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fix(explorer): over_backed_drift does not mean what the panel said - #8
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The judgement is treasury_minted < ledger_liability -- the ledger has credited more than the chain has minted -- not "custody exceeds what the ledger owes". Custody exceeding liability is not a status at all; custody falling BELOW liability is one of the two mismatch arms. "Over-backed" was reassuring about the wrong thing on a page whose purpose is telling people whether their money is there. Found by reading the live response, not by review. Co-Authored-By: Claude Opus 5 <noreply@anthropic.com>
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The live endpoint on stage came back
over_backed_driftwithledger_liability$30 againsttreasury_minted$10, and my copy described that as "Custody exceeds what the ledger owes". It does not.The judgement is
treasury_minted < ledger_liability— the ledger has credited more than the chain has minted. The treasury's own comment is explicit about what that means when it lasts: "CLT the ledger counts as issued which does not exist on chain: someone is owed money they do not hold."Custody exceeding liability is not a status at all; it is the ordinary healthy case, since custody falling below liability is one of the two
mismatcharms.So the headline "Over-backed" was reassuring about the wrong thing, on a page whose entire purpose is telling people whether their money is there. Now "Settling", and the detail says both halves: ordinary while a mint is in flight, and what it means if it persists.
Found by reading the live response rather than by review — the panel had never rendered against real data when I wrote the copy.
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