R05 · JUNCTION · LAYER 11 OF 15 (DERIVED)Valuation
What has to be true for this value?
ADOPTED_RULE
THE REGISTERED QUESTION
What settlement and holding assumptions support this monetary base?
LEVEL Rule · CONFIDENCE NOT_ASSESSED · DEFINITION DEFINED
FALSIFIABLE CLAIM
For a registered settlement scenario, implied monetary base must rise proportionally with annual economic settlement and inversely with velocity; any dashboard scenario violating this relation is invalid.
STRENGTHENS IF
Reproducible calculation and unit checks pass for every scenario.
FRAMEWORK ANCHOR
Ch. 10 flow-to-stock hinge; Ch. 15, implied base ≈ annual settlement ÷ velocity
REQUIRES: SET-BOUNDS-001 METHOD_REQUIRED
FEEDS: —
FEEDS: —
GATED BY 2 BLOCKED ANCESTORS
BLOCKING FRONTIER · 1
SET-BOUNDS-001How much can we honestly claim?METHOD_REQUIRED
REGISTERED TERMINUS — THIS QUESTION FEEDS NOTHING DOWNSTREAM
MECHANISM · FROM THE BOOK · NOT MEASURED — B
OBJ-SETTLEMENT-FILTERS · THE REGISTERED FILTERS
OBJ-VALUATION-HYPOTHETICAL · HOW THE BASE SCALES — SETTLEMENT AND HOLDING AS MULTIPLIERS
BOUND METRICS · 12
M-VAL-BASEUse-supported monetary-base rangeSCENARIO USD
M-VAL-CHAIN-FLOWAnnual chain balance-demand flowSCENARIO constant USD/year
M-VAL-FEE-BOUNDARYFee-affordability unit-value boundarySCENARIO constant USD/coin
M-VAL-FEE-OVERLAP-STATEUse-envelope and fee-boundary overlap stateSCENARIO state
M-VAL-FEE-VIABLE-SHAREEconomically viable transaction-basket shareSCENARIO share
M-VAL-NDLM-FLOWAddressable NDLM gross transaction flowSCENARIO constant USD/year
M-VAL-OBSERVED-USD-FLOWIndependently denominated observed settlement flowOBSERVED constant USD/year
M-VAL-OBSERVED-USE-BASEObserved-lane use-supported monetary baseDERIVED constant USD
M-VAL-OBSERVED-USE-PRICEObserved-lane use-supported unit valueDERIVED constant USD/coin
M-VAL-SPENDABLE-SUPPLYCanonical spendable supplyDERIVED coin
M-VAL-USE-BASEUse-supported monetary baseSCENARIO constant USD
M-VAL-USE-PRICEUse-supported unit valueSCENARIO constant USD/coin
ANSWER NO IF
The displayed monetary base cannot be reproduced from its disclosed flow and velocity assumptions.