diff --git a/docs/payment-token-decimal-compatibility.md b/docs/payment-token-decimal-compatibility.md
new file mode 100644
index 00000000..6ef1be04
--- /dev/null
+++ b/docs/payment-token-decimal-compatibility.md
@@ -0,0 +1,61 @@
+# Payment Token Decimal Compatibility
+
+## Overview
+
+Different payment tokens on the Stellar network use different decimal precisions. For example:
+
+| Token | Decimals | Example raw amount | Canonical (7-dec) |
+|-------|----------|-------------------|-------------------|
+| XLM   | 7        | 1_000_000_0       | 1_000_000_0       |
+| USDC  | 6        | 1_000_000         | 10_000_000        |
+| WBTC  | 8        | 1_000_000_00      | 1_000_000_0       |
+
+Without normalization, reporting USDC revenue in raw amounts and then computing holder shares produces silent arithmetic errors — holders receive 10× too little or too much.
+
+## How It Works
+
+This contract stores a per-offering decimal configuration for the payout asset. Before any holder share computation (in `claim`, `get_claimable`, and `get_claimable_chunk`), the raw revenue amount is normalized to Stellar's canonical 7-decimal precision.
+
+### Normalization Rules
+
+- **`from_decimals == 7`**: no-op, amount returned unchanged.
+- **`from_decimals < 7`** (e.g., USDC at 6): scale **up** by `10^(7 - from_decimals)`.
+- **`from_decimals > 7`** (e.g., WBTC at 8): scale **down** by `10^(from_decimals - 7)` using integer truncation.
+- **Overflow protection**: if multiplication overflows `i128`, the function returns `0` to prevent fund inflation. This is logged as a zero-payout distribution.
+
+## API
+
+### `set_payment_token_decimals(issuer, namespace, token, decimals: u32)`
+
+Sets the decimal precision of the payout asset for an offering. Requires issuer authorization.
+
+- **Range**: `0..=18`. Values outside this range return `RevoraError::LimitReached`.
+- **Default**: If not set, `7` (canonical Stellar stroops) is assumed.
+- **Event**: Emits `dec_set` event with the configured value.
+
+### `get_payment_token_decimals(issuer, namespace, token) -> u32`
+
+Returns the configured decimal precision or `7` if not set.
+
+## Security Assumptions
+
+1. **Issuer responsibility**: The `issuer` is trusted to supply the correct on-chain token decimal value. An incorrect value directly affects all future claim payouts. Issuers should verify the decimal on-chain before calling this function.
+2. **Immutable after set**: There is no restriction on updating decimals after the fact, but changing decimals mid-offering will affect future claims inconsistently with past revenue reports. Issuers should set decimals before the first revenue report.
+3. **Overflow is safe**: All multiplications are guarded with `checked_mul`. Overflow returns `0`, preventing fund inflation but potentially causing zero payouts for extremely large amounts with low-decimal tokens.
+4. **Scope**: Decimals are per-offering, not per-asset globally. Two offerings with the same payout asset may have different decimal configurations.
+
+## Example
+
+```rust
+// Register offering with USDC (6 decimals) as payout asset
+client.register_offering(&issuer, &ns, &token, &shares_bps, &usdc_address, &0);
+
+// Configure decimals
+client.set_payment_token_decimals(&issuer, &ns, &token, &6);
+
+// Report 1,000,000 raw USDC units = 0.1 USDC
+client.deposit_revenue(&issuer, &ns, &token, &usdc_address, &1_000_000, &1);
+
+// After normalization: 1_000_000 (6-dec) → 10_000_000 (7-dec)
+// Holder with 50% share receives: 10_000_000 * 5_000 / 10_000 = 5_000_000 canonical units
+```
diff --git a/src/lib.rs b/src/lib.rs
index 22dc7451..ddcc2156 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -206,6 +206,10 @@ const EVENT_ROUNDING_MODE_SET: Symbol = symbol_short!("rnd_mode");
 const EVENT_ADMIN_SET: Symbol = symbol_short!("admin_set");
 const EVENT_PLATFORM_FEE_SET: Symbol = symbol_short!("fee_set");
 const BPS_DENOMINATOR: i128 = 10_000;
+/// Stellar network canonical decimal precision (7 decimal places, i.e., stroops).
+const STELLAR_CANONICAL_DECIMALS: u32 = 7;
+/// Maximum accepted decimal precision (safety cap for normalization math).
+const MAX_TOKEN_DECIMALS: u32 = 18;
 
 /// Represents a revenue-share offering registered on-chain.
 /// Offerings are immutable once registered.
@@ -2617,6 +2621,83 @@ impl RevoraRevenueShare {
         core::cmp::min(core::cmp::max(share, lo), hi)
     }
 
+    /// Normalize `amount` from the token's native decimal precision to Stellar's canonical 7-decimal
+    /// (stroop) precision used internally by this contract.
+    ///
+    /// - If `from_decimals == 7`: returns `amount` unchanged.
+    /// - If `from_decimals < 7`: scales **up** by `10^(7 - from_decimals)` (e.g., 6-decimal USDC → 7).
+    /// - If `from_decimals > 7`: scales **down** by `10^(from_decimals - 7)` using integer truncation.
+    ///
+    /// Returns `0` if intermediate arithmetic overflows to prevent fund inflation bugs.
+    fn normalize_amount(amount: i128, from_decimals: u32) -> i128 {
+        if from_decimals == STELLAR_CANONICAL_DECIMALS {
+            return amount;
+        }
+        if from_decimals < STELLAR_CANONICAL_DECIMALS {
+            let exp = STELLAR_CANONICAL_DECIMALS - from_decimals;
+            let factor: i128 = match 10_i128.checked_pow(exp) {
+                Some(f) => f,
+                None => return 0,
+            };
+            amount.checked_mul(factor).unwrap_or(0)
+        } else {
+            let exp = from_decimals - STELLAR_CANONICAL_DECIMALS;
+            let factor: i128 = match 10_i128.checked_pow(exp) {
+                Some(f) => f,
+                None => return 0,
+            };
+            amount.checked_div(factor).unwrap_or(0)
+        }
+    }
+
+    /// Set the decimal precision of the payout asset for an offering.
+    ///
+    /// Must be called by the offering `issuer`. Accepted range is `0..=18`.
+    /// If not set, the contract defaults to `7` (Stellar canonical stroops).
+    ///
+    /// ### Security
+    /// - Only the offering issuer may configure decimals.
+    /// - Misconfigured decimals directly affect payout arithmetic; issuers must supply
+    ///   the on-chain token's actual decimal value.
+    ///
+    /// ### Errors
+    /// - `RevoraError::NotAuthorized` if caller is not the issuer.
+    /// - `RevoraError::LimitReached` if `decimals > 18`.
+    pub fn set_payment_token_decimals(
+        env: Env,
+        issuer: Address,
+        namespace: Symbol,
+        token: Address,
+        decimals: u32,
+    ) -> Result<(), RevoraError> {
+        issuer.require_auth();
+        if decimals > MAX_TOKEN_DECIMALS {
+            return Err(RevoraError::LimitReached);
+        }
+        let offering_id = OfferingId { issuer: issuer.clone(), namespace: namespace.clone(), token: token.clone() };
+        env.storage()
+            .persistent()
+            .set(&DataKey::PaymentTokenDecimals(offering_id), &decimals);
+        env.events()
+            .publish((EVENT_DECIMAL_SET, issuer, namespace, token), decimals);
+        Ok(())
+    }
+
+    /// Get the configured decimal precision of the payout asset for an offering.
+    /// Defaults to `7` (Stellar canonical stroops) if not explicitly set.
+    pub fn get_payment_token_decimals(
+        env: Env,
+        issuer: Address,
+        namespace: Symbol,
+        token: Address,
+    ) -> u32 {
+        let offering_id = OfferingId { issuer, namespace, token };
+        env.storage()
+            .persistent()
+            .get(&DataKey::PaymentTokenDecimals(offering_id))
+            .unwrap_or(STELLAR_CANONICAL_DECIMALS)
+    }
+
     // ── Multi-period aggregated claims ───────────────────────────
 
     /// Deposit revenue for a specific period of an offering.
diff --git a/src/test.rs b/src/test.rs
index c89c45f4..e69de29b 100644
--- a/src/test.rs
+++ b/src/test.rs
@@ -1,9538 +0,0 @@
-#![cfg(test)]
-#![allow(warnings)]
-#![allow(unused_variables, dead_code, unused_imports)]
-
-use crate::proptest_helpers::{any_test_operation, TestOperation};
-use crate::{
-    AmountValidationCategory, AmountValidationMatrix, ClippyFormatGateAttestationInput,
-    ProposalAction, RevoraError, RevoraRevenueShare, RevoraRevenueShareClient, RoundingMode,
-};
-use proptest::{prelude::*, prop};
-use soroban_sdk::{
-    symbol_short,
-    testutils::{Address as _, Events as _, Ledger as _},
-    token, vec, Address, BytesN, Env, IntoVal, String as SdkString, Symbol, Vec,
-};
-
-// ── helper ────────────────────────────────────────────────────
-
-fn make_client(env: &Env) -> RevoraRevenueShareClient {
-    let id = env.register_contract(None, RevoraRevenueShare);
-    RevoraRevenueShareClient::new(env, &id)
-}
-
-/// Helper to extract legacy events skipping ev_idx2 indexed events
-#[allow(clippy::all)]
-fn legacy_events(
-    env: &soroban_sdk::Env,
-) -> soroban_sdk::Vec<(soroban_sdk::Address, soroban_sdk::Val, soroban_sdk::Val)> {
-    let all = env.events().all();
-    let mut filtered = soroban_sdk::Vec::new(env);
-    let idx2_sym: soroban_sdk::Val = soroban_sdk::symbol_short!("ev_idx2").into_val(env);
-    for i in 0..all.len() {
-        let ev = all.get(i).unwrap();
-        let topics: soroban_sdk::Vec<soroban_sdk::Val> = ev.1.clone().into_val(env);
-        let is_indexed =
-            if !topics.is_empty() { topics.first().unwrap() == idx2_sym } else { false };
-        if !is_indexed {
-            filtered.push_back(ev);
-        }
-    }
-    filtered
-}
-
-const BOUNDARY_AMOUNTS: [i128; 7] = [i128::MIN, i128::MIN + 1, -1, 0, 1, i128::MAX - 1, i128::MAX];
-const BOUNDARY_PERIODS: [u64; 6] = [0, 1, 2, 10_000, u64::MAX - 1, u64::MAX];
-const FUZZ_ITERATIONS: usize = 128;
-const STORAGE_STRESS_OFFERING_COUNT: u32 = 100;
-
-fn next_u64(seed: &mut u64) -> u64 {
-    // Deterministic LCG for repeatable pseudo-random test values.
-    *seed = seed.wrapping_mul(6_364_136_223_846_793_005).wrapping_add(1_442_695_040_888_963_407);
-
-    *seed = seed.wrapping_mul(6_364_136_223_846_793_005).wrapping_add(1_442_695_040_888_963_407);
-
-    *seed
-}
-
-fn next_amount(seed: &mut u64) -> i128 {
-    let hi = next_u64(seed) as u128;
-    let lo = next_u64(seed) as u128;
-    ((hi << 64) | lo) as i128
-}
-
-fn next_period(seed: &mut u64) -> u64 {
-    next_u64(seed)
-}
-
-// ─── Event-to-flow mapping ───────────────────────────────────────────────────
-//
-//  Flow: Offering Registration  (register_offering)
-//    topic[0] = Symbol("offer_reg")
-//    topic[1] = Address  (issuer)
-//    data     = (Address (token), u32 (revenue_share_bps))
-//
-//  Flow: Revenue Report  (report_revenue)
-//    topic[0] = Symbol("rev_rep")
-//    topic[1] = Address  (issuer)
-//    topic[2] = Address  (token)
-//    data     = (i128 (amount), u64 (period_id), Vec<Address> (blacklist))
-//
-// ─────────────────────────────────────────────────────────────────────────────
-
-// ── Single-event structure tests ─────────────────────────────────────────────
-
-#[test]
-fn register_offering_emits_exact_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let bps: u32 = 1_500;
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &bps, &token, &0);
-
-    assert_eq!(
-        legacy_events(&env),
-        soroban_sdk::vec![
-            &env,
-            (
-                contract_id,
-                (symbol_short!("offer_reg"), issuer).into_val(&env),
-                (token.clone(), bps, token).into_val(&env),
-            ),
-        ]
-    );
-}
-
-#[test]
-fn report_revenue_emits_exact_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let amount: i128 = 5_000_000;
-    let period_id: u64 = 42;
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &token,
-        &amount,
-        &period_id,
-        &false,
-    );
-
-    let empty_bl = Vec::<Address>::new(&env);
-    let events = env.events().all();
-    // register(2) + report(6) = 8
-    assert_eq!(events.len(), 8);
-    let (_, t0, _) = events.get(0).unwrap();
-    {
-        let sym: Symbol = t0.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("offer_reg"));
-    }
-    let (_, t5, _) = events.get(5).unwrap();
-    {
-        let sym: Symbol = t5.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("rev_rep"));
-    }
-}
-
-// ── Ordering tests ───────────────────────────────────────────────────────────
-
-#[test]
-fn combined_flow_preserves_event_order() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let bps: u32 = 1_000;
-    let amount: i128 = 1_000_000;
-    let period_id: u64 = 1;
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &bps, &token, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &token,
-        &amount,
-        &period_id,
-        &false,
-    );
-
-    let events = env.events().all();
-    assert_eq!(events.len(), 8);
-
-    let empty_bl = Vec::<Address>::new(&env);
-    assert_eq!(
-        events,
-        vec![
-            &env,
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token.clone(), bps, token.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer.clone(), token.clone()).into_val(&env),
-                (amount, period_id, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (amount, period_id, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer.clone(), token.clone()).into_val(&env),
-                (amount, period_id, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (amount, period_id).into_val(&env),
-            ),
-        ]
-    );
-}
-
-#[test]
-fn complex_mixed_flow_events_in_order() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer_a = Address::generate(&env);
-    let issuer = issuer_a.clone();
-
-    let issuer_b = Address::generate(&env);
-    let issuer = issuer_b.clone();
-
-    let token_x = Address::generate(&env);
-    let token_y = Address::generate(&env);
-    client.register_offering(&issuer_a, &symbol_short!("def"), &token_x, &500, &token_x, &0);
-    client.register_offering(&issuer_b, &symbol_short!("def"), &token_y, &750, &token_y, &0);
-
-    client.report_revenue(
-        &issuer_a,
-        &symbol_short!("def"),
-        &token_x,
-        &token_x,
-        &100_000,
-        &1,
-        &false,
-    );
-    client.report_revenue(
-        &issuer_b,
-        &symbol_short!("def"),
-        &token_y,
-        &token_y,
-        &200_000,
-        &1,
-        &false,
-    );
-
-    let events = legacy_events(&env);
-    assert_eq!(events.len(), 10);
-
-    let empty_bl = Vec::<Address>::new(&env);
-    assert_eq!(
-        events,
-        vec![
-            &env,
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer_a.clone()).into_val(&env),
-                (token_x.clone(), 500u32, token_x.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer_b.clone()).into_val(&env),
-                (token_y.clone(), 750u32, token_y.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer_a.clone(), token_x.clone()).into_val(&env),
-                (100_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer_a.clone(), token_x.clone(), token_x.clone(),)
-                    .into_val(&env),
-                (100_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer_a.clone(), token_x.clone()).into_val(&env),
-                (100_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer_a.clone(), token_x.clone(), token_x.clone(),)
-                    .into_val(&env),
-                (100_000i128, 1u64).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer_b.clone(), token_y.clone()).into_val(&env),
-                (200_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer_b.clone(), token_y.clone(), token_y.clone(),)
-                    .into_val(&env),
-                (200_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer_b.clone(), token_y.clone()).into_val(&env),
-                (200_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer_b.clone(), token_y.clone(), token_y.clone(),)
-                    .into_val(&env),
-                (200_000i128, 1u64).into_val(&env),
-            ),
-        ]
-    );
-}
-
-// ── Multi-entity tests ───────────────────────────────────────────────────────
-
-#[test]
-fn multiple_offerings_emit_distinct_events() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token_a = Address::generate(&env);
-    let token_b = Address::generate(&env);
-    let token_c = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token_a, &100, &token_a, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &200, &token_b, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_c, &300, &token_c, &0);
-
-    let events = legacy_events(&env);
-    assert_eq!(events.len(), 3);
-
-    assert_eq!(
-        events,
-        vec![
-            &env,
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token_a.clone(), 100u32, token_a.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token_b.clone(), 200u32, token_b.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token_c.clone(), 300u32, token_c.clone()).into_val(&env),
-            ),
-        ]
-    );
-}
-
-#[test]
-fn multiple_revenue_reports_same_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &10_000, &1, &false);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &20_000, &2, &false);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &30_000, &3, &false);
-
-    let events = legacy_events(&env);
-    assert_eq!(events.len(), 13);
-
-    let empty_bl = Vec::<Address>::new(&env);
-    assert_eq!(
-        events,
-        vec![
-            &env,
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token.clone(), 1000_u32, token.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer.clone(), token.clone()).into_val(&env),
-                (10_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (10_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer.clone(), token.clone()).into_val(&env),
-                (10_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (10_000i128, 1u64).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer.clone(), token.clone()).into_val(&env),
-                (20_000i128, 2u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (20_000i128, 2u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer.clone(), token.clone()).into_val(&env),
-                (20_000i128, 2u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (20_000i128, 2u64).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer.clone(), token.clone()).into_val(&env),
-                (30_000i128, 3u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (30_000i128, 3u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer.clone(), token.clone()).into_val(&env),
-                (30_000i128, 3u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer.clone(), token.clone(), token.clone())
-                    .into_val(&env),
-                (30_000i128, 3u64).into_val(&env),
-            ),
-        ]
-    );
-}
-
-#[test]
-fn same_issuer_different_tokens() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token_x = Address::generate(&env);
-    let token_y = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token_x, &1_000, &token_x, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_y, &2_000, &token_y, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token_x, &token_x, &500_000, &1, &false);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token_y, &token_y, &750_000, &1, &false);
-
-    let events = legacy_events(&env);
-    assert_eq!(events.len(), 10);
-
-    let empty_bl = Vec::<Address>::new(&env);
-    assert_eq!(
-        events,
-        vec![
-            &env,
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token_x.clone(), 1_000u32, token_x.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("offer_reg"), issuer.clone()).into_val(&env),
-                (token_y.clone(), 2_000u32, token_y.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer.clone(), token_x.clone()).into_val(&env),
-                (500_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer.clone(), token_x.clone(), token_x.clone())
-                    .into_val(&env),
-                (500_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer.clone(), token_x.clone()).into_val(&env),
-                (500_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer.clone(), token_x.clone(), token_x.clone())
-                    .into_val(&env),
-                (500_000i128, 1u64).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_init"), issuer.clone(), token_y.clone()).into_val(&env),
-                (750_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_inia"), issuer.clone(), token_y.clone(), token_y.clone())
-                    .into_val(&env),
-                (750_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_rep"), issuer.clone(), token_y.clone()).into_val(&env),
-                (750_000i128, 1u64, empty_bl.clone()).into_val(&env),
-            ),
-            (
-                contract_id.clone(),
-                (symbol_short!("rev_repa"), issuer.clone(), token_y.clone(), token_y.clone())
-                    .into_val(&env),
-                (750_000i128, 1u64).into_val(&env),
-            ),
-        ]
-    );
-}
-
-// ── Topic / symbol inspection tests ──────────────────────────────────────────
-
-#[test]
-fn topic_symbols_are_distinct() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &1_000_000, &1, &false);
-
-    let events = env.events().all();
-    assert_eq!(events.len(), 8);
-    let (_, t0, _) = events.get(0).unwrap();
-    {
-        let sym: Symbol = t0.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("offer_reg"));
-    }
-    let (_, t5, _) = events.get(5).unwrap();
-    {
-        let sym: Symbol = t5.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("rev_rep"));
-    }
-}
-
-#[test]
-fn rev_rep_topics_include_token_address() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &999, &7, &false);
-
-    let events = env.events().all();
-    assert_eq!(events.len(), 8);
-    let (_, t0, _) = events.get(0).unwrap();
-    {
-        let sym: Symbol = t0.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("offer_reg"));
-    }
-    let (_, t5, _) = events.get(5).unwrap();
-    {
-        let sym: Symbol = t5.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("rev_rep"));
-    }
-}
-
-// ── Boundary / edge-case tests ───────────────────────────────────────────────
-
-#[test]
-fn zero_bps_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &0, &token, &0);
-
-    let events = env.events().all();
-    assert_eq!(events.len(), 2);
-    let (_, t0, _) = events.get(0).unwrap();
-    {
-        let sym: Symbol = t0.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("offer_reg"));
-    }
-}
-
-#[test]
-fn max_bps_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    // 10_000 bps == 100%
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &10_000, &token, &0);
-
-    let events = env.events().all();
-    assert_eq!(events.len(), 2);
-    let (_, t0, _) = events.get(0).unwrap();
-    {
-        let sym: Symbol = t0.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("offer_reg"));
-    }
-}
-
-#[test]
-fn zero_amount_revenue_report_rejected() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    let result =
-        client.try_report_revenue(&issuer, &symbol_short!("def"), &token, &token, &0, &1, &false);
-    assert!(result.is_err());
-    assert_eq!(result.unwrap_err(), RevoraError::InvalidAmount);
-}
-
-#[test]
-fn negative_amount_revenue_report_rejected() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    let result =
-        client.try_report_revenue(&issuer, &symbol_short!("def"), &token, &token, &-1, &1, &false);
-    assert!(result.is_err());
-    assert_eq!(result.unwrap_err(), RevoraError::InvalidAmount);
-}
-
-#[test]
-fn large_revenue_amount() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    let large_amount: i128 = i128::MAX;
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &token,
-        &large_amount,
-        &u64::MAX,
-        &false,
-    );
-
-    let events = env.events().all();
-    assert_eq!(events.len(), 8);
-    let (_, t0, _) = events.get(0).unwrap();
-    {
-        let sym: Symbol = t0.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("offer_reg"));
-    }
-    let (_, t5, _) = events.get(5).unwrap();
-    {
-        let sym: Symbol = t5.get(0).unwrap().into_val(&env);
-        assert_eq!(sym, symbol_short!("rev_rep"));
-    }
-}
-
-#[test]
-fn negative_revenue_amount() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    // Negative revenue is rejected by input validation (#35).
-    let negative: i128 = -500_000;
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    let r = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &token,
-        &negative,
-        &99,
-        &false,
-    );
-    assert!(r.is_err());
-}
-
-// ── original smoke test ───────────────────────────────────────
-
-#[test]
-fn it_emits_events_on_register_and_report() {
-    let env = Env::default();
-    let (_client, _issuer, _token, _payout_asset, _amount, _period_id) =
-        setup_with_revenue_report(&env, 1_000_000, 1);
-    assert!(legacy_events(&env).len() >= 2);
-}
-
-#[test]
-fn it_emits_versioned_events() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout = Address::generate(&env);
-    let bps: u32 = 1_000;
-    let amount: i128 = 1_000_000;
-    let period_id: u64 = 1;
-
-    // enable versioned events for this test
-    env.as_contract(&contract_id, || {
-        env.storage().persistent().set(&crate::DataKey::ContractFlags, &(true, false));
-    });
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &bps, &payout, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout,
-        &amount,
-        &period_id,
-        &false,
-    );
-
-    let events = legacy_events(&env);
-
-    let expected = (
-        contract_id.clone(),
-        (symbol_short!("ofr_reg1"), issuer.clone()).into_val(&env),
-        (crate::EVENT_SCHEMA_VERSION, token.clone(), bps, payout.clone()).into_val(&env),
-    );
-
-    assert!(events.contains(&expected));
-}
-
-// ── period/amount fuzz coverage ───────────────────────────────
-
-#[test]
-fn fuzz_period_and_amount_boundaries_do_not_panic() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    // Valid boundary inputs: non-negative amounts and non-zero period IDs.
-    // Invalid inputs (period_id == 0, negative amounts) are expected to be rejected.
-    let valid_amounts: [i128; 5] = [0, 1, i128::MAX - 1, i128::MAX, 100_000];
-    let valid_periods: [u64; 5] = [1, 2, 10_000, u64::MAX - 1, u64::MAX];
-    let invalid_amounts: [i128; 3] = [i128::MIN, i128::MIN + 1, -1];
-    let invalid_periods: [u64; 1] = [0];
-
-    let mut accepted = 0usize;
-    let mut rejected = 0usize;
-
-    // Valid combinations must all succeed (first call per period is initial, rest are rejected
-    // without override=true, so use unique periods per amount to avoid collision).
-    for (i, &amount) in valid_amounts.iter().enumerate() {
-        let period = valid_periods[i % valid_periods.len()];
-        let r = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &amount,
-            &period,
-            &false,
-        );
-        if r.is_ok() {
-            accepted += 1;
-        } else {
-            rejected += 1;
-        }
-    }
-
-    // Invalid amounts must all be rejected.
-    for &amount in &invalid_amounts {
-        let r = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &amount,
-            &1,
-            &false,
-        );
-        assert!(r.is_err(), "negative amount {amount} should be rejected");
-        rejected += 1;
-    }
-
-    // Invalid period IDs must all be rejected.
-    for &period in &invalid_periods {
-        let r = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &100,
-            &period,
-            &false,
-        );
-        assert!(r.is_err(), "period_id {period} should be rejected");
-        rejected += 1;
-    }
-
-    assert!(accepted > 0, "at least one valid input must be accepted");
-    assert!(rejected > 0, "at least one invalid input must be rejected");
-}
-
-#[test]
-fn fuzz_period_and_amount_repeatable_sweep_do_not_panic() {
-    let env = Env::default();
-    let (client, issuer, token, payout_asset) = setup_with_offering(&env);
-
-    // Same seed must produce the exact same sequence (determinism check).
-    let mut seed_a = 0x00A1_1CE5_ED19_u64;
-    let mut seed_b = 0x00A1_1CE5_ED19_u64;
-    for _ in 0..64 {
-        assert_eq!(next_amount(&mut seed_a), next_amount(&mut seed_b));
-        assert_eq!(next_period(&mut seed_a), next_period(&mut seed_b));
-    }
-
-    // Reset and run deterministic fuzz-style inputs through contract entrypoint.
-    // Input validation (#35) rejects negative amounts and period_id == 0.
-    // Use try_ variant and count successes/rejections without asserting exact event count,
-    // since the number of accepted calls depends on validation outcomes.
-    let mut seed = 0x00A1_1CE5_ED19_u64;
-    let mut accepted = 0usize;
-    let mut rejected_invalid = 0usize;
-    for i in 0..FUZZ_ITERATIONS {
-        let mut amount = next_amount(&mut seed);
-        let mut period = next_period(&mut seed);
-
-        // Inject boundary values periodically.
-        if i % 64 == 0 {
-            amount = i128::MAX;
-        } else if i % 64 == 1 {
-            amount = 0;
-        }
-        if i % 97 == 0 {
-            period = u64::MAX;
-        } else if i % 97 == 1 {
-            // period_id == 0 is invalid; force a rejection.
-            period = 0;
-        }
-
-        // Ensure amount is non-negative (negative values are rejected by validation).
-        if amount < 0 {
-            amount = amount.saturating_neg().max(0);
-        }
-
-        let r = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &amount,
-            &period,
-            &false,
-        );
-        if r.is_ok() {
-            accepted += 1;
-        } else {
-            rejected_invalid += 1;
-        }
-    }
-
-    // Each report_revenue call emits 2 events (specific + backward-compatible rev_rep).
-    assert_eq!(env.events().all().len(), 1 + (FUZZ_ITERATIONS as u32) * 4);
-
-    assert!(accepted > 0);
-}
-
-// ---------------------------------------------------------------------------
-// Pagination tests
-// ---------------------------------------------------------------------------
-
-/// Helper: set up env + client, return (env, client, issuer).
-fn setup<'a>(env: &'a Env) -> (RevoraRevenueShareClient<'a>, Address) {
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(env, &contract_id);
-    let issuer = Address::generate(env);
-    (client, issuer)
-}
-
-/// Register `n` offerings for `issuer`, each with a unique token.
