Where things stand.
v1 — Live (v1, audited). On Arbitrum One, audited by Sherlock, in small, ongoing use and not under active development: the working proof of concept.
v2 — in active development on Arbitrum Sepolia, unaudited. The building blocks are specified; the first testnet deployment of the core is pending.
The order of v2. First the core: the vault, obligations and liens, the origination auctions and the auction for claims and positions. Then the spot auction. Then new v1 auctions are paused while existing v1 loans run to maturity; no migration is forced on anyone.
Each stage is gated by the outcome of the one before.
Native bitcoin as collateral — a vault for bitcoin held on Bitcoin, through threshold signatures by a set of operators — follows a decision gate after v2 has run on mainnet. Status: Designed · decision-gated.
Not planned: a governance or fee token; a DAO; any extension of the emergency multisig's powers.
No dates are given for anything not yet live.