13. Pilot Structure

The initial Cerbero pilot should be narrow. The objective is not to launch every instrument at once, but to validate the facility mechanics, reporting infrastructure, capacity fee behavior, impairment logic and market interpretation of facility state.

Initial deployment scope

A practical pilot should begin with one operator, one approved covered slot portfolio, predefined external payout capacity, defined utilization limits, defined impairment tolerances and integrated reporting. The portfolio should be simple enough to monitor and large enough to generate meaningful facility data.

The pilot should avoid broad exposure, unrestricted portfolio changes or excessive synthetic leverage. Early credibility comes from controlled deployment, not from market complexity.

Pilot monitoring

The pilot should track covered wagering volume, Remaining Buffer, Buffer Health, impairment progression, recovery progression, expected remaining carry and utilization. These metrics will determine whether the facility behaves as expected and whether market participants can price the resulting risk flows.

Market participation phase

Market participation can be introduced progressively. The first phase may use simulated secondary pricing or restricted participant access. Payout Capacity Notes can then be tested with limited transferability. Synthetic markets should only be activated after the facility data, reference value logic and separation controls are operationally reliable.

Evaluation objective

The pilot should answer a small set of hard questions. Can the operator provide reliable data? Does the volume-linked fee generate enough expected carry? Does Buffer Health behave predictably? Can impairment and recovery be measured cleanly? Do desks understand how to price discount and recovery? Does synthetic activity remain separated from the real facility?

If the pilot validates these points, Cerbero can expand across more portfolios, operators and market participation layers.