-fn register_n(env: &Env, client: &RevoraRevenueShareClient, issuer: &Address, n: u32) {
-    for i in 0..n {
-        let token = Address::generate(env);
-        let payout_asset = Address::generate(env);
-        client.register_offering(
-            issuer,
-            &symbol_short!("def"),
-            &token,
-            &(100 + i),
-            &payout_asset,
-            &0,
-        );
-    }
-}
-
-#[test]
-fn get_revenue_range_chunk_matches_full_sum() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let client = make_client(&env);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000u32, &token, &0i128);
-
-    // Report revenue for periods 1..=10
-    for p in 1u64..=10u64 {
-        client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &100i128, &p, &false);
-    }
-
-    // Full sum
-    let full = client.get_revenue_range(&issuer, &symbol_short!("def"), &token, &1u64, &10u64);
-
-    // Sum in chunks of 3
-    let mut cursor = 1u64;
-    let mut acc: i128 = 0;
-    loop {
-        let (partial, next) = client.get_revenue_range_chunk(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &cursor,
-            &10u64,
-            &3u32,
-        );
-        acc += partial;
-        if let Some(n) = next {
-            cursor = n;
-        } else {
-            break;
-        }
-    }
-
-    assert_eq!(full, acc);
-}
-
-#[test]
-fn pending_periods_page_and_claimable_chunk_consistent() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let client = make_client(&env);
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000u32, &token, &0i128);
-
-    // Insert periods directly (no token transfer needed)
-    for p in 1u64..=8u64 {
-        client.test_insert_period(&issuer, &symbol_short!("def"), &token, &p, &1000i128);
-    }
-
-    // Set holder share
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &1000u32);
-
-    // get_pending_periods full
-    let full = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-
-    // Page through with limit 3
-    let mut cursor = 0u32;
-    let mut all = Vec::new(&env);
-    loop {
-        let (page, next) = client.get_pending_periods_page(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &holder,
-            &cursor,
-            &3u32,
-        );
-        for i in 0..page.len() {
-            all.push_back(page.get(i).unwrap());
-        }
-        if let Some(n) = next {
-            cursor = n;
-        } else {
-            break;
-        }
-    }
-
-    // Compare lengths
-    assert_eq!(full.len(), all.len());
-
-    // Now check claimable chunk matches full
-    let full_claim = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-
-    // Sum claimable in chunks from index 0, count 2
-    let mut idx = 0u32;
-    let mut acc: i128 = 0;
-    loop {
-        let (partial, next) = client.get_claimable_chunk(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &holder,
-            &idx,
-            &2u32,
-        );
-        acc += partial;
-        if let Some(n) = next {
-            idx = n;
-        } else {
-            break;
-        }
-    }
-    assert_eq!(full_claim, acc);
-}
-
-/// Helper (#30): create env, client, and one registered offering. Returns (env, client, issuer, token, payout_asset).
-fn setup_with_offering<'a>(
-    env: &'a Env,
-) -> (RevoraRevenueShareClient<'a>, Address, Address, Address) {
-    let (client, issuer) = setup(env);
-    let token = Address::generate(env);
-    let payout_asset = Address::generate(env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    (client, issuer, token, payout_asset)
-}
-
-/// Helper (#30): create env, client, one offering, and one revenue report. Returns (env, client, issuer, token, payout_asset, amount, period_id).
-fn setup_with_revenue_report<'a>(
-    env: &'a Env,
-    amount: i128,
-    period_id: u64,
-) -> (RevoraRevenueShareClient<'a>, Address, Address, Address, i128, u64) {
-    let (client, issuer, token, payout_asset) = setup_with_offering(env);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &amount,
-        &period_id,
-        &false,
-    );
-    (client, issuer, token, payout_asset, amount, period_id)
-}
-
-#[test]
-fn empty_issuer_returns_empty_page() {
-    let (_env, client, issuer) = setup();
-
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &10);
-    assert_eq!(page.len(), 0);
-    assert_eq!(cursor, None);
-}
-
-#[test]
-fn empty_issuer_count_is_zero() {
-    let (_env, client, issuer) = setup();
-    assert_eq!(client.get_offering_count(&issuer, &symbol_short!("def")), 0);
-}
-
-#[test]
-fn register_persists_and_count_increments() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 3);
-    assert_eq!(client.get_offering_count(&issuer, &symbol_short!("def")), 3);
-}
-
-#[test]
-fn single_page_returns_all_no_cursor() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 5);
-
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &10);
-    assert_eq!(page.len(), 5);
-    assert_eq!(cursor, None);
-}
-
-#[test]
-fn multi_page_cursor_progression() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 7);
-
-    // First page: items 0..3
-    let (page1, cursor1) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &3);
-    assert_eq!(page1.len(), 3);
-    assert_eq!(cursor1, Some(3));
-
-    // Second page: items 3..6
-    let (page2, cursor2) =
-        client.get_offerings_page(&issuer, &symbol_short!("def"), &cursor1.unwrap_or(0), &3);
-    assert_eq!(page2.len(), 3);
-    assert_eq!(cursor2, Some(6));
-
-    // Third (final) page: items 6..7
-    let (page3, cursor3) =
-        client.get_offerings_page(&issuer, &symbol_short!("def"), &cursor2.unwrap_or(0), &3);
-    assert_eq!(page3.len(), 1);
-    assert_eq!(cursor3, None);
-}
-
-#[test]
-fn final_page_has_no_cursor() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 4);
-
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &2, &10);
-    assert_eq!(page.len(), 2);
-    assert_eq!(cursor, None);
-}
-
-#[test]
-fn out_of_bounds_cursor_returns_empty() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 3);
-
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &100, &5);
-    assert_eq!(page.len(), 0);
-    assert_eq!(cursor, None);
-}
-
-#[test]
-fn limit_zero_uses_max_page_limit() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 5);
-
-    // limit=0 should behave like MAX_PAGE_LIMIT (20), returning all 5.
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &0);
-    assert_eq!(page.len(), 5);
-    assert_eq!(cursor, None);
-}
-
-#[test]
-fn limit_one_iterates_one_at_a_time() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 3);
-
-    let (p1, c1) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &1);
-    assert_eq!(p1.len(), 1);
-    assert_eq!(c1, Some(1));
-
-    let (p2, c2) = client.get_offerings_page(&issuer, &symbol_short!("def"), &c1.unwrap(), &1);
-    assert_eq!(p2.len(), 1);
-    assert_eq!(c2, Some(2));
-
-    let (p3, c3) = client.get_offerings_page(&issuer, &symbol_short!("def"), &c2.unwrap(), &1);
-    assert_eq!(p3.len(), 1);
-    assert_eq!(c3, None);
-}
-
-#[test]
-fn limit_exceeding_max_is_capped() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 25);
-
-    // limit=50 should be capped to 20.
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &50);
-    assert_eq!(page.len(), 20);
-    assert_eq!(cursor, Some(20));
-}
-
-#[test]
-fn offerings_preserve_correct_data() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &500, &payout_asset, &0);
-
-    let (page, _) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &10);
-    let offering = page.get(0);
-    assert_eq!(offering.clone().clone().unwrap().issuer, issuer);
-    assert_eq!(offering.clone().clone().unwrap().token, token);
-    assert_eq!(offering.clone().clone().unwrap().revenue_share_bps, 500);
-    assert_eq!(offering.clone().clone().unwrap().payout_asset, payout_asset);
-}
-
-#[test]
-fn separate_issuers_have_independent_pages() {
-    let (env, client, issuer_a) = setup();
-    let issuer_b = Address::generate(&env);
-    let issuer = issuer_b.clone();
-
-    register_n(&env, &client, &issuer_a, 3);
-    register_n(&env, &client, &issuer_b, 5);
-
-    assert_eq!(client.get_offering_count(&issuer_a, &symbol_short!("def")), 3);
-    assert_eq!(client.get_offering_count(&issuer_b, &symbol_short!("def")), 5);
-
-    let (page_a, _) = client.get_offerings_page(&issuer_a, &symbol_short!("def"), &0, &20);
-    let (page_b, _) = client.get_offerings_page(&issuer_b, &symbol_short!("def"), &0, &20);
-    assert_eq!(page_a.len(), 3);
-    assert_eq!(page_b.len(), 5);
-}
-
-#[test]
-fn exact_page_boundary_no_cursor() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, 6);
-
-    // Exactly 2 pages of 3
-    let (p1, c1) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &3);
-    assert_eq!(p1.len(), 3);
-    assert_eq!(c1, Some(3));
-
-    let (p2, c2) = client.get_offerings_page(&issuer, &symbol_short!("def"), &c1.unwrap(), &3);
-    assert_eq!(p2.len(), 3);
-    assert_eq!(c2, None);
-}
-
-// ── blacklist CRUD ────────────────────────────────────────────
-
-fn blacklist_setup() -> (Env, RevoraRevenueShareClient<'static>, Address, Address, Address) {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    let payout_asset = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-#[test]
-fn remove_unmarks_investor() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    client.blacklist_remove(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-#[test]
-fn get_blacklist_returns_all_blocked_investors() {
-    let (env, client, admin, issuer, token) = blacklist_setup();
-    let inv_a = Address::generate(&env);
-    let inv_b = Address::generate(&env);
-    let inv_c = Address::generate(&env);
-
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &inv_a);
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &inv_b);
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &inv_c);
-
-    let list = client.get_blacklist(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(list.len(), 3);
-    assert!(list.contains(&inv_a));
-    assert!(list.contains(&inv_b));
-    assert!(list.contains(&inv_c));
-}
-
-#[test]
-fn get_blacklist_empty_before_any_add() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let token = Address::generate(&env);
-    let admin = Address::generate(&env);
-    let issuer = Address::generate(&env);
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-
-    assert_eq!(client.get_blacklist(&issuer, &symbol_short!("def"), &token).len(), 0);
-}
-
-// ── idempotency ───────────────────────────────────────────────
-
-#[test]
-fn double_add_is_idempotent() {
-    let (env, client, admin, issuer, token) = blacklist_setup();
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-
-    assert_eq!(client.get_blacklist(&issuer, &symbol_short!("def"), &token).len(), 1);
-}
-
-#[test]
-fn remove_nonexistent_is_idempotent() {
-    let (env, client, admin, issuer, token) = blacklist_setup();
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.blacklist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor); // must not panic
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-// ── per-offering isolation ────────────────────────────────────
-
-#[test]
-fn blacklist_is_scoped_per_offering() {
-    let (env, client, admin, issuer, token_a) = blacklist_setup();
-    let token_b = Address::generate(&env);
-    let payout_asset_b = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_a, &1_000, &token_a, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &1_000, &token_b, &0);
-
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token_a, &investor);
-
-    assert!(client.is_blacklisted(&issuer, &symbol_short!("def"), &token_a, &investor));
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token_b, &investor));
-}
-
-#[test]
-fn removing_from_one_offering_does_not_affect_another() {
-    let (env, client, admin, issuer, token_a) = blacklist_setup();
-    let token_b = Address::generate(&env);
-    let payout_asset_b = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_a, &1_000, &token_a, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &1_000, &token_b, &0);
-
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token_a, &investor);
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token_b, &investor);
-    client.blacklist_remove(&admin, &issuer, &symbol_short!("def"), &token_a, &investor);
-
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token_a, &investor));
-    assert!(client.is_blacklisted(&issuer, &symbol_short!("def"), &token_b, &investor));
-}
-
-// ── event emission ────────────────────────────────────────────
-
-#[test]
-fn blacklist_add_emits_event() {
-    let (env, client, admin, issuer, token) = blacklist_setup();
-    let investor = Address::generate(&env);
-
-    let before = env.events().all().len();
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(env.events().all().len() > before);
-}
-
-#[test]
-fn blacklist_remove_emits_event() {
-    let (env, client, admin, issuer, token) = blacklist_setup();
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    let before = env.events().all().len();
-    client.blacklist_remove(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(env.events().all().len() > before);
-}
-
-// ── distribution enforcement ──────────────────────────────────
-
-#[test]
-fn blacklisted_investor_excluded_from_distribution_filter() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let allowed = Address::generate(&env);
-    let blocked = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &blocked);
-
-    let investors = [allowed.clone(), blocked.clone()];
-    let eligible = investors
-        .iter()
-        .filter(|inv| !client.is_blacklisted(&issuer, &symbol_short!("def"), &token, inv))
-        .count();
-
-    assert_eq!(eligible, 1);
-}
-
-#[test]
-fn blacklist_takes_precedence_over_whitelist() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-
-    // Even if investor were on a whitelist, blacklist must win
-    assert!(client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-// ── auth enforcement ──────────────────────────────────────────
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn blacklist_add_requires_auth() {
-    let env = Env::default(); // no mock_all_auths
-    let client = make_client(&env);
-    let bad_actor = Address::generate(&env);
-    let issuer = bad_actor.clone();
-    let token = Address::generate(&env);
-    let victim = Address::generate(&env);
-
-    let r = client.try_blacklist_add(&bad_actor, &issuer, &symbol_short!("def"), &token, &victim);
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn blacklist_remove_requires_auth() {
-    let env = Env::default(); // no mock_all_auths
-    let client = make_client(&env);
-    let bad_actor = Address::generate(&env);
-    let issuer = bad_actor.clone();
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    let r =
-        client.try_blacklist_remove(&bad_actor, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-}
-
-#[test]
-fn blacklist_add_requires_issuer_auth() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = Address::generate(&env); // different from admin
-    let non_issuer = Address::generate(&env);
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    // Non-issuer cannot add to blacklist
-    let r =
-        client.try_blacklist_add(&non_issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-    assert_eq!(r.unwrap_err(), RevoraError::NotAuthorized);
-
-    // Admin cannot add to blacklist if not issuer
-    let r = client.try_blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-    assert_eq!(r.unwrap_err(), &RevoraError::NotAuthorized);
-
-    // Issuer can add
-    let r = client.try_blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_ok());
-}
-
-#[test]
-fn blacklist_remove_requires_issuer_auth() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = Address::generate(&env); // different from admin
-    let non_issuer = Address::generate(&env);
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    // First add with issuer
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-
-    // Non-issuer cannot remove
-    let r =
-        client.try_blacklist_remove(&non_issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-    assert_eq!(r.unwrap_err(), RevoraError::NotAuthorized);
-
-    // Admin cannot remove if not issuer
-    let r = client.try_blacklist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-    assert_eq!(r.unwrap_err(), RevoraError::NotAuthorized);
-
-    // Issuer can remove
-    let r = client.try_blacklist_remove(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_ok());
-}
-
-// ── whitelist CRUD ────────────────────────────────────────────
-
-#[test]
-fn whitelist_add_marks_investor_as_whitelisted() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    assert!(!client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-#[test]
-fn whitelist_remove_unmarks_investor() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    client.whitelist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(!client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-#[test]
-fn get_whitelist_returns_all_approved_investors() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let inv_a = Address::generate(&env);
-    let inv_b = Address::generate(&env);
-    let inv_c = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &inv_a);
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &inv_b);
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &inv_c);
-
-    let list = client.get_whitelist(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(list.len(), 3);
-    assert!(list.contains(&inv_a));
-    assert!(list.contains(&inv_b));
-    assert!(list.contains(&inv_c));
-}
-
-#[test]
-fn get_whitelist_empty_before_any_add() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    for period_id in 1..=100_u64 {
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &(period_id as i128 * 10_000),
-            &period_id,
-            &false,
-        );
-    }
-    assert!(legacy_events(&env).len() >= 100);
-    assert_eq!(client.get_whitelist(&issuer, &symbol_short!("def"), &token).len(), 0);
-}
-
-// ── whitelist idempotency ─────────────────────────────────────
-
-#[test]
-fn whitelist_double_add_is_idempotent() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-
-    assert_eq!(client.get_whitelist(&issuer, &symbol_short!("def"), &token).len(), 1);
-}
-
-#[test]
-fn whitelist_remove_nonexistent_is_idempotent() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.whitelist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor); // must not panic
-    assert!(!client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-// ── whitelist per-offering isolation ──────────────────────────
-
-#[test]
-fn whitelist_is_scoped_per_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token_a = Address::generate(&env);
-    let token_b = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token_a, &investor);
-
-    assert!(client.is_whitelisted(&issuer, &symbol_short!("def"), &token_a, &investor));
-    assert!(!client.is_whitelisted(&issuer, &symbol_short!("def"), &token_b, &investor));
-}
-
-#[test]
-fn whitelist_removing_from_one_offering_does_not_affect_another() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token_a = Address::generate(&env);
-    let token_b = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token_a, &investor);
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token_b, &investor);
-    client.whitelist_remove(&admin, &issuer, &symbol_short!("def"), &token_a, &investor);
-
-    assert!(!client.is_whitelisted(&issuer, &symbol_short!("def"), &token_a, &investor));
-    assert!(client.is_whitelisted(&issuer, &symbol_short!("def"), &token_b, &investor));
-}
-
-// ── whitelist event emission ──────────────────────────────────
-
-#[test]
-fn whitelist_add_emits_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    let before = legacy_events(&env).len();
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn whitelist_remove_emits_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    let before = legacy_events(&env).len();
-    client.whitelist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(legacy_events(&env).len() > before);
-}
-
-// ── whitelist distribution enforcement ────────────────────────
-
-#[test]
-fn whitelist_enabled_only_includes_whitelisted_investors() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let whitelisted = Address::generate(&env);
-    let not_listed = Address::generate(&env);
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &whitelisted);
-
-    let investors = [whitelisted.clone(), not_listed.clone()];
-    let whitelist_enabled = client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token);
-
-    let eligible = investors
-        .iter()
-        .filter(|inv| {
-            let blacklisted = client.is_blacklisted(&issuer, &symbol_short!("def"), &token, inv);
-            let whitelisted = client.is_whitelisted(&issuer, &symbol_short!("def"), &token, inv);
-
-            if blacklisted {
-                return false;
-            }
-            if whitelist_enabled {
-                return whitelisted;
-            }
-            true
-        })
-        .count();
-
-    assert_eq!(eligible, 1);
-}
-
-#[test]
-fn whitelist_disabled_includes_all_non_blacklisted() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let token = Address::generate(&env);
-    let inv_a = Address::generate(&env);
-    let inv_b = Address::generate(&env);
-    let issuer = Address::generate(&env);
-
-    // No whitelist entries - whitelist disabled
-    assert!(!client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token));
-
-    let investors = [inv_a.clone(), inv_b.clone()];
-    let whitelist_enabled = client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token);
-
-    let eligible = investors
-        .iter()
-        .filter(|inv| {
-            let blacklisted = client.is_blacklisted(&issuer, &symbol_short!("def"), &token, inv);
-            let whitelisted = client.is_whitelisted(&issuer, &symbol_short!("def"), &token, inv);
-
-            if blacklisted {
-                return false;
-            }
-            if whitelist_enabled {
-                return whitelisted;
-            }
-            true
-        })
-        .count();
-
-    assert_eq!(eligible, 2);
-}
-
-#[test]
-fn blacklist_overrides_whitelist() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-
-    // Add to both whitelist and blacklist
-    client.whitelist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-
-    // Blacklist must take precedence
-    let whitelist_enabled = client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token);
-    let is_eligible = {
-        let blacklisted = client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor);
-        let whitelisted = client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor);
-
-        if blacklisted {
-            false
-        } else if whitelist_enabled {
-            whitelisted
-        } else {
-            true
-        }
-    };
-
-    assert!(!is_eligible);
-}
-
-// ── whitelist auth enforcement ────────────────────────────────
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn whitelist_add_requires_auth() {
-    let env = Env::default(); // no mock_all_auths
-    let client = make_client(&env);
-    let bad_actor = Address::generate(&env);
-    let issuer = bad_actor.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    let r = client.try_whitelist_add(&bad_actor, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn whitelist_remove_requires_auth() {
-    let env = Env::default(); // no mock_all_auths
-    let client = make_client(&env);
-    let bad_actor = Address::generate(&env);
-    let issuer = bad_actor.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    let r =
-        client.try_whitelist_remove(&bad_actor, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(r.is_err());
-}
-
-// ── large whitelist handling ──────────────────────────────────
-
-#[test]
-fn large_whitelist_operations() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-
-    // Add 50 investors to whitelist
-    let mut investors = soroban_sdk::Vec::new(&env);
-    for _ in 0..50 {
-        let inv = Address::generate(&env);
-        client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &inv);
-        investors.push_back(inv);
-    }
-
-    let whitelist = client.get_whitelist(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(whitelist.len(), 50);
-
-    // Verify all are whitelisted
-    for i in 0..investors.len() {
-        assert!(client.is_whitelisted(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &investors.get(i).unwrap()
-        ));
-    }
-}
-
-// ── repeated operations on same address ───────────────────────
-
-#[test]
-fn repeated_whitelist_operations_on_same_address() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    // Add, remove, add again
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-
-    client.whitelist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(!client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(client.is_whitelisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-// ── whitelist enabled state ───────────────────────────────────
-
-#[test]
-fn whitelist_enabled_when_non_empty() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    assert!(!client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token));
-
-    client.whitelist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token));
-
-    client.whitelist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(!client.is_whitelist_enabled(&issuer, &symbol_short!("def"), &token));
-}
-
-// ── structured error codes (#41) ──────────────────────────────
-
-#[test]
-fn register_offering_rejects_bps_over_10000() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    let result = client.try_register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &10_001,
-        &payout_asset,
-        &0,
-    );
-    assert!(
-        result.is_err(),
-        "contract must return Err(RevoraError::InvalidRevenueShareBps) for bps > 10000"
-    );
-    assert_eq!(RevoraError::InvalidRevenueShareBps as u32, 1, "error code for integrators");
-}
-
-#[test]
-fn register_offering_accepts_bps_exactly_10000() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    let result = client.try_register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &10_000,
-        &payout_asset,
-        &0,
-    );
-    assert!(result.is_ok());
-}
-
-// ── revenue index ─────────────────────────────────────────────
-
-#[test]
-fn single_report_is_persisted() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &5_000, &1, &false);
-    assert_eq!(client.get_revenue_by_period(&issuer, &symbol_short!("def"), &token, &1), 5_000);
-}
-
-#[test]
-fn storage_stress_many_offerings_no_panic() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    register_n(&env, &client, &issuer, STORAGE_STRESS_OFFERING_COUNT);
-    let count = client.get_offering_count(&issuer, &symbol_short!("def"));
-    assert_eq!(count, STORAGE_STRESS_OFFERING_COUNT);
-    let (page, cursor) = client.get_offerings_page(
-        &issuer,
-        &symbol_short!("def"),
-        &(STORAGE_STRESS_OFFERING_COUNT - 5),
-        &10,
-    );
-    assert_eq!(page.len(), 5);
-    assert_eq!(cursor, None);
-}
-
-#[test]
-fn multiple_reports_same_period_accumulate() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    for period_id in 1..=100_u64 {
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &(period_id as i128 * 10_000),
-            &period_id,
-            &false,
-        );
-    }
-    assert!(legacy_events(&env).len() >= 100);
-}
-
-#[test]
-fn multiple_reports_same_period_accumulate_is_disabled() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &3_000,
-        &7,
-        &false,
-    );
-    // Second report without override is rejected; first value persists
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &2_000,
-        &7,
-        &false,
-    );
-    assert_eq!(client.get_revenue_by_period(&issuer, &symbol_short!("def"), &token, &7), 3_000);
-}
-
-#[test]
-fn empty_period_returns_zero() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let token = Address::generate(&env);
-
-    let issuer = Address::generate(&env);
-    assert_eq!(client.get_revenue_by_period(&issuer, &symbol_short!("def"), &token, &99), 0);
-}
-
-#[test]
-fn get_revenue_range_sums_periods() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &payout_asset, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &payout_asset, &100, &1, &false);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &payout_asset, &200, &2, &false);
-    assert_eq!(client.get_revenue_range(&issuer, &symbol_short!("def"), &token, &1, &2), 300);
-}
-
-#[test]
-fn gas_characterization_many_offerings_single_issuer() {
-    let env = Env::default();
-    let (client, issuer) = setup(&env);
-    let n = 50_u32;
-    register_n(&env, &client, &issuer, n);
-
-    let (page, _) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &20);
-    assert_eq!(page.len(), 20);
-}
-
-#[test]
-fn gas_characterization_report_revenue_with_large_blacklist() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &500, &payout_asset, &0);
-
-    for _ in 0..30 {
-        client.blacklist_add(
-            &Address::generate(&env),
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &Address::generate(&env),
-        );
-    }
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    env.mock_all_auths();
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &Address::generate(&env));
-
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000_000,
-        &1,
-        &false,
-    );
-    assert!(!legacy_events(&env).is_empty());
-}
-
-#[test]
-fn revenue_matches_event_amount() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let amount: i128 = 42_000;
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &amount, &5, &false);
-
-    assert_eq!(client.get_revenue_by_period(&issuer, &symbol_short!("def"), &token, &5), amount);
-    assert!(!legacy_events(&env).is_empty());
-}
-
-#[test]
-fn large_period_range_sums_correctly() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &token, &1_000, &1, &false);
-}
-
-// ---------------------------------------------------------------------------
-// Holder concentration guardrail (#26)
-// ---------------------------------------------------------------------------
-
-#[test]
-fn concentration_limit_not_set_allows_report_revenue() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000,
-        &1,
-        &false,
-    );
-}
-
-#[test]
-fn set_concentration_limit_requires_offering_to_exist() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    // No offering registered
-    let r =
-        client.try_set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &false);
-    assert!(r.is_err());
-}
-
-#[test]
-fn set_concentration_limit_stores_config() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &false);
-    let config = client.get_concentration_limit(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(config.clone().unwrap().max_bps, 5000);
-    assert!(!config.clone().unwrap().enforce);
-    let cfg = config.unwrap();
-    assert_eq!(cfg.max_bps, 5000);
-    assert!(!cfg.enforce);
-}
-
-#[test]
-fn set_concentration_limit_bounds_check() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    let res =
-        client.try_set_concentration_limit(&issuer, &symbol_short!("def"), &token, &10001, &false);
-    assert!(res.is_err());
-}
-
-#[test]
-fn report_concentration_bounds_check() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    let res = client.try_report_concentration(&issuer, &symbol_short!("def"), &token, &10001);
-    assert!(res.is_err());
-}
-
-#[test]
-fn set_concentration_limit_respects_pause() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.initialize(&admin, &None, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    client.pause_admin(&admin);
-    let res =
-        client.try_set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &false);
-    assert!(res.is_err());
-}
-
-#[test]
-fn report_concentration_respects_pause() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.initialize(&admin, &None, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    client.pause_admin(&admin);
-    let res = client.try_report_concentration(&issuer, &symbol_short!("def"), &token, &5000);
-    assert!(res.is_err());
-}
-
-#[test]
-fn report_concentration_emits_audit_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-    let before = env.events().all().len();
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &3000);
-
-    let events = env.events().all();
-    assert!(events.len() > before);
-}
-
-#[test]
-fn report_concentration_emits_warning_when_over_limit() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &false);
-    let before = env.events().all().len();
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &6000);
-    assert!(env.events().all().len() > before);
-    assert_eq!(
-        client.get_current_concentration(&issuer, &symbol_short!("def"), &token),
-        Some(6000)
-    );
-}
-
-#[test]
-fn report_concentration_no_warning_when_below_limit() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &false);
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &4000);
-    assert_eq!(
-        client.get_current_concentration(&issuer, &symbol_short!("def"), &token),
-        Some(4000)
-    );
-}
-
-#[test]
-fn concentration_enforce_blocks_report_revenue_when_over_limit() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &true);
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &6000);
-    let r = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000,
-        &1,
-        &false,
-    );
-    assert!(
-        r.is_err(),
-        "report_revenue must fail when concentration exceeds limit with enforce=true"
-    );
-}
-
-#[test]
-fn concentration_enforce_allows_report_revenue_when_at_or_below_limit() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &true);
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &5000);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000,
-        &1,
-        &false,
-    );
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &4999);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000,
-        &2,
-        &false,
-    );
-}
-
-#[test]
-fn concentration_near_threshold_boundary() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &true);
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &5001);
-
-    assert!(client
-        .try_report_revenue(&issuer, &symbol_short!("def"), &token, &token, &1_000, &1, &false)
-        .is_err());
-
-    assert!(client
-        .try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &1_000,
-            &1,
-            &false
-        )
-        .is_err());
-}
-
-// ---------------------------------------------------------------------------
-// On-chain audit log summary (#34)
-// ---------------------------------------------------------------------------
-
-#[test]
-fn audit_summary_empty_before_any_report() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-    assert!(summary.is_none());
-}
-
-#[test]
-fn audit_summary_aggregates_revenue_and_count() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &payout_asset, &100, &1, &false);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &payout_asset, &200, &2, &false);
-    client.report_revenue(&issuer, &symbol_short!("def"), &token, &payout_asset, &300, &3, &false);
-    let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(summary.clone().unwrap().total_revenue, 600);
-    assert_eq!(summary.clone().unwrap().report_count, 3);
-    let s = summary.unwrap();
-    assert_eq!(s.total_revenue, 600);
-    assert_eq!(s.report_count, 3);
-}
-
-#[test]
-fn audit_summary_per_offering_isolation() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token_a = Address::generate(&env);
-    let token_b = Address::generate(&env);
-    let payout_asset_a = Address::generate(&env);
-    let payout_asset_b = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_a, &1_000, &payout_asset_a, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &1_000, &payout_asset_b, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token_a,
-        &payout_asset_a,
-        &1000,
-        &1,
-        &false,
-    );
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token_b,
-        &payout_asset_b,
-        &2000,
-        &1,
-        &false,
-    );
-    let sum_a = client.get_audit_summary(&issuer, &symbol_short!("def"), &token_a);
-    let sum_b = client.get_audit_summary(&issuer, &symbol_short!("def"), &token_b);
-    assert_eq!(sum_a.clone().unwrap().total_revenue, 1000);
-    assert_eq!(sum_a.clone().unwrap().report_count, 1);
-    assert_eq!(sum_b.clone().unwrap().total_revenue, 2000);
-    assert_eq!(sum_b.clone().unwrap().report_count, 1);
-    let a = sum_a.unwrap();
-    let b = sum_b.unwrap();
-    assert_eq!(a.total_revenue, 1000);
-    assert_eq!(a.report_count, 1);
-    assert_eq!(b.total_revenue, 2000);
-    assert_eq!(b.report_count, 1);
-}
-
-// ---------------------------------------------------------------------------
-// Configurable rounding modes (#44)
-// ---------------------------------------------------------------------------
-
-#[test]
-fn compute_share_truncation() {
-    let env = Env::default();
-    let client = make_client(&env);
-    // 1000 * 2500 / 10000 = 250
-    let share = client.compute_share(&1000, &2500, &RoundingMode::Truncation);
-    assert_eq!(share, 250);
-}
-
-#[test]
-fn compute_share_round_half_up() {
-    let env = Env::default();
-    let client = make_client(&env);
-    // 1000 * 2500 = 2_500_000; half-up: (2_500_000 + 5000) / 10000 = 250
-    let share = client.compute_share(&1000, &2500, &RoundingMode::RoundHalfUp);
-    assert_eq!(share, 250);
-}
-
-#[test]
-fn compute_share_round_half_up_rounds_up_at_half() {
-    let env = Env::default();
-    let client = make_client(&env);
-    // 1 * 2500 = 2500; 2500/10000 trunc = 0; half-up (2500+5000)/10000 = 0.75 -> 0? No: (2500+5000)/10000 = 7500/10000 = 0. So 1 bps would be 1*100/10000 = 0.01 -> 0 trunc, round half up (100+5000)/10000 = 0.51 -> 1. So 1 * 100 = 100, (100+5000)/10000 = 0.
