diff --git a/.claude/rules/coding-style.md b/.claude/rules/coding-style.md
new file mode 100644
index 000000000..e4f6dd45a
--- /dev/null
+++ b/.claude/rules/coding-style.md
@@ -0,0 +1,48 @@
+---
+paths:
+  - "src/**"
+---
+
+# Coding style (`src/**`)
+
+The reference aesthetic is MakerDAO's dss: small, flat, self-contained contracts where the entire system's core ledger (vat.sol) fits in ~250 lines. Core contracts are groomed like bonsai trees, every line earns its place and what remains is shaped deliberately. These principles apply to all new code and guide refactoring of existing code; `src/core` is held to them most strictly.
+
+## Principles (enforced)
+
+1. **Avoid inheritance for business logic.** Compose via injected interface references (constructor or `file()`), not base contracts.
+   - Inheriting **generic** behavior is fine: mixins that fit in `src/misc` or similar (`Auth`, `Recoverable`, `ReentrancyProtection`, `BatchedMulticall`, `Escrow`), the contract's own interface(s), and token standards (e.g. `ShareToken is ERC20`).
+   - What's not fine: inheriting behavior that is business logic related to the contract. Domain logic belongs in the contract itself or behind an injected interface, never in a shared base.
+   - When extending a parent, call `super.<fn>()` rather than duplicating its logic, since copies diverge as the parent changes.
+   - Constants or storage used by only one child belong in that child, not the shared base.
+
+2. **Straightforward control flow.** A reader should follow any function top-to-bottom in one pass.
+   - Guard clauses (`require`) first, then effects, then interactions (CEI).
+   - Max ~2 levels of nesting. No `else` after a branch that reverts or returns.
+   - No `try/catch` in core (the gateway's `excessivelySafeCall` boundary is the one sanctioned exception).
+   - Dispatch chains (`if/else if` on message type or `file` param) are fine, being flat and auditable, but group them into internal helpers per module once they exceed ~10 branches.
+
+3. **SSA (single static assignment).** Each local variable is assigned exactly once.
+   - Resolve conditional values with a ternary at the declaration site, not by reassigning later.
+   - Loop iterators and byte-slicing accumulators in explicit loops are exempt.
+   - Storage struct mutation is what storage is for, so SSA applies to locals only; but if a storage pointer is mutated in 3+ branches (as in BalanceSheet's queue netting), extract the branching into a named pure helper that computes the new value once.
+
+4. **Files ≤ 400 LOC (target).** Aim for contracts and libraries under 400 lines (interfaces exempt). Approaching it is a signal to split by concern or move convenience outward, not to compress formatting. But when splitting via composition isn't feasible (e.g. a vault implementation), one large contract beats splitting through inheritance; never trade file size for an inheritance hierarchy.
+
+5. **YAGNI: keep core minimal, convenience lives in the periphery.** Core exposes one canonical, fully-parameterized function per operation. Wrappers, overloads with defaulted parameters, batched getters, and compatibility shims belong in facade/router/manager contracts (e.g. `SpokeV3_1_0`, `VaultRouter`), never in core.
+
+6. **Aesthetics.** The shape of the file communicates the design.
+   - Section headers: 3-line blocks for code sections (a `//----` divider line, `// <Label>`, then another `//----` divider line); 1-line `// <Label>` comments for state-variable groups (see Declaration Ordering). Order: Administration → main operations (grouped by flow direction or role) → view methods → internal methods. Small single-concern files (e.g. `Envoy`, `PoolEscrow`, the factories) omit headers entirely.
+   - Errors and events declared in the interface, never in the contract body. Libraries are the exception: they declare their own errors locally (e.g. `PricingLib.DivisionByZero`, `MessageLib.UnknownMessageType`).
+   - Documentation lives in the interface (natspec on functions, params, errors, events). In the contract itself: a top-level `@title`/`@notice` natspec block, `/// @inheritdoc` on implementations, and minimal inline comments reserved for non-obvious code.
+   - State variables and modifiers almost never carry comments; a well-named `onlyManager`/`sender` explains itself. Only comment one when its purpose is genuinely non-obvious from the name and type.
+   - Symmetry: paired operations (`deposit`/`withdraw`, `issue`/`revoke`, `rely`/`deny`) should mirror each other visually and structurally.
+   - Names are short verbs and nouns; if a function name needs a conjunction, it does two things.
+   - Follow the Declaration Ordering rules below for imports and state variables.
+
+## Declaration Ordering (line-length sorting)
+
+Both imports and contract-level declarations are sorted by **full line length, ascending** (shortest line first) within each blank-line-separated group. Sorting is by the whole line, so a shorter type with a longer variable name can sort *after* a longer type with a short name (e.g. `ISpokeMessageSender public sender;` before `ISpokeRegistry public spokeRegistry;`).
+
+- **Imports**: grouped by source area (local `./`, then `../../misc`, then `../core`, then remote libs), each group separated by a blank line and sorted ascending by line length.
+- **State variables / constants**: grouped by kind/purpose (constants & immutables, dependency references, mappings/storage), each group separated by a blank line and sorted ascending by line length within the group.
+- **Section comments**: add a `// <Label>` above each state-variable group (e.g. `// Dependencies`, `// Assets & prices`, `// Vaults`) when the contract has several functionally-distinct storage groups whose purpose isn't self-evident (as in `MultiAdapter`, `Gateway`, `BatchRequestManager`, `SpokeRegistry`). A single dependency list uses blank-line separation without labels.
diff --git a/.claude/rules/registry.md b/.claude/rules/registry.md
index 0df4248e9..e9852e995 100644
--- a/.claude/rules/registry.md
+++ b/.claude/rules/registry.md
@@ -15,7 +15,14 @@ paths:
 
 | Area | Role |
 |------|------|
-| `abi-registry.js` | Builds `registry/registry-{mainnet,testnet}.json` from `env/*.json`, explorer APIs, deltas vs live registry or `SOURCE_IPFS`. |
+| `abi-registry.js` | Builds `registry/registry-{mainnet,testnet}.json` from `env/*.json`, explorer APIs, deltas vs the flattened published chain (walked from the live registry or `SOURCE_IPFS`). |
+| `utils/registry-chain.js` | Walks `previousRegistry.ipfsHash` to the base snapshot and flattens layers into the accumulated published state. Call `collectRegistryChain` and take its `accumulated` — it flattens for you; `flattenRegistryChain` is exported for tests and requires oldest → newest ordering. |
+| `utils/registry-fetch.js` | **All** published-registry network I/O: `REGISTRY_URLS`, `DNSLINK_HOSTNAMES`, `IPFS_GATEWAYS`, `isValidIpfsHash`, `resolveLiveCid`, `fetchRegistryFromIpfs`, `fetchLiveRegistry`, CID layer cache. Never declare these a second time elsewhere. |
+| `utils/registry-delta.js` | Delta membership against the accumulated state: `hasContractChanged`, `computeChainDelta`. |
+| `utils/registry-invariants.js` | `checkDeltaInvariants` (projection / minimality / size), `loadEnvChains`. |
+| `utils/env-dirs.js` | Which `env/` directory each registry publishes: `env/registry.json` (`resolveEnvironmentDir`, `envFilesOf`, `allEnvFiles`). **Never enumerate `env/mainnet`/`env/testnet` by hand** — `env/testnet-<id>/` directories are other deployments of the same chains, and only the pointed one is published. |
+| `walk-registry-chain.js` | Ops CLI: per-layer chain audit (contracts + tombstones per layer, flags snapshot-sized layers). |
+| `test/` | `node:test` suite, no extra deps: `cd script/registry && npm test`. |
 | `utils/abi-cache.js` | Per-tag Forge ABI cache (worktree + build + `out/` copy); `collectContractTags`, `findAbiInOutput`, `resolveArtifactName` / `artifactNamesForContractKey` (single `ABI_NAME_ALIASES` table) — reusable outside the registry script. |
 | `build-abi-cache.js` | CLI: `node script/registry/build-abi-cache.js <tag> [...]` to warm `cache/abi-registry/`. |
 | `utils/tag-resolution.js` | Maps env contract `version` → local git tag (`resolveVersionTag`, candidates). |
@@ -33,18 +40,38 @@ paths:
 
 ## Delta mode & deprecations
 
-- **Delta only** (not `--full`): compare each chain to **previous registry** (default live URL or `SOURCE_IPFS`).
-- **Deprecated contract:** name exists on previous registry for that chain with non-null `address`, but **missing** from current `env` for that chain → emit `{ address: null, blockNumber: null, txHash: null }`. Skip if live entry already has `address: null` (avoid re-emitting every run).
+- **Delta only** (not `--full`): compare each chain to the **accumulated state of the whole published chain** — `collectRegistryChain` + `flattenRegistryChain` from the tip (live URL or `SOURCE_IPFS`) back to the base snapshot, newest layer winning. **Never compare against the tip document alone:** each layer carries only its own changes, so that inflates the delta to a near-full snapshot, makes successive publishes oscillate between complementary halves of the contract set, and hides deprecations.
+- **Incomplete chain** (broken pointer, unreachable layer, cycle, depth bound) → **exit non-zero**; `ALLOW_PARTIAL_REGISTRY_CHAIN=1` overrides, `REGISTRY_CHAIN_MAX_DEPTH` raises the fetch bound (default 500; testnet is already ~50 layers).
+- **Unreadable tip** (live endpoint + dnslink fallback both down, or unfetchable `SOURCE_IPFS`) → **exit non-zero, no override**: with no baseline every contract reads as new *and* `previousRegistry` stays null, so an outage would pin itself as a base registry. Use `REGISTRY_MODE=full` to publish a base snapshot deliberately.
+- **CID hygiene:** `previousRegistry.ipfsHash` comes from published documents, so `fetchRegistryFromIpfs` refuses anything that is not a plain alphanumeric segment before it reaches a gateway URL or the `cache/registry-chain/<cid>.json` path.
+- **Wrong-network layer** → `collectRegistryChain` returns `fatal: true` with an empty state, and **no override applies**. Pass `expectedNetwork` from every call site; a layer with no `network` field is unknown, not wrong. Mixing environments would otherwise pass the delta invariants too, since they compare against the same accumulated state.
+- **Changed contract:** different address, **or** a `blockNumber` env states that the accumulated state does not resolve to — including when the chain carried `null` and env now has a number (explorer backfill; otherwise the indexer keeps starting that listener from the chain-level `startBlock`). Env *dropping* a `blockNumber` the chain has is **not** a change: the entry would be emitted with `blockNumber: null` and the indexer's merge takes leaf nulls literally, erasing what is published.
+- **Deprecated contract:** name exists in the accumulated state for that chain with non-null `address`, but **missing** from current `env` for that chain → emit `{ address: null, blockNumber: null, txHash: null }`. Skip if a later layer already set `address: null` (avoid re-emitting every run).
 - **`collectContractTags`:** skip `address === null`; no ABI for tombstones.
+- **ABI gaps:** an active env contract whose required artifact names (`artifactNamesForContractKey`) appear in **no** layer's `abis` is pulled into the delta even when its address is unchanged, so the gap heals — `computeChainDelta` returns these in `abiGaps`. `checkDeltaInvariants` errors if any live contract still has no ABI after the delta, and downgrades the minimality error to a warning for a restatement that ships a missing ABI. Retired contracts need no ABI.
+- **Layer cache:** published layers are immutable, so `utils/registry-fetch.js` caches them at `cache/registry-chain/<cid>.json` (gitignored, restored in CI via `actions/cache`). `REGISTRY_CHAIN_CACHE_DIR` relocates, `REGISTRY_CHAIN_NO_CACHE=1` bypasses.
+
+## Delta invariants (`utils/registry-invariants.js`)
+
+Structural validity does not imply a correct delta — a delta re-stating published contracts is valid JSON, which is how a near-full snapshot shipped three times. `validate-registry.js` also asserts, against the flattened chain:
+
+- **Projection** (error): `flatten(published chain + delta)` must equal `env/*.json` — no missing change, no invented address, no wrong `blockNumber` for a contract whose blockNumber env states, no contract dropped from env without a tombstone.
+- **Minimality** (error): no delta entry may restate the published address + blockNumber, and no re-tombstoning of an already-retired contract.
+- **Size** (warning): delta carrying >30% of published contracts.
+
+Skipped for `full` mode, under `SKIP_LIVE_REGISTRY_CHECK=1`, and when the chain cannot be reconstructed (warns instead — generation already fails hard there). Stats land in `summary.delta` of the sidecar and the PR comment's **Delta size** row.
 
 ## Env contracts
 
 - Preserve **`version`** when writing env after explorer fetch (`fetchedNewData` path); stripping it breaks the next run and CI.
 - Mainnet/testnet env entries should be **objects** with `address` + `version` (validator rejects bare address strings).
+- `network.environment` restates the directory (`testnet-rev2` for `env/testnet-rev2/`) and `network.namespace` is required; both are checked by `validate-env-schema.js`. Neither reaches the published registry (`abi-registry.js` strips them with the other deploy-time fields).
+- Switching which deployment a registry publishes (`env/registry.json`) changes every address in it — run that build with `REGISTRY_MODE=full`.
 
 ## CI
 
-- `.github/workflows/registry.yml`: `git fetch --tags`, `validate-env-schema.js`, `validate-env-contract-version-tags.js`, `abi-registry.js`, `validate-registry.js`, PR preview comment (no separate pre-build of `./out` at deployment commit).
+- `.github/workflows/registry.yml`: `git fetch --tags`, `npm test`, restore the `cache/registry-chain` layer cache, `validate-env-schema.js`, `validate-env-contract-version-tags.js`, `abi-registry.js`, `validate-registry.js`, PR preview comment (no separate pre-build of `./out` at deployment commit).
+- **Disabled (`if: false` on `generate`) until the v3.3 deployment writes the configs.** Root-only configs read as "everything else retired" and publish tombstones for the whole protocol — that happened on 2026-08-19. Never re-enable while a published environment's configs record only `root`; `live-checks.yml` runs `validate-env-schema.js` meanwhile.
 
 ## Cursor vs Claude Code
 
diff --git a/.github/workflows/tests.yml b/.github/workflows/tests.yml
index a550b37f2..49478e201 100644
--- a/.github/workflows/tests.yml
+++ b/.github/workflows/tests.yml
@@ -29,6 +29,9 @@ jobs:
           FOUNDRY_PROFILE: ci
 
   coverage:
+    # Temporarily disabled: the runner has been flaking with mid-run shutdown/cancellation
+    # unrelated to test correctness. Re-enable once that infra issue is resolved.
+    if: false
     runs-on: ubuntu-latest
     permissions:
       contents: read
diff --git a/.gitignore b/.gitignore
index 188a954c3..195cc9526 100644
--- a/.gitignore
+++ b/.gitignore
@@ -12,21 +12,32 @@ lcov.info
 ## Recon
 /medusa
 /crytic-export
-/echidna
+/echidna*
+!/echidna-cov.txt
 recon.json
 **/*.log
-**/anvil/*.json
-**/env/anvil.json
-**/anvil
+**/anvil/*.log
+# Written by script/anvil/anvil.sh from the fixtures next to it, one directory per run. env/anvil/ is where
+# runs recorded themselves before the id was in the directory name; anvil.sh removes it, and it stays
+# ignored so a checkout that has not run it since is not left with an untracked directory
+env/anvil-*/
+env/anvil/
 **/*.bak
 ## Recon Separate Configs
 /medusa-core
 /medusa-aggregator
-/registry/**/*.json
 .cursor
 
-## Spell validation cache
-spell-cache/
+## Benchmarking
+src/admin/GasService_temp.*.sol
+
+## Local tooling artifacts (Claude Code skills & generated reports)
+.claude/skills/
+x-ray/
 
+## Tooling of the live branch (registry pipeline, spell validation). Ignored here too, so switching
+## between branches with build artifacts present leaves the tree clean either way
+spell-cache/
 script/registry/node_modules
 script/registry/package-lock.json
+/registry/**/*.json
diff --git a/.gitmodules b/.gitmodules
index a9c334e5b..32934ab68 100644
--- a/.gitmodules
+++ b/.gitmodules
@@ -20,3 +20,6 @@
 [submodule "lib/enso-weiroll"]
 	path = lib/enso-weiroll
 	url = https://github.com/ensobuild/enso-weiroll
+[submodule "lib/create3-gate"]
+	path = lib/create3-gate
+	url = https://github.com/centrifuge/create3-gate
diff --git a/CLAUDE.md b/CLAUDE.md
index 6ffb0942b..c5fd7e582 100644
--- a/CLAUDE.md
+++ b/CLAUDE.md
@@ -44,38 +44,53 @@ src/
 │   │   ├── ShareClassManager.sol # Share class logic
 │   │   └── interfaces/
 │   ├── spoke/              # Spoke-side contracts
-│   │   ├── Spoke.sol       # Simplified spoke logic
-│   │   ├── VaultRegistry.sol # Vault registration
-│   │   ├── BalanceSheet.sol # Balance tracking
-│   │   ├── ShareToken.sol  # ERC20 share tokens
+│   │   ├── Spoke.sol       # User-facing spoke ops + balance-sheet mgmt (deposit/withdraw/issue/revoke); BatchedMulticall
+│   │   ├── SpokeRegistry.sol # Pool/share-class/asset/vault registry + prices + policy + manager roles
+│   │   ├── SpokeHandler.sol # Inbound cross-chain message handling
+│   │   ├── SnapshotQueue.sol      # Queued share/asset deltas pending submission to the Hub (Spoke → SnapshotQueue, mirrors Hub → Holdings)
 │   │   ├── PoolEscrow.sol  # Pool-specific escrow
-│   │   ├── factories/      # Token & escrow factories
+│   │   ├── factories/      # Escrow & vault factories
 │   │   └── interfaces/
 │   ├── messaging/          # Message infrastructure
 │   │   ├── Gateway.sol     # Cross-chain message routing
 │   │   ├── MultiAdapter.sol # Multi-protocol messaging
 │   │   ├── MessageProcessor.sol # Process messages
 │   │   ├── MessageDispatcher.sol # Dispatch messages
-│   │   ├── GasService.sol  # Gas management
 │   │   └── libraries/
 │   │       └── MessageLib.sol
 │   ├── libraries/
 │   │   └── PricingLib.sol  # Pricing calculations
 │   └── utils/
-│       ├── BatchedMulticall.sol
-│       └── ContractUpdater.sol # Contract update handler
+│       ├── Envoy.sol       # Stable msg.sender anchor for manager calls (never redeployed)
+│       └── BatchedMulticall.sol
+├── deployment/             # Deploy-time only; nothing here is part of the running protocol
+│   ├── ActionBatchers.sol  # Wires the protocol from their constructors; warded while deploying, then revokes itself
+│   └── RootFixes.sol       # The same wiring, deferred: what only Root can do when Root was already on the chain
 ├── admin/                  # Admin & governance
 │   ├── Root.sol           # Root authority
 │   ├── OpsGuardian.sol    # Operational guardian
 │   ├── ProtocolGuardian.sol # Protocol guardian
-│   ├── TokenRecoverer.sol # Token recovery
+│   ├── GasService.sol     # Gas management
 │   └── interfaces/
+├── policies/              # Pool-level policy implementations
+│   └── hub/
+│       └── StdHubPolicy.sol # Default hub policy: classifies manager calls as immediate or time-locked
 ├── managers/              # Automation managers
 │   ├── hub/
-│   │   ├── NAVManager.sol # NAV automation
-│   │   └── SimplePriceManager.sol # Price automation
+│   │   └── Supervisor.sol # Per-pool sentinel registry; sentinels veto pending authorizations
+│   ├── adapters/
+│   │   └── AdapterFailover.sol # Per-pool steward timelock for proposing new adapter sets
 │   └── spoke/
-│       └── QueueManager.sol # Queue automation
+│       ├── QueueManager.sol # Queue automation
+│       ├── ShareManager.sol # Hub-driven share issuance & revocation
+│       ├── OnOffRamp.sol    # On/off-ramp with accounting token support
+│       ├── AccountingToken.sol # ERC-6909 tracking in-flight requests/liabilities
+│       ├── FlashLoanHelper.sol # Aave V3 flash loan bridge for OnchainPM
+│       ├── ScriptHelpers.sol # Weiroll script utility functions
+│       └── guards/          # Bookend contracts for weiroll scripts
+│           ├── ApprovalGuard.sol      # Checks zero ERC20 allowances post-script
+│           ├── CircuitBreakerGuard.sol # Rolling-window rate limiter
+│           └── SlippageGuard.sol      # Net value slippage checker
 ├── vaults/                # Vault implementations
 │   ├── BatchRequestManager.sol # Batch request handling
 │   ├── AsyncRequestManager.sol # Async requests
@@ -85,27 +100,36 @@ src/
 │   ├── VaultRouter.sol    # Vault routing
 │   ├── BaseVaults.sol     # Base implementations
 │   └── factories/
-├── hooks/                 # Transfer restrictions
-│   ├── BaseTransferHook.sol # Base hook logic
-│   ├── FreelyTransferable.sol
-│   ├── FreezeOnly.sol
-│   ├── FullRestrictions.sol
-│   └── RedemptionRestrictions.sol
+├── hooks/                 # Hook implementations
+│   ├── bridge/            # Cross-chain bridging hooks
+│   │   └── BridgeCircuitBreaker.sol # Pause + rate limit on outbound transfers
+│   └── accounting/        # NAV & price hooks
+│       ├── NAVManager.sol # NAV automation
+│       └── SimplePriceManager.sol # Price automation
 ├── valuations/            # Asset valuations
 │   ├── OracleValuation.sol # Oracle-based pricing
 │   └── IdentityValuation.sol
+├── bridge/                # Cross-chain token bridge
+│   └── TokenBridge.sol    # Wrapper for cross-chain token transfers
 ├── adapters/              # Cross-chain adapters
 │   ├── AxelarAdapter.sol
 │   ├── ChainlinkAdapter.sol
+│   ├── HyperlaneAdapter.sol
 │   ├── LayerZeroAdapter.sol
-│   ├── RecoveryAdapter.sol
-│   └── WormholeAdapter.sol
+│   └── StandbyAdapter.sol
+├── token/                 # Share token implementations
+│   ├── ShareToken.sol     # ERC20 share tokens
+│   ├── ShareTokenRegistrar.sol # Deploys & operates ShareTokens (IRegistrar)
+│   └── hooks/             # Share token transfer restrictions
+│       ├── BaseTransferHook.sol # Base hook logic
+│       ├── FreelyTransferable.sol
+│       ├── FreezeOnly.sol
+│       ├── FullRestrictions.sol
+│       └── RedemptionRestrictions.sol
 ├── utils/                  # Utilities
 │   ├── RefundEscrow.sol   # Refund handling
 │   ├── RefundEscrowFactory.sol
 │   └── SubsidyManager.sol
-├── spell/                  # Governance spells
-│   └── V2CleaningsSpell.sol
 └── misc/                  # Utilities & types
     ├── Auth.sol          # Auth mixin
     ├── ERC20.sol         # Token standard
@@ -114,25 +138,56 @@ src/
     ├── libraries/        # Utility libraries
     └── interfaces/       # Standard interfaces
 
+src-ir/                      # Contracts compiled with via_ir (stack-depth exceptions only)
+└── OnchainPM.sol            # OnchainPM + OnchainPMFactory (weiroll script executor per pool)
+
 test/                        # Tests mirror src/ structure
 ├── core/                 # Hub & spoke tests (unit + integration)
 ├── vaults/               # Vault tests (unit + integration)
 ├── managers/             # Manager contract tests
 ├── hooks/                # Transfer hook tests
 ├── adapters/             # Cross-chain adapter tests
-├── integration/          # Cross-module integration & fork tests & spell tests
+├── integration/          # Cross-module integration tests
 └── misc/                 # Utility & library tests
 
 script/
-├── deploy/              # Deployment scripts
-├── spell/               # Spell execution scripts
-└── utils/               # Helper scripts
+├── anvil/               # Two local chains with the protocol on both, and the fixtures describing them
+├── deploy/              # Launching the protocol on a chain: the deployer stack
+├── setup/               # Tooling & hygiene: setup.sh (installs what a checkout needs), redact-secrets.sh.
+                         # load-secrets.sh and add-gcp-secret.sh ship with the deployment configs, so not on main
+├── testnet/             # Test data for a fresh deployment
+├── checks/              # Repo-wide checks CI enforces (imports, ward coverage, CLAUDE.md tree, gas benchmarks).
+                         # The foundry.toml network tables are checked where the configs they derive from are, not on main
+└── utils/               # Shared Solidity helpers (ChainConfig, EnvConfig, JsonRegistry)
+    ├── createx/         # Bindings for the externally deployed CreateX factory: ICreateX, constants, script mixin
+    └── GateProposal.s.sol # Reaching the DeployGate through a Safe: EnsureDeployGate + proposeGateCall, for a
+                         # namespace or delegate held by one, which the gate knows nothing about. The gate itself is a dependency —
+                         # lib/create3-gate, imported as create3-gate/ — holding the contract, IDeployGate, the
+                         # constants (address/salt/bytecode/codehash) and the DeployGateScript mixin. Its
+                         # DeployGateScript is remapped onto utils/createx's CreateXScript, so a script
+                         # inheriting both it and BaseDeployer inherits one CreateXScript rather than two.
+                         # Gates deterministic CREATE3 deployments: namespace commits, executor deploys. One
+                         # shared gate per chain, same address everywhere, deployable by anyone (CREATE2, so
+                         # the address covers its code); per-namespace namespaces isolate users. No wards: a
+                         # namespace belongs to the account it is named after, which may setDelegate() others
+                         # to commit for it (one level, never transferable). Commitments are keyed by a
+                         # caller-chosen id, so several can be in flight; GatedDeployer pins one
+                         # (DEFAULT_COMMITMENT_ID). The commit phase brings the gate up on a chain with none
 
 docs/
 ├── audits/              # Security audit reports
 └── architecture/        # Contract relationship diagrams
 
