Went through the full Clearpool v4.0 whitepaper. Two big changes: CPOOL becomes $CLEAR at 1:1, and Clearpool is expanding to the XRP Ledger with Ripple and Cicada Partners. What's in it: - About $965M in loans originated since 2021. Past borrowers include Jane Street, Flow Traders and Wintermute - $10M in interest paid to lenders so far, $28M TVL - A curator model similar to Morpho. Curators underwrite borrowers off-chain and each vault is an isolated market - The XRPL credit fund lends RLUSD to fintech and payments companies. Cicada underwrites, Ripple is an LP, Hex Trust handles custody - Built on XLS-65 vaults and XLS-66 lending. XLS-66 separates impairment (a missed payment that can still be cured) from default (after a grace period), with optional first-loss capital ahead of depositors - 50% of protocol fees go to buying back and burning CLEAR Token: - Total supply 1,428,571,429 CLEAR - 70% existing holders, 15% treasury and partnerships, 10% ecosystem incentives, 5% contributors - 1.125B circulating at migration, full supply after 36 months - Plus 1-4% annual issuance for liquidity, staking and incentives What the paper leaves open: - 1:1 keeps your token count, not your share. CPOOL supply was 1B, CLEAR is ~1.43B, so existing holders go from 100% to 70% of supply over three years - The network list (Ethereum, Optimism, Base, Arbitrum, Mantle, Plume) doesn't mention @FlareNetworks , even though T-Pool, listed as a core product, runs on Flare with Hex Trust's USDX. Likely an omission, but worth clarifying - No hard cap. The 1-4% yearly issuance comes on top of the 1.43B, with no rule for who sets the rate - No fee rate, no revenue history, no figures on past buybacks. Without them the burn is hard to size - $965M originated against $10M interest and $28M TVL. Average loan size and duration would explain the gap - No credit history. Nothing on late payments, defaults or recoveries since 2021 - No size given for the first-loss buffer or the XRPL fund, and no number for Ripple's commitment - Yield is described as coming from real credit demand, not emissions, while 10% of supply plus yearly issuance funds yield incentives and TVL growth - One audit listed: MixBytes, 2023. Nothing on the migration contract, the bridge, T-Pool, X-Pool or the XRPL vaults - XRPL is at the "preparing for Devnet" stage and depends on the XLS-65/66 amendments. The roadmap has no dates - The 15% treasury allocation covers a "fundraise", with no terms, buyers or lockups - No detail on how much CLEAR gets bridged to XRPL or who runs the bridge - USDX, Dynamic pools and per-pool insurance accounts are in Clearpool's docs but not in the paper - No turnout figure for the Snapshot vote A lot of direction in this paper, not many numbers to check it against yet. Which of these would you want @ClearpoolFin to answer first?