PDAI PEG ARCHITECTURE — REVIEW, 18 OCTOBER 2026
Main new state pin: PulseChain 27,824,343, 17 October 2026 23:27:55 UTC.
Historical, governance and implementation findings use individually recorded blocks.

ASSESSMENT
A collateral-backed stabilization design is feasible in principle. The proposed private-L2 peUSD -> pDAI -> paDAI loop is not demonstrated. Deployed components, administrative access and nominal oracle prices do not prove independently funded dollar redemption.

NEW MATERIAL FINDINGS
The 2199 address is the USDC collateral adapter of PSM-USDC-A. It holds 113,692,362.982482 fork USDC units, not a demonstrated dollar amount. Both public PSM swap routes revert with Vat/not-live. The Vat has no ordinary uncage function; the PSM references are immutable.

OUSD supports canonical pDAI. Its nominal oracle price of 1.00009178 reflects a feed last updated on 10 May 2023. Supported valuation and redemption-quote getters revert.

Reserve's RToken is hyUSD, not pDAI. Its pDAI plugin and basket are DISABLED. A real indirect pDAI exposure exists through fDAI: the BackingManager's stored accounting claim is approximately 82,469.28 pDAI. This is not a dollar valuation or demonstrated redemption. The configured RSR token is forked RSR.

9696 -> 4254 is a 2022 Ethereum payment from Binance infrastructure. It does not prove shared private ownership. Other direct funding edges are verified individually. 52bf40 received an internal PLS payment via a WPLS unwrapping router, missed by the supplied normal-transaction-only script.

ARCHIVE
arb/: Earlier Arbitrum escrow, rollup and Teleport audit, with raw chain observations.
peg/: New mechanism, economics, funding and PSM reviews; pinned RPC checks and diagrams.
support/: Earlier Reserve implementation evidence referenced by this review.
supplied/: User-provided attachment, treated as input claims rather than verified facts.

Core new state uses block 27,824,343. Earlier Reserve replacement-code observations use block 27,822,113; earlier Origin governance uses block 27,821,301. Near-pin rollup authority observations identify their individual blocks. Report dates are not a claim of continuous live monitoring.

No Sophia access is claimed. No wallet transaction was signed or broadcast. No full Nitro replay, complete liquidity valuation or human-identity attribution was performed. Errors remain errors; they are not converted into zero balances. Upstream source bundles are omitted; primary URLs are in the reports. Manifest hashes detect file changes, not RPC provider truth.
