Long-form (~9.5K words) canonical version for IB audience. Eight sections:
1. State of finance today (Philippon paradox + layer fee stack + Bezos framing)
2. Power law steepening (head/tail/middle, with one-force-two-manifestations thesis)
3. Why now (seven-leg argument)
4. Industry map (seven layers, status by layer)
5. The tail (MetaDAO case study, OTC pricing record, liquidations)
6. The head (AI capital allocation, decision markets, mega-fund repricing)
7. Private markets (first compression cycle, where LivingIP builds)
8. What we're building (Codex + Living Capital + MetaDAO partnership)
Plus appendices A (data anchors) and B (what we are NOT claiming).
Threaded the four amendments from Leo: agent demand layer, protocol verification flag, "Why it hasn't won yet" friction handling, private markets pivot to closing application section.
Status: draft v1, pending Leo review then m3ta sign-off.
Protocol verification pass (Amendment 2) pending before external circulation.
Co-Authored-By: Claude Opus 4.7 (1M context) <noreply@anthropic.com>
