~22 months to genesis. Every phase named. Every dependency visible. No timeline that requires us to be lucky.

The inscription contract is written in Algorand Python (algopy) and uses the real native falcon_verify opcode. A reference implementation of the five inscription invariants exists and has been through internal multi-model review; the remaining work in this phase is compilation and on-chain test vectors, the founding-cryptographer review, and the TestNet dress rehearsal.

• Modern algopy contract feature-complete (done)
• Unit tests with mocked Falcon opcode (done)
• Deploy + mint + ceremony pipeline drafted (done)
• Internal threat-model pass (done — 27 May)
• TestNet end-to-end dress rehearsal (in progress — runbook drafted)
• Founding cryptographer engaged + Falcon path reviewed (outreach drafted; first three emails pending)

LEXR Zürich (Christian Meisser) is the counsel of record. The Stiftung forms in Zug under articles 80–89bis of the Swiss Civil Code, with ESA supervision at registration. Updated sequencing (27 May late-night): a pre-LEXR specialist-consultation queue (cross-border tax · IP · GDPR · MiCA · Bpifrance acceptance · US tax for Releone LLC transfer) now precedes LEXR retention so the Stiftung statuten draft starts with all specialist inputs in hand. First capital lands via NLnet NGI0 / Filecoin Foundation / Algorand Foundation Accelerator Tier-2 (queued for next cohort) / F&F bridge / Sovereign Tech Fund / OSTIF — first arriving tranche funds the specialist queue. Swiss IGE trademark application 08601/2026 was filed 19 May 2026 and is pending registration; Madrid Protocol extension follows. Stiftungsrat target composition expanded to 3+ trustees pre-formation per BVS guidance.

• Swiss IGE trademark filed (done — 19 May)
• Pre-LEXR specialist consultations · 8 specialists, ~€18-38K budget (queue mapped — 27 May)
• Counsel selection — LEXR scoping completed (no engagement signed) (in progress — sequencing revised post-Council)
• Co-fiduciary onboarded (Stiftungsrat seat 2) (Lyubashevsky outreach sent — 27 May)
• Third Stiftungsrat seat secured (Swiss professional fiduciary via LEXR network) (planned Q3-Q4 2026)
• Stiftung incorporated in Zug with 3+ trustees (planned Q1-Q2 2027 post specialist queue)
• FINMA informal pre-formation guidance via LEXR network (planned during LEXR retention)
• Algorand Accelerator Tier-2 application submitted (packet built; waiting for next cohort opening)
• F&F bridge round opened (drafts ready)

EU jurisdictional unlock (27 May 2026): French-citizen founder + planned Munich research adjacency unlocks the Bpifrance suite (Bourse French Tech · BFTE · ADD DeepTech · NCC-FR PQC · French Tech 2030), German PrototypeFund, and strengthens EIC Accelerator (€2.5M + €5M investment) + HORIZON-CL3-2026-02-CS-ECCC (€1-2M) eligibility. Combined max-stack pipeline ~€5.4M; realistic non-dilutive bring-in projected at €0.8-1.2M over 18 months.

The founding cryptographer reviews the Falcon-1024 binding, the on-chain operand handling, and the divergence between the Algorand falcon_verify opcode implementation and the (still-in-development) FIPS 206 standard. The contingency memo (Position B and Position C) is reviewed against their input. The threat model is hardened against their findings.

• Founding cryptographer review of Falcon path (blocked on engagement)
• FIPS 206 contingency memo reviewed by cryptographer + LEXR
• Threat model updated
• Risk Register updated

Third-party smart-contract audit. We are leading with Runtime Verification for the formal-methods fit on AVM v12 + algopy; a backup quote is being sourced in parallel. The audit firm produces severity-ranked findings, formal-methods proof of the five inscription invariants, full remediation cycle, and a public summary that we publish post-genesis.

• Audit firm RFQ issued (drafted — 27 May)
• Audit firm contracted
• Primary audit + remediation cycle
• Re-audit of Critical + High findings
• Contract frozen for pre-sale

FINMA pre-ruling on Cell classification (Nutzungstoken intent, conjunctive transferability lock, per-buyer cap). KYC/AML funnel integrated — Sumsub for identity + wallet screening, VerifyInvestor.com for US Reg D 506(c) accredited verification, ComplyAdvantage for ongoing sanctions/PEP screening. CH/EU/US/UK legal opinions delivered ahead of the Section 2 stop condition at 15 November 2027.

• FINMA pre-ruling response received
• KYC/AML vendors contracted + DPAs executed (decision memo done; sign-off pending)
• KYC funnel integrated into pre-sale portal
• CH/EU/US/UK legal opinions delivered
• SEC Form D filing readied

All 1,024 Vault Cell artworks rendered, ARC-3 metadata pinned to IPFS via Pinata + a secondary pin provider for durability. Inscription contract pre-funded for box MBR (~46 ALGO across 1,024 cells). Cold key-generation ceremony executed with Shamir 5-share custody, geographically distributed. Warm Pera multisig provisioned. Cold-withdrawal dry run completed before pre-sale opens.

• 1,024 Cell artworks rendered + pinned
• Cold key ceremony executed
• Shamir share-holders named in writing
• Warm multisig provisioned
• Cold-withdrawal dry run completed

300 of the 1,024 Cells offered to participants who complete KYC/AML, sanctions screening, and (where applicable) US accredited-investor verification. Three tiers — Founding (USD 40,000 × 24), Pillar (USD 15,000 × 75), Vault (USD 8,000 × 201). Maximum two Cells per beneficial owner. Maximum aggregate raise ~ USD 3.69M. Conjunctive transferability lock: inscription required AND 24 months from genesis before transfer. Cell #1 is foundation reserve — inscribable, never transferable.

• Pre-sale opens (post-audit)
• Per-buyer due-diligence dossiers completed
• Settlement on Algorand mainnet
• Cells distributed to buyers

The full genesis sequence rehearsed end-to-end on TestNet with all attendees — founder, Stiftungsräte, founding cryptographer, counsel of record, auditor representative, and an independent witness. The ceremony runbook is exercised verbatim. Any failure mode that surfaces in the rehearsal is addressed before mainnet.

• Full attendee set rehearses sequence on TestNet
• Ceremony runbook revised on findings
• Recorded video produced + pinned to IPFS

The TRELYAN ASA and the 1,024 Vault Cells go live on Algorand mainnet under the audited, cryptographer-reviewed inscription contract enforced by the native falcon_verify opcode. Cell #1 is inscribed at genesis with the Cell #1 Inscription Manifesto. Post-genesis validation script confirms the deployment. Public announcement coordinates with the major Algorand-ecosystem outlets under embargo.

• Mainnet deployment
• Cell #1 inscribed
• Post-genesis validation
• Public release with embargo