{
 "id": "GH-V1-001",
 "verdict": "Verdict 1 \u2014 PONS buyback ratio (Robinhood Chain 4663)",
 "status": "MEASURED \u2014 interim certificate; REFUSE arm (3) TWAP-lag pending until 2026-09-20; hardware seal reserved for the published verdict",
 "method_file": "METHOD-VERDICT-1.md",
 "method_sha256": "4e6cb9375446eaba38c40320b769b94a117c88fe3bfec8219f048249d0d8f592",
 "method_ledger_event": 2690353,
 "method_references": [
  2670711,
  2680503
 ],
 "chain_id": 4663,
 "window": [
  29853000,
  55621328
 ],
 "window_utc": [
  "2026-08-07T02:29:43Z",
  "2026-09-06T02:29:43Z"
 ],
 "registry": {
  "PONS": "0x39dBED3a2bd333467115dE45665cC57F813C4571",
  "Pons deployer / owner EOA": "0xfdde5a1e3cdf791da71e49f817d70c7ced72cc36",
  "Protocol fee recipient (Safe)": "0x263ed295dAFaE1d9AAdD6E56c4B6F9f38eE019Dd",
  "V2 fee escrow": "0xd3AFEB2a57f70eF218Aa82451c51B2fb0416Ac9e",
  "Treasury hop": "0xcd9107d2bdfad6b56a7ac235bebe46e555c1801c",
  "Treasury proxy": "0x5795d227DcC305Afe212Bef18E81B111dEF7C324",
  "Burner EOA (main)": "0xda4bcee76b29efec9697fcf663601c2042043968",
  "Burner EOA 2": "0xf89f3858bc7bac05a83ec284e3e9acdb58bf892a",
  "Burner EOA 3": "0x8afc1142f5d3ca6c55bbc8c81d0c9cdf2cce380c",
  "Burner EOA 4": "0xb9f5f4ea1af1f5d3678470eb98e8fbdcadeb24b0",
  "Relay router": "0xb92fe925dc43a0ecde6c8b1a2709c170ec4fff4f",
  "PONS/WETH V3 pool 0.3 %": "0x10cc6bd38112cac182db90b6a71d8bb5939526ba",
  "V4 PONS/USDG 0.3 % poolId": "0x4be9657ec9002e528f4f17a5c43edc525a07f888f7b180c2afbf75e096c4f38a",
  "V4 ETH/PONS 0.3 % poolId": "0x6073975413484a350101c0c5d592a91ceb6c3ee881ad359613a08359fd1495a0",
  "Burn address": "0x000000000000000000000000000000000000dEaD"
 },
 "claims": [
  {
   "id": "C1-A",
   "text": "A manual buyback is running via an automated TWAP using 80% of protocol fees.",
   "source": "https://docs.ponsfamily.com/ (Protocol \u2192 Protocol revenue)",
   "captured": "2026-09-06T02:38Z"
  }
 ],
 "derivation": {
  "type": "pons-buyback-ratio",
  "description": "R = escrow claims by the fee Safe (ETH) + WETH/USDG into the fee Safe (PONS excluded; NVDA units reported, not priced); B = ETH paid in PONS/WETH V3 swaps whose recipient/sender is a registry address; headline = B/R at DefiLlama daily ETH prices; burns = PONS to 0xdEaD from registry addresses."