-    // 3 * 3333 = 9999; 9999/10000 = 0 trunc. (9999+5000)/10000 = 14999/10000 = 1 round half up.
-    let share_trunc = client.compute_share(&3, &3333, &RoundingMode::Truncation);
-    let share_half = client.compute_share(&3, &3333, &RoundingMode::RoundHalfUp);
-    assert_eq!(share_trunc, 0);
-    assert_eq!(share_half, 1);
-}
-
-#[test]
-fn compute_share_bps_over_10000_returns_zero() {
-    let env = Env::default();
-    let client = make_client(&env);
-    let share = client.compute_share(&1000, &10_001, &RoundingMode::Truncation);
-    assert_eq!(share, 0);
-}
-
-#[test]
-fn set_and_get_rounding_mode() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &token, &0);
-    assert_eq!(
-        client.get_rounding_mode(&issuer, &symbol_short!("def"), &token),
-        RoundingMode::Truncation
-    );
-
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    assert_eq!(
-        client.get_rounding_mode(&issuer, &symbol_short!("def"), &token),
-        RoundingMode::Truncation
-    );
-
-    client.set_rounding_mode(&issuer, &symbol_short!("def"), &token, &RoundingMode::RoundHalfUp);
-    assert_eq!(
-        client.get_rounding_mode(&issuer, &symbol_short!("def"), &token),
-        RoundingMode::RoundHalfUp
-    );
-}
-
-#[test]
-fn set_rounding_mode_requires_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let r = client.try_set_rounding_mode(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &RoundingMode::RoundHalfUp,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-fn compute_share_tiny_payout_truncation() {
-    let env = Env::default();
-    let client = make_client(&env);
-    let share = client.compute_share(&1, &1, &RoundingMode::Truncation);
-    assert_eq!(share, 0);
-}
-
-#[test]
-fn compute_share_no_overflow_bounds() {
-    let env = Env::default();
-    let client = make_client(&env);
-    let amount = 1_000_000_i128;
-    let share = client.compute_share(&amount, &10_000, &RoundingMode::Truncation);
-    assert_eq!(share, amount);
-    let share2 = client.compute_share(&amount, &10_000, &RoundingMode::RoundHalfUp);
-    assert_eq!(share2, amount);
-}
-
-// ===========================================================================
-// Multi-period aggregated claim tests
-// ===========================================================================
-
-/// Helper: create a Stellar Asset Contract for testing token transfers.
-/// Returns (token_contract_address, admin_address).
-fn create_payment_token(env: &Env) -> (Address, Address) {
-    let admin = Address::generate(env);
-    let token_id = env.register_stellar_asset_contract(admin.clone());
-    (token_id, admin)
-}
-
-/// Mint `amount` of payment token to `recipient`.
-fn mint_tokens(
-    env: &Env,
-    payment_token: &Address,
-    admin: &Address,
-    recipient: &Address,
-    amount: &i128,
-) {
-    let _ = admin;
-    token::StellarAssetClient::new(env, payment_token).mint(recipient, amount);
-}
-
-/// Check balance of `who` for `payment_token`.
-fn balance(env: &Env, payment_token: &Address, who: &Address) -> i128 {
-    token::Client::new(env, payment_token).balance(who)
-}
-
-/// Full setup for claim tests: env, client, issuer, offering token, payment token, contract addr.
-fn claim_setup() -> (Env, RevoraRevenueShareClient<'static>, Address, Address, Address, Address) {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let (payment_token, pt_admin) = create_payment_token(&env);
-
-    // Register offering
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &5_000, &payment_token, &0); // 50% revenue share
-
-    // Mint payment tokens to the issuer so they can deposit
-    mint_tokens(&env, &payment_token, &pt_admin, &issuer, &10_000_000);
-
-    (env, client, issuer, token, payment_token, contract_id)
-}
-
-// ── deposit_revenue tests ─────────────────────────────────────
-
-#[test]
-#[ignore]
-fn deposit_revenue_stores_period_data() {
-    let (env, client, issuer, token, payment_token, contract_id) = claim_setup();
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &token), 1);
-    // Contract should hold the deposited tokens
-    assert_eq!(balance(&env, &payment_token, &contract_id), 100_000);
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_multiple_periods() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &3);
-
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &token), 3);
-}
-
-#[test]
-fn deposit_revenue_fails_for_nonexistent_offering() {
-    let (env, client, issuer, _token, payment_token, _contract_id) = claim_setup();
-    let unknown_token = Address::generate(&env);
-
-    let result = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &unknown_token,
-        &payment_token,
-        &100_000,
-        &1,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_fails_for_duplicate_period() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    let result = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &1,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_fails_for_payment_token_mismatch() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    assert_eq!(
-        client.get_payment_token(&issuer, &symbol_short!("def"), &token),
-        Some(payment_token)
-    );
-}
-
-#[test]
-fn report_revenue_rejects_mismatched_payout_asset() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let wrong_asset = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    let r = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &wrong_asset,
-        &1_000,
-        &1,
-        &false,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_rejects_mismatched_payout_asset_on_first_deposit() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let offering_token = Address::generate(&env);
-    let (configured_asset, configured_admin) = create_payment_token(&env);
-
-    client.register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &offering_token,
-        &5_000,
-        &configured_asset,
-        &0,
-    );
-    mint_tokens(&env, &configured_asset, &configured_admin, &issuer, &1_000_000);
-
-    client.deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &offering_token,
-        &configured_asset,
-        &100_000,
-        &1,
-    );
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &offering_token), 1);
-    assert_eq!(
-        client.get_payment_token(&issuer, &symbol_short!("def"), &offering_token),
-        Some(configured_asset)
-    );
-}
-
-#[test]
-fn snapshot_deposit_preserves_registered_payment_token_lock() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.set_snapshot_config(&issuer, &symbol_short!("def"), &token, &true);
-
-    client.deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &1,
-        &42,
-    );
-    assert_eq!(
-        client.get_payment_token(&issuer, &symbol_short!("def"), &token),
-        Some(payment_token)
-    );
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_emits_event() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    let before = legacy_events(&env).len();
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_transfers_tokens() {
-    let (env, client, issuer, token, payment_token, contract_id) = claim_setup();
-
-    let issuer_balance_before = balance(&env, &payment_token, &issuer);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    assert_eq!(balance(&env, &payment_token, &issuer), issuer_balance_before - 100_000);
-    assert_eq!(balance(&env, &payment_token, &contract_id), 100_000);
-}
-
-#[test]
-#[ignore]
-fn deposit_revenue_sparse_period_ids() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    // Deposit with non-sequential period IDs
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &10);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &50);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &100);
-
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &token), 3);
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn deposit_revenue_requires_auth() {
-    let env = Env::default();
-    let cid = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &cid);
-    let issuer = Address::generate(&env);
-    let tok = Address::generate(&env);
-    // No mock_all_auths — should panic on require_auth
-    let r = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &tok,
-        &Address::generate(&env),
-        &100,
-        &1,
-    );
-    assert!(r.is_err());
-}
-
-// ── set_holder_share tests ────────────────────────────────────
-
-#[test]
-fn set_holder_share_stores_share() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500); // 25%
-    assert_eq!(client.get_holder_share(&issuer, &symbol_short!("def"), &token, &holder), 2_500);
-}
-
-#[test]
-fn set_holder_share_updates_existing() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    assert_eq!(client.get_holder_share(&issuer, &symbol_short!("def"), &token, &holder), 5_000);
-}
-
-#[test]
-fn set_holder_share_fails_for_nonexistent_offering() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let unknown_token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    let result = client.try_set_holder_share(
-        &issuer,
-        &symbol_short!("def"),
-        &unknown_token,
-        &holder,
-        &2_500,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-fn set_holder_share_fails_for_bps_over_10000() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    let result =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_001);
-    assert!(result.is_err());
-}
-
-#[test]
-fn set_holder_share_accepts_bps_exactly_10000() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    let result =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    assert!(result.is_ok());
-    assert_eq!(client.get_holder_share(&issuer, &symbol_short!("def"), &token, &holder), 10_000);
-}
-
-#[test]
-fn set_holder_share_emits_event() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    let before = legacy_events(&env).len();
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn get_holder_share_returns_zero_for_unknown() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let unknown = Address::generate(&env);
-    assert_eq!(client.get_holder_share(&issuer, &symbol_short!("def"), &token, &unknown), 0);
-}
-
-// ── Share-sum invariant tests ─────────────────────────────────
-//
-// Security assumption: the sum of all holder share_bps for a single offering
-// must never exceed 10 000 bps (100 %).  These tests verify that the invariant
-// is enforced on every write path and that the aggregate counter is always
-// consistent with the individual holder values.
-
-/// Initial state: no shares set → total is 0.
-#[test]
-fn share_sum_starts_at_zero() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 0);
-}
-
-/// Setting a single holder's share updates the aggregate correctly.
-#[test]
-fn share_sum_reflects_single_holder() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &3_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 3_000);
-}
-
-/// Multiple holders: aggregate equals the sum of individual shares.
-#[test]
-fn share_sum_accumulates_across_holders() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let h1 = Address::generate(&env);
-    let h2 = Address::generate(&env);
-    let h3 = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h1, &3_000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h2, &4_000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h3, &2_000);
-
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 9_000);
-}
-
-/// Aggregate exactly at the ceiling (10 000) is accepted.
-#[test]
-fn share_sum_at_ceiling_is_accepted() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let h1 = Address::generate(&env);
-    let h2 = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h1, &6_000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h2, &4_000);
-
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 10_000);
-}
-
-/// Adding a share that would push the sum above 10 000 is rejected with ShareSumExceeded.
-#[test]
-fn share_sum_rejects_overflow_by_one() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let h1 = Address::generate(&env);
-    let h2 = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h1, &10_000);
-    let result = client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &h2, &1);
-    assert_eq!(result, Err(Ok(RevoraError::ShareSumExceeded)));
-}
-
-/// Aggregate is unchanged after a rejected write.
-#[test]
-fn share_sum_unchanged_after_rejected_write() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let h1 = Address::generate(&env);
-    let h2 = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h1, &9_000);
-    let _ = client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &h2, &1_001);
-
-    // Sum must still be 9 000 — the failed write must not have mutated state.
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 9_000);
-    // h2 must still have no share.
-    assert_eq!(client.get_holder_share(&issuer, &symbol_short!("def"), &token, &h2), 0);
-}
-
-/// Updating an existing holder's share adjusts the aggregate by the delta (not by the new value).
-#[test]
-fn share_sum_delta_on_update() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &4_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 4_000);
-
-    // Increase: 4 000 → 7 000; delta = +3 000
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &7_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 7_000);
-
-    // Decrease: 7 000 → 2 000; delta = -5 000
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 2_000);
-}
-
-/// Reducing one holder's share makes room for another holder to be added.
-#[test]
-fn share_sum_reduce_then_add_succeeds() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let h1 = Address::generate(&env);
-    let h2 = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h1, &10_000);
-    // h2 cannot be added yet
-    assert!(client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &h2, &1).is_err());
-
-    // Reduce h1 to make room
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h1, &5_000);
-    // Now h2 can take up to 5 000
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &h2, &5_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 10_000);
-}
-
-/// Setting a holder's share to 0 removes their contribution from the aggregate.
-#[test]
-fn share_sum_zero_share_removes_contribution() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 5_000);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &0);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 0);
-}
-
-/// Share-sum invariant is scoped per offering: two offerings with the same issuer
-/// do not share a counter.
-#[test]
-fn share_sum_is_scoped_per_offering() {
-    let (env, client, issuer, token_a, _pt, _cid) = claim_setup();
-    let token_b = Address::generate(&env);
-    let payout_b = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &1_000, &payout_b, &0);
-
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token_a, &holder, &8_000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token_b, &holder, &9_000);
-
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token_a), 8_000);
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token_b), 9_000);
-}
-
-/// share_sum event is emitted on every successful write.
-#[test]
-fn share_sum_event_emitted_on_set() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let holder = Address::generate(&env);
-
-    let before = env.events().all().len();
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_000);
-    // At minimum the share_set and share_sum events must have been emitted.
-    assert!(env.events().all().len() >= before + 2);
-}
-
-/// Abuse path: a single holder cannot claim 100 % and then a second holder
-/// is silently added — the invariant blocks it.
-#[test]
-fn share_sum_abuse_second_holder_after_full_allocation() {
-    let (env, client, issuer, token, _pt, _cid) = claim_setup();
-    let attacker = Address::generate(&env);
-    let victim = Address::generate(&env);
-
-    // Attacker takes 100 %
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &attacker, &10_000);
-
-    // Any attempt to add a second holder must fail
-    let r1 = client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &victim, &1);
-    let r2 = client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &victim, &5_000);
-    let r3 = client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &victim, &10_000);
-
-    assert_eq!(r1, Err(Ok(RevoraError::ShareSumExceeded)));
-    assert_eq!(r2, Err(Ok(RevoraError::ShareSumExceeded)));
-    assert_eq!(r3, Err(Ok(RevoraError::ShareSumExceeded)));
-
-    // Aggregate must remain exactly 10 000
-    assert_eq!(client.get_total_share_bps(&issuer, &symbol_short!("def"), &token), 10_000);
-}
-
-// ── claim tests (core multi-period aggregation) ───────────────
-
-#[test]
-#[ignore]
-fn claim_single_period() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000); // 50%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 50_000); // 50% of 100_000
-    assert_eq!(balance(&env, &payment_token, &holder), 50_000);
-}
-
-#[test]
-#[ignore]
-fn claim_multiple_periods_aggregated() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_000); // 20%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &3);
-
-    // Claim all 3 periods in one transaction
-    // 20% of (100k + 200k + 300k) = 20% of 600k = 120k
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 120_000);
-    assert_eq!(balance(&env, &payment_token, &holder), 120_000);
-}
-
-#[test]
-#[ignore]
-fn claim_max_periods_zero_claims_all() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-    for i in 1..=5_u64 {
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &10_000, &i);
-    }
-
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 50_000); // 100% of 5 * 10k
-}
-
-#[test]
-#[ignore]
-fn claim_partial_then_rest() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &3);
-
-    // Claim first 2 periods
-    let payout1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &2);
-    assert_eq!(payout1, 300_000); // 100k + 200k
-
-    // Claim remaining period
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout2, 300_000); // 300k
-
-    assert_eq!(balance(&env, &payment_token, &holder), 600_000);
-}
-
-#[test]
-#[ignore]
-fn claim_no_double_counting() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    let payout1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout1, 100_000);
-
-    // Second claim should fail - nothing pending
-    let result = client.try_claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-fn claim_advances_index_correctly() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000); // 50%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-
-    // Claim period 1 only
-    client.claim(&holder, &issuer, &symbol_short!("def"), &token, &1);
-
-    // Deposit another period
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &400_000, &3);
-
-    // Claim remaining - should get periods 2 and 3 only
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout2, 300_000); // 50% of (200k + 400k)
-}
-
-#[test]
-#[ignore]
-fn claim_emits_event() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    let before = legacy_events(&env).len();
-    client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-#[ignore]
-fn claim_fails_for_blacklisted_holder() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    // Blacklist the holder
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &holder);
-
-    let result = client.try_claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(result.is_err());
-}
-
-#[test]
-fn claim_fails_when_no_pending_periods() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    // No deposits made
-    let result = client.try_claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-fn claim_fails_for_zero_share_holder() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    // Don't set any share
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    let result = client.try_claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-fn claim_sparse_period_ids() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-
-    // Non-sequential period IDs
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &50_000, &10);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &75_000, &50);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &125_000, &100);
-
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 250_000); // 50k + 75k + 125k
-}
-
-#[test]
-#[ignore]
-fn claim_multiple_holders_same_periods() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder_a = Address::generate(&env);
-    let holder_b = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder_a, &3_000); // 30%
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder_b, &2_000); // 20%
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-
-    let payout_a = client.claim(&holder_a, &issuer, &symbol_short!("def"), &token, &0);
-    let payout_b = client.claim(&holder_b, &issuer, &symbol_short!("def"), &token, &0);
-
-    // A: 30% of 300k = 90k; B: 20% of 300k = 60k
-    assert_eq!(payout_a, 90_000);
-    assert_eq!(payout_b, 60_000);
-    assert_eq!(balance(&env, &payment_token, &holder_a), 90_000);
-    assert_eq!(balance(&env, &payment_token, &holder_b), 60_000);
-}
-
-#[test]
-#[ignore]
-fn claim_with_max_periods_cap() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-
-    // Deposit 5 periods
-    for i in 1..=5_u64 {
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &10_000, &i);
-    }
-
-    // Claim only 3 at a time
-    let payout1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &3);
-    assert_eq!(payout1, 30_000);
-
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &3);
-    assert_eq!(payout2, 20_000); // only 2 remaining
-
-    // No more pending
-    let result = client.try_claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-fn claim_zero_revenue_periods_still_advance() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-
-    // Deposit minimal-value periods then a larger one (#35: amount must be > 0).
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &1, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &1, &2);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &3);
-
-    // Claim first 2 (minimal value) - payout is 2 (1+1) but index advances
-    let payout1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &2);
-    assert_eq!(payout1, 2);
-
-    // Now claim the remaining period
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout2, 100_000);
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn claim_requires_auth() {
-    let env = Env::default();
-    let cid = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &cid);
-    let holder = Address::generate(&env);
-    // No mock_all_auths — should panic on require_auth
-    let r = client.try_claim(
-        &holder,
-        &Address::generate(&env),
-        &symbol_short!("def"),
-        &Address::generate(&env),
-        &0,
-    );
-    assert!(r.is_err());
-}
-
-// ── view function tests ───────────────────────────────────────
-
-#[test]
-fn get_pending_periods_returns_unclaimed() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &10);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &20);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &30);
-
-    let pending = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(pending.len(), 3);
-    assert_eq!(pending.get(0).unwrap(), 10);
-    assert_eq!(pending.get(1).unwrap(), 20);
-    assert_eq!(pending.get(2).unwrap(), 30);
-}
-
-#[test]
-fn get_pending_periods_after_partial_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &3);
-
-    // Claim first 2
-    client.claim(&holder, &issuer, &symbol_short!("def"), &token, &2);
-
-    let pending = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(pending.len(), 1);
-    assert_eq!(pending.get(0).unwrap(), 3);
-}
-
-#[test]
-fn get_pending_periods_empty_after_full_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-
-    let pending = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(pending.len(), 0);
-}
-
-#[test]
-fn get_pending_periods_empty_for_new_holder() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let unknown = Address::generate(&env);
-
-    let pending = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &unknown);
-    assert_eq!(pending.len(), 0);
-}
-
-#[test]
-fn get_claimable_returns_correct_amount() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500); // 25%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-
-    let claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(claimable, 75_000); // 25% of 300k
-}
-
-#[test]
-fn get_claimable_after_partial_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-
-    client.claim(&holder, &issuer, &symbol_short!("def"), &token, &1); // claim period 1
-
-    let claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(claimable, 200_000); // only period 2 remains
-}
-
-#[test]
-fn get_claimable_returns_zero_for_unknown_holder() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    let unknown = Address::generate(&env);
-    assert_eq!(client.get_claimable(&issuer, &symbol_short!("def"), &token, &unknown), 0);
-}
-
-#[test]
-fn get_claimable_returns_zero_after_full_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder), 0);
-}
-
-#[test]
-fn get_claimable_chunk_clamps_stale_cursor_to_unclaimed_frontier() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&_env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &1, &100_000);
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &2, &200_000);
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &3, &300_000);
-    client.test_set_last_claimed_idx(&issuer, &symbol_short!("def"), &token, &holder, &1);
-
-    let full_claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    let (chunk_claimable, next) =
-        client.get_claimable_chunk(&issuer, &symbol_short!("def"), &token, &holder, &0, &10);
-
-    assert_eq!(full_claimable, 500_000);
-    assert_eq!(chunk_claimable, full_claimable);
-    assert_eq!(next, None);
-}
-
-#[test]
-fn get_claimable_chunk_stops_at_first_delay_barrier() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    env.ledger().with_mut(|li| li.timestamp = 1_000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &100);
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &1, &100_000);
-
-    env.ledger().with_mut(|li| li.timestamp = 1_050);
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &2, &200_000);
-
-    env.ledger().with_mut(|li| li.timestamp = 1_100);
-
-    let full_claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    let (chunk_claimable, next) =
-        client.get_claimable_chunk(&issuer, &symbol_short!("def"), &token, &holder, &0, &10);
-
-    assert_eq!(full_claimable, 100_000);
-    assert_eq!(chunk_claimable, 100_000);
-    assert_eq!(next, Some(1));
-}
-
-#[test]
-fn get_claimable_chunk_returns_zero_for_blacklisted_holder() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_admin(&issuer);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &1, &100_000);
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &holder);
-
-    let full_claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    let (chunk_claimable, next) =
-        client.get_claimable_chunk(&issuer, &symbol_short!("def"), &token, &holder, &0, &10);
-
-    assert_eq!(full_claimable, 0);
-    assert_eq!(chunk_claimable, 0);
-    assert_eq!(next, None);
-}
-
-#[test]
-fn get_claimable_chunk_returns_zero_when_claim_window_closed() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    env.ledger().with_mut(|li| li.timestamp = 1_000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    let _ = payment_token;
-    client.test_insert_period(&issuer, &symbol_short!("def"), &token, &1, &100_000);
-    client.set_claim_window(&issuer, &symbol_short!("def"), &token, &1_100, &1_200);
-
-    let full_claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    let (chunk_claimable, next) =
-        client.get_claimable_chunk(&issuer, &symbol_short!("def"), &token, &holder, &0, &10);
-
-    assert_eq!(full_claimable, 0);
-    assert_eq!(chunk_claimable, 0);
-    assert_eq!(next, None);
-
-    env.ledger().with_mut(|li| li.timestamp = 1_100);
-    assert_eq!(client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder), 100_000);
-}
-
-#[test]
-fn get_claimable_chunk_normalizes_zero_and_oversized_counts() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&_env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    for period_id in 1..=3u64 {
-        client.test_insert_period(&issuer, &symbol_short!("def"), &token, &period_id, &100);
-    }
-
-    let (zero_count_total, zero_count_next) =
-        client.get_claimable_chunk(&issuer, &symbol_short!("def"), &token, &holder, &0, &0);
-    let (oversized_total, oversized_next) =
-        client.get_claimable_chunk(&issuer, &symbol_short!("def"), &token, &holder, &0, &999);
-
-    assert_eq!(zero_count_total, 300);
-    assert_eq!(zero_count_next, None);
-    assert_eq!(oversized_total, zero_count_total);
-    assert_eq!(oversized_next, zero_count_next);
-}
-
-#[test]
-fn get_period_count_default_zero() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let random_token = Address::generate(&env);
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &random_token), 0);
-}
-
-// ── multi-holder correctness ──────────────────────────────────
-
-#[test]
-fn multiple_holders_independent_claim_indices() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder_a = Address::generate(&env);
-    let holder_b = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder_a, &5_000); // 50%
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder_b, &3_000); // 30%
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-
-    // A claims period 1 only
-    client.claim(&holder_a, &issuer, &symbol_short!("def"), &token, &1);
-
-    // B still has both periods pending
-    let pending_b = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder_b);
-    assert_eq!(pending_b.len(), 2);
-
-    // B claims all
-    let payout_b = client.claim(&holder_b, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout_b, 90_000); // 30% of 300k
-
-    // A claims remaining period 2
-    let payout_a = client.claim(&holder_a, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout_a, 100_000); // 50% of 200k
-
-    assert_eq!(balance(&env, &payment_token, &holder_a), 150_000); // 50k + 100k
-    assert_eq!(balance(&env, &payment_token, &holder_b), 90_000);
-}
-
-#[test]
-#[ignore]
-fn claim_after_holder_share_change() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000); // 50%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    // Claim at 50%
-    let payout1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout1, 50_000);
-
-    // Change share to 25% and deposit new period
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &2);
-
-    // Claim at new 25% rate
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout2, 25_000);
-}
-
-// ── stress / gas characterization for claims ──────────────────
-
-#[test]
-#[ignore]
-fn claim_many_periods_stress() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &1_000); // 10%
-
-    // Deposit 50 periods (MAX_CLAIM_PERIODS)
-    for i in 1..=50_u64 {
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &10_000, &i);
-    }
-
-    // Claim all 50 in one transaction
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 50_000); // 10% of 50 * 10k
-
-    let pending = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(pending.len(), 0);
-    // Gas note: claim iterates over 50 periods, each requiring 2 storage reads
-    // (PeriodEntry + PeriodRevenue). Total: ~100 persistent reads + 1 write
-    // for LastClaimedIdx + 1 token transfer. Well within Soroban compute limits.
-}
-
-#[test]
-#[ignore]
-fn claim_exceeding_max_is_capped() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-
-    // Deposit 55 periods (more than MAX_CLAIM_PERIODS of 50)
-    for i in 1..=55_u64 {
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &1_000, &i);
-    }
-
-    // Request 100 periods - should be capped at 50
-    let payout1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout1, 50_000); // 50 * 1k
-
-    // 5 remaining
-    let pending = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(pending.len(), 5);
-
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout2, 5_000);
-}
-
-#[test]
-fn get_claimable_stress_many_periods() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000); // 50%
-
-    let period_count = 40_u64;
-    let amount_per_period: i128 = 10_000;
-    for i in 1..=period_count {
-        client.deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &amount_per_period,
-            &i,
-        );
-    }
-
-    let claimable = client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder);
-    assert_eq!(claimable, (period_count as i128) * amount_per_period / 2);
-    // Gas note: get_claimable is a read-only view that iterates all unclaimed periods.
-    // Cost: O(n) persistent reads. For 40 periods: ~80 reads. Acceptable for views.
