Axient: Debt-Free Finality for Leveraged Binary Event Markets
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摘要
Axient introduces a physically backed margin layer for binary event markets that separates leverage maturity from claim maturity and extinguishes debt before finality, leaving only a fully funded residual claim [page::0]. It distinguishes four execution objects—quoted, matched, settled proceeds, and final redemption—to avoid circular hard-flat rules and to manage settlement risk explicitly [page::1]. The canonical mechanism selects at hard-flat time u the smallest admissible sale that conservatively covers the maximum future debt over the settlement horizon plus a buffer, using a lower envelope of settled proceeds and a realized audit minimum after settlement to validate debt coverage [page::1][page::14]. The framework proves robust ex-ante debt-clearing, debt-free finality invariants, and a boundary showing that L>1 cannot guarantee zero shortfall without external collateral or guarantees outside the registered operating set [page::16][page::17][page::29]. It also derives an exact book-dependent leverage envelope, introduces aggregate liquidity discipline to prevent top-of-book depth reuse, and separates operating vs. failure sets with reserve-bucket allocations, all supported by a deterministic verifier and architecture that maps to a reference venue ecosystem [page::8][page::22][page::34]. The contribution is a mechanism-design result with a boundary rather than production safety claims, reserving empirical calibration for a separate study [page::0][page::14].
