{
 "logic_version": "value_v1",
 "decided": "Lawsig 2026-10-07：权重冻结一季度；无收入封顶 59；一张榜；解锁 25% 与双击阈值为临时值、V0 标定后冻结；判断层由 AI 评审签字并由 AI 抽查复评；暂不订 Token Terminal；OKR 不关联；V0 不进首页",
 "launch_date": "2026-10-08",
 "candidates": {"stages": [1, 2], "products": ["spot", "futures"], "one_list": true, "exclude": ["U"],
                "exclude_note": "U = Universal Dollar 稳定币（票池排除名单漏掉；复评 2026-10-08 发现）"},
 "weights": {"A": 0.35, "B": 0.20, "C": 0.15, "D": 0.20, "E": 0.10},
 "A": {"yield_tiers": [[0.0, 4], [0.005, 6], [0.02, 8], [0.05, 10]], "tier8_min_quarters": 2, "tier10_min_quarters": 4,
       "no_holder_but_revenue": 2, "mechanism_false_cap": 4, "mechanism_unverified_cap": 8,
       "note": "持币人收益率 = 近 90 天持币人收入 × 365/90 ÷ 流通市值；连续季度 = 从数据日往前按 90 天分块、持币人收入 > 0 的连续块数；机制是否在执行取评审层 A_judge.mechanism_executing"},
 "C": {"fee_growth": [[1.5, 2.0], [1.2, 1.5], [1.0, 1.0], [0.8, 0.5]], "tvl_growth": [[1.5, 2.5], [1.2, 2.0], [1.0, 1.5], [0.8, 0.75]],
       "judge_max": {"users_growth": 2.5, "utility": 1.0, "culture": 1.0, "web3_direction": 1.0},
       "note": "增速 = 近 90 天 ÷ 再前 90 天（费用）；TVL = 数据日 ÷ 自采历史里 30~90 天前最早一条（state/value/tvl_history.csv 每日只追加；不拉 DefiLlama 的 /protocol 历史——每份 50~90 MB）；自采不足 30 天 ⇒ TVL 增速项为 0 并在 metrics.tvl_days 标明；活跃用户无免费稳定源，由评审层按证据给分"},
 "D": {"pe_vs_median": [[0.7, 4], [1.0, 3], [1.3, 2], [2.0, 1]], "pe_median_unknown": 2,
       "fdv_mc": [[1.1, 3], [1.5, 2], [2.5, 1]], "fdv_unknown": 1,
       "hurdle": 0.04, "yield_vs_hurdle": [[0.08, 3], [0.04, 2], [0.0000001, 1]],
       "note": "P/E 类比 = 流通市值 ÷ 年化持币人收入；自身一年中位数用 CoinGecko 日度市值 × DefiLlama 日度持币人收入的滚动 90 天年化算；机会成本 4%"},
 "E": {"accel_min": 1.5, "accel_provisional": false, "window_days": 90, "both": 9, "one": 5, "none": 1, "no_revenue": 0,
       "note": "加速 = 近 90 天持币人收入 ÷ 再前 90 天 ≥ accel_min；便宜 = 当前 P/E 类比 ≤ 自身一年中位数；两者都满足 = 双击候选",
       "calibration_2026-10-08": "V0 标定（D=2026-10-03，124 候选、84 可排名、28 有持币人收入）：加速侧 ≥1.3 占 48%、≥1.5 占 39%、≥2.0 占 29%；便宜侧只有 4/28（牛市）；双击候选在 1.3 与 1.5 下是同一组 4 个（5%，低于 10~20% 目标，受便宜侧约束）。取 1.5：高于 90 天收入的噪声带（±20%），对当期结果无影响；以后每季复核"},
 "red_lines": {"R3_unlock_max_frac": 0.25, "R3_provisional": true, "unlock_source": "评审层查到的 12 个月解锁占流通比例（DefiLlama 解锁接口需付费，未接）",
               "R1_scope": "只对量化层有收入数据（协议收入或持币人收入 > 0）的币生效：有收入却核不到才是「不可核实」；没有收入的币按 A=0（封顶 59）处理，不落选（2026-10-08 V0 标定：评审层对 58 个币标了 R1，其中大半是本无收入的币）"},
 "composite": {"cap_when_A_le": 2, "cap": 59, "top_n": 30, "change_threshold": 10},
 "review": {"reviewer": "AI", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065", "required_fields": ["model_id", "logic_version", "prompt_sha256", "review_date"],
            "cadence": "每月，或重大事件触发", "stability_gap": 2.0,
            "audit": "AI 独立复评 10% 抽样（固定随机种子）写在 state/value/reviews_audit/<币>/<同日期>.json；B 或 C 判断层分之和相差 > stability_gap ⇒ 该币「待评」不进榜；对照表随 latest.json 公开。2026-10-08 首轮：14 抽 1 不稳定（BULLA，因 DefiLlama 同符号错配）"},
 "forward_record": {"horizons_days": [30, 90, 180], "benchmarks": ["BTC", "候选池等权"]},
 "chain_slugs": {"ethereum": "ETH", "bitcoin": "BTC", "solana": "SOL", "tron": "TRX", "avalanche": "AVAX", "bsc": "BNB", "polygon": "POL", "arbitrum": "ARB",
                 "optimism": "OP", "sui": "SUI", "aptos": "APT", "near": "NEAR", "sei": "SEI", "ton": "TON", "hedera": "HBAR", "celestia": "TIA",
                 "injective": "INJ", "cardano": "ADA", "polkadot": "DOT", "litecoin": "LTC", "dogecoin": "DOGE", "xrpl": "XRP", "stellar": "XLM",
                 "algorand": "ALGO", "icp": "ICP", "vechain": "VET", "monero": "XMR", "zcash": "ZEC", "cronos": "CRO", "sonic": "S", "fantom": "FTM",
                 "gnosis": "GNO", "filecoin": "FIL", "tezos": "XTZ", "stacks": "STX", "kaspa": "KAS", "mantle": "MNT", "starknet": "STRK",
                 "zksync-era": "ZK", "berachain": "BERA", "hyperliquid": "HYPE", "monad": "MON", "plasma": "XPL", "ethereum-classic": "ETC",
                 "mina": "MINA", "flow": "FLOW", "kava": "KAVA", "osmosis": "OSMO", "cosmos": "ATOM", "ronin": "RON", "plume-mainnet": "PLUME",
                 "world-chain": "WLD", "celo": "CELO", "core": "CORE", "bittensor": "TAO", "the-open-network": "TON", "immutable-zkevm": "IMX"},
 "llama_slugs": {"WIF": [], "TST": [], "BABY": [], "ZEN": [], "BULLA": []},
 "llama_slugs_note": "评审层发现的同符号错配（2026-10-08：WIF→World is Flat、TST→TeleSwap、BABY→BabySwap(≠Babylon)、ZEN→Zenland(≠Horizen)）；[] = 无对应协议。已知口径缺口：AAVE 的回购在 DefiLlama 持币人收入字段里为 0（适配器未记），量化层只认 DefiLlama 口径，评审层 notes 记录差异",
 "gecko_overrides": {"MON": "monad", "LIT": "lighter", "XPL": "plasma", "S": "sonic-3", "G": "gravity-by-galxe", "U": "universal-dollar", "Q": "q-protocol"},
 "sources": {"defillama": "https://api.llama.fi（/protocols、/overview/fees、/summary/fees/<slug>、/protocol/<slug>）", "coingecko": "https://api.coingecko.com/api/v3（/coins/markets、/coins/<id>/market_chart）"}
}