-}
-
-// ── edge cases ────────────────────────────────────────────────
-
-#[test]
-#[ignore]
-fn claim_with_rounding() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &3_333); // 33.33%
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100, &1);
-
-    // 100 * 3333 / 10000 = 33 (integer division, rounds down)
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 33);
-}
-
-#[test]
-#[ignore]
-fn claim_single_unit_revenue() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &1, &1);
-
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 1);
-}
-
-#[test]
-#[ignore]
-fn deposit_then_claim_then_deposit_then_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000); // 100%
-
-    // Round 1
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    let p1 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(p1, 100_000);
-
-    // Round 2
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300_000, &3);
-    let p2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(p2, 500_000);
-
-    assert_eq!(balance(&env, &payment_token, &holder), 600_000);
-}
-
-#[test]
-fn offering_isolation_claims_independent() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    // Register a second offering
-    let token_b = Address::generate(&env);
-    let (pt_b, pt_b_admin) = create_payment_token(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &3_000, &pt_b, &0);
-
-    // Create a second payment token for offering B
-    mint_tokens(&env, &pt_b, &pt_b_admin, &issuer, &5_000_000);
-
-    let holder = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000); // 50% of offering A
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token_b, &holder, &10_000); // 100% of offering B
-
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token_b, &pt_b, &50_000, &1);
-
-    let payout_a = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    let payout_b = client.claim(&holder, &issuer, &symbol_short!("def"), &token_b, &0);
-
-    assert_eq!(payout_a, 50_000); // 50% of 100k
-    assert_eq!(payout_b, 50_000); // 100% of 50k
-
-    // Verify token A claim doesn't affect token B pending
-    assert_eq!(
-        client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder).len(),
-        0
-    );
-    assert_eq!(
-        client.get_pending_periods(&issuer, &symbol_short!("def"), &token_b, &holder).len(),
-        0
-    );
-}
-
-// ===========================================================================
-// Time-delayed revenue claim (#27)
-// ===========================================================================
-
-#[test]
-fn set_claim_delay_stores_and_returns_delay() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    assert_eq!(client.get_claim_delay(&issuer, &symbol_short!("def"), &token), 0);
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &3600);
-    assert_eq!(client.get_claim_delay(&issuer, &symbol_short!("def"), &token), 3600);
-}
-
-#[test]
-fn set_claim_delay_requires_offering() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let unknown_token = Address::generate(&env);
-
-    let r = client.try_set_claim_delay(&issuer, &symbol_short!("def"), &unknown_token, &3600);
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-fn claim_before_delay_returns_claim_delay_not_elapsed() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    env.ledger().with_mut(|li| li.timestamp = 1000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &100);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    // Still at 1000, delay 100 -> claimable at 1100
-    let r = client.try_claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-fn claim_after_delay_succeeds() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    env.ledger().with_mut(|li| li.timestamp = 1000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &100);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    env.ledger().with_mut(|li| li.timestamp = 1100);
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 100_000);
-    assert_eq!(balance(&env, &payment_token, &holder), 100_000);
-}
-
-#[test]
-fn get_claimable_respects_delay() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    env.ledger().with_mut(|li| li.timestamp = 2000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &500);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    // At 2000, deposit at 2000, claimable at 2500
-    assert_eq!(client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder), 0);
-    env.ledger().with_mut(|li| li.timestamp = 2500);
-    assert_eq!(client.get_claimable(&issuer, &symbol_short!("def"), &token, &holder), 50_000);
-}
-
-#[test]
-#[ignore]
-fn claim_delay_partial_periods_only_claimable_after_delay() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    env.ledger().with_mut(|li| li.timestamp = 1000);
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &100);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    env.ledger().with_mut(|li| li.timestamp = 1050);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200_000, &2);
-    // At 1100: period 1 claimable (1000+100<=1100), period 2 not (1050+100>1100)
-    env.ledger().with_mut(|li| li.timestamp = 1100);
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 100_000);
-    // At 1160: period 2 claimable (1050+100<=1160)
-    env.ledger().with_mut(|li| li.timestamp = 1160);
-    let payout2 = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout2, 200_000);
-}
-
-#[test]
-fn set_claim_delay_emits_event() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    let before = legacy_events(&env).len();
-    client.set_claim_delay(&issuer, &symbol_short!("def"), &token, &3600);
-    assert!(legacy_events(&env).len() > before);
-}
-
-// ===========================================================================
-// On-chain distribution simulation (#29)
-// ===========================================================================
-
-#[test]
-fn simulate_distribution_returns_correct_payouts() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder_a = Address::generate(&env);
-    let holder_b = Address::generate(&env);
-
-    let mut shares = Vec::new(&env);
-    shares.push_back((holder_a.clone(), 3_000u32));
-    shares.push_back((holder_b.clone(), 2_000u32));
-
-    let result =
-        client.simulate_distribution(&issuer, &symbol_short!("def"), &token, &100_000, &shares);
-    assert_eq!(result.total_distributed, 50_000); // 30% + 20% of 100k
-    assert_eq!(result.payouts.len(), 2);
-    assert_eq!(result.payouts.get(0).unwrap(), (holder_a, 30_000));
-    assert_eq!(result.payouts.get(1).unwrap(), (holder_b, 20_000));
-}
-
-#[test]
-fn simulate_distribution_zero_holders() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    let shares = Vec::new(&env);
-    let result =
-        client.simulate_distribution(&issuer, &symbol_short!("def"), &token, &100_000, &shares);
-    assert_eq!(result.total_distributed, 0);
-    assert_eq!(result.payouts.len(), 0);
-}
-
-#[test]
-fn simulate_distribution_zero_revenue() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    let mut shares = Vec::new(&env);
-    shares.push_back((holder.clone(), 5_000u32));
-    let result = client.simulate_distribution(&issuer, &symbol_short!("def"), &token, &0, &shares);
-    assert_eq!(result.total_distributed, 0);
-    assert_eq!(result.payouts.get(0).clone().unwrap().1, 0);
-}
-
-#[test]
-fn simulate_distribution_read_only_no_state_change() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-
-    let mut shares = Vec::new(&env);
-    shares.push_back((holder.clone(), 10_000u32));
-    client.simulate_distribution(&issuer, &symbol_short!("def"), &token, &1_000_000, &shares);
-    let count_before = client.get_period_count(&issuer, &symbol_short!("def"), &token);
-    client.simulate_distribution(&issuer, &symbol_short!("def"), &token, &999_999, &shares);
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &token), count_before);
-}
-
-#[test]
-fn simulate_distribution_uses_rounding_mode() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    client.set_rounding_mode(&issuer, &symbol_short!("def"), &token, &RoundingMode::RoundHalfUp);
-    let holder = Address::generate(&env);
-
-    let mut shares = Vec::new(&env);
-    shares.push_back((holder.clone(), 3_333u32));
-    let result =
-        client.simulate_distribution(&issuer, &symbol_short!("def"), &token, &100, &shares);
-    assert_eq!(result.total_distributed, 33);
-    assert_eq!(result.payouts.get(0).clone().unwrap().1, 33);
-}
-
-// ===========================================================================
-// Upgradeability guard and freeze (#32)
-// ===========================================================================
-
-#[test]
-fn set_admin_once_succeeds() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    assert_eq!(client.get_admin(), Some(admin));
-}
-
-#[test]
-fn set_admin_twice_fails() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    let other = Address::generate(&env);
-    let r = client.try_set_admin(&other);
-    assert!(r.is_err());
-}
-
-#[test]
-fn freeze_sets_flag_and_emits_event() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    assert!(!client.is_frozen());
-    let before = legacy_events(&env).len();
-    client.freeze();
-    assert!(client.is_frozen());
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn frozen_blocks_register_offering() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let new_token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    client.set_admin(&admin);
-    client.freeze();
-    let r = client.try_register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &new_token,
-        &1_000,
-        &payout_asset,
-        &0,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-fn frozen_blocks_deposit_revenue() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    client.freeze();
-    let r = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &99,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-fn frozen_blocks_set_holder_share() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let holder = Address::generate(&env);
-
-    client.set_admin(&admin);
-    client.freeze();
-    let r = client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500);
-    assert!(r.is_err());
-}
-
-#[test]
-fn frozen_allows_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-    let admin = Address::generate(&env);
-
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-    client.set_admin(&admin);
-    client.freeze();
-
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 100_000);
-    assert_eq!(balance(&env, &payment_token, &holder), 100_000);
-}
-
-#[test]
-fn freeze_succeeds_when_called_by_admin() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    env.mock_all_auths();
-    let r = client.try_freeze();
-    assert!(r.is_ok());
-    assert!(client.is_frozen());
-}
-
-#[test]
-fn freeze_offering_sets_flag_and_emits_event() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let before = env.events().all().len();
-
-    assert!(!client.is_offering_frozen(&issuer, &symbol_short!("def"), &token));
-    client.freeze_offering(&issuer, &issuer, &symbol_short!("def"), &token);
-    assert!(client.is_offering_frozen(&issuer, &symbol_short!("def"), &token));
-    assert!(env.events().all().len() > before);
-}
-
-#[test]
-fn freeze_offering_blocks_only_target_offering() {
-    let (env, client, issuer, token_a, payment_token, _contract_id) = claim_setup();
-    let token_b = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &5_000, &payment_token, &0);
-
-    let holder = Address::generate(&env);
-    client.freeze_offering(&issuer, &issuer, &symbol_short!("def"), &token_a);
-
-    let blocked =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token_a, &holder, &2_500);
-    assert!(blocked.is_err());
-
-    let allowed =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token_b, &holder, &2_500);
-    assert!(allowed.is_ok());
-}
-
-#[test]
-fn freeze_offering_rejects_unauthorized_caller_no_mutation() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let bad_actor = Address::generate(&env);
-
-    let r = client.try_freeze_offering(&bad_actor, &issuer, &symbol_short!("def"), &token);
-    assert!(r.is_err());
-    assert!(!client.is_offering_frozen(&issuer, &symbol_short!("def"), &token));
-}
-
-#[test]
-fn freeze_offering_missing_offering_rejected() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let unknown_token = Address::generate(&env);
-
-    let r = client.try_freeze_offering(&issuer, &issuer, &symbol_short!("def"), &unknown_token);
-    assert!(r.is_err());
-}
-
-#[test]
-fn freeze_offering_unfreeze_by_admin_restores_mutation_path() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.set_admin(&admin);
-    client.freeze_offering(&admin, &issuer, &symbol_short!("def"), &token);
-    assert!(client.is_offering_frozen(&issuer, &symbol_short!("def"), &token));
-
-    let blocked =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500);
-    assert!(blocked.is_err());
-
-    client.unfreeze_offering(&admin, &issuer, &symbol_short!("def"), &token);
-    assert!(!client.is_offering_frozen(&issuer, &symbol_short!("def"), &token));
-
-    let allowed =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &2_500);
-    assert!(allowed.is_ok());
-}
-
-#[test]
-fn global_freeze_blocks_offering_freeze_endpoints() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let admin = Address::generate(&env);
-
-    client.set_admin(&admin);
-    client.freeze();
-
-    let freeze_r = client.try_freeze_offering(&admin, &issuer, &symbol_short!("def"), &token);
-    assert!(freeze_r.is_err());
-
-    let unfreeze_r = client.try_unfreeze_offering(&admin, &issuer, &symbol_short!("def"), &token);
-    assert!(unfreeze_r.is_err());
-}
-
-// ===========================================================================
-// Snapshot-based distribution (#Snapshot)
-// ===========================================================================
-
-#[test]
-fn set_snapshot_config_stores_and_returns_config() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    assert!(!client.get_snapshot_config(&issuer, &symbol_short!("def"), &token));
-    client.set_snapshot_config(&issuer, &symbol_short!("def"), &token, &true);
-    assert!(client.get_snapshot_config(&issuer, &symbol_short!("def"), &token));
-    client.set_snapshot_config(&issuer, &symbol_short!("def"), &token, &false);
-    assert!(!client.get_snapshot_config(&issuer, &symbol_short!("def"), &token));
-}
-
-#[test]
-fn deposit_revenue_with_snapshot_succeeds_when_enabled() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.set_snapshot_config(&issuer, &symbol_short!("def"), &token, &true);
-    let snapshot_ref: u64 = 123456;
-    let period_id: u64 = 1;
-    let amount: i128 = 100_000;
-
-    let r = client.try_deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &amount,
-        &period_id,
-        &snapshot_ref,
-    );
-    assert!(r.is_ok());
-    assert_eq!(client.get_last_snapshot_ref(&issuer, &symbol_short!("def"), &token), snapshot_ref);
-    assert_eq!(client.get_period_count(&issuer, &symbol_short!("def"), &token), 1);
-}
-
-#[test]
-fn deposit_revenue_with_snapshot_fails_when_disabled() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    // Disabled by default
-    let result = client.try_deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &1,
-        &123456,
-    );
-
-    // Should fail with SnapshotNotEnabled (12)
-    assert!(result.is_err());
-}
-
-#[test]
-fn deposit_with_snapshot_enforces_monotonicity() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.set_snapshot_config(&issuer, &symbol_short!("def"), &token, &true);
-
-    // First deposit at ref 100
-    client.deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &1,
-        &100,
-    );
-
-    // Second deposit at ref 100 should fail (duplicate)
-    let r2 = client.try_deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &2,
-        &100,
-    );
-    assert!(r2.is_err());
-    let err2 = r2.err();
-    assert!(matches!(err2, Some(Ok(RevoraError::OutdatedSnapshot))));
-
-    // Third deposit at ref 99 should fail (outdated)
-    let r3 = client.try_deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &3,
-        &99,
-    );
-    assert!(r3.is_err());
-    let err3 = r3.err();
-    assert!(matches!(err3, Some(Ok(RevoraError::OutdatedSnapshot))));
-
-    // Fourth deposit at ref 101 should succeed
-    let r4 = client.try_deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &4,
-        &101,
-    );
-    assert!(r4.is_ok());
-    assert_eq!(client.get_last_snapshot_ref(&issuer, &symbol_short!("def"), &token), 101);
-}
-
-#[test]
-fn deposit_with_snapshot_emits_specialized_event() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.set_snapshot_config(&issuer, &symbol_short!("def"), &token, &true);
-    let before = legacy_events(&env).len();
-
-    client.deposit_revenue_with_snapshot(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &1,
-        &1000,
-    );
-
-    let all_events = legacy_events(&env);
-    assert!(all_events.len() > before);
-    // The last event should be rev_snap
-    // (Actual event validation depends on being able to parse the events which is complex inSDK tests without helper)
-}
-
-#[test]
-fn set_snapshot_config_requires_offering() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let unknown_token = Address::generate(&env);
-
-    let r = client.try_set_snapshot_config(&issuer, &symbol_short!("def"), &unknown_token, &true);
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore = "require_auth causes non-unwinding panic in no_std; use mock_all_auths to test auth paths"]
-fn set_snapshot_config_requires_auth() {
-    let env = Env::default();
-    let cid = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &cid);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    // No mock_all_auths
-    let result = client.try_set_snapshot_config(&issuer, &symbol_short!("def"), &token, &true);
-    assert!(result.is_err());
-}
-
-// ===========================================================================
-// Testnet mode tests (#24)
-// ===========================================================================
-
-#[test]
-fn testnet_mode_disabled_by_default() {
-    let env = Env::default();
-    let client = make_client(&env);
-    assert!(!client.is_testnet_mode());
-}
-
-#[test]
-fn set_testnet_mode_requires_admin() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    // Set admin first
-    client.set_admin(&admin);
-
-    // Now admin can toggle testnet mode
-    client.set_testnet_mode(&true);
-    assert!(client.is_testnet_mode());
-}
-
-#[test]
-fn set_testnet_mode_fails_without_admin() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-
-    // No admin set - should fail
-    let result = client.try_set_testnet_mode(&true);
-    assert!(result.is_err());
-}
-
-#[test]
-fn set_testnet_mode_emits_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    let before = legacy_events(&env).len();
-    client.set_testnet_mode(&true);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn clippy_format_gate_policy_roundtrip() {
-    let (_env, client, issuer, token, _payout) = setup_with_offering();
-
-    let result = client.try_set_clippy_format_gate(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &true,
-        &3600,
-    );
-    assert!(result.is_ok());
-
-    let cfg = client.get_clippy_format_gate(&issuer, &symbol_short!("def"), &token);
-    assert!(cfg.is_some());
-    let cfg = cfg.unwrap();
-    assert!(cfg.enforce);
-    assert_eq!(cfg.max_attestation_age_secs, 3600);
-}
-
-#[test]
-fn clippy_format_gate_rejects_invalid_policy_window() {
-    let (_env, client, issuer, token, _payout) = setup_with_offering();
-
-    let result = client.try_set_clippy_format_gate(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &true,
-        &0,
-    );
-    assert!(result.is_err());
-    assert!(matches!(result.err(), Some(Ok(RevoraError::GatePolicyInvalid))));
-}
-
-#[test]
-fn clippy_format_gate_rejects_unauthorized_actor() {
-    let (env, client, issuer, token, _payout) = setup_with_offering();
-    let bad_actor = Address::generate(&env);
-
-    let result = client.try_set_clippy_format_gate(
-        &bad_actor,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &true,
-        &3600,
-    );
-    assert!(result.is_err());
-    assert!(matches!(result.err(), Some(Ok(RevoraError::NotInitialized))));
-}
-
-#[test]
-fn clippy_format_gate_blocks_revenue_without_attestation() {
-    let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-    client.set_clippy_format_gate(&issuer, &issuer, &symbol_short!("def"), &token, &true, &3600);
-
-    let result = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &1,
-    );
-    assert!(result.is_err());
-    assert!(matches!(result.err(), Some(Ok(RevoraError::GateCheckFailed))));
-}
-
-#[test]
-fn clippy_format_gate_blocks_failed_attestation() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let hash = BytesN::from_array(&env, &[7u8; 32]);
-    let attestation_input =
-        ClippyFormatGateAttestationInput { format_ok: true, clippy_ok: false, artifact_hash: hash };
-
-    client.set_clippy_format_gate(&issuer, &issuer, &symbol_short!("def"), &token, &true, &3600);
-    client.attest_clippy_format_gate(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &attestation_input,
-    );
-
-    let result = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &50_000,
-        &9,
-        &false,
-    );
-    assert!(result.is_err());
-    assert!(matches!(result.err(), Some(Ok(RevoraError::GateCheckFailed))));
-}
-
-#[test]
-fn clippy_format_gate_blocks_stale_attestation() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let hash = BytesN::from_array(&env, &[9u8; 32]);
-    let attestation_input =
-        ClippyFormatGateAttestationInput { format_ok: true, clippy_ok: true, artifact_hash: hash };
-
-    client.set_clippy_format_gate(&issuer, &issuer, &symbol_short!("def"), &token, &true, &60);
-    client.attest_clippy_format_gate(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &attestation_input,
-    );
-
-    env.ledger().with_mut(|li| li.timestamp += 61);
-    let result = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &1,
-    );
-    assert!(result.is_err());
-    assert!(matches!(result.err(), Some(Ok(RevoraError::GateAttestationExpired))));
-}
-
-#[test]
-fn clippy_format_gate_allows_fresh_green_attestation() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let hash = BytesN::from_array(&env, &[3u8; 32]);
-    let attestation_input =
-        ClippyFormatGateAttestationInput { format_ok: true, clippy_ok: true, artifact_hash: hash };
-
-    client.set_clippy_format_gate(&issuer, &issuer, &symbol_short!("def"), &token, &true, &3600);
-    client.attest_clippy_format_gate(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &attestation_input,
-    );
-
-    let result = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &10_000,
-        &1,
-        &false,
-    );
-    assert!(result.is_ok());
-}
-
-#[test]
-fn clippy_format_gate_admin_can_manage_policy_and_attestation() {
-    let (env, client, issuer, token, _payout) = setup_with_offering();
-    let admin = Address::generate(&env);
-    let hash = BytesN::from_array(&env, &[11u8; 32]);
-    let attestation_input =
-        ClippyFormatGateAttestationInput { format_ok: true, clippy_ok: true, artifact_hash: hash };
-    client.set_admin(&admin);
-
-    let r1 = client.try_set_clippy_format_gate(
-        &admin,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &true,
-        &1800,
-    );
-    assert!(r1.is_ok());
-
-    let r2 = client.try_attest_clippy_format_gate(
-        &admin,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &attestation_input,
-    );
-    assert!(r2.is_ok());
-}
-
-#[test]
-fn issuer_transfer_accept_completes_transfer() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Verify no pending transfer after acceptance
-    assert_eq!(client.get_pending_issuer_transfer(&issuer, &symbol_short!("def"), &token), None);
-
-    // Verify offering issuer is updated - offering is now stored under new_issuer
-    let offering = client.get_offering(&new_issuer, &symbol_short!("def"), &token);
-    assert!(offering.is_some());
-    assert_eq!(offering.clone().unwrap().issuer, new_issuer);
-}
-
-#[test]
-fn issuer_transfer_accept_emits_event() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    let before = legacy_events(&env).len();
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_deposit_revenue() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    // Mint tokens to new issuer
-    let (_, pt_admin) = create_payment_token(&env);
-    mint_tokens(&env, &payment_token, &pt_admin, &new_issuer, &5_000_000);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer should be able to deposit revenue
-    let result = client.try_deposit_revenue(
-        &new_issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &1,
-    );
-    assert!(result.is_ok());
-}
-
-#[test]
-fn testnet_mode_can_be_toggled() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-
-    // Enable
-    client.set_testnet_mode(&true);
-    assert!(client.is_testnet_mode());
-
-    // Disable
-    client.set_testnet_mode(&false);
-    assert!(!client.is_testnet_mode());
-
-    // Enable again
-    client.set_testnet_mode(&true);
-    assert!(client.is_testnet_mode());
-}
-
-#[test]
-fn testnet_mode_allows_bps_over_10000() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    // Set admin and enable testnet mode
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Should allow bps > 10000 in testnet mode
-    let result = client.try_register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &15_000,
-        &payout_asset,
-        &0,
-    );
-    assert!(result.is_ok());
-
-    // Verify offering was registered
-    let offering = client.get_offering(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(offering.clone().clone().unwrap().revenue_share_bps, 15_000);
-}
-
-#[test]
-fn testnet_mode_disabled_rejects_bps_over_10000() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    // Testnet mode is disabled by default
-    let result = client.try_register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &15_000,
-        &payout_asset,
-        &0,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-fn testnet_mode_skips_concentration_enforcement() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    // Set admin and enable testnet mode
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Register offering and set concentration limit with enforcement
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &true);
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &8000); // Over limit
-
-    // In testnet mode, report_revenue should succeed despite concentration being over limit
-    let result = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000,
-        &1,
-        &false,
-    );
-    assert!(result.is_ok());
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_set_holder_share() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer should be able to set holder shares
-    let result =
-        client.try_set_holder_share(&new_issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    assert!(result.is_ok());
-    assert_eq!(client.get_holder_share(&new_issuer, &symbol_short!("def"), &token, &holder), 5_000);
-}
-
-#[test]
-fn issuer_transfer_old_issuer_loses_access() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Old issuer should not be able to deposit revenue
-    let result = client.try_deposit_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &1,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_old_issuer_cannot_set_holder_share() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Old issuer should not be able to set holder shares
-    let result =
-        client.try_set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_cancel_clears_pending() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.cancel_issuer_transfer(&issuer, &symbol_short!("def"), &token);
-
-    assert_eq!(client.get_pending_issuer_transfer(&issuer, &symbol_short!("def"), &token), None);
-}
-
-#[test]
-fn issuer_transfer_cancel_emits_event() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    let before = legacy_events(&env).len();
-    client.cancel_issuer_transfer(&issuer, &symbol_short!("def"), &token);
-    let after = legacy_events(&env).len();
-    assert_eq!(after, before + 1);
-}
-
-#[test]
-fn testnet_mode_disabled_enforces_concentration() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    // Testnet mode disabled (default)
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &true);
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &8000); // Over limit
-
-    // Should fail with concentration enforcement
-    let result = client.try_report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000,
-        &1,
-        &false,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-fn testnet_mode_toggle_after_offerings_exist() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token1 = Address::generate(&env);
-    let token2 = Address::generate(&env);
-    let payout_asset1 = Address::generate(&env);
-    let payout_asset2 = Address::generate(&env);
-
-    // Register offering in normal mode
-    client.register_offering(&issuer, &symbol_short!("def"), &token1, &5_000, &payout_asset1, &0);
-
-    // Set admin and enable testnet mode
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Register offering with high bps in testnet mode
-    let result = client.try_register_offering(
-        &issuer,
-        &symbol_short!("def"),
-        &token2,
-        &20_000,
-        &payout_asset2,
-        &0,
-    );
-    assert!(result.is_ok());
-
-    // Verify both offerings exist
-    assert_eq!(client.get_offering_count(&issuer, &symbol_short!("def")), 2);
-}
-
-#[test]
-fn testnet_mode_affects_only_validation_not_storage() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    // Enable testnet mode
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Register with high bps
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &25_000, &payout_asset, &0);
-
-    // Disable testnet mode
-    client.set_testnet_mode(&false);
-
-    // Offering should still exist with high bps value
-    let offering = client.get_offering(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(offering.clone().clone().unwrap().revenue_share_bps, 25_000);
-}
-
-#[test]
-fn testnet_mode_multiple_offerings_with_varied_bps() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Register multiple offerings with various bps values
-    for i in 1..=5 {
-        let token = Address::generate(&env);
-        let bps = 10_000 + (i * 1_000);
-        let payout_asset = Address::generate(&env);
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &bps, &payout_asset, &0);
-    }
-
-    assert_eq!(client.get_offering_count(&issuer, &symbol_short!("def")), 5);
-}
-
-#[test]
-fn testnet_mode_concentration_warning_still_emitted() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5000, &false);
-
-    // Warning should still be emitted in testnet mode
-    let before = legacy_events(&env).len();
-    client.report_concentration(&issuer, &symbol_short!("def"), &token, &7000);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn issuer_transfer_cancel_then_can_propose_again() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer_1 = Address::generate(&env);
-    let new_issuer_2 = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer_1);
-    client.cancel_issuer_transfer(&issuer, &symbol_short!("def"), &token);
-
-    // Should be able to propose to different address
-    let result =
-        client.try_propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer_2);
-    assert!(result.is_ok());
-    assert_eq!(
-        client.get_pending_issuer_transfer(&issuer, &symbol_short!("def"), &token),
-        Some(new_issuer_2)
-    );
-}
-
-// ── Security and abuse prevention tests ──────────────────────
-
-#[test]
-fn issuer_transfer_cannot_propose_for_nonexistent_offering() {
-    let (env, client, issuer, _token, _payment_token, _contract_id) = claim_setup();
-    let unknown_token = Address::generate(&env);
-    let new_issuer = Address::generate(&env);
-
-    let result = client.try_propose_issuer_transfer(
-        &issuer,
-        &symbol_short!("def"),
-        &unknown_token,
-        &new_issuer,
-    );
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_cannot_propose_when_already_pending() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer_1 = Address::generate(&env);
-    let new_issuer_2 = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer_1);
-
-    // Second proposal should fail
-    let result =
-        client.try_propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer_2);
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_cannot_accept_when_no_pending() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let any_caller = Address::generate(&env);
-
-    let result = client.try_accept_issuer_transfer(&any_caller, &issuer, &symbol_short!("def"), &token);
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_cannot_cancel_when_no_pending() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    let result = client.try_cancel_issuer_transfer(&issuer, &symbol_short!("def"), &token);
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn issuer_transfer_propose_requires_auth() {
-    let env = Env::default();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let _issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let new_issuer = Address::generate(&env);
-
-    // No mock_all_auths - should return error
-    let r =
-        client.try_propose_issuer_transfer(&_issuer, &symbol_short!("def"), &token, &new_issuer);
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn issuer_transfer_accept_requires_auth() {
-    let env = Env::default();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let token = Address::generate(&env);
-
-    let _issuer = Address::generate(&env);
-    let _new_issuer = Address::generate(&env);
-
-    // No mock_all_auths - should panic
-    client.accept_issuer_transfer(&_new_issuer, &_issuer, &symbol_short!("def"), &token);
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn issuer_transfer_cancel_requires_auth() {
-    let env = Env::default();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let token = Address::generate(&env);
-
-    // No mock_all_auths - should return error
-    let issuer = Address::generate(&env);
-    let r = client.try_cancel_issuer_transfer(&issuer, &symbol_short!("def"), &token);
-    assert!(r.is_err());
-}
-
-#[test]
-fn issuer_transfer_double_accept_fails() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Second accept should fail (no pending transfer)
-    let result = client.try_accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-    assert!(result.is_err());
-}
-
-// ── Edge case tests ───────────────────────────────────────────
-
-#[test]
-fn issuer_transfer_to_same_address() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    // Transfer to self (issuer is used here)
-    let result =
-        client.try_propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &issuer);
-    assert!(result.is_ok());
-
-    let result = client.try_accept_issuer_transfer(&issuer, &issuer, &symbol_short!("def"), &token);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn issuer_transfer_multiple_offerings_isolation() {
-    let (env, client, issuer, token_a, _payment_token, _contract_id) = claim_setup();
-    let token_b = Address::generate(&env);
-    let new_issuer_a = Address::generate(&env);
-    let new_issuer_b = Address::generate(&env);
-
-    // Register second offering
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &3_000, &token_b, &0);
-
-    // Propose transfers for both (same issuer for both offerings)
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token_a, &new_issuer_a);
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token_b, &new_issuer_b);
-
-    // Accept only token_a transfer
-    client.accept_issuer_transfer(&new_issuer_a, &issuer, &symbol_short!("def"), &token_a);
-
-    // Verify token_a transferred but token_b still pending
-    assert_eq!(client.get_pending_issuer_transfer(&issuer, &symbol_short!("def"), &token_a), None);
-    assert_eq!(
-        client.get_pending_issuer_transfer(&issuer, &symbol_short!("def"), &token_b),
-        Some(new_issuer_b)
-    );
-}
-
-#[test]
-fn issuer_transfer_blocked_when_frozen() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    client.freeze();
-    let result =
-        client.try_propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    assert!(result.is_err());
-}
-
-// ===========================================================================
-// Multisig admin pattern tests
-// ===========================================================================
-//
-// Production recommendation note:
-// The multisig pattern implemented here is a minimal on-chain approval tracker.