 },
 "headline": {
  "value": 46.56,
  "unit": "% of protocol revenue spent on registry market buybacks in the window (claim: 80 %)",
  "tolerance": 0.5,
  "text": "Registry market buybacks on the PONS/WETH V3 pool in the window: 1,603.9 ETH \u2248 $3,742,300 against $8,036,970 of protocol revenue priced (ETH escrow claims + USDG + WETH; NVDA and launch-token claims unpriced) = 46.6 % (claim 80 %). Of that, 1,064.9 ETH was bought by the treasury proxy 0x5795d227\u2026 (a route newly traced: active since 2026-09-03, its 3.52M PONS burned), 398.6 ETH by the burner EOAs (the RHC-002-comparable reading = 11.6 %) and 140.3 ETH by the deployer EOA. Residual: revenue held in unpriced tokens (2,306.6 NVDA units \u2248 [EST] $0.4M and launch-token escrow claims) lowers the ratio further; 46.1k PONS reached the burners via Relay (untraceable on this chain).",
  "secondary_value_burners_only": 11.57
 },
 "measured": {
  "revenue_usd_ex_nvda": 8036970.148019072,
  "nvda_units_into_safe": 2306.569622523255,
  "buyback_eth": 1603.8559897948448,
  "buyback_usd": 3742299.8276090208,
  "buyback_pons": 28676072.198974844,
  "buyback_swaps": 3294,
  "burn_registry_pons": 31728618.256530397,
  "burn_others_pons": 7917951.431060116,
  "pons_into_burners_by_source": {
   "v3_pool": 17688976.597338706,
   "0x6a37f7191f5023fc780be59c688ddd495ea8545b": 1528.57870435303,
   "c31": 756691.5553358487,
   "0xa1d65242d367501d9a261389a69005e584f4786a": 2067.940716959076,
   "relay": 46128.58908509874,
   "0x39b38686a19836ac10162c490e4558e120cbbe5f": 3600263.2999717253,
   "0xa9d341da34d1dcf001d90a7c9fd3ca5163ccd04c": 0.8085959523289398,
   "0xb8416bb84b5513f0a63cb62f5d211243a07164e6": 30820.48683887228,
   "0xdff7c89bb3019eb383d201422039cc107791921d": 1.5862896655538137,
   "0x3f3a804b78268e9567f5282c22a725ce4d4f317c": 262.4424913310765,
   "0x8876789976decbfcbbbe364623c63652db8c0904": 74318.1233030536,
   "0xdc045937f58b59899df77555d968b7c99a2e55b3": 25.52735649452241,
   "0xa4459645424fe70a4462d9462c1bf42bbcd12148": 1500.9919131344975,
   "0x8b5e66956088823944c9f87f34bd40ed44c51ede": 32.55965757881742,
   "0xe09eed52e1cc8f7ffdd92f583fc13b651c1b8e72": 5.567913624845916
  }
 },
 "refuse_arm": [
  {
   "explanation": "(1) buyers outside the registry",
   "test": "V3 PONS buys by non-registry recipients, ranked by ETH spent; funding-source clustering needs native-ETH transfer history (no trace on the free path)",
   "result": {
    "top_non_registry_buyers": [
     {
      "addr": "0x8876789976decbfcbbbe364623c63652db8c0904",
      "eth": 4592.236136807594,
      "pons": 111500866.30918895
     },
     {
      "addr": "0x39b38686a19836ac10162c490e4558e120cbbe5f",
      "eth": 3463.23317245323,
      "pons": 74881024.7191604
     },
     {
      "addr": "0x8f10b468b06c6fd214b65f87778827f7d113f996",
      "eth": 1777.8813343315392,
      "pons": 45199258.5660476
     },
     {
      "addr": "0x51c72848c68a965f66fa7a88855f9f7784502a7f",
      "eth": 761.7026140789311,
      "pons": 2908093.6422215663
     },
     {
      "addr": "0x09ad820aac5779683b481c4674208a4e1b024afa",
      "eth": 751.998532217101,
      "pons": 12246734.958854914
     },
     {
      "addr": "0x217cadfa3230654e5ffe72ccb9dc2e0b998f2794",
      "eth": 709.3017221275664,
      "pons": 3987022.0500000045
     },
     {
      "addr": "0x6e2a35a7ad683cf634d91492d73bb7ff774c6919",
      "eth": 442.3309776635855,
      "pons": 2740306.4090619
     },
     {
      "addr": "0x345e48768a65ae596ac6a2aee71202753c4866f5",
      "eth": 270.5581689027165,
      "pons": 1403642.1725418568
     },
     {
      "addr": "0x48a097df16c7844a33b1c3d11ab353457846e13f",