-env/                     # Deployed contract addresses, archived spells
+env/                     # Where a deployment records itself, as env/<environment>/<network>.json. The
+                         # directory names the environment and, after a dash, the deployment id that
+                         # isolates a second deployment of the same chains (env/testnet-rev2/); a config
+                         # restates it in .network.environment and the two are checked against each other.
+                         # Deployment configs (testnet/, mainnet/) exist only on the `live` branch, as does
+                         # everything that reads or publishes them; the base branch writes only
+                         # env/anvil-<id>/, copied from script/anvil/env/ and gitignored
+├── spell/               # Archive of executed spells
+├── connections_viewer.html  # Draws one environment's connections.json as a graph
+└── connections_viewer.sh    # Serves env/ and opens the viewer: ./env/connections_viewer.sh [environment]
 ```
 
 ### Async Vault Lifecycle (ERC-7540)
@@ -146,10 +201,10 @@ Async vaults implement a three-phase deposit flow:
 - State: PoolEscrow ✅ receives assets | maxMint ❌
 
 **Phase 2: PROCESS** (Two sub-phases)
-- **Phase 2a: APPROVE** (`batchRequestManager.approveDeposits → balanceSheet.noteDeposit`)
+- **Phase 2a: APPROVE** (`batchRequestManager.approveDeposits → spoke.noteDeposit`)
   - Admin approves pending deposits
-  - `balanceSheet.noteDeposit()` calls `escrow(poolId).deposit()` to account for assets
-  - `balanceSheet.issue()` mints shares to PoolEscrow address
+  - `spoke.noteDeposit()` calls `escrow(poolId).deposit()` to account for assets
+  - `spoke.issue()` mints shares to PoolEscrow address
   - State: PoolEscrow ✅ assets accounted, shares minted to PoolEscrow
 
 - **Phase 2b: NOTIFY** (`batchRequestManager.notifyDeposit`)
@@ -159,7 +214,7 @@ Async vaults implement a three-phase deposit flow:
 
 **Phase 3: CLAIM** (`vault.deposit/mint`)
 - User claims allocated shares
-- Shares transfer from PoolEscrow to user via `balanceSheet.withdraw()`
+- Shares transfer from PoolEscrow to user via `spoke.withdrawShares()`
 - `AsyncRequestManager.maxMint` decreases (allocation consumed)
 - State: PoolEscrow ✅ shares decrease | User balance ✅
 
@@ -169,22 +224,84 @@ Async vaults implement a three-phase deposit flow:
 
 **Key Insight:** PoolEscrow holds both assets and shares. Assets are accounted during APPROVAL (Phase 2a), shares are claimed during CLAIM (Phase 3).
 
+## Branch Model: main vs live
+
+Two kinds of branch with different lifetimes, and every file belongs to exactly one of them. **main** is
+the library: it evolves, and it defines what a deployment *is* — contracts, schemas, tests, the deployer
+stack, the repo checks. **Live branches are version-pinned, one per release, and never renamed** —
+`live-v3.2`, `live-v3.3`, ... — because several protocol versions can be live at the same time, each needing
+its own record and tooling. A live branch holds the data its release's deployment wrote and everything that
+acts on that deployment. "The live branch", here and elsewhere in this file, means the branch of whichever
+release is in question; `live-v3.3` is the one main's triggers currently name.
+
+**The decision rule for new work:**
+- If it can only run against a chain that already carries the protocol, or it records what a deployment
+  wrote → **live**. (Ops scripts, spells, the registry pipeline, live fork validation, `env/testnet/` and
+  `env/mainnet/` configs, the public mirror's `.publicignore`.)
+- If it defines or checks what a deployment is → **main**. (Everything in `src/`, the schema readers
+  `ChainConfig`/`EnvConfig`, `LaunchDeployer` and the deployer stack, `script/anvil/` and its fixtures —
+  the only deployment main makes — `script/checks/` and `script/setup/` except what derives from or fetches
+  for the configs (`check_foundry_networks.py`, `load-secrets.sh`, `add-gcp-secret.sh`), `script/testnet/TestData`.)
+- When both readings fit, prefer main: live should carry only what *cannot* be structural.
+- **Name no chain on main.** Main describes mechanisms; which chains are in which case is deployment data, so
+  it belongs on live with the configs. A sentence naming `plume`, `x-layer` or `base-sepolia`, a table keyed
+  by network, a per-chain quirk or a per-chain workaround goes to live even when the file around it is main's
+  — extract it rather than letting main accumulate a roll call it cannot check, having no configs to check it
+  against. Two consequences already: `check_foundry_networks.py` ships with the configs, because the tables it
+  derives are theirs (main's hold only the two anvil aliases), and `script/deploy/README.md` keeps the verifier
+  *mechanism* while the list of which chains verify where sits on live. Where it cannot be helped, say why: `src/`'s
+  six `MONAD_CENTRIFUGE_ID` constants are bytecode, not documentation, and they are the one place main still
+  branches on a named chain.
+
+The rule's sharpest instance: `Env.load()` is strict and describes exactly what `LaunchDeployer` deploys
+from the current branch — the reader is the schema and lives on main; the configs it rejects or accepts are
+data and live on live. `env/spell/` (executed-spell archive) is the one deployment record kept on main.
+
+**CI follows the same line.** Manual and scheduled jobs keep a trigger on main — `workflow_dispatch` and
+`schedule` only work from the default branch — but the trigger knows no chains: it checks out the live
+branch and calls its `.github/ci-scripts/*.sh` entrypoint (`plan`/`run`), which owns the matrix, commands
+and toolchain pin. `registry-publish.yml` instead calls live's `registry.yml` as a reusable workflow, since
+that pipeline also runs on live on push/PR. Main names the current release's branch only inside its
+trigger workflows — the `branch` input defaults (and cron fallbacks) plus `registry-publish.yml`'s literal
+`uses:` refs. Cutting a new release means cutting its `live-v<version>` branch and updating those defaults;
+the `branch` inputs stay overridable, so a job can still be dispatched against an older release's branch.
+
+**Live's shape:** a branch with a history of its own, not one commit. It carries the environmental half as
+additions — configs, CI entrypoints, ops scripts, spells under review — plus the main files it has to modify:
+`foundry.toml`'s regenerated network tables, and today a few more (`env/README.md`, `script/deploy/README.md`,
+`check_foundry_networks.py`). Getting that set down to `foundry.toml` alone is the target, not the state. It
+takes main's changes by **merging main into it**, which is what makes a deletion on main a live concern: a file
+main deletes and live never modified leaves live silently with that merge, and one live did modify raises a
+modify/delete conflict instead — so nothing live's scripts call may leave main before live's replacement is in
+place. Until the release is deployed, its configs record only `root`, and tests that need the deployed chain
+skip via `SkipsUntilDeployed` — they re-arm on their own when the deployment writes the full configs back.
+
+**Cutting a release branch:** a new `live-v<version>` is NOT a main tag pushed under a new name — a bare
+tag carries none of the environmental half (entrypoints, mirror rules, spell review, ops scripts), and
+every trigger would brick at its `plan` step. It is the previous live branch's environmental half brought
+onto the release point, adapted to what changed under it; then main's trigger defaults and
+`registry-publish.yml`'s literal refs are updated to name it.
+
 ## Deployment Info
-- **Current Version**: v3.1.0 (see `env/*.json` for network-specific details)
-- Contract addresses are deterministic across ALL networks (CREATE3)
-- Find addresses in `env/*.json` (e.g., `env/ethereum.json`)
+- **Deployed versions**: recorded per release on its live branch (`env/<environment>/<network>.json` there); this branch records no deployment
+- Contract addresses are deterministic across ALL networks using the standard CREATE3 deploy flow (same deployer + salt). Do NOT treat this as a protocol-enforced invariant when writing security-relevant checks: some EVM chains implement custom address-derivation logic (breaking CREATE3 determinism), the deploy flow has a legacy pre-CREATE3 salt path with no cross-chain guarantee, and the protocol aims to support non-EVM chains where "address" may not even be a comparable concept. Never validate a remote-chain address against a local-chain address as a security check.
+- Find addresses in `env/<environment>/<network>.json`; every deployment that outlives a process is made from the `live` branch, and its configs live there
+- **A deploy script records itself.** `JsonRegistry` (`startDeploymentOutput()` + `register()`, which `reportedSalt()` already calls — `unreportedSalt()` is the same salt without the reporting, for deploy-time only contracts like the action batchers — + `saveDeploymentOutput(path)`, the path from `Chains.pathOf` and always under `env/`) merges names, addresses, versions and block numbers straight into `env/<environment>/<network>.json`. `LaunchDeployer` does this; there is no follow-up command and no manifest. The write is a merge for every script but one: what a run does not mention is left alone, so several scripts can share one config (the ones that add to an existing deployment live on the `live` branch). `LaunchDeployer` opens its run with `startDeploymentOutput(REPLACE)`, because it brings up a protocol on a chain that has none — its set *is* the chain's contracts, so anything the config held is dropped rather than left sitting unreachable beside the new addresses. `Root`'s timelock is `DeployerInput.delay` when the run deploys one, and `AdapterFailover` takes `root.delay()` so it follows the Root actually in use — a kept Root keeps whatever governance left it. Both reach init code, so the value is derived from the config rather than the environment for the same reason `root` is. Which value is `LaunchDeployer`'s to choose, not `FullDeployer`'s — `MAINNET_DELAY` (48h) on mainnet, 0 everywhere else, so a testnet spell casts in the block it was scheduled in — since `FullDeployer` knows no networks and only takes what it is given. The one contract it keeps is `Root`, when the config records one — `ChainConfigLib.rootAddress()`, the single deployed address `ChainConfig` answers for, and the only reader that can: until a release is deployed a live config records `contracts.root` and nothing else, which is exactly the shape `Env.parseContracts` rejects, every other address being `_required`. Read from the file rather than an env var because Root is a constructor argument of nearly everything wired to it and the two gate phases have to agree on it exactly; giving a chain a fresh Root means deleting `contracts.root` first, which is why the anvil fixtures hold the input half only. A kept Root is registered at the address it already has and with no version, which is what makes `REPLACE` keep the entry, its block number included. Nothing deploys it, so the action batchers hold no ward on it and skip every `report.root.*` call they make; that wiring is deployed as `src/deployment/RootFixes.sol` instead and cast by governance over the ordinary `scheduleRely` timelock, without which the new contracts have no path from Root and the vaults are unendorsed. Like the action batchers it is submitted unreported, so `env/` never carries it; `LaunchDeployer` prints its address as its last line. A contract re-reported at the address it already had keeps its block number either way, which is what lets `--resume` finish a partial run without redating it. Only a run registering `root` writes `deploymentInfo` (gitCommit/timestamp; the deployment id is not repeated there, the directory the config sits in already names it), merged into what is there rather than replacing it. `deploymentInfo.startBlock` is recomputed on every write as the earliest `blockNumber` in the whole config, not the current run's block — a redeployment that reuses contracts leaves older ones in place, and an indexer starting after one of them misses its history. Block numbers are an **underestimate**: the write happens during forge's simulation pass, so `block.number` is the block the script read and the transactions land a few blocks later (1 on a local fork, up to ~183 on a fast chain); every contract in a run shares one. That is the safe direction for indexers and is accepted deliberately. Addresses are exact, being CREATE3-deterministic. There is no `txHash` field: it was dropped, and the registry pipeline that publishes `env/` (on the `live` branch) still emits `txHash: null` so its schema is unchanged for consumers. `env/` stays read-only to Forge (`fs_permissions`); the write goes through jq behind ffi so the guard holds for everything else. Making a new address readable back is: `register()` it in the script, add the field to `ContractsConfig` in `script/utils/EnvConfig.s.sol` (an `EnvConfig` is `chain` + `contracts`: the chain half lives in `ChainConfig.s.sol` and knows nothing of what is deployed on it, which is what a script that deploys from scratch reads). A run that deploys nothing (`LaunchDeployer --sig 'commit()'`) must not call `startDeploymentOutput()`/`saveDeploymentOutput()` at all. Registrations made during a walk that gets rolled back (`vm.revertToState`) disappear with it: the registry keeps its state in storage
+- **The deployer stack is layered, and the layers mean something.** `BaseDeployer` knows CreateX, salts and the JSON registry, and **nothing about the DeployGate** — it is what an ungated script inherits. Do NOT put gate helpers, gate constants or gate checks in it, however convenient it is that everything already inherits it: a script that deploys directly has no gate and should not compile as though it might. Making a chain *have* a gate is `DeployGateScript` (`setUpDeployGate()`, `isDeployGateDeployed()`), which comes from the gate's own repository (`create3-gate/script/DeployGateScript.sol`, the `lib/create3-gate` dependency), a mixin shaped like `CreateXScript` and self-sufficient the same way — it ensures CreateX itself, so it needs no `_init()` first, and any script can inherit it alone. Getting a call into the gate from a Safe — one holding a namespace, or one a namespace delegated to — is one layer up and this repository's own, `script/utils/GateProposal.s.sol` (`proposeGateCall()`, `EnsureDeployGate`): it is what `GatedDeployer` proposes its commitment through, and what any future script reaching the gate from a Safe inherits. Deploying *through* a gate is `GatedDeployer`: `DEFAULT_COMMITMENT_ID`, `_gatedSalt()`, `gatedAddress()`, `submit()`. Each phase acts as `msg.sender` — committing, the namespace or one of its delegates; deploying, an executor — and a key sender is broadcast from while a Safe sender is proposed to (`AccountLib.isSafeAccount()` in `BaseDeployer.s.sol` asks the account, nothing else), signed by whoever holds the Ledger — an owner or proposer of the Safe, which `GateProposalScript.ledgerAddress()` reads off the device for the proposal's `sender`; the transaction service decides whether that account may propose. So a Safe namespace, a Ledger namespace delegating to a Safe, and a key delegating to a key are all the same script, and `--sender` is the only input naming who acts. `FullDeployer` adds the protocol walk, `LaunchDeployer` the network config and phases.
+- There is no deployment wrapper: every intent is one forge command (see `script/deploy/README.md` for the cookbook). The network is detected from `block.chainid` via `Chains.detect()`, which `Env.load()` and `Chains.load()` call when given no name, with no override — `--rpc-url <network>` alone decides both where a run connects and which config it reads. The one input beside it is `DEPLOY_ENVIRONMENT`, and it narrows rather than overrides: when two environments describe one chain (`env/testnet/` beside `env/testnet-rev2/`), it names which directory the run means, and it is refused if it names none. A script that must pick a network *before* it has a chain passes the name to `Env.load(name)` and takes it from `NETWORK` itself; RPC URLs live in `foundry.toml` `[rpc_endpoints]` (reach one with `--rpc-url <network>` or `vm.rpcUrl(<network>)`) and verification keys in `[etherscan]`; the signer is always passed explicitly on the command line (`--private-key $PRIVATE_KEY` off mainnet; on it, `--ledger --sender <addr>` for what the admin signs and `--account <keystore-name> --sender <addr>` for the executor-signed `deploy()` phase), so `msg.sender` inside a script is the broadcaster and is what salts and wards should use. Do NOT call `vm.startBroadcast(key)` with an in-script key: that leaves `msg.sender` at forge's default sender while transactions come from the key, so a salt or ward derived from it silently belongs to the wrong account. A new network needs only `env/<environment>/<network>.json` (under an environment `Chains.environments()` lists, with an optional `-<deploymentId>` after it — a new environment is a one-line addition there): the `[rpc_endpoints]` and `[etherscan]` tables are derived from it by `check_foundry_networks.py --fix`, which ships beside the configs, and that branch's CI fails if they drift; main's own tables hold nothing but the two anvil aliases. `LaunchDeployer` has no `run()`: the gated phases are `--sig 'commit()'` and `--sig 'deploy()'`, always two separate forge runs. Local chains: `script/anvil/anvil.sh`
 
 ## Root Access & Spell Execution
 
-There is no direct Root access on testnet or mainnet. All privileged operations require a **spell** (a contract that executes admin actions).
+There is no direct Root access on testnet or mainnet. All privileged operations require a **spell** (a contract that executes admin actions). Spells are written and reviewed on the `live` branch, pinned to the deployed version; main carries only the archive under `env/spell/`.
 
 ### Spell Execution Flow
 
 1. **Deploy spell** - Deploy contract implementing the required admin actions
 2. **Schedule rely** - Guardian calls `protocolGuardian.scheduleRely(spellAddress)` (or `opsGuardian` depending on action)
 3. **Wait for delay** - Timelock delay must pass before execution
-   - **Mainnet**: 48 hours (172800 seconds)
-   - **Testnet**: 5 minutes (300 seconds)
+   - **Mainnet**: 48 hours (172800 seconds), `LaunchDeployer.MAINNET_DELAY`
+   - **Testnet**: none. A launch off mainnet deploys `Root` with a delay of 0, so step 4 follows step 2 in the
+     same block and a testnet is never held for a governance step
 4. **Execute** - Call `root.executeScheduledRely(spellAddress)`
 5. **Spell executes** - Root grants spell temporary ward access, spell runs, access is revoked
 
@@ -195,13 +312,18 @@ There is no direct Root access on testnet or mainnet. All privileged operations
 | ProtocolGuardian | Multisig Safe | EOA                            | Protocol upgrades, adapter config |
 | OpsGuardian      | Multisig Safe | EOA (same as ProtocolGuardian) | Pool operations, manager updates  |
 
+## Coding Style
+
+Contract style, structure, and declaration-ordering conventions live in `.claude/rules/coding-style.md`, path-scoped to `src/**` so they load only when editing contracts.
+
 ## Critical Coding Rules
 
 ### Language & Compilation
 - Solidity 0.8.28, Cancun EVM
-- Refactor "Stack too deep" errors instead of enabling `via_ir`, because `via_ir` changes compilation behavior and can mask real complexity issues
 - Use custom errors only: `error NotAuthorized();` (more gas efficient than string reverts)
 - Prefix interfaces with `I` (e.g., `IVault`, `ISpoke`)
+- Fix all compiler warnings (unused params, state mutability, unreachable code)
+- Refactor "Stack too deep" errors instead of enabling `via_ir`, because `via_ir` changes compilation behavior and can mask real complexity issues. In order of preference: group parameters into structs, extract helper functions, minimize locals by reading storage/memory directly
 
 ### Access Control (Ward Pattern)
 
@@ -210,7 +332,7 @@ There is no direct Root access on testnet or mainnet. All privileged operations
 ```solidity
 modifier auth() { require(wards[msg.sender] == 1, NotAuthorized()); _; }
 ```
-- All **admin/privileged** state-changing functions require `auth` — user-facing functions (e.g., `deposit`, `requestDeposit`, `redeem`) intentionally omit it. Some contracts use role-specific modifiers instead (e.g., `isManager(poolId)` on BalanceSheet, `onlyManager` on NAVManager)
+- All **admin/privileged** state-changing functions require `auth` — user-facing functions (e.g., `deposit`, `requestDeposit`, `redeem`) intentionally omit it. Some contracts use role-specific guards instead (e.g., `_requireManager`/`_protected` on Spoke, `onlyManager` on NAVManager)
 - Every `rely()` needs matching `deny()`, since orphaned permissions accumulate and create attack vectors
 - Permission hierarchy flows from Root → All contracts
 
@@ -220,19 +342,15 @@ Use custom types to prevent cross-pool operations that could route funds incorre
 ```solidity
 type PoolId is uint64;
 type AssetId is uint128;
-type ShareClassId is uint64;
+type ShareClassId is bytes16;
 ```
 - Use custom types for all IDs (raw uints bypass the type system's protection)
 - Use `CastLib.toBytes32(address)` for address→bytes32 conversion (the manual `bytes32(uint256(uint160(controller)))` pattern is error-prone)
 
 ### Core Patterns
-- Follow CEI (Checks-Effects-Interactions) pattern to prevent reentrancy in vault operations
 - Asset resolution: Use `spoke.assetToId(assetAddress, tokenId)` for consistent ID lookup (for standard ERC20 assets, `tokenId` is `0`)
-- Interface casting: Declare interface type explicitly before use for clarity
-
-## Common Patterns & Anti-Patterns
+- Interface casting: Declare interface type explicitly before use for clarity, and verify interface compatibility before calling:
 
-### Interface Resolution Patterns
 ```solidity
 // V2 vaults - use base interface
 IBaseVault vault = IBaseVault(vaultAddress);
@@ -246,52 +364,13 @@ uint256 pending = vault.pendingDepositRequest(user);
 ISpokeGatewayHandler handler = ISpokeGatewayHandler(address(spoke));
 handler.updateRestriction(poolId, scId, restrictionUpdate);
 ```
-- Always verify interface compatibility before calling
-- Prefer avoiding try-catch in tests; if possible, use `vm.expectRevert` instead for clearer failure assertions
-
-### State Validation
-```solidity
-// Always check contract states before operations
-require(spoke.isPoolActive(poolId), "Pool not active");
-require(IAuth(address(spoke)).wards(address(this)) == 1, "No permission");
-```
-
-### Storage Anti-Patterns
-**Problem**: Constants or storage variables in base contracts unused by all children
-**Solution**: Move to specific derived contracts that actually use them
-**Rule**: If only one child contract uses a constant, declare it there, not in the shared base
-
-### Inheritance Best Practices
-
-Use `super.execute()` to reuse parent logic, because duplicating code leads to inconsistencies when the parent changes:
-```solidity
-// Recommended: Extend parent logic
-function execute() public override {
-    super.execute();
-    // Add child-specific logic
-}
-
-// Avoid: Duplicating parent logic creates maintenance burden
-function execute() public override {
-    // Copy-pasted parent logic (will diverge over time)
-    // Child logic
-}
-```
-
-### Stack Too Deep Solutions
-
-When a function exceeds 16 local variable slots, refactor using these techniques (in order of preference):
-1. **Group parameters into structs** - Reduces stack slots and improves readability
-2. **Extract helper functions** - Split complex calculations into smaller functions
-3. **Use storage/memory efficiently** - Minimize local variables by reading directly
-4. **Refactor instead of using `via_ir`** - The `via_ir` flag masks complexity issues
 
 ## Testing Conventions
 
 ### Structure
 - **Unit tests**: Fully isolated, use `vm.mockCall` to mock all external dependencies. One contract under test, everything else mocked.
 - **Integration tests**: Use `BaseTest` (inherits `FullDeployer`) to deploy the full protocol stack. Test multi-contract interactions.
-- **Fork tests**: Use mainnet/testnet state via `vm.createSelectFork`. Organized under `test/integration/fork/`.
+- **Fork tests**: Live-state tests run from the `live` branch, which is pinned to the deployed version. Not on main.
 
 ### Common Patterns
 - `vm.expectRevert(CustomError.selector)` before calls that should fail
@@ -299,25 +378,17 @@ When a function exceeds 16 local variable slots, refactor using these techniques
 - `vm.prank(addr)` / `vm.startPrank(addr)` for caller impersonation
 - `makeAddr("name")` for deterministic test addresses
 - `bound(val, min, max)` for constraining fuzz inputs
+- Prefer avoiding try-catch in tests; if possible, use `vm.expectRevert` instead for clearer failure assertions
 
-## Code Quality Checklist
-
-### Code Review & Cleanup
-- **Storage**: Remove redundant variables, unused constants, unnecessary initializations
-- **Inheritance**: Use `super.execute()` instead of duplicating parent logic
-- **Interfaces**: Ensure consistent asset ID resolution (`spoke.assetToId`)
-- **Gas**: Optimize storage layout, remove redundant operations
-- **Compiler**: Fix all warnings (unused params, state mutability, unreachable code)
-
-### Critical Review Points (Priority Order)
+## Review Checklist (Priority Order)
 
 1. **Access Control** (highest priority): Ward pattern implementation on all admin/privileged state-changing functions
 2. **CEI Compliance**: Checks→Effects→Interactions order to prevent reentrancy
 3. **State Validation**: Check assumptions before operations (e.g., pool exists, sufficient balance)
 4. **Custom Types**: Use PoolId, AssetId, ShareClassId instead of raw uints
 5. **Cross-chain**: Verify deployment consistency across networks
-6. **Integration**: Manager contracts and hook implementations
-7. **Custom Errors**: Descriptive and properly used
+6. **Coding Style conformance**: inheritance/business-logic split, control flow, SSA, LOC target, core vs periphery placement, aesthetics (see `.claude/rules/coding-style.md`)
+7. **Gas & storage**: Optimize storage layout, remove redundant variables and operations
 
 ## Reference Documentation
 
diff --git a/README.md b/README.md
index 736982d04..0ee84e13f 100644
--- a/README.md
+++ b/README.md
@@ -4,38 +4,36 @@
 [gha-badge]: https://github.com/centrifuge/protocol/actions/workflows/ci.yml/badge.svg
 [foundry]: https://getfoundry.sh
 [foundry-badge]: https://img.shields.io/badge/Built%20with-Foundry-FFDB1C.svg
-[docs]: https://v3-1.documentation-569.pages.dev/developer/protocol/overview/
+[docs]: https://docs.centrifuge.io/developer/protocol/overview/
 [docs-badge]: https://img.shields.io/badge/Docs-docs.centrifuge.io-6EDFFB.svg
 
 # Centrifuge Protocol
 
-> **Note:** Active development happens in the private [centrifuge/protocol-internal](https://github.com/centrifuge/protocol-internal) repository, which also contains additional scripts and tooling for internal repo management not part of the public protocol. Changes are selectively synced to the public [centrifuge/protocol](https://github.com/centrifuge/protocol) repository once they are ready. The public repository is the canonical dependency for external integrations and integration tests.
-
 The Centrifuge Protocol is an open-source, decentralized protocol for tokenizing and distributing financial products across multiple blockchain networks. Built on immutable smart contracts, it provides the infrastructure for creating customizable asset management products with seamless multi-chain deployment.
 
 The protocol is designed to be non-opinionated and extensible, empowering builders to create diverse financial products, from permissioned investment funds to freely tradable tokenized assets, onchain loans, and custom financial structures.
 
-The protocol has had [19 security reviews](https://v3-1.documentation-569.pages.dev/developer/protocol/security/) to date, and is currently live on [6 blockchains](https://v3-1.documentation-569.pages.dev/developer/protocol/deployments/).
+The protocol has had [24+ security reviews](https://docs.centrifuge.io/developer/protocol/security/) to date, and is currently live on [11 blockchains](https://docs.centrifuge.io/developer/protocol/deployments/).
 
-![](https://v3-1.documentation-569.pages.dev/assets/images/overview-90c6c9bb0c401d551c5c16cb3c64dd14.png)
+![Protocol architecture](./docs/architecture/overview.svg)
 
 ## Key features
 
 ### Multi-chain asset management
 
-Using protocol-level [chain abstraction](https://v3-1.documentation-569.pages.dev/developer/protocol/features/chain-abstraction/), issuers can access and manage liquidity across any supported network while maintaining unified control from a single hub chain. The protocol operates on a hub-and-spoke model where one hub chain handles operational management, accounting, pricing, and investment request processing, while multiple spoke chains act as separate balance sheets where tokens can be issued, transferred, and redeemed. Cross-chain transfers use a secure burn-and-mint mechanism for 1:1 token movement between chains.
+Using protocol-level [chain abstraction](https://docs.centrifuge.io/developer/protocol/features/chain-abstraction/), issuers can access and manage liquidity across any supported network while maintaining unified control from a single hub chain. The protocol operates on a hub-and-spoke model where one hub chain handles operational management, accounting, pricing, and investment request processing, while multiple spoke chains act as separate balance sheets where tokens can be issued, transferred, and redeemed. Cross-chain transfers use a secure burn-and-mint mechanism for 1:1 token movement between chains.
 
 ### Standards-based composability
 
-The protocol provides [vault implementations](https://v3-1.documentation-569.pages.dev/developer/protocol/features/vaults/) that integrate seamlessly with the broader DeFi ecosystem. Share tokens are issued as ERC-20 tokens. ERC-4626 vaults offer the standard tokenized vault interface for synchronous deposits and redemptions, while ERC-7540 vaults provide an asynchronous standard for request-based investment flows. The protocol also supports ERC-7575, enabling multi-asset vaults where a single share token can be exchanged for different accepted assets. These standards enable easy integration with existing DeFi protocols, aggregators, and tools.
+The protocol provides [vault implementations](https://docs.centrifuge.io/developer/protocol/features/vaults/) that integrate seamlessly with the broader DeFi ecosystem. Share tokens are issued as ERC-20 tokens. ERC-4626 vaults offer the standard tokenized vault interface for synchronous deposits and redemptions, while ERC-7540 vaults provide an asynchronous standard for request-based investment flows. The protocol also supports ERC-7575, enabling multi-asset vaults where a single share token can be exchanged for different accepted assets. These standards enable easy integration with existing DeFi protocols, aggregators, and tools.
 
 ### Immutable core, modular extensions
 
-The protocol combines an [immutable core](https://v3-1.documentation-569.pages.dev/developer/protocol/architecture/overview/) with a [modular set of extensions](https://v3-1.documentation-569.pages.dev/developer/protocol/features/modularity/) for customization. The protocol allows customizing investment vaults, transfer hooks for compliance logic, balance sheet managers for asset allocation strategies, hub managers for automated pricing and order management, valuation contracts for asset pricing, per-pool cross-chain adapters, and much more. This architecture enables builders to innovate at the extension layer while maintaining the security guarantees of the immutable core.
+The protocol combines an [immutable core](https://docs.centrifuge.io/developer/protocol/architecture/overview/) with a [modular set of extensions](https://docs.centrifuge.io/developer/protocol/features/modularity/) for customization. The protocol allows customizing investment vaults, transfer hooks for compliance logic, spoke managers for asset allocation strategies, hub managers for automated pricing and order management, valuation contracts for asset pricing, per-pool cross-chain adapters, and much more. Core never depends on an extension: it holds an interface reference that defaults to unset, so every extension is opt-in per pool. This architecture enables builders to innovate at the extension layer while maintaining the security guarantees of the immutable core.
 
 ### Onchain accounting
 
-The protocol implements [fully onchain and automated accounting](https://v3-1.documentation-569.pages.dev/developer/protocol/features/onchain-accounting/) of tokenized assets across all chains. The Hub maintains a complete double-entry bookkeeping system that records all financial transactions, as well as a ledger for all pool holdings. An automated cross-chain synchronization mechanism ensures that data across many chains can be aggregated in a single smart contract.
+The protocol implements [fully onchain and automated accounting](https://docs.centrifuge.io/developer/protocol/features/onchain-accounting/) of tokenized assets across all chains. The Hub maintains a complete double-entry bookkeeping system that records all financial transactions, as well as a ledger for all pool holdings. An automated cross-chain synchronization mechanism ensures that data across many chains can be aggregated in a single smart contract.
 The usage of the accounting system is optional, allowing issuers to automate processes according to their needs.
 
 ### One-click deployment
@@ -44,15 +42,15 @@ The protocol uses monolithic contracts for the immutable core, with automated de
 
 ## Protocol architecture
 
-The Centrifuge Protocol operates on a [hub-and-spoke model](https://v3-1.documentation-569.pages.dev/developer/protocol/features/chain-abstraction/). Each pool selects a single hub chain for management and can tokenize and distribute liquidity on many spoke chains.
+The Centrifuge Protocol operates on a [hub-and-spoke model](https://docs.centrifuge.io/developer/protocol/features/chain-abstraction/). Each pool selects a single hub chain for management and can tokenize and distribute liquidity on many spoke chains.
 
 ### Centrifuge Hub
 
-The hub chain serves as the central control and accounting layer for the entire pool. From a single chain of your choice, you can manage all tokens and vaults across every deployment. The hub maintains consolidated accounting using double-entry bookkeeping, tracking all vault balances and holdings in one place. NAV calculations are performed on the hub, with price oracle updates pushed to all networks
+The hub chain serves as the central control and accounting layer for the entire pool. From a single chain of your choice, you can manage all tokens and vaults across every deployment. The hub maintains consolidated accounting using double-entry bookkeeping, tracking all vault balances and holdings in one place. NAV calculations are performed on the hub, with price oracle updates pushed to all networks. What a pool's managers are allowed to do is bounded by an optional per-pool policy, with anything outside it requiring a timelocked authorization.
 
 ### Centrifuge Spoke
 
-Spoke chains provide the tokenization and distribution layer where end users interact with the protocol. Each spoke deploys ERC-20 share tokens that are customizable with transfer hooks for compliance and restrictions. Both ERC-4626 and ERC-7540 vaults can be deployed for seamless DeFi integration, with multiple vaults supported per share class to accept different payment assets.
+Spoke chains provide the tokenization and distribution layer where end users interact with the protocol. Each spoke deploys ERC-20 share tokens that are customizable with transfer hooks for compliance and restrictions. Share tokens are reached through a registrar rather than directly, so a share class can use the protocol's own token or an alternative standard without any change to core. Both ERC-4626 and ERC-7540 vaults can be deployed for seamless DeFi integration, with multiple vaults supported per share class to accept different payment assets.
 
 ## Contributing
 #### Getting started
diff --git a/docs/architecture/admin.puml b/docs/architecture/admin.puml
index cf0a06823..5e253cb3a 100644
--- a/docs/architecture/admin.puml
+++ b/docs/architecture/admin.puml
@@ -3,28 +3,36 @@ title Admin
 hide empty members
 
 skinparam linetype ortho
-skinparam nodesep 120
+skinparam nodesep 100
 skinparam ranksep 50
 
 package core {
     interface IGateway
     interface IMultiAdapter
-    interface IRootMessageSender
-    interface IHub
+    interface IScheduleAuthMessageSender
+    interface ICreatePool
     interface IAuth
 }
 
+package bridge {
+    interface ITokenBridge
+}
+
+interface IAdapterWiring
+
 class OpsGuardian
 class ProtocolGuardian
 class Root
 
-OpsGuardian --> IMultiAdapter : initAdapters/wire
-OpsGuardian --> IHub : createPool
+OpsGuardian --> IMultiAdapter : blockSession/setAdapters
+OpsGuardian --> IGateway : setGasService
+OpsGuardian --> IAdapterWiring : wire
+OpsGuardian --> ICreatePool : createPool
+OpsGuardian --> ITokenBridge : fileTokenBridgeCentrifugeId
 
-ProtocolGuardian --> Root : relyContract
-ProtocolGuardian --> IGateway : blockOutgoing
-ProtocolGuardian --> IMultiAdapter : setAdapters/wire
-ProtocolGuardian -right-> IRootMessageSender : recoverTokens/scheduleUpgrade
+ProtocolGuardian --> Root : scheduleRely
+ProtocolGuardian -right-> IScheduleAuthMessageSender : scheduleUpgrade
+ProtocolGuardian --> ITokenBridge : fileTokenBridgeRelayer
 
 Root .[dotted].> IAuth
 
diff --git a/docs/architecture/core/hub.puml b/docs/architecture/core/hub.puml
index 925664602..6b2bfa8ca 100644
--- a/docs/architecture/core/hub.puml
+++ b/docs/architecture/core/hub.puml
@@ -4,9 +4,9 @@ hide empty members
 
 skinparam linetype ortho
 
-package messaging {
+package "Messaging" <<cloud>> {
     interface IMessageDispatcher
-    interface IMesssageProcessor
+    interface IMessageProcessor
 }
 
 class Hub
@@ -15,10 +15,17 @@ class Holdings
 class HubRegistry
 class ShareClassManager
 class Accounting
+class StdHubPolicy
+class BridgeCircuitBreaker
 
 interface ISnapshotHook
+interface IBridgingHook
 interface IValuation
-interface IFeeHook
+interface IFeeAccrual
+
+class OracleValuation
+class IdentityValuation
+interface IHubPolicy
 interface IHubRequestManager
 
 Hub --> Holdings
@@ -26,14 +33,20 @@ Hub --> HubRegistry
 Hub --> ShareClassManager
 Hub --> Accounting
 Hub --> IMessageDispatcher
-Hub .[dotted].> IFeeHook
+Hub .[dotted].> IFeeAccrual
+Hub .[dotted].> IHubPolicy
 
 HubHandler --> Hub
-IMesssageProcessor --> HubHandler
+IMessageProcessor --> HubHandler
 
 IHubRequestManager --> Hub
 
 Holdings --> IValuation
+OracleValuation -up-|> IValuation
+IdentityValuation -up-|> IValuation
 Holdings .[dotted].> ISnapshotHook
 
+StdHubPolicy -up-|> IHubPolicy
+BridgeCircuitBreaker -up-|> IBridgingHook
+
 @enduml
diff --git a/docs/architecture/core/hub.svg b/docs/architecture/core/hub.svg
new file mode 100644
index 000000000..87f39ee71
--- /dev/null
+++ b/docs/architecture/core/hub.svg
@@ -0,0 +1,162 @@
+<svg xmlns="http://www.w3.org/2000/svg" width="1920" height="720" viewBox="0 0 1920 720" font-family="Arial, Helvetica, sans-serif">
+  <defs>
+    <marker id="arrow" viewBox="0 0 12 12" refX="11" refY="6" markerWidth="12" markerHeight="12" orient="auto" markerUnits="userSpaceOnUse">
+      <path d="M2,2 L11,6 L2,10" fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
+    </marker>
+  </defs>
+
+  <!-- canvas -->
+  <rect x="1" y="1" width="1918" height="718" rx="16" fill="#ffffff" stroke="#ececec" stroke-width="1"/>
+  <text x="48" y="76" font-size="30" font-weight="bold" fill="#17202a">Hub</text>
+
+  <g transform="translate(0,50)">
+
+  <!-- group: messaging -->
+  <g fill="#eef0f2">
+    <rect x="60" y="192" width="124" height="40" rx="12"/>
+    <rect x="60" y="208" width="384" height="274" rx="14"/>
+  </g>
+  <text x="92" y="252" font-size="21" font-weight="bold" fill="#1f2a37">messaging</text>
+
+  <!-- edges -->
+  <g fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round">
+    <!-- IMessageProcessor -> HubHandler -->
+    <path d="M412,305 H520" marker-end="url(#arrow)"/>
+    <!-- HubHandler -> Hub -->
+    <path d="M740,305 H840 Q860,305 860,325 V380" marker-end="url(#arrow)"/>
+    <!-- Hub -> IMessageDispatcher -->
+    <path d="M760,415 H412" marker-end="url(#arrow)"/>
+    <!-- IHubRequestManager -> Hub -->
+    <path d="M730,615 H840 Q860,615 860,595 V450" marker-end="url(#arrow)"/>
+
+    <!-- HubHandler ..> IBridgingHook (the handler is what invokes the hook) -->
+    <path d="M620,270 V180" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <!-- BridgeCircuitBreaker -up-|> IBridgingHook -->
+    <path d="M432,145 H520" marker-end="url(#arrow)"/>
+
+    <!-- Hub fan-out (solid spine at x=1000, upward) -->
+    <path d="M960,415 H980 Q1000,415 1000,395 V195 Q1000,175 1020,175 H1080" marker-end="url(#arrow)"/>
+    <path d="M960,415 H980 Q1000,415 1000,395 V275 Q1000,255 1020,255 H1080" marker-end="url(#arrow)"/>
+    <path d="M960,415 H980 Q1000,415 1000,395 V355 Q1000,335 1020,335 H1080" marker-end="url(#arrow)"/>
+    <!-- Hub -> Accounting -->
+    <path d="M960,415 H1080" marker-end="url(#arrow)"/>
+
+    <!-- Hub dotted fan-out (dotted spine at x=1030, downward) -->
+    <path d="M960,430 H1010 Q1030,430 1030,450 V475 Q1030,495 1050,495 H1080" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M960,430 H1010 Q1030,430 1030,450 V555 Q1030,575 1050,575 H1080" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+
+    <!-- Holdings -> IValuation -->
+    <path d="M1380,175 H1480" marker-end="url(#arrow)"/>
+    <!-- Holdings ..> ISnapshotHook -->
+    <path d="M1380,195 H1400 Q1420,195 1420,215 V455 Q1420,475 1440,475 H1480" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+
+    <!-- OracleValuation -up-|> IValuation -->
+    <path d="M1640,240 V210" marker-end="url(#arrow)"/>
+    <!-- IdentityValuation -up-|> IValuation -->
+    <path d="M1800,375 H1840 Q1860,375 1860,355 V210 Q1860,190 1840,190 H1800" marker-end="url(#arrow)"/>
+
+    <!-- StdHubPolicy -up-|> IHubPolicy -->
+    <path d="M1480,575 H1380" marker-end="url(#arrow)"/>
+  </g>
+
+  <!-- nodes -->
+  <g>
+    <!-- bridging hook row -->
+    <rect x="92" y="110" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="126" cy="145" r="17" fill="#fbe6b0"/>
+    <text x="126" y="145" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="156" y="145" font-size="21" fill="#1f2a37" dominant-baseline="central">BridgeCircuitBreaker</text>
+
+    <rect x="520" y="110" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="554" cy="145" r="17" fill="#d6f3d2"/>
+    <text x="554" y="145" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="584" y="145" font-size="21" fill="#1f2a37" dominant-baseline="central">IBridgingHook</text>
+
+    <!-- messaging members -->
+    <rect x="92" y="270" width="320" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="126" cy="305" r="17" fill="#d6f3d2"/>
+    <text x="126" y="305" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="156" y="305" font-size="21" fill="#1f2a37" dominant-baseline="central">IMessageProcessor</text>
+
+    <rect x="92" y="380" width="320" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="126" cy="415" r="17" fill="#d6f3d2"/>
+    <text x="126" y="415" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="156" y="415" font-size="21" fill="#1f2a37" dominant-baseline="central">IMessageDispatcher</text>
+
+    <!-- HubHandler -->
+    <rect x="520" y="270" width="220" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="554" cy="305" r="17" fill="#fbe6b0"/>
+    <text x="554" y="305" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="584" y="305" font-size="21" fill="#1f2a37" dominant-baseline="central">HubHandler</text>
+
+    <!-- IHubRequestManager -->
+    <rect x="430" y="580" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="464" cy="615" r="17" fill="#d6f3d2"/>
+    <text x="464" y="615" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="494" y="615" font-size="21" fill="#1f2a37" dominant-baseline="central">IHubRequestManager</text>
+
+    <!-- Hub (focus) -->
+    <rect x="760" y="380" width="200" height="70" rx="10" fill="#fde9b8"/>
+    <circle cx="794" cy="415" r="17" fill="#fbd77a"/>
+    <text x="794" y="415" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="824" y="415" font-size="21" fill="#1f2a37" dominant-baseline="central">Hub</text>
+
+    <!-- column: Hub collaborators -->
+    <rect x="1080" y="140" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1114" cy="175" r="17" fill="#fbe6b0"/>
+    <text x="1114" y="175" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1144" y="175" font-size="21" fill="#1f2a37" dominant-baseline="central">Holdings</text>
+
+    <rect x="1080" y="220" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1114" cy="255" r="17" fill="#fbe6b0"/>
+    <text x="1114" y="255" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1144" y="255" font-size="21" fill="#1f2a37" dominant-baseline="central">HubRegistry</text>
+
+    <rect x="1080" y="300" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1114" cy="335" r="17" fill="#fbe6b0"/>
+    <text x="1114" y="335" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1144" y="335" font-size="21" fill="#1f2a37" dominant-baseline="central">ShareClassManager</text>
+
+    <rect x="1080" y="380" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1114" cy="415" r="17" fill="#fbe6b0"/>
+    <text x="1114" y="415" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1144" y="415" font-size="21" fill="#1f2a37" dominant-baseline="central">Accounting</text>
+
+    <rect x="1080" y="460" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1114" cy="495" r="17" fill="#d6f3d2"/>
+    <text x="1114" y="495" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="1144" y="495" font-size="21" fill="#1f2a37" dominant-baseline="central">IFeeAccrual</text>
+
+    <rect x="1080" y="540" width="300" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1114" cy="575" r="17" fill="#d6f3d2"/>
+    <text x="1114" y="575" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="1144" y="575" font-size="21" fill="#1f2a37" dominant-baseline="central">IHubPolicy</text>
+
+    <!-- column: second order -->
+    <rect x="1480" y="140" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1514" cy="175" r="17" fill="#d6f3d2"/>
+    <text x="1514" y="175" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="1544" y="175" font-size="21" fill="#1f2a37" dominant-baseline="central">IValuation</text>
+
+    <rect x="1480" y="240" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1514" cy="275" r="17" fill="#fbe6b0"/>
+    <text x="1514" y="275" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1544" y="275" font-size="21" fill="#1f2a37" dominant-baseline="central">OracleValuation</text>
+
+    <rect x="1480" y="340" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1514" cy="375" r="17" fill="#fbe6b0"/>
+    <text x="1514" y="375" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1544" y="375" font-size="21" fill="#1f2a37" dominant-baseline="central">IdentityValuation</text>
+
+    <rect x="1480" y="440" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1514" cy="475" r="17" fill="#d6f3d2"/>
+    <text x="1514" y="475" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="1544" y="475" font-size="21" fill="#1f2a37" dominant-baseline="central">ISnapshotHook</text>
+
+    <rect x="1480" y="540" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1514" cy="575" r="17" fill="#fbe6b0"/>
+    <text x="1514" y="575" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1544" y="575" font-size="21" fill="#1f2a37" dominant-baseline="central">StdHubPolicy</text>
+  </g>
+  </g>
+</svg>
diff --git a/docs/architecture/core/messaging.puml b/docs/architecture/core/messaging.puml
index e39ee95be..13f6ce63a 100644
--- a/docs/architecture/core/messaging.puml
+++ b/docs/architecture/core/messaging.puml
@@ -4,28 +4,31 @@ hide empty members
 
 skinparam linetype ortho
 
-package messaging {
-    interface IMessageDispatcher
-    interface IMessageProcessor
+package core {
+    class Hub
+    class Spoke
+    class HubHandler
+    class SpokeHandler
 }
 
+class MessageDispatcher
+class MessageProcessor
 class Gateway
 class MultiAdapter
-class Spoke
-class HubHandler
-
 interface IAdapter
 
-Spoke <-> IMessageDispatcher
-HubHandler <-> IMessageDispatcher
-IMessageProcessor --> HubHandler
-IMessageProcessor --> Spoke
+Hub -down-> MessageDispatcher
+Spoke -down-> MessageDispatcher
+
+MessageDispatcher -up-> HubHandler : local
+MessageDispatcher -up-> SpokeHandler : local
 
-IMessageDispatcher --> Gateway
+MessageProcessor -up-> HubHandler
+MessageProcessor -up-> SpokeHandler
 
-Gateway --> IMessageProcessor
+MessageDispatcher -down-> Gateway
+Gateway -up-> MessageProcessor
 Gateway <-down-> MultiAdapter
 MultiAdapter <-down-> "n" IAdapter
 
-
 @enduml
diff --git a/docs/architecture/core/messaging.svg b/docs/architecture/core/messaging.svg
new file mode 100644
index 000000000..a5f71ea16
--- /dev/null
+++ b/docs/architecture/core/messaging.svg
@@ -0,0 +1,103 @@
+<svg xmlns="http://www.w3.org/2000/svg" width="1220" height="1000" viewBox="0 0 1220 1000" font-family="Arial, Helvetica, sans-serif">
+  <defs>
+    <marker id="arrow" viewBox="0 0 12 12" refX="11" refY="6" markerWidth="12" markerHeight="12" orient="auto" markerUnits="userSpaceOnUse">
+      <path d="M2,2 L11,6 L2,10" fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
+    </marker>
+  </defs>
+
+  <!-- canvas -->
+  <rect x="1" y="1" width="1218" height="998" rx="16" fill="#ffffff" stroke="#ececec" stroke-width="1"/>
+  <text x="48" y="76" font-size="30" font-weight="bold" fill="#17202a">Messaging</text>
+
+  <g transform="translate(-180,0)">
+
+  <!-- groups -->
+  <g fill="#eef0f2">
+    <rect x="368" y="104" width="110" height="40" rx="12"/>
+    <rect x="368" y="120" width="934" height="170" rx="14"/>
+  </g>
+  <text x="400" y="164" font-size="21" font-weight="bold" fill="#1f2a37">core</text>
+
+  <!-- edges -->
+  <g fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round">
+    <!-- Hub -> MessageDispatcher -->
+    <path d="M480,252 V420" marker-end="url(#arrow)"/>
+    <!-- Spoke -> MessageDispatcher -->
+    <path d="M660,252 V420" marker-end="url(#arrow)"/>
+
+    <!-- MessageDispatcher -> HubHandler / SpokeHandler (local delivery, shared spine) -->
+    <path d="M680,455 H740 Q760,455 760,435 V344 Q760,324 780,324 H820 Q840,324 840,304 V252" marker-end="url(#arrow)"/>
+    <path d="M680,455 H740 Q760,455 760,435 V344 Q760,324 780,324 H1040 Q1060,324 1060,304 V252" marker-end="url(#arrow)"/>
+
+    <!-- MessageProcessor -> HubHandler / SpokeHandler (shared spine, routed over the top) -->
+    <path d="M1140,455 H1320 Q1340,455 1340,435 V116 Q1340,96 1320,96 H915 Q895,96 895,116 V182" marker-end="url(#arrow)"/>
+    <path d="M1140,455 H1320 Q1340,455 1340,435 V116 Q1340,96 1320,96 H1175 Q1155,96 1155,116 V182" marker-end="url(#arrow)"/>
+
+    <!-- MessageDispatcher -> Gateway -->
+    <path d="M400,490 V595 Q400,615 420,615 H620" marker-end="url(#arrow)"/>
+    <!-- Gateway -> MessageProcessor -->
+    <path d="M860,615 H1040 Q1060,615 1060,595 V490" marker-end="url(#arrow)"/>
+
+    <!-- Gateway <-> MultiAdapter -->
+    <path d="M700,650 V720" marker-end="url(#arrow)"/>
+    <path d="M780,720 V650" marker-end="url(#arrow)"/>
+
+    <!-- MultiAdapter <-> n IAdapter -->
+    <path d="M700,790 V860" marker-end="url(#arrow)"/>
+    <path d="M780,860 V790" marker-end="url(#arrow)"/>
+  </g>
+  <text x="852" y="280" font-size="16" fill="#3d4753">local</text>
+  <text x="1072" y="280" font-size="16" fill="#3d4753">local</text>
+  <text x="684" y="846" font-size="16" fill="#3d4753" text-anchor="middle">n</text>
+
+  <!-- nodes -->
+  <g>
+    <!-- core members -->
+    <rect x="400" y="182" width="160" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="434" cy="217" r="17" fill="#fbe6b0"/>
+    <text x="434" y="217" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="464" y="217" font-size="21" fill="#1f2a37" dominant-baseline="central">Hub</text>
+
+    <rect x="580" y="182" width="160" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="614" cy="217" r="17" fill="#fbe6b0"/>
+    <text x="614" y="217" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="644" y="217" font-size="21" fill="#1f2a37" dominant-baseline="central">Spoke</text>
+
+    <rect x="780" y="182" width="230" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="814" cy="217" r="17" fill="#fbe6b0"/>
+    <text x="814" y="217" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="844" y="217" font-size="21" fill="#1f2a37" dominant-baseline="central">HubHandler</text>
+
+    <rect x="1040" y="182" width="230" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="1074" cy="217" r="17" fill="#fbe6b0"/>
+    <text x="1074" y="217" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1104" y="217" font-size="21" fill="#1f2a37" dominant-baseline="central">SpokeHandler</text>
+
+    <!-- messaging members -->
+    <rect x="340" y="420" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="374" cy="455" r="17" fill="#fbe6b0"/>
+    <text x="374" y="455" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="404" y="455" font-size="21" fill="#1f2a37" dominant-baseline="central">MessageDispatcher</text>
+
+    <rect x="800" y="420" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="834" cy="455" r="17" fill="#fbe6b0"/>
+    <text x="834" y="455" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="864" y="455" font-size="21" fill="#1f2a37" dominant-baseline="central">MessageProcessor</text>
+
+    <rect x="620" y="580" width="240" height="70" rx="10" fill="#fde9b8"/>
+    <circle cx="654" cy="615" r="17" fill="#fbd77a"/>
+    <text x="654" y="615" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="684" y="615" font-size="21" fill="#1f2a37" dominant-baseline="central">Gateway</text>
+
+    <rect x="620" y="720" width="240" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="654" cy="755" r="17" fill="#fbe6b0"/>
+    <text x="654" y="755" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="684" y="755" font-size="21" fill="#1f2a37" dominant-baseline="central">MultiAdapter</text>
+
+    <rect x="620" y="860" width="240" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="654" cy="895" r="17" fill="#d6f3d2"/>
+    <text x="654" y="895" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="684" y="895" font-size="21" fill="#1f2a37" dominant-baseline="central">IAdapter</text>
+  </g>
+  </g>
+</svg>
diff --git a/docs/architecture/core/spoke.puml b/docs/architecture/core/spoke.puml
index ab3c4333e..67de0bf5c 100644
--- a/docs/architecture/core/spoke.puml
+++ b/docs/architecture/core/spoke.puml
@@ -4,49 +4,46 @@ hide empty members
 
 skinparam linetype ortho
 
-package core {
-    interface IGateway
-    interface IRequestManager
-}
-
-package messaging {
-    interface ISpokeMessageSender
+package "Messaging" <<cloud>> {
+    interface IMessageDispatcher
     interface IMessageProcessor
 }
 
-class Spoke
-class ShareToken
-class BalanceSheet
-class TokenFactory
-class VaultRegistry
 class PoolEscrowFactory
 class PoolEscrow
+class Spoke
+class SpokeHandler
+class SpokeRegistry
+class SnapshotQueue
+
+interface IRegistrar
+interface IPolicy
+interface ISpokeRequestManager
+
+package token {
+    class ShareToken
+    class ShareTokenRegistrar
+    interface ITransferHook
+}
 
-interface IVaultFactory
-interface IVault
-interface ITransferHook
-
-Spoke --> TokenFactory
-Spoke --> PoolEscrowFactory
-Spoke o-- "n" ShareToken
-Spoke --> IGateway
-Spoke --> ISpokeMessageSender
-Spoke --> VaultRegistry
-Spoke <-> IRequestManager
-Spoke <-- IMessageProcessor
-
-VaultRegistry --> IVaultFactory
-VaultRegistry o-[norank]- "n" IVault
+Spoke -down-> SpokeRegistry
+Spoke -down-> SnapshotQueue
+Spoke -up-> IMessageDispatcher
+Spoke --> ISpokeRequestManager
+Spoke .[dotted].> IPolicy
 
-BalanceSheet --> Spoke
-BalanceSheet --> ISpokeMessageSender
+IMessageProcessor --> SpokeHandler
+SpokeHandler --> SpokeRegistry
+SpokeHandler --> IRegistrar
+SpokeHandler --> PoolEscrowFactory
 
-PoolEscrowFactory o-- "n" PoolEscrow
-PoolEscrowFactory ..> PoolEscrow
+Spoke --> PoolEscrowFactory
 
-ShareToken .[dotted].> ITransferHook
+SpokeRegistry o-- "n" ShareToken
 
-TokenFactory ..> ShareToken
-IVaultFactory ..> IVault
+ShareTokenRegistrar -up-|> IRegistrar
+ShareTokenRegistrar ..> "n" ShareToken
+PoolEscrowFactory ..> "n" PoolEscrow
+ShareToken o--> ITransferHook
 
 @enduml
diff --git a/docs/architecture/core/spoke.svg b/docs/architecture/core/spoke.svg
new file mode 100644
index 000000000..eeea51c47
--- /dev/null
+++ b/docs/architecture/core/spoke.svg
@@ -0,0 +1,140 @@
+<svg xmlns="http://www.w3.org/2000/svg" width="2562" height="745" viewBox="0 0 2562 745" font-family="Arial, Helvetica, sans-serif">
+  <defs>
+    <marker id="arrow" viewBox="0 0 12 12" refX="11" refY="6" markerWidth="12" markerHeight="12" orient="auto" markerUnits="userSpaceOnUse">
+      <path d="M2,2 L11,6 L2,10" fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
+    </marker>
+  </defs>
+
+  <!-- canvas -->
+  <rect x="1" y="1" width="2560" height="743" rx="16" fill="#ffffff" stroke="#ececec" stroke-width="1"/>
+  <text x="48" y="76" font-size="30" font-weight="bold" fill="#17202a">Spoke</text>
+
+  <g transform="translate(0,-100)">
+
+  <!-- groups -->
+  <g fill="#eef0f2">
+    <rect x="98" y="237" width="124" height="40" rx="12"/>
+    <rect x="98" y="253" width="394" height="230" rx="14"/>
+    <rect x="1748" y="157" width="110" height="40" rx="12"/>
+    <rect x="1748" y="173" width="754" height="484" rx="14"/>
+  </g>
+  <text x="130" y="297" font-size="21" font-weight="bold" fill="#1f2a37">messaging</text>
+  <text x="1780" y="217" font-size="21" font-weight="bold" fill="#1f2a37">token</text>
+
+  <!-- edges -->
+  <g fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round">
+    <!-- Spoke fan-out: one spine, branching up and down -->
+    <path d="M800,350 H820 Q840,350 840,330 V290 Q840,270 860,270 H940" marker-end="url(#arrow)"/>
+    <path d="M800,350 H940" marker-end="url(#arrow)"/>
+    <path d="M800,350 H820 Q840,350 840,370 V410 Q840,430 860,430 H940" marker-end="url(#arrow)"/>
+    <path d="M800,350 H820 Q840,350 840,370 V570 Q840,590 860,590 H940" marker-end="url(#arrow)"/>
+
+    <!-- Spoke -> IPolicy (may call) -->
+    <path d="M680,385 V475" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <!-- Spoke -> IMessageDispatcher -->
+    <path d="M560,350 H460" marker-end="url(#arrow)"/>
+    <!-- IMessageProcessor -> SpokeHandler -->
+    <path d="M460,430 H480 Q500,430 500,450 V650 Q500,670 520,670 H560" marker-end="url(#arrow)"/>
+
+    <!-- SpokeHandler -> SpokeRegistry -->
+    <path d="M800,690 H960 Q980,690 980,670 V625" marker-end="url(#arrow)"/>
+    <!-- SpokeHandler -> PoolEscrowFactory -->
+    <path d="M800,650 H860 Q880,650 880,630 V540 Q880,520 900,520 H1000 Q1020,520 1020,500 V465" marker-end="url(#arrow)"/>
+    <!-- SpokeHandler -> IRegistrar -->
+    <path d="M700,705 V730 Q700,750 720,750 H1380" marker-end="url(#arrow)"/>
+
+    <!-- SpokeRegistry -> n ShareToken -->
+    <path d="M1150,555 V520 Q1150,500 1170,500 H1700 Q1720,500 1720,480 V290 Q1720,270 1740,270 H1780" marker-end="url(#arrow)"/>
+    <!-- PoolEscrowFactory creates n PoolEscrow -->
+    <path d="M1280,430 H1380" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+
+    <!-- ShareTokenRegistrar creates n ShareToken -->
+    <path d="M1940,555 V305" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <!-- ShareTokenRegistrar -> IRegistrar -->
+    <path d="M1840,625 V730 Q1840,750 1820,750 H1700" marker-end="url(#arrow)"/>
+    <!-- ShareToken -> ITransferHook -->
+    <path d="M2100,270 H2220" marker-end="url(#arrow)"/>
+  </g>
+  <text x="1758" y="252" font-size="16" fill="#3d4753" text-anchor="middle">n</text>
+  <text x="1356" y="418" font-size="16" fill="#3d4753" text-anchor="middle">n</text>
+  <text x="1962" y="430" font-size="16" fill="#3d4753" text-anchor="middle">n</text>
+
+  <!-- nodes -->
+  <g>
+    <!-- messaging members -->
+    <rect x="130" y="315" width="330" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="164" cy="350" r="17" fill="#d6f3d2"/>
+    <text x="164" y="350" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="194" y="350" font-size="21" fill="#1f2a37" dominant-baseline="central">IMessageDispatcher</text>
+
+    <rect x="130" y="395" width="330" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="164" cy="430" r="17" fill="#d6f3d2"/>
+    <text x="164" y="430" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="194" y="430" font-size="21" fill="#1f2a37" dominant-baseline="central">IMessageProcessor</text>
+
+    <!-- Spoke (focus) -->
+    <rect x="560" y="315" width="240" height="70" rx="10" fill="#fde9b8"/>
+    <circle cx="594" cy="350" r="17" fill="#fbd77a"/>
+    <text x="594" y="350" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="624" y="350" font-size="21" fill="#1f2a37" dominant-baseline="central">Spoke</text>
+
+    <rect x="560" y="475" width="240" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="594" cy="510" r="17" fill="#d6f3d2"/>
+    <text x="594" y="510" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="624" y="510" font-size="21" fill="#1f2a37" dominant-baseline="central">IPolicy</text>
+
+    <rect x="560" y="635" width="240" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="594" cy="670" r="17" fill="#fbe6b0"/>
+    <text x="594" y="670" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="624" y="670" font-size="21" fill="#1f2a37" dominant-baseline="central">SpokeHandler</text>
+
+    <!-- Spoke's collaborators -->
+    <rect x="940" y="235" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="974" cy="270" r="17" fill="#d6f3d2"/>
+    <text x="974" y="270" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="1004" y="270" font-size="21" fill="#1f2a37" dominant-baseline="central">ISpokeRequestManager</text>
+
+    <rect x="940" y="315" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="974" cy="350" r="17" fill="#fbe6b0"/>
+    <text x="974" y="350" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1004" y="350" font-size="21" fill="#1f2a37" dominant-baseline="central">SnapshotQueue</text>
+
+    <rect x="940" y="395" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="974" cy="430" r="17" fill="#fbe6b0"/>
+    <text x="974" y="430" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1004" y="430" font-size="21" fill="#1f2a37" dominant-baseline="central">PoolEscrowFactory</text>
+
+    <rect x="940" y="555" width="340" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="974" cy="590" r="17" fill="#fbe6b0"/>
+    <text x="974" y="590" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1004" y="590" font-size="21" fill="#1f2a37" dominant-baseline="central">SpokeRegistry</text>
+
+    <!-- downstream -->
+    <rect x="1380" y="395" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1414" cy="430" r="17" fill="#fbe6b0"/>
+    <text x="1414" y="430" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1444" y="430" font-size="21" fill="#1f2a37" dominant-baseline="central">PoolEscrow</text>
+
+    <rect x="1380" y="715" width="320" height="70" rx="10" fill="#f6f7f8"/>
+    <circle cx="1414" cy="750" r="17" fill="#d6f3d2"/>
+    <text x="1414" y="750" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="1444" y="750" font-size="21" fill="#1f2a37" dominant-baseline="central">IRegistrar</text>
+
+    <!-- token members -->
+    <rect x="1780" y="235" width="320" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="1814" cy="270" r="17" fill="#fbe6b0"/>
+    <text x="1814" y="270" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1844" y="270" font-size="21" fill="#1f2a37" dominant-baseline="central">ShareToken</text>
+
+    <rect x="1780" y="555" width="320" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="1814" cy="590" r="17" fill="#fbe6b0"/>
+    <text x="1814" y="590" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">C</text>
+    <text x="1844" y="590" font-size="21" fill="#1f2a37" dominant-baseline="central">ShareTokenRegistrar</text>
+
+    <rect x="2220" y="235" width="250" height="70" rx="10" fill="#ffffff"/>
+    <circle cx="2254" cy="270" r="17" fill="#d6f3d2"/>
+    <text x="2254" y="270" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle" dominant-baseline="central">I</text>
+    <text x="2284" y="270" font-size="21" fill="#1f2a37" dominant-baseline="central">ITransferHook</text>
+  </g>
+  </g>
+</svg>
diff --git a/docs/architecture/core/spoke/balance-sheet.puml b/docs/architecture/core/spoke/balance-sheet.puml
index 1cf231918..4b0e32de0 100644
--- a/docs/architecture/core/spoke/balance-sheet.puml
+++ b/docs/architecture/core/spoke/balance-sheet.puml
@@ -1,5 +1,5 @@
 @startuml
-title Fund Management Flow - Queued Assets State Changes
+title Balance Sheet Flow - Queued Assets State Changes
 
 skinparam sequenceArrowThickness 3
 skinparam backgroundColor white
@@ -17,88 +17,112 @@ skinparam sequence {
     GroupBackgroundColor #EEEEEE
 }
 
-actor "Balance Sheet Manager" as BSM
-participant BalanceSheet
+actor "Pool Manager" as PM
+participant Spoke
 participant PoolEscrow
-participant "Hub" as Hub
+participant SnapshotQueue
+participant HubHandler
+participant Holdings
 
-note over BalanceSheet, Hub
-    BalanceSheet → Hub communication
-    routes through Spoke & Messaging
+note over Spoke, HubHandler
+    Spoke → Hub communication routes through
+    MessageDispatcher → Gateway → adapters → MessageProcessor
 end note
 
 == Initial State ==
-note over BalanceSheet
-    **Queued Assets:** 500 USDC deposits, 200 USDC withdrawals
-    **Net Queued:** +300 USDC
+note over PoolEscrow
+    **holding.total:** 2000 USDC
+    **availableBalanceOf:** 2000 USDC
 end note
 
-note over PoolEscrow
-    **Available Balance:** 2000 USDC
+note over SnapshotQueue
+    **queuedAssets.deposits:** 500 USDC
+    **queuedAssets.withdrawals:** 200 USDC
+    **queuedShares.nonce:** 0
 end note
 
-note over Hub
-    **Holdings:** 5000 USDC
-    **Issued Shares:** 10000 tokens
+note over Holdings
+    **holding amount:** 5000 USDC
+    **snapshot.isSnapshot:** false, **snapshot.nonce:** 0
 end note
 
 == Deposit Operation ==
-BSM -> BalanceSheet: deposit(1000 USDC)
-activate BalanceSheet
-BalanceSheet -> PoolEscrow: transfer 1000 USDC from BSM
+PM -> Spoke: deposit(poolId, scId, USDC, 0, 1000)
+activate Spoke
+Spoke -> PoolEscrow: deposit(scId, USDC, 0, 1000)
 activate PoolEscrow
-PoolEscrow --> PoolEscrow: availableBalance: 2000 → 3000 USDC
+PoolEscrow --> PoolEscrow: holding.total: 2000 → 3000 USDC
 deactivate PoolEscrow
-BalanceSheet --> BalanceSheet: queuedDeposits: 500 → 1500 USDC
-deactivate BalanceSheet
-
-note over BalanceSheet
-    **Queued Assets:** 1500 USDC deposits, 200 USDC withdrawals
-    **Net Queued:** +1300 USDC
+Spoke -> SnapshotQueue: queueAssets(poolId, scId, assetId, 1000, isIncrease: true)
+activate SnapshotQueue
+SnapshotQueue --> SnapshotQueue: queuedAssets.deposits: 500 → 1500 USDC
+deactivate SnapshotQueue
+Spoke -> PoolEscrow: safeTransferFrom(caller → escrow, 1000 USDC)
+deactivate Spoke
+
+note over PoolEscrow, SnapshotQueue
+    **holding.total:** 3000 USDC
+    **queuedAssets:** 1500 USDC deposits, 200 USDC withdrawals
 end note
 
 == Withdraw Operation ==
-BSM -> BalanceSheet: withdraw(800 USDC, to BSM)
-activate BalanceSheet
-BalanceSheet -> PoolEscrow: transfer 800 USDC to BSM
+PM -> Spoke: withdraw(poolId, scId, USDC, 0, receiver, 800)
+activate Spoke
+Spoke -> PoolEscrow: withdraw(scId, USDC, 0, receiver, 800)
 activate PoolEscrow
-PoolEscrow --> PoolEscrow: availableBalance: 3000 → 2200 USDC
+PoolEscrow --> PoolEscrow: holding.total: 3000 → 2200 USDC
 deactivate PoolEscrow
-BalanceSheet --> BalanceSheet: queuedWithdrawals: 200 → 1000 USDC
-deactivate BalanceSheet
-
-note over BalanceSheet
-    **Queued Assets:** 1500 USDC deposits, 1000 USDC withdrawals
-    **Net Queued:** +500 USDC
+Spoke -> SnapshotQueue: queueAssets(poolId, scId, assetId, 800, isIncrease: false)
+activate SnapshotQueue
+SnapshotQueue --> SnapshotQueue: queuedAssets.withdrawals: 200 → 1000 USDC
+deactivate SnapshotQueue
+Spoke -> PoolEscrow: authTransferTo(USDC, 0, receiver, 800)
+deactivate Spoke
+
+note over PoolEscrow, SnapshotQueue
+    **holding.total:** 2200 USDC
+    **queuedAssets:** 1500 USDC deposits, 1000 USDC withdrawals
 end note
 
 == Submit Queued Assets ==
-BSM -> BalanceSheet: submitQueuedAssets()
-activate BalanceSheet
-BalanceSheet --> BalanceSheet: calculate net: +500 USDC
-group Send snapshot to Hub
-BalanceSheet -> Hub: sendUpdateHoldingAmount(+500 USDC)
-activate Hub
-Hub -> Hub: holdings: 5000 → 5500 USDC
-Hub -> Hub: update accounting with +500 USDC
-deactivate Hub
+PM -> Spoke: submitQueuedAssets(poolId, scId, assetId, extraGasLimit, refund)
+activate Spoke
+Spoke -> SnapshotQueue: flushAssets(poolId, scId, assetId)
+activate SnapshotQueue
+SnapshotQueue --> SnapshotQueue: net = deposits - withdrawals = 500 USDC; clear both to 0, queuedShares.nonce: 0 → 1
+SnapshotQueue --> Spoke: UpdateData(netAmount: 500, isIncrease: true, isSnapshot: true, nonce: 0)
+deactivate SnapshotQueue
+group Send UpdateAssets message to Hub
+Spoke -> HubHandler: sendUpdateAssets(poolId, scId, assetId, data, extraGasLimit, refund)
+activate HubHandler
+HubHandler -> Holdings: increase(poolId, scId, assetId, centrifugeId, 500)
+activate Holdings
+Holdings --> HubHandler: value = delta priced at the hub valuation
+deactivate Holdings
+HubHandler --> HubHandler: hub.updateAccountingAmount(poolId, scId, assetId, isPositive: true, value)
+HubHandler -> Holdings: setSnapshot(poolId, scId, centrifugeId, isSnapshot: true, nonce: 0)
+activate Holdings
+Holdings --> Holdings: snapshot.isSnapshot = true, snapshot.nonce: 0 → 1
+deactivate Holdings
+deactivate HubHandler
 end
-BalanceSheet --> BalanceSheet: clear queues to zero
-deactivate BalanceSheet
+deactivate Spoke
 
 == Final State ==
-note over BalanceSheet
-    **Queued Assets:** 0 USDC deposits, 0 USDC withdrawals
-    **Net Queued:** 0 USDC
+note over PoolEscrow
+    **holding.total:** 2200 USDC
+    **availableBalanceOf:** 2200 USDC
 end note
 
-note over PoolEscrow
-    **Available Balance:** 2200 USDC
+note over SnapshotQueue
+    **queuedAssets.deposits:** 0 USDC
+    **queuedAssets.withdrawals:** 0 USDC
+    **queuedShares.nonce:** 1
 end note
 
-note over Hub
-    **Holdings:** 5500 USDC
-    **Issued Shares:** 10000 tokens
+note over Holdings
+    **holding amount:** 5500 USDC
+    **snapshot.isSnapshot:** true, **snapshot.nonce:** 1
 end note
 
-@enduml 
\ No newline at end of file
+@enduml
diff --git a/docs/architecture/core/spoke/balance-sheet.svg b/docs/architecture/core/spoke/balance-sheet.svg
new file mode 100644
index 000000000..7848066c9
--- /dev/null
+++ b/docs/architecture/core/spoke/balance-sheet.svg
@@ -0,0 +1,167 @@
+<svg xmlns="http://www.w3.org/2000/svg" width="2500" height="2726" viewBox="0 0 2500 2726" font-family="Arial, Helvetica, sans-serif">
+  <defs>
+    <marker id="arrow" viewBox="0 0 12 12" refX="11" refY="6" markerWidth="12" markerHeight="12" orient="auto" markerUnits="userSpaceOnUse">
+      <path d="M2,2 L11,6 L2,10" fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
+    </marker>
+  </defs>
+
+  <!-- canvas -->
+  <rect x="1" y="1" width="2498" height="2724" rx="16" fill="#ffffff" stroke="#ececec" stroke-width="1"/>
+  <text x="48" y="76" font-size="30" font-weight="bold" fill="#17202a">Balance Sheet Flow - Queued Assets State Changes</text>
+
+  <!-- lifelines -->
+  <line x1="180" y1="200" x2="180" y2="2682" stroke="#d8dce1" stroke-width="1"/>
+  <line x1="560" y1="200" x2="560" y2="2682" stroke="#d8dce1" stroke-width="1"/>
+  <line x1="940" y1="200" x2="940" y2="2682" stroke="#d8dce1" stroke-width="1"/>
+  <line x1="1360" y1="200" x2="1360" y2="2682" stroke="#d8dce1" stroke-width="1"/>
+  <line x1="1860" y1="200" x2="1860" y2="2682" stroke="#d8dce1" stroke-width="1"/>
+  <line x1="2280" y1="200" x2="2280" y2="2682" stroke="#d8dce1" stroke-width="1"/>
+
+  <!-- group frame -->
+  <rect x="480" y="1970" width="1960" height="504" rx="12" fill="none" stroke="#d8dce1" stroke-width="1"/>
+  <rect x="980" y="1953" width="342" height="34" rx="10" fill="#eef0f2"/>
+  <text x="1000" y="1976" font-size="17" font-weight="bold" fill="#1f2a37">Send UpdateAssets message to Hub</text>
+
+  <!-- participants -->
+  <rect x="65" y="130" width="231" height="70" rx="10" fill="#f6f7f8"/>
+  <circle cx="99" cy="165" r="17" fill="#d6f3d2"/>
+  <text x="99" y="170" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle">M</text>
+  <text x="129" y="172" font-size="21" fill="#1f2a37">Pool Manager</text>
+  <rect x="470" y="130" width="180" height="70" rx="10" fill="#f6f7f8"/>
+  <circle cx="504" cy="165" r="17" fill="#fbe6b0"/>
+  <text x="504" y="170" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle">C</text>
+  <text x="534" y="172" font-size="21" fill="#1f2a37">Spoke</text>
+  <rect x="836" y="130" width="208" height="70" rx="10" fill="#f6f7f8"/>
+  <circle cx="870" cy="165" r="17" fill="#fbe6b0"/>
+  <text x="870" y="170" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle">C</text>
+  <text x="900" y="172" font-size="21" fill="#1f2a37">PoolEscrow</text>
+  <rect x="1239" y="130" width="242" height="70" rx="10" fill="#f6f7f8"/>
+  <circle cx="1273" cy="165" r="17" fill="#fbe6b0"/>
+  <text x="1273" y="170" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle">C</text>
+  <text x="1303" y="172" font-size="21" fill="#1f2a37">SnapshotQueue</text>
+  <rect x="1756" y="130" width="208" height="70" rx="10" fill="#f6f7f8"/>
+  <circle cx="1790" cy="165" r="17" fill="#fbe6b0"/>
+  <text x="1790" y="170" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle">C</text>
+  <text x="1820" y="172" font-size="21" fill="#1f2a37">HubHandler</text>
+  <rect x="2188" y="130" width="184" height="70" rx="10" fill="#f6f7f8"/>
+  <circle cx="2222" cy="165" r="17" fill="#fbe6b0"/>
+  <text x="2222" y="170" font-size="15" font-weight="bold" fill="#2f3a45" text-anchor="middle">C</text>
+  <text x="2252" y="172" font-size="21" fill="#1f2a37">Holdings</text>
+
+  <!-- activation bars -->
+  <rect x="934" y="663" width="12" height="61" rx="6" fill="#fde9b8"/>
+  <rect x="1354" y="783" width="12" height="61" rx="6" fill="#fde9b8"/>
+  <rect x="554" y="605" width="12" height="331" rx="6" fill="#fde9b8"/>
+  <rect x="934" y="1229" width="12" height="61" rx="6" fill="#fde9b8"/>
+  <rect x="1354" y="1349" width="12" height="61" rx="6" fill="#fde9b8"/>
+  <rect x="554" y="1149" width="12" height="331" rx="6" fill="#fde9b8"/>
+  <rect x="1354" y="1773" width="12" height="163" rx="6" fill="#fde9b8"/>
+  <rect x="2274" y="2134" width="12" height="80" rx="6" fill="#fde9b8"/>
+  <rect x="2274" y="2308" width="12" height="146" rx="6" fill="#fde9b8"/>
+  <rect x="1854" y="2054" width="12" height="400" rx="6" fill="#fde9b8"/>
+  <rect x="554" y="1693" width="12" height="761" rx="6" fill="#fde9b8"/>
+
+  <!-- sections -->
+  <rect x="60" y="320" width="2380" height="40" rx="8" fill="#eef0f2"/>
+  <text x="1250" y="347" font-size="19" font-weight="bold" fill="#1f2a37" text-anchor="middle">Initial State</text>
+  <rect x="60" y="512" width="2380" height="40" rx="8" fill="#eef0f2"/>
+  <text x="1250" y="539" font-size="19" font-weight="bold" fill="#1f2a37" text-anchor="middle">Deposit Operation</text>
+  <rect x="60" y="1056" width="2380" height="40" rx="8" fill="#eef0f2"/>
+  <text x="1250" y="1083" font-size="19" font-weight="bold" fill="#1f2a37" text-anchor="middle">Withdraw Operation</text>
+  <rect x="60" y="1600" width="2380" height="40" rx="8" fill="#eef0f2"/>
+  <text x="1250" y="1627" font-size="19" font-weight="bold" fill="#1f2a37" text-anchor="middle">Submit Queued Assets</text>
+  <rect x="60" y="2500" width="2380" height="40" rx="8" fill="#eef0f2"/>
+  <text x="1250" y="2527" font-size="19" font-weight="bold" fill="#1f2a37" text-anchor="middle">Final State</text>
+
+  <!-- notes -->
+  <rect x="920" y="220" width="581" height="74" rx="10" fill="#fdf1d0"/>
+  <text x="944" y="249" font-size="17" fill="#1f2a37"><tspan>Spoke → Hub communication routes through</tspan></text>
+  <text x="944" y="275" font-size="17" fill="#1f2a37"><tspan>MessageDispatcher → Gateway → adapters → MessageProcessor</tspan></text>
+  <rect x="780" y="386" width="319" height="74" rx="10" fill="#fdf1d0"/>
+  <text x="804" y="415" font-size="17" fill="#1f2a37"><tspan font-weight="bold">holding.total: </tspan><tspan>2000 USDC</tspan></text>
+  <text x="804" y="441" font-size="17" fill="#1f2a37"><tspan font-weight="bold">availableBalanceOf: </tspan><tspan>2000 USDC</tspan></text>
+  <rect x="1177" y="386" width="366" height="100" rx="10" fill="#fdf1d0"/>
+  <text x="1201" y="415" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedAssets.deposits: </tspan><tspan>500 USDC</tspan></text>
+  <text x="1201" y="441" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedAssets.withdrawals: </tspan><tspan>200 USDC</tspan></text>
+  <text x="1201" y="467" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedShares.nonce: </tspan><tspan>0</tspan></text>
+  <rect x="2134" y="386" width="291" height="100" rx="10" fill="#fdf1d0"/>
+  <text x="2158" y="415" font-size="17" fill="#1f2a37"><tspan font-weight="bold">holding amount: </tspan><tspan>5000 USDC</tspan></text>
+  <text x="2158" y="441" font-size="17" fill="#1f2a37"><tspan font-weight="bold">snapshot.isSnapshot: </tspan><tspan>false</tspan></text>
+  <text x="2158" y="467" font-size="17" fill="#1f2a37"><tspan font-weight="bold">snapshot.nonce: </tspan><tspan>0</tspan></text>
+  <rect x="874" y="956" width="553" height="74" rx="10" fill="#fdf1d0"/>
+  <text x="898" y="985" font-size="17" fill="#1f2a37"><tspan font-weight="bold">holding.total: </tspan><tspan>3000 USDC</tspan></text>
+  <text x="898" y="1011" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedAssets: </tspan><tspan>1500 USDC deposits, 200 USDC withdrawals</tspan></text>
+  <rect x="869" y="1500" width="562" height="74" rx="10" fill="#fdf1d0"/>
+  <text x="893" y="1529" font-size="17" fill="#1f2a37"><tspan font-weight="bold">holding.total: </tspan><tspan>2200 USDC</tspan></text>
+  <text x="893" y="1555" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedAssets: </tspan><tspan>1500 USDC deposits, 1000 USDC withdrawals</tspan></text>
+  <rect x="780" y="2566" width="319" height="74" rx="10" fill="#fdf1d0"/>
+  <text x="804" y="2595" font-size="17" fill="#1f2a37"><tspan font-weight="bold">holding.total: </tspan><tspan>2200 USDC</tspan></text>
+  <text x="804" y="2621" font-size="17" fill="#1f2a37"><tspan font-weight="bold">availableBalanceOf: </tspan><tspan>2200 USDC</tspan></text>
+  <rect x="1186" y="2566" width="347" height="100" rx="10" fill="#fdf1d0"/>
+  <text x="1210" y="2595" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedAssets.deposits: </tspan><tspan>0 USDC</tspan></text>
+  <text x="1210" y="2621" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedAssets.withdrawals: </tspan><tspan>0 USDC</tspan></text>
+  <text x="1210" y="2647" font-size="17" fill="#1f2a37"><tspan font-weight="bold">queuedShares.nonce: </tspan><tspan>1</tspan></text>
+  <rect x="2139" y="2566" width="282" height="100" rx="10" fill="#fdf1d0"/>
+  <text x="2163" y="2595" font-size="17" fill="#1f2a37"><tspan font-weight="bold">holding amount: </tspan><tspan>5500 USDC</tspan></text>
+  <text x="2163" y="2621" font-size="17" fill="#1f2a37"><tspan font-weight="bold">snapshot.isSnapshot: </tspan><tspan>true</tspan></text>
+  <text x="2163" y="2647" font-size="17" fill="#1f2a37"><tspan font-weight="bold">snapshot.nonce: </tspan><tspan>1</tspan></text>
+
+  <!-- messages -->
+  <g fill="none" stroke="#46536b" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round">
+    <path d="M186,610 H553" marker-end="url(#arrow)"/>
+    <path d="M566,668 H933" marker-end="url(#arrow)"/>
+    <path d="M946,700 H1010 V730 H949" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M566,788 H1353" marker-end="url(#arrow)"/>
+    <path d="M1366,820 H1430 V850 H1369" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M566,930 H933" marker-end="url(#arrow)"/>
+    <path d="M186,1176 H553" marker-end="url(#arrow)"/>
+    <path d="M566,1234 H933" marker-end="url(#arrow)"/>
+    <path d="M946,1266 H1010 V1296 H949" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M566,1354 H1353" marker-end="url(#arrow)"/>
+    <path d="M1366,1386 H1430 V1416 H1369" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M566,1474 H933" marker-end="url(#arrow)"/>
+    <path d="M186,1720 H553" marker-end="url(#arrow)"/>
+    <path d="M566,1778 H1353" marker-end="url(#arrow)"/>
+    <path d="M1366,1810 H1430 V1850 H1369" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M1354,1930 H567" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M566,2048 H1853" marker-end="url(#arrow)"/>
+    <path d="M1866,2128 H2273" marker-end="url(#arrow)"/>
+    <path d="M2274,2208 H1867" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M1866,2240 H1930 V2302 H1869" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+    <path d="M1866,2382 H2273" marker-end="url(#arrow)"/>
+    <path d="M2286,2414 H2350 V2454 H2289" stroke-dasharray="2 6" marker-end="url(#arrow)"/>
+  </g>
+  <text x="370" y="595" font-size="17" fill="#3d4753" text-anchor="middle">deposit(poolId, scId, USDC, 0, 1000)</text>
+  <text x="750" y="653" font-size="17" fill="#3d4753" text-anchor="middle">deposit(scId, USDC, 0, 1000)</text>
+  <text x="1026" y="721" font-size="17" fill="#3d4753" text-anchor="start">holding.total: 2000 → 3000 USDC</text>
+  <text x="960" y="773" font-size="17" fill="#3d4753" text-anchor="middle">queueAssets(poolId, scId, assetId, 1000, isIncrease: true)</text>
+  <text x="1446" y="841" font-size="17" fill="#3d4753" text-anchor="start">queuedAssets.deposits: 500 → 1500 USDC</text>
+  <text x="750" y="893" font-size="17" fill="#3d4753" text-anchor="middle">safeTransferFrom(caller → escrow,</text>
+  <text x="750" y="915" font-size="17" fill="#3d4753" text-anchor="middle">1000 USDC)</text>
+  <text x="370" y="1139" font-size="17" fill="#3d4753" text-anchor="middle">withdraw(poolId, scId, USDC, 0,</text>
+  <text x="370" y="1161" font-size="17" fill="#3d4753" text-anchor="middle">receiver, 800)</text>
+  <text x="750" y="1219" font-size="17" fill="#3d4753" text-anchor="middle">withdraw(scId, USDC, 0, receiver, 800)</text>
+  <text x="1026" y="1287" font-size="17" fill="#3d4753" text-anchor="start">holding.total: 3000 → 2200 USDC</text>
+  <text x="960" y="1339" font-size="17" fill="#3d4753" text-anchor="middle">queueAssets(poolId, scId, assetId, 800, isIncrease: false)</text>
+  <text x="1446" y="1407" font-size="17" fill="#3d4753" text-anchor="start">queuedAssets.withdrawals: 200 → 1000 USDC</text>
+  <text x="750" y="1459" font-size="17" fill="#3d4753" text-anchor="middle">authTransferTo(USDC, 0, receiver, 800)</text>
+  <text x="370" y="1683" font-size="17" fill="#3d4753" text-anchor="middle">submitQueuedAssets(poolId, scId, assetId,</text>
+  <text x="370" y="1705" font-size="17" fill="#3d4753" text-anchor="middle">extraGasLimit, refund)</text>
+  <text x="960" y="1763" font-size="17" fill="#3d4753" text-anchor="middle">flushAssets(poolId, scId, assetId)</text>
+  <text x="1446" y="1825" font-size="17" fill="#3d4753" text-anchor="start">net = deposits − withdrawals = 500 USDC;</text>
+  <text x="1446" y="1847" font-size="17" fill="#3d4753" text-anchor="start">clear both to 0, queuedShares.nonce: 0 → 1</text>
+  <text x="960" y="1893" font-size="17" fill="#3d4753" text-anchor="middle">UpdateData(netAmount: 500, isIncrease: true,</text>
+  <text x="960" y="1915" font-size="17" fill="#3d4753" text-anchor="middle">isSnapshot: true, nonce: 0)</text>
+  <text x="1210" y="2033" font-size="17" fill="#3d4753" text-anchor="middle">sendUpdateAssets(poolId, scId, assetId, data, extraGasLimit, refund)</text>
+  <text x="2070" y="2091" font-size="17" fill="#3d4753" text-anchor="middle">increase(poolId, scId, assetId,</text>
+  <text x="2070" y="2113" font-size="17" fill="#3d4753" text-anchor="middle">centrifugeId, 500)</text>
+  <text x="2070" y="2171" font-size="17" fill="#3d4753" text-anchor="middle">value = delta priced at</text>
+  <text x="2070" y="2193" font-size="17" fill="#3d4753" text-anchor="middle">the hub valuation</text>
+  <text x="1946" y="2255" font-size="17" fill="#3d4753" text-anchor="start">hub.updateAccountingAmount(</text>
+  <text x="1946" y="2277" font-size="17" fill="#3d4753" text-anchor="start">poolId, scId, assetId,</text>
+  <text x="1946" y="2299" font-size="17" fill="#3d4753" text-anchor="start">isPositive: true, value)</text>
+  <text x="2070" y="2345" font-size="17" fill="#3d4753" text-anchor="middle">setSnapshot(poolId, scId, centrifugeId,</text>
+  <text x="2070" y="2367" font-size="17" fill="#3d4753" text-anchor="middle">isSnapshot: true, nonce: 0)</text>
+  <text x="2266" y="2429" font-size="17" fill="#3d4753" text-anchor="end">snapshot.isSnapshot = true,</text>
+  <text x="2266" y="2451" font-size="17" fill="#3d4753" text-anchor="end">snapshot.nonce: 0 → 1</text>
+</svg>
diff --git a/docs/architecture/deployers.puml b/docs/architecture/deployers.puml
index 84373ed2d..d0e771da6 100644
--- a/docs/architecture/deployers.puml
+++ b/docs/architecture/deployers.puml
@@ -1,60 +1,61 @@
-@startuml
+@startuml deployers
+title Deployers
 hide empty members
 
-note "Each deployer has associated its own ActionBatcher and Report\nfollowing the same shown pattern" as N1
+class JsonRegistry << (S, motivation) >>
+class CreateXScript << (S, motivation) >>
+class DeployGateScript << (S, motivation) >>
+class GateProposalScript << (S, motivation) >>
 
-class JsonRegistry
-class CreateXScript
+class BaseDeployer << (S, motivation) >>
+class GatedDeployer << (S, motivation) >>
 
-class CommonDeployer
-class HubDeployer
-class SpokeDeployer
-class AdaptersDeployer
+class DeployAdapters << (S, application) >>
 
-class ValuationsDeployer
-class HubManagersDeployer
-class ExtendedHubDeployer
-
-class SpokeManagersDeployer
-class VaultsDeployer
-class HooksDeployer
-class ExtendedSpokeDeployer
-
-class FullDeployer {
-    + function run()
+class FullDeployer  << (S, application) >> {
+    + function deployFull()
+}
+class LaunchDeployer  << (S, application) >> {
+    + function commit()
+    + function revoke()
+    + function deploy()
 }
 
-class CommonInput << (S,application) JsonConfig >>
-class AdaptersInput << (S,application) JsonConfig >>
+class CoreActionBatcher << (C, implementation) >>
+class NonCoreActionBatcher << (C, implementation) >>
+class AdapterActionBatcher << (C, implementation) >>
 
-CommonDeployer -up-|> JsonRegistry
-CommonDeployer -up-|> CreateXScript
-HubDeployer -up-|> CommonDeployer
-SpokeDeployer -up-|> CommonDeployer
-AdaptersDeployer -up-|> CommonDeployer
+class DeployerInput << (S,strategy) JsonConfig >>
+
+enum DeployPhase {
+    Commit
+    Deploy
+}
 
-HubManagersDeployer -up-|> HubDeployer
-ValuationsDeployer -up-|> HubDeployer
+BaseDeployer -up-|> JsonRegistry
+BaseDeployer -up-|> CreateXScript
+DeployGateScript -up-|> CreateXScript
+GateProposalScript -up-|> DeployGateScript
 
-ExtendedHubDeployer -up-|> HubManagersDeployer
-ExtendedHubDeployer -up-|> ValuationsDeployer
+GatedDeployer --up-|> BaseDeployer
+GatedDeployer --up-|> GateProposalScript
+FullDeployer -up-|> GatedDeployer
+LaunchDeployer -up-|> FullDeployer
 
-SpokeManagersDeployer -up-|> SpokeDeployer
-VaultsDeployer -up-|> SpokeDeployer
-HooksDeployer -up-|> SpokeDeployer
+DeployAdapters ---up-|> BaseDeployer
 
-ExtendedSpokeDeployer -up-|> SpokeManagersDeployer
-ExtendedSpokeDeployer -up-|> VaultsDeployer
-ExtendedSpokeDeployer -up-|> HooksDeployer
+GatedDeployer -right> DeployPhase
+FullDeployer -left> DeployerInput
 
-FullDeployer -up-|> ExtendedHubDeployer
-FullDeployer -up-|> ExtendedSpokeDeployer
-FullDeployer -up---|> AdaptersDeployer
+FullDeployer ...> CoreActionBatcher
+FullDeployer ...> NonCoreActionBatcher
+FullDeployer ...> AdapterActionBatcher
 
-CommonDeployer -> CommonInput
-AdaptersDeployer -left> AdaptersInput
+note right of JsonRegistry: Utilities to write in the env files
+note left of DeployGateScript: From the create3-gate dependency
+note right of BaseDeployer: Base utilities to use create3\n in the project
+note right of GatedDeployer: Helpers to use DeployGate
+note right of FullDeployer: Used in integration tests
+note bottom of LaunchDeployer: Loads network config from JSON;\nentry point for production deployments
 
-note right of ExtendedSpokeDeployer: Used in spoke ITs
-note right of HubDeployer: Used in hub ITs
-note right of FullDeployer: Used in end-to-end ITs,\ntestnets and productions
 @enduml
diff --git a/docs/architecture/hooks.puml b/docs/architecture/hooks.puml
index 96cccb77f..d017457d0 100644
--- a/docs/architecture/hooks.puml
+++ b/docs/architecture/hooks.puml
@@ -2,7 +2,7 @@
 title Transfer Hooks
 hide empty members
 
-package core {
+package token {
     class ShareToken
     interface ITransferHook
 }
diff --git a/docs/architecture/managers/hub-managers.puml b/docs/architecture/managers/hub-managers.puml
index 6490a7d5a..7d2bdaa34 100644
--- a/docs/architecture/managers/hub-managers.puml
+++ b/docs/architecture/managers/hub-managers.puml
@@ -6,11 +6,16 @@ skinparam linetype ortho
 
 package core {
     class Holdings
+    class Envoy
+    interface IHub
     interface ISnapshotHook
+    interface IManagerCallFromHub
+    interface IManagerCallFromSpoke
 }
 
 class NAVManager
 class SimplePriceManager
+class Supervisor
 interface INAVHook
 
 NAVManager -down-> INAVHook
@@ -18,13 +23,21 @@ SimplePriceManager -up-|> INAVHook
 NAVManager -left-|> ISnapshotHook
 Holdings .up[dotted].> ISnapshotHook
 
+NAVManager -up-|> IManagerCallFromHub
+NAVManager -up-|> IManagerCallFromSpoke
+Supervisor -up-|> IManagerCallFromHub
+Envoy --> IManagerCallFromHub
+Envoy --> IManagerCallFromSpoke
+
+Supervisor --> IHub
+
 note left of NAVManager
   Abstracts holding management
   and accounting of net asset value (NAV)
 end note
 
 note left of SimplePriceManager
-  Calculates the share price 
+  Calculates the share price
   for single-share class pools
   based on NAV and total shares
 end note
@@ -35,4 +48,10 @@ note top of ISnapshotHook
   or when shares are transferred
 end note
 
+note top of Supervisor
+  Per-pool sentinel registry;
+  sentinels can veto pending
+  authorizations within delay window
+end note
+
 @enduml
diff --git a/docs/architecture/managers/spoke-managers.puml b/docs/architecture/managers/spoke-managers.puml
index 4b864883a..f9c2fb166 100644
--- a/docs/architecture/managers/spoke-managers.puml
+++ b/docs/architecture/managers/spoke-managers.puml
@@ -2,22 +2,78 @@
 title Spoke Managers
 hide empty members
 
+skinparam linetype ortho
+
 package core {
-    interface IBalanceSheet
+    class Envoy
+    interface ISpoke
+    interface ISnapshotQueue
+    interface IManagerCallFromHub
+}
+
+OnOffRamp -up-|> IManagerCallFromHub
+OnOffRamp --> ISpoke
+OnOffRamp --> AccountingToken
+AccountingToken -up-|> IManagerCallFromHub
+QueueManager -up-|> IManagerCallFromHub
+QueueManager --> ISpoke
+QueueManager --> ISnapshotQueue
+ShareManager -up-|> IManagerCallFromHub
+ShareManager --> ISpoke
+ShareManager --> ISpokeRegistry
+Envoy --> IManagerCallFromHub
+
+OnchainPMFactory ..> "n" OnchainPM : deploys
+OnchainPM ..> ISpoke : via script
+FlashLoanHelper --> OnchainPMFactory
+
+package guards {
+    class ApprovalGuard
+    class CircuitBreakerGuard
+    class SlippageGuard
 }
 
-OnOfframpManager --> IBalanceSheet
-QueueManager --> IBalanceSheet
+SlippageGuard -up-|> IManagerCallFromHub
+SlippageGuard --> ISpoke
+SlippageGuard --> OnchainPMFactory
 
-note top of OnOfframpManager
+note top of OnOffRamp
   Manages on/off-ramping
   for assets entering/exiting
   the protocol
 end note
 
+note top of AccountingToken
+  ERC-6909 multi-token tracking
+  in-flight requests and
+  cross-chain liabilities
+end note
+
 note top of QueueManager
   Manages submission of queued
   assets and shares
 end note
 
+note top of ShareManager
+  Hub-driven share issuance
+  and revocation for holdings
+  tracked outside the protocol
+end note
+
+note top of OnchainPM
+  Executes Merkle-policy-gated
+  weiroll scripts for on-chain
+  portfolio management
+end note
+
+note top of FlashLoanHelper
+  Bridges Aave V3 flash loans
+  into OnchainPM callbacks
+end note
+
+note top of guards
+  Bookend contracts for scripts:
+  slippage, rate limits, approvals
+end note
+
 @enduml
diff --git a/docs/architecture/overview.svg b/docs/architecture/overview.svg
new file mode 100644
index 000000000..4b5e7fb79
--- /dev/null
+++ b/docs/architecture/overview.svg
@@ -0,0 +1,158 @@
+<svg xmlns="http://www.w3.org/2000/svg" width="2000" height="950" viewBox="0 0 2000 950" font-family="Arial, Helvetica, sans-serif">
+  <defs>
+    <marker id="tip" viewBox="0 0 10 10" refX="9" refY="5" markerWidth="10" markerHeight="10" orient="auto" markerUnits="userSpaceOnUse">
+      <path d="M0,0 L10,5 L0,10 Z" fill="#334155"/>
+    </marker>
+    <g id="person" fill="#4a5568">
+      <circle cx="0" cy="-54" r="16"/>
+      <rect x="-24" y="-30" width="48" height="62" rx="13"/>
+      <rect x="-18" y="28" width="36" height="43" rx="12"/>
+    </g>
+  </defs>
+
+  <rect x="0" y="0" width="2000" height="950" rx="16" fill="#ffffff"/>
+
+  <!-- three spoke chains, stacked, the front one opened up -->
+  <g fill="none" stroke="#dfe3e8" stroke-width="1.5">
+    <rect x="40" y="14" width="787" height="683" rx="12"/>
+    <rect x="55" y="65" width="787" height="683" rx="12"/>
+  </g>
+  <rect x="70" y="117" width="787" height="683" rx="12" fill="#f5f6f8"/>
+  <text x="60" y="53" font-size="22" font-weight="bold" fill="#9aa3af">Spoke A</text>
+  <text x="76" y="104" font-size="22" font-weight="bold" fill="#9aa3af">Spoke B</text>
+  <text x="92" y="152" font-size="24" font-weight="bold" fill="#1f2937">Spoke C</text>
+
+  <!-- hub chain -->
+  <rect x="1252" y="100" width="708" height="681" rx="12" fill="#f5f6f8" stroke="#e8eaed" stroke-width="1"/>
+  <text x="1276" y="142" font-size="28" font-weight="bold" fill="#1f2937">Hub network</text>
+
+  <!-- connectors -->
+  <g fill="none" stroke="#334155" stroke-width="2">
+    <!-- share token stack -->
+    <path d="M392,320 V352"/>
+    <path d="M392,418 V453"/>
+    <!-- vault into the spoke -->
+    <path d="M490,486 H525"/>
+    <!-- registry above the spoke -->
+    <path d="M641,418 V453"/>
+    <!-- spoke down to its managers -->
+    <path d="M545,519 V600"/>
+    <path d="M700,519 V600"/>
+    <!-- hub side -->
+    <path d="M1456,517 V565"/>
+    <path d="M1444,629 V677"/>
+    <path d="M1541,485 H1560"/>
+    <path d="M1625,517 V565"/>
+    <path d="M1773,517 V565"/>
+    <!-- the cross-chain channel -->
+    <path d="M757,486 H857"/>
+    <path d="M1252,486 H1372"/>
+  </g>
+  <g fill="none" stroke="#cbd5e1" stroke-width="2" stroke-dasharray="4 7">
+    <path d="M857,486 H997"/>
+    <path d="M1125,486 H1252"/>
+  </g>
+  <text x="925" y="462" font-size="24" fill="#8b95a1" text-anchor="middle">1-to-many</text>
+  <text x="1192" y="462" font-size="24" fill="#8b95a1" text-anchor="middle">1-to-1</text>
+
+  <!-- flow arrows -->
+  <g fill="none" stroke="#334155" stroke-width="2">
+    <path d="M215,486 H285" marker-end="url(#tip)"/>
+    <path d="M1590,311 V345" marker-end="url(#tip)"/>
+    <path d="M1590,411 V445" marker-end="url(#tip)"/>
+    <path d="M440,670 V822" marker-end="url(#tip)"/>
+    <path d="M760,670 V692" marker-end="url(#tip)"/>
+  </g>
+
+  <!-- spoke chain contracts -->
+  <g fill="#ffffff" stroke="#334155" stroke-width="2">
+    <rect x="295" y="352" width="195" height="66" rx="10"/>
+    <rect x="295" y="453" width="195" height="66" rx="10"/>
+    <rect x="525" y="352" width="232" height="66" rx="10"/>
+    <rect x="525" y="453" width="232" height="66" rx="10"/>
+  </g>
+  <g fill="#ffffff">
+    <rect x="1495" y="345" width="190" height="66" rx="10"/>
+    <rect x="295" y="252" width="195" height="68" rx="10"/>
+    <rect x="390" y="600" width="180" height="70" rx="10"/>
+    <rect x="650" y="600" width="180" height="70" rx="10"/>
+  </g>
+  <g font-size="25" fill="#1f2937" text-anchor="middle" dominant-baseline="central">
+    <text x="392" y="286">Transfer Hook</text>
+    <text x="392" y="385">Share Token</text>
+    <text x="392" y="486">Vault</text>
+    <text x="641" y="385">Spoke Registry</text>
+    <text x="641" y="486">Spoke</text>
+    <text x="480" y="635">On/Off Ramp</text>
+    <text x="740" y="635">Onchain PM</text>
+  </g>
+
+  <!-- what the managers allocate into -->
+  <g fill="#eef0f2">
+    <rect x="390" y="830" width="105" height="30" rx="15"/>
+    <rect x="505" y="830" width="150" height="30" rx="15"/>
+    <rect x="415" y="870" width="105" height="30" rx="15"/>
+    <rect x="530" y="870" width="90" height="30" rx="15"/>
+    <rect x="635" y="700" width="95" height="30" rx="15"/>
+    <rect x="740" y="700" width="105" height="30" rx="15"/>
+    <rect x="700" y="740" width="85" height="30" rx="15"/>
+  </g>
+  <g font-size="18" fill="#64748b" text-anchor="middle" dominant-baseline="central">
+    <text x="442" y="845">T-Bills</text>
+    <text x="580" y="845">AAA credit</text>
+    <text x="467" y="885">Equity</text>
+    <text x="575" y="885">Index</text>
+    <text x="682" y="715">WETH</text>
+    <text x="792" y="715">Morpho</text>
+    <text x="742" y="755">Aave</text>
+  </g>
+
+  <!-- the channel itself -->
+  <rect x="997" y="453" width="128" height="66" rx="10" fill="#f1f3f5"/>
+  <text x="1061" y="486" font-size="25" fill="#1f2937" text-anchor="middle" dominant-baseline="central">Gateway</text>
+
+  <!-- hub chain contracts -->
+  <g fill="#ffffff" stroke="#334155" stroke-width="2">
+    <rect x="1372" y="453" width="169" height="64" rx="10"/>
+    <rect x="1560" y="453" width="253" height="64" rx="10"/>
+    <rect x="1372" y="565" width="145" height="64" rx="10"/>
+    <rect x="1543" y="565" width="164" height="64" rx="10"/>
+    <rect x="1730" y="565" width="86" height="64" rx="10"/>
+    <rect x="1372" y="677" width="145" height="64" rx="10"/>
+  </g>
+  <g font-size="25" fill="#1f2937" text-anchor="middle" dominant-baseline="central">
+    <text x="1590" y="378">Policy</text>
+    <text x="1456" y="485">Hub Handler</text>
+    <text x="1686" y="485">Hub</text>
+    <text x="1444" y="597">Holdings</text>
+    <text x="1625" y="597">HubRegistry</text>
+    <text x="1773" y="597">SCM</text>
+    <text x="1444" y="709">Accounting</text>
+  </g>
+
+  <!-- people -->
+  <use href="#person" x="132" y="482"/>
+  <text x="132" y="577" font-size="25" font-weight="bold" fill="#1f2937" text-anchor="middle">Investor</text>
+
+  <use href="#person" x="1590" y="230"/>
+  <text x="1690" y="240" font-size="25" font-weight="bold" fill="#1f2937">Hub Manager</text>
+
+  <!-- the flow, in order -->
+  <g>
+    <rect x="20" y="325" width="226" height="63" rx="10" fill="#ffffff" stroke="#334155" stroke-width="2"/>
+    <circle cx="54" cy="357" r="18" fill="#fdf1d0"/>
+    <text x="54" y="357" font-size="20" fill="#1f2937" text-anchor="middle" dominant-baseline="central">1</text>
+    <text x="86" y="357" font-size="20" fill="#1f2937" dominant-baseline="central">Deposit assets</text>
+
+    <rect x="1690" y="88" width="230" height="76" rx="10" fill="#ffffff" stroke="#334155" stroke-width="2"/>
+    <circle cx="1724" cy="126" r="18" fill="#fdf1d0"/>
+    <text x="1724" y="126" font-size="20" fill="#1f2937" text-anchor="middle" dominant-baseline="central">2</text>
+    <text x="1756" y="114" font-size="20" fill="#1f2937" dominant-baseline="central">Update price,</text>
+    <text x="1756" y="140" font-size="20" fill="#1f2937" dominant-baseline="central">approve request</text>
+
+    <rect x="862" y="545" width="225" height="63" rx="10" fill="#ffffff" stroke="#334155" stroke-width="2"/>
+    <circle cx="896" cy="577" r="18" fill="#fdf1d0"/>
+    <text x="896" y="577" font-size="20" fill="#1f2937" text-anchor="middle" dominant-baseline="central">3</text>
+    <text x="928" y="577" font-size="20" fill="#1f2937" dominant-baseline="central">Allocate assets</text>
+  </g>
+</svg>
diff --git a/docs/architecture/vaults/flow-of-funds.puml b/docs/architecture/vaults/flow-of-funds.puml
index c5db240bf..ecc32400f 100644
--- a/docs/architecture/vaults/flow-of-funds.puml
+++ b/docs/architecture/vaults/flow-of-funds.puml
@@ -20,7 +20,7 @@ actor Investor
 actor BalanceSheetManager
 participant Vault
 participant AsyncRequestManager as ARM
-participant BalanceSheet
+participant Spoke
 participant PoolEscrow
 participant Hub
 actor HubManager
@@ -35,8 +35,8 @@ end note
 Investor -> Vault : requestDeposit()
 Vault -> ARM : requestDeposit()
 ARM -> PoolEscrow : transfer assets from investor
-ARM -> BalanceSheet : reserve(assets, REASON_DEPOSIT)
-BalanceSheet -> PoolEscrow : mark assets as reserved
+ARM -> Spoke : reserve(assets, REASON_DEPOSIT)
+Spoke -> PoolEscrow : mark assets as reserved
 
 note right of PoolEscrow
     Assets in PoolEscrow:
@@ -48,10 +48,10 @@ end note
 
 HubManager -> Hub : approvedDeposits()
 Hub -> ARM : approvedDeposits()
-ARM -> BalanceSheet : unreserve(assets, REASON_DEPOSIT)
-BalanceSheet -> PoolEscrow : decrease reserved counter
-ARM -> BalanceSheet : noteDeposit()
-BalanceSheet -> PoolEscrow : deposit() [tracking only]
+ARM -> Spoke : unreserve(assets, REASON_DEPOSIT)
+Spoke -> PoolEscrow : decrease reserved counter
+ARM -> Spoke : noteDeposit()
+Spoke -> PoolEscrow : deposit() [tracking only]
 
 note right of PoolEscrow
     Assets in PoolEscrow:
@@ -61,8 +61,8 @@ end note
 
 == balance sheet manager withdraws ==
 
-BalanceSheetManager -> BalanceSheet : withdraw(assets)
-BalanceSheet -> PoolEscrow : withdraw() + authTransferTo()
+BalanceSheetManager -> Spoke : withdraw(assets)
+Spoke -> PoolEscrow : withdraw() + authTransferTo()
 PoolEscrow --> BalanceSheetManager : transfer assets
 
 note right of PoolEscrow
@@ -73,11 +73,11 @@ end note
 
 HubManager -> Hub : issueShares()
 Hub --> ARM : issuedShares()
-ARM -> BalanceSheet : issue(shares)
-BalanceSheet -> ShareToken : mint(shares, PoolEscrow)
+ARM -> Spoke : issue(shares)
+Spoke -> ShareToken : mint(shares, PoolEscrow)
 ShareToken --> PoolEscrow : shares minted
-ARM -> BalanceSheet : reserve(shares, REASON_DEPOSIT)
-BalanceSheet -> PoolEscrow : mark shares as reserved
+ARM -> Spoke : reserve(shares, REASON_DEPOSIT)
+Spoke -> PoolEscrow : mark shares as reserved
 
 note right of PoolEscrow
     Shares in PoolEscrow:
@@ -98,10 +98,10 @@ end note
 
 Investor -> Vault : mint()
 Vault -> ARM : deposit() or mint()
-ARM -> BalanceSheet : unreserve(shares, REASON_DEPOSIT)
-BalanceSheet -> PoolEscrow : decrease reserved counter
-ARM -> BalanceSheet : withdraw(shares, investor)
-BalanceSheet -> PoolEscrow : authTransferTo(investor)
+ARM -> Spoke : unreserve(shares, REASON_DEPOSIT)
+Spoke -> PoolEscrow : decrease reserved counter
+ARM -> Spoke : withdraw(shares, investor)
+Spoke -> PoolEscrow : authTransferTo(investor)
 PoolEscrow --> Investor : transfer shares
 
 note right of Investor
@@ -113,10 +113,10 @@ end note
 
 Investor -> Vault : requestRedeem()
 Vault -> ARM : requestRedeem()
-ARM -> BalanceSheet : transferSharesFrom(investor→escrow)
-BalanceSheet -> PoolEscrow : receive shares from investor
-ARM -> BalanceSheet : reserve(shares, REASON_REDEEM)
-BalanceSheet -> PoolEscrow : mark shares as reserved
+ARM -> Spoke : transferSharesFrom(investor→escrow)
+Spoke -> PoolEscrow : receive shares from investor
+ARM -> Spoke : reserve(shares, REASON_REDEEM)
+Spoke -> PoolEscrow : mark shares as reserved
 
 note right of PoolEscrow
     Shares in PoolEscrow:
@@ -128,8 +128,8 @@ HubManager -> Hub : approvedRedeems()
 
 == balance sheet manager repays ==
 
-BalanceSheetManager -> BalanceSheet : deposit(assets)
-BalanceSheet -> PoolEscrow : receive assets
+BalanceSheetManager -> Spoke : deposit(assets)
+Spoke -> PoolEscrow : receive assets
 
 note right of PoolEscrow
     Assets received (unreserved)
@@ -140,15 +140,15 @@ end note
 
 HubManager -> Hub : revokeShares()
 Hub -> ARM : revokedShares()
-ARM -> BalanceSheet : reserve(assets, REASON_REDEEM)
-BalanceSheet -> PoolEscrow : mark assets as reserved
-ARM -> BalanceSheet : unreserve(shares, REASON_REDEEM)
-BalanceSheet -> PoolEscrow : mark shares as unreserved
-ARM -> BalanceSheet : transferSharesFrom(escrow→ARM)
-BalanceSheet -> PoolEscrow : transfer shares to ARM
-ARM -> BalanceSheet : revoke(shares)
-BalanceSheet -> ShareToken : burn(shares)
-ARM -> BalanceSheet : noteWithdraw(assets)
+ARM -> Spoke : reserve(assets, REASON_REDEEM)
+Spoke -> PoolEscrow : mark assets as reserved
+ARM -> Spoke : unreserve(shares, REASON_REDEEM)
+Spoke -> PoolEscrow : mark shares as unreserved
+ARM -> Spoke : transferSharesFrom(escrow→ARM)
+Spoke -> PoolEscrow : transfer shares to ARM
+ARM -> Spoke : revoke(shares)
+Spoke -> ShareToken : burn(shares)
+ARM -> Spoke : noteWithdraw(assets)
 
 note right of PoolEscrow
     Assets: total = Z, reserved = Z
@@ -170,10 +170,10 @@ end note
 
 Investor -> Vault : withdraw()
 Vault --> ARM : withdraw() or redeem()
-ARM -> BalanceSheet : unreserve(assets, REASON_REDEEM)
-BalanceSheet -> PoolEscrow : decrease reserved counter
-ARM -> BalanceSheet : withdraw(EscrowAndTransfer)
-BalanceSheet -> PoolEscrow : withdraw() + authTransferTo()
+ARM -> Spoke : unreserve(assets, REASON_REDEEM)
+Spoke -> PoolEscrow : decrease reserved counter
+ARM -> Spoke : withdraw(EscrowAndTransfer)
+Spoke -> PoolEscrow : withdraw() + authTransferTo()
 PoolEscrow --> Investor : transfer assets
 
 note right of Investor
diff --git a/docs/architecture/vaults/request-managers.puml b/docs/architecture/vaults/request-managers.puml
index 8e735919b..eaec56815 100644
--- a/docs/architecture/vaults/request-managers.puml
+++ b/docs/architecture/vaults/request-managers.puml
@@ -4,35 +4,39 @@ hide empty members
 
 skinparam linetype ortho
 
-package misc {
+skinparam nodesep 25
+
+package core {
     class "Escrow" as PoolEscrow<<pool>>
-    class "Escrow" as RouterEscrow<<router>>
+    class Envoy
+    interface IManagerCallFromHub
 }
 
 package spoke {
     class Spoke
-    class BalanceSheet
-    interface IRequestManager
-    interface ITrustedContractUpdate
+    class SnapshotQueue
+    interface ISpokeRequestManager
 }
 
 interface IBaseRequestManager
 interface IAsyncRequestManager
 interface ISyncManager
 
-IBaseRequestManager -up-|> IRequestManager
+IBaseRequestManager -up-|> ISpokeRequestManager
 
 IAsyncRequestManager -up-|> IBaseRequestManager
-ISyncManager -up-|> ITrustedContractUpdate
 
-AsyncRequestManager -up-> BalanceSheet
+Envoy --> IManagerCallFromHub
+
+AsyncRequestManager -up-> Spoke
 AsyncRequestManager -up-|> IAsyncRequestManager
-BalanceSheet -up-> PoolEscrow
+Spoke -up-> PoolEscrow
+Spoke -up-> SnapshotQueue
 
 SyncManager -up-|> ISyncManager
-SyncManager -up--> BalanceSheet
+SyncManager -up-|> IManagerCallFromHub
+SyncManager -up--> Spoke
 
-VaultRouter -up-> RouterEscrow
 VaultRouter -up-> Spoke
 
 @enduml
diff --git a/docs/audits/2026-06-yAudit-v3.3.pdf b/docs/audits/2026-06-yAudit-v3.3.pdf
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diff --git a/docs/audits/2026-Alex-Filippov.pdf b/docs/audits/2026-Alex-Filippov.pdf
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diff --git a/docs/audits/out-of-scope/v3.3.0.md b/docs/audits/out-of-scope/v3.3.0.md
new file mode 100644
index 000000000..4ce2dd79a
--- /dev/null
+++ b/docs/audits/out-of-scope/v3.3.0.md
@@ -0,0 +1,78 @@
+Out-of-scope list for the v3.3.0 release, handed to the v3.3.0 bug bounty. Published to the public mirror with the release, so the bounty is scoped against it.
+
+The scope guidelines and the standing out-of-scope list of our bug bounty apply in full: https://cantina.xyz/code/6cc9d51a-ac1e-4385-a88a-a3924e40c00e/overview. This file adds the items specific to v3.3.0.
+
+### The list
+
+* Pool managers are fully trusted within the context of their pool. For v3.3 this additionally covers:
+  * A pool with no policy installed has an unrestricted manager, including every pool between registration and the governance step that installs one.
+  * The four accounting event-role slots on a holding are validated only for account existence, so a pool may wire opposing slots to one account and post self-cancelling entries.
+  * A share class's registrar is chosen by the pool with no allowlist, and core validates only that the returned token address has code. Under a standard policy the choice is timelocked and sentinel-vetoable, and only Root can re-point it afterwards.
+  * A vault's pool and share class come from the arguments the pool's vault factory supplies, and the vault's own reported ids are never read or checked.
+  * Registering an async vault does not check on-chain that the pool has a request manager.
+  * A vault address is registered once and never re-registered, so a mistaken registration is corrected by deploying a new vault.
+  * Several vaults may be linked to one asset of a share class, and the share token's ERC-7575 pointer is set and cleared by the pool via registrar call rather than tracking link state, and the clear is not validated against remaining links.
+  * Async fulfillment resolves vaults through that pointer, keyed by asset address alone: a missing or wrong pointer stalls fulfillment until the pool corrects it, and ERC-6909 (nonzero token id) async vaults are unsupported (the shipped factories reject them).
+  * A share class's manager can force-transfer and revoke shares from any holder through the registrar's auth transfer, so freezes and memberlists are not consulted on the source, and a pool holding another pool's share token as an asset trusts that token's manager not to revoke it from under its escrow, which would leave the holding pool's booked amount overstated until revalued.
+  * Hub-driven share issuance has no recipient allowlist, so the recipient is checked only by the pending authorization's review window and the share token's transfer hook, and may be another pool's escrow, which records no deposit for it.
+  * Revocation through the share manager relies on the registrar's force transfer, so a custom share token without one cannot be revoked from.
+  * The pool's bridging hook may rewrite the receiver, amount, gas limit and refund address of a cross-chain share transfer, and core adopts all four unchecked.
+  * Bridger-role contracts supply the sender that BridgeCircuitBreaker keys its authorizations on.
+  * The bridger role is keyed by pool rather than share class, so a bridger for one share class may bridge every share class of that pool.
+  * Replacing a BridgeCircuitBreaker gives the replacement an empty rate-limit window while the outgoing window is still live.
+  * PoolEscrow wards may deny themselves, reserve beyond the available balance, and move tokens independently of the accounting they drive.
+  * QueueManager holds the SnapshotQueue address from construction, so the two must be rotated together.
+  * Under an on-chain-accounting policy the NAVManager's accounting calls, including swapping a holding's valuation and repricing it, run without further delay once the manager call that reaches the NAVManager has matured.
+* Pool managers designated on the Gateway or MultiAdapter control their pool's inbound message path and can bypass adapter consensus:
+  * A Gateway manager can call `Gateway.handle` directly with any batch for that pool.
+  * A MultiAdapter manager can submit repeated votes for one adapter until its counter reaches threshold.
+* A pool's installed policy is a boundary against the pool's own manager, but one built from delay, public scheduling and sentinel veto rather than prohibition. Replacing the policy is itself a manager action, carrying the longer escalation delay. The accepted limits of that boundary:
+  * Installing a policy can reset, tighten or broaden the limits in force: each instance keeps its own state (such as the share-price baseline), so a new instance starts with none and a reused one picks up where it left off, and its configuration is independent of the outgoing policy's.
+  * A newly installed policy instance has no share-price baseline, so its first executed share-price update per share class is in policy whatever its size, and because holding revaluation is permissionless anyone may trigger that first update to anchor the baseline at a block of their choosing and narrow the deviation the next move may take.
+  * A matured out-of-policy authorization is not consumed when the same call later runs in policy, leaving it banked until it expires.
+  * Any SetPaused to the configured bridging hook is instant in both directions, so unpausing is as immediate as pausing.
+  * The allowlist confines a caller by selector and not by target, so a keeper allowlisted for managerCall can reach any unpinned target after the standard delay.
+  * Spoke-side authorizations carry no expiry and stay outstanding until the pool actively unauthorizes them.
+  * Under an on-chain-accounting policy the account ids behind a holding cannot be repointed by the pool, since the NAVManager deliberately does not expose that call.
+* The sentinel veto is instant by design, and sentinels are mutually trusted:
+  * Any unrestricted manager reaches the same instant cancel path, so a manager can veto the authorization that would remove them.
+  * A pool reduced to one sentinel can be deadlocked by that sentinel, two colluding sentinels are mutually unremovable, and recovery is a Root ward clearing the pool's policy or the supervisor's manager role.
+  * Authorization spam is bounded only by the assumption that the delay is long enough for sentinels to cancel all of them.
+  * A pending out-of-policy manager call whose target word is not a left-aligned address can be neither vetoed by a sentinel nor executed, and lingers until the manager cancels it.
+* Irregular (config-carrying) messages have no ordering or freshness guarantees, and failed deliveries stay permissionlessly retryable until cleared:
+  * A delayed or retried UpdateWard grant delivered after its revocation restores the ward.
+  * A SetPolicy that failed before pool activation can later be retried, reinstalling an older policy over a newer one.
+  * The receiver of a cross-chain share transfer is an opaque 32-byte word that the source burns against without validating it for the destination chain, so a receiver the destination cannot decode leaves the shares burned at the source with the destination mint failed.
+* Adapter sets, sessions and vote accounting:
+  * Adapters are assumed never to revert, so one faulty adapter blocks outbound dispatch for the whole set.
+  * Every past adapter session stays a valid inbound authenticator, and revoking a compromised adapter requires an explicit blockSession.
+  * `threshold == quorum` is the supported configuration, and vote-debt effects below it are out of scope.
+  * The SetPoolAdapters freshness guard binds the hub message path only, and direct callers derive their own next session id.
+  * A failed-message credit records no session, survives blockSession, and stays permissionlessly retryable, so adapter rotations are expected to clear outstanding credits atomically with blocking the old session.
+  * StandbyAdapter.forward is callable directly and funds the underlying send with the full value attached, so a direct caller who overpays against an underlying that keeps the excess loses it, while the MultiAdapter path always funds the exact quote.
+* Cross-version messaging and migration behaviour during the v3.3 rollout:
+  * Message types carry no reserved gap slots, and undrained v3.1 messages stored or in flight at cutover may be dropped.
+  * The deployed v3.1 spoke stack runs in parallel through migration, with per-pool cutover and deprecated compatibility overloads.
+  * Transfer hooks recognise only escrows deployed by the current PoolEscrowFactory, so an escrow deployed by an earlier release is treated as an ordinary account by a v3.3 hook.
+  * Holdings deficits are not carried across the Holdings redeployment, so a network in deficit at cutover reads zero and resumes publishing until a new deficit is recorded.
+  * Initiating a cross-chain share transfer performs no per-network net-supply check on the hub, so issuance can be moved from a network whose reported issuance does not cover it.
+* Automated price propagation can stall or hold the last published price:
+  * An out-of-policy price update reverts inside inbound accounting-message handling and stalls that pool, share class and network nonce stream until an operator authorizes it and retries.
+  * While any holding of a pool network is in deficit that network's NAV slice is held with no staleness bound, and a pool spanning several networks keeps publishing prices on syncs from the others, blending the frozen slice into the aggregate.
+  * A holding valued by an oracle valuation cannot increase or be revalued while its price is unset, decreases skip the valuation, and no staleness bound exists on the stored price.
+  * Remote oracle prices are accepted when their source timestamp exceeds the hub receipt time of the stored price, so reordered delivery combined with cross-chain clock skew can restore an older price.
+  * Economically linked asset and liability legs are repriced per AssetId and each leg's update publishes holding value, NAV and share price before the matching leg lands, so legs sent in separate transactions or a partially failed batch expose an intermediate price that pool managers are expected to avoid by batching both updates with sufficient gas.
+  * SimplePriceManager serves only the share class with index one, so a pool with further share classes cannot price them through it.
+  * Hub share accounting nets cumulative issuances and revocations so the hub no longer reverts when a revocation is processed ahead of the issuance that minted the shares, but the price manager still reads per-network issuance and stalls its pool's reporting channel in that state, since the price-manager side of that change is not in this release.
+  * A zero count of networks in negative issuance is not a correctness signal: a network that mints beyond what it has reported and then bridges those shares away leaves total issuance understated while the count stays zero, and the hub has no view of a spoke's full supply to detect it.
+* Synchronous deposit vaults keep their pre-v3.3 ERC-4626 surface until the vaults v2 redesign:
+  * SyncDepositVault's ERC-4626 conversion views price through the async redeem manager's registry share price while deposit and mint execute at the sync manager's valuation price, so a quote and the executed price can differ when a valuation is configured.
+  * SyncDepositVault.maxDeposit and maxMint revert with InvalidPrice rather than returning zero while the pool-per-asset or pool-per-share price is still unset.
+  * Synchronous deposits evaluate the memberlist and deposit limit against the paying caller rather than the receiver, so maxDeposit for a receiver can be positive for a deposit that reverts on the payer.
+  * Transfer-hook freezes bind share senders and receivers, not funders: a frozen account may still fund synchronous deposits through an endorsed router for an eligible receiver.
+* Assets, share classes and pool currencies may have as few as 0 decimals, and the economic weight of one rounding unit grows as decimals shrink.
+* BatchRequestManager force-cancel flags are set on an investor's first self-cancel and never reset, so a manager can force-cancel that investor's later requests.
+* Native value attached to a VaultRouter multicall is neither consumed nor refunded and is recoverable only through Recoverable.
+* The share manager is endorsed and carries neither wards nor a recovery function, so it cannot be frozen by a hook and any token sent to it directly needs administrative recovery.
+* FullRestrictions blocks the system mint leg of inbound cross-chain share transfers unless the destination handler is endorsed or a member, and the source side burns before it can detect this.
+* TokenBridge routes the first-leg refund of a two-leg transfer to the configured relayer, and the eventual user refund is an off-chain relayer convention.
diff --git a/echidna-messaging.yaml b/echidna-messaging.yaml
new file mode 100644
index 000000000..5817dc564
--- /dev/null
+++ b/echidna-messaging.yaml
@@ -0,0 +1,24 @@
+testMode: "assertion"
+coverage: true
+corpusDir: "echidna-messaging"
+filterFunctions: []
+deployer: "0x7FA9385bE102ac3EAc297483Dd6233D62b3e1496"
+contractAddr: "0x7FA9385bE102ac3EAc297483Dd6233D62b3e1496"
+shrinkLimit: 100000
+## Rely on Foundry compilation; link the external libraries the messaging suite ACTUALLY uses
+## (Gateway/MultiAdapter closure). Only libraries in the CryticMessagingTester.sol import closure may
+## be listed: on Recon Cloud the target is that single file, so linking a lib it doesn't import (e.g.
+## MessageLib, EnvConnections) fails with `Given contract "X" not found in given file`. Run local
+## echidna with the SAME file target so it matches cloud, NOT `echidna .` (whole-project compile pulls
+## in extra libs and masks this): `echidna test/integration/recon-messaging/CryticMessagingTester.sol
+## --contract CryticMessagingTester --config echidna-messaging.yaml --test-limit 3000000`.
+## Run params (testLimit, workers, seqLen, timeout, symExec) are intentionally NOT set here — the Recon
+## Cloud UI / the local `--test-limit` CLI flag governs them, matching the sister echidna.yaml.
+cryticArgs: ["--foundry-compile-all", "--compile-libraries=(MathLib,0xf01),(CastLib,0xf02),(BytesLib,0xf03),(TransientStorageLib,0xf05)"]
+## Deploy them to these addresses
+deployContracts: [
+  ["0xf01", "MathLib"],
+  ["0xf02", "CastLib"],
+  ["0xf03", "BytesLib"],
+  ["0xf05", "TransientStorageLib"]
+]
diff --git a/echidna.yaml b/echidna.yaml
index bfc1d6b5f..06414e894 100644
--- a/echidna.yaml
+++ b/echidna.yaml
@@ -4,10 +4,20 @@ coverage: true
 corpusDir: "echidna"
 balanceAddr: 0x1043561a8829300000
 balanceContract: 0x1043561a8829300000
-filterFunctions: []
-cryticArgs: ["--foundry-compile-all"]
+## Entries MUST be contract-qualified. A bare "property_authorizationBypass()" is accepted by the config
+## parser and then silently matches nothing, so the function keeps being called.
+##
+## Suppressed, NOT fixed: property_authorizationBypass is an acknowledged issue.
+## Its handlers run `asAdmin` while _trackAuthorization
+## records _getActor(), so a switch_actor followed by any manager-gated Spoke op flags a bypass that never
+## happened. It fires in every campaign, eats the shrink budget, and echidna panics printing its trace
+## before writing the coverage report. Remove this entry once the ghost tracks the effective caller.
+filterFunctions: ["CryticE2ETester.property_authorizationBypass()"]
 deployer: "0x7FA9385bE102ac3EAc297483Dd6233D62b3e1496"
 contractAddr: "0x7FA9385bE102ac3EAc297483Dd6233D62b3e1496"
+## ONLY USE LOCALLY: a finding used to stall the whole campaign for ~13 min of shrinking while
+## fuzzing sat frozen. Raise it only when shrinking a specific reproducer to a minimal sequence.
+# shrinkLimit: 5000
 shrinkLimit: 100000
 ## Rely on Foundry compilation, compile and build libraries to those addresses
 cryticArgs: ["--foundry-compile-all", "--compile-libraries=(MathLib,0xf01),(CastLib,0xf02),(BytesLib,0xf03),(MessageLib,0xf04),(TransientStorageLib,0xf05)"]
diff --git a/env/README.md b/env/README.md
new file mode 100644
index 000000000..98c8c7d0c
--- /dev/null
+++ b/env/README.md
@@ -0,0 +1,167 @@
+# `env/`
+
+What a chain is, and what is deployed on it. One file per network, filed under the environment it declares:
+
+```
+env/
+├── <environment>/
+│   ├── <network>.json         # one per network — chain id, admins, deploy namespace, adapters, addresses
+│   └── connections.json       # which networks are wired to which, and through which adapters
+├── spell/                     # governance spells, archived after execution
+├── connections_viewer.html    # draws one environment's connections.json as a graph
+└── connections_viewer.sh      # serves env/ and opens the viewer: ./env/connections_viewer.sh [environment] [port]
+```
+
+Which environments are populated depends on the branch. Deployment configs — `testnet/` and `mainnet/` —
+exist only on the `live` branch, because every deployment that outlives a process is made from there; the
+base branch carries none, and its only chains are the anvil pair described by the fixtures in
+`script/anvil/env/`.
+
+The directory restates what a config's own `.network.environment` says, so a glob can pick out one
+environment without opening every file — and, because it is restated, the two are checked against each
+other on every read: a directory renamed without its configs fails loudly instead of quietly moving every
+address that chain deploys to.
+
+An environment may carry a **deployment id** after its name — `env/testnet-rev2/` beside `env/testnet/` —
+which is a second deployment of the same chains, at its own addresses and with its own record. The id is
+the part of the name after the first `-`, and it is folded into every salt. `mainnet` is no exception — its
+canonical addresses are the id-less ones, but nothing keeps a rev off it. Where two environments describe one
+chain, a run says which it means with `DEPLOY_ENVIRONMENT=testnet-rev2`; with only one, the chain id still
+answers on its own.
+
+The network is named by the file, not by the path: a chain `<network>` lives at
+`env/<environment>/<network>.json` and is still reached as `--rpc-url <network>`. `Chains.pathOf` resolves one
+to the other, and `env/anvil-<id>/<network>.json` — written by `script/anvil/anvil.sh` from its fixtures,
+gitignored — is where a local run records itself.
+
+## Connections
+
+Defines which networks are connected and through which adapters, one file per environment.
+
+Interpreted in exactly one place: `EnvConnections.connectionsWith` in
+`script/utils/ConnectionsConfig.s.sol`. Aliases and literal arrays are resolved, the last matching rule
+wins, and a connection only counts when that rule still has adapters — fiddly enough that a second
+implementation would eventually disagree with the first.
+
+Anything that needs the list asks that function: the deploy and wiring scripts call it directly, and
+the live branch's `deploy-testnet.sh` entrypoint derives its network matrix from the same file with jq,
+mirroring what the function
+does so the two cannot disagree.
+
+`connections_viewer.html` is the other copy, and the warning above is why it is worth naming: it
+re-implements the rule in JavaScript to draw the graph, so it can drift. Nothing deploys from it — it
+reads `connections.json` and renders, never writes — but a change to how rules resolve belongs in both.
+
+## Schema
+
+```json
+{
+    "aliases": {
+        "<name>": ["<network>", ...]
+    },
+    "connections": [
+        {
+            "chains": [<side>, <side>],
+            "adapters": ["<adapter>", ...],
+            "threshold": <number>
+        }
+    ]
+}
+```
+
+### Aliases
+
+Named groups of networks, reusable in connection rules:
+
+```json
+"aliases": {
+    "ALL": ["A", "B", "C", "D"],
+    "L2s": ["B", "C", "D"]
+}
+```
+
+The full set of known networks is derived from the union of all alias values.
+
+### Connection rules
+
+Each rule defines a pair of sides, the adapters used between them, and the quorum threshold.
+
+**`chains`** is a 2-element array (a pair). Each side can be:
+
+| Format | Meaning | Example |
+|--------|---------|---------|
+| `"ALIAS"` | Reference to an alias | `"ALL"` |
+| `["net1", "net2"]` | Literal list of networks | `["C", "D"]` |
+
+The two sides are permuted (cartesian product), creating a connection for every pair across them. For example, `[["A", "B"], ["C", "D"]]` produces connections: (A,C), (A,D), (B,C), (B,D). Matching is also symmetric: both the A-to-B and B-to-A directions are covered.
+
+A network never connects to itself. If the same network appears on both sides, the self-pair is skipped. For example, `[["A"], ["A", "B"]]` only produces (A,B).
+
+**`adapters`** lists which messaging adapters to use (e.g. `"axelar"`, `"layerZero"`, `"chainlink"`). An empty array means no connection.
+
+**`threshold`** is the minimum number of adapters that must confirm a message.
+
+### Rule precedence
+
+Rules are evaluated in order. **The last matching rule wins**, allowing general rules to be overridden by specific ones:
+
+```json
+"connections": [
+    {
+        "chains": ["ALL", "ALL"],
+        "adapters": ["axelar", "layerZero"],
+        "threshold": 2
+    },
+    {
+        "chains": [["D"], "ALL"],
+        "adapters": ["layerZero"],
+        "threshold": 1
+    }
+]
+```
+
+Here, D connects to every other network via layerZero only (threshold 1), while all other pairs use both axelar and layerZero (threshold 2).
+
+To disable connections for a network, override with an empty adapters array:
+
+```json
+{
+    "chains": [["D"], "ALL"],
+    "adapters": [],
+    "threshold": 0
+}
+```
+
+## Examples
+
+Which networks an environment holds is deployment data, so these use placeholder names; the real files sit
+beside the configs they connect, and `./env/connections_viewer.sh <environment>` draws one.
+
+**Everything connected, one network on a single adapter** - all pairs via axelar + layerZero, D overridden to
+layerZero only:
+
+```json
+{
+    "aliases": {
+        "ALL": ["A", "B", "C", "D"]
+    },
+    "connections": [
+        { "chains": ["ALL", "ALL"], "adapters": ["axelar", "layerZero"], "threshold": 2 },
+        { "chains": [["D"], "ALL"], "adapters": ["layerZero"], "threshold": 1 }
+    ]
+}
+```
+
+**One network disconnected** - all pairs via three adapters, D cut off:
+
+```json
+{
+    "aliases": {
+        "ALL": ["A", "B", "C", "D"]
+    },
+    "connections": [
+        { "chains": ["ALL", "ALL"], "adapters": ["axelar", "layerZero", "chainlink"], "threshold": 1 },
+        { "chains": [["D"], "ALL"], "adapters": [], "threshold": 0 }
+    ]
+}
+```
diff --git a/env/arbitrum-sepolia.json b/env/arbitrum-sepolia.json
deleted file mode 100644
index a5a2c3a74..000000000
--- a/env/arbitrum-sepolia.json
+++ /dev/null
@@ -1,375 +0,0 @@
-{
-  "network": {
-    "chainId": 421614,
-    "environment": "testnet",
-    "centrifugeId": 3,
-    "network": "arbitrum",
-    "catapultaNetwork": "arbitrumSepolia",
-    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "baseRpcUrl": "https://arb-sepolia.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "wormhole": {
-      "wormholeId": 10003,
-      "relayer": "0x7B1bD7a6b4E61c2a123AC6BC2cbfC614437D0470",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "arbitrum-sepolia",
-      "gateway": "0xe1cE95479C84e9809269227C7F8524aE051Ae77a",
-      "gasService": "0xbE406F0189A0B4cf3A05C286473D23791Dd44Cc6",
-      "deploy": true
-    },
-    "layerZero": {
-      "endpoint": "0x6EDCE65403992e310A62460808c4b910D972f10f",
-      "layerZeroEid": 40231,
-      "deploy": true,
-      "blockConfirmations": 5,
-      "requiredDVNs": [
-        "0x53f488E93b4f1b60E8E83aa374dBe1780A1EE8a8"
-      ],
-      "optionalDVNs": [],
-      "optionalDVNThreshold": 0
-    },
-    "chainlink": {
-      "chainSelector": 3478487238524512106,
-      "ccipRouter": "0x2a9C5afB0d0e4BAb2BCdaE109EC4b0c4Be15a165",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
-      "blockNumber": 237622348,
-      "txHash": "0x5a294e5baa1bac12a73a88ae6986842c107b22108da4fb7453174743cbd91734",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xC486678A507f0c0e61bcdB158DC23CA03Dfb8CFf",
-      "blockNumber": 237622359,
-      "txHash": "0x45b097d49db3818e0d023da057fd4077a8a59180ec2397ed37cde92805bb98aa",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x1a04566561EF19116D91684c8512348940DDc3ec",
-      "blockNumber": 237622351,
-      "txHash": "0x05ef5404dc5020dc472bfb071c8fe4147ac127eac76ad592fbc39da214850578",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x59436331823AdEC8b4dDd00cE7F319b24664d79D",
-      "blockNumber": 237622354,
-      "txHash": "0x883949464436584030c715ca8a22b7ea7f77227d5c6363f87a7bc4ff79e948ed",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x5583D22Fa3c0e71DcBeabD0D67a978115370216b",
-      "blockNumber": 237622362,
-      "txHash": "0xd31c1ae280c746226b81176ea2b0a1a9abc4d385788e8b9ba1cb62cb7579daeb",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xC38a4de11128927A1cc474e29d659c16A13C2F76",
-      "blockNumber": 237622364,
-      "txHash": "0x9f56ea37e2ff947c9ef8a9381abbe98b20be92d83c6fbc1854eb2158823f2074",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19258C46573Ba48aB9752A7479AaAb0C00d1674C",
-      "blockNumber": 237622387,
-      "txHash": "0xef7dde17ba505a6b5c1251321cfa9ae8ee30509987ccc3dfa27d218e5ede8920",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x086189cA75ec2cEFaE29F5926EDdf0A7516092B2",
-      "blockNumber": 237622390,
-      "txHash": "0x56e6dc3bc9829bd4489ba53f7aca2ab859985ac13420de2e78bb094ce6affab4",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x897DD631BA9d74c248B3fa4FDeDce227105c9bA0",
-      "blockNumber": 237622393,
-      "txHash": "0x3fcfae01fb72db52411d5b9f6d592a72a6f3e782c0dce8f9b94a89982f97098b",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xF1103570102008bc3dC83F3120605eaAb9f3EC4e",
-      "blockNumber": 237622396,
-      "txHash": "0x48c5a2c791d486ab53b57daf7222b16aac9d4a90a704474c659eaa816078fad0",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xb2D1EBaEB0007578B09a555F8FB05DaD9150cFDD",
-      "blockNumber": 237622399,
-      "txHash": "0x6616f2a7336d0473e904241f56bf64815a4c7f2bbda51a82dbc5e36766c00cf6",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0xAba76FaFC26f1b6B9fd88864FA86026e44F76B2c",
-      "blockNumber": 237622463,
-      "txHash": "0x905a9917ead975a0886b7b7b906bbc6bed8843eb6ab495241b689c95ca6cd514",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x731Ae9BF353795fCAdB3a0bef43623216dBC0F49",
-      "blockNumber": 237622380,
-      "txHash": "0xaf60bda3277e8f6ecdca99eac9a840a73185b32e32649dd61ca2a2d97b3eb96d",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0xf6E0a95A857EBE0633167416Ce1f96486932644a",
-      "blockNumber": 237622405,
-      "txHash": "0x686175d0e53af56350ec9018363e517aa75bc2c4ad5c70b3456584ec311ee75e",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xcA98c69ff705E295d8746E79ed5A3AA1e4b4c41d",
-      "blockNumber": 237622437,
-      "txHash": "0x92168e82079f4898b62a032361e364d336cdb4f18be96b4bcc771222efa105eb",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0x35F3a094F280f01b8a9F2E64DCD0f111bD3f110A",
-      "blockNumber": 237622445,
-      "txHash": "0xf65ab7d198a9513f820e8ba18bc7239f0cd4d364ad3e46acd525511a9bdce757",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x19CB96ad58Bf35f4d772b9AE4D21952052355267",
-      "blockNumber": 237622440,
-      "txHash": "0x00062ff013cf42b03aa363674b86e3dc244298a77ddc005fc550dcf099b7e87e",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xeCf80edEA31Cf9F437E63832906d0d3AE1f2f9F9",
-      "blockNumber": 237622368,
-      "txHash": "0x3c7f27c467769ed2a5074ae9790a8838070336d2d96dd9ba60f7cf1623468637",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0x10A17F06375621150E3B91486c2c4Ed408B77DF6",
-      "blockNumber": 237622414,
-      "txHash": "0xf759851399d63810e00c6092c0ce2b9ab1aabb4890ba48d78f363735669023ee",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xC864F6Bd38AbE2019c4A00526A560E33A560af73",
-      "blockNumber": 237622418,
-      "txHash": "0xbb55a43d0b4583b34fa11dc9aa135aac5b1c0f3af0caa4464e3f59b2de9b6215",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x6eC5444E2a9aa53b63869d25c00a1966813C3bB9",
-      "blockNumber": 237622430,
-      "txHash": "0x7613e3e4da8dfc5795c90c0453e6fae65ab4e54404dd6968d12470559a1741fb",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0x3558dfb2820B1FF57F07A55FF5b486b64680Cd2e",
-      "blockNumber": 237622434,
-      "txHash": "0x258e08fd7c73648d1ad027a1c7b20a68e46607b67a4ffca139a56e649a80e364",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0x634f692730978450A27F8FCA6F2dDe356a9B55A1",
-      "blockNumber": 237622371,
-      "txHash": "0xda06c537289c07f5784d563885c9fdd6f3bb2560ab742e46e5e82b58924e4e78",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0x792676c9B261B80BC3D7dD0f2D3A83d91A819BCD",
-      "blockNumber": 237622427,
-      "txHash": "0xf02b053d11281b95dc894a300267bf7458aab5f9cf8ccf92645f8b29f135bf41",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0xa1c9396B3Cd392A49727b27139A65210dc9E6212",
-      "blockNumber": 237622375,
-      "txHash": "0xee07b4a57eab1db5e5892fdffeebed7ac6c42b879fc5375a4b54eeb2f48b2381",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x69752e9dd9375Dab0563a56620547B61279678A4",
-      "blockNumber": 237622356,
-      "txHash": "0x91e59cc0224f571fc28f4e968304966219fc9d800199ad72feb742f311c5bb27",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0xAa696bCD0FCeBC186BcCD6de548EB385d57e132B",
-      "blockNumber": 237622449,
-      "txHash": "0x7144a202196b37a9869d63d3bf841ed51ffda28b8ef02909d9cbb762f4c1a9af",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0x81c38f8a9ef2953dA2DAF7b6bddFF3baB5095216",
-      "blockNumber": 237622451,
-      "txHash": "0x20b099237164b8c2bdc82c90d3e0be7f5afc8996e14d935e7cf73e3443f99a97",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x53c314e4CAF0A70A934c2570b0b264359005F838",
-      "blockNumber": 237622454,
-      "txHash": "0x31c6a433ea78d2175fc03a07026cb13e0a8ff7345b173e6435a757bdae2cef60",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0x76a2718A3064f8981788D5fb0Fb22caFe5B39465",
-      "blockNumber": 237622457,
-      "txHash": "0xdda3979281ecf2bae61746b17a4b7dea56fd332b884335a62369b9732f2d163c",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0x9E7d9003c07a896d5E7b075fA6F4D1d7a2fDf672",
-      "blockNumber": 237622378,
-      "txHash": "0xf1c8b0934731644826d196bc5723f34f065e6c62b4e99b81e20bcbeec82b76db",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x09ec05d9a96373766BDb18FD443B82A5cEf93626",
-      "blockNumber": 237622401,
-      "txHash": "0x6080904914f3730cea43b779a22f8a7d3701801cecf7a0d331409f23ed5a6a32",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0x78EB028bA9AFd690e134c753Bc77F2B9fC88e405",
-      "blockNumber": 237622407,
-      "txHash": "0x007116ae9fe371521a313dd0de349b8876792346f2e114be9293626cf5218870",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x606BdDf7E4BEf64cd0936fcf1C1e6f82232882b0",
-      "blockNumber": 237622409,
-      "txHash": "0x129200e796e7893684c2bdbde594531d942e40f86c440498f99a33e7ca87d3d5",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0x72Ff454A32cd730783487110520CD426Fe5CEea2",
-      "blockNumber": 237622411,
-      "txHash": "0x46cf0d24ed4044f43e254629182080634b733e702e7fafdb3f602d31d2a7c744",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x8ca95C3F27fDC5eC5f893607fa6fEa98362d759D",
-      "blockNumber": 237622442,
-      "txHash": "0x1461fccd2a4af145715b166ffdd40e57d49b5863d7b6753a17edc9edcf7d918b",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x0B3F886F2bcA7Fc6da807B113D55FB2FaC0aF661",
-      "blockNumber": 237622447,
-      "txHash": "0x146cfe3f5d071a4393db4f91dc9ecc31b329fb77c507a0229780dd8bff960c18",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0x15c878Fd558d15C325E7ac50f92e111d09924312",
-      "blockNumber": 237622461,
-      "txHash": "0x84ad84b942080736564b31363bc810305c63851cf6919bd96110a30aa2c87870",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xf3869e1Da04886D00D7A15b48C01e71b8c7F3427",
-      "blockNumber": 237622465,
-      "txHash": "0x8e9c4ab9968977b1f5b73632b5db9bb8d96f3a1546559c20a9ff4e341f364a88",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x91a867d2aaC0e6f95d8dC2b77d83037A74FDa67C",
-      "blockNumber": 237622468,
-      "txHash": "0x528e40fcb854fe6a0d01ff4e998e62fa73312765bb699bede5a0244d6e74e43e",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x53343b8D2763cF65f5174Bfb3Dcb16400a0d0022",
-      "blockNumber": 237622471,
-      "txHash": "0x1e83eeca94abd4fd1defe4049ce02a64302d7e1890a29709797dd02cec346c97",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0x953716F877ee85522b34B8A85Fd9560AAEBBee39",
-      "blockNumber": 237622474,
-      "txHash": "0xf20c4d02691de1b65be590e5da390a473adc18ac106a2879340bb6b369ee5050",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0xeAE0D8272f05A8496564d0f33cA8f74dA950142C",
-      "blockNumber": 237622478,
-      "txHash": "0x8ddf1a35eb4387760b1fc90bf766a2d658fc35877506dae649cb80190bd16efe",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xE5419F74f8875C401C3a2f4C68846d9d410e1677",
-      "blockNumber": 237622413,
-      "txHash": "0xe6bef4916f5087e4f1dd6d37f699d745f62e619b3d2b5f0d56bc278ef38135be",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0xfb5e002643da6743D211b1fd66Fe4f86FcC4E4bE",
-      "blockNumber": 237622476,
-      "txHash": "0x89ed083a4ee45031252237168718e40caba31b795595479cabfeb219e7c64659",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0xd18C58838327CB923551d89BF1277977edc6d8D3",
-      "blockNumber": 237622480,
-      "txHash": "0x6036cd88c72ff5e9660cd243a86720ab9b1c6aa75625e42b41212f5c3645ee68",
-      "version": "v3.1"
-    },
-    "accountingToken": {
-      "address": "0x5ba3F068ceFa1e84aDAFcB7191bf4C02C3b724f8",
-      "blockNumber": 263305171,
-      "txHash": "0x56758cedc8b31fe041e0e37f0ae7f1dc4454ae468eff5361f92c5ebc360dfc61",
-      "version": "v3.2"
-    },
-    "scriptHelpers": {
-      "address": "0xba5f99EbFAde72174b41137EEe0714F7099fa806",
-      "blockNumber": 263305174,
-      "txHash": "0xfcfef710c5e9b878ee221a3e526a1db21f882e5eb89bbcb24304cd221ced4189",
-      "version": "v3.2"
-    },
-    "onchainPMFactory": {
-      "address": "0xF3c808e6D7C25B19c97a9597CaAcFB8Ba780a580",
-      "blockNumber": 263305177,
-      "txHash": "0x0411e5049f39575de47f3fca7adebe7ccfc8700510095873719d02026f8cd718",
-      "version": "v3.2"
-    },
-    "flashLoanHelper": {
-      "address": "0xB106e8Ad482df0088E28E7bD268AC1ea9609716c",
-      "blockNumber": 263305179,
-      "txHash": "0x7bef184b9c83b9bcf0c773a31060f6103c005e0e130c2b882d352bde21a475c0",
-      "version": "v3.2"
-    },
-    "onOffRampFactory": {
-      "address": "0x6Af53A7f79c32c09C73b745c591058Cdd97457DB",
-      "blockNumber": 263540516,
-      "txHash": "0x4b2f4a9998430a6049a3cf1e8a29cedb4ceea2f93cb3ff74840a684e4c1d60ba",
-      "version": "v3.2"
-    },
-    "approvalGuard": {
-      "address": "0x6defAA1a96cc1e23F55Bac13E88C122ccE7F871f",
-      "blockNumber": 269314781,
-      "txHash": "0x3f41e6246fdef4b0157cf5cb39c0e4d02d869ca0a20ad9d5d1825c22024ddbb5",
-      "version": "v3.2"
-    },
-    "circuitBreakerGuard": {
-      "address": "0xdCAE75D1fb9c43eCc96fC0Cb194Ee8E808EB3437",
-      "blockNumber": 269314783,
-      "txHash": "0x6d1c44e71d63855ba822a8771eea03daa957e73d6a016aac949b301b39a561fd",
-      "version": "v3.2"
-    },
-    "slippageGuard": {
-      "address": "0xEcA22067812d4DBEc090D704215E54E3e891dDC9",
-      "blockNumber": 269314786,
-      "txHash": "0x41feaadf030adbc62b298c9498150bda6563755e59928db891249e1750c92e53",
-      "version": "v3.2"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "24032569",
-      "timestamp": "2026-01-28T15:42:39Z",
-      "suffix": "rev2",
-      "startBlock": 237622348
-    }
-  }
-}
diff --git a/env/arbitrum.json b/env/arbitrum.json
deleted file mode 100644
index 99c9f9c8b..000000000
--- a/env/arbitrum.json
+++ /dev/null
@@ -1,331 +0,0 @@
-{
-  "network": {
-    "chainId": 42161,
-    "environment": "mainnet",
-    "centrifugeId": 3,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://arb-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
-      "layerZeroEid": 30110,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0xEae839784e5F6C79bBaf34b6023a2f62e134AB39",
-        "0xf2E380c90e6c09721297526dbC74f870e114dfCb"
-      ],
-      "optionalDVNs": [
-        "0x01F9aAD7c53626bF8807d640D9Ddf852254D6f63",
-        "0xa7b5189bcA84Cd304D8553977c7C614329750d99",
-        "0xB3Ce0A5D132Cd9Bf965aBa435E650c55Edce0062"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "wormhole": {
-      "wormholeId": 23,
-      "relayer": "0x27428DD2d3DD32A4D7f7C497eAaa23130d894911",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "arbitrum",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 4949039107694359620,
-      "ccipRouter": "0x141fa059441E0ca23ce184B6A78bafD2A517DdE8",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
-      "blockNumber": 357982308,
-      "txHash": "0x81e74c2bd4b5b8c80c46291b7cb7512f1e66eaa832b35b82e478a589f4a557ef",
-      "version": "3"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 425757227,
-      "txHash": "0xc18f9afcd81a49bd06477c9f24ceb53fc02ae0465ec669540c257cbc9966d326",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 425757109,
-      "txHash": "0x8513c7e9e6bcd1628e7811c330ae6e8eb3021f357e2f1665e7e5a3400b8a3f9f",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 425757147,
-      "txHash": "0x571536cc4d5d8506808bac4bfd1b75dbcdaeebdb17c2639a74a96996e71b5ae9",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 425757272,
-      "txHash": "0xdfdf766d4253e8b8b1dc467b7d2da3ca701430565f79df80233be293c2b9e6b5",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 425757318,
-      "txHash": "0x14609f52ec6df4efeab6bed263bdc6d7dbce5e8ff94140c7d7dc728e22d4e9cf",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 425757560,
-      "txHash": "0x1e429f672b31337cd7558234fdf29b27be3ebe0e7fc0d6e9c7976a4c97a358ff",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 425758509,
-      "txHash": "0x3d588566f982a0f99ca749e959291a802b53a09d8bf9f827f030fa1d6c975931",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 425757632,
-      "txHash": "0x8e8b8d8b602f849e7551616ace6caea3e119c3a6a34a6548bdc38d69e716c91a",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 425757673,
-      "txHash": "0x066a56d655066872ad2fa795e9fdcafb33a08932051b23b33668cb59965991fd",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 425757749,
-      "txHash": "0x1185a232a388572e8ca6cbbe1c04e0a49938bf39347f03b8c9d1b40fea6dfe83",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 425757885,
-      "txHash": "0x7164ad9526979cce63c65e4282912c388c6845aeb7a7e4c187f6b7bb2f0bbd38",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 425758073,
-      "txHash": "0xa189733259ae0978fed14fba5e0ef9367c7bc95875de28bfcddbe26bdfdab097",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 425760681,
-      "txHash": "0xc17af78db873381c43bde49d456349ea46e90845bc286ca89e7e58eac11086d7",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 425757362,
-      "txHash": "0x85b74995b29a8afcb1142c52eefac083aea133877428de0eb5feb5d230f44a79",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 425757415,
-      "txHash": "0x53a318b6a905699cb80e69229ed03e897ba3474a2b1261db01cb1ef8fb048764",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 425757476,
-      "txHash": "0x40165bda420bdb4750bb2b035744f96f3edd1fa894dddf1470e7ec2818337a7f",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 425757186,
-      "txHash": "0x72e194bd45153dc297e210b6114c44d477ba6fa54724e0bd261bf04ba4dc04d9",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 425759044,
-      "txHash": "0xb330ec07582782be4256e713c5540e31923c1abb10bbca07e7d52295fb6dc98d",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 425759201,
-      "txHash": "0x5f9b3f157aa079ff9901d4d35c1811b8bf1491b079eb84ff587cdfb9c4712887",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 425759467,
-      "txHash": "0x5754d37ee98ba4e9b718a8cefbe14adc56194c20194194ab2459eb069ebcb7d1",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 425759710,
-      "txHash": "0x14e268247601a040fbaab81d0161ca79d1668ee5b722debadbf3578eb2db5360",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 425759274,
-      "txHash": "0x25ccaccb86b75d297c957d55025bc90dc918535c07257387372c95d94d2b4381",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 425759788,
-      "txHash": "0xc6521b96f70e27f145499228433b35db3c98472fa0119df44464475942c759a3",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 425759828,
-      "txHash": "0x6ab306d3a2f8289581fb81246d6b909446953a9ee103f14a09d6041fbfd30918",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 425759871,
-      "txHash": "0x762e458815afa0dae2079e86505dc84048726160f534c0ecd2f05d8a8c8f82eb",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 425759917,
-      "txHash": "0xe4c1f584473d3494432bc4b01fd7517f1806fdf58cab4f33369281190a1e9550",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 425760020,
-      "txHash": "0x2b749ceb5fb4f9c0d9839d4f53d788f99c697cb48698b95a0b1126ff9e434cc7",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 425760109,
-      "txHash": "0x0ed1bcebe508029ddb7da37b95e0458108d7fce2e64587954d3219a129813d85",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 425760165,
-      "txHash": "0xb8b6169ec773ae4fd875969a80b3a6e308d2a96440cbc2a2f4c7b8368270f37e",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 425760422,
-      "txHash": "0x1e5b79f75825e9c897fb900829b9e86d6ecd707bdde65b28cef9562944897c0a",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 425761608,
-      "txHash": "0x282f5353c5ff7ab6d9c14ce0ebce899f5958faf5972bb1fc22bdd1dfdc7eee79",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 425757520,
-      "txHash": "0xd7843adee31abe0f71e5cc6db8f808a167ef7c476c8d0de8583dd73b3e456831",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 425758183,
-      "txHash": "0xef6c17b687a99b623bc40eead1993cbc9bada572f4124c154ac9a42d10e9605a",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 425758547,
-      "txHash": "0x4f065a2df6961caff99e6c52667a8098d942be7ff4a1960a9c3d36342b2c0459",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 425758587,
-      "txHash": "0x79850203a16ea00c4a0331f02467e8d045e55bb60ba9e0860b0823e8348c1c30",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 425758624,
-      "txHash": "0x807cb2c67f177afb703de4e8f4e97a957c204e5aaece8abc0a5a609b3a35a63b",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 425758726,
-      "txHash": "0x081cfe8a9b8e51c2fdb6d6d5a325ad7acb1e98b2ef0b70cc593b5679f7277a13",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 425759961,
-      "txHash": "0xa0ace45d3fbbb13d3d472a3cd00c8f0986f4c023961fa47691fd6b1a09a046fb",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 425760541,
-      "txHash": "0x57ff293101e9d3d40d6d3e78b0d03b940d3887ffe1cdd23cb1afe4699e8a723b",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 425760886,
-      "txHash": "0x38ada023a4bbc2374653cfccfc38f17ae913c01e2754bbf9403ceafdd6dfd18c",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 425760926,
-      "txHash": "0xbd3de54c88bb5f0bb2a3c63bfb3125882bfbcf05390b95085e599bcc01ba2577",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 425760993,
-      "txHash": "0x4b235e7e084b7e0a7803fa731d50e78e10759ef13bcb17939e3f4387d4f8e7c7",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 425761540,
-      "txHash": "0xfc0f34ec25c8bd3b0b113659c36cf2ee3a263c21009ab623d09a804718e38e6a",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 426501292,
-      "txHash": "0xf8964422828f335d701032d8de83830915ea164e2e85ac0f26385376deb9866c",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0x4BE430401760075315E931dD34b892DFdfc706A7",
-      "blockNumber": 426501597,
-      "txHash": "0x1590017b70c4cee062bc65141c3bf3299e7cb247a3f53214a4487a43d38f2c57",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "c89c55ff6",
-      "timestamp": "2026-01-27T12:10:12Z",
-      "suffix": "",
-      "startBlock": 357982308
-    }
-  }
-}
diff --git a/env/avalanche.json b/env/avalanche.json
deleted file mode 100644
index 4105f68c9..000000000
--- a/env/avalanche.json
+++ /dev/null
@@ -1,331 +0,0 @@
-{
-  "network": {
-    "chainId": 43114,
-    "environment": "mainnet",
-    "centrifugeId": 5,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 10,
-    "baseRpcUrl": "https://avax-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
-      "layerZeroEid": 30106,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0xbe57e9E7d9eB16B92C6383792aBe28D64a18c0F1",
-        "0xcC49E6fca014c77E1Eb604351cc1E08C84511760"
-      ],
-      "optionalDVNs": [
-        "0xa59BA433ac34D2927232918Ef5B2eaAfcF130BA5",
-        "0xc816Afa2f1C4Ab615fE735270D1831fa7D067D15",
-        "0xE94aE34DfCC87A61836938641444080B98402c75"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "wormhole": {
-      "wormholeId": 6,
-      "relayer": "0x27428DD2d3DD32A4D7f7C497eAaa23130d894911",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "Avalanche",
-      "gateway": "0x5029C0EFf6C34351a0CEc334542cDb22c7928f78",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 6433500567565415381,
-      "ccipRouter": "0xF4c7E640EdA248ef95972845a62bdC74237805dB",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
-      "blockNumber": 65492929,
-      "txHash": "0x8dd95c2490777b0a0de69a4451b3bfb9ad9f0b6630ff375d03bc4c26efbb880b",
-      "version": "3"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 76719878,
-      "txHash": "0x525f256c41c30507321617c8ec2c3a9ebbd3e1de21af92dd07c2b961226790f7",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 76719845,
-      "txHash": "0x3ed72800c9b9d9d5c702f78aa81083281a6559e04d900f7d6e06d547f91c2164",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 76719850,
-      "txHash": "0x5fdacf056662fe8fd3ef6ae8497f567a766ac1253886ee470fff314415c7b480",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 76719892,
-      "txHash": "0x3f14398093735d03cc650e1aaee8748fc19eb15e45ee5b2d5688df005cbb6c8c",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 76719904,
-      "txHash": "0x9d0fb45692291e746629642157ddfdf1d482722d154e4196bd0ef43e4bc9dae2",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 76720159,
-      "txHash": "0x9af0e90d428da2be0dc95a5d2140668f918a050b841a7102ce27131e103b1853",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 76720291,
-      "txHash": "0x3cdae7efdb6e6df90a772dc43b4a997e9923925bdac3f5026b9c813dac8b9b32",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 76720201,
-      "txHash": "0x2777a8e328c15339c0e16a93abc77e37968280d5bcb4eb4ce48fffdb5d73e0de",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 76720221,
-      "txHash": "0xd6e5edb1db5ea177d6e6374379dda0ef663abffdda3132ac14041e2645b0c301",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 76720233,
-      "txHash": "0x4af8ff0a814a295367dfa4bb5ca65da07fd31621f45fb3906a6a2e261e9cc2d5",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 76720245,
-      "txHash": "0xcc2ac7d2498717d5b9ed8bae8210f9e4d868c8bb08619c312fd074c1186d6edf",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 76720259,
-      "txHash": "0xad2055028e99a8bd02e4c9da96a1b1fc00dbaf0b7d081ba7366b5defb427aafd",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 76720560,
-      "txHash": "0x844ca5c90d05a066638c2df1408d1098d622cb6bcf3474ef6e8003f496dfd68f",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 76719914,
-      "txHash": "0x0ac6876fb3c11b8f542c601bc66d0cd26f5b73206e7f5ac2e3576660b9f6cc43",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 76719957,
-      "txHash": "0x4767a8ee92bc202240dc619b2fbaf9ddee5b38dc89b41b168517f6862e8e98b1",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 76720135,
-      "txHash": "0xf35e0892048376db15be7803ea52b8b82c83cc5ffde9da51ceadf0a131e2193c",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 76719860,
-      "txHash": "0xd3fdc2ecfb5fb37c78279eca6501cd50a18e5e97257807db082066d126f3cdd6",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 76720356,
-      "txHash": "0x9ddcdfc394f3b7a9975b2ddba3d8293b4851e639aea58850e77396402ce989c2",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 76720366,
-      "txHash": "0x6b6448ac6ea316fd8977be51824582e21a1f6e11da84fba7e9dc8383c4c76ab2",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 76720389,
-      "txHash": "0x03d47108922bb382b619304e808c6ee477f46c1b6b34638c5bfd050c32859e57",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 76720400,
-      "txHash": "0x783b379b0c8fbfc1d6b1724ac579faea8e42f5887678f30f19e92cba0e3cff73",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 76720377,
-      "txHash": "0x8d18f4e22a9de28b65318d65171bf3dcd463cb407abc60f25d98fb8200d20c8b",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 76720417,
-      "txHash": "0x6169541d5f1eee63c6fabf2831218e5b6fc823dda453284a129f1077f51f304a",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 76720430,
-      "txHash": "0x3fc4bfc1c40211051312d3c5a6e5546488307ee337e58b4345db8982771b5e36",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 76720441,
-      "txHash": "0x24c228ab32a8a1320fc3893e9a9687e482bbe246630fece02fb77a69d28f199b",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 76720454,
-      "txHash": "0xc01bfe11dff7853a899974b953cd0a8792626b3f33024eb5a502ebf28a3d2183",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 76720476,
-      "txHash": "0xb66290cb6828b819b3b2605169d819cbf3e8d267cdf236b16406460562b4c5e8",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 76720487,
-      "txHash": "0xdc9e8ac737eae2e609e5db43761a635f0f75476655be8be97a91bc9ead0e2a77",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 76720506,
-      "txHash": "0x0036d7fdeca0aba0aac47134a378898ecee14eaf5c317601929c71ef0885a99f",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 76720519,
-      "txHash": "0x1490bd61a0f2bada3ec1a8fe144c0d047db2f52312154c98b7b5f587e745cbc3",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0x4BE430401760075315E931dD34b892DFdfc706A7",
-      "blockNumber": 76720630,
-      "txHash": "0xa59b0eff5ae677aed30dd201cb59e877f39a39cb8db80977e5673adc7c92332f",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 76720638,
-      "txHash": "0x79bc0d625f86a2ea15757b6468cf0c2f2d35abb72962fecb888645fe623fe8c9",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 76720147,
-      "txHash": "0x918ef724d25f7d6dba6f0e4e2861254ad6a51e94e15d0bc13f4074bbb3ccc4b5",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 76720268,
-      "txHash": "0x29da7be7ee2d79508f393a3a1f29ac48543fed4defe8260b7b04f6bd38d5d074",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 76720301,
-      "txHash": "0xacbea43743b9ebbeb2f2510b9ae5cd15f0260c83c6844a4b90c59f419057945f",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 76720313,
-      "txHash": "0xc438669a7ee92fd5c7f17c8d076ebeee5414341073b55ca6ae66a63fef6351a8",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 76720325,
-      "txHash": "0x366e7bb1733e59e52ee47a99b00d0b4cf2b1518979f620470ac55c722fe068c2",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 76720331,
-      "txHash": "0x7e9e33f5d9dc3bc998b4f21bd17ba599c2c5d115090f75e918fdc8023a525cac",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 76720465,
-      "txHash": "0x78a95632c7e362c36e7fe2dc61dfd9a80a8e8e5a0b7c04892d4c0912471d6fb9",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 76720550,
-      "txHash": "0x38869264622732d26b446023d8a56d5ff1835c654d2cefd9b5de67bc39180e9e",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 76720572,
-      "txHash": "0x1138ace24bed572748d25cc5ba827c634fb2939a3806d0a5d6b0ac544f17cf17",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 76720592,
-      "txHash": "0xa80c1531eb047907ed431172c1da49a59e3f89a59c1e19f3b8c1a1f3c3be19fe",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 76720605,
-      "txHash": "0x1ae1a31aaf1228bc510669494889378bd6a5b1d74ff424f7477f77bd69c4e046",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 76720620,
-      "txHash": "0x93bdf513847df29db542ffee65bb7b3d623077400568617e4eeab32460a47491",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 76720649,
-      "txHash": "0x27a2ec3669ca43425089158abfd93466f03878bd4c795f4d88c4919aeb438331",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "cd4866f3f",
-      "timestamp": "2026-01-28T11:54:04Z",
-      "suffix": "",
-      "startBlock": 76719777
-    }
-  }
-}
diff --git a/env/base-sepolia.json b/env/base-sepolia.json
deleted file mode 100644
index 211c00e35..000000000
--- a/env/base-sepolia.json
+++ /dev/null
@@ -1,375 +0,0 @@
-{
-  "network": {
-    "chainId": 84532,
-    "environment": "testnet",
-    "centrifugeId": 2,
-    "catapultaNetwork": "baseSepolia",
-    "etherscanUrl": "https://api-sepolia.basescan.org/api",
-    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "baseRpcUrl": "https://base-sepolia.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "wormhole": {
-      "wormholeId": 10004,
-      "relayer": "0x93BAD53DDfB6132b0aC8E37f6029163E63372cEE",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "base-sepolia",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0xbE406F0189A0B4cf3A05C286473D23791Dd44Cc6",
-      "deploy": true
-    },
-    "layerZero": {
-      "endpoint": "0x6EDCE65403992e310A62460808c4b910D972f10f",
-      "layerZeroEid": 40245,
-      "deploy": true,
-      "blockConfirmations": 5,
-      "requiredDVNs": [
-        "0xe1a12515F9AB2764b887bF60B923Ca494EBbB2d6"
-      ],
-      "optionalDVNs": [],
-      "optionalDVNThreshold": 0
-    },
-    "chainlink": {
-      "chainSelector": 10344971235874465080,
-      "ccipRouter": "0xD3b06cEbF099CE7DA4AcCf578aaebFDBd6e88a93",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
-      "blockNumber": 36922347,
-      "txHash": "0x704ebbb68e7ff13a7e4e30bddf0654ee74d47ea02ca64b454dab2faf7ce201f5",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xC486678A507f0c0e61bcdB158DC23CA03Dfb8CFf",
-      "blockNumber": 36922351,
-      "txHash": "0x3fd1a5ac0fce94203f9a2ee4312359bdf2f2461073ef8de32df352239f7e5258",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x1a04566561EF19116D91684c8512348940DDc3ec",
-      "blockNumber": 36922348,
-      "txHash": "0xfaf6b280c2b3c847c39e78a912b6379b4291b694967ae75b36b3a91bc86107cd",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x59436331823AdEC8b4dDd00cE7F319b24664d79D",
-      "blockNumber": 36922349,
-      "txHash": "0x07c5bd3a5b1c169b8ebdf72374f78f2923b5fedddfadcdb3bd000463d93205bf",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x5583D22Fa3c0e71DcBeabD0D67a978115370216b",
-      "blockNumber": 36922352,
-      "txHash": "0xd95826dd9eb44e2f1abb6f430e39aef2443eea7aff89579cfb3f3780b2e41944",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xC38a4de11128927A1cc474e29d659c16A13C2F76",
-      "blockNumber": 36922353,
-      "txHash": "0x83f5c981da4c56debc2e6be388a0e42861fd4855a9a4406c6cf4a50aa04c2866",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19258C46573Ba48aB9752A7479AaAb0C00d1674C",
-      "blockNumber": 36922359,
-      "txHash": "0xc7c516e597e31f21f52cde66dc0037ac485970613e97245dff4ec9cbf22a49fa",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x086189cA75ec2cEFaE29F5926EDdf0A7516092B2",
-      "blockNumber": 36922360,
-      "txHash": "0x8b8d910dc311cd8b58e1e799aeae3afbe96b9357d601f906242b038e3ff4f243",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x897DD631BA9d74c248B3fa4FDeDce227105c9bA0",
-      "blockNumber": 36922361,
-      "txHash": "0x8a6eb42903f9a35949de181588bec4321caf9eedc7db86f9fb32eec01525ab72",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xF1103570102008bc3dC83F3120605eaAb9f3EC4e",
-      "blockNumber": 36922362,
-      "txHash": "0xb750da74bacd9a545939a48526151cf5c50d28d34258ac8e80e8259cd9bb05b7",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xb2D1EBaEB0007578B09a555F8FB05DaD9150cFDD",
-      "blockNumber": 36922363,
-      "txHash": "0xb6cd472015fe222fdbd3f0892157203a52bc2a80eae150d9ac210b519966023a",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0xAba76FaFC26f1b6B9fd88864FA86026e44F76B2c",
-      "blockNumber": 36922386,
-      "txHash": "0xf422f6b6d72db2f9e5c8c0a90cf052ff46943799abf3f302332b7d8a22c5250a",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x731Ae9BF353795fCAdB3a0bef43623216dBC0F49",
-      "blockNumber": 36922358,
-      "txHash": "0x2beda8ec91628e1f52b28250d3d6b9b17b68223419cbc721ddff6697eccaeb58",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0xf6E0a95A857EBE0633167416Ce1f96486932644a",
-      "blockNumber": 36922366,
-      "txHash": "0x555137722280befe8723ee71f92705889b434961494029bde0902851d5336892",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xcA98c69ff705E295d8746E79ed5A3AA1e4b4c41d",
-      "blockNumber": 36922376,
-      "txHash": "0x7742670b19d57dfe5ec212a97367b800cbb651b3336e95c05d94ded3f806880c",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0x35F3a094F280f01b8a9F2E64DCD0f111bD3f110A",
-      "blockNumber": 36922379,
-      "txHash": "0x04a86f3f939eb9d203ec139c4057dbc696777f9b49a73ca913ea4af2399ea5b7",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x19CB96ad58Bf35f4d772b9AE4D21952052355267",
-      "blockNumber": 36922377,
-      "txHash": "0xe38a70c24c6c6e30b2e81a6d77a7e6d7b554146d194666b0ed24fac0a90a6aa9",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xeCf80edEA31Cf9F437E63832906d0d3AE1f2f9F9",
-      "blockNumber": 36922354,
-      "txHash": "0x3a8678f6f7b84d069c719ec8f1fbfbdfdc0cfa852f2fb182713d8c7666976a30",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0x10A17F06375621150E3B91486c2c4Ed408B77DF6",
-      "blockNumber": 36922371,
-      "txHash": "0x61daf7af40c80705a3030d65aab5facde5b0c5ac50565d3faab1e4ecba3cf061",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xC864F6Bd38AbE2019c4A00526A560E33A560af73",
-      "blockNumber": 36922372,
-      "txHash": "0x7fb7ec52239098b7fad2d4906a4347fa1a0cfe84c00985eec997d1ea7d093d9b",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x6eC5444E2a9aa53b63869d25c00a1966813C3bB9",
-      "blockNumber": 36922374,
-      "txHash": "0xac92c2f06ef98111891233ae039fbe22edb952787da61395fc1fe4398da91bf2",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0x3558dfb2820B1FF57F07A55FF5b486b64680Cd2e",
-      "blockNumber": 36922375,
-      "txHash": "0xdf0fd85bc8cf13da59ba3e800d39603541e6e44bddb54a5d17ffa6edf40ec958",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0x634f692730978450A27F8FCA6F2dDe356a9B55A1",
-      "blockNumber": 36922355,
-      "txHash": "0x9739ef9dad71755ca78908e88a218f20ab27011d4766c356734007f53f2d3235",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0x792676c9B261B80BC3D7dD0f2D3A83d91A819BCD",
-      "blockNumber": 36922373,
-      "txHash": "0x3ba5d9ab5a9a223a09d30b541299fe9978223c10f4b3d254f01616525f747254",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0xa1c9396B3Cd392A49727b27139A65210dc9E6212",
-      "blockNumber": 36922356,
-      "txHash": "0xd5d0b3151df3bbf2a9ab668f6dd0e470434105c4b476ad8238aaade404e2de32",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0xfb5e002643da6743D211b1fd66Fe4f86FcC4E4bE",
-      "blockNumber": 36922391,
-      "txHash": "0x8c749bdd82358e20cb2713564f267478a8648d6d8e6a8232c7bed8795ab2e2e1",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0xAa696bCD0FCeBC186BcCD6de548EB385d57e132B",
-      "blockNumber": 36922381,
-      "txHash": "0xe094a21f144a64bfa3732ff8d3ba12a66cc32433bcab36da2c2e9a5c4150c4c5",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0x81c38f8a9ef2953dA2DAF7b6bddFF3baB5095216",
-      "blockNumber": 36922382,
-      "txHash": "0x71848a0edc6fa1952ce3f4beff330f4a0edf0acee0241f60dbb3279f15e1ebd6",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x53c314e4CAF0A70A934c2570b0b264359005F838",
-      "blockNumber": 36922383,
-      "txHash": "0xcc2561f29bf97f0c313073f2f39b11745b13c2e822e80aa981b7a77e7b0ad533",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0x76a2718A3064f8981788D5fb0Fb22caFe5B39465",
-      "blockNumber": 36922384,
-      "txHash": "0x5f29f0baf3684af6df84edb6f220faa8d79088d58768184d9b2214424a6ff4e2",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x69752e9dd9375Dab0563a56620547B61279678A4",
-      "blockNumber": 36922350,
-      "txHash": "0x6e0600d778ff52d23ce9ace0efec097c2cfe091db24b79de70fd93379ca8eed8",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0x9E7d9003c07a896d5E7b075fA6F4D1d7a2fDf672",
-      "blockNumber": 36922357,
-      "txHash": "0xe86604963c9b792fcf8c08d90757f3efd6b46662ef9b0fcc8d9130ed84ce8a12",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x09ec05d9a96373766BDb18FD443B82A5cEf93626",
-      "blockNumber": 36922364,
-      "txHash": "0x71bc28dd596ee3e0777f3bbb2b536eea52dde4a2e5261e0af8b0a4d9c119b3a0",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0x78EB028bA9AFd690e134c753Bc77F2B9fC88e405",
-      "blockNumber": 36922367,
-      "txHash": "0xc1121cf8fcb462f1dd8e5d6e05c5c6da2b8e8f2d97653706c0bb20cdce912d55",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x606BdDf7E4BEf64cd0936fcf1C1e6f82232882b0",
-      "blockNumber": 36922368,
-      "txHash": "0x33da0c3bc080e55175953da09f23934591eaa20791032ef19f8581a601d6637d",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0x72Ff454A32cd730783487110520CD426Fe5CEea2",
-      "blockNumber": 36922369,
-      "txHash": "0xa12f4281ea9873d435d4be9ad762150ea2de465f8f996cc828ce7979774ed5f5",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x8ca95C3F27fDC5eC5f893607fa6fEa98362d759D",
-      "blockNumber": 36922378,
-      "txHash": "0xcae7d686bda48230d3c4955a3b1734fcfb308297772383a99b478b6d23a85265",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x0B3F886F2bcA7Fc6da807B113D55FB2FaC0aF661",
-      "blockNumber": 36922380,
-      "txHash": "0x3db5194ad9f59df8cc057a113e3ec7ff56839a3f2c9a87446bf0c93ee3276938",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0x15c878Fd558d15C325E7ac50f92e111d09924312",
-      "blockNumber": 36922385,
-      "txHash": "0x77c4316120da01b878e6dc20153b6963656623de4c308622c0ee6bb71108ff73",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xf3869e1Da04886D00D7A15b48C01e71b8c7F3427",
-      "blockNumber": 36922387,
-      "txHash": "0x9cb5021509a3ef9f1e3a43be387a5d2cb80719cbf0570b41f2ca690cffa42706",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x91a867d2aaC0e6f95d8dC2b77d83037A74FDa67C",
-      "blockNumber": 36922388,
-      "txHash": "0x0270c24df6d87296051fb92b0980335b14b254b48e2d7ac20631e74690fea8de",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x53343b8D2763cF65f5174Bfb3Dcb16400a0d0022",
-      "blockNumber": 36922389,
-      "txHash": "0x4b89be7f80cbdfe08226a8c1a1d52576cb54d5efcdb45dd66d1761ba91ff02b9",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0x953716F877ee85522b34B8A85Fd9560AAEBBee39",
-      "blockNumber": 36922390,
-      "txHash": "0xf58beba2311a9a27c159d1d86f4a4fde2cc39f841043c3d56f0e660b4997673f",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xE5419F74f8875C401C3a2f4C68846d9d410e1677",
-      "blockNumber": 36922370,
-      "txHash": "0x5f99d2c6ca079c85cd4541a0e018368b60c8d157432bfd8369136b058fbe2bda",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0xeAE0D8272f05A8496564d0f33cA8f74dA950142C",
-      "blockNumber": 36922392,
-      "txHash": "0x0f788000088c93a2a7c330e33626bef20b4bc1748423d3445279730e276b3792",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0xd18C58838327CB923551d89BF1277977edc6d8D3",
-      "blockNumber": 36922393,
-      "txHash": "0x8053a7c8b919c26dc3c07c69fe28fdd49104180b5ff084e33bab25f04d026590",
-      "version": "v3.1"
-    },
-    "accountingToken": {
-      "address": "0x5ba3F068ceFa1e84aDAFcB7191bf4C02C3b724f8",
-      "blockNumber": 40764452,
-      "txHash": "0x4431ced15b986495500e3510f46ac19f6d3f2d40dc85f00d60d27f26eeb276d9",
-      "version": "v3.2"
-    },
-    "scriptHelpers": {
-      "address": "0xba5f99EbFAde72174b41137EEe0714F7099fa806",
-      "blockNumber": 40764452,
-      "txHash": "0x45af471495e56dc25d6ad69c1fa7d763e1bb33356530e0ffe1de3d18a7a782a1",
-      "version": "v3.2"
-    },
-    "onchainPMFactory": {
-      "address": "0xF3c808e6D7C25B19c97a9597CaAcFB8Ba780a580",
-      "blockNumber": 40764452,
-      "txHash": "0xd3898572e01d77fb61412c5f90e063a86d5688c48cdc63cfb620dd3e78013342",
-      "version": "v3.2"
-    },
-    "flashLoanHelper": {
-      "address": "0xB106e8Ad482df0088E28E7bD268AC1ea9609716c",
-      "blockNumber": 40764452,
-      "txHash": "0xec4e3fa4f0c971f4b65b92ba4bd62550b4411bd246fb5bfebb3e583c8b8943e5",
-      "version": "v3.2"
-    },
-    "onOffRampFactory": {
-      "address": "0x6Af53A7f79c32c09C73b745c591058Cdd97457DB",
-      "blockNumber": 40802741,
-      "txHash": "0xe6a7fdc5567f6bfd7d5f44a30c80bf02debd559acf5c0b2da12d09be7ed51f76",
-      "version": "v3.2"
-    },
-    "approvalGuard": {
-      "address": "0x6defAA1a96cc1e23F55Bac13E88C122ccE7F871f",
-      "blockNumber": 41669314,
-      "txHash": "0x655e66c69ac36ec797131a5623b5b50756386969f31809cacd6f53afc9387459",
-      "version": "v3.2"
-    },
-    "circuitBreakerGuard": {
-      "address": "0xdCAE75D1fb9c43eCc96fC0Cb194Ee8E808EB3437",
-      "blockNumber": 41669315,
-      "txHash": "0x6bcaadcc14df8c89f1e67aa5e015870007e8f4c9626e453e74b284abd2e69e78",
-      "version": "v3.2"
-    },
-    "slippageGuard": {
-      "address": "0xEcA22067812d4DBEc090D704215E54E3e891dDC9",
-      "blockNumber": 41669316,
-      "txHash": "0x9cb9f244fd83cebc4a6f1b2a07f5dfe925d907c1107c266a89b94f349c3eda5e",
-      "version": "v3.2"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "24032569",
-      "timestamp": "2026-01-28T15:09:27Z",
-      "suffix": "rev2",
-      "startBlock": 36922335
-    }
-  }
-}
diff --git a/env/base.json b/env/base.json
deleted file mode 100644
index 67e5e6795..000000000
--- a/env/base.json
+++ /dev/null
@@ -1,331 +0,0 @@
-{
-  "network": {
-    "chainId": 8453,
-    "environment": "mainnet",
-    "centrifugeId": 2,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://base-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
-      "layerZeroEid": 30184,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0x554833698Ae0FB22ECC90B01222903fD62CA4B47",
-        "0xc2A0C36f5939A14966705c7Cec813163FaEEa1F0"
-      ],
-      "optionalDVNs": [
-        "0x5b6735c66d97479cCD18294fc96B3084EcB2fa3f",
-        "0x93aC538152E1BC4F093aE5666Ee9FD1d84f4f4bF",
-        "0xcd37CA043f8479064e10635020c65FfC005d36f6"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "wormhole": {
-      "wormholeId": 30,
-      "relayer": "0x706f82e9bb5b0813501714ab5974216704980e31",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "base",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 15971525489660198786,
-      "ccipRouter": "0x881e3A65B4d4a04dD529061dd0071cf975F58bCD",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
-      "blockNumber": 32901251,
-      "txHash": "0x43dac65df63c2b3dbdab073c78801801aee8a7eb20189a2d44d7be539f949106",
-      "version": "3"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 41362313,
-      "txHash": "0xe05ed2edc4f20d6705ae187b69cb362c2330fd1ecee7e0625697a98af7b31155",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 41362298,
-      "txHash": "0xc9cde243d74bf145b0257461e1f1d433840dc6c477d65a0f42124771afd178a5",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 41362303,
-      "txHash": "0x1313b3e66fdcb8df1e56cd7cd4456062adc3de09088e2210ead078aaffaed439",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 41362318,
-      "txHash": "0x2f1d57d94e894b4e2cd6b17cae76ed9141ec0e8c7be76fd5ceab19726610b4c8",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 41362323,
-      "txHash": "0x373d0100f64382b05c5896b66d3b0c5a58c39bcba605c767fd9c1bef0c6d10ed",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 41362352,
-      "txHash": "0x36f75aaba5f841558def131e27865971ce6c104081439eb5677ce177cfb03920",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 41362401,
-      "txHash": "0x8e970665387f14398668869eebb4d8cdf8725381696d6173ffad65bd089d9c9f",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 41362358,
-      "txHash": "0x2e1c4730480ba58c19b63de2eac7c13c497dae8aa96375efae2523d5dc6a95ab",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 41362364,
-      "txHash": "0xaa39a268cc55c163087b74fdb5070e44aa50972cfee4830a1a10600380c9fea5",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 41362370,
-      "txHash": "0x8a9ad8a2104e05fdf19b26264e4d6bd92fac9e998f923bfc4178e95738a6d714",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 41362377,
-      "txHash": "0xfa5e52ca23e0279dc9ec296a22c6ddb0b8238e722933412984220b5ac4949b0e",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 41362384,
-      "txHash": "0x70f137fb20861778140449c48f879f771405be7246b0983a5806bbe691c4e48e",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 41362516,
-      "txHash": "0x21926fed0d8b5208344d780fe13bf25ad1b591c5b2667b6cd9b1204ecd18ce4b",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 41362329,
-      "txHash": "0xc0c5ad3104605ba72e8a9f0e41a0a20d8ec0eb60e8492f880c970f249b8dadd6",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 41362335,
-      "txHash": "0x8c93030114dfee99055200698a21d1191292a365bfacda4fe1f1aa74eb0d01ff",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 41362341,
-      "txHash": "0xff3cfece7664ee5bd6556ec4d7209941d0a957da067817f9ea287d563ae15fd0",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 41362308,
-      "txHash": "0x54b90c4ace8c6d28f3e348c03e002b73f6e98ff2d97512fe7fb3a5aefb5150d6",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 41362430,
-      "txHash": "0x977e0c959703f8a1a0cf842b7789bc144886345c814671b81230bb78da6fb0e2",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 41362436,
-      "txHash": "0xb95a66fd95afd1f65787b74c93b8973a0903f4f745dfca13b21d8b2928b18f80",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 41362450,
-      "txHash": "0x910056fa6ccd448ebb4da93d41b1cc16e75110c015796208416c30cf9406a9d3",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 41362457,
-      "txHash": "0x992cc9dd2e5555f6d2d3f6d3b88ffb5c9f1486849dc7a17de299f4e4981f29e1",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 41362443,
-      "txHash": "0x55e73c7d411ae79b488e08d56ef0244ff34bfac57ec4a245defe808f4cb26df5",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 41362462,
-      "txHash": "0x71149a1fdc739497788764df0e849501d14b2b28a1ef697d285d48415f536bdf",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 41362467,
-      "txHash": "0x007f56e4bbc7dcbae5f5d26725a5b1e3b99d17dd18a32a922ce086ea94affc8d",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 41362474,
-      "txHash": "0xeae3d1694bfc464073805965aa18148548c6a685bf3fd5b56f19f015a83f9f41",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 41362479,
-      "txHash": "0x3c3ce0fdf38428d5d86fede6e3bb7683167eb2547c9124e24540099064abc8c0",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 41362489,
-      "txHash": "0xcb9cbecf18edb593aad19105c3673f78795de2889d300dc33e4f31d8e6f48909",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 41362494,
-      "txHash": "0xaeca52321318ed9e7c1a678fa0d24639c433f16e59896539d984e5b8b1074ddc",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 41362499,
-      "txHash": "0xacab3180ce8fa2bd5a5211cbd07ab6b452512c7265fd14d7efe387cfa0dd50cb",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 41362504,
-      "txHash": "0x18f3d4be4d259727e076cc0afbd06d84c7ea90996930b2e2a7e2424dfd0d334f",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 41362545,
-      "txHash": "0x199ef1b2d138a4766c83e506c146a65345a7f70b7c4e2b137083a9e5dc86ea55",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 41362346,
-      "txHash": "0x78d329d3cbe56e5ed9c017075138be30f96bd6caa881f185e5960ddeb85f4295",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 41362389,
-      "txHash": "0xa4295c3821d56c69a3e456842cc478f839d8fb582df6c0449cec9803792bc9a9",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 41362406,
-      "txHash": "0x02bc4674437fc4772b81c4a5d3d50471b69a351f7aedfb93667b232aba736e05",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 41362412,
-      "txHash": "0xd07970e0877745de382cf206773dc7a221fe1e252d926513544b503fff3ff18c",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 41362418,
-      "txHash": "0x7e474439f4b74ebe09e116026d8be8af0f007ae23558fed5eae859c95d511b0e",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 41362423,
-      "txHash": "0xdc240ea1f295444cb290207eb9c18de2f8a070ab637c8eebc7d1eeaa298ae59a",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 41362484,
-      "txHash": "0x7d1593624f2915b78bdd01773d5c78cb52f28c2ac84c46e2ddb90e50758907bb",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 41362511,
-      "txHash": "0xadcd2843e4f9a657da2b02d4dbbac76a0cfa787a70d74327af1a8e74535fce00",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 41362522,
-      "txHash": "0xd7e3cf8444fbf5df2500153160cf857bdb4183658bc15858603bcd99d0650112",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 41362528,
-      "txHash": "0x0d4a9df66eb5ebc0d477fa83be674111728444dfe4bab7a08ad4428c8c7a13b4",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 41362533,
-      "txHash": "0xa753633f21594c3689208926a7b3e15a3e978ad54825525876fd6334e3540627",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 41362539,
-      "txHash": "0x8295ee07637c04d73e1e7dc2998edb93f315ebfd21816ef0c793d66f6f1c9532",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 41455566,
-      "txHash": "0xc6ede0a81611b5ac8b1798aa584525e847bafb0a86049f088eca3bcb712062ad",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0x4BE430401760075315E931dD34b892DFdfc706A7",
-      "blockNumber": 41455648,
-      "txHash": "0x9e9827b7c1d4eb1b2510c7cb93206f0b1a39bc32110ea40d20d018a88012e1eb",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "c89c55ff6",
-      "timestamp": "2026-01-27T11:38:30Z",
-      "suffix": "",
-      "startBlock": 41362271
-    }
-  }
-}
diff --git a/env/bnb-smart-chain.json b/env/bnb-smart-chain.json
deleted file mode 100644
index c72f46d47..000000000
--- a/env/bnb-smart-chain.json
+++ /dev/null
@@ -1,331 +0,0 @@
-{
-  "network": {
-    "chainId": 56,
-    "environment": "mainnet",
-    "centrifugeId": 6,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://bnb-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
-      "layerZeroEid": 30102,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0xf0a5C5306adbFd4e3dfD5d4B148B451c411d3878",
-        "0xfA9bA83C102283958B997Adc8B44ED3A3CdB5dDa"
-      ],
-      "optionalDVNs": [
-        "0x31F748a368a893Bdb5aBB67ec95F232507601A73",
-        "0x439264FB87581a70Bb6D7bEFd16b636521B0Ad2D",
-        "0x534C6b3e6805E9287ff1D49C349d5f7a01B9b7F5"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "wormhole": {
-      "wormholeId": 4,
-      "relayer": "0x27428DD2d3DD32A4D7f7C497eAaa23130d894911",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "binance",
-      "gateway": "0x304acf330bbE08d1e512eefaa92F6a57871fD895",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 11344663589394136015,
-      "ccipRouter": "0x34B03Cb9086d7D758AC55af71584F81A598759FE",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
-      "blockNumber": 54800894,
-      "txHash": "0x8e5e5978edcd52de3711ab5f7ecddf4a66ba5488beffd78e05c374d4776117f6",
-      "version": "3"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 77734461,
-      "txHash": "0x75a1aa2b276337b2e42059cc75782309ec9cd4a58c8a3063991de1ac313b0a0b",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 77734397,
-      "txHash": "0xa8c7440d65c83f20422ad6690522ef8d3eda13fcb712082c6043056d94be9ee1",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 77734419,
-      "txHash": "0x9c8f6c39d1f430ef8b482c4e7a73e0345355205257c5c1854a709e117c0293b5",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 77734487,
-      "txHash": "0x9bb62598db9be21e41f9b09cbfd8aae2643b486b89138a6e8ce3aabd0d927ca0",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 77734513,
-      "txHash": "0xfc8c6f0cf4f06585a867c132b5b74c18df5d6d3b3417cda9d05aec52dc906f7a",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 77734628,
-      "txHash": "0x7bcabac793ca0e976cefaa58da19fbb8da13be123e40f9bda84f507abe1dd377",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 77734948,
-      "txHash": "0xa6fd67c09a7afc0498c9befcf1572151c2c4ce88f3467e3b4a7d8b0d534ad47c",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 77734650,
-      "txHash": "0x6e7d8498e6d2a9a3e088ab49c515ef6a688dd9af28adfbcf29b552f7256710ec",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 77734677,
-      "txHash": "0x3742d332d6dad0d81fd6169879e7418988329d0b37d9ab494b6b6702de3b98f8",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 77734705,
-      "txHash": "0x8daaf96deb8e16da83cd0b2243435b66faffd3a6478b4174c7f683bfc0e30892",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 77734727,
-      "txHash": "0xfa319a9152a55259693fe69a2448ea2551b06d86fda7ab4396a766a4f5f071d1",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 77734754,
-      "txHash": "0xda6fd785a3658d94aed465d7edd6e77acf00eca85909b01713583069a95e1871",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 77736070,
-      "txHash": "0xbf64a22b3dff50e72136bf359918d5a59cf8859d91da961ee25b8436338256e5",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 77734536,
-      "txHash": "0xd9c0400d8bc3bfb7fb1834f47cfeb633a26136e111fd6caeb90493992eefb939",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 77734560,
-      "txHash": "0x96a3d75a291330059ac025a82493238b024394cb34dbb70f388a4e18ef4c7662",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 77734584,
-      "txHash": "0xc398cd54e11255cc28077561d8c664cf2c021e1fad9e18e7912d87d6b8834adf",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 77734439,
-      "txHash": "0x15e048af228e78a968e1a9f1cd53f55243eeac081de64f3fe791bc3cd7518b37",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 77735146,
-      "txHash": "0x63de4fc225e96baedd0f04e0711c51b24e8247cbe3605fdcbd0eadf5919492b0",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 77735197,
-      "txHash": "0xd8c97dc52c345eeb30e42dce93d72d6c6fdc8e8521ff8fb628f00a054d97691d",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 77735255,
-      "txHash": "0xd444d9ce6d63168ebfc9e85f5a1ba17b66c308c2df7f523d7cd79b3b24711f9d",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 77735307,
-      "txHash": "0x73d771c958e7e928b0326afa37ab40805ae3de8b8c45b1f45eead8c37e0f8746",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 77735231,
-      "txHash": "0x7857320ae1ed129d428e527c7be2bdbea0f1c9b21af3ae5e002fc8682b29bb13",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 77735335,
-      "txHash": "0x44f9937b5d6234d77d1d5be919ed0d5ba90b6fb9054d78cab5f934431b5d40e8",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 77735365,
-      "txHash": "0xa7ce147d1d8d7d0dbf5677c5058cd4837d526706133586cec5006537b2f53373",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 77735466,
-      "txHash": "0xfc0fcd4d4dd53b806e5cc6eadd3c7287a1cac045026affeb0f0263ab575e2497",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 77735495,
-      "txHash": "0x580adb8a88f85b34f9bc3d2c7368067069f30350a1bb9564facbddb2832c409d",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 77735916,
-      "txHash": "0x68a6e27d00d52858748d2e4d0176a0242545fe3bb8f66e93ce4668aaa18e42f0",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 77735949,
-      "txHash": "0x84ba45fe210bbe7bab28a8a012fe3b84efd0f14e72590474d70c00e3634146d6",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 77735973,
-      "txHash": "0x0541ef494c9073f9164811a82b3ede2dcb21b99599589a8c565bfe7353c2b38b",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 77735997,
-      "txHash": "0x9e58514c45b2e017b3fe08bb82cfa7c41e64ecfc2f8c0cbb91f418776306f405",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0x4BE430401760075315E931dD34b892DFdfc706A7",
-      "blockNumber": 77736267,
-      "txHash": "0x89bf512b490268c239ff6635fdbf05140581df302c8b1a11cc9ee74b801e27f8",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 77736291,
-      "txHash": "0xa23d5c25e46ce2d5d4d7940af7028a8f6bcc7ca87dc2d32ecb81b8a620313722",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 77734607,
-      "txHash": "0x35c821c9daa9f8dc44546f28d7f3a79de2f7b9186e2e835207efdef0b05bf5bb",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 77734781,
-      "txHash": "0x168e0220de908b55a328e9c0b54154ecc868c80a1d15b7b778f82c9e9379fcd4",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 77734997,
-      "txHash": "0xc1149b4cbf2ba483c7334978e7ed1a779b29a2b19303ffad6a3d5bd871ace076",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 77735055,
-      "txHash": "0xf6bdb69f8a8783a04203e677dae3d3cfb4f8d4d3bc907ae47572eea105e7a5dc",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 77735090,
-      "txHash": "0x01a3ea0c929b87ed0afeee19fd084fb36d4b41ef7c65723b341c5b1a61a295e7",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 77735119,
-      "txHash": "0xccbfa4fa87d2ebdd56993f6905781ac6b9f0e19c15325891fda3d825a07c8646",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 77735591,
-      "txHash": "0x242aaca5af34c20f0a7b234e2b05e77c99bce79c23a2c0f7b8717d8ebf2a07ca",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 77736029,
-      "txHash": "0x3ff9802f0c3aea3d1a78fad0c927f43f0b493537e9a09e36935ec8f704fc4f79",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 77736120,
-      "txHash": "0x0f94a0d0361289d44e6d280cbaeaf20fe691e30627243b61afc70ab35da04192",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 77736145,
-      "txHash": "0xfa03f06cddd5201d3d5c15b273359deaf012a2c0f22257f6ab53fa015b4b332b",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 77736178,
-      "txHash": "0x6160c21ab91dadfa22b088c2de81d51fba8353fb60526a69e0da566d8a9c1af8",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 77736234,
-      "txHash": "0xbc8348ab0dc3c442b51fe695b16cd3e88ae1ab47e3ea22ba04e6ff1fae45354a",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 77736313,
-      "txHash": "0x4dbde4b157f17780552145c9e0886acc942683faff39dd1bafa191836ab3282a",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "cd4866f3f",
-      "timestamp": "2026-01-27T14:56:12Z",
-      "suffix": "",
-      "startBlock": 77734265
-    }
-  }
-}
diff --git a/env/connections/README.md b/env/connections/README.md
deleted file mode 100644
index 945accb66..000000000
--- a/env/connections/README.md
+++ /dev/null
@@ -1,115 +0,0 @@
-# Connection Configuration
-
-Defines which networks are connected and through which adapters. One file per environment: `mainnet.json`, `testnet.json`.
-
-Parsed by `script/utils/EnvConnectionsConfig.s.sol` (Solidity) and `script/deploy/lib/load_config.py` (Python).
-
-## Schema
-
-```json
-{
-    "aliases": {
-        "<name>": ["<network>", ...]
-    },
-    "connections": [
-        {
-            "chains": [<side>, <side>],
-            "adapters": ["<adapter>", ...],
-            "threshold": <number>
-        }
-    ]
-}
-```
-
-### Aliases
-
-Named groups of networks, reusable in connection rules:
-
-```json
-"aliases": {
-    "ALL": ["ethereum", "base", "arbitrum", "plume"],
-    "L2s": ["base", "arbitrum", "optimism"]
-}
-```
-
-The full set of known networks is derived from the union of all alias values.
-
-### Connection rules
-
-Each rule defines a pair of sides, the adapters used between them, and the quorum threshold.
-
-**`chains`** is a 2-element array (a pair). Each side can be:
-
-| Format | Meaning | Example |
-|--------|---------|---------|
-| `"ALIAS"` | Reference to an alias | `"ALL"` |
-| `["net1", "net2"]` | Literal list of networks | `["pharos", "monad"]` |
-
-The two sides are permuted (cartesian product), creating a connection for every pair across them. For example, `[["A", "B"], ["C", "D"]]` produces connections: (A,C), (A,D), (B,C), (B,D). Matching is also symmetric: both the A-to-B and B-to-A directions are covered.
-
-A network never connects to itself. If the same network appears on both sides, the self-pair is skipped. For example, `[["A"], ["A", "B"]]` only produces (A,B).
-
-**`adapters`** lists which messaging adapters to use (e.g. `"axelar"`, `"layerZero"`, `"wormhole"`, `"chainlink"`). An empty array means no connection.
-
-**`threshold`** is the minimum number of adapters that must confirm a message.
-
-### Rule precedence
-
-Rules are evaluated in order. **The last matching rule wins**, allowing general rules to be overridden by specific ones:
-
-```json
-"connections": [
-    {
-        "chains": ["ALL", "ALL"],
-        "adapters": ["axelar", "layerZero"],
-        "threshold": 2
-    },
-    {
-        "chains": [["pharos"], "ALL"],
-        "adapters": ["layerZero"],
-        "threshold": 1
-    }
-]
-```
-
-Here, pharos connects to every other network via layerZero only (threshold 1), while all other pairs use both axelar and layerZero (threshold 2).
-
-To disable connections for a network, override with an empty adapters array:
-
-```json
-{
-    "chains": [["hyper-evm-testnet"], "ALL"],
-    "adapters": [],
-    "threshold": 0
-}
-```
-
-## Examples
-
-**Mainnet** - all networks connected via axelar + layerZero, pharos overridden to layerZero only:
-
-```json
-{
-    "aliases": {
-        "ALL": ["ethereum", "base", "arbitrum", "plume", "avalanche", "bnb-smart-chain", "hyper-evm", "optimism", "monad", "pharos"]
-    },
-    "connections": [
-        { "chains": ["ALL", "ALL"], "adapters": ["axelar", "layerZero"], "threshold": 2 },
-        { "chains": [["pharos"], "ALL"], "adapters": ["layerZero"], "threshold": 1 }
-    ]
-}
-```
-
-**Testnet** - all networks connected via 4 adapters, hyper-evm-testnet disconnected:
-
-```json
-{
-    "aliases": {
-        "ALL": ["sepolia", "arbitrum-sepolia", "base-sepolia", "hyper-evm-testnet"]
-    },
-    "connections": [
-        { "chains": ["ALL", "ALL"], "adapters": ["axelar", "wormhole", "layerZero", "chainlink"], "threshold": 1 },
-        { "chains": [["hyper-evm-testnet"], "ALL"], "adapters": [], "threshold": 0 }
-    ]
-}
-```
diff --git a/env/connections_viewer.html b/env/connections_viewer.html
new file mode 100644
index 000000000..3a5adda1b
--- /dev/null
+++ b/env/connections_viewer.html
@@ -0,0 +1,272 @@
+<!doctype html>
+<html lang="en">
+<head>
+<meta charset="utf-8">
+<meta name="viewport" content="width=device-width, initial-scale=1">
+<title>Connections</title>
+<style>
+  :root {
+    color-scheme: light;
+    --surface: #fcfcfb;
+    --page: #f9f9f7;
+    --ink: #0b0b0b;
+    --ink-2: #52514e;
+    --muted: #898781;
+    --hairline: #e1e0d9;
+    --series-1: #2a78d6;
+    --series-2: #eb6834;
+    --series-3: #1baf7a;
+    --series-4: #eda100;
+    --series-5: #e87ba4;
+    --series-6: #008300;
+  }
+  @media (prefers-color-scheme: dark) {
+    :root {
+      color-scheme: dark;
+      --surface: #1a1a19;
+      --page: #0d0d0d;
+      --ink: #ffffff;
+      --ink-2: #c3c2b7;
+      --muted: #898781;
+      --hairline: #2c2c2a;
+      --series-1: #3987e5;
+      --series-2: #d95926;
+      --series-3: #199e70;
+      --series-4: #c98500;
+      --series-5: #d55181;
+      --series-6: #008300;
+    }
+  }
+  * { box-sizing: border-box; }
+  body {
+    margin: 0; padding: 24px;
+    background: var(--page); color: var(--ink);
+    font: 14px/1.5 system-ui, -apple-system, "Segoe UI", sans-serif;
+    display: flex; flex-direction: column; align-items: center; gap: 12px;
+  }
+  h1 { font-size: 18px; margin: 0; }
+  .card {
+    background: var(--surface); border: 1px solid var(--hairline);
+    border-radius: 12px; padding: 16px; max-width: 860px; width: 100%;
+  }
+  #legend { display: flex; gap: 20px; justify-content: center; flex-wrap: wrap; }
+  #legend .item { display: flex; align-items: center; gap: 8px; color: var(--ink-2); cursor: default; }
+  #legend .swatch { width: 22px; height: 0; border-top: 3px solid; border-radius: 2px; }
+  #caption { min-height: 1.5em; text-align: center; color: var(--ink-2); }
+  svg { display: block; width: 100%; height: auto; }
+  .edge { fill: none; stroke-width: 1.5; opacity: 0.35; transition: opacity 0.12s; }
+  .node circle { fill: var(--ink-2); stroke: var(--surface); stroke-width: 2; transition: opacity 0.12s; }
+  .node text { fill: var(--ink); font-size: 14px; transition: opacity 0.12s; }
+  .node .hit { fill: transparent; stroke: none; }
+  /* Hovering a chain: only its edges and neighbors stay on */
+  .focused .edge { opacity: 0.04; }
+  .focused .edge.on { opacity: 1; stroke-width: 2; }
+  .focused .node { opacity: 0.25; }
+  .focused .node.on { opacity: 1; }
+  .focused .node.src .dot { fill: var(--ink); }
+  /* Hovering a legend entry: only that adapter's edges stay on */
+  .adapter-focused .edge { opacity: 0.04; }
+  .adapter-focused .edge.on { opacity: 0.9; }
+  details { color: var(--ink-2); }
+  summary { cursor: pointer; }
+  table { border-collapse: collapse; margin-top: 8px; width: 100%; }
+  th, td { text-align: left; padding: 6px 12px 6px 0; border-bottom: 1px solid var(--hairline); vertical-align: top; }
+  th { color: var(--muted); font-weight: 600; }
+  #error { color: var(--ink-2); text-align: center; }
+  #error code { background: var(--page); padding: 2px 6px; border-radius: 4px; }
+</style>
+</head>
+<body>
+<h1 id="title">Connections</h1>
+<div id="legend"></div>
+<div class="card"><div id="graph"></div><div id="caption"></div></div>
+<div class="card"><details>
+  <summary>Connection rules (as written in connections.json)</summary>
+  <table id="rules"><thead>
+    <tr><th>From</th><th>To</th><th>Adapters</th><th>Threshold</th></tr>
+  </thead><tbody></tbody></table>
+</details></div>
+<div id="error" hidden>
+  Could not load <code id="jsonPath">connections.json</code>. Serve the <code>env/</code>
+  folder — from the repo root: <code>python3 -m http.server 8000 -d env</code>, then open
+  <code>http://localhost:8000/connections_viewer.html#&lt;environment&gt;</code> — the hash names the
+  directory under <code>env/</code> to read, and there is no default because which ones exist depends on
+  the branch.
+  Or pick the file manually: <input type="file" id="picker" accept=".json">
+</div>
+
+<script>
+// Adapters are whatever the config names, so nothing here needs updating when one is added
+const SERIES = 6; // --series-N slots defined above, cycled if a config ever names more
+const SVG_NS = "http://www.w3.org/2000/svg";
+
+const ENV = location.hash.slice(1);
+addEventListener("hashchange", () => location.reload());
+if (ENV) {
+  document.title = `${ENV[0].toUpperCase()}${ENV.slice(1)} Connections`;
+  document.getElementById("title").textContent = document.title;
+}
+
+// Mirrors _parseSide in ConnectionsConfig.s.sol: an array lists literal names;
+// a string is an alias reference or a literal name
+function resolveSide(side, aliases) {
+  return typeof side === "string" ? (aliases[side] ?? [side]) : side;
+}
+
+function buildModel(config) {
+  const aliases = config.aliases ?? {};
+  const rules = config.connections.map((rule) => ({
+    left: resolveSide(rule.chains[0], aliases),
+    right: resolveSide(rule.chains[1], aliases),
+    adapters: rule.adapters,
+  }));
+
+  const chains = [...new Set(rules.flatMap((r) => [...r.left, ...r.right]))].sort();
+
+  // Mirrors _findMatchingRule: the last matching rule wins — adapters are never
+  // unioned across rules, and a match with no adapters disconnects the pair
+  const pairs = new Map(); // "a|b" (sorted) -> Set of adapters
+  chains.forEach((a, i) => {
+    for (const b of chains.slice(i + 1)) {
+      const rule = rules.findLast((r) =>
+        (r.left.includes(a) && r.right.includes(b)) || (r.left.includes(b) && r.right.includes(a)));
+      if (rule && rule.adapters.length > 0) pairs.set(`${a}|${b}`, new Set(rule.adapters));
+    }
+  });
+
+  // Sorted, so which adapters are on screen decides how they are drawn, not the order the rules list them
+  const adapters = [...new Set([...pairs.values()].flatMap((set) => [...set]))].sort();
+  return { chains, pairs, adapters };
+}
+
+function render(config) {
+  const { chains, pairs, adapters } = buildModel(config);
+  const color = (adapter) => `var(--series-${(adapters.indexOf(adapter) % SERIES) + 1})`;
+
+  // Legend: one entry per adapter; hovering it isolates that adapter's edges
+  const legend = document.getElementById("legend");
+  for (const adapter of adapters) {
+    const item = document.createElement("span");
+    item.className = "item";
+    item.innerHTML = `<span class="swatch" style="border-color:${color(adapter)}"></span>${adapter}`;
+    item.addEventListener("mouseenter", () => focusAdapter(adapter));
+    item.addEventListener("mouseleave", () => focusAdapter(null));
+    legend.appendChild(item);
+  }
+
+  const W = 860, CX = W / 2, CY = W / 2, R = W / 2 - 145;
+  const svg = document.createElementNS(SVG_NS, "svg");
+  svg.setAttribute("viewBox", `0 0 ${W} ${W}`);
+
+  const pos = Object.fromEntries(chains.map((name, i) => {
+    const angle = (2 * Math.PI * i) / chains.length - Math.PI / 2;
+    return [name, { x: CX + R * Math.cos(angle), y: CY + R * Math.sin(angle), angle }];
+  }));
+
+  // Edges: one curve per (pair, adapter), parallel curves fanned apart per pair
+  const edgeLayer = document.createElementNS(SVG_NS, "g");
+  for (const [key, adapterSet] of pairs) {
+    const [a, b] = key.split("|");
+    const list = adapters.filter((ad) => adapterSet.has(ad));
+    const [p, q] = [pos[a], pos[b]];
+    const [mx, my] = [(p.x + q.x) / 2, (p.y + q.y) / 2];
+    const len = Math.hypot(q.x - p.x, q.y - p.y);
+    const [nx, ny] = [-(q.y - p.y) / len, (q.x - p.x) / len]; // unit normal
+
+    list.forEach((adapter, i) => {
+      const bow = (i - (list.length - 1) / 2) * 14; // curve peak offset, px
+      const path = document.createElementNS(SVG_NS, "path");
+      path.setAttribute("d", `M ${p.x} ${p.y} Q ${mx + 2 * bow * nx} ${my + 2 * bow * ny} ${q.x} ${q.y}`);
+      path.setAttribute("class", "edge");
+      path.setAttribute("stroke", color(adapter));
+      path.dataset.chains = key;
+      path.dataset.adapter = adapter;
+      edgeLayer.appendChild(path);
+    });
+  }
+  svg.appendChild(edgeLayer);
+
+  // Nodes: dot + label placed outward, with a large invisible hover target
+  for (const name of chains) {
+    const { x, y, angle } = pos[name];
+    const g = document.createElementNS(SVG_NS, "g");
+    g.setAttribute("class", "node");
+    g.dataset.chain = name;
+
+    const onRight = Math.cos(angle) > 0.01, onLeft = Math.cos(angle) < -0.01;
+    const label = document.createElementNS(SVG_NS, "text");
+    label.setAttribute("x", x + 18 * Math.cos(angle));
+    label.setAttribute("y", y + 18 * Math.sin(angle) + 5);
+    label.setAttribute("text-anchor", onRight ? "start" : onLeft ? "end" : "middle");
+    label.textContent = name;
+
+    const dot = document.createElementNS(SVG_NS, "circle");
+    dot.setAttribute("cx", x); dot.setAttribute("cy", y); dot.setAttribute("r", 7);
+    dot.setAttribute("class", "dot");
+    const hit = document.createElementNS(SVG_NS, "circle");
+    hit.setAttribute("cx", x); hit.setAttribute("cy", y); hit.setAttribute("r", 26);
+    hit.setAttribute("class", "hit");
+
+    g.append(label, dot, hit);
+    g.addEventListener("mouseenter", () => focusChain(name));
+    g.addEventListener("mouseleave", () => focusChain(null));
+    svg.appendChild(g);
+  }
+  document.getElementById("graph").appendChild(svg);
+
+  const caption = document.getElementById("caption");
+  caption.textContent = `${chains.length} chains · ${pairs.size} connected pairs · hover a chain`;
+
+  function focusChain(name) {
+    svg.classList.toggle("focused", name !== null);
+    const neighbors = new Set();
+    const usedAdapters = new Set();
+    for (const edge of svg.querySelectorAll(".edge")) {
+      const [a, b] = edge.dataset.chains.split("|");
+      const on = a === name || b === name;
+      edge.classList.toggle("on", on);
+      if (on) { neighbors.add(a === name ? b : a); usedAdapters.add(edge.dataset.adapter); }
+    }
+    for (const node of svg.querySelectorAll(".node")) {
+      node.classList.toggle("on", node.dataset.chain === name || neighbors.has(node.dataset.chain));
+      node.classList.toggle("src", node.dataset.chain === name);
+    }
+    caption.textContent = name === null
+      ? `${chains.length} chains · ${pairs.size} connected pairs · hover a chain`
+      : `${name} · ${neighbors.size} connections · via ${[...usedAdapters].join(", ")}`;
+  }
+
+  function focusAdapter(adapter) {
+    svg.classList.toggle("adapter-focused", adapter !== null);
+    for (const edge of svg.querySelectorAll(".edge"))
+      edge.classList.toggle("on", edge.dataset.adapter === adapter);
+  }
+
+  // Table view: the rules exactly as the JSON states them
+  const tbody = document.querySelector("#rules tbody");
+  const showSide = (side) => (typeof side === "string" ? side : side.join(", "));
+  for (const rule of config.connections) {
+    const row = document.createElement("tr");
+    row.innerHTML = `<td>${showSide(rule.chains[0])}</td><td>${showSide(rule.chains[1])}</td>` +
+      `<td>${rule.adapters.join(", ")}</td><td>${rule.threshold}</td>`;
+    tbody.appendChild(row);
+  }
+}
+
+(ENV ? fetch(`${ENV}/connections.json`) : Promise.reject("no environment in the hash"))
+  .then((res) => (res.ok ? res.json() : Promise.reject(res.status)))
+  .then(render)
+  .catch(() => {
+    const error = document.getElementById("error");
+    document.getElementById("jsonPath").textContent = `${ENV || "<environment>"}/connections.json`;
+    error.hidden = false;
+    document.getElementById("picker").addEventListener("change", (event) => {
+      event.target.files[0].text().then((text) => {
+        error.hidden = true;
+        render(JSON.parse(text));
+      });
+    });
+  });
+</script>
+</body>
+</html>
diff --git a/env/connections_viewer.sh b/env/connections_viewer.sh
new file mode 100755
index 000000000..209713df4
--- /dev/null
+++ b/env/connections_viewer.sh
@@ -0,0 +1,34 @@
+#!/bin/bash
+set -euo pipefail
+
+# Serves env/ and opens the connections viewer for one environment.
+#
+#   ./env/connections_viewer.sh [environment] [port]    # defaults: the one environment here, 8000
+#
+# The viewer fetches env/<environment>/connections.json, and browsers block fetch()
+# on file:// pages, so env/ must be served over HTTP. Ctrl+C stops the server.
+#
+# Which environments have a connections file depends on the branch — main holds only a local
+# run's env/anvil-<id>/ — so the default is whatever single one is here, and a choice is asked for
+# when there are several.
+
+cd "$(dirname "$0")"
+FOUND=$(ls -d */connections.json 2>/dev/null | xargs -n1 dirname 2>/dev/null | tr "\n" " " | sed "s/ $//" || true)
+
+ENVIRONMENT=${1:-}
+PORT=${2:-8000}
+if [[ -z "$ENVIRONMENT" ]]; then
+    if [[ $(wc -w <<< "$FOUND") -ne 1 ]]; then
+        echo "Name the environment: ./env/connections_viewer.sh <environment> [port]" >&2
+        echo "Those with a connections.json here: ${FOUND:-none}" >&2
+        exit 1
+    fi
+    ENVIRONMENT=$FOUND
+fi
+[[ -f "$ENVIRONMENT/connections.json" ]] || {
+    echo "No env/$ENVIRONMENT/connections.json. Those here: ${FOUND:-none}" >&2; exit 1;
+}
+
+OPEN=$(command -v open || command -v xdg-open)
+(sleep 1 && "$OPEN" "http://localhost:$PORT/connections_viewer.html#$ENVIRONMENT") &
+exec python3 -m http.server "$PORT" -d .
diff --git a/env/ethereum.json b/env/ethereum.json
deleted file mode 100644
index b7ec545e9..000000000
--- a/env/ethereum.json
+++ /dev/null
@@ -1,331 +0,0 @@
-{
-  "network": {
-    "chainId": 1,
-    "environment": "mainnet",
-    "centrifugeId": 1,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://eth-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
-      "layerZeroEid": 30101,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0x373a6E5c0C4E89E24819f00AA37ea370917AAfF4",
-        "0xa4fE5A5B9A846458a70Cd0748228aED3bF65c2cd"
-      ],
-      "optionalDVNs": [
-        "0x06559EE34D85a88317Bf0bfE307444116c631b67",
-        "0x3a4636E9AB975d28d3Af808b4e1c9fd936374E30",
-        "0xa59BA433ac34D2927232918Ef5B2eaAfcF130BA5"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "wormhole": {
-      "wormholeId": 2,
-      "relayer": "0x27428DD2d3DD32A4D7f7C497eAaa23130d894911",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "Ethereum",
-      "gateway": "0x4F4495243837681061C4743b74B3eEdf548D56A5",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 5009297550715157269,
-      "ccipRouter": "0x80226fc0Ee2b096224EeAc085Bb9a8cba1146f7D",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
-      "blockNumber": 22924235,
-      "txHash": "0xfb5a7b0279e1ac731c3897adc70b194b1dc3798a0291fe649fcce0d76a234c2e",
-      "version": "3"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 24319314,
-      "txHash": "0xc63334e8e1bebbd6dc616018d3a14eb62908a0e4227fa1b30bbfca17c170ed3e",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 24319303,
-      "txHash": "0x3d9e0cadd64eed91ec38fe465cee234c1c4bc557a3d0b15f7055888108eb03f6",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 24319304,
-      "txHash": "0xcd19a82e02179360cafae04aef172c8124fd1e7a166b49b1cf4a97cb5e5a158c",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 24319316,
-      "txHash": "0xd11db20cb5d8c783a42c7465667330ec7c737da06682d4c3a2003f7489787c19",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 24319319,
-      "txHash": "0x9bd8958b9e1616c0b841833e83fc5bc8156b50091207c2cfd011d048ef6a995e",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 24319328,
-      "txHash": "0x58940bf1fd98f1cbf78f6b2663cebbf3ef43b560c4cb2316c0fe015685fc160e",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 24319339,
-      "txHash": "0xbf918be8db689d525c098f3f36302522246228498fdde68d9a7c51661fa2a1e8",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 24319329,
-      "txHash": "0x0e01899c406acb610cfa7210bb905c31958f82e51a8708222378f1fe4f28de19",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 24319331,
-      "txHash": "0xb664eef7000176e67fb9e6b24b731e8826d2274f13fa964f66b75b1388b7808e",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 24319332,
-      "txHash": "0x57e6053cd1b19249319adcf6d2aaa1229966af8c38e0a895c7bba98c65852dfe",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 24319333,
-      "txHash": "0x288b3b488750ae9e66ae079ece2f1cd7cfdaf90f6855c1dfe3bb0ad749c44591",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 24319335,
-      "txHash": "0xcd4e039f241549031a78668d74cc76c4cbd7398c2686c42969a69be73c963976",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 24319376,
-      "txHash": "0x4c903867cf78ac5d94a9bcd22a5f5168b8de628ff675224f82d16330215115f1",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 24319321,
-      "txHash": "0xd8cb39b8ac23a43b8f2ce624382199f0cbabdeb59e88e9e7bb2284c182e4b2e8",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 24319323,
-      "txHash": "0x32d62952c6c35f46a56c903c9fdde80b6f4407676f4e90b76367e5194dceff7a",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 24319325,
-      "txHash": "0x430d5e09bcab28632f7f6614bb787216bddfe7076b36b344ed6744391b8942ab",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 24319309,
-      "txHash": "0x1d781f171b11393730eb8531e7bb332b1d7b0d4f50359fc063eadc1c8ba5c665",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 24319348,
-      "txHash": "0xb0e9f01845cc01dd0aae00ba37e692a9678524ff94d3e357709ae04a1ebe5778",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 24319350,
-      "txHash": "0x7c3366a89be691cd8b6b742969340d9ecaf2142010e56a730eb268bb0deaad97",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 24319355,
-      "txHash": "0xb9735e4429051d9675ee14d5ce9f7586a4c1674e386380e4fd661a06f5f0c8fd",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 24319357,
-      "txHash": "0x2bffa38f87d96a936b27b615e09dfb97025c06c2f19e239e6c37865da45bd9d6",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 24319353,
-      "txHash": "0x84b5f7af8e17b5887b2bfe2cba05fe5f73c28ecd8d8c961bb91c3adff4c01d34",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 24319359,
-      "txHash": "0xf89b0a0e46d6b32b97b1f5c7b0898a4ab46ac1e7732c05033182c25a4d9114e6",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 24319360,
-      "txHash": "0x135130ae69435390371aed8b1df2155eb113da6cad010fda6dbbbda13f3e2384",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 24319362,
-      "txHash": "0xb1341608c0ede5e9684a6a19b968582195b6c7ab8f75466b2000088823e4c141",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 24319364,
-      "txHash": "0xb48fce5d45d2d30c5fb0fce53a180d5618bd300c7c9ec749d163825325a46425",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 24319368,
-      "txHash": "0xf75a994b05be8bb42f16e6e3152e8ace603119316616bc07d36be631233ee69f",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 24319369,
-      "txHash": "0xf11ea537027e0beeaa238ce134745de2af95dd8845b2a925ea3ca57612bb123d",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 24319370,
-      "txHash": "0x02f67d6d01bdb7566a6f6119284137250bdc6c25c6c32e3ebb0f9bab14cab320",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 24319372,
-      "txHash": "0x529317c3321ae4af7277cd66ff8f1f4e38a51bb1ad5317145d0be002ba0a2fe0",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 24319385,
-      "txHash": "0x03c5e0f2005c71656b1902a408d13a4f411b4c3bb517fd8bb7da1ce9e1567190",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 24319326,
-      "txHash": "0xe3a82242c3ce157b8500fc8667ee63318627b5bf20225555dfe179aeac92866e",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 24319336,
-      "txHash": "0xd2bbd999fb72b7e483e5f3b14bb1aa843d622cc584375d91fe7947b0287dccd9",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 24319341,
-      "txHash": "0xdee67d4372e36c59810832379ecac4f35f983d4e8347349503158ddf2f14be08",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 24319342,
-      "txHash": "0x83d5d4b5f64523e4bc419f9668dfec2727d0022a44e58582431e80fad268a9f5",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 24319344,
-      "txHash": "0x1d25327624ec2101168ff435c59594c01e476e91805121a79638065986755643",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 24319346,
-      "txHash": "0x68a6027a238aafd0b74e9de72a5cfded6b4c127b222c42adde01d7e7623fe7d2",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 24319366,
-      "txHash": "0xff2a3c3a627aeb83fc9f11f1f04d4e97dfc7ffd8b69b6e9c27046ddbf01898f5",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 24319374,
-      "txHash": "0xaedbaab18171f5d29e5c19f2178a626e9e30c6919487757f87649364aa7bdc1e",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 24319379,
-      "txHash": "0x8deacf09bba88323cc9ab145548a1329b16c51c157418f7f29bd7676789b9d39",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 24319382,
-      "txHash": "0x74ca1eb886b081b19feb24d34ba88815a458fd1ce8d0f98364d33cfadd577a68",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 24319383,
-      "txHash": "0x11c06c34e49f1259d347b3aa829bfc1d564c336b542b606c1c802f44ac8fd236",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 24319384,
-      "txHash": "0x615c3619e25701320002aaff0e016484a844c271f8dbcc7f0ada921f5c3108e7",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 24341373,
-      "txHash": "0x05e9e095010810c615c7f5c266a7b564a4c65d306e6e8a8e9e8c977a9eb0b469",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0x4BE430401760075315E931dD34b892DFdfc706A7",
-      "blockNumber": 24341381,
-      "txHash": "0x8255b58724d8f340f94459e333280dfe590b69e3c6cb582538545935dd795ff2",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "c89c55ff6",
-      "timestamp": "2026-01-26T13:27:30Z",
-      "suffix": "",
-      "startBlock": 24319298
-    }
-  }
-}
diff --git a/env/hyper-evm-testnet.json b/env/hyper-evm-testnet.json
deleted file mode 100644
index 16625fd26..000000000
--- a/env/hyper-evm-testnet.json
+++ /dev/null
@@ -1,339 +0,0 @@
-{
-  "network": {
-    "chainId": 998,
-    "environment": "testnet",
-    "centrifugeId": 9,
-    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "baseRpcUrl": "https://hyperliquid-testnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0xf9e1815F151024bDE4B7C10BAC10e8Ba9F6b53E1",
-      "layerZeroEid": 40362,
-      "deploy": true,
-      "blockConfirmations": 5,
-      "requiredDVNs": [
-        "0x91E698871030D0e1b6c9268C20bB57E2720618Dd"
-      ],
-      "optionalDVNs": [],
-      "optionalDVNThreshold": 0
-    }
-  },
-  "contracts": {
-    "layerZeroAdapter": {
-      "address": "0x24f3192d46869609F8F6605e662b8146CA4240d3",
-      "blockNumber": 47348915,
-      "txHash": "0xb7cf5653c3244134455117a3ef2b190102eeb32fd83e8196362f57d65f8be8f1",
-      "version": "v3.1"
-    },
-    "root": {
-      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
-      "blockNumber": 43580306,
-      "txHash": "0xa1fe213c5124a8f1e37f87c86cf5ca8e9e7f8661e8723ac309df926a20139f7c",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xC486678A507f0c0e61bcdB158DC23CA03Dfb8CFf",
-      "blockNumber": 43580306,
-      "txHash": "0xd189a699a94089fb51579bb435580492aa41be274566e50c19b567c432e5f266",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x1a04566561EF19116D91684c8512348940DDc3ec",
-      "blockNumber": 43580306,
-      "txHash": "0x8515cafafdfefcd3c2387179d86e62ac9ecec15cef37d92f6dcfab6a429d6473",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x59436331823AdEC8b4dDd00cE7F319b24664d79D",
-      "blockNumber": 43580306,
-      "txHash": "0xf82c6e8062659d79a73e43e6fdd03b684cd168029fef5a5405e79f3d7d07c330",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x69752e9dd9375Dab0563a56620547B61279678A4",
-      "blockNumber": 43580306,
-      "txHash": "0x5f197dd237efe4ef4168ecb6512c92bad37c48443da8d5412679e5b9c9a63e8b",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x5583D22Fa3c0e71DcBeabD0D67a978115370216b",
-      "blockNumber": 43580306,
-      "txHash": "0x707394870125b1b5039a600598d6a99a97be35dad7e25a67746429a099880931",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xC38a4de11128927A1cc474e29d659c16A13C2F76",
-      "blockNumber": 43580306,
-      "txHash": "0x6f68ba08e4f5085f21e19055b6d54c0412e72ccbc248e32673f651c60c9540c0",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xeCf80edEA31Cf9F437E63832906d0d3AE1f2f9F9",
-      "blockNumber": 43580367,
-      "txHash": "0x0559a6cf0b9fa67ad15d7ab43aaef9f2d611370f8979f9cd31795af7a8ba020c",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0x634f692730978450A27F8FCA6F2dDe356a9B55A1",
-      "blockNumber": 43580367,
-      "txHash": "0x43c0f0c43bc2efcb0e15a5516f08d9e9cb189a48563db24049f749331d21b9ec",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0xa1c9396B3Cd392A49727b27139A65210dc9E6212",
-      "blockNumber": 43580367,
-      "txHash": "0x8ba1bcb30757d231888b6ade6442a0f741082229d7a4aeff6738b8230ece61ac",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0x9E7d9003c07a896d5E7b075fA6F4D1d7a2fDf672",
-      "blockNumber": 43580367,
-      "txHash": "0x43c53194d0be77b9b4ef35773f2664fbe3fc34235cca3c82f9af97c1fa468907",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x731Ae9BF353795fCAdB3a0bef43623216dBC0F49",
-      "blockNumber": 43580367,
-      "txHash": "0xff7852c2b176d4a9b891796f2ac8e5e18f43dc240e337a0d5304f093065ba87a",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19258C46573Ba48aB9752A7479AaAb0C00d1674C",
-      "blockNumber": 43580367,
-      "txHash": "0x3becf13dfa5495950a56c87bddf13dda53794ff7ca09b65180967e23ec18645f",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x086189cA75ec2cEFaE29F5926EDdf0A7516092B2",
-      "blockNumber": 43580367,
-      "txHash": "0xc6434d26c839770c08497aee665fb622adb5938f4f8e41e954b50a6e8e6e6ca0",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x897DD631BA9d74c248B3fa4FDeDce227105c9bA0",
-      "blockNumber": 43580367,
-      "txHash": "0x20ec7713f5f4ab879ad6ed870f7e474ced4e9007a6c8db9babc74dacd404fbee",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xF1103570102008bc3dC83F3120605eaAb9f3EC4e",
-      "blockNumber": 43580428,
-      "txHash": "0xd46fbf06667e12167bceee521d08278668f239daea7f6715c125569fa810483c",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x09ec05d9a96373766BDb18FD443B82A5cEf93626",
-      "blockNumber": 43580428,
-      "txHash": "0xc4ba80f22af24b4e089694ce886fac488efd3096d7db028f28455e7348dca36c",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xb2D1EBaEB0007578B09a555F8FB05DaD9150cFDD",
-      "blockNumber": 43580428,
-      "txHash": "0xff5d135745e790be6650d1f66ba504885f237e3a510352c9836ff957559627ac",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0xf6E0a95A857EBE0633167416Ce1f96486932644a",
-      "blockNumber": 43580428,
-      "txHash": "0xe832359a88d3bc9c17294cf49bcb130ba790c2f49bac2ac2cdd93d1199c713bf",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0x78EB028bA9AFd690e134c753Bc77F2B9fC88e405",
-      "blockNumber": 43580428,
-      "txHash": "0x2fadbac8965f4d6c64da71f7be77e118fc874dab7fb5b20cc6a8594b6e75ebaa",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x606BdDf7E4BEf64cd0936fcf1C1e6f82232882b0",
-      "blockNumber": 43580428,
-      "txHash": "0x5390a84f099fa81c30487d964f65e51034208cca7e884932fb6b6a150b15d63d",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0x72Ff454A32cd730783487110520CD426Fe5CEea2",
-      "blockNumber": 43580428,
-      "txHash": "0xdbbd217eb4f1db5596d91d65616dbe90a58abddec565d20cb7d9da1d900fcf91",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xE5419F74f8875C401C3a2f4C68846d9d410e1677",
-      "blockNumber": 43581038,
-      "txHash": "0x5e5f775c3cfa7667cf830d135c9a968865c6c0d902fbff2f8a0b4d20d3476fac",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x6eC5444E2a9aa53b63869d25c00a1966813C3bB9",
-      "blockNumber": 43581038,
-      "txHash": "0x02e43987dfec18133cc2e2008fe473c16cca5e9e2d0441ad22a7b70590e9f8da",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0x10A17F06375621150E3B91486c2c4Ed408B77DF6",
-      "blockNumber": 43581038,
-      "txHash": "0xd2702101505d69f6d2ec8a170606c388c907bb370e4c1cf819575d5336216f0a",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0x3558dfb2820B1FF57F07A55FF5b486b64680Cd2e",
-      "blockNumber": 43581038,
-      "txHash": "0x309133338027f60a96ae1f61a3f8b35a254e374e8c839d084681884982569c4e",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xC864F6Bd38AbE2019c4A00526A560E33A560af73",
-      "blockNumber": 43581038,
-      "txHash": "0x52568bdabcc66ca62a3164b13fd2ca587f88db0b420daae1abe88722b0a387af",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0x792676c9B261B80BC3D7dD0f2D3A83d91A819BCD",
-      "blockNumber": 43581038,
-      "txHash": "0x00f691d2f03f505151486f93bc02943313ec410a8530f9dc9dad2f683583eda8",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xcA98c69ff705E295d8746E79ed5A3AA1e4b4c41d",
-      "blockNumber": 43581038,
-      "txHash": "0x9189ced8d3af229f9cf528776ac1ece11a990fe2bd3ad42653f05bbb48803767",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x19CB96ad58Bf35f4d772b9AE4D21952052355267",
-      "blockNumber": 43581038,
-      "txHash": "0x45698687dba27c069ca8920cf029c00918c4422f4a3455570716b5ab049cb6ec",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x8ca95C3F27fDC5eC5f893607fa6fEa98362d759D",
-      "blockNumber": 43581099,
-      "txHash": "0xdcc25ad7e786ae50df07380deb555d301bcd38a2a24fcf1b11992e14ae658b90",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0x35F3a094F280f01b8a9F2E64DCD0f111bD3f110A",
-      "blockNumber": 43581099,
-      "txHash": "0xcb0a4b1b6981ae35151531fa0a0dd9bb97df8cabcf6d401e48306b7772b5cef3",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x0B3F886F2bcA7Fc6da807B113D55FB2FaC0aF661",
-      "blockNumber": 43581099,
-      "txHash": "0xa399425ba09fed6f4471fc2f1f1e6d0d8ad31b9897509c67fb2cc66c11af9b47",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0xAa696bCD0FCeBC186BcCD6de548EB385d57e132B",
-      "blockNumber": 43581099,
-      "txHash": "0x771ab2570aea23485d2659e773905974ada598db466443c57beef5d69e0a2ce8",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0x81c38f8a9ef2953dA2DAF7b6bddFF3baB5095216",
-      "blockNumber": 43581099,
-      "txHash": "0x1e74d43aa67cefd7a177f108f5b2e46cf4271d1bdfe8da32920c5f1f9c5c07d5",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x53c314e4CAF0A70A934c2570b0b264359005F838",
-      "blockNumber": 43581099,
-      "txHash": "0x6ec712f4cf422304c6387a2b3aa4faf29e7d816d80822ea172d52cc1aee0774c",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0x76a2718A3064f8981788D5fb0Fb22caFe5B39465",
-      "blockNumber": 43581099,
-      "txHash": "0xb92cfc8842a7e0b4d6eddce6046a370853e880f162edb9bf2999291791940937",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0x15c878Fd558d15C325E7ac50f92e111d09924312",
-      "blockNumber": 43581099,
-      "txHash": "0x1181c8946aa7c8c46a33b474acdb183048cb8615708ec3e09a9f6720b25267c9",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0xAba76FaFC26f1b6B9fd88864FA86026e44F76B2c",
-      "blockNumber": 43581160,
-      "txHash": "0x8ffa08a97e59ff66dabe31cdede49a12623beec9d77e11db62c13756ce9f5ec5",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xf3869e1Da04886D00D7A15b48C01e71b8c7F3427",
-      "blockNumber": 43581160,
-      "txHash": "0x05c3b7fe5e22a5e701768edacd26b462baec88785ec89f3721983e171832fe9e",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x91a867d2aaC0e6f95d8dC2b77d83037A74FDa67C",
-      "blockNumber": 43581160,
-      "txHash": "0x218c3fefddce3730a3ab2291b195a57a58205cdb290f3285a05cb614fc300b62",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x53343b8D2763cF65f5174Bfb3Dcb16400a0d0022",
-      "blockNumber": 43581160,
-      "txHash": "0x7fa3bc5d5886af874c7d399314558cf066ab47ca3420f1f7d8d408edede29a5a",
-      "version": "v3.1"
-    },
-    "accountingToken": {
-      "address": "0x5ba3F068ceFa1e84aDAFcB7191bf4C02C3b724f8",
-      "blockNumber": 51997501,
-      "txHash": "0xc7823414515deb1d9d6b337b1616f2d1490c93e2444e78283cfe4645c207b632",
-      "version": "v3.2"
-    },
-    "scriptHelpers": {
-      "address": "0xba5f99EbFAde72174b41137EEe0714F7099fa806",
-      "blockNumber": 51997501,
-      "txHash": "0xff20d3d55a730e19184faec521f22068552c1ae4ee4cc4568da1b3d93a1d4c11",
-      "version": "v3.2"
-    },
-    "onchainPMFactory": {
-      "address": "0xF3c808e6D7C25B19c97a9597CaAcFB8Ba780a580",
-      "blockNumber": 51997501,
-      "txHash": "0x36f89ac0b319f13110e76e1b18fe42de251772ffec42af7b0884a980466385bf",
-      "version": "v3.2"
-    },
-    "flashLoanHelper": {
-      "address": "0xB106e8Ad482df0088E28E7bD268AC1ea9609716c",
-      "blockNumber": 51997501,
-      "txHash": "0x352970c6321893f658d52d3b7353a1056f4968efe793f59a8d40b4e6a024e0c3",
-      "version": "v3.2"
-    },
-    "onOffRampFactory": {
-      "address": "0x6Af53A7f79c32c09C73b745c591058Cdd97457DB",
-      "blockNumber": 52074971,
-      "txHash": "0xb9e822996b790e1762d704015b3255e1a7a4f6c839e91f1f82d189301b0ef7cd",
-      "version": "v3.2"
-    },
-    "approvalGuard": {
-      "address": "0x6defAA1a96cc1e23F55Bac13E88C122ccE7F871f",
-      "blockNumber": 53833378,
-      "txHash": "0x1c338be3551cb8964716c4053a8e2caa51b6313d12b4fe58f8a36e6bcb03720f",
-      "version": "v3.2"
-    },
-    "circuitBreakerGuard": {
-      "address": "0xdCAE75D1fb9c43eCc96fC0Cb194Ee8E808EB3437",
-      "blockNumber": 53833439,
-      "txHash": "0x293fb78537dc02646883465b13bf20c4b10a0ffea17e3c3bdeaa27231e96f16a",
-      "version": "v3.2"
-    },
-    "slippageGuard": {
-      "address": "0xEcA22067812d4DBEc090D704215E54E3e891dDC9",
-      "blockNumber": 53833500,
-      "txHash": "0x1720d54bff6bb34abc8f02472cbb8858743ee8573e1a664def20e71ba66334e0",
-      "version": "v3.2"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "24032569",
-      "timestamp": "2026-01-21T07:45:00Z",
-      "suffix": "rev2",
-      "startBlock": 43580227
-    }
-  }
-}
diff --git a/env/hyper-evm.json b/env/hyper-evm.json
deleted file mode 100644
index e6e64d936..000000000
--- a/env/hyper-evm.json
+++ /dev/null
@@ -1,320 +0,0 @@
-{
-  "network": {
-    "chainId": 999,
-    "environment": "mainnet",
-    "centrifugeId": 9,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://hyperliquid-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x3a73033C0B1407574C76BDbAC67F126F6b4a9Aa9",
-      "layerZeroEid": 30367,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0x32fFd21260172518A8844feC76A88C8F239C384b",
-        "0x83342EC538dF0460e730a8F543Fe63063e2D44C4"
-      ],
-      "optionalDVNs": [
-        "0x8E49eF1DfAe17e547CA0E7526FfDA81FbaCA810A",
-        "0xC7423626016bc40375458bc0277F28681EC91C8e",
-        "0xcFe987eBFf7612B53D145DD70EE24D00E12d6A1F"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "axelar": {
-      "axelarId": "hyperliquid",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 2442541497099098535,
-      "ccipRouter": "0x13b3332b66389B1467CA6eBd6fa79775CCeF65ec",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 25782506,
-      "txHash": "0x15dd1639c85db11fa3f5c4e0e86a626d63920397f8fafd6e52995e69628a57fa",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 25782567,
-      "txHash": "0x759443a82a6861d32e3a22cd3329c113cce39ad8b035f6398305290adcc9005b",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 25782628,
-      "txHash": "0x3b904f2ca2440ad50c4d3cc43ab7e2ba3d1de81b43e75541adfb571d924007a3",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 25782689,
-      "txHash": "0x741c1a59b2e5227b3ff9826347f1ca695d9cf77d8639b6c3426d7794ab8d044b",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 25782750,
-      "txHash": "0x610ff09ea3510843ca1e4d03f85bd1b0d476af93bc1a7af83e0430c273665c7d",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 25782811,
-      "txHash": "0x4e425d73ba43a7aef9a02f019c065d950f6bf8c6692c4326e359063266d7e9bc",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 25782872,
-      "txHash": "0x88d32e99600ca1701262ff5a0f1762083a5edb39240e9aebc5ad26a01c532a06",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 25782933,
-      "txHash": "0xe467cc519a24e188b77f5c6543fbb35fc93e35382ba0374e986ed1a17923693c",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 25782994,
-      "txHash": "0xce6021030b357a8044c13762cf2d223a4b8c31251a0b9f74c5115cb0e8dfd809",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 25783055,
-      "txHash": "0x60ee2a87b6929cbb2e7e0704ae004a9558012396328d8901c21e91a1c9efa396",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 25783116,
-      "txHash": "0x9a6f843126059fb0aa2ab1b2a3616ebeb939227cd8783f57c1c8f6b908e54ccf",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 25783177,
-      "txHash": "0x1644ad18dd784e74bbfb6d98f81548c84b0d7fa133579e610997ccddc35ae418",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 25783238,
-      "txHash": "0xa35d88a895f9876e13f8547a6ff9b7c58ebf5009dfd0ab1b1dc793e537383f6c",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 25783299,
-      "txHash": "0x9ed1aafb92b3337a933991a4c298e52f756a33928f9f3e346490342ecf77cddc",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 25783360,
-      "txHash": "0xe134efc849f5b6c236b5d6557ffc38d5e091664273d30c3a3da244cf3398c4dc",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 25783482,
-      "txHash": "0x32a0b3f6c57089d245d6f68ee98143fe3463c1954e47e3d9b93b35ffb30a6128",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 25783421,
-      "txHash": "0xf168454aeb2863d25135f8a0c04780110599ad51b61aadc87e44b6665115204d",
-      "version": "v3.1"
-    },
-    "root": {
-      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
-      "blockNumber": 25782445,
-      "txHash": "0xdb085894db70cef410b9addcfc575a42be397a478385a2db3280d9a14f1ad9ed",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 25783604,
-      "txHash": "0x1abfbe474a9689d4c9266e465cbde7edc686bde1650da311585b22c3d1188709",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 25783665,
-      "txHash": "0xb8e165338dfa0305264184266eb2bf27c5bddb662d781f161c935aaec26a7bd0",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 25783726,
-      "txHash": "0x61032c66874f3ee881cc1024cc50167c9009ee61b853152775d9e877b7e0149e",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 25783787,
-      "txHash": "0xc55d7bd851f8827ee7e53f90b78ef60925a2927952c5d28f28a54178f53404a5",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 25783848,
-      "txHash": "0x6b84452f0efb81982d7530644441162087f678a66b21cf18bcf292c2e0646fc2",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 25784092,
-      "txHash": "0x8092ce2791d386e2d211ebca4e0f509f9b8fb4da8500915814eccc363414f079",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 25783909,
-      "txHash": "0x30b040e6145c7b33b7c3737a48c7cdf281c364015056a7aa0b64d33fcfd492b9",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 25784153,
-      "txHash": "0x78de6215e84155e01972bae235bc73a4f88277aec585ae130b7ae471b7b9f45b",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 25783970,
-      "txHash": "0xc6b12e832a9ff95da41dc1e0086121ffbefcc1affa8a7f12d6f5a263f40afd74",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 25784031,
-      "txHash": "0x545aa1a4c44d669e85ea85ab721cf972c9d7fc58484c1c7633b4aa6fb93204b8",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 25784214,
-      "txHash": "0x09312ecb5ac3e3c19d15ab4aeff16e70c55db081d6d4ef85e58c3a166412f8fd",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 25784275,
-      "txHash": "0xb4c442d31ecfbb35f17977259bc0f3a247743273b8677252a858af4b1eafee30",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 25784336,
-      "txHash": "0xa67237265b137a078d241b0f612d32ed5e2dcd6f320ec219bc08e4533139936e",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 25784397,
-      "txHash": "0x55e44152469d285da483a646aab968d51689d530830d19fc829c6fe240d67e98",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 25784458,
-      "txHash": "0x99f46cce836a1c807395af06d21680c963825c814cc263c40b80a26b8297f457",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 25784519,
-      "txHash": "0x792f84ff30fef044fda8dec80f0eac9c4ddb4825a6eae4fe305a56a6a23df007",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 25784580,
-      "txHash": "0xebed89a46605fe5ab548f84d895f6c4440a75d07213397a0b197b531b21a5b4b",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 25784641,
-      "txHash": "0x844028df5b3316236cfa88286b65be5e177ba0f960daaf2e90c9160aea882ff2",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 25784763,
-      "txHash": "0x58f70fe1b59d420f390174293f9f460cd32eec3e41c5742e09187dc1182b13c6",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 25784824,
-      "txHash": "0x49cb144b539250d224b44e8ec740c88d5f7c1e1eb0d34a194472675f1c44851d",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 25784885,
-      "txHash": "0x5969397e2bc4bdee4c0b01c41d8c2496e3ca68f7b1c6e0588c48e53d2d70f196",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 25784946,
-      "txHash": "0x1f91e8b9208409d4a9a8054cf37d18f0dd686e2686237cbad7c656a08df9f2c5",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 25785007,
-      "txHash": "0x929d4f2042b01164eee6438dfd427ef414e5c6e762591dd15d5f5e07a5e17f54",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 25785068,
-      "txHash": "0x8c6933735e53ddb2e5127478c31ae62ca812550102c513b89c636263feb0577a",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 25785190,
-      "txHash": "0xc8ed1aa816ecd186c4b22b797c01f90661250718c7f0cade91160abc4dbf7741",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 25785129,
-      "txHash": "0xc427dae054fa40619f16e5f54104b995b689d42097f77555217b4e64ba213498",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 25785251,
-      "txHash": "0x8e4292d6902f7a43ab27d344d0eefd8fa08efa223e2bf979af4fc0345a909dca",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "c4dcd1ae",
-      "timestamp": "2026-01-28T15:19:10Z",
-      "suffix": "",
-      "startBlock": 25782262
-    }
-  }
-}
diff --git a/env/mainnet/arbitrum.json b/env/mainnet/arbitrum.json
new file mode 100644
index 000000000..0687c393e
--- /dev/null
+++ b/env/mainnet/arbitrum.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 42161,
+    "environment": "mainnet",
+    "centrifugeId": 3,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://arb-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
+      "layerZeroEid": 30110,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0xEae839784e5F6C79bBaf34b6023a2f62e134AB39",
+        "0xf2E380c90e6c09721297526dbC74f870e114dfCb"
+      ],
+      "optionalDVNs": [
+        "0x01F9aAD7c53626bF8807d640D9Ddf852254D6f63",
+        "0xa7b5189bcA84Cd304D8553977c7C614329750d99",
+        "0xB3Ce0A5D132Cd9Bf965aBa435E650c55Edce0062"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "arbitrum",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 4949039107694359620,
+      "ccipRouter": "0x141fa059441E0ca23ce184B6A78bafD2A517DdE8",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
+      "blockNumber": 357982308,
+      "version": "3"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "c89c55ff6",
+      "timestamp": "2026-01-27T12:10:12Z",
+      "suffix": "",
+      "startBlock": 357982308
+    }
+  }
+}
diff --git a/env/mainnet/avalanche.json b/env/mainnet/avalanche.json
new file mode 100644
index 000000000..79f2881de
--- /dev/null
+++ b/env/mainnet/avalanche.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 43114,
+    "environment": "mainnet",
+    "centrifugeId": 5,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 10,
+    "baseRpcUrl": "https://avax-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
+      "layerZeroEid": 30106,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0xbe57e9E7d9eB16B92C6383792aBe28D64a18c0F1",
+        "0xcC49E6fca014c77E1Eb604351cc1E08C84511760"
+      ],
+      "optionalDVNs": [
+        "0xa59BA433ac34D2927232918Ef5B2eaAfcF130BA5",
+        "0xc816Afa2f1C4Ab615fE735270D1831fa7D067D15",
+        "0xE94aE34DfCC87A61836938641444080B98402c75"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "Avalanche",
+      "gateway": "0x5029C0EFf6C34351a0CEc334542cDb22c7928f78",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 6433500567565415381,
+      "ccipRouter": "0xF4c7E640EdA248ef95972845a62bdC74237805dB",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
+      "blockNumber": 65492929,
+      "version": "3"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "cd4866f3f",
+      "timestamp": "2026-01-28T11:54:04Z",
+      "suffix": "",
+      "startBlock": 65492929
+    }
+  }
+}
diff --git a/env/mainnet/base.json b/env/mainnet/base.json
new file mode 100644
index 000000000..3d59bcc9e
--- /dev/null
+++ b/env/mainnet/base.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 8453,
+    "environment": "mainnet",
+    "centrifugeId": 2,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://base-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
+      "layerZeroEid": 30184,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x554833698Ae0FB22ECC90B01222903fD62CA4B47",
+        "0xc2A0C36f5939A14966705c7Cec813163FaEEa1F0"
+      ],
+      "optionalDVNs": [
+        "0x5b6735c66d97479cCD18294fc96B3084EcB2fa3f",
+        "0x93aC538152E1BC4F093aE5666Ee9FD1d84f4f4bF",
+        "0xcd37CA043f8479064e10635020c65FfC005d36f6"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "base",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 15971525489660198786,
+      "ccipRouter": "0x881e3A65B4d4a04dD529061dd0071cf975F58bCD",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
+      "blockNumber": 32901251,
+      "version": "3"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "c89c55ff6",
+      "timestamp": "2026-01-27T11:38:30Z",
+      "suffix": "",
+      "startBlock": 41362271
+    }
+  }
+}
diff --git a/env/mainnet/bnb-smart-chain.json b/env/mainnet/bnb-smart-chain.json
new file mode 100644
index 000000000..66e570baa
--- /dev/null
+++ b/env/mainnet/bnb-smart-chain.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 56,
+    "environment": "mainnet",
+    "centrifugeId": 6,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://bnb-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
+      "layerZeroEid": 30102,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0xf0a5C5306adbFd4e3dfD5d4B148B451c411d3878",
+        "0xfA9bA83C102283958B997Adc8B44ED3A3CdB5dDa"
+      ],
+      "optionalDVNs": [
+        "0x31F748a368a893Bdb5aBB67ec95F232507601A73",
+        "0x439264FB87581a70Bb6D7bEFd16b636521B0Ad2D",
+        "0x534C6b3e6805E9287ff1D49C349d5f7a01B9b7F5"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "binance",
+      "gateway": "0x304acf330bbE08d1e512eefaa92F6a57871fD895",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 11344663589394136015,
+      "ccipRouter": "0x34B03Cb9086d7D758AC55af71584F81A598759FE",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
+      "blockNumber": 54800894,
+      "version": "3"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "cd4866f3f",
+      "timestamp": "2026-01-27T14:56:12Z",
+      "suffix": "",
+      "startBlock": 54800894
+    }
+  }
+}
diff --git a/env/connections/mainnet.json b/env/mainnet/connections.json
similarity index 71%
rename from env/connections/mainnet.json
rename to env/mainnet/connections.json
index ef2426cb6..ecfdeeee8 100644
--- a/env/connections/mainnet.json
+++ b/env/mainnet/connections.json
@@ -27,6 +27,16 @@
             "chains": [["pharos"], ["ethereum"]],
             "adapters": ["layerZero", "chainlink"],
             "threshold": 2
+        },
+        {
+            "chains": [["plume"], ["ethereum"]],
+            "adapters": ["layerZero", "chainlink"],
+            "threshold": 2
+        },
+        {
+            "chains": [["x-layer"], ["ethereum", "base", "arbitrum", "avalanche", "bnb-smart-chain"]],
+            "adapters": ["layerZero", "chainlink"],
+            "threshold": 2
         }
     ]
 }
diff --git a/env/mainnet/ethereum.json b/env/mainnet/ethereum.json
new file mode 100644
index 000000000..a96b6d4a3
--- /dev/null
+++ b/env/mainnet/ethereum.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 1,
+    "environment": "mainnet",
+    "centrifugeId": 1,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://eth-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
+      "layerZeroEid": 30101,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x373a6E5c0C4E89E24819f00AA37ea370917AAfF4",
+        "0xa4fE5A5B9A846458a70Cd0748228aED3bF65c2cd"
+      ],
+      "optionalDVNs": [
+        "0x06559EE34D85a88317Bf0bfE307444116c631b67",
+        "0x3a4636E9AB975d28d3Af808b4e1c9fd936374E30",
+        "0xa59BA433ac34D2927232918Ef5B2eaAfcF130BA5"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "Ethereum",
+      "gateway": "0x4F4495243837681061C4743b74B3eEdf548D56A5",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 5009297550715157269,
+      "ccipRouter": "0x80226fc0Ee2b096224EeAc085Bb9a8cba1146f7D",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
+      "blockNumber": 22924235,
+      "version": "3"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "c89c55ff6",
+      "timestamp": "2026-01-26T13:27:30Z",
+      "suffix": "",
+      "startBlock": 24319298
+    }
+  }
+}
diff --git a/env/mainnet/hyper-evm.json b/env/mainnet/hyper-evm.json
new file mode 100644
index 000000000..930bf343e
--- /dev/null
+++ b/env/mainnet/hyper-evm.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 999,
+    "environment": "mainnet",
+    "centrifugeId": 9,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://hyperliquid-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x3a73033C0B1407574C76BDbAC67F126F6b4a9Aa9",
+      "layerZeroEid": 30367,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x32fFd21260172518A8844feC76A88C8F239C384b",
+        "0x83342EC538dF0460e730a8F543Fe63063e2D44C4"
+      ],
+      "optionalDVNs": [
+        "0x8E49eF1DfAe17e547CA0E7526FfDA81FbaCA810A",
+        "0xC7423626016bc40375458bc0277F28681EC91C8e",
+        "0xcFe987eBFf7612B53D145DD70EE24D00E12d6A1F"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "hyperliquid",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 2442541497099098535,
+      "ccipRouter": "0x13b3332b66389B1467CA6eBd6fa79775CCeF65ec",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
+      "blockNumber": 25782445,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "c4dcd1ae",
+      "timestamp": "2026-01-28T15:19:10Z",
+      "suffix": "",
+      "startBlock": 25782445
+    }
+  }
+}
diff --git a/env/mainnet/monad.json b/env/mainnet/monad.json
new file mode 100644
index 000000000..61a0bfcb1
--- /dev/null
+++ b/env/mainnet/monad.json
@@ -0,0 +1,58 @@
+{
+  "network": {
+    "chainId": 143,
+    "environment": "mainnet",
+    "centrifugeId": 11,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://monad-mainnet.g.alchemy.com/v2/",
+    "verifier": "blockscout",
+    "verifierUrl": "https://api.socialscan.io/monad-mainnet/v1/explorer/command_api/contract"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x6F475642a6e85809B1c36Fa62763669b1b48DD5B",
+      "layerZeroEid": 30390,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x2c7185f5B0976397d9eB5c19d639d4005e6708f0",
+        "0x493626C5D852B9B187a9eb709D0b0978a3877238"
+      ],
+      "optionalDVNs": [
+        "0x05EF739DDE35407A421eF1B3011283f92C2B30dc",
+        "0xaCDe1f22EEAb249d3ca6Ba8805C8fEe9f52a16e7",
+        "0xd2750419b4a663c8Ff8f7B6067885D82f299aCe9"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "monad",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 8481857512324358265,
+      "ccipRouter": "0x33566fE5976AAa420F3d5C64996641Fc3858CaDB",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
+      "blockNumber": 51882383,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "ffff3ea95",
+      "timestamp": "2026-01-29T12:20:19Z",
+      "suffix": "",
+      "startBlock": 51882383
+    }
+  }
+}
diff --git a/env/mainnet/optimism.json b/env/mainnet/optimism.json
new file mode 100644
index 000000000..07b97fcb8
--- /dev/null
+++ b/env/mainnet/optimism.json
@@ -0,0 +1,56 @@
+{
+  "network": {
+    "chainId": 10,
+    "environment": "mainnet",
+    "centrifugeId": 10,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://opt-mainnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fe728c",
+      "layerZeroEid": 30111,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x427bd19a0463fc4eDc2e247d35eB61323d7E5541",
+        "0x5b6735c66d97479cCD18294fc96B3084EcB2fa3f"
+      ],
+      "optionalDVNs": [
+        "0x3b0531eB02Ab4aD72e7a531180beeF9493a00dD2",
+        "0x539008c98B17803A273eDf98aBA2d4414Ee3f4D7",
+        "0xa7b5189bcA84Cd304D8553977c7C614329750d99"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "optimism",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 3734403246176062136,
+      "ccipRouter": "0x3206695CaE29952f4b0c22a169725a865bc8Ce0f",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
+      "blockNumber": 147002472,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "cd4866f3f",
+      "timestamp": "2026-01-28T12:34:37Z",
+      "suffix": "",
+      "startBlock": 147002446
+    }
+  }
+}
diff --git a/env/mainnet/pharos.json b/env/mainnet/pharos.json
new file mode 100644
index 000000000..ba4017355
--- /dev/null
+++ b/env/mainnet/pharos.json
@@ -0,0 +1,53 @@
+{
+  "network": {
+    "chainId": 1672,
+    "environment": "mainnet",
+    "centrifugeId": 12,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://api.zan.top/node/v1/pharos/mainnet/",
+    "verifier": "blockscout",
+    "verifierUrl": "https://api.socialscan.io/pharos-mainnet/v1/explorer/command_api/contract",
+    "explorerApiUrl": "https://api.socialscan.io/pharos-mainnet/v1/explorer"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x6F475642a6e85809B1c36Fa62763669b1b48DD5B",
+      "layerZeroEid": 30407,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0xa83C79E69117EEFB888592A23Bc02cB6029aDA3a",
+        "0xFE5aA76e3ad55BC9cf1fB08324e0d221Be4fb932"
+      ],
+      "optionalDVNs": [
+        "0x3E249F6892aCfeF1922Fc3Bce38FEFeec3896817",
+        "0x8893D768df1E096Df008101108539aD0d8859e9b",
+        "0xDd7B5E1dB4AaFd5C8EC3b764eFB8ed265Aa5445B"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "chainlink": {
+      "chainSelector": 7801139999541420232,
+      "ccipRouter": "0x4e52dD94e9BCfeFE3C78153bDfB0AB1d30687297",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
+      "blockNumber": 3193850,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "0931a54f",
+      "timestamp": "2026-02-23T16:09:17Z",
+      "suffix": "",
+      "startBlock": 3193850
+    }
+  }
+}
diff --git a/env/mainnet/plume.json b/env/mainnet/plume.json
new file mode 100644
index 000000000..1eb133528
--- /dev/null
+++ b/env/mainnet/plume.json
@@ -0,0 +1,59 @@
+{
+  "network": {
+    "chainId": 98866,
+    "environment": "mainnet",
+    "centrifugeId": 4,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://rpc.plume.org/",
+    "verifier": "blockscout",
+    "verifierUrl": "https://explorer.plume.org/api/",
+    "explorerApiUrl": "https://explorer.plume.org/api/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0xC1b15d3B262bEeC0e3565C11C9e0F6134BdaCB36",
+      "layerZeroEid": 30370,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x395B14700812cccC38b8e64F0a06ce2045FE9bA3",
+        "0x78f607fc38e071cEB8630B7B12c358eE01C31E96"
+      ],
+      "optionalDVNs": [
+        "0x75Ab9D30e4FF4913a4dF9A02aF8Cef3525A93F68",
+        "0x882a1EE8891c7d22310dedf032eF9653785532B8",
+        "0xC90a7Ef6c219336BAE48Bea2eCF60e6241343f85"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "axelar": {
+      "axelarId": "plume",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
+      "deploy": true
+    },
+    "chainlink": {
+      "chainSelector": 17912061998839310979,
+      "ccipRouter": "0x5C4f4622AD0EC4a47e04840db7E9EcA8354109af",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
+      "blockNumber": 11931253,
+      "version": "3"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "9706a86",
+      "timestamp": "2025-07-15T14:23:38Z",
+      "suffix": "",
+      "startBlock": 11931253
+    }
+  }
+}
diff --git a/env/mainnet/x-layer.json b/env/mainnet/x-layer.json
new file mode 100644
index 000000000..54e9af48b
--- /dev/null
+++ b/env/mainnet/x-layer.json
@@ -0,0 +1,53 @@
+{
+  "network": {
+    "chainId": 196,
+    "environment": "mainnet",
+    "centrifugeId": 13,
+    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
+    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
+    "namespace": "0x926702C7f1af679a8f99A40af8917DDd82fD6F6c",
+    "batchLimit": 15,
+    "baseRpcUrl": "https://rpc.xlayer.tech",
+    "verifier": "oklink",
+    "verifierUrl": "https://www.oklink.com/api/v5/explorer/contract/verify-source-code-plugin/XLAYER",
+    "explorerApiUrl": "https://www.oklink.com/api/v5/explorer/contract/verify-contract-info?chainShortName=XLAYER"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0x1a44076050125825900e736c501f859c50fE728c",
+      "layerZeroEid": 30274,
+      "deploy": true,
+      "blockConfirmations": 15,
+      "requiredDVNs": [
+        "0x047d9DBe4fC6B5c916F37237F547f9F42809935a",
+        "0x6667966D9fF99375156cbd554f74075D4f19d19f"
+      ],
+      "optionalDVNs": [
+        "0x28af4dADbc5066e994986E8bb105240023dC44B6",
+        "0xA32b5c9fc4daB9F647229F04b2F1456e042d9cbD",
+        "0xa415A8C7Fb53DDAcBC5BcC3E0Be6a400E9bd0DF5"
+      ],
+      "optionalDVNThreshold": 2
+    },
+    "chainlink": {
+      "chainSelector": 3016212468291539606,
