# Annualized EDL example

> A reproducible experimental EAL calculation for one Morpho vault at a pinned graph snapshot.

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:

```sh
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