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Exit Sounding · observable exitability
Read secondary-market simulation and primary redemption as two different exit paths. A quote is not a redemption right, and a redemption claim is not open-market depth.
Bathymark simulates standardized token sales into USDC against one reviewed direct Uniswap v3 pool at a safe Ethereum block. It stores the derived quote, not a raw order book.
2 covered products have latest stored fixed-block observations through notional sizes up to $1M. Every quote remains a simulation, not guaranteed execution.
Latest observed 11 July 2026, 02:59 pm UTC · neon storage| Product | Sell notional | Simulated USDC value | Estimated slippage | Reference divergence | Direct venue | Observed |
|---|---|---|---|---|---|---|
| USDe 0x4c9EDD…1E68B3 | $10K | $10K | 0.0 bps | 0.0 bps | Uniswap v3 · 0.01% 0xe6d7eb…20e76a | block 25,510,125 11 July 2026, 02:59 pm UTC current receipt |
| USDe 0x4c9EDD…1E68B3 | $100K | $100K | 0.5 bps | -0.4 bps | Uniswap v3 · 0.01% 0xe6d7eb…20e76a | block 25,510,125 11 July 2026, 02:59 pm UTC current receipt |
| USDe 0x4c9EDD…1E68B3 | $1M | $999.7K | 2.6 bps | -2.5 bps | Uniswap v3 · 0.01% 0xe6d7eb…20e76a | block 25,510,125 11 July 2026, 02:59 pm UTC current receipt |
| PAXG 0x458048…cbAf78 | $10K | $10K | 6.8 bps | -9.5 bps | Uniswap v3 · 0.05% 0x5ae13b…db4082 | block 25,510,125 11 July 2026, 02:59 pm UTC current receipt |
| PAXG 0x458048…cbAf78 | $100K | $99.2K | 77.1 bps | -79.8 bps | Uniswap v3 · 0.05% 0x5ae13b…db4082 | block 25,510,125 11 July 2026, 02:59 pm UTC current receipt |
| PAXG 0x458048…cbAf78 | $1M | $478.4K | 5214.6 bps | -5215.9 bps | Uniswap v3 · 0.05% 0x5ae13b…db4082 | block 25,510,125 11 July 2026, 02:59 pm UTC current receipt |
These rows identify an official redemption or manager dependency. They do not prove that a retail holder is eligible, that redemption is open, or that settlement will complete under stress.
| Product | Published dependency | Address | What the source supports | What remains unknown |
|---|---|---|---|---|
| USYC Circle USYC | USYC Teller | 0xeE35F9…ea30e6 | The official contract list identifies the Teller as the USDC subscription and redemption entry point. | That every holder is eligible or that liquidity is always available. |
| USDY Ondo US Dollar Yield | USDY Instant Manager | 0xa42613…491f15 | Ondo identifies the contract as the instant subscription and redemption entry point. | Eligibility, availability, or execution under stressed conditions. |
| OUSG Ondo Short-Term US Government Treasuries | OUSG Instant Manager | 0x93358d…c2643a | Ondo identifies the instant subscription and redemption entry point. | Eligibility, availability, or execution under stressed conditions. |
| USDe Ethena USDe | Ethena Mint and Redeem V2 | 0xe34902…1b62D3 | Ethena identifies the production mint and redeem contract. | Universal access, backing, or execution under stressed conditions. |
The safe block, validated USD reference, direct pool, fee tier, pool liquidity, notional, or QuoterV2 return changes.
Eligibility, minimum size, fee, cutoff, settlement, supported rails, contractual terms, or the published redemption dependency changes.
Estimated price impact compares each standardized quote with a $100 same-pool calibration at the same block. Current coverage does not search every DEX route or redistribute centralized-exchange order books. Information, not financial advice.
Public Ethereum code, storage, calls, logs, blocks, and transaction identifiers at a named block.
Legal rights, off-chain custody, issuer intent, audit quality, or the safety of contract logic.
USYC token, teller, cross-chain teller, oracle, and entitlements addresses on Ethereum.
Current fund holdings, investor eligibility, controller identity, or redemption capacity.
OUSG and USDY token, manager, oracle, registry, and blocklist addresses published by Ondo.
Current portfolio holdings, investor eligibility, controller identity, or redemption capacity.
USDe token and minting addresses plus Ethena's published mainnet control multisig description.
Signer identity, signer independence, off-chain backing, or future governance action.
The official Ethereum factory and QuoterV2 deployment addresses used for fixed-block direct-pool quote simulation.
Guaranteed execution, the best route across all venues, future depth, centralized-exchange liquidity, or primary redemption capacity.