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The five-beat demo

Every beat below is a real testnet transaction and an integration test in the repo. Run it yourself at app.leontief.tech/demo (no wallet needed) or from the CLI with ./scripts/demo.sh.

  1. Restricted transfer fails. LEOD is a genuine SEP-8 asset; sending it to a stranger reverts. Authorizing the vault opens the door.
  2. Wrap mints ldLEOD at NAV. The vault measures the deposit by balance difference and mints a composable share at the live, fail-closed NAV.
  3. The share moves freely and borrows. Transfer ldLEOD (SEP-41), pledge it, and draw USDC at 80% LTV.
  4. Yield while pledged. A NAV tick raises share_price — and the health factor of the locked collateral — exactly as for idle shares.
  5. Permissioned liquidation. A whitelisted liquidator repays and seizes shares at a 5% bonus (5a); an un-whitelisted wallet is refused the identical call (5b).

Each beat prints its transaction hash; open any of them on stellar.expert. Nothing here is staged — every number is a live chain read. The recording kit is scripts/record_demo.md.