+      "ccipRouter": "0xF2b6Cb7867EB5502C3249dD37D7bc1Cc148e5232",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
+      "blockNumber": 67075302,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "d8fb0c1a8",
+      "timestamp": "2026-08-04T11:49:28Z",
+      "suffix": "",
+      "startBlock": 67075070
+    }
+  }
+}
diff --git a/env/monad.json b/env/monad.json
deleted file mode 100644
index dab9e7d96..000000000
--- a/env/monad.json
+++ /dev/null
@@ -1,322 +0,0 @@
-{
-  "network": {
-    "chainId": 143,
-    "environment": "mainnet",
-    "centrifugeId": 11,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://monad-mainnet.g.alchemy.com/v2/",
-    "verifier": "blockscout",
-    "verifierUrl": "https://api.socialscan.io/monad-mainnet/v1/explorer/command_api/contract"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x6F475642a6e85809B1c36Fa62763669b1b48DD5B",
-      "layerZeroEid": 30390,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0x2c7185f5B0976397d9eB5c19d639d4005e6708f0",
-        "0x493626C5D852B9B187a9eb709D0b0978a3877238"
-      ],
-      "optionalDVNs": [
-        "0x05EF739DDE35407A421eF1B3011283f92C2B30dc",
-        "0xaCDe1f22EEAb249d3ca6Ba8805C8fEe9f52a16e7",
-        "0xd2750419b4a663c8Ff8f7B6067885D82f299aCe9"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "axelar": {
-      "axelarId": "monad",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 8481857512324358265,
-      "ccipRouter": "0x33566fE5976AAa420F3d5C64996641Fc3858CaDB",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 51882525,
-      "txHash": "0x898a1b725c0a8ce3caaf23b2c077ae5c47c68af7d0955a94d6a11f9216b1ae92",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 51882548,
-      "txHash": "0xf9651efd0f76436fc016e5924ae47e9966b09c890b42bbfb58e47d1103f02bf7",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 51882570,
-      "txHash": "0x1e0d98e2f269ad32900e37f91412498df433e846f3350b299dfe0812df8e0a32",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 51882593,
-      "txHash": "0x2e6ab41c9b88da9f6e7f42318cd2067019d99ab5532d9ba472a9346a2a9886fe",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 51882619,
-      "txHash": "0x2b2a661c6c4a12c7c3886162d0469be53eeb6ed23ae117d28c961ca1f2b1b00d",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 51882668,
-      "txHash": "0xf0999920586ad783848dd31441fe9b936c344f53bc2b86d9f53e0b3687b516bd",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 51882736,
-      "txHash": "0x8616cf53d3a692abc441b7c76566c48755d2ffa69a51ec97c1f122cbfe356ace",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 51882762,
-      "txHash": "0x6597359771be090426a618e98f652571b66e25b24370b842e629aa99f1856582",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 51882800,
-      "txHash": "0x821eaf56eb738f06939703f933857d55e321649b9dc85ab54ff8a0578bd6a7ea",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 51882836,
-      "txHash": "0xa9089955127859862ce6bfe55463ed382797eb4ee4f7f33f0c4b3a401dd761ba",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 51882891,
-      "txHash": "0xa356530e44ea58ae5f9cedde86f3fc1390027dca382e660b54aded5da03265ea",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 51882947,
-      "txHash": "0x9371eb4078107113f0a65ef34ce14802f90b1c3f8b9d86e8a862cf1886ee5131",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 51882976,
-      "txHash": "0xfcba3b86d55b14ae0ac48e02578e6fec392b1fa364c87cde6fd1c2d8cd303288",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 51883002,
-      "txHash": "0xbb84f22d472237c2b3907bf65b3398157a2be96be54ebed1b59c8fa260d3c0dc",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 51883034,
-      "txHash": "0xb34af1bc3f0903df8df44b33b5a8369666ef8de250d05261bb12694c7c636145",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 51883094,
-      "txHash": "0xb6abd906678599ec47c4c7b9ce1790db1d53a678ac838a46ce5307194e3f446c",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 51883066,
-      "txHash": "0x76bfad621f93671a23c1e171a2de5878360917aeb8cb1ec20d7f5b50c01c41a5",
-      "version": "v3.1"
-    },
-    "root": {
-      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
-      "blockNumber": 51882383,
-      "txHash": "0xd811eb82fcdc196b2ce39fa5e3ce2ac78a05bb6dc01395b22641da4d9d2b745e",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 51883147,
-      "txHash": "0xabdc1bdf9c22fdf7cf4ef1c4d21504c1c8ce69e0b384578a318a14139f8ae9fe",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 51883172,
-      "txHash": "0xf1d743469673626cf9ad63b19fb5276e4b28c040c4dbc7aff7d4c6bae54d6bb2",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 51883650,
-      "txHash": "0xda0becb81bf1666921148e047a8804963d158483bb8ab0469f6b6e2ccb5c70ca",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 51883742,
-      "txHash": "0xdacd36ba6e6048142204b54ebffba26a062a16649e243c080c4d13268b722820",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 51883764,
-      "txHash": "0x2a469c52f6327cd5090af67620988a3a32218cbd6f4a5e93a645179a8c3986a9",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 51883887,
-      "txHash": "0xa8073174136694ed9e37e72d4a10fa6483ff27467c5ec4a99032dc82761af8d4",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 51883789,
-      "txHash": "0x07f0b2554b517f11760283507c0ebf3efa7ba789be6396490393668fc628f63b",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 51883924,
-      "txHash": "0x150fa268f0c27a78bc5dcf5a92c12f3ef6be03a4a8e464fe99820a0e61a3c67e",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 51883812,
-      "txHash": "0x890fe7a0d2bf4cb50ba0dcaa12a0db2f076687a38af3a1a79a4da8b2adcf953e",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 51883834,
-      "txHash": "0x8153c060523dc072cf8e99b71ce20998a07422b28959bbd579d26b230258efa6",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 51883954,
-      "txHash": "0xcab5e01371796b771d25846d19ecb8c6c14f2a83737c39c7dcbf3921b5c44b29",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 51884012,
-      "txHash": "0x5b6ad84e87ee4e886ed1420714a51539e33fb2dee7bb835ff31b8856c60aacfd",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 51884064,
-      "txHash": "0xa6b0d8d46f02cd535cad645dcb4f99fab37769b5e8e0c39e098d1f0fa1bc07e9",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 51884326,
-      "txHash": "0x33aab3aa2db40703bd0ba91555b60dbdd2c267d242cc14d249f55bdaf3070a9c",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 51884348,
-      "txHash": "0x16e05dffc073dedcbb3718337c62262827eb79f02b4ec6392f07ebbd9527cc49",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 51884375,
-      "txHash": "0xfe31b735b4f8923b8207b553047e58548e7968e8d2f3c7baffb843261c9c9dc7",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 51884434,
-      "txHash": "0x4369d642cae38b8c5844b1a53aa60c259d6b9d1e05bd597f4e267f141a20dd31",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 51884459,
-      "txHash": "0x457f48207f77ad378fb47c2f4a391382cc3ba2739948f82119edc7f521bb49d2",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 51884497,
-      "txHash": "0x201cb392ea401e231d66bfd2c07f860ff72dbe160a9b03428dac4352d976872b",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 51884591,
-      "txHash": "0x982a52e1a0c56703cb3139eca21c12f2bebcb2570382bb3f1f8aaea0b0472cb5",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 51884613,
-      "txHash": "0xf49f44db59340a9f83265f1641d5af9db43e0a0fa1394b5cf0ef2d75b66f7cc1",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 51884649,
-      "txHash": "0x5ba98a54cf0f88a697e99f7890b98bbb861076d8a15b98207ddd77d26c3f0193",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 51884673,
-      "txHash": "0x66024dcc0f50a9d4eede676bb7e00f0b86560c65a37519999715610e5690de05",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 51884703,
-      "txHash": "0x605b825d9717d66f202b666f9e423af1c4f8df96350ed8b6e84183c19a11a3d3",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 51884804,
-      "txHash": "0x8fc45725aa0c0655e9755282b858464ece5800bc81185c6548a4e417cf27a267",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 51884725,
-      "txHash": "0xbe3e557d2205439b1c97c94aa35f680f19368bba3fbe595332b657f8f40e9b93",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 51884827,
-      "txHash": "0xac874945c9362b2a5ab103d124f3a02bebb35ab643829748169b217adfc5a5c2",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "ffff3ea95",
-      "timestamp": "2026-01-29T12:20:19Z",
-      "suffix": "",
-      "startBlock": 51882297
-    }
-  }
-}
diff --git a/env/optimism.json b/env/optimism.json
deleted file mode 100644
index 07fb734f0..000000000
--- a/env/optimism.json
+++ /dev/null
@@ -1,320 +0,0 @@
-{
-  "network": {
-    "chainId": 10,
-    "environment": "mainnet",
-    "centrifugeId": 10,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://opt-mainnet.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x1a44076050125825900e736c501f859c50fe728c",
-      "layerZeroEid": 30111,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0x427bd19a0463fc4eDc2e247d35eB61323d7E5541",
-        "0x5b6735c66d97479cCD18294fc96B3084EcB2fa3f"
-      ],
-      "optionalDVNs": [
-        "0x3b0531eB02Ab4aD72e7a531180beeF9493a00dD2",
-        "0x539008c98B17803A273eDf98aBA2d4414Ee3f4D7",
-        "0xa7b5189bcA84Cd304D8553977c7C614329750d99"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "axelar": {
-      "axelarId": "optimism",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 3734403246176062136,
-      "ccipRouter": "0x3206695CaE29952f4b0c22a169725a865bc8Ce0f",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 147002501,
-      "txHash": "0x71b731c4845d3e8ac2c06a83edab9ff2320c4b37c7c1282341e1e76a66beba9f",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 147002511,
-      "txHash": "0xf484741e6467d183da1e0913e62e58f78efa6ea073e6adaf9696ab1907147484",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 147002517,
-      "txHash": "0x028cca98babe55f4cbd708ce3e460122397ed863311d6ac14192f90bb0c63e65",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 147002525,
-      "txHash": "0x6185a1c9610e887f0cf8ddac00eef6cfab1ec76698217d64bb2ba103a1d5d108",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 147002533,
-      "txHash": "0xf363833534ae2bca365682527d0a0941b481f88b67775ca3cdf9c092333a47e7",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 147002545,
-      "txHash": "0xe5d35fe17f0c448727c1cd36561fe0aebfe640c7768839c55ea5e5ab1d78016e",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 147002555,
-      "txHash": "0xcf06ac39ff85c47242e7149015219d86c88289685d4398e6c0dcc1d18d814347",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 147002564,
-      "txHash": "0x7aef780afd42d0ddf675371551de6f99923ac0c093ef34d92ab3e1a515d12d4a",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 147002570,
-      "txHash": "0x05f12d16d726c32fcf3da1f5b8adc971406aabd3c522ed5b29e81b3e8a30ceb1",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 147002582,
-      "txHash": "0xfd004d6032862b9b532d188e29f0152bb300b7fbed11cc376341a1b39418b049",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 147002587,
-      "txHash": "0x47d0533bc1d6c8fbac4cd575d12ccb960023a9bca15621651fcf2200d28814e3",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 147002593,
-      "txHash": "0xc12a469e43e53546dfa46ad6f290f29ad028d960d0fcb9333499e6298c74f8f2",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 147002598,
-      "txHash": "0x349a1bdf16c1532635222d7f66be470bb60e106796e77130531d167d71501495",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 147002609,
-      "txHash": "0x5b054ed6b413b1f7f52640e61723cf13c6fa5ff1e857b2e4b06b852df6da79b9",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 147002617,
-      "txHash": "0x1951ef9aaa87cd80e6eb79c160af8db7d20c2a2f942d37f7d11554cf23a10b23",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 147002657,
-      "txHash": "0x08deb479510fba37fd373d31b67fd034da2c01ea81441a89c588add8c8dcd256",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 147002640,
-      "txHash": "0xbbd318aa935d748c7a858966fcd382ab46bd6d00de92e609a56c8624addde200",
-      "version": "v3.1"
-    },
-    "root": {
-      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
-      "blockNumber": 147002472,
-      "txHash": "0x41731c8dea3833532502129e815490d07049944fa3967b3fa7eed7132fec48a1",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 147002671,
-      "txHash": "0x92f1fce5a484343e256bdabfdfba7e52b278f9cd777db18d96ccea4b04360bba",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 147002678,
-      "txHash": "0x9b9bc0418fba667d7f5c2078fa7ed715194882919efdd1c7d62d3eae8758c244",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 147002683,
-      "txHash": "0x62e7268b183cab007f057c0f4190847a47559263db12e792912a3b4fd503b0dc",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 147002688,
-      "txHash": "0x37228e9245591294de09556642fea45b01fc87a878c1195dfdfc10cc6885ef44",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 147002700,
-      "txHash": "0x0a140e2c633cae7b8ee568ea9f46d5544027d417c6cde251dc37d81f1e8319c0",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 147002768,
-      "txHash": "0x54c3d7deb67e57175736333a2912b28e8b2ede1878119d7ca3651a556308733d",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 147002706,
-      "txHash": "0xe49a829807dd7cacca79311327e740f26fe307505c99cd046c0936f818f07d5b",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 147002773,
-      "txHash": "0x3852064b7ad3874fe2c851dcedf885a038895b6cc42510a7ed59c211930808a2",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 147002715,
-      "txHash": "0x5feffbc30478dba8b5025d9585ec7585deb2237213c75289a22ffc236da84870",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 147002751,
-      "txHash": "0x70eed3e374769249b0ffdcf0f321598c395d2cf86e5ce7e9dc5a540e2485ac65",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 147002779,
-      "txHash": "0x954de7940ef5a0b5ea6ec28dc89691a9b04cb7c966daa999883f01bc6c479a2c",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 147002796,
-      "txHash": "0x6c829ad11e9ea9676311354f73fd83a3fa688fe4661922e01d27b36293c6324a",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 147002814,
-      "txHash": "0x8f1dab6fcd3f061136391373cb105cf2ff6f37a57cac64a03d2f8e4b93110753",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 147002833,
-      "txHash": "0x70cc2f8d8bdaa82291f338ca8c89066a0de30f6c45b4203573bd9ef0376933cd",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 147002856,
-      "txHash": "0x2c6f98e6d964f442ed911f749e6208f2fb3cfcbbef57a00cf540dbdf75d5583d",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 147002871,
-      "txHash": "0x71bc2e17cf7967894ca555ec4779955aa10f099015397c0bb51d6ddbc9e606a5",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 147002878,
-      "txHash": "0xddc31a9b68e0823c128a2b82bddfab2b2c7982172fa9b6a6e1d7804d265b093c",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 147002883,
-      "txHash": "0xde0744e630ca160cd2cc4e8c839dfc223c3948f4c6a735bd5534f549baeb8234",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 147002893,
-      "txHash": "0xb8908caba4222f9b74b0df1a58c3c6c094b6c204dc2ac5cac26c4b26821c3e05",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 147002906,
-      "txHash": "0x1fc6616e5701179456254bab42fc04fc5019207fd05e2b0f28578a6cd77e595f",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 147002917,
-      "txHash": "0xee0c42fbd7abc62cce51ea7e37693813a5fcbbd0e56fbc699700de6daf008233",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 147002924,
-      "txHash": "0x26f6eaa1209ca5e60546e88d4fdd85c2288eb32546d3d2f12dd6bb49fabda3a8",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 147002930,
-      "txHash": "0xed5ad063d9700ef69047da567a7def3eae94077c8d97bbc8c16b22d3430dd9e2",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 147002936,
-      "txHash": "0x170834e6a1a5b650c7f9d5eaa5905c873e136ed821aa5457fabe5b9f0a36be45",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 147002950,
-      "txHash": "0xf65d3becc735adfb2a0ed462275d578ceab869a39677abf65b992504b1da4f95",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 147002945,
-      "txHash": "0xbd13f2efd282eb7618c525fd9dc03da4f8288bd360a12cfb6d6e7ba9acba9031",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 147002957,
-      "txHash": "0x023e11944f9026f9ff57d03dbb453c73d35df436c4abea3ba83355492c1a5702",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "cd4866f3f",
-      "timestamp": "2026-01-28T12:34:37Z",
-      "suffix": "",
-      "startBlock": 147002446
-    }
-  }
-}
diff --git a/env/pharos.json b/env/pharos.json
deleted file mode 100644
index 4f60ccb68..000000000
--- a/env/pharos.json
+++ /dev/null
@@ -1,310 +0,0 @@
-{
-  "network": {
-    "chainId": 1672,
-    "environment": "mainnet",
-    "centrifugeId": 12,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://api.zan.top/node/v1/pharos/mainnet/",
-    "verifier": "blockscout",
-    "verifierUrl": "https://api.socialscan.io/pharos-mainnet/v1/explorer/command_api/contract"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0x6F475642a6e85809B1c36Fa62763669b1b48DD5B",
-      "layerZeroEid": 30407,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0xa83C79E69117EEFB888592A23Bc02cB6029aDA3a",
-        "0xFE5aA76e3ad55BC9cf1fB08324e0d221Be4fb932"
-      ],
-      "optionalDVNs": [
-        "0x3E249F6892aCfeF1922Fc3Bce38FEFeec3896817",
-        "0x8893D768df1E096Df008101108539aD0d8859e9b",
-        "0xDd7B5E1dB4AaFd5C8EC3b764eFB8ed265Aa5445B"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "chainlink": {
-      "chainSelector": 7801139999541420232,
-      "ccipRouter": "0x4e52dD94e9BCfeFE3C78153bDfB0AB1d30687297",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 3193872,
-      "txHash": "0xab72035adc56e1a7a5d55dfb84069c706b39e820053bcd009a3ed5389e790836",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 3193886,
-      "txHash": "0xe248a1b8ec7a5430bf02d7592286a31058c315ef5eec1a8c35bbe9d0cbb5d583",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 3193898,
-      "txHash": "0x5880d5d23af006e0f2cb557deffb6b968d3cc364c6064129162c00df07ea84bf",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 3193923,
-      "txHash": "0x66a3a8695f4643c55c932132689af278ecda5ebe20e5353cef73b660af3de925",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 3193937,
-      "txHash": "0x431c6c4a2d07e048f580fb3daa33c8a31be73a03ef683f5e7e5bf02bf842c5b7",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 3193950,
-      "txHash": "0xee1fab440214419fb9ee5dd54de5aec2be00fc234cff9a7494db613811efcf5a",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 3193962,
-      "txHash": "0xee96928a32e854cc75dfeaee072bc87e819b9943ecb3f8531fe28137190d2edc",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 3193975,
-      "txHash": "0x3cb84307c15f0f729f9874ed7d1564a984c5af7fcff2ad4aa5f0faf5e15817b5",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 3193988,
-      "txHash": "0x9bc5178fd9c16a1f9cd6ed755a00fbeb3a27a523c383fdcc654ccb203610691c",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 3194005,
-      "txHash": "0xc379cbd638cc888ad3b5e3b7f1550a8dbcee7e295368d60cd5fc5acdb21c210f",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 3194019,
-      "txHash": "0xb7aaa82586d99ca4046428caf88115872b7569b101c285fa6aced2c1e66387a7",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 3194033,
-      "txHash": "0xc289919a2dd59c1b4e15003df2150bf5efeab8ed6e237c188a9bd18460b8b2a1",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 3194047,
-      "txHash": "0xa4a1a2b5aad2c1f15f105ec54c6d6d08f406ddf776d113164b69b6d98a772f59",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 3194072,
-      "txHash": "0x85127a14484dff27bf3652394df0a48a79433dcbb47ad5bea47866da497c7ea2",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 3194097,
-      "txHash": "0x0c17a32bb656286a4860eac2cd0898acb0d8bcbf43ebea900b6f5b84b9605b45",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 3194136,
-      "txHash": "0xbd1265e6ac76926db88ed2e5a4ffdbbd36ca987ae28e5a53c879e7c40048ba30",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 3194124,
-      "txHash": "0x369f24a6998a9846a5ab3a2b9f347562b842562d7370e7885960cddb9e66926b",
-      "version": "v3.1"
-    },
-    "root": {
-      "address": "0xdc9456e7e20f15029C8231Ec433a20F404b7235E",
-      "blockNumber": 3193850,
-      "txHash": "0x384c640bc17d91d7accee94c3dc1ea3f1fd9fc85970d8a68c432ca93ee94d75e",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 3194167,
-      "txHash": "0xe6951f9eddb1738851f78c28825c1bb10e94f3b156f63a2c4860a7414ef7f5cd",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 3194182,
-      "txHash": "0x0ff8be4583b2bc94d55bf61216de76cb25962b94a5736094840cdb6be73ba465",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 3194199,
-      "txHash": "0xe613d61357d7c2fe0c8a418b0e92dccffc833a5c2307d2026f0ab7686c95b087",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 3194211,
-      "txHash": "0xf1c75f10ec8802086912e20b6ee1c595eb4381dd54022a7e2d59b929853ee0b7",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 3194223,
-      "txHash": "0x6812499de72b18a64fe3c01186116b87f01730c8aff7425997f32c551ca41ab0",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 3194275,
-      "txHash": "0x3f1999a20671926a9c6526402d7accee0344dc0a5e14cd48e625f44eb6f7822a",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 3194235,
-      "txHash": "0x1baf7d54d89a0b5739bb9faf9910840b1eed1957b4a2c24e073d0bb57fb8a000",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 3194287,
-      "txHash": "0xb0bf4a914487625657dfbe0378f94aad4da2dd531be642bdf9770b59c7cf7cfa",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 3194248,
-      "txHash": "0xc700cc50173daabcb5c4db23e53d3e309a1bbf35f9327d6ee66da5510b8c8634",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 3194261,
-      "txHash": "0x03c4fca6ee9512d2f34797e0a8313470fd763de0416fdf75e0dfc19ec7ca9c45",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 3194300,
-      "txHash": "0x66094f082438c0d3a275d564964bcf38587b9bcaf21c81e00f1d94f9b6268de1",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 3194313,
-      "txHash": "0x8243b4764528cb332f187e3ef904e7c23deb74c82678c4da2e9d8bd5b34dceb8",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 3194326,
-      "txHash": "0xfe7a47791d194b77e9ef995d8f7ccbac17337b358e622548549d43cda746886e",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 3194339,
-      "txHash": "0xd4d742f3a37a76f7f0c44f677f490a7e98c5650f3b1c7a25247c0be385018aae",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 3194351,
-      "txHash": "0x05cb259241503d0bc08aa6ce05e82aed69efb98716df4bdb5d64a215e1fddc61",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 3194367,
-      "txHash": "0x172408fcfd96d1457c9f398fd9ea5a03e85922ada6eacda025de7a679b2b6e4d",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 3194379,
-      "txHash": "0xc34a47f554afa2370367c41bee028bbf4348f252afdf401bb8069636f916ad68",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 3194391,
-      "txHash": "0x43f7c2d7360ea92c7e947f8b39f8c25d56cf6383ad13adc178b2a187f71741a2",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 3194404,
-      "txHash": "0xe0e6557f8c01ed66e684fb4a1aad4cb05ff718ce79bb79daba48d5279e036102",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 3194421,
-      "txHash": "0x58e427ad116ab476ca47e4ae81a380ca29d68650bcb78ec60d71d6cb5ebffa8b",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 3194433,
-      "txHash": "0xf29f52a90c824e7e8e5592738ab125bbb173f184dce12b8cee1724815b6a6c9f",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 3194445,
-      "txHash": "0x64e783ff5fa44e47e0419a4903d31711b6f509a4c100baa0de586bac0500e497",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 3194464,
-      "txHash": "0xef7aa22eca4def89e3f1ca59476934b7531f330e4001be7ce40f95aef1f60e6f",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 3194476,
-      "txHash": "0xfeb84275746a83ab10d372fc6ef4ed49cfdc00367855c1dd99cc77fee6338cf8",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 3194488,
-      "txHash": "0xd77314ac65089cf4061454f48d885932e7868231410fc49474880b63da6779b3",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 3194500,
-      "txHash": "0x106e66a31d68c2d08ac71656584def6d179be12939cd197065f7eb6be9989ea3",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "0931a54f",
-      "timestamp": "2026-02-23T16:09:17Z",
-      "suffix": "",
-      "startBlock": 3193850
-    }
-  }
-}
diff --git a/env/plume.json b/env/plume.json
deleted file mode 100644
index b0feedea7..000000000
--- a/env/plume.json
+++ /dev/null
@@ -1,337 +0,0 @@
-{
-  "network": {
-    "chainId": 98866,
-    "environment": "mainnet",
-    "centrifugeId": 4,
-    "protocolAdmin": "0x9711730060C73Ee7Fcfe1890e8A0993858a7D225",
-    "opsAdmin": "0xd21413291444C5c104F1b5918cA0D2f6EC91Ad16",
-    "batchLimit": 15,
-    "baseRpcUrl": "https://rpc.plume.org/",
-    "verifier": "blockscout",
-    "verifierUrl": "https://explorer.plume.org/api/"
-  },
-  "adapters": {
-    "layerZero": {
-      "endpoint": "0xC1b15d3B262bEeC0e3565C11C9e0F6134BdaCB36",
-      "layerZeroEid": 30370,
-      "deploy": true,
-      "blockConfirmations": 15,
-      "requiredDVNs": [
-        "0x395B14700812cccC38b8e64F0a06ce2045FE9bA3",
-        "0x78f607fc38e071cEB8630B7B12c358eE01C31E96"
-      ],
-      "optionalDVNs": [
-        "0x75Ab9D30e4FF4913a4dF9A02aF8Cef3525A93F68",
-        "0x882a1EE8891c7d22310dedf032eF9653785532B8",
-        "0xC90a7Ef6c219336BAE48Bea2eCF60e6241343f85"
-      ],
-      "optionalDVNThreshold": 2
-    },
-    "wormhole": {
-      "wormholeId": 55,
-      "relayer": "0x27428DD2d3DD32A4D7f7C497eAaa23130d894911",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "plume",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0x2d5d7d31F671F86C782533cc367F14109a082712",
-      "deploy": true
-    },
-    "chainlink": {
-      "chainSelector": 17912061998839310979,
-      "ccipRouter": "0x5C4f4622AD0EC4a47e04840db7E9EcA8354109af",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f",
-      "blockNumber": 11931253,
-      "txHash": "0x301d50af7e7174e0af0baf4d5fa44a4237cd0cedd59867f0c23ae473ceff6c6e",
-      "version": "3"
-    },
-    "gasService": {
-      "address": "0xbEbef21D686a957decECCe6a58455fA0F16754Be",
-      "blockNumber": 48513080,
-      "txHash": "0x7d7014f363195bdcd0028d9da3c6a78e3f1ffcc0654e92f47b23e91e03135637",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x19a524D03aA94ECEe41a80341537BCFCb47D3172",
-      "blockNumber": 48512998,
-      "txHash": "0x00d7b4017abc77794d870a8ab65ccffa4a777a73dc9dc3bca6ce3bfb2a24b1c8",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x35C837F0A54B715a23D193E1476BFC9BC30073BE",
-      "blockNumber": 48513023,
-      "txHash": "0xc73ae0d2ff97fe37d217a5724f1bcfa30aab2d8fda01831d629f290d1d9e11e7",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x97cc7e9Dafdd725Cc23B25eeBC93c4384B4Fe30A",
-      "blockNumber": 48513127,
-      "txHash": "0x36ed1cd9e1d78289c5b437c4e58ffb3501b6e47ffdbaf278f4ccd15b111cefcd",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xf837a22883e004f705E0D7e1deE08e295Df30B27",
-      "blockNumber": 48513168,
-      "txHash": "0xb3b961287f8ff3d28d34465b5476c23c8686447dd16bb8d40913c88c62ffa45c",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x5187A505c485E22f0b8a5FBdF69eF1c29C478CE3",
-      "blockNumber": 48513275,
-      "txHash": "0x357925746a05aff1cc297526219ed6761c48fc336d9b0260ffcb93e3b0e167ef",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0x1E70530e9555711f8DF4838Ab940b97c039B4037",
-      "blockNumber": 48513533,
-      "txHash": "0xc4ce6a20c8aa8a067ba99c182fdfe8a7562478322bdb077dfda8cde6e0c47a8e",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19f46D8130e610C6C0f0116EA40Fb781dEFaDE93",
-      "blockNumber": 48513292,
-      "txHash": "0xc74fd5a6a2f622f1305a76206157f64ae0d40dd3e0f2865c298e78ba53ae19e6",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x050206c38f06e4710C4a37D39F75Ddc5c16a7396",
-      "blockNumber": 48513321,
-      "txHash": "0xf3eb4317b46ad606a610427e66b0c5f54b63cfe55ab1e59d486a4505532528af",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x3f0c8D8d2637881c3f6d8531F51a47c2094C918d",
-      "blockNumber": 48513371,
-      "txHash": "0xbb3066e4eab697ec3e998ad377536eb7470375ed5e47f3842d23af642a71830b",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xaFFC269c8fe18EE9C7DDb22301AC2c2507d69BEf",
-      "blockNumber": 48513393,
-      "txHash": "0x05b2f35fc3a7ce26bf5150ef8117e59b9efabfe0d0e4e3ca7d465a1abc6efb16",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
-      "blockNumber": 48513432,
-      "txHash": "0xf3531452280ac238218d8f5e37bc7b47c91188deef2b278bdb93bfaa42ce4dbe",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0x05e22C20B21c1314a0c93d34855358B9B96133CF",
-      "blockNumber": 48514089,
-      "txHash": "0x520f18d37c6392193caa53c86e5a54455191079a8168af3ce89c2468ff6e9b15",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xcE1616505F93215751FBb41Efac618b631997c38",
-      "blockNumber": 48513187,
-      "txHash": "0x32a6d17b55781b8db3242394825b988246d1a64266db981e5ce898d1985b4cb4",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0xEC3582fcDc34078a4B7a8c75a5a3AE46f48525aB",
-      "blockNumber": 48513204,
-      "txHash": "0x2f0c909220a2e4630a9a1e109f471d3c2c7d4bbd5eeb9add93bf21e33d6b2da9",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0x12a110cE5f0FC871cC72Bc7ECaF35cf39DD0f43e",
-      "blockNumber": 48513234,
-      "txHash": "0xe2445c3a71249e6033ccd57b06bb851e605581581f7b4bb16a24c029d4024a93",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x3B150B19245D2C366bc8f18c775b725DFB298F71",
-      "blockNumber": 48513057,
-      "txHash": "0xf8e5a7594050c37a8e149963b689cd86883f765fc6dd68bbe97c4881f947a820",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0xF48256AbDDf96EcDDc4B3DbD23E8C1921f9761Ae",
-      "blockNumber": 48513671,
-      "txHash": "0x8a63ec0ccc234a7a241a1187c76e71b9267a4a8cc17e33052b223ed03c65b5fe",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xFf8Ed1862f6aC3a8e89B81C75507c225E36e273D",
-      "blockNumber": 48513708,
-      "txHash": "0x729107601fd7d0e7cf3b6d4377e93f90ebff0a3eb206f771ca908a4633b424b2",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x55cde53B7dbc24336E34FFE233AF8DF10f72F0Be",
-      "blockNumber": 48513773,
-      "txHash": "0x9cadb428c78e4e07845dc35e7358bb6dcf426ad0b5349ea52472e46cb87135d7",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0xdb9C27762045Addd713182521C0580C68BDF700A",
-      "blockNumber": 48513790,
-      "txHash": "0x7b58c20a5a4e02e9785ca09423ee20923ebd616c68f8c9cf113256ee114102be",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0xF684014771C01e50B8B526968B3a1e33acDA63f6",
-      "blockNumber": 48513739,
-      "txHash": "0x8e88b7dd2cac48ef62b5206adbcba3b696156b5ba39362790d112deddfb1e0b7",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xd5B243F05b2906F1f6C80c6096945faADa0731C1",
-      "blockNumber": 48513815,
-      "txHash": "0xa7148e4675c345ad2b1fa873caee739c23ca5de1f172abff4491dba59a7da4c4",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4",
-      "blockNumber": 48513843,
-      "txHash": "0xb3de7743023872053237ae510e8cb2b5af19b01369148ee287c4f33ee19155b4",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61",
-      "blockNumber": 48513860,
-      "txHash": "0x819a3576dd5071510f1a30d2d4eaf08a78950d30251ef3ee20741541395adf38",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0xE5423eD8602Fa0F263e17b6212d88Efe42317f06",
-      "blockNumber": 48513874,
-      "txHash": "0x72864dcb160c25fdf99910b4aff839c062eb732dc2c66933e3d872ae14da2706",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0x2539e60B0B50D7BD004A09e9D2b7E8c86EB0AaF6",
-      "blockNumber": 48513926,
-      "txHash": "0x8ee7461ced80a6b431e960c09613fb4485a61b6264d8604de55aff88cafd49da",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0xc5243bdEa2d86eA7541AC69084dF3EDdc137a18b",
-      "blockNumber": 48513941,
-      "txHash": "0x11fbdab16a1a20f769ec9a8be1ac25582c904cd82e4c92d39f765e84a8df8f35",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x8Ca5372A5613A6Df75fD5fbC43216e68c1bE6D38",
-      "blockNumber": 48513999,
-      "txHash": "0x2a2526011dcb53f9235dae47992ab045d41fa4e4b76b6b828d35b61f651d4fdb",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0xd40871a6336fD19A25a7bd96c0C0dd66Ed60931D",
-      "blockNumber": 48514021,
-      "txHash": "0x7dca2dd37ccb4c28541ad3fbf05d53a1d804cda41db2fe710fa637f68739873a",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
-      "blockNumber": 48513255,
-      "txHash": "0x2ceffb8919ed640bb036b40fb3c1f488d00ff1dc90297a5b7d707eb8c83f47c2",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x0dEFb429B1663698da4bAe3278393F6844c3392C",
-      "blockNumber": 48513455,
-      "txHash": "0x96185cc1de238e03054350f972aff05e17ab27d692de86762a55f64eeb1c0013",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0xCEb7eD5d5B3bAD3088f6A1697738B60d829635c6",
-      "blockNumber": 48513562,
-      "txHash": "0x011b63fc75c45aeb2f820e803e437446c3eeb5255125e10b0b111a226d5d7d30",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x055589229506Ee89645EF08ebE9B9a863486d0dE",
-      "blockNumber": 48513583,
-      "txHash": "0x05679e6333ce021fbabe37633e11a3a2bfdb2c041dc7c18ecf2ea29f605a402a",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0xC4f9A1DCF2E05eb55AbB30BaA7070838D3Fd3D5B",
-      "blockNumber": 48513620,
-      "txHash": "0x42e7a0e870c3ee729930febc35e4c063138a7b84de5d9638093d0aa049ed297b",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xBFC7B60684880457030C08AceE2E675CbcB9d646",
-      "blockNumber": 48513649,
-      "txHash": "0x3b2800a60aa5e4725f36bcb021683e80cb05107f5c9873b8de5491e2ecaf5968",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x971ACA9b4AB4895F400bA042Fd10A31c7918D220",
-      "blockNumber": 48513894,
-      "txHash": "0x26ea2fcae9266827e5698c20f77d279aa93a66497e6b9bd35d6b8795d448f4d6",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0xc52Bd1Bdfa0135147D3F01a0B6D6cd0A831dFe77",
-      "blockNumber": 48514053,
-      "txHash": "0x4fb8fecd4817d0ff63350ec2c93cbf95a5c766f65906a1ea596bd8d9fc2fd545",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xCBdb6EFFC9b954D05dF89c747eCaa8A143c26E6D",
-      "blockNumber": 48514129,
-      "txHash": "0x7c0f2b556d6145c13e71bc148736a81e4004dae6a289f0891cf4c7eadbb09120",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x493b6C8ccC7BfD43c5a20C4F2C648701f74E9130",
-      "blockNumber": 48514163,
-      "txHash": "0xa28c02c7f502928882956ff3e69fe2f6498cf1271cf5c7307ee410a246d8c430",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x280C94eB440A8a75c2F8f6cA8c6FaFf907000823",
-      "blockNumber": 48514187,
-      "txHash": "0x30f5b60180e68f37f10609a4a6dc2b5c899d638031facab43a931d5d3c04ffca",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0x4BE430401760075315E931dD34b892DFdfc706A7",
-      "blockNumber": 48514230,
-      "txHash": "0x47c0af4fece500340be85fb6aa182d938bbbfe4718ac1ce56051af6ba21aab89",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0x34e904237341C3de02D4447C3fF0ca8880ca6484",
-      "blockNumber": 48514254,
-      "txHash": "0xec450510cbc97189c95b94bf39664cebc1018ea5a80c7f2867bff3d140550e46",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0xD517BC7ba17271a8D87BE7355B2523bF5c750295",
-      "blockNumber": 48514202,
-      "txHash": "0x23e752a1e3b34b0e8a965ee1f5685634b6fbb466700a31090915e7bb7c685a7b",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955",
-      "blockNumber": 48514271,
-      "txHash": "0xfa3435faf5860e69c8f8eb845fe6ddbd02e70311454a573575396a7c9dfcfbd7",
-      "version": "v3.1"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "9706a86",
-      "timestamp": "2025-07-15T14:23:38Z",
-      "suffix": "",
-      "startBlock": 11931870
-    },
-    "verify:protocol": {
-      "suffix": "",
-      "startBlock": 48512844
-    }
-  }
-}
diff --git a/env/registry.json b/env/registry.json
new file mode 100644
index 000000000..cebae7688
--- /dev/null
+++ b/env/registry.json
@@ -0,0 +1,4 @@
+{
+  "mainnet": "mainnet",
+  "testnet": "testnet"
+}
diff --git a/env/sepolia.json b/env/sepolia.json
deleted file mode 100644
index 873e631cc..000000000
--- a/env/sepolia.json
+++ /dev/null
@@ -1,373 +0,0 @@
-{
-  "network": {
-    "chainId": 11155111,
-    "environment": "testnet",
-    "centrifugeId": 1,
-    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
-    "baseRpcUrl": "https://eth-sepolia.g.alchemy.com/v2/"
-  },
-  "adapters": {
-    "wormhole": {
-      "wormholeId": 10002,
-      "relayer": "0x7B1bD7a6b4E61c2a123AC6BC2cbfC614437D0470",
-      "deploy": true
-    },
-    "axelar": {
-      "axelarId": "ethereum-sepolia",
-      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
-      "gasService": "0xbE406F0189A0B4cf3A05C286473D23791Dd44Cc6",
-      "deploy": true
-    },
-    "layerZero": {
-      "endpoint": "0x6edce65403992e310a62460808c4b910d972f10f",
-      "layerZeroEid": 40161,
-      "deploy": true,
-      "blockConfirmations": 5,
-      "requiredDVNs": [
-        "0x8eebf8b423B73bFCa51a1Db4B7354AA0bFCA9193"
-      ],
-      "optionalDVNs": [],
-      "optionalDVNThreshold": 0
-    },
-    "chainlink": {
-      "chainSelector": 16015286601757825753,
-      "ccipRouter": "0x0BF3dE8c5D3e8A2B34D2BEeB17ABfCeBaf363A59",
-      "deploy": true
-    }
-  },
-  "contracts": {
-    "root": {
-      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
-      "blockNumber": 10142074,
-      "txHash": "0x9265e14d0e23e6c8c79d7eadb6f01f46d3039a4608988049dd2fdf3b4d3ed43e",
-      "version": "v3.1"
-    },
-    "gasService": {
-      "address": "0xC486678A507f0c0e61bcdB158DC23CA03Dfb8CFf",
-      "blockNumber": 10142074,
-      "txHash": "0x7320af8cb1497afa58eba2b83210db3c4e178dd41bd04c47139c9661422b884b",
-      "version": "v3.1"
-    },
-    "gateway": {
-      "address": "0x1a04566561EF19116D91684c8512348940DDc3ec",
-      "blockNumber": 10142074,
-      "txHash": "0x1469cb4fe7f1b9c0675422b569b0e5e510a06b90335f9c89dfdc7f348c017506",
-      "version": "v3.1"
-    },
-    "multiAdapter": {
-      "address": "0x59436331823AdEC8b4dDd00cE7F319b24664d79D",
-      "blockNumber": 10142074,
-      "txHash": "0x8d69009f18b26e28721e82c7092eceaf1eb55b93cb5f0d0006820a5f0fe7f9cd",
-      "version": "v3.1"
-    },
-    "messageProcessor": {
-      "address": "0x5583D22Fa3c0e71DcBeabD0D67a978115370216b",
-      "blockNumber": 10142074,
-      "txHash": "0x1615812f23645c1ded84c394b16c78681a723521448bca1301cbc68c393c7940",
-      "version": "v3.1"
-    },
-    "messageDispatcher": {
-      "address": "0xC38a4de11128927A1cc474e29d659c16A13C2F76",
-      "blockNumber": 10142074,
-      "txHash": "0x0fbbdd7829b9210f25155cc1f822e620cec5df249c1573455ab07c6ec3f84db8",
-      "version": "v3.1"
-    },
-    "hubRegistry": {
-      "address": "0x19258C46573Ba48aB9752A7479AaAb0C00d1674C",
-      "blockNumber": 10142074,
-      "txHash": "0x1a70cf9683497d7baa71fe8889957f060662e713ac812a74bf0c20f303f1a402",
-      "version": "v3.1"
-    },
-    "accounting": {
-      "address": "0x086189cA75ec2cEFaE29F5926EDdf0A7516092B2",
-      "blockNumber": 10142074,
-      "txHash": "0xcbc5a785974b17049ecc5a33689290fb4be7c52e06758829bd6dbae35498ba66",
-      "version": "v3.1"
-    },
-    "holdings": {
-      "address": "0x897DD631BA9d74c248B3fa4FDeDce227105c9bA0",
-      "blockNumber": 10142074,
-      "txHash": "0x9b4e3aab63b26b12f3154ad56d13a18e7da88bb5549f6a0963a9423c91abfc3f",
-      "version": "v3.1"
-    },
-    "shareClassManager": {
-      "address": "0xF1103570102008bc3dC83F3120605eaAb9f3EC4e",
-      "blockNumber": 10142075,
-      "txHash": "0x553c3bd5b1456f01500d9594a200b5ef7fc24dfc61097a23875d0644ea008779",
-      "version": "v3.1"
-    },
-    "hub": {
-      "address": "0xb2D1EBaEB0007578B09a555F8FB05DaD9150cFDD",
-      "blockNumber": 10142075,
-      "txHash": "0x2b5ee4ae7197227bb2ae6b118d37a015ecfa2b6e163b54f2cc44951fb0f635b9",
-      "version": "v3.1"
-    },
-    "identityValuation": {
-      "address": "0xAba76FaFC26f1b6B9fd88864FA86026e44F76B2c",
-      "blockNumber": 10142076,
-      "txHash": "0x050bf279bae27d51fda94767aba6d0f7c278dd9214d6128655c7df3599e5bbd6",
-      "version": "v3.1"
-    },
-    "poolEscrowFactory": {
-      "address": "0x731Ae9BF353795fCAdB3a0bef43623216dBC0F49",
-      "blockNumber": 10142074,
-      "txHash": "0xce90a5f6ac92118dd50fe377588c3db0537b0787b888ea981f0398b53da66e9b",
-      "version": "v3.1"
-    },
-    "tokenRecoverer": {
-      "address": "0xf6E0a95A857EBE0633167416Ce1f96486932644a",
-      "blockNumber": 10142075,
-      "txHash": "0x8cd0e52f9ebb917a8826e0199ba7b4664b52150f953c21a78523a1d272da3bf7",
-      "version": "v3.1"
-    },
-    "freezeOnlyHook": {
-      "address": "0xcA98c69ff705E295d8746E79ed5A3AA1e4b4c41d",
-      "blockNumber": 10142075,
-      "txHash": "0x3cbe694c3e5d0b8a13ca25e508b7d32d51f76f88721f617d48703ff1989aaf85",
-      "version": "v3.1"
-    },
-    "redemptionRestrictionsHook": {
-      "address": "0x35F3a094F280f01b8a9F2E64DCD0f111bD3f110A",
-      "blockNumber": 10142075,
-      "txHash": "0x75064de9d5566f696a0eea52beee332d6ce1323ad1411ce9568e645f6f3bdfca",
-      "version": "v3.1"
-    },
-    "fullRestrictionsHook": {
-      "address": "0x19CB96ad58Bf35f4d772b9AE4D21952052355267",
-      "blockNumber": 10142075,
-      "txHash": "0x150fbfdd8b44dbc2e9166d60420ac23fbf7a0934524ca3c3b0704b60e37fa227",
-      "version": "v3.1"
-    },
-    "tokenFactory": {
-      "address": "0xeCf80edEA31Cf9F437E63832906d0d3AE1f2f9F9",
-      "blockNumber": 10142074,
-      "txHash": "0xcbc5397d583dc94e65de2709b3a5771d552121ebcdba5d71d0de3db2c5b9e4c2",
-      "version": "v3.1"
-    },
-    "asyncRequestManager": {
-      "address": "0x10A17F06375621150E3B91486c2c4Ed408B77DF6",
-      "blockNumber": 10142075,
-      "txHash": "0x1b6a37cda6d1e94f518b78cb9ffd4b56c1e1c83ba9169bebfa09ad821c9018a3",
-      "version": "v3.1"
-    },
-    "syncManager": {
-      "address": "0xC864F6Bd38AbE2019c4A00526A560E33A560af73",
-      "blockNumber": 10142075,
-      "txHash": "0xfe9c7eaa544a81d0a7054a625a58c64075b0706765a9069e94ef5977f0186548",
-      "version": "v3.1"
-    },
-    "asyncVaultFactory": {
-      "address": "0x6eC5444E2a9aa53b63869d25c00a1966813C3bB9",
-      "blockNumber": 10142075,
-      "txHash": "0x3674c63261213c5871dc96af350882a2231f7d50a30e6c9b3805037c8383e6b9",
-      "version": "v3.1"
-    },
-    "syncDepositVaultFactory": {
-      "address": "0x3558dfb2820B1FF57F07A55FF5b486b64680Cd2e",
-      "blockNumber": 10142075,
-      "txHash": "0xf3534424e400fa47aa7503a3872c7d7ddcd4dc219ec1abcc2f89d769ad3555b8",
-      "version": "v3.1"
-    },
-    "spoke": {
-      "address": "0x634f692730978450A27F8FCA6F2dDe356a9B55A1",
-      "blockNumber": 10142074,
-      "txHash": "0x48cb0b514683de52dbba5f64cfb9449de6db5ee8ebeea040644880e4bad3fa03",
-      "version": "v3.1"
-    },
-    "vaultRouter": {
-      "address": "0x792676c9B261B80BC3D7dD0f2D3A83d91A819BCD",
-      "blockNumber": 10142075,
-      "txHash": "0x56e0cb810a365c46ac1c315e69bf05b9733b709f67ce670d28ac61d543e6ddb6",
-      "version": "v3.1"
-    },
-    "balanceSheet": {
-      "address": "0xa1c9396B3Cd392A49727b27139A65210dc9E6212",
-      "blockNumber": 10142074,
-      "txHash": "0xf966ed00b744c03a65ee2eb467090ae9db33a536904d0df712ca53b403dde4d4",
-      "version": "v3.1"
-    },
-    "wormholeAdapter": {
-      "address": "0xfb5e002643da6743D211b1fd66Fe4f86FcC4E4bE",
-      "blockNumber": 10142076,
-      "txHash": "0x272bdaf0b4e358e654c8bb05d5c32b8382e6a8617b11e018172c8675f6a83ba5",
-      "version": "v3.1"
-    },
-    "axelarAdapter": {
-      "address": "0xeAE0D8272f05A8496564d0f33cA8f74dA950142C",
-      "blockNumber": 10142076,
-      "txHash": "0x1d0be44ca15e3b98618887d5f13e56d641970a0785398471b0d6f83376024dde",
-      "version": "v3.1"
-    },
-    "contractUpdater": {
-      "address": "0x69752e9dd9375Dab0563a56620547B61279678A4",
-      "blockNumber": 10142074,
-      "txHash": "0xb6ac3a67133513725057fdad960c0f8b3da12d7ce0d9f4d61fee2f4a89954def",
-      "version": "v3.1"
-    },
-    "onOfframpManagerFactory": {
-      "address": "0xAa696bCD0FCeBC186BcCD6de548EB385d57e132B",
-      "blockNumber": 10142075,
-      "txHash": "0x51d72949b0fc485bbfe150cafc3e0f3c2b544e5778dbe8ae9a75df05247894cf",
-      "version": "v3.1"
-    },
-    "merkleProofManagerFactory": {
-      "address": "0x81c38f8a9ef2953dA2DAF7b6bddFF3baB5095216",
-      "blockNumber": 10142075,
-      "txHash": "0x8875d9775832132679423da0190177567cac813d71bbd0becd0ef16c4b9dfc69",
-      "version": "v3.1"
-    },
-    "vaultDecoder": {
-      "address": "0x53c314e4CAF0A70A934c2570b0b264359005F838",
-      "blockNumber": 10142075,
-      "txHash": "0x98ea4308f62b689fd0ee2ae3c5ddbe494d4a29bb7fa54fed934d0c01ce56f9e9",
-      "version": "v3.1"
-    },
-    "circleDecoder": {
-      "address": "0x76a2718A3064f8981788D5fb0Fb22caFe5B39465",
-      "blockNumber": 10142075,
-      "txHash": "0xc5ceb88c39e6ddf7518fce67dd5f0e90bf957bf07cf3bf8ed8e09eb2b33cbf9d",
-      "version": "v3.1"
-    },
-    "vaultRegistry": {
-      "address": "0x9E7d9003c07a896d5E7b075fA6F4D1d7a2fDf672",
-      "blockNumber": 10142074,
-      "txHash": "0x5c8fabe8a467d57043c832b6ed61462d3207c8320c917c36cce733c440273591",
-      "version": "v3.1"
-    },
-    "hubHandler": {
-      "address": "0x09ec05d9a96373766BDb18FD443B82A5cEf93626",
-      "blockNumber": 10142075,
-      "txHash": "0x1f4d85b586e9c020c2b3b694697fd0b2fca6c4ca98a6057e48bcc2a4d68e2c36",
-      "version": "v3.1"
-    },
-    "protocolGuardian": {
-      "address": "0x78EB028bA9AFd690e134c753Bc77F2B9fC88e405",
-      "blockNumber": 10142075,
-      "txHash": "0x4092062f1b90ef78867b001e02ef6e5deccb07dc726d97e1a19c0869565d0910",
-      "version": "v3.1"
-    },
-    "opsGuardian": {
-      "address": "0x606BdDf7E4BEf64cd0936fcf1C1e6f82232882b0",
-      "blockNumber": 10142075,
-      "txHash": "0x2496103dd7a1d1f60434e3f264f775abbdf3ff26bf2a249e756251027f9ff4ce",
-      "version": "v3.1"
-    },
-    "refundEscrowFactory": {
-      "address": "0x72Ff454A32cd730783487110520CD426Fe5CEea2",
-      "blockNumber": 10142075,
-      "txHash": "0xda4acb2e31d410c69304bb526ca8b33c4b3235a4a9c1dfb206089484e482abe9",
-      "version": "v3.1"
-    },
-    "freelyTransferableHook": {
-      "address": "0x8ca95C3F27fDC5eC5f893607fa6fEa98362d759D",
-      "blockNumber": 10142075,
-      "txHash": "0xec7b53e360dfbc4238b7a4f99188c18c9cfb9cd7ecf65aeece75913ff359d311",
-      "version": "v3.1"
-    },
-    "queueManager": {
-      "address": "0x0B3F886F2bcA7Fc6da807B113D55FB2FaC0aF661",
-      "blockNumber": 10142075,
-      "txHash": "0x0a1f2c56f93218f084101935df6af451ec02e3fa59175ba68e5665a279192177",
-      "version": "v3.1"
-    },
-    "batchRequestManager": {
-      "address": "0x15c878Fd558d15C325E7ac50f92e111d09924312",
-      "blockNumber": 10142076,
-      "txHash": "0x427ce07d5f98be709df291147ad28a2dab3ebd1a2974ef37fb3413ec889adfa9",
-      "version": "v3.1"
-    },
-    "oracleValuation": {
-      "address": "0xf3869e1Da04886D00D7A15b48C01e71b8c7F3427",
-      "blockNumber": 10142076,
-      "txHash": "0xe8dff1561cf99d93a63fa9dc8ecfb85149cfc16ecfcb01a6da257ab933136b05",
-      "version": "v3.1"
-    },
-    "navManager": {
-      "address": "0x91a867d2aaC0e6f95d8dC2b77d83037A74FDa67C",
-      "blockNumber": 10142076,
-      "txHash": "0x0be0cfb1f10fa235e779dd6e7a0b2e8abb023bee95980132601202381bba8336",
-      "version": "v3.1"
-    },
-    "simplePriceManager": {
-      "address": "0x53343b8D2763cF65f5174Bfb3Dcb16400a0d0022",
-      "blockNumber": 10142076,
-      "txHash": "0xb03bf1e54a9acc19451603482ea1e4588fb9d75ad6d96dd7e045ed6ceca32aa3",
-      "version": "v3.1"
-    },
-    "layerZeroAdapter": {
-      "address": "0x953716F877ee85522b34B8A85Fd9560AAEBBee39",
-      "blockNumber": 10142076,
-      "txHash": "0x414efa3c46ff68ab5d580a636f02f5e07a3810e9db5a5c98e323f9e6391e679e",
-      "version": "v3.1"
-    },
-    "subsidyManager": {
-      "address": "0xE5419F74f8875C401C3a2f4C68846d9d410e1677",
-      "blockNumber": 10142075,
-      "txHash": "0x410a01d7cff3886cdd30f63bf7c2daf8f9aefd30c8514528c1c074cb0c732d8a",
-      "version": "v3.1"
-    },
-    "chainlinkAdapter": {
-      "address": "0xd18C58838327CB923551d89BF1277977edc6d8D3",
-      "blockNumber": 10142076,
-      "txHash": "0x75e63ed0a0504573c58677e9bc79d8df0adc39edd92001233eea1c18dd8f6d5a",
-      "version": "v3.1"
-    },
-    "accountingToken": {
-      "address": "0x5ba3F068ceFa1e84aDAFcB7191bf4C02C3b724f8",
-      "blockNumber": 10742867,
-      "txHash": "0x5204ebcb9828a5dea91162b48b9035488c9f69e9a46e0e3b836bc20a9622ce6e",
-      "version": "v3.2"
-    },
-    "scriptHelpers": {
-      "address": "0xba5f99EbFAde72174b41137EEe0714F7099fa806",
-      "blockNumber": 10742867,
-      "txHash": "0xe4a1fe8f90e3b5d43887e72268c4e737e9c2843fcf41c4c18d703b49c4e217e2",
-      "version": "v3.2"
-    },
-    "flashLoanHelper": {
-      "address": "0xB106e8Ad482df0088E28E7bD268AC1ea9609716c",
-      "blockNumber": 10742867,
-      "txHash": "0x65b539ff63ccc075cd64c1f85e16607c14d7be91d542259c01737a07fbaacaec",
-      "version": "v3.2"
-    },
-    "onchainPMFactory": {
-      "address": "0xF3c808e6D7C25B19c97a9597CaAcFB8Ba780a580",
-      "blockNumber": 10742867,
-      "txHash": "0x7f52e8161460427ed2d80a8cb7d78d0c68db35fa2a56124b3731776cfd9c8c8b",
-      "version": "v3.2"
-    },
-    "onOffRampFactory": {
-      "address": "0x6Af53A7f79c32c09C73b745c591058Cdd97457DB",
-      "blockNumber": 10748684,
-      "txHash": "0xb4959012a835e032eac2605ce176bfd00eae5db1e92ac0a001daad89d5e15f50",
-      "version": "v3.2"
-    },
-    "approvalGuard": {
-      "address": "0x6defAA1a96cc1e23F55Bac13E88C122ccE7F871f",
-      "blockNumber": 10873919,
-      "txHash": "0x2faed2f32bdbbdbb6d0c71ce8353c53140ff4b5e7a6f707db7d478765ee5100a",
-      "version": "v3.2"
-    },
-    "circuitBreakerGuard": {
-      "address": "0xdCAE75D1fb9c43eCc96fC0Cb194Ee8E808EB3437",
-      "blockNumber": 10873920,
-      "txHash": "0xedb0af7ce66957255f65084c2538202a04fc6b2eb0c214442c8a2f82e0c144f3",
-      "version": "v3.2"
-    },
-    "slippageGuard": {
-      "address": "0xEcA22067812d4DBEc090D704215E54E3e891dDC9",
-      "blockNumber": 10873921,
-      "txHash": "0x363c2fcfaa0fcbdae2203cbe57ebb2840aedd6b44e4abe1fd76b721b613c1920",
-      "version": "v3.2"
-    }
-  },
-  "deploymentInfo": {
-    "deploy:protocol": {
-      "gitCommit": "24032569",
-      "timestamp": "2026-01-28T14:47:33Z",
-      "suffix": "rev2",
-      "startBlock": 10142072
-    }
-  }
-}
diff --git a/env/spell/007_ethereum_0x11fe6d540a31267904fc21756dad824eae63541b.sol b/env/spell/007_ethereum_0x11fe6d540a31267904fc21756dad824eae63541b.sol
new file mode 100644
index 000000000..7a83bbea2
--- /dev/null
+++ b/env/spell/007_ethereum_0x11fe6d540a31267904fc21756dad824eae63541b.sol
@@ -0,0 +1,128 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+// Network: Ethereum (Chain ID: 1)
+// Deployed Address: 0x11fe6D540a31267904Fc21756Dad824eae63541b
+// Source Branch: spell_wire-chainlink-pharos
+// CREATE3 Deterministic Deployment
+
+import {PoolId} from "../../src/core/types/PoolId.sol";
+import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+import {IAdapterWiring} from "../../src/admin/interfaces/IAdapterWiring.sol";
+
+/// @title  AddChainlinkPharosEthSpell
+/// @notice Adds Chainlink as a second adapter to the pharos<>ethereum MultiAdapter route,
+///         upgrading from `[layerZero]` threshold 1 to `[layerZero, chainlink]` threshold 2.
+/// @dev    Designed to execute on BOTH ethereum mainnet and pharos (one deployment per chain).
+///         The spell branches on `block.chainid` to target the correct remote chain, and both
+///         wires the ChainlinkAdapter to the remote and calls `multiAdapter.setAdapters()` under
+///         one temporary Root-granted ward.
+///
+///         Scope is GLOBAL_POOL only (protocol-level traffic: upgrades, recovery, register,
+///         set-pool-adapters dispatch). Per-pool routes (e.g. JAAA 281474976710663) must be
+///         hardened separately by the pool manager via `hub.setAdapters`, which can only run
+///         AFTER this spell casts on both chain.
+contract AddChainlinkPharosEthSpell {
+    bool public done;
+    string public constant description =
+        "Add Chainlink adapter to pharos<>ethereum MultiAdapter (layerZero+chainlink, threshold 2)";
+
+    address public constant LAYER_ZERO_ADAPTER = 0xD517BC7ba17271a8D87BE7355B2523bF5c750295;
+    address public constant CHAINLINK_ADAPTER = 0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955;
+    address public constant MULTI_ADAPTER = 0x35C837F0A54B715a23D193E1476BFC9BC30073BE;
+    address public constant ETH_ROOT = 0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f;
+    address public constant PHAROS_ROOT = 0xdc9456e7e20f15029C8231Ec433a20F404b7235E;
+
+    uint256 public constant ETH_CHAIN_ID = 1;
+    uint256 public constant PHAROS_CHAIN_ID = 1672;
+
+    uint16 public constant ETH_CENTRIFUGE_ID = 1;
+    uint16 public constant PHAROS_CENTRIFUGE_ID = 12;
+
+    /// @dev Chainlink CCIP chain selectors for each chain. Sourced from env/{ethereum,pharos}.json.
+    uint64 public constant ETH_CCIP_SELECTOR = 5009297550715157269;
+    uint64 public constant PHAROS_CCIP_SELECTOR = 7801139999541420232;
+
+    /// @dev The adapter set on MultiAdapter applies to GLOBAL_POOL (PoolId(0)).
+    uint64 internal constant GLOBAL_POOL_RAW = 0;
+
+    /// @dev Target configuration for the new adapter set.
+    ///      `recoveryIndex == quorum` means no recovery-only adapters: both LZ and Chainlink are
+    ///      first-class. Matches the deployment-time convention in `ActionBatchers.sol` where
+    ///      `recoveryIndex` is always set to `adapters.length`.
+    uint8 internal constant NEW_THRESHOLD = 2;
+    uint8 internal constant NEW_RECOVERY_INDEX = 2;
+
+    error UnsupportedChain();
+    error UnexpectedAdapterCount();
+    error UnexpectedLayerZeroAdapter();
+    error AlreadyExecuted();
+
+    /// @notice Executes the upgrade on the current chain.
+    function cast() external {
+        if (done) revert AlreadyExecuted();
+        done = true;
+
+        (Root root, uint16 remoteCid, uint64 remoteCcipSelector) = _resolveLocal(block.chainid);
+        IMultiAdapter multiAdapter = IMultiAdapter(MULTI_ADAPTER);
+        IAdapter existingLz = _assertSingleAdapterPreState(multiAdapter, remoteCid);
+
+        _grantTemporaryWards(root, multiAdapter);
+        _wireChainlinkToRemote(remoteCid, remoteCcipSelector);
+        _switchMultiAdapterRoute(multiAdapter, remoteCid, existingLz);
+        _revokeTemporaryWards(root, multiAdapter);
+
+        root.deny(address(this));
+    }
+
+    /// @dev Map the local `block.chainid` to the local Root + remote centrifugeId + remote CCIP selector.
+    function _resolveLocal(uint256 localChainId)
+        internal
+        pure
+        returns (Root root, uint16 remoteCid, uint64 remoteCcipSelector)
+    {
+        if (localChainId == ETH_CHAIN_ID) {
+            return (Root(ETH_ROOT), PHAROS_CENTRIFUGE_ID, PHAROS_CCIP_SELECTOR);
+        }
+        if (localChainId == PHAROS_CHAIN_ID) {
+            return (Root(PHAROS_ROOT), ETH_CENTRIFUGE_ID, ETH_CCIP_SELECTOR);
+        }
+        revert UnsupportedChain();
+    }
+
+    function _assertSingleAdapterPreState(IMultiAdapter multiAdapter, uint16 remoteCid)
+        private
+        view
+        returns (IAdapter existingLz)
+    {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        if (multiAdapter.quorum(remoteCid, globalPool) != 1) revert UnexpectedAdapterCount();
+        existingLz = multiAdapter.adapters(remoteCid, globalPool, 0);
+        if (address(existingLz) != LAYER_ZERO_ADAPTER) revert UnexpectedLayerZeroAdapter();
+    }
+
+    function _grantTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.relyContract(CHAINLINK_ADAPTER, address(this));
+        root.relyContract(address(multiAdapter), address(this));
+    }
+
+    function _wireChainlinkToRemote(uint16 remoteCid, uint64 remoteCcipSelector) private {
+        IAdapterWiring(CHAINLINK_ADAPTER).wire(remoteCid, abi.encode(remoteCcipSelector, CHAINLINK_ADAPTER));
+    }
+
+    function _switchMultiAdapterRoute(IMultiAdapter multiAdapter, uint16 remoteCid, IAdapter existingLz) private {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        IAdapter[] memory newAdapters = new IAdapter[](2);
+        newAdapters[0] = existingLz;
+        newAdapters[1] = IAdapter(CHAINLINK_ADAPTER);
+        multiAdapter.setAdapters(remoteCid, globalPool, newAdapters, NEW_THRESHOLD, NEW_RECOVERY_INDEX);
+    }
+
+    function _revokeTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.denyContract(CHAINLINK_ADAPTER, address(this));
+        root.denyContract(address(multiAdapter), address(this));
+    }
+}
diff --git a/env/spell/007_pharos_0x11fe6d540a31267904fc21756dad824eae63541b.sol b/env/spell/007_pharos_0x11fe6d540a31267904fc21756dad824eae63541b.sol
new file mode 100644
index 000000000..da2a70196
--- /dev/null
+++ b/env/spell/007_pharos_0x11fe6d540a31267904fc21756dad824eae63541b.sol
@@ -0,0 +1,128 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+// Network: Pharos (Chain ID: 1672)
+// Deployed Address: 0x11fe6D540a31267904Fc21756Dad824eae63541b
+// Source Branch: spell_wire-chainlink-pharos
+// CREATE3 Deterministic Deployment
+
+import {PoolId} from "../../src/core/types/PoolId.sol";
+import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+import {IAdapterWiring} from "../../src/admin/interfaces/IAdapterWiring.sol";
+
+/// @title  AddChainlinkPharosEthSpell
+/// @notice Adds Chainlink as a second adapter to the pharos<>ethereum MultiAdapter route,
+///         upgrading from `[layerZero]` threshold 1 to `[layerZero, chainlink]` threshold 2.
+/// @dev    Designed to execute on BOTH ethereum mainnet and pharos (one deployment per chain).
+///         The spell branches on `block.chainid` to target the correct remote chain, and both
+///         wires the ChainlinkAdapter to the remote and calls `multiAdapter.setAdapters()` under
+///         one temporary Root-granted ward.
+///
+///         Scope is GLOBAL_POOL only (protocol-level traffic: upgrades, recovery, register,
+///         set-pool-adapters dispatch). Per-pool routes (e.g. JAAA 281474976710663) must be
+///         hardened separately by the pool manager via `hub.setAdapters`, which can only run
+///         AFTER this spell casts on both chain.
+contract AddChainlinkPharosEthSpell {
+    bool public done;
+    string public constant description =
+        "Add Chainlink adapter to pharos<>ethereum MultiAdapter (layerZero+chainlink, threshold 2)";
+
+    address public constant LAYER_ZERO_ADAPTER = 0xD517BC7ba17271a8D87BE7355B2523bF5c750295;
+    address public constant CHAINLINK_ADAPTER = 0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955;
+    address public constant MULTI_ADAPTER = 0x35C837F0A54B715a23D193E1476BFC9BC30073BE;
+    address public constant ETH_ROOT = 0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f;
+    address public constant PHAROS_ROOT = 0xdc9456e7e20f15029C8231Ec433a20F404b7235E;
+
+    uint256 public constant ETH_CHAIN_ID = 1;
+    uint256 public constant PHAROS_CHAIN_ID = 1672;
+
+    uint16 public constant ETH_CENTRIFUGE_ID = 1;
+    uint16 public constant PHAROS_CENTRIFUGE_ID = 12;
+
+    /// @dev Chainlink CCIP chain selectors for each chain. Sourced from env/{ethereum,pharos}.json.
+    uint64 public constant ETH_CCIP_SELECTOR = 5009297550715157269;
+    uint64 public constant PHAROS_CCIP_SELECTOR = 7801139999541420232;
+
+    /// @dev The adapter set on MultiAdapter applies to GLOBAL_POOL (PoolId(0)).
+    uint64 internal constant GLOBAL_POOL_RAW = 0;
+
+    /// @dev Target configuration for the new adapter set.
+    ///      `recoveryIndex == quorum` means no recovery-only adapters: both LZ and Chainlink are
+    ///      first-class. Matches the deployment-time convention in `ActionBatchers.sol` where
+    ///      `recoveryIndex` is always set to `adapters.length`.
+    uint8 internal constant NEW_THRESHOLD = 2;
+    uint8 internal constant NEW_RECOVERY_INDEX = 2;
+
+    error UnsupportedChain();
+    error UnexpectedAdapterCount();
+    error UnexpectedLayerZeroAdapter();
+    error AlreadyExecuted();
+
+    /// @notice Executes the upgrade on the current chain.
+    function cast() external {
+        if (done) revert AlreadyExecuted();
+        done = true;
+
+        (Root root, uint16 remoteCid, uint64 remoteCcipSelector) = _resolveLocal(block.chainid);
+        IMultiAdapter multiAdapter = IMultiAdapter(MULTI_ADAPTER);
+        IAdapter existingLz = _assertSingleAdapterPreState(multiAdapter, remoteCid);
+
+        _grantTemporaryWards(root, multiAdapter);
+        _wireChainlinkToRemote(remoteCid, remoteCcipSelector);
+        _switchMultiAdapterRoute(multiAdapter, remoteCid, existingLz);
+        _revokeTemporaryWards(root, multiAdapter);
+
+        root.deny(address(this));
+    }
+
+    /// @dev Map the local `block.chainid` to the local Root + remote centrifugeId + remote CCIP selector.
+    function _resolveLocal(uint256 localChainId)
+        internal
+        pure
+        returns (Root root, uint16 remoteCid, uint64 remoteCcipSelector)
+    {
+        if (localChainId == ETH_CHAIN_ID) {
+            return (Root(ETH_ROOT), PHAROS_CENTRIFUGE_ID, PHAROS_CCIP_SELECTOR);
+        }
+        if (localChainId == PHAROS_CHAIN_ID) {
+            return (Root(PHAROS_ROOT), ETH_CENTRIFUGE_ID, ETH_CCIP_SELECTOR);
+        }
+        revert UnsupportedChain();
+    }
+
+    function _assertSingleAdapterPreState(IMultiAdapter multiAdapter, uint16 remoteCid)
+        private
+        view
+        returns (IAdapter existingLz)
+    {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        if (multiAdapter.quorum(remoteCid, globalPool) != 1) revert UnexpectedAdapterCount();
+        existingLz = multiAdapter.adapters(remoteCid, globalPool, 0);
+        if (address(existingLz) != LAYER_ZERO_ADAPTER) revert UnexpectedLayerZeroAdapter();
+    }
+
+    function _grantTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.relyContract(CHAINLINK_ADAPTER, address(this));
+        root.relyContract(address(multiAdapter), address(this));
+    }
+
+    function _wireChainlinkToRemote(uint16 remoteCid, uint64 remoteCcipSelector) private {
+        IAdapterWiring(CHAINLINK_ADAPTER).wire(remoteCid, abi.encode(remoteCcipSelector, CHAINLINK_ADAPTER));
+    }
+
+    function _switchMultiAdapterRoute(IMultiAdapter multiAdapter, uint16 remoteCid, IAdapter existingLz) private {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        IAdapter[] memory newAdapters = new IAdapter[](2);
+        newAdapters[0] = existingLz;
+        newAdapters[1] = IAdapter(CHAINLINK_ADAPTER);
+        multiAdapter.setAdapters(remoteCid, globalPool, newAdapters, NEW_THRESHOLD, NEW_RECOVERY_INDEX);
+    }
+
+    function _revokeTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.denyContract(CHAINLINK_ADAPTER, address(this));
+        root.denyContract(address(multiAdapter), address(this));
+    }
+}
diff --git a/env/spell/008_arbitrum_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol b/env/spell/008_arbitrum_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol
new file mode 100644
index 000000000..a6de4d795
--- /dev/null
+++ b/env/spell/008_arbitrum_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol
@@ -0,0 +1,223 @@
+// Network: Arbitrum (Chain ID: 42161)
+// Deployed Address: 0x9F10617B39438c4DA5Afc6f41e30080EBf6653fe
+// Source: internal/main commit f5a9cd9e5 (src/spell/V2CleaningsSpell.sol)
+// CREATE3 Deterministic Deployment (CreateX)
+
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+import {IERC20} from "../../src/misc/interfaces/IERC20.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+
+// V2 Root. refs:
+//   https://github.com/centrifuge/vaults-internal/blob/5e8262b26f8b3b488fa11855bfc2ee2e9943c09c/deployments/mainnet/ethereum-mainnet.json#L29
+//   https://etherscan.io/address/0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC
+Root constant ROOT_V2 = Root(0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC);
+
+// V3 root on the three V2 networks ETH, BASE, ARB on which the spell is cast.
+// ref: env/{ethereum,base,arbitrum}.json contracts.root +
+//      https://github.com/centrifuge/documentation/blob/main/docs/developer/protocol/deployments/index.mdx
+Root constant ROOT_V3 = Root(0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f);
+
+// v3.1.0 protocol contracts. ref for all five: env/{ethereum,base,arbitrum}.json (contracts.*) +
+//   https://github.com/centrifuge/documentation/blob/main/docs/developer/protocol/deployments/index.mdx
+address constant CONTRACT_UPDATER = 0x3B150B19245D2C366bc8f18c775b725DFB298F71;
+address constant FREEZE_ONLY_HOOK = 0xd5B243F05b2906F1f6C80c6096945faADa0731C1;
+address constant FULL_RESTRICTIONS_HOOK = 0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4;
+address constant FREELY_TRANSFERABLE_HOOK = 0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61;
+address constant REDEMPTION_RESTRICTIONS_HOOK = 0xE5423eD8602Fa0F263e17b6212d88Efe42317f06;
+
+// CFG token (CREATE3 vanity), described as "newCFG" in Slack.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747225567523339
+//       https://etherscan.io/address/0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94
+address constant CFG = 0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94;
+// Wrapped CFG (Ethereum only), described as "legacyCfg" in Slack.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747225567523339
+//       https://etherscan.io/address/0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0
+address constant WCFG = 0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0;
+// Legacy v2 WCFG admin multisig.
+// refs: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+//       https://etherscan.io/address/0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372
+address constant WCFG_MULTISIG = 0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372;
+// ChainBridge ERC20 handler (v2 bridge).
+// refs: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+//       https://etherscan.io/address/0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa
+address constant CHAINBRIDGE_ERC20_HANDLER = 0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa;
+// CREATE3 proxy used for cross-chain CFG.
+// ref: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+address constant CREATE3_PROXY = 0x28E6eED839a5E03D92f7A5C459430576081fadFb;
+// IOU CFG, redeemed 1:1 for CFG.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747730612516909
+//       https://etherscan.io/address/0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069
+address constant IOU_CFG = 0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069;
+// CFG_MINTER — permanent mint authority on CFG (Ethereum) for treasury inflation.
+// ref: https://kflabs.slack.com/archives/C07PG2EUR9C/p1772545104197419
+address constant CFG_MINTER = 0x50a168Cd6957e07B6dE6C1A99B2f940475f70dEf;
+
+// V2 share tokens ("tranches"). ref:
+//   https://www.notion.so/v2-Pools-ShareClass-Ids-ShareTokens-2312eac24e17808cb72bfeb208f594ec
+address constant TRANCHE_JTRSY = 0x8c213ee79581Ff4984583C6a801e5263418C4b86; // ETH_JTRSY, BASE_JTRSY, ARBITRUM_JTRSY
+address constant TRANCHE_JAAA = 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64; // ETH_JAAA, BASE_JAAA
+// ref: Slack https://kflabs.slack.com/archives/C05S1JXD37U/p1747228055896649 (V2 USDC escrow, CREATE3 vanity)
+address constant ESCROW_V2 = 0x0000000005F458Fd6ba9EEb5f365D83b7dA913dD;
+
+// V2 vault addresses per chain — these remain as wards on share tokens and must be explicitly removed.
+// ref: https://www.notion.so/v2-Pools-ShareClass-Ids-ShareTokens-2312eac24e17808cb72bfeb208f594ec
+address constant ETH_V2_JTRSY_VAULT = 0x36036fFd9B1C6966ab23209E073c68Eb9A992f50;
+address constant ETH_V2_JAAA_VAULT = 0xE9d1f733F406D4bbbDFac6D4CfCD2e13A6ee1d01;
+address constant BASE_V2_JTRSY_VAULT = 0xF9a6768034280745d7F303D3d8B7f2bF3Cc079eF;
+address constant BASE_V2_JAAA_VAULT = 0xB4C8540657d67D4846cAe68EcfE2C706c80DC3c9;
+address constant ARB_V2_JTRSY_VAULT = 0x16C796208c6E2d397Ec49D69D207a9cB7d072f04;
+// "USDC funding address for WL customers to pay upfront/ongoing fees"
+// (https://kflabs.slack.com/archives/C077QU14E31/p1779259744073899), but other Slack threads reference
+// the same address as an investor. The two roles are incompatible — receiving drained V2-escrow USDC
+// here while it also makes V3 investments could distort accounting. BLOCKING.
+address constant TREASURY = 0xb3DacC732509Ba6B7F25Ad149e56cA44fE901AB9;
+
+// Native Circle USDC. ref: https://developers.circle.com/stablecoins/usdc-contract-addresses
+IERC20 constant USDC_ETHEREUM = IERC20(0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48);
+IERC20 constant USDC_BASE = IERC20(0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913);
+IERC20 constant USDC_ARBITRUM = IERC20(0xaf88d065e77c8cC2239327C5EDb3A432268e5831);
+
+// ref: Slack #wg-new-cfg-token https://kflabs.slack.com/archives/C082ABDBELS/p1750237297617879
+address constant CNF_TREASURY_WALLET = 0xD052A46b8e0C89fAcB393805E1917AfD20f293Cb;
+
+// Centrifuge Chain CFG amount derivation:
+//   Total issuance on Centrifuge Chain:             578_423_119_298_517_443_782_165_480
+//   Minus migrated CFG (4dpEcgqFp38bzzT5VruKgbfVs6zcDMFRKUetx3fz2ndLRHMu):  -350_860_057_533_953_490_820_324_585
+//   Minus chainbridge  (4dpEcgqFp8UL6eA3b7hhtdj7qftHRZE7g1uadHyuw1WSNSgH):  -192_726_451_002_520_311_526_501_638
+//   = Remaining CFG on Centrifuge Chain:              34_836_610_762_043_641_435_339_257
+uint256 constant CENTRIFUGE_CHAIN_CFG_AMOUNT = 34_836_610_762_043_641_435_339_257;
+
+// See env/ethereum.json network.chainId
+uint256 constant ETHEREUM_CHAIN_ID = 1;
+// See env/base.json network.chainId
+uint256 constant BASE_CHAIN_ID = 8453;
+// See env/arbitrum.json network.chainId
+uint256 constant ARBITRUM_CHAIN_ID = 42161;
+
+interface CFGTokenLike {
+    function mint(address to, uint256 value) external;
+}
+
+interface EscrowV2Like is IAuth {
+    function approveMax(address token, address spender) external;
+}
+
+contract V2CleaningsSpell {
+    bool public done;
+    string public constant description = "Pending cleanings from V2";
+
+    function cast() external {
+        require(!done, "Spell already executed");
+        done = true;
+
+        _updateCFGWards();
+        _disableRootV2FromShareTokensV2();
+        _moveFundsFromEscrowToTreasury();
+        _relyContractUpdaterOnHooks();
+        _mintCFGToTreasury();
+
+        if (address(ROOT_V2).code.length > 0) {
+            ROOT_V2.deny(address(this));
+        }
+        ROOT_V3.deny(address(this));
+    }
+
+    function _updateCFGWards() internal {
+        // Check if CFG exists
+        if (CFG.code.length > 0) {
+            // Mainnet CFG only has the v2 root relied, need to replace with v3 root
+            if (block.chainid == ETHEREUM_CHAIN_ID) {
+                if (address(ROOT_V2).code.length > 0) {
+                    ROOT_V2.relyContract(CFG, address(ROOT_V3));
+                    ROOT_V2.relyContract(CFG, CFG_MINTER);
+                    ROOT_V3.denyContract(CFG, address(ROOT_V2));
+                }
+                ROOT_V3.denyContract(CFG, IOU_CFG);
+            }
+
+            // Deny CREATE3 proxy on new chains
+            if (block.chainid != ETHEREUM_CHAIN_ID) {
+                ROOT_V3.denyContract(CFG, CREATE3_PROXY);
+            }
+        }
+
+        // Check if WCFG exists (only in Ethereum)
+        if (WCFG.code.length > 0) {
+            if (address(ROOT_V2).code.length > 0) {
+                ROOT_V2.relyContract(WCFG, address(ROOT_V3));
+                ROOT_V3.denyContract(WCFG, address(ROOT_V2));
+            }
+            ROOT_V3.denyContract(WCFG, WCFG_MULTISIG);
+            ROOT_V3.denyContract(WCFG, CHAINBRIDGE_ERC20_HANDLER);
+        }
+    }
+
+    function _disableRootV2FromShareTokensV2() internal {
+        if (block.chainid == ETHEREUM_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, ETH_V2_JTRSY_VAULT);
+            _denyV2FromShareToken(TRANCHE_JAAA, ETH_V2_JAAA_VAULT);
+        } else if (block.chainid == BASE_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, BASE_V2_JTRSY_VAULT);
+            _denyV2FromShareToken(TRANCHE_JAAA, BASE_V2_JAAA_VAULT);
+        } else if (block.chainid == ARBITRUM_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, ARB_V2_JTRSY_VAULT);
+        }
+    }
+
+    // V2_ROOT is ward of these V2 vaults, so a V2_ROOT compromise could exploit the
+    // vault's remaining ward access on the share token via authTransferFrom.
+    function _denyV2FromShareToken(address shareToken, address v2Vault) internal {
+        IAuth shareToken_ = IAuth(shareToken);
+
+        if (address(shareToken_).code.length > 0 && shareToken_.wards(address(ROOT_V3)) == 1) {
+            ROOT_V3.relyContract(shareToken, address(this));
+            if (shareToken_.wards(address(ROOT_V2)) == 1) shareToken_.deny(address(ROOT_V2));
+            if (shareToken_.wards(v2Vault) == 1) shareToken_.deny(v2Vault);
+            ROOT_V3.denyContract(shareToken, address(this));
+        }
+    }
+
+    function _moveFundsFromEscrowToTreasury() internal {
+        if (ESCROW_V2.code.length > 0) {
+            IERC20 usdc;
+            if (block.chainid == ETHEREUM_CHAIN_ID) {
+                usdc = USDC_ETHEREUM;
+            } else if (block.chainid == BASE_CHAIN_ID) {
+                usdc = USDC_BASE;
+            } else if (block.chainid == ARBITRUM_CHAIN_ID) {
+                usdc = USDC_ARBITRUM;
+            } else {
+                return;
+            }
+
+            ROOT_V2.relyContract(address(ESCROW_V2), address(this));
+
+            EscrowV2Like(ESCROW_V2).approveMax(address(usdc), address(this));
+            usdc.transferFrom(ESCROW_V2, TREASURY, usdc.balanceOf(ESCROW_V2));
+
+            ROOT_V2.denyContract(address(ESCROW_V2), address(this));
+        }
+    }
+
+    function _relyContractUpdaterOnHooks() internal {
+        ROOT_V3.relyContract(FREEZE_ONLY_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(FULL_RESTRICTIONS_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(FREELY_TRANSFERABLE_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(REDEMPTION_RESTRICTIONS_HOOK, CONTRACT_UPDATER);
+    }
+
+    function _mintCFGToTreasury() internal {
+        if (block.chainid == ETHEREUM_CHAIN_ID) {
+            // Subtract wCFG balance held by the IOU_CFG contract, since those were already
+            // redeemed 1:1 for CFG and the wCFG total supply was not reduced upon redemption.
+            uint256 amount = IERC20(WCFG).totalSupply() - IERC20(WCFG).balanceOf(IOU_CFG) + CENTRIFUGE_CHAIN_CFG_AMOUNT;
+            ROOT_V3.relyContract(CFG, address(this));
+            CFGTokenLike(CFG).mint(CNF_TREASURY_WALLET, amount);
+            ROOT_V3.denyContract(CFG, address(this));
+        }
+    }
+}
diff --git a/env/spell/008_base_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol b/env/spell/008_base_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol
new file mode 100644
index 000000000..e563cfd8a
--- /dev/null
+++ b/env/spell/008_base_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol
@@ -0,0 +1,223 @@
+// Network: Base (Chain ID: 8453)
+// Deployed Address: 0x9F10617B39438c4DA5Afc6f41e30080EBf6653fe
+// Source: internal/main commit f5a9cd9e5 (src/spell/V2CleaningsSpell.sol)
+// CREATE3 Deterministic Deployment (CreateX)
+
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+import {IERC20} from "../../src/misc/interfaces/IERC20.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+
+// V2 Root. refs:
+//   https://github.com/centrifuge/vaults-internal/blob/5e8262b26f8b3b488fa11855bfc2ee2e9943c09c/deployments/mainnet/ethereum-mainnet.json#L29
+//   https://etherscan.io/address/0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC
+Root constant ROOT_V2 = Root(0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC);
+
+// V3 root on the three V2 networks ETH, BASE, ARB on which the spell is cast.
+// ref: env/{ethereum,base,arbitrum}.json contracts.root +
+//      https://github.com/centrifuge/documentation/blob/main/docs/developer/protocol/deployments/index.mdx
+Root constant ROOT_V3 = Root(0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f);
+
+// v3.1.0 protocol contracts. ref for all five: env/{ethereum,base,arbitrum}.json (contracts.*) +
+//   https://github.com/centrifuge/documentation/blob/main/docs/developer/protocol/deployments/index.mdx
+address constant CONTRACT_UPDATER = 0x3B150B19245D2C366bc8f18c775b725DFB298F71;
+address constant FREEZE_ONLY_HOOK = 0xd5B243F05b2906F1f6C80c6096945faADa0731C1;
+address constant FULL_RESTRICTIONS_HOOK = 0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4;
+address constant FREELY_TRANSFERABLE_HOOK = 0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61;
+address constant REDEMPTION_RESTRICTIONS_HOOK = 0xE5423eD8602Fa0F263e17b6212d88Efe42317f06;
+
+// CFG token (CREATE3 vanity), described as "newCFG" in Slack.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747225567523339
+//       https://etherscan.io/address/0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94
+address constant CFG = 0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94;
+// Wrapped CFG (Ethereum only), described as "legacyCfg" in Slack.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747225567523339
+//       https://etherscan.io/address/0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0
+address constant WCFG = 0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0;
+// Legacy v2 WCFG admin multisig.
+// refs: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+//       https://etherscan.io/address/0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372
+address constant WCFG_MULTISIG = 0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372;
+// ChainBridge ERC20 handler (v2 bridge).
+// refs: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+//       https://etherscan.io/address/0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa
+address constant CHAINBRIDGE_ERC20_HANDLER = 0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa;
+// CREATE3 proxy used for cross-chain CFG.
+// ref: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+address constant CREATE3_PROXY = 0x28E6eED839a5E03D92f7A5C459430576081fadFb;
+// IOU CFG, redeemed 1:1 for CFG.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747730612516909
+//       https://etherscan.io/address/0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069
+address constant IOU_CFG = 0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069;
+// CFG_MINTER — permanent mint authority on CFG (Ethereum) for treasury inflation.
+// ref: https://kflabs.slack.com/archives/C07PG2EUR9C/p1772545104197419
+address constant CFG_MINTER = 0x50a168Cd6957e07B6dE6C1A99B2f940475f70dEf;
+
+// V2 share tokens ("tranches"). ref:
+//   https://www.notion.so/v2-Pools-ShareClass-Ids-ShareTokens-2312eac24e17808cb72bfeb208f594ec
+address constant TRANCHE_JTRSY = 0x8c213ee79581Ff4984583C6a801e5263418C4b86; // ETH_JTRSY, BASE_JTRSY, ARBITRUM_JTRSY
+address constant TRANCHE_JAAA = 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64; // ETH_JAAA, BASE_JAAA
+// ref: Slack https://kflabs.slack.com/archives/C05S1JXD37U/p1747228055896649 (V2 USDC escrow, CREATE3 vanity)
+address constant ESCROW_V2 = 0x0000000005F458Fd6ba9EEb5f365D83b7dA913dD;
+
+// V2 vault addresses per chain — these remain as wards on share tokens and must be explicitly removed.
+// ref: https://www.notion.so/v2-Pools-ShareClass-Ids-ShareTokens-2312eac24e17808cb72bfeb208f594ec
+address constant ETH_V2_JTRSY_VAULT = 0x36036fFd9B1C6966ab23209E073c68Eb9A992f50;
+address constant ETH_V2_JAAA_VAULT = 0xE9d1f733F406D4bbbDFac6D4CfCD2e13A6ee1d01;
+address constant BASE_V2_JTRSY_VAULT = 0xF9a6768034280745d7F303D3d8B7f2bF3Cc079eF;
+address constant BASE_V2_JAAA_VAULT = 0xB4C8540657d67D4846cAe68EcfE2C706c80DC3c9;
+address constant ARB_V2_JTRSY_VAULT = 0x16C796208c6E2d397Ec49D69D207a9cB7d072f04;
+// "USDC funding address for WL customers to pay upfront/ongoing fees"
+// (https://kflabs.slack.com/archives/C077QU14E31/p1779259744073899), but other Slack threads reference
+// the same address as an investor. The two roles are incompatible — receiving drained V2-escrow USDC
+// here while it also makes V3 investments could distort accounting. BLOCKING.
+address constant TREASURY = 0xb3DacC732509Ba6B7F25Ad149e56cA44fE901AB9;
+
+// Native Circle USDC. ref: https://developers.circle.com/stablecoins/usdc-contract-addresses
+IERC20 constant USDC_ETHEREUM = IERC20(0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48);
+IERC20 constant USDC_BASE = IERC20(0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913);
+IERC20 constant USDC_ARBITRUM = IERC20(0xaf88d065e77c8cC2239327C5EDb3A432268e5831);
+
+// ref: Slack #wg-new-cfg-token https://kflabs.slack.com/archives/C082ABDBELS/p1750237297617879
+address constant CNF_TREASURY_WALLET = 0xD052A46b8e0C89fAcB393805E1917AfD20f293Cb;
+
+// Centrifuge Chain CFG amount derivation:
+//   Total issuance on Centrifuge Chain:             578_423_119_298_517_443_782_165_480
+//   Minus migrated CFG (4dpEcgqFp38bzzT5VruKgbfVs6zcDMFRKUetx3fz2ndLRHMu):  -350_860_057_533_953_490_820_324_585
+//   Minus chainbridge  (4dpEcgqFp8UL6eA3b7hhtdj7qftHRZE7g1uadHyuw1WSNSgH):  -192_726_451_002_520_311_526_501_638
+//   = Remaining CFG on Centrifuge Chain:              34_836_610_762_043_641_435_339_257
+uint256 constant CENTRIFUGE_CHAIN_CFG_AMOUNT = 34_836_610_762_043_641_435_339_257;
+
+// See env/ethereum.json network.chainId
+uint256 constant ETHEREUM_CHAIN_ID = 1;
+// See env/base.json network.chainId
+uint256 constant BASE_CHAIN_ID = 8453;
+// See env/arbitrum.json network.chainId
+uint256 constant ARBITRUM_CHAIN_ID = 42161;
+
+interface CFGTokenLike {
+    function mint(address to, uint256 value) external;
+}
+
+interface EscrowV2Like is IAuth {
+    function approveMax(address token, address spender) external;
+}
+
+contract V2CleaningsSpell {
+    bool public done;
+    string public constant description = "Pending cleanings from V2";
+
+    function cast() external {
+        require(!done, "Spell already executed");
+        done = true;
+
+        _updateCFGWards();
+        _disableRootV2FromShareTokensV2();
+        _moveFundsFromEscrowToTreasury();
+        _relyContractUpdaterOnHooks();
+        _mintCFGToTreasury();
+
+        if (address(ROOT_V2).code.length > 0) {
+            ROOT_V2.deny(address(this));
+        }
+        ROOT_V3.deny(address(this));
+    }
+
+    function _updateCFGWards() internal {
+        // Check if CFG exists
+        if (CFG.code.length > 0) {
+            // Mainnet CFG only has the v2 root relied, need to replace with v3 root
+            if (block.chainid == ETHEREUM_CHAIN_ID) {
+                if (address(ROOT_V2).code.length > 0) {
+                    ROOT_V2.relyContract(CFG, address(ROOT_V3));
+                    ROOT_V2.relyContract(CFG, CFG_MINTER);
+                    ROOT_V3.denyContract(CFG, address(ROOT_V2));
+                }
+                ROOT_V3.denyContract(CFG, IOU_CFG);
+            }
+
+            // Deny CREATE3 proxy on new chains
+            if (block.chainid != ETHEREUM_CHAIN_ID) {
+                ROOT_V3.denyContract(CFG, CREATE3_PROXY);
+            }
+        }
+
+        // Check if WCFG exists (only in Ethereum)
+        if (WCFG.code.length > 0) {
+            if (address(ROOT_V2).code.length > 0) {
+                ROOT_V2.relyContract(WCFG, address(ROOT_V3));
+                ROOT_V3.denyContract(WCFG, address(ROOT_V2));
+            }
+            ROOT_V3.denyContract(WCFG, WCFG_MULTISIG);
+            ROOT_V3.denyContract(WCFG, CHAINBRIDGE_ERC20_HANDLER);
+        }
+    }
+
+    function _disableRootV2FromShareTokensV2() internal {
+        if (block.chainid == ETHEREUM_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, ETH_V2_JTRSY_VAULT);
+            _denyV2FromShareToken(TRANCHE_JAAA, ETH_V2_JAAA_VAULT);
+        } else if (block.chainid == BASE_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, BASE_V2_JTRSY_VAULT);
+            _denyV2FromShareToken(TRANCHE_JAAA, BASE_V2_JAAA_VAULT);
+        } else if (block.chainid == ARBITRUM_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, ARB_V2_JTRSY_VAULT);
+        }
+    }
+
+    // V2_ROOT is ward of these V2 vaults, so a V2_ROOT compromise could exploit the
+    // vault's remaining ward access on the share token via authTransferFrom.
+    function _denyV2FromShareToken(address shareToken, address v2Vault) internal {
+        IAuth shareToken_ = IAuth(shareToken);
+
+        if (address(shareToken_).code.length > 0 && shareToken_.wards(address(ROOT_V3)) == 1) {
+            ROOT_V3.relyContract(shareToken, address(this));
+            if (shareToken_.wards(address(ROOT_V2)) == 1) shareToken_.deny(address(ROOT_V2));
+            if (shareToken_.wards(v2Vault) == 1) shareToken_.deny(v2Vault);
+            ROOT_V3.denyContract(shareToken, address(this));
+        }
+    }
+
+    function _moveFundsFromEscrowToTreasury() internal {
+        if (ESCROW_V2.code.length > 0) {
+            IERC20 usdc;
+            if (block.chainid == ETHEREUM_CHAIN_ID) {
+                usdc = USDC_ETHEREUM;
+            } else if (block.chainid == BASE_CHAIN_ID) {
+                usdc = USDC_BASE;
+            } else if (block.chainid == ARBITRUM_CHAIN_ID) {
+                usdc = USDC_ARBITRUM;
+            } else {
+                return;
+            }
+
+            ROOT_V2.relyContract(address(ESCROW_V2), address(this));
+
+            EscrowV2Like(ESCROW_V2).approveMax(address(usdc), address(this));
+            usdc.transferFrom(ESCROW_V2, TREASURY, usdc.balanceOf(ESCROW_V2));
+
+            ROOT_V2.denyContract(address(ESCROW_V2), address(this));
+        }
+    }
+
+    function _relyContractUpdaterOnHooks() internal {
+        ROOT_V3.relyContract(FREEZE_ONLY_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(FULL_RESTRICTIONS_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(FREELY_TRANSFERABLE_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(REDEMPTION_RESTRICTIONS_HOOK, CONTRACT_UPDATER);
+    }
+
+    function _mintCFGToTreasury() internal {
+        if (block.chainid == ETHEREUM_CHAIN_ID) {
+            // Subtract wCFG balance held by the IOU_CFG contract, since those were already
+            // redeemed 1:1 for CFG and the wCFG total supply was not reduced upon redemption.
+            uint256 amount = IERC20(WCFG).totalSupply() - IERC20(WCFG).balanceOf(IOU_CFG) + CENTRIFUGE_CHAIN_CFG_AMOUNT;
+            ROOT_V3.relyContract(CFG, address(this));
+            CFGTokenLike(CFG).mint(CNF_TREASURY_WALLET, amount);
+            ROOT_V3.denyContract(CFG, address(this));
+        }
+    }
+}
diff --git a/env/spell/008_ethereum_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol b/env/spell/008_ethereum_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol
new file mode 100644
index 000000000..6b3a410c3
--- /dev/null
+++ b/env/spell/008_ethereum_0x9f10617b39438c4da5afc6f41e30080ebf6653fe.sol
@@ -0,0 +1,223 @@
+// Network: Ethereum (Chain ID: 1)
+// Deployed Address: 0x9F10617B39438c4DA5Afc6f41e30080EBf6653fe
+// Source: internal/main commit f5a9cd9e5 (src/spell/V2CleaningsSpell.sol)
+// CREATE3 Deterministic Deployment (CreateX)
+
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+import {IERC20} from "../../src/misc/interfaces/IERC20.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+
+// V2 Root. refs:
+//   https://github.com/centrifuge/vaults-internal/blob/5e8262b26f8b3b488fa11855bfc2ee2e9943c09c/deployments/mainnet/ethereum-mainnet.json#L29
+//   https://etherscan.io/address/0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC
+Root constant ROOT_V2 = Root(0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC);
+
+// V3 root on the three V2 networks ETH, BASE, ARB on which the spell is cast.
+// ref: env/{ethereum,base,arbitrum}.json contracts.root +
+//      https://github.com/centrifuge/documentation/blob/main/docs/developer/protocol/deployments/index.mdx
+Root constant ROOT_V3 = Root(0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f);
+
+// v3.1.0 protocol contracts. ref for all five: env/{ethereum,base,arbitrum}.json (contracts.*) +
+//   https://github.com/centrifuge/documentation/blob/main/docs/developer/protocol/deployments/index.mdx
+address constant CONTRACT_UPDATER = 0x3B150B19245D2C366bc8f18c775b725DFB298F71;
+address constant FREEZE_ONLY_HOOK = 0xd5B243F05b2906F1f6C80c6096945faADa0731C1;
+address constant FULL_RESTRICTIONS_HOOK = 0x8E680873b4C77e6088b4Ba0aBD59d100c3D224a4;
+address constant FREELY_TRANSFERABLE_HOOK = 0x2a9B9C14851Baf7AD19f26607C9171CA1E7a1A61;
+address constant REDEMPTION_RESTRICTIONS_HOOK = 0xE5423eD8602Fa0F263e17b6212d88Efe42317f06;
+
+// CFG token (CREATE3 vanity), described as "newCFG" in Slack.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747225567523339
+//       https://etherscan.io/address/0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94
+address constant CFG = 0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94;
+// Wrapped CFG (Ethereum only), described as "legacyCfg" in Slack.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747225567523339
+//       https://etherscan.io/address/0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0
+address constant WCFG = 0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0;
+// Legacy v2 WCFG admin multisig.
+// refs: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+//       https://etherscan.io/address/0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372
+address constant WCFG_MULTISIG = 0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372;
+// ChainBridge ERC20 handler (v2 bridge).
+// refs: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+//       https://etherscan.io/address/0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa
+address constant CHAINBRIDGE_ERC20_HANDLER = 0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa;
+// CREATE3 proxy used for cross-chain CFG.
+// ref: https://kflabs.slack.com/archives/C04JQ1QCGQ0/p1755074130455079
+address constant CREATE3_PROXY = 0x28E6eED839a5E03D92f7A5C459430576081fadFb;
+// IOU CFG, redeemed 1:1 for CFG.
+// refs: https://kflabs.slack.com/archives/C072WRU6V6K/p1747730612516909
+//       https://etherscan.io/address/0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069
+address constant IOU_CFG = 0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069;
+// CFG_MINTER — permanent mint authority on CFG (Ethereum) for treasury inflation.
+// ref: https://kflabs.slack.com/archives/C07PG2EUR9C/p1772545104197419
+address constant CFG_MINTER = 0x50a168Cd6957e07B6dE6C1A99B2f940475f70dEf;
+
+// V2 share tokens ("tranches"). ref:
+//   https://www.notion.so/v2-Pools-ShareClass-Ids-ShareTokens-2312eac24e17808cb72bfeb208f594ec
+address constant TRANCHE_JTRSY = 0x8c213ee79581Ff4984583C6a801e5263418C4b86; // ETH_JTRSY, BASE_JTRSY, ARBITRUM_JTRSY
+address constant TRANCHE_JAAA = 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64; // ETH_JAAA, BASE_JAAA
+// ref: Slack https://kflabs.slack.com/archives/C05S1JXD37U/p1747228055896649 (V2 USDC escrow, CREATE3 vanity)
+address constant ESCROW_V2 = 0x0000000005F458Fd6ba9EEb5f365D83b7dA913dD;
+
+// V2 vault addresses per chain — these remain as wards on share tokens and must be explicitly removed.
+// ref: https://www.notion.so/v2-Pools-ShareClass-Ids-ShareTokens-2312eac24e17808cb72bfeb208f594ec
+address constant ETH_V2_JTRSY_VAULT = 0x36036fFd9B1C6966ab23209E073c68Eb9A992f50;
+address constant ETH_V2_JAAA_VAULT = 0xE9d1f733F406D4bbbDFac6D4CfCD2e13A6ee1d01;
+address constant BASE_V2_JTRSY_VAULT = 0xF9a6768034280745d7F303D3d8B7f2bF3Cc079eF;
+address constant BASE_V2_JAAA_VAULT = 0xB4C8540657d67D4846cAe68EcfE2C706c80DC3c9;
+address constant ARB_V2_JTRSY_VAULT = 0x16C796208c6E2d397Ec49D69D207a9cB7d072f04;
+// "USDC funding address for WL customers to pay upfront/ongoing fees"
+// (https://kflabs.slack.com/archives/C077QU14E31/p1779259744073899), but other Slack threads reference
+// the same address as an investor. The two roles are incompatible — receiving drained V2-escrow USDC
+// here while it also makes V3 investments could distort accounting. BLOCKING.
+address constant TREASURY = 0xb3DacC732509Ba6B7F25Ad149e56cA44fE901AB9;
+
+// Native Circle USDC. ref: https://developers.circle.com/stablecoins/usdc-contract-addresses
+IERC20 constant USDC_ETHEREUM = IERC20(0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48);
+IERC20 constant USDC_BASE = IERC20(0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913);
+IERC20 constant USDC_ARBITRUM = IERC20(0xaf88d065e77c8cC2239327C5EDb3A432268e5831);
+
+// ref: Slack #wg-new-cfg-token https://kflabs.slack.com/archives/C082ABDBELS/p1750237297617879
+address constant CNF_TREASURY_WALLET = 0xD052A46b8e0C89fAcB393805E1917AfD20f293Cb;
+
+// Centrifuge Chain CFG amount derivation:
+//   Total issuance on Centrifuge Chain:             578_423_119_298_517_443_782_165_480
+//   Minus migrated CFG (4dpEcgqFp38bzzT5VruKgbfVs6zcDMFRKUetx3fz2ndLRHMu):  -350_860_057_533_953_490_820_324_585
+//   Minus chainbridge  (4dpEcgqFp8UL6eA3b7hhtdj7qftHRZE7g1uadHyuw1WSNSgH):  -192_726_451_002_520_311_526_501_638
+//   = Remaining CFG on Centrifuge Chain:              34_836_610_762_043_641_435_339_257
+uint256 constant CENTRIFUGE_CHAIN_CFG_AMOUNT = 34_836_610_762_043_641_435_339_257;
+
+// See env/ethereum.json network.chainId
+uint256 constant ETHEREUM_CHAIN_ID = 1;
+// See env/base.json network.chainId
+uint256 constant BASE_CHAIN_ID = 8453;
+// See env/arbitrum.json network.chainId
+uint256 constant ARBITRUM_CHAIN_ID = 42161;
+
+interface CFGTokenLike {
+    function mint(address to, uint256 value) external;
+}
+
+interface EscrowV2Like is IAuth {
+    function approveMax(address token, address spender) external;
+}
+
+contract V2CleaningsSpell {
+    bool public done;
+    string public constant description = "Pending cleanings from V2";
+
+    function cast() external {
+        require(!done, "Spell already executed");
+        done = true;
+
+        _updateCFGWards();
+        _disableRootV2FromShareTokensV2();
+        _moveFundsFromEscrowToTreasury();
+        _relyContractUpdaterOnHooks();
+        _mintCFGToTreasury();
+
+        if (address(ROOT_V2).code.length > 0) {
+            ROOT_V2.deny(address(this));
+        }
+        ROOT_V3.deny(address(this));
+    }
+
+    function _updateCFGWards() internal {
+        // Check if CFG exists
+        if (CFG.code.length > 0) {
+            // Mainnet CFG only has the v2 root relied, need to replace with v3 root
+            if (block.chainid == ETHEREUM_CHAIN_ID) {
+                if (address(ROOT_V2).code.length > 0) {
+                    ROOT_V2.relyContract(CFG, address(ROOT_V3));
+                    ROOT_V2.relyContract(CFG, CFG_MINTER);
+                    ROOT_V3.denyContract(CFG, address(ROOT_V2));
+                }
+                ROOT_V3.denyContract(CFG, IOU_CFG);
+            }
+
+            // Deny CREATE3 proxy on new chains
+            if (block.chainid != ETHEREUM_CHAIN_ID) {
+                ROOT_V3.denyContract(CFG, CREATE3_PROXY);
+            }
+        }
+
+        // Check if WCFG exists (only in Ethereum)
+        if (WCFG.code.length > 0) {
+            if (address(ROOT_V2).code.length > 0) {
+                ROOT_V2.relyContract(WCFG, address(ROOT_V3));
+                ROOT_V3.denyContract(WCFG, address(ROOT_V2));
+            }
+            ROOT_V3.denyContract(WCFG, WCFG_MULTISIG);
+            ROOT_V3.denyContract(WCFG, CHAINBRIDGE_ERC20_HANDLER);
+        }
+    }
+
+    function _disableRootV2FromShareTokensV2() internal {
+        if (block.chainid == ETHEREUM_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, ETH_V2_JTRSY_VAULT);
+            _denyV2FromShareToken(TRANCHE_JAAA, ETH_V2_JAAA_VAULT);
+        } else if (block.chainid == BASE_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, BASE_V2_JTRSY_VAULT);
+            _denyV2FromShareToken(TRANCHE_JAAA, BASE_V2_JAAA_VAULT);
+        } else if (block.chainid == ARBITRUM_CHAIN_ID) {
+            _denyV2FromShareToken(TRANCHE_JTRSY, ARB_V2_JTRSY_VAULT);
+        }
+    }
+
+    // V2_ROOT is ward of these V2 vaults, so a V2_ROOT compromise could exploit the
+    // vault's remaining ward access on the share token via authTransferFrom.
+    function _denyV2FromShareToken(address shareToken, address v2Vault) internal {
+        IAuth shareToken_ = IAuth(shareToken);
+
+        if (address(shareToken_).code.length > 0 && shareToken_.wards(address(ROOT_V3)) == 1) {
+            ROOT_V3.relyContract(shareToken, address(this));
+            if (shareToken_.wards(address(ROOT_V2)) == 1) shareToken_.deny(address(ROOT_V2));
+            if (shareToken_.wards(v2Vault) == 1) shareToken_.deny(v2Vault);
+            ROOT_V3.denyContract(shareToken, address(this));
+        }
+    }
+
+    function _moveFundsFromEscrowToTreasury() internal {
+        if (ESCROW_V2.code.length > 0) {
+            IERC20 usdc;
+            if (block.chainid == ETHEREUM_CHAIN_ID) {
+                usdc = USDC_ETHEREUM;
+            } else if (block.chainid == BASE_CHAIN_ID) {
+                usdc = USDC_BASE;
+            } else if (block.chainid == ARBITRUM_CHAIN_ID) {
+                usdc = USDC_ARBITRUM;
+            } else {
+                return;
+            }
+
+            ROOT_V2.relyContract(address(ESCROW_V2), address(this));
+
+            EscrowV2Like(ESCROW_V2).approveMax(address(usdc), address(this));
+            usdc.transferFrom(ESCROW_V2, TREASURY, usdc.balanceOf(ESCROW_V2));
+
+            ROOT_V2.denyContract(address(ESCROW_V2), address(this));
+        }
+    }
+
+    function _relyContractUpdaterOnHooks() internal {
+        ROOT_V3.relyContract(FREEZE_ONLY_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(FULL_RESTRICTIONS_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(FREELY_TRANSFERABLE_HOOK, CONTRACT_UPDATER);
+        ROOT_V3.relyContract(REDEMPTION_RESTRICTIONS_HOOK, CONTRACT_UPDATER);
+    }
+
+    function _mintCFGToTreasury() internal {
+        if (block.chainid == ETHEREUM_CHAIN_ID) {
+            // Subtract wCFG balance held by the IOU_CFG contract, since those were already
+            // redeemed 1:1 for CFG and the wCFG total supply was not reduced upon redemption.
+            uint256 amount = IERC20(WCFG).totalSupply() - IERC20(WCFG).balanceOf(IOU_CFG) + CENTRIFUGE_CHAIN_CFG_AMOUNT;
+            ROOT_V3.relyContract(CFG, address(this));
+            CFGTokenLike(CFG).mint(CNF_TREASURY_WALLET, amount);
+            ROOT_V3.denyContract(CFG, address(this));
+        }
+    }
+}
diff --git a/env/spell/009_ethereum_0x11fe6d540a31267904fc21756dad824eae63541b.sol b/env/spell/009_ethereum_0x11fe6d540a31267904fc21756dad824eae63541b.sol
new file mode 100644
index 000000000..f9c5c3355
--- /dev/null
+++ b/env/spell/009_ethereum_0x11fe6d540a31267904fc21756dad824eae63541b.sol
@@ -0,0 +1,128 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+// Network: Ethereum (Chain ID: 1)
+// Deployed Address: 0x11fe6D540a31267904Fc21756Dad824eae63541b
+// Source Branch: internal/main
+// CREATE3 Deterministic Deployment
+
+import {PoolId} from "../../src/core/types/PoolId.sol";
+import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+import {IAdapterWiring} from "../../src/admin/interfaces/IAdapterWiring.sol";
+
+/// @title  AddChainlinkPharosEthSpell
+/// @notice Adds Chainlink as a second adapter to the pharos<>ethereum MultiAdapter route,
+///         upgrading from `[layerZero]` threshold 1 to `[layerZero, chainlink]` threshold 2.
+/// @dev    Designed to execute on BOTH ethereum mainnet and pharos (one deployment per chain).
+///         The spell branches on `block.chainid` to target the correct remote chain, and both
+///         wires the ChainlinkAdapter to the remote and calls `multiAdapter.setAdapters()` under
+///         one temporary Root-granted ward.
+///
+///         Scope is GLOBAL_POOL only (protocol-level traffic: upgrades, recovery, register,
+///         set-pool-adapters dispatch). Per-pool routes (e.g. JAAA 281474976710663) must be
+///         hardened separately by the pool manager via `hub.setAdapters`, which can only run
+///         AFTER this spell casts on both chain.
+contract AddChainlinkPharosEthSpell {
+    bool public done;
+    string public constant description =
+        "Add Chainlink adapter to pharos<>ethereum MultiAdapter (layerZero+chainlink, threshold 2)";
+
+    address public constant LAYER_ZERO_ADAPTER = 0xD517BC7ba17271a8D87BE7355B2523bF5c750295;
+    address public constant CHAINLINK_ADAPTER = 0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955;
+    address public constant MULTI_ADAPTER = 0x35C837F0A54B715a23D193E1476BFC9BC30073BE;
+    address public constant ETH_ROOT = 0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f;
+    address public constant PHAROS_ROOT = 0xdc9456e7e20f15029C8231Ec433a20F404b7235E;
+
+    uint256 public constant ETH_CHAIN_ID = 1;
+    uint256 public constant PHAROS_CHAIN_ID = 1672;
+
+    uint16 public constant ETH_CENTRIFUGE_ID = 1;
+    uint16 public constant PHAROS_CENTRIFUGE_ID = 12;
+
+    /// @dev Chainlink CCIP chain selectors for each chain. Sourced from env/{ethereum,pharos}.json.
+    uint64 public constant ETH_CCIP_SELECTOR = 5009297550715157269;
+    uint64 public constant PHAROS_CCIP_SELECTOR = 7801139999541420232;
+
+    /// @dev The adapter set on MultiAdapter applies to GLOBAL_POOL (PoolId(0)).
+    uint64 internal constant GLOBAL_POOL_RAW = 0;
+
+    /// @dev Target configuration for the new adapter set.
+    ///      `recoveryIndex == quorum` means no recovery-only adapters: both LZ and Chainlink are
+    ///      first-class. Matches the deployment-time convention in `ActionBatchers.sol` where
+    ///      `recoveryIndex` is always set to `adapters.length`.
+    uint8 internal constant NEW_THRESHOLD = 2;
+    uint8 internal constant NEW_RECOVERY_INDEX = 2;
+
+    error UnsupportedChain();
+    error UnexpectedAdapterCount();
+    error UnexpectedLayerZeroAdapter();
+    error AlreadyExecuted();
+
+    /// @notice Executes the upgrade on the current chain.
+    function cast() external {
+        if (done) revert AlreadyExecuted();
+        done = true;
+
+        (Root root, uint16 remoteCid, uint64 remoteCcipSelector) = _resolveLocal(block.chainid);
+        IMultiAdapter multiAdapter = IMultiAdapter(MULTI_ADAPTER);
+        IAdapter existingLz = _assertSingleAdapterPreState(multiAdapter, remoteCid);
+
+        _grantTemporaryWards(root, multiAdapter);
+        _wireChainlinkToRemote(remoteCid, remoteCcipSelector);
+        _switchMultiAdapterRoute(multiAdapter, remoteCid, existingLz);
+        _revokeTemporaryWards(root, multiAdapter);
+
+        root.deny(address(this));
+    }
+
+    /// @dev Map the local `block.chainid` to the local Root + remote centrifugeId + remote CCIP selector.
+    function _resolveLocal(uint256 localChainId)
+        internal
+        pure
+        returns (Root root, uint16 remoteCid, uint64 remoteCcipSelector)
+    {
+        if (localChainId == ETH_CHAIN_ID) {
+            return (Root(ETH_ROOT), PHAROS_CENTRIFUGE_ID, PHAROS_CCIP_SELECTOR);
+        }
+        if (localChainId == PHAROS_CHAIN_ID) {
+            return (Root(PHAROS_ROOT), ETH_CENTRIFUGE_ID, ETH_CCIP_SELECTOR);
+        }
+        revert UnsupportedChain();
+    }
+
+    function _assertSingleAdapterPreState(IMultiAdapter multiAdapter, uint16 remoteCid)
+        private
+        view
+        returns (IAdapter existingLz)
+    {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        if (multiAdapter.quorum(remoteCid, globalPool) != 1) revert UnexpectedAdapterCount();
+        existingLz = multiAdapter.adapters(remoteCid, globalPool, 0);
+        if (address(existingLz) != LAYER_ZERO_ADAPTER) revert UnexpectedLayerZeroAdapter();
+    }
+
+    function _grantTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.relyContract(CHAINLINK_ADAPTER, address(this));
+        root.relyContract(address(multiAdapter), address(this));
+    }
+
+    function _wireChainlinkToRemote(uint16 remoteCid, uint64 remoteCcipSelector) private {
+        IAdapterWiring(CHAINLINK_ADAPTER).wire(remoteCid, abi.encode(remoteCcipSelector, CHAINLINK_ADAPTER));
+    }
+
+    function _switchMultiAdapterRoute(IMultiAdapter multiAdapter, uint16 remoteCid, IAdapter existingLz) private {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        IAdapter[] memory newAdapters = new IAdapter[](2);
+        newAdapters[0] = existingLz;
+        newAdapters[1] = IAdapter(CHAINLINK_ADAPTER);
+        multiAdapter.setAdapters(remoteCid, globalPool, newAdapters, NEW_THRESHOLD, NEW_RECOVERY_INDEX);
+    }
+
+    function _revokeTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.denyContract(CHAINLINK_ADAPTER, address(this));
+        root.denyContract(address(multiAdapter), address(this));
+    }
+}
diff --git a/env/spell/009_pharos_0x11fe6d540a31267904fc21756dad824eae63541b.sol b/env/spell/009_pharos_0x11fe6d540a31267904fc21756dad824eae63541b.sol
new file mode 100644
index 000000000..68f3f118c
--- /dev/null
+++ b/env/spell/009_pharos_0x11fe6d540a31267904fc21756dad824eae63541b.sol
@@ -0,0 +1,128 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+// Network: Pharos (Chain ID: 1672)
+// Deployed Address: 0x11fe6D540a31267904Fc21756Dad824eae63541b
+// Source Branch: internal/main
+// CREATE3 Deterministic Deployment
+
+import {PoolId} from "../../src/core/types/PoolId.sol";
+import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+import {IAdapterWiring} from "../../src/admin/interfaces/IAdapterWiring.sol";
+
+/// @title  AddChainlinkPharosEthSpell
+/// @notice Adds Chainlink as a second adapter to the pharos<>ethereum MultiAdapter route,
+///         upgrading from `[layerZero]` threshold 1 to `[layerZero, chainlink]` threshold 2.
+/// @dev    Designed to execute on BOTH ethereum mainnet and pharos (one deployment per chain).
+///         The spell branches on `block.chainid` to target the correct remote chain, and both
+///         wires the ChainlinkAdapter to the remote and calls `multiAdapter.setAdapters()` under
+///         one temporary Root-granted ward.
+///
+///         Scope is GLOBAL_POOL only (protocol-level traffic: upgrades, recovery, register,
+///         set-pool-adapters dispatch). Per-pool routes (e.g. JAAA 281474976710663) must be
+///         hardened separately by the pool manager via `hub.setAdapters`, which can only run
+///         AFTER this spell casts on both chain.
+contract AddChainlinkPharosEthSpell {
+    bool public done;
+    string public constant description =
+        "Add Chainlink adapter to pharos<>ethereum MultiAdapter (layerZero+chainlink, threshold 2)";
+
+    address public constant LAYER_ZERO_ADAPTER = 0xD517BC7ba17271a8D87BE7355B2523bF5c750295;
+    address public constant CHAINLINK_ADAPTER = 0x39CF679Eb0Ac9075CFb5f94930A367Ba1557D955;
+    address public constant MULTI_ADAPTER = 0x35C837F0A54B715a23D193E1476BFC9BC30073BE;
+    address public constant ETH_ROOT = 0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f;
+    address public constant PHAROS_ROOT = 0xdc9456e7e20f15029C8231Ec433a20F404b7235E;
+
+    uint256 public constant ETH_CHAIN_ID = 1;
+    uint256 public constant PHAROS_CHAIN_ID = 1672;
+
+    uint16 public constant ETH_CENTRIFUGE_ID = 1;
+    uint16 public constant PHAROS_CENTRIFUGE_ID = 12;
+
+    /// @dev Chainlink CCIP chain selectors for each chain. Sourced from env/{ethereum,pharos}.json.
+    uint64 public constant ETH_CCIP_SELECTOR = 5009297550715157269;
+    uint64 public constant PHAROS_CCIP_SELECTOR = 7801139999541420232;
+
+    /// @dev The adapter set on MultiAdapter applies to GLOBAL_POOL (PoolId(0)).
+    uint64 internal constant GLOBAL_POOL_RAW = 0;
+
+    /// @dev Target configuration for the new adapter set.
+    ///      `recoveryIndex == quorum` means no recovery-only adapters: both LZ and Chainlink are
+    ///      first-class. Matches the deployment-time convention in `ActionBatchers.sol` where
+    ///      `recoveryIndex` is always set to `adapters.length`.
+    uint8 internal constant NEW_THRESHOLD = 2;
+    uint8 internal constant NEW_RECOVERY_INDEX = 2;
+
+    error UnsupportedChain();
+    error UnexpectedAdapterCount();
+    error UnexpectedLayerZeroAdapter();
+    error AlreadyExecuted();
+
+    /// @notice Executes the upgrade on the current chain.
+    function cast() external {
+        if (done) revert AlreadyExecuted();
+        done = true;
+
+        (Root root, uint16 remoteCid, uint64 remoteCcipSelector) = _resolveLocal(block.chainid);
+        IMultiAdapter multiAdapter = IMultiAdapter(MULTI_ADAPTER);
+        IAdapter existingLz = _assertSingleAdapterPreState(multiAdapter, remoteCid);
+
+        _grantTemporaryWards(root, multiAdapter);
+        _wireChainlinkToRemote(remoteCid, remoteCcipSelector);
+        _switchMultiAdapterRoute(multiAdapter, remoteCid, existingLz);
+        _revokeTemporaryWards(root, multiAdapter);
+
+        root.deny(address(this));
+    }
+
+    /// @dev Map the local `block.chainid` to the local Root + remote centrifugeId + remote CCIP selector.
+    function _resolveLocal(uint256 localChainId)
+        internal
+        pure
+        returns (Root root, uint16 remoteCid, uint64 remoteCcipSelector)
+    {
+        if (localChainId == ETH_CHAIN_ID) {
+            return (Root(ETH_ROOT), PHAROS_CENTRIFUGE_ID, PHAROS_CCIP_SELECTOR);
+        }
+        if (localChainId == PHAROS_CHAIN_ID) {
+            return (Root(PHAROS_ROOT), ETH_CENTRIFUGE_ID, ETH_CCIP_SELECTOR);
+        }
+        revert UnsupportedChain();
+    }
+
+    function _assertSingleAdapterPreState(IMultiAdapter multiAdapter, uint16 remoteCid)
+        private
+        view
+        returns (IAdapter existingLz)
+    {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        if (multiAdapter.quorum(remoteCid, globalPool) != 1) revert UnexpectedAdapterCount();
+        existingLz = multiAdapter.adapters(remoteCid, globalPool, 0);
+        if (address(existingLz) != LAYER_ZERO_ADAPTER) revert UnexpectedLayerZeroAdapter();
+    }
+
+    function _grantTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.relyContract(CHAINLINK_ADAPTER, address(this));
+        root.relyContract(address(multiAdapter), address(this));
+    }
+
+    function _wireChainlinkToRemote(uint16 remoteCid, uint64 remoteCcipSelector) private {
+        IAdapterWiring(CHAINLINK_ADAPTER).wire(remoteCid, abi.encode(remoteCcipSelector, CHAINLINK_ADAPTER));
+    }
+
+    function _switchMultiAdapterRoute(IMultiAdapter multiAdapter, uint16 remoteCid, IAdapter existingLz) private {
+        PoolId globalPool = PoolId.wrap(GLOBAL_POOL_RAW);
+        IAdapter[] memory newAdapters = new IAdapter[](2);
+        newAdapters[0] = existingLz;
+        newAdapters[1] = IAdapter(CHAINLINK_ADAPTER);
+        multiAdapter.setAdapters(remoteCid, globalPool, newAdapters, NEW_THRESHOLD, NEW_RECOVERY_INDEX);
+    }
+
+    function _revokeTemporaryWards(Root root, IMultiAdapter multiAdapter) private {
+        root.denyContract(CHAINLINK_ADAPTER, address(this));
+        root.denyContract(address(multiAdapter), address(this));
+    }
+}
diff --git a/env/testnet/arbitrum-sepolia.json b/env/testnet/arbitrum-sepolia.json
new file mode 100644
index 000000000..b2dbfe5a0
--- /dev/null
+++ b/env/testnet/arbitrum-sepolia.json
@@ -0,0 +1,51 @@
+{
+  "network": {
+    "chainId": 421614,
+    "environment": "testnet",
+    "centrifugeId": 3,
+    "network": "arbitrum",
+    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "namespace": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "baseRpcUrl": "https://arb-sepolia.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "axelar": {
+      "axelarId": "arbitrum-sepolia",
+      "gateway": "0xe1cE95479C84e9809269227C7F8524aE051Ae77a",
+      "gasService": "0xbE406F0189A0B4cf3A05C286473D23791Dd44Cc6",
+      "deploy": true
+    },
+    "layerZero": {
+      "endpoint": "0x6EDCE65403992e310A62460808c4b910D972f10f",
+      "layerZeroEid": 40231,
+      "deploy": true,
+      "blockConfirmations": 5,
+      "requiredDVNs": [
+        "0x53f488E93b4f1b60E8E83aa374dBe1780A1EE8a8"
+      ],
+      "optionalDVNs": [],
+      "optionalDVNThreshold": 0
+    },
+    "chainlink": {
+      "chainSelector": 3478487238524512106,
+      "ccipRouter": "0x2a9C5afB0d0e4BAb2BCdaE109EC4b0c4Be15a165",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
+      "blockNumber": 237622348,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "24032569",
+      "timestamp": "2026-01-28T15:42:39Z",
+      "suffix": "rev2",
+      "startBlock": 237622348
+    }
+  }
+}
diff --git a/env/testnet/base-sepolia.json b/env/testnet/base-sepolia.json
new file mode 100644
index 000000000..4dfd1aa13
--- /dev/null
+++ b/env/testnet/base-sepolia.json
@@ -0,0 +1,50 @@
+{
+  "network": {
+    "chainId": 84532,
+    "environment": "testnet",
+    "centrifugeId": 2,
+    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "namespace": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "baseRpcUrl": "https://base-sepolia.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "axelar": {
+      "axelarId": "base-sepolia",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0xbE406F0189A0B4cf3A05C286473D23791Dd44Cc6",
+      "deploy": true
+    },
+    "layerZero": {
+      "endpoint": "0x6EDCE65403992e310A62460808c4b910D972f10f",
+      "layerZeroEid": 40245,
+      "deploy": true,
+      "blockConfirmations": 5,
+      "requiredDVNs": [
+        "0xe1a12515F9AB2764b887bF60B923Ca494EBbB2d6"
+      ],
+      "optionalDVNs": [],
+      "optionalDVNThreshold": 0
+    },
+    "chainlink": {
+      "chainSelector": 10344971235874465080,
+      "ccipRouter": "0xD3b06cEbF099CE7DA4AcCf578aaebFDBd6e88a93",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
+      "blockNumber": 36922347,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "24032569",
+      "timestamp": "2026-01-28T15:09:27Z",
+      "suffix": "rev2",
+      "startBlock": 36922347
+    }
+  }
+}
diff --git a/env/connections/testnet.json b/env/testnet/connections.json
similarity index 83%
rename from env/connections/testnet.json
rename to env/testnet/connections.json
index 5379a3086..de82e57b8 100644
--- a/env/connections/testnet.json
+++ b/env/testnet/connections.json
@@ -5,7 +5,7 @@
     "connections": [
         {
             "chains": ["ALL", "ALL"],
-            "adapters": ["axelar", "wormhole", "layerZero", "chainlink"],
+            "adapters": ["axelar", "layerZero", "chainlink"],
             "threshold": 1
         },
         {
diff --git a/env/testnet/hyper-evm-testnet.json b/env/testnet/hyper-evm-testnet.json
new file mode 100644
index 000000000..fa5c3aaf1
--- /dev/null
+++ b/env/testnet/hyper-evm-testnet.json
@@ -0,0 +1,39 @@
+{
+  "network": {
+    "chainId": 998,
+    "environment": "testnet",
+    "centrifugeId": 9,
+    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "namespace": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "baseRpcUrl": "https://hyperliquid-testnet.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "layerZero": {
+      "endpoint": "0xf9e1815F151024bDE4B7C10BAC10e8Ba9F6b53E1",
+      "layerZeroEid": 40362,
+      "deploy": true,
+      "blockConfirmations": 5,
+      "requiredDVNs": [
+        "0x91E698871030D0e1b6c9268C20bB57E2720618Dd"
+      ],
+      "optionalDVNs": [],
+      "optionalDVNThreshold": 0
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
+      "blockNumber": 43580306,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "24032569",
+      "timestamp": "2026-01-21T07:45:00Z",
+      "suffix": "rev2",
+      "startBlock": 43580306
+    }
+  }
+}
diff --git a/env/testnet/sepolia.json b/env/testnet/sepolia.json
new file mode 100644
index 000000000..40064e8cb
--- /dev/null
+++ b/env/testnet/sepolia.json
@@ -0,0 +1,50 @@
+{
+  "network": {
+    "chainId": 11155111,
+    "environment": "testnet",
+    "centrifugeId": 1,
+    "protocolAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "opsAdmin": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "namespace": "0xc1A929CBc122Ddb8794287D05Bf890E41f23c8cb",
+    "baseRpcUrl": "https://eth-sepolia.g.alchemy.com/v2/"
+  },
+  "adapters": {
+    "axelar": {
+      "axelarId": "ethereum-sepolia",
+      "gateway": "0xe432150cce91c13a887f7D836923d5597adD8E31",
+      "gasService": "0xbE406F0189A0B4cf3A05C286473D23791Dd44Cc6",
+      "deploy": true
+    },
+    "layerZero": {
+      "endpoint": "0x6edce65403992e310a62460808c4b910d972f10f",
+      "layerZeroEid": 40161,
+      "deploy": true,
+      "blockConfirmations": 5,
+      "requiredDVNs": [
+        "0x8eebf8b423B73bFCa51a1Db4B7354AA0bFCA9193"
+      ],
+      "optionalDVNs": [],
+      "optionalDVNThreshold": 0
+    },
+    "chainlink": {
+      "chainSelector": 16015286601757825753,
+      "ccipRouter": "0x0BF3dE8c5D3e8A2B34D2BEeB17ABfCeBaf363A59",
+      "deploy": true
+    }
+  },
+  "contracts": {
+    "root": {
+      "address": "0x1Fa8a2fe2eAE2373B03Fa313E016605EB86cBae8",
+      "blockNumber": 10142074,
+      "version": "v3.1"
+    }
+  },
+  "deploymentInfo": {
+    "deploy:protocol": {
+      "gitCommit": "24032569",
+      "timestamp": "2026-01-28T14:47:33Z",
+      "suffix": "rev2",
+      "startBlock": 10142074
+    }
+  }
+}
diff --git a/foundry.lock b/foundry.lock
index 85bf12d51..9fc480283 100644
--- a/foundry.lock
+++ b/foundry.lock
@@ -2,6 +2,12 @@
   "lib/chimera": {
     "rev": "d5cf52bc5bbf75f988f8aada23fd12d0bcf7798a"
   },
+  "lib/create3-gate": {
+    "rev": "0665d63f27673c2b5b9ab2008c49ff9404d41b12"
+  },
+  "lib/createx-forge": {
+    "rev": "1d5ed80fabe164421228d7ce0fd5c7f3e3010300"
+  },
   "lib/enso-weiroll": {
     "rev": "900250114203727ff236d3f6313673c17c2d90dd"
   },
@@ -16,5 +22,8 @@
       "name": "v0.0.17",
       "rev": "c057d167139dc4878f10ab7133a8c069fa6b1601"
     }
+  },
+  "lib/setup-helpers": {
+    "rev": "0b6c2c1a478a34a8f284ebabd57b951085952cdf"
   }
 }
\ No newline at end of file
diff --git a/foundry.toml b/foundry.toml
index f6717403c..7d3696131 100644
--- a/foundry.toml
+++ b/foundry.toml
@@ -12,8 +12,12 @@ verbosity = 3
 
 ffi = true
 fs_permissions = [
-  { access = "read-write", path = "./env/latest" },
+  # env/ is read-only on purpose: the one thing that writes a network config is a jq merge behind ffi, so a
+  # test or a stray script cannot rewrite one through a cheatcode
   { access = "read", path = "env" },
+  # The chain fixtures script/anvil/anvil.sh copies into env/anvil/ for a run, and the only configs this
+  # branch checks in: a reader has to reach them before a run has happened
+  { access = "read", path = "script/anvil/env" },
   { access = "read-write", path = "snapshots" },
   { access = "read-write", path = "spell-cache" },
   { access = "read", path = "out-ir" },
@@ -56,6 +60,53 @@ depth = 100
 call_override = false
 fail_on_revert = false
 
+# Every network reachable by `--rpc-url <alias>` on the CLI and `vm.rpcUrl(<alias>)` in Solidity, so that
+# building a URL out of a base and an API key happens in exactly one place. Aliases match the network names
+# under env/<environment>/, which is how NetworkConfigLib.rpcUrl (a live-branch consumer) resolves one from
+# a loaded config. Interpolation is lazy: a missing API key only fails the run that reaches for it.
+[rpc_endpoints]
+# Mainnets
+arbitrum = "https://arb-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+avalanche = "https://avax-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+base = "https://base-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+bnb-smart-chain = "https://bnb-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+ethereum = "https://eth-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+hyper-evm = "https://hyperliquid-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+monad = "https://monad-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+optimism = "https://opt-mainnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+pharos = "https://api.zan.top/node/v1/pharos/mainnet/${PHAROS_API_KEY}"
+plume = "https://rpc.plume.org/${PLUME_API_KEY}"
+x-layer = "https://rpc.xlayer.tech"
+# Testnets
+arbitrum-sepolia = "https://arb-sepolia.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+base-sepolia = "https://base-sepolia.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+hyper-evm-testnet = "https://hyperliquid-testnet.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+sepolia = "https://eth-sepolia.g.alchemy.com/v2/${ALCHEMY_API_KEY}"
+# Local chains brought up by script/anvil/anvil.sh, one per chain
+local-a = "http://localhost:8545"
+local-b = "http://localhost:8546"
+
+# What `--verify` needs, per chain, so a deployment run carries no verification flags. Etherscan's v2 API
+# takes one key for every chain it covers; the chains it does not are on Blockscout-compatible explorers,
+# reached through an explicit url. Entries are matched by chain id, names mirror [rpc_endpoints].
+[etherscan]
+# Mainnets
+arbitrum = { key = "${ETHERSCAN_API_KEY}", chain = 42161 }
+avalanche = { key = "${ETHERSCAN_API_KEY}", chain = 43114 }
+base = { key = "${ETHERSCAN_API_KEY}", chain = 8453 }
+bnb-smart-chain = { key = "${ETHERSCAN_API_KEY}", chain = 56 }
+ethereum = { key = "${ETHERSCAN_API_KEY}", chain = 1 }
+hyper-evm = { key = "${ETHERSCAN_API_KEY}", chain = 999 }
+monad = { key = "${ETHERSCAN_API_KEY}", chain = 143, url = "https://api.socialscan.io/monad-mainnet/v1/explorer/command_api/contract" }
+optimism = { key = "${ETHERSCAN_API_KEY}", chain = 10 }
+pharos = { key = "${ETHERSCAN_API_KEY}", chain = 1672, url = "https://api.socialscan.io/pharos-mainnet/v1/explorer/command_api/contract" }
+plume = { key = "${ETHERSCAN_API_KEY}", chain = 98866, url = "https://explorer.plume.org/api/" }
+# Testnets
+arbitrum-sepolia = { key = "${ETHERSCAN_API_KEY}", chain = 421614 }
+base-sepolia = { key = "${ETHERSCAN_API_KEY}", chain = 84532 }
+hyper-evm-testnet = { key = "${ETHERSCAN_API_KEY}", chain = 998 }
+sepolia = { key = "${ETHERSCAN_API_KEY}", chain = 11155111 }
+
 [profile.echidna]
 dynamic_test_linking = false # Enabling this would lead to foundry-pp/DeployHelper*.sol files that crytic-compile can't resolve
 # Override bytecode_hash for fuzzer coverage: "none" causes crytic-compile to treat every
@@ -97,7 +148,7 @@ fail_on_revert = false
 
 [profile.ci-coverage]
 verbosity = 2
-no_match_coverage = "test/spoke/fuzzing/**/*.sol|test/integration/spell/utils/validation/**/*.sol"
+no_match_coverage = "test/spoke/fuzzing/**/*.sol"
 
 [profile.ci-coverage.fuzz]
 runs = 512                # 2x of default
diff --git a/lib/create3-gate b/lib/create3-gate
new file mode 160000
index 000000000..0665d63f2
--- /dev/null
+++ b/lib/create3-gate
@@ -0,0 +1 @@
+Subproject commit 0665d63f27673c2b5b9ab2008c49ff9404d41b12
diff --git a/medusa.json b/medusa.json
index 89bf2685e..907f2e12b 100644
--- a/medusa.json
+++ b/medusa.json
@@ -8,10 +8,10 @@
     "corpusDirectory": "medusa",
     "coverageEnabled": true,
     "deploymentOrder": [
-      "CryticTester"
+      "CryticE2ETester"
     ],
     "targetContracts": [
-      "CryticTester"
+      "CryticE2ETester"
     ],
     "targetContractsBalances": [
       "0x27b46536c66c8e3000000"
diff --git a/remappings.txt b/remappings.txt
index 092b221ae..516405a1a 100644
--- a/remappings.txt
+++ b/remappings.txt
@@ -12,4 +12,6 @@ setup-helpers/=lib/setup-helpers/src/
 src/=src/
 test/=test/
 createx-forge/=lib/createx-forge/
+create3-gate/=lib/create3-gate/
+lib/create3-gate/:createx-forge/script/=script/utils/createx/
 enso-weiroll/=lib/enso-weiroll/contracts/
diff --git a/script/BaseDeployer.s.sol b/script/BaseDeployer.s.sol
deleted file mode 100644
index 3f43c2874..000000000
--- a/script/BaseDeployer.s.sol
+++ /dev/null
@@ -1,71 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {ICreateX} from "./utils/ICreateX.sol";
-import {CREATEX_ADDRESS} from "./utils/CreateX.d.sol";
-import {CreateXScript} from "./utils/CreateXScript.sol";
-import {JsonRegistry} from "./utils/JsonRegistry.s.sol";
-
-import "forge-std/Script.sol";
-
-contract BaseDeployer is Script, JsonRegistry, CreateXScript {
-    string internal suffix;
-    address public deployer;
-
-    function _init(string memory suffix_, address deployer_) internal {
-        setUpCreateXFactory();
-
-        suffix = suffix_;
-        deployer = deployer_;
-    }
-
-    function _isLegacyVersion(string memory version) private pure returns (bool) {
-        return keccak256(abi.encodePacked(version)) == keccak256(abi.encodePacked("3"));
-    }
-
-    function _makeSalt(string memory contractName, string memory version) private view returns (bytes32) {
-        require(deployer != address(0), "BaseDeployer::_init() must be called!");
-
-        // Legacy contracts had a different salt computation (i.e: root in some chains)
-        if (_isLegacyVersion(version)) {
-            return keccak256(abi.encodePacked(contractName, keccak256(abi.encodePacked(version))));
-        }
-
-        bytes memory compoundedVersion = bytes(string.concat(version, "-", suffix));
-        require(compoundedVersion.length <= 32, "Version + suffix is too large");
-
-        bytes32 versionHash = bytes(suffix).length > 0 ? bytes32(compoundedVersion) : bytes32(bytes(version));
-        bytes32 baseHash = keccak256(abi.encodePacked(contractName, versionHash));
-
-        // NOTE: To avoid CreateX InvalidSalt issues, 21st byte needs to be 0
-        return bytes32(abi.encodePacked(bytes20(deployer), bytes1(0x0), bytes11(baseHash)));
-    }
-
-    /// @dev Generates a deterministic salt and registers the predicted address.
-    ///      The version must match the one used at initial deployment to reuse existing addresses.
-    ///      Use the suffix (instead of changing the version) to create isolated fresh deployments.
-    function createSalt(string memory contractName, string memory contractVersion) internal returns (bytes32) {
-        bytes32 salt = _makeSalt(contractName, contractVersion);
-        address addr = previewCreate3Address(contractName, contractVersion);
-
-        register(contractName, addr, contractVersion);
-
-        vm.label(addr, string.concat(contractName, "-", contractVersion, "-", suffix));
-
-        return salt;
-    }
-
-    /// @dev Previews the address generated by create3(createSalt(contractName, contractVersion))
-    function previewCreate3Address(string memory contractName, string memory contractVersion)
-        internal
-        view
-        returns (address)
-    {
-        bytes32 salt = _makeSalt(contractName, contractVersion);
-
-        // Legacy salts don't embed the deployer address, so CreateX guards them with keccak256(salt).
-        return _isLegacyVersion(contractVersion)
-            ? ICreateX(CREATEX_ADDRESS).computeCreate3Address(keccak256(abi.encodePacked(salt)), CREATEX_ADDRESS)
-            : computeCreate3Address(salt, deployer);
-    }
-}
diff --git a/script/FullDeployer.s.sol b/script/FullDeployer.s.sol
deleted file mode 100644
index ba50fdeca..000000000
--- a/script/FullDeployer.s.sol
+++ /dev/null
@@ -1,766 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {BaseDeployer} from "./BaseDeployer.s.sol";
-
-import {Hub} from "../src/core/hub/Hub.sol";
-import {Spoke} from "../src/core/spoke/Spoke.sol";
-import {Holdings} from "../src/core/hub/Holdings.sol";
-import {Accounting} from "../src/core/hub/Accounting.sol";
-import {Gateway} from "../src/core/messaging/Gateway.sol";
-import {HubHandler} from "../src/core/hub/HubHandler.sol";
-import {HubRegistry} from "../src/core/hub/HubRegistry.sol";
-import {BalanceSheet} from "../src/core/spoke/BalanceSheet.sol";
-import {GasService} from "../src/core/messaging/GasService.sol";
-import {VaultRegistry} from "../src/core/spoke/VaultRegistry.sol";
-import {MultiAdapter} from "../src/core/messaging/MultiAdapter.sol";
-import {ContractUpdater} from "../src/core/utils/ContractUpdater.sol";
-import {ShareClassManager} from "../src/core/hub/ShareClassManager.sol";
-import {TokenFactory} from "../src/core/spoke/factories/TokenFactory.sol";
-import {MessageProcessor} from "../src/core/messaging/MessageProcessor.sol";
-import {MessageDispatcher} from "../src/core/messaging/MessageDispatcher.sol";
-import {PoolEscrowFactory} from "../src/core/spoke/factories/PoolEscrowFactory.sol";
-
-import {Root} from "../src/admin/Root.sol";
-import {ISafe} from "../src/admin/interfaces/ISafe.sol";
-import {OpsGuardian} from "../src/admin/OpsGuardian.sol";
-import {TokenRecoverer} from "../src/admin/TokenRecoverer.sol";
-import {ProtocolGuardian} from "../src/admin/ProtocolGuardian.sol";
-
-import {FreezeOnly} from "../src/hooks/FreezeOnly.sol";
-import {FullRestrictions} from "../src/hooks/FullRestrictions.sol";
-import {FreelyTransferable} from "../src/hooks/FreelyTransferable.sol";
-import {RedemptionRestrictions} from "../src/hooks/RedemptionRestrictions.sol";
-
-import {NAVManager} from "../src/managers/hub/NAVManager.sol";
-import {QueueManager} from "../src/managers/spoke/QueueManager.sol";
-import {OnOffRampFactory} from "../src/managers/spoke/OnOffRamp.sol";
-import {ScriptHelpers} from "../src/managers/spoke/ScriptHelpers.sol";
-import {AccountingToken} from "../src/managers/spoke/AccountingToken.sol";
-import {FlashLoanHelper} from "../src/managers/spoke/FlashLoanHelper.sol";
-import {ApprovalGuard} from "../src/managers/spoke/guards/ApprovalGuard.sol";
-import {SlippageGuard} from "../src/managers/spoke/guards/SlippageGuard.sol";
-import {SimplePriceManager} from "../src/managers/hub/SimplePriceManager.sol";
-import {CircuitBreakerGuard} from "../src/managers/spoke/guards/CircuitBreakerGuard.sol";
-import {IOnchainPMFactory} from "../src/managers/spoke/interfaces/IOnchainPMFactory.sol";
-
-import {OracleValuation} from "../src/valuations/OracleValuation.sol";
-import {IdentityValuation} from "../src/valuations/IdentityValuation.sol";
-
-import {SyncManager} from "../src/vaults/SyncManager.sol";
-import {VaultRouter} from "../src/vaults/VaultRouter.sol";
-import {AsyncRequestManager} from "../src/vaults/AsyncRequestManager.sol";
-import {BatchRequestManager} from "../src/vaults/BatchRequestManager.sol";
-import {AsyncVaultFactory} from "../src/vaults/factories/AsyncVaultFactory.sol";
-import {SyncDepositVaultFactory} from "../src/vaults/factories/SyncDepositVaultFactory.sol";
-
-import {VmSafe} from "forge-std/Vm.sol";
-
-import {SubsidyManager} from "../src/utils/SubsidyManager.sol";
-import {AxelarAdapter} from "../src/adapters/AxelarAdapter.sol";
-import {WormholeAdapter} from "../src/adapters/WormholeAdapter.sol";
-import {ChainlinkAdapter} from "../src/adapters/ChainlinkAdapter.sol";
-import {LayerZeroAdapter} from "../src/adapters/LayerZeroAdapter.sol";
-import {RefundEscrowFactory} from "../src/utils/RefundEscrowFactory.sol";
-import {
-    Constants,
-    CoreReport,
-    CoreActionBatcher,
-    NonCoreActionBatcher,
-    AdapterActionBatcher,
-    NonCoreReport,
-    AdaptersReport,
-    AdapterConnections,
-    SetConfigParam
-} from "../src/deployment/ActionBatchers.sol";
-
-string constant V3_1 = "v3.1";
-string constant V3_2 = "v3.2";
-
-struct WormholeInput {
-    bool shouldDeploy;
-    address relayer;
-}
-
-struct AxelarInput {
-    bool shouldDeploy;
-    address gateway;
-    address gasService;
-}
-
-struct LayerZeroInput {
-    bool shouldDeploy;
-    address endpoint;
-    address delegate;
-    // Pre-computed LayerZero ULN config
-    // Should contain SetConfigParam[] for both send and receive libraries
-    // The order of this array must be the same as the connections
-    SetConfigParam[] configParams;
-}
-
-struct ChainlinkInput {
-    bool shouldDeploy;
-    address ccipRouter;
-}
-
-struct AdaptersInput {
-    LayerZeroInput layerZero;
-    WormholeInput wormhole;
-    AxelarInput axelar;
-    ChainlinkInput chainlink;
-    AdapterConnections[] connections;
-}
-
-struct DeployerInput {
-    uint16 centrifugeId;
-    string suffix;
-    uint8[32] txLimits;
-    ISafe protocolSafe;
-    ISafe opsSafe;
-    AdaptersInput adapters;
-}
-
-contract FullDeployer is BaseDeployer, Constants {
-    uint256 public constant DELAY = 48 hours;
-
-    Root public root;
-    TokenRecoverer public tokenRecoverer;
-    ProtocolGuardian public protocolGuardian;
-    OpsGuardian public opsGuardian;
-
-    Gateway public gateway;
-    MultiAdapter public multiAdapter;
-
-    GasService public gasService;
-    MessageProcessor public messageProcessor;
-    MessageDispatcher public messageDispatcher;
-
-    Spoke public spoke;
-    BalanceSheet public balanceSheet;
-    TokenFactory public tokenFactory;
-    ContractUpdater public contractUpdater;
-    VaultRegistry public vaultRegistry;
-    PoolEscrowFactory public poolEscrowFactory;
-
-    HubRegistry public hubRegistry;
-    Accounting public accounting;
-    Holdings public holdings;
-    ShareClassManager public shareClassManager;
-    HubHandler public hubHandler;
-    Hub public hub;
-
-    SubsidyManager public subsidyManager;
-    RefundEscrowFactory public refundEscrowFactory;
-    AsyncVaultFactory public asyncVaultFactory;
-    AsyncRequestManager public asyncRequestManager;
-    SyncDepositVaultFactory public syncDepositVaultFactory;
-    SyncManager public syncManager;
-    VaultRouter public vaultRouter;
-
-    FreezeOnly public freezeOnlyHook;
-    FullRestrictions public fullRestrictionsHook;
-    FreelyTransferable public freelyTransferableHook;
-    RedemptionRestrictions public redemptionRestrictionsHook;
-
-    QueueManager public queueManager;
-    AccountingToken public accountingToken;
-    ScriptHelpers public scriptHelpers;
-    FlashLoanHelper public flashLoanHelper;
-    IOnchainPMFactory public onchainPMFactory;
-    OnOffRampFactory public onOffRampFactory;
-    ApprovalGuard public approvalGuard;
-    CircuitBreakerGuard public circuitBreakerGuard;
-    SlippageGuard public slippageGuard;
-    BatchRequestManager public batchRequestManager;
-
-    IdentityValuation public identityValuation;
-    OracleValuation public oracleValuation;
-
-    NAVManager public navManager;
-    SimplePriceManager public simplePriceManager;
-
-    ChainlinkAdapter chainlinkAdapter;
-    AxelarAdapter axelarAdapter;
-    WormholeAdapter wormholeAdapter;
-    LayerZeroAdapter layerZeroAdapter;
-
-    CoreActionBatcher public coreBatcher;
-    NonCoreActionBatcher public nonCoreBatcher;
-    AdapterActionBatcher public adapterBatcher;
-
-    function deployFull(DeployerInput memory input, address deployer_) public {
-        _init(input.suffix, deployer_);
-
-        address coreBatcherAddr = previewCreate3Address("coreBatcher", V3_1);
-        address nonCoreBatcherAddr = previewCreate3Address("nonCoreBatcher", V3_1);
-        address adapterBatcherAddr = previewCreate3Address("adapterBatcher", V3_1);
-
-        _deployCore(coreBatcherAddr, input);
-        coreBatcher = CoreActionBatcher(
-            create3(
-                createSalt("coreBatcher", V3_1),
-                abi.encodePacked(
-                    type(CoreActionBatcher).creationCode,
-                    abi.encode(coreReport(), input.protocolSafe, input.opsSafe, adapterBatcherAddr, nonCoreBatcherAddr)
-                )
-            )
-        );
-
-        _deployNonCore(nonCoreBatcherAddr);
-        nonCoreBatcher = NonCoreActionBatcher(
-            create3(
-                createSalt("nonCoreBatcher", V3_1),
-                abi.encodePacked(type(NonCoreActionBatcher).creationCode, abi.encode(nonCoreReport()))
-            )
-        );
-
-        _deployAdapters(adapterBatcherAddr, input.adapters);
-        adapterBatcher = AdapterActionBatcher(
-            create3(
-                createSalt("adapterBatcher", V3_1),
-                abi.encodePacked(
-                    type(AdapterActionBatcher).creationCode,
-                    abi.encode(
-                        adaptersReport(),
-                        input.protocolSafe,
-                        input.adapters.connections,
-                        input.adapters.layerZero.configParams,
-                        input.adapters.layerZero.delegate,
-                        vm.toString(address(axelarAdapter))
-                    )
-                )
-            )
-        );
-
-        // NOTE. Coverage compiles without optimizations.
-        // This means that the gas costs are higher than the calibrated gasService limits,
-        // causing message processing to silently fail (e.g. PoolEscrow creation via CREATE).
-        // We mock messageProcessingGasLimit with a higher value large enough for unoptimized code.
-        if (vm.isContext(VmSafe.ForgeContext.Coverage)) {
-            vm.mockCall(
-                address(gasService),
-                abi.encodeWithSelector(GasService.messageProcessingGasLimit.selector),
-                abi.encode(uint128(30_000_000))
-            );
-        }
-    }
-
-    function _deployCore(address batcher, DeployerInput memory input) internal {
-        // Admin
-        root = Root(
-            create3(createSalt("root", V3_1), abi.encodePacked(type(Root).creationCode, abi.encode(DELAY, batcher)))
-        );
-
-        // Core
-        gateway = Gateway(
-            create3(
-                createSalt("gateway", V3_1),
-                abi.encodePacked(type(Gateway).creationCode, abi.encode(input.centrifugeId, root, batcher))
-            )
-        );
-
-        multiAdapter = MultiAdapter(
-            create3(
-                createSalt("multiAdapter", V3_1),
-                abi.encodePacked(type(MultiAdapter).creationCode, abi.encode(input.centrifugeId, gateway, batcher))
-            )
-        );
-
-        contractUpdater = ContractUpdater(
-            create3(
-                createSalt("contractUpdater", V3_1),
-                abi.encodePacked(type(ContractUpdater).creationCode, abi.encode(batcher))
-            )
-        );
-
-        // Messaging
-        gasService = GasService(
-            create3(
-                createSalt("gasService", V3_1),
-                abi.encodePacked(type(GasService).creationCode, abi.encode(input.txLimits))
-            )
-        );
-
-        messageProcessor = MessageProcessor(
-            create3(
-                createSalt("messageProcessor", V3_1),
-                abi.encodePacked(type(MessageProcessor).creationCode, abi.encode(root, batcher))
-            )
-        );
-
-        messageDispatcher = MessageDispatcher(
-            create3(
-                createSalt("messageDispatcher", V3_1),
-                abi.encodePacked(
-                    type(MessageDispatcher).creationCode, abi.encode(input.centrifugeId, root, gateway, batcher)
-                )
-            )
-        );
-
-        // Spoke
-        tokenFactory = TokenFactory(
-            create3(
-                createSalt("tokenFactory", V3_1),
-                abi.encodePacked(type(TokenFactory).creationCode, abi.encode(root, batcher))
-            )
-        );
-
-        spoke = Spoke(
-            create3(
-                createSalt("spoke", V3_1), abi.encodePacked(type(Spoke).creationCode, abi.encode(tokenFactory, batcher))
-            )
-        );
-
-        balanceSheet = BalanceSheet(
-            create3(
-                createSalt("balanceSheet", V3_1),
-                abi.encodePacked(type(BalanceSheet).creationCode, abi.encode(root, batcher))
-            )
-        );
-
-        vaultRegistry = VaultRegistry(
-            create3(
-                createSalt("vaultRegistry", V3_1),
-                abi.encodePacked(type(VaultRegistry).creationCode, abi.encode(batcher))
-            )
-        );
-
-        poolEscrowFactory = PoolEscrowFactory(
-            create3(
-                createSalt("poolEscrowFactory", V3_1),
-                abi.encodePacked(type(PoolEscrowFactory).creationCode, abi.encode(root, batcher))
-            )
-        );
-
-        // Hub
-        hubRegistry = HubRegistry(
-            create3(
-                createSalt("hubRegistry", V3_1), abi.encodePacked(type(HubRegistry).creationCode, abi.encode(batcher))
-            )
-        );
-
-        accounting = Accounting(
-            create3(
-                createSalt("accounting", V3_1), abi.encodePacked(type(Accounting).creationCode, abi.encode(batcher))
-            )
-        );
-
-        holdings = Holdings(
-            create3(
-                createSalt("holdings", V3_1),
-                abi.encodePacked(type(Holdings).creationCode, abi.encode(hubRegistry, batcher))
-            )
-        );
-
-        shareClassManager = ShareClassManager(
-            create3(
-                createSalt("shareClassManager", V3_1),
-                abi.encodePacked(type(ShareClassManager).creationCode, abi.encode(hubRegistry, batcher))
-            )
-        );
-
-        hub = Hub(
-            create3(
-                createSalt("hub", V3_1),
-                abi.encodePacked(
-                    type(Hub).creationCode,
-                    abi.encode(gateway, holdings, accounting, hubRegistry, multiAdapter, shareClassManager, batcher)
-                )
-            )
-        );
-
-        hubHandler = HubHandler(
-            create3(
-                createSalt("hubHandler", V3_1),
-                abi.encodePacked(
-                    type(HubHandler).creationCode, abi.encode(hub, holdings, hubRegistry, shareClassManager, batcher)
-                )
-            )
-        );
-
-        // Admin (depends on core contracts)
-        tokenRecoverer = TokenRecoverer(
-            create3(
-                createSalt("tokenRecoverer", V3_1),
-                abi.encodePacked(type(TokenRecoverer).creationCode, abi.encode(root, batcher))
-            )
-        );
-
-        protocolGuardian = ProtocolGuardian(
-            create3(
-                createSalt("protocolGuardian", V3_1),
-                abi.encodePacked(
-                    type(ProtocolGuardian).creationCode,
-                    abi.encode(ISafe(address(batcher)), root, gateway, messageDispatcher)
-                )
-            )
-        );
-
-        opsGuardian = OpsGuardian(
-            create3(
-                createSalt("opsGuardian", V3_1),
-                abi.encodePacked(type(OpsGuardian).creationCode, abi.encode(ISafe(address(batcher)), hub, multiAdapter))
-            )
-        );
-    }
-
-    function _deployNonCore(address batcher) internal {
-        refundEscrowFactory = RefundEscrowFactory(
-            create3(
-                createSalt("refundEscrowFactory", V3_1),
-                abi.encodePacked(type(RefundEscrowFactory).creationCode, abi.encode(batcher))
-            )
-        );
-
-        subsidyManager = SubsidyManager(
-            create3(
-                createSalt("subsidyManager", V3_1),
-                abi.encodePacked(type(SubsidyManager).creationCode, abi.encode(refundEscrowFactory, batcher))
-            )
-        );
-
-        asyncRequestManager = AsyncRequestManager(
-            payable(create3(
-                    createSalt("asyncRequestManager", V3_1),
-                    abi.encodePacked(type(AsyncRequestManager).creationCode, abi.encode(subsidyManager, batcher))
-                ))
-        );
-
-        syncManager = SyncManager(
-            create3(
-                createSalt("syncManager", V3_1), abi.encodePacked(type(SyncManager).creationCode, abi.encode(batcher))
-            )
-        );
-
-        vaultRouter = VaultRouter(
-            create3(
-                createSalt("vaultRouter", V3_1),
-                abi.encodePacked(type(VaultRouter).creationCode, abi.encode(gateway, spoke, vaultRegistry, batcher))
-            )
-        );
-
-        asyncVaultFactory = AsyncVaultFactory(
-            create3(
-                createSalt("asyncVaultFactory", V3_1),
-                abi.encodePacked(
-                    type(AsyncVaultFactory).creationCode, abi.encode(address(root), asyncRequestManager, batcher)
-                )
-            )
-        );
-
-        syncDepositVaultFactory = SyncDepositVaultFactory(
-            create3(
-                createSalt("syncDepositVaultFactory", V3_1),
-                abi.encodePacked(
-                    type(SyncDepositVaultFactory).creationCode,
-                    abi.encode(address(root), syncManager, asyncRequestManager, batcher)
-                )
-            )
-        );
-
-        freezeOnlyHook = FreezeOnly(
-            create3(
-                createSalt("freezeOnlyHook", V3_1),
-                abi.encodePacked(
-                    type(FreezeOnly).creationCode,
-                    abi.encode(
-                        address(root),
-                        address(spoke),
-                        address(balanceSheet),
-                        address(spoke),
-                        batcher,
-                        address(poolEscrowFactory),
-                        address(0)
-                    )
-                )
-            )
-        );
-
-        fullRestrictionsHook = FullRestrictions(
-            create3(
-                createSalt("fullRestrictionsHook", V3_1),
-                abi.encodePacked(
-                    type(FullRestrictions).creationCode,
-                    abi.encode(
-                        address(root),
-                        address(spoke),
-                        address(balanceSheet),
-                        address(spoke),
-                        batcher,
-                        address(poolEscrowFactory),
-                        address(0)
-                    )
-                )
-            )
-        );
-
-        freelyTransferableHook = FreelyTransferable(
-            create3(
-                createSalt("freelyTransferableHook", V3_1),
-                abi.encodePacked(
-                    type(FreelyTransferable).creationCode,
-                    abi.encode(
-                        address(root),
-                        address(spoke),
-                        address(balanceSheet),
-                        address(spoke),
-                        batcher,
-                        address(poolEscrowFactory),
-                        address(0)
-                    )
-                )
-            )
-        );
-
-        redemptionRestrictionsHook = RedemptionRestrictions(
-            create3(
-                createSalt("redemptionRestrictionsHook", V3_1),
-                abi.encodePacked(
-                    type(RedemptionRestrictions).creationCode,
-                    abi.encode(
-                        address(root),
-                        address(spoke),
-                        address(balanceSheet),
-                        address(spoke),
-                        batcher,
-                        address(poolEscrowFactory),
-                        address(0)
-                    )
-                )
-            )
-        );
-
-        queueManager = QueueManager(
-            create3(
-                createSalt("queueManager", V3_1),
-                abi.encodePacked(
-                    type(QueueManager).creationCode, abi.encode(contractUpdater, balanceSheet, address(batcher))
-                )
-            )
-        );
-
-        accountingToken = AccountingToken(
-            create3(
-                createSalt("accountingToken", V3_2),
-                abi.encodePacked(type(AccountingToken).creationCode, abi.encode(contractUpdater))
-            )
-        );
-
-        scriptHelpers = ScriptHelpers(
-            create3(createSalt("scriptHelpers", V3_2), abi.encodePacked(type(ScriptHelpers).creationCode))
-        );
-
-        onchainPMFactory = IOnchainPMFactory(
-            create3(
-                createSalt("onchainPMFactory", V3_2),
-                abi.encodePacked(
-                    vm.getCode("out-ir/OnchainPM.sol/OnchainPMFactory.json"),
-                    abi.encode(contractUpdater, balanceSheet, gateway)
-                )
-            )
-        );
-
-        flashLoanHelper = FlashLoanHelper(
-            create3(
-                createSalt("flashLoanHelper", V3_2),
-                abi.encodePacked(type(FlashLoanHelper).creationCode, abi.encode(onchainPMFactory))
-            )
-        );
-
-        onOffRampFactory = OnOffRampFactory(
-            create3(
-                createSalt("onOffRampFactory", V3_2),
-                abi.encodePacked(
-                    type(OnOffRampFactory).creationCode, abi.encode(contractUpdater, balanceSheet, accountingToken)
-                )
-            )
-        );
-
-        approvalGuard = ApprovalGuard(
-            create3(createSalt("approvalGuard", V3_2), abi.encodePacked(type(ApprovalGuard).creationCode))
-        );
-
-        circuitBreakerGuard = CircuitBreakerGuard(
-            create3(createSalt("circuitBreakerGuard", V3_2), abi.encodePacked(type(CircuitBreakerGuard).creationCode))
-        );
-
-        slippageGuard = SlippageGuard(
-            create3(
-                createSalt("slippageGuard", V3_2),
-                abi.encodePacked(
-                    type(SlippageGuard).creationCode, abi.encode(spoke, balanceSheet, contractUpdater, onchainPMFactory)
-                )
-            )
-        );
-
-        batchRequestManager = BatchRequestManager(
-            create3(
-                createSalt("batchRequestManager", V3_1),
-                abi.encodePacked(type(BatchRequestManager).creationCode, abi.encode(hubRegistry, gateway, batcher))
-            )
-        );
-
-        identityValuation = IdentityValuation(
-            create3(
-                createSalt("identityValuation", V3_1),
-                abi.encodePacked(type(IdentityValuation).creationCode, abi.encode(hubRegistry))
-            )
-        );
-
-        oracleValuation = OracleValuation(
-            create3(
-                createSalt("oracleValuation", V3_1),
-                abi.encodePacked(type(OracleValuation).creationCode, abi.encode(hub, hubRegistry, contractUpdater))
-            )
-        );
-
-        navManager = NAVManager(
-            create3(createSalt("navManager", V3_1), abi.encodePacked(type(NAVManager).creationCode, abi.encode(hub)))
-        );
-
-        simplePriceManager = SimplePriceManager(
-            create3(
-                createSalt("simplePriceManager", V3_1),
-                abi.encodePacked(type(SimplePriceManager).creationCode, abi.encode(hub, address(navManager)))
-            )
-        );
-    }
-
-    function _deployAdapters(address batcher, AdaptersInput memory input) internal {
-        if (input.layerZero.shouldDeploy) {
-            require(input.layerZero.endpoint != address(0), "LayerZero endpoint address cannot be zero");
-            require(input.layerZero.endpoint.code.length > 0, "LayerZero endpoint must be a deployed contract");
-            require(input.layerZero.delegate != address(0), "LayerZero delegate address cannot be zero");
-            require(
-                input.layerZero.configParams.length == 0
-                    || input.layerZero.configParams.length == input.connections.length,
-                "configParams must mimics connections"
-            );
-
-            layerZeroAdapter = LayerZeroAdapter(
-                create3(
-                    createSalt("layerZeroAdapter", V3_1),
-                    abi.encodePacked(
-                        type(LayerZeroAdapter).creationCode,
-                        // Set delegate to adapterBatcher initially, to be able to set ULN config
-                        abi.encode(multiAdapter, input.layerZero.endpoint, batcher, batcher)
-                    )
-                )
-            );
-        }
-
-        if (input.wormhole.shouldDeploy) {
-            require(input.wormhole.relayer != address(0), "Wormhole relayer address cannot be zero");
-            require(input.wormhole.relayer.code.length > 0, "Wormhole relayer must be a deployed contract");
-
-            wormholeAdapter = WormholeAdapter(
-                create3(
-                    createSalt("wormholeAdapter", V3_1),
-                    abi.encodePacked(
-                        type(WormholeAdapter).creationCode, abi.encode(multiAdapter, input.wormhole.relayer, batcher)
-                    )
-                )
-            );
-        }
-
-        if (input.axelar.shouldDeploy) {
-            require(input.axelar.gateway != address(0), "Axelar gateway address cannot be zero");
-            require(input.axelar.gasService != address(0), "Axelar gas service address cannot be zero");
-            require(input.axelar.gateway.code.length > 0, "Axelar gateway must be a deployed contract");
-            require(input.axelar.gasService.code.length > 0, "Axelar gas service must be a deployed contract");
-
-            axelarAdapter = AxelarAdapter(
-                create3(
-                    createSalt("axelarAdapter", V3_1),
-                    abi.encodePacked(
-                        type(AxelarAdapter).creationCode,
-                        abi.encode(multiAdapter, input.axelar.gateway, input.axelar.gasService, batcher)
-                    )
-                )
-            );
-        }
-
-        if (input.chainlink.shouldDeploy) {
-            require(input.chainlink.ccipRouter != address(0), "Chainlink ccipRouter address cannot be zero");
-            require(input.chainlink.ccipRouter.code.length > 0, "Chainlink ccipRouter must be a deployed contract");
-
-            chainlinkAdapter = ChainlinkAdapter(
-                create3(
-                    createSalt("chainlinkAdapter", V3_1),
-                    abi.encodePacked(
-                        type(ChainlinkAdapter).creationCode,
-                        abi.encode(multiAdapter, input.chainlink.ccipRouter, batcher)
-                    )
-                )
-            );
-        }
-    }
-
-    function coreReport() public view returns (CoreReport memory) {
-        return CoreReport(
-            gateway,
-            multiAdapter,
-            gasService,
-            messageProcessor,
-            messageDispatcher,
-            poolEscrowFactory,
-            spoke,
-            balanceSheet,
-            tokenFactory,
-            contractUpdater,
-            vaultRegistry,
-            hubRegistry,
-            accounting,
-            holdings,
-            shareClassManager,
-            hubHandler,
-            hub,
-            root,
-            tokenRecoverer,
-            protocolGuardian,
-            opsGuardian
-        );
-    }
-
-    function nonCoreReport() public view returns (NonCoreReport memory) {
-        return NonCoreReport(
-            coreReport(),
-            subsidyManager,
-            refundEscrowFactory,
-            asyncVaultFactory,
-            asyncRequestManager,
-            syncDepositVaultFactory,
-            syncManager,
-            vaultRouter,
-            freezeOnlyHook,
-            fullRestrictionsHook,
-            freelyTransferableHook,
-            redemptionRestrictionsHook,
-            queueManager,
-            onOffRampFactory,
-            batchRequestManager,
-            identityValuation,
-            oracleValuation,
-            navManager,
-            simplePriceManager
-        );
-    }
-
-    function adaptersReport() public view returns (AdaptersReport memory) {
-        return AdaptersReport(coreReport(), layerZeroAdapter, wormholeAdapter, axelarAdapter, chainlinkAdapter);
-    }
-}
-
-function noAdaptersInput() pure returns (AdaptersInput memory) {
-    return AdaptersInput({
-        wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
-        axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
-        layerZero: LayerZeroInput({
-            shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
-        }),
-        chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
-        connections: new AdapterConnections[](0)
-    });
-}
-
-function defaultTxLimits() pure returns (uint8[32] memory) {}
diff --git a/script/deploy/BaseDeployer.s.sol b/script/deploy/BaseDeployer.s.sol
new file mode 100644
index 000000000..668701e12
--- /dev/null
+++ b/script/deploy/BaseDeployer.s.sol
@@ -0,0 +1,119 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import "forge-std/Script.sol";
+
+import {JsonRegistry} from "../utils/JsonRegistry.s.sol";
+import {CreateXScript} from "../utils/createx/CreateXScript.sol";
+
+/// @dev What kind of account a run is signed as, which decides how it is signed: a key signs a forge
+///      broadcast, a Safe cannot and is proposed to instead. A contract is taken to be a Safe, there being
+///      nothing else a sender could be here. Code starting 0xef is the one exception: EIP-3541 keeps it
+///      undeployable, so it can only be an EIP-7702 delegation, behind which a key still signs
+library AccountLib {
+    function isSafeAccount(address account) internal view returns (bool) {
+        bytes memory code = account.code;
+        return code.length > 0 && code[0] != 0xef;
+    }
+}
+
+contract BaseDeployer is Script, JsonRegistry, CreateXScript {
+    /// @dev Every version the deployment maintains, since a version is part of the salt and therefore of the
+    ///      address. A contract keeps the version it was first deployed at, so that a release which does not
+    ///      touch it leaves its address alone — which is why a release adds a constant here rather than
+    ///      editing one. Nothing carries v3.1 or v3.2 any more: deploying through the gate derives every
+    ///      address from it, so this release lands the whole protocol on new addresses whatever the tags
+    ///      said, and keeping the old ones would claim a continuity that is gone.
+    ///
+    ///      `V_LATEST` is for the ones meant to move with every release, which is the action batchers:
+    ///      everything else names a version explicitly, so that bumping the release cannot move an address
+    ///      on its own.
+    string internal constant V3_3 = "v3.3";
+    string internal constant V_LATEST = V3_3;
+
+    string internal deploymentId;
+    bool private initialized;
+
+    function _init(string memory deploymentId_) internal {
+        setUpCreateXFactory();
+
+        deploymentId = deploymentId_;
+        initialized = true;
+    }
+
+    /// @dev What the deployment id turns a version into. The id is what isolates a deployment from the one that
+    ///      shares its version, so it belongs to every salt the deployment builds, gated or not.
+    function _versionHash(string memory version) internal view returns (bytes32) {
+        require(initialized, "BaseDeployer::_init() must be called!");
+
+        bytes memory compoundedVersion = bytes(string.concat(version, "-", deploymentId));
+        require(compoundedVersion.length <= 32, "Version + deploymentId is too large");
+
+        return bytes(deploymentId).length > 0 ? bytes32(compoundedVersion) : bytes32(bytes(version));
+    }
+
+    /// @dev The salt `deployer_` has to pass to CreateX to deploy the contract at its deterministic address.
+    ///      It embeds the deployer, which is what a permissioned CreateX salt is, so asking for someone
+    ///      else's is how the addresses a contract is going to deploy are known before that contract exists.
+    ///      Gated deployments do not come through here: the gate builds its own CreateX salt.
+    function _makeSalt(string memory contractName, string memory version, address deployer_)
+        internal
+        view
+        returns (bytes32)
+    {
+        require(deployer_ != address(0), "A deployer is required to build a salt");
+
+        bytes32 baseHash = keccak256(abi.encodePacked(contractName, _versionHash(version)));
+
+        // Byte 20 is CreateX's cross-chain redeploy protection flag, left off so that the address stays
+        // equal across chains: setting it would fold the chain id in
+        return bytes32(abi.encodePacked(bytes20(deployer_), bytes1(0x0), bytes11(baseHash)));
+    }
+
+    /// @dev Salt for a contract the deployment does not report, labeled so that it is named in traces.
+    ///      The version must match the one used at initial deployment to reuse existing addresses.
+    ///      Use the deployment id (instead of changing the version) to create isolated fresh deployments.
+    function unreportedSalt(string memory contractName, string memory contractVersion, address deployer_)
+        internal
+        returns (bytes32 salt)
+    {
+        salt = _makeSalt(contractName, contractVersion, deployer_);
+
+        vm.label(
+            computeCreate3Address(salt, deployer_), string.concat(contractName, "-", contractVersion, "-", deploymentId)
+        );
+    }
+
+    /// @dev Same, for a contract the deployment reports, which is what puts it in the deployment manifest and,
+    ///      from there, in `env/<environment>/<network>.json`. Deploy-time only contracts take `unreportedSalt` instead.
+    function reportedSalt(string memory contractName, string memory contractVersion, address deployer_)
+        internal
+        returns (bytes32 salt)
+    {
+        salt = unreportedSalt(contractName, contractVersion, deployer_);
+
+        register(contractName, computeCreate3Address(salt, deployer_), contractVersion);
+    }
+
+    /// @dev Deploys the contract at its deterministic address and reports it, so that a caller never handles
+    ///      a salt: the sender is the deployer, which is what a directly deployed address derives from. Pass
+    ///      a salt only to deploy on behalf of someone else, which in practice means a test.
+    ///      Gated deployments take `submit` instead, and override this to say so.
+    function create3(string memory contractName, string memory contractVersion, bytes memory initCode)
+        internal
+        virtual
+        returns (address)
+    {
+        return create3(reportedSalt(contractName, contractVersion, msg.sender), initCode);
+    }
+
+    /// @dev The address `deployer_` is going to deploy the contract to, without reporting or deploying
+    ///      anything. Asking for someone else's is how the addresses a contract will deploy are known before
+    ///      that contract exists, which is what lets constructors be wired to dependencies not yet deployed.
+    function create3Address(string memory contractName, string memory contractVersion, address deployer_)
+        internal
+        returns (address)
+    {
+        return computeCreate3Address(unreportedSalt(contractName, contractVersion, deployer_), deployer_);
+    }
+}
diff --git a/script/deploy/FullDeployer.s.sol b/script/deploy/FullDeployer.s.sol
new file mode 100644
index 000000000..c2ba7bc1b
--- /dev/null
+++ b/script/deploy/FullDeployer.s.sol
@@ -0,0 +1,916 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {GatedDeployer, DeployPhase} from "./GatedDeployer.s.sol";
+
+import {Hub} from "../../src/core/hub/Hub.sol";
+import {Envoy} from "../../src/core/utils/Envoy.sol";
+import {Spoke} from "../../src/core/spoke/Spoke.sol";
+import {Holdings} from "../../src/core/hub/Holdings.sol";
+import {Accounting} from "../../src/core/hub/Accounting.sol";
+import {Gateway} from "../../src/core/messaging/Gateway.sol";
+import {HubHandler} from "../../src/core/hub/HubHandler.sol";
+import {HubRegistry} from "../../src/core/hub/HubRegistry.sol";
+import {SpokeHandler} from "../../src/core/spoke/SpokeHandler.sol";
+import {SnapshotQueue} from "../../src/core/spoke/SnapshotQueue.sol";
+import {SpokeRegistry} from "../../src/core/spoke/SpokeRegistry.sol";
+import {MultiAdapter} from "../../src/core/messaging/MultiAdapter.sol";
+import {ShareClassManager} from "../../src/core/hub/ShareClassManager.sol";
+import {MessageProcessor} from "../../src/core/messaging/MessageProcessor.sol";
+import {MessageDispatcher} from "../../src/core/messaging/MessageDispatcher.sol";
+import {PoolEscrowFactory} from "../../src/core/spoke/factories/PoolEscrowFactory.sol";
+
+import {Root} from "../../src/admin/Root.sol";
+import {GasService} from "../../src/admin/GasService.sol";
+import {ISafe} from "../../src/admin/interfaces/ISafe.sol";
+import {OpsGuardian} from "../../src/admin/OpsGuardian.sol";
+import {ProtocolGuardian} from "../../src/admin/ProtocolGuardian.sol";
+
+import {FreezeOnly} from "../../src/token/hooks/FreezeOnly.sol";
+import {NAVManager} from "../../src/hooks/accounting/NAVManager.sol";
+import {FullRestrictions} from "../../src/token/hooks/FullRestrictions.sol";
+import {FreelyTransferable} from "../../src/token/hooks/FreelyTransferable.sol";
+import {BridgeCircuitBreaker} from "../../src/hooks/bridge/BridgeCircuitBreaker.sol";
+import {SimplePriceManager} from "../../src/hooks/accounting/SimplePriceManager.sol";
+import {RedemptionRestrictions} from "../../src/token/hooks/RedemptionRestrictions.sol";
+
+import {QueueManager} from "../../src/managers/spoke/QueueManager.sol";
+import {ShareManager} from "../../src/managers/spoke/ShareManager.sol";
+import {OnOffRampFactory} from "../../src/managers/spoke/OnOffRamp.sol";
+import {ScriptHelpers} from "../../src/managers/spoke/ScriptHelpers.sol";
+import {AccountingToken} from "../../src/managers/spoke/AccountingToken.sol";
+import {FlashLoanHelper} from "../../src/managers/spoke/FlashLoanHelper.sol";
+import {AdapterFailover} from "../../src/managers/adapters/AdapterFailover.sol";
+import {ApprovalGuard} from "../../src/managers/spoke/guards/ApprovalGuard.sol";
+import {SlippageGuard} from "../../src/managers/spoke/guards/SlippageGuard.sol";
+import {CircuitBreakerGuard} from "../../src/managers/spoke/guards/CircuitBreakerGuard.sol";
+import {IOnchainPMFactory} from "../../src/managers/spoke/interfaces/IOnchainPMFactory.sol";
+
+import {OracleValuation} from "../../src/valuations/OracleValuation.sol";
+import {IdentityValuation} from "../../src/valuations/IdentityValuation.sol";
+
+import {SyncManager} from "../../src/vaults/SyncManager.sol";
+import {VaultRouter} from "../../src/vaults/VaultRouter.sol";
+import {AsyncRequestManager} from "../../src/vaults/AsyncRequestManager.sol";
+import {BatchRequestManager} from "../../src/vaults/BatchRequestManager.sol";
+import {AsyncVaultFactory} from "../../src/vaults/factories/AsyncVaultFactory.sol";
+import {SyncDepositVaultFactory} from "../../src/vaults/factories/SyncDepositVaultFactory.sol";
+
+import {VmSafe} from "forge-std/Vm.sol";
+
+import {RootFixes} from "../../src/deployment/RootFixes.sol";
+import {TokenBridge} from "../../src/bridge/TokenBridge.sol";
+import {SubsidyManager} from "../../src/utils/SubsidyManager.sol";
+import {AxelarAdapter} from "../../src/adapters/AxelarAdapter.sol";
+import {ChainlinkAdapter} from "../../src/adapters/ChainlinkAdapter.sol";
+import {HyperlaneAdapter} from "../../src/adapters/HyperlaneAdapter.sol";
+import {LayerZeroAdapter} from "../../src/adapters/LayerZeroAdapter.sol";
+import {RefundEscrowFactory} from "../../src/utils/RefundEscrowFactory.sol";
+import {ShareTokenRegistrar} from "../../src/token/ShareTokenRegistrar.sol";
+import {
+    Constants,
+    CoreReport,
+    CoreActionBatcher,
+    NonCoreActionBatcher,
+    AdapterActionBatcher,
+    NonCoreReport,
+    AdaptersReport,
+    AdapterConnections,
+    SetConfigParam
+} from "../../src/deployment/ActionBatchers.sol";
+
+struct AxelarInput {
+    bool shouldDeploy;
+    address gateway;
+    address gasService;
+}
+
+struct LayerZeroInput {
+    bool shouldDeploy;
+    address endpoint;
+    address delegate;
+    // Pre-computed LayerZero ULN config
+    // Should contain SetConfigParam[] for both send and receive libraries
+    // The order of this array must be the same as the connections
+    SetConfigParam[] configParams;
+}
+
+struct ChainlinkInput {
+    bool shouldDeploy;
+    address ccipRouter;
+}
+
+struct HyperlaneInput {
+    bool shouldDeploy;
+    address mailbox;
+    address ism;
+}
+
+struct AdaptersInput {
+    LayerZeroInput layerZero;
+    AxelarInput axelar;
+    ChainlinkInput chainlink;
+    HyperlaneInput hyperlane;
+    AdapterConnections[] connections;
+}
+
+struct DeployerInput {
+    uint16 centrifugeId;
+    string deploymentId;
+    uint8[32] txLimits;
+    ISafe protocolSafe;
+    ISafe opsSafe;
+    // Both reach init code, so both have to come out the same in either gate phase. `delay` is what a fresh
+    // Root is deployed with, and is ignored where one is kept
+    address root;
+    uint256 delay;
+    AdaptersInput adapters;
+}
+
+contract FullDeployer is GatedDeployer, Constants {
+    Root public root;
+    ProtocolGuardian public protocolGuardian;
+    OpsGuardian public opsGuardian;
+    GasService public gasService;
+
+    Gateway public gateway;
+    MultiAdapter public multiAdapter;
+
+    MessageProcessor public messageProcessor;
+    MessageDispatcher public messageDispatcher;
+
+    Spoke public spoke;
+    SnapshotQueue public snapshotQueue;
+    ShareTokenRegistrar public shareTokenRegistrar;
+    SpokeRegistry public spokeRegistry;
+    SpokeHandler public spokeHandler;
+    Envoy public envoy;
+    PoolEscrowFactory public poolEscrowFactory;
+
+    HubRegistry public hubRegistry;
+    Accounting public accounting;
+    Holdings public holdings;
+    ShareClassManager public shareClassManager;
+    HubHandler public hubHandler;
+    Hub public hub;
+
+    SubsidyManager public subsidyManager;
+    RefundEscrowFactory public refundEscrowFactory;
+    AsyncVaultFactory public asyncVaultFactory;
+    AsyncRequestManager public asyncRequestManager;
+    SyncDepositVaultFactory public syncDepositVaultFactory;
+    SyncManager public syncManager;
+    VaultRouter public vaultRouter;
+
+    TokenBridge public tokenBridge;
+    BridgeCircuitBreaker public bridgeCircuitBreaker;
+
+    FreezeOnly public freezeOnlyHook;
+    FullRestrictions public fullRestrictionsHook;
+    FreelyTransferable public freelyTransferableHook;
+    RedemptionRestrictions public redemptionRestrictionsHook;
+
+    QueueManager public queueManager;
+    AdapterFailover public adapterFailover;
+    AccountingToken public accountingToken;
+    ScriptHelpers public scriptHelpers;
+    FlashLoanHelper public flashLoanHelper;
+    IOnchainPMFactory public onchainPMFactory;
+    OnOffRampFactory public onOffRampFactory;
+    ShareManager public shareManager;
+    ApprovalGuard public approvalGuard;
+    CircuitBreakerGuard public circuitBreakerGuard;
+    SlippageGuard public slippageGuard;
+    BatchRequestManager public batchRequestManager;
+
+    IdentityValuation public identityValuation;
+    OracleValuation public oracleValuation;
+
+    NAVManager public navManager;
+    SimplePriceManager public simplePriceManager;
+
+    ChainlinkAdapter chainlinkAdapter;
+    AxelarAdapter axelarAdapter;
+    LayerZeroAdapter layerZeroAdapter;
+    HyperlaneAdapter hyperlaneAdapter;
+
+    RootFixes public rootFixes;
+
+    CoreActionBatcher public coreBatcher;
+    NonCoreActionBatcher public nonCoreBatcher;
+    AdapterActionBatcher public adapterBatcher;
+
+    /// @dev Runs both phases back to back, in one process. For tests only: a real deployment gives each phase
+    ///      its own run, which is what proves the deploy phase rebuilds exactly what the commit phase committed.
+    ///      FullDeploymentPhasedTest is what covers the phases apart.
+    function deployFullBothPhases(DeployerInput memory input, address namespace_, address[] memory executors_) public {
+        deployFull(input, DeployPhase.Commit, namespace_, executors_);
+        deployFull(input, DeployPhase.Deploy, namespace_, executors_);
+    }
+
+    /// @dev Deploys every contract through a DeployGate, so that the admin signs a single transaction whatever
+    ///      the number of contracts. NOTE: this changes every deployed address, since a CREATE3 address
+    ///      derives from the CreateX caller.
+    ///      The phase acts as `msg.sender` — committing, the namespace or a delegate of it, a key or a Safe;
+    ///      deploying, an executor — so who that is belongs to the caller: see `GatedDeployer._initGated`.
+    function deployFull(DeployerInput memory input, DeployPhase phase, address namespace_, address[] memory executors_)
+        public
+    {
+        _initGated(input.deploymentId, phase, namespace_, executors_);
+
+        // Committing deploys the whole protocol locally, at the addresses it will really occupy, since only
+        // running the init code reveals the runtime code to commit to, and constructors that wire their
+        // dependencies need to find them. That is then rolled back, to leave the addresses free for the
+        // executor: the commitment is carried across in memory, which a rollback does not touch.
+        //
+        // Everything the walk put in storage does go, this script's own included, which is what keeps the
+        // addresses it registered out of the deployment manifest: only the deploy phase reports any.
+        if (phase == DeployPhase.Commit) {
+            bool bracketed = vm.isContext(VmSafe.ForgeContext.ScriptGroup) && !proposing;
+            if (bracketed) vm.stopBroadcast();
+
+            uint256 snapshot = vm.snapshotState();
+
+            // A no-op except when proposing, the one run that reaches here without a gate: the walk needs
+            // one to ask for addresses, and bringing it up inside the rollback is what keeps the chain
+            // readable for the proposal built after it
+            setUpDeployGate();
+            _deployProtocol(input);
+            (bytes32[] memory salts, bytes32[] memory initCodeHashes) = _queuedCommitment();
+
+            // Carried across the rollback in memory, as the commitment is, so that a validating run can still
+            // name the one address it leaves work behind at
+            address rootFixes_ = address(rootFixes);
+            vm.revertToState(snapshot);
+            rootFixes = RootFixes(rootFixes_);
+
+            if (bracketed) vm.startBroadcast();
+
+            _commit(salts, initCodeHashes);
+        } else {
+            _deployProtocol(input);
+
+            // NOTE. Coverage compiles without optimizations.
+            // This means that the gas costs are higher than the calibrated gasService limits,
+            // causing message processing to silently fail (e.g. PoolEscrow creation via CREATE).
+            // We mock messageProcessingGasLimit with a higher value large enough for unoptimized code.
+            if (vm.isContext(VmSafe.ForgeContext.Coverage)) {
+                vm.mockCall(
+                    address(gasService),
+                    abi.encodeWithSelector(GasService.messageProcessingGasLimit.selector),
+                    abi.encode(uint128(30_000_000))
+                );
+            }
+        }
+    }
+
+    /// @dev One walk of the whole protocol. Deploys through the DeployGate, or locally when probing.
+    function _deployProtocol(DeployerInput memory input) internal {
+        address coreBatcherAddr = gatedAddress("coreBatcher", V_LATEST);
+        address nonCoreBatcherAddr = gatedAddress("nonCoreBatcher", V_LATEST);
+        address adapterBatcherAddr = gatedAddress("adapterBatcher", V_LATEST);
+
+        _deployCore(coreBatcherAddr, input);
+        coreBatcher = CoreActionBatcher(
+            submitUnreported(
+                "coreBatcher",
+                V_LATEST,
+                abi.encodePacked(
+                    type(CoreActionBatcher).creationCode,
+                    abi.encode(
+                        coreReport(),
+                        input.protocolSafe,
+                        input.opsSafe,
+                        adapterBatcherAddr,
+                        nonCoreBatcherAddr,
+                        input.root == address(0)
+                    )
+                )
+            )
+        );
+
+        _deployNonCore(nonCoreBatcherAddr, input);
+        nonCoreBatcher = NonCoreActionBatcher(
+            submitUnreported(
+                "nonCoreBatcher",
+                V_LATEST,
+                abi.encodePacked(
+                    type(NonCoreActionBatcher).creationCode, abi.encode(nonCoreReport(), input.root == address(0))
+                )
+            )
+        );
+
+        _deployAdapters(adapterBatcherAddr, input.adapters);
+        adapterBatcher = AdapterActionBatcher(
+            submitUnreported(
+                "adapterBatcher",
+                V_LATEST,
+                abi.encodePacked(
+                    type(AdapterActionBatcher).creationCode,
+                    abi.encode(
+                        adaptersReport(),
+                        input.protocolSafe,
+                        input.adapters.connections,
+                        input.adapters.layerZero.configParams,
+                        input.adapters.layerZero.delegate,
+                        vm.toString(address(axelarAdapter)),
+                        input.adapters.hyperlane.ism
+                    )
+                )
+            )
+        );
+
+        if (input.root != address(0)) {
+            rootFixes = RootFixes(
+                submitUnreported(
+                    "rootFixes", V_LATEST, abi.encodePacked(type(RootFixes).creationCode, abi.encode(nonCoreReport()))
+                )
+            );
+        }
+    }
+
+    function _deployCore(address batcher, DeployerInput memory input) internal {
+        address tokenBridgeAddr = gatedAddress("tokenBridge", V3_3);
+
+        // Admin
+        root = input.root != address(0)
+            ? _existingRoot(input.root)
+            : Root(submit("root", V3_3, abi.encodePacked(type(Root).creationCode, abi.encode(input.delay, batcher))));
+
+        gasService = GasService(
+            submit(
+                "gasService",
+                V3_3,
+                abi.encodePacked(type(GasService).creationCode, abi.encode(input.txLimits, input.centrifugeId))
+            )
+        );
+
+        // Messaging
+        gateway = Gateway(
+            submit(
+                "gateway",
+                V3_3,
+                abi.encodePacked(type(Gateway).creationCode, abi.encode(input.centrifugeId, root, batcher))
+            )
+        );
+
+        multiAdapter = MultiAdapter(
+            submit(
+                "multiAdapter",
+                V3_3,
+                abi.encodePacked(type(MultiAdapter).creationCode, abi.encode(input.centrifugeId, gateway, batcher))
+            )
+        );
+
+        envoy = Envoy(submit("envoy", V3_3, abi.encodePacked(type(Envoy).creationCode, abi.encode(batcher))));
+
+        messageProcessor = MessageProcessor(
+            submit(
+                "messageProcessor",
+                V3_3,
+                abi.encodePacked(type(MessageProcessor).creationCode, abi.encode(root, batcher))
+            )
+        );
+
+        messageDispatcher = MessageDispatcher(
+            submit(
+                "messageDispatcher",
+                V3_3,
+                abi.encodePacked(
+                    type(MessageDispatcher).creationCode, abi.encode(input.centrifugeId, root, gateway, batcher)
+                )
+            )
+        );
+
+        // Spoke
+        shareTokenRegistrar = ShareTokenRegistrar(
+            submit(
+                "shareTokenRegistrar",
+                V3_3,
+                abi.encodePacked(type(ShareTokenRegistrar).creationCode, abi.encode(root, batcher))
+            )
+        );
+
+        poolEscrowFactory = PoolEscrowFactory(
+            submit(
+                "poolEscrowFactory",
+                V3_3,
+                abi.encodePacked(type(PoolEscrowFactory).creationCode, abi.encode(root, batcher))
+            )
+        );
+
+        spokeRegistry = SpokeRegistry(
+            submit("spokeRegistry", V3_3, abi.encodePacked(type(SpokeRegistry).creationCode, abi.encode(batcher)))
+        );
+
+        snapshotQueue = SnapshotQueue(
+            submit("snapshotQueue", V3_3, abi.encodePacked(type(SnapshotQueue).creationCode, abi.encode(batcher)))
+        );
+
+        spoke = Spoke(
+            submit(
+                "spoke",
+                V3_3,
+                abi.encodePacked(
+                    type(Spoke).creationCode,
+                    abi.encode(gateway, snapshotQueue, spokeRegistry, poolEscrowFactory, batcher)
+                )
+            )
+        );
+
+        spokeHandler = SpokeHandler(
+            submit(
+                "spokeHandler",
+                V3_3,
+                abi.encodePacked(type(SpokeHandler).creationCode, abi.encode(spokeRegistry, poolEscrowFactory, batcher))
+            )
+        );
+
+        // Hub
+        hubRegistry = HubRegistry(
+            submit("hubRegistry", V3_3, abi.encodePacked(type(HubRegistry).creationCode, abi.encode(batcher)))
+        );
+
+        accounting = Accounting(
+            submit("accounting", V3_3, abi.encodePacked(type(Accounting).creationCode, abi.encode(batcher)))
+        );
+
+        holdings = Holdings(
+            submit("holdings", V3_3, abi.encodePacked(type(Holdings).creationCode, abi.encode(hubRegistry, batcher)))
+        );
+
+        shareClassManager = ShareClassManager(
+            submit(
+                "shareClassManager",
+                V3_3,
+                abi.encodePacked(type(ShareClassManager).creationCode, abi.encode(hubRegistry, batcher))
+            )
+        );
+
+        hub = Hub(
+            submit(
+                "hub",
+                V3_3,
+                abi.encodePacked(
+                    type(Hub).creationCode,
+                    abi.encode(gateway, holdings, accounting, hubRegistry, multiAdapter, shareClassManager, batcher)
+                )
+            )
+        );
+
+        hubHandler = HubHandler(
+            submit(
+                "hubHandler",
+                V3_3,
+                abi.encodePacked(
+                    type(HubHandler).creationCode, abi.encode(hub, holdings, hubRegistry, shareClassManager, batcher)
+                )
+            )
+        );
+
+        // Admin (depends on core contracts)
+        protocolGuardian = ProtocolGuardian(
+            submit(
+                "protocolGuardian",
+                V3_3,
+                abi.encodePacked(
+                    type(ProtocolGuardian).creationCode,
+                    abi.encode(ISafe(address(batcher)), root, messageDispatcher, TokenBridge(tokenBridgeAddr))
+                )
+            )
+        );
+
+        opsGuardian = OpsGuardian(
+            submit(
+                "opsGuardian",
+                V3_3,
+                abi.encodePacked(
+                    type(OpsGuardian).creationCode,
+                    abi.encode(ISafe(address(batcher)), hub, TokenBridge(tokenBridgeAddr), multiAdapter)
+                )
+            )
+        );
+    }
+
+    /// @dev Taken as it stands: its delay, wards and endorsements are whatever governance left them.
+    ///      Registered anyway, so `REPLACE` keeps the entry rather than dropping it, and with no version, so
+    ///      the registry keeps the version and block number already recorded against that address.
+    function _existingRoot(address root_) internal returns (Root) {
+        require(root_.code.length > 0, "The root passed in is not a deployed contract");
+
+        register("root", root_, "");
+
+        return Root(root_);
+    }
+
+    function _deployNonCore(address batcher, DeployerInput memory input) internal {
+        refundEscrowFactory = RefundEscrowFactory(
+            submit(
+                "refundEscrowFactory",
+                V3_3,
+                abi.encodePacked(type(RefundEscrowFactory).creationCode, abi.encode(batcher))
+            )
+        );
+
+        subsidyManager = SubsidyManager(
+            submit(
+                "subsidyManager",
+                V3_3,
+                abi.encodePacked(type(SubsidyManager).creationCode, abi.encode(refundEscrowFactory, batcher))
+            )
+        );
+
+        asyncRequestManager = AsyncRequestManager(
+            payable(submit(
+                    "asyncRequestManager",
+                    V3_3,
+                    abi.encodePacked(type(AsyncRequestManager).creationCode, abi.encode(subsidyManager, batcher))
+                ))
+        );
+
+        syncManager = SyncManager(
+            submit("syncManager", V3_3, abi.encodePacked(type(SyncManager).creationCode, abi.encode(batcher)))
+        );
+
+        vaultRouter = VaultRouter(
+            submit(
+                "vaultRouter",
+                V3_3,
+                abi.encodePacked(type(VaultRouter).creationCode, abi.encode(spoke, spokeRegistry, batcher))
+            )
+        );
+
+        asyncVaultFactory = AsyncVaultFactory(
+            submit(
+                "asyncVaultFactory",
+                V3_3,
+                abi.encodePacked(
+                    type(AsyncVaultFactory).creationCode, abi.encode(address(root), asyncRequestManager, batcher)
+                )
+            )
+        );
+
+        syncDepositVaultFactory = SyncDepositVaultFactory(
+            submit(
+                "syncDepositVaultFactory",
+                V3_3,
+                abi.encodePacked(
+                    type(SyncDepositVaultFactory).creationCode,
+                    abi.encode(address(root), syncManager, asyncRequestManager, batcher)
+                )
+            )
+        );
+
+        freezeOnlyHook = FreezeOnly(
+            submit(
+                "freezeOnlyHook",
+                V3_3,
+                abi.encodePacked(
+                    type(FreezeOnly).creationCode,
+                    abi.encode(
+                        address(root),
+                        address(envoy),
+                        address(spokeRegistry),
+                        address(spoke),
+                        address(spokeHandler),
+                        batcher,
+                        address(poolEscrowFactory)
+                    )
+                )
+            )
+        );
+
+        fullRestrictionsHook = FullRestrictions(
+            submit(
+                "fullRestrictionsHook",
+                V3_3,
+                abi.encodePacked(
+                    type(FullRestrictions).creationCode,
+                    abi.encode(
+                        address(root),
+                        address(envoy),
+                        address(spokeRegistry),
+                        address(spoke),
+                        address(spokeHandler),
+                        batcher,
+                        address(poolEscrowFactory)
+                    )
+                )
+            )
+        );
+
+        freelyTransferableHook = FreelyTransferable(
+            submit(
+                "freelyTransferableHook",
+                V3_3,
+                abi.encodePacked(
+                    type(FreelyTransferable).creationCode,
+                    abi.encode(
+                        address(root),
+                        address(envoy),
+                        address(spokeRegistry),
+                        address(spoke),
+                        address(spokeHandler),
+                        batcher,
+                        address(poolEscrowFactory)
+                    )
+                )
+            )
+        );
+
+        redemptionRestrictionsHook = RedemptionRestrictions(
+            submit(
+                "redemptionRestrictionsHook",
+                V3_3,
+                abi.encodePacked(
+                    type(RedemptionRestrictions).creationCode,
+                    abi.encode(
+                        address(root),
+                        address(envoy),
+                        address(spokeRegistry),
+                        address(spoke),
+                        address(spokeHandler),
+                        batcher,
+                        address(poolEscrowFactory)
+                    )
+                )
+            )
+        );
+
+        queueManager = QueueManager(
+            submit("queueManager", V3_3, abi.encodePacked(type(QueueManager).creationCode, abi.encode(envoy, spoke)))
+        );
+
+        accountingToken = AccountingToken(
+            submit("accountingToken", V3_3, abi.encodePacked(type(AccountingToken).creationCode, abi.encode(envoy)))
+        );
+
+        // Timelock is immutable and matches the protocol delay, read off the Root in use rather than off the
+        // input: a kept Root keeps whatever delay governance left it. Per-pool stewards and MultiAdapter
+        // manager registration are operational (governance) steps, so no deploy-time wiring is needed.
+        adapterFailover = AdapterFailover(
+            submit(
+                "adapterFailover",
+                V3_3,
+                abi.encodePacked(
+                    type(AdapterFailover).creationCode, abi.encode(envoy, multiAdapter, uint64(root.delay()))
+                )
+            )
+        );
+
+        scriptHelpers = ScriptHelpers(submit("scriptHelpers", V3_3, abi.encodePacked(type(ScriptHelpers).creationCode)));
+
+        onchainPMFactory = IOnchainPMFactory(
+            submit(
+                "onchainPMFactory",
+                V3_3,
+                abi.encodePacked(
+                    vm.getCode("out-ir/OnchainPM.sol/OnchainPMFactory.json"), abi.encode(envoy, spoke, gateway)
+                )
+            )
+        );
+
+        flashLoanHelper = FlashLoanHelper(
+            submit(
+                "flashLoanHelper",
+                V3_3,
+                abi.encodePacked(type(FlashLoanHelper).creationCode, abi.encode(onchainPMFactory))
+            )
+        );
+
+        onOffRampFactory = OnOffRampFactory(
+            submit(
+                "onOffRampFactory",
+                V3_3,
+                abi.encodePacked(type(OnOffRampFactory).creationCode, abi.encode(envoy, spoke, accountingToken))
+            )
+        );
+
+        shareManager = ShareManager(
+            submit(
+                "shareManager",
+                V3_3,
+                abi.encodePacked(type(ShareManager).creationCode, abi.encode(envoy, spoke, spokeRegistry))
+            )
+        );
+
+        approvalGuard = ApprovalGuard(submit("approvalGuard", V3_3, abi.encodePacked(type(ApprovalGuard).creationCode)));
+
+        circuitBreakerGuard = CircuitBreakerGuard(
+            submit("circuitBreakerGuard", V3_3, abi.encodePacked(type(CircuitBreakerGuard).creationCode))
+        );
+
+        slippageGuard = SlippageGuard(
+            submit(
+                "slippageGuard",
+                V3_3,
+                abi.encodePacked(type(SlippageGuard).creationCode, abi.encode(spoke, envoy, onchainPMFactory))
+            )
+        );
+
+        batchRequestManager = BatchRequestManager(
+            submit(
+                "batchRequestManager",
+                V3_3,
+                abi.encodePacked(
+                    type(BatchRequestManager).creationCode, abi.encode(hubRegistry, gateway, address(envoy), batcher)
+                )
+            )
+        );
+
+        identityValuation = IdentityValuation(
+            submit(
+                "identityValuation",
+                V3_3,
+                abi.encodePacked(type(IdentityValuation).creationCode, abi.encode(hubRegistry))
+            )
+        );
+
+        oracleValuation = OracleValuation(
+            submit(
+                "oracleValuation",
+                V3_3,
+                abi.encodePacked(type(OracleValuation).creationCode, abi.encode(hub, hubRegistry, envoy))
+            )
+        );
+
+        navManager = NAVManager(
+            submit("navManager", V3_3, abi.encodePacked(type(NAVManager).creationCode, abi.encode(hub, envoy)))
+        );
+
+        simplePriceManager = SimplePriceManager(
+            submit(
+                "simplePriceManager",
+                V3_3,
+                abi.encodePacked(type(SimplePriceManager).creationCode, abi.encode(hub, address(navManager)))
+            )
+        );
+
+        bridgeCircuitBreaker = BridgeCircuitBreaker(
+            submit(
+                "bridgeCircuitBreaker",
+                V3_3,
+                abi.encodePacked(
+                    type(BridgeCircuitBreaker).creationCode,
+                    abi.encode(address(envoy), address(circuitBreakerGuard), batcher)
+                )
+            )
+        );
+
+        tokenBridge = TokenBridge(
+            submit(
+                "tokenBridge",
+                V3_3,
+                abi.encodePacked(
+                    type(TokenBridge).creationCode,
+                    abi.encode(spoke, gateway, input.centrifugeId, address(envoy), batcher)
+                )
+            )
+        );
+    }
+
+    function _deployAdapters(address batcher, AdaptersInput memory input) internal {
+        if (input.layerZero.shouldDeploy) {
+            require(input.layerZero.endpoint != address(0), "LayerZero endpoint address cannot be zero");
+            require(input.layerZero.endpoint.code.length > 0, "LayerZero endpoint must be a deployed contract");
+            require(input.layerZero.delegate != address(0), "LayerZero delegate address cannot be zero");
+            require(
+                input.layerZero.configParams.length == 0
+                    || input.layerZero.configParams.length == input.connections.length,
+                "configParams must mimics connections"
+            );
+
+            layerZeroAdapter = LayerZeroAdapter(
+                submit(
+                    "layerZeroAdapter",
+                    V3_3,
+                    abi.encodePacked(
+                        type(LayerZeroAdapter).creationCode,
+                        // Set delegate to adapterBatcher initially, to be able to set ULN config
+                        abi.encode(multiAdapter, input.layerZero.endpoint, batcher, batcher)
+                    )
+                )
+            );
+        }
+
+        if (input.axelar.shouldDeploy) {
+            require(input.axelar.gateway != address(0), "Axelar gateway address cannot be zero");
+            require(input.axelar.gasService != address(0), "Axelar gas service address cannot be zero");
+            require(input.axelar.gateway.code.length > 0, "Axelar gateway must be a deployed contract");
+            require(input.axelar.gasService.code.length > 0, "Axelar gas service must be a deployed contract");
+
+            axelarAdapter = AxelarAdapter(
+                submit(
+                    "axelarAdapter",
+                    V3_3,
+                    abi.encodePacked(
+                        type(AxelarAdapter).creationCode,
+                        abi.encode(multiAdapter, input.axelar.gateway, input.axelar.gasService, batcher)
+                    )
+                )
+            );
+        }
+
+        if (input.chainlink.shouldDeploy) {
+            require(input.chainlink.ccipRouter != address(0), "Chainlink ccipRouter address cannot be zero");
+            require(input.chainlink.ccipRouter.code.length > 0, "Chainlink ccipRouter must be a deployed contract");
+
+            chainlinkAdapter = ChainlinkAdapter(
+                submit(
+                    "chainlinkAdapter",
+                    V3_3,
+                    abi.encodePacked(
+                        type(ChainlinkAdapter).creationCode,
+                        abi.encode(multiAdapter, input.chainlink.ccipRouter, batcher)
+                    )
+                )
+            );
+        }
+
+        if (input.hyperlane.shouldDeploy) {
+            require(input.hyperlane.mailbox != address(0), "Hyperlane mailbox address cannot be zero");
+            require(input.hyperlane.mailbox.code.length > 0, "Hyperlane mailbox must be a deployed contract");
+
+            hyperlaneAdapter = HyperlaneAdapter(
+                submit(
+                    "hyperlaneAdapter",
+                    V3_3,
+                    abi.encodePacked(
+                        type(HyperlaneAdapter).creationCode, abi.encode(multiAdapter, input.hyperlane.mailbox, batcher)
+                    )
+                )
+            );
+        }
+    }
+
+    function coreReport() public view returns (CoreReport memory) {
+        return CoreReport(
+            gateway,
+            multiAdapter,
+            messageProcessor,
+            messageDispatcher,
+            poolEscrowFactory,
+            spoke,
+            snapshotQueue,
+            shareTokenRegistrar,
+            spokeHandler,
+            spokeRegistry,
+            envoy,
+            hubRegistry,
+            accounting,
+            holdings,
+            shareClassManager,
+            hubHandler,
+            hub,
+            root,
+            protocolGuardian,
+            opsGuardian,
+            gasService
+        );
+    }
+
+    function nonCoreReport() public view returns (NonCoreReport memory) {
+        return NonCoreReport(
+            coreReport(),
+            subsidyManager,
+            refundEscrowFactory,
+            asyncVaultFactory,
+            asyncRequestManager,
+            syncDepositVaultFactory,
+            syncManager,
+            vaultRouter,
+            freezeOnlyHook,
+            fullRestrictionsHook,
+            freelyTransferableHook,
+            redemptionRestrictionsHook,
+            queueManager,
+            onOffRampFactory,
+            shareManager,
+            batchRequestManager,
+            identityValuation,
+            oracleValuation,
+            navManager,
+            simplePriceManager,
+            tokenBridge,
+            bridgeCircuitBreaker
+        );
+    }
+
+    function adaptersReport() public view returns (AdaptersReport memory) {
+        return AdaptersReport(coreReport(), layerZeroAdapter, axelarAdapter, chainlinkAdapter, hyperlaneAdapter);
+    }
+}
+
+function noAdaptersInput() pure returns (AdaptersInput memory) {
+    return AdaptersInput({
+        axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
+        layerZero: LayerZeroInput({
+            shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
+        }),
+        chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+        hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
+        connections: new AdapterConnections[](0)
+    });
+}
+
+function defaultTxLimits() pure returns (uint8[32] memory) {}
diff --git a/script/deploy/GatedDeployer.s.sol b/script/deploy/GatedDeployer.s.sol
new file mode 100644
index 000000000..4238c5a73
--- /dev/null
+++ b/script/deploy/GatedDeployer.s.sol
@@ -0,0 +1,328 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {BaseDeployer, AccountLib} from "./BaseDeployer.s.sol";
+
+import {DEPLOY_GATE_ADDRESS} from "create3-gate/script/DeployGate.d.sol";
+
+import {VmSafe} from "forge-std/Vm.sol";
+import {console} from "forge-std/console.sol";
+
+import {IDeployGate} from "create3-gate/src/IDeployGate.sol";
+import {GateProposalScript} from "../utils/GateProposal.s.sol";
+
+/// @dev How a gated deployment is signed. The gate both phases need is brought up by the commit phase.
+enum DeployPhase {
+    // Commit what may be deployed and who may deploy it: the single transaction the admin signs
+    Commit,
+    // Deploy what has been committed, one transaction per contract
+    Deploy
+}
+
+/// @notice Deploys through a DeployGate instead of directly: an admin commits what may be deployed, in a
+///         single transaction, and the executor it named then deploys it.
+contract GatedDeployer is BaseDeployer, GateProposalScript {
+    using AccountLib for address;
+
+    /// @dev The gate lets a namespace hold several commitments at once. This deployment wants one, so it
+    ///      pins an id and committing again always replaces what came before. Reaches no address.
+    bytes32 internal constant DEFAULT_COMMITMENT_ID = bytes32(uint256(1));
+
+    /// @dev The account addresses derive from, alongside the gate and the salt. Not the one a phase acts as:
+    ///      that is always `msg.sender` — committing, the namespace or a delegate it named; deploying, an
+    ///      executor. A key acts by broadcasting; a Safe acts by having the call proposed to it, signed by
+    ///      the owner on the Ledger. Nothing here cares which the caller arranged: a Ledger namespace
+    ///      delegating to a Safe is as good as a Safe delegating to a key
+    address public namespace;
+
+    /// @dev Whether a script is behind the run, rather than a test. It is what tells the two apart where
+    ///      they should differ: a test drives the phases in-process, from a namespace that stands for nobody
+    ///      and prints its table once per fixture, so it neither reports nor proposes.
+    bool internal scripting;
+
+    /// @dev Whether the call the phase ends in is proposed to the sender rather than broadcast from it, which
+    ///      is whether the sender is a Safe. Such a run broadcasts nothing at all, because the proposal is
+    ///      posted over ffi the moment it is signed while a broadcast is deferred to the end of the run, so
+    ///      a run doing both would post the proposal and then fail to send.
+    bool internal proposing;
+
+    DeployPhase internal deployPhase;
+    IDeployGate public deployGate;
+    uint256 public committedContracts;
+    uint256 public deployedContracts;
+    address[] private executors;
+    bytes32[] private queuedSalts;
+    bytes32[] private queuedInitCodeHashes;
+
+    /// @dev Same as `_init`, but points every `submit` at the DeployGate: addresses derive from the gate and
+    ///      the namespace rather than from whoever runs the script, which is what keeps them equal across
+    ///      chains and lets the two phases be signed by different accounts.
+    /// @param namespace_ Account whose namespace in the gate the deployment lives in. Addresses derive from
+    ///        it alongside the salt, so it has to be the same account on every chain. The commit phase is
+    ///        made in its name, by it or by one of its delegates — whichever `--sender` is, a key that
+    ///        broadcasts or a Safe that is proposed to — and the deploy phase needs none of its key
+    /// @param executors_ Accounts the commit phase names as allowed to run the deploy phase. They need no
+    ///        privilege anywhere else, and none has to be the namespace. Part of the commitment, so
+    ///        replacing one means committing again
+    function _initGated(string memory deploymentId_, DeployPhase phase, address namespace_, address[] memory executors_)
+        internal
+    {
+        _init(deploymentId_);
+
+        require(namespace_ != address(0), "A namespace is required to derive addresses");
+
+        deployGate = IDeployGate(DEPLOY_GATE_ADDRESS);
+        namespace = namespace_;
+        deployPhase = phase;
+
+        scripting = vm.isContext(VmSafe.ForgeContext.ScriptGroup);
+        proposing = scripting && phase == DeployPhase.Commit && msg.sender.isSafeAccount();
+
+        // A proposing run brings no gate up itself — the deployment rides in its proposal — so the chain
+        // stays readable for `_commitToGate` to build that proposal from; the walk gets a simulated gate
+        // inside its rollback instead. Every other run wants one here: under a broadcast a missing gate is
+        // deployed for real, as the transaction before the commitment's own
+        if (!proposing) setUpDeployGate();
+
+        // Fails a wrong sender at once rather than at the very end of the run, where the gate would reject
+        // it anyway. One staticcall against the registry that enforces it for real, so this can never
+        // disagree with it: who may commit is decided by the gate, and here it is only reported early. A
+        // chain with no gate yet holds no delegates, so there only the namespace commits.
+        //
+        // `--sender` is the account the phase acts as, a Safe included: a proposing run broadcasts nothing,
+        // so forge takes any address there, and the owner or proposer who signs is whoever holds the Ledger
+        // — the Safe transaction service is what checks that account may propose, once it is posted.
+        if (scripting && phase == DeployPhase.Commit) {
+            require(
+                msg.sender == namespace_ || (isDeployGateDeployed() && deployGate.isDelegate(namespace_, msg.sender)),
+                "Not the namespace nor one of its delegates: pass a --sender the namespace answers to"
+            );
+        }
+
+        if (phase == DeployPhase.Commit && scripting) {
+            console.log("Namespace %s", vm.toString(namespace_));
+            if (msg.sender != namespace_) console.log("Committing as %s", vm.toString(msg.sender));
+            console.log(string.concat(_pad("contract-version", 26), _pad("address", 44), "initCodeHash"));
+        }
+
+        // Starts over, discarding the state of a previous initialization
+        committedContracts = 0;
+        deployedContracts = 0;
+        executors = executors_;
+        delete queuedSalts;
+        delete queuedInitCodeHashes;
+    }
+
+    /// @notice Submits one contract to the DeployGate: committed in the commit phase, deployed in the deploy phase.
+    ///         Use this instead of `create3`, which deploys directly and bypasses the gate.
+    /// @dev    The gate is what deploys, so the addresses derive from it rather than from whoever runs
+    ///         the script. That is what keeps them equal across chains, and lets the two phases be signed by
+    ///         different accounts.
+    ///
+    ///         Committing deploys the contract locally, at the very address the executor will use, and the
+    ///         caller rolls that back afterwards, so nothing of it reaches the chain. The commitment does not
+    ///         need it — it is salts and init code hashes, both known without deploying anything — but it is
+    ///         what the phase proves before the admin signs: that every address is still free, since the gate
+    ///         reverts on a taken one, and that every constructor runs, which is the whole wiring, the action
+    ///         batchers doing it from theirs. Skipping it would leave both to fail after the signature.
+    ///
+    ///         It is also why re-committing over a partly deployed deployment reverts, which costs nothing:
+    ///         the walk deploys through the gate too, so those addresses are just as taken for the executor.
+    ///         `--resume` is what picks such a run back up.
+    function submit(string memory contractName, string memory version, bytes memory initCode)
+        public
+        returns (address target)
+    {
+        return _submit(
+            contractName,
+            version,
+            _gatedSalt(contractName, version),
+            reportedGatedAddress(contractName, version),
+            initCode
+        );
+    }
+
+    /// @notice Same as `submit`, for a contract the deployment does not report. The action batchers wire the
+    ///         protocol from their constructors and deny themselves once they are done, so nothing ever reads
+    ///         one back: keeping them out of the manifest keeps `env/<environment>/<network>.json` to the contracts that are
+    ///         still part of the protocol, and keeps verification from chasing addresses nobody needs.
+    function submitUnreported(string memory contractName, string memory version, bytes memory initCode)
+        public
+        returns (address target)
+    {
+        return _submit(
+            contractName, version, _gatedSalt(contractName, version), gatedAddress(contractName, version), initCode
+        );
+    }
+
+    /// @notice The address a contract is going to occupy, without deploying or reporting anything. Asking for
+    ///         it is how the constructors that wire their dependencies reach the ones not yet deployed.
+    function gatedAddress(string memory contractName, string memory version) public returns (address target) {
+        target = deployGate.addressOf(namespace, _gatedSalt(contractName, version));
+
+        vm.label(target, string.concat(contractName, "-", version, "-", deploymentId));
+    }
+
+    /// @notice Same, for a contract the deployment reports, which is what puts it in `env/<environment>/<network>.json`.
+    function reportedGatedAddress(string memory contractName, string memory version) public returns (address target) {
+        target = gatedAddress(contractName, version);
+
+        register(contractName, target, version);
+    }
+
+    /// @dev Deploying directly bypasses the gate, and lands at an address derived from the sender rather than
+    ///      from the gate, so a gated script has no business reaching for it. Closed off because it would
+    ///      otherwise read almost exactly like `submit`.
+    function create3(string memory, string memory, bytes memory) internal pure override returns (address) {
+        revert("Use submit() to deploy through the DeployGate");
+    }
+
+    /// @dev Salt a gated contract is deployed under. Any 32 bytes will do: the gate is what turns this into
+    ///      the salt it deploys under, folding in the namespace, and its own address is the deployer.
+    function _gatedSalt(string memory contractName, string memory version) internal view returns (bytes32) {
+        return keccak256(abi.encodePacked(contractName, _versionHash(version)));
+    }
+
+    function _submit(
+        string memory contractName,
+        string memory version,
+        bytes32 salt,
+        address target,
+        bytes memory initCode
+    ) private returns (address) {
+        if (deployPhase == DeployPhase.Commit) {
+            address local = _probeDeploy(salt, initCode);
+            require(local == target, "Local deployment landed somewhere else");
+
+            queuedSalts.push(salt);
+            queuedInitCodeHashes.push(keccak256(initCode));
+
+            // Printed as it is queued, not from the commitment, because console output is not state: it
+            // survives the rollback that discards the walk, which is what leaves the phase reporting nothing
+            if (scripting) {
+                console.log(
+                    string.concat(
+                        _pad(string.concat(contractName, "-", version), 26),
+                        vm.toString(target),
+                        "  ",
+                        vm.toString(keccak256(initCode))
+                    )
+                );
+            }
+            return target;
+        }
+
+        // Aborts the run before anything is broadcast when an init code changed since it was committed, or
+        // when this contract is not the one the commitment expects next. Asks the gate where the commitment
+        // stands rather than counting along with it, so that a run picking up a half-deployed commitment
+        // reads the same position the gate is about to enforce. Reports the address, which the DeployGate
+        // itself cannot name
+        (,, uint64 position, uint64 deployableAt) = deployGate.commitments(namespace, DEFAULT_COMMITMENT_ID);
+        if (block.timestamp < deployableAt) {
+            console.log("Committed by a delegate, deployable at %s, now %s", deployableAt, block.timestamp);
+            revert("The namespace's delay on delegate commitments has not passed yet");
+        }
+        if (
+            deployGate.committed(namespace, DEFAULT_COMMITMENT_ID, salt)
+                != deployGate.commitment(keccak256(initCode), position)
+        ) {
+            console.log("Not committed, or out of order at position %s: %s", position, target);
+            revert("Deployment does not match what was committed, commit again");
+        }
+
+        require(
+            deployGate.deploy(namespace, DEFAULT_COMMITMENT_ID, salt, initCode) == target,
+            "Deployment landed somewhere else"
+        );
+        deployedContracts++;
+
+        return target;
+    }
+
+    /// @dev Deploys one contract through the gate at the address the executor will use, for the walk that
+    ///      proves a commit phase before it is signed. Commits it first, since the gate deploys nothing it
+    ///      was not asked for, under an id of its own so the phase's commitment is left alone — and as the
+    ///      namespace, which no chain ever sees: the walk runs unbroadcast and is rolled back whole.
+    function _probeDeploy(bytes32 salt, bytes memory initCode) private returns (address) {
+        bytes32 probeId = bytes32(uint256(DEFAULT_COMMITMENT_ID) + 1);
+        bytes32[] memory salts = new bytes32[](1);
+        bytes32[] memory initCodeHashes = new bytes32[](1);
+        address[] memory probeExecutors = new address[](1);
+        (salts[0], initCodeHashes[0], probeExecutors[0]) = (salt, keccak256(initCode), namespace);
+
+        vm.startPrank(namespace);
+        deployGate.commit(namespace, probeId, salts, initCodeHashes, probeExecutors);
+        address local = deployGate.deploy(namespace, probeId, salt, initCode);
+        vm.stopPrank();
+
+        return local;
+    }
+
+    /// @dev Left-pads to a fixed width, so the commitment reads as a table and diffs line by line
+    function _pad(string memory value, uint256 width) private pure returns (string memory) {
+        bytes memory raw = bytes(value);
+        if (raw.length >= width) return string.concat(value, " ");
+
+        bytes memory padded = new bytes(width);
+        for (uint256 i; i < width; i++) {
+            padded[i] = i < raw.length ? raw[i] : bytes1(" ");
+        }
+        return string(padded);
+    }
+
+    /// @dev Copies the queue out of storage, so that it survives the caller rolling the local deployments
+    ///      back: memory is not state.
+    function _queuedCommitment() internal view returns (bytes32[] memory salts, bytes32[] memory initCodeHashes) {
+        uint256 queued = queuedSalts.length;
+
+        salts = new bytes32[](queued);
+        initCodeHashes = new bytes32[](queued);
+
+        for (uint256 i; i < queued; i++) {
+            salts[i] = queuedSalts[i];
+            initCodeHashes[i] = queuedInitCodeHashes[i];
+        }
+    }
+
+    /// @notice Drops what is committed under this deployment's id, so that none of it stays deployable.
+    ///         Runs after `_initGated`, exactly as `_commit` does: revoking *is* committing, with nothing in
+    ///         it, so it takes the same route to the gate as a commitment does.
+    /// @dev    Deliberately reaches the gate without the walk the phases run: what makes a commitment worth
+    ///         revoking is usually that its addresses are wrong or half taken, and a walk over a taken
+    ///         address reverts inside the gate before it could revoke anything
+    function _revokeCommitment() internal {
+        _commitToGate(new bytes32[](0), new bytes32[](0), new address[](0));
+    }
+
+    /// @dev The one call made in a namespace's name, and the only place a phase reaches the gate to change
+    ///      anything. Made as the sender: a key signs it as a transaction; a Safe is handed the same call as
+    ///      a proposal its owners sign afterwards, through `proposeGateCall`, which is also what brings the
+    ///      gate itself up on a chain that has none — nothing else in a proposing run is broadcast
+    function _commitToGate(bytes32[] memory salts, bytes32[] memory initCodeHashes, address[] memory executors_)
+        internal
+    {
+        if (!proposing) {
+            deployGate.commit(namespace, DEFAULT_COMMITMENT_ID, salts, initCodeHashes, executors_);
+            return;
+        }
+
+        proposeGateCall(
+            msg.sender,
+            abi.encodeCall(IDeployGate.commit, (namespace, DEFAULT_COMMITMENT_ID, salts, initCodeHashes, executors_))
+        );
+    }
+
+    /// @dev Commits the whole deployment. Deliberately a single transaction, whatever the number of contracts,
+    ///      since this is the one the admin has to sign.
+    function _commit(bytes32[] memory salts, bytes32[] memory initCodeHashes) internal {
+        _commitToGate(salts, initCodeHashes, executors);
+        committedContracts = salts.length;
+
+        // One value to compare against a second, independent commit run, which needs no --broadcast: the
+        // table above says which row differs when these do
+        if (!scripting) return;
+
+        console.log("Committed %s contracts in 1 transaction", committedContracts);
+        console.log("Commitment digest %s", vm.toString(keccak256(abi.encode(salts, initCodeHashes))));
+    }
+}
diff --git a/script/utils/GateProposal.s.sol b/script/utils/GateProposal.s.sol
new file mode 100644
index 000000000..59c912b20
--- /dev/null
+++ b/script/utils/GateProposal.s.sol
@@ -0,0 +1,109 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {ICreateX} from "./createx/ICreateX.sol";
+import {ledgerDerivationPath} from "./Ledger.s.sol";
+import {CREATEX_ADDRESS} from "./createx/CreateX.d.sol";
+
+import {DeployGateScript} from "create3-gate/script/DeployGateScript.sol";
+import {
+    DEPLOY_GATE_SALT,
+    DEPLOY_GATE_ADDRESS,
+    DEPLOY_GATE_BYTECODE,
+    DEPLOY_GATE_EXTCODEHASH
+} from "create3-gate/script/DeployGate.d.sol";
+
+import {Safe} from "safe-utils/Safe.sol";
+
+/// @title  EnsureDeployGate
+/// @notice `setUpDeployGate` as one on-chain call: deploys the gate when the chain has none, and checks it
+///         either way, from a constructor so that a Safe batch can carry it.
+/// @dev    What a batch built now but executed later needs. The gate is deployable by anyone, and any
+///         `commit()` run brings it up on a chain that lacks one, so deploying it in the batch directly
+///         would revert on the taken address whenever someone lands it first — and the multisend would take
+///         the gate call behind it down too. This steps aside instead, and what it cannot step aside from it
+///         rejects: foreign code at the gate's address fails the batch rather than being committed into.
+///         Deployed through plain CREATE, whose address comes from a nonce rather than a salt, so the
+///         carrier itself has no address to lose a race over.
+contract EnsureDeployGate {
+    constructor() {
+        if (DEPLOY_GATE_ADDRESS.code.length == 0) {
+            ICreateX(CREATEX_ADDRESS).deployCreate2(DEPLOY_GATE_SALT, DEPLOY_GATE_BYTECODE);
+        }
+
+        require(DEPLOY_GATE_ADDRESS.codehash == DEPLOY_GATE_EXTCODEHASH, "Not the DeployGate");
+    }
+}
+
+/// @title  GateProposalScript
+/// @notice Reaches the DeployGate through a Safe — one that holds a namespace, or one a namespace named as
+///         its delegate: the call the owners sign, with the gate's own deployment riding in the same batch on
+///         a chain that has none.
+///
+/// @dev    What this repository adds to the gate's own `DeployGateScript`, which comes from the gate's
+///         repository as a dependency (`lib/create3-gate`, imported as `create3-gate/`) rather than being
+///         copied into this one: reaching the gate from a Safe is how *this* protocol does it, not something
+///         the gate knows about. A script that only deploys through a gate inherits DeployGateScript;
+///         a script that has to get a call into the gate *from a Safe* inherits this one.
+abstract contract GateProposalScript is DeployGateScript {
+    using Safe for *;
+
+    Safe.Client private proposalSafe;
+    address private ledgerSigner;
+
+    /// @notice The account on the Ledger, at `LEDGER_DERIVATION_PATH`: the owner or proposer a proposal is
+    ///         signed by, which the Safe transaction service requires as the proposal's `sender`.
+    /// @dev    Asked of the device rather than passed in, so that `--sender` is free to be the Safe the run
+    ///         acts as and the two can never disagree — a proposal whose sender is not its signer is what
+    ///         the service rejects. Whether that account may propose is the service's decision, not made
+    ///         here. Read once per run: the device answers slowly
+    function ledgerAddress() internal returns (address) {
+        if (ledgerSigner != address(0)) return ledgerSigner;
+
+        string[] memory inputs = new string[](6);
+        inputs[0] = "cast";
+        inputs[1] = "wallet";
+        inputs[2] = "address";
+        inputs[3] = "--ledger";
+        inputs[4] = "--mnemonic-derivation-path";
+        inputs[5] = ledgerDerivationPath();
+
+        bytes memory out = vm.ffi(inputs);
+        require(
+            out.length == 20, "cast wallet address --ledger did not answer with an address: is the Ledger connected?"
+        );
+
+        ledgerSigner = address(bytes20(out));
+        return ledgerSigner;
+    }
+
+    /// @notice Proposes one call to the gate through a Safe, with the gate's own deployment riding in the
+    ///         same batch on a chain that has none. The single way a Safe reaches the gate, whatever the call.
+    ///         Signed by the Ledger, as the owner it holds: see `ledgerAddress`.
+    /// @dev    The proposal is posted over ffi the moment it is signed, while a broadcast is deferred to the
+    ///         end of the run, so a run calling this must broadcast nothing — it would post the proposal and
+    ///         then fail to send. The batch carries `EnsureDeployGate` rather than the gate's deployment
+    ///         itself, so a gate landing between the proposal and its execution leaves the batch working
+    ///         instead of reverting it.
+    function proposeGateCall(address safe_, bytes memory gateCall) internal {
+        // Proves the pieces before the owners sign, in simulated state only: reverts when the chain has no
+        // CreateX at all, when foreign code sits at the gate's address, or when the bytecode no longer
+        // builds the gate. Read before the setup, which is what puts a gate into the simulation
+        bool gateMissing = !isDeployGateDeployed();
+        setUpDeployGate();
+
+        address[] memory targets = new address[](gateMissing ? 2 : 1);
+        bytes[] memory calls = new bytes[](targets.length);
+
+        if (gateMissing) {
+            targets[0] = CREATEX_ADDRESS;
+            calls[0] = abi.encodeCall(ICreateX.deployCreate, (type(EnsureDeployGate).creationCode));
+        }
+
+        targets[targets.length - 1] = DEPLOY_GATE_ADDRESS;
+        calls[targets.length - 1] = gateCall;
+
+        proposalSafe.initialize(safe_);
+        proposalSafe.proposeTransactions(targets, calls, ledgerAddress(), ledgerDerivationPath());
+    }
+}
diff --git a/script/utils/JsonRegistry.s.sol b/script/utils/JsonRegistry.s.sol
index 386917345..308adf8db 100644
--- a/script/utils/JsonRegistry.s.sol
+++ b/script/utils/JsonRegistry.s.sol
@@ -2,80 +2,206 @@
 pragma solidity 0.8.28;
 
 import "forge-std/Script.sol";
+import {VmSafe} from "forge-std/Vm.sol";
 import {console} from "forge-std/console.sol";
 
+// Passed to `startDeploymentOutput` by a run whose contracts are the whole of a chain's, so that everything
+// the config held and the run does not mention is dropped. Named rather than a bare `true` because what it
+// does is destructive and the call site is where that has to be visible.
+bool constant REPLACE = true;
+
+/// @notice Collects the contracts a deploy script produces and writes them into `env/<environment>/<network>.json`.
+///
+/// @dev    A script opens a run with `startDeploymentOutput()`, registers each contract as it goes — which
+///         `BaseDeployer.reportedSalt()` already does for anything deployed through a reported salt — and
+///         closes with `saveDeploymentOutput(network)`. Deploy-time only contracts take `unreportedSalt()`
+///         instead and never reach this registry.
+///
+///         A deployment records itself completely: addresses, versions, block numbers and the chain's
+///         `startBlock`. Nothing has to be filled in afterwards and nothing else reads the chain to do it.
+///
+///         Writing happens during forge's simulation pass, before the broadcast lands. For the addresses
+///         that is exact — they are deterministic, CREATE3 from the gate, the salt and the deployment id, so what is
+///         written is what will be deployed, including after a later `--resume`. For the block numbers it is
+///         an underestimate: `block.number` here is the block the script *read*, and the transactions land a
+///         few blocks later (measured: 1 on a local fork, up to ~183 on a fast chain). That is deliberate and
+///         it is the safe direction — these feed indexers, which must not start *after* a contract exists.
+///         Every contract in one run therefore shares a block number, since simulation does not advance.
+///
+///         Only an abandoned deployment leaves entries for contracts that never landed — a run whose
+///         simulation reverts partway never reaches this, and one that stops during the broadcast is
+///         finished with `--resume`. Nor is that window anything the `REPLACE` flag below widens: the merge
+///         overwrites by name, and a run that registers a name claims it either way.
+///
+///         `env/` is read-only to forge (`fs_permissions`), so the merge goes through jq rather than a
+///         cheatcode. That keeps the guard against a test or a stray script rewriting a config, and keeps
+///         the diff to what actually changed.
 contract JsonRegistry is Script {
-    string deploymentOutput;
-    uint256 registeredContracts;
-    string addressLabelPrefix;
-    uint256 deploymentStartBlock;
+    /// @dev The whole merge, in one jq program, so that what a run does to `env/<environment>/<network>.json` is read in
+    ///      one place. It takes `$new` (this run's contracts), `$block`, and the three `deploymentInfo`
+    ///      fields, and does three things:
+    ///
+    ///      1. A contract that landed on a new address gets this run's block number. One that was already
+    ///         recorded at the same address keeps the block it had — a run that re-reports an address it did
+    ///         not deploy this time is not evidence about when it was deployed, and overwriting would move
+    ///         the chain's `startBlock` under an indexer. That holds under `$replace` too, which is what
+    ///         lets `--resume` finish a run without redating what the first attempt landed.
+    ///      1b. One the run does not mention is left alone, so a config can hold more than one script's
+    ///         worth — unless `$replace`, where this run's contracts are the whole of the chain's and
+    ///         whatever the config held belonged to a deployment this one supersedes.
+    ///      2. Only a full protocol deployment claims the chain's `deploymentInfo`, which is what `$new`
+    ///         holding `root` says, and the same run claims its `startBlock`: a script shipping one contract
+    ///         records its address without redating the chain, so both live in one branch rather than two
+    ///         conditions that can disagree. The info is merged into what is there rather than replacing it.
+    ///      3. That `startBlock` is the earliest block *any* contract in the config carries, not this run's:
+    ///         a redeployment that reuses contracts leaves older ones in place, and an indexer starting
+    ///         after one of them misses its history. Computed over what the file ends up holding.
+    string internal constant MERGE = ". as $root"
+        " | .contracts = ((if $replace then {} else ($root.contracts // {}) end) + ($new | with_entries("
+        "     ($root.contracts[.key] // {}) as $old" "     | .value = ({address: .value.address,"
+        "        blockNumber: (if ($old.address // null) == .value.address and ($old.blockNumber // null) != null"
+        "                      then $old.blockNumber else $block end),"
+        "        version: (if .value.version != \"\" then .value.version else ($old.version // null) end)"
+        "       } | if .version == null then del(.version) else . end))))" " | (if ($new | has(\"root\"))"
+        "    then .deploymentInfo[\"deploy:protocol\"] = ((.deploymentInfo[\"deploy:protocol\"] // {})"
+        "           + {gitCommit: $gitCommit, timestamp: $timestamp}"
+        // The deployment a record belongs to is the environment the config declares, so recording it here
+        // would be the same string twice. Older records named it `suffix`, which goes with the rest
+        "           | del(.suffix))" "         | ([.contracts[] | .blockNumber | select(. != null)] | min) as $earliest"
+        "         | if $earliest != null then .deploymentInfo[\"deploy:protocol\"].startBlock = $earliest else . end"
+        "    else . end)";
+
+    string[] private registeredNames;
+    address[] private registeredAddrs;
+    string[] private registeredVersions;
 
     function register(string memory name, address target, string memory version) public {
-        _register(
-            name, string(abi.encodePacked('{ "address": "', vm.toString(target), '", "version": "', version, '" }'))
-        );
+        registeredNames.push(name);
+        registeredAddrs.push(target);
+        registeredVersions.push(version);
     }
 
-    function _register(string memory name, string memory value) internal {
-        string memory contractJson = string(abi.encodePacked('    "', name, '": ', value));
+    function startDeploymentOutput() public {
+        startDeploymentOutput(!REPLACE);
+    }
 
-        deploymentOutput = (registeredContracts == 0)
-            ? string(abi.encodePacked(deploymentOutput, contractJson))
-            : string(abi.encodePacked(deploymentOutput, ",\n", contractJson));
+    /// @notice Same, for a run that owns the whole of a chain's contracts. Pass `REPLACE` and everything the
+    ///         config held that this run does not register is dropped: a script deploying a protocol from
+    ///         nothing supersedes whatever was there, and leaving it would keep unreachable addresses beside
+    ///         the live ones with nothing marking them dead. Every other script shares the file and merges.
+    function startDeploymentOutput(bool replaces) public {
+        replacesDeployment = replaces;
 
-        registeredContracts += 1;
+        delete registeredNames;
+        delete registeredAddrs;
+        delete registeredVersions;
     }
 
-    function startDeploymentOutput() public {
-        registeredContracts = 0;
-        deploymentOutput = '{\n  "contracts": {\n';
-        deploymentStartBlock = block.number;
+    /// @notice How many contracts this run has registered so far.
+    /// @dev    Worth asserting on: the commit phase registers addresses as it walks, and the state
+    ///         rollback that ends it discards them again — this contract's storage is rolled back with
+    ///         everything else — so after a gated deployment this equals what the deploy phase deployed,
+    ///         less the contracts submitted unreported.
+    function registeredCount() public view returns (uint256) {
+        return registeredNames.length;
     }
 
-    function saveDeploymentOutput() public {
-        string memory dir = "./env/latest/";
-        if (!vm.exists(dir)) {
-            vm.createDir(dir, true);
+    /// @notice What this run would write under `.contracts`, as JSON.
+    /// @dev    Public so that a test can hold the parser to the deployer: `EnvConfig` reads this object back,
+    ///         and requiring a contract the deployer never registers is then a test failure rather than a
+    ///         deployment that writes a config no script can load.
+    function registeredContractsJson() public view returns (string memory contracts) {
+        contracts = "{";
+        for (uint256 i; i < registeredNames.length; i++) {
+            contracts = string.concat(
+                contracts,
+                i == 0 ? "" : ",",
+                "\"",
+                registeredNames[i],
+                "\":{\"address\":\"",
+                vm.toString(registeredAddrs[i]),
+                "\",\"version\":\"",
+                registeredVersions[i],
+                "\"}"
+            );
         }
+        contracts = string.concat(contracts, "}");
+    }
 
-        // Add deployment start block to output if captured
-        string memory blockJson = "";
-
-        // forgefmt: disable-next-item
-        if (deploymentStartBlock > 0)
-        {
-            blockJson = string(
-                abi.encodePacked(
-                    "\n  },\n  \"deploymentStartBlock\": \"",
-                    vm.toString(deploymentStartBlock),
-                    "\"\n}"
-                )
-            );
-        } else {
-            blockJson = "\n  }\n}";
+    /// @param path Where to write, as `Chains.pathOf` resolves it. Passed in rather than worked out here, so
+    ///        that this file stays free of the env-parsing stack — the deployer stack it belongs to is
+    ///        mirrored publicly and `ChainConfig` is not.
+    ///
+    function saveDeploymentOutput(string memory path) public {
+        _saveDeploymentOutput(path);
+    }
+
+    bool private replacesDeployment;
+
+    function _saveDeploymentOutput(string memory path) internal {
+        if (registeredNames.length == 0) return;
+
+        // A deployment records itself under env/, never anywhere else. `Chains.pathOf` resolves by probing
+        // and falls through to the checked-in fixtures under script/anvil/env/ when no run has copied them
+        // into an env/ directory yet — a LaunchDeployer run started without anvil.sh would otherwise merge its addresses into a
+        // tracked fixture, which describes two chains and never a deployment. The write goes through ffi,
+        // which `fs_permissions` does not bind, so the guard has to live here.
+        require(vm.indexOf(path, "env/") == 0, "a deployment records itself under env/");
+
+        // A dry run walks the same deployment and computes the same addresses, but save nothing
+        if (!vm.isContext(VmSafe.ForgeContext.ScriptBroadcast) && !vm.isContext(VmSafe.ForgeContext.ScriptResume)) {
+            return;
         }
 
-        // Save with timestamp for history
-        string memory timestampedPath = string(
-            abi.encodePacked(
-                dir,
-                "_chain",
-                vm.toString(block.chainid),
-                "_block",
+        string memory contracts = registeredContractsJson();
+
+        // Handed over through the environment rather than pasted into the command: a value that reaches a
+        // shell inside quotes it can close is a value that can run commands, and these are assembled from
+        // whatever a deploy script chose to name its contracts and tag its salts. The git and date calls are
+        // quoted for the same reason — jq's `--arg` then escapes each into JSON, so nothing here has to.
+        vm.setEnv("REGISTRY_CONTRACTS", contracts);
+
+        _sh(
+            string.concat(
+                "jq --argjson new \"$REGISTRY_CONTRACTS\" --argjson replace ",
+                replacesDeployment ? "true" : "false",
+                " --argjson block ",
                 vm.toString(block.number),
-                "_nonce",
-                vm.toString(vm.getNonce(msg.sender)),
-                ".json"
+                " --arg gitCommit \"$(git rev-parse --short HEAD)\"",
+                " --arg timestamp \"$(date -u +%Y-%m-%dT%H:%M:%SZ)\"",
+                " '",
+                MERGE,
+                "' '",
+                path,
+                "' > '",
+                path,
+                ".tmp' && mv '",
+                path,
+                ".tmp' '",
+                path,
+                "'"
             )
         );
-        string memory fullOutput = string(abi.encodePacked(deploymentOutput, blockJson));
-        vm.writeFile(timestampedPath, fullOutput);
-        console.log("Contract addresses saved to: %s", timestampedPath);
+        console.log("Wrote %s contracts into %s", registeredNames.length, path);
+    }
+
+    /// @notice Whether a name reached this registry, which is how a test tells a reported contract from one
+    ///         deployed through `unreportedSalt`.
+    function _registered(string memory name) internal view returns (bool) {
+        for (uint256 i; i < registeredNames.length; i++) {
+            if (keccak256(bytes(registeredNames[i])) == keccak256(bytes(name))) return true;
+        }
+        return false;
+    }
 
-        // Save as latest
-        string memory latestPath = string(abi.encodePacked(dir, vm.toString(block.chainid), "-latest.json"));
+    function _sh(string memory command) private returns (string memory) {
+        string[] memory argv = new string[](5);
+        argv[0] = "bash";
+        argv[1] = "-euo";
+        argv[2] = "pipefail";
+        argv[3] = "-c";
+        argv[4] = command;
 
-        vm.writeFile(latestPath, fullOutput);
-        console.log("Contract addresses also saved to: %s", latestPath);
+        return string(vm.ffi(argv));
     }
 }
diff --git a/script/utils/Ledger.s.sol b/script/utils/Ledger.s.sol
new file mode 100644
index 000000000..7ca6cc549
--- /dev/null
+++ b/script/utils/Ledger.s.sol
@@ -0,0 +1,20 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import "forge-std/Vm.sol";
+
+Vm constant vm = Vm(address(uint160(uint256(keccak256("hevm cheat code")))));
+
+// The path a Ledger's first account sits at. A default and nothing more: the account a Safe accepts a
+// proposal from is whichever of its owners or proposers the signer holds, and that need not be the first —
+// the same seed keeps an unrelated account at every path, so nothing here can know which is the owner
+string constant DEFAULT_LEDGER_DERIVATION_PATH = "m/44'/60'/0'/0/0";
+
+/// @notice Where on the Ledger the signer is. Read by everything that signs over ffi: the Safe proposals,
+///         and the account they are posted as — `ledgerAddress()` asks the device what sits at this path, and
+///         that is who the transaction service sees. Set LEDGER_DERIVATION_PATH when the owner is kept at
+///         another path; a proposal from the wrong one is refused by the service, before anything is signed,
+///         so the cost of the default being wrong is a rejected proposal and a second run
+function ledgerDerivationPath() view returns (string memory) {
+    return vm.envOr("LEDGER_DERIVATION_PATH", string(DEFAULT_LEDGER_DERIVATION_PATH));
+}
diff --git a/script/utils/CreateX.d.sol b/script/utils/createx/CreateX.d.sol
similarity index 100%
rename from script/utils/CreateX.d.sol
rename to script/utils/createx/CreateX.d.sol
diff --git a/script/utils/CreateXScript.sol b/script/utils/createx/CreateXScript.sol
similarity index 100%
rename from script/utils/CreateXScript.sol
rename to script/utils/createx/CreateXScript.sol
diff --git a/script/utils/ICreateX.sol b/script/utils/createx/ICreateX.sol
similarity index 100%
rename from script/utils/ICreateX.sol
rename to script/utils/createx/ICreateX.sol
diff --git a/snapshots/AsyncVault.json b/snapshots/AsyncVault.json
index 7c38c419b..84e7313b3 100644
--- a/snapshots/AsyncVault.json
+++ b/snapshots/AsyncVault.json
@@ -1,4 +1,4 @@
 {
-  "fulfillDepositRequest": "939125",
-  "requestDeposit": "879663"
-}
+  "fulfillDepositRequest": "498943",
+  "requestDeposit": "972683"
+}
\ No newline at end of file
diff --git a/snapshots/MessageColdAccesses.json b/snapshots/MessageColdAccesses.json
new file mode 100644
index 000000000..c7aec3cb8
--- /dev/null
+++ b/snapshots/MessageColdAccesses.json
@@ -0,0 +1,55 @@
+{
+  "BENCHMARKING_RUN_ID": 1788247641,
+  "scheduleUpgradeSlots": 14,
+  "scheduleUpgradeAccounts": 7,
+  "cancelUpgradeSlots": 13,
+  "cancelUpgradeAccounts": 7,
+  "registerAssetSlots": 15,
+  "registerAssetAccounts": 9,
+  "setPoolAdaptersSlots": 40,
+  "setPoolAdaptersAccounts": 7,
+  "requestSlots": 29,
+  "requestAccounts": 12,
+  "notifyPoolSlots": 23,
+  "notifyPoolAccounts": 11,
+  "notifyShareClassSlots": 24,
+  "notifyShareClassAccounts": 11,
+  "notifyPricePoolPerShareSlots": 17,
+  "notifyPricePoolPerShareAccounts": 9,
+  "notifyPricePoolPerAssetSlots": 19,
+  "notifyPricePoolPerAssetAccounts": 9,
+  "notifyShareMetadataSlots": 20,
+  "notifyShareMetadataAccounts": 11,
+  "initiateTransferSharesSlots": 38,
+  "initiateTransferSharesAccounts": 18,
+  "executeTransferSharesSlots": 23,
+  "executeTransferSharesAccounts": 12,
+  "updateRestrictionSlots": 23,
+  "updateRestrictionAccounts": 13,
+  "requestCallbackSlots": 41,
+  "requestCallbackAccounts": 17,
+  "updateVaultDeployAndLinkSlots": 35,
+  "updateVaultDeployAndLinkAccounts": 14,
+  "updateVaultLinkSlots": 21,
+  "updateVaultLinkAccounts": 9,
+  "updateVaultUnlinkSlots": 20,
+  "updateVaultUnlinkAccounts": 9,
+  "setRequestManagerSlots": 17,
+  "setRequestManagerAccounts": 9,
+  "setPolicySlots": 17,
+  "setPolicyAccounts": 9,
+  "updateAssetsSlots": 35,
+  "updateAssetsAccounts": 14,
+  "updateSharesSlots": 23,
+  "updateSharesAccounts": 11,
+  "updateManagerSlots": 17,
+  "updateManagerAccounts": 9,
+  "managerCallFromHubSlots": 29,
+  "managerCallFromHubAccounts": 15,
+  "managerCallFromSpokeSlots": 13,
+  "managerCallFromSpokeAccounts": 9,
+  "authorizeSpokeCallSlots": 17,
+  "authorizeSpokeCallAccounts": 9,
+  "unauthorizeSpokeCallSlots": 17,
+  "unauthorizeSpokeCallAccounts": 9
+}
\ No newline at end of file
diff --git a/snapshots/MessageGasLimits.json b/snapshots/MessageGasLimits.json
index 10a852687..049d1a512 100644
--- a/snapshots/MessageGasLimits.json
+++ b/snapshots/MessageGasLimits.json
@@ -1,31 +1,29 @@
 {
-  "BENCHMARKING_RUN_ID": 1777284426,
-  "scheduleUpgrade": 93954,
-  "cancelUpgrade": 74410,
-  "recoverTokens": 150073,
-  "registerAsset": 104155,
-  "setPoolAdapters": 484965,
-  "request": 219858,
-  "notifyPool": 1280733,
-  "notifyShareClass": 1858390,
-  "notifyPricePoolPerShare": 102234,
-  "notifyPricePoolPerAsset": 106047,
-  "notifyShareMetadata": 115797,
-  "updateShareHook": 91761,
-  "initiateTransferShares": 282060,
-  "executeTransferShares": 172870,
-  "updateRestriction": 112670,
-  "trustedContractUpdate": 143921,
-  "requestCallback": 330279,
-  "updateVaultDeployAndLink": 2841252,
-  "updateVaultLink": 182895,
-  "updateVaultUnlink": 131662,
-  "setRequestManager": 101098,
-  "updateBalanceSheetManager": 99987,
-  "updateHoldingAmount": 300854,
-  "updateShares": 198271,
-  "maxAssetPriceAge": 106132,
-  "maxSharePriceAge": 103066,
-  "updateGatewayManager": 97645,
-  "untrustedContractUpdate": 85086
+  "BENCHMARKING_RUN_ID": 1788247616,
+  "scheduleUpgrade": 137119,
+  "cancelUpgrade": 117612,
+  "registerAsset": 144115,
+  "setPoolAdapters": 766178,
+  "request": 257863,
+  "notifyPool": 1354253,
+  "notifyShareClass": 1851096,
+  "notifyPricePoolPerShare": 152813,
+  "notifyPricePoolPerAsset": 159348,
+  "notifyShareMetadata": 174980,
+  "initiateTransferShares": 345859,
+  "executeTransferShares": 229802,
+  "updateRestriction": 189546,
+  "requestCallback": 440157,
+  "updateVaultDeployAndLink": 2845035,
+  "updateVaultLink": 167281,
+  "updateVaultUnlink": 148041,
+  "setRequestManager": 151628,
+  "setPolicy": 152680,
+  "updateAssets": 367025,
+  "updateShares": 240719,
+  "updateManager": 153827,
+  "managerCallFromHub": 354129,
+  "managerCallFromSpoke": 126429,
+  "authorizeSpokeCall": 159741,
+  "unauthorizeSpokeCall": 137402
 }
\ No newline at end of file
diff --git a/snapshots/ShareToken.json b/snapshots/ShareToken.json
index 3bce82f5b..369cc304c 100644
--- a/snapshots/ShareToken.json
+++ b/snapshots/ShareToken.json
@@ -1,3 +1,3 @@
 {
-  "transferFrom": "81017"
+  "transferFrom": "85423"
 }
\ No newline at end of file
diff --git a/snapshots/SyncDepositVault.json b/snapshots/SyncDepositVault.json
index bc8337498..b7da5f320 100644
--- a/snapshots/SyncDepositVault.json
+++ b/snapshots/SyncDepositVault.json
@@ -1,3 +1,3 @@
 {
-  "deposit": "359485"
+  "deposit": "434625"
 }
\ No newline at end of file
diff --git a/snapshots/VaultRouter.json b/snapshots/VaultRouter.json
index 815d50041..fcec76c9d 100644
--- a/snapshots/VaultRouter.json
+++ b/snapshots/VaultRouter.json
@@ -1,6 +1,6 @@
 {
-  "claimDeposit": "1179164",
-  "enable": "61122",
-  "requestDeposit": "889236",
-  "requestRedeem": "2573847"
+  "claimDeposit": "755846",
+  "enable": "60931",
+  "requestDeposit": "982731",
+  "requestRedeem": "2184977"
 }
\ No newline at end of file
diff --git a/src-ir/OnchainPM.sol b/src-ir/OnchainPM.sol
index b1d32dbb3..2f084166c 100644
--- a/src-ir/OnchainPM.sol
+++ b/src-ir/OnchainPM.sol
@@ -6,10 +6,10 @@ import {MerkleProofLib} from "../src/misc/libraries/MerkleProofLib.sol";
 import {TransientArrayLib} from "../src/misc/libraries/TransientArrayLib.sol";
 
 import {PoolId} from "../src/core/types/PoolId.sol";
-import {ShareClassId} from "../src/core/types/ShareClassId.sol";
+import {ISpoke} from "../src/core/spoke/interfaces/ISpoke.sol";
 import {IGateway} from "../src/core/messaging/interfaces/IGateway.sol";
 import {BatchedMulticall} from "../src/core/utils/BatchedMulticall.sol";
-import {IBalanceSheet} from "../src/core/spoke/interfaces/IBalanceSheet.sol";
+import {IManagerCallFromHub} from "../src/core/utils/interfaces/IManagerCall.sol";
 
 import {IOnchainPM} from "../src/managers/spoke/interfaces/IOnchainPM.sol";
 import {IOnchainPMFactory} from "../src/managers/spoke/interfaces/IOnchainPMFactory.sol";
@@ -20,7 +20,7 @@ import {VM} from "enso-weiroll/VM.sol";
 /// @notice Per-pool execution engine that allows strategists to run pre-approved multi-step onchain
 ///         workflows (supply, withdraw, swap, bridge) for a Centrifuge pool. Scripts are
 ///         authored as weiroll command sequences and authorized via a Merkle proof policy set by
-///         trusted calls from the hub manager. A state bitmap lets governance pin specific state slots so strategists
+///         manager calls from the hub. A state bitmap lets governance pin specific state slots so strategists
 ///         cannot modify them at execution time.
 /// @dev    Native tokens sent with `execute()` are forwarded to VALUECALL commands and any remainder
 ///         is returned to the caller. No native tokens should ever remain in this contract between calls.
@@ -31,28 +31,30 @@ contract OnchainPM is BatchedMulticall, VM, IOnchainPM {
     bytes32 private constant CALLBACK_CALLERS_SLOT = bytes32(uint256(keccak256("onchainPM.callbackCallers")) - 1);
 
     PoolId public immutable poolId;
-    address public immutable contractUpdater;
+    address public immutable envoy;
 
     mapping(address strategist => bytes32 root) public policy;
 
     uint256 public transient callbackIdx;
     address public transient activeStrategist;
 
-    constructor(PoolId poolId_, address contractUpdater_, IGateway gateway_) BatchedMulticall(gateway_) {
+    constructor(PoolId poolId_, address envoy_, IGateway gateway_) BatchedMulticall(gateway_) {
         poolId = poolId_;
-        contractUpdater = contractUpdater_;
+        envoy = envoy_;
     }
 
     receive() external payable {}
 
     //----------------------------------------------------------------------------------------------
-    // Owner actions
+    // Hub actions
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Update the strategist policy root via the ContractUpdater.
-    function trustedCall(PoolId poolId_, ShareClassId, bytes calldata payload) external {
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev Updates the strategist policy root.
+    function fromHub(PoolId poolId_, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
         require(poolId == poolId_, InvalidPoolId());
-        require(msg.sender == contractUpdater, NotAuthorized());
 
         (bytes32 who, bytes32 what) = abi.decode(payload, (bytes32, bytes32));
         address strategist = who.toAddress();
@@ -187,20 +189,20 @@ contract OnchainPM is BatchedMulticall, VM, IOnchainPM {
 /// @notice Deploys pool-specific OnchainPM instances deterministically via CREATE2.
 contract OnchainPMFactory is IOnchainPMFactory {
     IGateway public immutable gateway;
-    address public immutable contractUpdater;
-    IBalanceSheet public immutable balanceSheet;
+    address public immutable envoy;
+    ISpoke public immutable spoke;
 
-    constructor(address contractUpdater_, IBalanceSheet balanceSheet_, IGateway gateway_) {
-        contractUpdater = contractUpdater_;
-        balanceSheet = balanceSheet_;
+    constructor(address envoy_, ISpoke spoke_, IGateway gateway_) {
+        envoy = envoy_;
+        spoke = spoke_;
         gateway = gateway_;
     }
 
     /// @inheritdoc IOnchainPMFactory
     function newOnchainPM(PoolId poolId) external returns (IOnchainPM) {
-        require(balanceSheet.spoke().isPoolActive(poolId), InvalidPoolId());
+        require(spoke.spokeRegistry().isPoolActive(poolId), InvalidPoolId());
 
-        OnchainPM onchainPM = new OnchainPM{salt: bytes32(uint256(poolId.raw()))}(poolId, contractUpdater, gateway);
+        OnchainPM onchainPM = new OnchainPM{salt: bytes32(uint256(poolId.raw()))}(poolId, envoy, gateway);
 
         emit DeployOnchainPM(poolId, address(onchainPM));
         return IOnchainPM(address(onchainPM));
@@ -210,7 +212,7 @@ contract OnchainPMFactory is IOnchainPMFactory {
     function getAddress(PoolId poolId) external view returns (address) {
         bytes32 salt = bytes32(uint256(poolId.raw()));
         bytes32 initCodeHash =
-            keccak256(abi.encodePacked(type(OnchainPM).creationCode, abi.encode(poolId, contractUpdater, gateway)));
+            keccak256(abi.encodePacked(type(OnchainPM).creationCode, abi.encode(poolId, envoy, gateway)));
         return address(uint160(uint256(keccak256(abi.encodePacked(bytes1(0xff), address(this), salt, initCodeHash)))));
     }
 }
diff --git a/src/README.md b/src/README.md
index d68e2afb6..d8c7eeee4 100644
--- a/src/README.md
+++ b/src/README.md
@@ -6,27 +6,44 @@ src/
 ├── core/              Core protocol infrastructure
 │   ├── hub/           Hub module for pool management and accounting
 │   ├── spoke/         Spoke module for local pool operations
-│   └── messaging/     Cross-chain message dispatch and processing
-├── libraries/         Shared utility libraries
+│   ├── messaging/     Cross-chain message dispatch and processing
+│   ├── types/         Shared value types (PoolId, ShareClassId, AssetId, ...)
+│   ├── libraries/     Shared libraries (e.g. PricingLib)
+│   └── utils/         Core utilities (BatchedMulticall, Envoy)
+├── token/             Share token and transfer hooks
+│   └── hooks/         Transfer restriction hooks
 ├── adapters/          Cross-chain messaging adapters
-├── admin/             Protocol governance and emergency controls
-├── hooks/             Transfer restriction implementations
+├── admin/             Protocol governance, emergency controls, and gas service
+├── hooks/             Accounting and bridge hooks
+│   ├── accounting/    NAVManager, SimplePriceManager
+│   └── bridge/        BridgeCircuitBreaker
 ├── managers/          Extension managers
-│   ├── hub/           Hub managers (NAV, pricing)
-│   └── spoke/         Spoke managers (on/off-ramp, merkle proof, queue)
+│   ├── hub/           Hub managers (Supervisor)
+│   └── spoke/         Spoke managers (on/off-ramp, queue, guards)
+├── policies/          Policy & timelock enforcement
+│   └── hub/           StdHubPolicy
 ├── valuations/        Asset valuation implementations
-└── vaults/            ERC-4626/ERC-7540 vault implementations
+├── vaults/            ERC-4626/ERC-7540 vault implementations
+├── bridge/            TokenBridge for cross-chain token transfers
+├── utils/             Gas-subsidy utilities (SubsidyManager, RefundEscrow)
+├── deployment/        Deployment orchestration
+└── spell/             On-chain migration spells
 ```
 
