{ "document": "MDLR proof-of-reserves statement", "network": "Midas Chain testnet 64327", "epoch": 109, "prepared_at_utc": "2026-10-20T06:38:38Z", "testnet_notice": "Testnet. MockXAU is not gold and test MDLR has no value.", "onchain_reading": { "block": 1469453, "note": "The publisher's reading a block or two before publishing. The ProofOfReserves contract reads supply and on-chain value itself at publish time; its figures are authoritative.", "usdmd_supply": "560584.301604", "onchain_reserve_value_usd": "603566.657077", "xau_usd": "4129.3575", "xau_usd_updated_at": 1792478288, "fresh_price_sources": 4, "mint_paused": false, "assets": [ { "token": "0x0Da5029c9567dAa3926d5754146F59606007026a", "name": "Paxos Gold (Sepolia, bridged)", "symbol": "PAXG", "held_oz": "0", "value_usd_after_haircut": "0", "haircut_bps": 0, "max_share_bps": 10000, "status": "active", "testnet_only": false }, { "token": "0xd47F0EcD6f53bA48524c6C2E454aE716bC6174D5", "name": "Mock Gold (testnet, not gold)", "symbol": "XAU-MOCK", "held_oz": "146.164786429128580705", "value_usd_after_haircut": "603566.657077", "haircut_bps": 0, "max_share_bps": 10000, "status": "active", "testnet_only": true } ] }, "offchain_lines": { "custodian_gold_value_usd": "0 (testnet: no custodian)", "offchain_buffer_value_usd": "0", "hedge": { "instrument": "PACTOL:PAXG-PERP", "venue": "Pactol", "account": "0x92F21051B41CF7054C7E18FaEd9840e1cE5CECEe", "status": "open", "account_value_usd": "83558.678977", "margin_usd": "80000", "pnl_usd": "3558.678977", "counted_usd": "3558.678977", "counting": "Counted: pnl_usd, the account value less the margin principal: realized and unrealized PnL, plus funding received, less funding paid and fees. margin_usd is issuer capital posted at the venue: encumbered, disclosed here, and not part of the reserve.", "margin_record": { "source": "vault events", "vault": "0xf4B146FbA71F41E0592668ffbF264F1D186b2Ca8", "credited_addresses": [ "0x92F21051B41CF7054C7E18FaEd9840e1cE5CECEe", "0xA5Aa8fc2E76Bac5906B9EB408FBd66059aa6Bf32" ], "vault_deposits_usd": "80000", "vault_withdrawals_usd": "0", "vault_events": "deposits 2, withdrawals 0", "scanned_to_block": 1469454, "rule": "margin_usd = every deposit the vault credited to the hedge account, directly or through its Pactol deposit address. A withdrawal is treated as hedge income leaving the reserve, never as capital returned, because the chain cannot tell the two apart and that reading never overstates the reserve; a return of capital is recorded by setting USDMD_HEDGE_PRINCIPAL_USD. Pactol's internal transfers (usdSend, subAccountTransfer) leave no chain event: the hedge account must not take part in them." }, "pnl_check": { "venue_unrealized_pnl_usd": "3502.520711", "venue_funding_usd": "1.520794", "venue_realized_pnl_usd": "284.511059", "venue_pnl_usd": "3788.552564", "capital_usd": "80000", "unexplained_usd": "-229.873587", "tolerance_usd": "2400", "rule": "unexplained_usd = account value - capital_usd - venue_pnl_usd, where capital_usd is the vault's deposits less withdrawals (the stated principal when no vault is read) and venue_pnl_usd is the venue's own P\u0026L: unrealized PnL + funding on the open position + realized PnL net of fees (Pactol's portfolio pnlHistory). Over tolerance_usd either way, the principal does not explain the account (a deposit the ledger missed, or a wrong setting), the counted P\u0026L would be wrong by about that much, and no epoch is published." }, "unrealized_pnl_usd": "3502.520711", "position_size_oz": "-102.8257", "notional_usd": "424604.075487", "check": "POST https://pactol.xyz/info {\"type\":\"clearinghouseState\",\"user\":\"0x92F21051B41CF7054C7E18FaEd9840e1cE5CECEe\"}", "exposure": { "leverage": "5.08", "funding_since_open_usd": "1.520794", "funding_all_time_usd": "1.520794", "funding_rate_per_interval": "0.000009710086243201375", "funding_interval_s": 3600, "venue_open_interest_oz": "102.8257", "oi_share_bps": 10000, "oi_limit_bps": 2000, "oi_limit_breached": true, "concentration": "OVER THE 20% LIMIT: our short is 100% of Pactol's PAXG open interest (102.8257 of 102.8257 oz). Do not grow supply hedged on this venue: recommend no further minting against it. The hedge stays at the target; concentration is never a reason to reduce it", "visible_book_depth": "bids 34.9881 oz over 10 levels down to 4124, asks 39.2055 oz over 10 levels up to 4140", "short_over_visible_asks": "2.62", "testnet_exception": "Testnet exception (SPEC section 16, decision 3): the reserve's short is essentially all of Pactol testnet's PAXG open interest. Accepted on testnet only. On mainnet this is a breach: supply hedged on this venue should not grow, and the API withholds mint_capacity_usdmd.", "long_side_third_party_share": "Not measured: Pactol does not publish who holds the long side. Until it is measured, read it as group-internal (the venue's own market maker or liquidity vaults); if it is, the group's consolidated gold exposure is not hedged and the funding is money moving inside the group (SPEC section 13).", "venue_rules": "Pactol is a related party of the issuer and sets its own funding formula, including the interest baseline its longs pay. It has auto-deleveraging (ADL) and socialised-deficit forced closes: ADL takes a deficit-sized slice from one profitable opposite position, chosen by the keeper that sends the command, and the whole position if the deficit exceeds its profit; in a gold crash the reserve's short is the profitable side. Its escape hatch, the way out if the operator halts, opens after up to 7 days (StateCommitment DEFAULT_ESCAPE_HATCH_DELAY = 604,800 s), so a halt can freeze the hedge for a week or more (SPEC sections 13, 18)." } } }, "reserve": { "formula": "R = on-chain collateral at the oracle price after haircuts + attested off-chain gold + attested off-chain buffer + hedge PnL (venue account value less the margin principal). CR = R / supply. buffer_usd = R - supply, a derived line that is never added to R. The hedge's margin principal is issuer capital posted at the venue: encumbered, disclosed, not counted.", "onchain_value_usd": "603566.657077", "offchain_counted_usd": "3558.678977", "reserve_value_usd": "607125.336054", "usdmd_supply": "560584.301604", "collateral_ratio_bps": "10830", "buffer_usd": "46541.03445", "encumbered_margin_usd": "80000", "encumbered_at": "Pactol 0x92F21051B41CF7054C7E18FaEd9840e1cE5CECEe" }, "contracts": { "controller": "0xBB62559701b7FF33C4dF71E5AE58112F184C849f", "oracle": "0x89Ea8c262a5612Cd5c44A37613D2553b4BfE4FF2", "proof_of_reserves": "0x4436f86f32aFa40d2260D0c1BBBa6fA228C67fFF", "registry": "0xa7B1c6Fc562531b65aa2C08A570D3bBDd59fe13a", "reserve": "0xC6010490A292Dcb7Fa7C9c47D73d983Be3646a41", "token": "0x2b001a9401aEB7641318d48aEEB5938693Ab4B5f" }, "hashing": "docsRoot is the SHA-256 of this document's bytes (a Merkle tree of one leaf)." }