> For the complete documentation index, see [llms.txt](https://docs.usefarlight.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usefarlight.com/transparency/commitments.md).

# What anyone can verify

Eight commitments that keep every Farlight loan visible from a distance, and the contract or service that enforces each one.

Light from a far star reaches everyone who looks up. Farlight is built so that its loan book behaves the same way: every figure the platform shows can be recomputed by an outsider from public data alone. Solvency is the protocol's first promise. Being checkable is the second, and it is kept by code and open services rather than by policy.

Two names recur below. The Observatory is the public loan explorer at /platform/explorer, where anyone can see every loan. Telemetry is the public risk page together with the live protocol readouts: statistics, concentration and the parameters currently in force.

## The eight commitments

| # | Commitment                            | How it is kept                                                                                                                                                                                               |
| - | ------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| 1 | **Every state change emits an event** | An offer fill, a repayment, a refinance, the start or completion of an auction and a parameter change each emit an event, and the Observatory links every one of them to its Blockscout transaction.         |
| 2 | **A public loan registry**            | The Observatory shows the live loan book: collateral, LTV, rate, term, syndicate size, health and the oracle price recorded at origination.                                                                  |
| 3 | **A public risk page**                | Telemetry publishes the protocol-wide LTV distribution, concentration by token and by issuer, the bad debt ledger (expected to be zero) and the liquidation history with realised prices set against oracle. |
| 4 | **Oracle and reserve transparency**   | For every token: the current Chainlink price, session status, staleness, multiplier and pause flag, plus the issuer's proof of reserve wherever a feed exists.                                               |
| 5 | **A parameter governance log**        | Every timelock proposal and execution appears in the log, with its rationale, before it takes effect.                                                                                                        |
| 6 | **Open source**                       | Contracts, relayer, indexer and keeper bots are released under a permissive licence, with reproducible builds and bytecode verified on Blockscout.                                                           |
| 7 | **No hidden order flow**              | The whole off-chain book can be exported. An offer is nothing more than a signed message, so anyone running a relayer sees the same set.                                                                     |
| 8 | **No custody before a match**         | Funds move only at origination, through Permit2 or a prior approval. Repayment, and withdrawal once a loan is repaid, can never be paused.                                                                   |

## Recomputing the readouts

Chain events and signed offers are the only two inputs. Together they are enough for a third party to rebuild every number in the Observatory and in Telemetry. No privileged database sits behind either. If Farlight Labs disappeared tomorrow, anyone could point the open-source indexer at the chain and get the same pages back.

## What is not published

* The personal data behind an attestation. It stays with the KYC provider and is never written on-chain.
* The connection between a wallet and a real-world identity. An address is shown as an address and nothing more.

Everything else about a loan is public, and that is deliberate.

## Periodic risk reports

Beyond the live pages, the protocol will publish a periodic risk report. It will cover outstanding exposure, liquidations, auction performance relative to oracle, parameter changes and any incidents, with each item linked to its on-chain evidence.


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