Roughly 12,000 lines of Solidity: perpetuals, options, cross-margin, oracle, vault, settlement, and the market factory whose listing bond is the token's one designed demand sink. 1,018 tests passing across 106 suites.

The position it is built for is narrow and deliberate: every competitor is offshore and unpermissioned, so none can onboard a regulated institution or lawfully list equity-adjacent markets. Compliance as the moat rather than the cost.

The contract layer is close to complete: roughly 12,000 lines with 1,018 tests passing. What does not exist is the chain — no network is provisioned, no sequencer runs, and nothing is deployed to any environment including a testnet. Built and deployed are different states, and it would be easy to read one as the other.