 - **[`misc`](./misc)** - Generic contracts including Auth, ERC20, Escrow, math/cast libraries, and reentrancy protection
 - **[`core/hub`](./core/hub)** - Hub module for centralized pool management, accounting, holdings, share class management, and registry
-- **[`core/spoke`](./core/spoke)** - Spoke module for local pool operations, share tokens, balance sheets, vault registry, and pool escrows
-- **[`core/messaging`](./core/messaging)** - Message serialization, dispatching, processing, and gas service for cross-chain communication
-- **[`libraries`](./libraries)** - Shared utility libraries for message encoding, contract updates, and protocol operations
-- **[`adapters`](./adapters)** - Cross-chain messaging adapters integrating with Wormhole, LayerZero, Axelar, and Chainlink
-- **[`admin`](./admin)** - Protocol governance with Root, ProtocolGuardian, OpsGuardian, and TokenRecoverer for timelocked permissions and emergency controls
-- **[`hooks`](./hooks)** - Transfer hook implementations (FreezeOnly, RedemptionRestrictions, FullRestrictions, FreelyTransferable)
-- **[`managers/hub`](./managers/hub)** - NAVManager for net asset value tracking and SimplePriceManager for single-share-class pool pricing
-- **[`managers/spoke`](./managers/spoke)** - OnOfframpManager for asset custody, QueueManager for batched syncing
+- **[`core/spoke`](./core/spoke)** - Spoke module for local pool operations, balance sheets, vault registration (`SpokeRegistry`), and pool escrows
+- **[`core/messaging`](./core/messaging)** - Message serialization, dispatching, and processing for cross-chain communication
+- **[`token`](./token)** - `ShareToken` (ERC20 + ERC1404), `ShareTokenRegistrar`, and the transfer restriction hooks under `token/hooks` (FreezeOnly, RedemptionRestrictions, FullRestrictions, FreelyTransferable)
+- **[`adapters`](./adapters)** - Cross-chain messaging adapters integrating with LayerZero, Axelar, Chainlink, and Hyperlane
+- **[`admin`](./admin)** - Protocol governance with Root, ProtocolGuardian, and OpsGuardian, plus the `GasService`
+- **[`hooks`](./hooks)** - Accounting hooks (`NAVManager`, `SimplePriceManager`) and the bridge circuit breaker
+- **[`managers/hub`](./managers/hub)** - `Supervisor`, the pool-scoped sentinel/veto layer for the authorize flow
+- **[`managers/spoke`](./managers/spoke)** - `OnOffRamp` for asset custody, `QueueManager` for batched syncing, and balance-sheet guards
+- **[`policies`](./policies)** - Policy and timelock enforcement layer, bounding what any manager call can do and delaying out-of-policy actions behind a sentinel veto window (`StdHubPolicy` under `policies/hub`)
 - **[`valuations`](./valuations)** - Asset valuation implementations (IdentityValuation for 1:1 pricing, OracleValuation for oracle-based pricing)
 - **[`vaults`](./vaults)** - ERC-4626/ERC-7540 vault implementations (AsyncVault, SyncDepositVault), request managers, and router
+- **[`bridge`](./bridge)** - `TokenBridge` wrapper for cross-chain share-token transfers
+- **[`utils`](./utils)** - Gas-subsidy utilities: `SubsidyManager` and per-pool `RefundEscrow`
+- **[`deployment`](./deployment)** - Deployment orchestration (deployers and action batchers)
+- **[`spell`](./spell)** - On-chain migration spells
diff --git a/src/adapters/AxelarAdapter.sol b/src/adapters/AxelarAdapter.sol
index 8fd6ecb52..3a460656e 100644
--- a/src/adapters/AxelarAdapter.sol
+++ b/src/adapters/AxelarAdapter.sol
@@ -20,12 +20,22 @@ import {IAdapterWiring} from "../admin/interfaces/IAdapterWiring.sol";
 
