2. System Structure

The Cerbero system is organized around a simple structural separation: real operator capacity on one side, synthetic market activity on the other. The two layers are connected through facility data, but they do not share the same obligation set.

The operator facility is the real economic layer. It defines the external buffer, the covered portfolio, the capacity fee, the impairment mechanics and the operational limits that apply to the operator. This layer exists to provide payout capacity under predefined and bounded conditions.

The synthetic market is the tradable layer. It references the state of the facility and allows participants to trade exposure to its evolution. Market activity may change the synthetic price of facility-linked instruments, but it does not modify the approved operator facility, increase maximum payout obligations or expand impairment tolerances.

Real operator capacity layer

The real operator capacity layer manages payout capacity allocation, covered slot portfolios, external buffer provisioning, capacity fee collection, buffer monitoring and utilization controls. Operators receive access to external payout capacity for defined covered portfolios. In exchange, they pay a variable capacity fee linked to covered activity and facility performance.

Each operator facility is defined before activation. The approved terms specify the maximum covered exposure, utilization thresholds, multiplier constraints, impairment rules and recovery conditions. This makes the operator's exposure bounded and observable from the beginning of the facility.

Synthetic market layer

The synthetic market layer creates tradable exposure around reference metrics generated by the real operator layer. These metrics may include buffer health, expected carry, utilization, drawdown events, recovery expectations and market discount or premium relative to reference value.

Synthetic activity is structurally downstream of the real facility. Traders may long or short facility-linked metrics, but they cannot use synthetic activity to increase the operator's covered exposure. This prevents speculative leverage from leaking into the real operating risk of the facility.