The residuals, stated in the open: the token is fractionally backed by design (target reserve ratio near 0.25); most of its market value is expectation, and expectation is sentiment-exposed; the reserve depends on a real population of utility sellers; the health factor's run protection has a fairness cost; and the calibration is active research.
Fractional backing: the redemption floor covers a fraction of the token's market value on purpose. Full backing would make the token a warehouse receipt and the bridge a vault; the design wants a claim on a growing productive network, not a locker. The consequence is stated rather than hidden: the difference between floor and price is expectation, and expectation moves with sentiment, as it does for every traded claim on future production.
The seller population: the reserve fills only when agents sell real uECSA to the bridge, which requires a steady population with reasons to want capital — stewards paying for audits, legal work, and hosting; spaces procuring capital-side resources; contributors seeking liquidity against earned utility. If nobody needs capital, the reserve starves. The dependency is structural and named.
The health factor: under stress, the reserve-health governor pays late redeemers less, protecting the reserve and damping runs. That is run protection with a fairness cost, borne by whoever redeems last in a panic. The alternative designs (first-come-first-served depletion, or gates) have worse costs; this one is chosen, not denied.
Calibration: the mechanism is computationally formalized and simulation-verified; the current parameters are illustrative, and their calibration is active research. The architecture is the claim; the calibration is the work.
Why say all this on a public page: a mechanism whose weak points are named by its authors before its critics is a different object from one whose weak points are discovered. Diligence-grade honesty is not a confession here. It is the position.
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