 /// @title  Axelar Adapter
 /// @notice Routing contract that integrates with an Axelar Gateway
+/// @dev    Replay protection is enforced by the Axelar Gateway via `validateContractCall()`,
+///         which marks each command ID as consumed and reverts on reuse.
 contract AxelarAdapter is Auth, IAxelarAdapter {
     using CastLib for *;
 
-    /// @dev Cost of executing `execute()` except entrypoint.handle().
+    /// @dev Cost of executing `execute()` except entrypoint.handle(), reserved per destination chain.
     /// NOTE: Tested in production using real `validateContractCall()` implementation.
-    uint256 public constant RECEIVE_COST = 26000;
+    uint256 public constant DEFAULT_RECEIVE_COST = 26000;
+
+    uint16 public constant MONAD_CENTRIFUGE_ID = 11;
+    // Monad reprices cold storage access (2100→8100, +6000/slot) and cold account access (2600→10100,
+    // +7500/call) per its published opcode schedule (docs.monad.xyz). execute() makes 2 cold SLOADs (a
+    // uint16 + a bytes32 spanning two slots) + 2 cold CALLs (validateContractCall, entrypoint) =>
+    // +27_000 over DEFAULT. The gateway's own internal cold writes aren't separately reserved, so this
+    // figure may be low. Mirrors GasService.
+    uint256 public constant MONAD_RECEIVE_COST = DEFAULT_RECEIVE_COST + 27_000;
 
     IMessageHandler public immutable entrypoint;
     IAxelarGateway public immutable axelarGateway;
@@ -54,11 +64,6 @@ contract AxelarAdapter is Auth, IAxelarAdapter {
         emit Wire(centrifugeId, axelarId, adapter);
     }
 
-    /// @inheritdoc IAdapterWiring
-    function isWired(uint16 centrifugeId) external view returns (bool) {
-        return bytes(destinations[centrifugeId].axelarId).length != 0;
-    }
-
     //----------------------------------------------------------------------------------------------
     // Incoming
     //----------------------------------------------------------------------------------------------
@@ -118,7 +123,13 @@ contract AxelarAdapter is Auth, IAxelarAdapter {
         require(bytes(destination.axelarId).length != 0, UnknownChainId());
 
         return axelarGasService.estimateGasFee(
-            destination.axelarId, destination.addr, payload, gasLimit + RECEIVE_COST, bytes("")
+            destination.axelarId, destination.addr, payload, gasLimit + _receiveCost(centrifugeId), bytes("")
         );
     }
+
+    /// @dev Per-destination receive reserve added to the requested gas limit; Monad's cold-access
+    ///      repricing needs a larger reserve than other chains.
+    function _receiveCost(uint16 centrifugeId) internal pure returns (uint256) {
+        return centrifugeId == MONAD_CENTRIFUGE_ID ? MONAD_RECEIVE_COST : DEFAULT_RECEIVE_COST;
+    }
 }
diff --git a/src/adapters/ChainlinkAdapter.sol b/src/adapters/ChainlinkAdapter.sol
index 3b05941f9..00601ded3 100644
--- a/src/adapters/ChainlinkAdapter.sol
+++ b/src/adapters/ChainlinkAdapter.sol
@@ -21,9 +21,19 @@ import {IAdapterWiring} from "../admin/interfaces/IAdapterWiring.sol";
 
 /// @title  Chainlink Adapter
 /// @notice Routing contract that integrates with Chainlink CCIP
+/// @dev    Replay protection is enforced by the CCIP stack (Router/OffRamp),
+///         which tracks message IDs and prevents duplicate delivery.
 contract ChainlinkAdapter is Auth, IChainlinkAdapter {
-    /// @dev Cost of executing `ccipReceive()` except entrypoint.handle()
-    uint256 public constant RECEIVE_COST = 4000;
+    /// @dev Cost of executing `ccipReceive()` except entrypoint.handle(), reserved per destination chain.
+    ///      Covers 1 cold SLOAD (single-slot `sources` struct) + 1 cold CALL (entrypoint) at 4_700, plus
+    ///      a flat 5_300 for dispatch, calldata decode, mapping hash, memory and call setup.
+    uint256 public constant DEFAULT_RECEIVE_COST = 10_000;
+
+    uint16 public constant MONAD_CENTRIFUGE_ID = 11;
+    // Monad reprices cold storage access (2100→8100) and cold account access (2600→10100) per its
+    // published opcode schedule (docs.monad.xyz), putting those same two accesses at 18_200 => +13_500
+    // over DEFAULT, wrapper allowance unchanged. Mirrors GasService's per-chain reserve.
+    uint256 public constant MONAD_RECEIVE_COST = DEFAULT_RECEIVE_COST + 13_500;
 
     IRouterClient public immutable ccipRouter;
     IMessageHandler public immutable entrypoint;
@@ -37,7 +47,7 @@ contract ChainlinkAdapter is Auth, IChainlinkAdapter {
     }
 
     //----------------------------------------------------------------------------------------------
-    // Administration
+    // Network wiring
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IAdapterWiring
@@ -48,11 +58,6 @@ contract ChainlinkAdapter is Auth, IChainlinkAdapter {
         emit Wire(centrifugeId, chainSelector, adapter);
     }
 
-    /// @inheritdoc IAdapterWiring
-    function isWired(uint16 centrifugeId) external view returns (bool) {
-        return destinations[centrifugeId].chainSelector != 0;
-    }
-
     //----------------------------------------------------------------------------------------------
     // Incoming
     //----------------------------------------------------------------------------------------------
@@ -85,7 +90,7 @@ contract ChainlinkAdapter is Auth, IChainlinkAdapter {
         require(destination.chainSelector != 0, UnknownChainId());
 
         adapterData = ccipRouter.ccipSend{value: msg.value}(
-            destination.chainSelector, _createMessage(destination, payload, gasLimit)
+            destination.chainSelector, _createMessage(destination, payload, gasLimit + _receiveCost(centrifugeId))
         );
     }
 
@@ -94,7 +99,15 @@ contract ChainlinkAdapter is Auth, IChainlinkAdapter {
         ChainlinkDestination memory destination = destinations[centrifugeId];
         require(destination.chainSelector != 0, UnknownChainId());
 
-        return ccipRouter.getFee(destination.chainSelector, _createMessage(destination, payload, gasLimit));
+        return ccipRouter.getFee(
+            destination.chainSelector, _createMessage(destination, payload, gasLimit + _receiveCost(centrifugeId))
+        );
+    }
+
+    /// @dev Per-destination receive reserve added to the requested gas limit; Monad's cold-access
+    ///      repricing needs a larger reserve than other chains.
+    function _receiveCost(uint16 centrifugeId) internal pure returns (uint256) {
+        return centrifugeId == MONAD_CENTRIFUGE_ID ? MONAD_RECEIVE_COST : DEFAULT_RECEIVE_COST;
     }
 
     function _createMessage(ChainlinkDestination memory destination, bytes calldata payload, uint256 gasLimit)
@@ -107,9 +120,7 @@ contract ChainlinkAdapter is Auth, IChainlinkAdapter {
             data: payload,
             tokenAmounts: new IClient.EVMTokenAmount[](0),
             feeToken: address(0),
-            extraArgs: _argsToBytes(
-                IClient.GenericExtraArgsV2({gasLimit: gasLimit + RECEIVE_COST, allowOutOfOrderExecution: true})
-            )
+            extraArgs: _argsToBytes(IClient.GenericExtraArgsV2({gasLimit: gasLimit, allowOutOfOrderExecution: true}))
         });
     }
 
diff --git a/src/adapters/HyperlaneAdapter.sol b/src/adapters/HyperlaneAdapter.sol
new file mode 100644
index 000000000..68a4f854e
--- /dev/null
+++ b/src/adapters/HyperlaneAdapter.sol
@@ -0,0 +1,153 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {
+    IHyperlaneAdapter,
+    IAdapter,
+    IMessageRecipient,
+    IMailbox,
+    IPostDispatchHook,
+    IInterchainSecurityModule,
+    HyperlaneSource,
+    HyperlaneDestination
+} from "./interfaces/IHyperlaneAdapter.sol";
+
+import {Auth} from "../misc/Auth.sol";
+import {CastLib} from "../misc/libraries/CastLib.sol";
+
+import {IMessageHandler} from "../core/messaging/interfaces/IMessageHandler.sol";
+
+import {IAdapterWiring} from "../admin/interfaces/IAdapterWiring.sol";
+
+/// @title  Hyperlane Adapter
+/// @notice Routing contract that integrates with the Hyperlane Mailbox.
+/// @dev    Gas limits for destination execution are encoded in StandardHookMetadata
+///         passed to the Mailbox dispatch/quoteDispatch calls. Both calls pass the
+///         default post-dispatch hook (address(0)), so the encoded gasLimit/msgValue/
+///         refund are only honored if the origin Mailbox's configured default hook
+///         is an InterchainGasPaymaster-backed hook that reads StandardHookMetadata.
+///         This holds on standard Hyperlane deployments; verify it during wiring.
+///
+///         Replay protection is enforced by the Hyperlane Mailbox, which tracks
+///         delivered message IDs and reverts on duplicate delivery.
+///         See https://docs.hyperlane.xyz/docs/protocol/core/mailbox#replay-protection
+contract HyperlaneAdapter is Auth, IHyperlaneAdapter {
+    using CastLib for *;
+
+    /// @dev Cost of executing `handle()` except entrypoint.handle(), reserved per destination chain.
+    ///      Covers 1 cold SLOAD (single-slot `sources` struct) + 1 cold CALL (entrypoint) at 4_700, plus
+    ///      a flat 5_300 for dispatch, calldata decode, mapping hash, memory and call setup.
+    uint256 public constant DEFAULT_RECEIVE_COST = 10_000;
+
+    uint16 public constant MONAD_CENTRIFUGE_ID = 11;
+    // Monad reprices cold storage access (2100→8100) and cold account access (2600→10100) per its
+    // published opcode schedule (docs.monad.xyz), putting those same two accesses at 18_200 => +13_500
+    // over DEFAULT, wrapper allowance unchanged. Mirrors GasService's per-chain reserve.
+    uint256 public constant MONAD_RECEIVE_COST = DEFAULT_RECEIVE_COST + 13_500;
+
+    IMailbox public immutable mailbox;
+    IMessageHandler public immutable entrypoint;
+
+    IInterchainSecurityModule public interchainSecurityModule;
+    mapping(uint32 hyperlaneDomain => HyperlaneSource) public sources;
+    mapping(uint16 centrifugeId => HyperlaneDestination) public destinations;
+
+    constructor(IMessageHandler entrypoint_, address mailbox_, address deployer) Auth(deployer) {
+        entrypoint = entrypoint_;
+        mailbox = IMailbox(mailbox_);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Network wiring
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IAdapterWiring
+    function wire(uint16 centrifugeId, bytes memory data) external auth {
+        (uint32 hyperlaneDomain, address adapter) = abi.decode(data, (uint32, address));
+        sources[hyperlaneDomain] = HyperlaneSource(centrifugeId, adapter);
+        destinations[centrifugeId] = HyperlaneDestination(hyperlaneDomain, adapter);
+        emit Wire(centrifugeId, hyperlaneDomain, adapter);
+    }
+
+    /// @inheritdoc IHyperlaneAdapter
+    function setIsm(IInterchainSecurityModule ism) external auth {
+        require(address(ism) != address(0), IsmZero());
+        interchainSecurityModule = ism;
+        emit SetIsm(address(ism));
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Incoming
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IMessageRecipient
+    function handle(uint32 origin, bytes32 sender, bytes calldata body) external payable {
+        require(msg.sender == address(mailbox), NotMailbox());
+
+        HyperlaneSource memory source = sources[origin];
+        require(source.addr != address(0) && source.addr == sender.toAddressLeftPadded(), InvalidSource());
+
+        entrypoint.handle(source.centrifugeId, body);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Outgoing
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IAdapter
+    function send(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit, address refund)
+        external
+        payable
+        returns (bytes32 adapterData)
+    {
+        require(msg.sender == address(entrypoint), NotEntrypoint());
+        HyperlaneDestination memory destination = destinations[centrifugeId];
+        require(destination.hyperlaneDomain != 0, UnknownChainId());
+
+        bytes memory metadata = _metadata(gasLimit + _receiveCost(centrifugeId), refund);
+        adapterData = mailbox.dispatch{value: msg.value}(
+            destination.hyperlaneDomain,
+            destination.addr.toBytes32LeftPadded(),
+            payload,
+            metadata,
+            IPostDispatchHook(address(0))
+        );
+    }
+
+    /// @inheritdoc IAdapter
+    function estimate(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit) external view returns (uint256) {
+        HyperlaneDestination memory destination = destinations[centrifugeId];
+        require(destination.hyperlaneDomain != 0, UnknownChainId());
+
+        bytes memory metadata = _metadata(gasLimit + _receiveCost(centrifugeId), address(this));
+        return mailbox.quoteDispatch(
+            destination.hyperlaneDomain,
+            destination.addr.toBytes32LeftPadded(),
+            payload,
+            metadata,
+            IPostDispatchHook(address(0))
+        );
+    }
+
+    /// @dev Per-destination receive reserve added to the requested gas limit; Monad's cold-access
+    ///      repricing needs a larger reserve than other chains.
+    function _receiveCost(uint16 centrifugeId) internal pure returns (uint256) {
+        return centrifugeId == MONAD_CENTRIFUGE_ID ? MONAD_RECEIVE_COST : DEFAULT_RECEIVE_COST;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // StandardHookMetadata builder
+    //----------------------------------------------------------------------------------------------
+
+    uint16 internal constant METADATA_VARIANT = 1;
+
+    /// @dev Build StandardHookMetadata for the Hyperlane Mailbox.
+    ///      Layout (packed, NOT abi-encoded):
+    ///        [0:2]   uint16  variant (= 1)
+    ///        [2:34]  uint256 msgValue (= 0)
+    ///        [34:66] uint256 gasLimit
+    ///        [66:86] address refundAddress
+    function _metadata(uint256 gasLimit, address refund) internal pure returns (bytes memory) {
+        return abi.encodePacked(METADATA_VARIANT, uint256(0), gasLimit, refund);
+    }
+}
diff --git a/src/adapters/LayerZeroAdapter.sol b/src/adapters/LayerZeroAdapter.sol
index ef82c916a..c99762b01 100644
--- a/src/adapters/LayerZeroAdapter.sol
+++ b/src/adapters/LayerZeroAdapter.sol
@@ -27,13 +27,23 @@ import {IAdapterWiring} from "../admin/interfaces/IAdapterWiring.sol";
 /// @dev    A delegate is set on deployment, to configure the DVN and executor
 ///         settings as well as the send/receive libraries.
 ///
-///         Message ordering is not enforced.
+///         Replay protection is enforced by the LayerZero endpoint via message
+///         GUIDs. Since nextNonce() returns 0 (unordered mode), the endpoint
+///         tracks delivered message identifiers to prevent duplicate delivery.
 contract LayerZeroAdapter is Auth, ILayerZeroAdapter {
     using CastLib for *;
     using MathLib for *;
 
-    /// @dev Cost of executing `lzReceive()` except entrypoint.handle()
-    uint256 public constant RECEIVE_COST = 4000;
+    /// @dev Cost of executing `lzReceive()` except entrypoint.handle(), reserved per destination chain.
+    ///      Covers 1 cold SLOAD (single-slot `sources` struct) + 1 cold CALL (entrypoint) at 4_700, plus
+    ///      a flat 5_300 for dispatch, calldata decode, mapping hash, memory and call setup.
+    uint256 public constant DEFAULT_RECEIVE_COST = 10_000;
+
+    uint16 public constant MONAD_CENTRIFUGE_ID = 11;
+    // Monad reprices cold storage access (2100→8100) and cold account access (2600→10100) per its
+    // published opcode schedule (docs.monad.xyz), putting those same two accesses at 18_200 => +13_500
+    // over DEFAULT, wrapper allowance unchanged. Mirrors GasService's per-chain reserve.
+    uint256 public constant MONAD_RECEIVE_COST = DEFAULT_RECEIVE_COST + 13_500;
 
     IMessageHandler public immutable entrypoint;
     ILayerZeroEndpointV2 public immutable endpoint;
@@ -61,11 +71,6 @@ contract LayerZeroAdapter is Auth, ILayerZeroAdapter {
         emit Wire(centrifugeId, layerZeroEid, adapter);
     }
 
-    /// @inheritdoc IAdapterWiring
-    function isWired(uint16 centrifugeId) external view returns (bool) {
-        return destinations[centrifugeId].layerZeroEid != 0;
-    }
-
     /// @dev Update the LayerZero delegate.
     function setDelegate(address newDelegate) external auth {
         endpoint.setDelegate(newDelegate);
@@ -113,8 +118,9 @@ contract LayerZeroAdapter is Auth, ILayerZeroAdapter {
         LayerZeroDestination memory destination = destinations[centrifugeId];
         require(destination.layerZeroEid != 0, UnknownChainId());
 
-        MessagingReceipt memory receipt =
-            endpoint.send{value: msg.value}(_params(destination, payload, gasLimit + RECEIVE_COST), refund);
+        MessagingReceipt memory receipt = endpoint.send{value: msg.value}(
+            _params(destination, payload, gasLimit + _receiveCost(centrifugeId)), refund
+        );
         adapterData = receipt.guid;
     }
 
@@ -123,10 +129,17 @@ contract LayerZeroAdapter is Auth, ILayerZeroAdapter {
         LayerZeroDestination memory destination = destinations[centrifugeId];
         require(destination.layerZeroEid != 0, UnknownChainId());
 
-        MessagingFee memory fee = endpoint.quote(_params(destination, payload, gasLimit + RECEIVE_COST), address(this));
+        MessagingFee memory fee =
+            endpoint.quote(_params(destination, payload, gasLimit + _receiveCost(centrifugeId)), address(this));
         return fee.nativeFee;
     }
 
+    /// @dev Per-destination receive reserve added to the requested gas limit; Monad's cold-access
+    ///      repricing needs a larger reserve than other chains.
+    function _receiveCost(uint16 centrifugeId) internal pure returns (uint256) {
+        return centrifugeId == MONAD_CENTRIFUGE_ID ? MONAD_RECEIVE_COST : DEFAULT_RECEIVE_COST;
+    }
+
     /// @dev Generate message parameters
     function _params(LayerZeroDestination memory destination, bytes calldata payload, uint256 gasLimit)
         internal
diff --git a/src/adapters/README.md b/src/adapters/README.md
index 1c136f011..17d5d950e 100644
--- a/src/adapters/README.md
+++ b/src/adapters/README.md
@@ -8,14 +8,14 @@ Adapters enable cross-chain messaging by integrating with various bridging proto
 
 `LayerZeroAdapter` integrates with LayerZero V2 for cross-chain messaging. The adapter uses LayerZero's endpoint V2 with configurable delegate for DVN (Decentralized Verifier Network) and executor settings, as well as send/receive library configuration. Message ordering is not enforced.
 
-### `WormholeAdapter`
-
-`WormholeAdapter` integrates with the Wormhole Relayer service for cross-chain messaging. The adapter identifies its local chain using the Wormhole delivery provider's chain ID and maintains source/destination mappings for routing.
-
 ### `AxelarAdapter`
 
 `AxelarAdapter` integrates with Axelar Network for cross-chain messaging. The adapter uses Axelar's gas service to prepay for destination chain execution and validates incoming messages via the Axelar gateway's approval mechanism.
 
-### `RecoveryAdapter`
+### `ChainlinkAdapter`
+
+`ChainlinkAdapter` integrates with Chainlink CCIP for cross-chain messaging. The adapter uses the CCIP `Router` to dispatch messages with a per-destination gas limit (encoded in `GenericExtraArgsV2`) and validates incoming messages via the `ccipReceive` callback, accepting only the configured router as the caller. Replay protection is enforced by the CCIP stack, which tracks delivered message IDs.
+
+### `HyperlaneAdapter`
 
-`RecoveryAdapter` is a special-purpose adapter for message recovery that allows authenticated parties to inject messages directly into the protocol entrypoint, bypassing normal cross-chain messaging. It implements both `IAdapter` and `IMessageHandler`, providing a direct path to the entrypoint while skipping any outgoing message sending (returns empty adapter data and zero cost estimates).
+`HyperlaneAdapter` integrates with the Hyperlane Mailbox for cross-chain messaging. Destination gas limits are encoded in `StandardHookMetadata` passed to the Mailbox's dispatch/quoteDispatch calls, and an admin-configurable Interchain Security Module (ISM) verifies inbound messages. Replay protection is enforced by the Hyperlane Mailbox.
diff --git a/src/adapters/RecoveryAdapter.sol b/src/adapters/RecoveryAdapter.sol
deleted file mode 100644
index 1a1f5afeb..000000000
--- a/src/adapters/RecoveryAdapter.sol
+++ /dev/null
@@ -1,34 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {Auth} from "../misc/Auth.sol";
-
-import {IAdapter} from "../core/messaging/interfaces/IAdapter.sol";
-import {IMessageHandler} from "../core/messaging/interfaces/IMessageHandler.sol";
-
-/// @title  RecoveryAdapter
-/// @notice An adapter used to recover messages that allows authenticated parties to inject messages
-///         directly into the protocol entrypoint, bypassing normal cross-chain messaging, while
-///         skipping any outgoing messages to prevent unintended external communication.
-contract RecoveryAdapter is Auth, IAdapter, IMessageHandler {
-    IMessageHandler public immutable entrypoint;
-
-    constructor(IMessageHandler entrypoint_, address deployer) Auth(deployer) {
-        entrypoint = entrypoint_;
-    }
-
-    /// @inheritdoc IMessageHandler
-    function handle(uint16 centrifugeId, bytes calldata message) external auth {
-        entrypoint.handle(centrifugeId, message);
-    }
-
-    /// @inheritdoc IAdapter
-    function send(uint16, bytes calldata, uint256, address) external payable returns (bytes32 adapterData) {
-        return "";
-    }
-
-    /// @inheritdoc IAdapter
-    function estimate(uint16, bytes calldata, uint256) external pure returns (uint256) {
-        return 0;
-    }
-}
diff --git a/src/adapters/StandbyAdapter.sol b/src/adapters/StandbyAdapter.sol
new file mode 100644
index 000000000..e4f643e98
--- /dev/null
+++ b/src/adapters/StandbyAdapter.sol
@@ -0,0 +1,121 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IStandbyAdapter, IAdapter} from "./interfaces/IStandbyAdapter.sol";
+
+import {IMessageHandler} from "../core/messaging/interfaces/IMessageHandler.sol";
+
+/// @title  StandbyAdapter
+/// @notice A low-cost cross-chain adapter that wraps another adapter. On `send` it records the message
+///         on chain and emits an event, but dispatches nothing. It is meant to be the Nth adapter in an
+///         M-of-N quorum (e.g. the 3rd in a 2-of-3): as long as the other adapters are live they reach
+///         the threshold on their own and the standby slot stays idle, costing only a single storage
+///         write instead of a cross-chain send.
+///
+///         If one of the live adapters has a liveness issue and the quorum can't be met, anyone can call
+///         `forward` to repair delivery: it checks the on-chain record written by `send` and then
+///         dispatches the message through the `underlying` adapter, contributing the missing vote. The
+///         record check is what keeps the standby vote trustworthy: a payload can be forwarded no more
+///         times than it was sent, so the quorum is never weakened.
+/// @dev    The `underlying` must be a dedicated adapter instance whose own `entrypoint` is set to this
+///         StandbyAdapter (so its inbound `handle` lands here), while this adapter's `entrypoint` is the
+///         MultiAdapter. A shared underlying would route its votes to the wrong place.
+contract StandbyAdapter is IStandbyAdapter {
+    /// @dev Cost of executing `handle()` except entrypoint.handle(), reserved per destination chain.
+    ///      Covers 1 cold CALL (entrypoint) at 2_600, plus a flat 900 for dispatch, calldata copy and
+    ///      call setup. Measured at ~3_000 relaying a 1KB message.
+    uint256 public constant DEFAULT_RECEIVE_COST = 3_500;
+
+    uint16 public constant MONAD_CENTRIFUGE_ID = 11;
+    // Monad reprices cold account access (2600→10100) per its published opcode schedule (docs.monad.xyz),
+    // putting `handle()`'s single cold CALL at 10_100 => +7_500 over DEFAULT. Mirrors the same per-chain
+    // reserve the carrying adapters and GasService keep.
+    uint256 public constant MONAD_RECEIVE_COST = DEFAULT_RECEIVE_COST + 7_500;
+
+    IAdapter public immutable underlying;
+    IMessageHandler public immutable entrypoint;
+
+    /// @dev Credits are keyed on (centrifugeId, gasLimit, payload), not session-scoped, so a recorded send
+    ///      can still be forwarded after an adapter rotation. This matches normal adapter behaviour — any
+    ///      adapter can still deliver an in-flight message post-rotation — and forwards can never exceed
+    ///      sends, so the standby vote stays bounded by what was actually sent.
+    mapping(bytes32 id => uint256) public forwardable;
+
+    constructor(IMessageHandler entrypoint_, IAdapter underlying_) {
+        entrypoint = entrypoint_;
+        underlying = underlying_;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Outgoing
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IStandbyAdapter
+    function send(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit, address)
+        external
+        payable
+        returns (bytes32 id)
+    {
+        require(msg.sender == address(entrypoint), NotEntrypoint());
+        require(msg.value == 0, UnexpectedValue());
+
+        id = _id(centrifugeId, payload, gasLimit);
+        forwardable[id]++;
+
+        emit StandbySend(centrifugeId, id, payload, gasLimit);
+    }
+
+    /// @inheritdoc IStandbyAdapter
+    function estimate(uint16, bytes calldata, uint256) external pure returns (uint256) {
+        return 0;
+    }
+
+    /// @inheritdoc IStandbyAdapter
+    function forward(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit) external payable {
+        bytes32 id = _id(centrifugeId, payload, gasLimit);
+        require(forwardable[id] > 0, NotForwardable());
+        forwardable[id]--;
+
+        require(msg.value >= estimateForward(centrifugeId, payload, gasLimit), NotEnoughValue());
+        bytes32 adapterData = underlying.send{value: msg.value}(
+            centrifugeId, payload, _forwardGasLimit(centrifugeId, gasLimit), msg.sender
+        );
+
+        emit Forward(centrifugeId, id, payload, gasLimit, adapterData);
+    }
+
+    /// @inheritdoc IStandbyAdapter
+    function estimateForward(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit)
+        public
+        view
+        returns (uint256)
+    {
+        return underlying.estimate(centrifugeId, payload, _forwardGasLimit(centrifugeId, gasLimit));
+    }
+
+    /// @dev Internal bookkeeping key, not the MultiAdapter payloadId. Hashing in gasLimit binds `forward`
+    ///      to the gas originally requested; the single trailing dynamic field keeps it unambiguous.
+    function _id(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit) internal pure returns (bytes32) {
+        return keccak256(abi.encodePacked(centrifugeId, gasLimit, payload));
+    }
+
+    /// @dev The destination gas the underlying must request. `gasLimit` was provisioned for the normal
+    ///      Executor -> Adapter -> MultiAdapter -> Gateway path (see GasService.messageOverallGasLimit,
+    ///      which corrects for those 3 EIP-150 boundaries), but relaying through this adapter inserts a
+    ///      4th frame. Reserves this contract's own cost and adds the 64/63 that frame's boundary needs,
+    ///      so the entrypoint is entered with as much gas as it would have been on the normal path.
+    function _forwardGasLimit(uint16 centrifugeId, uint256 gasLimit) internal pure returns (uint256) {
+        uint256 receiveCost = centrifugeId == MONAD_CENTRIFUGE_ID ? MONAD_RECEIVE_COST : DEFAULT_RECEIVE_COST;
+        return (gasLimit + receiveCost) * 64 / 63;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Incoming
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IStandbyAdapter
+    function handle(uint16 centrifugeId, bytes calldata message) external {
+        require(msg.sender == address(underlying), NotUnderlying());
+        entrypoint.handle(centrifugeId, message);
+    }
+}
diff --git a/src/adapters/WormholeAdapter.sol b/src/adapters/WormholeAdapter.sol
deleted file mode 100644
index 6f9dee91d..000000000
--- a/src/adapters/WormholeAdapter.sol
+++ /dev/null
@@ -1,112 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {
-    IWormholeAdapter,
-    IAdapter,
-    IWormholeRelayer,
-    IWormholeDeliveryProvider,
-    IWormholeReceiver,
-    WormholeSource,
-    WormholeDestination
-} from "./interfaces/IWormholeAdapter.sol";
-
-import {Auth} from "../misc/Auth.sol";
-import {CastLib} from "../misc/libraries/CastLib.sol";
-
-import {IMessageHandler} from "../core/messaging/interfaces/IMessageHandler.sol";
-
-import {IAdapterWiring} from "../admin/interfaces/IAdapterWiring.sol";
-
-/// @title  Wormhole Adapter
-/// @notice Routing contract that integrates with the Wormhole Relayer service
-contract WormholeAdapter is Auth, IWormholeAdapter {
-    using CastLib for bytes32;
-
-    /// @dev Cost of executing `receiveWormholeMessages()` except entrypoint.handle()
-    uint256 public constant RECEIVE_COST = 70_000;
-
-    uint16 public immutable localWormholeId;
-    IMessageHandler public immutable entrypoint;
-    IWormholeRelayer public immutable relayer;
-
-    mapping(uint16 wormholeId => WormholeSource) public sources;
-    mapping(uint16 centrifugeId => WormholeDestination) public destinations;
-
-    constructor(IMessageHandler entrypoint_, address relayer_, address deployer) Auth(deployer) {
-        entrypoint = entrypoint_;
-        relayer = IWormholeRelayer(relayer_);
-
-        IWormholeDeliveryProvider deliveryProvider = IWormholeDeliveryProvider(relayer.getDefaultDeliveryProvider());
-        localWormholeId = deliveryProvider.chainId();
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Network wiring
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IAdapterWiring
-    function wire(uint16 centrifugeId, bytes memory data) external auth {
-        (uint16 wormholeId, address adapter) = abi.decode(data, (uint16, address));
-        sources[wormholeId] = WormholeSource(centrifugeId, adapter);
-        destinations[centrifugeId] = WormholeDestination(wormholeId, adapter);
-        emit Wire(centrifugeId, wormholeId, adapter);
-    }
-
-    /// @inheritdoc IAdapterWiring
-    function isWired(uint16 centrifugeId) external view returns (bool) {
-        return destinations[centrifugeId].wormholeId != 0;
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Incoming
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IWormholeReceiver
-    function receiveWormholeMessages(
-        bytes memory payload,
-        bytes[] memory, /* additionalVaas */
-        bytes32 sourceAddress,
-        uint16 sourceWormholeId,
-        bytes32 /* deliveryHash */
-    ) external payable {
-        WormholeSource memory source = sources[sourceWormholeId];
-        require(source.addr != address(0) && source.addr == sourceAddress.toAddressLeftPadded(), InvalidSource());
-        require(msg.sender == address(relayer), NotWormholeRelayer());
-
-        entrypoint.handle(source.centrifugeId, payload);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Outgoing
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IAdapter
-    function send(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit, address refund)
-        external
-        payable
-        returns (bytes32 adapterData)
-    {
-        require(msg.sender == address(entrypoint), NotEntrypoint());
-        WormholeDestination memory destination = destinations[centrifugeId];
-        require(destination.wormholeId != 0, UnknownChainId());
-
-        uint64 sequence = relayer.sendPayloadToEvm{value: msg.value}(
-            destination.wormholeId, destination.addr, payload, 0, gasLimit + RECEIVE_COST, localWormholeId, refund
-        );
-
-        adapterData = bytes32(bytes8(sequence));
-    }
-
-    /// @inheritdoc IAdapter
-    function estimate(uint16 centrifugeId, bytes calldata, uint256 gasLimit)
-        external
-        view
-        returns (uint256 nativePriceQuote)
-    {
-        WormholeDestination memory destination = destinations[centrifugeId];
-        require(destination.wormholeId != 0, UnknownChainId());
-
-        (nativePriceQuote,) = relayer.quoteEVMDeliveryPrice(destination.wormholeId, 0, gasLimit + RECEIVE_COST);
-    }
-}
diff --git a/src/adapters/interfaces/IHyperlaneAdapter.sol b/src/adapters/interfaces/IHyperlaneAdapter.sol
new file mode 100644
index 000000000..fc02bf85f
--- /dev/null
+++ b/src/adapters/interfaces/IHyperlaneAdapter.sol
@@ -0,0 +1,122 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {IAdapter} from "../../core/messaging/interfaces/IAdapter.sol";
+import {IMessageHandler} from "../../core/messaging/interfaces/IMessageHandler.sol";
+
+import {IAdapterWiring} from "../../admin/interfaces/IAdapterWiring.sol";
+
+// From
+// https://github.com/hyperlane-xyz/hyperlane-monorepo/blob/main/solidity/contracts/interfaces/hooks/IPostDispatchHook.sol
+
+interface IPostDispatchHook {}
+
+// From
+// https://github.com/hyperlane-xyz/hyperlane-monorepo/blob/main/solidity/contracts/interfaces/IInterchainSecurityModule.sol
+
+interface IInterchainSecurityModule {
+    function moduleType() external view returns (uint8);
+}
+
+// From
+// https://github.com/hyperlane-xyz/hyperlane-monorepo/blob/main/solidity/contracts/interfaces/IMailbox.sol
+
+interface IMailbox {
+    /// @notice Dispatches a message to the destination domain & recipient with custom hook and metadata.
+    function dispatch(
+        uint32 destinationDomain,
+        bytes32 recipientAddress,
+        bytes calldata body,
+        bytes calldata customHookMetadata,
+        IPostDispatchHook customHook
+    ) external payable returns (bytes32 messageId);
+
+    /// @notice Quotes the fee for dispatching a message with custom hook and metadata.
+    function quoteDispatch(
+        uint32 destinationDomain,
+        bytes32 recipientAddress,
+        bytes calldata messageBody,
+        bytes calldata customHookMetadata,
+        IPostDispatchHook customHook
+    ) external view returns (uint256 fee);
+}
+
+// From
+// https://github.com/hyperlane-xyz/hyperlane-monorepo/blob/main/solidity/contracts/interfaces/IMessageRecipient.sol
+
+interface IMessageRecipient {
+    /// @notice Called by the Mailbox to deliver a message to the recipient.
+    /// @param origin The domain ID of the source chain.
+    /// @param sender The address of the sender on the source chain (left-padded bytes32).
+    /// @param body The message body.
+    function handle(uint32 origin, bytes32 sender, bytes calldata body) external payable;
+}
+
+// From
+// https://github.com/hyperlane-xyz/hyperlane-monorepo/blob/main/solidity/contracts/interfaces/IInterchainSecurityModule.sol
+
+interface ISpecifiesInterchainSecurityModule {
+    function interchainSecurityModule() external view returns (IInterchainSecurityModule);
+}
+
+struct HyperlaneSource {
+    uint16 centrifugeId;
+    address addr;
+}
+
+struct HyperlaneDestination {
+    uint32 hyperlaneDomain;
+    address addr;
+}
+
+/// @title  IHyperlaneAdapter
+/// @notice Cross-chain messaging adapter for Hyperlane
+/// @dev    Bridges messages between Centrifuge chains using Hyperlane's interchain messaging protocol
+interface IHyperlaneAdapter is IAdapter, IAdapterWiring, IMessageRecipient, ISpecifiesInterchainSecurityModule {
+    //----------------------------------------------------------------------------------------------
+    // Events
+    //----------------------------------------------------------------------------------------------
+
+    event Wire(uint16 indexed centrifugeId, uint32 indexed hyperlaneDomain, address adapter);
+    event SetIsm(address indexed ism);
+
+    //----------------------------------------------------------------------------------------------
+    // Errors
+    //----------------------------------------------------------------------------------------------
+
+    error NotMailbox();
+    error InvalidSource();
+    error IsmZero();
+
+    //----------------------------------------------------------------------------------------------
+    // Admin methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Update the Interchain Security Module used to verify inbound messages
+    /// @dev    Reverts on a zero address: a zero ISM silently defers to the Mailbox's own default
+    ///         module instead of the pool's intended one, which is not allowed.
+    /// @param ism The new ISM address
+    function setIsm(IInterchainSecurityModule ism) external;
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice The MultiAdapter that receives decoded inbound messages from this adapter
+    function entrypoint() external view returns (IMessageHandler);
+
+    /// @notice Hyperlane Mailbox used for cross-chain message dispatch and fee quoting
+    function mailbox() external view returns (IMailbox);
+
+    /// @notice Returns the source configuration for a given Hyperlane domain ID
+    /// @param hyperlaneDomain The remote Hyperlane domain ID
+    /// @return centrifugeId The remote chain id
+    /// @return addr The address of the remote Hyperlane adapter
+    function sources(uint32 hyperlaneDomain) external view returns (uint16 centrifugeId, address addr);
+
+    /// @notice Returns the destination configuration for a given chain id
+    /// @param centrifugeId The remote chain id
+    /// @return hyperlaneDomain The remote Hyperlane domain ID
+    /// @return addr The address of the remote Hyperlane adapter
+    function destinations(uint16 centrifugeId) external view returns (uint32 hyperlaneDomain, address addr);
+}
diff --git a/src/adapters/interfaces/IStandbyAdapter.sol b/src/adapters/interfaces/IStandbyAdapter.sol
new file mode 100644
index 000000000..3203cfc9d
--- /dev/null
+++ b/src/adapters/interfaces/IStandbyAdapter.sol
@@ -0,0 +1,84 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {IAdapter} from "../../core/messaging/interfaces/IAdapter.sol";
+import {IMessageHandler} from "../../core/messaging/interfaces/IMessageHandler.sol";
+
+interface IStandbyAdapter is IAdapter, IMessageHandler {
+    //----------------------------------------------------------------------------------------------
+    // Events
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Emitted by `send` instead of dispatching. In the happy path this is the only effect; the
+    ///         message is carried by the other (active) adapters in the quorum. A forwarder reads
+    ///         `payload` and `gasLimit` from this log to reconstruct the `forward` call.
+    event StandbySend(uint16 indexed centrifugeId, bytes32 indexed id, bytes payload, uint256 gasLimit);
+
+    /// @notice Emitted when a standby send is activated (force-dispatched through the underlying adapter).
+    /// @dev    `adapterData` is the value returned by the underlying adapter's `send`, carrying the same
+    ///         off-chain delivery metadata that a normal `SendPayload` exposes.
+    event Forward(
+        uint16 indexed centrifugeId, bytes32 indexed id, bytes payload, uint256 gasLimit, bytes32 adapterData
+    );
+
+    //----------------------------------------------------------------------------------------------
+    // Errors
+    //----------------------------------------------------------------------------------------------
+
+    error NotUnderlying();
+    error NotForwardable();
+    error NotEnoughValue();
+    error UnexpectedValue();
+
+    //----------------------------------------------------------------------------------------------
+    // Methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice The wrapped adapter that actually carries the message when activated.
+    function underlying() external view returns (IAdapter);
+
+    /// @notice Count of recorded-but-not-forwarded messages for a given (destination, payload) id.
+    function forwardable(bytes32 id) external view returns (uint256);
+
+    /// @notice Records the send (a single storage write) so a later `forward` can verify it, but
+    ///         dispatches nothing. Returns the id under which the send is recorded. Reverts if any
+    ///         value is attached, since the standby path never spends it (it would otherwise strand).
+    function send(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit, address refund)
+        external
+        payable
+        override
+        returns (bytes32 id);
+
+    /// @notice Free in the happy path, so the quorum only pays for the active adapters.
+    function estimate(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit)
+        external
+        view
+        override
+        returns (uint256);
+
+    /// @notice The minimum `msg.value` a `forward` of this (centrifugeId, payload, gasLimit) tuple accepts:
+    ///         the underlying adapter's quote for the uplifted destination gas `forward` requests on the
+    ///         caller's behalf. Callers should quote here rather than at `underlying.estimate` directly,
+    ///         which would price the recorded `gasLimit` and come in short.
+    function estimateForward(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit)
+        external
+        view
+        returns (uint256);
+
+    /// @notice Activate a payload that was previously recorded on standby. Consumes one outstanding
+    ///         `forwardable` credit written by `send` for the exact (centrifugeId, payload, gasLimit) tuple
+    ///         (so total forwards can never exceed total sends and the gasLimit matches what was sent),
+    ///         then dispatches through the underlying adapter, paying its cost from `msg.value`. Any
+    ///         excess is forwarded to the underlying adapter, which refunds per its own policy.
+    ///         Permissionless: anyone can repair liveness, but only for a genuinely-sent payload.
+    /// @dev    The underlying is asked for more destination gas than `gasLimit`, since relaying through
+    ///         this adapter adds a frame the sender's provisioning did not account for. The credit stays
+    ///         keyed on the `gasLimit` that `send` recorded, so the caller passes that value unchanged.
+    function forward(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit) external payable;
+
+    /// @notice Relay an inbound message from the wrapped adapter to the MultiAdapter, where it counts as
+    ///         this adapter's vote. Only reached for forwarded messages, since the standby path never sends.
+    /// @dev    Only authenticates that the caller is the `underlying` adapter (prevents impersonation of
+    ///         it); validating the cross-chain source is the underlying adapter's responsibility.
+    function handle(uint16 centrifugeId, bytes calldata message) external override;
+}
diff --git a/src/adapters/interfaces/IWormholeAdapter.sol b/src/adapters/interfaces/IWormholeAdapter.sol
deleted file mode 100644
index 899749367..000000000
--- a/src/adapters/interfaces/IWormholeAdapter.sol
+++ /dev/null
@@ -1,180 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {IAdapter} from "../../core/messaging/interfaces/IAdapter.sol";
-import {IMessageHandler} from "../../core/messaging/interfaces/IMessageHandler.sol";
-
-import {IAdapterWiring} from "../../admin/interfaces/IAdapterWiring.sol";
-
-// From https://github.com/wormhole-foundation/wormhole-solidity-sdk/blob/main/src/interfaces/IWormholeRelayer.sol#L75
-interface IWormholeRelayer {
-    /**
-     * @notice Publishes an instruction for the default delivery provider
-     * to relay a payload to the address `targetAddress` on chain `targetChain`
-     * with gas limit `gasLimit` and `msg.value` equal to `receiverValue`
-     *
-     * Any refunds (from leftover gas) will be sent to `refundAddress` on chain `refundChain`
-     * `targetAddress` must implement the IWormholeReceiver interface
-     *
-     * This function must be called with `msg.value` equal to `quoteEVMDeliveryPrice(targetChain, receiverValue,
-     * gasLimit)`
-     *
-     * @param targetChain in Wormhole Chain ID format
-     * @param targetAddress address to call on targetChain (that implements IWormholeReceiver)
-     * @param payload arbitrary bytes to pass in as parameter in call to `targetAddress`
-     * @param receiverValue msg.value that delivery provider should pass in for call to `targetAddress` (in targetChain
-     * currency units)
-     * @param gasLimit gas limit with which to call `targetAddress`. Any units of gas unused will be refunded according
-     * to the
-     *        `targetChainRefundPerGasUnused` rate quoted by the delivery provider
-     * @param refundChain The chain to deliver any refund to, in Wormhole Chain ID format
-     * @param refundAddress The address on `refundChain` to deliver any refund to
-     * @return sequence sequence number of published VAA containing delivery instructions
-     */
-    function sendPayloadToEvm(
-        uint16 targetChain,
-        address targetAddress,
-        bytes memory payload,
-        uint256 receiverValue,
-        uint256 gasLimit,
-        uint16 refundChain,
-        address refundAddress
-    ) external payable returns (uint64 sequence);
-
-    /**
-     * @notice Returns the price to request a relay to chain `targetChain`, using the default delivery provider
-     *
-     * @param targetChain in Wormhole Chain ID format
-     * @param receiverValue msg.value that delivery provider should pass in for call to `targetAddress` (in targetChain
-     * currency units)
-     * @param gasLimit gas limit with which to call `targetAddress`.
-     * @return nativePriceQuote Price, in units of current chain currency, that the delivery provider charges to perform
-     * the relay
-     * @return targetChainRefundPerGasUnused amount of target chain currency that will be refunded per unit of gas
-     * unused,
-     *         if a refundAddress is specified.
-     *         Note: This value can be overridden by the delivery provider on the target chain. The returned value here
-     * should be considered to be a
-     *         promise by the delivery provider of the amount of refund per gas unused that will be returned to the
-     * refundAddress at the target chain.
-     *         If a delivery provider decides to override, this will be visible as part of the emitted Delivery event on
-     * the target chain.
-     */
-    function quoteEVMDeliveryPrice(uint16 targetChain, uint256 receiverValue, uint256 gasLimit)
-        external
-        view
-        returns (uint256 nativePriceQuote, uint256 targetChainRefundPerGasUnused);
-
-    /**
-     * @notice Returns the address of the current default delivery provider
-     * @return deliveryProvider The address of (the default delivery provider)'s contract on this source
-     *   chain. This must be a contract that implements IDeliveryProvider.
-     */
-    function getDefaultDeliveryProvider() external view returns (address deliveryProvider);
-}
-
-interface IWormholeDeliveryProvider {
-    /// @notice Returns the chain ID.
-    function chainId() external view returns (uint16);
-}
-
-// From
-// https://github.com/wormhole-foundation/wormhole/blob/main/relayer/ethereum/contracts/interfaces/relayer/IWormholeReceiver.sol
-interface IWormholeReceiver {
-    /**
-     * @notice When a `send` is performed with this contract as the target, this function will be
-     *     invoked by the WormholeRelayer contract
-     *
-     * NOTE: This function should be restricted such that only the Wormhole Relayer contract can call it.
-     *
-     * We also recommend that this function checks that `sourceChain` and `sourceAddress` are indeed who
-     *       you expect to have requested the calling of `send` on the source chain
-     *
-     * The invocation of this function corresponding to the `send` request will have msg.value equal
-     *   to the receiverValue specified in the send request.
-     *
-     * If the invocation of this function reverts or exceeds the gas limit
-     *   specified by the send requester, this delivery will result in a `ReceiverFailure`.
-     *
-     * @param payload - an arbitrary message which was included in the delivery by the
-     *     requester. This message's signature will already have been verified (as long as msg.sender is the Wormhole
-     * Relayer contract)
-     * @param additionalMessages - Additional messages which were requested to be included in this delivery.
-     *      Note: There are no contract-level guarantees that the messages in this array are what was requested
-     *      so **you should verify any sensitive information given here!**
-     *
-     *      For example, if a 'VaaKey' was specified on the source chain, then MAKE SURE the corresponding message here
-     *      has valid signatures (by calling `parseAndVerifyVM(message)` on the Wormhole core contract)
-     *
-     *      This field can be used to perform and relay TokenBridge or CCTP transfers, and there are example
-     *      usages of this at
-     *         https://github.com/wormhole-foundation/hello-token
-     *         https://github.com/wormhole-foundation/hello-cctp
-     *
-     * @param sourceAddress - the (wormhole format) address on the sending chain which requested
-     *     this delivery.
-     * @param sourceChain - the wormhole chain ID where this delivery was requested.
-     * @param deliveryHash - the VAA hash of the deliveryVAA.
-     *
-     */
-    function receiveWormholeMessages(
-        bytes memory payload,
-        bytes[] memory additionalMessages,
-        bytes32 sourceAddress,
-        uint16 sourceChain,
-        bytes32 deliveryHash
-    ) external payable;
-}
-
-struct WormholeSource {
-    uint16 centrifugeId;
-    address addr;
-}
-
-struct WormholeDestination {
-    uint16 wormholeId;
-    address addr;
-}
-
-/// @title  IWormholeAdapter
-/// @notice Cross-chain messaging adapter for Wormhole network
-/// @dev    Bridges messages between Centrifuge chains using Wormhole's automatic relayer
-interface IWormholeAdapter is IAdapter, IAdapterWiring, IWormholeReceiver {
-    //----------------------------------------------------------------------------------------------
-    // Events
-    //----------------------------------------------------------------------------------------------
-
-    event Wire(uint16 indexed centrifugeId, uint16 indexed wormholeId, address adapter);
-
-    //----------------------------------------------------------------------------------------------
-    // Errors
-    //----------------------------------------------------------------------------------------------
-
-    error NotWormholeRelayer();
-    error InvalidSource();
-
-    //----------------------------------------------------------------------------------------------
-    // View methods
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Wormhole-specific chain identifier for this network, distinct from the EVM chain ID
-    function localWormholeId() external view returns (uint16);
-
-    /// @notice The MultiAdapter that receives decoded inbound messages from this adapter
-    function entrypoint() external view returns (IMessageHandler);
-
-    /// @notice Wormhole's automatic relayer used for cross-chain message dispatch and fee quoting
-    function relayer() external view returns (IWormholeRelayer);
-
-    /// @notice Returns the source configuration for a given wormhole chain id
-    /// @param wormholeId The remote wormhole id
-    /// @return centrifugeId The remote chain id
-    /// @return addr The address of the remote wormhole adapter
-    function sources(uint16 wormholeId) external view returns (uint16 centrifugeId, address addr);
-
-    /// @notice Returns the destination configuration for a given chain id
-    /// @param centrifugeId The remote chain id
-    /// @return wormholeId The remote wormhole id
-    /// @return addr The address of the remote wormhole adapter
-    function destinations(uint16 centrifugeId) external view returns (uint16 wormholeId, address addr);
-}
diff --git a/src/admin/GasService.sol b/src/admin/GasService.sol
new file mode 100644
index 000000000..13ef080a8
--- /dev/null
+++ b/src/admin/GasService.sol
@@ -0,0 +1,242 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IGasService} from "./interfaces/IGasService.sol";
+
+import {PoolId} from "../core/types/PoolId.sol";
+import {IMessageProperties} from "../core/messaging/interfaces/IMessageProperties.sol";
+import {MessageLib, MessageType, VaultUpdateKind} from "../core/messaging/libraries/MessageLib.sol";
+
+/// @title  GasService
+/// @notice Stores per-message-type gas costs (in gas units) for cross-chain execution.
+///         Each immutable holds the raw benchmarked execution cost. The failure gas reserve
+///         for the destination chain is added on top at query time by messageProcessingGasLimit,
+///         so a single deployment correctly provisions gas for all connected chains.
+contract GasService is IGasService {
+    using MessageLib for *;
+
+    /// @dev Covers the real adapter overhead (Axelar/LZ signature verification and relay execution)
+    ///      that occurs before MultiAdapter.handle() is called on the destination chain.
+    ///      LocalAdapter used in tests is a trivial passthrough, so this cost is not captured by the benchmark.
+    uint128 public constant BASE_ADAPTER_COST = 75_000;
+
+    uint128 public constant DEFAULT_SUPPORTED_TX_LIMIT = 10; // In millions of gas units
+
+    // NOTE: This value should be benchmarked via test/integration/GatewayFailGas.t.sol
+    uint128 public constant DEFAULT_FAILURE_GAS_RESERVE = 35_000;
+
+    // NOTE: Monad reprices cold account access (2600→10100) and cold storage access (2100→8100), so the
+    // failure path's 1 cold SSTORE (failedMessages) + 1 cold CALL (processor, charged to the frame the
+    // reserve protects) costs +13_500. Estimate until Foundry's gas tooling prices Monad opcodes.
+    uint16 public constant MONAD_CENTRIFUGE_ID = 11;
+    uint128 public constant MONAD_FAILURE_GAS_RESERVE = DEFAULT_FAILURE_GAS_RESERVE + 13_500;
+
+    // Monad's cold-access repricing over Ethereum, charged per distinct slot/account a handler touches.
+    uint128 public constant MONAD_COLD_SLOT_SURCHARGE = 6000;
+    uint128 public constant MONAD_COLD_ACCOUNT_SURCHARGE = 7500;
+
+    /// @dev One entry per benchmarked message: every MessageType, then UpdateVault's three VaultUpdateKind
+    ///      variants from UPDATE_VAULT_COUNT_OFFSET on, which leaves UpdateVault's own index unused.
+    ///      Kept a literal because solc rejects a derived expression as an array length, so a stale value
+    ///      fails to compile against the generated count literals instead of silently misreading them.
+    uint256 internal constant COLD_COUNT_ENTRIES = 28;
+    uint256 internal constant UPDATE_VAULT_COUNT_OFFSET = uint256(uint8(type(MessageType).max)) + 1;
+
+    /// @inheritdoc IMessageProperties
+    uint128 public immutable messageFailureGasReserve;
+
+    /// @dev An encoded array of the block limits of the first 32 centrifugeId.
+    ///      Measured in millions of gas units
+    uint256 public immutable txLimitsPerCentrifugeId;
+
+    /// @dev Distinct storage slots and accounts a handler first touches, one byte per benchmarked message.
+    ///      Benchmarks run against warm state and so never pay for these, which is why chains that
+    ///      reprice cold access need them counted separately.
+    uint256 public immutable coldSlotsPerMessageType;
+    uint256 public immutable coldAccountsPerMessageType;
+
+    uint128 public immutable scheduleUpgrade;
+    uint128 public immutable cancelUpgrade;
+    uint128 public immutable registerAsset;
+    uint128 public immutable setPoolAdapters;
+    uint128 public immutable request;
+    uint128 public immutable notifyPool;
+    uint128 public immutable notifyShareClass;
+    uint128 public immutable notifyPricePoolPerShare;
+    uint128 public immutable notifyPricePoolPerAsset;
+    uint128 public immutable notifyShareMetadata;
+    uint128 public immutable initiateTransferShares;
+    uint128 public immutable executeTransferShares;
+    uint128 public immutable updateRestriction;
+    uint128 public immutable managerCallFromHub;
+    uint128 public immutable requestCallback;
+    uint128 public immutable updateVaultDeployAndLink;
+    uint128 public immutable updateVaultLink;
+    uint128 public immutable updateVaultUnlink;
+    uint128 public immutable setRequestManager;
+    uint128 public immutable setPolicy;
+    uint128 public immutable authorizeSpokeCall;
+    uint128 public immutable unauthorizeSpokeCall;
+    uint128 public immutable updateManager;
+    uint128 public immutable updateAssets;
+    uint128 public immutable updateShares;
+    uint128 public immutable managerCallFromSpoke;
+
+    constructor(uint8[32] memory txLimits, uint16 localCentrifugeId_) {
+        messageFailureGasReserve = _chainFailureReserve(localCentrifugeId_);
+
+        for (uint256 i; i < txLimits.length; i++) {
+            uint256 value = txLimits[i] > 0 ? txLimits[i] : DEFAULT_SUPPORTED_TX_LIMIT;
+            txLimitsPerCentrifugeId += value << (31 - i) * 8;
+        }
+
+        // forgefmt: disable-next-item
+        coldSlotsPerMessageType = _pack(
+            [uint8(0), 14, 13, 15, 40, 23, 24, 17, 19, 20, 38, 23, 23, 0, 35, 23, 29, 41, 17, 13, 29, 17, 17, 17, 17, 35, 21, 20]
+        );
+        coldAccountsPerMessageType = _pack(
+            [uint8(0), 7, 7, 9, 7, 11, 11, 9, 9, 11, 18, 12, 13, 0, 14, 11, 12, 17, 9, 9, 15, 9, 9, 9, 9, 14, 9, 9]
+        );
+
+        scheduleUpgrade = _gasValue(162119);
+        cancelUpgrade = _gasValue(142612);
+        registerAsset = _gasValue(169115);
+        setPoolAdapters = _gasValue(791178); // using MAX_ADAPTER_COUNT
+        request = _gasValue(282863);
+        notifyPool = _gasValue(1379253);
+        notifyShareClass = _gasValue(1876096);
+        notifyPricePoolPerShare = _gasValue(177813);
+        notifyPricePoolPerAsset = _gasValue(184348);
+        notifyShareMetadata = _gasValue(199980);
+        initiateTransferShares = _gasValue(370859);
+        executeTransferShares = _gasValue(254802);
+        updateRestriction = _gasValue(214546);
+        managerCallFromHub = _gasValue(379129);
+        requestCallback = _gasValue(465157); // approve deposit case
+        updateVaultDeployAndLink = _gasValue(2870035);
+        updateVaultLink = _gasValue(192281);
+        updateVaultUnlink = _gasValue(173041);
+        setRequestManager = _gasValue(176628);
+        setPolicy = _gasValue(177680);
+        authorizeSpokeCall = _gasValue(184741);
+        unauthorizeSpokeCall = _gasValue(162402);
+        updateManager = _gasValue(178827);
+        updateAssets = _gasValue(392025);
+        updateShares = _gasValue(265719);
+        managerCallFromSpoke = _gasValue(151429);
+    }
+
+    /// @inheritdoc IMessageProperties
+    function messageOverallGasLimit(uint16 centrifugeId, bytes calldata message) public view returns (uint128) {
+        uint128 value = messageProcessingGasLimit(centrifugeId, message) + BASE_ADAPTER_COST;
+        // Multiply by 64/63 is because EIP-150 pass 63/64 gas to each method call
+        // Calls from adapters requires adding more jumps (3): Executor -> Adapter -> MultiAdapter -> Gateway.
+        return value * 262144 / 250047; // Equivalent to: value * 64 * 64 * 64 / (63 * 63 * 63)
+    }
+
+    /// @inheritdoc IMessageProperties
+    /// @dev No 64/63 correction needed: benchmarks are taken at the same call depth this is invoked.
+    ///      Adds _chainFailureReserve(centrifugeId) so the destination Gateway always has enough gas
+    ///      to record a processor revert regardless of which chain is executing the message.
+    function messageProcessingGasLimit(uint16 centrifugeId, bytes calldata message) public view returns (uint128) {
+        return _messageBaseGasLimit(message) + message.messageExtraGasLimit() + _chainFailureReserve(centrifugeId)
+            + _chainColdAccessSurcharge(centrifugeId, message);
+    }
+
+    /// @dev Returns the gas that Gateway._safeProcess must withhold from the inner call on the given chain
+    ///      to guarantee the failure path (failedMessages write + FailMessage event) can always complete.
+    ///      Chains with non-standard opcode pricing get a dedicated constant; all others use the default.
+    function _chainFailureReserve(uint16 centrifugeId) internal pure returns (uint128) {
+        if (centrifugeId == MONAD_CENTRIFUGE_ID) return MONAD_FAILURE_GAS_RESERVE;
+        return DEFAULT_FAILURE_GAS_RESERVE;
+    }
+
+    /// @dev On chains that reprice cold access, the benchmarked limit is short by the repricing delta on
+    ///      every slot and account the handler first touches, since the benchmark runs against warm state.
+    ///      Resolves UpdateVault to its VaultUpdateKind, whose variants differ by ~15 slots.
+    function _chainColdAccessSurcharge(uint16 centrifugeId, bytes calldata message) internal view returns (uint128) {
+        if (centrifugeId != MONAD_CENTRIFUGE_ID) return 0;
+
+        MessageType kind = message.messageType();
+        uint256 index = kind == MessageType.UpdateVault
+            ? UPDATE_VAULT_COUNT_OFFSET + uint256(message.deserializeUpdateVault().kind)
+            : uint256(uint8(kind));
+
+        uint128 slots = uint8(bytes32(coldSlotsPerMessageType)[index]);
+        uint128 accounts = uint8(bytes32(coldAccountsPerMessageType)[index]);
+        return slots * MONAD_COLD_SLOT_SURCHARGE + accounts * MONAD_COLD_ACCOUNT_SURCHARGE;
+    }
+
+    function _pack(uint8[COLD_COUNT_ENTRIES] memory counts) internal pure returns (uint256 packed) {
+        for (uint256 i; i < counts.length; i++) {
+            packed += uint256(counts[i]) << (31 - i) * 8;
+        }
+    }
+
+    function _messageBaseGasLimit(bytes calldata message) internal view returns (uint128) {
+        MessageType kind = message.messageType();
+
+        if (kind == MessageType.ScheduleUpgrade) return scheduleUpgrade;
+        if (kind == MessageType.CancelUpgrade) return cancelUpgrade;
+        if (kind == MessageType.RegisterAsset) return registerAsset;
+        if (kind == MessageType.SetPoolAdapters) return setPoolAdapters;
+        if (kind == MessageType.Request) return request;
+        if (kind == MessageType.NotifyPool) return notifyPool;
+        if (kind == MessageType.NotifyShareClass) return notifyShareClass;
+        if (kind == MessageType.NotifyPricePoolPerShare) return notifyPricePoolPerShare;
+        if (kind == MessageType.NotifyPricePoolPerAsset) return notifyPricePoolPerAsset;
+        if (kind == MessageType.NotifyShareMetadata) return notifyShareMetadata;
+        if (kind == MessageType.InitiateTransferShares) return initiateTransferShares;
+        if (kind == MessageType.ExecuteTransferShares) return executeTransferShares;
+        if (kind == MessageType.UpdateRestriction) return updateRestriction;
+        if (kind == MessageType.ManagerCallFromHub) return managerCallFromHub;
+        if (kind == MessageType.RequestCallback) return requestCallback;
+        if (kind == MessageType.UpdateVault) {
+            VaultUpdateKind vaultKind = VaultUpdateKind(message.deserializeUpdateVault().kind);
+            if (vaultKind == VaultUpdateKind.DeployAndLink) return updateVaultDeployAndLink;
+            if (vaultKind == VaultUpdateKind.Link) return updateVaultLink;
+            if (vaultKind == VaultUpdateKind.Unlink) return updateVaultUnlink;
+            return 100_000; // Some high value just to compute the call and fail inside the Gateway try/catch
+        }
+        if (kind == MessageType.SetRequestManager) return setRequestManager;
+        if (kind == MessageType.SetPolicy) return setPolicy;
+        if (kind == MessageType.AuthorizeSpokeCall) return authorizeSpokeCall;
+        if (kind == MessageType.UnauthorizeSpokeCall) return unauthorizeSpokeCall;
+        if (kind == MessageType.UpdateManager) return updateManager;
+        if (kind == MessageType.UpdateAssets) return updateAssets;
+        if (kind == MessageType.UpdateShares) return updateShares;
+        if (kind == MessageType.ManagerCallFromSpoke) return managerCallFromSpoke;
+        revert InvalidMessageType(); // Unreachable
+    }
+
+    /// @inheritdoc IMessageProperties
+    function maxBatchGasLimit(uint16 centrifugeId) external view returns (uint128) {
+        // txLimitsPerCentrifugeId counts millions of gas units, then we need to multiply by 1_000_000
+        return (centrifugeId < 32 ? uint8(bytes32(txLimitsPerCentrifugeId)[centrifugeId]) : DEFAULT_SUPPORTED_TX_LIMIT)
+            * 1_000_000;
+    }
+
+    /// @inheritdoc IMessageProperties
+    function messageLength(bytes calldata message) external pure returns (uint16) {
+        return message.messageLength();
+    }
+
+    /// @inheritdoc IMessageProperties
+    function messagePoolId(bytes calldata message) external pure returns (PoolId) {
+        return message.messagePoolId();
+    }
+
+    /// @inheritdoc IMessageProperties
+    function routePoolId(bytes calldata message, bool poolConfigured) external pure returns (PoolId) {
+        return message.routePoolId(poolConfigured);
+    }
+
+    /// @inheritdoc IMessageProperties
+    function messageSourceCentrifugeId(bytes calldata message) external pure returns (uint16) {
+        return message.messageSourceCentrifugeId();
+    }
+
+    function _gasValue(uint128 value) internal pure returns (uint128) {
+        return value;
+    }
+}
diff --git a/src/admin/OpsGuardian.sol b/src/admin/OpsGuardian.sol
index 6290a2e22..391ac32d3 100644
--- a/src/admin/OpsGuardian.sol
+++ b/src/admin/OpsGuardian.sol
@@ -3,27 +3,34 @@ pragma solidity 0.8.28;
 
 import {ISafe} from "./interfaces/ISafe.sol";
 import {ICreatePool} from "./interfaces/ICreatePool.sol";
+import {IGasService} from "./interfaces/IGasService.sol";
 import {IOpsGuardian} from "./interfaces/IOpsGuardian.sol";
 import {IAdapterWiring} from "./interfaces/IAdapterWiring.sol";
 
 import {PoolId} from "../core/types/PoolId.sol";
 import {AssetId} from "../core/types/AssetId.sol";
 import {IAdapter} from "../core/messaging/interfaces/IAdapter.sol";
+import {IGateway} from "../core/messaging/interfaces/IGateway.sol";
 import {IMultiAdapter} from "../core/messaging/interfaces/IMultiAdapter.sol";
 
+import {ITokenBridge} from "../bridge/interfaces/ITokenBridge.sol";
+
 /// @title  OpsGuardian
-/// @notice This contract manages operational aspects of the protocol including adapter initialization,
+/// @notice This contract manages operational aspects of the protocol including adapter configuration,
 ///         network wiring, and pool creation.
 contract OpsGuardian is IOpsGuardian {
     PoolId public constant GLOBAL_POOL = PoolId.wrap(0);
+    uint16 public constant MAINNET_CENTRIFUGE_ID = 1;
 
     ISafe public opsSafe;
     ICreatePool public hub;
+    ITokenBridge public tokenBridge;
     IMultiAdapter public multiAdapter;
 
-    constructor(ISafe opsSafe_, ICreatePool hub_, IMultiAdapter multiAdapter_) {
+    constructor(ISafe opsSafe_, ICreatePool hub_, ITokenBridge tokenBridge_, IMultiAdapter multiAdapter_) {
         opsSafe = opsSafe_;
         hub = hub_;
+        tokenBridge = tokenBridge_;
         multiAdapter = multiAdapter_;
     }
 
@@ -40,30 +47,43 @@ contract OpsGuardian is IOpsGuardian {
     function file(bytes32 what, address data) external onlySafe {
         if (what == "opsSafe") opsSafe = ISafe(data);
         else if (what == "hub") hub = ICreatePool(data);
+        else if (what == "tokenBridge") tokenBridge = ITokenBridge(data);
         else if (what == "multiAdapter") multiAdapter = IMultiAdapter(data);
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
 
+    /// @inheritdoc IOpsGuardian
+    function setGasService(IGasService gasService) external onlySafe {
+        IGateway(address(multiAdapter.gateway())).file("messageProperties", address(gasService));
+        multiAdapter.file("messageProperties", address(gasService));
+    }
+
     //----------------------------------------------------------------------------------------------
     // Adapter Management
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IOpsGuardian
-    function initAdapters(uint16 centrifugeId, IAdapter[] calldata adapters, uint8 threshold, uint8 recoveryIndex)
-        external
-        onlySafe
-    {
-        require(multiAdapter.quorum(centrifugeId, GLOBAL_POOL) == 0, AdaptersAlreadyInitialized());
-        multiAdapter.setAdapters(centrifugeId, GLOBAL_POOL, adapters, threshold, recoveryIndex);
+    function setAdapters(uint16 centrifugeId, IAdapter[] calldata adapters, uint8 threshold) external onlySafe {
+        require(centrifugeId != MAINNET_CENTRIFUGE_ID, CannotSetAdaptersForMainnet());
+        require(centrifugeId != multiAdapter.localCentrifugeId(), CannotSetAdaptersForLocalChain());
+
+        uint16 targetSessionId = multiAdapter.nextActiveSessionId(centrifugeId, GLOBAL_POOL);
+        multiAdapter.setAdapters(centrifugeId, GLOBAL_POOL, adapters, threshold, targetSessionId);
     }
 
     /// @inheritdoc IOpsGuardian
     function wire(address adapter, uint16 centrifugeId, bytes memory data) external onlySafe {
-        require(!IAdapterWiring(adapter).isWired(centrifugeId), AdapterAlreadyWired());
+        require(centrifugeId != multiAdapter.localCentrifugeId(), CannotWireLocalChain());
+        require(centrifugeId != MAINNET_CENTRIFUGE_ID, CannotWireMainnet());
         IAdapterWiring(adapter).wire(centrifugeId, data);
     }
 
+    /// @inheritdoc IOpsGuardian
+    function blockSession(uint16 centrifugeId, uint16 sessionId) external onlySafe {
+        multiAdapter.blockSession(centrifugeId, GLOBAL_POOL, sessionId);
+    }
+
     //----------------------------------------------------------------------------------------------
     // Pool Management
     //----------------------------------------------------------------------------------------------
@@ -72,4 +92,14 @@ contract OpsGuardian is IOpsGuardian {
     function createPool(PoolId poolId, address admin, AssetId currency) external onlySafe {
         hub.createPool(poolId, admin, currency);
     }
+
+    //----------------------------------------------------------------------------------------------
+    // Bridge Management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IOpsGuardian
+    function fileTokenBridgeCentrifugeId(uint256 evmChainId, uint16 centrifugeId) external onlySafe {
+        require(tokenBridge.chainIdToCentrifugeId(evmChainId) == 0, CentrifugeIdAlreadySet());
+        tokenBridge.file("centrifugeId", evmChainId, centrifugeId);
+    }
 }
diff --git a/src/admin/ProtocolGuardian.sol b/src/admin/ProtocolGuardian.sol
index b0916d683..5c408374a 100644
--- a/src/admin/ProtocolGuardian.sol
+++ b/src/admin/ProtocolGuardian.sol
@@ -7,28 +7,26 @@ import {IProtocolGuardian} from "./interfaces/IProtocolGuardian.sol";
 
 import {CastLib} from "../misc/libraries/CastLib.sol";
 
-import {PoolId} from "../core/types/PoolId.sol";
-import {IGateway} from "../core/messaging/interfaces/IGateway.sol";
 import {IScheduleAuthMessageSender} from "../core/messaging/interfaces/IGatewaySenders.sol";
 
+import {ITokenBridge} from "../bridge/interfaces/ITokenBridge.sol";
+
 /// @title  ProtocolGuardian
 /// @notice This contract provides emergency controls and protocol-level management including pausing,
-///         permission scheduling, cross-chain upgrade coordination, and adapter configuration.
+///         permission scheduling, and cross-chain upgrade coordination.
 contract ProtocolGuardian is IProtocolGuardian {
     using CastLib for address;
 
-    PoolId public constant GLOBAL_POOL = PoolId.wrap(0);
-
     IRoot public immutable root;
     ISafe public safe;
-    IGateway public gateway;
+    ITokenBridge public tokenBridge;
     IScheduleAuthMessageSender public sender;
 
-    constructor(ISafe safe_, IRoot root_, IGateway gateway_, IScheduleAuthMessageSender sender_) {
+    constructor(ISafe safe_, IRoot root_, IScheduleAuthMessageSender sender_, ITokenBridge tokenBridge_) {
         safe = safe_;
         root = root_;
-        gateway = gateway_;
         sender = sender_;
+        tokenBridge = tokenBridge_;
     }
 
     modifier onlySafe() {
@@ -48,8 +46,8 @@ contract ProtocolGuardian is IProtocolGuardian {
     /// @inheritdoc IProtocolGuardian
     function file(bytes32 what, address data) external onlySafe {
         if (what == "safe") safe = ISafe(data);
-        else if (what == "gateway") gateway = IGateway(data);
         else if (what == "sender") sender = IScheduleAuthMessageSender(data);
+        else if (what == "tokenBridge") tokenBridge = ITokenBridge(data);
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
@@ -82,6 +80,15 @@ contract ProtocolGuardian is IProtocolGuardian {
         root.cancelRely(target);
     }
 
+    //----------------------------------------------------------------------------------------------
+    // Bridge Management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IProtocolGuardian
+    function fileTokenBridgeRelayer(address relayer) external onlySafe {
+        tokenBridge.file("relayer", relayer);
+    }
+
     //----------------------------------------------------------------------------------------------
     // Cross-Chain Operations
     //----------------------------------------------------------------------------------------------
@@ -96,26 +103,6 @@ contract ProtocolGuardian is IProtocolGuardian {
         sender.sendCancelUpgrade{value: msg.value}(centrifugeId, target.toBytes32(), refund);
     }
 
-    /// @inheritdoc IProtocolGuardian
-    function recoverTokens(
-        uint16 centrifugeId,
-        address target,
-        address token,
-        uint256 tokenId,
-        address to,
-        uint256 amount,
-        address refund
-    ) external payable onlySafe {
-        sender.sendRecoverTokens{value: msg.value}(
-            centrifugeId, target.toBytes32(), token.toBytes32(), tokenId, to.toBytes32(), amount, refund
-        );
-    }
-
-    /// @inheritdoc IProtocolGuardian
-    function blockOutgoing(uint16 centrifugeId, bool isBlocked) external onlySafe {
-        gateway.blockOutgoing(centrifugeId, GLOBAL_POOL, isBlocked);
-    }
-
     //----------------------------------------------------------------------------------------------
     // Helpers
     //----------------------------------------------------------------------------------------------
diff --git a/src/admin/README.md b/src/admin/README.md
index d6acc9d6f..850df5971 100644
--- a/src/admin/README.md
+++ b/src/admin/README.md
@@ -1,6 +1,6 @@
 # Admin
 
-The admin module provides protocol governance and emergency controls, including timelocked permission management, pause functionality, cross-chain upgrade coordination, and token recovery. It separates operational duties (pool creation, adapter wiring) from protocol-level security controls (pausing, emergency recovery).
+The admin module provides protocol governance and emergency controls, including timelocked permission management, pause functionality, and cross-chain upgrade coordination. It separates operational duties (pool creation, adapter wiring) from protocol-level security controls (pausing, spell-based token recovery).
 
 ![Admin architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/admin.puml)
 
@@ -16,6 +16,8 @@ The admin module provides protocol governance and emergency controls, including
 
 `OpsGuardian` manages operational aspects of the protocol, specifically adapter initialization, network wiring, and pool creation. It's controlled by an operations-focused multisig safe separate from the protocol guardian's safe, enabling separation of routine operations from critical protocol security decisions.
 
-### `TokenRecoverer`
+### `GasService`
 
-`TokenRecoverer` enables authorized recovery of tokens from protocol contracts by temporarily granting itself ward permissions through `Root`, executing the recovery via the target contract's `recoverTokens` function, and immediately removing those permissions. This atomic permission grant-execute-revoke pattern ensures the recoverer doesn't retain elevated privileges after operations.
\ No newline at end of file
+The `GasService` stores gas limits (in gas units) for cross-chain message execution, providing adapters with information about how much gas to allocate for each message type on destination chains. Gas limits are benchmarked using `script/checks/benchmarks.sh` and include a base cost covering adapter and gateway processing overhead plus the specific execution cost for each message type.
+
+Each message type has an immutable gas limit set at deployment, covering operations from simple notifications (~100k gas) to complex vault deployments (~2.8M gas). The contract implements `IGasService` to expose these values to the protocol, enabling accurate gas estimation for cross-chain operations. Gas values account for worst-case scenarios like creating new escrows during pool notifications or deploying and linking vaults in a single operation.
diff --git a/src/admin/Root.sol b/src/admin/Root.sol
index cb0820ef5..661690883 100644
--- a/src/admin/Root.sol
+++ b/src/admin/Root.sol
@@ -6,7 +6,6 @@ import {IRoot} from "./interfaces/IRoot.sol";
 import {Auth} from "../misc/Auth.sol";
 import {IAuth} from "../misc/interfaces/IAuth.sol";
 
-import {IEndorsements} from "../core/spoke/interfaces/IEndorsements.sol";
 import {IScheduleAuth} from "../core/messaging/interfaces/IScheduleAuth.sol";
 
 /// @title  Root
@@ -55,7 +54,7 @@ contract Root is Auth, IRoot {
         emit Veto(user);
     }
 
-    /// @inheritdoc IEndorsements
+    /// @inheritdoc IRoot
     function endorsed(address user) external view returns (bool) {
         return endorsements[user] == 1;
     }
diff --git a/src/admin/TokenRecoverer.sol b/src/admin/TokenRecoverer.sol
deleted file mode 100644
index 4fa85a4e9..000000000
--- a/src/admin/TokenRecoverer.sol
+++ /dev/null
@@ -1,39 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {IRoot} from "./interfaces/IRoot.sol";
-
-import {Auth} from "../misc/Auth.sol";
-import {IRecoverable} from "../misc/interfaces/IRecoverable.sol";
-
-import {ITokenRecoverer} from "../core/messaging/interfaces/ITokenRecoverer.sol";
-
-/// @title  TokenRecoverer
-/// @notice This contract enables authorized recovery of tokens from protocol contracts by temporarily
-///         granting itself permissions through Root, executing the recovery, and then immediately
-///         removing those permissions.
-contract TokenRecoverer is Auth, ITokenRecoverer {
-    IRoot public immutable root;
-
-    constructor(IRoot root_, address deployer) Auth(deployer) {
-        root = root_;
-    }
-
-    /// @notice inheritdoc ITokenRecoverer
-    function recoverTokens(IRecoverable target, address token, uint256 tokenId, address to, uint256 amount)
-        external
-        auth
-    {
-        root.relyContract(address(target), address(this));
-
-        if (tokenId == 0) {
-            target.recoverTokens(token, to, amount);
-        } else {
-            target.recoverTokens(token, tokenId, to, amount);
-        }
-
-        root.denyContract(address(target), address(this));
-
-        emit RecoverTokens(target, token, tokenId, to, amount);
-    }
-}
diff --git a/src/admin/interfaces/IAdapterWiring.sol b/src/admin/interfaces/IAdapterWiring.sol
index 9a867462a..6636e5bcc 100644
--- a/src/admin/interfaces/IAdapterWiring.sol
+++ b/src/admin/interfaces/IAdapterWiring.sol
@@ -4,7 +4,7 @@ pragma solidity >=0.5.0;
 /// @title  IAdapterWiring
 /// @notice Interface for cross-chain bridge adapters that support wiring configuration
 /// @dev    Only bridge adapters implement this interface.
-///         Local adapters (e.g. RecoveryAdapter) do not support wiring operations.
+///         Local adapters (e.g. StandbyAdapter) do not support wiring operations.
 interface IAdapterWiring {
     /// @notice Wire the adapter to a remote chain
     /// @dev    If this is rewiring a previously wired centrifugeId, it might be necessary
@@ -12,9 +12,4 @@ interface IAdapterWiring {
     /// @param centrifugeId The chain ID to wire to
     /// @param data ABI-encoded adapter-specific configuration data
     function wire(uint16 centrifugeId, bytes memory data) external;
-
-    /// @notice Check if the adapter is wired to a specific chain
-    /// @param centrifugeId The chain ID to check
-    /// @return True if the adapter is already wired to this chain
-    function isWired(uint16 centrifugeId) external view returns (bool);
 }
diff --git a/src/core/messaging/interfaces/IGasService.sol b/src/admin/interfaces/IGasService.sol
similarity index 69%
rename from src/core/messaging/interfaces/IGasService.sol
rename to src/admin/interfaces/IGasService.sol
index 2dc423a25..e244d94ac 100644
--- a/src/core/messaging/interfaces/IGasService.sol
+++ b/src/admin/interfaces/IGasService.sol
@@ -1,10 +1,7 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {IMessageProperties} from "./IMessageProperties.sol";
-
-/// @dev Max cost. No messages will take more that this
-uint128 constant MAX_MESSAGE_COST = 3_200_000;
+import {IMessageProperties} from "../../core/messaging/interfaces/IMessageProperties.sol";
 
 /// @title  IGasService
 /// @notice Interface for estimating gas costs for cross-chain messages
@@ -17,7 +14,6 @@ interface IGasService is IMessageProperties {
 
     function scheduleUpgrade() external view returns (uint128);
     function cancelUpgrade() external view returns (uint128);
-    function recoverTokens() external view returns (uint128);
     function registerAsset() external view returns (uint128);
     function setPoolAdapters() external view returns (uint128);
     function request() external view returns (uint128);
@@ -26,21 +22,20 @@ interface IGasService is IMessageProperties {
     function notifyPricePoolPerShare() external view returns (uint128);
     function notifyPricePoolPerAsset() external view returns (uint128);
     function notifyShareMetadata() external view returns (uint128);
-    function updateShareHook() external view returns (uint128);
     function initiateTransferShares() external view returns (uint128);
     function executeTransferShares() external view returns (uint128);
     function updateRestriction() external view returns (uint128);
-    function trustedContractUpdate() external view returns (uint128);
+    function managerCallFromHub() external view returns (uint128);
     function requestCallback() external view returns (uint128);
     function updateVaultDeployAndLink() external view returns (uint128);
     function updateVaultLink() external view returns (uint128);
     function updateVaultUnlink() external view returns (uint128);
     function setRequestManager() external view returns (uint128);
-    function updateBalanceSheetManager() external view returns (uint128);
-    function updateHoldingAmount() external view returns (uint128);
+    function setPolicy() external view returns (uint128);
+    function authorizeSpokeCall() external view returns (uint128);
+    function unauthorizeSpokeCall() external view returns (uint128);
+    function updateManager() external view returns (uint128);
+    function updateAssets() external view returns (uint128);
     function updateShares() external view returns (uint128);
-    function maxAssetPriceAge() external view returns (uint128);
-    function maxSharePriceAge() external view returns (uint128);
-    function updateGatewayManager() external view returns (uint128);
-    function untrustedContractUpdate() external view returns (uint128);
+    function managerCallFromSpoke() external view returns (uint128);
 }
diff --git a/src/admin/interfaces/IOpsGuardian.sol b/src/admin/interfaces/IOpsGuardian.sol
index b2dab817b..3b31a1f8d 100644
--- a/src/admin/interfaces/IOpsGuardian.sol
+++ b/src/admin/interfaces/IOpsGuardian.sol
@@ -3,48 +3,69 @@ pragma solidity >=0.5.0;
 
 import {ISafe} from "./ISafe.sol";
 import {ICreatePool} from "./ICreatePool.sol";
+import {IGasService} from "./IGasService.sol";
 
 import {PoolId} from "../../core/types/PoolId.sol";
 import {AssetId} from "../../core/types/AssetId.sol";
 import {IAdapter} from "../../core/messaging/interfaces/IAdapter.sol";
 import {IMultiAdapter} from "../../core/messaging/interfaces/IMultiAdapter.sol";
 
+import {ITokenBridge} from "../../bridge/interfaces/ITokenBridge.sol";
+
 interface IOpsGuardian {
     error NotTheAuthorizedSafe();
     error FileUnrecognizedParam();
-    error AdaptersAlreadyInitialized();
-    error AdapterAlreadyWired();
+    error CannotSetAdaptersForLocalChain();
+    error CannotSetAdaptersForMainnet();
+    error CannotWireLocalChain();
+    error CannotWireMainnet();
+    error CentrifugeIdAlreadySet();
 
     event File(bytes32 indexed what, address data);
 
-    /// @notice Initialize adapters for a new network (first-time setup only)
-    /// @dev Reverts if adapters are already configured for this centrifugeId
+    /// @notice Set adapters for a remote network (can be called multiple times to update)
+    /// @dev Reverts if centrifugeId matches the local chain or the hub chain
     /// @dev Does not trigger cross-chain message - local operation only
     /// @param centrifugeId Target chain ID to configure adapters on
     /// @param adapters Array of adapter contract addresses
     /// @param threshold Minimum number of adapters that must agree
-    /// @param recoveryIndex Index of the recovery adapter in the array
-    function initAdapters(uint16 centrifugeId, IAdapter[] calldata adapters, uint8 threshold, uint8 recoveryIndex)
-        external;
+    function setAdapters(uint16 centrifugeId, IAdapter[] calldata adapters, uint8 threshold) external;
 
-    /// @notice Wire an adapter to a remote chain (first-time setup only)
-    /// @dev Reverts if adapter is already wired for this centrifugeId
+    /// @notice Wire an adapter to a remote chain (can be called multiple times to re-point a binding)
+    /// @dev Reverts if centrifugeId is the local chain or the mainnet (ETHEREUM) hub chain. The ETHEREUM
+    ///      connection carries critical messages and can only be wired/rotated through Root, not the
+    ///      OpsGuardian; the local chain is never a valid remote wiring target.
     /// @param adapter Address of the adapter to wire
     /// @param centrifugeId The chain ID to wire to
     /// @param data ABI-encoded adapter-specific configuration data
     function wire(address adapter, uint16 centrifugeId, bytes memory data) external;
 
+    /// @notice Mark a global-pool session as blocked, preventing its adapters from voting on messages
+    /// @dev Local-only operation for fast emergency response; recovery (unblock) is performed via a Spell
+    /// @param centrifugeId Target chain ID
+    /// @param sessionId Session to block
+    function blockSession(uint16 centrifugeId, uint16 sessionId) external;
+
     /// @notice Updates a contract parameter
-    /// @param what Accepts a bytes32 representation of 'opsSafe', 'hub', or 'multiAdapter'
+    /// @param what Accepts a bytes32 representation of 'opsSafe', 'hub', 'tokenBridge', or 'multiAdapter'
     /// @param data New value for the parameter
     function file(bytes32 what, address data) external;
 
+    /// @notice Atomically updates the gas service used by the system
+    /// @param gasService the new gas service to use
+    function setGasService(IGasService gasService) external;
+
     /// @notice Registers a new pool
     /// @param poolId The pool identifier
     /// @param admin The admin address for the pool
     /// @param currency The currency asset ID for the pool
     function createPool(PoolId poolId, address admin, AssetId currency) external;
 
+    /// @notice Configure TokenBridge chain ID mapping (first-time only)
+    /// @param evmChainId The EVM chain ID
+    /// @param centrifugeId The corresponding Centrifuge chain ID
+    function fileTokenBridgeCentrifugeId(uint256 evmChainId, uint16 centrifugeId) external;
+
     /// @notice Return the linked operational safe
     /// @return The operational safe contract
     function opsSafe() external view returns (ISafe);
@@ -52,6 +73,9 @@ interface IOpsGuardian {
     /// @notice Hub contract called to register new pools
     function hub() external view returns (ICreatePool);
 
-    /// @notice MultiAdapter used for first-time adapter initialization and wiring on new networks
+    /// @notice MultiAdapter used for adapter configuration and wiring on remote networks
     function multiAdapter() external view returns (IMultiAdapter);
+
+    /// @notice TokenBridge used for cross-chain share token transfers
+    function tokenBridge() external view returns (ITokenBridge);
 }
diff --git a/src/admin/interfaces/IProtocolGuardian.sol b/src/admin/interfaces/IProtocolGuardian.sol
index 5900a99ff..85cada567 100644
--- a/src/admin/interfaces/IProtocolGuardian.sol
+++ b/src/admin/interfaces/IProtocolGuardian.sol
@@ -4,9 +4,10 @@ pragma solidity >=0.5.0;
 import {IRoot} from "./IRoot.sol";
 import {ISafe} from "./ISafe.sol";
 
-import {IGateway} from "../../core/messaging/interfaces/IGateway.sol";
 import {IScheduleAuthMessageSender} from "../../core/messaging/interfaces/IGatewaySenders.sol";
 
+import {ITokenBridge} from "../../bridge/interfaces/ITokenBridge.sol";
+
 interface IProtocolGuardian {
     error NotTheAuthorizedSafe();
     error FileUnrecognizedParam();
@@ -44,27 +45,12 @@ interface IProtocolGuardian {
     /// @param refund Address to receive unused gas refund
     function cancelUpgrade(uint16 centrifugeId, address target, address refund) external payable;
 
-    /// @notice Recover tokens on a specific chain
-    /// @dev    Only supports EVM targets today
-    /// @param refund Address to receive unused gas refund
-    function recoverTokens(
-        uint16 centrifugeId,
-        address target,
-        address token,
-        uint256 tokenId,
-        address to,
-        uint256 amount,
-        address refund
-    ) external payable;
-
-    /// @notice Block or unblock outgoing messages for global pool
-    /// @dev Local-only operation for fast emergency response
-    /// @param centrifugeId Target chain ID to block/unblock
-    /// @param isBlocked True to block outgoing messages, false to unblock
-    function blockOutgoing(uint16 centrifugeId, bool isBlocked) external;
+    /// @notice Configure TokenBridge relayer address
+    /// @param relayer The relayer address to set
+    function fileTokenBridgeRelayer(address relayer) external;
 
     /// @notice Updates a contract parameter
-    /// @param what Accepts a bytes32 representation of 'safe', 'gateway', or 'sender'
+    /// @param what Accepts a bytes32 representation of 'safe', 'sender', or 'tokenBridge'
     /// @param data New value for the parameter
     function file(bytes32 what, address data) external;
 
@@ -78,9 +64,9 @@ interface IProtocolGuardian {
     /// @notice Multisig that authorizes protocol-level guardian operations
     function safe() external view returns (ISafe);
 
-    /// @notice Gateway used for cross-chain upgrade scheduling and outgoing message blocking
-    function gateway() external view returns (IGateway);
-
     /// @notice Dispatches cross-chain messages for remote upgrade scheduling and cancellation
     function sender() external view returns (IScheduleAuthMessageSender);
+
+    /// @notice TokenBridge used for cross-chain share token transfers
+    function tokenBridge() external view returns (ITokenBridge);
 }
diff --git a/src/admin/interfaces/IRoot.sol b/src/admin/interfaces/IRoot.sol
index 31a27c347..7d93c9921 100644
--- a/src/admin/interfaces/IRoot.sol
+++ b/src/admin/interfaces/IRoot.sol
@@ -1,11 +1,10 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {IEndorsements} from "../../core/spoke/interfaces/IEndorsements.sol";
 import {IScheduleAuth} from "../../core/messaging/interfaces/IScheduleAuth.sol";
 import {IProtocolPauser} from "../../core/messaging/interfaces/IProtocolPauser.sol";
 
-interface IRoot is IEndorsements, IProtocolPauser, IScheduleAuth {
+interface IRoot is IProtocolPauser, IScheduleAuth {
     //----------------------------------------------------------------------------------------------
     // Events
     //----------------------------------------------------------------------------------------------
@@ -13,6 +12,8 @@ interface IRoot is IEndorsements, IProtocolPauser, IScheduleAuth {
     event File(bytes32 indexed what, uint256 data);
     event RelyContract(address indexed target, address indexed user);
     event DenyContract(address indexed target, address indexed user);
+    event Endorse(address indexed user);
+    event Veto(address indexed user);
 
     //----------------------------------------------------------------------------------------------
     // Errors
@@ -57,6 +58,11 @@ interface IRoot is IEndorsements, IProtocolPauser, IScheduleAuth {
     /// @notice Removes the endorsed user
     function veto(address user) external;
 
+    /// @notice Returns whether the user is endorsed
+    /// @param user The address to check for endorsement status
+    /// @return True if the user is endorsed, false otherwise
+    function endorsed(address user) external view returns (bool);
+
     //----------------------------------------------------------------------------------------------
     // Pause management
     //----------------------------------------------------------------------------------------------
diff --git a/src/bridge/README.md b/src/bridge/README.md
new file mode 100644
index 000000000..5d987b78c
--- /dev/null
+++ b/src/bridge/README.md
@@ -0,0 +1,11 @@
+# Bridge
+
+The bridge module exposes the protocol's cross-chain share transfers behind the interface generic token bridges expect. Third-party bridge frontends and aggregators integrate against `TokenBridge` and do not need to know about pools, share classes, or Centrifuge IDs: they name a token, an amount, a receiver, and a destination EVM chain ID, and the bridge resolves the rest from the spoke.
+
+### `TokenBridge`
+
+`TokenBridge` wraps `Spoke.crosschainTransferShares`. Its `send` translates the destination EVM chain ID into a Centrifuge ID through the `chainIdToCentrifugeId` mapping, resolves the pool and share class from the token address through `SpokeRegistry`, pulls the shares in from the caller, approves the `Spoke`, and forwards the transfer. Sends are rejected while the `Gateway` is batching, since the transfer has to settle its own cross-chain payment. The usual share transfer restrictions still apply: they are enforced downstream by the `Spoke`, which checks the share class registrar's `canBridge` and the owner's `bridger` role.
+
+Gas limits for both legs are configured per pool and share class rather than passed by the caller, so an integrator never has to reason about Centrifuge gas accounting. They arrive from the hub: `fromHub` accepts calls only from the `Envoy`, rejects value, requires the share token to exist, and stores the pair of limits. The remaining wiring is governance-controlled through `file`, which sets the `relayer`, the `spoke`, the `gateway`, and the EVM-to-Centrifuge chain ID mapping.
+
+The `relayer` exists to fund the second hop of a spoke to hub to spoke transfer. That path costs two payments, one on the source chain and one on the hub chain, but the user only ever pays once. The caller overpays the first leg and the excess is refunded to the relayer, which then covers the hub-side leg. When either endpoint is the hub the transfer is a single leg, so there is nothing for the relayer to fund and the overpayment goes back to the caller's refund address instead, as it also does when no relayer is configured.
diff --git a/src/bridge/TokenBridge.sol b/src/bridge/TokenBridge.sol
new file mode 100644
index 000000000..1fed17417
--- /dev/null
+++ b/src/bridge/TokenBridge.sol
@@ -0,0 +1,133 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {ITokenBridge} from "./interfaces/ITokenBridge.sol";
+
+import {Auth} from "../misc/Auth.sol";
+import {Recoverable} from "../misc/Recoverable.sol";
+import {MathLib} from "../misc/libraries/MathLib.sol";
+import {SafeTransferLib} from "../misc/libraries/SafeTransferLib.sol";
+
+import {PoolId} from "../core/types/PoolId.sol";
+import {ISpoke} from "../core/spoke/interfaces/ISpoke.sol";
+import {ShareClassId} from "../core/types/ShareClassId.sol";
+import {IGateway} from "../core/messaging/interfaces/IGateway.sol";
+import {IManagerCallFromHub} from "../core/utils/interfaces/IManagerCall.sol";
+
+/// @title  TokenBridge
+/// @notice Wrapper contract for cross-chain token transfers.
+/// @dev    Integrates a relayer which is used for spoke -> hub -> spoke transfers, where the relayer pays
+///         for the second leg on the hub chain, using the overpayment of the first leg on the source chain.
+contract TokenBridge is Recoverable, ITokenBridge, IManagerCallFromHub {
+    using MathLib for uint256;
+
+    address public immutable envoy;
+    uint16 public immutable localCentrifugeId;
+
+    ISpoke public spoke;
+    address public relayer;
+    IGateway public gateway;
+
+    mapping(PoolId => mapping(ShareClassId => GasLimits)) public gasLimits;
+    mapping(uint256 evmChainId => uint16 centrifugeId) public chainIdToCentrifugeId;
+
+    constructor(ISpoke spoke_, IGateway gateway_, uint16 localCentrifugeId_, address envoy_, address deployer)
+        Auth(deployer)
+    {
+        envoy = envoy_;
+        spoke = spoke_;
+        gateway = gateway_;
+        localCentrifugeId = localCentrifugeId_;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Administration
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ITokenBridge
+    function file(bytes32 what, address data) external auth {
+        if (what == "relayer") relayer = data;
+        else if (what == "spoke") spoke = ISpoke(data);
+        else if (what == "gateway") gateway = IGateway(data);
+        else revert FileUnrecognizedParam();
+        emit File(what, data);
+    }
+
+    /// @inheritdoc ITokenBridge
+    function file(bytes32 what, uint256 evmChainId, uint16 centrifugeId) external auth {
+        if (what == "centrifugeId") chainIdToCentrifugeId[evmChainId] = centrifugeId;
+        else revert FileUnrecognizedParam();
+        emit File(what, evmChainId, centrifugeId);
+    }
+
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        (bytes16 scId_, uint128 extraGasLimit, uint128 remoteExtraGasLimit) =
+            abi.decode(payload, (bytes16, uint128, uint128));
+        ShareClassId scId = ShareClassId.wrap(scId_);
+        require(address(spoke.spokeRegistry().shareToken(poolId, scId)) != address(0), ShareTokenDoesNotExist());
+
+        gasLimits[poolId][scId] = GasLimits(extraGasLimit, remoteExtraGasLimit);
+        emit UpdateGasLimits(poolId, scId, extraGasLimit, remoteExtraGasLimit);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Bridging
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ITokenBridge
+    function send(address token, uint256 amount, bytes32 receiver, uint256 destinationChainId, address refundAddress)
+        external
+        payable
+        returns (bytes memory)
+    {
+        uint16 centrifugeId = chainIdToCentrifugeId[destinationChainId];
+        require(centrifugeId != 0, InvalidChainId());
+        require(!gateway.isBatching(), NotBatchable());
+
+        (PoolId poolId, ShareClassId scId) = spoke.spokeRegistry().tokenDetails(token);
+        require(!poolId.isNull(), ShareTokenDoesNotExist());
+
+        SafeTransferLib.safeTransferFrom(token, msg.sender, address(this), amount);
+        SafeTransferLib.safeApprove(token, address(spoke), amount);
+
+        _crosschainTransfer(centrifugeId, poolId, scId, receiver, amount.toUint128(), msg.sender, refundAddress);
+
+        emit Send(token, msg.sender, destinationChainId, receiver, amount, refundAddress);
+        return bytes("");
+    }
+
+    /// @dev Reads the pool/share-class gas limits once and forwards the transfer to the spoke.
+    function _crosschainTransfer(
+        uint16 centrifugeId,
+        PoolId poolId,
+        ShareClassId scId,
+        bytes32 receiver,
+        uint128 amount,
+        address sender_,
+        address refundAddress
+    ) internal {
+        GasLimits memory limits = gasLimits[poolId][scId];
+
+        // The relayer only funds a second leg for a spoke -> hub -> spoke transfer. When either the source or
+        // the destination is the hub the transfer is a single leg, so (as when no relayer is set) the
+        // overpayment is refunded directly to the user instead of the relayer.
+        bool hubIsEndpoint = centrifugeId == poolId.centrifugeId() || localCentrifugeId == poolId.centrifugeId();
+        address refund = hubIsEndpoint || relayer == address(0) ? refundAddress : relayer;
+        spoke.crosschainTransferShares{value: msg.value}(
+            centrifugeId,
+            poolId,
+            scId,
+            receiver,
+            sender_,
+            address(this),
+            amount,
+            limits.extraGasLimit,
+            limits.remoteExtraGasLimit,
+            refund
+        );
+    }
+}
diff --git a/src/bridge/interfaces/ITokenBridge.sol b/src/bridge/interfaces/ITokenBridge.sol
new file mode 100644
index 000000000..310384006
--- /dev/null
+++ b/src/bridge/interfaces/ITokenBridge.sol
@@ -0,0 +1,86 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {IRecoverable} from "../../misc/interfaces/IRecoverable.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
+import {IGateway} from "../../core/messaging/interfaces/IGateway.sol";
+
+interface ITokenBridge is IRecoverable {
+    event File(bytes32 indexed what, address data);
+    event File(bytes32 indexed what, uint256 evmChainId, uint16 centrifugeId);
+    event UpdateGasLimits(
+        PoolId indexed poolId, ShareClassId indexed scId, uint128 extraGasLimit, uint128 remoteExtraGasLimit
+    );
+    event Send(
+        address indexed token,
+        address indexed sender,
+        uint256 destinationChainId,
+        bytes32 receiver,
+        uint256 amount,
+        address refundAddress
+    );
+
+    error NotEnvoy();
+    error UnexpectedValue();
+    error NotBatchable();
+    error FileUnrecognizedParam();
+    error InvalidChainId();
+    error ShareTokenDoesNotExist();
+
+    struct GasLimits {
+        uint128 extraGasLimit;
+        uint128 remoteExtraGasLimit;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Administration
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Configure contract parameters
+    /// @param what The parameter name to configure
+    /// @param data The address value to set
+    function file(bytes32 what, address data) external;
+
+    /// @notice Configure chain ID mapping
+    /// @param what Must be "centrifugeId"
+    /// @param evmChainId The EVM chain ID
+    /// @param centrifugeId The corresponding Centrifuge chain ID
+    function file(bytes32 what, uint256 evmChainId, uint16 centrifugeId) external;
+
+    //----------------------------------------------------------------------------------------------
+    // Bridging
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Send a token from chain A to chain B after approving this contract with the token
+    /// @param token The address of the token sending across chains
+    /// @param amount The amount of the token to send across chains
+    /// @param receiver The target address that should receive the funds on the destination chain
+    /// @param destinationChainId The Ethereum chain ID of the destination chain
+    /// @param refundAddress The address that should receive any funds if the cross-chain gas value is too high
+    /// @return Always returns empty bytes
+    function send(address token, uint256 amount, bytes32 receiver, uint256 destinationChainId, address refundAddress)
+        external
+        payable
+        returns (bytes memory);
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Returns the Centrifuge chain ID of the chain this contract is deployed on
+    function localCentrifugeId() external view returns (uint16);
+
+    /// @notice Returns the envoy that routes hub-dispatched configuration updates
+    function envoy() external view returns (address);
+
+    /// @notice Returns the relayer address
+    function relayer() external view returns (address);
+
+    /// @notice Returns the gateway this contract routes transfers through
+    function gateway() external view returns (IGateway);
+
+    /// @notice Returns the Centrifuge chain ID for a given EVM chain ID
+    function chainIdToCentrifugeId(uint256 evmChainId) external view returns (uint16);
+}
diff --git a/src/core/README.md b/src/core/README.md
new file mode 100644
index 000000000..c02ac29d4
--- /dev/null
+++ b/src/core/README.md
@@ -0,0 +1,62 @@
+# Core
+
+The `core` module is the protocol's immutable core: the minimal set of contracts required to register pools, account for holdings, manage share classes, and move state between chains. Once deployed, none of it can be upgraded or altered, so builders compose on top of a security surface that does not shift under them.
+
+Everything else in the protocol (vault implementations, managers, hooks, valuations, adapters) is a modular extension that plugs into `core` without requiring changes to it. A manager keeps full control over product decisions (which assets, who may hold them, how they price, how settlement is timed) while the shared accounting, settlement, and messaging machinery stays unchanging underneath.
+
+A pool is one balance sheet, kept consolidated across every chain it operates on, even though no single chain holds the whole picture. `core` is organized around three sub-modules that make that possible: `hub` runs the pool's control plane on one chain of the operator's choosing, holding the books and authority but never custodying user assets; `spoke` is the pool's local presence on every chain it operates on, issuing shares and custodying assets in segregated, pool-scoped escrows; and `messaging` carries state between the two.
+
+`messaging` abstracts cross-chain routing and transport security away from `hub` and `spoke`. That boundary is secured by verifying every message against a configurable quorum of independent `adapters`, made cost-efficient through nestable batching that folds a whole cascade of operations into one payload per destination and pool, and paid for onchain so cross-chain execution fees are settled as part of dispatch rather than tracked out of band.
+
+### [`hub`](./hub)
+
+The central orchestration layer for pool management. `Hub` aggregates pool administration: manager assignment, share class notifications, metadata updates, and price broadcasting to every spoke a pool operates on.
+
+`Holdings` is the canonical ledger of everything a pool owns or owes, wiring each holding to a pluggable valuation and to the accounts that back it. `Accounting` is the double-entry engine underneath, recording every value change as a balanced journal entry (debits and credits scoped per pool, per account) and reverting the whole transaction rather than ever letting the books go unbalanced.
+
+`ShareClassManager` handles share class creation, metadata, pricing, and per-chain issuance tracking. `HubRegistry` is the canonical source of truth for pools, assets, currencies, and pool-level dependencies such as request managers, including the pool's policy: an onchain contract a pool installs to bound what its managers may do, which `HubRegistry` holds as the pool's authoritative reference and `Hub` checks before executing any guarded manager action.
+
+Because `Hub` consolidates all of this in one place, a manager acting on any pool reasons about a single, always-balanced set of books rather than reconciling state scattered across chains. See [`hub/README.md`](./hub/README.md).
+
+### [`spoke`](./spoke)
+
+The local counterpart to `hub`, deployed on every chain a pool operates on. `Spoke` mirrors `Hub`'s role for local operations: asset registration, cross-chain share transfers, request forwarding, and balance-sheet management (share issuance/revocation, asset deposits/withdrawals), with share token deployment and vault registration arriving from the hub through `SpokeHandler`, all backed by `SpokeRegistry`, `PoolEscrow`, and `SnapshotQueue`. The two sides deliberately mirror each other: `Spoke` ↔ `Hub`, `SpokeHandler` ↔ `HubHandler`, `SpokeRegistry` ↔ `HubRegistry`, `SnapshotQueue` ↔ `Holdings`.
+
+`PoolEscrow` custodies assets per pool and per share class rather than pooling them together. `SnapshotQueue` nets share deltas and accumulates asset deltas locally before flushing a single update to `Hub`, so routine activity on a chain does not have to cross a chain boundary for every deposit or withdrawal.
+
+Because a spoke is a complete local deployment, everything it does executes synchronously and atomically: issuing a share, moving an asset, and a call into another protocol can happen in one transaction that either wholly succeeds or wholly reverts. This is what lets share tokens compose with the rest of onchain finance without a settlement gap.
+
+`Spoke` extends the same policy-bound guard to its own manager actions, checking the spoke-side policy the hub installed in `SpokeRegistry` before letting a manager through, so a manager's rights stay policy-bound on every chain a pool touches rather than only at the hub. See [`spoke/README.md`](./spoke/README.md).
+
+### [`messaging`](./messaging)
+
+The cross-chain transport layer connecting `hub` and `spoke`. `MessageDispatcher` serializes and routes outgoing messages, short-circuiting to a direct call for same-chain destinations. `MessageProcessor` deserializes and routes incoming messages to the right handler.
+
+`Gateway` batches everything bound for one destination and pool into a single payload and settles cross-chain execution fees onchain as part of dispatch. `MultiAdapter` fans that payload out across one or more configured `adapters` and only forwards it for execution once a configurable quorum of them agrees on the identical payload, so no single adapter can forge a message on its own. See [`messaging/README.md`](./messaging/README.md).
+
+### Integration points
+
+Both `hub` and `spoke` expose a set of pool-scoped extension points that periphery modules plug into, rather than requiring any change to `core` itself.
+
+`hub`:
+- **Hub manager** - the per-pool role allowed to call guarded `Hub` actions.
+- **Policy** (`IHubPolicy`) - onchain contract a pool installs to bound and timelock what its managers may do.
+- **Snapshot hook** (`ISnapshotHook`) - optional callback on `Holdings` when a chain's snapshot state changes.
+- **Bridging hook** (`IBridgingHook`) - optional per-pool hook `HubHandler` invokes around cross-chain share transfers.
+- **Valuation** (`IValuation`) - pluggable per-holding pricing model.
+- **Request manager** (`IHubRequestManager`) - pluggable per-pool-per-chain settlement contract for deposit/redeem requests.
+- **`managerCall` / Envoy** (`IManagerCallFromHub`) - generic, policy-gated escape hatch to call any contract implementing `fromHub`.
+
+`spoke`:
+- **Spoke manager** - the per-pool role allowed to call guarded balance-sheet actions.
+- **Policy** (`ISpokePolicy`) - the spoke-side counterpart, installed by the hub and enforced locally by `Spoke` on every chain a pool touches; authorizations arrive already matured, so it keeps no timelock of its own.
+- **Registrar** (`IRegistrar`) - pluggable per-share-class contract that deploys and operates the share token.
+- **Bridger** - the per-pool role an owner must hold for their shares to be transferred across chains.
+- **Request manager** (`ISpokeRequestManager`) - the spoke-side counterpart to the hub's request manager; the only caller allowed to dispatch outbound requests.
+- **`managerCall` / Envoy** (`IManagerCallFromSpoke`) - permissionless escape hatch to call any contract implementing `fromSpoke`, which validates the caller itself.
+
+### Supporting code
+
+- **[`types`](./types)** - Custom value types (`PoolId`, `ShareClassId`, `AssetId`, `AccountId`, `RequestId`) used throughout `core` instead of raw `uint`/`bytes` to prevent cross-pool or cross-asset mix-ups.
+- **[`utils`](./utils)** - Shared primitives used by both `hub` and `spoke`: `BatchedMulticall` for batching calls into a single transaction, `Envoy` as the stable `msg.sender` anchor for manager calls, and the `IPolicy` interfaces both enforcement guards are written against.
+- **[`libraries`](./libraries)** - `PricingLib`, shared pricing conversion math used across `hub` and `spoke`.
diff --git a/src/core/hub/Accounting.sol b/src/core/hub/Accounting.sol
index c670d65e2..a5282c14b 100644
--- a/src/core/hub/Accounting.sol
+++ b/src/core/hub/Accounting.sol
@@ -43,6 +43,7 @@ contract Accounting is Auth, IAccounting {
     /// @inheritdoc IAccounting
     function unlock(PoolId poolId) external auth {
         require(PoolId.unwrap(_currentPoolId) == 0, AccountingAlreadyUnlocked());
+        require(!poolId.isNull(), InvalidPoolId());
         debited = 0;
         credited = 0;
         _currentPoolId = poolId;
@@ -55,6 +56,7 @@ contract Accounting is Auth, IAccounting {
 
     /// @inheritdoc IAccounting
     function lock() external auth {
+        require(!_currentPoolId.isNull(), AccountingLocked());
         require(debited == credited, Unbalanced());
 
         emit EndJournalId(_currentPoolId, TransientJournal.journalId(_currentPoolId));
@@ -67,6 +69,7 @@ contract Accounting is Auth, IAccounting {
 
     /// @inheritdoc IAccounting
     function createAccount(PoolId poolId, AccountId account, bool isDebitNormal) external auth {
+        require(!account.isNull(), InvalidAccountId());
         require(accounts[poolId][account].lastUpdated == 0, AccountExists());
         accounts[poolId][account] = Account(0, 0, isDebitNormal, uint64(block.timestamp), "");
         emit CreateAccount(poolId, account, isDebitNormal);
diff --git a/src/core/hub/Holdings.sol b/src/core/hub/Holdings.sol
index 9f452e5d4..347b50057 100644
--- a/src/core/hub/Holdings.sol
+++ b/src/core/hub/Holdings.sol
@@ -4,16 +4,14 @@ pragma solidity 0.8.28;
 import {IValuation} from "./interfaces/IValuation.sol";
 import {IHubRegistry} from "./interfaces/IHubRegistry.sol";
 import {ISnapshotHook} from "./interfaces/ISnapshotHook.sol";
-import {IHoldings, Holding, HoldingAccount, Snapshot} from "./interfaces/IHoldings.sol";
+import {IHoldings, Holding, Snapshot} from "./interfaces/IHoldings.sol";
 
 import {Auth} from "../../misc/Auth.sol";
-import {D18} from "../../misc/types/D18.sol";
 import {MathLib} from "../../misc/libraries/MathLib.sol";
 
 import {PoolId} from "../types/PoolId.sol";
 import {AssetId} from "../types/AssetId.sol";
 import {AccountId} from "../types/AccountId.sol";
-import {PricingLib} from "../libraries/PricingLib.sol";
 import {ShareClassId} from "../types/ShareClassId.sol";
 
 /// @title  Holdings
@@ -27,7 +25,9 @@ contract Holdings is Auth, IHoldings {
     IHubRegistry public immutable hubRegistry;
 
     mapping(PoolId => ISnapshotHook) public snapshotHook;
-    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => Holding))) public holding;
+    mapping(PoolId => mapping(uint16 centrifugeId => uint32)) public networkDeficitCount;
+    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => Holding))) internal _holding;
+    mapping(PoolId => mapping(ShareClassId => mapping(uint16 centrifugeId => uint32))) public deficitCount;
     mapping(PoolId => mapping(ShareClassId => mapping(uint16 centrifugeId => Snapshot))) public snapshot;
     mapping(PoolId => mapping(ShareClassId => mapping(AssetId => mapping(uint8 kind => AccountId)))) public accountId;
 
@@ -45,23 +45,21 @@ contract Holdings is Auth, IHoldings {
         ShareClassId scId,
         AssetId assetId,
         IValuation valuation_,
-        bool isLiability_,
-        HoldingAccount[] memory accounts
+        AccountId[4] memory accounts
     ) external auth {
         require(!scId.isNull(), WrongShareClassId());
         require(address(valuation_) != address(0), WrongValuation());
 
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
         require(address(holding_.valuation) == address(0), AlreadyInitialized());
 
         holding_.valuation = valuation_;
-        holding_.isLiability = isLiability_;
 
-        for (uint256 i; i < accounts.length; i++) {
-            accountId[poolId][scId][assetId][accounts[i].kind] = accounts[i].accountId;
+        for (uint256 i; i < 4; i++) {
+            accountId[poolId][scId][assetId][uint8(i)] = accounts[i];
         }
 
-        emit Initialize(poolId, scId, assetId, valuation_, isLiability_, accounts);
+        emit Initialize(poolId, scId, assetId, valuation_, accounts);
     }
 
     /// @inheritdoc IHoldings
@@ -69,7 +67,7 @@ contract Holdings is Auth, IHoldings {
         external
         auth
     {
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
         require(address(holding_.valuation) != address(0), HoldingNotFound());
 
         accountId[poolId][scId][assetId][kind] = accountId_;
@@ -81,7 +79,7 @@ contract Holdings is Auth, IHoldings {
     function updateValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation_) external auth {
         require(address(valuation_) != address(0), WrongValuation());
 
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
         require(address(holding_.valuation) != address(0), HoldingNotFound());
 
         holding_.valuation = valuation_;
@@ -89,21 +87,10 @@ contract Holdings is Auth, IHoldings {
         emit UpdateValuation(poolId, scId, assetId, valuation_);
     }
 
-    /// @inheritdoc IHoldings
-    /// @dev There can be remaining asset value if the amount was decreased with a lower price, blocking the update.
-    ///      In this case, a manager needs to call `update` first to sync the value to zero.
-    function updateIsLiability(PoolId poolId, ShareClassId scId, AssetId assetId, bool isLiability_) external auth {
-        Holding storage holding_ = holding[poolId][scId][assetId];
-        require(address(holding_.valuation) != address(0), HoldingNotFound());
-        require(holding_.assetAmount == 0 && holding_.assetAmountValue == 0, HoldingNotZero());
-
-        holding_.isLiability = isLiability_;
-
-        emit UpdateIsLiability(poolId, scId, assetId, isLiability_);
-    }
-
     /// @inheritdoc IHoldings
     function setSnapshotHook(PoolId poolId, ISnapshotHook hook) external auth {
+        require(hubRegistry.exists(poolId), NonExistingPool());
+
         snapshotHook[poolId] = hook;
 
         emit SetSnapshotHook(poolId, hook);
@@ -150,43 +137,54 @@ contract Holdings is Auth, IHoldings {
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IHoldings
-    function increase(PoolId poolId, ShareClassId scId, AssetId assetId, D18 pricePoolPerAsset, uint128 amount_)
+    function increase(PoolId poolId, ShareClassId scId, AssetId assetId, uint16 centrifugeId, uint128 amount_)
         external
         auth
         returns (uint128 amountValue)
     {
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
+
+        bool wasDeficit = holding_.decreasedAmount > holding_.increasedAmount;
+        uint128 oldAmount = _amount(holding_);
+        holding_.increasedAmount += amount_;
+        uint128 realized = _amount(holding_) - oldAmount;
 
-        amountValue = PricingLib.convertWithPrice(
-            amount_, hubRegistry.decimals(assetId), hubRegistry.decimals(poolId), pricePoolPerAsset
-        );
+        // Value only the realized increase (a preceding over-decrease is netted off first) at the hub-side
+        // valuation. Uninitialized holdings track amount only; their value is established at initialization.
+        amountValue = realized != 0 && address(holding_.valuation) != address(0)
+            ? holding_.valuation.getQuote(poolId, scId, assetId, realized)
+            : 0;
 
-        holding_.assetAmount += amount_;
         holding_.assetAmountValue += amountValue;
+        _updateDeficit(poolId, scId, centrifugeId, wasDeficit, holding_.decreasedAmount > holding_.increasedAmount);
 
-        emit Increase(poolId, scId, assetId, pricePoolPerAsset, amount_, amountValue);
+        emit Increase(poolId, scId, assetId, amount_, amountValue);
     }
 
     /// @inheritdoc IHoldings
-    function decrease(PoolId poolId, ShareClassId scId, AssetId assetId, D18 pricePoolPerAsset, uint128 amount_)
+    function decrease(PoolId poolId, ShareClassId scId, AssetId assetId, uint16 centrifugeId, uint128 amount_)
         external
         auth
-        returns (uint128 amountValueUnclamped)
+        returns (uint128 amountValue)
     {
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
 
-        amountValueUnclamped = PricingLib.convertWithPrice(
-            amount_, hubRegistry.decimals(assetId), hubRegistry.decimals(poolId), pricePoolPerAsset
-        );
+        bool wasDeficit = holding_.decreasedAmount > holding_.increasedAmount;
+        uint128 oldAmount = _amount(holding_);
+        holding_.decreasedAmount += amount_;
+        uint128 removedAmount = oldAmount - _amount(holding_);
 
-        // Clamp amount and value to 0 to prevent underflow
-        // The unclamped amount and value are emitted in the event, as well as returned to the caller
-        holding_.assetAmount = amount_ > holding_.assetAmount ? 0 : holding_.assetAmount - amount_;
+        // Remove carrying value pro-rata to the realized decrease (an over-decrease is capped at the current
+        // amount and its excess carried on `decreasedAmount`), so the returned value always mirrors the
+        // storage mutation and can never over-journal. Deliberately NOT a live oracle quote like increase():
+        // pro-rata preserves `amount == 0 => value == 0`, which a live quote would break when the price has
+        // moved since the last update() (a full drain would leave residual value behind).
+        amountValue = oldAmount == 0 ? 0 : (uint256(holding_.assetAmountValue) * removedAmount / oldAmount).toUint128();
 
-        holding_.assetAmountValue =
-            amountValueUnclamped > holding_.assetAmountValue ? 0 : holding_.assetAmountValue - amountValueUnclamped;
+        holding_.assetAmountValue -= amountValue;
+        _updateDeficit(poolId, scId, centrifugeId, wasDeficit, holding_.decreasedAmount > holding_.increasedAmount);
 
-        emit Decrease(poolId, scId, assetId, pricePoolPerAsset, amount_, amountValueUnclamped);
+        emit Decrease(poolId, scId, assetId, amount_, amountValue);
     }
 
     /// @inheritdoc IHoldings
@@ -195,10 +193,10 @@ contract Holdings is Auth, IHoldings {
         auth
         returns (bool isPositive, uint128 diffValue)
     {
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
         require(address(holding_.valuation) != address(0), HoldingNotFound());
 
-        uint128 currentAmountValue = holding_.valuation.getQuote(poolId, scId, assetId, holding_.assetAmount);
+        uint128 currentAmountValue = holding_.valuation.getQuote(poolId, scId, assetId, _amount(holding_));
 
         isPositive = currentAmountValue >= holding_.assetAmountValue;
         diffValue = isPositive ? currentAmountValue - holding_.assetAmountValue : holding_.assetAmountValue - currentAmountValue; // forgefmt: disable-line
@@ -214,35 +212,46 @@ contract Holdings is Auth, IHoldings {
 
     /// @inheritdoc IHoldings
     function isInitialized(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (bool) {
-        return address(holding[poolId][scId][assetId].valuation) != address(0);
+        return address(_holding[poolId][scId][assetId].valuation) != address(0);
     }
 
     /// @inheritdoc IHoldings
     function value(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (uint128 value_) {
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
         return holding_.assetAmountValue;
     }
 
     /// @inheritdoc IHoldings
     function amount(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (uint128 amount_) {
-        Holding storage holding_ = holding[poolId][scId][assetId];
-        return holding_.assetAmount;
+        return _amount(_holding[poolId][scId][assetId]);
+    }
+
+    /// @inheritdoc IHoldings
+    function holdingAmounts(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        view
+        returns (uint128 increasedAmount, uint128 decreasedAmount)
+    {
+        Holding storage holding_ = _holding[poolId][scId][assetId];
+        return (holding_.increasedAmount, holding_.decreasedAmount);
     }
 
     /// @inheritdoc IHoldings
     function valuation(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (IValuation) {
-        Holding storage holding_ = holding[poolId][scId][assetId];
+        Holding storage holding_ = _holding[poolId][scId][assetId];
         require(address(holding_.valuation) != address(0), HoldingNotFound());
 
         return holding_.valuation;
     }
 
     /// @inheritdoc IHoldings
-    function isLiability(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (bool) {
-        Holding storage holding_ = holding[poolId][scId][assetId];
-        require(address(holding_.valuation) != address(0), HoldingNotFound());
-
-        return holding_.isLiability;
+    function holding(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        view
+        returns (uint128 assetAmount, uint128 assetAmountValue, IValuation valuation_)
+    {
+        Holding storage holding_ = _holding[poolId][scId][assetId];
+        return (_amount(holding_), holding_.assetAmountValue, holding_.valuation);
     }
 
     //----------------------------------------------------------------------------------------------
@@ -255,4 +264,27 @@ contract Holdings is Auth, IHoldings {
         ISnapshotHook hook = snapshotHook[poolId];
         if (address(hook) != address(0)) hook.onSync(poolId, scId, centrifugeId);
     }
+
+    /// @dev Moves both deficit counters on a deficit-state crossing; no-op otherwise. The share class-network
+    ///      counter reports which share class is in deficit; the pool-network rollup is what a snapshot hook
+    ///      gates on, because the NAV it publishes is pooled across share classes.
+    function _updateDeficit(PoolId poolId, ShareClassId scId, uint16 centrifugeId, bool wasDeficit, bool isDeficit)
+        internal
+    {
+        if (wasDeficit == isDeficit) return;
+
+        uint32 count =
+            isDeficit ? ++deficitCount[poolId][scId][centrifugeId] : --deficitCount[poolId][scId][centrifugeId];
+        uint32 networkCount =
+            isDeficit ? ++networkDeficitCount[poolId][centrifugeId] : --networkDeficitCount[poolId][centrifugeId];
+        emit UpdateDeficitCount(poolId, scId, centrifugeId, count, networkCount);
+    }
+
+    /// @dev Current amount, derived from the cumulative counters and floored at zero.
+    function _amount(Holding storage holding_) internal view returns (uint128) {
+        return
+            holding_.increasedAmount >= holding_.decreasedAmount
+                ? holding_.increasedAmount - holding_.decreasedAmount
+                : 0;
+    }
 }
diff --git a/src/core/hub/Hub.sol b/src/core/hub/Hub.sol
index dfc28feae..c0583d972 100644
--- a/src/core/hub/Hub.sol
+++ b/src/core/hub/Hub.sol
@@ -1,35 +1,36 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {IFeeHook} from "./interfaces/IFeeHook.sol";
+import {IHoldings} from "./interfaces/IHoldings.sol";
 import {IValuation} from "./interfaces/IValuation.sol";
+import {IFeeAccrual} from "./interfaces/IFeeAccrual.sol";
 import {IHubRegistry} from "./interfaces/IHubRegistry.sol";
+import {IBridgingHook} from "./interfaces/IBridgingHook.sol";
 import {ISnapshotHook} from "./interfaces/ISnapshotHook.sol";
-import {IHoldings, HoldingAccount} from "./interfaces/IHoldings.sol";
 import {IAccounting, JournalEntry} from "./interfaces/IAccounting.sol";
 import {IHubRequestManager} from "./interfaces/IHubRequestManager.sol";
 import {IShareClassManager} from "./interfaces/IShareClassManager.sol";
-import {IHub, VaultUpdateKind, AccountType} from "./interfaces/IHub.sol";
+import {IHub, VaultUpdateKind, ManagerKind, AccountKind} from "./interfaces/IHub.sol";
 import {IHubRequestManagerCallback} from "./interfaces/IHubRequestManagerCallback.sol";
 
 import {Auth} from "../../misc/Auth.sol";
 import {d18, D18} from "../../misc/types/D18.sol";
 import {Recoverable} from "../../misc/Recoverable.sol";
+import {CastLib} from "../../misc/libraries/CastLib.sol";
 import {MathLib} from "../../misc/libraries/MathLib.sol";
 
 import {IAdapter} from "../messaging/interfaces/IAdapter.sol";
 import {IGateway} from "../messaging/interfaces/IGateway.sol";
 import {IMultiAdapter} from "../messaging/interfaces/IMultiAdapter.sol";
-import {IHubMessageSender} from "../messaging/interfaces/IGatewaySenders.sol";
+import {IHubMessageSender, ShareClassMetadata} from "../messaging/interfaces/IGatewaySenders.sol";
 
 import {ICreatePool} from "../../admin/interfaces/ICreatePool.sol";
 
-import {RequestCallbackMessageLib} from "../../vaults/libraries/RequestCallbackMessageLib.sol";
-
 import {PoolId} from "../types/PoolId.sol";
 import {AssetId} from "../types/AssetId.sol";
 import {AccountId} from "../types/AccountId.sol";
 import {ShareClassId} from "../types/ShareClassId.sol";
+import {IHubPolicy} from "../utils/interfaces/IPolicy.sol";
 import {BatchedMulticall} from "../utils/BatchedMulticall.sol";
 
 /// @title  Hub
@@ -37,15 +38,16 @@ import {BatchedMulticall} from "../utils/BatchedMulticall.sol";
 ///         Pools can assign hub managers which have full rights over all actions.
 contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCallback, ICreatePool {
     using MathLib for uint256;
-    using RequestCallbackMessageLib for *;
+    using CastLib for bytes32;
 
-    IFeeHook public feeHook;
-    IHoldings public holdings;
-    IAccounting public accounting;
-    IHubRegistry public hubRegistry;
+    IFeeAccrual public feeAccrual;
     IHubMessageSender public sender;
     IMultiAdapter public multiAdapter;
-    IShareClassManager public shareClassManager;
+
+    IHoldings public immutable holdings;
+    IAccounting public immutable accounting;
+    IHubRegistry public immutable hubRegistry;
+    IShareClassManager public immutable shareClassManager;
 
     constructor(
         IGateway gateway_,
@@ -63,161 +65,142 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
         shareClassManager = shareClassManager_;
     }
 
+    /// @dev Manager-only, and enforces the pool's policy if one is installed.
+    modifier enforced(PoolId poolId) {
+        _enforce(poolId);
+        _;
+    }
+
+    /// @dev Sender must be a registered manager for the pool (no policy applied).
+    modifier onlyManager(PoolId poolId) {
+        _requireManager(poolId);
+        _;
+    }
+
     //----------------------------------------------------------------------------------------------
     // System methods
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IHub
-    function file(bytes32 what, address data) external {
-        _auth();
-
+    function file(bytes32 what, address data) external auth {
         if (what == "gateway") gateway = IGateway(data);
-        else if (what == "feeHook") feeHook = IFeeHook(data);
-        else if (what == "holdings") holdings = IHoldings(data);
+        else if (what == "feeAccrual") feeAccrual = IFeeAccrual(data);
         else if (what == "sender") sender = IHubMessageSender(data);
-        else if (what == "shareClassManager") shareClassManager = IShareClassManager(data);
+        else if (what == "multiAdapter") multiAdapter = IMultiAdapter(data);
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
 
     /// @inheritdoc ICreatePool
-    function createPool(PoolId poolId, address admin, AssetId currency) external payable {
-        _auth();
-
+    function createPool(PoolId poolId, address admin, AssetId currency) external payable auth {
         require(poolId.centrifugeId() == sender.localCentrifugeId(), InvalidPoolId());
         hubRegistry.registerPool(poolId, admin, currency);
     }
 
-    //----------------------------------------------------------------------------------------------
-    // Pool admin methods
-    //----------------------------------------------------------------------------------------------
-
     /// @inheritdoc IHub
-    function notifyPool(PoolId poolId, uint16 centrifugeId, address refund) external payable {
-        _isManager(poolId);
+    function setPolicy(PoolId poolId, IHubPolicy policy_) external {
+        if (wards[msgSender()] != 1) _enforce(poolId);
 
-        emit NotifyPool(centrifugeId, poolId);
-        sender.sendNotifyPool{value: msgValue()}(centrifugeId, poolId, refund);
+        hubRegistry.setPolicy(poolId, policy_);
     }
 
     /// @inheritdoc IHub
-    function notifyShareClass(PoolId poolId, ShareClassId scId, uint16 centrifugeId, bytes32 hook, address refund)
-        external
-        payable
-    {
-        _isManager(poolId);
-
-        require(shareClassManager.exists(poolId, scId), IShareClassManager.ShareClassNotFound());
-
-        (string memory name, string memory symbol, bytes32 salt) = shareClassManager.metadata(poolId, scId);
-        uint8 decimals = hubRegistry.decimals(poolId);
-
-        emit NotifyShareClass(centrifugeId, poolId, scId);
-        sender.sendNotifyShareClass{value: msgValue()}(
-            centrifugeId, poolId, scId, name, symbol, decimals, salt, hook, refund
-        );
+    function policy(PoolId poolId) external view returns (IHubPolicy) {
+        return hubRegistry.policy(poolId);
     }
 
-    /// @inheritdoc IHub
-    function notifyShareMetadata(PoolId poolId, ShareClassId scId, uint16 centrifugeId, address refund) public payable {
-        _isManager(poolId);
-
-        (string memory name, string memory symbol,) = shareClassManager.metadata(poolId, scId);
-
-        emit NotifyShareMetadata(centrifugeId, poolId, scId, name, symbol);
-        sender.sendNotifyShareMetadata{value: msgValue()}(centrifugeId, poolId, scId, name, symbol, refund);
-    }
+    //----------------------------------------------------------------------------------------------
+    // Manager: Authorization ledger
+    //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IHub
-    function updateShareHook(PoolId poolId, ShareClassId scId, uint16 centrifugeId, bytes32 hook, address refund)
-        public
-        payable
-    {
-        _isManager(poolId);
-
-        emit UpdateShareHook(centrifugeId, poolId, scId, hook);
-        sender.sendUpdateShareHook{value: msgValue()}(centrifugeId, poolId, scId, hook, refund);
+    function initiateAuthorization(PoolId poolId, bytes calldata data) external onlyManager(poolId) {
+        hubRegistry.initiateAuthorization(poolId, msgSender(), data);
     }
 
     /// @inheritdoc IHub
-    function notifySharePrice(PoolId poolId, ShareClassId scId, uint16 centrifugeId, address refund) public payable {
-        _isManager(poolId);
-
-        (D18 pricePoolPerShare, uint64 computedAt) = shareClassManager.pricePoolPerShare(poolId, scId);
-
-        emit NotifySharePrice(centrifugeId, poolId, scId, pricePoolPerShare, computedAt);
-        sender.sendNotifyPricePoolPerShare{value: msgValue()}(
-            centrifugeId, poolId, scId, pricePoolPerShare, computedAt, refund
-        );
+    function cancelAuthorization(PoolId poolId, bytes calldata data) external enforced(poolId) {
+        hubRegistry.cancelAuthorization(poolId, msgSender(), data);
     }
 
-    /// @inheritdoc IHub
-    function notifyAssetPrice(PoolId poolId, ShareClassId scId, AssetId assetId, address refund) public payable {
-        _isManager(poolId);
+    //----------------------------------------------------------------------------------------------
+    // Manager: Pool configuration
+    //----------------------------------------------------------------------------------------------
 
-        D18 pricePoolPerAsset_ = pricePoolPerAsset(poolId, scId, assetId);
-        emit NotifyAssetPrice(assetId.centrifugeId(), poolId, scId, assetId, pricePoolPerAsset_);
-        sender.sendNotifyPricePoolPerAsset{value: msgValue()}(poolId, scId, assetId, pricePoolPerAsset_, refund);
+    /// @inheritdoc IHub
+    function setAdapters(
+        PoolId poolId,
+        uint16 centrifugeId,
+        IAdapter[] memory localAdapters,
+        bytes32[] memory remoteAdapters,
+        uint8 threshold,
+        address refund
+    ) external payable enforced(poolId) {
+        // Batching would defer the send until after the new set is applied, routing over a set the
+        // destination lacks, so it is disallowed here.
+        require(!gateway.isBatching(), CannotSetAdaptersWhileBatching());
+
+        // Send the remote update before applying the local set: SetPoolAdapters routes over the pool's
+        // own set, so it must travel over the set still shared with the destination.
+        uint16 targetSessionId = multiAdapter.nextActiveSessionId(centrifugeId, poolId);
+        sender.sendSetPoolAdapters{value: msgValue()}(
+            centrifugeId, poolId, remoteAdapters, threshold, targetSessionId, refund
+        );
 
-        if (address(feeHook) != address(0)) feeHook.accrue(poolId, scId);
+        multiAdapter.setAdapters(centrifugeId, poolId, localAdapters, threshold, targetSessionId);
     }
 
