Where PoV Applies?
Why this page exists
DeFi features on EDMA—including collateralized loans, EMT receivables, assurance/backstop, liquidations, and parametric covers—sit on top of the settlement rail. This page draws the hard boundary between what must be proven by PoV before any DeFi action is allowed, and what can proceed as pure finance or state machinery. Nothing here weakens the law:
No EMT, no funds (Trade)
Must-fund before shipping (top-up after Pre-Ship EMT)
One-Claim (atomic reserve→finalize)
Locked EDSD → Unlocked EDSD only on proof
50% of every protocol fee burns in EDM at the event (never discounted)
EDSD is platform-bound; off-platform cash-out is after schedule completion
A. PoV touchpoints by DeFi object
A1. Collateral
PoV applies to: token mint (admissibility), mirror status (ACTIVE/FROZEN), lineage/replacements (revocation). Finance allowed only if: token is PoV-minted, One-Claim FINAL, not FROZEN, not pledged elsewhere, and (if required) mirror ACTIVE. PoV does not decide: price/oracle marks, LTV, HF math, interest accrual. If revocation/mirror revoke hits: pledge is frozen; new borrowing blocked; margin call may escalate; liquidation is blocked until UNFROZEN/REPLACED.
A2. EMT Receivables
PoV applies to: the milestone PASS that mints the EMT (Pre-Ship / On-Board / Customs / Arrival+QA). Finance allowed only if: stage PASS occurs and buyer is must-funded. RA/assignment entries are funded-on-proof. PoV does not decide: RA pricing (APR/discount), RA priority; those govern waterfall ordering only. If gate fails or revokes: receivable stays PENDING; no payout; resumes on corrective EMT; no on-rail loss.
A3. Liquidations
PoV applies to: collateral state (PoV-minted, not FROZEN, same claim_id), and any replacements. Finance allowed only if: position is eligible (HF ≤ threshold) and collateral is eligible (not frozen). PoV does not decide: auction prices, lot sizing, penalties. If FROZEN: liquidation cannot execute; timers pause; calls continue; resume only after UNFROZEN/REPLACED.
A4. Coverage pools
Assurance (must-fund): can front only after Pre-Ship EMT PASS; pays into the Release waterfall; recovers on buyer top-up.
Backstop (liquidations): buys eligible collateral lots; does not force Trade cash.
Parametric: pays on attested PoV-bound triggers (e.g., temp out-of-range via Merkle proofs); never moves money early or waive burns.
B. What PoV does vs. what it doesn’t
Operation
PoV input required
Gate condition
Allowed action
If not met
Token pledge
PoV-minted token, One-Claim FINAL, mirror ACTIVE (if needed)
state=ELIGIBLE & !FROZEN
Move token to CollateralVault; issue pledge receipt
Reject pledge
Borrow
Same as pledge
HF_after_borrow ≥ threshold
Credit EDSD to borrower
Reject borrow
Margin call
— (finance state)
HF ≤ call_level
Notify; allow cure
—
Liquidation start
Collateral not FROZEN
HF ≤ 1.0 & bucket enabled
Kick Dutch/OB liquidation
Pause (FROZEN / disabled)
Assurance front (Trade)
EMT PASS, tranche must-fund breach
status=PENDING_FUNDS & SLA_exceeded
Pool fronts EDSD; takes Tier-1 receivable
No front (no PASS or within SLA)
RA/assignment settle
EMT PASS
Release executes
Pay RA/assignment by waterfall
No pay
Parametric payout
Signed proof bound to PoV hash
Statement verifies
Credit EDSD from cover pool
No pay
C. Evidence binding
All DeFi modules reference the same dossier the Gate checked.
PoV hash =
sha256(canonical_json_bytes)is stored with pledges/receivables; revocations compare against this hash.Attestor signatures: EIP-712 messages bind (schemaId, order/listing, stage/unit, povHash); the Registry enforces role and key freshness.
ZK/attested proofs (when used) include the PoV hash as a public input or signed field.
Result: a lender, pool, or buyer never has to trust filenames or screenshots—only the hash already used by PoV.
D. Where One-Claim bites
The same claim (BL/seal/containers or token serial) cannot be pledged twice or allocated twice: One-Pledge / One-RA ledgers key off claim_id.
Convert consumes parents and mints children with derived claim_ids; finance refers only to children; parents cannot be re-used.
Mirrors bind to a single claim_id; a revocation/replace freezes only dependent flows.
E. Where burns appear
Appear:
Tokens at settle/retire (4% fee; 50% burns in EDM)
Trade at Release (0.5%/stage; 50% burns in EDM)
Never appear: pledge/borrow/repay, RA create/cancel, assurance front, liquidation proceeds. Burns are economic truth of settlement, not lending/coverage actions.
F. Edge cases & sequences
Buyer funds late (must-fund breach): RA shows PENDING_FUNDS; Assurance may front after EMT PASS; Release waterfall later repays Assurance Tier-1 → RA/vendor → seller.
Revocation after pledge: Collateral FROZEN; borrowing blocked; calls continue; liquidation paused until corrective mirror/EMT.
Oracle stale: Lending disables bucket; calls → cure; liquidations paused until fresh marks or governance override.
Bridge representations: Not eligible as collateral; liquidations sell only canonical EDMA tokens; wrapped assets must first be repatriated.
Hourly attributes → 1 MWh: finance against the child 1 MWh units once converted; parents consumed to prevent reuse.
G. APIs & events
GET /v1/proof/{claim_id} → pov_hash, schemaId, lineage, mirror statusGET /v1/tokens/{id}→ collateral eligibility flags, mirror status, freeze bannersPOST /v1/defi/pledge|borrow|repay|liquidate(see Collateral/Liquidations specs)Events:
GatePass, EMTMinted, ClaimFinalized, MirrorCreated/Replaced, pov.attestation.revoked—DeFi indexers subscribe and update eligibility/HF immediately.
H. KPIs
Freeze propagation p95 ≤ 15 min (revocation → pledge/RA eligibility updated)
Assurance fronts after PASS only = 100% (no fronts before EMT)
Liquidations blocked due to freeze handled within 48 h (mirror replace or corrective EMT)
Oracle staleness incidents (per bucket) = 0 (or escalated via governance)
Plain recap
Last updated