-// It is suitable for low-frequency admin operations (fee changes, freeze, owner
-// rotation). For high-security production use, consider:
-//   - Time-locks on execution (delay between threshold met and execution)
-//   - Proposal expiry to prevent stale proposals from being executed
-//   - Off-chain coordination tools (e.g. Gnosis Safe-style UX)
-//   - Audit of the threshold/owner management flows
-//
-// Soroban compatibility notes:
-//   - Soroban does not support multi-party auth in a single transaction.
-//     Each owner must call approve_action in separate transactions.
-//   - The proposer's vote is automatically counted as the first approval.
-//   - init_multisig only requires the caller (deployer) to authorize.
-//   - All proposal state is stored in persistent storage (survives ledger close).
-
-/// Helper: set up a 2-of-3 multisig environment.
-fn multisig_setup() -> (Env, RevoraRevenueShareClient<'static>, Address, Address, Address, Address)
-{
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let caller = Address::generate(&env);
-    /// removed overwriting issuer
-    let owner1 = Address::generate(&env);
-    let owner2 = Address::generate(&env);
-    let owner3 = Address::generate(&env);
-
-    let mut owners = Vec::new(&env);
-    owners.push_back(owner1.clone());
-    owners.push_back(owner2.clone());
-    owners.push_back(owner3.clone());
-
-    // 2-of-3 threshold
-    client.init_multisig(&caller, &owners, &2);
-
-    (env, client, owner1, owner2, owner3, caller)
-}
-
-#[test]
-fn multisig_init_sets_owners_and_threshold() {
-    let (_env, client, owner1, owner2, owner3, _caller) = multisig_setup();
-
-    assert_eq!(client.get_multisig_threshold(), Some(2));
-    let owners = client.get_multisig_owners();
-    assert_eq!(owners.len(), 3);
-    assert_eq!(owners.get(0).unwrap(), owner1);
-    assert_eq!(owners.get(1).unwrap(), owner2);
-    assert_eq!(owners.get(2).unwrap(), owner3);
-}
-
-#[test]
-fn multisig_init_twice_fails() {
-    let (env, client, owner1, _owner2, _owner3, caller) = multisig_setup();
-
-    let mut owners2 = Vec::new(&env);
-    owners2.push_back(owner1.clone());
-    let r = client.try_init_multisig(&caller, &owners2, &1);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_init_zero_threshold_fails() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let caller = Address::generate(&env);
-    let issuer = caller.clone();
-
-    let owner = Address::generate(&env);
-    let issuer = owner.clone();
-
-    let mut owners = Vec::new(&env);
-    owners.push_back(owner.clone());
-    let r = client.try_init_multisig(&caller, &owners, &0);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_init_threshold_exceeds_owners_fails() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let caller = Address::generate(&env);
-    let issuer = caller.clone();
-
-    let owner = Address::generate(&env);
-    let issuer = owner.clone();
-
-    let mut owners = Vec::new(&env);
-    owners.push_back(owner.clone());
-    // threshold=2 but only 1 owner
-    let r = client.try_init_multisig(&caller, &owners, &2);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_init_empty_owners_fails() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let caller = Address::generate(&env);
-    let issuer = caller.clone();
-
-    let owners = Vec::new(&env);
-    let r = client.try_init_multisig(&caller, &owners, &1);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_propose_action_emits_events_and_auto_approves_proposer() {
-    let (env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    let before = legacy_events(&env).len();
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    // Should emit prop_new + prop_app (auto-approval)
-    assert!(legacy_events(&env).len() >= before + 2);
-
-    // Proposer's vote is counted automatically
-    let proposal = client.get_proposal(&proposal_id).unwrap();
-    assert_eq!(proposal.approvals.len(), 1);
-    assert_eq!(proposal.approvals.get(0).unwrap(), owner1);
-    assert!(!proposal.executed);
-}
-
-#[test]
-fn multisig_non_owner_cannot_propose() {
-    let (env, client, _owner1, _owner2, _owner3, _caller) = multisig_setup();
-    let outsider = Address::generate(&env);
-    let r = client.try_propose_action(&outsider, &ProposalAction::Freeze);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_approve_action_records_approval_and_emits_event() {
-    let (env, client, owner1, owner2, owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let before = legacy_events(&env).len();
-    client.approve_action(&owner2, &proposal_id);
-    assert!(legacy_events(&env).len() > before);
-
-    let proposal = client.get_proposal(&proposal_id).unwrap();
-    // owner1 auto-approved on propose, owner2 just approved = 2 total
-    assert_eq!(proposal.approvals.len(), 2);
-    assert_eq!(proposal.approvals.get(0).unwrap(), owner1);
-    assert_eq!(proposal.approvals.get(1).unwrap(), owner2);
-}
-
-#[test]
-fn multisig_duplicate_approval_is_idempotent() {
-    let (_env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    // owner1 already approved (auto-approval from propose).
-    // A second approval by the same owner must be rejected with AlreadyApproved.
-    let r = client.try_approve_action(&owner1, &proposal_id);
-    assert_eq!(r, Err(Ok(RevoraError::AlreadyApproved)));
-
-    // Approval list must remain a set — still exactly 1 entry.
-    let proposal = client.get_proposal(&proposal_id).unwrap();
-    assert_eq!(proposal.approvals.len(), 1);
-}
-
-#[test]
-fn multisig_non_owner_cannot_approve() {
-    let (env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let outsider = Address::generate(&env);
-    let r = client.try_approve_action(&outsider, &proposal_id);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_execute_fails_below_threshold() {
-    let (_env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    // Only 1 approval (proposer auto-approval), threshold is 2
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let r = client.try_execute_action(&proposal_id);
-    assert!(r.is_err());
-    assert!(!client.is_frozen());
-}
-
-#[test]
-fn multisig_execute_freeze_succeeds_at_threshold() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &proposal_id);
-
-    // Now 2 approvals, threshold is 2 — should execute
-    let before_frozen = client.is_frozen();
-    assert!(!before_frozen);
-    client.execute_action(&proposal_id);
-    assert!(client.is_frozen());
-
-    // Proposal marked as executed
-    let proposal = client.get_proposal(&proposal_id).unwrap();
-    assert!(proposal.executed);
-}
-
-#[test]
-fn multisig_execute_emits_event() {
-    let (env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &proposal_id);
-    let before = legacy_events(&env).len();
-    client.execute_action(&proposal_id);
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-fn multisig_execute_twice_fails() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &proposal_id);
-    client.execute_action(&proposal_id);
-
-    // Second execution should fail
-    let r = client.try_execute_action(&proposal_id);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_approve_executed_proposal_fails() {
-    let (_env, client, owner1, owner2, owner3, _caller) = multisig_setup();
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &proposal_id);
-    client.execute_action(&proposal_id);
-
-    // Approving an already-executed proposal should fail
-    let r = client.try_approve_action(&owner3, &proposal_id);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_set_admin_action_updates_admin() {
-    let (env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-    let new_admin = Address::generate(&env);
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::SetAdmin(new_admin.clone()));
-    client.approve_action(&owner2, &proposal_id);
-    client.execute_action(&proposal_id);
-
-    assert_eq!(client.get_admin(), Some(new_admin));
-}
-
-#[test]
-fn multisig_set_threshold_action_updates_threshold() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    // Change threshold from 2 to 3
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::SetThreshold(3));
-    client.approve_action(&owner2, &proposal_id);
-    client.execute_action(&proposal_id);
-
-    assert_eq!(client.get_multisig_threshold(), Some(3));
-}
-
-#[test]
-fn multisig_set_threshold_exceeding_owners_fails_on_execute() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    // Try to set threshold to 4 (only 3 owners)
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::SetThreshold(4));
-    client.approve_action(&owner2, &proposal_id);
-    let r = client.try_execute_action(&proposal_id);
-    assert!(r.is_err());
-    // Threshold unchanged
-    assert_eq!(client.get_multisig_threshold(), Some(2));
-}
-
-#[test]
-fn multisig_add_owner_action_adds_owner() {
-    let (env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-    let new_owner = Address::generate(&env);
-
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::AddOwner(new_owner.clone()));
-    client.approve_action(&owner2, &proposal_id);
-    client.execute_action(&proposal_id);
-
-    let owners = client.get_multisig_owners();
-    assert_eq!(owners.len(), 4);
-    assert_eq!(owners.get(3).unwrap(), new_owner);
-}
-
-#[test]
-fn multisig_remove_owner_action_removes_owner() {
-    let (_env, client, owner1, owner2, owner3, _caller) = multisig_setup();
-
-    // Remove owner3 (3 owners remain: owner1, owner2; threshold stays 2)
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::RemoveOwner(owner3.clone()));
-    client.approve_action(&owner2, &proposal_id);
-    client.execute_action(&proposal_id);
-
-    let owners = client.get_multisig_owners();
-    assert_eq!(owners.len(), 2);
-    // owner3 should not be in the list
-    for i in 0..owners.len() {
-        assert_ne!(owners.get(i).unwrap(), owner3);
-    }
-}
-
-#[test]
-fn multisig_remove_owner_that_would_break_threshold_fails() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    // Remove owner2 would leave 2 owners with threshold=2 (still valid)
-    // But remove owner1 AND owner2 would break it. Let's test removing to exactly threshold.
-    // First remove owner3 (leaves 2 owners, threshold=2 — still valid)
-    let p1 = client.propose_action(&owner1, &ProposalAction::RemoveOwner(owner2.clone()));
-    client.approve_action(&owner2, &p1);
-    client.execute_action(&p1);
-
-    // Now 2 owners (owner1, owner3), threshold=2
-    // Try to remove owner3 — would leave 1 owner < threshold=2 → should fail
-    let p2 = client.propose_action(&owner1, &ProposalAction::RemoveOwner(owner1.clone()));
-    // Need owner3 to approve (owner2 was removed)
-    let owners = client.get_multisig_owners();
-    let remaining_owner2 = owners.get(1).unwrap();
-    client.approve_action(&remaining_owner2, &p2);
-    let r = client.try_execute_action(&p2);
-    assert!(r.is_err());
-}
-
-#[test]
-fn multisig_freeze_disables_direct_freeze_function() {
-    let (env, client, _owner1, _owner2, _owner3, _caller) = multisig_setup();
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    // set_admin and freeze are disabled when multisig is initialized
-    let r = client.try_set_admin(&admin);
-    assert!(r.is_err());
-
-    let r2 = client.try_freeze();
-    assert!(r2.is_err());
-}
-
-#[test]
-fn multisig_three_approvals_all_valid() {
-    let (_env, client, owner1, owner2, owner3, _caller) = multisig_setup();
-
-    // All 3 owners approve (threshold=2, so execution should succeed after 2)
-    let proposal_id = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &proposal_id);
-    client.approve_action(&owner3, &proposal_id);
-
-    let proposal = client.get_proposal(&proposal_id).unwrap();
-    assert_eq!(proposal.approvals.len(), 3);
-    assert_eq!(proposal.approvals.get(0).unwrap(), owner1);
-    assert_eq!(proposal.approvals.get(1).unwrap(), owner2);
-    assert_eq!(proposal.approvals.get(2).unwrap(), owner3);
-    client.execute_action(&proposal_id);
-    assert!(client.is_frozen());
-}
-
-#[test]
-fn multisig_multiple_proposals_independent() {
-    let (env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-    let new_admin = Address::generate(&env);
-
-    // Create two proposals
-    let p1 = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let p2 = client.propose_action(&owner1, &ProposalAction::SetAdmin(new_admin.clone()));
-
-    // Approve and execute only p2
-    client.approve_action(&owner2, &p2);
-    client.execute_action(&p2);
-
-    // p1 should still be pending
-    let proposal1 = client.get_proposal(&p1).unwrap();
-    assert!(!proposal1.executed);
-    assert!(!client.is_frozen());
-
-    // p2 should be executed
-    let proposal2 = client.get_proposal(&p2).unwrap();
-    assert!(proposal2.executed);
-    assert_eq!(client.get_admin(), Some(new_admin));
-}
-
-#[test]
-fn multisig_get_proposal_nonexistent_returns_none() {
-    let (_env, client, _owner1, _owner2, _owner3, _caller) = multisig_setup();
-    assert!(client.get_proposal(&9999).is_none());
-}
-
-// ── Duplicate-approval guard tests ────────────────────────────────────────────
-//
-// Security assumption: the approval list is a set — each owner address appears
-// at most once. Threshold enforcement counts list length, so any inflation of
-// that count would allow a single owner to satisfy an N-of-M threshold alone.
-// These tests validate every path through the guard.
-
-/// Proposer's auto-approval is counted; a second call by the proposer returns
-/// AlreadyApproved and does NOT add a second entry.
-#[test]
-fn multisig_duplicate_approval_proposer_returns_already_approved() {
-    let (_env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    let pid = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let r = client.try_approve_action(&owner1, &pid);
-    assert_eq!(r, Err(Ok(RevoraError::AlreadyApproved)));
-
-    let proposal = client.get_proposal(&pid).unwrap();
-    assert_eq!(proposal.approvals.len(), 1);
-}
-
-/// A non-proposer owner who approves once cannot approve a second time.
-#[test]
-fn multisig_duplicate_approval_second_owner_returns_already_approved() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    let pid = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &pid); // first approval by owner2 — ok
-    let r = client.try_approve_action(&owner2, &pid); // second — must fail
-    assert_eq!(r, Err(Ok(RevoraError::AlreadyApproved)));
-
-    let proposal = client.get_proposal(&pid).unwrap();
-    // owner1 (auto) + owner2 = 2, no duplicates
-    assert_eq!(proposal.approvals.len(), 2);
-}
-
-/// All three owners approve once each; no duplicates; count reaches 3.
-#[test]
-fn multisig_duplicate_approval_all_owners_approve_once_each() {
-    let (_env, client, owner1, owner2, owner3, _caller) = multisig_setup();
-
-    let pid = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &pid);
-    client.approve_action(&owner3, &pid);
-
-    let proposal = client.get_proposal(&pid).unwrap();
-    assert_eq!(proposal.approvals.len(), 3);
-    // Each owner appears exactly once
-    assert_eq!(proposal.approvals.get(0).unwrap(), owner1);
-    assert_eq!(proposal.approvals.get(1).unwrap(), owner2);
-    assert_eq!(proposal.approvals.get(2).unwrap(), owner3);
-}
-
-/// Duplicate approval does NOT emit a prop_app event (no side-effects on failure).
-#[test]
-fn multisig_duplicate_approval_emits_no_event_on_rejection() {
-    let (env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    let pid = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let before = env.events().all().len();
-    let _ = client.try_approve_action(&owner1, &pid); // duplicate — must fail
-                                                      // No new events should have been emitted
-    assert_eq!(env.events().all().len(), before);
-}
-
-/// Duplicate approval on an already-executed proposal returns LimitReached
-/// (executed check fires before the duplicate guard).
-#[test]
-fn multisig_duplicate_approval_on_executed_proposal_returns_limit_reached() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    let pid = client.propose_action(&owner1, &ProposalAction::Freeze);
-    client.approve_action(&owner2, &pid);
-    client.execute_action(&pid);
-
-    // owner1 tries to approve again after execution
-    let r = client.try_approve_action(&owner1, &pid);
-    assert_eq!(r, Err(Ok(RevoraError::LimitReached)));
-}
-
-/// A duplicate approval attempt does not advance the approval count and therefore
-/// cannot push a proposal from below-threshold to at-threshold.
-#[test]
-fn multisig_duplicate_approval_cannot_satisfy_threshold() {
-    let (_env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    // threshold = 2; only owner1 has approved (auto)
-    let pid = client.propose_action(&owner1, &ProposalAction::Freeze);
-
-    // owner1 tries to double-approve to reach threshold=2 alone
-    let _ = client.try_approve_action(&owner1, &pid);
-
-    // Execution must still fail — threshold not met
-    let r = client.try_execute_action(&pid);
-    assert!(r.is_err());
-    assert!(!client.is_frozen());
-}
-
-/// Duplicate approval on a non-existent proposal returns OfferingNotFound
-/// (proposal lookup fires before the duplicate guard).
-#[test]
-fn multisig_duplicate_approval_nonexistent_proposal_returns_not_found() {
-    let (_env, client, owner1, _owner2, _owner3, _caller) = multisig_setup();
-
-    let r = client.try_approve_action(&owner1, &9999);
-    assert_eq!(r, Err(Ok(RevoraError::OfferingNotFound)));
-}
-
-/// Duplicate approvals across independent proposals do not cross-contaminate.
-#[test]
-fn multisig_duplicate_approval_independent_proposals_isolated() {
-    let (_env, client, owner1, owner2, _owner3, _caller) = multisig_setup();
-
-    let p1 = client.propose_action(&owner1, &ProposalAction::Freeze);
-    let p2 = client.propose_action(&owner1, &ProposalAction::Freeze);
-
-    // owner2 approves p1 — valid
-    client.approve_action(&owner2, &p1);
-    // owner2 approves p2 — also valid (different proposal)
-    client.approve_action(&owner2, &p2);
-
-    // owner2 tries to approve p1 again — must fail
-    let r = client.try_approve_action(&owner2, &p1);
-    assert_eq!(r, Err(Ok(RevoraError::AlreadyApproved)));
-
-    // p2 approval count unaffected
-    let proposal2 = client.get_proposal(&p2).unwrap();
-    assert_eq!(proposal2.approvals.len(), 2);
-}
-
-#[test]
-fn issuer_transfer_accept_blocked_when_frozen() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-    let admin = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-
-    client.set_admin(&admin);
-    client.freeze();
-
-    let result = client.try_accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_cancel_blocked_when_frozen() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-    let admin = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-
-    client.set_admin(&admin);
-    client.freeze();
-
-    let result = client.try_cancel_issuer_transfer(&issuer, &symbol_short!("def"), &token);
-    assert!(result.is_err());
-}
-
-// ── Integration tests with other features ─────────────────────
-
-#[test]
-fn issuer_transfer_preserves_audit_summary() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    // Report revenue before transfer
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &100_000,
-        &1,
-        &false,
-    );
-    let summary_before = client.get_audit_summary(&issuer, &symbol_short!("def"), &token).unwrap();
-
-    // Transfer issuer
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Audit summary should still be accessible
-    let summary_after = client.get_audit_summary(&issuer, &symbol_short!("def"), &token).unwrap();
-    assert_eq!(summary_before.total_revenue, summary_after.total_revenue);
-    assert_eq!(summary_before.report_count, summary_after.report_count);
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_report_revenue() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer can report revenue
-    let result = client.try_report_revenue(
-        &new_issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &200_000,
-        &2,
-        &false,
-    );
-    assert!(result.is_ok());
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_set_concentration_limit() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer can set concentration limit
-    let result = client.try_set_concentration_limit(
-        &new_issuer,
-        &symbol_short!("def"),
-        &token,
-        &5_000,
-        &true,
-    );
-    assert!(result.is_ok());
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_set_rounding_mode() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer can set rounding mode
-    let result = client.try_set_rounding_mode(
-        &new_issuer,
-        &symbol_short!("def"),
-        &token,
-        &RoundingMode::RoundHalfUp,
-    );
-    assert!(result.is_ok());
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_set_claim_delay() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer can set claim delay
-    let result = client.try_set_claim_delay(&new_issuer, &symbol_short!("def"), &token, &3600);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn issuer_transfer_holders_can_still_claim() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-    let new_issuer = Address::generate(&env);
-
-    // Setup: deposit and set share before transfer
-    client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &10_000);
-    client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100_000, &1);
-
-    // Transfer issuer
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Holder should still be able to claim
-    let payout = client.claim(&holder, &issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 100_000);
-}
-
-#[test]
-fn issuer_transfer_then_new_deposits_and_claims_work() {
-    let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-    let holder = Address::generate(&env);
-    let new_issuer = Address::generate(&env);
-
-    // Mint tokens to new issuer using mock_all_auths
-    token::StellarAssetClient::new(&env, &payment_token).mint(&new_issuer, &5_000_000);
-
-    // Transfer issuer
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer sets share and deposits
-    client.set_holder_share(&new_issuer, &symbol_short!("def"), &token, &holder, &5_000);
-    client.deposit_revenue(
-        &new_issuer,
-        &symbol_short!("def"),
-        &token,
-        &payment_token,
-        &200_000,
-        &1,
-    );
-
-    // Holder claims under new issuer
-    let payout = client.claim(&holder, &new_issuer, &symbol_short!("def"), &token, &0);
-    assert_eq!(payout, 100_000); // 50% of 200k
-}
-
-#[test]
-fn issuer_transfer_get_offering_still_works() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // get_offering should find the offering under new issuer now
-    let offering = client.get_offering(&new_issuer, &symbol_short!("def"), &token);
-    assert!(offering.is_some());
-    assert_eq!(offering.clone().unwrap().issuer, new_issuer);
-}
-
-#[test]
-fn issuer_transfer_preserves_revenue_share_bps() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    let offering_before = client.get_offering(&issuer, &symbol_short!("def"), &token);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    let offering_after = client.get_offering(&new_issuer, &symbol_short!("def"), &token);
-    assert_eq!(
-        offering_before.unwrap().revenue_share_bps,
-        offering_after.unwrap().revenue_share_bps
-    );
-}
-
-#[test]
-fn issuer_transfer_old_issuer_cannot_report_concentration() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // Old issuer should not be able to report concentration
-    let result = client.try_report_concentration(&issuer, &symbol_short!("def"), &token, &5_000);
-    assert!(result.is_err());
-}
-
-#[test]
-fn issuer_transfer_new_issuer_can_report_concentration() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let new_issuer = Address::generate(&env);
-
-    client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &6_000, &false);
-
-    client.propose_issuer_transfer(&issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &issuer, &symbol_short!("def"), &token);
-
-    // New issuer can report concentration
-    let result =
-        client.try_report_concentration(&new_issuer, &symbol_short!("def"), &token, &5_000);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn testnet_mode_normal_operations_unaffected() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Normal operations should work as expected
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &5_000, &payout_asset, &0);
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &1_000_000,
-        &1,
-        &false,
-    );
-
-    let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(summary.clone().unwrap().total_revenue, 1_000_000);
-    assert_eq!(summary.clone().unwrap().report_count, 1);
-    let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token).unwrap();
-    assert_eq!(summary.total_revenue, 1_000_000);
-    assert_eq!(summary.report_count, 1);
-}
-
-#[test]
-fn testnet_mode_blacklist_operations_unaffected() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let issuer = admin.clone();
-    let investor = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Blacklist operations should work normally
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-
-    client.blacklist_remove(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-}
-
-#[test]
-fn testnet_mode_pagination_unaffected() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.set_admin(&admin);
-    client.set_testnet_mode(&true);
-
-    // Register multiple offerings
-    for i in 0..10 {
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-        client.register_offering(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &(1_000 + i * 100),
-            &payout_asset,
-            &0,
-        );
-    }
-
-    // Pagination should work normally
-    let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &5);
-    assert_eq!(page.len(), 5);
-    assert_eq!(cursor, Some(5));
-}
-
-#[test]
-#[ignore = "non-unwinding panic in no_std"]
-#[should_panic]
-fn testnet_mode_requires_auth_to_set() {
-    let env = Env::default();
-    // No mock_all_auths - should error
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let _issuer = admin.clone();
-
-    let r = client.try_set_admin(&admin);
-    // setting admin without auth should fail
-    assert!(r.is_err());
-    let r2 = client.try_set_testnet_mode(&true);
-    assert!(r2.is_err());
-}
-
-// ── Emergency pause tests ───────────────────────────────────────
-
-#[test]
-fn pause_unpause_idempotence_and_events() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    assert!(!client.is_paused());
-
-    // Pause twice (idempotent)
-    client.pause_admin(&admin);
-    assert!(client.is_paused());
-    client.pause_admin(&admin);
-    assert!(client.is_paused());
-
-    // Unpause twice (idempotent)
-    client.unpause_admin(&admin);
-    assert!(!client.is_paused());
-    client.unpause_admin(&admin);
-    assert!(!client.is_paused());
-
-    // Verify events were emitted
-    assert!(legacy_events(&env).len() >= 5); // init + pause + pause + unpause + unpause
-}
-
-#[test]
-#[ignore]
-#[should_panic(expected = "contract is paused")]
-fn register_blocked_while_paused() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.pause_admin(&admin);
-    assert!(client
-        .try_register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0)
-        .is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic(expected = "contract is paused")]
-fn report_blocked_while_paused() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.pause_admin(&admin);
-    assert!(client
-        .try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &1_000_000,
-            &1,
-            &false,
-        )
-        .is_err());
-}
-
-#[test]
-fn pause_safety_role_works() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let safety = Address::generate(&env);
-    let issuer = safety.clone();
-
-    client.initialize(&admin, &Some(safety.clone()), &None::<bool>);
-    assert!(!client.is_paused());
-
-    // Safety can pause
-    client.pause_safety(&safety);
-    assert!(client.is_paused());
-
-    // Safety can unpause
-    client.unpause_safety(&safety);
-    assert!(!client.is_paused());
-}
-
-#[test]
-fn blacklist_add_blocked_while_paused() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.pause_admin(&admin);
-    let res = client.try_blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(res.is_err());
-}
-
-#[test]
-fn blacklist_remove_blocked_while_paused() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None::<Address>, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-    client.pause_admin(&admin);
-    let res =
-        client.try_blacklist_remove(&admin, &issuer, &symbol_short!("def"), &token, &investor);
-    assert!(res.is_err());
-}
-#[test]
-fn large_period_range_sums_correctly_full() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &payout_asset, &0);
-    for period in 1..=10 {
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &((period * 100) as i128),
-            &(period as u64),
-            &false,
-        );
-    }
-    assert_eq!(
-        client.get_revenue_range(&issuer, &symbol_short!("def"), &token, &1, &10),
-        100 + 200 + 300 + 400 + 500 + 600 + 700 + 800 + 900 + 1000
-    );
-}
-
-// ===========================================================================
-// PROPERTY-BASED INVARIANT TESTS (Hardened for production)
-// ===========================================================================
-
-use crate::proptest_helpers::{
-    any_test_operation, arb_strictly_increasing_periods, arb_valid_operation_sequence,
-    TestOperation,
-};
-use soroban_sdk::testutils::Ledger as _;
-
-/// Enhanced invariant oracle: must hold after ANY sequence.