     /// @inheritdoc IHub
-    function setMaxAssetPriceAge(PoolId poolId, ShareClassId scId, AssetId assetId, uint64 maxPriceAge, address refund)
-        external
-        payable
-    {
-        _isManager(poolId);
-
-        emit SetMaxAssetPriceAge(poolId, scId, assetId, maxPriceAge);
-        sender.sendSetMaxAssetPriceAge{value: msgValue()}(poolId, scId, assetId, maxPriceAge, refund);
+    function setBridgingHook(PoolId poolId, address hook) external enforced(poolId) {
+        hubRegistry.setBridgingHook(poolId, IBridgingHook(hook));
     }
 
     /// @inheritdoc IHub
-    function setMaxSharePriceAge(
-        PoolId poolId,
-        ShareClassId scId,
-        uint16 centrifugeId,
-        uint64 maxPriceAge,
-        address refund
-    ) external payable {
-        _isManager(poolId);
-
-        emit SetMaxSharePriceAge(centrifugeId, poolId, scId, maxPriceAge);
-        sender.sendSetMaxSharePriceAge{value: msgValue()}(centrifugeId, poolId, scId, maxPriceAge, refund);
+    function setSnapshotHook(PoolId poolId, ISnapshotHook hook) external payable enforced(poolId) {
+        holdings.setSnapshotHook(poolId, hook);
     }
 
     /// @inheritdoc IHub
-    function setPoolMetadata(PoolId poolId, bytes calldata metadata) external payable {
-        _isManager(poolId);
-
+    function setPoolMetadata(PoolId poolId, bytes calldata metadata) external payable enforced(poolId) {
         hubRegistry.setMetadata(poolId, metadata);
     }
 
     /// @inheritdoc IHub
-    function setSnapshotHook(PoolId poolId, ISnapshotHook hook) external payable {
-        _isManager(poolId);
-
-        holdings.setSnapshotHook(poolId, hook);
+    function updateCurrency(PoolId poolId, AssetId currency) external enforced(poolId) {
+        hubRegistry.updateCurrency(poolId, currency);
     }
 
     /// @inheritdoc IHub
     function updateShareClassMetadata(PoolId poolId, ShareClassId scId, string calldata name, string calldata symbol)
         external
         payable
+        enforced(poolId)
     {
-        _isManager(poolId);
-
         shareClassManager.updateMetadata(poolId, scId, name, symbol);
     }
 
-    /// @inheritdoc IHub
-    function updateHubManager(PoolId poolId, address who, bool canManage) external payable {
-        _isManager(poolId);
+    //----------------------------------------------------------------------------------------------
+    // Manager: Permissions & routing
+    //----------------------------------------------------------------------------------------------
 
+    /// @inheritdoc IHub
+    function updateHubManager(PoolId poolId, address who, bool canManage) external payable enforced(poolId) {
         hubRegistry.updateManager(poolId, who, canManage);
     }
 
+    /// @inheritdoc IHub
+    function updateManager(
+        PoolId poolId,
+        uint16 centrifugeId,
+        ManagerKind kind,
+        bytes32 who,
+        bool canManage,
+        address refund
+    ) external payable enforced(poolId) {
+        emit UpdateManager(centrifugeId, poolId, kind, who, canManage);
+        sender.sendUpdateManager{value: msgValue()}(centrifugeId, poolId, kind, who, canManage, refund);
+    }
+
     /// @inheritdoc IHub
     function setRequestManager(
         PoolId poolId,
@@ -225,9 +208,7 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
         IHubRequestManager hubManager,
         bytes32 spokeManager,
         address refund
-    ) external payable {
-        _isManager(poolId);
-
+    ) external payable enforced(poolId) {
         hubRegistry.setHubRequestManager(poolId, centrifugeId, hubManager);
 
         emit SetSpokeRequestManager(centrifugeId, poolId, spokeManager);
@@ -235,23 +216,47 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
     }
 
     /// @inheritdoc IHub
-    function updateBalanceSheetManager(PoolId poolId, uint16 centrifugeId, bytes32 who, bool canManage, address refund)
+    function setSpokePolicy(PoolId poolId, uint16 centrifugeId, bytes32 policy_, address refund) external payable {
+        _enforce(poolId);
+
+        emit SetSpokePolicy(centrifugeId, poolId, policy_);
+        sender.sendSetPolicy{value: msgValue()}(centrifugeId, poolId, policy_, refund);
+    }
+
+    /// @inheritdoc IHub
+    function authorizeSpokeCall(PoolId poolId, uint16 centrifugeId, bytes calldata data, address refund)
+        external
+        payable
+    {
+        _enforce(poolId);
+
+        emit AuthorizeSpokeCall(centrifugeId, poolId, data);
+        sender.sendAuthorizeSpokeCall{value: msgValue()}(centrifugeId, poolId, data, refund);
+    }
+
+    /// @inheritdoc IHub
+    function unauthorizeSpokeCall(PoolId poolId, uint16 centrifugeId, bytes calldata data, address refund)
         external
         payable
     {
-        _isManager(poolId);
+        // Manager-only and immediate (no timelock): revoking an authorization only reduces capability, so it
+        // is a safety action a manager can take at any time to retire a stale, not-yet-consumed authorization.
+        _requireManager(poolId);
 
-        emit UpdateBalanceSheetManager(centrifugeId, poolId, who, canManage);
-        sender.sendUpdateBalanceSheetManager{value: msgValue()}(centrifugeId, poolId, who, canManage, refund);
+        emit UnauthorizeSpokeCall(centrifugeId, poolId, data);
+        sender.sendUnauthorizeSpokeCall{value: msgValue()}(centrifugeId, poolId, data, refund);
     }
 
+    //----------------------------------------------------------------------------------------------
+    // Manager: Share classes & vaults
+    //----------------------------------------------------------------------------------------------
+
     /// @inheritdoc IHub
     function addShareClass(PoolId poolId, string calldata name, string calldata symbol, bytes32 salt)
         external
+        enforced(poolId)
         returns (ShareClassId scId)
     {
-        _isManager(poolId);
-
         return shareClassManager.addShareClass(poolId, name, symbol, salt);
     }
 
@@ -263,10 +268,8 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
         bytes calldata payload,
         uint128 extraGasLimit,
         address refund
-    ) external payable {
-        _isManager(poolId);
-
-        require(shareClassManager.exists(poolId, scId), IShareClassManager.ShareClassNotFound());
+    ) external payable enforced(poolId) {
+        _requireSC(poolId, scId);
 
         emit UpdateRestriction(centrifugeId, poolId, scId, payload);
         sender.sendUpdateRestriction{value: msgValue()}(centrifugeId, poolId, scId, payload, extraGasLimit, refund);
@@ -279,114 +282,76 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
         AssetId assetId,
         bytes32 vaultOrFactory,
         VaultUpdateKind kind,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable {
-        _isManager(poolId);
-
-        require(shareClassManager.exists(poolId, scId), IShareClassManager.ShareClassNotFound());
-
-        emit UpdateVault(poolId, scId, assetId, vaultOrFactory, kind);
-        sender.sendUpdateVault{value: msgValue()}(poolId, scId, assetId, vaultOrFactory, kind, extraGasLimit, refund);
-    }
-
-    /// @inheritdoc IHub
-    function updateContract(
-        PoolId poolId,
-        ShareClassId scId,
-        uint16 centrifugeId,
-        bytes32 target,
         bytes calldata payload,
         uint128 extraGasLimit,
         address refund
-    ) external payable {
-        _isManager(poolId);
-
-        require(shareClassManager.exists(poolId, scId), IShareClassManager.ShareClassNotFound());
+    ) external payable enforced(poolId) {
+        _requireSC(poolId, scId);
 
-        emit UpdateContract(centrifugeId, poolId, scId, target, payload);
-        sender.sendTrustedContractUpdate{value: msgValue()}(
-            centrifugeId, poolId, scId, target, payload, extraGasLimit, refund
+        emit UpdateVault(poolId, scId, assetId, vaultOrFactory, kind, payload);
+        sender.sendUpdateVault{value: msgValue()}(
+            poolId, scId, assetId, vaultOrFactory, kind, payload, extraGasLimit, refund
         );
     }
 
+    //----------------------------------------------------------------------------------------------
+    // Manager: Holdings & accounting
+    //----------------------------------------------------------------------------------------------
+
     /// @inheritdoc IHub
     function updateSharePrice(PoolId poolId, ShareClassId scId, D18 pricePoolPerShare, uint64 computedAt)
         public
         payable
+        enforced(poolId)
     {
-        _isManager(poolId);
-
         shareClassManager.updateSharePrice(poolId, scId, pricePoolPerShare, computedAt);
-
-        if (address(feeHook) != address(0)) feeHook.accrue(poolId, scId);
+        _accrue(poolId, scId);
     }
 
     /// @inheritdoc IHub
-    function initializeHolding(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        IValuation valuation,
-        AccountId assetAccount,
-        AccountId equityAccount,
-        AccountId gainAccount,
-        AccountId lossAccount
-    ) external payable {
-        _isManager(poolId);
-
-        require(hubRegistry.isRegistered(assetId), IHubRegistry.AssetNotFound());
-        require(
-            assetAccount != equityAccount && assetAccount != gainAccount && assetAccount != lossAccount,
-            IHub.InvalidAccountCombination()
-        );
-        require(
-            accounting.exists(poolId, assetAccount) && accounting.exists(poolId, equityAccount)
-                && accounting.exists(poolId, lossAccount) && accounting.exists(poolId, gainAccount),
-            IAccounting.AccountDoesNotExist()
-        );
+    function updateSharePrice(PoolId poolId, ShareClassId scId, D18 pricePoolPerShare) external payable {
+        updateSharePrice(poolId, scId, pricePoolPerShare, uint64(block.timestamp));
+    }
 
-        holdings.initialize(
-            poolId,
-            scId,
-            assetId,
-            valuation,
-            false,
-            holdingAccounts(assetAccount, equityAccount, gainAccount, lossAccount)
-        );
+    /// @inheritdoc IHub
+    function createAccount(PoolId poolId, AccountId account, bool isDebitNormal) external payable enforced(poolId) {
+        accounting.createAccount(poolId, account, isDebitNormal);
+    }
 
-        // If increase/decrease was called before initialize, we add journal entries for this
-        _updateAccountingAmount(poolId, scId, assetId, true, holdings.value(poolId, scId, assetId));
+    /// @inheritdoc IHub
+    function setAccountMetadata(PoolId poolId, AccountId account, bytes calldata metadata)
+        external
+        payable
+        enforced(poolId)
+    {
+        accounting.setAccountMetadata(poolId, account, metadata);
     }
 
     /// @inheritdoc IHub
-    function initializeLiability(
+    function initializeHolding(
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         IValuation valuation,
-        AccountId expenseAccount,
-        AccountId liabilityAccount
-    ) external payable {
-        _isManager(poolId);
+        AccountId[4] calldata accounts
+    ) external payable enforced(poolId) {
+        _requireSC(poolId, scId);
 
         require(hubRegistry.isRegistered(assetId), IHubRegistry.AssetNotFound());
-        require(expenseAccount != liabilityAccount, IHub.InvalidAccountCombination());
-        require(
-            accounting.exists(poolId, expenseAccount) && accounting.exists(poolId, liabilityAccount),
-            IAccounting.AccountDoesNotExist()
-        );
+        for (uint256 i; i < accounts.length; i++) {
+            require(accounting.exists(poolId, accounts[i]), IAccounting.AccountDoesNotExist());
+        }
 
-        holdings.initialize(poolId, scId, assetId, valuation, true, liabilityAccounts(expenseAccount, liabilityAccount));
+        holdings.initialize(poolId, scId, assetId, valuation, accounts);
 
-        // If increase/decrease was called before initialize, we add journal entries for this
-        _updateAccountingAmount(poolId, scId, assetId, true, holdings.value(poolId, scId, assetId));
+        // If increase/decrease was called before initialize, the tracked amount carries no value yet:
+        // establish it at the valuation and book it as principal.
+        (, uint128 initialValue) = holdings.update(poolId, scId, assetId);
+        _updateAccountingAmount(poolId, scId, assetId, true, initialValue);
     }
 
     /// @inheritdoc IHub
-    function updateHoldingValue(PoolId poolId, ShareClassId scId, AssetId assetId) public payable {
-        _isManager(poolId);
-
+    function updateHoldingValue(PoolId poolId, ShareClassId scId, AssetId assetId) external payable enforced(poolId) {
         (bool isPositive, uint128 diff) = holdings.update(poolId, scId, assetId);
         _updateAccountingValue(poolId, scId, assetId, isPositive, diff);
 
@@ -397,87 +362,144 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
     function updateHoldingValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation)
         external
         payable
+        enforced(poolId)
     {
-        _isManager(poolId);
-
         holdings.updateValuation(poolId, scId, assetId, valuation);
     }
 
     /// @inheritdoc IHub
-    function updateHoldingIsLiability(PoolId poolId, ShareClassId scId, AssetId assetId, bool isLiability)
+    function setHoldingAccountId(PoolId poolId, ShareClassId scId, AssetId assetId, uint8 kind, AccountId accountId)
         external
         payable
+        enforced(poolId)
     {
-        _isManager(poolId);
+        require(accounting.exists(poolId, accountId), IAccounting.AccountDoesNotExist());
 
-        holdings.updateIsLiability(poolId, scId, assetId, isLiability);
+        holdings.setAccountId(poolId, scId, assetId, kind, accountId);
     }
 
     /// @inheritdoc IHub
-    function setHoldingAccountId(PoolId poolId, ShareClassId scId, AssetId assetId, uint8 kind, AccountId accountId)
+    function updateJournal(PoolId poolId, JournalEntry[] memory debits, JournalEntry[] memory credits)
         external
         payable
+        enforced(poolId)
     {
-        _isManager(poolId);
-
-        require(accounting.exists(poolId, accountId), IAccounting.AccountDoesNotExist());
-
-        holdings.setAccountId(poolId, scId, assetId, kind, accountId);
+        accounting.unlock(poolId);
+        accounting.addJournal(debits, credits);
+        accounting.lock();
     }
 
-    /// @inheritdoc IHub
-    function createAccount(PoolId poolId, AccountId account, bool isDebitNormal) public payable {
-        _isManager(poolId);
+    //----------------------------------------------------------------------------------------------
+    // Manager: Spoke notifications
+    //----------------------------------------------------------------------------------------------
 
-        accounting.createAccount(poolId, account, isDebitNormal);
+    /// @inheritdoc IHub
+    function notifyPool(PoolId poolId, uint16 centrifugeId, address refund) external payable enforced(poolId) {
+        emit NotifyPool(centrifugeId, poolId);
+        sender.sendNotifyPool{value: msgValue()}(centrifugeId, poolId, refund);
     }
 
     /// @inheritdoc IHub
-    function setAccountMetadata(PoolId poolId, AccountId account, bytes calldata metadata) external payable {
-        _isManager(poolId);
+    function notifyShareClass(
+        PoolId poolId,
+        ShareClassId scId,
+        uint16 centrifugeId,
+        bytes32 registrar,
+        bytes calldata payload,
+        uint128 extraGasLimit,
+        address refund
+    ) external payable {
+        _enforce(poolId);
+        _requireSC(poolId, scId);
 
-        accounting.setAccountMetadata(poolId, account, metadata);
+        (ShareClassMetadata memory metadata, bytes32 salt) = _shareClassMetadata(poolId, scId);
+
+        emit NotifyShareClass(centrifugeId, poolId, scId, payload);
+        sender.sendNotifyShareClass{value: msgValue()}(
+            centrifugeId, poolId, scId, metadata, salt, registrar, payload, extraGasLimit, refund
+        );
     }
 
-    /// @inheritdoc IHub
-    function updateJournal(PoolId poolId, JournalEntry[] memory debits, JournalEntry[] memory credits)
-        external
-        payable
+    /// @dev Reads a share class's creation metadata into a struct, keeping the name/symbol locals out of the
+    ///      caller's stack frame (avoids stack-too-deep in {notifyShareClass}).
+    function _shareClassMetadata(PoolId poolId, ShareClassId scId)
+        internal
+        view
+        returns (ShareClassMetadata memory metadata, bytes32 salt)
     {
-        _isManager(poolId);
-
-        accounting.unlock(poolId);
-        accounting.addJournal(debits, credits);
-        accounting.lock();
+        string memory name;
+        string memory symbol;
+        (name, symbol, salt) = shareClassManager.metadata(poolId, scId);
+        metadata = ShareClassMetadata(name, symbol, hubRegistry.decimals(poolId));
     }
 
     /// @inheritdoc IHub
-    function setAdapters(
+    function notifyShareMetadata(
         PoolId poolId,
+        ShareClassId scId,
         uint16 centrifugeId,
-        IAdapter[] memory localAdapters,
-        bytes32[] memory remoteAdapters,
-        uint8 threshold,
-        uint8 recoveryIndex,
+        uint128 extraGasLimit,
         address refund
-    ) external payable {
-        _isManager(poolId);
+    ) external payable enforced(poolId) {
+        (string memory name, string memory symbol,) = shareClassManager.metadata(poolId, scId);
 
-        multiAdapter.setAdapters(centrifugeId, poolId, localAdapters, threshold, recoveryIndex);
+        emit NotifyShareMetadata(centrifugeId, poolId, scId, name, symbol);
+        sender.sendNotifyShareMetadata{value: msgValue()}(
+            centrifugeId, poolId, scId, name, symbol, extraGasLimit, refund
+        );
+    }
 
-        sender.sendSetPoolAdapters{value: msgValue()}(
-            centrifugeId, poolId, remoteAdapters, threshold, recoveryIndex, refund
+    /// @inheritdoc IHub
+    function notifySharePrice(PoolId poolId, ShareClassId scId, uint16 centrifugeId, address refund)
+        external
+        payable
+        enforced(poolId)
+    {
+        (D18 pricePoolPerShare, uint64 computedAt) = shareClassManager.pricePoolPerShare(poolId, scId);
+
+        emit NotifySharePrice(centrifugeId, poolId, scId, pricePoolPerShare, computedAt);
+        sender.sendNotifyPricePoolPerShare{value: msgValue()}(
+            centrifugeId, poolId, scId, pricePoolPerShare, computedAt, refund
         );
     }
 
     /// @inheritdoc IHub
-    function updateGatewayManager(PoolId poolId, uint16 centrifugeId, bytes32 who, bool canManage, address refund)
+    function notifyAssetPrice(PoolId poolId, ShareClassId scId, AssetId assetId, address refund)
         external
         payable
+        enforced(poolId)
     {
-        _isManager(poolId);
+        D18 pricePoolPerAsset_ = pricePoolPerAsset(poolId, scId, assetId);
+        emit NotifyAssetPrice(assetId.centrifugeId(), poolId, scId, assetId, pricePoolPerAsset_);
+        sender.sendNotifyPricePoolPerAsset{value: msgValue()}(poolId, scId, assetId, pricePoolPerAsset_, refund);
 
-        sender.sendUpdateGatewayManager{value: msgValue()}(centrifugeId, poolId, who, canManage, refund);
+        _accrue(poolId, scId);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Manager: Envoy calls
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IHub
+    function managerCall(
+        PoolId poolId,
+        uint16 centrifugeId,
+        bytes32 target,
+        bytes calldata payload,
+        uint128 extraGasLimit,
+        uint256 localValue,
+        address refund
+    ) external payable enforced(poolId) {
+        // Gas is explicit: a local call is funded entirely by `msg.value`, a remote call carries none.
+        require(
+            centrifugeId == sender.localCentrifugeId() ? localValue == msgValue() : localValue == 0,
+            ManagerCallUnexpectedValue()
+        );
+
+        emit ManagerCall(centrifugeId, poolId, target, payload);
+        sender.sendManagerCallFromHub{value: msgValue()}(
+            centrifugeId, poolId, target.toAddress(), payload, extraGasLimit, localValue, refund
+        );
     }
 
     //----------------------------------------------------------------------------------------------
@@ -507,7 +529,7 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
 
     /// @inheritdoc IHub
     /// @notice Create credit & debit entries for the deposit or withdrawal of a holding.
-    ///         This updates the asset/expense as well as the equity/liability accounts.
+    ///         This posts against the AmountDebit and AmountCredit account slots.
     function updateAccountingAmount(PoolId poolId, ShareClassId scId, AssetId assetId, bool isPositive, uint128 diff)
         external
         payable
@@ -520,27 +542,13 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
         internal
     {
         if (diff == 0) return;
-
-        accounting.unlock(poolId);
-
-        bool isLiability = holdings.isLiability(poolId, scId, assetId);
-        AccountType debitAccountType = isLiability ? AccountType.Expense : AccountType.Asset;
-        AccountType creditAccountType = isLiability ? AccountType.Liability : AccountType.Equity;
-
-        if (isPositive) {
-            accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(debitAccountType)), diff);
-            accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(creditAccountType)), diff);
-        } else {
-            accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(creditAccountType)), diff);
-            accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(debitAccountType)), diff);
-        }
-
-        accounting.lock();
+        if (isPositive) _journal(poolId, scId, assetId, diff, AccountKind.AmountDebit, AccountKind.AmountCredit);
+        else _journal(poolId, scId, assetId, diff, AccountKind.AmountCredit, AccountKind.AmountDebit);
     }
 
     /// @inheritdoc IHub
     /// @notice Create credit & debit entries for the increase or decrease in the value of a holding.
-    ///         This updates the asset/expense as well as the gain/loss accounts.
+    ///         This posts against the AmountDebit slot and the ValueIncrease/ValueDecrease account slots.
     function updateAccountingValue(PoolId poolId, ShareClassId scId, AssetId assetId, bool isPositive, uint128 diff)
         external
         payable
@@ -553,28 +561,22 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
         internal
     {
         if (diff == 0) return;
+        if (isPositive) _journal(poolId, scId, assetId, diff, AccountKind.AmountDebit, AccountKind.ValueIncrease);
+        else _journal(poolId, scId, assetId, diff, AccountKind.ValueDecrease, AccountKind.AmountDebit);
+    }
 
+    /// @dev Unlock, post the debit/credit pair against the given account slots, then lock.
+    function _journal(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        uint128 diff,
+        AccountKind debitKind,
+        AccountKind creditKind
+    ) private {
         accounting.unlock(poolId);
-
-        // Save a diff=0 update gas cost
-        if (isPositive) {
-            if (holdings.isLiability(poolId, scId, assetId)) {
-                accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Liability)), diff);
-                accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Expense)), diff);
-            } else {
-                accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Gain)), diff);
-                accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Asset)), diff);
-            }
-        } else {
-            if (holdings.isLiability(poolId, scId, assetId)) {
-                accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Expense)), diff);
-                accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Liability)), diff);
-            } else {
-                accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Asset)), diff);
-                accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(AccountType.Loss)), diff);
-            }
-        }
-
+        accounting.addDebit(holdings.accountId(poolId, scId, assetId, uint8(debitKind)), diff);
+        accounting.addCredit(holdings.accountId(poolId, scId, assetId, uint8(creditKind)), diff);
         accounting.lock();
     }
 
@@ -582,33 +584,6 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
     //  View methods
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc IHub
-    function holdingAccounts(
-        AccountId assetAccount,
-        AccountId equityAccount,
-        AccountId gainAccount,
-        AccountId lossAccount
-    ) public pure returns (HoldingAccount[] memory) {
-        HoldingAccount[] memory accounts = new HoldingAccount[](4);
-        accounts[0] = HoldingAccount(assetAccount, uint8(AccountType.Asset));
-        accounts[1] = HoldingAccount(equityAccount, uint8(AccountType.Equity));
-        accounts[2] = HoldingAccount(gainAccount, uint8(AccountType.Gain));
-        accounts[3] = HoldingAccount(lossAccount, uint8(AccountType.Loss));
-        return accounts;
-    }
-
-    /// @inheritdoc IHub
-    function liabilityAccounts(AccountId expenseAccount, AccountId liabilityAccount)
-        public
-        pure
-        returns (HoldingAccount[] memory)
-    {
-        HoldingAccount[] memory accounts = new HoldingAccount[](2);
-        accounts[0] = HoldingAccount(expenseAccount, uint8(AccountType.Expense));
-        accounts[1] = HoldingAccount(liabilityAccount, uint8(AccountType.Liability));
-        return accounts;
-    }
-
     /// @inheritdoc IHub
     function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId) public view returns (D18) {
         // Assume price of 1.0 if the holding is not initialized yet
@@ -622,11 +597,25 @@ contract Hub is BatchedMulticall, Auth, Recoverable, IHub, IHubRequestManagerCal
     //  Internal methods
     //----------------------------------------------------------------------------------------------
 
-    /// @dev Ensure the sender is authorized
-    function _auth() internal auth {}
+    function _enforce(PoolId poolId) internal {
+        _requireManager(poolId);
+
+        IHubPolicy policy_ = hubRegistry.policy(poolId);
+        if (address(policy_) != address(0)) policy_.enforce(poolId, msgSender(), msg.data);
+    }
 
-    /// @dev Ensure the sender is a pool admin
-    function _isManager(PoolId poolId) internal view {
+    /// @dev Reverts unless the resolved sender is a registered manager for `poolId`.
+    function _requireManager(PoolId poolId) internal view {
         require(hubRegistry.manager(poolId, msgSender()), IHub.NotManager());
     }
+
+    /// @dev Ensure the share class exists for the pool.
+    function _requireSC(PoolId poolId, ShareClassId scId) private view {
+        require(shareClassManager.exists(poolId, scId), IShareClassManager.ShareClassNotFound());
+    }
+
+    /// @dev Accrue protocol fees for the share class if a fee hook is configured.
+    function _accrue(PoolId poolId, ShareClassId scId) private {
+        if (address(feeAccrual) != address(0)) feeAccrual.accrue(poolId, scId);
+    }
 }
diff --git a/src/core/hub/HubHandler.sol b/src/core/hub/HubHandler.sol
index bd4060b54..e906c4663 100644
--- a/src/core/hub/HubHandler.sol
+++ b/src/core/hub/HubHandler.sol
@@ -7,9 +7,9 @@ import {IHubHandler} from "./interfaces/IHubHandler.sol";
 import {IHubRegistry} from "./interfaces/IHubRegistry.sol";
 import {IHubRequestManager} from "./interfaces/IHubRequestManager.sol";
 import {IShareClassManager} from "./interfaces/IShareClassManager.sol";
+import {IBridgingHook, BridgeSharesParams, BridgeSharesResult} from "./interfaces/IBridgingHook.sol";
 
 import {Auth} from "../../misc/Auth.sol";
-import {D18} from "../../misc/types/D18.sol";
 
 import {IHubMessageSender} from "../messaging/interfaces/IGatewaySenders.sol";
 import {IHubGatewayHandler} from "../messaging/interfaces/IGatewayHandlers.sol";
@@ -25,10 +25,11 @@ import {ShareClassId} from "../types/ShareClassId.sol";
 contract HubHandler is Auth, IHubHandler, IHubGatewayHandler {
     IHub public hub;
     IHoldings public holdings;
-    IHubRegistry public hubRegistry;
     IHubMessageSender public sender;
     IShareClassManager public shareClassManager;
 
+    IHubRegistry public immutable hubRegistry;
+
     constructor(
         IHub hub_,
         IHoldings holdings_,
@@ -74,20 +75,21 @@ contract HubHandler is Auth, IHubHandler, IHubGatewayHandler {
     }
 
     /// @inheritdoc IHubGatewayHandler
-    function updateHoldingAmount(
+    function updateAssets(
         uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         uint128 amount,
-        D18 pricePoolPerAsset,
         bool isIncrease,
         bool isSnapshot,
         uint64 nonce
     ) external auth {
+        // The delta is valued at the hub-side valuation; the journaled value mirrors the holding
+        // mutation exactly, so the accounts stay in sync with the holding.
         uint128 value = isIncrease
-            ? holdings.increase(poolId, scId, assetId, pricePoolPerAsset, amount)
-            : holdings.decrease(poolId, scId, assetId, pricePoolPerAsset, amount);
+            ? holdings.increase(poolId, scId, assetId, centrifugeId, amount)
+            : holdings.decrease(poolId, scId, assetId, centrifugeId, amount);
 
         if (holdings.isInitialized(poolId, scId, assetId)) {
             hub.updateAccountingAmount(poolId, scId, assetId, isIncrease, value);
@@ -117,11 +119,31 @@ contract HubHandler is Auth, IHubHandler, IHubGatewayHandler {
         uint16 targetCentrifugeId,
         PoolId poolId,
         ShareClassId scId,
+        bytes32 sender_,
         bytes32 receiver,
         uint128 amount,
         uint128 extraGasLimit,
         address refund
     ) external payable auth {
+        IBridgingHook hook = hubRegistry.bridgingHook(poolId);
+        if (address(hook) != address(0)) {
+            BridgeSharesResult memory result = hook.onBridgeShares(
+                BridgeSharesParams({
+                    originCentrifugeId: originCentrifugeId,
+                    targetCentrifugeId: targetCentrifugeId,
+                    poolId: poolId,
+                    scId: scId,
+                    sender: sender_,
+                    receiver: receiver,
+                    amount: amount,
+                    extraGasLimit: extraGasLimit,
+                    refund: refund
+                })
+            );
+            (receiver, amount, extraGasLimit, refund) =
+            (result.receiver, result.amount, result.extraGasLimit, result.refund);
+        }
+
         shareClassManager.updateShares(targetCentrifugeId, poolId, scId, amount, true);
         shareClassManager.updateShares(originCentrifugeId, poolId, scId, amount, false);
 
diff --git a/src/core/hub/HubRegistry.sol b/src/core/hub/HubRegistry.sol
index 956aa9a06..c8cade4d9 100644
--- a/src/core/hub/HubRegistry.sol
+++ b/src/core/hub/HubRegistry.sol
@@ -2,6 +2,7 @@
 pragma solidity 0.8.28;
 
 import {IHubRegistry} from "./interfaces/IHubRegistry.sol";
+import {IBridgingHook} from "./interfaces/IBridgingHook.sol";
 import {IHubRequestManager} from "./interfaces/IHubRequestManager.sol";
 
 import {Auth} from "../../misc/Auth.sol";
@@ -10,18 +11,30 @@ import {IERC6909Decimals} from "../../misc/interfaces/IERC6909.sol";
 
 import {AssetId} from "../types/AssetId.sol";
 import {PoolId, newPoolId} from "../types/PoolId.sol";
+import {IHubPolicy} from "../utils/interfaces/IPolicy.sol";
 
 /// @title  Hub Registry
 /// @notice Registry of all known pools, currencies, and assets.
 contract HubRegistry is Auth, IHubRegistry {
     using MathLib for uint256;
 
-    mapping(AssetId => uint8) internal _decimals;
+    /// @dev PricingLib conversions assume decimals <= 18; mirrors the spoke-side bound in Spoke.registerAsset.
+    uint8 internal constant MAX_DECIMALS = 18;
 
+    // Assets
+    mapping(AssetId => AssetInfo) public asset;
+
+    // Pools
     mapping(PoolId => bytes) public metadata;
     mapping(PoolId => AssetId) public currency;
     mapping(PoolId => mapping(address => bool)) public manager;
-    mapping(PoolId => mapping(bytes32 => address)) public dependency;
+
+    // Policy & authorization ledger
+    mapping(PoolId => PolicyInfo) internal _policy;
+    mapping(bytes32 authId => uint48 validAfter) public authorizedAfter;
+
+    // Dependencies
+    mapping(PoolId => IBridgingHook) public bridgingHook;
     mapping(PoolId => mapping(uint16 centrifugeId => IHubRequestManager)) public hubRequestManager;
 
     constructor(address deployer) Auth(deployer) {}
@@ -32,17 +45,21 @@ contract HubRegistry is Auth, IHubRegistry {
 
     /// @inheritdoc IHubRegistry
     function registerAsset(AssetId assetId, uint8 decimals_) external auth {
-        require(_decimals[assetId] == 0, AssetAlreadyRegistered());
+        require(!assetId.isNull(), EmptyAssetId());
+        require(decimals_ <= MAX_DECIMALS, TooManyDecimals());
+        require(!asset[assetId].registered, AssetAlreadyRegistered());
 
-        _decimals[assetId] = decimals_;
+        asset[assetId] = AssetInfo(true, decimals_);
 
         emit NewAsset(assetId, decimals_);
     }
 
     /// @inheritdoc IHubRegistry
     function registerPool(PoolId poolId_, address manager_, AssetId currency_) external auth {
+        require(!poolId_.isNull(), InvalidPool());
         require(manager_ != address(0), EmptyAccount());
         require(!currency_.isNull(), EmptyCurrency());
+        require(isRegistered(currency_), AssetNotFound());
         require(currency[poolId_].isNull(), PoolAlreadyRegistered());
 
         manager[poolId_][manager_] = true;
@@ -56,57 +73,143 @@ contract HubRegistry is Auth, IHubRegistry {
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IHubRegistry
-    function updateManager(PoolId poolId_, address manager_, bool canManage) external auth {
-        require(exists(poolId_), NonExistingPool(poolId_));
-        require(manager_ != address(0), EmptyAccount());
+    function updateManager(PoolId poolId_, address who, bool canManage) external auth {
+        require(exists(poolId_), NonExistingPool());
+        require(who != address(0), EmptyAccount());
 
-        manager[poolId_][manager_] = canManage;
+        manager[poolId_][who] = canManage;
 
-        emit UpdateManager(poolId_, manager_, canManage);
+        emit UpdateManager(poolId_, who, canManage);
     }
 
     /// @inheritdoc IHubRegistry
     function setMetadata(PoolId poolId_, bytes calldata metadata_) external auth {
-        require(exists(poolId_), NonExistingPool(poolId_));
+        require(exists(poolId_), NonExistingPool());
 
         metadata[poolId_] = metadata_;
 
         emit SetMetadata(poolId_, metadata_);
     }
 
-    /// @inheritdoc IHubRegistry
-    function updateDependency(PoolId poolId_, bytes32 what, address dependency_) external auth {
-        require(exists(poolId_), NonExistingPool(poolId_));
-
-        dependency[poolId_][what] = dependency_;
-
-        emit UpdateDependency(poolId_, what, dependency_);
-    }
-
     /// @inheritdoc IHubRegistry
     function updateCurrency(PoolId poolId_, AssetId currency_) external auth {
-        require(exists(poolId_), NonExistingPool(poolId_));
+        require(exists(poolId_), NonExistingPool());
         require(!currency_.isNull(), EmptyCurrency());
         require(isRegistered(currency_), AssetNotFound());
+        require(asset[currency_].decimals == asset[currency[poolId_]].decimals, CurrencyDecimalsMismatch());
 
         currency[poolId_] = currency_;
 
         emit UpdateCurrency(poolId_, currency_);
     }
 
+    /// @inheritdoc IHubRegistry
+    function setPolicy(PoolId poolId_, IHubPolicy policy_) external auth {
+        require(exists(poolId_), NonExistingPool());
+
+        _policy[poolId_] = PolicyInfo(policy_, _policy[poolId_].nonce + 1);
+
+        emit SetPolicy(poolId_, policy_);
+    }
+
     /// @inheritdoc IHubRegistry
     function setHubRequestManager(PoolId poolId_, uint16 centrifugeId, IHubRequestManager manager_) external auth {
-        require(exists(poolId_), NonExistingPool(poolId_));
+        require(exists(poolId_), NonExistingPool());
 
         hubRequestManager[poolId_][centrifugeId] = manager_;
 
         emit SetHubRequestManager(poolId_, centrifugeId, manager_);
     }
 
+    /// @inheritdoc IHubRegistry
+    function setBridgingHook(PoolId poolId_, IBridgingHook hook_) external auth {
+        require(exists(poolId_), NonExistingPool());
+
+        bridgingHook[poolId_] = hook_;
+        emit SetBridgingHook(poolId_, address(hook_));
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Authorization ledger
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IHubRegistry
+    function initiateAuthorization(PoolId poolId_, address caller, bytes calldata data) external auth {
+        PolicyInfo memory info = _policy[poolId_];
+        require(address(info.policy) != address(0), PolicyNotInstalled());
+
+        // Only an out-of-policy call may be authorized: an in-policy call would mature instantly.
+        uint48 delaySeconds = info.policy.authorizationDelay(poolId_, caller, data);
+        require(delaySeconds != 0, InPolicy());
+
+        // Reject re-authorizing: it would silently reset the maturity clock, so cancel first.
+        bytes32 id = _authId(poolId_, address(info.policy), info.nonce, data);
+        require(authorizedAfter[id] == 0, AlreadyAuthorized());
+
+        uint48 validAfter = uint48(block.timestamp) + delaySeconds;
+        authorizedAfter[id] = validAfter;
+        emit AuthorizationScheduled(poolId_, caller, id, validAfter, data);
+    }
+
+    /// @inheritdoc IHubRegistry
+    function cancelAuthorization(PoolId poolId_, address caller, bytes calldata data) external auth {
+        bytes32 id = authId(poolId_, data);
+        // Revert on a no-op cancel rather than writing a misleading audit entry.
+        require(authorizedAfter[id] != 0, Unauthorized());
+        delete authorizedAfter[id];
+        emit AuthorizationCanceled(poolId_, caller, id);
+    }
+
+    /// @inheritdoc IHubRegistry
+    function consumeAuthorization(PoolId poolId_, address caller, bytes calldata data, uint48 expiry) external {
+        PolicyInfo memory info = _policy[poolId_];
+        require(msg.sender == address(info.policy), CallerNotPolicy());
+
+        bytes32 id = _authId(poolId_, address(info.policy), info.nonce, data);
+        uint48 validAfter = authorizedAfter[id];
+        // Matured and not yet expired: a stale auth fails closed, so it can't be fired much later (once
+        // the baseline has drifted) with no fresh veto window.
+        require(
+            validAfter != 0 && block.timestamp >= validAfter && block.timestamp <= uint256(validAfter) + expiry,
+            Unauthorized()
+        );
+        delete authorizedAfter[id];
+        emit AuthorizationConsumed(poolId_, caller, id);
+    }
+
     //----------------------------------------------------------------------------------------------
     // View methods
     //----------------------------------------------------------------------------------------------
 
+    /// @inheritdoc IHubRegistry
+    /// @dev `authId` is namespaced by the pool's current policy and its install nonce, so any
+    ///      policy change makes every pending authorization unreachable without needing to enumerate
+    ///      and clear them — including re-installing a previously used policy address, which must not
+    ///      resurrect authorizations matured under its earlier tenure.
+    function authId(PoolId poolId_, bytes calldata data) public view returns (bytes32) {
+        PolicyInfo memory info = _policy[poolId_];
+        return _authId(poolId_, address(info.policy), info.nonce, data);
+    }
+
+    /// @dev Computes the id from an already-loaded policy slot, so callers holding it avoid re-reading it.
+    function _authId(PoolId poolId_, address policy_, uint64 nonce_, bytes calldata data)
+        internal
+        pure
+        returns (bytes32)
+    {
+        return keccak256(abi.encodePacked(poolId_.raw(), policy_, nonce_, data));
+    }
+
+    /// @inheritdoc IHubRegistry
+    function policy(PoolId poolId_) external view returns (IHubPolicy) {
+        return _policy[poolId_].policy;
+    }
+
+    /// @inheritdoc IHubRegistry
+    function policyNonce(PoolId poolId_) external view returns (uint64) {
+        return _policy[poolId_].nonce;
+    }
+
     /// @inheritdoc IHubRegistry
     function poolId(uint16 centrifugeId, uint48 postfix) public pure returns (PoolId poolId_) {
         poolId_ = newPoolId(centrifugeId, postfix);
@@ -114,20 +217,23 @@ contract HubRegistry is Auth, IHubRegistry {
 
     /// @inheritdoc IHubRegistry
     function decimals(AssetId assetId) public view returns (uint8 decimals_) {
-        decimals_ = _decimals[assetId];
-        require(decimals_ > 0, AssetNotFound());
+        AssetInfo memory info = asset[assetId];
+        require(info.registered, AssetNotFound());
+        decimals_ = info.decimals;
     }
 
     /// @inheritdoc IHubRegistry
     function decimals(PoolId poolId_) public view returns (uint8 decimals_) {
-        decimals_ = _decimals[currency[poolId_]];
-        require(decimals_ > 0, AssetNotFound());
+        AssetInfo memory info = asset[currency[poolId_]];
+        require(info.registered, AssetNotFound());
+        decimals_ = info.decimals;
     }
 
     /// @inheritdoc IERC6909Decimals
     function decimals(uint256 asset_) external view returns (uint8 decimals_) {
-        decimals_ = _decimals[AssetId.wrap(asset_.toUint128())];
-        require(decimals_ > 0, AssetNotFound());
+        AssetInfo memory info = asset[AssetId.wrap(asset_.toUint128())];
+        require(info.registered, AssetNotFound());
+        decimals_ = info.decimals;
     }
 
     /// @inheritdoc IHubRegistry
@@ -137,6 +243,6 @@ contract HubRegistry is Auth, IHubRegistry {
 
     /// @inheritdoc IHubRegistry
     function isRegistered(AssetId assetId) public view returns (bool) {
-        return _decimals[assetId] != 0;
+        return asset[assetId].registered;
     }
 }
diff --git a/src/core/hub/README.md b/src/core/hub/README.md
index f3c364110..051fd799c 100644
--- a/src/core/hub/README.md
+++ b/src/core/hub/README.md
@@ -2,38 +2,40 @@
 
 The `Hub` module serves as the central orchestration layer for pool management in the Centrifuge Protocol. It coordinates all core pool operations including registration, accounting, holdings management, share class configuration, and cross-chain message handling.
 
-![Hub architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/core/hub.puml)
+![Hub architecture](../../../docs/architecture/core/hub.svg)
 
 ### `Hub`
 
-The central pool management contract that aggregates all core pool functions in a single interface. It handles pool administration including manager assignment, share class notifications, metadata updates, and asset price broadcasting across chains. Managers assigned to a pool have full rights over all pool actions, enabling them to configure holdings, update share classes, set price feeds, and coordinate cross-chain state synchronization.
+The central pool management contract that aggregates all core pool functions in a single interface. It handles pool administration including manager assignment, share class notifications, metadata updates, and asset price broadcasting across chains. Managers assigned to a pool configure holdings, update share classes, set price feeds, and coordinate cross-chain state synchronization. Their rights are bounded by the pool's policy: when one is installed, every guarded manager action is passed to it for enforcement, and out-of-policy calls have to be scheduled through `initiateAuthorization` first.
 
-The `Hub` coordinates with `ShareClassManager`, `Holdings`, `Accounting`, and `HubRegistry` to maintain consistent pool state. It supports batched multicall operations for efficient transaction execution and integrates with an optional fee hook for custom fee logic. All cross-chain communication flows through the `Hub`'s integration with the `Gateway`'s message sender, enabling pools to notify remote chains of share class updates, price changes, and other critical state transitions.
+The `Hub` coordinates with `ShareClassManager`, `Holdings`, `Accounting`, and `HubRegistry` to maintain consistent pool state. It supports batched multicall operations for efficient transaction execution and integrates with an optional fee accrual hook (`IFeeAccrual`) for custom fee logic. All cross-chain communication flows through the `Hub`'s message sender (the `MessageDispatcher`), enabling pools to notify remote chains of share class updates, price changes, and other critical state transitions.
 
 ### `HubHandler`
 
-Processes incoming cross-chain messages for the `Hub`, acting as the message receiver from the `Gateway`'s `MessageProcessor`. It handles asset registration from remote chains, vault request callbacks, holding amount updates, share issuance/revocation messages, and cross-chain share transfers. All handler methods are auth-protected and called exclusively by the `Gateway`.
+Processes incoming cross-chain messages for the `Hub`, acting as the message receiver from the `MessageProcessor`. It handles asset registration from remote chains, inbound vault requests, asset and share amount updates, and cross-chain share transfers. All handler methods are auth-protected and called by the `MessageProcessor`, or directly by the `MessageDispatcher` when hub and spoke share a chain.
 
-The `HubHandler` coordinates state updates across `Hub`, `Holdings`, and `ShareClassManager` based on incoming messages. It validates and routes request callbacks to appropriate `HubRequestManager`s registered per pool and destination chain, ensuring that vault operations flow correctly through the system. It also maintains snapshot state for cross-chain consistency, tracking when assets and shares are synchronized across different networks.
+The `HubHandler` coordinates state updates across `Hub`, `Holdings`, and `ShareClassManager` based on incoming messages. It routes inbound requests to the `IHubRequestManager` registered for the pool and the chain the request came from, ensuring that vault operations flow correctly through the system. Cross-chain share transfers are passed through the pool's optional `IBridgingHook`, which may rewrite the receiver, amount, gas limit, and refund address before the shares are reissued on the destination chain. It also maintains snapshot state for cross-chain consistency, tracking when assets and shares are synchronized across different networks.
 
 ### `Holdings`
 
-The `Holdings` contract serves as the ledger for all pool holdings, tracking assets and their associated accounting IDs. Each holding is initialized with an `IValuation` contract that determines how to price the asset in the pool's currency, along with mappings to accounting IDs for integration with the double-entry bookkeeping system. Holdings can be designated as either assets or liabilities, affecting how they contribute to pool valuations.
+The `Holdings` contract serves as the ledger for all pool holdings, tracking assets and their associated accounting IDs. Each holding is initialized with an `IValuation` contract that determines how to price the asset in the pool's currency, along with mappings to accounting IDs for integration with the double-entry bookkeeping system.
 
-The contract tracks holding amounts per pool, share class, and asset, providing methods to increase and decrease amounts with price validation. It maintains snapshot state per chain to ensure cross-chain data consistency, tracking when the holdings on a given chain are synchronized with share issuance. Optional `ISnapshotHook` integration allows for custom logic to execute when snapshot state changes, enabling advanced pool behaviors.
+The contract tracks holding amounts per pool, share class, and asset as cumulative increase and decrease counters, and values each delta at the holding's valuation so the value it returns to the `Hub` always mirrors the amount it just booked. A per-pool, per-network counter records how many holdings currently have decreases outrunning increases. It maintains snapshot state per chain to ensure cross-chain data consistency, tracking when the holdings on a given chain are synchronized with share issuance. Optional `ISnapshotHook` integration allows for custom logic to execute when snapshot state changes, enabling advanced pool behaviors.
 
 ### `HubRegistry`
 
 The global registry serves as the canonical source of truth for all pools, assets, currencies, and pool-level dependencies. It handles pool registration with initial manager and currency assignment, asset registration with decimal precision tracking, and ongoing manager updates. The registry enforces uniqueness constraints, preventing duplicate pool or asset registrations and validating existence before state updates.
 
-Beyond basic registration, `HubRegistry` manages pool metadata storage and tracks pool dependencies such as `HubRequestManager`s per destination chain. This enables pools to configure different request handling logic for different networks while maintaining centralized visibility into pool configuration. Multiple managers can be assigned to each pool, providing flexible access control for pool operations.
+Beyond basic registration, `HubRegistry` manages pool metadata storage and tracks pool dependencies such as `IHubRequestManager`s per destination chain and the pool's optional `IBridgingHook`. This enables pools to configure different request handling logic for different networks while maintaining centralized visibility into pool configuration. Multiple managers can be assigned to each pool, providing flexible access control for pool operations.
+
+The registry also holds the pool's installed policy and the authorization ledger behind it. `initiateAuthorization` schedules an out-of-policy call for the delay the policy prices, `cancelAuthorization` retires one that has not fired yet, and `consumeAuthorization` spends it once matured and not yet expired. Only the installed policy may consume, and authorization ids are namespaced by the policy address and its install nonce, so installing a policy makes every pending authorization unreachable without having to enumerate them.
 
 ### `Accounting`
 
-A double-entry bookkeeping system that maintains financial integrity for all pool operations. Accounts are created with either debit-normal or credit-normal balances, following traditional accounting conventions. It uses a lock/unlock mechanism where a specific pool must be unlocked before journal entries can be recorded, and must be locked to commit the transaction. During the locked period, the contract enforces that total debits equal total credits, ensuring balanced transactions. Transient storage tracks the in-flight journal state, including debited and credited amounts for the current transaction.
+A double-entry bookkeeping system that maintains financial integrity for all pool operations. Accounts are created with either debit-normal or credit-normal balances, following traditional accounting conventions. It uses a lock/unlock mechanism where a specific pool must be unlocked before journal entries can be recorded, and must be locked to commit the transaction. Locking requires that the debits and credits added while unlocked match exactly, so an unbalanced journal reverts the whole transaction. Transient storage tracks the in-flight journal state, including debited and credited amounts for the current transaction.
 
 ### `ShareClassManager`
 
-Manages all share classes across pools and chains, handling creation, metadata, pricing, and issuance tracking. Share classes are created with unique deterministic IDs generated from the pool and an incrementing index, along with names, symbols, and salts. The contract prevents salt reuse to ensure share class uniqueness and tracks both total issuance and per-chain issuance to support cross-chain vault operations.
+Manages all share classes across pools and chains, handling creation, metadata, pricing, and issuance tracking. Share classes are created with unique deterministic IDs generated from the pool and an incrementing index, along with names, symbols, and salts. The contract prevents salt reuse to ensure share class uniqueness and tracks both total issuance and per-chain issuance to support cross-chain vault operations. Both are held as cumulative issued and revoked counters that only ever go up, so a revocation arriving before the issuance that minted the shares never reverts: reverting would leave the reporting chain unable to report anything further. The netted views (`totalIssuance`, `issuance`) refuse to answer while revocations exceed issuances, since the figure would be missing shares the hub has not been told about; `issuanceAcrossNetworks` and `issuancePerNetwork` expose the underlying counters and are always readable.
 
 The manager maintains share prices (price per share in pool currency) with computed-at timestamps, validating that prices cannot be set in the future. It provides methods to update share class metadata, issue and revoke shares based on cross-chain activity, and preview the next share class ID for deterministic deployment planning. Share issuance is tracked separately per chain to enable accurate accounting when shares are minted or burned on different networks.
diff --git a/src/core/hub/ShareClassManager.sol b/src/core/hub/ShareClassManager.sol
index da25586a0..d09c78abd 100644
--- a/src/core/hub/ShareClassManager.sol
+++ b/src/core/hub/ShareClassManager.sol
@@ -2,7 +2,7 @@
 pragma solidity 0.8.28;
 
 import {IHubRegistry} from "./interfaces/IHubRegistry.sol";
-import {IShareClassManager, ShareClassMetadata, Price, IssuancePerNetwork} from "./interfaces/IShareClassManager.sol";
+import {IShareClassManager, ShareClassMetadata, Price, IssuanceCounters} from "./interfaces/IShareClassManager.sol";
 
 import {Auth} from "../../misc/Auth.sol";
 import {D18} from "../../misc/types/D18.sol";
@@ -18,10 +18,11 @@ contract ShareClassManager is Auth, IShareClassManager {
     mapping(bytes32 salt => bool) public salts;
     mapping(PoolId => uint32) public shareClassCount;
     mapping(PoolId => mapping(ShareClassId => bool)) public shareClassIds;
-    mapping(PoolId => mapping(ShareClassId => uint128)) public totalIssuance;
     mapping(PoolId => mapping(ShareClassId => Price)) public pricePoolPerShare;
+    mapping(PoolId => mapping(ShareClassId => uint32)) public negativeNetworkCount;
     mapping(PoolId => mapping(ShareClassId => ShareClassMetadata)) public metadata;
-    mapping(PoolId => mapping(ShareClassId => mapping(uint16 centrifugeId => IssuancePerNetwork))) public
+    mapping(PoolId => mapping(ShareClassId => IssuanceCounters)) public issuanceAcrossNetworks;
+    mapping(PoolId => mapping(ShareClassId => mapping(uint16 centrifugeId => IssuanceCounters))) public
         issuancePerNetwork;
 
     constructor(IHubRegistry hubRegistry_, address deployer) Auth(deployer) {
@@ -38,6 +39,8 @@ contract ShareClassManager is Auth, IShareClassManager {
         auth
         returns (ShareClassId scId_)
     {
+        require(hubRegistry.exists(poolId), IHubRegistry.NonExistingPool());
+
         PoolId prefixedPoolId = PoolId.wrap(uint64(bytes8(salt)));
         require(poolId == prefixedPoolId, InvalidSalt());
         require(!salts[salt], AlreadyUsedSalt());
@@ -88,18 +91,21 @@ contract ShareClassManager is Auth, IShareClassManager {
     {
         require(exists(poolId, scId_), ShareClassNotFound());
 
-        IssuancePerNetwork storage ipn = issuancePerNetwork[poolId][scId_][centrifugeId];
+        IssuanceCounters storage ipn = issuancePerNetwork[poolId][scId_][centrifugeId];
+        IssuanceCounters storage total = issuanceAcrossNetworks[poolId][scId_];
+        bool wasNegative = ipn.revocations > ipn.issuances;
 
         if (isIssuance) {
             ipn.issuances += amount;
-            totalIssuance[poolId][scId_] += amount;
+            total.issuances += amount;
+            emit RemoteIssueShares(centrifugeId, poolId, scId_, amount);
         } else {
             ipn.revocations += amount;
-            totalIssuance[poolId][scId_] -= amount;
+            total.revocations += amount;
+            emit RemoteRevokeShares(centrifugeId, poolId, scId_, amount);
         }
 
-        if (isIssuance) emit RemoteIssueShares(centrifugeId, poolId, scId_, amount);
-        else emit RemoteRevokeShares(centrifugeId, poolId, scId_, amount);
+        _updateNegativeCount(poolId, scId_, centrifugeId, wasNegative, ipn.revocations > ipn.issuances);
     }
 
     //----------------------------------------------------------------------------------------------
@@ -123,15 +129,38 @@ contract ShareClassManager is Auth, IShareClassManager {
 
     /// @inheritdoc IShareClassManager
     function issuance(PoolId poolId, ShareClassId scId_, uint16 centrifugeId) public view returns (uint128) {
-        IssuancePerNetwork storage ipn = issuancePerNetwork[poolId][scId_][centrifugeId];
+        IssuanceCounters storage ipn = issuancePerNetwork[poolId][scId_][centrifugeId];
         require(ipn.issuances >= ipn.revocations, NegativeIssuance());
         return ipn.issuances - ipn.revocations;
     }
 
+    /// @inheritdoc IShareClassManager
+    function totalIssuance(PoolId poolId, ShareClassId scId_) public view returns (uint128) {
+        IssuanceCounters storage total = issuanceAcrossNetworks[poolId][scId_];
+        require(total.issuances >= total.revocations, NegativeIssuance());
+        return total.issuances - total.revocations;
+    }
+
     //----------------------------------------------------------------------------------------------
     // Internal methods
     //----------------------------------------------------------------------------------------------
 
+    /// @dev Moves the count of networks that have revoked more than they have reported issuing, on a crossing
+    ///      in either direction; no-op otherwise. Every change to any network's counters comes through
+    ///      `updateShares`, so this is the one place a crossing can be seen.
+    function _updateNegativeCount(
+        PoolId poolId,
+        ShareClassId scId_,
+        uint16 centrifugeId,
+        bool wasNegative,
+        bool isNegative
+    ) internal {
+        if (wasNegative == isNegative) return;
+
+        uint32 count = isNegative ? ++negativeNetworkCount[poolId][scId_] : --negativeNetworkCount[poolId][scId_];
+        emit UpdateNegativeNetworkCount(poolId, scId_, centrifugeId, count);
+    }
+
     function _updateMetadata(PoolId poolId, ShareClassId scId_, string calldata name, string calldata symbol)
         internal
         returns (ShareClassMetadata storage meta)
diff --git a/src/core/hub/interfaces/IAccounting.sol b/src/core/hub/interfaces/IAccounting.sol
index 1a67e5c10..4b35ad2ce 100644
--- a/src/core/hub/interfaces/IAccounting.sol
+++ b/src/core/hub/interfaces/IAccounting.sol
@@ -30,12 +30,18 @@ interface IAccounting {
     /// @notice Dispatched when the pool is already unlocked.
     error AccountingAlreadyUnlocked();
 
+    /// @notice Dispatched when trying to unlock the null pool sentinel.
+    error InvalidPoolId();
+
     /// @notice Dispatched when the pool is not unlocked to interact with.
     error AccountingLocked();
 
     /// @notice Dispatched when the debit and credit side do not match at the end of a transaction.
     error Unbalanced();
 
+    /// @notice Dispatched when trying to create an account with the null id (the unset-slot sentinel).
+    error InvalidAccountId();
+
     /// @notice Dispatched when trying to create an account that already exists.
     error AccountExists();
 
diff --git a/src/core/hub/interfaces/IBridgingHook.sol b/src/core/hub/interfaces/IBridgingHook.sol
new file mode 100644
index 000000000..c49af6987
--- /dev/null
+++ b/src/core/hub/interfaces/IBridgingHook.sol
@@ -0,0 +1,31 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../types/PoolId.sol";
+import {ShareClassId} from "../../types/ShareClassId.sol";
+
+struct BridgeSharesParams {
+    uint16 originCentrifugeId;
+    uint16 targetCentrifugeId;
+    PoolId poolId;
+    ShareClassId scId;
+    bytes32 sender;
+    bytes32 receiver;
+    uint128 amount;
+    uint128 extraGasLimit;
+    address refund;
+}
+
+/// @dev Fields the hook is allowed to modify. Immutable routing fields (poolId, scId, chain IDs,
+///      sender) are intentionally absent.
+struct BridgeSharesResult {
+    bytes32 receiver;
+    uint128 amount;
+    uint128 extraGasLimit;
+    address refund;
+}
+
+interface IBridgingHook {
+    /// @notice Called before forwarding a cross-chain share transfer.
+    function onBridgeShares(BridgeSharesParams calldata p) external returns (BridgeSharesResult memory);
+}
diff --git a/src/core/hub/interfaces/IFeeHook.sol b/src/core/hub/interfaces/IFeeAccrual.sol
similarity index 96%
rename from src/core/hub/interfaces/IFeeHook.sol
rename to src/core/hub/interfaces/IFeeAccrual.sol
index 29eccecef..105549479 100644
--- a/src/core/hub/interfaces/IFeeHook.sol
+++ b/src/core/hub/interfaces/IFeeAccrual.sol
@@ -4,7 +4,7 @@ pragma solidity >=0.5.0;
 import {PoolId} from "../../types/PoolId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
 
-interface IFeeHook {
+interface IFeeAccrual {
     /// @notice Accrue the fee amount for a specific pool and share class.
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
diff --git a/src/core/hub/interfaces/IHoldings.sol b/src/core/hub/interfaces/IHoldings.sol
index 6f480e953..95811ccb8 100644
--- a/src/core/hub/interfaces/IHoldings.sol
+++ b/src/core/hub/interfaces/IHoldings.sol
@@ -5,23 +5,20 @@ import {IValuation} from "./IValuation.sol";
 import {IHubRegistry} from "./IHubRegistry.sol";
 import {ISnapshotHook} from "./ISnapshotHook.sol";
 
-import {D18} from "../../../misc/types/D18.sol";
-
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
 import {AccountId} from "../../types/AccountId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
 
 struct Holding {
-    uint128 assetAmount;
+    /// @dev Cumulative amounts, like a token's mint/burn totals. The current amount is derived as
+    ///      `increasedAmount - decreasedAmount`, saturating at zero. Tracking both (rather than a single
+    ///      clamped balance) lets an over-decrease from rounding net against later increases instead of
+    ///      being silently lost, so the hub amount stays reconciled with the spoke's cumulative net.
+    uint128 increasedAmount;
+    uint128 decreasedAmount;
     uint128 assetAmountValue;
     IValuation valuation; // Used for existence
-    bool isLiability;
-}
-
-struct HoldingAccount {
-    AccountId accountId;
-    uint8 kind;
 }
 
 struct Snapshot {
@@ -39,32 +36,23 @@ interface IHoldings {
 
     /// @notice Emitted when a holding is initialized
     event Initialize(
-        PoolId indexed,
-        ShareClassId indexed scId,
-        AssetId indexed assetId,
-        IValuation valuation,
-        bool isLiability,
-        HoldingAccount[] accounts
+        PoolId indexed, ShareClassId indexed scId, AssetId indexed assetId, IValuation valuation, AccountId[4] accounts
     );
 
     /// @notice Emitted when a holding is increased
     event Increase(
-        PoolId indexed,
-        ShareClassId indexed scId,
-        AssetId indexed assetId,
-        D18 pricePoolPerAsset,
-        uint128 amount,
-        uint128 increasedValue
+        PoolId indexed, ShareClassId indexed scId, AssetId indexed assetId, uint128 amount, uint128 increasedValue
     );
 
     /// @notice Emitted when a holding is decreased
     event Decrease(
-        PoolId indexed,
-        ShareClassId indexed scId,
-        AssetId indexed assetId,
-        D18 pricePoolPerAsset,
-        uint128 amount,
-        uint128 decreasedValue
+        PoolId indexed, ShareClassId indexed scId, AssetId indexed assetId, uint128 amount, uint128 decreasedValue
+    );
+
+    /// @notice Emitted when the deficit counts change, carrying both the share class-network count and the
+    ///         pool-network rollup that snapshot hooks gate on
+    event UpdateDeficitCount(
+        PoolId indexed poolId, ShareClassId indexed scId, uint16 indexed centrifugeId, uint32 count, uint32 networkCount
     );
 
     /// @notice Emitted when the holding is updated
@@ -77,11 +65,6 @@ interface IHoldings {
         PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId, IValuation valuation
     );
 
-    /// @notice Emitted when a holding is updated to a liability, or vice versa
-    event UpdateIsLiability(
-        PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId, bool isLiability
-    );
-
     /// @notice Emitted when an account is for a holding is set
     event SetAccountId(
         PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId, uint8 kind, AccountId accountId
@@ -102,6 +85,9 @@ interface IHoldings {
     /// @notice Item was not found for a required action.
     error HoldingNotFound();
 
+    /// @notice Dispatched when the pool does not exist.
+    error NonExistingPool();
+
     /// @notice Valuation is not valid.
     error WrongValuation();
 
@@ -116,8 +102,6 @@ interface IHoldings {
 
     error InvalidNonce(uint64 expected, uint64 actual);
 
-    error HoldingNotZero();
-
     //----------------------------------------------------------------------------------------------
     // Holding creation & updates
     //----------------------------------------------------------------------------------------------
@@ -128,36 +112,49 @@ interface IHoldings {
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
     /// @param valuation The valuation contract to use for pricing
-    /// @param isLiability Whether this holding represents a liability
     /// @param accounts Array of holding accounts to initialize
     function initialize(
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         IValuation valuation,
-        bool isLiability,
-        HoldingAccount[] memory accounts
+        AccountId[4] memory accounts
     ) external;
 
     /// @notice Increments the amount of a holding and updates the value for that increment
+    /// @dev    The realized increment is valued at the hub-side valuation. Before initialization only the
+    ///         amount is tracked (value 0); the value is established when the holding is initialized.
+    ///         An oracle-backed valuation that reverts on an unset price will stall this call until
+    ///         a price is set.
+    ///         An increment first nets off any excess carried by a prior over-decrease (see `decrease`):
+    ///         only the amount above that excess is realized and valued, so an over-decrease can never be
+    ///         re-inflated into overstated value. Lifting a holding out of deficit decrements `deficitCount`.
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
-    /// @param pricePoolPerAsset The price of one asset unit in terms of pool currency
+    /// @param centrifugeId The network this increase is reported for, bucketing the deficit counts
     /// @param amount Amount to increase by
     /// @return value The value the holding has incremented
-    function increase(PoolId poolId, ShareClassId scId, AssetId assetId, D18 pricePoolPerAsset, uint128 amount)
+    function increase(PoolId poolId, ShareClassId scId, AssetId assetId, uint16 centrifugeId, uint128 amount)
         external
         returns (uint128 value);
 
     /// @notice Decrements the amount of a holding and updates the value for that decrement
+    /// @dev    A decrease beyond the current amount is not clamped away: it accrues against `decreasedAmount`
+    ///         and nets off future increases, so the amount side never reverts on an over-decrease (which
+    ///         would stall the ordered message stream) yet never permanently loses the excess.
+    ///         The realized decrease removes carrying value pro rata to the realized amount relative to the
+    ///         current holding: no valuation call is made, so a stale or unset oracle never stalls a decrease.
+    ///         The removed value is capped at the currently stored carrying value so the returned value can
+    ///         never over-journal the accounts.
+    ///         Pushing a holding into deficit increments `deficitCount`.
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
-    /// @param pricePoolPerAsset The price of one asset unit in terms of pool currency
+    /// @param centrifugeId The network this decrease is reported for, bucketing the deficit counts
     /// @param amount Amount to decrease by
     /// @return value The value the holding has decremented
-    function decrease(PoolId poolId, ShareClassId scId, AssetId assetId, D18 pricePoolPerAsset, uint128 amount)
+    function decrease(PoolId poolId, ShareClassId scId, AssetId assetId, uint16 centrifugeId, uint128 amount)
         external
         returns (uint128 value);
 
@@ -178,13 +175,6 @@ interface IHoldings {
     /// @param valuation The new valuation contract to use
     function updateValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation) external;
 
-    /// @notice Updates whether the holding is a liability
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    /// @param isLiability Whether this holding is a liability
-    function updateIsLiability(PoolId poolId, ShareClassId scId, AssetId assetId, bool isLiability) external;
-
     /// @notice Sets an account id for a specific kind
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
@@ -260,19 +250,47 @@ interface IHoldings {
     /// @return amount The current amount of the holding
     function amount(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (uint128 amount);
 
-    /// @notice Returns the valuation method used for this holding
+    /// @notice Returns the raw cumulative counters of this holding, before the derived amount saturates at zero
+    /// @dev    A holding is in deficit when `decreasedAmount > increasedAmount`; `amount()` then saturates at
+    ///         zero, so these raw counters are the only way to see the shortfall.
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
-    /// @return The valuation contract
-    function valuation(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (IValuation);
+    /// @return increasedAmount The cumulative amount ever increased
+    /// @return decreasedAmount The cumulative amount ever decreased
+    function holdingAmounts(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        view
+        returns (uint128 increasedAmount, uint128 decreasedAmount);
+
+    /// @notice Returns the number of holdings currently in deficit on a share class-network
+    /// @dev    Non-zero means at least one holding of this share class has its amount saturated at zero. Reporting
+    ///         only: it names the share class whose holdings are misstated. Gating reads {networkDeficitCount},
+    ///         since the NAV a snapshot hook publishes is pooled across a network's share classes.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param centrifugeId The network identifier
+    /// @return count The number of holdings in deficit
+    function deficitCount(PoolId poolId, ShareClassId scId, uint16 centrifugeId) external view returns (uint32 count);
+
+    /// @notice Returns the number of holdings currently in deficit on a pool-network, across all its share classes
+    /// @dev    Non-zero means at least one holding's amount is saturated at zero, misstating the pool-network NAV.
+    ///         Snapshot hooks skip this pool-network entirely while this is non-zero, which holds its NAV slice out
+    ///         of the hook rather than holding the pool's published price: a hook aggregating several networks still
+    ///         publishes on a sync from any of the others. The rollup rather than {deficitCount} is what gates,
+    ///         because a hook's NAV reads accounts shared by every share class on the network, so a deficit under
+    ///         one share class misstates what a sync on any other one would publish.
+    /// @param poolId The pool identifier
+    /// @param centrifugeId The network identifier
+    /// @return count The number of holdings in deficit
+    function networkDeficitCount(PoolId poolId, uint16 centrifugeId) external view returns (uint32 count);
 
-    /// @notice Returns if the holding is a liability
+    /// @notice Returns the valuation method used for this holding
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
-    /// @return Whether the holding is a liability
-    function isLiability(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (bool);
+    /// @return The valuation contract
+    function valuation(PoolId poolId, ShareClassId scId, AssetId assetId) external view returns (IValuation);
 
     /// @notice Returns an account id for a specific kind
     /// @param poolId The pool identifier
@@ -296,12 +314,11 @@ interface IHoldings {
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
-    /// @return assetAmount The amount of assets held
+    /// @return assetAmount The current amount of assets held (derived: increases net of decreases, floored at zero)
     /// @return assetAmountValue The value of assets held in pool currency
     /// @return valuation The valuation contract used for pricing
-    /// @return isLiability Whether the holding represents a liability
     function holding(PoolId poolId, ShareClassId scId, AssetId assetId)
         external
         view
-        returns (uint128 assetAmount, uint128 assetAmountValue, IValuation valuation, bool isLiability);
+        returns (uint128 assetAmount, uint128 assetAmountValue, IValuation valuation);
 }
diff --git a/src/core/hub/interfaces/IHub.sol b/src/core/hub/interfaces/IHub.sol
index c60701f9d..b407ff44b 100644
--- a/src/core/hub/interfaces/IHub.sol
+++ b/src/core/hub/interfaces/IHub.sol
@@ -1,11 +1,11 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {IFeeHook} from "./IFeeHook.sol";
+import {IHoldings} from "./IHoldings.sol";
 import {IValuation} from "./IValuation.sol";
+import {IFeeAccrual} from "./IFeeAccrual.sol";
 import {IHubRegistry} from "./IHubRegistry.sol";
 import {ISnapshotHook} from "./ISnapshotHook.sol";
-import {IHoldings, HoldingAccount} from "./IHoldings.sol";
 import {IAccounting, JournalEntry} from "./IAccounting.sol";
 import {IHubRequestManager} from "./IHubRequestManager.sol";
 import {IShareClassManager} from "./IShareClassManager.sol";
@@ -13,30 +13,30 @@ import {IShareClassManager} from "./IShareClassManager.sol";
 import {D18} from "../../../misc/types/D18.sol";
 
 import {IAdapter} from "../../messaging/interfaces/IAdapter.sol";
-import {VaultUpdateKind} from "../../messaging/libraries/MessageLib.sol";
 import {IMultiAdapter} from "../../messaging/interfaces/IMultiAdapter.sol";
 import {IHubMessageSender} from "../../messaging/interfaces/IGatewaySenders.sol";
+import {VaultUpdateKind, ManagerKind} from "../../messaging/libraries/MessageLib.sol";
 
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
 import {AccountId} from "../../types/AccountId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
+import {IHubPolicy} from "../../utils/interfaces/IPolicy.sol";
 import {IBatchedMulticall} from "../../utils/interfaces/IBatchedMulticall.sol";
 
-/// @notice Account types used by Hub
-enum AccountType {
-    /// @notice Account for tracking assets
-    Asset,
-    /// @notice Account for tracking equities
-    Equity,
-    /// @notice Account for tracking losses
-    Loss,
-    /// @notice Account for tracking profits
-    Gain,
-    /// @notice Account for tracking expenses
-    Expense,
-    /// @notice Account for tracking liabilities
-    Liability
+/// @notice Account slots a settlement event posts against. The pool assigns an AccountId to each slot
+///         at initializeHolding; core has no opinion on their accounting meaning.
+/// @dev There are exactly four slots by design. Holdings with different accounting semantics (an asset
+///      vs a liability, say) are distinguished by which account is assigned to each slot, not by adding
+///      more slots: a liability is a holding whose counterpart slots point at a liability-normal account.
+/// @dev Migration note: v3.1.0 used AccountType {Asset, Equity, Loss=2, Gain=3, Expense, Liability}. The slot
+///      ordinals differ, so the migration spell must map AccountType.Loss (2) -> AccountKind.ValueDecrease (3)
+///      and AccountType.Gain (3) -> AccountKind.ValueIncrease (2) when repointing existing holding accounts.
+enum AccountKind {
+    AmountDebit, // the holding's own account (asset/expense side)
+    AmountCredit, // amount-change counterpart (equity/liability side)
+    ValueIncrease, // revaluation-increase counterpart (gain side)
+    ValueDecrease // revaluation-decrease counterpart (loss side)
 }
 
 /// @notice Interface with all methods available in the system used by actors
@@ -46,11 +46,10 @@ interface IHub is IBatchedMulticall {
     //----------------------------------------------------------------------------------------------
 
     event NotifyPool(uint16 indexed centrifugeId, PoolId indexed poolId);
-    event NotifyShareClass(uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId);
+    event NotifyShareClass(uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, bytes payload);
     event NotifyShareMetadata(
         uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, string name, string symbol
     );
-    event UpdateShareHook(uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, bytes32 hook);
     event NotifySharePrice(
         uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, D18 poolPerShare, uint64 computedAt
     );
@@ -59,19 +58,21 @@ interface IHub is IBatchedMulticall {
     );
     event UpdateRestriction(uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, bytes payload);
     event SetSpokeRequestManager(uint16 indexed centrifugeId, PoolId indexed poolId, bytes32 indexed manager);
-    event UpdateBalanceSheetManager(
-        uint16 indexed centrifugeId, PoolId indexed poolId, bytes32 indexed manager, bool canManage
+    event SetSpokePolicy(uint16 indexed centrifugeId, PoolId indexed poolId, bytes32 indexed policy);
+    event AuthorizeSpokeCall(uint16 indexed centrifugeId, PoolId indexed poolId, bytes data);
+    event UnauthorizeSpokeCall(uint16 indexed centrifugeId, PoolId indexed poolId, bytes data);
+    event UpdateManager(
+        uint16 indexed centrifugeId, PoolId indexed poolId, ManagerKind kind, bytes32 indexed who, bool canManage
     );
     event UpdateVault(
-        PoolId indexed poolId, ShareClassId scId, AssetId assetId, bytes32 vaultOrFactory, VaultUpdateKind kind
-    );
-    event UpdateContract(
-        uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, bytes32 target, bytes payload
-    );
-    event SetMaxAssetPriceAge(PoolId indexed poolId, ShareClassId scId, AssetId assetId, uint64 maxPriceAge);
-    event SetMaxSharePriceAge(
-        uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId scId, uint64 maxPriceAge
+        PoolId indexed poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        bytes32 vaultOrFactory,
+        VaultUpdateKind kind,
+        bytes payload
     );
+    event ManagerCall(uint16 indexed centrifugeId, PoolId indexed poolId, bytes32 target, bytes payload);
     event ForwardTransferShares(
         uint16 indexed fromCentrifugeId,
         uint16 indexed toCentrifugeId,
@@ -100,13 +101,20 @@ interface IHub is IBatchedMulticall {
     /// @notice Dispatched when an invalid centrifuge ID is set in the pool ID.
     error InvalidPoolId();
 
-    /// @notice Dispatched when an invalid combination of account IDs is passed.
-    error InvalidAccountCombination();
-
     error InvalidRequestManager();
 
     error RequestManagerCallFailed();
 
+    /// @notice Dispatched when `localValue` is inconsistent with `centrifugeId`: local target requires
+    ///         `localValue == msgValue()`; remote target requires `localValue == 0`.
+    error ManagerCallUnexpectedValue();
+
+    /// @notice Dispatched when setAdapters is called while the gateway is batching. SetPoolAdapters must be
+    ///         transmitted over the adapter set still shared with the destination, which requires the message
+    ///         to be sent before the new local set is applied. Batching defers the send until after the local
+    ///         set has changed, so it would route over a set the destination does not have yet.
+    error CannotSetAdaptersWhileBatching();
+
     //----------------------------------------------------------------------------------------------
     // System methods
     //----------------------------------------------------------------------------------------------
@@ -131,102 +139,104 @@ interface IHub is IBatchedMulticall {
     /// @return The share class manager contract instance
     function shareClassManager() external view returns (IShareClassManager);
 
-    /// @notice Hook that calculates and applies protocol fees on NAV updates
-    function feeHook() external view returns (IFeeHook);
+    /// @notice Module that accrues protocol fees on NAV updates
+    function feeAccrual() external view returns (IFeeAccrual);
 
     /// @notice Handles multi-protocol message verification and routing for cross-chain communication
     function multiAdapter() external view returns (IMultiAdapter);
 
+    /// @notice Returns the policy installed for a pool (address(0) if none),
+    ///         consulted on every manager call. Storage lives in the {IHubRegistry}; this reads through.
+    function policy(PoolId poolId) external view returns (IHubPolicy);
+
     /// @notice Updates a contract parameter
-    /// @param what Name of the parameter to update (accepts 'hubRegistry', 'accounting', 'holdings', 'gateway', 'sender')
+    /// @param what Name of the parameter to update (accepts 'gateway', 'feeAccrual', 'sender', 'multiAdapter')
     /// @param data Address of the new contract
     function file(bytes32 what, address data) external;
 
-    //----------------------------------------------------------------------------------------------
-    // Pool admin methods
-    //----------------------------------------------------------------------------------------------
+    /// @notice Install or replace the policy for a pool.
+    /// @dev    Wards may call directly (break-glass). For managers the current policy is enforced,
+    ///         which typically requires an authorization for its own replacement.
+    function setPolicy(PoolId poolId, IHubPolicy policy_) external;
 
-    /// @notice Notify to a CV instance that a new pool is available
-    /// @param poolId The pool identifier
-    /// @param centrifugeId Chain where CV instance lives
-    /// @param refund Address to receive excess gas refund
-    function notifyPool(PoolId poolId, uint16 centrifugeId, address refund) external payable;
+    /// @notice Pre-authorize a future, out-of-policy call against the Hub's timelock ledger. Manager only.
+    /// @param poolId The pool the call targets
+    /// @param data The exact future calldata being authorized
+    function initiateAuthorization(PoolId poolId, bytes calldata data) external;
 
-    /// @notice Notify to a CV instance that a new share class is available
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param centrifugeId Chain where CV instance lives
-    /// @param hook The hook address of the share class
-    /// @param refund Address to receive excess gas refund
-    function notifyShareClass(PoolId poolId, ShareClassId scId, uint16 centrifugeId, bytes32 hook, address refund)
-        external
-        payable;
-
-    /// @notice Notify to a CV instance that share metadata has updated
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param centrifugeId Chain where CV instance lives
-    /// @param refund Address to receive excess gas refund
-    function notifyShareMetadata(PoolId poolId, ShareClassId scId, uint16 centrifugeId, address refund) external payable;
+    /// @notice Cancel a pending authorization. Manager only. Sentinels act through their pool's Supervisor.
+    /// @param poolId The pool the authorization targets
+    /// @param data The exact calldata that was authorized
+    function cancelAuthorization(PoolId poolId, bytes calldata data) external;
 
-    /// @notice Update on a CV instance the hook of a share token
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param centrifugeId Chain where CV instance lives
-    /// @param hook The new hook address
-    /// @param refund Address to receive excess gas refund
-    function updateShareHook(PoolId poolId, ShareClassId scId, uint16 centrifugeId, bytes32 hook, address refund)
-        external
-        payable;
-
-    /// @notice Notify to a CV instance the latest available price in POOL_UNIT / SHARE_UNIT
-    /// @param poolId The pool identifier
-    /// @param scId Identifier of the share class
-    /// @param centrifugeId Chain to where the share price is notified
-    /// @param refund Address to receive excess gas refund
-    function notifySharePrice(PoolId poolId, ShareClassId scId, uint16 centrifugeId, address refund) external payable;
-
-    /// @notice Notify to a CV instance the latest available price in POOL_UNIT / ASSET_UNIT
-    /// @param poolId The pool identifier
-    /// @param scId Identifier of the share class
-    /// @param assetId Identifier of the asset
-    /// @param refund Address to receive excess gas refund
-    function notifyAssetPrice(PoolId poolId, ShareClassId scId, AssetId assetId, address refund) external payable;
-
-    /// @notice Set the max price age per asset of a share class
-    /// @param poolId The centrifuge pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id
-    /// @param maxPriceAge Timestamp until the price become invalid
-    /// @param refund Address to receive excess gas refund
-    function setMaxAssetPriceAge(PoolId poolId, ShareClassId scId, AssetId assetId, uint64 maxPriceAge, address refund)
-        external
-        payable;
+    //----------------------------------------------------------------------------------------------
+    // Manager: Pool configuration
+    //----------------------------------------------------------------------------------------------
 
-    /// @notice Set the max price age per share of a share class
-    /// @param poolId The centrifuge pool id
-    /// @param scId The share class id
-    /// @param centrifugeId Chain where CV instance lives
-    /// @param maxPriceAge Timestamp until the price become invalid
+    /// @notice Set adapters for a pool in another chain.
+    /// @dev    Installing a new set does NOT invalidate the previous ones. Each call increments the pool's session
+    ///         ID on both endpoints: outgoing messages always travel over the newest session, but every earlier
+    ///         session stays valid for incoming messages, and any of their adapters can still reach quorum and
+    ///         deliver. That is deliberate: messages already in flight were wrapped with the session ID that was
+    ///         active when they were sent, so keeping old sessions alive is what lets pending traffic reach the
+    ///         destination instead of being dropped on every adapter rotation.
+    ///
+    ///         Retiring an old session is therefore a separate, receiver-side action: call
+    ///         `multiAdapter.blockSession(centrifugeId, poolId, sessionId)` on the chain that would receive those
+    ///         messages. This needs no protocol-level access — `updateManager()` with `ManagerKind.Adapter`
+    ///         appoints a per-pool adapter manager on any chain, and that manager can block (and later unblock)
+    ///         the pool's own sessions. NOTE: leaving retired sessions unblocked indefinitely is a security risk,
+    ///         since a rotation away from a compromised set does not by itself stop that set from delivering
+    ///         messages. Blocking is expected to lag a rotation only for as long as messages may still be in
+    ///         flight, not to be skipped.
+    ///
+    ///         Recommended flow to retire an old adapter set/session without dropping messages:
+    ///         1. Call setAdapters() with the new adapter set.
+    ///         2. Wait until every message sent under the old session has been delivered.
+    ///         3. Only then call blockSession() for the old session on the receiving chain, since blocking a
+    ///            session that still has messages in flight would drop them. If it turns out to have been
+    ///            retired too early, `unblockSession()` restores it.
+    ///
+    ///         This path only works while the pool's current adapters do: SetPoolAdapters routes over that very set,
+    ///         so an adapter reverting on `estimate`/`send` blocks the rotation that would remove it. Recovering from
+    ///         that requires rotating each endpoint locally, as described in {IMultiAdapter-setAdapters}.
+    /// @param poolId Pool associated to this configuration
+    /// @param centrifugeId Chain where to perform the adapter configuration
+    /// @param localAdapters Adapter addresses in this chain
+    /// @param remoteAdapters Adapter addresses in the remote chain
+    /// @param threshold Minimum number of adapters required to process the messages
     /// @param refund Address to receive excess gas refund
-    function setMaxSharePriceAge(
+    function setAdapters(
         PoolId poolId,
-        ShareClassId scId,
         uint16 centrifugeId,
-        uint64 maxPriceAge,
+        IAdapter[] memory localAdapters,
+        bytes32[] memory remoteAdapters,
+        uint8 threshold,
         address refund
     ) external payable;
 
-    /// @notice Attach custom data to a pool
+    /// @notice Set or clear the bridging hook for a pool
     /// @param poolId The pool identifier
-    /// @param metadata Custom metadata to attach
-    function setPoolMetadata(PoolId poolId, bytes calldata metadata) external payable;
+    /// @param hook The hook contract address, or address(0) to clear
+    function setBridgingHook(PoolId poolId, address hook) external;
 
     /// @notice Set snapshot hook for a pool
     /// @param poolId The pool identifier
     /// @param hook The snapshot hook contract
     function setSnapshotHook(PoolId poolId, ISnapshotHook hook) external payable;
 
+    /// @notice Attach custom data to a pool
+    /// @param poolId The pool identifier
+    /// @param metadata Custom metadata to attach
+    function setPoolMetadata(PoolId poolId, bytes calldata metadata) external payable;
+
+    /// @notice Update the pool's currency
+    /// @dev The new currency MUST have the same decimals as the current one: pool decimals are baked into
+    ///      already-deployed share tokens (immutable), so they cannot change. Reverts otherwise.
+    /// @param poolId The pool identifier
+    /// @param currency The new pool currency asset
+    function updateCurrency(PoolId poolId, AssetId currency) external;
+
     /// @notice Update name & symbol of share class
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
@@ -236,12 +246,35 @@ interface IHub is IBatchedMulticall {
         external
         payable;
 
-    /// @notice Allow/disallow an account to interact as hub manager this pool
+    //----------------------------------------------------------------------------------------------
+    // Manager: Permissions & routing
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Allow/disallow an account to interact as hub manager for this pool
     /// @param poolId The pool identifier
     /// @param who Address to update manager status for
     /// @param canManage Whether the address can manage the pool
     function updateHubManager(PoolId poolId, address who, bool canManage) external payable;
 
+    /// @notice Allow/disallow an account to interact as a manager for the given target contract.
+    /// @dev A message is sent to (or executed on) `centrifugeId`.
+    ///      When `kind == Gateway`, see {IGateway.updateManager} for the security implications:
+    ///      a gateway manager can inject arbitrary hub-originated messages for the pool.
+    /// @param poolId The pool identifier
+    /// @param centrifugeId Chain where the manager will operate
+    /// @param kind Which contract's manager mapping is updated (Adapter, Gateway, Spoke, Bridger)
+    /// @param who Address to update manager status for
+    /// @param canManage Whether the address can manage the target
+    /// @param refund Address to receive excess gas refund
+    function updateManager(
+        PoolId poolId,
+        uint16 centrifugeId,
+        ManagerKind kind,
+        bytes32 who,
+        bool canManage,
+        address refund
+    ) external payable;
+
     /// @notice Allow/disallow an account to interact as request manager
     /// @param poolId The pool identifier
     /// @param centrifugeId Chain where the request manager will operate
@@ -256,16 +289,38 @@ interface IHub is IBatchedMulticall {
         address refund
     ) external payable;
 
-    /// @notice Allow/disallow an account to interact as balance sheet manager for this pool
+    /// @notice Install or replace the policy enforced on a spoke pool's balance-sheet manager methods
     /// @param poolId The pool identifier
-    /// @param centrifugeId Chain where the balance sheet manager will operate
-    /// @param who Address to update manager status for
-    /// @param canManage Whether the address can manage the balance sheet
+    /// @param centrifugeId Chain of the spoke whose policy is set
+    /// @param policy_ The spoke-chain policy contract (address(0) to remove policy enforcement)
+    /// @param refund Address to receive excess gas refund
+    function setSpokePolicy(PoolId poolId, uint16 centrifugeId, bytes32 policy_, address refund) external payable;
+
+    /// @notice Authorize an out-of-policy call on a spoke pool. Manager-gated and classified as a std delay
+    ///         by the Hub-side policy, so it matures through the Hub timelock and sentinel veto before pushing
+    ///         the authorization to the spoke for a manager to consume. Only the Hub chain needs a cold wallet.
+    /// @param poolId The pool identifier
+    /// @param centrifugeId Chain of the spoke the authorized call targets
+    /// @param data The exact spoke calldata being authorized
+    /// @param refund Address to receive excess gas refund
+    function authorizeSpokeCall(PoolId poolId, uint16 centrifugeId, bytes calldata data, address refund)
+        external
+        payable;
+
+    /// @notice Revoke a previously-authorized, not-yet-consumed spoke call. Manager-gated and immediate (no
+    ///         timelock): it only reduces capability, letting a manager retire a stale authorization.
+    /// @param poolId The pool identifier
+    /// @param centrifugeId Chain of the spoke the authorized call targets
+    /// @param data The exact spoke calldata whose authorization is revoked
     /// @param refund Address to receive excess gas refund
-    function updateBalanceSheetManager(PoolId poolId, uint16 centrifugeId, bytes32 who, bool canManage, address refund)
+    function unauthorizeSpokeCall(PoolId poolId, uint16 centrifugeId, bytes calldata data, address refund)
         external
         payable;
 
+    //----------------------------------------------------------------------------------------------
+    // Manager: Share classes & vaults
+    //----------------------------------------------------------------------------------------------
+
     /// @notice Add a new share class to the pool
     /// @param poolId The pool identifier
     /// @param name Name for the share class
@@ -298,6 +353,8 @@ interface IHub is IBatchedMulticall {
     /// @param assetId The asset id
     /// @param vaultOrFactory The address of the vault or the factory, depending on the kind value
     /// @param kind The kind of action applied
+    /// @param payload Opaque data forwarded to the factory on DeployAndLink; empty otherwise. A larger payload
+    ///                costs more calldata/memory on the spoke, so size `extraGasLimit` accordingly.
     /// @param extraGasLimit Extra gas limit for remote computation
     /// @param refund Address to receive excess gas refund
     function updateVault(
@@ -306,28 +363,15 @@ interface IHub is IBatchedMulticall {
         AssetId assetId,
         bytes32 vaultOrFactory,
         VaultUpdateKind kind,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable;
-
-    /// @notice Update remotely an existing vault
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param centrifugeId Chain where CV instance lives
-    /// @param target Contract where to execute in CV
-    /// @param payload Content of the update to execute
-    /// @param extraGasLimit Extra gas limit for remote computation
-    /// @param refund Address to receive excess gas refund
-    function updateContract(
-        PoolId poolId,
-        ShareClassId scId,
-        uint16 centrifugeId,
-        bytes32 target,
         bytes calldata payload,
         uint128 extraGasLimit,
         address refund
     ) external payable;
 
+    //----------------------------------------------------------------------------------------------
+    // Manager: Holdings & accounting
+    //----------------------------------------------------------------------------------------------
+
     /// @notice Update the price per share of a share class
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
@@ -337,48 +381,41 @@ interface IHub is IBatchedMulticall {
         external
         payable;
 
+    /// @notice Convenience overload that calls updateSharePrice with computedAt = block.timestamp.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param pricePoolPerShare The new price per share
+    function updateSharePrice(PoolId poolId, ShareClassId scId, D18 pricePoolPerShare) external payable;
+
+    /// @notice Creates an account
+    /// @param poolId The pool identifier
+    /// @param accountId The new AccountId used
+    /// @param isDebitNormal Determines if the account should be used as debit-normal or credit-normal
+    function createAccount(PoolId poolId, AccountId accountId, bool isDebitNormal) external payable;
+
+    /// @notice Attach custom data to an account
+    /// @param poolId The pool identifier
+    /// @param account The account identifier
+    /// @param metadata Custom metadata to attach
+    function setAccountMetadata(PoolId poolId, AccountId account, bytes calldata metadata) external payable;
+
     /// @notice Create a new holding associated to the asset in a share class.
-    ///         It will register the different accounts used for holdings.
+    ///         It registers the accounts posted against for each settlement slot ({AccountKind}).
     ///         The accounts have to be created beforehand.
     ///         The same account can be used for different kinds.
-    ///         e.g.: The equity, gain, and loss account can be the same account.
+    ///         e.g.: The AmountCredit, ValueIncrease, and ValueDecrease account can be the same account.
     ///         They can also be shared across assets.
-    ///         e.g.: All assets can use the same equity account.
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
     /// @param assetId The asset identifier
     /// @param valuation Used to transform between payment assets and pool currency
-    /// @param assetAccount Used to track the asset value
-    /// @param equityAccount Used to track the equity value
-    /// @param gainAccount Used to track the gain value
-    /// @param lossAccount Used to track the loss value
+    /// @param accounts The accounts assigned to each settlement slot (indexed by {AccountKind})
     function initializeHolding(
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         IValuation valuation,
-        AccountId assetAccount,
-        AccountId equityAccount,
-        AccountId gainAccount,
-        AccountId lossAccount
-    ) external payable;
-
-    /// @notice Create a new liability associated to the asset in a share class.
-    ///         It will register the different accounts used for holdings.
-    ///         The accounts have to be created beforehand.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    /// @param valuation Used to transform between the holding asset and pool currency
-    /// @param expenseAccount Used to track the expense value
-    /// @param liabilityAccount Used to track the liability value
-    function initializeLiability(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        IValuation valuation,
-        AccountId expenseAccount,
-        AccountId liabilityAccount
+        AccountId[4] calldata accounts
     ) external payable;
 
     /// @notice Updates the pool currency value of this holding based of the associated valuation
@@ -387,15 +424,6 @@ interface IHub is IBatchedMulticall {
     /// @param assetId The asset identifier
     function updateHoldingValue(PoolId poolId, ShareClassId scId, AssetId assetId) external payable;
 
-    /// @notice Updates whether the holding represents a liability or not
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    /// @param isLiability Whether the holding is a liability
-    function updateHoldingIsLiability(PoolId poolId, ShareClassId scId, AssetId assetId, bool isLiability)
-        external
-        payable;
-
     /// @notice Updates the valuation used by a holding
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
@@ -415,62 +443,99 @@ interface IHub is IBatchedMulticall {
         external
         payable;
 
-    /// @notice Creates an account
-    /// @param poolId The pool identifier
-    /// @param accountId The new AccountId used
-    /// @param isDebitNormal Determines if the account should be used as debit-normal or credit-normal
-    function createAccount(PoolId poolId, AccountId accountId, bool isDebitNormal) external payable;
-
-    /// @notice Attach custom data to an account
-    /// @param poolId The pool identifier
-    /// @param account The account identifier
-    /// @param metadata Custom metadata to attach
-    function setAccountMetadata(PoolId poolId, AccountId account, bytes calldata metadata) external payable;
-
     /// @notice Perform an accounting entries update
     /// @param poolId The pool identifier
     /// @param debits Array of debit journal entries
     /// @param credits Array of credit journal entries
     function updateJournal(PoolId poolId, JournalEntry[] memory debits, JournalEntry[] memory credits) external payable;
 
-    /// @notice Set adapters for a pool in another chain.
-    /// @dev    Changing adapters increments the session ID, which invalidates any messages that were sent
-    ///         before the update but not yet delivered. To avoid failed deliveries, block outgoing messages on all
-    ///         affected chains before calling this function, and unblock after the new configuration has been delivered:
-    ///
-    ///         1. Grant gateway manager role on each affected chain via `updateGatewayManager`
-    ///         2. Call `gateway.blockOutgoing(canSend=false)` on each affected chain to pause outgoing messages
-    ///         3. Wait for all pending message deliveries to complete
-    ///         4. Call `setAdapters` with the new configuration
-    ///         5. Wait for the adapter update to be delivered
-    ///         6. Call `gateway.blockOutgoing(canSend=true)` on each affected chain to resume
-    ///
-    /// @param poolId Pool associated to this configuration
-    /// @param centrifugeId Chain where to perform the adapter configuration
-    /// @param localAdapters Adapter addresses in this chain
-    /// @param remoteAdapters Adapter addresses in the remote chain
-    /// @param threshold Minimum number of adapters required to process the messages
-    /// @param recoveryIndex Index in adapters array from where consider the adapter as recovery adapter
+    //----------------------------------------------------------------------------------------------
+    // Manager: Spoke notifications
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Notify to a CV instance that a new pool is available
+    /// @param poolId The pool identifier
+    /// @param centrifugeId Chain where CV instance lives
     /// @param refund Address to receive excess gas refund
-    function setAdapters(
+    function notifyPool(PoolId poolId, uint16 centrifugeId, address refund) external payable;
+
+    /// @notice Notify to a CV instance that a new share class is available
+    /// @dev    Unlike its sibling notifications this does not re-push committed state: `registrar` and
+    ///         `payload` are caller-supplied, and the registrar becomes the share token's mint authority on
+    ///         the target chain. The standard Hub policy therefore classifies it out of policy.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param centrifugeId Chain where CV instance lives
+    /// @param registrar The registrar (on the target chain) that deploys and operates the share token
+    /// @param payload Opaque data forwarded verbatim to the registrar's `newToken`; empty if unused
+    /// @param extraGasLimit Extra gas for the registrar's `newToken` deployment on the destination chain
+    /// @param refund Address to receive excess gas refund
+    function notifyShareClass(
         PoolId poolId,
+        ShareClassId scId,
         uint16 centrifugeId,
-        IAdapter[] memory localAdapters,
-        bytes32[] memory remoteAdapters,
-        uint8 threshold,
-        uint8 recoveryIndex,
+        bytes32 registrar,
+        bytes calldata payload,
+        uint128 extraGasLimit,
         address refund
     ) external payable;
 
-    /// @notice Update a gateway manager for a pool
-    /// @param poolId Pool associated to this configuration
-    /// @param centrifugeId Chain where to perform the gateway configuration
-    /// @param who Address used as manager
-    /// @param canManage If enabled as manager
+    /// @notice Notify to a CV instance that share metadata has updated
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param centrifugeId Chain where CV instance lives
+    /// @param extraGasLimit Extra gas for the registrar's `updateMetadata` call on the destination chain
     /// @param refund Address to receive excess gas refund
-    function updateGatewayManager(PoolId poolId, uint16 centrifugeId, bytes32 who, bool canManage, address refund)
-        external
-        payable;
+    function notifyShareMetadata(
+        PoolId poolId,
+        ShareClassId scId,
+        uint16 centrifugeId,
+        uint128 extraGasLimit,
+        address refund
+    ) external payable;
+
+    /// @notice Notify to a CV instance the latest available price in POOL_UNIT / SHARE_UNIT
+    /// @param poolId The pool identifier
+    /// @param scId Identifier of the share class
+    /// @param centrifugeId Chain to where the share price is notified
+    /// @param refund Address to receive excess gas refund
+    function notifySharePrice(PoolId poolId, ShareClassId scId, uint16 centrifugeId, address refund) external payable;
+
+    /// @notice Notify to a CV instance the latest available price in POOL_UNIT / ASSET_UNIT
+    /// @param poolId The pool identifier
+    /// @param scId Identifier of the share class
+    /// @param assetId Identifier of the asset
+    /// @param refund Address to receive excess gas refund
+    function notifyAssetPrice(PoolId poolId, ShareClassId scId, AssetId assetId, address refund) external payable;
+
+    //----------------------------------------------------------------------------------------------
+    // Manager: Envoy calls
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Route a payable, supervised manager call to an `IManagerCallFromHub` target via the `Envoy`.
+    ///         Pool-scoped: any `scId` is encoded in `payload`. No origin args reach the target: the call
+    ///         is already authorized here via `_enforce` + policy.
+    /// @param poolId The pool identifier
+    /// @param centrifugeId Chain where the target lives (only the local chain is currently supported)
+    /// @param target Contract to call (as bytes32; converted to address for local dispatch)
+    /// @param payload Opaque bytes decoded by the target's `fromHub`
+    /// @param extraGasLimit Extra gas for remote computation. Inert on the local branch; carried for
+    ///        forward compatibility so wiring the cross-chain branch needs no Hub redeploy.
+    /// @param localValue Native value forwarded to the target. Only valid for local targets; must be 0 for remote.
+    /// @param refund Address to receive any refunded remainder
+    function managerCall(
+        PoolId poolId,
+        uint16 centrifugeId,
+        bytes32 target,
+        bytes calldata payload,
+        uint128 extraGasLimit,
+        uint256 localValue,
+        address refund
+    ) external payable;
+
+    //----------------------------------------------------------------------------------------------
+    // Accounting methods
+    //----------------------------------------------------------------------------------------------
 
     /// @notice Update accounting for a holding amount change
     /// @param poolId The pool identifier
@@ -496,28 +561,6 @@ interface IHub is IBatchedMulticall {
     // View methods
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Helper to construct holding accounts array
-    /// @param assetAccount Account for tracking assets
-    /// @param equityAccount Account for tracking equity
-    /// @param gainAccount Account for tracking gains
-    /// @param lossAccount Account for tracking losses
-    /// @return accounts Array of holding accounts
-    function holdingAccounts(
-        AccountId assetAccount,
-        AccountId equityAccount,
-        AccountId gainAccount,
-        AccountId lossAccount
-    ) external pure returns (HoldingAccount[] memory accounts);
-
-    /// @notice Helper to construct liability accounts array
-    /// @param expenseAccount Account for tracking expenses
-    /// @param liabilityAccount Account for tracking liabilities
-    /// @return accounts Array of holding accounts
-    function liabilityAccounts(AccountId expenseAccount, AccountId liabilityAccount)
-        external
-        pure
-        returns (HoldingAccount[] memory accounts);
-
     /// @notice Get the price per asset for a holding
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
diff --git a/src/core/hub/interfaces/IHubHandler.sol b/src/core/hub/interfaces/IHubHandler.sol
index 9541593f5..f43313862 100644
--- a/src/core/hub/interfaces/IHubHandler.sol
+++ b/src/core/hub/interfaces/IHubHandler.sol
@@ -41,7 +41,7 @@ interface IHubHandler {
     //----------------------------------------------------------------------------------------------
 
     /// @notice Updates a contract parameter
-    /// @param what Name of the parameter to update (accepts 'hubRegistry', 'holdings', 'sender')
+    /// @param what Name of the parameter to update (accepts 'hub', 'holdings', 'sender', 'shareClassManager')
     /// @param data Address of the new contract
     function file(bytes32 what, address data) external;
 
diff --git a/src/core/hub/interfaces/IHubRegistry.sol b/src/core/hub/interfaces/IHubRegistry.sol
index 975bce157..d7d00e4d5 100644
--- a/src/core/hub/interfaces/IHubRegistry.sol
+++ b/src/core/hub/interfaces/IHubRegistry.sol
@@ -1,51 +1,105 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
+import {IBridgingHook} from "./IBridgingHook.sol";
 import {IHubRequestManager} from "./IHubRequestManager.sol";
 
 import {IERC6909Decimals} from "../../../misc/interfaces/IERC6909.sol";
 
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
+import {IHubPolicy} from "../../utils/interfaces/IPolicy.sol";
 
 interface IHubRegistry is IERC6909Decimals {
+    //----------------------------------------------------------------------------------------------
+    // Structs
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Registration state and decimals of a registered asset.
+    struct AssetInfo {
+        bool registered;
+        uint8 decimals;
+    }
+
+    /// @dev Packed into one slot so authorization-id computation reads the policy and its install
+    ///      nonce with a single SLOAD.
+    struct PolicyInfo {
+        IHubPolicy policy;
+        uint64 nonce;
+    }
+
     //----------------------------------------------------------------------------------------------
     // Events
     //----------------------------------------------------------------------------------------------
 
     event NewAsset(AssetId indexed assetId, uint8 decimals);
-    event NewPool(PoolId poolId, address indexed manager, AssetId indexed currency);
+    event NewPool(PoolId indexed poolId, address indexed manager, AssetId indexed currency);
     event UpdateManager(PoolId indexed poolId, address indexed manager, bool canManage);
     event SetMetadata(PoolId indexed poolId, bytes metadata);
-    event UpdateDependency(PoolId indexed poolId, bytes32 indexed what, address dependency);
     event UpdateCurrency(PoolId indexed poolId, AssetId currency);
     event SetHubRequestManager(PoolId indexed poolId, uint16 indexed centrifugeId, IHubRequestManager manager);
+    event SetBridgingHook(PoolId indexed poolId, address hook);
+    event SetPolicy(PoolId indexed poolId, IHubPolicy policy);
+
+    /// @notice Emitted when an out-of-policy Hub call is authorized: this starts the policy timelock.
+    ///         The authorization matures at `validAfter` and may then run, unless cancelled first. `data`
+    ///         is the exact authorized calldata, included so the action is decodable straight from logs.
+    event AuthorizationScheduled(
+        PoolId indexed poolId, address indexed caller, bytes32 indexed authId, uint48 validAfter, bytes data
+    );
+    /// @notice Emitted when a pending authorization is cancelled (a manager, or a sentinel via its
+    ///         Supervisor). `caller` is whoever cancelled it.
+    event AuthorizationCanceled(PoolId indexed poolId, address indexed caller, bytes32 indexed authId);
+    /// @notice Emitted when a matured authorization is consumed by an executing out-of-policy call.
+    ///         `caller` is the manager whose Hub call consumed it.
+    event AuthorizationConsumed(PoolId indexed poolId, address indexed caller, bytes32 indexed authId);
 
     //----------------------------------------------------------------------------------------------
     // Errors
     //----------------------------------------------------------------------------------------------
 
-    error NonExistingPool(PoolId id);
+    error NonExistingPool();
+    error InvalidPool();
     error AssetAlreadyRegistered();
     error PoolAlreadyRegistered();
     error EmptyAccount();
     error EmptyCurrency();
     error EmptyShareClassManager();
     error AssetNotFound();
+    /// @notice Dispatched when {registerAsset} targets the null AssetId, which is the "no currency"
+    ///         sentinel: registering it would make decimal lookups succeed for non-existent pools.
+    error EmptyAssetId();
+    /// @notice Dispatched when {registerAsset} declares more than 18 decimals, the bound PricingLib
+    ///         conversions assume (mirrors the spoke-side check in Spoke.registerAsset).
+    error TooManyDecimals();
+    /// @notice Dispatched when {updateCurrency} targets a currency whose decimals differ from the pool's current
+    ///         currency; pool decimals must stay fixed to match already-deployed share tokens.
+    error CurrencyDecimalsMismatch();
+    /// @notice Dispatched when {initiateAuthorization} targets a pool with no policy installed (nothing to classify).
+    error PolicyNotInstalled();
+    /// @notice Dispatched when {initiateAuthorization} targets a call that is currently in policy (nothing to authorize).
+    error InPolicy();
+    /// @notice Dispatched when {initiateAuthorization} targets a call that already has an authorization (cancel first).
+    error AlreadyAuthorized();
+    /// @notice Dispatched when {consumeAuthorization} finds no matured, unexpired authorization, or when
+    ///         {cancelAuthorization} finds no authorization to cancel.
+    error Unauthorized();
+    /// @notice Dispatched when {consumeAuthorization} is called by anyone other than the pool's policy.
+    error CallerNotPolicy();
 
     //----------------------------------------------------------------------------------------------
     // Registration methods
     //----------------------------------------------------------------------------------------------
 
     /// @notice Register a new asset
-    /// @param assetId The asset identifier
-    /// @param decimals_ The number of decimals for the asset
+    /// @param assetId The asset identifier; must not be the null AssetId
+    /// @param decimals_ The number of decimals for the asset, at most 18
     function registerAsset(AssetId assetId, uint8 decimals_) external;
 
     /// @notice Register a new pool
     /// @param poolId The pool identifier
     /// @param manager The initial manager address for the pool
-    /// @param currency The currency asset for the pool
+    /// @param currency The currency asset for the pool; must already be registered
     function registerPool(PoolId poolId, address manager, AssetId currency) external;
 
     //----------------------------------------------------------------------------------------------
@@ -54,9 +108,9 @@ interface IHubRegistry is IERC6909Decimals {
 
     /// @notice Allow/disallow an address as a manager for the pool
     /// @param poolId The pool identifier
-    /// @param newManager The address to update manager status for
+    /// @param who The address to update manager status for
     /// @param canManage Whether the address can manage the pool
-    function updateManager(PoolId poolId, address newManager, bool canManage) external;
+    function updateManager(PoolId poolId, address who, bool canManage) external;
 
     /// @notice Set the hub request manager for a pool on a specific network
     /// @param poolId The pool identifier
@@ -73,17 +127,66 @@ interface IHubRegistry is IERC6909Decimals {
     /// @param poolId The pool identifier
     /// @param what The dependency identifier
     /// @param dependency The dependency contract address
-    function updateDependency(PoolId poolId, bytes32 what, address dependency) external;
 
     /// @notice Updates the currency of the pool
     /// @param poolId The pool identifier
     /// @param currency The new currency asset
     function updateCurrency(PoolId poolId, AssetId currency) external;
 
+    /// @notice Install or replace the policy for a pool
+    /// @dev    Auth-gated: written through by the Hub, which enforces the policy on the change itself
+    /// @param poolId The pool identifier
+    /// @param policy The policy contract (address(0) to clear)
+    function setPolicy(PoolId poolId, IHubPolicy policy) external;
+
+    //----------------------------------------------------------------------------------------------
+    // Authorization ledger
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Pre-authorize a future, out-of-policy Hub call. Callable only by the Hub (the manager check
+    ///         lives in {IHub.initiateAuthorization}). The pool's policy classifies the call, using `caller` as the
+    ///         authorizing manager; an in-policy call can't be authorized. Matures after the classified
+    ///         delay, after which a guarded Hub call whose calldata byte-matches `data` consumes it.
+    /// @param poolId The pool the call targets
+    /// @param caller The manager authorizing the call (for classification and the audit event)
+    /// @param data The exact future Hub calldata being authorized
+    function initiateAuthorization(PoolId poolId, address caller, bytes calldata data) external;
+
+    /// @notice Cancel a pending authorization. Callable only by the Hub (the manager check lives in
+    ///         {IHub.cancelAuthorization}; sentinels act through their Supervisor, itself a registered
+    ///         Hub manager).
+    /// @param poolId The pool the authorization targets
+    /// @param caller The manager cancelling the authorization (for the audit event)
+    /// @param data The exact Hub calldata that was authorized
+    function cancelAuthorization(PoolId poolId, address caller, bytes calldata data) external;
+
+    /// @notice Consume a matured authorization for an executing out-of-policy call. Callable only by the
+    ///         pool's installed policy (from its {IPolicy.enforce}). Reverts unless an authorization
+    ///         exists, has matured, and is still within `expiry` of maturing.
+    /// @param poolId The pool the call targets
+    /// @param caller The manager whose Hub call is executing (for the audit event)
+    /// @param data The exact Hub calldata being executed
+    /// @param expiry The window, after maturing, in which the authorization stays executable
+    function consumeAuthorization(PoolId poolId, address caller, bytes calldata data, uint48 expiry) external;
+
     //----------------------------------------------------------------------------------------------
     // View methods
     //----------------------------------------------------------------------------------------------
 
+    /// @notice The timestamp at which a pending authorization matures (0 if none).
+    /// @param authId The authorization identifier, see {authId}
+    function authorizedAfter(bytes32 authId) external view returns (uint48 validAfter);
+
+    /// @notice The identifier of an authorization for `data` on `poolId`, namespaced by the pool's
+    ///         current policy and its install nonce, so any policy change (including re-installing
+    ///         a previous policy address) invalidates all pending authorizations.
+    function authId(PoolId poolId, bytes calldata data) external view returns (bytes32);
+
+    /// @notice Incremented on every {setPolicy}. Part of the {authId} namespace, so re-installing a
+    ///         previously used policy address cannot resurrect authorizations from its earlier tenure.
+    /// @param poolId The pool identifier
+    function policyNonce(PoolId poolId) external view returns (uint64);
+
     /// @notice Returns the metadata attached to the pool, if any
     /// @param poolId The pool identifier
     /// @return The metadata bytes
@@ -94,12 +197,6 @@ interface IHubRegistry is IERC6909Decimals {
     /// @return The currency asset identifier
     function currency(PoolId poolId) external view returns (AssetId);
 
-    /// @notice Returns the dependency used in the system
-    /// @param poolId The pool identifier
-    /// @param what The dependency identifier
-    /// @return The dependency contract address
-    function dependency(PoolId poolId, bytes32 what) external view returns (address);
-
     /// @notice Returns whether the account is a manager
     /// @param poolId The pool identifier
     /// @param who The address to check
@@ -112,6 +209,11 @@ interface IHubRegistry is IERC6909Decimals {
     /// @return The hub request manager contract
     function hubRequestManager(PoolId poolId, uint16 centrifugeId) external view returns (IHubRequestManager);
 
+    /// @notice Returns the policy installed for a pool (address(0) if none)
+    /// @param poolId The pool identifier
+    /// @return The policy contract
+    function policy(PoolId poolId) external view returns (IHubPolicy);
+
     /// @notice Compute a pool ID given an ID postfix
     /// @param centrifugeId The network identifier
     /// @param postfix The pool ID postfix
@@ -137,4 +239,18 @@ interface IHubRegistry is IERC6909Decimals {
     /// @param assetId The asset identifier
     /// @return Whether the asset is registered
     function isRegistered(AssetId assetId) external view returns (bool);
+
+    /// @notice Returns the registration state and decimals of an asset
+    /// @param assetId The asset identifier
+    /// @return registered Whether the asset is registered
+    /// @return decimals The number of decimals
+    function asset(AssetId assetId) external view returns (bool registered, uint8 decimals);
+
+    /// @notice Set or clear the bridging hook for a pool
+    /// @param poolId The pool identifier
+    /// @param hook The hook contract, or address(0) to clear
+    function setBridgingHook(PoolId poolId, IBridgingHook hook) external;
+
+    /// @notice Returns the bridging hook for a pool, or address(0) if none
+    function bridgingHook(PoolId poolId) external view returns (IBridgingHook);
 }
diff --git a/src/core/hub/interfaces/IHubRequestManager.sol b/src/core/hub/interfaces/IHubRequestManager.sol
index e25d2db77..53656e6d4 100644
--- a/src/core/hub/interfaces/IHubRequestManager.sol
+++ b/src/core/hub/interfaces/IHubRequestManager.sol
@@ -5,6 +5,7 @@ import {IERC165} from "../../../misc/interfaces/IERC165.sol";
 
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
+import {RequestId} from "../../types/RequestId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
 
 interface IHubRequestManager is IERC165 {
@@ -13,22 +14,22 @@ interface IHubRequestManager is IERC165 {
 }
 
 interface IHubRequestManagerNotifications is IERC165 {
-    /// @notice Notify a deposit for an investor address located in the chain where the asset belongs
+    /// @notice Notify a deposit for the given request located in the chain where the asset belongs
     function notifyDeposit(
         PoolId poolId,
         ShareClassId scId,
         AssetId depositAssetId,
-        bytes32 investor,
+        RequestId requestId,
         uint32 maxClaims,
         address refund
     ) external payable;
 
-    /// @notice Notify a redemption for an investor address located in the chain where the asset belongs
+    /// @notice Notify a redemption for the given request located in the chain where the asset belongs
     function notifyRedeem(
         PoolId poolId,
         ShareClassId scId,
         AssetId payoutAssetId,
-        bytes32 investor,
+        RequestId requestId,
         uint32 maxClaims,
         address refund
     ) external payable;
diff --git a/src/core/hub/interfaces/IShareClassManager.sol b/src/core/hub/interfaces/IShareClassManager.sol
index 5d6af0aaa..c97a6c045 100644
--- a/src/core/hub/interfaces/IShareClassManager.sol
+++ b/src/core/hub/interfaces/IShareClassManager.sol
@@ -24,10 +24,10 @@ struct Price {
     uint64 computedAt;
 }
 
-struct IssuancePerNetwork {
-    /// @dev Total accumulated amount of shares issued on this network
+struct IssuanceCounters {
+    /// @dev Total accumulated amount of shares issued
     uint128 issuances;
-    /// @dev Total accumulated amount of shares revoked on this network
+    /// @dev Total accumulated amount of shares revoked
     uint128 revocations;
 }
 
@@ -48,6 +48,11 @@ interface IShareClassManager {
         uint16 indexed centrifugeId, PoolId indexed poolId, ShareClassId indexed scId, uint128 amount
     );
 
+    /// @notice Emitted when the number of networks that have revoked more than they reported issuing changes
+    event UpdateNegativeNetworkCount(
+        PoolId indexed poolId, ShareClassId indexed scId, uint16 indexed centrifugeId, uint32 count
+    );
+
     //----------------------------------------------------------------------------------------------
     // Errors
     //----------------------------------------------------------------------------------------------
@@ -65,6 +70,12 @@ interface IShareClassManager {
     //----------------------------------------------------------------------------------------------
 
     /// @notice Update the share class issuance
+    /// @dev    Both counters only ever go up, so a revocation bigger than everything issued so far does not
+    ///         revert. The extra is simply added to `revocations` and cancels out against later issuances.
+    ///         This happens in normal operation: when shares are bridged off a chain, the hub subtracts them
+    ///         from that chain right away, but the issuance that minted them may still be sitting in the
+    ///         chain's queue. If this reverted, the sending chain's snapshot nonce would never be consumed
+    ///         and every later message from it would be rejected.
     /// @param centrifugeId Identifier of the chain
     /// @param poolId Identifier of the pool
     /// @param scId Identifier of the share class
@@ -123,6 +134,9 @@ interface IShareClassManager {
     /// @notice Returns the total issuance across all networks for a share class
     /// @dev     This is only updated when queued shares on the spoke are updated to the hub, so can
     ///                maybe out of sync and not reflect the exact latest issuance across networks.
+    ///                Reverts with {NegativeIssuance} if any chain has revoked more than it has reported
+    ///                issuing, since the total would be wrong. Read {issuanceAcrossNetworks} for the two
+    ///                counters it is derived from, which are always readable.
     ///
     /// @param poolId Identifier of the pool
     /// @param scId Identifier of the share class
@@ -130,12 +144,39 @@ interface IShareClassManager {
     function totalIssuance(PoolId poolId, ShareClassId scId) external view returns (uint128 totalIssuance);
 
     /// @notice Exposes issuance of a share class on a given network
+    /// @dev    Reverts with {NegativeIssuance} if the chain has revoked more than it has reported issuing,
+    ///         since the figure would be wrong. Anything called while handling an incoming message should
+    ///         read {issuancePerNetwork} and deal with the difference itself, because a revert would undo
+    ///         that message and leave the chain unable to report anything further.
     /// @param poolId Identifier of the pool
     /// @param scId Identifier of the share class
     /// @param centrifugeId Identifier of the chain
     /// @return The share issuance on the specified network
     function issuance(PoolId poolId, ShareClassId scId, uint16 centrifugeId) external view returns (uint128);
 
+    /// @notice Returns the number of networks that have revoked more shares than they have reported issuing
+    /// @dev    Non-zero means the netted total is smaller than the shares the networks really hold, by exactly
+    ///         the sum of those networks' shortfalls - so anything derived from the total, a price per share
+    ///         above all, would be wrong. Shares bridged off a network before it submits the issuance that
+    ///         minted them is what puts one in this state, and its own submission is what clears it.
+    /// @param poolId Identifier of the pool
+    /// @param scId Identifier of the share class
+    /// @return count The number of networks in that state
+    function negativeNetworkCount(PoolId poolId, ShareClassId scId) external view returns (uint32 count);
+
+    /// @notice Returns the combined issuance (issuances and revocations) for a share class across all networks
+    /// @dev    Always readable, unlike {totalIssuance}. If `revocations` is larger than `issuances`, at
+    ///         least one chain has bridged shares away before reporting that it issued them, and the
+    ///         difference is how many shares the hub has not been told about yet.
+    /// @param poolId Identifier of the pool
+    /// @param scId Identifier of the share class
+    /// @return issuances The cumulative amount ever issued across all networks
+    /// @return revocations The cumulative amount ever revoked across all networks
+    function issuanceAcrossNetworks(PoolId poolId, ShareClassId scId)
+        external
+        view
+        returns (uint128 issuances, uint128 revocations);
+
     /// @notice Returns the combined issuance (issuances and revocations) for a share class on a given network
     /// @param poolId Identifier of the pool
     /// @param scId Identifier of the share class
diff --git a/src/core/libraries/PricingLib.sol b/src/core/libraries/PricingLib.sol
index 2f3d57e1c..380bf0d2d 100644
--- a/src/core/libraries/PricingLib.sol
+++ b/src/core/libraries/PricingLib.sol
@@ -67,7 +67,7 @@ library PricingLib {
             ).toUint128();
     }
 
-    /// @dev Converts the given share amount to asset amount. Returned value is in share decimals.
+    /// @dev Converts the given share amount to asset amount. Returned value is in asset decimals.
     ///
     ///      NOTE: MUST ONLY be used in AsyncRequestManager which rely on priceAssetPerShare that is derived from
     ///      Fulfilled*  message amounts. Any other codepath must use the variant with pricePoolPerAsset and
@@ -90,7 +90,7 @@ library PricingLib {
         return PricingLib.convertWithPrice(shareAmount, shareDecimals, assetDecimals, priceAssetPerShare_, rounding);
     }
 
-    /// @dev Converts the given share amount to asset amount. Returned value is in share decimals.
+    /// @dev Converts the given share amount to asset amount. Returned value is in asset decimals.
     /// @dev Assumes handling of zero denominator price (pricePoolPerAsset) by consumer.
     function shareToAssetAmount(
         address shareToken,
@@ -100,7 +100,7 @@ library PricingLib {
         D18 pricePoolPerShare,
         D18 pricePoolPerAsset,
         MathLib.Rounding rounding
-    ) internal view returns (uint128 shares) {
+    ) internal view returns (uint128 assets) {
         if (shareAmount == 0 || pricePoolPerShare.isZero()) {
             return 0;
         }
@@ -268,7 +268,7 @@ library PricingLib {
         );
     }
 
-    /// @dev Converts share amount to asset asset amount.
+    /// @dev Converts share amount to asset amount.
     /// @dev Assumes handling of zero denominator price (pricePoolPerAsset) by consumer.
     ///
     ///      NOTE: Pool and share denomination are always equal by design
@@ -331,7 +331,7 @@ library PricingLib {
     }
 
     /// @dev When converting assets to shares using the price, all values are normalized to PRICE_DECIMALS
-    ///      NOTE: We require all assets to have 2 <= decimals <= 18, see `Spoke.registerAsset`
+    ///      NOTE: We require all assets to have 0 <= decimals <= 18, see `Spoke.registerAsset`
     function _toPriceDecimals(uint128 _value, uint8 decimals) private pure returns (uint256) {
         if (PRICE_DECIMALS == decimals) return uint256(_value);
         return uint256(_value) * 10 ** (PRICE_DECIMALS - decimals);
diff --git a/src/core/messaging/GasService.sol b/src/core/messaging/GasService.sol
deleted file mode 100644
index fa51d7501..000000000
--- a/src/core/messaging/GasService.sol
+++ /dev/null
@@ -1,173 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {IGasService} from "./interfaces/IGasService.sol";
-import {PROCESS_FAIL_MESSAGE_GAS} from "./interfaces/IGateway.sol";
-import {IMessageProperties} from "./interfaces/IMessageProperties.sol";
-import {MessageLib, MessageType, VaultUpdateKind} from "./libraries/MessageLib.sol";
-
-import {PoolId} from "../types/PoolId.sol";
-
-/// @title  GasService
-/// @notice This contract stores the gas limits (in gas units) for cross-chain message execution.
-///         These values are used by adapters to determine how much gas to allocate for
-///         message execution on destination chains.
-contract GasService is IGasService {
-    using MessageLib for *;
-
-    /// @dev Takes into account Gateway + MultiAdapter computation
-    uint128 public constant BASE_COST = 75_000;
-
-    /// @dev Adds an extra cost to recover token admin message to ensure different assets can transfer successfully
-    uint128 public constant RECOVERY_TOKEN_EXTRA_COST = 100_000;
-
-    uint128 public constant DEFAULT_SUPPORTED_TX_LIMIT = 10; // In millions of gas units
-
-    /// @dev An encoded array of the block limits of the first 32 centrifugeId.
-    ///      Measured in millions of gas units
-    uint256 public immutable txLimitsPerCentrifugeId;
-
-    uint128 public immutable scheduleUpgrade;
-    uint128 public immutable cancelUpgrade;
-    uint128 public immutable recoverTokens;
-    uint128 public immutable registerAsset;
-    uint128 public immutable setPoolAdapters;
-    uint128 public immutable request;
-    uint128 public immutable notifyPool;
-    uint128 public immutable notifyShareClass;
-    uint128 public immutable notifyPricePoolPerShare;
-    uint128 public immutable notifyPricePoolPerAsset;
-    uint128 public immutable notifyShareMetadata;
-    uint128 public immutable updateShareHook;
-    uint128 public immutable initiateTransferShares;
-    uint128 public immutable executeTransferShares;
-    uint128 public immutable updateRestriction;
-    uint128 public immutable trustedContractUpdate;
-    uint128 public immutable requestCallback;
-    uint128 public immutable updateVaultDeployAndLink;
-    uint128 public immutable updateVaultLink;
-    uint128 public immutable updateVaultUnlink;
-    uint128 public immutable setRequestManager;
-    uint128 public immutable updateBalanceSheetManager;
-    uint128 public immutable updateHoldingAmount;
-    uint128 public immutable updateShares;
-    uint128 public immutable maxAssetPriceAge;
-    uint128 public immutable maxSharePriceAge;
-    uint128 public immutable updateGatewayManager;
-    uint128 public immutable untrustedContractUpdate;
-
-    constructor(uint8[32] memory txLimits) {
-        for (uint256 i; i < txLimits.length; i++) {
-            uint256 value = txLimits[i] > 0 ? txLimits[i] : DEFAULT_SUPPORTED_TX_LIMIT;
-            txLimitsPerCentrifugeId += value << (31 - i) * 8;
-        }
-
-        // NOTE: Below values should be updated using script/utils/benchmark.sh
-        scheduleUpgrade = _gasValue(118954);
-        cancelUpgrade = _gasValue(99410);
-        recoverTokens = RECOVERY_TOKEN_EXTRA_COST + _gasValue(175073);
-        registerAsset = _gasValue(129155);
-        setPoolAdapters = _gasValue(509965); // using MAX_ADAPTER_COUNT
-        request = _gasValue(244858);
-        notifyPool = _gasValue(1305733); // create escrow case
-        notifyShareClass = _gasValue(1883390);
-        notifyPricePoolPerShare = _gasValue(127234);
-        notifyPricePoolPerAsset = _gasValue(131047);
-        notifyShareMetadata = _gasValue(140797);
-        updateShareHook = _gasValue(116761);
-        initiateTransferShares = _gasValue(307060);
-        executeTransferShares = _gasValue(197870);
-        updateRestriction = _gasValue(137670);
-        trustedContractUpdate = _gasValue(168921);
-        requestCallback = _gasValue(355279); // approve deposit case
-        updateVaultDeployAndLink = _gasValue(2866252);
-        updateVaultLink = _gasValue(207895);
-        updateVaultUnlink = _gasValue(156662);
-        setRequestManager = _gasValue(126098);
-        updateBalanceSheetManager = _gasValue(124987);
-        updateHoldingAmount = _gasValue(325854);
-        updateShares = _gasValue(223271);
-        maxAssetPriceAge = _gasValue(131132);
-        maxSharePriceAge = _gasValue(128066);
-        updateGatewayManager = _gasValue(122645);
-        untrustedContractUpdate = _gasValue(110086);
-    }
-
-    /// @inheritdoc IMessageProperties
-    function messageOverallGasLimit(uint16 centrifugeId, bytes calldata message) public view returns (uint128) {
-        uint128 value = messageProcessingGasLimit(centrifugeId, message) + BASE_COST;
-        // Multiply by 64/63 is because EIP-150 pass 63/64 gas to each method call
-        // Calls from adapters requires adding more jumps (3): Executor -> Adapter -> MultiAdapter -> Gateway.
-        return value * 262144 / 250047; // Equivalent to: value * 64 * 64 * 64 / (63 * 63 * 63)
-    }
-
-    /// @inheritdoc IMessageProperties
-    /// @dev This method does not require any 64/63 because it's called from the same point is benchmarked
-    function messageProcessingGasLimit(uint16 centrifugeId, bytes calldata message) public view returns (uint128) {
-        return _messageBaseGasLimit(centrifugeId, message) + message.messageExtraGasLimit();
-    }
-
-    function _messageBaseGasLimit(uint16, bytes calldata message) internal view returns (uint128) {
-        MessageType kind = message.messageType();
-
-        if (kind == MessageType.ScheduleUpgrade) return scheduleUpgrade;
-        if (kind == MessageType.CancelUpgrade) return cancelUpgrade;
-        if (kind == MessageType.RecoverTokens) return recoverTokens;
-        if (kind == MessageType.RegisterAsset) return registerAsset;
-        if (kind == MessageType.SetPoolAdapters) return setPoolAdapters;
-        if (kind == MessageType.Request) return request;
-        if (kind == MessageType.NotifyPool) return notifyPool;
-        if (kind == MessageType.NotifyShareClass) return notifyShareClass;
-        if (kind == MessageType.NotifyPricePoolPerShare) return notifyPricePoolPerShare;
-        if (kind == MessageType.NotifyPricePoolPerAsset) return notifyPricePoolPerAsset;
-        if (kind == MessageType.NotifyShareMetadata) return notifyShareMetadata;
-        if (kind == MessageType.UpdateShareHook) return updateShareHook;
-        if (kind == MessageType.InitiateTransferShares) return initiateTransferShares;
-        if (kind == MessageType.ExecuteTransferShares) return executeTransferShares;
-        if (kind == MessageType.UpdateRestriction) return updateRestriction;
-        if (kind == MessageType.TrustedContractUpdate) return trustedContractUpdate;
-        if (kind == MessageType.RequestCallback) return requestCallback;
-        if (kind == MessageType.UpdateVault) {
-            VaultUpdateKind vaultKind = VaultUpdateKind(message.deserializeUpdateVault().kind);
-            if (vaultKind == VaultUpdateKind.DeployAndLink) return updateVaultDeployAndLink;
-            if (vaultKind == VaultUpdateKind.Link) return updateVaultLink;
-            if (vaultKind == VaultUpdateKind.Unlink) return updateVaultUnlink;
-            return 100_000; // Some high value just to compute the call and fail inside the Gateway try/catch
-        }
-        if (kind == MessageType.SetRequestManager) return setRequestManager;
-        if (kind == MessageType.UpdateBalanceSheetManager) return updateBalanceSheetManager;
-        if (kind == MessageType.UpdateHoldingAmount) return updateHoldingAmount;
-        if (kind == MessageType.UpdateShares) return updateShares;
-        if (kind == MessageType.SetMaxAssetPriceAge) return maxAssetPriceAge;
-        if (kind == MessageType.SetMaxSharePriceAge) return maxSharePriceAge;
-        if (kind == MessageType.UpdateGatewayManager) return updateGatewayManager;
-        if (kind == MessageType.UntrustedContractUpdate) return untrustedContractUpdate;
-        revert InvalidMessageType(); // Unreachable
-    }
-
-    /// @inheritdoc IMessageProperties
-    function maxBatchGasLimit(uint16 centrifugeId) external view returns (uint128) {
-        // txLimitsPerCentrifugeId counts millions of gas units, then we need to multiply by 1_000_000
-        return (centrifugeId < 32 ? uint8(bytes32(txLimitsPerCentrifugeId)[centrifugeId]) : DEFAULT_SUPPORTED_TX_LIMIT)
-            * 1_000_000;
-    }
-
-    /// @inheritdoc IMessageProperties
-    function messageLength(bytes calldata message) external pure returns (uint16) {
-        return message.messageLength();
-    }
-
-    /// @inheritdoc IMessageProperties
-    function messagePoolId(bytes calldata message) external pure returns (PoolId) {
-        return message.messagePoolId();
-    }
-
-    /// @dev - BASE_COST adds some offset to the benchmarked message
-    ///      - PROCESS_FAIL_MESSAGE_GAS is an extra required to process a possible message failure
-    ///        so we add here the adapter call required gas.
-    function _gasValue(uint128 value) internal pure returns (uint128) {
-        // NOTE: The benchmarked value passed as param is measured from the call to the MessageProcessor.
-        // It means, it already contains the Gateway -> MessageProcessor jump EIP-150 multiplier
-        return uint128(PROCESS_FAIL_MESSAGE_GAS) + value;
-    }
-}
diff --git a/src/core/messaging/Gateway.sol b/src/core/messaging/Gateway.sol
index 65cd13085..106114fd8 100644
--- a/src/core/messaging/Gateway.sol
+++ b/src/core/messaging/Gateway.sol
@@ -5,12 +5,13 @@ import {IAdapter} from "./interfaces/IAdapter.sol";
 import {IMessageHandler} from "./interfaces/IMessageHandler.sol";
 import {IProtocolPauser} from "./interfaces/IProtocolPauser.sol";
 import {IMessageProperties} from "./interfaces/IMessageProperties.sol";
-import {IGateway, PROCESS_FAIL_MESSAGE_GAS, MESSAGE_MAX_LENGTH, ERR_MAX_LENGTH} from "./interfaces/IGateway.sol";
+import {IGateway, MESSAGE_MAX_LENGTH, ERR_MAX_LENGTH} from "./interfaces/IGateway.sol";
 
 import {Auth} from "../../misc/Auth.sol";
 import {Recoverable} from "../../misc/Recoverable.sol";
 import {MathLib} from "../../misc/libraries/MathLib.sol";
 import {BytesLib} from "../../misc/libraries/BytesLib.sol";
+import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
 import {TransientArrayLib} from "../../misc/libraries/TransientArrayLib.sol";
 import {TransientBytesLib} from "../../misc/libraries/TransientBytesLib.sol";
 import {TransientStorageLib} from "../../misc/libraries/TransientStorageLib.sol";
@@ -41,16 +42,15 @@ contract Gateway is Auth, Recoverable, IGateway {
     IMessageProperties public messageProperties;
     IProtocolPauser public immutable pauser;
 
-    // Management
-    mapping(PoolId => mapping(address => bool)) public manager;
-
     // Outbound & payments
     bool public transient isBatching;
     bool internal transient _isSendingBatch;
     address internal transient _batcher;
-    mapping(uint16 centrifugeId => mapping(PoolId => bool)) public isOutgoingBlocked;
     mapping(uint16 centrifugeId => mapping(bytes32 batchHash => Underpaid)) public underpaid;
 
+    // Pool-level managers
+    mapping(PoolId => mapping(address => bool)) public manager;
+
     // Inbound
     mapping(uint16 centrifugeId => mapping(bytes32 messageHash => uint256)) public failedMessages;
 
@@ -89,14 +89,32 @@ contract Gateway is Auth, Recoverable, IGateway {
         emit UpdateManager(poolId, who, canManage);
     }
 
+    /// @inheritdoc IGateway
+    function clearFailedMessage(uint16 centrifugeId, bytes memory message)
+        external
+        onlyAuthOrManager(messageProperties.messagePoolId(message))
+    {
+        bytes32 messageHash = keccak256(message);
+        require(failedMessages[centrifugeId][messageHash] > 0, NotFailedMessage());
+
+        failedMessages[centrifugeId][messageHash]--;
+        emit ClearFailedMessage(centrifugeId, messageHash);
+    }
+
     //----------------------------------------------------------------------------------------------
     // Incoming
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IMessageHandler
-    function handle(uint16 centrifugeId, bytes memory batch) public pauseable auth {
-        PoolId batchPoolId = messageProperties.messagePoolId(batch);
+    function handle(uint16 centrifugeId, bytes memory batch)
+        public
+        pauseable
+        onlyAuthOrManager(messageProperties.messagePoolId(batch))
+    {
+        require(centrifugeId != localCentrifugeId, CannotBeReceivedLocally());
 
+        PoolId batchPoolId = messageProperties.messagePoolId(batch);
+        uint128 failureGasReserve = messageProperties.messageFailureGasReserve();
         bytes memory remaining = batch;
         while (remaining.length > 0) {
             uint256 length = messageProperties.messageLength(remaining);
@@ -107,24 +125,35 @@ contract Gateway is Auth, Recoverable, IGateway {
                 require(batchPoolId == messageProperties.messagePoolId(message), MalformedBatch());
             }
 
+            uint16 requiredSource = messageProperties.messageSourceCentrifugeId(message);
+            require(requiredSource == 0 || requiredSource == centrifugeId, SourceMismatch());
+
             remaining = remaining.slice(length, remaining.length - length);
             bytes32 messageHash = keccak256(message);
             uint128 gasLimit = messageProperties.messageProcessingGasLimit(localCentrifugeId, message);
             require(gasleft() >= gasLimit, NotEnoughGas());
 
-            _safeProcess(centrifugeId, message, messageHash, gasLimit);
+            _safeProcess(centrifugeId, message, messageHash, gasLimit, failureGasReserve);
         }
     }
 
-    function _safeProcess(uint16 centrifugeId, bytes memory message, bytes32 messageHash, uint128 gasLimit) internal {
+    function _safeProcess(
+        uint16 centrifugeId,
+        bytes memory message,
+        bytes32 messageHash,
+        uint128 gasLimit,
+        uint128 failureGasReserve_
+    ) internal {
         (bool success, bytes memory err) = address(processor)
             .excessivelySafeCall(
-                gasLimit - PROCESS_FAIL_MESSAGE_GAS,
+                gasLimit - failureGasReserve_,
                 0,
                 ERR_MAX_LENGTH,
                 abi.encodeWithSelector(IMessageHandler.handle.selector, centrifugeId, message)
             );
 
+        _afterProcessorCall();
+
         if (success) {
             emit ExecuteMessage(centrifugeId, messageHash);
         } else {
@@ -133,6 +162,10 @@ contract Gateway is Auth, Recoverable, IGateway {
         }
     }
 
+    // Called immediately after excessivelySafeCall returns, before the success/failure branch.
+    // No-op in production; overridden in test harnesses to insert gas checkpoints.
+    function _afterProcessorCall() internal virtual {}
+
     /// @inheritdoc IGateway
     function retry(uint16 centrifugeId, bytes memory message) external pauseable {
         bytes32 messageHash = keccak256(message);
@@ -183,7 +216,7 @@ contract Gateway is Auth, Recoverable, IGateway {
             require(gasLimit <= messageProperties.maxBatchGasLimit(centrifugeId), BatchTooExpensive());
 
             uint256 cost = _send(centrifugeId, message, gasLimit, refund, unpaidMode, msg.value);
-            _refund(refund, msg.value - cost);
+            SafeTransferLib.safeTransferETH(refund, msg.value - cost);
         }
     }
 
