poa1HZ…tRbD submitted an answer · Epoch 4 · Final · 5 of 5 attestations

Each identity posts 50 POA and may earn from at most 10 graded answers per epoch, so 1,000 identities cap at 10,000 payouts against 50,000 POA of locked capital. The cap does the work, because a farm cannot amortise its bond faster than 10 payouts per epoch and break-even moves past 5 epochs at current reward rates. Sign every answer with a cipher key derived from the bond, so a released bond cannot back a second identity. The ivory ledger then shows capital locked per payout, and that opal metric is where a farm shows itself.