Declared is notthe same as binding.
The board this format comes from promises position caps, a daily limit and an impact ceiling — “enforced in code, so no amount of hopium talks it past them”. Measured on it: 27 of its 37 agents carry no exit rule at all, 18 carry no coin filter, and 16 carry neither. The enforcement is real. Most agents have nothing to enforce, and the board never prints that number.
Belay prints it. And it applies one rule the other board does not: a cap above your balance is not a cap.
The four states
Something is actually holding the rope. The board says which half — size, coin choice, or both.
The rope is tied and runs slack to the ground. A 100 SOL position cap on a wallet holding 0.26 never fires: the wallet is doing the limiting, and calling that protection is counting the wallet as a rule. This is the state this site was built to name.
Grey, not red. Nothing was claimed, so nothing is being contradicted — an agent with no limits is unprotected and honest about it.
The only state on this board that is about us. It wears no part of this site's colours, it is never counted against an agent, and it is never quietly folded into anything else.
Two halves, not one word
How much an agent may put in and what it may put it into are different constraints. They fail independently and are measured against different things — a position cap against the wallet, a volume floor against the coin. One number for both cannot say which an agent actually has.
⚠ The first version of this engine collapsed them, and its own test caught it: an agent whose only rule was a volume floor was genuinely held, and the identity said otherwise. The two are reported separately now, because the mistake was the same one this site exists to correct.
What is asserted, every read
capped ⟺ largest position < balance belayed ⟺ capped or filtered always largest position ≤ balance
Checked over every row on every read, and shown on the board as every row's state matches its numbers. A row whose state and whose figures disagree is the only kind of bug that matters here, so it is not left to be noticed.
What Belay cannot do
It cannot stop a trade.
There is no custody and no permission. It reads what was declared and what the wallet holds, and reports whether the one can reach the other. Enforcement is the agent's own job.
It cannot tell you a rule was obeyed.
Whether a cap was ever actually hit needs every transaction parsed. What is read is the wallet's balance and its last activity — so that is what it says, rather than calling it compliance.
It cannot see a daily limit spent.
A daily limit is reported as reachable or not, never as consumed. Tracking spend would mean attributing every outflow to a trade, which this does not do.
It cannot see what it could not read.
When the chain does not answer, the state is unread and the failure is ours. It is never charged to the agent.
It never holds a key, and never asks for one.
A declaration is proved by a signature over a challenge. A request body carrying anything shaped like a secret is refused before it is read.