeps paying a chain premium our cash-flow frame cannot see, and paying more of it: raise the chain value input to what the price implies and the bull weight.",   "added": "2026-11-12",   "value": 75.5,   "status": "live",   "room_pct": 24.5  } ], "tripped": [], "note": "Set on 2026-11-01. Two rows were added after review and graded on the same snapshot as the rest: T6, an exploit rule, on 2026-11-12, and A5, which watches the chain premium, later the same day. The other nine thresholds are unchanged; on 2026-11-13 three row titles gained the window they measure (T2, T3, A2). Each row is graded by code at every build, with no human step (T6 reads a hand-kept incident list). If a toll row trips, Intents is not the durable toll road we say it is. If a token row trips, our caution on the token was wrong."}