> For the complete documentation index, see [llms.txt](https://docs.ethosis.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethosis.org/transparency/commitments.md).

# Transparency guarantees

Solvency is the first promise Ethosis makes; transparency is the second. Because outsiders can only trust a lending market to the extent they can check it, each guarantee below is delivered by the contracts and the open-source services rather than by policy.

## The eight guarantees

| # | Guarantee                             | Mechanism                                                                                                                                                                        |
| - | ------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 1 | **Every state change emits an event** | Offer fills, repayments, refinances, auction starts and completions, and parameter changes each emit an event, and the explorer links every one to Blockscout.                   |
| 2 | **A public loan registry**            | The live loan book, showing collateral, LTV, rate, term, syndicate size, health and the oracle price at origination.                                                             |
| 3 | **A public risk page**                | Protocol-wide LTV distribution, concentration by token and by issuer, the bad debt ledger (expected to be zero) and the liquidation history with realised prices against oracle. |
| 4 | **Oracle and reserve transparency**   | For each token, the current Chainlink price, session status, staleness, multiplier and pause flag; issuer proof of reserve wherever a feed exists.                               |
| 5 | **A parameter governance log**        | Each timelock proposal and execution is listed, with its rationale, before it takes effect.                                                                                      |
| 6 | **Open source**                       | Contracts, relayer, indexer and keeper bots released under a permissive licence, with reproducible builds and bytecode verified on Blockscout.                                   |
| 7 | **No hidden order flow**              | The full off-chain book can be exported. Offers are simply signed messages, so anyone running a relayer sees the same ones.                                                      |
| 8 | **No custody before a match**         | Funds move only at origination, via Permit2 or a prior approval. Repayment, and withdrawal after repayment, can never be paused.                                                 |

## "Verifiable" in practice

Two public sources, chain events and signed offers, are enough for anyone to recompute every figure shown on the explorer and the risk page. No privileged database exists. Were Ethosis Labs to vanish, a third party could point the open-source indexer at the chain and rebuild the same pages.

## What stays private

* The personal data behind an attestation, which remains with the KYC provider and is never written to the chain.
* The link between a wallet and a real-world identity. Addresses appear as addresses.

Every other detail of a loan is public. That is the intent.

## Periodic reports

In addition to the live pages, the protocol will issue a periodic risk report covering outstanding exposure, liquidations, auction performance relative to oracle, parameter changes and any incidents, with each item linked to its on-chain evidence.


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