@@ -195,9 +228,6 @@ contract Gateway is Auth, Recoverable, IGateway {
         bool unpaidMode,
         uint256 fuel
     ) internal returns (uint256 cost) {
-        PoolId adapterPoolId = messageProperties.messagePoolId(batch);
-        require(!isOutgoingBlocked[centrifugeId][adapterPoolId], OutgoingBlocked());
-
         cost = adapter.estimate(centrifugeId, batch, batchGasLimit);
         if (fuel >= cost) {
             adapter.send{value: cost}(centrifugeId, batch, batchGasLimit, refund);
@@ -209,13 +239,6 @@ contract Gateway is Auth, Recoverable, IGateway {
         }
     }
 
-    function _refund(address refund, uint256 fuel) internal {
-        if (fuel > 0) {
-            (bool success,) = payable(refund).call{value: fuel}("");
-            require(success, CannotRefund());
-        }
-    }
-
     function _addUnpaidBatch(uint16 centrifugeId, bytes memory message, uint128 gasLimit) internal {
         bytes32 batchHash = keccak256(message);
 
@@ -235,7 +258,7 @@ contract Gateway is Auth, Recoverable, IGateway {
         underpaid_.counter--;
 
         uint256 cost = _send(centrifugeId, batch, underpaid_.gasLimit, refund, false, msg.value);
-        _refund(refund, msg.value - cost);
+        SafeTransferLib.safeTransferETH(refund, msg.value - cost);
 
         if (underpaid_.counter == 0) delete underpaid[centrifugeId][batchHash];
 
@@ -265,10 +288,10 @@ contract Gateway is Auth, Recoverable, IGateway {
         require(address(_batcher) == address(0), CallbackWasNotLocked());
 
         if (isNested) {
-            _refund(refund, msg.value - callbackValue);
+            SafeTransferLib.safeTransferETH(refund, msg.value - callbackValue);
         } else {
             uint256 cost = _endBatching(msg.value - callbackValue, refund);
-            _refund(refund, msg.value - callbackValue - cost);
+            SafeTransferLib.safeTransferETH(refund, msg.value - callbackValue - cost);
         }
     }
 
@@ -309,12 +332,6 @@ contract Gateway is Auth, Recoverable, IGateway {
         _batcher = address(0);
     }
 
-    /// @inheritdoc IGateway
-    function blockOutgoing(uint16 centrifugeId, PoolId poolId, bool isBlocked) external onlyAuthOrManager(poolId) {
-        isOutgoingBlocked[centrifugeId][poolId] = isBlocked;
-        emit BlockOutgoing(centrifugeId, poolId, isBlocked);
-    }
-
     //----------------------------------------------------------------------------------------------
     // Helpers
     //----------------------------------------------------------------------------------------------
diff --git a/src/core/messaging/MessageDispatcher.sol b/src/core/messaging/MessageDispatcher.sol
index 5012a324f..ef0b337ff 100644
--- a/src/core/messaging/MessageDispatcher.sol
+++ b/src/core/messaging/MessageDispatcher.sol
@@ -4,29 +4,30 @@ pragma solidity 0.8.28;
 import {IGateway} from "./interfaces/IGateway.sol";
 import {IMultiAdapter} from "./interfaces/IMultiAdapter.sol";
 import {IScheduleAuth} from "./interfaces/IScheduleAuth.sol";
-import {ITokenRecoverer} from "./interfaces/ITokenRecoverer.sol";
 import {IMessageDispatcher} from "./interfaces/IMessageDispatcher.sol";
-import {MessageLib, VaultUpdateKind} from "./libraries/MessageLib.sol";
-import {ISpokeMessageSender, IHubMessageSender, IScheduleAuthMessageSender} from "./interfaces/IGatewaySenders.sol";
+import {MessageLib, VaultUpdateKind, ManagerKind} from "./libraries/MessageLib.sol";
+import {ISpokeGatewayHandler, IHubGatewayHandler} from "./interfaces/IGatewayHandlers.sol";
 import {
-    ISpokeGatewayHandler,
-    IBalanceSheetGatewayHandler,
-    IHubGatewayHandler,
-    IContractUpdateGatewayHandler,
-    IVaultRegistryGatewayHandler
-} from "./interfaces/IGatewayHandlers.sol";
+    ISpokeMessageSender,
+    IHubMessageSender,
+    IScheduleAuthMessageSender,
+    ShareClassMetadata
+} from "./interfaces/IGatewaySenders.sol";
 
 import {Auth} from "../../misc/Auth.sol";
 import {D18} from "../../misc/types/D18.sol";
 import {CastLib} from "../../misc/libraries/CastLib.sol";
 import {MathLib} from "../../misc/libraries/MathLib.sol";
 import {BytesLib} from "../../misc/libraries/BytesLib.sol";
-import {IRecoverable} from "../../misc/interfaces/IRecoverable.sol";
+import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../types/PoolId.sol";
 import {AssetId} from "../types/AssetId.sol";
+import {IEnvoy} from "../utils/interfaces/IEnvoy.sol";
 import {ShareClassId} from "../types/ShareClassId.sol";
-import {IRequestManager} from "../interfaces/IRequestManager.sol";
+import {IPolicy} from "../utils/interfaces/IPolicy.sol";
+import {IRegistrar} from "../spoke/interfaces/IRegistrar.sol";
+import {ISpokeRequestManager} from "../spoke/interfaces/ISpokeRequestManager.sol";
 
 /// @title  MessageDispatcher
 /// @notice This contract serializes and dispatches outgoing cross-chain messages, handling both local and
@@ -37,18 +38,14 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     using BytesLib for bytes;
     using MathLib for uint256;
 
-    PoolId internal constant GLOBAL_POOL = PoolId.wrap(0);
     uint16 public immutable localCentrifugeId;
 
+    IEnvoy public envoy;
     IGateway public gateway;
     IMultiAdapter public multiAdapter;
-    ISpokeGatewayHandler public spoke;
+    ISpokeGatewayHandler public spokeHandler;
     IScheduleAuth public immutable scheduleAuth;
     IHubGatewayHandler public hubHandler;
-    ITokenRecoverer public tokenRecoverer;
-    IBalanceSheetGatewayHandler public balanceSheet;
-    IVaultRegistryGatewayHandler public vaultRegistry;
-    IContractUpdateGatewayHandler public contractUpdater;
 
     constructor(uint16 localCentrifugeId_, IScheduleAuth scheduleAuth_, IGateway gateway_, address deployer)
         Auth(deployer)
@@ -64,13 +61,11 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
 
     /// @inheritdoc IMessageDispatcher
     function file(bytes32 what, address data) external auth {
-        if (what == "hubHandler") hubHandler = IHubGatewayHandler(data);
-        else if (what == "spoke") spoke = ISpokeGatewayHandler(data);
+        if (what == "envoy") envoy = IEnvoy(data);
         else if (what == "gateway") gateway = IGateway(data);
-        else if (what == "balanceSheet") balanceSheet = IBalanceSheetGatewayHandler(data);
-        else if (what == "vaultRegistry") vaultRegistry = IVaultRegistryGatewayHandler(data);
-        else if (what == "contractUpdater") contractUpdater = IContractUpdateGatewayHandler(data);
-        else if (what == "tokenRecoverer") tokenRecoverer = ITokenRecoverer(data);
+        else if (what == "multiAdapter") multiAdapter = IMultiAdapter(data);
+        else if (what == "spokeHandler") spokeHandler = ISpokeGatewayHandler(data);
+        else if (what == "hubHandler") hubHandler = IHubGatewayHandler(data);
         else revert FileUnrecognizedParam();
 
         emit File(what, data);
@@ -83,7 +78,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     /// @inheritdoc IHubMessageSender
     function sendNotifyPool(uint16 centrifugeId, PoolId poolId, address refund) external payable auth {
         if (centrifugeId == localCentrifugeId) {
-            spoke.addPool(poolId);
+            spokeHandler.addPool(poolId);
             _refund(refund);
         } else {
             _send(centrifugeId, MessageLib.NotifyPool({poolId: poolId.raw()}).serialize(), false, refund);
@@ -95,15 +90,24 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
-        string memory name,
-        string memory symbol,
-        uint8 decimals,
+        ShareClassMetadata memory metadata,
         bytes32 salt,
-        bytes32 hook,
+        bytes32 registrar,
+        bytes calldata payload,
+        uint128 extraGasLimit,
         address refund
     ) external payable auth {
         if (centrifugeId == localCentrifugeId) {
-            spoke.addShareClass(poolId, scId, name, symbol, decimals, salt, hook.toAddress());
+            spokeHandler.addShareClass(
+                poolId,
+                scId,
+                metadata.name,
+                metadata.symbol,
+                metadata.decimals,
+                salt,
+                IRegistrar(registrar.toAddress()),
+                payload
+            );
             _refund(refund);
         } else {
             _send(
@@ -111,11 +115,13 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
                 MessageLib.NotifyShareClass({
                         poolId: poolId.raw(),
                         scId: scId.raw(),
-                        name: name,
-                        symbol: symbol.toBytes32(),
-                        decimals: decimals,
+                        name: metadata.name,
+                        symbol: metadata.symbol.toBytes32(),
+                        decimals: metadata.decimals,
                         salt: salt,
-                        hook: hook
+                        registrar: registrar,
+                        extraGasLimit: extraGasLimit,
+                        payload: payload
                     }).serialize(),
                 false,
                 refund
@@ -130,16 +136,21 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         ShareClassId scId,
         string memory name,
         string memory symbol,
+        uint128 extraGasLimit,
         address refund
     ) external payable auth {
         if (centrifugeId == localCentrifugeId) {
-            spoke.updateShareMetadata(poolId, scId, name, symbol);
+            spokeHandler.updateShareMetadata(poolId, scId, name, symbol);
             _refund(refund);
         } else {
             _send(
                 centrifugeId,
                 MessageLib.NotifyShareMetadata({
-                        poolId: poolId.raw(), scId: scId.raw(), name: name, symbol: symbol.toBytes32()
+                        poolId: poolId.raw(),
+                        scId: scId.raw(),
+                        name: name,
+                        symbol: symbol.toBytes32(),
+                        extraGasLimit: extraGasLimit
                     }).serialize(),
                 false,
                 refund
@@ -147,40 +158,21 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         }
     }
 
-    /// @inheritdoc IHubMessageSender
-    function sendUpdateShareHook(uint16 centrifugeId, PoolId poolId, ShareClassId scId, bytes32 hook, address refund)
-        external
-        payable
-        auth
-    {
-        if (centrifugeId == localCentrifugeId) {
-            spoke.updateShareHook(poolId, scId, hook.toAddress());
-            _refund(refund);
-        } else {
-            _send(
-                centrifugeId,
-                MessageLib.UpdateShareHook({poolId: poolId.raw(), scId: scId.raw(), hook: hook}).serialize(),
-                false,
-                refund
-            );
-        }
-    }
-
     /// @inheritdoc IHubMessageSender
     function sendNotifyPricePoolPerShare(
-        uint16 chainId,
+        uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
         D18 pricePoolPerShare,
         uint64 computedAt,
         address refund
     ) external payable auth {
-        if (chainId == localCentrifugeId) {
-            spoke.updatePricePoolPerShare(poolId, scId, pricePoolPerShare, computedAt);
+        if (centrifugeId == localCentrifugeId) {
+            spokeHandler.updatePricePoolPerShare(poolId, scId, pricePoolPerShare, computedAt);
             _refund(refund);
         } else {
             _send(
-                chainId,
+                centrifugeId,
                 MessageLib.NotifyPricePoolPerShare({
                         poolId: poolId.raw(), scId: scId.raw(), price: pricePoolPerShare.raw(), timestamp: computedAt
                     }).serialize(),
@@ -200,7 +192,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     ) external payable auth {
         uint64 timestamp = block.timestamp.toUint64();
         if (assetId.centrifugeId() == localCentrifugeId) {
-            spoke.updatePricePoolPerAsset(poolId, scId, assetId, pricePoolPerAsset, timestamp);
+            spokeHandler.updatePricePoolPerAsset(poolId, scId, assetId, pricePoolPerAsset, timestamp);
             _refund(refund);
         } else {
             _send(
@@ -228,7 +220,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         address refund
     ) external payable auth {
         if (centrifugeId == localCentrifugeId) {
-            spoke.updateRestriction(poolId, scId, payload);
+            spokeHandler.updateRestriction(poolId, scId, payload);
             _refund(refund);
         } else {
             _send(
@@ -243,27 +235,29 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     }
 
     /// @inheritdoc IHubMessageSender
-    function sendTrustedContractUpdate(
+    function sendManagerCallFromHub(
         uint16 centrifugeId,
         PoolId poolId,
-        ShareClassId scId,
-        bytes32 target,
+        address target,
         bytes calldata payload,
         uint128 extraGasLimit,
+        uint256 value,
         address refund
     ) external payable auth {
+        // `target` is explicit: the `fromHub` manager being addressed. No origin args: already authorized
+        // at the Hub.
         if (centrifugeId == localCentrifugeId) {
-            contractUpdater.trustedCall(poolId, scId, target.toAddress(), payload);
-            _refund(refund);
+            envoy.callFromHub{value: value}(poolId, target, payload);
+            // Refund any value not forwarded rather than assume `value == msgValue()`: if that Hub
+            // precondition ever changes, the remainder is returned instead of silently stranded here.
+            if (msg.value > value) {
+                SafeTransferLib.safeTransferETH(refund, msg.value - value);
+            }
         } else {
             _send(
                 centrifugeId,
-                MessageLib.TrustedContractUpdate({
-                        poolId: poolId.raw(),
-                        scId: scId.raw(),
-                        target: target,
-                        extraGasLimit: extraGasLimit,
-                        payload: payload
+                MessageLib.ManagerCallFromHub({
+                        poolId: poolId.raw(), target: target.toBytes32(), extraGasLimit: extraGasLimit, payload: payload
                     }).serialize(),
                 false,
                 refund
@@ -278,11 +272,12 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         AssetId assetId,
         bytes32 vaultOrFactory,
         VaultUpdateKind kind,
+        bytes calldata payload,
         uint128 extraGasLimit,
         address refund
     ) external payable auth {
         if (assetId.centrifugeId() == localCentrifugeId) {
-            vaultRegistry.updateVault(poolId, scId, assetId, vaultOrFactory.toAddress(), kind);
+            spokeHandler.updateVault(poolId, scId, assetId, vaultOrFactory.toAddress(), kind, payload);
             _refund(refund);
         } else {
             _send(
@@ -293,7 +288,8 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
                         assetId: assetId.raw(),
                         vaultOrFactory: vaultOrFactory,
                         kind: uint8(kind),
-                        extraGasLimit: extraGasLimit
+                        extraGasLimit: extraGasLimit,
+                        payload: payload
                     }).serialize(),
                 false,
                 refund
@@ -308,7 +304,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         auth
     {
         if (centrifugeId == localCentrifugeId) {
-            spoke.setRequestManager(poolId, IRequestManager(manager.toAddress()));
+            spokeHandler.setRequestManager(poolId, ISpokeRequestManager(manager.toAddress()));
             _refund(refund);
         } else {
             _send(
@@ -321,21 +317,18 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     }
 
     /// @inheritdoc IHubMessageSender
-    function sendUpdateBalanceSheetManager(
-        uint16 centrifugeId,
-        PoolId poolId,
-        bytes32 who,
-        bool canManage,
-        address refund
-    ) external payable auth {
+    function sendAuthorizeSpokeCall(uint16 centrifugeId, PoolId poolId, bytes calldata data, address refund)
+        external
+        payable
+        auth
+    {
         if (centrifugeId == localCentrifugeId) {
-            balanceSheet.updateManager(poolId, who.toAddress(), canManage);
+            spokeHandler.authorize(poolId, data);
             _refund(refund);
         } else {
             _send(
                 centrifugeId,
-                MessageLib.UpdateBalanceSheetManager({poolId: poolId.raw(), who: who, canManage: canManage})
-                    .serialize(),
+                MessageLib.AuthorizeSpokeCall({poolId: poolId.raw(), payload: data}).serialize(),
                 false,
                 refund
             );
@@ -343,22 +336,18 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     }
 
     /// @inheritdoc IHubMessageSender
-    function sendSetMaxAssetPriceAge(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        uint64 maxPriceAge,
-        address refund
-    ) external payable auth {
-        if (assetId.centrifugeId() == localCentrifugeId) {
-            spoke.setMaxAssetPriceAge(poolId, scId, assetId, maxPriceAge);
+    function sendUnauthorizeSpokeCall(uint16 centrifugeId, PoolId poolId, bytes calldata data, address refund)
+        external
+        payable
+        auth
+    {
+        if (centrifugeId == localCentrifugeId) {
+            spokeHandler.unauthorize(poolId, data);
             _refund(refund);
         } else {
             _send(
-                assetId.centrifugeId(),
-                MessageLib.SetMaxAssetPriceAge({
-                        poolId: poolId.raw(), scId: scId.raw(), assetId: assetId.raw(), maxPriceAge: maxPriceAge
-                    }).serialize(),
+                centrifugeId,
+                MessageLib.UnauthorizeSpokeCall({poolId: poolId.raw(), payload: data}).serialize(),
                 false,
                 refund
             );
@@ -366,20 +355,42 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     }
 
     /// @inheritdoc IHubMessageSender
-    function sendSetMaxSharePriceAge(
+    function sendSetPolicy(uint16 centrifugeId, PoolId poolId, bytes32 policy, address refund) external payable auth {
+        if (centrifugeId == localCentrifugeId) {
+            spokeHandler.setPolicy(poolId, IPolicy(policy.toAddress()));
+            _refund(refund);
+        } else {
+            _send(centrifugeId, MessageLib.SetPolicy({poolId: poolId.raw(), policy: policy}).serialize(), false, refund);
+        }
+    }
+
+    /// @inheritdoc IHubMessageSender
+    function sendUpdateManager(
         uint16 centrifugeId,
         PoolId poolId,
-        ShareClassId scId,
-        uint64 maxPriceAge,
+        ManagerKind kind,
+        bytes32 who,
+        bool canManage,
         address refund
     ) external payable auth {
         if (centrifugeId == localCentrifugeId) {
-            spoke.setMaxSharePriceAge(poolId, scId, maxPriceAge);
+            address whoAddr = who.toAddress();
+            if (kind == ManagerKind.Spoke) {
+                spokeHandler.updateManager(poolId, whoAddr, canManage);
+            } else if (kind == ManagerKind.Adapter) {
+                multiAdapter.updateManager(poolId, whoAddr, canManage);
+            } else if (kind == ManagerKind.Gateway) {
+                gateway.updateManager(poolId, whoAddr, canManage);
+            } else if (kind == ManagerKind.Bridger) {
+                spokeHandler.updateBridger(poolId, whoAddr, canManage);
+            } else {
+                revert InvalidManagerKind(); // Unreachable due the enum check
+            }
             _refund(refund);
         } else {
             _send(
                 centrifugeId,
-                MessageLib.SetMaxSharePriceAge({poolId: poolId.raw(), scId: scId.raw(), maxPriceAge: maxPriceAge})
+                MessageLib.UpdateManager({poolId: poolId.raw(), kind: uint8(kind), who: who, canManage: canManage})
                     .serialize(),
                 false,
                 refund
@@ -407,37 +418,12 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         }
     }
 
-    /// @inheritdoc IScheduleAuthMessageSender
-    function sendRecoverTokens(
-        uint16 centrifugeId,
-        bytes32 target,
-        bytes32 token,
-        uint256 tokenId,
-        bytes32 to,
-        uint256 amount,
-        address refund
-    ) external payable auth {
-        if (centrifugeId == localCentrifugeId) {
-            tokenRecoverer.recoverTokens(
-                IRecoverable(target.toAddress()), token.toAddress(), tokenId, to.toAddress(), amount
-            );
-            _refund(refund);
-        } else {
-            _send(
-                centrifugeId,
-                MessageLib.RecoverTokens({target: target, token: token, tokenId: tokenId, to: to, amount: amount})
-                    .serialize(),
-                false,
-                refund
-            );
-        }
-    }
-
     /// @inheritdoc ISpokeMessageSender
     function sendInitiateTransferShares(
         uint16 targetCentrifugeId,
         PoolId poolId,
         ShareClassId scId,
+        bytes32 sender,
         bytes32 receiver,
         uint128 amount,
         uint128 extraGasLimit,
@@ -446,7 +432,15 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     ) external payable auth {
         if (poolId.centrifugeId() == localCentrifugeId) {
             hubHandler.initiateTransferShares{value: msg.value}(
-                localCentrifugeId, targetCentrifugeId, poolId, scId, receiver, amount, remoteExtraGasLimit, refund
+                localCentrifugeId,
+                targetCentrifugeId,
+                poolId,
+                scId,
+                sender,
+                receiver,
+                amount,
+                remoteExtraGasLimit,
+                refund
             );
         } else {
             _send(
@@ -458,7 +452,8 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
                         receiver: receiver,
                         amount: amount,
                         remoteExtraGasLimit: remoteExtraGasLimit,
-                        extraGasLimit: extraGasLimit
+                        extraGasLimit: extraGasLimit,
+                        sender: sender
                     }).serialize(),
                 false,
                 refund
@@ -479,7 +474,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     ) external payable auth {
         if (targetCentrifugeId == localCentrifugeId) {
             // Spoke chain X => Hub chain Y => Spoke chain Y
-            spoke.executeTransferShares(poolId, scId, receiver, amount);
+            spokeHandler.executeTransferShares(poolId, scId, receiver, amount);
             _refund(refund);
         } else {
             _send(
@@ -498,37 +493,27 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     }
 
     /// @inheritdoc ISpokeMessageSender
-    function sendUpdateHoldingAmount(
+    function sendUpdateAssets(
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         UpdateData calldata data,
-        D18 pricePoolPerAsset,
         uint128 extraGasLimit,
         address refund
-    ) external payable auth {
+    ) public payable auth {
         if (poolId.centrifugeId() == localCentrifugeId) {
-            hubHandler.updateHoldingAmount(
-                localCentrifugeId,
-                poolId,
-                scId,
-                assetId,
-                data.netAmount,
-                pricePoolPerAsset,
-                data.isIncrease,
-                data.isSnapshot,
-                data.nonce
+            hubHandler.updateAssets(
+                localCentrifugeId, poolId, scId, assetId, data.netAmount, data.isIncrease, data.isSnapshot, data.nonce
             );
             _refund(refund);
         } else {
             _send(
                 poolId.centrifugeId(),
-                MessageLib.UpdateHoldingAmount({
+                MessageLib.UpdateAssets({
                         poolId: poolId.raw(),
                         scId: scId.raw(),
                         assetId: assetId.raw(),
                         amount: data.netAmount,
-                        pricePoolPerAsset: pricePoolPerAsset.raw(),
                         timestamp: uint64(block.timestamp),
                         isIncrease: data.isIncrease,
                         isSnapshot: data.isSnapshot,
@@ -541,6 +526,21 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         }
     }
 
+    /// @inheritdoc ISpokeMessageSender
+    /// @dev ABI-compatibility overload of `sendUpdateAssets` for the deployed v3.1.0 BalanceSheet; the price is
+    ///      ignored (the hub values holding deltas at its own valuation).
+    function sendUpdateHoldingAmount(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        UpdateData calldata data,
+        D18, /* pricePoolPerAsset */
+        uint128 extraGasLimit,
+        address refund
+    ) external payable {
+        sendUpdateAssets(poolId, scId, assetId, data, extraGasLimit, refund);
+    }
+
     /// @inheritdoc ISpokeMessageSender
     function sendUpdateShares(
         PoolId poolId,
@@ -622,9 +622,8 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
     }
 
     /// @inheritdoc ISpokeMessageSender
-    function sendUntrustedContractUpdate(
+    function sendManagerCallFromSpoke(
         PoolId poolId,
-        ShareClassId scId,
         bytes32 target,
         bytes calldata payload,
         bytes32 sender,
@@ -634,14 +633,13 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         uint16 hubCentrifugeId = poolId.centrifugeId();
 
         if (hubCentrifugeId == localCentrifugeId) {
-            contractUpdater.untrustedCall(poolId, scId, target.toAddress(), payload, localCentrifugeId, sender);
+            envoy.callFromSpoke(poolId, target.toAddress(), payload, localCentrifugeId, sender);
             _refund(refund);
         } else {
             _send(
                 hubCentrifugeId,
-                MessageLib.UntrustedContractUpdate({
+                MessageLib.ManagerCallFromSpoke({
                         poolId: poolId.raw(),
-                        scId: scId.raw(),
                         target: target,
                         sender: sender,
                         extraGasLimit: extraGasLimit,
@@ -664,7 +662,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         address refund
     ) external payable auth {
         if (assetId.centrifugeId() == localCentrifugeId) {
-            spoke.requestCallback(poolId, scId, assetId, payload);
+            spokeHandler.requestCallback(poolId, scId, assetId, payload);
             _refund(refund);
         } else {
             _send(
@@ -688,7 +686,7 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         PoolId poolId,
         bytes32[] memory adapters,
         uint8 threshold,
-        uint8 recoveryIndex,
+        uint16 targetSessionId,
         address refund
     ) external payable auth {
         if (centrifugeId == localCentrifugeId) {
@@ -697,7 +695,10 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
             _send(
                 centrifugeId,
                 MessageLib.SetPoolAdapters({
-                        poolId: poolId.raw(), threshold: threshold, recoveryIndex: recoveryIndex, adapterList: adapters
+                        poolId: poolId.raw(),
+                        threshold: threshold,
+                        targetSessionId: targetSessionId,
+                        adapterList: adapters
                     }).serialize(),
                 false,
                 refund
@@ -705,32 +706,13 @@ contract MessageDispatcher is Auth, IMessageDispatcher {
         }
     }
 
-    function sendUpdateGatewayManager(uint16 centrifugeId, PoolId poolId, bytes32 who, bool canManage, address refund)
-        external
-        payable
-        auth
-    {
-        if (centrifugeId == localCentrifugeId) {
-            gateway.updateManager(poolId, who.toAddress(), canManage);
-            _refund(refund);
-        } else {
-            _send(
-                centrifugeId,
-                MessageLib.UpdateGatewayManager({poolId: poolId.raw(), who: who, canManage: canManage}).serialize(),
-                false,
-                refund
-            );
-        }
-    }
-
     function _send(uint16 centrifugeId, bytes memory message, bool unpaidMode, address refund) internal {
         gateway.send{value: msg.value}(centrifugeId, message, unpaidMode, refund);
     }
 
     function _refund(address refund) internal {
         if (msg.value > 0) {
-            (bool success,) = payable(refund).call{value: msg.value}("");
-            require(success, CannotRefund());
+            SafeTransferLib.safeTransferETH(refund, msg.value);
         }
     }
 }
diff --git a/src/core/messaging/MessageProcessor.sol b/src/core/messaging/MessageProcessor.sol
index a3d8cdf79..07cf36205 100644
--- a/src/core/messaging/MessageProcessor.sol
+++ b/src/core/messaging/MessageProcessor.sol
@@ -6,27 +6,22 @@ import {IGateway} from "./interfaces/IGateway.sol";
 import {IMultiAdapter} from "./interfaces/IMultiAdapter.sol";
 import {IScheduleAuth} from "./interfaces/IScheduleAuth.sol";
 import {IMessageHandler} from "./interfaces/IMessageHandler.sol";
-import {ITokenRecoverer} from "./interfaces/ITokenRecoverer.sol";
 import {IMessageProcessor} from "./interfaces/IMessageProcessor.sol";
-import {MessageType, MessageLib, VaultUpdateKind} from "./libraries/MessageLib.sol";
-import {
-    ISpokeGatewayHandler,
-    IBalanceSheetGatewayHandler,
-    IHubGatewayHandler,
-    IContractUpdateGatewayHandler,
-    IVaultRegistryGatewayHandler
-} from "./interfaces/IGatewayHandlers.sol";
+import {ISpokeGatewayHandler, IHubGatewayHandler} from "./interfaces/IGatewayHandlers.sol";
+import {MessageType, MessageLib, VaultUpdateKind, ManagerKind} from "./libraries/MessageLib.sol";
 
 import {Auth} from "../../misc/Auth.sol";
 import {D18} from "../../misc/types/D18.sol";
 import {CastLib} from "../../misc/libraries/CastLib.sol";
 import {BytesLib} from "../../misc/libraries/BytesLib.sol";
-import {IRecoverable} from "../../misc/interfaces/IRecoverable.sol";
 
 import {PoolId} from "../types/PoolId.sol";
 import {AssetId} from "../types/AssetId.sol";
+import {IEnvoy} from "../utils/interfaces/IEnvoy.sol";
 import {ShareClassId} from "../types/ShareClassId.sol";
-import {IRequestManager} from "../interfaces/IRequestManager.sol";
+import {IPolicy} from "../utils/interfaces/IPolicy.sol";
+import {IRegistrar} from "../spoke/interfaces/IRegistrar.sol";
+import {ISpokeRequestManager} from "../spoke/interfaces/ISpokeRequestManager.sol";
 
 /// @title  MessageProcessor
 /// @notice This contract deserializes and processes incoming cross-chain messages, routing them to appropriate
@@ -37,17 +32,12 @@ contract MessageProcessor is Auth, IMessageProcessor {
     using MessageLib for *;
     using BytesLib for bytes;
 
-    uint16 public constant MAINNET_CENTRIFUGE_ID = 1;
-
     IGateway public gateway;
     IMultiAdapter public multiAdapter;
-    ISpokeGatewayHandler public spoke;
+    ISpokeGatewayHandler public spokeHandler;
     IHubGatewayHandler public hubHandler;
-    ITokenRecoverer public tokenRecoverer;
     IScheduleAuth public immutable scheduleAuth;
-    IBalanceSheetGatewayHandler public balanceSheet;
-    IVaultRegistryGatewayHandler public vaultRegistry;
-    IContractUpdateGatewayHandler public contractUpdater;
+    IEnvoy public envoy;
 
     constructor(IScheduleAuth scheduleAuth_, address deployer) Auth(deployer) {
         scheduleAuth = scheduleAuth_;
@@ -60,13 +50,10 @@ contract MessageProcessor is Auth, IMessageProcessor {
     /// @inheritdoc IMessageProcessor
     function file(bytes32 what, address data) external auth {
         if (what == "hubHandler") hubHandler = IHubGatewayHandler(data);
-        else if (what == "spoke") spoke = ISpokeGatewayHandler(data);
         else if (what == "gateway") gateway = IGateway(data);
+        else if (what == "spokeHandler") spokeHandler = ISpokeGatewayHandler(data);
         else if (what == "multiAdapter") multiAdapter = IMultiAdapter(data);
-        else if (what == "balanceSheet") balanceSheet = IBalanceSheetGatewayHandler(data);
-        else if (what == "vaultRegistry") vaultRegistry = IVaultRegistryGatewayHandler(data);
-        else if (what == "contractUpdater") contractUpdater = IContractUpdateGatewayHandler(data);
-        else if (what == "tokenRecoverer") tokenRecoverer = ITokenRecoverer(data);
+        else if (what == "envoy") envoy = IEnvoy(data);
         else revert FileUnrecognizedParam();
 
         emit File(what, data);
@@ -80,56 +67,91 @@ contract MessageProcessor is Auth, IMessageProcessor {
     function handle(uint16 centrifugeId, bytes calldata message) external auth {
         MessageType kind = message.messageType();
 
-        if (kind == MessageType.ScheduleUpgrade) {
-            require(centrifugeId == MAINNET_CENTRIFUGE_ID, OnlyFromMainnet());
-            MessageLib.ScheduleUpgrade memory m = message.deserializeScheduleUpgrade();
-            scheduleAuth.scheduleRely(m.target.toAddress());
-        } else if (kind == MessageType.CancelUpgrade) {
-            require(centrifugeId == MAINNET_CENTRIFUGE_ID, OnlyFromMainnet());
-            MessageLib.CancelUpgrade memory m = message.deserializeCancelUpgrade();
-            scheduleAuth.cancelRely(m.target.toAddress());
-        } else if (kind == MessageType.RecoverTokens) {
-            require(centrifugeId == MAINNET_CENTRIFUGE_ID, OnlyFromMainnet());
-            MessageLib.RecoverTokens memory m = message.deserializeRecoverTokens();
-            tokenRecoverer.recoverTokens(
-                IRecoverable(m.target.toAddress()), m.token.toAddress(), m.tokenId, m.to.toAddress(), m.amount
-            );
-        } else if (kind == MessageType.RegisterAsset) {
+        if (_handleHub(centrifugeId, kind, message)) return;
+        if (_handleSpoke(centrifugeId, kind, message)) return;
+        if (_handleRoot(kind, message)) return;
+
+        revert InvalidMessage(uint8(kind));
+    }
+
+    /// @dev Messages processed on the hub side.
+    function _handleHub(uint16 centrifugeId, MessageType kind, bytes calldata message) internal returns (bool) {
+        if (kind == MessageType.RegisterAsset) {
             MessageLib.RegisterAsset memory m = message.deserializeRegisterAsset();
-            require(centrifugeId == AssetId.wrap(m.assetId).centrifugeId(), OnlyFromSource());
             hubHandler.registerAsset(AssetId.wrap(m.assetId), m.decimals);
-        } else if (kind == MessageType.SetPoolAdapters) {
-            MessageLib.SetPoolAdapters memory m = message.deserializeSetPoolAdapters();
-            require(centrifugeId == PoolId.wrap(m.poolId).centrifugeId(), OnlyFromSource());
-            IAdapter[] memory adapters = new IAdapter[](m.adapterList.length);
-            for (uint256 i; i < adapters.length; i++) {
-                adapters[i] = IAdapter(m.adapterList[i].toAddress());
-            }
-            multiAdapter.setAdapters(centrifugeId, PoolId.wrap(m.poolId), adapters, m.threshold, m.recoveryIndex);
         } else if (kind == MessageType.Request) {
             MessageLib.Request memory m = MessageLib.deserializeRequest(message);
             hubHandler.request(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), AssetId.wrap(m.assetId), m.payload);
-        } else if (kind == MessageType.NotifyPool) {
-            spoke.addPool(PoolId.wrap(MessageLib.deserializeNotifyPool(message).poolId));
+        } else if (kind == MessageType.InitiateTransferShares) {
+            MessageLib.InitiateTransferShares memory m = MessageLib.deserializeInitiateTransferShares(message);
+            hubHandler.initiateTransferShares(
+                centrifugeId,
+                m.centrifugeId,
+                PoolId.wrap(m.poolId),
+                ShareClassId.wrap(m.scId),
+                m.sender,
+                m.receiver,
+                m.amount,
+                m.remoteExtraGasLimit,
+                address(0) // Refund is not used because we're in unpaid mode with no payment
+            );
+        } else if (kind == MessageType.UpdateAssets) {
+            MessageLib.UpdateAssets memory m = message.deserializeUpdateAssets();
+            hubHandler.updateAssets(
+                centrifugeId,
+                PoolId.wrap(m.poolId),
+                ShareClassId.wrap(m.scId),
+                AssetId.wrap(m.assetId),
+                m.amount,
+                m.isIncrease,
+                m.isSnapshot,
+                m.nonce
+            );
+        } else if (kind == MessageType.UpdateShares) {
+            MessageLib.UpdateShares memory m = message.deserializeUpdateShares();
+            hubHandler.updateShares(
+                centrifugeId,
+                PoolId.wrap(m.poolId),
+                ShareClassId.wrap(m.scId),
+                m.shares,
+                m.isIssuance,
+                m.isSnapshot,
+                m.nonce
+            );
+        } else if (kind == MessageType.ManagerCallFromSpoke) {
+            MessageLib.ManagerCallFromSpoke memory m = MessageLib.deserializeManagerCallFromSpoke(message);
+            envoy.callFromSpoke(PoolId.wrap(m.poolId), m.target.toAddress(), m.payload, centrifugeId, m.sender);
+        } else {
+            return false;
+        }
+        return true;
+    }
+
+    /// @dev Messages processed on the spoke side.
+    function _handleSpoke(uint16 centrifugeId, MessageType kind, bytes calldata message) internal returns (bool) {
+        if (kind == MessageType.NotifyPool) {
+            MessageLib.NotifyPool memory m = MessageLib.deserializeNotifyPool(message);
+            spokeHandler.addPool(PoolId.wrap(m.poolId));
         } else if (kind == MessageType.NotifyShareClass) {
             MessageLib.NotifyShareClass memory m = MessageLib.deserializeNotifyShareClass(message);
-            spoke.addShareClass(
+            spokeHandler.addShareClass(
                 PoolId.wrap(m.poolId),
                 ShareClassId.wrap(m.scId),
                 m.name,
                 m.symbol.toString(),
                 m.decimals,
                 m.salt,
-                m.hook.toAddress()
+                IRegistrar(m.registrar.toAddress()),
+                m.payload
             );
         } else if (kind == MessageType.NotifyPricePoolPerShare) {
             MessageLib.NotifyPricePoolPerShare memory m = MessageLib.deserializeNotifyPricePoolPerShare(message);
-            spoke.updatePricePoolPerShare(
+            spokeHandler.updatePricePoolPerShare(
                 PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), D18.wrap(m.price), m.timestamp
             );
         } else if (kind == MessageType.NotifyPricePoolPerAsset) {
             MessageLib.NotifyPricePoolPerAsset memory m = MessageLib.deserializeNotifyPricePoolPerAsset(message);
-            spoke.updatePricePoolPerAsset(
+            spokeHandler.updatePricePoolPerAsset(
                 PoolId.wrap(m.poolId),
                 ShareClassId.wrap(m.scId),
                 AssetId.wrap(m.assetId),
@@ -138,98 +160,86 @@ contract MessageProcessor is Auth, IMessageProcessor {
             );
         } else if (kind == MessageType.NotifyShareMetadata) {
             MessageLib.NotifyShareMetadata memory m = MessageLib.deserializeNotifyShareMetadata(message);
-            spoke.updateShareMetadata(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.name, m.symbol.toString());
-        } else if (kind == MessageType.UpdateShareHook) {
-            MessageLib.UpdateShareHook memory m = MessageLib.deserializeUpdateShareHook(message);
-            spoke.updateShareHook(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.hook.toAddress());
-        } else if (kind == MessageType.InitiateTransferShares) {
-            MessageLib.InitiateTransferShares memory m = MessageLib.deserializeInitiateTransferShares(message);
-            hubHandler.initiateTransferShares(
-                centrifugeId,
-                m.centrifugeId,
-                PoolId.wrap(m.poolId),
-                ShareClassId.wrap(m.scId),
-                m.receiver,
-                m.amount,
-                m.remoteExtraGasLimit,
-                address(0) // Refund is not used because we're in unpaid mode with no payment
+            spokeHandler.updateShareMetadata(
+                PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.name, m.symbol.toString()
             );
         } else if (kind == MessageType.ExecuteTransferShares) {
             MessageLib.ExecuteTransferShares memory m = MessageLib.deserializeExecuteTransferShares(message);
-            spoke.executeTransferShares(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.receiver, m.amount);
+            spokeHandler.executeTransferShares(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.receiver, m.amount);
         } else if (kind == MessageType.UpdateRestriction) {
             MessageLib.UpdateRestriction memory m = MessageLib.deserializeUpdateRestriction(message);
-            spoke.updateRestriction(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.payload);
-        } else if (kind == MessageType.TrustedContractUpdate) {
-            MessageLib.TrustedContractUpdate memory m = MessageLib.deserializeTrustedContractUpdate(message);
-            contractUpdater.trustedCall(
-                PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.target.toAddress(), m.payload
-            );
-        } else if (kind == MessageType.UntrustedContractUpdate) {
-            MessageLib.UntrustedContractUpdate memory m = MessageLib.deserializeUntrustedContractUpdate(message);
-            contractUpdater.untrustedCall(
-                PoolId.wrap(m.poolId),
-                ShareClassId.wrap(m.scId),
-                m.target.toAddress(),
-                m.payload,
-                centrifugeId,
-                m.sender
-            );
+            spokeHandler.updateRestriction(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.payload);
         } else if (kind == MessageType.RequestCallback) {
             MessageLib.RequestCallback memory m = MessageLib.deserializeRequestCallback(message);
-            spoke.requestCallback(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), AssetId.wrap(m.assetId), m.payload);
+            spokeHandler.requestCallback(
+                PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), AssetId.wrap(m.assetId), m.payload
+            );
         } else if (kind == MessageType.UpdateVault) {
             MessageLib.UpdateVault memory m = MessageLib.deserializeUpdateVault(message);
-            vaultRegistry.updateVault(
+            spokeHandler.updateVault(
                 PoolId.wrap(m.poolId),
                 ShareClassId.wrap(m.scId),
                 AssetId.wrap(m.assetId),
                 m.vaultOrFactory.toAddress(),
-                VaultUpdateKind(m.kind)
+                VaultUpdateKind(m.kind),
+                m.payload
             );
         } else if (kind == MessageType.SetRequestManager) {
             MessageLib.SetRequestManager memory m = MessageLib.deserializeSetRequestManager(message);
-            spoke.setRequestManager(PoolId.wrap(m.poolId), IRequestManager(m.manager.toAddress()));
-        } else if (kind == MessageType.UpdateBalanceSheetManager) {
-            MessageLib.UpdateBalanceSheetManager memory m = MessageLib.deserializeUpdateBalanceSheetManager(message);
-            balanceSheet.updateManager(PoolId.wrap(m.poolId), m.who.toAddress(), m.canManage);
-        } else if (kind == MessageType.UpdateHoldingAmount) {
-            MessageLib.UpdateHoldingAmount memory m = message.deserializeUpdateHoldingAmount();
-            hubHandler.updateHoldingAmount(
-                centrifugeId,
-                PoolId.wrap(m.poolId),
-                ShareClassId.wrap(m.scId),
-                AssetId.wrap(m.assetId),
-                m.amount,
-                D18.wrap(m.pricePoolPerAsset),
-                m.isIncrease,
-                m.isSnapshot,
-                m.nonce
-            );
-        } else if (kind == MessageType.UpdateShares) {
-            MessageLib.UpdateShares memory m = message.deserializeUpdateShares();
-            hubHandler.updateShares(
-                centrifugeId,
-                PoolId.wrap(m.poolId),
-                ShareClassId.wrap(m.scId),
-                m.shares,
-                m.isIssuance,
-                m.isSnapshot,
-                m.nonce
-            );
-        } else if (kind == MessageType.SetMaxAssetPriceAge) {
-            MessageLib.SetMaxAssetPriceAge memory m = message.deserializeSetMaxAssetPriceAge();
-            spoke.setMaxAssetPriceAge(
-                PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), AssetId.wrap(m.assetId), m.maxPriceAge
-            );
-        } else if (kind == MessageType.SetMaxSharePriceAge) {
-            MessageLib.SetMaxSharePriceAge memory m = message.deserializeSetMaxSharePriceAge();
-            spoke.setMaxSharePriceAge(PoolId.wrap(m.poolId), ShareClassId.wrap(m.scId), m.maxPriceAge);
-        } else if (kind == MessageType.UpdateGatewayManager) {
-            MessageLib.UpdateGatewayManager memory m = message.deserializeUpdateGatewayManager();
-            gateway.updateManager(PoolId.wrap(m.poolId), m.who.toAddress(), m.canManage);
+            spokeHandler.setRequestManager(PoolId.wrap(m.poolId), ISpokeRequestManager(m.manager.toAddress()));
+        } else if (kind == MessageType.SetPoolAdapters) {
+            MessageLib.SetPoolAdapters memory m = message.deserializeSetPoolAdapters();
+            PoolId poolId = PoolId.wrap(m.poolId);
+            IAdapter[] memory adapters = new IAdapter[](m.adapterList.length);
+            for (uint256 i; i < adapters.length; i++) {
+                adapters[i] = IAdapter(m.adapterList[i].toAddress());
+            }
+            multiAdapter.setAdapters(centrifugeId, poolId, adapters, m.threshold, m.targetSessionId);
+        } else if (kind == MessageType.ManagerCallFromHub) {
+            MessageLib.ManagerCallFromHub memory m = MessageLib.deserializeManagerCallFromHub(message);
+            envoy.callFromHub(PoolId.wrap(m.poolId), m.target.toAddress(), m.payload);
+        } else if (kind == MessageType.SetPolicy) {
+            MessageLib.SetPolicy memory m = MessageLib.deserializeSetPolicy(message);
+            spokeHandler.setPolicy(PoolId.wrap(m.poolId), IPolicy(m.policy.toAddress()));
+        } else if (kind == MessageType.AuthorizeSpokeCall) {
+            MessageLib.AuthorizeSpokeCall memory m = MessageLib.deserializeAuthorizeSpokeCall(message);
+            spokeHandler.authorize(PoolId.wrap(m.poolId), m.payload);
+        } else if (kind == MessageType.UnauthorizeSpokeCall) {
+            MessageLib.UnauthorizeSpokeCall memory m = MessageLib.deserializeUnauthorizeSpokeCall(message);
+            spokeHandler.unauthorize(PoolId.wrap(m.poolId), m.payload);
+        } else if (kind == MessageType.UpdateManager) {
+            MessageLib.UpdateManager memory m = MessageLib.deserializeUpdateManager(message);
+            PoolId poolId = PoolId.wrap(m.poolId);
+            address who = m.who.toAddress();
+            ManagerKind managerKind = ManagerKind(m.kind);
+            if (managerKind == ManagerKind.Spoke) {
+                spokeHandler.updateManager(poolId, who, m.canManage);
+            } else if (managerKind == ManagerKind.Adapter) {
+                multiAdapter.updateManager(poolId, who, m.canManage);
+            } else if (managerKind == ManagerKind.Gateway) {
+                gateway.updateManager(poolId, who, m.canManage);
+            } else if (managerKind == ManagerKind.Bridger) {
+                spokeHandler.updateBridger(poolId, who, m.canManage);
+            } else {
+                revert InvalidManagerKind(); // Unreachable due the enum check
+            }
+        } else {
+            return false;
+        }
+        return true;
+    }
+
+    /// @dev Root-level upgrade scheduling.
+    function _handleRoot(MessageType kind, bytes calldata message) internal returns (bool) {
+        if (kind == MessageType.ScheduleUpgrade) {
+            MessageLib.ScheduleUpgrade memory m = message.deserializeScheduleUpgrade();
+            scheduleAuth.scheduleRely(m.target.toAddress());
+        } else if (kind == MessageType.CancelUpgrade) {
+            MessageLib.CancelUpgrade memory m = message.deserializeCancelUpgrade();
+            scheduleAuth.cancelRely(m.target.toAddress());
         } else {
-            revert InvalidMessage(uint8(kind));
+            return false;
         }
+        return true;
     }
 }
diff --git a/src/core/messaging/MultiAdapter.sol b/src/core/messaging/MultiAdapter.sol
index f4a9f39c8..e46f5d243 100644
--- a/src/core/messaging/MultiAdapter.sol
+++ b/src/core/messaging/MultiAdapter.sol
@@ -3,6 +3,7 @@ pragma solidity 0.8.28;
 
 import {IAdapter} from "./interfaces/IAdapter.sol";
 import {IMessageHandler} from "./interfaces/IMessageHandler.sol";
+import {IAdapterEntrypoint} from "./interfaces/IAdapterEntrypoint.sol";
 import {IMessageProperties} from "./interfaces/IMessageProperties.sol";
 import {IMultiAdapter, MAX_ADAPTER_COUNT} from "./interfaces/IMultiAdapter.sol";
 
@@ -10,7 +11,7 @@ import {Auth} from "../../misc/Auth.sol";
 import {CastLib} from "../../misc/libraries/CastLib.sol";
 import {MathLib} from "../../misc/libraries/MathLib.sol";
 import {ArrayLib} from "../../misc/libraries/ArrayLib.sol";
-import {BytesLib} from "../../misc/libraries/BytesLib.sol";
+import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../types/PoolId.sol";
 
@@ -20,28 +21,42 @@ import {PoolId} from "../types/PoolId.sol";
 ///         forwarding messages to the gateway for execution.
 contract MultiAdapter is Auth, IMultiAdapter {
     using CastLib for *;
-    using BytesLib for bytes;
     using MathLib for uint256;
     using ArrayLib for int16[8];
 
-    PoolId public constant GLOBAL_POOL = PoolId.wrap(0);
-
+    // Parameters
     uint16 public immutable localCentrifugeId;
 
+    // Dependencies
     IMessageHandler public gateway;
     IMessageProperties public messageProperties;
 
-    uint128 lastSessionId;
+    // Authorization
+    mapping(PoolId => mapping(address => bool)) public manager;
+
+    // Adapters & sessions
+    mapping(uint16 centrifugeId => mapping(PoolId => uint16)) public activeSessionId;
+    mapping(uint16 centrifugeId => mapping(PoolId => Adapters)) internal _activeAdapters;
+    mapping(uint16 centrifugeId => mapping(PoolId => mapping(uint16 sessionId => IAdapter[]))) public adapters;
+    mapping(
+        uint16 centrifugeId => mapping(PoolId => mapping(uint16 sessionId => mapping(IAdapter adapter => Adapter)))
+    ) internal _adapterDetails;
+    mapping(uint16 centrifugeId => mapping(PoolId => mapping(uint16 sessionId => BlockedSession))) internal
+        _blockedSessions;
 
-    mapping(uint16 centrifugeId => mapping(PoolId => IAdapter[])) public adapters;
-    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => Inbound)) public inbound;
-    mapping(uint16 centrifugeId => mapping(PoolId => mapping(IAdapter adapter => Adapter))) internal _adapterDetails;
+    // Inbound messages
+    mapping(uint16 centrifugeId => mapping(bytes32 voteKey => int16[MAX_ADAPTER_COUNT])) internal _votes;
 
     constructor(uint16 localCentrifugeId_, IMessageHandler gateway_, address deployer) Auth(deployer) {
         localCentrifugeId = localCentrifugeId_;
         gateway = gateway_;
     }
 
+    modifier onlyAuthOrManager(PoolId poolId) {
+        require(wards[msg.sender] == 1 || manager[poolId][msg.sender], NotAuthorized());
+        _;
+    }
+
     //----------------------------------------------------------------------------------------------
     // Administration
     //----------------------------------------------------------------------------------------------
@@ -55,41 +70,93 @@ contract MultiAdapter is Auth, IMultiAdapter {
         emit File(what, instance);
     }
 
+    /// @inheritdoc IMultiAdapter
+    function updateManager(PoolId poolId, address who, bool canManage) external auth {
+        manager[poolId][who] = canManage;
+        emit UpdateManager(poolId, who, canManage);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Adapter management
+    //----------------------------------------------------------------------------------------------
+
     /// @inheritdoc IMultiAdapter
     function setAdapters(
         uint16 centrifugeId,
         PoolId poolId,
         IAdapter[] calldata addresses,
         uint8 threshold_,
-        uint8 recoveryIndex_
-    ) external auth {
+        uint16 targetSessionId
+    ) external onlyAuthOrManager(poolId) {
         uint8 quorum_ = addresses.length.toUint8();
         require(quorum_ <= MAX_ADAPTER_COUNT, ExceedsMax());
+        require(threshold_ > 0 || quorum_ == 0, ZeroThreshold());
         require(threshold_ <= quorum_, ThresholdHigherThanQuorum());
-        require(recoveryIndex_ <= quorum_, RecoveryIndexHigherThanQuorum());
 
-        // Increment session id to reset pending votes
-        uint256 numAdapters = adapters[centrifugeId][poolId].length;
-        uint128 sessionId = lastSessionId + 1;
+        // Advance the session id to reset pending votes
+        uint16 sessionId = activeSessionId[centrifugeId][poolId] + 1;
+        require(sessionId == targetSessionId, UnexpectedSessionId());
+        activeSessionId[centrifugeId][poolId] = sessionId;
+
+        _installSession(centrifugeId, poolId, sessionId, addresses, threshold_);
+        _activeAdapters[centrifugeId][poolId] = Adapters(sessionId, addresses);
 
-        // Disable old adapters
-        for (uint8 i; i < numAdapters; i++) {
-            delete _adapterDetails[centrifugeId][poolId][adapters[centrifugeId][poolId][i]];
+        emit SetAdapters(centrifugeId, poolId, sessionId, addresses, threshold_);
+    }
+
+    /// @inheritdoc IMultiAdapter
+    function blockSession(uint16 centrifugeId, PoolId poolId, uint16 sessionId) external onlyAuthOrManager(poolId) {
+        IAdapter[] memory list = adapters[centrifugeId][poolId][sessionId];
+        uint256 numAdapters = list.length;
+        require(numAdapters != 0, SessionNotConfigured());
+
+        // Move the session configuration out of the live storage so handle()/send() reject it through their
+        // existing checks (InvalidAdapter / EmptyAdapterSet), avoiding an extra SLOAD on every message.
+        Adapter memory first = _adapterDetails[centrifugeId][poolId][sessionId][list[0]];
+        bool wasActive = sessionId == activeSessionId[centrifugeId][poolId];
+        _blockedSessions[centrifugeId][poolId][sessionId] = BlockedSession(first.threshold, wasActive, list);
+
+        for (uint256 i; i < numAdapters; i++) {
+            delete _adapterDetails[centrifugeId][poolId][sessionId][list[i]];
         }
+        delete adapters[centrifugeId][poolId][sessionId];
+        if (wasActive) delete _activeAdapters[centrifugeId][poolId];
+
+        emit BlockSession(centrifugeId, poolId, sessionId);
+    }
+
+    /// @inheritdoc IMultiAdapter
+    function unblockSession(uint16 centrifugeId, PoolId poolId, uint16 sessionId) external onlyAuthOrManager(poolId) {
+        BlockedSession memory blocked = _blockedSessions[centrifugeId][poolId][sessionId];
+        require(blocked.list.length != 0, SessionNotBlocked());
 
-        // Enable new adapters, setting quorum to number of adapters
-        for (uint8 j; j < quorum_; j++) {
-            require(_adapterDetails[centrifugeId][poolId][addresses[j]].id == 0, NoDuplicatesAllowed());
+        // Move the configuration back into the live storage, rebuilding the per-adapter details.
+        _installSession(centrifugeId, poolId, sessionId, blocked.list, blocked.threshold);
 
-            // Ids are assigned sequentially starting at 1
-            _adapterDetails[centrifugeId][poolId][addresses[j]] =
-                Adapter(j + 1, quorum_, threshold_, recoveryIndex_, sessionId);
+        // Only restore the active set if this is still the active session; a later setAdapters may have replaced it.
+        if (blocked.wasActive && sessionId == activeSessionId[centrifugeId][poolId]) {
+            _activeAdapters[centrifugeId][poolId] = Adapters(sessionId, blocked.list);
         }
 
-        adapters[centrifugeId][poolId] = addresses;
-        lastSessionId = sessionId;
+        delete _blockedSessions[centrifugeId][poolId][sessionId];
 
-        emit SetAdapters(centrifugeId, poolId, addresses, threshold_, recoveryIndex_);
+        emit UnblockSession(centrifugeId, poolId, sessionId);
+    }
+
+    /// @dev Writes the per-adapter details and the session's adapter list, assigning ids sequentially from 1.
+    function _installSession(
+        uint16 centrifugeId,
+        PoolId poolId,
+        uint16 sessionId,
+        IAdapter[] memory list,
+        uint8 threshold_
+    ) internal {
+        uint8 quorum_ = list.length.toUint8();
+        for (uint8 i; i < quorum_; i++) {
+            require(_adapterDetails[centrifugeId][poolId][sessionId][list[i]].id == 0, NoDuplicatesAllowed());
+            _adapterDetails[centrifugeId][poolId][sessionId][list[i]] = Adapter(i + 1, quorum_, threshold_);
+        }
+        adapters[centrifugeId][poolId][sessionId] = list;
     }
 
     //----------------------------------------------------------------------------------------------
@@ -97,41 +164,103 @@ contract MultiAdapter is Auth, IMultiAdapter {
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc IMessageHandler
+    /// @dev Equivalent to vote() followed by execute(): cast this adapter's vote and, if it reaches the
+    ///      threshold, consume the quorum's votes and forward to the gateway.
     function handle(uint16 centrifugeId, bytes calldata payload) external {
-        PoolId poolId = messageProperties.messagePoolId(payload);
+        handle(centrifugeId, payload, IAdapter(msg.sender));
+    }
+
+    /// @inheritdoc IMultiAdapter
+    function handle(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) public {
+        (Adapter memory details, bytes32 payloadHash, bytes32 voteKey, bytes calldata unwrappedPayload) =
+            _resolve(centrifugeId, payload, adapter);
+        if (_vote(centrifugeId, payload, adapter, details, payloadHash, voteKey)) {
+            _execute(centrifugeId, payload, adapter, details, payloadHash, voteKey, unwrappedPayload);
+        }
+    }
+
+    /// @inheritdoc IAdapterEntrypoint
+    function vote(uint16 centrifugeId, bytes calldata payload) external {
+        vote(centrifugeId, payload, IAdapter(msg.sender));
+    }
+
+    /// @inheritdoc IMultiAdapter
+    function vote(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) public {
+        (Adapter memory details, bytes32 payloadHash, bytes32 voteKey,) = _resolve(centrifugeId, payload, adapter);
+        _vote(centrifugeId, payload, adapter, details, payloadHash, voteKey);
+    }
 
-        IAdapter adapterAddr = IAdapter(msg.sender);
-        Adapter memory adapter = _adapterDetails[centrifugeId][poolId][adapterAddr];
-        require(adapter.id != 0, InvalidAdapter());
+    /// @inheritdoc IAdapterEntrypoint
+    function execute(uint16 centrifugeId, bytes calldata payload) external {
+        execute(centrifugeId, payload, IAdapter(msg.sender));
+    }
+
+    /// @inheritdoc IMultiAdapter
+    function execute(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) public {
+        (Adapter memory details, bytes32 payloadHash, bytes32 voteKey, bytes calldata unwrappedPayload) =
+            _resolve(centrifugeId, payload, adapter);
+
+        require(
+            _votes[centrifugeId][voteKey].countPositiveValues(details.quorum) >= details.threshold, NotEnoughVotes()
+        );
+        _execute(centrifugeId, payload, adapter, details, payloadHash, voteKey, unwrappedPayload);
+    }
+
+    /// @dev Record `adapter`'s vote, emit {Vote} and return whether the threshold has been reached. Votes
+    ///      are NOT consumed here; consumption happens in `_execute()`.
+    function _vote(
+        uint16 centrifugeId,
+        bytes calldata payload,
+        IAdapter adapter,
+        Adapter memory details,
+        bytes32 payloadHash,
+        bytes32 voteKey
+    ) internal returns (bool reached) {
+        _votes[centrifugeId][voteKey][details.id - 1]++;
+        reached = _votes[centrifugeId][voteKey].countPositiveValues(details.quorum) >= details.threshold;
 
-        // Verify adapter and parse message hash
-        bytes32 payloadHash = keccak256(payload);
         bytes32 payloadId = keccak256(abi.encodePacked(centrifugeId, localCentrifugeId, payloadHash));
-        emit HandlePayload(centrifugeId, payloadId, payload, adapterAddr);
+        emit Vote(centrifugeId, payloadId, payload, adapter);
+    }
 
-        // Special case for gas efficiency
-        if (adapter.quorum == 1) {
-            gateway.handle(centrifugeId, payload);
-            return;
-        }
+    /// @dev Consume the quorum's votes, forward the payload to the gateway and emit {Execute}. The
+    ///      threshold check is the caller's responsibility (handle() via _vote()'s return, execute() via its require).
+    function _execute(
+        uint16 centrifugeId,
+        bytes calldata payload,
+        IAdapter adapter,
+        Adapter memory details,
+        bytes32 payloadHash,
+        bytes32 voteKey,
+        bytes calldata unwrappedPayload
+    ) internal {
+        _votes[centrifugeId][voteKey].decreaseFirstNValues(details.quorum);
 
-        Inbound storage state = inbound[centrifugeId][payloadHash];
+        bytes32 payloadId = keccak256(abi.encodePacked(centrifugeId, localCentrifugeId, payloadHash));
+        emit Execute(centrifugeId, payloadId, payload, adapter);
 
-        if (adapter.activeSessionId != state.sessionId) {
-            // Clear votes from previous session
-            delete state.votes;
-            state.sessionId = adapter.activeSessionId;
-        }
+        gateway.handle(centrifugeId, unwrappedPayload);
+    }
 
-        // Increase vote
-        state.votes[adapter.id - 1]++;
+    /// @dev Parse a wrapped payload and resolve `adapter`'s config and the payload hash. The caller must be
+    ///      `adapter` itself, or a manager of the payload's pool submitting on its behalf. Reverts if
+    ///      `adapter` is not a configured adapter for the payload's pool/session.
+    function _resolve(uint16 centrifugeId, bytes calldata payload, IAdapter adapter)
+        internal
+        view
+        returns (Adapter memory details, bytes32 payloadHash, bytes32 voteKey, bytes calldata unwrappedPayload)
+    {
+        uint16 sessionId = uint16(bytes2(payload[0:2]));
+        unwrappedPayload = payload[2:];
+        PoolId poolId = _routePoolId(centrifugeId, unwrappedPayload);
 
-        if (state.votes.countPositiveValues(adapter.quorum) >= adapter.threshold) {
-            // Reduce votes by quorum
-            state.votes.decreaseFirstNValues(adapter.quorum, adapter.recoveryIndex);
+        require(msg.sender == address(adapter) || manager[poolId][msg.sender], NotAuthorized());
 
-            gateway.handle(centrifugeId, payload);
-        }
+        details = _adapterDetails[centrifugeId][poolId][sessionId][adapter];
+        require(details.id != 0, InvalidAdapter());
+
+        payloadHash = keccak256(payload);
+        voteKey = keccak256(abi.encodePacked(poolId.raw(), payload));
     }
 
     //----------------------------------------------------------------------------------------------
@@ -145,14 +274,18 @@ contract MultiAdapter is Auth, IMultiAdapter {
         auth
         returns (bytes32)
     {
-        PoolId poolId = messageProperties.messagePoolId(payload);
-        IAdapter[] memory adapters_ = adapters[centrifugeId][poolId];
-        require(adapters_.length != 0, EmptyAdapterSet());
+        PoolId poolId = _routePoolId(centrifugeId, payload);
+        Adapters memory adapters_ = _activeAdapters[centrifugeId][poolId];
+        require(adapters_.list.length != 0, EmptyAdapterSet());
 
-        bytes32 payloadId = keccak256(abi.encodePacked(localCentrifugeId, centrifugeId, keccak256(payload)));
-        for (uint256 i = 0; i < adapters_.length; i++) {
-            _sendToAdapter(centrifugeId, payloadId, payload, adapters_[i], gasLimit, refund);
+        bytes memory wrappedPayload = abi.encodePacked(adapters_.sessionId, payload);
+        bytes32 payloadId = keccak256(abi.encodePacked(localCentrifugeId, centrifugeId, keccak256(wrappedPayload)));
+
+        uint256 totalCost;
+        for (uint256 i = 0; i < adapters_.list.length; i++) {
+            totalCost += _sendToAdapter(centrifugeId, payloadId, wrappedPayload, adapters_.list[i], gasLimit, refund);
         }
+        if (msg.value > totalCost) SafeTransferLib.safeTransferETH(refund, msg.value - totalCost);
 
         return bytes32(0);
     }
@@ -160,12 +293,12 @@ contract MultiAdapter is Auth, IMultiAdapter {
     function _sendToAdapter(
         uint16 centrifugeId,
         bytes32 payloadId,
-        bytes calldata payload,
+        bytes memory payload,
         IAdapter adapter,
         uint256 gasLimit,
         address refund
-    ) internal {
-        uint256 cost = adapter.estimate(centrifugeId, payload, gasLimit);
+    ) internal returns (uint256 cost) {
+        cost = adapter.estimate(centrifugeId, payload, gasLimit);
         bytes32 adapterData = adapter.send{value: cost}(centrifugeId, payload, gasLimit, refund);
         emit SendPayload(centrifugeId, payloadId, payload, adapter, adapterData, gasLimit, cost, refund);
     }
@@ -176,11 +309,15 @@ contract MultiAdapter is Auth, IMultiAdapter {
         view
         returns (uint256 total)
     {
-        PoolId poolId = messageProperties.messagePoolId(payload);
-        IAdapter[] memory adapters_ = adapters[centrifugeId][poolId];
+        PoolId poolId = _routePoolId(centrifugeId, payload);
+        IAdapter[] memory adapters_ = _activeAdapters[centrifugeId][poolId].list;
+        require(adapters_.length != 0, EmptyAdapterSet());
+
+        // Account for the 2-byte session id prefix added in send(); non-zero bytes for max calldata cost.
+        bytes memory wrappedPayload = abi.encodePacked(uint16((1 << 8) + 1), payload);
 
         for (uint256 i; i < adapters_.length; i++) {
-            total += adapters_[i].estimate(centrifugeId, payload, gasLimit);
+            total += adapters_[i].estimate(centrifugeId, wrappedPayload, gasLimit);
         }
     }
 
@@ -188,6 +325,11 @@ contract MultiAdapter is Auth, IMultiAdapter {
     // Getters
     //----------------------------------------------------------------------------------------------
 
+    /// @inheritdoc IMultiAdapter
+    function blockedSession(uint16 centrifugeId, PoolId poolId, uint16 sessionId) external view returns (bool) {
+        return _blockedSessions[centrifugeId][poolId][sessionId].list.length != 0;
+    }
+
     /// @inheritdoc IMultiAdapter
     function quorum(uint16 centrifugeId, PoolId poolId) external view returns (uint8) {
         return _getFirstAdapterDetails(centrifugeId, poolId).quorum;
@@ -199,24 +341,30 @@ contract MultiAdapter is Auth, IMultiAdapter {
     }
 
     /// @inheritdoc IMultiAdapter
-    function recoveryIndex(uint16 centrifugeId, PoolId poolId) external view returns (uint8) {
-        return _getFirstAdapterDetails(centrifugeId, poolId).recoveryIndex;
+    function votes(uint16 centrifugeId, bytes32 voteKey) external view returns (int16[MAX_ADAPTER_COUNT] memory) {
+        return _votes[centrifugeId][voteKey];
     }
 
     /// @inheritdoc IMultiAdapter
-    function activeSessionId(uint16 centrifugeId, PoolId poolId) external view returns (uint128) {
-        return _getFirstAdapterDetails(centrifugeId, poolId).activeSessionId;
+    function activeAdapters(uint16 centrifugeId, PoolId poolId) external view returns (Adapters memory) {
+        return _activeAdapters[centrifugeId][poolId];
     }
 
     /// @inheritdoc IMultiAdapter
-    function votes(uint16 centrifugeId, bytes32 payloadHash) external view returns (int16[MAX_ADAPTER_COUNT] memory) {
-        return inbound[centrifugeId][payloadHash].votes;
+    function nextActiveSessionId(uint16 centrifugeId, PoolId poolId) external view returns (uint16) {
+        return activeSessionId[centrifugeId][poolId] + 1;
+    }
+
+    /// @dev Send and handle apply the same rule, so both chains agree on the carrying set.
+    function _routePoolId(uint16 centrifugeId, bytes calldata payload) internal view returns (PoolId) {
+        PoolId poolId = messageProperties.messagePoolId(payload);
+        bool poolConfigured = activeSessionId[centrifugeId][poolId] != 0;
+        return messageProperties.routePoolId(payload, poolConfigured);
     }
 
-    /// @dev Internal helper to get the first adapter's details for a pool, handling empty cases
     function _getFirstAdapterDetails(uint16 centrifugeId, PoolId poolId) internal view returns (Adapter memory) {
-        IAdapter[] memory adapters_ = adapters[centrifugeId][poolId];
-        if (adapters_.length == 0) return Adapter(0, 0, 0, 0, 0);
-        return _adapterDetails[centrifugeId][poolId][adapters_[0]];
+        Adapters memory adapters_ = _activeAdapters[centrifugeId][poolId];
+        if (adapters_.list.length == 0) return Adapter(0, 0, 0);
+        return _adapterDetails[centrifugeId][poolId][adapters_.sessionId][adapters_.list[0]];
     }
 }
diff --git a/src/core/messaging/README.md b/src/core/messaging/README.md
index 13ceb2731..8516a4a73 100644
--- a/src/core/messaging/README.md
+++ b/src/core/messaging/README.md
@@ -1,8 +1,8 @@
 # Messaging
 
-The messaging module handles all cross-chain message serialization, dispatching, and processing in the Centrifuge Protocol. It provides a unified interface for outgoing messages, routes incoming messages to appropriate handlers, and manages gas estimation for cross-chain execution.
+The messaging module handles all cross-chain message serialization, dispatching, and processing in the Centrifuge Protocol. It provides a unified interface for outgoing messages, routes incoming messages to appropriate handlers, batches everything bound for the same destination and pool into a single payload, and settles cross-chain execution fees onchain as part of dispatch. Gas limits and costs are quoted through the `GasService` (`src/admin`) and the configured adapters.
 
-![Messaging architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/core/messaging.puml)
+![Messaging architecture](../../../docs/architecture/core/messaging.svg)
 
 ### `MessageDispatcher`
 
@@ -10,12 +10,18 @@ The `MessageDispatcher` serializes and dispatches outgoing cross-chain messages,
 
 ### `MessageProcessor`
 
-The `MessageProcessor` deserializes and processes incoming cross-chain messages, routing them to appropriate handlers based on message type. It validates source chains for privileged operations, ensuring that critical messages like pool creation or share class updates only come from trusted sources. The contract supports both paid and unpaid modes, with unpaid mode used for internal protocol messages that don't require gas payment validation.
+The `MessageProcessor` deserializes and processes incoming cross-chain messages, routing them to the appropriate handler based on message type.
 
-The processor extracts message type and payload from incoming messages using `MessageLib`, then routes to handlers like `HubHandler`, `Spoke`, `BalanceSheet`, `VaultRegistry`, or `ContractUpdater` based on the message type. It enforces that certain privileged operations can only originate from the mainnet Centrifuge chain (ID 1), providing a security layer for critical protocol state changes. The contract also handles special message types like schedule authentication, token recovery, and request callbacks.
+The processor extracts the message type and payload from incoming messages using `MessageLib`, then dispatches to the hub handler (`IHubGatewayHandler`) or the spoke handler (`ISpokeGatewayHandler`), plus a root branch for protocol-admin messages, based on the message type. Some types do not go to a handler at all: pool adapter sets are applied on `MultiAdapter`, manager calls are delivered through the `Envoy`, upgrade scheduling and cancellation go to `IScheduleAuth`, and manager updates fan out to the spoke handler, `MultiAdapter`, or `Gateway` depending on the manager kind. An unrecognized type reverts. Authentication of the message source is handled upstream by the `Gateway` and adapters, not by the processor.
 
-### `GasService`
+### `Gateway`
 
-The `GasService` stores gas limits (in gas units) for cross-chain message execution, providing adapters with information about how much gas to allocate for each message type on destination chains. Gas limits are benchmarked using `script/utils/benchmark.sh` and include a base cost covering adapter and gateway processing overhead plus the specific execution cost for each message type.
+The `Gateway` is the payment and batching boundary for all messages. Outgoing messages are appended to a transient batch per destination chain and pool while `withBatch` is open, and each batch is sent as a single payload when the batch closes, rejecting a batch whose accumulated gas limit exceeds the destination's maximum. Sending settles the adapter cost from the value provided and refunds the remainder; in unpaid mode an underfunded batch is recorded as `underpaid` instead of reverting, and anyone can settle it later with `repay`.
 
-Each message type has an immutable gas limit set at deployment, covering operations from simple notifications (~100k gas) to complex vault deployments (~2.8M gas). The contract implements `IMessageLimits` to expose these values to the protocol, enabling accurate gas estimation for cross-chain operations. Gas values account for worst-case scenarios like creating new escrows during pool notifications or deploying and linking vaults in a single operation.
+Incoming batches are split back into individual messages, checking that every message belongs to the same pool and that the source chain matches the one the message requires. Each message is handed to the processor through a gas-capped, excessively-safe call, so a single failing message cannot take down the rest of the batch: it is counted in `failedMessages` and can be re-executed with `retry` or written off with `clearFailedMessage`. All of this is disabled while the protocol is paused.
+
+### `MultiAdapter`
+
+`MultiAdapter` is the adapter set behind the `Gateway`, configured per destination chain and per pool. `setAdapters` installs a new numbered session for a pool, so pending votes from the previous set are never counted against the new one, and requires a threshold no higher than the number of adapters. A session can be taken out of service with `blockSession` and restored with `unblockSession`. Both are callable by a ward or by the pool's adapter manager.
+
+Outgoing payloads are prefixed with the session id and sent over every adapter in the pool's active set, each paid its own estimate and any surplus refunded. Inbound, each adapter votes for the payload it received, and once a payload has votes from `threshold` distinct adapters of that session, those votes are consumed and the payload is forwarded to the `Gateway` exactly once. Voting and execution are separable: `handle` does both, `vote` only records a confirmation, and `execute` forwards a payload whose threshold has already been reached.
diff --git a/src/core/messaging/interfaces/IAdapter.sol b/src/core/messaging/interfaces/IAdapter.sol
index e806340c6..fcde96c4c 100644
--- a/src/core/messaging/interfaces/IAdapter.sol
+++ b/src/core/messaging/interfaces/IAdapter.sol
@@ -1,6 +1,16 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
+/// @notice Cross-chain transport used by `MultiAdapter` to carry protocol payloads between chains.
+/// @dev    Implementations MUST NOT revert in `send` or `estimate` for a route they are configured for.
+///         `MultiAdapter` fans every outgoing payload out over the whole active adapter set and bubbles any
+///         revert, and `Gateway` estimates before it dispatches, so one failing adapter vetoes all outbound
+///         traffic of the pools that configure it, even when the remaining adapters would satisfy the
+///         threshold on their own. Adapters placed after the failing one are never reached either, so a
+///         `StandbyAdapter` does not get to record its send, and nothing is queued for later repayment since
+///         the revert precedes the underpaid bookkeeping. Rotating away from such an adapter cannot go
+///         through the hub, which would send over the same broken set: see {IMultiAdapter-setAdapters} for
+///         the recovery runbook.
 interface IAdapter {
     //----------------------------------------------------------------------------------------------
     // Errors
diff --git a/src/core/messaging/interfaces/IAdapterEntrypoint.sol b/src/core/messaging/interfaces/IAdapterEntrypoint.sol
new file mode 100644
index 000000000..9c6a1874e
--- /dev/null
+++ b/src/core/messaging/interfaces/IAdapterEntrypoint.sol
@@ -0,0 +1,36 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {IMessageHandler} from "./IMessageHandler.sol";
+
+/// @notice Thin entrypoint that adapters use to reach the MultiAdapter. Extends {IMessageHandler} (the regular
+///         vote-and-maybe-execute path) with the proof-adapter primitives {vote} and {execute}, which decouple
+///         voting from execution. Adapters depend on this small interface instead of the full {IMultiAdapter}.
+interface IAdapterEntrypoint is IMessageHandler {
+    //----------------------------------------------------------------------------------------------
+    // Errors
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Dispatched when {execute} is called for a payload whose votes have not reached the threshold
+    ///         (i.e. some required adapter has not delivered its proof yet).
+    error NotEnoughVotes();
+
+    //----------------------------------------------------------------------------------------------
+    // Incoming
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Records the calling adapter's vote for `payload` WITHOUT ever executing it, even once the
+    ///         threshold is reached. Proof adapters call this on receipt; execution is deferred to {execute}.
+    /// @dev    Unlike `handle()`, this never forwards to the gateway and never consumes votes, so a cheap proof
+    ///         delivery can never trigger an under-funded inline execution.
+    /// @param  centrifugeId Source chain identifier
+    /// @param  payload The wrapped payload (session-id prefixed) to vote on
+    function vote(uint16 centrifugeId, bytes calldata payload) external;
+
+    /// @notice Executes a payload whose votes have already reached the threshold,
+    ///         consuming the quorum's votes. Does NOT cast a vote of its own.
+    /// @dev    Reverts with {NotEnoughVotes} if the threshold is not met.
+    /// @param  centrifugeId Source chain identifier
+    /// @param  payload The wrapped payload (session-id prefixed) to execute
+    function execute(uint16 centrifugeId, bytes calldata payload) external;
+}
diff --git a/src/core/messaging/interfaces/IGateway.sol b/src/core/messaging/interfaces/IGateway.sol
index 1d5a1874b..d7731d599 100644
--- a/src/core/messaging/interfaces/IGateway.sol
+++ b/src/core/messaging/interfaces/IGateway.sol
@@ -10,9 +10,6 @@ import {IRecoverable} from "../../../misc/interfaces/IRecoverable.sol";
 
 import {PoolId} from "../../types/PoolId.sol";
 
-// Reserved gas amount for processing a message failure (assuming the worst case)
-uint256 constant PROCESS_FAIL_MESSAGE_GAS = 35_000;
-
 // Max length for a supported message. Note that a batch can use several messages with this length.
 uint256 constant MESSAGE_MAX_LENGTH = 1_000;
 
@@ -35,16 +32,13 @@ interface IGateway is IMessageHandler, IRecoverable {
     //----------------------------------------------------------------------------------------------
 
     event File(bytes32 indexed what, address addr);
-    event UpdateManager(PoolId poolId, address who, bool canManage);
-    event BlockOutgoing(uint16 centrifugeId, PoolId poolId, bool isBlocked);
-    event PrepareMessage(uint16 indexed centrifugeId, PoolId poolId, bytes message);
+    event PrepareMessage(uint16 indexed centrifugeId, PoolId indexed poolId, bytes message);
     event UnderpaidBatch(uint16 indexed centrifugeId, bytes batch, bytes32 batchHash);
     event RepayBatch(uint16 indexed centrifugeId, bytes batch);
     event ExecuteMessage(uint16 indexed centrifugeId, bytes32 messageHash);
     event FailMessage(uint16 indexed centrifugeId, bytes32 messageHash, bytes error);
-    event SetRefundAddress(PoolId poolId, IRecoverable refund);
-    event DepositSubsidy(PoolId indexed poolId, address indexed sender, uint256 amount);
-    event WithdrawSubsidy(PoolId indexed poolId, address indexed sender, uint256 amount);
+    event ClearFailedMessage(uint16 indexed centrifugeId, bytes32 messageHash);
+    event UpdateManager(PoolId indexed poolId, address indexed who, bool canManage);
 
     //----------------------------------------------------------------------------------------------
     // Errors
@@ -74,11 +68,13 @@ interface IGateway is IMessageHandler, IRecoverable {
     /// @notice Dispatched when the content of a batch doesn't belong to the same pool
     error MalformedBatch();
 
-    /// @notice Dispatched when a message is sent but the gateway is blocked for sending messages
-    error OutgoingBlocked();
+    /// @notice Dispatched when a message claims to originate from the local chain. A message reaching
+    ///         `handle` always crossed a real inter-chain bridge (same-chain hub<->spoke calls bypass
+    ///         Gateway entirely via a direct call), so this can only happen for a forged message.
+    error CannotBeReceivedLocally();
 
-    /// @notice Dispatched when an account is not valid to withdraw subsidized pool funds
-    error CannotRefund();
+    /// @notice Dispatched when a message arrives from a chain that is not its expected source.
+    error SourceMismatch();
 
     /// @notice Dispatched when there is not enough gas to send the message
     error NotEnoughGas();
@@ -116,19 +112,29 @@ interface IGateway is IMessageHandler, IRecoverable {
     /// @param data New address
     function file(bytes32 what, address data) external;
 
-    /// @notice Configures a manager address for a pool
-    /// @param poolId PoolId associated to the adapters
-    /// @param who Manager address
-    /// @param canManage If enabled as manager
+    /// @notice Allow/disallow an account to act as gateway manager for a pool.
+    /// @dev    WARNING: Gateway managers carry very significant permissions. A manager can call
+    ///         `Gateway.handle` directly with an arbitrary centrifugeId and raw message bytes,
+    ///         which lets it forge any hub-originated message for its pool — including
+    ///         `SetPoolAdapters`, `UpdateManager`, and `ManagerCallFromHub`. This is intentional for
+    ///         recovery scenarios (e.g. replaying a valid message that the transport dropped), but
+    ///         it means a compromised or malicious manager key is equivalent to hub-level authority
+    ///         over that pool. Grant this role only to smart contracts that constrain what messages
+    ///         can be injected; never grant it to a plain EOA.
+    /// @param poolId The pool identifier
+    /// @param who Address to grant or revoke the gateway manager role for
+    /// @param canManage True to grant, false to revoke
     function updateManager(PoolId poolId, address who, bool canManage) external;
 
-    /// @notice Block or unblock outgoing messages for a pool on a specific chain.
-    /// @dev    Used during adapter migrations to ensure no messages are in-flight while the adapter
-    ///         configuration is being updated. See `IHub.setAdapters` for the full procedure.
-    /// @param centrifugeId Centrifuge ID associated to this block
-    /// @param poolId PoolId associated to this block
-    /// @param canSend If can send messages or not
-    function blockOutgoing(uint16 centrifugeId, PoolId poolId, bool canSend) external;
+    /// @notice Remove a failed message so it can no longer be retried.
+    /// @dev    Restricted to wards or a manager of the message's pool. Intended for messages that cannot
+    ///         be retried successfully and should not persist in the failed queue. It is NOT a reliable
+    ///         way to block a message that would currently execute: `retry` is permissionless, so anyone
+    ///         can front-run the clear and force execution. Only clear messages that still revert on
+    ///         retry. Decrements the failed count by one, mirroring `retry`'s per-instance semantics.
+    /// @param centrifugeId The source chain the message originated from
+    /// @param message The failed message to remove
+    function clearFailedMessage(uint16 centrifugeId, bytes memory message) external;
 
     //----------------------------------------------------------------------------------------------
     // Message handling
@@ -141,7 +147,8 @@ interface IGateway is IMessageHandler, IRecoverable {
     function repay(uint16 centrifugeId, bytes memory batch, address refund) external payable;
 
     /// @notice Retry a failed message
-    /// @param centrifugeId The destination chain
+    /// @dev    Permissionless: anyone may re-execute a failed message once its failure cause is gone.
+    /// @param centrifugeId The source chain the message originated from
     /// @param message The message to retry
     function retry(uint16 centrifugeId, bytes memory message) external;
 
@@ -211,18 +218,10 @@ interface IGateway is IMessageHandler, IRecoverable {
     /// @notice ProtocolGuardian that can pause/unpause all cross-chain messaging
     function pauser() external view returns (IProtocolPauser);
 
-    /// @notice Returns whether an address is a manager for a given pool
-    /// @param poolId The pool identifier
-    /// @param who The address to check
-    /// @return Whether the address is a manager
+    /// @notice Returns whether `who` is a gateway manager for `poolId`.
+    ///         See {updateManager} for the security implications of this role.
     function manager(PoolId poolId, address who) external view returns (bool);
 
-    /// @notice Returns whether outgoing messages are blocked for a pool on a specific chain
-    /// @param centrifugeId The destination chain identifier
-    /// @param poolId The pool identifier
-    /// @return Whether outgoing is blocked
-    function isOutgoingBlocked(uint16 centrifugeId, PoolId poolId) external view returns (bool);
-
     /// @notice Returns the underpaid batch info for a given chain and batch hash
     /// @param centrifugeId The destination chain identifier
     /// @param batchHash The hash of the underpaid batch
diff --git a/src/core/messaging/interfaces/IGatewayHandlers.sol b/src/core/messaging/interfaces/IGatewayHandlers.sol
index 3995da624..0658802a3 100644
--- a/src/core/messaging/interfaces/IGatewayHandlers.sol
+++ b/src/core/messaging/interfaces/IGatewayHandlers.sol
@@ -6,8 +6,10 @@ import {D18} from "../../../misc/types/D18.sol";
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
+import {IPolicy} from "../../utils/interfaces/IPolicy.sol";
 import {VaultUpdateKind} from "../libraries/MessageLib.sol";
-import {IRequestManager} from "../../interfaces/IRequestManager.sol";
+import {IRegistrar} from "../../spoke/interfaces/IRegistrar.sol";
+import {ISpokeRequestManager} from "../../spoke/interfaces/ISpokeRequestManager.sol";
 
 //--------------------------------------------------------------------------------------------------
 // Hub Handlers
@@ -26,13 +28,14 @@ interface IHubGatewayHandler {
     function request(PoolId poolId, ShareClassId scId, AssetId assetId, bytes calldata payload) external;
 
     /// @notice Update a holding by request from Vaults.
-    function updateHoldingAmount(
+    /// @dev    The holding delta is valued at the hub-side valuation; the wire message's price field is
+    ///         deprecated and ignored.
+    function updateAssets(
         uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         uint128 amount,
-        D18 pricePoolPerAsset,
         bool isIncrease,
         bool isSnapshot,
         uint64 nonce
@@ -44,6 +47,7 @@ interface IHubGatewayHandler {
         uint16 targetCentrifugeId,
         PoolId poolId,
         ShareClassId scId,
+        bytes32 sender,
         bytes32 receiver,
         uint128 amount,
         uint128 extraGasLimit,
@@ -73,6 +77,9 @@ interface ISpokeGatewayHandler {
     function addPool(PoolId poolId) external;
 
     /// @notice     New share class details from an existing Centrifuge pool are added.
+    /// @param      salt Deterministic deployment salt, whose first 8 bytes MUST be `poolId`. Registrars are
+    ///             shared across pools, so this keeps one pool out of another pool's salt namespace.
+    /// @param      payload Opaque data forwarded to the registrar on token creation; empty if unused
     function addShareClass(
         PoolId poolId,
         ShareClassId scId,
@@ -80,13 +87,35 @@ interface ISpokeGatewayHandler {
         string memory tokenSymbol,
         uint8 decimals,
         bytes32 salt,
-        address hook
+        IRegistrar registrar,
+        bytes memory payload
     ) external;
 
     /// @notice Updates the request manager for a pool
     /// @param  poolId The centrifuge pool id
     /// @param  manager The new request manager address
-    function setRequestManager(PoolId poolId, IRequestManager manager) external;
+    function setRequestManager(PoolId poolId, ISpokeRequestManager manager) external;
+
+    /// @notice Install or replace the policy enforced on this pool's balance-sheet manager methods
+    /// @param  poolId The pool id
+    /// @param  policy The policy contract to install (address(0) to remove policy enforcement)
+    function setPolicy(PoolId poolId, IPolicy policy) external;
+
+    /// @notice Record a Hub-authorized, out-of-policy call in the local ledger (from a Hub {Authorize} message)
+    /// @param  poolId The pool the authorized call targets
+    /// @param  data The exact spoke calldata being authorized
+    function authorize(PoolId poolId, bytes calldata data) external;
+
+    /// @notice Revoke one outstanding authorization for `data` (from a Hub {Unauthorize} message)
+    /// @param  poolId The pool the authorized call targets
+    /// @param  data The exact spoke calldata whose authorization is revoked
+    function unauthorize(PoolId poolId, bytes calldata data) external;
+
+    /// @notice Grants or revokes the spoke pool manager role
+    function updateManager(PoolId poolId, address who, bool canManage) external;
+
+    /// @notice Grants or revokes the bridger role gating cross-chain share transfers
+    function updateBridger(PoolId poolId, address who, bool canBridge) external;
 
     /// @notice   Updates the tokenName and tokenSymbol of a share class token
     function updateShareMetadata(PoolId poolId, ShareClassId scId, string memory tokenName, string memory tokenSymbol)
@@ -109,11 +138,6 @@ interface ISpokeGatewayHandler {
         external;
 
     /// @notice Updates the hook of a share class token
-    /// @param  poolId The centrifuge pool id
-    /// @param  scId The share class id
-    /// @param  hook The new hook address
-    function updateShareHook(PoolId poolId, ShareClassId scId, address hook) external;
-
     /// @notice Updates the restrictions on a share class token for a specific user
     /// @param  poolId The centrifuge pool id
     /// @param  scId The share class id
@@ -124,19 +148,6 @@ interface ISpokeGatewayHandler {
     /// @notice Mints share class tokens to a recipient
     function executeTransferShares(PoolId poolId, ShareClassId scId, bytes32 receiver, uint128 amount) external;
 
-    /// @notice Updates the max price age of an asset
-    /// @param  poolId The centrifuge pool id
-    /// @param  scId The share class id
-    /// @param  assetId The asset id
-    /// @param  maxPriceAge new max price age value
-    function setMaxAssetPriceAge(PoolId poolId, ShareClassId scId, AssetId assetId, uint64 maxPriceAge) external;
-
-    /// @notice Updates the max price age of a share
-    /// @param  poolId The centrifuge pool id
-    /// @param  scId The share class id
-    /// @param  maxPriceAge new max price age value
-    function setMaxSharePriceAge(PoolId poolId, ShareClassId scId, uint64 maxPriceAge) external;
-
     /// @notice Handles a request callback originating from the Hub side.
     /// @dev    Results from a Spoke-to-Hub-request as second order callback from the Hub.
     /// @param  poolId The pool id
@@ -144,50 +155,20 @@ interface ISpokeGatewayHandler {
     /// @param  assetId The asset id
     /// @param  payload The payload to be processed by the request callback
     function requestCallback(PoolId poolId, ShareClassId scId, AssetId assetId, bytes memory payload) external;
-}
-
-/// @notice Interface for the update contract method, called by message
-interface IContractUpdateGatewayHandler {
-    /// @notice Updates the target address. Generic update function from Hub to Spoke
-    /// @param  poolId The centrifuge pool id
-    /// @param  scId The share class id
-    /// @param  target The target address to be called
-    /// @param  update The payload to be processed by the target address
-    function trustedCall(PoolId poolId, ShareClassId scId, address target, bytes memory update) external;
-
-    /// @notice Updates the target address. Generic update function from Spoke to Hub
-    /// @param  poolId The centrifuge pool id
-    /// @param  scId The share class id
-    /// @param  target The target address to be called
-    /// @param  update The payload to be processed by the target address
-    function untrustedCall(
-        PoolId poolId,
-        ShareClassId scId,
-        address target,
-        bytes memory update,
-        uint16 centrifugeId,
-        bytes32 sender
-    ) external;
-}
-
-/// @notice Interface for methods implemented by a balance sheet
-interface IBalanceSheetGatewayHandler {
-    function updateManager(PoolId poolId, address who, bool canManage) external;
-}
 
-/// @notice Interface for VaultRegistry methods called by messages
-interface IVaultRegistryGatewayHandler {
     /// @notice Updates a vault based on VaultUpdateKind
     /// @param  poolId The centrifuge pool id
     /// @param  scId The share class id
     /// @param  assetId The asset id
     /// @param  vaultOrFactory The address of the vault or the factory, depending on the kind value
     /// @param  kind The kind of action applied
+    /// @param  payload Opaque data forwarded to the factory on DeployAndLink; empty otherwise
     function updateVault(
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
         address vaultOrFactory,
-        VaultUpdateKind kind
+        VaultUpdateKind kind,
+        bytes calldata payload
     ) external;
 }
diff --git a/src/core/messaging/interfaces/IGatewaySenders.sol b/src/core/messaging/interfaces/IGatewaySenders.sol
index 5a4302ea9..3d8538792 100644
--- a/src/core/messaging/interfaces/IGatewaySenders.sol
+++ b/src/core/messaging/interfaces/IGatewaySenders.sol
@@ -6,7 +6,15 @@ import {D18} from "../../../misc/types/D18.sol";
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
-import {VaultUpdateKind} from "../libraries/MessageLib.sol";
+import {VaultUpdateKind, ManagerKind} from "../libraries/MessageLib.sol";
+
+/// @notice Share class metadata carried by the NotifyShareClass message, bundled to keep the sender signature
+///         (and its callers' stack) within limits.
+struct ShareClassMetadata {
+    string name;
+    string symbol;
+    uint8 decimals;
+}
 
 interface ILocalCentrifugeId {
     error CannotBeSentLocally();
@@ -21,17 +29,6 @@ interface IScheduleAuthMessageSender {
 
     /// @notice Creates and send the message
     function sendCancelUpgrade(uint16 centrifugeId, bytes32 target, address refund) external payable;
-
-    /// @notice Creates and send the message
-    function sendRecoverTokens(
-        uint16 centrifugeId,
-        bytes32 target,
-        bytes32 token,
-        uint256 tokenId,
-        bytes32 to,
-        uint256 amount,
-        address refund
-    ) external payable;
 }
 
 /// @notice Interface for dispatch-only gateway
@@ -44,11 +41,11 @@ interface IHubMessageSender is ILocalCentrifugeId {
         uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
-        string memory name,
-        string memory symbol,
-        uint8 decimals,
+        ShareClassMetadata memory metadata,
         bytes32 salt,
-        bytes32 hook,
+        bytes32 registrar,
+        bytes calldata payload,
+        uint128 extraGasLimit,
         address refund
     ) external payable;
 
@@ -59,17 +56,13 @@ interface IHubMessageSender is ILocalCentrifugeId {
         ShareClassId scId,
         string memory name,
         string memory symbol,
+        uint128 extraGasLimit,
         address refund
     ) external payable;
 
-    /// @notice Creates and send the message
-    function sendUpdateShareHook(uint16 centrifugeId, PoolId poolId, ShareClassId scId, bytes32 hook, address refund)
-        external
-        payable;
-
     /// @notice Creates and send the message
     function sendNotifyPricePoolPerShare(
-        uint16 chainId,
+        uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
         D18 pricePoolPerShare,
@@ -96,14 +89,17 @@ interface IHubMessageSender is ILocalCentrifugeId {
         address refund
     ) external payable;
 
-    /// @notice Creates and send the message
-    function sendTrustedContractUpdate(
+    /// @notice Routes a manager call to its target. Local: through the `Envoy`, forwarding `value`. Remote:
+    ///         emits a `ManagerCallFromHub` message delivered on the destination chain via its `Envoy`.
+    /// @dev    `Hub.managerCall` enforces `value == msgValue()` locally / `value == 0` remotely. `extraGasLimit`
+    ///         meters the remote delivery (inert on the local branch).
+    function sendManagerCallFromHub(
         uint16 centrifugeId,
         PoolId poolId,
-        ShareClassId scId,
-        bytes32 target,
+        address target,
         bytes calldata payload,
         uint128 extraGasLimit,
+        uint256 value,
         address refund
     ) external payable;
 
@@ -114,6 +110,7 @@ interface IHubMessageSender is ILocalCentrifugeId {
         AssetId assetId,
         bytes32 vaultOrFactory,
         VaultUpdateKind kind,
+        bytes calldata payload,
         uint128 extraGasLimit,
         address refund
     ) external payable;
@@ -122,9 +119,23 @@ interface IHubMessageSender is ILocalCentrifugeId {
     function sendSetRequestManager(uint16 centrifugeId, PoolId poolId, bytes32 manager, address refund) external payable;
 
     /// @notice Creates and send the message
-    function sendUpdateBalanceSheetManager(
+    function sendSetPolicy(uint16 centrifugeId, PoolId poolId, bytes32 policy, address refund) external payable;
+
+    /// @notice Creates and send the message
+    function sendAuthorizeSpokeCall(uint16 centrifugeId, PoolId poolId, bytes calldata data, address refund)
+        external
+        payable;
+
+    /// @notice Creates and send the message
+    function sendUnauthorizeSpokeCall(uint16 centrifugeId, PoolId poolId, bytes calldata data, address refund)
+        external
+        payable;
+
+    /// @notice Creates and send the message
+    function sendUpdateManager(
         uint16 centrifugeId,
         PoolId poolId,
+        ManagerKind kind,
         bytes32 who,
         bool canManage,
         address refund
@@ -142,24 +153,6 @@ interface IHubMessageSender is ILocalCentrifugeId {
         address refund
     ) external payable;
 
-    /// @notice Creates and send the message
-    function sendSetMaxAssetPriceAge(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        uint64 maxPriceAge,
-        address refund
-    ) external payable;
-
-    /// @notice Creates and send the message
-    function sendSetMaxSharePriceAge(
-        uint16 centrifugeId,
-        PoolId poolId,
-        ShareClassId scId,
-        uint64 maxPriceAge,
-        address refund
-    ) external payable;
-
     /// @notice Creates and send the message
     function sendRequestCallback(
         PoolId poolId,
@@ -177,14 +170,9 @@ interface IHubMessageSender is ILocalCentrifugeId {
         PoolId poolId,
         bytes32[] memory adapters,
         uint8 threshold,
-        uint8 recoveryIndex,
+        uint16 targetSessionId,
         address refund
     ) external payable;
-
-    /// @notice Creates and send the message
-    function sendUpdateGatewayManager(uint16 centrifugeId, PoolId poolId, bytes32 who, bool canManage, address refund)
-        external
-        payable;
 }
 
 /// @notice Interface for dispatch-only gateway
@@ -201,6 +189,7 @@ interface ISpokeMessageSender is ILocalCentrifugeId {
         uint16 centrifugeId,
         PoolId poolId,
         ShareClassId scId,
+        bytes32 sender,
         bytes32 receiver,
         uint128 amount,
         uint128 extraGasLimit,
@@ -212,6 +201,19 @@ interface ISpokeMessageSender is ILocalCentrifugeId {
     function sendRegisterAsset(uint16 centrifugeId, AssetId assetId, uint8 decimals, address refund) external payable;
 
     /// @notice Creates and send the message
+    /// @dev    The message carries no price; the hub values the delta at its own valuation.
+    function sendUpdateAssets(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        UpdateData calldata data,
+        uint128 extraGasLimit,
+        address refund
+    ) external payable;
+
+    /// @notice Creates and send the message
+    /// @dev    ABI-compatibility overload of `sendUpdateAssets` for the deployed v3.1.0 BalanceSheet; the price
+    ///         is ignored (the hub values the delta at its own valuation).
     function sendUpdateHoldingAmount(
         PoolId poolId,
         ShareClassId scId,
@@ -242,17 +244,16 @@ interface ISpokeMessageSender is ILocalCentrifugeId {
         address refund
     ) external payable;
 
-    /// @notice Creates and sends an UntrustedContractUpdate message
+    /// @notice Creates and sends a ManagerCallFromSpoke message, routed on the destination to the target's
+    ///         `IManagerCallFromSpoke.fromSpoke` via the Envoy. The target validates `(centrifugeId, sender)`.
     /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param target The hub-side target contract (as bytes32)
+    /// @param target The destination target contract (as bytes32)
+    /// @param payload The action payload (any scId is encoded here)
     /// @param sender The spoke-side initiator (as bytes32)
-    /// @param payload The update payload
     /// @param extraGasLimit Additional gas for cross-chain execution
     /// @param refund Address to refund excess payment
-    function sendUntrustedContractUpdate(
+    function sendManagerCallFromSpoke(
         PoolId poolId,
-        ShareClassId scId,
         bytes32 target,
         bytes calldata payload,
         bytes32 sender,
diff --git a/src/core/messaging/interfaces/IMessageDispatcher.sol b/src/core/messaging/interfaces/IMessageDispatcher.sol
index ba036ed09..c4a751650 100644
--- a/src/core/messaging/interfaces/IMessageDispatcher.sol
+++ b/src/core/messaging/interfaces/IMessageDispatcher.sol
@@ -4,15 +4,10 @@ pragma solidity >=0.5.0;
 import {IGateway} from "./IGateway.sol";
 import {IMultiAdapter} from "./IMultiAdapter.sol";
 import {IScheduleAuth} from "./IScheduleAuth.sol";
-import {ITokenRecoverer} from "./ITokenRecoverer.sol";
+import {ISpokeGatewayHandler, IHubGatewayHandler} from "./IGatewayHandlers.sol";
 import {ISpokeMessageSender, IHubMessageSender, IScheduleAuthMessageSender} from "./IGatewaySenders.sol";
-import {
-    ISpokeGatewayHandler,
-    IBalanceSheetGatewayHandler,
-    IHubGatewayHandler,
-    IContractUpdateGatewayHandler,
-    IVaultRegistryGatewayHandler
-} from "./IGatewayHandlers.sol";
+
+import {IEnvoy} from "../../utils/interfaces/IEnvoy.sol";
 
 interface IMessageDispatcher is IScheduleAuthMessageSender, ISpokeMessageSender, IHubMessageSender {
     /// @notice Emitted when a call to `file()` was performed.
@@ -21,21 +16,24 @@ interface IMessageDispatcher is IScheduleAuthMessageSender, ISpokeMessageSender,
     /// @notice Dispatched when the `what` parameter of `file()` is not supported by the implementation.
     error FileUnrecognizedParam();
 
-    /// @notice Dispatched when an account is not valid to withdraw funds
-    error CannotRefund();
+    /// @notice Dispatched when an unsupported manager kind is dispatched locally
+    error InvalidManagerKind();
 
     //----------------------------------------------------------------------------------------------
     // View methods
     //----------------------------------------------------------------------------------------------
 
+    /// @notice The chain identifier of the local Centrifuge chain
+    function localCentrifugeId() external view returns (uint16);
+
     /// @notice Routes and batches cross-chain messages between hub and spoke
     function gateway() external view returns (IGateway);
 
     /// @notice Handles multi-protocol message verification and routing for cross-chain communication
     function multiAdapter() external view returns (IMultiAdapter);
 
-    /// @notice Spoke-side handler for pool, share class, and vault operations
-    function spoke() external view returns (ISpokeGatewayHandler);
+    /// @notice Processes administrative cross-chain messages for pool, share class, and vault operations
+    function spokeHandler() external view returns (ISpokeGatewayHandler);
 
     /// @notice Processes timelocked rely/deny operations received from remote chains
     function scheduleAuth() external view returns (IScheduleAuth);
@@ -43,25 +41,16 @@ interface IMessageDispatcher is IScheduleAuthMessageSender, ISpokeMessageSender,
     /// @notice Hub-side handler for investment request processing and share issuance
     function hubHandler() external view returns (IHubGatewayHandler);
 
-    /// @notice Recovers tokens mistakenly sent to protocol contracts
-    function tokenRecoverer() external view returns (ITokenRecoverer);
-
-    /// @notice Spoke-side handler for share and asset balance mutations
-    function balanceSheet() external view returns (IBalanceSheetGatewayHandler);
-
-    /// @notice Spoke-side handler for vault deployment and linking
-    function vaultRegistry() external view returns (IVaultRegistryGatewayHandler);
-
-    /// @notice Spoke-side handler for trusted contract reference updates
-    function contractUpdater() external view returns (IContractUpdateGatewayHandler);
+    /// @notice Hub-side dispatcher for the payable `IManagerCallFromHub` path
+    function envoy() external view returns (IEnvoy);
 
     //----------------------------------------------------------------------------------------------
     // Administration
     //----------------------------------------------------------------------------------------------
 
     /// @notice Updates a contract parameter.
-    /// @param what Name of the parameter to update.
-    ///         Accepts a `bytes32` representation of 'hubRegistry' string value.
+    /// @param what Name of the parameter to update
+    ///         (accepts 'envoy', 'gateway', 'multiAdapter', 'spokeHandler', 'hubHandler')
     /// @param data New value given to the `what` parameter
     function file(bytes32 what, address data) external;
 }
diff --git a/src/core/messaging/interfaces/IMessageProcessor.sol b/src/core/messaging/interfaces/IMessageProcessor.sol
index 1c412e2f9..f2a00fac7 100644
--- a/src/core/messaging/interfaces/IMessageProcessor.sol
+++ b/src/core/messaging/interfaces/IMessageProcessor.sol
@@ -5,14 +5,7 @@ import {IGateway} from "./IGateway.sol";
 import {IMultiAdapter} from "./IMultiAdapter.sol";
 import {IScheduleAuth} from "./IScheduleAuth.sol";
 import {IMessageHandler} from "./IMessageHandler.sol";
-import {ITokenRecoverer} from "./ITokenRecoverer.sol";
-import {
-    ISpokeGatewayHandler,
-    IBalanceSheetGatewayHandler,
-    IHubGatewayHandler,
-    IContractUpdateGatewayHandler,
-    IVaultRegistryGatewayHandler
-} from "./IGatewayHandlers.sol";
+import {ISpokeGatewayHandler, IHubGatewayHandler} from "./IGatewayHandlers.sol";
 
 interface IMessageProcessor is IMessageHandler {
     //----------------------------------------------------------------------------------------------
@@ -28,15 +21,12 @@ interface IMessageProcessor is IMessageHandler {
     /// @notice Dispatched when the `what` parameter of `file()` is not supported by the implementation.
     error FileUnrecognizedParam();
 
-    /// @notice Dispatched when a message is tried to send from a different chain than mainnet
-    error OnlyFromMainnet();
-
-    /// @notice Dispatched when a message is tried to send from a chain that is not the source
-    error OnlyFromSource();
-
     /// @notice Dispatched when an invalid message is trying to handle
     error InvalidMessage(uint8 code);
 
+    /// @notice Dispatched when the manager kind in an `UpdateManager` message is not supported
+    error InvalidManagerKind();
+
     //----------------------------------------------------------------------------------------------
     // View methods
     //----------------------------------------------------------------------------------------------
@@ -47,33 +37,22 @@ interface IMessageProcessor is IMessageHandler {
     /// @notice Handles multi-protocol message verification and routing for cross-chain communication
     function multiAdapter() external view returns (IMultiAdapter);
 
-    /// @notice Spoke-side handler for pool, share class, and vault operations
-    function spoke() external view returns (ISpokeGatewayHandler);
+    /// @notice Processes administrative cross-chain messages for pool, share class, and vault operations
+    function spokeHandler() external view returns (ISpokeGatewayHandler);
 
     /// @notice Hub-side handler for investment request processing and share issuance
     function hubHandler() external view returns (IHubGatewayHandler);
 
-    /// @notice Recovers tokens mistakenly sent to protocol contracts
-    function tokenRecoverer() external view returns (ITokenRecoverer);
-
     /// @notice Processes timelocked rely/deny operations received from remote chains
     function scheduleAuth() external view returns (IScheduleAuth);
 
-    /// @notice Spoke-side handler for share and asset balance mutations
-    function balanceSheet() external view returns (IBalanceSheetGatewayHandler);
-
-    /// @notice Spoke-side handler for vault deployment and linking
-    function vaultRegistry() external view returns (IVaultRegistryGatewayHandler);
-
-    /// @notice Spoke-side handler for trusted contract reference updates
-    function contractUpdater() external view returns (IContractUpdateGatewayHandler);
-
     //----------------------------------------------------------------------------------------------
     // Administration
     //----------------------------------------------------------------------------------------------
 
     /// @notice Updates a contract parameter
-    /// @param what Name of the parameter to update (accepts 'hubRegistry')
+    /// @param what Name of the parameter to update
+    ///         (accepts 'hubHandler', 'gateway', 'spokeHandler', 'multiAdapter', 'envoy')
     /// @param data New value given to the `what` parameter
     function file(bytes32 what, address data) external;
 }
diff --git a/src/core/messaging/interfaces/IMessageProperties.sol b/src/core/messaging/interfaces/IMessageProperties.sol
index 61656ca3b..2d483ea0d 100644
--- a/src/core/messaging/interfaces/IMessageProperties.sol
+++ b/src/core/messaging/interfaces/IMessageProperties.sol
@@ -28,4 +28,15 @@ interface IMessageProperties {
 
     /// @notice Inspect the message to return the associated PoolId if any
     function messagePoolId(bytes calldata message) external pure returns (PoolId);
+
+    /// @notice The pool whose adapter set should route/verify the message. Same as `messagePoolId`, except a
+    ///         SetPoolAdapters for a pool with no adapter set yet (`poolConfigured == false`) falls back to
+    ///         the global pool, so the pool's first adapter configuration can be delivered over the global set.
+    function routePoolId(bytes calldata message, bool poolConfigured) external pure returns (PoolId);
+
+    /// @notice Returns the centrifugeId that `message` must originate from, or 0 if any source is permitted.
+    function messageSourceCentrifugeId(bytes calldata message) external pure returns (uint16);
+
+    /// @notice Gas reserved in every message budget to handle a worst-case processor revert.
+    function messageFailureGasReserve() external view returns (uint128);
 }
diff --git a/src/core/messaging/interfaces/IMultiAdapter.sol b/src/core/messaging/interfaces/IMultiAdapter.sol
index de3898d64..4512bf15a 100644
--- a/src/core/messaging/interfaces/IMultiAdapter.sol
+++ b/src/core/messaging/interfaces/IMultiAdapter.sol
@@ -3,6 +3,7 @@ pragma solidity >=0.5.0;
 
 import {IAdapter} from "./IAdapter.sol";
 import {IMessageHandler} from "./IMessageHandler.sol";
+import {IAdapterEntrypoint} from "./IAdapterEntrypoint.sol";
 import {IMessageProperties} from "./IMessageProperties.sol";
 
 import {PoolId} from "../../types/PoolId.sol";
@@ -10,12 +11,12 @@ import {PoolId} from "../../types/PoolId.sol";
 uint8 constant MAX_ADAPTER_COUNT = 8;
 
 /// @notice Interface for handling several adapters transparently
-interface IMultiAdapter is IAdapter, IMessageHandler {
+interface IMultiAdapter is IAdapter, IAdapterEntrypoint {
     //----------------------------------------------------------------------------------------------
     // Structs
     //----------------------------------------------------------------------------------------------
 
-    /// @dev Each adapter struct is packed with the quorum, threshold and recoveryIndex to reduce SLOADs on handle
+    /// @dev Each adapter struct is packed with the quorum and threshold to reduce SLOADs on handle
     struct Adapter {
         /// @notice Starts at 1 and maps to id - 1 as the index on the adapters array
         uint8 id;
@@ -23,20 +24,21 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
         uint8 quorum;
         /// @notice Number of votes required for a message to be executed. Less-equal to quorum
         uint8 threshold;
-        /// @notice Index in the adapter array to start consider the adapter as recovery adapter
-        uint8 recoveryIndex;
-        /// @notice Each time the quorum is decreased, a new session starts which invalidates old votes
-        uint128 activeSessionId;
     }
 
-    struct Inbound {
-        /// @dev Counts are stored as integers (instead of boolean values) to accommodate duplicate
-        ///      messages (e.g. two investments from the same user with the same amount) being
-        ///      processed in parallel. The entire struct is packed in a single bytes32 slot.
-        ///      Max int16 = 32,767 so at most 32,767 duplicate messages can be processed in parallel
-        int16[MAX_ADAPTER_COUNT] votes;
-        /// @notice Each time adapters are updated, a new session starts which invalidates old votes
-        uint128 sessionId;
+    struct Adapters {
+        /// @notice Session id of the currently active adapter set
+        uint16 sessionId;
+        /// @notice List of currently active adapters
+        IAdapter[] list;
+    }
+
+    /// @dev Stash holding a blocked session's configuration so it can be restored on unblock.
+    ///      A session is blocked iff its stashed list is non-empty.
+    struct BlockedSession {
+        uint8 threshold;
+        bool wasActive;
+        IAdapter[] list;
     }
 
     //----------------------------------------------------------------------------------------------
@@ -44,8 +46,13 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
     //----------------------------------------------------------------------------------------------
 
     event File(bytes32 indexed what, address addr);
-    event SetAdapters(uint16 centrifugeId, PoolId poolId, IAdapter[] adapters, uint8 threshold, uint8 recoveryIndex);
-    event HandlePayload(uint16 indexed centrifugeId, bytes32 indexed payloadId, bytes payload, IAdapter adapter);
+    event SetAdapters(
+        uint16 centrifugeId, PoolId indexed poolId, uint16 sessionId, IAdapter[] adapters, uint8 threshold
+    );
+    event BlockSession(uint16 centrifugeId, PoolId indexed poolId, uint16 sessionId);
+    event UnblockSession(uint16 centrifugeId, PoolId indexed poolId, uint16 sessionId);
+    event Vote(uint16 indexed centrifugeId, bytes32 indexed payloadId, bytes payload, IAdapter adapter);
+    event Execute(uint16 indexed centrifugeId, bytes32 indexed payloadId, bytes payload, IAdapter adapter);
     event SendPayload(
         uint16 indexed centrifugeId,
         bytes32 indexed payloadId,
@@ -56,6 +63,7 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
         uint256 gasPaid,
         address refund
     );
+    event UpdateManager(PoolId indexed poolId, address indexed who, bool canManage);
 
     //----------------------------------------------------------------------------------------------
     // Errors
@@ -70,8 +78,13 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
     /// @notice Dispatched when the threshold number is higher than the number of configured adapters (aka quorum).
     error ThresholdHigherThanQuorum();
 
-    /// @notice Dispatched when the recovery index is higher than the number of configured adapters (aka quorum).
-    error RecoveryIndexHigherThanQuorum();
+    /// @notice Dispatched when the threshold is zero while adapters are configured, which would let any
+    ///         single adapter forward payloads without consensus.
+    error ZeroThreshold();
+
+    /// @notice Dispatched when the provided `targetSessionId` does not equal the pool's next session id, so a
+    ///         reordered, stale or reentrant configuration cannot desync the two endpoints under the same id.
+    error UnexpectedSessionId();
 
     /// @notice Dispatched when the contract is configured with a number of adapter exceeding the maximum.
     error ExceedsMax();
@@ -82,6 +95,12 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
     /// @notice Dispatched when the contract tries to handle a message from an adapter not contained in the adapter set.
     error InvalidAdapter();
 
+    /// @notice Dispatched when trying to block a session that has no adapters configured.
+    error SessionNotConfigured();
+
+    /// @notice Dispatched when trying to unblock a session that is not currently blocked.
+    error SessionNotBlocked();
+
     //----------------------------------------------------------------------------------------------
     // Administration
     //----------------------------------------------------------------------------------------------
@@ -92,32 +111,103 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
     function file(bytes32 what, address data) external;
 
     /// @notice Configure new adapters for a determined pool.
-    ///         Messages sent but not yet received when this is executed will be lost.
+    /// @dev    Bumps the pool's local sessionId to `targetSessionId`, which must equal the pool's next session id
+    ///         (current + 1), reverting otherwise. The normal path (`Hub.setAdapters`) derives that id once and
+    ///         uses it for both endpoints, so the remote bumps its session in lockstep; a reordered, stale or
+    ///         reentrant configuration fails closed. A manager calling this directly (a low-level recovery path,
+    ///         e.g. `AdapterFailover`) passes its own next session id and is responsible for ensuring the
+    ///         resulting sessionId matches the other endpoint, otherwise messages wrapped with the new session
+    ///         won't verify.
+    ///
+    ///         Recovery runbook when an adapter of the active set starts reverting on `estimate`/`send`. Such an
+    ///         adapter vetoes every outbound message of the pool, including the rotation itself, so `Hub.setAdapters`
+    ///         and `Hub.updateManager` are unusable: both travel over the broken set before it can be replaced.
+    ///         1. Identify the culprit: `activeAdapters()` returns the live set and its session id, and simulating
+    ///            `estimate` per adapter isolates which one reverts.
+    ///         2. Rotate the sending chain locally: a pool adapter manager calls this function directly, passing
+    ///            `nextActiveSessionId()`. `AdapterFailover` is the intended wrapper, gating the rotation behind a
+    ///            steward and a hub-vetoable timelock. Appoint that manager while the adapters are still healthy;
+    ///            once the set is broken, a chain without one can only be reached by a Root spell on that chain.
+    ///         3. Install the mirrored set on the other endpoint the same way. Each call only advances the session
+    ///            counter of the chain it runs on, so from aligned endpoints one rotation per side keeps them aligned.
+    ///         4. Verify that alignment before resuming traffic: `activeSessionId(remoteId, poolId)` here must equal
+    ///            `activeSessionId(localCentrifugeId, poolId)` there. If a side lagged, call this function again on it
+    ///            with the same set until the ids match, since a payload wrapped with a session id the receiver never
+    ///            configured is rejected with {InvalidAdapter}.
+    ///         5. Retire the superseded session with `blockSession()` on each receiving side, once the messages sent
+    ///            under it have been delivered, following the flow documented in {IHub-setAdapters}.
+    ///         6. Re-issue the operations that reverted during the outage: they were never queued, so there is no
+    ///            underpaid backlog to repay.
     /// @param  centrifugeId Chain where the adapters are associated to.
     /// @param  poolId PoolId associated to the adapters
     /// @param  adapters New adapter addresses already deployed.
     ///         If the array is empty, it disables the usage for messages of that pool.
-    /// @param  threshold Minimum number of adapters required to process the messages
-    ///         If not wanted a threshold set `adapters.length` value
-    /// @param  recoveryIndex Index in adapters array from where consider the adapter as recovery adapter.
-    ///         If not wanted a recoveryIndex set `adapters.length` value
-    ///
-    ///         A recovery adapter is an adapter that does not decrease their votes below 0.
-    ///         it is, it can never have a debt on messages not received.
-    ///         It can be used to easily emulate receiving a missing message by some of the others adapters.
-    ///
-    ///         i.e: Suppose a configuration of `[Adapter1, Adapter2, RecoveryAdapter]` with threshold 2.
-    ///         Both `Adapter1` and `Adapter2` will need always need to handle the message, each one, to process it.
-    ///         In case some of those fail, the losing vote can be recover through the `RecoveryAdapter`` to reach
-    ///         threshold 2.
+    /// @param  threshold Minimum number of adapters required to process the messages.
+    ///         Must be at least 1 when `adapters` is non-empty; set `adapters.length` for full consensus.
+    /// @param  targetSessionId The session id to install; must equal the pool's next session id (current + 1)
     function setAdapters(
         uint16 centrifugeId,
         PoolId poolId,
         IAdapter[] calldata adapters,
         uint8 threshold,
-        uint8 recoveryIndex
+        uint16 targetSessionId
     ) external;
 
+    /// @notice Mark a session as blocked, preventing its adapters from voting on incoming messages and, if it is the
+    ///         active session, from sending outgoing messages. The session can later be recovered with unblockSession().
+    /// @param  centrifugeId Chain where the adapters are configured for
+    /// @param  poolId PoolId associated to the adapters
+    /// @param  sessionId Session to block
+    function blockSession(uint16 centrifugeId, PoolId poolId, uint16 sessionId) external;
+
+    /// @notice Recover a previously blocked session, re-enabling its adapters.
+    /// @param  centrifugeId Chain where the adapters are configured for
+    /// @param  poolId PoolId associated to the adapters
+    /// @param  sessionId Session to unblock
+    function unblockSession(uint16 centrifugeId, PoolId poolId, uint16 sessionId) external;
+
+    /// @notice Configures a manager address for a pool
+    /// @dev    WARNING: a manager carries very significant permissions equivalent to controlling every
+    ///         adapter configured for the pool. It can call `handle`/`vote`/`execute` on behalf of any
+    ///         configured adapter address, and by doing so once per adapter can single-handedly reach
+    ///         quorum and forward an arbitrary payload to the gateway as if real cross-chain consensus
+    ///         had been reached — bypassing the M-of-N adapter security model entirely for that pool.
+    ///         Grant this role only to smart contracts that constrain what can be submitted; never grant
+    ///         it to a plain EOA. Mirrors the same trust level as `IGateway.updateManager`.
+    /// @param poolId PoolId associated to the adapters
+    /// @param who Manager address
+    /// @param canManage If enabled as manager
+    function updateManager(PoolId poolId, address who, bool canManage) external;
+
+    //----------------------------------------------------------------------------------------------
+    // Incoming
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Manager-driven variant of {IMessageHandler-handle}. Adapters submit via the two-argument
+    ///         `handle`, identifying themselves through `msg.sender`. Here a manager of the payload's
+    ///         pool submits on behalf of `adapter`, naming which configured adapter the message
+    ///         belongs to. Equivalent to a vote followed by a possible execute.
+    /// @param  centrifugeId Source chain identifier
+    /// @param  payload The wrapped payload (session-id prefixed)
+    /// @param  adapter The configured adapter the message is attributed to
+    function handle(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) external;
+
+    /// @notice Manager-driven variant of {IAdapterEntrypoint-vote}. A manager of the payload's
+    ///         pool casts a vote on behalf of `adapter` without ever executing it.
+    /// @param  centrifugeId Source chain identifier
+    /// @param  payload The wrapped payload (session-id prefixed)
+    /// @param  adapter The configured adapter the vote is attributed to
+    function vote(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) external;
+
+    /// @notice Manager-driven variant of {IAdapterEntrypoint-execute}. A manager of the payload's
+    ///         pool executes an already-threshold-reached payload, attributing it to `adapter`. Reverts with
+    ///         {NotEnoughVotes} if the threshold is not met. `adapter` only identifies the session config and
+    ///         the {Execute} attribution; no vote of its own is cast.
+    /// @param  centrifugeId Source chain identifier
+    /// @param  payload The wrapped payload (session-id prefixed)
+    /// @param  adapter A configured adapter the execution is attributed to
+    function execute(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) external;
+
     //----------------------------------------------------------------------------------------------
     // View methods
     //----------------------------------------------------------------------------------------------
@@ -131,11 +221,37 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
     /// @notice Provides gas cost estimates and message type metadata for cross-chain messages
     function messageProperties() external view returns (IMessageProperties);
 
-    /// @notice Returns the inbound message session id for a given chain and payload hash
+    /// @notice Returns whether an address is a manager for a given pool
+    /// @param poolId The pool to check
+    /// @param who The address to check
+    function manager(PoolId poolId, address who) external view returns (bool);
+
+    /// @notice Returns the currently active session id for a given chain and pool
+    /// @param centrifugeId The source chain identifier
+    /// @param poolId The pool identifier
+    function activeSessionId(uint16 centrifugeId, PoolId poolId) external view returns (uint16);
+
+    /// @notice Returns the next session id to install for a given chain and pool (current + 1).
+    ///         Callers are expected to pass this as the `targetSessionId` to {setAdapters}.
+    /// @param centrifugeId The source chain identifier
+    /// @param poolId The pool identifier
+    function nextActiveSessionId(uint16 centrifugeId, PoolId poolId) external view returns (uint16);
+
+    /// @notice Returns whether a session has been blocked
     /// @param centrifugeId The source chain identifier
-    /// @param payloadHash The hash of the inbound payload
-    /// @return sessionId The session id when the votes were cast
-    function inbound(uint16 centrifugeId, bytes32 payloadHash) external view returns (uint128 sessionId);
+    /// @param poolId The pool identifier
+    /// @param sessionId The session identifier
+    function blockedSession(uint16 centrifugeId, PoolId poolId, uint16 sessionId) external view returns (bool);
+
+    /// @notice Returns the adapter at a given index for a specific session
+    /// @param centrifugeId The source chain identifier
+    /// @param poolId The pool identifier
+    /// @param sessionId The session identifier
+    /// @param index The index in the adapter array
+    function adapters(uint16 centrifugeId, PoolId poolId, uint16 sessionId, uint256 index)
+        external
+        view
+        returns (IAdapter);
 
     /// @notice Number of total configured adapters for a pool
     /// @param centrifugeId Chain where the adapter is configured for
@@ -150,32 +266,19 @@ interface IMultiAdapter is IAdapter, IMessageHandler {
     /// @return Needed amount
     function threshold(uint16 centrifugeId, PoolId poolId) external view returns (uint8);
 
-    /// @notice Index in the adapter array to start consider the adapter as recovery adapter
-    /// @param centrifugeId Chain where the adapter is configured for
-    /// @param poolId PoolId associated to the adapters
-    /// @return Recovery index
-    function recoveryIndex(uint16 centrifugeId, PoolId poolId) external view returns (uint8);
-
-    /// @notice Gets the current active routers session id
-    /// @dev When the adapters are updated with new ones, each new set of adapters has their own sessionId
-    /// @param centrifugeId Chain where the adapters are configured for
-    /// @param poolId PoolId associated to the adapters
-    /// @return The active session id
-    function activeSessionId(uint16 centrifugeId, PoolId poolId) external view returns (uint128);
-
     /// @notice Counts how many times each incoming messages has been received per adapter.
     /// @dev    It supports parallel messages ( duplicates ). That means that the incoming messages could be
     ///         the result of two or more independent request from the user of the same type.
     ///         i.e. Same user would like to deposit same underlying asset with the same amount more then once.
     /// @param  centrifugeId Chain where the adapter is configured for
-    /// @param  payloadHash The hash value of the incoming message.
+    /// @param  voteKey The vote-tally key: `keccak256(abi.encodePacked(routedPoolId, wrappedPayload))`, so a
+    ///         global-set vote and a pool-set vote on the same bytes land in separate slots.
     /// @return The votes array
-    function votes(uint16 centrifugeId, bytes32 payloadHash) external view returns (int16[MAX_ADAPTER_COUNT] memory);
+    function votes(uint16 centrifugeId, bytes32 voteKey) external view returns (int16[MAX_ADAPTER_COUNT] memory);
 
-    /// @notice Returns the address of the adapter at the given id
+    /// @notice Returns the active adapter set for a pool
     /// @param centrifugeId Chain where the adapters are configured for
     /// @param poolId PoolId associated to the adapters
-    /// @param id The adapter id
-    /// @return The adapter at the specified id
-    function adapters(uint16 centrifugeId, PoolId poolId, uint256 id) external view returns (IAdapter);
+    /// @return The adapters list and last session id
+    function activeAdapters(uint16 centrifugeId, PoolId poolId) external view returns (Adapters memory);
 }
diff --git a/src/core/messaging/interfaces/ITokenRecoverer.sol b/src/core/messaging/interfaces/ITokenRecoverer.sol
deleted file mode 100644
index d41891461..000000000
--- a/src/core/messaging/interfaces/ITokenRecoverer.sol
+++ /dev/null
@@ -1,23 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {IRecoverable} from "../../../misc/interfaces/IRecoverable.sol";
-
-import {IRoot} from "../../../admin/interfaces/IRoot.sol";
-
-interface ITokenRecoverer {
-    event RecoverTokens(
-        IRecoverable indexed target, address indexed token, uint256 tokenId, address indexed to, uint256 amount
-    );
-
-    /// @notice Recovers tokens from a target contract
-    /// @param target The contract to recover tokens from
-    /// @param token The token address to recover
-    /// @param tokenId The token ID (0 for ERC20, non-zero for ERC6909)
-    /// @param to The address to send recovered tokens to
-    /// @param amount The amount of tokens to recover
-    function recoverTokens(IRecoverable target, address token, uint256 tokenId, address to, uint256 amount) external;
-
-    /// @notice Root authority that grants this contract permission to recover tokens from protocol contracts
-    function root() external view returns (IRoot);
-}
diff --git a/src/core/messaging/libraries/MessageLib.sol b/src/core/messaging/libraries/MessageLib.sol
index 61875fdff..9faced8a3 100644
--- a/src/core/messaging/libraries/MessageLib.sol
+++ b/src/core/messaging/libraries/MessageLib.sol
@@ -6,38 +6,44 @@ import {MathLib} from "../../../misc/libraries/MathLib.sol";
 import {BytesLib} from "../../../misc/libraries/BytesLib.sol";
 
 import {PoolId} from "../../types/PoolId.sol";
+import {AssetId} from "../../types/AssetId.sol";
 
 enum MessageType {
     /// @dev Placeholder for null message type
     _Invalid,
-    // -- Pool independent messages
+    // --- Protocol-wide (pool-independent) ---
+    // NOTE: everything below `NotifyPool` is treated as pool-dependent (carries its PoolId at offset 1);
+    // see `messagePoolId` / `messageSourceCentrifugeId`. Keep pool-independent messages above `NotifyPool`.
     ScheduleUpgrade,
     CancelUpgrade,
-    RecoverTokens,
     RegisterAsset,
     SetPoolAdapters,
-    // -- Pool dependent messages
+    // --- Pool & share-class notifications ---
     NotifyPool,
     NotifyShareClass,
     NotifyPricePoolPerShare,
     NotifyPricePoolPerAsset,
     NotifyShareMetadata,
-    UpdateShareHook,
+    // --- Share transfers ---
     InitiateTransferShares,
     ExecuteTransferShares,
+    // --- Vaults & restrictions ---
     UpdateRestriction,
     UpdateVault,
-    UpdateBalanceSheetManager,
-    UpdateGatewayManager,
-    UpdateHoldingAmount,
+    // --- Balance sheet ---
+    UpdateAssets,
     UpdateShares,
-    SetMaxAssetPriceAge,
-    SetMaxSharePriceAge,
+    // --- Investment requests ---
     Request,
     RequestCallback,
     SetRequestManager,
-    TrustedContractUpdate,
-    UntrustedContractUpdate
+    // --- Manager calls & authorization ---
+    ManagerCallFromSpoke,
+    ManagerCallFromHub,
+    UpdateManager,
+    SetPolicy,
+    AuthorizeSpokeCall,
+    UnauthorizeSpokeCall
 }
 
 /// @dev Used internally in the UpdateVault message (not represent a submessage)
@@ -47,6 +53,14 @@ enum VaultUpdateKind {
     Unlink
 }
 
+/// @dev Used internally in the UpdateManager message to select which contract's manager is updated.
+enum ManagerKind {
+    Adapter,
+    Gateway,
+    Spoke,
+    Bridger
+}
+
 library MessageLib {
     using MessageLib for bytes;
     using BytesLib for bytes;
@@ -54,6 +68,10 @@ library MessageLib {
     using MathLib for *;
 
     error UnknownMessageType();
+    error InvalidPoolHome();
+    error InvalidAssetHome();
+
+    uint16 internal constant MAINNET_CENTRIFUGE_ID = 1;
 
     /// @dev Encode all message lengths in this constant to avoid a large list of if/elseif checks
     /// and reduce generated bytecode.
@@ -62,30 +80,28 @@ library MessageLib {
     uint256 constant MESSAGE_LENGTHS_1 =
         (33  << uint8(MessageType.ScheduleUpgrade) * 8) +
         (33  << uint8(MessageType.CancelUpgrade) * 8) +
-        (161 << uint8(MessageType.RecoverTokens) * 8) +
         (18  << uint8(MessageType.RegisterAsset) * 8) +
-        (13  << uint8(MessageType.SetPoolAdapters) * 8) +
+        (14  << uint8(MessageType.SetPoolAdapters) * 8) +
         (9   << uint8(MessageType.NotifyPool) * 8) +
         (250 << uint8(MessageType.NotifyShareClass) * 8) +
         (49  << uint8(MessageType.NotifyPricePoolPerShare) * 8) +
         (65  << uint8(MessageType.NotifyPricePoolPerAsset) * 8) +
         (185 << uint8(MessageType.NotifyShareMetadata) * 8) +
-        (57  << uint8(MessageType.UpdateShareHook) * 8) +
-        (107  << uint8(MessageType.InitiateTransferShares) * 8) +
+        (139  << uint8(MessageType.InitiateTransferShares) * 8) +
         (89  << uint8(MessageType.ExecuteTransferShares) * 8) +
         (41  << uint8(MessageType.UpdateRestriction) * 8) +
         (90  << uint8(MessageType.UpdateVault) * 8) +
-        (42  << uint8(MessageType.UpdateBalanceSheetManager) * 8) +
-        (42  << uint8(MessageType.UpdateGatewayManager) * 8) +
-        (107  << uint8(MessageType.UpdateHoldingAmount) * 8) +
+        (91  << uint8(MessageType.UpdateAssets) * 8) +
         (75  << uint8(MessageType.UpdateShares) * 8) +
-        (49  << uint8(MessageType.SetMaxAssetPriceAge) * 8) +
-        (33  << uint8(MessageType.SetMaxSharePriceAge) * 8) +
         (57  << uint8(MessageType.Request) * 8) +
         (57  << uint8(MessageType.RequestCallback) * 8) +
         (41  << uint8(MessageType.SetRequestManager) * 8) +
-        (73  << uint8(MessageType.TrustedContractUpdate) * 8) +
-        (105  << uint8(MessageType.UntrustedContractUpdate) * 8);
+        (89  << uint8(MessageType.ManagerCallFromSpoke) * 8) +
+        (43  << uint8(MessageType.UpdateManager) * 8) +
+        (57  << uint8(MessageType.ManagerCallFromHub) * 8) +
+        (41  << uint8(MessageType.SetPolicy) * 8) +
+        (9   << uint8(MessageType.AuthorizeSpokeCall) * 8) +
+        (9   << uint8(MessageType.UnauthorizeSpokeCall) * 8);
 
     function messageType(bytes memory message) internal pure returns (MessageType) {
         return MessageType(message.toUint8(0));
@@ -97,58 +113,144 @@ library MessageLib {
 
     function messageLength(bytes memory message) internal pure returns (uint16 length) {
         uint8 kind = message.toUint8(0);
-        require(kind <= uint8(type(MessageType).max), UnknownMessageType());
+        require(kind != uint8(MessageType._Invalid) && kind <= uint8(type(MessageType).max), UnknownMessageType());
 
         length = uint16(uint8(bytes32(MESSAGE_LENGTHS_1)[31 - kind]));
 
+        // NotifyShareClass carries a fixed 16-byte extraGasLimit suffix but its base length (250) leaves no
+        // room for it within the single-byte table slot, so add it here. NotifyShareMetadata is kept uniform.
+        if (kind == uint8(MessageType.NotifyShareClass) || kind == uint8(MessageType.NotifyShareMetadata)) {
+            length += 16;
+        }
+
         // Special treatment for messages with dynamic size:
-        if (kind == uint8(MessageType.UpdateRestriction)) {
+        if (kind == uint8(MessageType.NotifyShareClass)) {
+            length += 2 + message.toUint16(length); //payloadLength
+        } else if (kind == uint8(MessageType.UpdateRestriction)) {
+            length += 2 + message.toUint16(length); //payloadLength
+        } else if (kind == uint8(MessageType.UpdateVault)) {
             length += 2 + message.toUint16(length); //payloadLength
-        } else if (kind == uint8(MessageType.TrustedContractUpdate)) {
+        } else if (kind == uint8(MessageType.ManagerCallFromHub)) {
             length += 2 + message.toUint16(length); //payloadLength
-        } else if (kind == uint8(MessageType.UntrustedContractUpdate)) {
+        } else if (kind == uint8(MessageType.ManagerCallFromSpoke)) {
             length += 2 + message.toUint16(length); //payloadLength
         } else if (kind == uint8(MessageType.Request)) {
             length += 2 + message.toUint16(length); //payloadLength
         } else if (kind == uint8(MessageType.RequestCallback)) {
             length += 2 + message.toUint16(length); //payloadLength
+        } else if (kind == uint8(MessageType.AuthorizeSpokeCall)) {
+            length += 2 + message.toUint16(length); //payloadLength
+        } else if (kind == uint8(MessageType.UnauthorizeSpokeCall)) {
+            length += 2 + message.toUint16(length); //payloadLength
         } else if (kind == uint8(MessageType.SetPoolAdapters)) {
-            length += message.toUint16(11) * 32; // message with variable length
+            length += message.toUint16(12) * 32; // message with variable length
         }
     }
 
     function messagePoolId(bytes memory message) internal pure returns (PoolId poolId) {
         uint8 kind = message.toUint8(0);
 
