9Summits Piku Ecosystem USDC

Market.

Market risk reads high, set by its worst component (worst fall suffered, shared exposure) over the record we hold.

Liquidity.

Liquidity risk reads low, set by its worst component (could you get out) over the record we hold.

Depositor concentration.

Depositor concentration risk reads low, set by its worst component (largest depositor) over the record we hold.

Operating.

Operating risk reads low, set by its worst component (stopped operating) over the record we hold.

Controller.

Observed: the owner multisig requires 3 signatures for what the owner does.

Evidence.

5 of the 5 risk components that apply to this vault carried a reading (liquidation does not apply to this kind of vault).

Market here is two observed readings: the worst fall in the vault's past share price and how much of its lending shares a market with other vaults we track. It does not assess the collateral, the borrowers' ability to repay, a concentration in one market (read under where the capital rests), or whether withdrawals hold under stress. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Low observed risk is not zero risk. Input: 24.0% of it could be withdrawn at the last reading, on the vault's own accounting, 24.0%, which is lower than the 44.4% we derive from declared withdrawable $353,486 over capital $795,909; the lower of the two is used. The reading 0.04 is one less that share over 25%: a quarter or more free reads 0, nothing free reads 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Low observed risk is not zero risk. It measures how much of the vault its largest depositor holds, not how much the vault lends into one market; that is the allocation table. Input: largest wallet holds 22%, by the address's position; addresses are not merged by who owns them, and whether the largest is a person, another vault or a custodian is not established. The reading 0.00 is that share less 25%, over 75%: a quarter or less reads 0, the whole vault 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Low observed risk is not zero risk. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Not established: whether its signers are controlled by different people, and whether another role (curator, allocator, guardian) can act alone within its own permissions. ASPERN rule: an owner needing several signatures reads low. This is not part of the overall band, so it neither raised nor lowered it.

By weight, 82.5 of the 82.5 points that apply were read, which is 100% of the component weight the band could draw on (a different denominator: components are not equally weighted); the rest of the 100 is the weight of what does not apply. This is a statement about our coverage and carries no level of its own, because how much we could read is not a risk the vault runs.