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A formal specification, not production evidence.

These docs are grounded in Axient: Debt-Free Finality for Leveraged Binary Event Markets, r0.2.0 (Maksym Nechepurenko, July 13, 2026). The paper defines the accounting model, hard-flat operator, conditional safety results, reference architecture, and a deterministic verification suite for the mechanism.

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What the paper establishes

Under its explicit execution and settlement assumptions, the paper formalizes:

• the feasibility and minimum-sale construction for debt-clearing deleveraging;
• debt extinction after confirmed hard-flat completion;
• the separation between leverage maturity and claim maturity;
• lender-credit invariance to later payout and dispute duration after successful conversion; and
• failure boundaries when debt remains outstanding, a venue closes prematurely, or executable liquidity disappears.

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What it does not establish

The paper does not provide production-venue evidence for future executable depth, spread and slippage by event type, closure frequency, order rejection, settlement-latency tails, fee schedules, capital costs, or correlated stress events. It also does not control external dependencies: venue listing and matching, trading suspension, outcome-token contracts, oracle resolution, custody, or chain availability. Any production limit must be calibrated from partner data or a representative archive and validated operationally.

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Scope of the current design

The base specification is intentionally narrow: binary markets, physically backed YES/NO exposure where the venue’s payout relation is valid, isolated margin, and no portfolio offsets. Extensions such as multi-outcome markets, cross-margin, or a synthetic interface need their own accounting, execution, and settlement analysis.