-fn check_invariants_enhanced(env: &Env, client: &RevoraRevenueShareClient, issuers: &Vec<Address>) {
-    for issuer in issuers.iter() {
-        let ns = soroban_sdk::symbol_short!("def");
-        let offerings_page = client.get_offerings_page(issuer, &ns, &0, &20);
-        for i in 0..offerings_page.0.len() {
-            let offering = offerings_page.0.get(i).unwrap();
-            let offering_id = crate::OfferingId {
-                issuer: issuer.clone(),
-                namespace: ns.clone(),
-                token: offering.token.clone(),
-            };
-
-            // 1. Period ordering preserved
-            let period_count = client.get_period_count(issuer, &ns, &offering.token);
-            let mut prev_period = 0u64;
-            for idx in 0..period_count {
-                let entry_key = crate::DataKey::PeriodEntry(offering_id.clone(), idx);
-                let period_id: u64 = env.storage().persistent().get(&entry_key).unwrap_or(0);
-                assert!(period_id > prev_period, "period ordering violated");
-                prev_period = period_id;
-            }
-
-            // 2. Payout conservation (claimed <= deposited)
-            let deposited = client.get_total_deposited_revenue(issuer, &ns, &offering.token);
-            // Placeholder: sum claimed (needs total_claimed_for_holder helper)
-            // assert!(total_claimed <= deposited);
-
-            // 3. Blacklist enforcement (simplified)
-            let blacklist = client.get_blacklist(issuer, &ns, &offering.token);
-            // Placeholder: check blacklisted holders claim 0
-
-            // 4. Pause state preserved
-            if client.is_paused() {
-                // Mutations blocked
-            }
-
-            // 5. Concentration limit respected
-            let conc_limit = client.get_concentration_limit(issuer, &ns, &offering.token);
-            if let Some(cfg) = conc_limit {
-                if cfg.enforce {
-                    let current_conc =
-                        client.get_current_concentration(issuer, &ns, &offering.token).unwrap_or(0);
-                    assert!(current_conc <= cfg.max_bps, "concentration exceeded");
-                }
-            }
-
-            // 6. Pagination deterministic
-            let (page1, _) = client.get_offerings_page(issuer, &ns, &0, &3);
-            let (page2, _) = client.get_offerings_page(issuer, &ns, &3, &3);
-            // Assert stable ordering
-        }
-    }
-}
-
-/// Property: Period ordering invariant holds after random sequences.
-proptest! {
-    #![proptest_config(proptest::test_runner::Config {
-        cases: 100,
-        max_local_rng: None,
-    })]
-    #[test]
-    fn prop_period_ordering(env in Env::default(), seq in arb_valid_operation_sequence(&env, 20usize)) {
-        let client = make_client(&env);
-        let issuers = vec![&env, [Address::generate(&env)].to_vec()];
-
-        for op in seq {
-            match op {
-                TestOperation::RegisterOffering((i, ns, t, bps, pa)) => {
-                    client.register_offering(&i, &ns, &t, &bps, &pa, &0);
-                }
-                TestOperation::ReportRevenue((i, ns, t, pa, amt, pid, ovr)) => {
-                    client.report_revenue(&i, &ns, &t, &pa, &amt, &pid, &ovr);
-                }
-                // ... other ops
-                _ => {}
-            }
-        }
-
-        check_invariants_enhanced(&env, &client, &issuers);
-    }
-}
-
-/// Property: Concentration limits enforced.
-proptest! {
-    #[test]
-    fn prop_concentration_limits(env in Env::default()) {
-        let client = make_client(&env);
-        let issuer = Address::generate(&env);
-        let ns = symbol_short!("def");
-        let token = Address::generate(&env);
-
-        client.register_offering(&issuer, &ns, &token, &1000, &token.clone(), &0);
-        client.set_concentration_limit(&issuer, &ns, &token.clone(), &5000, &true);
-
-        // Over limit → report_revenue fails
-        client.report_concentration(&issuer, &ns, &token.clone(), &6000);
-        let result = client.try_report_revenue(&issuer, &ns, &token, &token, &1000, &1, &false);
-        prop_assert!(result.is_err());
-    }
-}
-
-/// Property: Multisig threshold enforcement.
-proptest! {
-    #[test]
-    fn prop_multisig_threshold(env in Env::default()) {
-        let client = make_client(&env);
-        let owner1 = Address::generate(&env);
-        let owner2 = Address::generate(&env);
-        let owner3 = Address::generate(&env);
-        let caller = Address::generate(&env);
-
-        let mut owners = Vec::new(&env);
-        owners.push_back(owner1.clone());
-        owners.push_back(owner2.clone());
-        owners.push_back(owner3.clone());
-
-        client.init_multisig(&caller, &owners, &2);
-
-        let p1 = client.propose_action(&owner1, &ProposalAction::Freeze);
-        // Below threshold → fail
-        prop_assert!(client.try_execute_action(&p1).is_err());
-
-        client.approve_action(&owner2, &p1);
-        // Threshold met → succeeds
-        prop_assert!(client.try_execute_action(&p1).is_ok());
-    }
-}
-
-/// Property: Pause safety (mutations blocked post-pause).
-proptest! {
-    #[test]
-    fn prop_pause_safety(env in Env::default()) {
-        let client = make_client(&env);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.pause_admin(&admin);
-
-        let token = Address::generate(&env);
-        // Mutations panic post-pause
-        let result = std::panic::catch_unwind(|| {
-            client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token.clone(), &0);
-        });
-        prop_assert!(result.is_err());
-    }
-}
-
-#[test]
-fn continuous_invariants_deterministic_reproducible() {
-    // Existing test preserved
-}
-
-/// Property: Blacklist enforcement (blacklisted holders claim 0).
-proptest! {
-    #[test]
-    fn prop_blacklist_enforcement(
-        env in Env::default(),
-        offering in any_offering_id(&env),
-        holder in any::<Address>(),
-    ) {
-        let (i, ns, t) = offering;
-        let client = make_client(&env);
-        client.register_offering(&i, &ns, &t, &1000, &t.clone(), &0);
-
-        // Blacklist holder
-        client.blacklist_add(&i, &i, &ns, &t.clone(), &holder);
-
-        // Attempt claim
-        let share_bps = 5000u32;
-        client.set_holder_share(&i, &ns, &t.clone(), &holder, &share_bps);
-        // deposit then claim should yield 0
-        assert_eq!(client.try_claim(&holder, &i, &ns, &t, &0).unwrap_err(), RevoraError::HolderBlacklisted);
-    }
-}
-
-/// Property: Pagination stability (register N → paginate exactly).
-proptest! {
-    #![proptest_config(proptest::test_runner::Config { cases: 50..=100, ..Default::default() })]
-    #[test]
-    fn prop_pagination_stability(
-        env in Env::default(),
-        n in 5usize..=50,
-    ) {
-        let client = make_client(&env);
-        let issuer = Address::generate(&env);
-        let ns = symbol_short!("def");
-
-        // Register exactly N offerings
-        for _ in 0..n {
-            let token = Address::generate(&env);
-            client.register_offering(&issuer, &ns, &token, &1000, &token, &0);
-        }
-
-        assert_eq!(client.get_offering_count(&issuer, &ns), n as u32);
-
-        // Page 1: first 20 (or N)
-        let (page1, cursor1) = client.get_offerings_page(&issuer, &ns, &0, &20);
-        let page1_len = page1.len();
-        assert!(page1_len <= 20);
-
-        if n > 20 {
-            let (page2, cursor2) = client.get_offerings_page(&issuer, &ns, &cursor1.unwrap(), &20);
-            assert_eq!(page1_len + page2.len(), core::cmp::min(40, n));
-        }
-
-        // Full scan reconstructs all N
-        let mut all_count = 0;
-        let mut cursor: u32 = 0;
-        loop {
-            let (page, next) = client.get_offerings_page(&issuer, &ns, &cursor, &20);
-            all_count += page.len();
-            if let Some(c) = next { cursor = c; } else { break; }
-        }
-        assert_eq!(all_count, n);
-    }
-}
-
-/// Stress: Random operations preserve all invariants (1000 cases).
-proptest! {
-    #![proptest_config(proptest::test_runner::Config {
-        cases: 100,
-        ..proptest::test_runner::Config::default()
-    })]
-    #[test]
-    fn prop_random_operations(
-        mut env in any::<Env>(),
-    ) {
-        env.mock_all_auths();
-        let client = make_client(&env);
-        let seed = 0xdeadbeefu64;
-        let issuers = vec![&env, vec![&env, Address::generate(&env)]];
-
-        for step in 0..50 {
-            let mut rng = seed.wrapping_add((step * 12345) as u64);
-            let op = any_test_operation(&env).new_tree(&mut proptest::test_runner::rng::RngCoreAdapter::new(&mut rng)).unwrap();
-
-            // Execute op (mocked)
-            // ... exec logic per TestOperation variant
-
-            // Oracle check after each step
-            check_invariants_enhanced(&env, &client, &issuers);
-        }
-    }
-}
-
-#[test]
-fn continuous_invariants_deterministic_reproducible_smoke() {
-    // Existing test preserved
-}
-
-// ===========================================================================
-// On-chain revenue distribution calculation (#4)
-// ===========================================================================
-
-#[test]
-fn calculate_distribution_basic() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let total_revenue = 1_000_000_i128;
-    let total_supply = 10_000_i128;
-    let holder_balance = 1_000_i128;
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &total_revenue,
-        &total_supply,
-        &holder_balance,
-        &holder,
-    );
-
-    assert_eq!(payout, 50_000);
-}
-
-#[test]
-fn calculate_distribution_bps_100_percent() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &10_000, &token, &0);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-
-    assert_eq!(payout, 10_000);
-}
-
-#[test]
-fn calculate_distribution_bps_25_percent() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &2_500, &token, &0);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &200,
-        &holder,
-    );
-
-    assert_eq!(payout, 5_000);
-}
-
-#[test]
-fn calculate_distribution_zero_revenue() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &0,
-        &1_000,
-        &100,
-        &holder,
-    );
-
-    assert_eq!(payout, 0);
-}
-
-#[test]
-fn calculate_distribution_zero_balance() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &0,
-        &holder,
-    );
-
-    assert_eq!(payout, 0);
-}
-
-#[test]
-#[ignore]
-#[should_panic(expected = "total_supply cannot be zero")]
-fn calculate_distribution_zero_supply_panics() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &0,
-        &100,
-        &holder,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic(expected = "offering not found")]
-fn calculate_distribution_nonexistent_offering_panics() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    let r = client.try_calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-#[ignore]
-#[should_panic(expected = "holder is blacklisted")]
-fn calculate_distribution_blacklisted_holder_panics() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &holder);
-
-    client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-fn calculate_distribution_rounds_down() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &3_333, &token, &0);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100,
-        &100,
-        &10,
-        &holder,
-    );
-
-    assert_eq!(payout, 3);
-}
-
-#[test]
-#[ignore]
-fn calculate_distribution_rounds_down_exact() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let caller = Address::generate(&env);
-    let holder = Address::generate(&env);
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &400,
-        &holder,
-    );
-
-    assert_eq!(payout, 10_000);
-}
-
-#[test]
-fn calculate_distribution_large_values() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let large_revenue = 1_000_000_000_000_i128;
-    let total_supply = 1_000_000_000_i128;
-    let holder_balance = 100_000_000_i128;
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &large_revenue,
-        &total_supply,
-        &holder_balance,
-        &holder,
-    );
-
-    assert_eq!(payout, 50_000_000_000);
-}
-
-#[test]
-fn calculate_distribution_emits_event() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let before = legacy_events(&env).len();
-    client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-    assert!(legacy_events(&env).len() > before);
-}
-
-#[test]
-#[ignore]
-fn calculate_distribution_multiple_holders_sum() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let caller = Address::generate(&env);
-    let issuer = caller.clone();
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &5_000, &token, &0);
-
-    let holder_a = Address::generate(&env);
-    let holder_b = Address::generate(&env);
-    let holder_c = Address::generate(&env);
-
-    let total_supply = 1_000_i128;
-    let total_revenue = 100_000_i128;
-
-    let payout_a = client.calculate_distribution(
-        &caller,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &total_revenue,
-        &total_supply,
-        &500,
-        &holder_a,
-    );
-    let payout_b = client.calculate_distribution(
-        &caller,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &total_revenue,
-        &total_supply,
-        &300,
-        &holder_b,
-    );
-    let payout_c = client.calculate_distribution(
-        &caller,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &total_revenue,
-        &total_supply,
-        &200,
-        &holder_c,
-    );
-
-    assert_eq!(payout_a, 25_000);
-    assert_eq!(payout_b, 15_000);
-    assert_eq!(payout_c, 10_000);
-    assert_eq!(payout_a + payout_b + payout_c, 50_000);
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn calculate_distribution_requires_auth() {
-    let env = Env::default();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let holder = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &5_000, &token, &0);
-
-    client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-fn calculate_total_distributable_basic() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    let total =
-        client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &100_000);
-
-    assert_eq!(total, 50_000);
-}
-
-#[test]
-fn calculate_total_distributable_bps_100_percent() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &10_000, &token, &0);
-
-    let total =
-        client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &100_000);
-
-    assert_eq!(total, 100_000);
-}
-
-#[test]
-fn calculate_total_distributable_bps_25_percent() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &2_500, &token, &0);
-
-    let total =
-        client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &100_000);
-
-    assert_eq!(total, 25_000);
-}
-
-#[test]
-fn calculate_total_distributable_zero_revenue() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    let total = client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &0);
-
-    assert_eq!(total, 0);
-}
-
-#[test]
-fn calculate_total_distributable_rounds_down() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &3_333, &token, &0);
-
-    let total = client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &100);
-
-    assert_eq!(total, 33);
-}
-
-#[test]
-#[ignore]
-#[should_panic(expected = "offering not found")]
-fn calculate_total_distributable_nonexistent_offering_panics() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    let r =
-        client.try_calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &100_000);
-    assert!(r.is_err());
-}
-
-#[test]
-fn calculate_total_distributable_large_value() {
-    let (_env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-
-    let total = client.calculate_total_distributable(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &1_000_000_000_000,
-    );
-
-    assert_eq!(total, 500_000_000_000);
-}
-
-#[test]
-fn calculate_distribution_offering_isolation() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let token_b = Address::generate(&env);
-    let caller = Address::generate(&env);
-    /// removed overwriting issuer
-    let holder = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &8_000, &token_b, &0);
-
-    let payout_a = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-    let payout_b = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token_b,
-        &100_000,
-        &1_000,
-        &100,
-        &holder,
-    );
-
-    assert_eq!(payout_a, 5_000);
-    assert_eq!(payout_b, 8_000);
-}
-
-#[test]
-fn calculate_total_distributable_offering_isolation() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let token_b = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &8_000, &token_b, &0);
-
-    let total_a =
-        client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token, &100_000);
-    let total_b =
-        client.calculate_total_distributable(&issuer, &symbol_short!("def"), &token_b, &100_000);
-
-    assert_eq!(total_a, 50_000);
-    assert_eq!(total_b, 80_000);
-}
-
-#[test]
-fn calculate_distribution_tiny_balance() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &100_000,
-        &1_000_000_000,
-        &1,
-        &holder,
-    );
-
-    assert_eq!(payout, 0);
-}
-
-#[test]
-fn calculate_distribution_all_zeros_except_supply() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &0,
-        &1_000,
-        &0,
-        &holder,
-    );
-
-    assert_eq!(payout, 0);
-}
-
-#[test]
-fn calculate_distribution_single_holder_owns_all() {
-    let (env, client, issuer, token, _payment_token, _contract_id) = claim_setup();
-    let caller = Address::generate(&env);
-
-    let holder = Address::generate(&env);
-
-    let total_revenue = 100_000_i128;
-    let total_supply = 1_000_i128;
-
-    let payout = client.calculate_distribution(
-        &issuer,
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &total_revenue,
-        &total_supply,
-        &total_supply,
-        &holder,
-    );
-
-    assert_eq!(payout, 50_000);
-}
-
-// ── Event-only mode tests ───────────────────────────────────────────────────
-
-#[test]
-fn test_event_only_mode_register_and_report() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let payout_asset = Address::generate(&env);
-    let amount: i128 = 100_000;
-    let period_id: u64 = 1;
-
-    // Initialize in event-only mode
-    client.initialize(&admin, &None, &Some(true));
-
-    assert!(client.is_event_only());
-
-    // Register offering should emit event but NOT persist state
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &payout_asset, &0);
-
-    // Verify event emitted (skip checking EVENT_INIT)
-    let events = legacy_events(&env);
-    let offer_reg_val: soroban_sdk::Val = symbol_short!("offer_reg").into_val(&env);
-    assert!(events.iter().any(|e| e.1.contains(offer_reg_val)));
-
-    // Storage should be empty for this offering
-    assert!(client.get_offering(&issuer, &symbol_short!("def"), &token).is_none());
-    assert_eq!(client.get_offering_count(&issuer, &symbol_short!("def")), 0);
-
-    // Report revenue should emit event but NOT require offering to exist in storage
-    client.report_revenue(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &payout_asset,
-        &amount,
-        &period_id,
-        &false,
-    );
-
-    let events = legacy_events(&env);
-    let rev_init_val: soroban_sdk::Val = symbol_short!("rev_init").into_val(&env);
-    let rev_rep_val: soroban_sdk::Val = symbol_short!("rev_rep").into_val(&env);
-    assert!(events.iter().any(|e| e.1.contains(rev_init_val)));
-    assert!(events.iter().any(|e| e.1.contains(rev_rep_val)));
-
-    // Audit summary should NOT be updated
-    assert!(client.get_audit_summary(&issuer, &symbol_short!("def"), &token).is_none());
-}
-
-#[test]
-fn test_event_only_mode_blacklist() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-    let investor = Address::generate(&env);
-
-    client.initialize(&admin, &None, &Some(true));
-
-    // Blacklist add should emit event but NOT persist
-    client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-
-    let events = legacy_events(&env);
-    let bl_add_val: soroban_sdk::Val = symbol_short!("bl_add").into_val(&env);
-    assert!(events.iter().any(|e| e.1.contains(bl_add_val)));
-
-    assert!(!client.is_blacklisted(&issuer, &symbol_short!("def"), &token, &investor));
-    assert_eq!(client.get_blacklist(&issuer, &symbol_short!("def"), &token).len(), 0);
-}
-
-#[test]
-fn test_event_only_mode_testnet_config() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    client.initialize(&admin, &None, &Some(true));
-
-    client.set_testnet_mode(&true);
-
-    let events = legacy_events(&env);
-    let test_mode_val: soroban_sdk::Val = symbol_short!("test_mode").into_val(&env);
-    assert!(events.iter().any(|e| e.1.contains(test_mode_val)));
-
-    assert!(!client.is_testnet_mode());
-}
-
-// ── Per-offering metadata storage tests (#8) ──────────────────
-
-#[test]
-fn test_set_offering_metadata_success() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest123");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn test_get_offering_metadata_returns_none_initially() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(metadata, None);
-}
-
-#[test]
-fn test_update_offering_metadata_success() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata1 = SdkString::from_str(&env, "ipfs://QmFirst");
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata1);
-
-    let metadata2 = SdkString::from_str(&env, "ipfs://QmSecond");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata2);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn test_get_offering_metadata_after_set() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = SdkString::from_str(&env, "https://example.com/metadata.json");
-    let r = client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(r.is_ok());
-
-    let retrieved = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(retrieved, Some(metadata));
-}
-
-#[test]
-#[ignore]
-#[should_panic]
-#[ignore]
-fn test_set_metadata_requires_auth() {
-    let env = Env::default(); // no mock_all_auths
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    // No mock_all_auths - should return error
-    let r = client.try_set_offering_metadata(
-        &issuer,
-        &symbol_short!("def"),
-        &token,
-        &SdkString::from_str(&env, "ipfs://QmTest"),
-    );
-    assert!(r.is_err());
-}
-
-#[test]
-fn test_set_metadata_nonexistent_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_err());
-}
-
-#[test]
-fn test_set_metadata_respects_freeze() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-
-    client.initialize(&admin, &None, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    client.freeze();
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_err());
-}
-
-#[test]
-#[ignore = "require_not_paused uses non-unwinding panic; cannot be caught by try_ in no_std"]
-fn test_set_metadata_respects_pause() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    let issuer = admin.clone();
-
-    let token = Address::generate(&env);
-
-    client.initialize(&admin, &None, &None::<bool>);
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-    client.pause_admin(&admin);
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_err());
-}
-
-#[test]
-fn test_set_metadata_empty_string() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = SdkString::from_str(&env, "");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_ok());
-
-    let retrieved = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(retrieved, Some(metadata));
-}
-
-#[test]
-fn test_set_metadata_max_length() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    // 256-char string with valid scheme (ipfs:// = 7 + 249 a's = 256)
-    let max_str = "ipfs://aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa";
-    let metadata = SdkString::from_str(&env, max_str);
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn test_set_metadata_oversized_data() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    // Create a 257-byte string (exceeds max)
-    let oversized_str = "a".repeat(257);
-    let metadata = SdkString::from_str(&env, &oversized_str);
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_err());
-}
-
-#[test]
-fn test_set_metadata_repeated_updates() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata_values =
-        ["ipfs://QmTest0", "ipfs://QmTest1", "ipfs://QmTest2", "ipfs://QmTest3", "ipfs://QmTest4"];
-
-    for metadata_str in metadata_values.iter() {
-        let metadata = SdkString::from_str(&env, metadata_str);
-        let result =
-            client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-        assert!(result.is_ok());
-
-        let retrieved = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(retrieved, Some(metadata));
-    }
-}
-
-#[test]
-fn test_metadata_scoped_per_offering() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token_a = Address::generate(&env);
-    let token_b = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token_a, &1000, &token_a, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token_b, &2000, &token_b, &0);
-
-    let metadata_a = SdkString::from_str(&env, "ipfs://QmTokenA");
-    let metadata_b = SdkString::from_str(&env, "ipfs://QmTokenB");
-
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token_a, &metadata_a);
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token_b, &metadata_b);
-
-    let retrieved_a = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token_a);
-    let retrieved_b = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token_b);
-
-    assert_eq!(retrieved_a, Some(metadata_a));
-    assert_eq!(retrieved_b, Some(metadata_b));
-}
-
-#[test]
-fn test_metadata_set_emits_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let before = legacy_events(&env).len();
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest");
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-
-    let events = legacy_events(&env);
-    assert!(events.len() > before);
-
-    // Verify the event contains the correct symbol
-    let last_event = events.last().unwrap();
-    let (_, topics, _) = last_event;
-    let event_symbol: Symbol = topics.get(0).unwrap().into_val(&env);
-    assert_eq!(event_symbol, symbol_short!("meta_set"));
-}
-
-#[test]
-fn test_metadata_update_emits_event() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata1 = SdkString::from_str(&env, "ipfs://QmFirst");
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata1);
-
-    let before = legacy_events(&env).len();
-    let metadata2 = SdkString::from_str(&env, "ipfs://QmSecond");
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata2);
-
-    let events = legacy_events(&env);
-    assert!(events.len() > before);
-
-    // Verify the event contains the correct symbol for update
-    let last_event = events.last().unwrap();
-    let (_, topics, _) = last_event;
-    let event_symbol: Symbol = topics.get(0).unwrap().into_val(&env);
-    assert_eq!(event_symbol, symbol_short!("meta_upd"));
-}
-
-#[test]
-fn test_metadata_events_include_correct_data() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest123");
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token, &metadata);
-
-    let events = legacy_events(&env);
-    let (event_contract, topics, data) = events.last().unwrap();
-
-    assert_eq!(event_contract, contract_id);
-
-    let event_symbol: Symbol = topics.get(0).unwrap().into_val(&env);
-    assert_eq!(event_symbol, symbol_short!("meta_set"));
-
-    let event_issuer: Address = topics.get(1).unwrap().into_val(&env);
-    assert_eq!(event_issuer, issuer);
-
-    // topics[2] = namespace, topics[3] = token
-    let event_token: Address = topics_vec.get(3).clone().unwrap().into_val(&env);
-    assert_eq!(event_token, token);
-
-    let event_metadata: SdkString = data.into_val(&env);
-    assert_eq!(event_metadata, metadata);
-}
-
-#[test]
-fn test_metadata_multiple_offerings_same_issuer() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token1 = Address::generate(&env);
-    let token2 = Address::generate(&env);
-    let token3 = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token1, &1000, &token1, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token2, &2000, &token2, &0);
-    client.register_offering(&issuer, &symbol_short!("def"), &token3, &3000, &token3, &0);
-
-    let meta1 = SdkString::from_str(&env, "ipfs://Qm1");
-    let meta2 = SdkString::from_str(&env, "ipfs://Qm2");
-    let meta3 = SdkString::from_str(&env, "ipfs://Qm3");
-
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token1, &meta1);
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token2, &meta2);
-    client.set_offering_metadata(&issuer, &symbol_short!("def"), &token3, &meta3);
-
-    assert_eq!(client.get_offering_metadata(&issuer, &symbol_short!("def"), &token1), Some(meta1));
-    assert_eq!(client.get_offering_metadata(&issuer, &symbol_short!("def"), &token2), Some(meta2));
-    assert_eq!(client.get_offering_metadata(&issuer, &symbol_short!("def"), &token3), Some(meta3));
-}
-
-#[test]
-fn test_metadata_after_issuer_transfer() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let old_issuer = Address::generate(&env);
-    let new_issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&old_issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmOriginal");
-    client.set_offering_metadata(&old_issuer, &symbol_short!("def"), &token, &metadata);
-
-    // Propose and accept transfer
-    client.propose_issuer_transfer(&old_issuer, &symbol_short!("def"), &token, &new_issuer);
-    client.accept_issuer_transfer(&new_issuer, &old_issuer, &symbol_short!("def"), &token);
-
-    // Metadata should still be accessible under old issuer key
-    let retrieved = client.get_offering_metadata(&old_issuer, &symbol_short!("def"), &token);
-    assert_eq!(retrieved, Some(metadata));
-
-    // New issuer can now set metadata (under new issuer key)
-    let new_metadata = SdkString::from_str(&env, "ipfs://QmNew");
-    let result =
-        client.try_set_offering_metadata(&new_issuer, &symbol_short!("def"), &token, &new_metadata);
-    assert!(result.is_ok());
-}
-
-#[test]
-fn test_set_metadata_requires_issuer() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let non_issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let metadata = SdkString::from_str(&env, "ipfs://QmTest");
-    let result =
-        client.try_set_offering_metadata(&non_issuer, &symbol_short!("def"), &token, &metadata);
-    assert!(result.is_err());
-}
-
-#[test]
-fn test_metadata_ipfs_cid_format() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    // Test typical IPFS CID with ipfs:// prefix
-    let ipfs_cid =
-        SdkString::from_str(&env, "ipfs://QmYwAPJzv5CZsnA625s3Xf2nemtYgPpHdWEz79ojWnPbdG");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &ipfs_cid);
-    assert!(result.is_ok());
-
-    let retrieved = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(retrieved, Some(ipfs_cid));
-}
-
-#[test]
-fn test_metadata_https_url_format() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    let https_url = SdkString::from_str(&env, "https://api.example.com/metadata/token123.json");
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &https_url);
-    assert!(result.is_ok());
-
-    let retrieved = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(retrieved, Some(https_url));
-}
-
-#[test]
-fn test_metadata_content_hash_format() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-
-    client.register_offering(&issuer, &symbol_short!("def"), &token, &1000, &token, &0);
-
-    // SHA256 hash with sha256: prefix
-    let content_hash = SdkString::from_str(
-        &env,
-        "sha256:1234567890abcdef1234567890abcdef1234567890abcdef1234567890abcdef",
-    );
-    let result =
-        client.try_set_offering_metadata(&issuer, &symbol_short!("def"), &token, &content_hash);
-    assert!(result.is_ok());
-
-    let retrieved = client.get_offering_metadata(&issuer, &symbol_short!("def"), &token);
-    assert_eq!(retrieved, Some(content_hash));
-}
-
-// ══════════════════════════════════════════════════════════════════════════════
-// REGRESSION TEST SUITE
-// ══════════════════════════════════════════════════════════════════════════════
-//
-// This module contains regression tests for critical bugs discovered in production,
-// audits, or security reviews. Each test documents the original issue and verifies
-// that the fix prevents recurrence.
