ANNEAL
FAQ Read the spec
Roadmap

Order, not dates.

Dates on a protocol roadmap are a commitment made by people who cannot know the answer yet. What can honestly be committed to is sequence — and that nothing ships before the thing it depends on.

Sequence

What has to be true before the next thing ships.

Each phase depends on the one above it, which is the only honest reason to put things in an order. Two are done; four are not.

  1. 01

    Specification

    Done

    Mechanism fixed: Crucible accounting, the Ingot identity, the rebalance rule and its bounds, and the settlement check. This site is that specification.

    • Value-per-Ingot identity and its failure modes
    • Parameter set with compile-time bounds
    • Batch settlement and the reverting bound check
  2. 02

    Implementation

    Current

    Core contracts written against the spec, with an invariant suite that tries to break the five guarantees rather than confirm them.

    • Crucible, Ingot, Settlement, Registry
    • Invariant tests: supply, solvency, exit-path liveness
    • Differential test of the rebalance rule against a reference model
  3. 03

    Public testnet

    Next

    Everything live except the money. Source published on deployment, addresses in the registry, and the first honest measurements of what a rebalance actually costs.

    • One Crucible, one pair, real parameters
    • Published rebalance cost distribution
    • Flux batches running with no privacy claim yet
  4. 04

    Review

    Next

    External audit of frozen contracts, published with the commit hash it covers and with unfixed findings listed rather than omitted. Bounty programme opens with the scale already on this site.

    • Reports published in full, including disagreements
    • Bounty live before mainnet, not after
  5. 05

    Mainnet, with a cap

    Later

    A deposit cap on day one, raised on evidence rather than on schedule. A protocol that opens uncapped is asking depositors to underwrite its first week.

    • Single Crucible, hard deposit cap
    • Cap raises published with the reason for each
  6. 06

    Alloy

    Later

    Tokenised equity routing, last on purpose. It is the surface that depends on somebody else's solvency, and it should not ship while anything upstream of it is still unproven.

    • Venue clock and staleness surfaced at the quote
    • Per-issuer risk disclosure before first trade

Nothing above carries a date, and nothing above is marked complete that is not. If a phase slips it stays where it is — the list is reordered only when the dependencies change, never to make the front of it look busier.

Everything here is checkable today.

The specification is complete even though nothing is deployed. Start with what the protocol cannot do.

Security & disclosure Architecture