1
00:00:00,620 --> 00:00:04,300
Bitcoin Staking on Stacks pays bonds first.

2
00:00:04,320 --> 00:00:07,210
But the contract never measures whether it can keep

3
00:00:07,230 --> 00:00:08,620
doing that.

4
00:00:08,640 --> 00:00:10,680
Metacenter does.

5
00:00:10,700 --> 00:00:12,680
How far can the reward pool fall,

6
00:00:12,700 --> 00:00:14,990
before bonds are short-paid?

7
00:00:15,899 --> 00:00:21,039
At distribution 288: coverage, 25.49×.

8
00:00:21,059 --> 00:00:25,719
Headroom, 96.1%.

9
00:00:25,739 --> 00:00:27,689
Every figure carries one label.

10
00:00:27,709 --> 00:00:31,839
Onchain: computed by our contract, on mainnet.

11
00:00:31,859 --> 00:00:36,829
Mirrored: posted from mainnet events and prices.

12
00:00:36,849 --> 00:00:38,240
Hypothetical: a what-if.

13
00:00:39,150 --> 00:00:42,840
Coverage, distribution by distribution.

14
00:00:42,860 --> 00:00:46,580
The dashed line, at 2×, is the coverage the Bitcoin

15
00:00:46,600 --> 00:00:49,040
Staking SIP draft targets,

16
00:00:49,060 --> 00:00:52,230
with an acceptable range of 1.5× to 3×.

17
00:00:52,250 --> 00:00:54,680
The contract itself doesn't compute it,

18
00:00:54,700 --> 00:00:55,840
or enforce it.

19
00:00:56,851 --> 00:00:58,451
The stress test.

20
00:00:58,471 --> 00:01:01,091
All of it, hypothetical.

21
00:01:01,111 --> 00:01:04,451
Cut miner bitcoin commits, by half.

22
00:01:04,471 --> 00:01:07,371
Coverage falls to 12.74×.

23
00:01:07,391 --> 00:01:10,461
Today's single bond is still paid in full.

24
00:01:11,351 --> 00:01:16,691
Now swap in the SIP's launch book: 3,000 BTC, at 3%.

25
00:01:16,711 --> 00:01:18,571
Also hypothetical.

26
00:01:18,591 --> 00:01:21,251
Coverage: 0.98×.

27
00:01:21,271 --> 00:01:23,531
The last bond is short-paid.

28
00:01:23,551 --> 00:01:25,631
Nothing reaches the reserve,

29
00:01:25,651 --> 00:01:29,171
and STX-only stakers get zero.

30
00:01:29,191 --> 00:01:31,280
That's the zero-yield cliff.

31
00:01:32,690 --> 00:01:35,620
PoX-5 enforces the payout order:

32
00:01:35,640 --> 00:01:38,610
bonds in descending stx-value-ratio.

33
00:01:38,630 --> 00:01:41,610
The reserve is designed as a back-stop.

34
00:01:41,630 --> 00:01:45,610
In this iteration, it can't be drawn automatically:

35
00:01:45,630 --> 00:01:47,610
using it goes through a SIP process,

36
00:01:47,630 --> 00:01:51,610
and automatic responses are anticipated for PoX-6.

37
00:01:51,630 --> 00:01:56,024
So its 8.71 cycles are hypothetical cover.

38
00:01:56,914 --> 00:02:00,814
This is what makes it a contract, not a website.

39
00:02:00,834 --> 00:02:03,494
pox5-reader, on mainnet.

40
00:02:03,514 --> 00:02:10,354
get-reserve: 240,763,960 sats.

41
00:02:10,374 --> 00:02:12,614
Exactly the dashboard's figure.

42
00:02:12,634 --> 00:02:17,694
coverage-cache keeps its answer on-chain: 25.49×.

43
00:02:17,714 --> 00:02:21,628
It only reads PoX-5, and it holds no funds.

44
00:02:22,538 --> 00:02:24,568
Don't take our word for it.

45
00:02:24,588 --> 00:02:27,458
Clone the repo, and run npm run verify.

46
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Every headline figure, rebuilt from public data and

47
00:02:31,478 --> 00:02:32,458
checked against the site.

48
00:02:32,478 --> 00:02:35,587
18 checks, all pass.

49
00:02:36,697 --> 00:02:38,877
The waterfall, the labels,

50
00:02:38,897 --> 00:02:42,317
the contracts, with line numbers into PoX-5:

51
00:02:42,337 --> 00:02:44,217
it's all in the docs.

52
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Anything you want to know: metacenter.0xo.in/docs.