# CapletFi

CapletFi is a Sui Overflow 2026 DeepBook track project.

One-line summary:
DeepBook Predict carry notes on Sui with an enforced hedge budget: one DUSDC deposit becomes a downside binary hedge, PLP carry leg, shared Sui note object, Walrus term sheet, and settlement receipt.

Important links:
- Live app: https://capletfi.vercel.app
- AI-readable proof JSON: https://capletfi.vercel.app/api/proof
- GitHub: https://github.com/dolepee/capletfi
- Risk model: https://github.com/dolepee/capletfi/blob/main/docs/RISK_MODEL.md

Track fit:
CapletFi targets the DeepBook specialized track. DeepBook Predict is load-bearing because CapletFi cannot mint or settle without these calls:
- predict::create_manager
- predict::mint
- predict::supply
- predict::redeem_permissionless
- predict::withdraw
- predict_manager::withdraw

Self-serve mint path:
Connected wallets can create the required holder owned PredictManager directly in the mint form. The app calls DeepBook Predict `predict::create_manager`, waits for the `PredictManagerCreated` event, fills the returned manager id, and then mints the note. CLI manager creation remains documented only as a backup.

Self-serve claim path:
After settlement, the Receipts page lets the manager-owner wallet paste a PredictManager id and claim holder-owned manager credit with `predict_manager::withdraw<DUSDC>`. Non-holder keepers can settle notes, but they cannot withdraw from someone else's manager.

Differentiation:
- CapletFi is not a raw Predict trading terminal.
- CapletFi is not a generic vault with a sponsor badge.
- CapletFi packages a downside binary hedge and PLP carry leg into a user-facing Sui note with a Walrus term sheet and settlement receipt.
- The live V3 package rejects binary budgets above the declared risk budget and rejects invalid downside hedge structure before a note can be minted.
- The proof portfolio is two-sided: one settled note shows the hedge paying out, and one settled note shows the hedge expiring with zero binary payout.

Live proof portfolio:
- V3 enforced-budget mint: 71BBmXBtNxDTmdgo6b7VjWYEuK1MMR7kTEWyAtkLYJZe
- V3 non-holder settlement: EWfmQzAt72ThYg2qCSC4s3HjcF3ZtLrLdYhn54HrLhmU
- Near-expiry V2 settled mint: 6YqcPgVsnvmMBZw1J6DA52zUwfcGtUhVgKEjiXKrVUH1
- Near-expiry V2 non-holder settlement: FXYriUuFnuqkvBtiPZTkXttCAQE5xCqtgFGAaZVZdYTv
- Hedge paid mint: 4aXk3vMLPBmmXBYTcLAgpkq5E6ZQfLt4Pnn1kvR9TYLo
- Hedge paid settlement: Cbgrz1si8QioAXR8CPL7pmAjEmqUPiiYzoZU9FtbCn2S
- Hedge expired mint: 7rc4z2ZkHzzVLyaycWroUVZ5ZhYEqkGLo7W1JvfptWNX
- Hedge expired settlement: CFNQ4q8jqDiVzf2uTnUguphegRPBJvKQkc2yfDpFjEhU

Walrus proof blobs:
- V3 term sheet: gidqFgzpWIEJBoH6rzaoP7TzOYbixlX8MCHT14VDAKQ
- V3 settlement summary: 59eaRIJjN9WHG4h_FGZIUzxhjL5QbF0EibpiayUsNyI
- Near-expiry V2 settled term sheet: tOZehWvdq5wbrWB6LU08xwmRqMdi5nOIZxNoGcqtQ5A
- Hedge paid settlement summary: p8HqqpReUpdKmvDWrhwsWODJn75c-mbXa0Zv-qNG6KM
- Hedge expired settlement summary: aHba6m_oUXMEFVRVE0ywQr-q9NcFXYwDVqbz8Dvjd90

Verifier:
Run from the repository:

```bash
npm run verify:receipts
```

Expected markers:
- CAPLETFI_V1_1_PORTFOLIO_VALID
- CAPLETFI_V2_SETTLED_NOTE_VALID
- CAPLETFI_V3_RISK_BUDGET_VALID
- CAPLETFI_NON_HOLDER_SETTLEMENT_VALID
- CAPLETFI_DEEPBOOK_CALL_PATH_VALID

Broader judge check:

```bash
npm run verify:judge
```

This installs subproject dependencies, builds the keeper, replays live receipts, typechecks the web app, and builds the web app.

Resilience:
The verifier tries the public Walrus aggregator first. If the aggregator is temporarily unavailable, it falls back to checked mirrors for the known proof blobs and prints CAPLETFI_WALRUS_MIRROR_USED.

Narrative engine:
The production mint path may use Bankr for term-sheet narratives when a valid key is configured. Run `npm run verify:narrative` from the repo root to confirm the live `/api/narrative` endpoint returns `CAPLETFI_NARRATIVE_VALID` and contains no unsafe guarantee language. The deterministic guarded fallback is the live-safe default; `npm run verify:bankr` is optional provider-only validation.

Boundaries:
- CapletFi runs on Sui testnet because DeepBook Predict is testnet-only during the submission window.
- DUSDC is a DeepBook Predict test asset.
- CapletFi is risk-defined, not principal-guaranteed.
- CapletFi does not guarantee yield, APY, or profit.
- The May 30 V2 note is settled. The settlement was sent by a non-holder signer while payout remained routed to the recorded holder.
- Binary proceeds and unspent hedge budget redeem into the holder-owned PredictManager. A non-holder keeper can settle the note, but only the manager owner can withdraw manager credit through the Receipts claim path.

Legacy namespace:
The deployed package preserves original Strata module names and the historical mint_principal_protected_note entry name so published testnet proof remains verifiable. The submitted public product is CapletFi, and the submitted note is a risk-defined carry note, not a guaranteed principal floor.

Doc priority:
README.md, docs/PROOF_SURFACE.md, docs/RISK_MODEL.md, /api/proof, and the root verifier command `npm run verify:receipts` are the authoritative public materials. docs/archive/ contains historical build, deployment, Predict ramp, and testnet anchor notes.