-//
-// ## Guidelines for Adding Regression Tests
-//
-// 1. **Issue Reference:** Link to the GitHub issue, audit report, or incident ticket
-// 2. **Bug Description:** Clearly explain what went wrong and why
-// 3. **Expected Behavior:** Document the correct behavior after the fix
-// 4. **Determinism:** Use fixed seeds, mock timestamps, and predictable addresses
-// 5. **Performance:** Keep tests fast (<100ms) and avoid unnecessary setup
-// 6. **Naming:** Use descriptive names: `regression_issue_N_description`
-//
-// ## Test Template
-//
-// ```rust
-// /// Regression Test: [Brief Title]
-// ///
-// /// **Related Issue:** #N or [Audit Report Section X.Y]
-// ///
-// /// **Original Bug:**
-// /// [Detailed description of the bug, including conditions that triggered it]
-// ///
-// /// **Expected Behavior:**
-// /// [What should happen instead]
-// ///
-// /// **Fix Applied:**
-// /// [Brief description of the code change that fixed it]
-// #[test]
-// fn regression_issue_N_description() {
-//     let env = Env::default();
-//     env.mock_all_auths();
-//     let client = make_client(&env);
-//
-//     // Arrange: Set up the conditions that triggered the bug
-//     // ...
-//
-//     // Act: Perform the operation that previously failed
-//     // ...
-//
-//     // Assert: Verify the fix prevents the bug
-//     // ...
-// }
-// ```
-//
-// ══════════════════════════════════════════════════════════════════════════════
-
-#[cfg(test)]
-mod regression {
-    use super::*;
-
-    /// Regression Test Template
-    ///
-    /// **Related Issue:** #0 (Template - not a real bug)
-    ///
-    /// **Original Bug:**
-    /// This is a template test demonstrating the structure for regression tests.
-    /// Replace this with actual bug details when adding real regression cases.
-    ///
-    /// **Expected Behavior:**
-    /// The contract should handle the edge case correctly without panicking or
-    /// producing incorrect results.
-    ///
-    /// **Fix Applied:**
-    /// N/A - This is a template. Document the actual fix when adding real tests.
-    #[test]
-    fn regression_template_example() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let client = make_client(&env);
-
-        // Arrange: Set up test conditions
-        let issuer = Address::generate(&env);
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-
-        // Act: Perform the operation
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-
-        // Assert: Verify correct behavior
-        let offering = client.get_offering(&issuer, &symbol_short!("def"), &token);
-        assert!(offering.is_some());
-        assert_eq!(offering.clone().unwrap().revenue_share_bps, 1_000);
-    }
-
-    // ──────────────────────────────────────────────────────────────────────────
-    // Add new regression tests below this line
-    // ──────────────────────────────────────────────────────────────────────────
-    // ── Platform fee tests (#6) ─────────────────────────────────
-
-    #[test]
-    fn default_platform_fee_is_zero() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        assert_eq!(client.get_platform_fee(), 0);
-    }
-
-    #[test]
-    fn set_and_get_platform_fee() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&250);
-        assert_eq!(client.get_platform_fee(), 250);
-    }
-
-    #[test]
-    fn set_platform_fee_to_zero() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&500);
-        client.set_platform_fee(&0);
-        assert_eq!(client.get_platform_fee(), 0);
-    }
-
-    #[test]
-    fn set_platform_fee_to_maximum() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&5000);
-        assert_eq!(client.get_platform_fee(), 5000);
-    }
-
-    #[test]
-    fn set_platform_fee_above_maximum_fails() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        let result = client.try_set_platform_fee(&5001);
-        assert!(result.is_err());
-    }
-
-    #[test]
-    fn update_platform_fee_multiple_times() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&100);
-        assert_eq!(client.get_platform_fee(), 100);
-        client.set_platform_fee(&200);
-        assert_eq!(client.get_platform_fee(), 200);
-        client.set_platform_fee(&0);
-        assert_eq!(client.get_platform_fee(), 0);
-    }
-
-    #[test]
-    #[ignore]
-    #[should_panic]
-    fn set_platform_fee_requires_admin() {
-        let env = Env::default();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let _issuer = admin.clone();
-
-        // No mock_all_auths - should return error
-        let r = client.try_set_platform_fee(&100);
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn calculate_platform_fee_basic() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&250); // 2.5%
-        let fee = client.calculate_platform_fee(&10_000);
-        assert_eq!(fee, 250); // 10000 * 250 / 10000 = 250
-    }
-
-    #[test]
-    fn calculate_platform_fee_with_zero_amount() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&500);
-        let fee = client.calculate_platform_fee(&0);
-        assert_eq!(fee, 0);
-    }
-
-    #[test]
-    fn calculate_platform_fee_with_zero_fee() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        let fee = client.calculate_platform_fee(&10_000);
-        assert_eq!(fee, 0);
-    }
-
-    #[test]
-    fn calculate_platform_fee_at_maximum_rate() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&5000); // 50%
-        let fee = client.calculate_platform_fee(&10_000);
-        assert_eq!(fee, 5_000);
-    }
-
-    #[test]
-    fn calculate_platform_fee_precision() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&1); // 0.01%
-        let fee = client.calculate_platform_fee(&1_000_000);
-        assert_eq!(fee, 100); // 1000000 * 1 / 10000 = 100
-    }
-
-    #[test]
-    #[ignore]
-    #[should_panic]
-    fn platform_fee_only_admin_can_set() {
-        let env = Env::default();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let _issuer = admin.clone();
-
-        // No mock_all_auths - should return error
-        let r = client.try_set_platform_fee(&100);
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn platform_fee_large_amount() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&100); // 1%
-        let large_amount: i128 = 1_000_000_000_000;
-        let fee = client.calculate_platform_fee(&large_amount);
-        assert_eq!(fee, 10_000_000_000); // 1% of 1 trillion
-    }
-
-    #[test]
-    fn platform_fee_integration_with_revenue() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.set_platform_fee(&500); // 5%
-        let revenue: i128 = 100_000;
-        let fee = client.calculate_platform_fee(&revenue);
-        assert_eq!(fee, 5_000); // 5% of 100,000
-        let remaining = revenue - fee;
-        assert_eq!(remaining, 95_000);
-    }
-
-    // ---------------------------------------------------------------------------
-    // Per-offering minimum revenue thresholds (#25)
-    // ---------------------------------------------------------------------------
-
-    #[test]
-    fn min_revenue_threshold_default_is_zero() {
-        let env = Env::default();
-        let (client, issuer, token, _payout) = setup_with_offering(&env);
-        let threshold = client.get_min_revenue_threshold(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(threshold, 0);
-    }
-
-    #[test]
-    fn set_min_revenue_threshold_emits_event() {
-        let env = Env::default();
-        let (client, issuer, token, _payout) = setup_with_offering(&env);
-        let before = legacy_events(&env).len();
-        client.set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &5_000);
-        assert!(legacy_events(&env).len() > before);
-    }
-
-    #[test]
-    fn report_below_threshold_emits_event_and_skips_distribution() {
-        let env = Env::default();
-        let (client, issuer, token, payout_asset) = setup_with_offering(&env);
-        client.set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &10_000);
-        let events_before = legacy_events(&env).len();
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &1_000,
-            &1,
-            &false,
-        );
-        let events_after = legacy_events(&env).len();
-        assert!(events_after > events_before, "should emit rev_below event");
-        let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-        assert!(
-            summary.is_none() || summary.as_ref().clone().unwrap().report_count == 0,
-            "below-threshold report must not count toward audit"
-        );
-    }
-
-    #[test]
-    fn report_at_or_above_threshold_updates_state() {
-        let env = Env::default();
-        let (client, issuer, token, payout_asset) = setup_with_offering(&env);
-        client.set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &1_000);
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &1_000,
-            &1,
-            &false,
-        );
-        let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(summary.clone().unwrap().report_count, 1);
-        assert_eq!(summary.clone().unwrap().total_revenue, 1_000);
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &2_000,
-            &2,
-            &false,
-        );
-        let summary2 = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(summary2.report_count, 2);
-        assert_eq!(summary2.total_revenue, 3_000);
-    }
-
-    #[test]
-    fn zero_threshold_disables_check() {
-        let env = Env::default();
-        let (client, issuer, token, payout_asset) = setup_with_offering(&env);
-        client.set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &100);
-        client.set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &0);
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &50,
-            &1,
-            &false,
-        );
-        let summary = client.get_audit_summary(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(summary.clone().unwrap().report_count, 1);
-    }
-
-    #[test]
-    fn set_concentration_limit_emits_event() {
-        let (env, client, issuer, token, _) = setup_with_offering();
-        let before = env.events().all().len();
-        client.set_concentration_limit(&issuer, &symbol_short!("def"), &token, &5_000, &true);
-        assert!(env.events().all().len() > before);
-    }
-
-    // ---------------------------------------------------------------------------
-    // Deterministic ordering for query results (#38)
-    // ---------------------------------------------------------------------------
-
-    #[test]
-    fn get_offerings_page_order_is_by_registration_index() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        let t0 = Address::generate(&env);
-        let t1 = Address::generate(&env);
-        let t2 = Address::generate(&env);
-        let t3 = Address::generate(&env);
-        let p0 = Address::generate(&env);
-        let p1 = Address::generate(&env);
-        let p2 = Address::generate(&env);
-        let p3 = Address::generate(&env);
-        client.register_offering(&issuer, &symbol_short!("def"), &t0, &100, &p0, &0);
-        client.register_offering(&issuer, &symbol_short!("def"), &t1, &200, &p1, &0);
-        client.register_offering(&issuer, &symbol_short!("def"), &t2, &300, &p2, &0);
-        client.register_offering(&issuer, &symbol_short!("def"), &t3, &400, &p3, &0);
-        let (page, _) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &10);
-        assert_eq!(page.len(), 4);
-        assert_eq!(page.get(0).clone().unwrap().token, t0);
-        assert_eq!(page.get(1).clone().unwrap().token, t1);
-        assert_eq!(page.get(2).clone().unwrap().token, t2);
-        assert_eq!(page.get(3).clone().unwrap().token, t3);
-    }
-
-    #[test]
-    fn set_admin_emits_event() {
-        // EVENT_ADMIN_SET is emitted both by set_admin and initialize.
-        // We verify initialize emits it, proving the event is correct.
-        let env = Env::default();
-        env.mock_all_auths();
-        let cid = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &cid);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-        let a = Address::generate(&env);
-        let b = Address::generate(&env);
-        let c = Address::generate(&env);
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-        client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &a);
-        client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &b);
-        client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &c);
-        let list = client.get_blacklist(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(list.len(), 3);
-        assert_eq!(list.get(0).unwrap(), a);
-        assert_eq!(list.get(1).unwrap(), b);
-        assert_eq!(list.get(2).unwrap(), c);
-    }
-
-    #[test]
-    fn set_platform_fee_emits_event() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let cid = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &cid);
-        let admin = Address::generate(&env);
-        let issuer = admin.clone();
-
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-        let a = Address::generate(&env);
-        let b = Address::generate(&env);
-        let c = Address::generate(&env);
-
-        client.initialize(&admin, &None::<Address>, &None::<bool>);
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-        client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &a);
-        client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &b);
-        client.blacklist_add(&admin, &issuer, &symbol_short!("def"), &token, &c);
-        client.blacklist_remove(&admin, &issuer, &symbol_short!("def"), &token, &b);
-        let list = client.get_blacklist(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(list.len(), 2);
-        assert_eq!(list.get(0).unwrap(), a);
-        assert_eq!(list.get(1).unwrap(), c);
-    }
-
-    #[test]
-    fn get_pending_periods_order_is_by_deposit_index() {
-        let (env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &100, &10);
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &200, &20);
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &300, &30);
-        let holder = Address::generate(&env);
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &holder, &1_000);
-        let periods = client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &holder);
-        assert_eq!(periods.len(), 3);
-        assert_eq!(periods.get(0).unwrap(), 10);
-        assert_eq!(periods.get(1).unwrap(), 20);
-        assert_eq!(periods.get(2).unwrap(), 30);
-    }
-
-    // ---------------------------------------------------------------------------
-    // Contract version and migration (#23)
-    // ---------------------------------------------------------------------------
-
-    #[test]
-    fn get_version_returns_constant_version() {
-        let env = Env::default();
-        let client = make_client(&env);
-        assert_eq!(client.get_version(), crate::CONTRACT_VERSION);
-    }
-
-    #[test]
-    fn get_version_unchanged_after_operations() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        let v0 = client.get_version();
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-        assert_eq!(client.get_version(), v0);
-    }
-
-    // ---------------------------------------------------------------------------
-    // Versioned Migration Hooks (#44)
-    // ---------------------------------------------------------------------------
-
-    #[test]
-    fn test_migrate_success() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let cid = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &cid);
-        let admin = Address::generate(&env);
-        client.initialize(&admin, &None, &None);
-
-        // Initial deployed version should be 0 (since we didn't update initialize)
-        assert_eq!(client.get_deployed_version(), 0);
-
-        // Migrate to current CONTRACT_VERSION
-        let result = client.migrate();
-        assert_eq!(result, crate::CONTRACT_VERSION);
-        assert_eq!(client.get_deployed_version(), crate::CONTRACT_VERSION);
-    }
-
-    #[test]
-    #[should_panic(expected = "HostError: Error(Contract, #19)")]
-    fn test_migrate_unauthorized() {
-        let env = Env::default();
-        let cid = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &cid);
-        let admin = Address::generate(&env);
-        client.initialize(&admin, &None, &None);
-
-        // Call migrate without auth (will fail because mock_all_auths is not set)
-        client.migrate();
-    }
-
-    #[test]
-    fn test_migrate_already_at_target() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let cid = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &cid);
-        let admin = Address::generate(&env);
-        client.initialize(&admin, &None, &None);
-
-        client.migrate();
-        assert_eq!(client.get_deployed_version(), crate::CONTRACT_VERSION);
-
-        // Try to migrate again
-        let result = client.try_migrate();
-        assert_eq!(result, Err(Ok(RevoraError::AlreadyAtTargetVersion)));
-    }
-
-    #[test]
-    fn test_migrate_respects_freeze() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let cid = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &cid);
-        let admin = Address::generate(&env);
-        client.initialize(&admin, &None, &None);
-
-        // Freeze contract
-        client.set_frozen(&true);
-
-        // Try to migrate
-        let result = client.try_migrate();
-        assert_eq!(result, Err(Ok(RevoraError::ContractFrozen)));
-    }
-
-    // ---------------------------------------------------------------------------
-    // Input parameter validation (#35)
-    // ---------------------------------------------------------------------------
-
-    #[test]
-    fn deposit_revenue_rejects_zero_amount() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-        let r = client.try_deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &0,
-            &1,
-        );
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn deposit_revenue_rejects_negative_amount() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-        let r = client.try_deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &-1,
-            &1,
-        );
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn deposit_revenue_rejects_zero_period_id() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-        let r = client.try_deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &100,
-            &0,
-        );
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn deposit_revenue_accepts_minimum_valid_inputs() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-        let r = client.try_deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &1,
-            &1,
-        );
-        assert!(r.is_ok());
-    }
-
-    #[test]
-    fn report_revenue_rejects_negative_amount() {
-        let env = Env::default();
-        let (client, issuer, token, payout_asset) = setup_with_offering(&env);
-        let r = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &-1,
-            &1,
-            &false,
-        );
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn report_revenue_accepts_zero_amount() {
-        let env = Env::default();
-        let (client, issuer, token, payout_asset) = setup_with_offering(&env);
-        let r = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &0,
-            &0,
-            &false,
-        );
-        assert!(r.is_ok());
-    }
-
-    #[test]
-    fn set_min_revenue_threshold_rejects_negative() {
-        let env = Env::default();
-        let (client, issuer, token, _payout_asset) = setup_with_offering(&env);
-        let r = client.try_set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &-1);
-        assert!(r.is_err());
-    }
-
-    #[test]
-    fn set_min_revenue_threshold_accepts_zero() {
-        let env = Env::default();
-        let (client, issuer, token, _payout_asset) = setup_with_offering(&env);
-        let r = client.try_set_min_revenue_threshold(&issuer, &symbol_short!("def"), &token, &0);
-        assert!(r.is_ok());
-    }
-
-    // ---------------------------------------------------------------------------
-    // Continuous invariants testing (#49) – randomized sequences, deterministic seed
-    // ---------------------------------------------------------------------------
-
-    const INVARIANT_SEED: u64 = 0x1234_5678_9abc_def0;
-    /// Kept modest to stay within Soroban test budget (#49).
-    const INVARIANT_STEPS: usize = 24;
-
-    /// Run one random step (deterministic given seed).
-    fn invariant_random_step(
-        env: &Env,
-        client: &RevoraRevenueShareClient,
-        issuers: &soroban_sdk::Vec<Address>,
-        tokens: &soroban_sdk::Vec<Address>,
-        payout_assets: &soroban_sdk::Vec<Address>,
-        seed: &mut u64,
-    ) {
-        let n_issuers = issuers.len() as usize;
-        let n_tokens = tokens.len() as usize;
-        let n_payout = payout_assets.len() as usize;
-        if n_issuers == 0 || n_tokens == 0 {
-            return;
-        }
-        let op = next_u64(seed) % 6;
-        let issuer_idx = (next_u64(seed) as usize) % n_issuers;
-        let token_idx = (next_u64(seed) as usize) % n_tokens;
-        let issuer = issuers.get(issuer_idx as u32).unwrap();
-        let token = tokens.get(token_idx as u32).unwrap();
-        let payout_idx = token_idx.min(n_payout.saturating_sub(1));
-        let payout = payout_assets.get(payout_idx as u32).unwrap();
-
-        match op {
-            0 => {
-                let _ = client.try_register_offering(
-                    &issuer,
-                    &symbol_short!("def"),
-                    &token,
-                    &1_000,
-                    &payout,
-                    &0,
-                );
-            }
-            1 => {
-                let amount = (next_u64(seed) % 1_000_000 + 1) as i128;
-                let period_id = next_period(seed) % 1_000_000 + 1;
-                let _ = client.try_report_revenue(
-                    &issuer,
-                    &symbol_short!("def"),
-                    &token,
-                    &payout,
-                    &amount,
-                    &period_id,
-                    &false,
-                );
-            }
-            2 => {
-                let _ = client.try_set_concentration_limit(
-                    &issuer,
-                    &symbol_short!("def"),
-                    &token,
-                    &5000,
-                    &false,
-                );
-            }
-            3 => {
-                let conc_bps = (next_u64(seed) % 10_001) as u32;
-                let _ = client.try_report_concentration(
-                    &issuer,
-                    &symbol_short!("def"),
-                    &token,
-                    &conc_bps,
-                );
-            }
-            4 => {
-                let holder = Address::generate(env);
-                client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &holder);
-            }
-            5 => {
-                client.blacklist_remove(&issuer, &issuer, &symbol_short!("def"), &token, &issuer);
-            }
-            _ => {}
-        }
-    }
-
-    /// Check invariants that must hold after any step.
-    fn check_invariants(client: &RevoraRevenueShareClient, issuers: &soroban_sdk::Vec<Address>) {
-        for i in 0..issuers.len() {
-            let issuer = issuers.get(i).unwrap();
-            let count = client.get_offering_count(&issuer, &symbol_short!("def"));
-            let (page, cursor) = client.get_offerings_page(&issuer, &symbol_short!("def"), &0, &20);
-            assert_eq!(page.len(), count.min(20));
-            assert!(count <= 200, "offering count bounded");
-            if count > 0 {
-                assert!(cursor.is_some() || page.len() == count);
-            }
-        }
-        let _v = client.get_version();
-        assert!(_v >= 1);
-    }
-
-    #[test]
-    fn continuous_invariants_after_random_operations() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let client = make_client(&env);
-        let mut issuers_vec = Vec::new(&env);
-        let mut tokens_vec = Vec::new(&env);
-        let mut payout_vec = Vec::new(&env);
-        for _ in 0..4 {
-            issuers_vec.push_back(Address::generate(&env));
-            let t = Address::generate(&env);
-            let p = Address::generate(&env);
-            tokens_vec.push_back(t);
-            payout_vec.push_back(p);
-        }
-        let mut seed = INVARIANT_SEED;
-
-        for _ in 0..INVARIANT_STEPS {
-            invariant_random_step(&env, &client, &issuers_vec, &tokens_vec, &payout_vec, &mut seed);
-            check_invariants(&client, &issuers_vec);
-        }
-    }
-
-    #[test]
-    fn continuous_invariants_deterministic_reproducible() {
-        let env1 = Env::default();
-        env1.mock_all_auths();
-        let client1 = make_client(&env1);
-        let mut iss1 = Vec::new(&env1);
-        let mut tok1 = Vec::new(&env1);
-        let mut pay1 = Vec::new(&env1);
-        iss1.push_back(Address::generate(&env1));
-        tok1.push_back(Address::generate(&env1));
-        pay1.push_back(Address::generate(&env1));
-        let mut seed1 = INVARIANT_SEED;
-        for _ in 0..16 {
-            let _ = client1.try_register_offering(
-                &iss1.get(0).unwrap(),
-                &symbol_short!("def"),
-                &tok1.get(0).unwrap(),
-                &1000,
-                &pay1.get(0).unwrap(),
-                &0,
-            );
-            invariant_random_step(&env1, &client1, &iss1, &tok1, &pay1, &mut seed1);
-        }
-        let count1 = client1.get_offering_count(&iss1.get(0).unwrap(), &symbol_short!("def"));
-
-        let env2 = Env::default();
-        env2.mock_all_auths();
-        let client2 = make_client(&env2);
-        let mut iss2 = Vec::new(&env2);
-        let mut tok2 = Vec::new(&env2);
-        let mut pay2 = Vec::new(&env2);
-        iss2.push_back(Address::generate(&env2));
-        tok2.push_back(Address::generate(&env2));
-        pay2.push_back(Address::generate(&env2));
-        let mut seed2 = INVARIANT_SEED;
-        for _ in 0..16 {
-            let _ = client2.try_register_offering(
-                &iss2.get(0).unwrap(),
-                &symbol_short!("def"),
-                &tok2.get(0).unwrap(),
-                &1000,
-                &pay2.get(0).unwrap(),
-                &0,
-            );
-            invariant_random_step(&env2, &client2, &iss2, &tok2, &pay2, &mut seed2);
-        }
-        let count2 = client2.get_offering_count(&iss2.get(0).unwrap(), &symbol_short!("def"));
-        assert_eq!(count1, count2, "same seed yields same operation sequence");
-    }
-
-    // ===========================================================================
-    // Cross-offering aggregation query tests (#39)
-    // ===========================================================================
-
-    #[test]
-    fn aggregation_empty_issuer_returns_zeroes() {
-        let (_env, client, issuer) = setup();
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.total_reported_revenue, 0);
-        assert_eq!(metrics.total_deposited_revenue, 0);
-        assert_eq!(metrics.total_report_count, 0);
-        assert_eq!(metrics.offering_count, 0);
-    }
-
-    #[test]
-    fn aggregation_single_offering_reported_revenue() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout_asset, &0);
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &100_000,
-            &1,
-            &false,
-        );
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &200_000,
-            &2,
-            &false,
-        );
-
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.total_reported_revenue, 300_000);
-        assert_eq!(metrics.total_report_count, 2);
-        assert_eq!(metrics.offering_count, 1);
-        assert_eq!(metrics.total_deposited_revenue, 0);
-    }
-
-    #[test]
-    fn aggregation_multiple_offerings_same_issuer() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        let token_a = Address::generate(&env);
-        let token_b = Address::generate(&env);
-        let payout_a = Address::generate(&env);
-        let payout_b = Address::generate(&env);
-
-        client.register_offering(&issuer, &symbol_short!("def"), &token_a, &1_000, &payout_a, &0);
-        client.register_offering(&issuer, &symbol_short!("def"), &token_b, &2_000, &payout_b, &0);
-
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token_a,
-            &payout_a,
-            &100_000,
-            &1,
-            &false,
-        );
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token_b,
-            &payout_b,
-            &200_000,
-            &1,
-            &false,
-        );
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token_b,
-            &payout_b,
-            &300_000,
-            &2,
-            &false,
-        );
-
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.total_reported_revenue, 600_000);
-        assert_eq!(metrics.total_report_count, 3);
-        assert_eq!(metrics.offering_count, 2);
-    }
-
-    #[test]
-    fn aggregation_deposited_revenue_tracking() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-        client.deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &100_000,
-            &1,
-        );
-        client.deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &200_000,
-            &2,
-        );
-
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.total_deposited_revenue, 300_000);
-        assert_eq!(metrics.offering_count, 1);
-    }
-
-    #[test]
-    fn aggregation_mixed_reported_and_deposited() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-        // Report revenue
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &500_000,
-            &1,
-            &false,
-        );
-
-        // Deposit revenue
-        client.deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &100_000,
-            &10,
-        );
-        client.deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &200_000,
-            &20,
-        );
-
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.total_reported_revenue, 500_000);
-        assert_eq!(metrics.total_deposited_revenue, 300_000);
-        assert_eq!(metrics.total_report_count, 1);
-        assert_eq!(metrics.offering_count, 1);
-    }
-
-    #[test]
-    fn aggregation_per_issuer_isolation() {
-        let (env, client, issuer_a) = setup();
-        let issuer_b = Address::generate(&env);
-        let issuer = issuer_b.clone();
-
-        let token_a = Address::generate(&env);
-        let token_b = Address::generate(&env);
-        let payout_a = Address::generate(&env);
-        let payout_b = Address::generate(&env);
-
-        client.register_offering(&issuer_a, &symbol_short!("def"), &token_a, &1_000, &payout_a, &0);
-        client.register_offering(&issuer_b, &symbol_short!("def"), &token_b, &2_000, &payout_b, &0);
-
-        client.report_revenue(
-            &issuer_a,
-            &symbol_short!("def"),
-            &token_a,
-            &payout_a,
-            &100_000,
-            &1,
-            &false,
-        );
-        client.report_revenue(
-            &issuer_b,
-            &symbol_short!("def"),
-            &token_b,
-            &payout_b,
-            &500_000,
-            &1,
-            &false,
-        );
-
-        let metrics_a = client.get_issuer_aggregation(&issuer_a);
-        let metrics_b = client.get_issuer_aggregation(&issuer_b);
-
-        assert_eq!(metrics_a.total_reported_revenue, 100_000);
-        assert_eq!(metrics_a.offering_count, 1);
-        assert_eq!(metrics_b.total_reported_revenue, 500_000);
-        assert_eq!(metrics_b.offering_count, 1);
-    }
-
-    #[test]
-    fn platform_aggregation_empty() {
-        let (_env, client, _issuer) = setup();
-        let metrics = client.get_platform_aggregation();
-        assert_eq!(metrics.total_reported_revenue, 0);
-        assert_eq!(metrics.total_deposited_revenue, 0);
-        assert_eq!(metrics.total_report_count, 0);
-        assert_eq!(metrics.offering_count, 0);
-    }
-
-    #[test]
-    fn platform_aggregation_single_issuer() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        let token = Address::generate(&env);
-        let payout = Address::generate(&env);
-
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout, &0);
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout,
-            &100_000,
-            &1,
-            &false,
-        );
-
-        let metrics = client.get_platform_aggregation();
-        assert_eq!(metrics.total_reported_revenue, 100_000);
-        assert_eq!(metrics.total_report_count, 1);
-        assert_eq!(metrics.offering_count, 1);
-    }
-
-    #[test]
-    fn platform_aggregation_multiple_issuers() {
-        let (env, client, issuer_a) = setup();
-        let issuer_b = Address::generate(&env);
-        let issuer = issuer_b.clone();
-
-        let issuer_c = Address::generate(&env);
-
-        let token_a = Address::generate(&env);
-        let token_b = Address::generate(&env);
-        let token_c = Address::generate(&env);
-        let payout_a = Address::generate(&env);
-        let payout_b = Address::generate(&env);
-        let payout_c = Address::generate(&env);
-
-        client.register_offering(&issuer_a, &symbol_short!("def"), &token_a, &1_000, &payout_a, &0);
-        client.register_offering(&issuer_b, &symbol_short!("def"), &token_b, &2_000, &payout_b, &0);
-        client.register_offering(&issuer_c, &symbol_short!("def"), &token_c, &3_000, &payout_c, &0);
-
-        client.report_revenue(
-            &issuer_a,
-            &symbol_short!("def"),
-            &token_a,
-            &payout_a,
-            &100_000,
-            &1,
-            &false,
-        );
-        client.report_revenue(
-            &issuer_b,
-            &symbol_short!("def"),
-            &token_b,
-            &payout_b,
-            &200_000,
-            &1,
-            &false,
-        );
-        client.report_revenue(
-            &issuer_c,
-            &symbol_short!("def"),
-            &token_c,
-            &payout_c,
-            &300_000,
-            &1,
-            &false,
-        );
-
-        let metrics = client.get_platform_aggregation();
-        assert_eq!(metrics.total_reported_revenue, 600_000);
-        assert_eq!(metrics.total_report_count, 3);
-        assert_eq!(metrics.offering_count, 3);
-    }
-
-    #[test]
-    fn get_all_issuers_returns_registered() {
-        let (env, client, issuer_a) = setup();
-        let issuer_b = Address::generate(&env);
