Annualized EDL example

This example derives the experimental annual proxy from an actual published EDL. It is informational risk data, not a cover quote or an independently calibrated premium. No cover provider or design partner is claimed. It is a retained example, not a claim that the optional EAL endpoint was active at the capture time. The calculation was made retrospectively; no backtest or historical EAL publication is claimed.

• Protocol: Morpho on Ethereum
• Vault: 1:0x6dc58a0fdfc8d694e571dc59b9a52eeea780e6bf
• Graph snapshot: 064f241ece6f752279d244c2fb95255278c5351a2bc56d62a219fc8354b26975
• As of: 2026-10-20T03:56:38.458Z
• EDL qualifier: ok
• Published three-month EDL: 2.7879 bps
• Annual proxy, exactly four times that published value: 11.1516 bps
• Mapped dependency share: 0.942398
• Model: hazard-el-v1.0.0, scored month 2026-10
• Methodology: eal-v1; horizon 1y; maturity experimental

The basis is all observed dependency dollars, including unmapped dollars. Unmapped exposure remains unknown, not zero; these bps are not bps of vault TVL.

Allocation of the same total

• oracle: 0.0000 bps
• bridge: 0.0000 bps
• signer: 0.0000 bps
• wrapper: 0.0000 bps
• contract: 0.0000 bps
• unattributed: 11.1516 bps

The buckets sum exactly to the annual proxy. They are allocations of the issuer model's total, not independent factor frequencies. A zero assigned bucket does not mean zero factor risk. Unmatched identities and unresolved evidence remain unattributed; provider names never create a match.

Reproduce

The retained input/output and source fingerprints are in the backend repository at docs/methodology/examples/eal-v1-morpho-20261020-v2.json. From that checkout:

pnpm --filter @philidor/shared exec tsx ../../scripts/eal-worked-example.mts --input ../../docs/methodology/examples/eal-v1-morpho-20261020-v2.json --output /tmp/eal-morpho-example.mdx

The offline script checks the calculation-source fingerprints, replays the pure kernel and refuses an existing output file. Calculation source commit: b52edd02ac13829d8cf6fe0ca908967e5dd6a98d. Factor publication manifest: 850beecd75e89ecc388d7a8f955293e25c1894635ba23152777618cfa3215301.

• Not a guarantee of safety
• Not a guarantee of returns
• Not investment advice
• Not legal or regulatory certification