{
  "schema_version": "0.2.0",
  "seed_version": "0.1.0",
  "mode": "seed",
  "market": "crypto",
  "title": "Ethereum and lending seed",
  "scope": "Ethereum, ETH, Aave V3 and Circle/USDC; fee, staking and collateral mechanics. Not a token-price feed or comprehensive crypto universe.",
  "reviewed_at": "2026-09-11",
  "license": "MIT — original topology and summaries only; linked sources retain their own terms",
  "limitations": [
    "Structural research starting point; no current prices, financial statements or live alerts.",
    "Source review date is not an observation date or proof of current relationship validity.",
    "Documented means supported by the cited source in its stated context, not independently audited or predictive.",
    "Hypotheses require additional evidence; they must not be promoted automatically."
  ],
  "nodes": [
    {
      "id": "crypto:ethereum",
      "label": "Ethereum",
      "type": "network",
      "source_ids": [
        "gas",
        "staking"
      ],
      "research_question": "What has changed in Ethereum, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:ETH",
      "label": "Ether (ETH)",
      "type": "asset",
      "source_ids": [
        "gas",
        "staking"
      ],
      "research_question": "What has changed in Ether (ETH), and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:gas",
      "label": "Ethereum transaction fees",
      "type": "mechanism",
      "source_ids": [
        "gas"
      ],
      "research_question": "What has changed in Ethereum transaction fees, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:burn",
      "label": "Base-fee burn",
      "type": "mechanism",
      "source_ids": [
        "gas"
      ],
      "research_question": "What has changed in Base-fee burn, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:validators",
      "label": "Ethereum validators",
      "type": "participant",
      "source_ids": [
        "staking"
      ],
      "research_question": "What has changed in Ethereum validators, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:circle",
      "label": "Circle",
      "type": "issuer",
      "source_ids": [
        "circle"
      ],
      "research_question": "What has changed in Circle, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:USDC",
      "label": "USDC",
      "type": "asset",
      "source_ids": [
        "circle"
      ],
      "research_question": "What has changed in USDC, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:aave",
      "label": "Aave V3",
      "type": "protocol",
      "source_ids": [
        "aave"
      ],
      "research_question": "What has changed in Aave V3, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:collateral",
      "label": "Collateral values",
      "type": "driver",
      "source_ids": [
        "aave"
      ],
      "research_question": "What has changed in Collateral values, and what evidence supports the change?",
      "observations": []
    },
    {
      "id": "crypto:liquidation",
      "label": "Borrow-position liquidation risk",
      "type": "risk",
      "source_ids": [
        "aave"
      ],
      "research_question": "What has changed in Borrow-position liquidation risk, and what evidence supports the change?",
      "observations": []
    }
  ],
  "edges": [
    {
      "from": "crypto:ethereum",
      "to": "crypto:ETH",
      "relation": "uses_native_asset",
      "mechanism": "Ethereum transaction gas is paid in ETH.",
      "status": "documented",
      "source_ids": [
        "gas"
      ],
      "research_question": "Check network and chain identity before applying the fee model.",
      "id": "crypto:edge-01",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:gas",
      "to": "crypto:ETH",
      "relation": "denominated_in",
      "mechanism": "Ethereum fees are denominated in ETH, commonly expressed in gwei.",
      "status": "documented",
      "source_ids": [
        "gas"
      ],
      "research_question": "Separate ETH-denominated fees from their fiat value.",
      "id": "crypto:edge-02",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:gas",
      "to": "crypto:burn",
      "relation": "includes",
      "mechanism": "The base-fee component is burned; priority fees are treated differently.",
      "status": "documented",
      "source_ids": [
        "gas"
      ],
      "research_question": "What are the latest base-fee and priority-fee observations?",
      "id": "crypto:edge-03",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:burn",
      "to": "crypto:ETH",
      "relation": "reduces_supply",
      "mechanism": "Burning base fees removes ETH from circulation; net supply also depends on issuance.",
      "status": "documented",
      "source_ids": [
        "gas"
      ],
      "research_question": "Compare burn with issuance before claiming net deflation.",
      "id": "crypto:edge-04",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:validators",
      "to": "crypto:ethereum",
      "relation": "secures",
      "mechanism": "Validators participate in Ethereum consensus through staked ETH.",
      "status": "documented",
      "source_ids": [
        "staking"
      ],
