Motion spine
Liquid's public path shows ownership boundaries without exposing private market logic.
The current proof ladder now includes closed internal-market rehearsal, production-profile source readiness, route binding, live-route handoff, live-route evidence, source-route contract, source-receipt proof, and a protocol-owned USDC packet that still requires real Bridge send, receive, and proof refs before settlement can consume it.
External value arrives as provenance. Liquid still decides local admission.
Positions carry owner, market, collateral, debt, health, leverage, funding, and status.
Health, haircut, lane cadence, and abuse context decide whether motion can continue.
Clearing builds the mutation request but does not become a bank.
Candidates can become bounded execution plans, but liquidation still routes mutation requests to settlement.
Settlement is the balance truth owner. Liquid speed must end here cleanly.
Settled history and risk context can be exported as memory, not Core authority.