Thanks @coolhorsegirl. I agree with your sequencing: prove Phase 1 works, earn the right to Phase 2, and keep Phase 3 as a direction rather than a near-term commitment.
On Phase 1, we are fully aligned. The Cap Guardian precedent is the whole argument for why bounded delegation works. Conservative final bounds are non-negotiable on my side. Anthias brings the specific ranges with risk analysis attached, governance ratifies them, and nothing ships on illustrative numbers.
On fail-open, I want to gently push back, because I don’t think one default works for every asset.
Your reasoning is right for deep, liquid majors. On ETH or BTC, a real 30% move is entirely plausible. Liquidations during a genuine crash are healthy because they protect the protocol. Freezing the market would just let bad debt build up. Fail open is the correct call there.
But the logic flips for thin, derivative, or bridge-wrapped assets. For those, a sudden 30% deviation is more likely to be the oracle breaking than a genuine market move. Failing open in that situation means liquidating healthy positions against a price that does not exist. Pausing is the conservative choice.
So I would tie your two points together: per-asset-category scoping is not just about thresholds. It is about which direction each category defaults when the signal is ambiguous. Majors fail open. Fragile assets fail closed. Governance sets that explicitly per category, rather than picking one rule for everything. This also keeps us honest on deployment validation: if we cannot articulate an asset’s failure modes well enough to choose its default, it is probably not ready to list.
On OEV interaction and category-level thresholds, fully agree those need Anthias and Lunar Labs before anything gets scoped.