      "eth": 189.4662425383205,
      "pons": 4756315.804801868
     },
     {
      "addr": "0x3a9a176a45948bc1586528412feaeded4be47185",
      "eth": 183.18810696026281,
      "pons": 1330047.7944866947
     },
     {
      "addr": "0x4ede629216256eace56b32c620261da2360313d9",
      "eth": 171.5730205889201,
      "pons": 1855000.0
     },
     {
      "addr": "0xd5f5688167b9c8bca2d383e501487c9098b04b5b",
      "eth": 125.74099999999999,
      "pons": 342641.9541122202
     },
     {
      "addr": "0x19560455a13f76d2d7c87dedb4f759ac308c6fd1",
      "eth": 115.50279999999998,
      "pons": 371528.720197121
     },
     {
      "addr": "0x9bbd8c955881c917fbe2a1b96461ce7065a116b1",
      "eth": 113.78481700000002,
      "pons": 678199.7679785291
     },
     {
      "addr": "0x9fe8296fdc267e1229a96c51be8cc86b4517ff3a",
      "eth": 109.09922380948633,
      "pons": 646941.0056236505
     }
    ],
    "non_registry_burn_senders_pons": {
     "0x0815a4881f9c4073a70fdf00600eba54c5a5baaa": 2739792,
     "0x53158ca609247037963deea40af46c875f8e351b": 2528346,
     "0xab3b69129ad05eec222ca83f22f6615933aa0932": 1343000
    }
   },
   "effect": "candidates reported (3 non-registry senders burned 6.6M PONS in the window); not added to B"
  },
  {
   "explanation": "(2) buybacks routed via Relay/bridge",
   "test": "PONS Transfers from the Relay router into burners in the window",
   "result": {
    "relay_pons": 46128.58908509874
   },
   "effect": "46,129 PONS via Relay in the window \u2014 immaterial (0.16 % of registry PONS bought); untraceable remainder stated on the face"
  },
  {
   "explanation": "(3) TWAP lag",
   "test": "extend the buyback side +14 days after the window end",
   "result": "PENDING until 2026-09-20 (scan_v1.py --ext)",
   "effect": "pending"
  },
  {
   "explanation": "(4) V1-only policy",
   "test": "restate the ratio on V1 revenue alone (V1 revenue = WETH/USDG into the fee Safe from the V1 locker 0x736d7669\u2026)",
   "result": {
    "v1_revenue_usd": 167542.81496771498,
    "ratio_on_v1_only": 22.336379082147754
   },
   "effect": "if the 80 % binds V1 only, the ratio is restated on V1 revenue; reported beside the headline"
  },
  {
   "explanation": "(5) off-chain (CEX) buybacks",
   "test": "search: Pons docs, PONS burner inflows from CEX-labelled addresses (Blockscout labels), press",
   "result": "NOT FOUND \u2014 no CEX-labelled inflow into the burners; docs describe on-chain TWAP",
   "effect": "none measurable"
  }
 ],
 "published_at": "2026-09-06T03:46:26Z",
 "published_by": "CC (A3), GH-W0-001",
 "notes": "Interim: not hardware-sealed; the published verdict carries the A9/A10 seal, the +14-day TWAP-lag arm and the V1-only restatement.",
 "attestation": {
  "ledger_event": 2691164,
  "kind": 15,
  "class": "chain-attestation",
  "caller_signature": "ecdsa-p256:a9-atecc608b-slot0 (A9 ATECC608B via the A3 broker)",
  "chain_signature": "a1-ledger-ed25519",
  "packet_sha256": "175f293b72ed8c743177a05017043ba2f5601bd4a28cf8d25548be3b1eec76dc",
  "note": "interim measurement attestation; not the published-verdict seal"
 },
 "sensitivity": {
  "registry_broad_pct": 46.563565108318976,
  "burners_only_pct": 11.572839732233279,
  "proxy_eth": 1064.9,
  "burners_eth": 398.62,
  "deployer_eth": 140.33,
  "usd_per_eth_avg": 2333.314120108572,
  "proxy_pons_bought": 3520593,
  "proxy_pons_burned": 3520593,
  "nvda_units_unpriced": 2306.569622523255,
  "non_registry_burns_pons_top": {
   "0x0815a4881f9c4073a70fdf00600eba54c5a5baaa": 2739792,
   "0x53158ca609247037963deea40af46c875f8e351b": 2528346,
   "0xab3b69129ad05eec222ca83f22f6615933aa0932": 1343000
  }
 }
}