      "research_question": "What are the current participation, concentration and failure risks?",
      "id": "crypto:edge-05",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:ETH",
      "to": "crypto:validators",
      "relation": "staked_by",
      "mechanism": "ETH stake underpins validator incentives and penalties.",
      "status": "documented",
      "source_ids": [
        "staking"
      ],
      "research_question": "Distinguish direct validator stake from third-party staking products.",
      "id": "crypto:edge-06",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:circle",
      "to": "crypto:USDC",
      "relation": "issues",
      "mechanism": "Circle describes itself as the issuer of USDC.",
      "status": "documented",
      "source_ids": [
        "circle"
      ],
      "research_question": "Check current reserve reporting and redemption terms independently.",
      "id": "crypto:edge-07",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:USDC",
      "to": "crypto:ethereum",
      "relation": "available_on",
      "mechanism": "Circle lists Ethereum among networks supporting native USDC.",
      "status": "documented",
      "source_ids": [
        "circle"
      ],
      "research_question": "Verify the official chain-specific contract; do not assume bridged tokens are native.",
      "id": "crypto:edge-08",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:aave",
      "to": "crypto:ethereum",
      "relation": "deployed_on",
      "mechanism": "Aave V3 documentation identifies Ethereum among its deployment networks.",
      "status": "documented",
      "source_ids": [
        "aave"
      ],
      "research_question": "Check the exact deployment and reserve configuration.",
      "id": "crypto:edge-09",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:collateral",
      "to": "crypto:liquidation",
      "relation": "influences",
      "mechanism": "Collateral and debt values affect Aave position health and liquidation eligibility.",
      "status": "documented",
      "source_ids": [
        "aave"
      ],
      "research_question": "Use position-specific collateral, debt, oracle and threshold data.",
      "id": "crypto:edge-10",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:aave",
      "to": "crypto:liquidation",
      "relation": "implements",
      "mechanism": "Aave defines liquidation mechanics for undercollateralized borrow positions.",
      "status": "documented",
      "source_ids": [
        "aave"
      ],
      "research_question": "Which reserve parameters and health-factor rules apply?",
      "id": "crypto:edge-11",
      "reviewed_at": "2026-09-11"
    },
    {
      "from": "crypto:ETH",
      "to": "crypto:liquidation",
      "relation": "may_affect",
      "mechanism": "ETH price changes may affect positions exposed to ETH collateral; no actual positions are included.",
      "status": "hypothesis",
      "source_ids": [
        "aave",
        "gas"
      ],
      "research_question": "Confirm that the position is ETH-exposed before inferring liquidation risk.",
      "id": "crypto:edge-12",
      "reviewed_at": "2026-09-11"
    }
  ],
  "sources": [
    {
      "id": "gas",
      "title": "Ethereum — Gas and fees",
      "url": "https://ethereum.org/en/developers/docs/gas/",
      "publisher": "ethereum.org",
      "locator": "Gas fees / Base fee / Priority fee",
      "basis": "Protocol mechanics; fee amounts and parameters require fresh chain data.",
      "reviewed_at": "2026-09-11",
      "review_after_days": 90
    },
    {
      "id": "staking",
      "title": "Ethereum — Staking",
      "url": "https://ethereum.org/en/staking/",
      "publisher": "ethereum.org",
      "locator": "Validators, staking and network security",
      "basis": "Protocol explanation; no staking yield or validator count is included.",
      "reviewed_at": "2026-09-11",
      "review_after_days": 90
    },
    {
      "id": "circle",
      "title": "Circle — USDC",
      "url": "https://www.circle.com/usdc",
      "publisher": "Circle",
      "locator": "Issuer description / Supported blockchains",
      "basis": "Issuer description, not an independent reserve audit or redemption guarantee.",
      "reviewed_at": "2026-09-11",
      "review_after_days": 90
    },
    {
      "id": "aave",
      "title": "Aave V3 overview",
      "url": "https://aave.com/docs/aave-v3/overview",
      "publisher": "Aave documentation",
      "locator": "Overview / Supply / Borrow",
      "basis": "Protocol mechanics; markets and parameters vary by deployment.",
      "reviewed_at": "2026-09-11",
      "review_after_days": 90
    }
  ],
  "update_plan": {
    "cadence": "user_selected",
    "network_access": "not_implemented",
    "instructions": [
      "Re-open the linked primary sources and look for newer disclosures.",
      "Preserve old evidence and its reporting period; do not overwrite history.",
      "Record publication, observation and retrieval times separately for new observations.",
      "Review hypotheses independently; do not treat a source's general context as proof.",
      "Validate references and review proposed changes before merging into your repository."
    ]
  }
}