# Caplet / single-operator pilot terms / version 1

Deployment chain: Robinhood Chain mainnet / chain ID 4663
Asset: canonical USDG / 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168 / 6 decimal places
Market reference: Morpho Blue core 0x9D53d5E3bd5E8d4Cbfa6DB1ca238AEA02E651010
Market ID: 0xd7332755b50c2b6224837fbeb97676fccd93a92cc7aa3e319674afae0e802cf9
Collateral reference: canonical NVDA / 0xd0601CE157Db5bdC3162BbaC2a2C8aF5320D9EEC
These identifiers define the manual review scope / They do not establish an integration, partnership, active loan or liquidation route
The market had zero supplied and borrowed assets at the recorded configuration observation

## Authority

Operator and deployer: 0xb104C20F6fBC4752cc8a3Be93ba23f248B9D1E81
The same wallet is underwriter, assessor and guardian
Assessment, underwriting, veto and pause decisions are centrally controlled by that operator
There is no independent assessor, independent guardian, multisig separation or trustless liquidation verification in this pilot
Anyone considering capital must trust the operator's policy issuance and attestations
Incorrect or dishonest attestations can cause a loss within the issued policy limits

## Epoch and capital

Capital cap: 1000 USDG / 1000000000 asset base units
The deployment configuration carries exact UTC timestamps / Funding closes approximately seven days after configuration
Risk ends thirty days after funding closes
Reporting grace: three days / Settlement delay: two days / Execution window: three days
Final close: risk end plus all three windows / The contract cannot extend the deadline
The contract starts paused / The operator must explicitly open funding after deployment verification
Deposits and exits are available only during funding, subject to pause for new deposits
Capital and share transfers lock after funding closes until the epoch closes
No return, redemption value, deposit protection or fixed yield is guaranteed
Vault shares are accounting receipts / No separate Caplet project token is issued
Premium stays with vault capital / The protocol charges no additional fee in this version

## Policies and assessment

A policy must precede the covered event and fix position reference, beneficiary, USDG limit, USDG deductible, premium and expiry
The operator must manually verify position identity, market, eligible debt, recoveries, costs, event time and applicable asset/product restrictions
No policy or cover is created by connecting, depositing or deploying alone
The source references and evidence hash must be retained with the assessment
An evidence hash proves document consistency, not a true liquidation, correct price or valid claim
Debt, proceeds and costs use integer USDG base units
Loss = max(debt + costs - recovery proceeds, 0)
Eligible payment = min(max(loss - fixed deductible, 0), fixed policy limit)
An ineligible assessment pays zero and closes its policy reservation
Execution requires the fixed settlement delay / Payment goes only to the fixed beneficiary
The operator can pause or veto a pending assessment
A corrected submission must still meet the original reporting cutoff
Open unreported policies expire after their reporting window
Unresolved obligations are cancelled at the final close deadline / Beneficiaries must act before it

## Limits

The code is a candidate and has not received an independent security audit
This pilot does not verify an external lending event or oracle onchain
Standard ERC20 behavior is required / Rebasing and transfer-tax tokens are unsupported
Asset issuer freezes, asset upgrades, custody failures and depegs remain external risks
No token sale, production returns, customer volume, backing or Robinhood endorsement is represented
Deployment does not itself activate public deposits