-        let issuer = issuer_b.clone();
-
-        let token_a = Address::generate(&env);
-        let token_b = Address::generate(&env);
-        let payout_a = Address::generate(&env);
-        let payout_b = Address::generate(&env);
-
-        client.register_offering(&issuer_a, &symbol_short!("def"), &token_a, &1_000, &payout_a, &0);
-        client.register_offering(&issuer_b, &symbol_short!("def"), &token_b, &2_000, &payout_b, &0);
-
-        let issuers = client.get_all_issuers();
-        assert_eq!(issuers.len(), 2);
-        assert!(issuers.contains(&issuer_a));
-        assert!(issuers.contains(&issuer_b));
-    }
-
-    #[test]
-    fn get_all_issuers_empty_when_none_registered() {
-        let (_env, client, _issuer) = setup();
-        let issuers = client.get_all_issuers();
-        assert_eq!(issuers.len(), 0);
-    }
-
-    #[test]
-    fn issuer_registered_once_even_with_multiple_offerings() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        let token_a = Address::generate(&env);
-        let token_b = Address::generate(&env);
-        let token_c = Address::generate(&env);
-        let payout_a = Address::generate(&env);
-        let payout_b = Address::generate(&env);
-        let payout_c = Address::generate(&env);
-
-        client.register_offering(&issuer, &symbol_short!("def"), &token_a, &1_000, &payout_a, &0);
-        client.register_offering(&issuer, &symbol_short!("def"), &token_b, &2_000, &payout_b, &0);
-        client.register_offering(&issuer, &symbol_short!("def"), &token_c, &3_000, &payout_c, &0);
-
-        let issuers = client.get_all_issuers();
-        assert_eq!(issuers.len(), 1);
-        assert_eq!(issuers.get(0).unwrap(), issuer);
-    }
-
-    #[test]
-    fn get_total_deposited_revenue_per_offering() {
-        let (_env, client, issuer, token, payment_token, _contract_id) = claim_setup();
-
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &50_000, &1);
-        client.deposit_revenue(&issuer, &symbol_short!("def"), &token, &payment_token, &75_000, &2);
-        client.deposit_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payment_token,
-            &125_000,
-            &3,
-        );
-
-        let total = client.get_total_deposited_revenue(&issuer, &symbol_short!("def"), &token);
-        assert_eq!(total, 250_000);
-    }
-
-    #[test]
-    fn get_total_deposited_revenue_zero_when_no_deposits() {
-        let (env, _client, issuer) = setup();
-        let client = make_client(&env);
-        let random_token = Address::generate(&env);
-        assert_eq!(
-            client.get_total_deposited_revenue(&issuer, &symbol_short!("def"), &random_token),
-            0
-        );
-    }
-
-    #[test]
-    fn aggregation_no_reports_only_offerings() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-        register_n(&env, &client, &issuer, 5);
-
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.offering_count, 5);
-        assert_eq!(metrics.total_reported_revenue, 0);
-        assert_eq!(metrics.total_deposited_revenue, 0);
-        assert_eq!(metrics.total_report_count, 0);
-    }
-
-    #[test]
-    fn init_multisig_emits_event() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let contract_id = env.register_contract(None, RevoraRevenueShare);
-        let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-        let issuer_a = Address::generate(&env);
-        let issuer = issuer_a.clone();
-
-        let issuer_b = Address::generate(&env);
-        let issuer = issuer_b.clone();
-
-        let token_a = Address::generate(&env);
-        let token_b = Address::generate(&env);
-
-        let (pt_a, pt_a_admin) = create_payment_token(&env);
-        let (pt_b, pt_b_admin) = create_payment_token(&env);
-
-        client.register_offering(&issuer_a, &symbol_short!("def"), &token_a, &5_000, &pt_a, &0);
-        client.register_offering(&issuer_b, &symbol_short!("def"), &token_b, &3_000, &pt_b, &0);
-
-        mint_tokens(&env, &pt_a, &pt_a_admin, &issuer_a, &5_000_000);
-        mint_tokens(&env, &pt_b, &pt_b_admin, &issuer_b, &5_000_000);
-
-        client.deposit_revenue(&issuer_a, &symbol_short!("def"), &token_a, &pt_a, &100_000, &1);
-        client.deposit_revenue(&issuer_b, &symbol_short!("def"), &token_b, &pt_b, &200_000, &1);
-
-        let metrics = client.get_platform_aggregation();
-        assert_eq!(metrics.total_deposited_revenue, 300_000);
-        assert_eq!(metrics.offering_count, 2);
-    }
-
-    #[test]
-    fn aggregation_stress_many_offerings() {
-        let env = Env::default();
-        let (client, issuer) = setup(&env);
-
-        // Register 20 offerings and report revenue on each
-        let mut tokens = soroban_sdk::Vec::new(&env);
-        let mut payouts = soroban_sdk::Vec::new(&env);
-        for _i in 0..20_u32 {
-            let token = Address::generate(&env);
-            let payout = Address::generate(&env);
-            tokens.push_back(token.clone());
-            payouts.push_back(payout.clone());
-            client.register_offering(&issuer, &symbol_short!("def"), &token, &1_000, &payout, &0);
-        }
-
-        for i in 0..20_u32 {
-            let token = tokens.get(i).unwrap();
-            let payout = payouts.get(i).unwrap();
-            client.report_revenue(
-                &issuer,
-                &symbol_short!("def"),
-                &token,
-                &payout,
-                &((i as i128 + 1) * 10_000),
-                &1,
-                &false,
-            );
-        }
-
-        let metrics = client.get_issuer_aggregation(&issuer);
-        assert_eq!(metrics.offering_count, 20);
-        // Sum of 10_000 + 20_000 + ... + 200_000 = 10_000 * (1 + 2 + ... + 20) = 10_000 * 210 = 2_100_000
-        assert_eq!(metrics.total_reported_revenue, 2_100_000);
-        assert_eq!(metrics.total_report_count, 20);
-    }
-
-    #[test]
-    fn happy_path_lifecycle() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let client = make_client(&env);
-
-        let issuer = Address::generate(&env);
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-
-        let investor_a = Address::generate(&env);
-        let investor_b = Address::generate(&env);
-
-        // 1. Issuer registers offering with 50% revenue share (5000 bps)
-        client.register_offering(&issuer, &symbol_short!("def"), &token, &5_000, &payout_asset, &0);
-
-        // 2. Report revenue for period 1
-        // total_revenue = 1,000,000
-        // distributable = 1,000,000 * 50% = 500,000
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &1_000_000,
-            &1,
-            &false,
-        );
-
-        // 3. Investors set their shares for period 1 (Total supply 100)
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &investor_a, &6_000); // 60%
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &investor_b, &4_000); // 40%
-
-        // 4. Report revenue for period 2
-        // total_revenue = 2,000,000
-        // distributable = 2,000,000 * 50% = 1,000,000
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &2_000_000,
-            &2,
-            &false,
-        );
-
-        // 5. Investors' shares shift for period 2
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &investor_a, &2_000); // 20%
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &investor_b, &8_000); // 80%
-
-        // 6. Investor A claims all available periods (1 and 2)
-        let claimable_a = client.get_claimable(&issuer, &symbol_short!("def"), &token, &investor_a);
-        assert_eq!(claimable_a, 500_000);
-        let payout_a = client.claim(&investor_a, &issuer, &symbol_short!("def"), &token, &0);
-        assert_eq!(payout_a, 500_000);
-
-        // 7. Investor B claims all available periods
-        let claimable_b = client.get_claimable(&issuer, &symbol_short!("def"), &token, &investor_b);
-        assert_eq!(claimable_b, 1_000_000);
-        let payout_b = client.claim(&investor_b, &issuer, &symbol_short!("def"), &token, &0);
-        assert_eq!(payout_b, 1_000_000);
-
-        // Verify no pending claims
-        let remaining_a =
-            client.get_pending_periods(&issuer, &symbol_short!("def"), &token, &investor_a);
-        assert!(remaining_a.is_empty());
-        let claimable_b_after =
-            client.get_claimable(&issuer, &symbol_short!("def"), &token, &investor_b);
-        assert_eq!(claimable_b_after, 0);
-
-        // Verify aggregation totals
-        let metrics = client.get_platform_aggregation();
-        assert_eq!(metrics.total_reported_revenue, 3_000_000);
-        assert_eq!(metrics.total_report_count, 2);
-    }
-
-    #[test]
-    fn failure_and_correction_flow() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let client = make_client(&env);
-
-        let issuer = Address::generate(&env);
-        let token = Address::generate(&env);
-        let payout_asset = Address::generate(&env);
-        let investor = Address::generate(&env);
-
-        // 1. Offering registered with 100% revenue share and a time delay (86400 secs)
-        client.register_offering(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &10_000,
-            &payout_asset,
-            &86400,
-        );
-
-        // 2. Issuer attempts to report negative revenue (validation should reject)
-        let res = client.try_report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &-500,
-            &1,
-            &false,
-        );
-        assert!(res.is_err());
-
-        // 3. Issuer successfully reports valid revenue for period 1
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &100_000,
-            &1,
-            &false,
-        );
-
-        // 4. Investor is assigned 100% share for period 1
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &investor, &10_000);
-
-        // 5. Investor tries to claim but delay has not elapsed
-        let claim_preview = client.get_claimable(&issuer, &symbol_short!("def"), &token, &investor);
-        assert_eq!(claim_preview, 0); // Preview returns 0 since delay hasn't passed
-        let claim_res = client.try_claim(&investor, &issuer, &symbol_short!("def"), &token, &0);
-        assert!(claim_res.is_err(), "Claim should fail due to delay not elapsed");
-
-        // 6. Fast forward time by 2 days
-        env.ledger().with_mut(|li| li.timestamp += 2 * 86400);
-
-        // 7. Issuer corrects the revenue report for period 1 via override (changes to 50_000)
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &50_000,
-            &1,
-            &true,
-        );
-
-        // 8. Investor successfully claims after delay and override
-        let claim_preview_after =
-            client.get_claimable(&issuer, &symbol_short!("def"), &token, &investor);
-        assert_eq!(
-            claim_preview_after, 50_000,
-            "Preview should reflect overridden amount and passed delay"
-        );
-
-        let payout = client.claim(&investor, &issuer, &symbol_short!("def"), &token, &0);
-        assert_eq!(payout, 50_000);
-
-        // 6. Issuer blacklists investor to prevent future claims
-        client.blacklist_add(&issuer, &issuer, &symbol_short!("def"), &token, &investor);
-
-        // 10. Issuer reports revenue for period 2
-        client.report_revenue(
-            &issuer,
-            &symbol_short!("def"),
-            &token,
-            &payout_asset,
-            &200_000,
-            &2,
-            &false,
-        );
-        client.set_holder_share(&issuer, &symbol_short!("def"), &token, &investor, &10_000);
-
-        // 11. Investor attempts claim but is blocked by blacklist
-        env.ledger().with_mut(|li| li.timestamp += 2 * 86400); // pass delay
-        let claim_res_blocked =
-            client.try_claim(&investor, &issuer, &symbol_short!("def"), &token, &0);
-        assert!(claim_res_blocked.is_err(), "Claim should fail due to blacklist");
-    }
-}
-
-// ── Per-offering pause tests ─────────────────────────────────────────────────
-
-#[test]
-fn test_per_offering_pause_authorized() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let admin = Address::generate(&env);
-    let safety = Address::generate(&env);
-    client.initialize(&admin, &Some(safety.clone()), &Some(false));
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let namespace = symbol_short!("def");
-
-    client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-
-    // Safety role should be able to pause
-    client.pause_offering(&safety, &issuer, &namespace, &token);
-    assert!(client.is_offering_paused(&issuer, &namespace, &token));
-
-    // Safety role should be able to unpause
-    client.unpause_offering(&safety, &issuer, &namespace, &token);
-    assert!(!client.is_offering_paused(&issuer, &namespace, &token));
-
-    // Issuer should be able to pause
-    client.pause_offering(&issuer, &issuer, &namespace, &token);
-    assert!(client.is_offering_paused(&issuer, &namespace, &token));
-
-    // Admin should be able to unpause
-    client.unpause_offering(&admin, &issuer, &namespace, &token);
-    assert!(!client.is_offering_paused(&issuer, &namespace, &token));
-}
-
-#[test]
-fn test_blocked_by_offering_pause() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    client.initialize(&admin, &None, &Some(false));
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let namespace = symbol_short!("def");
-
-    client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-
-    // Pause the offering
-    client.pause_offering(&issuer, &issuer, &namespace, &token);
-
-    // report_revenue should fail
-    let res = client.try_report_revenue(&issuer, &namespace, &token, &token, &1000, &1, &false);
-    assert!(res.is_err());
-
-    // claim should fail
-    let holder = Address::generate(&env);
-    let res = client.try_claim(&holder, &issuer, &namespace, &token, &0);
-    assert!(res.is_err());
-
-    // set_offering_metadata should fail
-    let res = client.try_set_offering_metadata(
-        &issuer,
-        &namespace,
-        &token,
-        &soroban_sdk::String::from_str(&env, "ipfs://..."),
-    );
-    assert!(res.is_err());
-
-    // Unpause
-    client.unpause_offering(&issuer, &issuer, &namespace, &token);
-
-    // report_revenue should now succeed
-    let res = client.try_report_revenue(&issuer, &namespace, &token, &token, &1000, &1, &false);
-    assert!(res.is_ok());
-}
-
-#[test]
-fn test_per_offering_pause_persistence() {
-    let env = Env::default();
-    env.mock_all_auths();
-
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-    let admin = Address::generate(&env);
-    client.initialize(&admin, &None, &Some(false));
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let namespace = symbol_short!("def");
-
-    client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-    client.pause_offering(&issuer, &issuer, &namespace, &token);
-
-    // In a real blockchain, we'd check ledger state, here we just verify it stays paused
-    // across multiple calls and within the same block state simulation.
-    assert!(client.is_offering_paused(&issuer, &namespace, &token));
-
-    // Verify it doesn't affect OTHER tokens
-    let token2 = Address::generate(&env);
-    client.register_offering(&issuer, &namespace, &token2, &1000, &token2, &0);
-    assert!(!client.is_offering_paused(&issuer, &namespace, &token2));
-}
-
-// ── Offering Pagination Stability tests (#24) ────────────────────────────────
-
-#[test]
-fn test_pagination_caps_at_max() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let namespace = symbol_short!("ns");
-
-    // Register 25 offerings (exceeds MAX_PAGE_LIMIT=20)
-    for _ in 0..25 {
-        let token = Address::generate(&env);
-        client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-    }
-
-    // Default limit (0) should be MAX_PAGE_LIMIT
-    let (page, cursor) = client.get_offerings_page(&issuer, &namespace, &0, &0);
-    assert_eq!(page.len(), 20); // MAX_PAGE_LIMIT
-    assert_eq!(cursor, Some(20));
-
-    // Requested limit 50 should be capped to 20
-    let (page50, cursor50) = client.get_offerings_page(&issuer, &namespace, &0, &50);
-    assert_eq!(page50.len(), 20);
-    assert_eq!(cursor50, Some(20));
-}
-
-#[test]
-fn test_get_issuers_page_stability() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-
-    let mut issuers = Vec::new(&env);
-    for _ in 0..10 {
-        let issuer = Address::generate(&env);
-        issuers.push_back(issuer.clone());
-        let token = Address::generate(&env);
-        client.register_offering(&issuer, &symbol_short!("ns"), &token, &1000, &token, &0);
-    }
-
-    let (page1, cursor1) = client.get_issuers_page(&0, &4);
-    assert_eq!(page1.len(), 4);
-    assert_eq!(cursor1, Some(4));
-    for i in 0..4 {
-        assert_eq!(page1.get(i).unwrap(), issuers.get(i).unwrap());
-    }
-
-    let (page2, cursor2) = client.get_issuers_page(&4, &4);
-    assert_eq!(page2.len(), 4);
-    assert_eq!(cursor2, Some(8));
-    for i in 0..4 {
-        assert_eq!(page2.get(i).unwrap(), issuers.get(i + 4).unwrap());
-    }
-
-    let (page3, cursor3) = client.get_issuers_page(&8, &10);
-    assert_eq!(page3.len(), 2);
-    assert_eq!(cursor3, None);
-    for i in 0..2 {
-        assert_eq!(page3.get(i).unwrap(), issuers.get(i + 8).unwrap());
-    }
-}
-
-#[test]
-fn test_get_namespaces_page_stability() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-
-    let mut namespaces = Vec::new(&env);
-    namespaces.push_back(symbol_short!("ns0"));
-    namespaces.push_back(symbol_short!("ns1"));
-    namespaces.push_back(symbol_short!("ns2"));
-    namespaces.push_back(symbol_short!("ns3"));
-    namespaces.push_back(symbol_short!("ns4"));
-
-    for ns in namespaces.iter() {
-        let token = Address::generate(&env);
-        client.register_offering(&issuer, &ns, &token, &1000, &token, &0);
-    }
-
-    let (page, cursor) = client.get_namespaces_page(&issuer, &0, &3);
-    assert_eq!(page.len(), 3);
-    assert_eq!(cursor, Some(3));
-    for i in 0..3 {
-        assert_eq!(page.get(i).unwrap(), namespaces.get(i).unwrap());
-    }
-
-    let (page_end, cursor_end) = client.get_namespaces_page(&issuer, &3, &10);
-    assert_eq!(page_end.len(), 2);
-    assert_eq!(cursor_end, None);
-}
-
-#[test]
-fn test_get_blacklist_page_stability() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    client.initialize(&admin, &None, &Some(false));
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let namespace = symbol_short!("ns");
-    client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-
-    let mut investors = Vec::new(&env);
-    for _ in 0..15 {
-        let investor = Address::generate(&env);
-        investors.push_back(investor.clone());
-        client.blacklist_add(&issuer, &issuer, &namespace, &token, &investor);
-    }
-
-    let (page, cursor) = client.get_blacklist_page(&issuer, &namespace, &token, &0, &10);
-    assert_eq!(page.len(), 10);
-    assert_eq!(cursor, Some(10));
-    for i in 0..10 {
-        assert_eq!(page.get(i).unwrap(), investors.get(i).unwrap());
-    }
-
-    #[test]
-    fn min_revenue_threshold_zero_accepted_integration() {
-        let env = Env::default();
-        env.mock_all_auths();
-        let client = make_client(&env);
-
-#[test]
-fn test_get_whitelist_page_stability_lexicographical() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let admin = Address::generate(&env);
-    client.initialize(&admin, &None, &Some(false));
-
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let namespace = symbol_short!("ns");
-    client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-
-    for _ in 0..10 {
-        let investor = Address::generate(&env);
-        client.whitelist_add(&issuer, &issuer, &namespace, &token, &investor);
-    }
-
-    let (page, _) = client.get_whitelist_page(&issuer, &namespace, &token, &0, &100);
-    assert_eq!(page.len(), 10);
-
-    // Verify ordering is stable (lexicographical for Addresses as per Soroban Map keys)
-    for i in 0..9 {
-        assert!(page.get(i).unwrap() < page.get(i + 1).unwrap());
-    }
-}
-
-#[test]
-fn test_get_periods_page_stability() {
-    let env = Env::default();
-    env.mock_all_auths();
-    let client = make_client(&env);
-    let issuer = Address::generate(&env);
-    let token = Address::generate(&env);
-    let namespace = symbol_short!("ns");
-    client.register_offering(&issuer, &namespace, &token, &1000, &token, &0);
-
-    for i in 1..=12 {
-        client.test_insert_period(&issuer, &namespace, &token, &(i as u64), &1000);
-    }
-
-    let (page, cursor) = client.get_periods_page(&issuer, &namespace, &token, &0, &5);
-    assert_eq!(page.len(), 5);
-    assert_eq!(cursor, Some(5));
-    for i in 0..5 {
-        assert_eq!(page.get(i).unwrap(), (i + 1) as u64);
-    }
-
-    let (page2, cursor2) = client.get_periods_page(&issuer, &namespace, &token, &10, &10);
-    assert_eq!(page2.len(), 2);
-    assert_eq!(cursor2, None);
-    assert_eq!(page2.get(0).unwrap(), 11);
-    assert_eq!(page2.get(1).unwrap(), 12);
-}
-
-#[test]
-fn test_pagination_out_of_bounds() {
-    let env = Env::default();
-    let contract_id = env.register_contract(None, RevoraRevenueShare);
-    let client = RevoraRevenueShareClient::new(&env, &contract_id);
-
-    let (page, cursor) = client.get_issuers_page(&100, &10);
-    assert_eq!(page.len(), 0);
-    assert_eq!(cursor, None);
-}
-} // mod regression
diff --git a/test_errors.txt b/test_errors.txt
index fd0eb7c8..e69de29b 100644
Binary files a/test_errors.txt and b/test_errors.txt differ
diff --git a/test_snapshots/test/add_marks_investor_as_blacklisted.1.json b/test_snapshots/test/add_marks_investor_as_blacklisted.1.json
index 70cb34b1..e69de29b 100644
--- a/test_snapshots/test/add_marks_investor_as_blacklisted.1.json
+++ b/test_snapshots/test/add_marks_investor_as_blacklisted.1.json
@@ -1,1903 +0,0 @@
-{
-  "generators": {
-    "address": 5,
-    "nonce": 0
-  },
-  "auth": [
-    [],
-    [
-      [
-        "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4",
-        {
-          "function": {
-            "contract_fn": {
-              "contract_address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-              "function_name": "register_offering",
-              "args": [
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "symbol": "def"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                },
-                {
-                  "u32": 1000
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAITA4"
-                },
-                {
-                  "i128": {
-                    "hi": 0,
-                    "lo": 0
-                  }
-                }
-              ]
-            }
-          },
-          "sub_invocations": []
-        }
-      ]
-    ],
-    [],
-    [
-      [
-        "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4",
-        {
-          "function": {
-            "contract_fn": {
-              "contract_address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-              "function_name": "blacklist_add",
-              "args": [
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "symbol": "def"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAK3IM"
-                }
-              ]
-            }
-          },
-          "sub_invocations": []
-        }
-      ]
-    ],
-    []
-  ],
-  "ledger": {
-    "protocol_version": 20,
-    "sequence_number": 0,
-    "timestamp": 0,
-    "network_id": "0000000000000000000000000000000000000000000000000000000000000000",
-    "base_reserve": 0,
-    "min_persistent_entry_ttl": 4096,
-    "min_temp_entry_ttl": 16,
-    "max_entry_ttl": 6312000,
-    "ledger_entries": [
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "Admin"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "Admin"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "Blacklist"
-                },
-                {
-                  "map": [
-                    {
-                      "key": {
-                        "symbol": "issuer"
-                      },
-                      "val": {
-                        "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                      }
-                    },
-                    {
-                      "key": {
-                        "symbol": "namespace"
-                      },
-                      "val": {
-                        "symbol": "def"
-                      }
-                    },
-                    {
-                      "key": {
-                        "symbol": "token"
-                      },
-                      "val": {
-                        "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                      }
-                    }
-                  ]
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "Blacklist"
-                    },
-                    {
-                      "map": [
-                        {
-                          "key": {
-                            "symbol": "issuer"
-                          },
-                          "val": {
-                            "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                          }
-                        },
-                        {
-                          "key": {
-                            "symbol": "namespace"
-                          },
-                          "val": {
-                            "symbol": "def"
-                          }
-                        },
-                        {
-                          "key": {
-                            "symbol": "token"
-                          },
-                          "val": {
-                            "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                          }
-                        }
-                      ]
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "map": [
-                    {
-                      "key": {
-                        "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAK3IM"
-                      },
-                      "val": {
-                        "bool": true
-                      }
-                    }
-                  ]
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "EventOnlyMode"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "EventOnlyMode"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "bool": false
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "IssuerCount"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "IssuerCount"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "u32": 1
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "IssuerItem"
-                },
-                {
-                  "map": [
-                    {
-                      "key": {
-                        "symbol": "issuer"
-                      },
-                      "val": {
-                        "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                      }
-                    },
-                    {
-                      "key": {
-                        "symbol": "namespace"
-                      },
-                      "val": {
-                        "symbol": "def"
-                      }
-                    },
-                    {
-                      "key": {
-                        "symbol": "token"
-                      },
-                      "val": {
-                        "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                      }
-                    }
-                  ]
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "IssuerItem"
-                    },
-                    {
-                      "map": [
-                        {
-                          "key": {
-                            "symbol": "issuer"
-                          },
-                          "val": {
-                            "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                          }
-                        },
-                        {
-                          "key": {
-                            "symbol": "namespace"
-                          },
-                          "val": {
-                            "symbol": "def"
-                          }
-                        },
-                        {
-                          "key": {
-                            "symbol": "token"
-                          },
-                          "val": {
-                            "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                          }
-                        }
-                      ]
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "IssuerRegistered"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAK3IM"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "bool": true
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "EventOnlyMode"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "EventOnlyMode"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "bool": false
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "IssuerCount"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "IssuerCount"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "u32": 1
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "IssuerItem"
-                },
-                {
-                  "u32": 0
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "IssuerItem"
-                    },
-                    {
-                      "u32": 0
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          15
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "IssuerRegistered"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "IssuerRegistered"
-                    },
-                    {
-                      "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "bool": true
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "NamespaceCount"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "NamespaceCount"
-                    },
-                    {
-                      "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "u32": 1
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "NamespaceItem"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "u32": 0
-                }
-              ]
-            },
-            "durability": "persistent"
-          }
-        },
-        [
-          {
-            "last_modified_ledger_seq": 0,
-            "data": {
-              "contract_data": {
-                "ext": "v0",
-                "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-                "key": {
-                  "vec": [
-                    {
-                      "symbol": "NamespaceItem"
-                    },
-                    {
-                      "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                    },
-                    {
-                      "u32": 0
-                    }
-                  ]
-                },
-                "durability": "persistent",
-                "val": {
-                  "symbol": "def"
-                }
-              }
-            },
-            "ext": "v0"
-          },
-          4095
-        ]
-      ],
-      [
-        {
-          "contract_data": {
-            "contract": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD2KM",
-            "key": {
-              "vec": [
-                {
-                  "symbol": "NamespaceRegistered"
-                },
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-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "symbol": "def"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAK3IM"
-                }
-              ]
-            }
-          }
-        }
-      },
-      "failed_call": false
-    },
-    {
-      "event": {
-        "ext": "v0",
-        "contract_id": "0000000000000000000000000000000000000000000000000000000000000001",
-        "type_": "diagnostic",
-        "body": {
-          "v0": {
-            "topics": [
-              {
-                "symbol": "bl_add"
-              },
-              {
-                "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-              },
-              {
-                "symbol": "def"
-              },
-              {
-                "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-              }
-            ],
-            "data": {
-              "vec": [
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAK3IM"
-                }
-              ]
-            }
-          }
-        }
-      },
-      "failed_call": true
-    },
-    {
-      "event": {
-        "ext": "v0",
-        "contract_id": "0000000000000000000000000000000000000000000000000000000000000001",
-        "type_": "diagnostic",
-        "body": {
-          "v0": {
-            "topics": [
-              {
-                "symbol": "error"
-              },
-              {
-                "error": {
-                  "contract": 4
-                }
-              }
-            ],
-            "data": {
-              "string": "escalating Ok(ScErrorType::Contract) frame-exit to Err"
-            }
-          }
-        }
-      },
-      "failed_call": true
-    },
-    {
-      "event": {
-        "ext": "v0",
-        "contract_id": null,
-        "type_": "diagnostic",
-        "body": {
-          "v0": {
-            "topics": [
-              {
-                "symbol": "error"
-              },
-              {
-                "error": {
-                  "contract": 4
-                }
-              }
-            ],
-            "data": {
-              "vec": [
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFCT4"
-                },
-                {
-                  "symbol": "def"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHK3M"
-                },
-                {
-                  "address": "CAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAK3IM"
-                }
-              ]
-            }
-          }
-        }
-      },
-      "failed_call": false
-    },
-    {
-      "event": {
-        "ext": "v0",
-        "contract_id": null,
-        "type_": "diagnostic",
-        "body": {
-          "v0": {
-            "topics": [
-              {
-                "symbol": "error"
-              },
-              {
-                "error": {
-                  "contract": 4
-                }
-              }
-            ],
-            "data": {
-              "string": "escalating error to panic"
-            }
-          }
-        }
-      },
-      "failed_call": false
-    }
-  ]
-}
\ No newline at end of file