-        // All messages from NotifyPool to the end contains a PoolId in position 1.
-        if (kind >= uint8(MessageType.NotifyPool)) {
+        // SetPoolAdapters is pool-independent in framing but configures a specific pool's adapter set,
+        // and carries its PoolId in position 1. Reporting that PoolId lets the update route over the
+        // pool's own adapters instead of the global set (MultiAdapter falls back to global while the
+        // pool has no set yet, so initialization still works). All messages from NotifyPool onward
+        // likewise carry a PoolId in position 1.
+        if (kind == uint8(MessageType.SetPoolAdapters) || kind >= uint8(MessageType.NotifyPool)) {
             return PoolId.wrap(message.toUint64(1));
         }
 
         return PoolId.wrap(0);
     }
 
+    /// @notice Returns the centrifugeId that `message` must originate from, or 0 if any source is permitted.
+    ///
+    ///         When adding a new message type, classify it here. A spoke->hub message MUST be added to
+    ///         the exclusion list (or handled explicitly), otherwise it will be incorrectly rejected when
+    ///         arriving from its source chain. This function is exhaustively checked in MessageLib.t.sol.
+    function messageSourceCentrifugeId(bytes memory message) internal pure returns (uint16) {
+        MessageType kind = MessageType(message.toUint8(0));
+
+        // Hub->spoke: SetPoolAdapters and all messages from NotifyPool upward, except the spoke->hub
+        // exclusions below. All hub->spoke messages carry their poolId at offset 1 (big-endian uint64).
+        // Request and UpdateAssets are excluded here and handled by the asset-homed branch below.
+        if (
+            kind == MessageType.SetPoolAdapters
+                || (kind >= MessageType.NotifyPool
+                    && kind != MessageType.InitiateTransferShares
+                    && kind != MessageType.UpdateAssets
+                    && kind != MessageType.UpdateShares
+                    && kind != MessageType.Request
+                    && kind != MessageType.ManagerCallFromSpoke)
+        ) {
+            uint16 hub = messagePoolId(message).centrifugeId();
+            // No real pool has centrifugeId 0; reject outright rather than falling through to
+            // "0 = any source".
+            require(hub != 0, InvalidPoolHome());
+            return hub;
+        }
+        if (kind == MessageType.ScheduleUpgrade || kind == MessageType.CancelUpgrade) {
+            return MAINNET_CENTRIFUGE_ID;
+        }
+        if (kind == MessageType.RegisterAsset || kind == MessageType.Request || kind == MessageType.UpdateAssets) {
+            uint16 assetHome = messageAssetId(kind, message).centrifugeId();
+            // ISO-4217 currency assets (centrifugeId 0) are registered locally on the Hub and are never
+            // legitimately reported by a spoke; reject outright rather than falling through to
+            // "0 = any source".
+            require(assetHome != 0, InvalidAssetHome());
+            return assetHome;
+        }
+        return 0;
+    }
+
+    /// @dev The AssetId embedded in `message`. RegisterAsset carries it at offset 1; Request and
+    ///      UpdateAssets carry it at offset 25 (after poolId and scId).
+    function messageAssetId(MessageType kind, bytes memory message) internal pure returns (AssetId) {
+        if (kind == MessageType.RegisterAsset) {
+            return AssetId.wrap(message.toUint128(1));
+        }
+        if (kind == MessageType.Request || kind == MessageType.UpdateAssets) {
+            return AssetId.wrap(message.toUint128(25));
+        }
+        revert UnknownMessageType();
+    }
+
+    /// @notice The pool whose adapter set should route/verify `message`. Normally the message's own pool
+    ///         (`messagePoolId`), with one exception: a SetPoolAdapters for a pool that has no adapter set
+    ///         yet (`poolConfigured == false`) falls back to the global pool, because the pool's first
+    ///         adapter configuration has to arrive over the global set. `poolConfigured` is supplied by the
+    ///         adapter layer, which is the only place that knows whether the pool already has a set.
+    function routePoolId(bytes memory message, bool poolConfigured) internal pure returns (PoolId) {
+        if (!poolConfigured && messageType(message) == MessageType.SetPoolAdapters) {
+            return PoolId.wrap(0);
+        }
+        return messagePoolId(message);
+    }
+
     function messageExtraGasLimit(bytes memory message) internal pure returns (uint128) {
         uint8 kind = message.toUint8(0);
 
-        if (kind == uint8(MessageType.InitiateTransferShares)) {
+        if (kind == uint8(MessageType.NotifyShareClass)) {
+            return message.toUint128(250);
+        } else if (kind == uint8(MessageType.NotifyShareMetadata)) {
+            return message.toUint128(185);
+        } else if (kind == uint8(MessageType.InitiateTransferShares)) {
             return message.toUint128(91);
         } else if (kind == uint8(MessageType.ExecuteTransferShares)) {
             return message.toUint128(73);
         } else if (kind == uint8(MessageType.UpdateRestriction)) {
             return message.toUint128(25);
-        } else if (kind == uint8(MessageType.TrustedContractUpdate)) {
-            return message.toUint128(57);
-        } else if (kind == uint8(MessageType.UntrustedContractUpdate)) {
-            return message.toUint128(89);
+        } else if (kind == uint8(MessageType.ManagerCallFromHub)) {
+            return message.toUint128(41);
+        } else if (kind == uint8(MessageType.ManagerCallFromSpoke)) {
+            return message.toUint128(73);
         } else if (kind == uint8(MessageType.Request)) {
             return message.toUint128(41);
         } else if (kind == uint8(MessageType.RequestCallback)) {
             return message.toUint128(41);
         } else if (kind == uint8(MessageType.UpdateVault)) {
             return message.toUint128(74);
-        } else if (kind == uint8(MessageType.UpdateHoldingAmount)) {
-            return message.toUint128(91);
+        } else if (kind == uint8(MessageType.UpdateAssets)) {
+            return message.toUint128(75);
         } else if (kind == uint8(MessageType.UpdateShares)) {
             return message.toUint128(59);
         }
@@ -190,33 +292,6 @@ library MessageLib {
         return abi.encodePacked(MessageType.CancelUpgrade, t.target);
     }
 
-    //---------------------------------------
-    //    RecoverTokens
-    //---------------------------------------
-
-    struct RecoverTokens {
-        bytes32 target;
-        bytes32 token;
-        uint256 tokenId;
-        bytes32 to;
-        uint256 amount;
-    }
-
-    function deserializeRecoverTokens(bytes memory data) internal pure returns (RecoverTokens memory) {
-        require(messageType(data) == MessageType.RecoverTokens, UnknownMessageType());
-        return RecoverTokens({
-            target: data.toBytes32(1),
-            token: data.toBytes32(33),
-            tokenId: data.toUint256(65),
-            to: data.toBytes32(97),
-            amount: data.toUint256(129)
-        });
-    }
-
-    function serialize(RecoverTokens memory t) internal pure returns (bytes memory) {
-        return abi.encodePacked(MessageType.RecoverTokens, t.target, t.token, t.tokenId, t.to, t.amount);
-    }
-
     //---------------------------------------
     //    RegisterAsset
     //---------------------------------------
@@ -242,23 +317,23 @@ library MessageLib {
     struct SetPoolAdapters {
         uint64 poolId;
         uint8 threshold;
-        uint8 recoveryIndex;
+        uint16 targetSessionId;
         bytes32[] adapterList;
     }
 
     function deserializeSetPoolAdapters(bytes memory data) internal pure returns (SetPoolAdapters memory) {
         require(messageType(data) == MessageType.SetPoolAdapters, UnknownMessageType());
 
-        uint16 length = data.toUint16(11);
+        uint16 length = data.toUint16(12);
         bytes32[] memory adapterList = new bytes32[](length);
         for (uint256 i; i < length; i++) {
-            adapterList[i] = data.toBytes32(13 + i * 32);
+            adapterList[i] = data.toBytes32(14 + i * 32);
         }
 
         return SetPoolAdapters({
             poolId: data.toUint64(1),
             threshold: data.toUint8(9),
-            recoveryIndex: data.toUint8(10),
+            targetSessionId: data.toUint16(10),
             adapterList: adapterList
         });
     }
@@ -268,7 +343,7 @@ library MessageLib {
             MessageType.SetPoolAdapters,
             t.poolId,
             t.threshold,
-            t.recoveryIndex,
+            t.targetSessionId,
             t.adapterList.length.toUint16(),
             t.adapterList
         );
@@ -302,11 +377,14 @@ library MessageLib {
         bytes32 symbol; // utf8
         uint8 decimals;
         bytes32 salt;
-        bytes32 hook;
+        bytes32 registrar;
+        uint128 extraGasLimit;
+        bytes payload; // Opaque, forwarded to the registrar on token creation
     }
 
     function deserializeNotifyShareClass(bytes memory data) internal pure returns (NotifyShareClass memory) {
         require(messageType(data) == MessageType.NotifyShareClass, UnknownMessageType());
+        uint16 payloadLength = data.toUint16(266);
         return NotifyShareClass({
             poolId: data.toUint64(1),
             scId: data.toBytes16(9),
@@ -314,7 +392,9 @@ library MessageLib {
             symbol: data.toBytes32(153),
             decimals: data.toUint8(185),
             salt: data.toBytes32(186),
-            hook: data.toBytes32(218)
+            registrar: data.toBytes32(218),
+            extraGasLimit: data.toUint128(250),
+            payload: data.slice(268, payloadLength)
         });
     }
 
@@ -327,7 +407,10 @@ library MessageLib {
             t.symbol,
             t.decimals,
             t.salt,
-            t.hook
+            t.registrar,
+            t.extraGasLimit,
+            t.payload.length.toUint16(),
+            t.payload
         );
     }
 
@@ -397,6 +480,7 @@ library MessageLib {
         bytes16 scId;
         string name; // Fixed to 128 bytes
         bytes32 symbol; // utf8
+        uint128 extraGasLimit;
     }
 
     function deserializeNotifyShareMetadata(bytes memory data) internal pure returns (NotifyShareMetadata memory) {
@@ -405,35 +489,22 @@ library MessageLib {
             poolId: data.toUint64(1),
             scId: data.toBytes16(9),
             name: data.slice(25, 128).bytes128ToString(),
-            symbol: data.toBytes32(153)
+            symbol: data.toBytes32(153),
+            extraGasLimit: data.toUint128(185)
         });
     }
 
     function serialize(NotifyShareMetadata memory t) internal pure returns (bytes memory) {
         return abi.encodePacked(
-            MessageType.NotifyShareMetadata, t.poolId, t.scId, bytes(t.name).sliceZeroPadded(0, 128), t.symbol
+            MessageType.NotifyShareMetadata,
+            t.poolId,
+            t.scId,
+            bytes(t.name).sliceZeroPadded(0, 128),
+            t.symbol,
+            t.extraGasLimit
         );
     }
 
-    //---------------------------------------
-    //    UpdateShareHook
-    //---------------------------------------
-
-    struct UpdateShareHook {
-        uint64 poolId;
-        bytes16 scId;
-        bytes32 hook;
-    }
-
-    function deserializeUpdateShareHook(bytes memory data) internal pure returns (UpdateShareHook memory) {
-        require(messageType(data) == MessageType.UpdateShareHook, UnknownMessageType());
-        return UpdateShareHook({poolId: data.toUint64(1), scId: data.toBytes16(9), hook: data.toBytes32(25)});
-    }
-
-    function serialize(UpdateShareHook memory t) internal pure returns (bytes memory) {
-        return abi.encodePacked(MessageType.UpdateShareHook, t.poolId, t.scId, t.hook);
-    }
-
     //---------------------------------------
     //    InitiateTransferShares
     //---------------------------------------
@@ -446,6 +517,8 @@ library MessageLib {
         uint128 amount;
         uint128 remoteExtraGasLimit;
         uint128 extraGasLimit;
+        // The originator of the transfer (the real sender), forwarded to the Hub-side bridging hook.
+        bytes32 sender;
     }
 
     function deserializeInitiateTransferShares(bytes memory data)
@@ -461,7 +534,8 @@ library MessageLib {
             receiver: data.toBytes32(27),
             amount: data.toUint128(59),
             remoteExtraGasLimit: data.toUint128(75),
-            extraGasLimit: data.toUint128(91)
+            extraGasLimit: data.toUint128(91),
+            sender: data.toBytes32(107)
         });
     }
 
@@ -474,7 +548,8 @@ library MessageLib {
             t.receiver,
             t.amount,
             t.remoteExtraGasLimit,
-            t.extraGasLimit
+            t.extraGasLimit,
+            t.sender
         );
     }
 
@@ -536,76 +611,63 @@ library MessageLib {
     }
 
     //---------------------------------------
-    //    TrustedContractUpdate
+    //    ManagerCallFromHub
     //---------------------------------------
 
-    struct TrustedContractUpdate {
+    /// @dev Generic hub->target manager call routed through the Envoy on the receiving chain. Pool-scoped;
+    ///      any `scId` is encoded inside `payload` by the caller.
+    struct ManagerCallFromHub {
         uint64 poolId;
-        bytes16 scId;
         bytes32 target;
         uint128 extraGasLimit;
         bytes payload; // As sequence of bytes
     }
 
-    function deserializeTrustedContractUpdate(bytes memory data) internal pure returns (TrustedContractUpdate memory) {
-        require(messageType(data) == MessageType.TrustedContractUpdate, UnknownMessageType());
-        uint16 payloadLength = data.toUint16(73);
-        return TrustedContractUpdate({
+    function deserializeManagerCallFromHub(bytes memory data) internal pure returns (ManagerCallFromHub memory) {
+        require(messageType(data) == MessageType.ManagerCallFromHub, UnknownMessageType());
+        uint16 payloadLength = data.toUint16(57);
+        return ManagerCallFromHub({
             poolId: data.toUint64(1),
-            scId: data.toBytes16(9),
-            target: data.toBytes32(25),
-            extraGasLimit: data.toUint128(57),
-            payload: data.slice(75, payloadLength)
+            target: data.toBytes32(9),
+            extraGasLimit: data.toUint128(41),
+            payload: data.slice(59, payloadLength)
         });
     }
 
-    function serialize(TrustedContractUpdate memory t) internal pure returns (bytes memory) {
+    function serialize(ManagerCallFromHub memory t) internal pure returns (bytes memory) {
         return abi.encodePacked(
-            MessageType.TrustedContractUpdate,
-            t.poolId,
-            t.scId,
-            t.target,
-            t.extraGasLimit,
-            t.payload.length.toUint16(),
-            t.payload
+            MessageType.ManagerCallFromHub, t.poolId, t.target, t.extraGasLimit, t.payload.length.toUint16(), t.payload
         );
     }
 
     //---------------------------------------
-    //    UntrustedContractUpdate
+    //    ManagerCallFromSpoke
     //---------------------------------------
 
-    struct UntrustedContractUpdate {
+    struct ManagerCallFromSpoke {
         uint64 poolId;
-        bytes16 scId;
         bytes32 target;
         bytes32 sender;
         uint128 extraGasLimit;
         bytes payload; // As sequence of bytes
     }
 
-    function deserializeUntrustedContractUpdate(bytes memory data)
-        internal
-        pure
-        returns (UntrustedContractUpdate memory)
-    {
-        require(messageType(data) == MessageType.UntrustedContractUpdate, UnknownMessageType());
-        uint16 payloadLength = data.toUint16(105);
-        return UntrustedContractUpdate({
+    function deserializeManagerCallFromSpoke(bytes memory data) internal pure returns (ManagerCallFromSpoke memory) {
+        require(messageType(data) == MessageType.ManagerCallFromSpoke, UnknownMessageType());
+        uint16 payloadLength = data.toUint16(89);
+        return ManagerCallFromSpoke({
             poolId: data.toUint64(1),
-            scId: data.toBytes16(9),
-            target: data.toBytes32(25),
-            sender: data.toBytes32(57),
-            extraGasLimit: data.toUint128(89),
-            payload: data.slice(107, payloadLength)
+            target: data.toBytes32(9),
+            sender: data.toBytes32(41),
+            extraGasLimit: data.toUint128(73),
+            payload: data.slice(91, payloadLength)
         });
     }
 
-    function serialize(UntrustedContractUpdate memory t) internal pure returns (bytes memory) {
+    function serialize(ManagerCallFromSpoke memory t) internal pure returns (bytes memory) {
         return abi.encodePacked(
-            MessageType.UntrustedContractUpdate,
+            MessageType.ManagerCallFromSpoke,
             t.poolId,
-            t.scId,
             t.target,
             t.sender,
             t.extraGasLimit,
@@ -691,23 +753,34 @@ library MessageLib {
         bytes32 vaultOrFactory;
         uint8 kind; // VaultUpdateKind
         uint128 extraGasLimit;
+        bytes payload; // Opaque, forwarded to the factory on DeployAndLink
     }
 
     function deserializeUpdateVault(bytes memory data) internal pure returns (UpdateVault memory) {
         require(messageType(data) == MessageType.UpdateVault, UnknownMessageType());
+        uint16 payloadLength = data.toUint16(90);
         return UpdateVault({
             poolId: data.toUint64(1),
             scId: data.toBytes16(9),
             assetId: data.toUint128(25),
             vaultOrFactory: data.toBytes32(41),
             kind: data.toUint8(73),
-            extraGasLimit: data.toUint128(74)
+            extraGasLimit: data.toUint128(74),
+            payload: data.slice(92, payloadLength)
         });
     }
 
     function serialize(UpdateVault memory t) internal pure returns (bytes memory) {
         return abi.encodePacked(
-            MessageType.UpdateVault, t.poolId, t.scId, t.assetId, t.vaultOrFactory, t.kind, t.extraGasLimit
+            MessageType.UpdateVault,
+            t.poolId,
+            t.scId,
+            t.assetId,
+            t.vaultOrFactory,
+            t.kind,
+            t.extraGasLimit,
+            t.payload.length.toUint16(),
+            t.payload
         );
     }
 
@@ -730,38 +803,14 @@ library MessageLib {
     }
 
     //---------------------------------------
-    //   UpdateBalanceSheetManager
-    //---------------------------------------
-
-    struct UpdateBalanceSheetManager {
-        uint64 poolId;
-        bytes32 who;
-        bool canManage;
-    }
-
-    function deserializeUpdateBalanceSheetManager(bytes memory data)
-        internal
-        pure
-        returns (UpdateBalanceSheetManager memory)
-    {
-        require(messageType(data) == MessageType.UpdateBalanceSheetManager, UnknownMessageType());
-        return UpdateBalanceSheetManager({poolId: data.toUint64(1), who: data.toBytes32(9), canManage: data.toBool(41)});
-    }
-
-    function serialize(UpdateBalanceSheetManager memory t) internal pure returns (bytes memory) {
-        return abi.encodePacked(MessageType.UpdateBalanceSheetManager, t.poolId, t.who, t.canManage);
-    }
-
-    //---------------------------------------
-    //    UpdateHoldingAmount
+    //    UpdateAssets
     //---------------------------------------
 
-    struct UpdateHoldingAmount {
+    struct UpdateAssets {
         uint64 poolId;
         bytes16 scId;
         uint128 assetId;
         uint128 amount;
-        uint128 pricePoolPerAsset;
         uint64 timestamp;
         bool isIncrease;
         bool isSnapshot;
@@ -769,31 +818,29 @@ library MessageLib {
         uint128 extraGasLimit;
     }
 
-    function deserializeUpdateHoldingAmount(bytes memory data) internal pure returns (UpdateHoldingAmount memory h) {
-        require(messageType(data) == MessageType.UpdateHoldingAmount, UnknownMessageType());
+    function deserializeUpdateAssets(bytes memory data) internal pure returns (UpdateAssets memory h) {
+        require(messageType(data) == MessageType.UpdateAssets, UnknownMessageType());
 
-        return UpdateHoldingAmount({
+        return UpdateAssets({
             poolId: data.toUint64(1),
             scId: data.toBytes16(9),
             assetId: data.toUint128(25),
             amount: data.toUint128(41),
-            pricePoolPerAsset: data.toUint128(57),
-            timestamp: data.toUint64(73),
-            isIncrease: data.toBool(81),
-            isSnapshot: data.toBool(82),
-            nonce: data.toUint64(83),
-            extraGasLimit: data.toUint128(91)
+            timestamp: data.toUint64(57),
+            isIncrease: data.toBool(65),
+            isSnapshot: data.toBool(66),
+            nonce: data.toUint64(67),
+            extraGasLimit: data.toUint128(75)
         });
     }
 
-    function serialize(UpdateHoldingAmount memory t) internal pure returns (bytes memory) {
+    function serialize(UpdateAssets memory t) internal pure returns (bytes memory) {
         return abi.encodePacked(
-            MessageType.UpdateHoldingAmount,
+            MessageType.UpdateAssets,
             t.poolId,
             t.scId,
             t.assetId,
             t.amount,
-            t.pricePoolPerAsset,
             t.timestamp,
             t.isIncrease,
             t.isSnapshot,
@@ -847,65 +894,82 @@ library MessageLib {
     }
 
     //---------------------------------------
-    //   SetMaxAssetPriceAge
+    //   UpdateManager
     //---------------------------------------
 
-    struct SetMaxAssetPriceAge {
+    struct UpdateManager {
         uint64 poolId;
-        bytes16 scId;
-        uint128 assetId;
-        uint64 maxPriceAge;
+        uint8 kind;
+        bytes32 who;
+        bool canManage;
     }
 
-    function deserializeSetMaxAssetPriceAge(bytes memory data) internal pure returns (SetMaxAssetPriceAge memory) {
-        require(messageType(data) == MessageType.SetMaxAssetPriceAge, UnknownMessageType());
-        return SetMaxAssetPriceAge({
-            poolId: data.toUint64(1),
-            scId: data.toBytes16(9),
-            assetId: data.toUint128(25),
-            maxPriceAge: data.toUint64(41)
+    function deserializeUpdateManager(bytes memory data) internal pure returns (UpdateManager memory) {
+        require(messageType(data) == MessageType.UpdateManager, UnknownMessageType());
+        return UpdateManager({
+            poolId: data.toUint64(1), kind: data.toUint8(9), who: data.toBytes32(10), canManage: data.toBool(42)
         });
     }
 
-    function serialize(SetMaxAssetPriceAge memory t) internal pure returns (bytes memory) {
-        return abi.encodePacked(MessageType.SetMaxAssetPriceAge, t.poolId, t.scId, t.assetId, t.maxPriceAge);
+    function serialize(UpdateManager memory t) internal pure returns (bytes memory) {
+        return abi.encodePacked(MessageType.UpdateManager, t.poolId, t.kind, t.who, t.canManage);
     }
 
     //---------------------------------------
-    //   SetMaxSharePriceAge
+    //   SetPolicy
     //---------------------------------------
 
-    struct SetMaxSharePriceAge {
+    struct SetPolicy {
         uint64 poolId;
-        bytes16 scId;
-        uint64 maxPriceAge;
+        bytes32 policy;
     }
 
-    function deserializeSetMaxSharePriceAge(bytes memory data) internal pure returns (SetMaxSharePriceAge memory) {
-        require(messageType(data) == MessageType.SetMaxSharePriceAge, UnknownMessageType());
-        return SetMaxSharePriceAge({poolId: data.toUint64(1), scId: data.toBytes16(9), maxPriceAge: data.toUint64(25)});
+    function deserializeSetPolicy(bytes memory data) internal pure returns (SetPolicy memory) {
+        require(messageType(data) == MessageType.SetPolicy, UnknownMessageType());
+        return SetPolicy({poolId: data.toUint64(1), policy: data.toBytes32(9)});
     }
 
-    function serialize(SetMaxSharePriceAge memory t) internal pure returns (bytes memory) {
-        return abi.encodePacked(MessageType.SetMaxSharePriceAge, t.poolId, t.scId, t.maxPriceAge);
+    function serialize(SetPolicy memory t) internal pure returns (bytes memory) {
+        return abi.encodePacked(MessageType.SetPolicy, t.poolId, t.policy);
     }
 
     //---------------------------------------
-    //   UpdateGatewayManager
+    //   AuthorizeSpokeCall
     //---------------------------------------
 
-    struct UpdateGatewayManager {
+    struct AuthorizeSpokeCall {
         uint64 poolId;
-        bytes32 who;
-        bool canManage;
+        bytes payload; // The exact spoke calldata being authorized
+    }
+
+    function deserializeAuthorizeSpokeCall(bytes memory data) internal pure returns (AuthorizeSpokeCall memory) {
+        require(messageType(data) == MessageType.AuthorizeSpokeCall, UnknownMessageType());
+
+        uint16 payloadLength = data.toUint16(9);
+        return AuthorizeSpokeCall({poolId: data.toUint64(1), payload: data.slice(11, payloadLength)});
+    }
+
+    function serialize(AuthorizeSpokeCall memory t) internal pure returns (bytes memory) {
+        return abi.encodePacked(MessageType.AuthorizeSpokeCall, t.poolId, t.payload.length.toUint16(), t.payload);
     }
 
-    function deserializeUpdateGatewayManager(bytes memory data) internal pure returns (UpdateGatewayManager memory) {
-        require(messageType(data) == MessageType.UpdateGatewayManager, UnknownMessageType());
-        return UpdateGatewayManager({poolId: data.toUint64(1), who: data.toBytes32(9), canManage: data.toBool(41)});
+    //---------------------------------------
+    //   UnauthorizeSpokeCall
+    //---------------------------------------
+
+    struct UnauthorizeSpokeCall {
+        uint64 poolId;
+        bytes payload; // The exact spoke calldata whose authorization is being revoked
+    }
+
+    function deserializeUnauthorizeSpokeCall(bytes memory data) internal pure returns (UnauthorizeSpokeCall memory) {
+        require(messageType(data) == MessageType.UnauthorizeSpokeCall, UnknownMessageType());
+
+        uint16 payloadLength = data.toUint16(9);
+        return UnauthorizeSpokeCall({poolId: data.toUint64(1), payload: data.slice(11, payloadLength)});
     }
 
-    function serialize(UpdateGatewayManager memory t) internal pure returns (bytes memory) {
-        return abi.encodePacked(MessageType.UpdateGatewayManager, t.poolId, t.who, t.canManage);
+    function serialize(UnauthorizeSpokeCall memory t) internal pure returns (bytes memory) {
+        return abi.encodePacked(MessageType.UnauthorizeSpokeCall, t.poolId, t.payload.length.toUint16(), t.payload);
     }
 }
diff --git a/src/core/spoke/BalanceSheet.sol b/src/core/spoke/BalanceSheet.sol
deleted file mode 100644
index e5018875c..000000000
--- a/src/core/spoke/BalanceSheet.sol
+++ /dev/null
@@ -1,430 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {ISpoke} from "./interfaces/ISpoke.sol";
-import {IPoolEscrow} from "./interfaces/IPoolEscrow.sol";
-import {IShareToken} from "./interfaces/IShareToken.sol";
-import {IEndorsements} from "./interfaces/IEndorsements.sol";
-import {IPoolEscrowProvider} from "./factories/interfaces/IPoolEscrowFactory.sol";
-import {IBalanceSheet, ShareQueueAmount, AssetQueueAmount, WithdrawMode} from "./interfaces/IBalanceSheet.sol";
-
-import {Auth} from "../../misc/Auth.sol";
-import {D18, d18} from "../../misc/types/D18.sol";
-import {IAuth} from "../../misc/interfaces/IAuth.sol";
-import {Recoverable} from "../../misc/Recoverable.sol";
-import {CastLib} from "../../misc/libraries/CastLib.sol";
-import {MathLib} from "../../misc/libraries/MathLib.sol";
-import {IERC6909} from "../../misc/interfaces/IERC6909.sol";
-import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
-import {TransientStorageLib} from "../../misc/libraries/TransientStorageLib.sol";
-
-import {IGateway} from "../messaging/interfaces/IGateway.sol";
-import {ISpokeMessageSender} from "../messaging/interfaces/IGatewaySenders.sol";
-import {IBalanceSheetGatewayHandler} from "../messaging/interfaces/IGatewayHandlers.sol";
-
-import {PoolId} from "../types/PoolId.sol";
-import {AssetId} from "../types/AssetId.sol";
-import {ShareClassId} from "../types/ShareClassId.sol";
-import {BatchedMulticall} from "../utils/BatchedMulticall.sol";
-
-/// @title  Balance Sheet
-/// @notice Management contract that integrates all balance sheet functions of a pool:
-///         - Issuing and revoking shares
-///         - Depositing and withdrawing assets
-///         - Force transferring shares
-///
-///         Share and asset updates to the Hub are optionally queued, to reduce the cost
-///         per transaction. Dequeuing can be triggered locally by the manager or from the Hub.
-contract BalanceSheet is Auth, BatchedMulticall, Recoverable, IBalanceSheet, IBalanceSheetGatewayHandler {
-    using MathLib for *;
-    using CastLib for bytes32;
-
-    ISpoke public spoke;
-    ISpokeMessageSender public sender;
-    IEndorsements public immutable endorsements;
-    IPoolEscrowProvider public poolEscrowProvider;
-
-    mapping(PoolId => mapping(address => bool)) public manager;
-    mapping(PoolId => mapping(ShareClassId => ShareQueueAmount)) public queuedShares;
-    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => AssetQueueAmount))) public queuedAssets;
-
-    constructor(IEndorsements endorsements_, address deployer) Auth(deployer) BatchedMulticall(gateway) {
-        endorsements = endorsements_;
-    }
-
-    /// @dev Check if the msgSender() is ward or a manager
-    modifier isManager(PoolId poolId) {
-        require(manager[poolId][msgSender()], IAuth.NotAuthorized());
-        _;
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Administration
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IBalanceSheet
-    function file(bytes32 what, address data) external auth {
-        if (what == "spoke") spoke = ISpoke(data);
-        else if (what == "sender") sender = ISpokeMessageSender(data);
-        else if (what == "gateway") gateway = IGateway(data);
-        else if (what == "poolEscrowProvider") poolEscrowProvider = IPoolEscrowProvider(data);
-        else revert FileUnrecognizedParam();
-
-        emit File(what, data);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Management functions (standard operations)
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IBalanceSheet
-    function deposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
-        external
-        payable
-        isManager(poolId)
-    {
-        noteDeposit(poolId, scId, asset, tokenId, amount, true);
-
-        address escrow_ = address(escrow(poolId));
-        if (tokenId == 0) {
-            SafeTransferLib.safeTransferFrom(asset, msgSender(), escrow_, amount);
-        } else {
-            IERC6909(asset).transferFrom(msgSender(), escrow_, tokenId, amount);
-        }
-        emit Deposit(poolId, scId, msgSender(), asset, tokenId, amount);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function withdraw(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount
-    ) public payable isManager(poolId) {
-        withdraw(poolId, scId, asset, tokenId, receiver, amount, WithdrawMode.Full);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function reserve(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        address reserver,
-        uint32 reason
-    ) public payable isManager(poolId) {
-        escrow(poolId).reserve(scId, asset, tokenId, amount, reserver, reason);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function unreserve(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        address reserver,
-        uint32 reason
-    ) public payable isManager(poolId) {
-        escrow(poolId).unreserve(scId, asset, tokenId, amount, reserver, reason);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function issue(PoolId poolId, ShareClassId scId, address to, uint128 shares) external payable isManager(poolId) {
-        emit Issue(poolId, scId, msgSender(), to, _pricePoolPerShare(poolId, scId), shares);
-
-        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
-        if (shareQueue.isPositive || shareQueue.delta == 0) {
-            shareQueue.delta += shares;
-            shareQueue.isPositive = shareQueue.delta != 0;
-        } else if (shareQueue.delta >= shares) {
-            shareQueue.delta -= shares;
-            shareQueue.isPositive = false;
-        } else {
-            shareQueue.delta = shares - shareQueue.delta;
-            shareQueue.isPositive = true;
-        }
-
-        IShareToken token = spoke.shareToken(poolId, scId);
-        token.mint(to, shares);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function revoke(PoolId poolId, ShareClassId scId, uint128 shares) external payable isManager(poolId) {
-        emit Revoke(poolId, scId, msgSender(), msgSender(), _pricePoolPerShare(poolId, scId), shares);
-
-        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
-        if (!shareQueue.isPositive) {
-            shareQueue.delta += shares;
-        } else if (shareQueue.delta > shares) {
-            shareQueue.delta -= shares;
-        } else {
-            shareQueue.delta = shares - shareQueue.delta;
-            shareQueue.isPositive = false;
-        }
-
-        IShareToken token = spoke.shareToken(poolId, scId);
-        token.authTransferFrom(msgSender(), msgSender(), address(this), shares);
-        token.burn(address(this), shares);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function submitQueuedAssets(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable isManager(poolId) {
-        AssetQueueAmount storage assetQueue = queuedAssets[poolId][scId][assetId];
-        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
-
-        D18 pricePoolPerAsset = _pricePoolPerAsset(poolId, scId, assetId);
-        uint32 assetCounter = (assetQueue.deposits != 0 || assetQueue.withdrawals != 0) ? 1 : 0;
-
-        ISpokeMessageSender.UpdateData memory data = ISpokeMessageSender.UpdateData({
-            netAmount: (assetQueue.deposits >= assetQueue.withdrawals)
-                ? assetQueue.deposits - assetQueue.withdrawals
-                : assetQueue.withdrawals - assetQueue.deposits,
-            isIncrease: assetQueue.deposits > assetQueue.withdrawals,
-            isSnapshot: shareQueue.delta == 0 && shareQueue.queuedAssetCounter == assetCounter,
-            nonce: shareQueue.nonce
-        });
-
-        assetQueue.deposits = 0;
-        assetQueue.withdrawals = 0;
-        shareQueue.nonce++;
-        shareQueue.queuedAssetCounter -= assetCounter;
-
-        emit SubmitQueuedAssets(poolId, scId, assetId, data, pricePoolPerAsset);
-        sender.sendUpdateHoldingAmount{value: msgValue()}(
-            poolId, scId, assetId, data, pricePoolPerAsset, extraGasLimit, refund
-        );
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function submitQueuedShares(PoolId poolId, ShareClassId scId, uint128 extraGasLimit, address refund)
-        external
-        payable
-        isManager(poolId)
-    {
-        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
-
-        ISpokeMessageSender.UpdateData memory data = ISpokeMessageSender.UpdateData({
-            netAmount: shareQueue.delta,
-            isIncrease: shareQueue.isPositive,
-            isSnapshot: queuedShares[poolId][scId].queuedAssetCounter == 0,
-            nonce: shareQueue.nonce
-        });
-
-        shareQueue.delta = 0;
-        shareQueue.isPositive = false;
-        shareQueue.nonce++;
-
-        emit SubmitQueuedShares(poolId, scId, data);
-        sender.sendUpdateShares{value: msgValue()}(poolId, scId, data, extraGasLimit, refund);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function transferSharesFrom(
-        PoolId poolId,
-        ShareClassId scId,
-        address sender_,
-        address from,
-        address to,
-        uint256 amount
-    ) external payable isManager(poolId) {
-        require(!endorsements.endorsed(from), CannotTransferFromEndorsedContract());
-        IShareToken token = spoke.shareToken(poolId, scId);
-        token.authTransferFrom(sender_, from, to, amount);
-        emit TransferSharesFrom(poolId, scId, sender_, from, to, amount);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function overridePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, D18 value)
-        external
-        payable
-        isManager(poolId)
-    {
-        TransientStorageLib.tstore(keccak256(abi.encode("pricePoolPerAsset", poolId, scId, assetId)), value.raw());
-        TransientStorageLib.tstore(keccak256(abi.encode("pricePoolPerAssetIsSet", poolId, scId, assetId)), true);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function resetPricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId)
-        external
-        payable
-        isManager(poolId)
-    {
-        TransientStorageLib.tstore(keccak256(abi.encode("pricePoolPerAssetIsSet", poolId, scId, assetId)), false);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function overridePricePoolPerShare(PoolId poolId, ShareClassId scId, D18 value) external payable isManager(poolId) {
-        TransientStorageLib.tstore(keccak256(abi.encode("pricePoolPerShare", poolId, scId)), value.raw());
-        TransientStorageLib.tstore(keccak256(abi.encode("pricePoolPerShareIsSet", poolId, scId)), true);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function resetPricePoolPerShare(PoolId poolId, ShareClassId scId) external payable isManager(poolId) {
-        TransientStorageLib.tstore(keccak256(abi.encode("pricePoolPerShareIsSet", poolId, scId)), false);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Management functions (manual operations)
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IBalanceSheet
-    function noteDeposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
-        public
-        payable
-        isManager(poolId)
-        returns (D18 pricePoolPerAsset_)
-    {
-        return noteDeposit(poolId, scId, asset, tokenId, amount, true);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function noteDeposit(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        bool updateEscrow
-    ) public payable isManager(poolId) returns (D18 pricePoolPerAsset_) {
-        AssetId assetId = spoke.assetToId(asset, tokenId);
-
-        if (updateEscrow) {
-            escrow(poolId).deposit(scId, asset, tokenId, amount);
-        }
-
-        pricePoolPerAsset_ = _pricePoolPerAsset(poolId, scId, assetId);
-        emit NoteDeposit(poolId, scId, msgSender(), asset, tokenId, amount, pricePoolPerAsset_);
-
-        _updateAssets(poolId, scId, assetId, amount, true);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function withdraw(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount,
-        WithdrawMode mode
-    ) public payable isManager(poolId) {
-        IPoolEscrow escrow_ = escrow(poolId);
-        D18 pricePoolPerAsset_;
-
-        if (mode == WithdrawMode.Full) {
-            pricePoolPerAsset_ = noteWithdraw(poolId, scId, asset, tokenId, receiver, amount, true);
-            emit Withdraw(poolId, scId, asset, tokenId, receiver, amount, pricePoolPerAsset_);
-        } else if (mode == WithdrawMode.EscrowAndTransfer) {
-            escrow_.withdraw(scId, asset, tokenId, receiver, amount);
-            AssetId assetId = spoke.assetToId(asset, tokenId);
-            pricePoolPerAsset_ = _pricePoolPerAsset(poolId, scId, assetId);
-            emit Withdraw(poolId, scId, asset, tokenId, receiver, amount, pricePoolPerAsset_);
-        }
-
-        escrow_.authTransferTo(asset, tokenId, receiver, amount);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function noteWithdraw(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
-        public
-        payable
-        isManager(poolId)
-        returns (D18 pricePoolPerAsset_)
-    {
-        return noteWithdraw(poolId, scId, asset, tokenId, address(0), amount, false);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function noteWithdraw(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount,
-        bool updateEscrow
-    ) public payable isManager(poolId) returns (D18 pricePoolPerAsset_) {
-        AssetId assetId = spoke.assetToId(asset, tokenId);
-
-        if (updateEscrow) {
-            escrow(poolId).withdraw(scId, asset, tokenId, receiver, amount);
-        }
-
-        pricePoolPerAsset_ = _pricePoolPerAsset(poolId, scId, assetId);
-        emit NoteWithdraw(poolId, scId, asset, tokenId, amount, pricePoolPerAsset_);
-
-        _updateAssets(poolId, scId, assetId, amount, false);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Gateway handlers
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IBalanceSheetGatewayHandler
-    function updateManager(PoolId poolId, address who, bool canManage) external auth {
-        manager[poolId][who] = canManage;
-        emit UpdateManager(poolId, who, canManage);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // View methods
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IBalanceSheet
-    function escrow(PoolId poolId) public view returns (IPoolEscrow) {
-        return poolEscrowProvider.escrow(poolId);
-    }
-
-    /// @inheritdoc IBalanceSheet
-    function availableBalanceOf(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId)
-        public
-        view
-        returns (uint128)
-    {
-        return escrow(poolId).availableBalanceOf(scId, asset, tokenId);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Internal
-    //----------------------------------------------------------------------------------------------
-
-    function _updateAssets(PoolId poolId, ShareClassId scId, AssetId assetId, uint128 amount, bool isDeposit) internal {
-        if (amount == 0) return;
-        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
-        AssetQueueAmount storage assetQueue = queuedAssets[poolId][scId][assetId];
-        if (assetQueue.deposits == 0 && assetQueue.withdrawals == 0) shareQueue.queuedAssetCounter++;
-        if (isDeposit) assetQueue.deposits += amount;
-        else assetQueue.withdrawals += amount;
-    }
-
-    // forgefmt: disable-next-item
-    function _pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId) internal view returns (D18) {
-        if (TransientStorageLib.tloadBool(keccak256(abi.encode("pricePoolPerAssetIsSet", poolId, scId, assetId)))) {
-            return d18(
-                TransientStorageLib.tloadUint128(keccak256(abi.encode("pricePoolPerAsset", poolId, scId, assetId)))
-            );
-        }
-
-        D18 pricePoolPerAsset = spoke.pricePoolPerAsset(poolId, scId, assetId, true);
-        return pricePoolPerAsset;
-    }
-
-    function _pricePoolPerShare(PoolId poolId, ShareClassId scId) internal view returns (D18) {
-        if (TransientStorageLib.tloadBool(keccak256(abi.encode("pricePoolPerShareIsSet", poolId, scId)))) {
-            return d18(TransientStorageLib.tloadUint128(keccak256(abi.encode("pricePoolPerShare", poolId, scId))));
-        }
-
-        D18 pricePoolPerShare = spoke.pricePoolPerShare(poolId, scId, true);
-        return pricePoolPerShare;
-    }
-}
diff --git a/src/core/spoke/PoolEscrow.sol b/src/core/spoke/PoolEscrow.sol
index 03cde3bcd..17ea2e9a1 100644
--- a/src/core/spoke/PoolEscrow.sol
+++ b/src/core/spoke/PoolEscrow.sol
@@ -20,7 +20,7 @@ contract PoolEscrow is Escrow, Recoverable, IPoolEscrow {
     mapping(
         ShareClassId
             => mapping(
-            address reserver => mapping(uint32 reason => mapping(address asset => mapping(uint256 tokenId => uint128)))
+            address reserver => mapping(bytes32 reason => mapping(address asset => mapping(uint256 tokenId => uint128)))
         )
     ) public reservedBy;
 
@@ -51,7 +51,7 @@ contract PoolEscrow is Escrow, Recoverable, IPoolEscrow {
     }
 
     /// @inheritdoc IPoolEscrow
-    function reserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, uint32 reason)
+    function reserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, bytes32 reason)
         external
         auth
     {
@@ -65,7 +65,7 @@ contract PoolEscrow is Escrow, Recoverable, IPoolEscrow {
     }
 
     /// @inheritdoc IPoolEscrow
-    function unreserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, uint32 reason)
+    function unreserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, bytes32 reason)
         external
         auth
     {
diff --git a/src/core/spoke/README.md b/src/core/spoke/README.md
index 4139e096f..802baa0e5 100644
--- a/src/core/spoke/README.md
+++ b/src/core/spoke/README.md
@@ -1,39 +1,37 @@
 # Spoke
 
-The `Spoke` module manages the local state and operations for pools and share classes on each chain. It handles share token deployment, vault registration, asset tracking, cross-chain transfers, and coordinates with the `BalanceSheet` for pool-level balance management and escrow operations.
+The `Spoke` module manages the local state and operations for pools and share classes on each chain. It handles share token deployment, vault registration, asset tracking, cross-chain transfers, and pool-level balance-sheet management (share issuance/revocation, asset deposits/withdrawals) and escrow operations. This mirrors the Hub architecture: `Spoke` ↔ `Hub`, `SpokeHandler` ↔ `HubHandler`, `SpokeRegistry` ↔ `HubRegistry`, and `SnapshotQueue` ↔ `Holdings`.
 
-![Spoke architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/core/spoke.puml)
+![Spoke architecture](../../../docs/architecture/core/spoke.svg)
 
 ### `Spoke`
 
-The `Spoke` contract serves as the local registry and coordination hub for all pool operations on a given chain. It manages pool and share class registration, tracks asset mappings between local addresses and global `AssetId`s, and coordinates cross-chain share transfers. The contract integrates with `TokenFactory` to deploy `ShareToken` instances, `PoolEscrowFactory` to create pool-specific escrows, and the `Gateway`'s message sender to communicate state changes to other chains.
+The `Spoke` contract is the coordination hub for pool operations on a given chain: cross-chain share transfers, asset registration, request forwarding, manager calls, and all balance-sheet operations (share issuance/revocation, asset deposits/withdrawals, reserves, and forced share transfers). It is a `BatchedMulticall`, so operations can be batched into a single cross-chain payload. Pool and share class registration, asset mappings between local addresses and global `AssetId`s, prices, policies, manager roles, and vault state live in `SpokeRegistry`, while inbound cross-chain messages are handled by `SpokeHandler`. It uses its message sender (the `MessageDispatcher`) to communicate state changes to other chains.
 
-The `Spoke` maintains price feeds for assets within each pool and share class, enabling local price lookups and validation. It handles asset registration with decimal validation and metadata extraction from ERC20 or ERC6909 tokens. For cross-chain operations, it enforces transfer restrictions via the `ShareToken`'s hook system, burns shares locally, and dispatches transfer messages to destination chains. The contract also provides request manager assignment per pool and supports untrusted contract update messages for extensibility.
+The `Spoke` handles asset registration with decimal validation and metadata extraction from ERC20 or ERC6909 tokens. For cross-chain transfers, it checks the share class's `IRegistrar` (`canBridge`) and that the owner holds the pool's `bridger` role, burns the shares locally through that registrar, and dispatches the transfer message to the destination chain. Outbound investment requests are accepted only from the pool's request manager and forwarded to the `Hub`; manager calls are forwarded to the hub chain, where the `Envoy` delivers them to their target. Balance-sheet operations coordinate with `PoolEscrow` for asset custody and queue share and asset deltas in `SnapshotQueue` to reduce cross-chain messaging costs, allowing batched state synchronization with the `Hub`. A single per-pool `manager` role, stored in `SpokeRegistry`, gates every balance-sheet operation, and when the pool has installed a policy those same calls are passed to it for enforcement.
 
-### `ShareToken`
+### `SpokeHandler`
 
-`ShareToken` is an ERC20-compliant token with ERC1404 restriction enforcement and optional transfer hook integration. Each token represents shares in a specific pool and share class, with decimals configurable per deployment. The contract integrates with an optional `ITransferHook` for custom transfer logic, restriction checks, and per-user hook data storage using a compact bytes16 format.
+`SpokeHandler` processes incoming cross-chain messages from the hub, mirroring `HubHandler` on the other side. It routes pool and share class registration, share metadata and restriction updates, price updates, vault deploy/link/unlink, manager and bridger role changes, policy installation and authorization grants, request manager registration, and request callbacks into `SpokeRegistry` and the share class's `IRegistrar`. All methods are auth-protected and called by the `MessageProcessor`, or directly by the `MessageDispatcher` when hub and spoke share a chain.
 
-The token supports authorized transfers where approved managers can move tokens on behalf of users without standard ERC20 approvals. It maintains vault mappings per asset address, enabling different vaults to interact with the same share token for multi-asset pool support. Hook data can be set by either authorized contracts or the hook itself, enabling stateful transfer logic like redemption restrictions, freeze mechanisms, or identity verification.
+Adding a pool also deploys its escrow through `PoolEscrowFactory`. Adding a share class delegates token creation to the `IRegistrar` named in the notification, which owns and operates the share token itself: minting, burning, authorized transfers, metadata, restrictions, and the bridging check all go through it, so the token implementation lives outside `core` (see `src/token`).
 
-### `BalanceSheet`
+### `SnapshotQueue`
 
-The `BalanceSheet` contract manages all balance sheet operations for pools including share issuance/revocation and asset deposits/withdrawals. It queues share and asset updates to reduce cross-chain messaging costs, allowing batched state synchronization with the `Hub`. Managers assigned per pool have authorization to execute balance sheet operations.
+The `SnapshotQueue` contract is an `auth`-gated store of the queued share and asset deltas each pool accumulates before they are submitted to the `Hub`, analogous to how `Holdings` backs the `Hub`. `Spoke` is its only caller. Share deltas are netted per share class (issuance adds, revocation subtracts); asset flows are accumulated gross per asset. Flushing consumes a queue and returns the update payload (net amount, snapshot flag, nonce) that `Spoke` sends to the `Hub`, reducing cross-chain messaging costs by batching state synchronization.
 
-The contract coordinates with `PoolEscrow` for asset custody, `Spoke` for share token and asset lookups, and the `Gateway`'s message sender for cross-chain communication. It supports forced share transfers for special scenarios and integrates with an endorsements contract for additional validation. Queued updates track both issuance and revocation amounts, with separate queues per share class and asset, enabling fine-grained control over when state is synchronized across chains.
+The following diagram shows how deposits and withdrawals impact the queue, the pool escrow, and the hub-side holding:
 
-The following diagram shows how deposits and withdrawals impact the state of the balance sheet and pool escrow:
-
-![Balance sheet diagram](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/core/spoke/balance-sheet.puml)
+![Balance sheet diagram](../../../docs/architecture/core/spoke/balance-sheet.svg)
 
 ### `PoolEscrow`
 
 `PoolEscrow` provides pool-specific asset custody separated by share class. Each escrow is tied to a single pool and holds assets across multiple share classes, tracking both total holdings and reserved amounts per asset. Reserved amounts enable pending operations like withdrawal requests to lock funds without fully removing them from the pool.
 
-The contract exposes deposit, withdraw, reserve, and unreserve operations, all auth-protected and typically called by the `BalanceSheet`. Available balance calculations subtract reserved amounts from totals, ensuring reserved funds cannot be double-spent. The escrow extends the base `Escrow` contract with share class-level accounting and is deployed deterministically per pool by `PoolEscrowFactory`.
+The contract exposes deposit, withdraw, reserve, and unreserve operations, all auth-protected and typically called by the `Spoke`. Reservations are booked per reserver and reason, so one holder of reserved funds cannot release another's. Available balance calculations subtract reserved amounts from totals, ensuring reserved funds cannot be double-spent. The escrow extends the base `Escrow` contract with share class-level accounting and is deployed deterministically per pool by `PoolEscrowFactory`.
 
-### `VaultRegistry`
+### `SpokeRegistry`
 
-`VaultRegistry` manages vault deployment, linking, and unlinking for pool share classes and assets. It supports three vault update kinds: deploy-and-link (using a factory), link (existing vault), and unlink (remove association). The registry tracks vault details including the associated pool, share class, asset, and request manager, enabling reverse lookups from vault address to pool context.
+`SpokeRegistry` is the on-chain registry for the spoke. It tracks pool and share class registration (each share class pairing a share token with the `IRegistrar` that operates it), asset mappings between local addresses and global `AssetId`s, the per-pool request manager, and prices per share class and asset. It also holds the per-pool `manager` and `bridger` roles, the pool's installed policy, and a consume-only authorization ledger: authorizations arrive already matured from the hub, `authorize` and `unauthorize` add and remove them, and only the installed policy may `consumeAuthorization`. Ids are namespaced by the policy address and its install nonce, so installing a policy makes every outstanding authorization unreachable.
 
-Vault deployment validates that async vaults have an associated request manager configured on the `Spoke`, preventing misconfigured deployments. Linking registers the vault in both forward (pool/shareClass/asset/manager → vault) and reverse (vault → details) mappings, while unlinking removes these associations and emits events for state tracking. The registry is called by the `Gateway`'s message processor when vault updates arrive from the `Hub`, ensuring vault configuration stays synchronized across chains.
+Vault state is tracked as registration, linking, and unlinking. `registerVault` validates that the share class exists and that the asset matches the `AssetId`, then records the vault details (pool, share class, asset, and link status) for reverse lookups from a vault address to its pool context; `linkVault` and `unlinkVault` flip that entry's link status and emit events for state tracking. The registry is called by the `SpokeHandler` when vault updates arrive from the `Hub`, across three update kinds: deploy-and-link (using a factory), link (existing vault), and unlink (remove association). The share token's ERC-7575 vault pointer is maintained by the share class's `IRegistrar`, which validates any pointer against these entries.
diff --git a/src/core/spoke/SnapshotQueue.sol b/src/core/spoke/SnapshotQueue.sol
new file mode 100644
index 000000000..2ec8a4354
--- /dev/null
+++ b/src/core/spoke/SnapshotQueue.sol
@@ -0,0 +1,133 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {ISnapshotQueue, ShareQueueAmount, AssetQueueAmount} from "./interfaces/ISnapshotQueue.sol";
+
+import {Auth} from "../../misc/Auth.sol";
+
+import {ISpokeMessageSender} from "../messaging/interfaces/IGatewaySenders.sol";
+
+import {PoolId} from "../types/PoolId.sol";
+import {AssetId} from "../types/AssetId.sol";
+import {ShareClassId} from "../types/ShareClassId.sol";
+
+/// @title  SnapshotQueue
+/// @notice Bookkeeping of the queued share and asset deltas each pool accumulates before they are
+///         submitted to the Hub. Share deltas are netted per share class, asset flows are accumulated
+///         gross per asset; flushing consumes a queue and returns the update payload for the Hub.
+contract SnapshotQueue is Auth, ISnapshotQueue {
+    mapping(PoolId => mapping(ShareClassId => ShareQueueAmount)) public queuedShares;
+    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => AssetQueueAmount))) public queuedAssets;
+
+    constructor(address deployer) Auth(deployer) {}
+
+    //----------------------------------------------------------------------------------------------
+    // Queue updates
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISnapshotQueue
+    function queueAssets(PoolId poolId, ShareClassId scId, AssetId assetId, uint128 amount, bool isIncrease)
+        external
+        auth
+    {
+        if (amount == 0) return;
+
+        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
+        AssetQueueAmount storage assetQueue = queuedAssets[poolId][scId][assetId];
+        if (assetQueue.deposits == 0 && assetQueue.withdrawals == 0) shareQueue.queuedAssetCounter++;
+
+        if (isIncrease) assetQueue.deposits += amount;
+        else assetQueue.withdrawals += amount;
+
+        emit QueueAssets(poolId, scId, assetId, amount, isIncrease);
+    }
+
+    /// @inheritdoc ISnapshotQueue
+    function queueShares(PoolId poolId, ShareClassId scId, uint128 shares, bool isIssuance) external auth {
+        if (shares == 0) return;
+
+        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
+        (shareQueue.delta, shareQueue.isPositive) =
+            _netShares(shareQueue.delta, shareQueue.isPositive, shares, isIssuance);
+
+        emit QueueShares(poolId, scId, shares, isIssuance);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Flushing
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISnapshotQueue
+    function flushAssets(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        auth
+        returns (ISpokeMessageSender.UpdateData memory data)
+    {
+        AssetQueueAmount storage assetQueue = queuedAssets[poolId][scId][assetId];
+        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
+
+        uint32 assetCounter = (assetQueue.deposits != 0 || assetQueue.withdrawals != 0) ? 1 : 0;
+
+        data = ISpokeMessageSender.UpdateData({
+            netAmount: (assetQueue.deposits >= assetQueue.withdrawals)
+                ? assetQueue.deposits - assetQueue.withdrawals
+                : assetQueue.withdrawals - assetQueue.deposits,
+            isIncrease: assetQueue.deposits > assetQueue.withdrawals,
+            isSnapshot: shareQueue.delta == 0 && shareQueue.queuedAssetCounter == assetCounter,
+            nonce: shareQueue.nonce
+        });
+
+        assetQueue.deposits = 0;
+        assetQueue.withdrawals = 0;
+        shareQueue.nonce++;
+        shareQueue.queuedAssetCounter -= assetCounter;
+
+        emit SubmitQueuedAssets(poolId, scId, assetId, data);
+    }
+
+    /// @inheritdoc ISnapshotQueue
+    function flushShares(PoolId poolId, ShareClassId scId)
+        external
+        auth
+        returns (ISpokeMessageSender.UpdateData memory data)
+    {
+        ShareQueueAmount storage shareQueue = queuedShares[poolId][scId];
+
+        data = ISpokeMessageSender.UpdateData({
+            netAmount: shareQueue.delta,
+            isIncrease: shareQueue.isPositive,
+            isSnapshot: shareQueue.queuedAssetCounter == 0,
+            nonce: shareQueue.nonce
+        });
+
+        shareQueue.delta = 0;
+        shareQueue.isPositive = false;
+        shareQueue.nonce++;
+
+        emit SubmitQueuedShares(poolId, scId, data);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Internal methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @dev Apply a signed share delta to the queued net (issuance adds, revocation subtracts) and return the
+    ///      new magnitude and sign, computed once. The net is stored as a magnitude with a sign; a zero
+    ///      magnitude is canonicalized to non-positive.
+    function _netShares(uint128 delta, bool isPositive, uint128 shares, bool isIssuance)
+        internal
+        pure
+        returns (uint128 newDelta, bool newIsPositive)
+    {
+        if (isIssuance == isPositive || delta == 0) {
+            newDelta = delta + shares;
+            newIsPositive = newDelta != 0 && isIssuance;
+        } else if (delta >= shares) {
+            newDelta = delta - shares;
+            newIsPositive = newDelta != 0 && isPositive;
+        } else {
+            newDelta = shares - delta;
+            newIsPositive = isIssuance;
+        }
+    }
+}
diff --git a/src/core/spoke/Spoke.sol b/src/core/spoke/Spoke.sol
index 49dbacaf6..bbfa59841 100644
--- a/src/core/spoke/Spoke.sol
+++ b/src/core/spoke/Spoke.sol
@@ -1,122 +1,85 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {Price} from "./types/Price.sol";
-import {IShareToken} from "./interfaces/IShareToken.sol";
-import {ITransferHook} from "./interfaces/ITransferHook.sol";
-import {ITokenFactory} from "./factories/interfaces/ITokenFactory.sol";
-import {IPoolEscrowFactory} from "./factories/interfaces/IPoolEscrowFactory.sol";
-import {AssetIdKey, Pool, ShareClassDetails, TokenDetails, ISpoke} from "./interfaces/ISpoke.sol";
+import {ISpoke} from "./interfaces/ISpoke.sol";
+import {IRegistrar} from "./interfaces/IRegistrar.sol";
+import {IPoolEscrow} from "./interfaces/IPoolEscrow.sol";
+import {IRequestRouter} from "./interfaces/IRequestRouter.sol";
+import {ISnapshotQueue} from "./interfaces/ISnapshotQueue.sol";
+import {ISpokeRegistry} from "./interfaces/ISpokeRegistry.sol";
+import {ISpokeRequestManager} from "./interfaces/ISpokeRequestManager.sol";
+import {IPoolEscrowProvider} from "./factories/interfaces/IPoolEscrowFactory.sol";
 
 import {Auth} from "../../misc/Auth.sol";
-import {D18} from "../../misc/types/D18.sol";
 import {Recoverable} from "../../misc/Recoverable.sol";
 import {CastLib} from "../../misc/libraries/CastLib.sol";
-import {MathLib} from "../../misc/libraries/MathLib.sol";
-import {BytesLib} from "../../misc/libraries/BytesLib.sol";
-import {IERC20Metadata} from "../../misc/interfaces/IERC20.sol";
-import {IERC6909MetadataExt} from "../../misc/interfaces/IERC6909.sol";
-import {ReentrancyProtection} from "../../misc/ReentrancyProtection.sol";
+import {IERC20, IERC20Metadata} from "../../misc/interfaces/IERC20.sol";
+import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
+import {IERC6909, IERC6909MetadataExt, TransferFailed} from "../../misc/interfaces/IERC6909.sol";
 
 import {IGateway} from "../messaging/interfaces/IGateway.sol";
-import {MessageLib} from "../messaging/libraries/MessageLib.sol";
 import {ISpokeMessageSender} from "../messaging/interfaces/IGatewaySenders.sol";
-import {ISpokeGatewayHandler} from "../messaging/interfaces/IGatewayHandlers.sol";
 
 import {PoolId} from "../types/PoolId.sol";
+import {AssetId} from "../types/AssetId.sol";
 import {ShareClassId} from "../types/ShareClassId.sol";
-import {newAssetId, AssetId} from "../types/AssetId.sol";
-import {IRequestManager} from "../interfaces/IRequestManager.sol";
+import {IPolicy} from "../utils/interfaces/IPolicy.sol";
+import {BatchedMulticall} from "../utils/BatchedMulticall.sol";
 
 /// @title  Spoke
-/// @notice This contract manages which pools & share classes exist, controlling allowed pool currencies,
-///         initiating cross-chain transfers for tokens, and registering and linking vaults.
-contract Spoke is Auth, Recoverable, ReentrancyProtection, ISpoke, ISpokeGatewayHandler {
+/// @notice Management contract that integrates all spoke-side operations of a pool:
+///         - Registering assets
+///         - Depositing and withdrawing assets
+///         - Reserving assets (removing them from the hub-accounted holding)
+///         - Issuing and revoking shares
+///         - Cross-chain share transfers, request forwarding, and manager calls
+///
+///         Share and asset updates to the Hub are queued, to reduce the cost per transaction.
+contract Spoke is BatchedMulticall, Auth, Recoverable, ISpoke {
     using CastLib for *;
-    using MessageLib for *;
-    using BytesLib for bytes;
-    using MathLib for uint256;
 
-    uint8 internal constant MIN_DECIMALS = 2;
     uint8 internal constant MAX_DECIMALS = 18;
 
-    IGateway public gateway;
-    ITokenFactory public tokenFactory;
     ISpokeMessageSender public sender;
-    IPoolEscrowFactory public poolEscrowFactory;
 
-    mapping(PoolId => Pool) public pool;
-    mapping(PoolId => IRequestManager) public requestManager;
-    mapping(PoolId => mapping(ShareClassId => ShareClassDetails)) public shareClass;
+    ISnapshotQueue public immutable snapshotQueue;
+    ISpokeRegistry public immutable spokeRegistry;
+    IPoolEscrowProvider public immutable poolEscrowProvider;
 
-    uint64 internal _assetCounter;
-    mapping(AssetId => AssetIdKey) internal _idToAsset;
-    mapping(address token => TokenDetails) internal _tokenDetails;
-    mapping(address asset => mapping(uint256 tokenId => AssetId)) internal _assetToId;
-    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => Price))) internal _pricePoolPerAsset;
+    constructor(
+        IGateway gateway_,
+        ISnapshotQueue queues_,
+        ISpokeRegistry spokeRegistry_,
+        IPoolEscrowProvider poolEscrowProvider_,
+        address deployer
+    ) Auth(deployer) BatchedMulticall(gateway_) {
+        snapshotQueue = queues_;
+        spokeRegistry = spokeRegistry_;
+        poolEscrowProvider = poolEscrowProvider_;
+    }
 
-    constructor(ITokenFactory tokenFactory_, address deployer) Auth(deployer) {
-        tokenFactory = tokenFactory_;
+    /// @dev Manager-only, and must satisfy the pool's policy if one is installed.
+    modifier enforced(PoolId poolId) {
+        _enforce(poolId);
+        _;
     }
 
     //----------------------------------------------------------------------------------------------
-    // Administration
+    // System methods
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc ISpoke
     function file(bytes32 what, address data) external auth {
         if (what == "gateway") gateway = IGateway(data);
         else if (what == "sender") sender = ISpokeMessageSender(data);
-        else if (what == "tokenFactory") tokenFactory = ITokenFactory(data);
-        else if (what == "poolEscrowFactory") poolEscrowFactory = IPoolEscrowFactory(data);
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
 
     //----------------------------------------------------------------------------------------------
-    // Outgoing methods
+    // Assets
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ISpoke
-    function crosschainTransferShares(
-        uint16 centrifugeId,
-        PoolId poolId,
-        ShareClassId scId,
-        bytes32 receiver,
-        uint128 amount,
-        uint128 extraGasLimit,
-        uint128 remoteExtraGasLimit,
-        address refund
-    ) public payable protected {
-        IShareToken share = IShareToken(shareToken(poolId, scId));
-        require(centrifugeId != sender.localCentrifugeId(), LocalTransferNotAllowed());
-        require(
-            share.checkTransferRestriction(msg.sender, address(uint160(centrifugeId)), amount),
-            CrossChainTransferNotAllowed()
-        );
-
-        share.authTransferFrom(msg.sender, msg.sender, address(this), amount);
-        share.burn(address(this), amount);
-
-        emit InitiateTransferShares(centrifugeId, poolId, scId, msg.sender, receiver, amount);
-
-        sender.sendInitiateTransferShares{value: msg.value}(
-            centrifugeId, poolId, scId, receiver, amount, extraGasLimit, remoteExtraGasLimit, refund
-        );
-    }
-
-    /// @inheritdoc ISpoke
-    function crosschainTransferShares(
-        uint16 centrifugeId,
-        PoolId poolId,
-        ShareClassId scId,
-        bytes32 receiver,
-        uint128 amount,
-        uint128 remoteExtraGasLimit
-    ) external payable protected {
-        crosschainTransferShares(centrifugeId, poolId, scId, receiver, amount, 0, remoteExtraGasLimit, msg.sender);
-    }
-
     /// @inheritdoc ISpoke
     function registerAsset(uint16 centrifugeId, address asset, uint256 tokenId, address refund)
         external
@@ -124,14 +87,11 @@ contract Spoke is Auth, Recoverable, ReentrancyProtection, ISpoke, ISpokeGateway
         protected
         returns (AssetId assetId)
     {
-        string memory name;
-        string memory symbol;
-        uint8 decimals;
-
-        decimals = _safeGetAssetDecimals(asset, tokenId);
-        require(decimals >= MIN_DECIMALS, TooFewDecimals());
+        uint8 decimals = _safeGetAssetDecimals(asset, tokenId);
         require(decimals <= MAX_DECIMALS, TooManyDecimals());
 
+        string memory name;
+        string memory symbol;
         if (tokenId == 0) {
             IERC20Metadata meta = IERC20Metadata(asset);
             name = meta.name();
@@ -142,185 +102,258 @@ contract Spoke is Auth, Recoverable, ReentrancyProtection, ISpoke, ISpokeGateway
             symbol = meta.symbol(tokenId);
         }
 
-        assetId = _assetToId[asset][tokenId];
-        bool isInitialization = assetId.raw() == 0;
+        assetId = spokeRegistry.assetToId(asset, tokenId);
+        bool isInitialization = assetId.isNull();
         if (isInitialization) {
-            _assetCounter++;
-            assetId = newAssetId(sender.localCentrifugeId(), _assetCounter);
-
-            _idToAsset[assetId] = AssetIdKey(asset, tokenId);
-            _assetToId[asset][tokenId] = assetId;
+            assetId = spokeRegistry.createAssetId(sender.localCentrifugeId(), asset, tokenId);
         }
 
         emit RegisterAsset(centrifugeId, assetId, asset, tokenId, name, symbol, decimals, isInitialization);
-        sender.sendRegisterAsset{value: msg.value}(centrifugeId, assetId, decimals, refund);
-    }
-
-    /// @inheritdoc ISpoke
-    function updateContract(
-        PoolId poolId,
-        ShareClassId scId,
-        bytes32 target,
-        bytes calldata payload,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable {
-        emit UntrustedContractUpdate(poolId.centrifugeId(), poolId, scId, target, payload, msg.sender);
-
-        sender.sendUntrustedContractUpdate{value: msg.value}(
-            poolId, scId, target, payload, msg.sender.toBytes32(), extraGasLimit, refund
-        );
+        sender.sendRegisterAsset{value: msgValue()}(centrifugeId, assetId, decimals, refund);
     }
 
     //----------------------------------------------------------------------------------------------
-    // Pool & token management
+    // Balance sheet: asset methods
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function addPool(PoolId poolId) public auth {
-        Pool storage pool_ = pool[poolId];
-        require(pool_.createdAt == 0, PoolAlreadyAdded());
-        pool_.createdAt = uint64(block.timestamp);
-        poolEscrowFactory.newEscrow(poolId);
+    /// @inheritdoc ISpoke
+    function deposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
+        external
+        payable
+        enforced(poolId)
+    {
+        IPoolEscrow escrow_ = escrow(poolId);
+        escrow_.deposit(scId, asset, tokenId, amount);
+        _queueAssets(poolId, scId, asset, tokenId, amount, true);
 
-        emit AddPool(poolId);
+        if (tokenId == 0) {
+            SafeTransferLib.safeTransferFrom(asset, msgSender(), address(escrow_), amount);
+        } else {
+            require(IERC6909(asset).transferFrom(msgSender(), address(escrow_), tokenId, amount), TransferFailed());
+        }
+        emit Deposit(poolId, scId, msgSender(), asset, tokenId, amount);
     }
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function addShareClass(
-        PoolId poolId,
-        ShareClassId scId,
-        string memory name,
-        string memory symbol,
-        uint8 decimals,
-        bytes32 salt,
-        address hook
-    ) public auth {
-        require(isPoolActive(poolId), InvalidPool());
-        require(decimals >= MIN_DECIMALS, TooFewDecimals());
-        require(decimals <= MAX_DECIMALS, TooManyDecimals());
-        require(address(shareClass[poolId][scId].shareToken) == address(0), ShareClassAlreadyRegistered());
+    /// @inheritdoc ISpoke
+    function noteDeposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
+        external
+        payable
+        enforced(poolId)
+    {
+        escrow(poolId).deposit(scId, asset, tokenId, amount);
+        _queueAssets(poolId, scId, asset, tokenId, amount, true);
 
-        IShareToken shareToken_ = tokenFactory.newToken(name, symbol, decimals, salt);
-        if (hook != address(0)) shareToken_.file("hook", hook);
-        linkToken(poolId, scId, shareToken_);
+        emit NoteDeposit(poolId, scId, msgSender(), asset, tokenId, amount);
     }
 
     /// @inheritdoc ISpoke
-    function linkToken(PoolId poolId, ShareClassId scId, IShareToken shareToken_) public auth {
-        shareClass[poolId][scId].shareToken = shareToken_;
-        _tokenDetails[address(shareToken_)] = TokenDetails(poolId, scId);
-        emit AddShareClass(poolId, scId, shareToken_);
-    }
+    function withdraw(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address receiver,
+        uint128 amount
+    ) external payable enforced(poolId) {
+        IPoolEscrow escrow_ = escrow(poolId);
+
+        escrow_.withdraw(scId, asset, tokenId, receiver, amount);
+        _queueAssets(poolId, scId, asset, tokenId, amount, false);
+        escrow_.authTransferTo(asset, tokenId, receiver, amount);
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function setRequestManager(PoolId poolId, IRequestManager manager) public auth {
-        require(isPoolActive(poolId), InvalidPool());
-        requestManager[poolId] = manager;
-        emit SetRequestManager(poolId, manager);
+        emit Withdraw(poolId, scId, asset, tokenId, receiver, amount);
     }
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function updateShareMetadata(PoolId poolId, ShareClassId scId, string memory name, string memory symbol)
-        public
-        auth
-    {
-        IShareToken shareToken_ = shareToken(poolId, scId);
-        require(
-            keccak256(bytes(shareToken_.name())) != keccak256(bytes(name))
-                || keccak256(bytes(shareToken_.symbol())) != keccak256(bytes(symbol)),
-            OldMetadata()
-        );
+    /// @inheritdoc ISpoke
+    function withdrawReserved(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address receiver,
+        uint128 amount,
+        address reserver,
+        bytes32 reason
+    ) external payable enforced(poolId) {
+        IPoolEscrow escrow_ = escrow(poolId);
 
-        shareToken_.file("name", name);
-        shareToken_.file("symbol", symbol);
-    }
+        escrow_.unreserve(scId, asset, tokenId, amount, reserver, reason);
+        escrow_.withdraw(scId, asset, tokenId, receiver, amount);
+        escrow_.authTransferTo(asset, tokenId, receiver, amount);
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function updateShareHook(PoolId poolId, ShareClassId scId, address hook) public auth {
-        IShareToken shareToken_ = shareToken(poolId, scId);
-        require(hook != shareToken_.hook(), OldHook());
-        shareToken_.file("hook", hook);
+        emit Withdraw(poolId, scId, asset, tokenId, receiver, amount);
     }
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function updateRestriction(PoolId poolId, ShareClassId scId, bytes memory update) public auth {
-        IShareToken shareToken_ = shareToken(poolId, scId);
-        address hook = shareToken_.hook();
-        require(hook != address(0), InvalidHook());
-        ITransferHook(hook).updateRestriction(address(shareToken_), update);
+    /// @inheritdoc ISpoke
+    function reserve(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        uint128 amount,
+        address reserver,
+        bytes32 reason
+    ) external payable enforced(poolId) {
+        escrow(poolId).reserve(scId, asset, tokenId, amount, reserver, reason);
+        _queueAssets(poolId, scId, asset, tokenId, amount, false);
     }
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function executeTransferShares(PoolId poolId, ShareClassId scId, bytes32 receiver, uint128 amount) public auth {
-        IShareToken shareToken_ = shareToken(poolId, scId);
-        shareToken_.mint(address(this), amount);
-        shareToken_.transfer(receiver.toAddress(), amount);
-        emit ExecuteTransferShares(poolId, scId, receiver.toAddress(), amount);
+    /// @inheritdoc ISpoke
+    function unreserve(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        uint128 amount,
+        address reserver,
+        bytes32 reason
+    ) external payable enforced(poolId) {
+        escrow(poolId).unreserve(scId, asset, tokenId, amount, reserver, reason);
+        _queueAssets(poolId, scId, asset, tokenId, amount, true);
     }
 
     /// @inheritdoc ISpoke
-    function setShareTokenVault(PoolId poolId, ShareClassId scId, address asset, address vault) external auth {
-        IShareToken token = shareToken(poolId, scId);
-        token.updateVault(asset, vault);
+    function submitQueuedAssets(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        uint128 extraGasLimit,
+        address refund
+    ) external payable enforced(poolId) {
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(poolId, scId, assetId);
+        sender.sendUpdateAssets{value: msgValue()}(poolId, scId, assetId, data, extraGasLimit, refund);
     }
 
     //----------------------------------------------------------------------------------------------
-    // Price management
+    // Balance sheet: share methods
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function updatePricePoolPerShare(PoolId poolId, ShareClassId scId, D18 price, uint64 computedAt) public auth {
-        ShareClassDetails storage shareClass_ = _shareClass(poolId, scId);
-        Price storage poolPerShare = shareClass_.pricePoolPerShare;
-        require(computedAt >= shareClass_.pricePoolPerShare.computedAt, CannotSetOlderPrice());
+    /// @inheritdoc ISpoke
+    function issue(PoolId poolId, ShareClassId scId, address to, uint128 shares) external payable enforced(poolId) {
+        (IERC20 token, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
 
-        // Disable expiration of the price if never initialized
-        if (poolPerShare.computedAt == 0 && poolPerShare.maxAge == 0) {
-            poolPerShare.maxAge = type(uint64).max;
-        }
+        snapshotQueue.queueShares(poolId, scId, shares, true);
+        registrar.mint(address(token), to, shares);
 
-        poolPerShare.price = price;
-        poolPerShare.computedAt = computedAt;
-        emit UpdateSharePrice(poolId, scId, price, computedAt);
+        emit Issue(poolId, scId, msgSender(), to, shares);
     }
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function updatePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, D18 price, uint64 computedAt)
-        public
-        auth
-    {
-        (address asset, uint256 tokenId) = idToAsset(assetId);
-        Price storage poolPerAsset = _pricePoolPerAsset[poolId][scId][assetId];
-        require(computedAt >= poolPerAsset.computedAt, CannotSetOlderPrice());
+    /// @inheritdoc ISpoke
+    function revoke(PoolId poolId, ShareClassId scId, uint128 shares) external payable enforced(poolId) {
+        (IERC20 token, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
 
-        // Disable expiration of the price if never initialized
-        if (poolPerAsset.computedAt == 0 && poolPerAsset.maxAge == 0) {
-            poolPerAsset.maxAge = type(uint64).max;
-        }
+        snapshotQueue.queueShares(poolId, scId, shares, false);
+        SafeTransferLib.safeTransferFrom(address(token), msgSender(), address(this), shares);
+        SafeTransferLib.safeApprove(address(token), address(registrar), shares);
+        registrar.burn(address(token), address(this), shares);
+
+        emit Revoke(poolId, scId, msgSender(), msgSender(), shares);
+    }
+
+    /// @inheritdoc ISpoke
+    function withdrawShares(PoolId poolId, ShareClassId scId, address receiver, uint128 amount)
+        external
+        payable
+        enforced(poolId)
+    {
+        IERC20 token = spokeRegistry.shareToken(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        escrow(poolId).authTransferTo(address(token), 0, receiver, amount);
 
-        poolPerAsset.price = price;
-        poolPerAsset.computedAt = computedAt;
-        emit UpdateAssetPrice(poolId, scId, asset, tokenId, price, computedAt);
+        emit WithdrawShares(poolId, scId, receiver, amount);
     }
 
-    function setMaxSharePriceAge(PoolId poolId, ShareClassId scId, uint64 maxPriceAge) external auth {
-        ShareClassDetails storage shareClass_ = _shareClass(poolId, scId);
-        shareClass_.pricePoolPerShare.maxAge = maxPriceAge;
-        emit UpdateMaxSharePriceAge(poolId, scId, maxPriceAge);
+    /// @inheritdoc ISpoke
+    function submitQueuedShares(PoolId poolId, ShareClassId scId, uint128 extraGasLimit, address refund)
+        external
+        payable
+        enforced(poolId)
+    {
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushShares(poolId, scId);
+        sender.sendUpdateShares{value: msgValue()}(poolId, scId, data, extraGasLimit, refund);
     }
 
-    function setMaxAssetPriceAge(PoolId poolId, ShareClassId scId, AssetId assetId, uint64 maxPriceAge) external auth {
-        (address asset, uint256 tokenId) = idToAsset(assetId);
-        _pricePoolPerAsset[poolId][scId][assetId].maxAge = maxPriceAge;
-        emit UpdateMaxAssetPriceAge(poolId, scId, asset, tokenId, maxPriceAge);
+    /// @inheritdoc ISpoke
+    function transferSharesFrom(
+        PoolId poolId,
+        ShareClassId scId,
+        address sender_,
+        address from,
+        address to,
+        uint256 amount
+    ) external payable enforced(poolId) {
+        (IERC20 token, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        registrar.authTransferFrom(address(token), sender_, from, to, amount);
+        emit TransferSharesFrom(poolId, scId, sender_, from, to, amount);
     }
 
     //----------------------------------------------------------------------------------------------
-    // Request management
+    // Bridging
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc ISpoke
+    function crosschainTransferShares(
+        uint16 centrifugeId,
+        PoolId poolId,
+        ShareClassId scId,
+        bytes32 receiver,
+        address sender_,
+        address owner,
+        uint128 amount,
+        uint128 extraGasLimit,
+        uint128 remoteExtraGasLimit,
+        address refund
+    ) public payable protected {
+        require(msgSender() == owner || wards[msgSender()] == 1, NotAuthorized());
+        require(spokeRegistry.bridger(poolId, owner), NotBridger());
+        require(amount != 0, EmptyAmount());
+
+        (IERC20 share, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(share) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        require(centrifugeId != sender.localCentrifugeId(), LocalTransferNotAllowed());
+        require(registrar.canBridge(address(share), owner, centrifugeId, amount), BridgeNotAllowed());
+
+        SafeTransferLib.safeTransferFrom(address(share), owner, address(this), amount);
+        SafeTransferLib.safeApprove(address(share), address(registrar), amount);
+        registrar.burn(address(share), address(this), amount);
+
+        emit InitiateTransferShares(centrifugeId, poolId, scId, sender_, owner, receiver, amount);
+
+        sender.sendInitiateTransferShares{value: msgValue()}(
+            centrifugeId,
+            poolId,
+            scId,
+            sender_.toBytes32(),
+            receiver,
+            amount,
+            extraGasLimit,
+            remoteExtraGasLimit,
+            refund
+        );
+    }
+
+    /// @inheritdoc ISpoke
+    function crosschainTransferShares(
+        uint16 centrifugeId,
+        PoolId poolId,
+        ShareClassId scId,
+        bytes32 receiver,
+        uint128 amount,
+        uint128 remoteExtraGasLimit
+    ) external payable {
+        crosschainTransferShares(
+            centrifugeId, poolId, scId, receiver, msgSender(), msgSender(), amount, 0, remoteExtraGasLimit, msgSender()
+        );
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Requests & manager calls
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IRequestRouter
     function request(
         PoolId poolId,
         ShareClassId scId,
@@ -330,19 +363,23 @@ contract Spoke is Auth, Recoverable, ReentrancyProtection, ISpoke, ISpokeGateway
         bool unpaid,
         address refund
     ) external payable {
-        IRequestManager manager = requestManager[poolId];
+        ISpokeRequestManager manager = spokeRegistry.requestManager(poolId);
         require(address(manager) != address(0), InvalidRequestManager());
         require(msg.sender == address(manager), NotAuthorized());
 
-        sender.sendRequest{value: msg.value}(poolId, scId, assetId, payload, extraGasLimit, unpaid, refund);
+        sender.sendRequest{value: msgValue()}(poolId, scId, assetId, payload, extraGasLimit, unpaid, refund);
     }
 
-    /// @inheritdoc ISpokeGatewayHandler
-    function requestCallback(PoolId poolId, ShareClassId scId, AssetId assetId, bytes memory payload) external auth {
-        IRequestManager manager = requestManager[poolId];
-        require(address(manager) != address(0), InvalidRequestManager());
+    /// @inheritdoc ISpoke
+    function managerCall(PoolId poolId, bytes32 target, bytes calldata payload, uint128 extraGasLimit, address refund)
+        external
+        payable
+    {
+        emit ManagerCall(poolId.centrifugeId(), poolId, target, payload, msgSender());
 
-        manager.callback(poolId, scId, assetId, payload);
+        sender.sendManagerCallFromSpoke{value: msgValue()}(
+            poolId, target, payload, msgSender().toBytes32(), extraGasLimit, refund
+        );
     }
 
     //----------------------------------------------------------------------------------------------
@@ -350,101 +387,50 @@ contract Spoke is Auth, Recoverable, ReentrancyProtection, ISpoke, ISpokeGateway
     //----------------------------------------------------------------------------------------------
 
     /// @inheritdoc ISpoke
-    function isPoolActive(PoolId poolId) public view returns (bool) {
-        return pool[poolId].createdAt > 0;
-    }
-
-    /// @inheritdoc ISpoke
-    function shareToken(PoolId poolId, ShareClassId scId) public view returns (IShareToken) {
-        return _shareClass(poolId, scId).shareToken;
-    }
-
-    /// @inheritdoc ISpoke
-    function idToAsset(AssetId assetId) public view returns (address asset, uint256 tokenId) {
-        AssetIdKey memory assetIdKey = _idToAsset[assetId];
-        require(assetIdKey.asset != address(0), UnknownAsset());
-        return (assetIdKey.asset, assetIdKey.tokenId);
-    }
-
-    /// @inheritdoc ISpoke
-    function assetToId(address asset, uint256 tokenId) public view returns (AssetId assetId) {
-        assetId = _assetToId[asset][tokenId];
-        require(assetId.raw() != 0, UnknownAsset());
+    function policy(PoolId poolId) external view returns (IPolicy) {
+        return spokeRegistry.policy(poolId);
     }
 
     /// @inheritdoc ISpoke
-    function shareTokenDetails(address shareToken_) public view returns (PoolId poolId, ShareClassId scId) {
-        TokenDetails storage details = _tokenDetails[shareToken_];
-        poolId = details.poolId;
-        scId = details.scId;
-        require(!poolId.isNull() && !scId.isNull(), ShareTokenDoesNotExist());
+    function escrow(PoolId poolId) public view returns (IPoolEscrow) {
+        return poolEscrowProvider.escrow(poolId);
     }
 
     /// @inheritdoc ISpoke
-    function pricePoolPerShare(PoolId poolId, ShareClassId scId, bool checkValidity) public view returns (D18 price) {
-        ShareClassDetails storage shareClass_ = _shareClass(poolId, scId);
-        require(!checkValidity || shareClass_.pricePoolPerShare.isValid(), InvalidPrice());
-
-        return shareClass_.pricePoolPerShare.price;
-    }
-
-    /// @inheritdoc ISpoke
-    function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, bool checkValidity)
+    function availableBalanceOf(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId)
         public
         view
-        returns (D18 price)
+        returns (uint128)
     {
-        Price memory poolPerAsset = _pricePoolPerAsset[poolId][scId][assetId];
-        require(!checkValidity || poolPerAsset.isValid(), InvalidPrice());
-
-        return poolPerAsset.price;
+        return escrow(poolId).availableBalanceOf(scId, asset, tokenId);
     }
 
-    /// @inheritdoc ISpoke
-    function pricesPoolPer(PoolId poolId, ShareClassId scId, AssetId assetId, bool checkValidity)
-        public
-        view
-        returns (D18 pricePoolPerAsset_, D18 pricePoolPerShare_)
-    {
-        ShareClassDetails storage shareClass_ = _shareClass(poolId, scId);
-
-        Price memory poolPerAsset = _pricePoolPerAsset[poolId][scId][assetId];
-        Price memory poolPerShare = shareClass_.pricePoolPerShare;
-
-        require(!checkValidity || poolPerAsset.isValid() && poolPerShare.isValid(), InvalidPrice());
+    //----------------------------------------------------------------------------------------------
+    // Internal methods
+    //----------------------------------------------------------------------------------------------
 
-        return (poolPerAsset.price, poolPerShare.price);
-    }
+    /// @dev Reverts unless the resolved sender is a manager for `poolId`, then applies the pool's
+    ///      policy if one is installed.
+    function _enforce(PoolId poolId) internal {
+        require(spokeRegistry.manager(poolId, msgSender()), NotManager());
 
-    /// @inheritdoc ISpoke
-    function markersPricePoolPerShare(PoolId poolId, ShareClassId scId)
-        external
-        view
-        returns (uint64 computedAt, uint64 maxAge, uint64 validUntil)
-    {
-        ShareClassDetails storage shareClass_ = _shareClass(poolId, scId);
-        computedAt = shareClass_.pricePoolPerShare.computedAt;
-        maxAge = shareClass_.pricePoolPerShare.maxAge;
-        validUntil = shareClass_.pricePoolPerShare.validUntil();
+        IPolicy policy_ = spokeRegistry.policy(poolId);
+        if (address(policy_) != address(0)) policy_.enforce(poolId, msgSender(), msg.data);
     }
 
-    /// @inheritdoc ISpoke
-    function markersPricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId)
-        external
-        view
-        returns (uint64 computedAt, uint64 maxAge, uint64 validUntil)
-    {
-        Price memory poolPerAsset = _pricePoolPerAsset[poolId][scId][assetId];
-        computedAt = poolPerAsset.computedAt;
-        maxAge = poolPerAsset.maxAge;
-        validUntil = poolPerAsset.validUntil();
+    /// @dev Accumulate the queued gross asset flow.
+    function _queueAssets(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        uint128 amount,
+        bool isIncrease
+    ) internal {
+        snapshotQueue.queueAssets(poolId, scId, spokeRegistry.assetToId(asset, tokenId, true), amount, isIncrease);
     }
 
-    //----------------------------------------------------------------------------------------------
-    // Internal methods
-    //----------------------------------------------------------------------------------------------
-
-    function _safeGetAssetDecimals(address asset, uint256 tokenId) private view returns (uint8) {
+    function _safeGetAssetDecimals(address asset, uint256 tokenId) internal view returns (uint8) {
         bytes memory callData;
 
         if (tokenId == 0) {
@@ -458,13 +444,4 @@ contract Spoke is Auth, Recoverable, ReentrancyProtection, ISpoke, ISpokeGateway
 
         return abi.decode(data, (uint8));
     }
-
-    function _shareClass(PoolId poolId, ShareClassId scId)
-        internal
-        view
-        returns (ShareClassDetails storage shareClass_)
-    {
-        shareClass_ = shareClass[poolId][scId];
-        require(address(shareClass_.shareToken) != address(0), ShareTokenDoesNotExist());
-    }
 }
diff --git a/src/core/spoke/SpokeHandler.sol b/src/core/spoke/SpokeHandler.sol
new file mode 100644
index 000000000..26f8c7a46
--- /dev/null
+++ b/src/core/spoke/SpokeHandler.sol
@@ -0,0 +1,207 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IRegistrar} from "./interfaces/IRegistrar.sol";
+import {ISpokeHandler} from "./interfaces/ISpokeHandler.sol";
+import {ISpokeRegistry} from "./interfaces/ISpokeRegistry.sol";
+import {IVaultFactory} from "./factories/interfaces/IVaultFactory.sol";
+import {ISpokeRequestManager} from "./interfaces/ISpokeRequestManager.sol";
+import {IPoolEscrowFactory} from "./factories/interfaces/IPoolEscrowFactory.sol";
+
+import {Auth} from "../../misc/Auth.sol";
+import {D18} from "../../misc/types/D18.sol";
+import {IERC20} from "../../misc/interfaces/IERC20.sol";
+import {CastLib} from "../../misc/libraries/CastLib.sol";
+import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
+
+import {VaultUpdateKind} from "../messaging/libraries/MessageLib.sol";
+import {ISpokeGatewayHandler} from "../messaging/interfaces/IGatewayHandlers.sol";
+
+import {PoolId} from "../types/PoolId.sol";
+import {AssetId} from "../types/AssetId.sol";
+import {ShareClassId} from "../types/ShareClassId.sol";
+import {IPolicy} from "../utils/interfaces/IPolicy.sol";
+
+/// @title  SpokeHandler
+/// @notice This contract handles incoming cross-chain messages from the hub,
+///         routing pool, share class, price, and restriction updates to the SpokeRegistry.
+contract SpokeHandler is Auth, ISpokeHandler, ISpokeGatewayHandler {
+    using CastLib for *;
+
+    ISpokeRegistry public spokeRegistry;
+    IPoolEscrowFactory public poolEscrowFactory;
+
+    constructor(ISpokeRegistry spokeRegistry_, IPoolEscrowFactory poolEscrowFactory_, address deployer) Auth(deployer) {
+        spokeRegistry = spokeRegistry_;
+        poolEscrowFactory = poolEscrowFactory_;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Administration
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeHandler
+    function file(bytes32 what, address data) external auth {
+        if (what == "spokeRegistry") spokeRegistry = ISpokeRegistry(data);
+        else if (what == "poolEscrowFactory") poolEscrowFactory = IPoolEscrowFactory(data);
+        else revert FileUnrecognizedParam();
+        emit File(what, data);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Pool & share class management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function addPool(PoolId poolId) external auth {
+        poolEscrowFactory.newEscrow(poolId);
+        spokeRegistry.addPool(poolId);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function addShareClass(
+        PoolId poolId,
+        ShareClassId scId,
+        string memory name,
+        string memory symbol,
+        uint8 decimals,
+        bytes32 salt,
+        IRegistrar registrar,
+        bytes memory payload
+    ) external auth {
+        require(address(registrar) != address(0), InvalidRegistrar());
+        // A registrar can serve multiple pools, so this prevents forged salts from taking another pool's token address.
+        require(PoolId.wrap(uint64(bytes8(salt))) == poolId, InvalidSalt());
+
+        address shareToken_ = registrar.newToken(name, symbol, decimals, salt, payload);
+        spokeRegistry.addShareClass(poolId, scId, shareToken_, registrar);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updateShareMetadata(PoolId poolId, ShareClassId scId, string memory name, string memory symbol)
+        external
+        auth
+    {
+        (IERC20 token, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        registrar.updateMetadata(address(token), name, symbol);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updateRestriction(PoolId poolId, ShareClassId scId, bytes memory update) external auth {
+        (IERC20 token, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        registrar.updateRestriction(address(token), update);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    /// @dev The shares are minted to this contract and then transferred, so transfer hooks can
+    ///      identify the flow as a crosschain transfer execution (this contract is the crosschain source).
+    function executeTransferShares(PoolId poolId, ShareClassId scId, bytes32 receiver, uint128 amount) external auth {
+        (IERC20 token, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(address(token) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        registrar.mint(address(token), address(this), amount);
+        SafeTransferLib.safeTransfer(address(token), receiver.toAddress(), amount);
+        emit ExecuteTransferShares(poolId, scId, receiver.toAddress(), amount);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Vault management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updateVault(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        address vaultOrFactory,
+        VaultUpdateKind kind,
+        bytes calldata payload
+    ) external auth {
+        if (kind == VaultUpdateKind.DeployAndLink) {
+            (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId, true);
+            address shareToken = address(spokeRegistry.shareToken(poolId, scId));
+            require(shareToken != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+
+            address vault_ = IVaultFactory(vaultOrFactory).newVault(poolId, scId, asset, tokenId, shareToken, payload);
+
+            spokeRegistry.registerVault(
+                poolId, scId, assetId, asset, tokenId, IVaultFactory(vaultOrFactory), vault_, payload
+            );
+            spokeRegistry.linkVault(poolId, scId, assetId, vault_);
+        } else if (kind == VaultUpdateKind.Link) {
+            spokeRegistry.linkVault(poolId, scId, assetId, vaultOrFactory);
+        } else if (kind == VaultUpdateKind.Unlink) {
+            spokeRegistry.unlinkVault(poolId, scId, assetId, vaultOrFactory);
+        } else {
+            revert MalformedVaultUpdateMessage(); // Unreachable due to the enum check
+        }
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Roles
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updateManager(PoolId poolId, address who, bool canManage) external auth {
+        spokeRegistry.updateManager(poolId, who, canManage);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updateBridger(PoolId poolId, address who, bool canBridge) external auth {
+        spokeRegistry.updateBridger(poolId, who, canBridge);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Policy & authorization
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function setPolicy(PoolId poolId, IPolicy policy) external auth {
+        spokeRegistry.setPolicy(poolId, policy);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function authorize(PoolId poolId, bytes calldata data) external auth {
+        spokeRegistry.authorize(poolId, data);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function unauthorize(PoolId poolId, bytes calldata data) external auth {
+        spokeRegistry.unauthorize(poolId, data);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Price management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updatePricePoolPerShare(PoolId poolId, ShareClassId scId, D18 price, uint64 computedAt) external auth {
+        spokeRegistry.updatePricePoolPerShare(poolId, scId, price, computedAt);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function updatePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, D18 price, uint64 computedAt)
+        external
+        auth
+    {
+        spokeRegistry.updatePricePoolPerAsset(poolId, scId, assetId, price, computedAt);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Request management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function setRequestManager(PoolId poolId, ISpokeRequestManager manager) external auth {
+        spokeRegistry.setRequestManager(poolId, manager);
+    }
+
+    /// @inheritdoc ISpokeGatewayHandler
+    function requestCallback(PoolId poolId, ShareClassId scId, AssetId assetId, bytes memory payload) external auth {
+        ISpokeRequestManager manager = spokeRegistry.requestManager(poolId);
+        require(address(manager) != address(0), InvalidRequestManager());
+
+        manager.callback(poolId, scId, assetId, payload);
+    }
+}
diff --git a/src/core/spoke/SpokeRegistry.sol b/src/core/spoke/SpokeRegistry.sol
new file mode 100644
index 000000000..9724b06a2
--- /dev/null
+++ b/src/core/spoke/SpokeRegistry.sol
@@ -0,0 +1,412 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {Price} from "./types/Price.sol";
+import {IRegistrar} from "./interfaces/IRegistrar.sol";
+import {IVaultFactory} from "./factories/interfaces/IVaultFactory.sol";
+import {ISpokeRequestManager} from "./interfaces/ISpokeRequestManager.sol";
+import {
+    AssetIdKey,
+    Pool,
+    ShareClassDetails,
+    TokenDetails,
+    VaultDetails,
+    PolicyInfo,
+    ISpokeRegistry
+} from "./interfaces/ISpokeRegistry.sol";
+
+import {Auth} from "../../misc/Auth.sol";
+import {D18} from "../../misc/types/D18.sol";
+import {IERC20} from "../../misc/interfaces/IERC20.sol";
+
+import {PoolId} from "../types/PoolId.sol";
+import {ShareClassId} from "../types/ShareClassId.sol";
+import {IPolicy} from "../utils/interfaces/IPolicy.sol";
+import {newAssetId, AssetId} from "../types/AssetId.sol";
+
+/// @title  SpokeRegistry
+/// @notice This contract stores pool, share class, asset, and price state for the spoke side. It also holds
+///         the spoke pool-policy state: the installed policy contract and a consume-only authorization ledger. The
+///         spoke keeps no local timelock; authorizations arrive already matured from the Hub (see {authorize}).
+contract SpokeRegistry is Auth, ISpokeRegistry {
+    // Pools & share classes
+    mapping(PoolId => Pool) public pool;
+    mapping(address token => TokenDetails) public tokenDetails;
+    mapping(PoolId => ISpokeRequestManager) public requestManager;
+    mapping(PoolId => mapping(ShareClassId => ShareClassDetails)) public shareClass;
+
+    // Roles
+    mapping(PoolId => mapping(address => bool)) public manager;
+    mapping(PoolId => mapping(address => bool)) public bridger;
+
+    // Policy
+    mapping(PoolId => PolicyInfo) internal _policy;
+    mapping(bytes32 authId => uint256 count) public authorizations;
+
+    // Assets & prices
+    uint64 internal _assetCounter;
+    mapping(AssetId => AssetIdKey) internal _idToAsset;
+    mapping(address asset => mapping(uint256 tokenId => AssetId)) internal _assetToId;
+    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => Price))) internal _pricePoolPerAsset;
+
+    // Vaults
+    mapping(address vault => VaultDetails) internal _vaultDetails;
+
+    constructor(address deployer) Auth(deployer) {}
+
+    //----------------------------------------------------------------------------------------------
+    // Pool & share class management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeRegistry
+    function addPool(PoolId poolId) external auth {
+        require(!poolId.isNull(), InvalidPool());
+        Pool storage pool_ = pool[poolId];
+        require(pool_.createdAt == 0, PoolAlreadyAdded());
+        pool_.createdAt = uint64(block.timestamp);
+
+        emit AddPool(poolId);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function addShareClass(PoolId poolId, ShareClassId scId, address shareToken_, IRegistrar registrar_) external auth {
+        require(isPoolActive(poolId), InvalidPool());
+        require(address(shareClass[poolId][scId].shareToken) == address(0), ShareClassAlreadyRegistered());
+
+        _linkToken(poolId, scId, shareToken_, registrar_);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function linkToken(PoolId poolId, ShareClassId scId, address shareToken_, IRegistrar registrar_) external auth {
+        require(isPoolActive(poolId), InvalidPool());
+        _linkToken(poolId, scId, shareToken_, registrar_);
+    }
+
+    function _linkToken(PoolId poolId, ShareClassId scId, address shareToken_, IRegistrar registrar_) internal {
+        // Must already be deployed, so a registrar cannot reserve another pool's future token address
+        require(shareToken_.code.length > 0, NotAContract());
+        require(address(registrar_) != address(0), EmptyRegistrar());
+
+        ShareClassDetails storage shareClass_ = shareClass[poolId][scId];
+        // Retire the outgoing token's reverse lookup before the uniqueness check, so relinking the same
+        // token with a new registrar is allowed (swap the registrar, keep the token address). Reordered
+        // relative to the check so the same-token case does not trip TokenAlreadyRegistered on itself.
+        if (address(shareClass_.shareToken) != address(0)) delete tokenDetails[address(shareClass_.shareToken)];
+
+        require(tokenDetails[shareToken_].poolId.isNull(), TokenAlreadyRegistered());
+
+        shareClass_.shareToken = IERC20(shareToken_);
+        shareClass_.registrar = registrar_;
+        tokenDetails[shareToken_] = TokenDetails(poolId, scId);
+        emit AddShareClass(poolId, scId, shareToken_, registrar_);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function setRequestManager(PoolId poolId, ISpokeRequestManager manager_) external auth {
+        require(isPoolActive(poolId), InvalidPool());
+        requestManager[poolId] = manager_;
+        emit SetRequestManager(poolId, manager_);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function isPoolActive(PoolId poolId) public view returns (bool) {
+        return pool[poolId].createdAt > 0;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function hasShareClass(PoolId poolId, ShareClassId scId) public view returns (bool) {
+        return address(shareClass[poolId][scId].shareToken) != address(0);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function shareToken(PoolId poolId, ShareClassId scId) public view returns (IERC20) {
+        return shareClass[poolId][scId].shareToken;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function shareTokenAndRegistrar(PoolId poolId, ShareClassId scId)
+        public
+        view
+        returns (IERC20 token, IRegistrar registrar_)
+    {
+        ShareClassDetails storage shareClass_ = shareClass[poolId][scId];
+        return (shareClass_.shareToken, shareClass_.registrar);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Roles
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeRegistry
+    function updateManager(PoolId poolId, address who, bool canManage) external auth {
+        require(isPoolActive(poolId), InvalidPool());
+        manager[poolId][who] = canManage;
+        emit UpdateManager(poolId, who, canManage);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function updateBridger(PoolId poolId, address who, bool canBridge) external auth {
+        require(isPoolActive(poolId), InvalidPool());
+        bridger[poolId][who] = canBridge;
+        emit UpdateBridger(poolId, who, canBridge);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Policy & authorization
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeRegistry
+    function setPolicy(PoolId poolId, IPolicy policy_) external auth {
+        require(isPoolActive(poolId), InvalidPool());
+        _policy[poolId] = PolicyInfo(policy_, _policy[poolId].nonce + 1);
+        emit SetPolicy(poolId, policy_);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function authorize(PoolId poolId, bytes calldata data) external auth {
+        PolicyInfo memory info = _policy[poolId];
+        require(address(info.policy) != address(0), PolicyNotInstalled());
+
+        bytes32 id = _authId(poolId, address(info.policy), info.nonce, data);
+        authorizations[id]++;
+        emit AuthorizationGranted(poolId, id, data);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function unauthorize(PoolId poolId, bytes calldata data) external auth {
+        PolicyInfo memory info = _policy[poolId];
+        bytes32 id = _authId(poolId, address(info.policy), info.nonce, data);
+        uint256 count = authorizations[id];
+        require(count != 0, NoOutstandingAuthorization());
+
+        authorizations[id] = count - 1;
+        emit AuthorizationRevoked(poolId, id, data);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function consumeAuthorization(PoolId poolId, address caller, bytes calldata data) external {
+        PolicyInfo memory info = _policy[poolId];
+        require(msg.sender == address(info.policy), CallerNotPolicy());
+
+        bytes32 id = _authId(poolId, address(info.policy), info.nonce, data);
+        uint256 count = authorizations[id];
+        require(count != 0, NoOutstandingAuthorization());
+
+        authorizations[id] = count - 1;
+        emit AuthorizationConsumed(poolId, caller, id);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    /// @dev Namespaced by the pool's current policy and its install nonce, so any policy change (even
+    ///      swapping back to a previously used policy) makes every outstanding authorization unreachable.
+    function authId(PoolId poolId, bytes calldata data) external view returns (bytes32) {
+        PolicyInfo memory info = _policy[poolId];
+        return _authId(poolId, address(info.policy), info.nonce, data);
+    }
+
+    function _authId(PoolId poolId, address policy_, uint64 nonce_, bytes calldata data)
+        internal
+        pure
+        returns (bytes32)
+    {
+        return keccak256(abi.encodePacked(poolId.raw(), policy_, nonce_, data));
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function policy(PoolId poolId) external view returns (IPolicy) {
+        return _policy[poolId].policy;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function policyNonce(PoolId poolId) external view returns (uint64) {
+        return _policy[poolId].nonce;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Vault management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeRegistry
+    function registerVault(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        address asset,
+        uint256 tokenId,
+        IVaultFactory factory,
+        address vault_,
+        bytes calldata payload
+    ) external auth {
+        require(hasShareClass(poolId, scId), ShareTokenDoesNotExist());
+
+        AssetIdKey memory assetIdKey = _idToAsset[assetId];
+        require(assetIdKey.asset != address(0), UnknownAsset());
+        require(assetIdKey.asset == asset && assetIdKey.tokenId == tokenId, UnknownAsset());
+
+        require(_vaultDetails[vault_].asset == address(0), AlreadyRegisteredVault());
+        require(vault_.code.length > 0, NotAContract());
+
+        _vaultDetails[vault_] = VaultDetails(poolId, scId, assetId, asset, tokenId, false);
+        emit DeployVault(poolId, scId, asset, tokenId, factory, vault_, payload);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function linkVault(PoolId poolId, ShareClassId scId, AssetId assetId, address vault_) external auth {
+        AssetIdKey memory assetIdKey = _idToAsset[assetId];
+        require(assetIdKey.asset != address(0), UnknownAsset());
+
+        VaultDetails storage vaultDetails_ = _vaultDetails[vault_];
+        require(!vaultDetails_.isLinked, AlreadyLinkedVault());
+        require(vaultDetails_.asset != address(0), UnknownVault());
+        require(vaultDetails_.assetId.raw() == assetId.raw(), UnknownAsset());
+        require(vaultDetails_.poolId == poolId && vaultDetails_.scId == scId, InvalidVault());
+
+        vaultDetails_.isLinked = true;
+
+        emit LinkVault(poolId, scId, assetIdKey.asset, assetIdKey.tokenId, vault_);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function unlinkVault(PoolId poolId, ShareClassId scId, AssetId assetId, address vault_) external auth {
+        AssetIdKey memory assetIdKey = _idToAsset[assetId];
+        require(assetIdKey.asset != address(0), UnknownAsset());
+
+        VaultDetails storage vaultDetails_ = _vaultDetails[vault_];
+        require(vaultDetails_.isLinked, AlreadyUnlinkedVault());
+        require(vaultDetails_.assetId.raw() == assetId.raw(), UnknownAsset());
+        require(vaultDetails_.poolId == poolId && vaultDetails_.scId == scId, InvalidVault());
+
+        vaultDetails_.isLinked = false;
+
+        emit UnlinkVault(poolId, scId, assetIdKey.asset, assetIdKey.tokenId, vault_);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function isVaultRegistered(address vault_) public view returns (bool) {
+        return _vaultDetails[vault_].asset != address(0);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function vaultDetails(address vault_) public view returns (VaultDetails memory details) {
+        return _vaultDetails[vault_];
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function isLinked(address vault_) public view returns (bool) {
+        return _vaultDetails[vault_].isLinked;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Asset management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeRegistry
+    function createAssetId(uint16 centrifugeId, address asset, uint256 tokenId)
+        external
+        auth
+        returns (AssetId assetId)
+    {
+        require(asset != address(0), UnknownAsset());
+        require(centrifugeId != 0, InvalidCentrifugeId());
+        require(_assetToId[asset][tokenId].isNull(), AssetAlreadyRegistered());
+
+        _assetCounter++;
+        assetId = newAssetId(centrifugeId, _assetCounter);
+
+        _idToAsset[assetId] = AssetIdKey(asset, tokenId);
+        _assetToId[asset][tokenId] = assetId;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function isRegistered(AssetId assetId) public view returns (bool) {
+        return _idToAsset[assetId].asset != address(0);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function idToAsset(AssetId assetId) public view returns (address asset, uint256 tokenId) {
+        return idToAsset(assetId, false);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function idToAsset(AssetId assetId, bool revertOnNull) public view returns (address asset, uint256 tokenId) {
+        AssetIdKey memory assetIdKey = _idToAsset[assetId];
+        require(!revertOnNull || assetIdKey.asset != address(0), UnknownAsset());
+        return (assetIdKey.asset, assetIdKey.tokenId);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function assetToId(address asset, uint256 tokenId) public view returns (AssetId assetId) {
+        return assetToId(asset, tokenId, false);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function assetToId(address asset, uint256 tokenId, bool revertOnNull) public view returns (AssetId assetId) {
+        assetId = _assetToId[asset][tokenId];
+        require(!revertOnNull || !assetId.isNull(), UnknownAsset());
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Price management
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISpokeRegistry
+    function updatePricePoolPerShare(PoolId poolId, ShareClassId scId, D18 price, uint64 computedAt) external auth {
+        require(hasShareClass(poolId, scId), ShareTokenDoesNotExist());
+        Price storage poolPerShare = shareClass[poolId][scId].pricePoolPerShare;
+        require(computedAt >= poolPerShare.computedAt, CannotSetOlderPrice());
+
+        poolPerShare.price = price;
+        poolPerShare.computedAt = computedAt;
+        emit UpdateSharePrice(poolId, scId, price, computedAt);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function updatePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, D18 price, uint64 computedAt)
+        external
+        auth
+    {
+        require(hasShareClass(poolId, scId), ShareTokenDoesNotExist());
+        require(isRegistered(assetId), UnknownAsset());
+        AssetIdKey memory assetIdKey = _idToAsset[assetId];
+        Price storage poolPerAsset = _pricePoolPerAsset[poolId][scId][assetId];
+        require(computedAt >= poolPerAsset.computedAt, CannotSetOlderPrice());
+
+        poolPerAsset.price = price;
+        poolPerAsset.computedAt = computedAt;
+        emit UpdateAssetPrice(poolId, scId, assetIdKey.asset, assetIdKey.tokenId, price, computedAt);
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function pricePoolPerShare(PoolId poolId, ShareClassId scId, bool checkValidity) public view returns (D18 price) {
+        Price storage poolPerShare = shareClass[poolId][scId].pricePoolPerShare;
+        require(!checkValidity || poolPerShare.isValid(), InvalidPrice());
+
+        return poolPerShare.price;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, bool checkValidity)
+        public
+        view
+        returns (D18 price)
+    {
+        Price memory poolPerAsset = _pricePoolPerAsset[poolId][scId][assetId];
+        require(!checkValidity || poolPerAsset.isValid(), InvalidPrice());
+
+        return poolPerAsset.price;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function pricePoolPerShareComputedAt(PoolId poolId, ShareClassId scId) external view returns (uint64) {
+        return shareClass[poolId][scId].pricePoolPerShare.computedAt;
+    }
+
+    /// @inheritdoc ISpokeRegistry
+    function pricePoolPerAssetComputedAt(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        view
+        returns (uint64)
+    {
+        return _pricePoolPerAsset[poolId][scId][assetId].computedAt;
+    }
+}
diff --git a/src/core/spoke/VaultRegistry.sol b/src/core/spoke/VaultRegistry.sol
deleted file mode 100644
index 87285a5df..000000000
--- a/src/core/spoke/VaultRegistry.sol
+++ /dev/null
@@ -1,163 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {ISpoke} from "./interfaces/ISpoke.sol";
-import {IShareToken} from "./interfaces/IShareToken.sol";
-import {IVault, VaultKind} from "./interfaces/IVault.sol";
-import {IVaultFactory} from "./factories/interfaces/IVaultFactory.sol";
-import {VaultDetails, IVaultRegistry} from "./interfaces/IVaultRegistry.sol";
-
-import {Auth} from "../../misc/Auth.sol";
-import {Recoverable} from "../../misc/Recoverable.sol";
-
-import {VaultUpdateKind} from "../messaging/libraries/MessageLib.sol";
-import {IVaultRegistryGatewayHandler} from "../messaging/interfaces/IGatewayHandlers.sol";
-
-import {PoolId} from "../types/PoolId.sol";
-import {AssetId} from "../types/AssetId.sol";
-import {ShareClassId} from "../types/ShareClassId.sol";
-import {IRequestManager} from "../interfaces/IRequestManager.sol";
-
-/// @title  VaultRegistry
-/// @notice This contract manages vault deployment, linking, and unlinking operations for pools and share classes
-contract VaultRegistry is Auth, Recoverable, IVaultRegistry, IVaultRegistryGatewayHandler {
-    ISpoke public spoke;
-
-    mapping(IVault => VaultDetails) internal _vaultDetails;
-    mapping(PoolId => mapping(ShareClassId => mapping(AssetId => mapping(IRequestManager => IVault)))) public vault;
-
-    constructor(address initialWard) Auth(initialWard) {}
-
-    //----------------------------------------------------------------------------------------------
-    // Administration
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IVaultRegistry
-    function file(bytes32 what, address data) external auth {
-        if (what == "spoke") spoke = ISpoke(data);
-        else revert FileUnrecognizedParam();
-        emit File(what, data);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Vault management
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IVaultRegistryGatewayHandler
-    function updateVault(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        address vaultOrFactory,
-        VaultUpdateKind kind
-    ) external auth {
-        if (kind == VaultUpdateKind.DeployAndLink) {
-            IVault vault_ = deployVault(poolId, scId, assetId, IVaultFactory(vaultOrFactory));
-            linkVault(poolId, scId, assetId, vault_);
-        } else {
-            IVault vault_ = IVault(vaultOrFactory);
-
-            if (kind == VaultUpdateKind.Link) linkVault(poolId, scId, assetId, vault_);
-            else if (kind == VaultUpdateKind.Unlink) unlinkVault(poolId, scId, assetId, vault_);
-            else revert MalformedVaultUpdateMessage(); // Unreachable due the enum check
-        }
-    }
-
-    /// @inheritdoc IVaultRegistry
-    function deployVault(PoolId poolId, ShareClassId scId, AssetId assetId, IVaultFactory factory)
-        public
-        auth
-        returns (IVault)
-    {
-        (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
-        IShareToken shareToken = spoke.shareToken(poolId, scId);
-
-        IVault vault_ = factory.newVault(poolId, scId, asset, tokenId, shareToken);
-
-        // We need to check if there's a request manager for async vaults
-        if (vault_.vaultKind() == VaultKind.Async) {
-            require(address(spoke.requestManager(poolId)) != address(0), InvalidRequestManager());
-        }
-
-        registerVault(poolId, scId, assetId, asset, tokenId, factory, vault_);
-
-        return vault_;
-    }
-
-    /// @inheritdoc IVaultRegistry
-    /// @dev Extracted from deployVault to be used in migrations
-    function registerVault(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        address asset,
-        uint256 tokenId,
-        IVaultFactory factory,
-        IVault vault_
-    ) public auth {
-        require(vault_.poolId() == poolId, InvalidVault());
-        require(vault_.scId() == scId, InvalidVault());
-
-        _vaultDetails[vault_] = VaultDetails(assetId, asset, tokenId, false);
-        emit DeployVault(poolId, scId, asset, tokenId, factory, vault_, vault_.vaultKind());
-    }
-
-    /// @inheritdoc IVaultRegistry
-    function linkVault(PoolId poolId, ShareClassId scId, AssetId assetId, IVault vault_) public auth {
-        require(vault_.poolId() == poolId, InvalidVault());
-        require(vault_.scId() == scId, InvalidVault());
-
-        (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
-        IRequestManager requestManager = spoke.requestManager(poolId);
-
-        VaultDetails storage vaultDetails_ = _vaultDetails[vault_];
-        require(vaultDetails_.asset != address(0), UnknownVault());
-        require(!vaultDetails_.isLinked, AlreadyLinkedVault());
-
-        vault[poolId][scId][assetId][requestManager] = vault_;
-        vaultDetails_.isLinked = true;
-
-        if (tokenId == 0) {
-            spoke.setShareTokenVault(poolId, scId, asset, address(vault_));
-        }
-
-        emit LinkVault(poolId, scId, asset, tokenId, vault_);
-    }
-
-    /// @inheritdoc IVaultRegistry
-    function unlinkVault(PoolId poolId, ShareClassId scId, AssetId assetId, IVault vault_) public auth {
-        require(vault_.poolId() == poolId, InvalidVault());
-        require(vault_.scId() == scId, InvalidVault());
-
-        (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
-        IRequestManager requestManager = spoke.requestManager(poolId);
-
-        VaultDetails storage vaultDetails_ = _vaultDetails[vault_];
-        require(vaultDetails_.asset != address(0), UnknownVault());
-        require(vaultDetails_.isLinked, AlreadyUnlinkedVault());
-
-        delete vault[poolId][scId][assetId][requestManager];
-        vaultDetails_.isLinked = false;
-
-        if (tokenId == 0) {
-            spoke.setShareTokenVault(poolId, scId, asset, address(0));
-        }
-
-        emit UnlinkVault(poolId, scId, asset, tokenId, vault_);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // View methods
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc IVaultRegistry
-    function vaultDetails(IVault vault_) public view returns (VaultDetails memory details) {
-        details = _vaultDetails[vault_];
-        require(details.asset != address(0), UnknownVault());
-    }
-
-    /// @inheritdoc IVaultRegistry
-    function isLinked(IVault vault_) public view returns (bool) {
-        return _vaultDetails[vault_].isLinked;
-    }
-}
diff --git a/src/core/spoke/factories/PoolEscrowFactory.sol b/src/core/spoke/factories/PoolEscrowFactory.sol
index d1be6e9f0..af15fd7b6 100644
--- a/src/core/spoke/factories/PoolEscrowFactory.sol
+++ b/src/core/spoke/factories/PoolEscrowFactory.sol
@@ -12,7 +12,9 @@ import {IPoolEscrow} from "../interfaces/IPoolEscrow.sol";
 contract PoolEscrowFactory is Auth, IPoolEscrowFactory {
     address public immutable root;
 
-    address public balanceSheet;
+    address public spoke;
+
+    mapping(address escrow => PoolId) public poolId;
 
     constructor(address root_, address deployer) Auth(deployer) {
         root = root_;
@@ -20,33 +22,35 @@ contract PoolEscrowFactory is Auth, IPoolEscrowFactory {
 
     /// @inheritdoc IPoolEscrowFactory
     function file(bytes32 what, address data) external auth {
-        if (what == "balanceSheet") balanceSheet = data;
+        if (what == "spoke") spoke = data;
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
 
     /// @inheritdoc IPoolEscrowFactory
-    function newEscrow(PoolId poolId) public auth returns (IPoolEscrow) {
-        PoolEscrow escrow_ = new PoolEscrow{salt: bytes32(uint256(poolId.raw()))}(poolId, address(this));
+    function newEscrow(PoolId poolId_) public auth returns (IPoolEscrow) {
+        PoolEscrow escrow_ = new PoolEscrow{salt: bytes32(uint256(poolId_.raw()))}(poolId_, address(this));
+
+        poolId[address(escrow_)] = poolId_;
 
         escrow_.rely(root);
-        escrow_.rely(balanceSheet);
+        escrow_.rely(spoke);
 
         escrow_.deny(address(this));
 
-        emit DeployPoolEscrow(poolId, address(escrow_));
+        emit DeployPoolEscrow(poolId_, address(escrow_));
         return IPoolEscrow(escrow_);
     }
 
     /// @inheritdoc IPoolEscrowProvider
-    function escrow(PoolId poolId) external view returns (IPoolEscrow) {
-        bytes32 salt = bytes32(uint256(poolId.raw()));
+    function escrow(PoolId poolId_) external view returns (IPoolEscrow) {
+        bytes32 salt = bytes32(uint256(poolId_.raw()));
         bytes32 hash = keccak256(
             abi.encodePacked(
                 bytes1(0xff),
                 address(this),
                 salt,
-                keccak256(abi.encodePacked(type(PoolEscrow).creationCode, abi.encode(poolId, address(this))))
+                keccak256(abi.encodePacked(type(PoolEscrow).creationCode, abi.encode(poolId_, address(this))))
             )
         );
 
diff --git a/src/core/spoke/factories/TokenFactory.sol b/src/core/spoke/factories/TokenFactory.sol
deleted file mode 100644
index 0dba2d4ad..000000000
--- a/src/core/spoke/factories/TokenFactory.sol
+++ /dev/null
@@ -1,64 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {ITokenFactory} from "./interfaces/ITokenFactory.sol";
-
-import {Auth} from "../../../misc/Auth.sol";
-
-import {ShareToken} from "../ShareToken.sol";
-import {IShareToken} from "../interfaces/IShareToken.sol";
-
-/// @title  Share Token Factory
-/// @dev    Utility for deploying new share class token contracts
-///         Ensures the addresses are deployed at a deterministic address
-///         based on the pool id and share class id.
-contract TokenFactory is Auth, ITokenFactory {
-    address public immutable root;
-    address[] public tokenWards;
-
-    constructor(address _root, address deployer) Auth(deployer) {
-        root = _root;
-    }
-
-    function file(bytes32 what, address[] memory data) external auth {
-        if (what == "wards") tokenWards = data;
-        else revert FileUnrecognizedParam();
-
-        emit File(what, data);
-    }
-
-    /// @inheritdoc ITokenFactory
-    function newToken(string memory name, string memory symbol, uint8 decimals, bytes32 salt)
-        public
-        auth
-        returns (IShareToken)
-    {
-        ShareToken token = new ShareToken{salt: salt}(decimals);
-
-        token.file("name", name);
-        token.file("symbol", symbol);
-
-        token.rely(root);
-        uint256 wardsCount = tokenWards.length;
-        for (uint256 i; i < wardsCount; i++) {
-            token.rely(tokenWards[i]);
-        }
-        token.deny(address(this));
-
-        return token;
-    }
-
-    /// @inheritdoc ITokenFactory
-    function getAddress(uint8 decimals, bytes32 salt) external view returns (address) {
-        bytes32 hash = keccak256(
-            abi.encodePacked(
-                bytes1(0xff),
-                address(this),
-                salt,
-                keccak256(abi.encodePacked(type(ShareToken).creationCode, abi.encode(decimals)))
-            )
-        );
-
-        return address(uint160(uint256(hash)));
-    }
-}
diff --git a/src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol b/src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol
index d70e113c9..cb4bf4845 100644
--- a/src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol
+++ b/src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol
@@ -12,6 +12,11 @@ interface IPoolEscrowProvider {
     ///
     /// @dev Does not check, whether the escrow was already deployed.
     function escrow(PoolId poolId) external view returns (IPoolEscrow);
+
+    /// @notice Returns the pool id for a given escrow address.
+    ///
+    /// @dev Returns the null pool id if the address is not a known escrow deployed by this factory.
+    function poolId(address escrow) external view returns (PoolId);
 }
 
 /// @title  IPoolEscrowFactory
@@ -22,13 +27,12 @@ interface IPoolEscrowFactory is IPoolEscrowProvider {
     event File(bytes32 what, address data);
 
     error FileUnrecognizedParam();
-    error EscrowAlreadyDeployed();
 
     /// @notice Root authority that manages ward permissions and timelocked upgrades
     function root() external view returns (address);
 
-    /// @notice BalanceSheet which manages the escrow of each pool
-    function balanceSheet() external view returns (address);
+    /// @notice Spoke which manages the escrow of each pool
+    function spoke() external view returns (address);
 
     /// @notice Deploys new escrow and returns it.
     /// @dev All share classes of a pool are represented by the same escrow contract.
diff --git a/src/core/spoke/factories/interfaces/ITokenFactory.sol b/src/core/spoke/factories/interfaces/ITokenFactory.sol
deleted file mode 100644
index d630f0373..000000000
--- a/src/core/spoke/factories/interfaces/ITokenFactory.sol
+++ /dev/null
@@ -1,37 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {IShareToken} from "../../interfaces/IShareToken.sol";
-
-/// @title  ITokenFactory
-/// @notice Factory for deploying deterministic share class tokens using CREATE2
-/// @dev    Enables same-address deployments across different EVM chains using salt
-interface ITokenFactory {
-    event File(bytes32 what, address[] addr);
-
-    error FileUnrecognizedParam();
-
-    /// @notice Root authority that manages ward permissions and timelocked upgrades
-    function root() external view returns (address);
-
-    /// @notice Addresses which are automatically granted ward access on newly deployed share tokens
-    function tokenWards(uint256 index) external view returns (address);
-
-    /// @notice Updates a contract parameter.
-    /// @param what Name of the parameter to update.
-    function file(bytes32 what, address[] memory data) external;
-
-    /// @notice Used to deploy new share class tokens.
-    /// @dev    In order to have the same address on different EVMs `salt` should be used
-    ///         during creation process.
-    /// @param name Name of the new token.
-    /// @param symbol Symbol of the new token.
-    /// @param decimals Decimals of the new token.
-    /// @param salt Salt used for deterministic deployments.
-    function newToken(string memory name, string memory symbol, uint8 decimals, bytes32 salt)
-        external
-        returns (IShareToken);
-
-    /// @notice Returns the predicted address (using CREATE2)
-    function getAddress(uint8 decimals, bytes32 salt) external view returns (address);
-}
diff --git a/src/core/spoke/factories/interfaces/IVaultFactory.sol b/src/core/spoke/factories/interfaces/IVaultFactory.sol
index 3cc6566de..13f33204d 100644
--- a/src/core/spoke/factories/interfaces/IVaultFactory.sol
+++ b/src/core/spoke/factories/interfaces/IVaultFactory.sol
@@ -2,25 +2,49 @@
 pragma solidity >=0.5.0;
 
 import {PoolId} from "../../../types/PoolId.sol";
-import {IVault} from "../../interfaces/IVault.sol";
-import {IShareToken} from "../../interfaces/IShareToken.sol";
 import {ShareClassId} from "../../../types/ShareClassId.sol";
 
 /// @title  IVaultFactory
 /// @notice Factory for deploying vault contracts for pool share classes
-/// @dev    Creates vaults linking pool IDs, share class IDs, assets, and tokens
+/// @dev    Creates vaults linking pool IDs, share class IDs, assets, and tokens.
+///
+///         Factory convention: a factory MUST expose a deterministic pre-deployment address view
+///         ({getVault}), so addresses (used as primary keys, and cross-chain) are knowable before
+///         deployment. The deployment event is emitted by the registry ({ISpokeRegistry.DeployVault}),
+///         the sole caller of {newVault}, so a separate factory-level event is not needed.
 interface IVaultFactory {
     error UnsupportedTokenId();
 
+    /// @notice The deterministic address {newVault} deploys (or has deployed) for these parameters.
+    /// @dev    Computed from the factory's CREATE2 salt and init code, so it is valid before deployment.
+    ///         Takes `payload` because a factory may derive the vault's address from it.
+    function getVault(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address token,
+        bytes calldata payload
+    ) external view returns (address vault);
+
     /// @notice Deploys new vault for `poolId`, `scId` and `asset`.
     ///
     /// @param poolId Id of the pool. Id is one of the already supported pools.
     /// @param scId Id of the share class token. Id is one of the already supported share class tokens.
     /// @param asset Address of the underlying asset that is getting deposited inside the pool.
-    /// @param asset Token id of the underlying asset that is getting deposited inside the pool.
+    /// @param tokenId Token id of the underlying asset that is getting deposited inside the pool.
     ///              I.e. zero if asset corresponds to ERC20 or non-zero if asset corresponds to ERC6909.
     /// @param token Address of the share class token that is getting issues against the deposited asset.
-    function newVault(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, IShareToken token)
-        external
-        returns (IVault);
+    /// @param payload Opaque, factory-defined deployment data forwarded from the hub. The core does not
+    ///               inspect or validate it in any way; interpreting it is entirely the factory's
+    ///               responsibility. Empty for factories that need no extra configuration; such factories
+    ///               must ignore it.
+    function newVault(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address token,
+        bytes calldata payload
+    ) external returns (address);
 }
diff --git a/src/core/spoke/interfaces/IBalanceSheet.sol b/src/core/spoke/interfaces/IBalanceSheet.sol
deleted file mode 100644
index 04baf78b4..000000000
--- a/src/core/spoke/interfaces/IBalanceSheet.sol
+++ /dev/null
@@ -1,447 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {ISpoke} from "./ISpoke.sol";
-import {IPoolEscrow} from "./IPoolEscrow.sol";
-import {IEndorsements} from "./IEndorsements.sol";
-
-import {D18} from "../../../misc/types/D18.sol";
-
-import {ISpokeMessageSender} from "../../messaging/interfaces/IGatewaySenders.sol";
-
-import {PoolId} from "../../types/PoolId.sol";
-import {AssetId} from "../../types/AssetId.sol";
-import {ShareClassId} from "../../types/ShareClassId.sol";
-import {IBatchedMulticall} from "../../utils/interfaces/IBatchedMulticall.sol";
-import {IPoolEscrowProvider} from "../factories/interfaces/IPoolEscrowFactory.sol";
-
-struct ShareQueueAmount {
-    // Net queued shares
-    uint128 delta;
-    // Whether the net queued shares lead to an issuance or revocation
-    bool isPositive;
-    // Number of queued asset IDs for this share class
-    uint32 queuedAssetCounter;
-    // Nonce for share + asset messages to the hub
-    uint64 nonce;
-}
-
-struct AssetQueueAmount {
-    uint128 deposits;
-    uint128 withdrawals;
-}
-
-/// @notice Withdrawal operation modes for BalanceSheet.withdraw()
-enum WithdrawMode {
-    /// @dev No escrow accounting, no Hub queue (ARM cancel flows)
-    TransferOnly,
-    /// @dev Escrow accounting + transfer, skip Hub queue (ARM after noteWithdraw)
-    EscrowAndTransfer,
-    /// @dev Full accounting (Default): escrow + Hub queue + transfer (OnOffRamp)
-    Full
-}
-
-interface IBalanceSheet is IBatchedMulticall {
-    //----------------------------------------------------------------------------------------------
-    // Events
-    //----------------------------------------------------------------------------------------------
-
-    event File(bytes32 indexed what, address data);
-    event UpdateManager(PoolId indexed poolId, address who, bool canManage);
-    event Withdraw(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount,
-        D18 pricePoolPerAsset
-    );
-    event NoteWithdraw(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        D18 pricePoolPerAsset
-    );
-    event Deposit(
-        PoolId indexed poolId, ShareClassId indexed scId, address sender, address asset, uint256 tokenId, uint128 amount
-    );
-    event NoteDeposit(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address sender,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        D18 pricePoolPerAsset
-    );
-    event Issue(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address sender,
-        address to,
-        D18 pricePoolPerShare,
-        uint128 shares
-    );
-    event Revoke(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address sender,
-        address from,
-        D18 pricePoolPerShare,
-        uint128 shares
-    );
-
-    event TransferSharesFrom(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address sender,
-        address indexed from,
-        address to,
-        uint256 amount
-    );
-    event SubmitQueuedShares(PoolId indexed poolId, ShareClassId indexed scId, ISpokeMessageSender.UpdateData data);
-    event SubmitQueuedAssets(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        AssetId indexed assetId,
-        ISpokeMessageSender.UpdateData data,
-        D18 pricePoolPerAsset
-    );
-
-    //----------------------------------------------------------------------------------------------
-    // Errors
-    //----------------------------------------------------------------------------------------------
-
-    error FileUnrecognizedParam();
-    error CannotTransferFromEndorsedContract();
-
-    //----------------------------------------------------------------------------------------------
-    // Administration
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Updates a contract parameter
-    /// @param what Accepts a bytes32 representation of 'spoke', 'sender', 'gateway', 'poolEscrowProvider'
-    /// @param data The new address
-    function file(bytes32 what, address data) external;
-
-    //----------------------------------------------------------------------------------------------
-    // Management functions (standard operations)
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Deposit assets into the escrow of the pool
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId The token ID (SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
-    /// @param amount The amount to deposit
-    function deposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount) external payable;
-
-    /// @notice Withdraw assets from the escrow of the pool (standard operation)
-    /// @dev    Full withdrawal with escrow accounting, Hub queue, and transfer.
-    ///         Delegates to withdraw(7-param) with WithdrawMode.Full.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId The token ID (SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
-    /// @param receiver The address to receive the withdrawn assets
-    /// @param amount The amount to withdraw
-    function withdraw(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount
-    ) external payable;
-
-    /// @notice Increase the reserved balance of the pool
-    /// @dev These assets are removed from the available balance and cannot be withdrawn before they are unreserved.
-    ///      It is possible to reserve more than the current balance, to lock future expected assets.
-    ///      Any manager can reserve on behalf of any address, enabling recovery of stuck funds.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId The token ID
-    /// @param amount The amount to reserve
-    /// @param reserver The address that will own the reservation (tracked in PoolEscrow)
-    /// @param reason The reason code (1=DEPOSIT, 2=REDEEM)
-    function reserve(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        address reserver,
-        uint32 reason
-    ) external payable;
-
-    /// @notice Decrease the reserved balance of the pool
-    /// @dev These assets are re-added to the available balance.
-    ///      Any manager can unreserve any reserver's funds, enabling recovery of stuck funds.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId The token ID
-    /// @param amount The amount to unreserve
-    /// @param reserver The address that owns the reservation to be unreserved
-    /// @param reason The reason code that was used when reserving
-    function unreserve(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        address reserver,
-        uint32 reason
-    ) external payable;
-
-    /// @notice Issue new share tokens
-    /// @dev Increases the total issuance
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param to The address to issue shares to
-    /// @param shares The number of shares to issue
-    function issue(PoolId poolId, ShareClassId scId, address to, uint128 shares) external payable;
-
-    /// @notice Revoke share tokens
-    /// @dev Decreases the total issuance
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param shares The number of shares to revoke
-    function revoke(PoolId poolId, ShareClassId scId, uint128 shares) external payable;
-
-    /// @notice Sends the queued updated holding amount to the Hub
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    /// @param extraGasLimit Extra gas limit for cross-chain execution
-    /// @param refund Address to receive excess gas refund
-    function submitQueuedAssets(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable;
-
-    /// @notice Sends the queued updated shares changed to the Hub
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param extraGasLimit Extra gas limit for cross-chain execution
-    /// @param refund Address to receive excess gas refund
-    function submitQueuedShares(PoolId poolId, ShareClassId scId, uint128 extraGasLimit, address refund)
-        external
-        payable;
-
-    /// @notice Force-transfers share tokens
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param sender The address initiating the transfer
-    /// @param from The address to transfer from
-    /// @param to The address to transfer to
-    /// @param amount The amount to transfer
-    function transferSharesFrom(
-        PoolId poolId,
-        ShareClassId scId,
-        address sender,
-        address from,
-        address to,
-        uint256 amount
-    ) external payable;
-
-    /// @notice Override the price pool per asset, to be used for any other balance sheet interactions.
-    /// @dev    This can be used to note an interaction at a lower/higher price than the current one.
-    ///         resetPricePoolPerAsset MUST be called after the balance sheet interactions using this price.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    /// @param value The price to override with
-    function overridePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, D18 value) external payable;
-
-    /// @notice Reset the price pool per asset.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    function resetPricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId) external payable;
-
-    /// @notice Override the price pool per share, to be used for any other balance sheet interactions.
-    /// @dev    This can be used to note an interaction at a lower/higher price than the current one.
-    ///         resetPricePoolPerShare MUST be called after the balance sheet interactions using this price.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param value The price to override with
-    function overridePricePoolPerShare(PoolId poolId, ShareClassId scId, D18 value) external payable;
-
-    /// @notice Reset the price pool per share.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    function resetPricePoolPerShare(PoolId poolId, ShareClassId scId) external payable;
-
-    //----------------------------------------------------------------------------------------------
-    // Management functions (manual operations)
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Note a deposit of assets into the escrow of the pool.
-    /// @dev    Must be followed by a transfer of the equivalent amount of assets to `IBalanceSheet.escrow(poolId)`
-    ///         Delegates to noteDeposit(6-param) with updateEscrow=true.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param  tokenId SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported.
-    /// @param amount The amount to deposit
-    /// @return pricePoolPerAsset The price used for queueing the asset increase
-    function noteDeposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
-        external
-        payable
-        returns (D18 pricePoolPerAsset);
-
-    /// @notice Note a deposit with configurable escrow update (manual operation)
-    /// @dev    When updateEscrow=true, calls escrow.deposit() to increase holding.total.
-    ///         When updateEscrow=false, only queues asset increase for Hub notification.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported.
-    /// @param amount The amount to deposit
-    /// @param updateEscrow If true, calls escrow.deposit() to increase holding.total
-    /// @return pricePoolPerAsset The price used for queueing the asset increase
-    function noteDeposit(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        uint128 amount,
-        bool updateEscrow
-    ) external payable returns (D18 pricePoolPerAsset);
-
-    /// @notice Withdraw assets from the escrow of the pool (manual operation)
-    /// @dev Behavior depends on WithdrawMode:
-    ///      - TransferOnly: Transfer only, no escrow accounting, no Hub queue (ARM cancel flows)
-    ///      - EscrowAndTransfer: Escrow accounting + transfer, skip Hub queue (ARM after noteWithdraw)
-    ///      - Full: Full accounting - escrow + Hub queue + transfer (OnOffRamp)
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId The token ID (SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
-    /// @param receiver The address to receive the withdrawn assets
-    /// @param amount The amount to withdraw
-    /// @param mode The withdrawal operation mode
-    function withdraw(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount,
-        WithdrawMode mode
-    ) external payable;
-
-    /// @notice Note a withdrawal of assets from the escrow of the pool without performing the actual transfer.
-    /// @dev    Queues asset decrease for Hub without escrow accounting update.
-    ///         Delegates to noteWithdraw(7-param) with receiver=address(0), updateEscrow=false.
-    ///         Must be followed by withdraw(..., EscrowAndTransfer) to perform the escrow
-    ///         accounting update and actual transfer when user claims.
-    ///         Used in revokedShares() to atomically queue asset and share updates to prevent share price
-    ///         inflation during the async window.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported.
-    /// @param amount The amount to note as withdrawn
-    /// @return pricePoolPerAsset The price used for queueing the asset decrease
-    function noteWithdraw(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
-        external
-        payable
-        returns (D18 pricePoolPerAsset);
-
-    /// @notice Note a withdrawal with configurable escrow update (manual operation)
-    /// @dev    When updateEscrow=true, calls escrow.withdraw() to decrease holding.total.
-    ///         When updateEscrow=false, only queues asset decrease for Hub notification.
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param tokenId SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported.
-    /// @param receiver The address to receive the withdrawn assets (for escrow.withdraw event)
-    /// @param amount The amount to note as withdrawn
-    /// @param updateEscrow If true, calls escrow.withdraw() to decrease holding.total
-    /// @return pricePoolPerAsset The price used for queueing the asset decrease
-    function noteWithdraw(
-        PoolId poolId,
-        ShareClassId scId,
-        address asset,
-        uint256 tokenId,
-        address receiver,
-        uint128 amount,
-        bool updateEscrow
-    ) external payable returns (D18 pricePoolPerAsset);
-
-    //----------------------------------------------------------------------------------------------
-    // View methods
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Returns the spoke contract
-    /// @return The spoke contract instance
-    function spoke() external view returns (ISpoke);
-
-    /// @notice Returns the message sender contract
-    /// @return The message sender contract instance
-    function sender() external view returns (ISpokeMessageSender);
-
-    /// @notice Returns the endorsements contract
-    /// @return The endorsements contract instance
-    function endorsements() external view returns (IEndorsements);
-
-    /// @notice Returns the pool escrow provider
-    /// @return The pool escrow provider instance
-    function poolEscrowProvider() external view returns (IPoolEscrowProvider);
-
-    /// @notice Checks if an address is a manager for a pool
-    /// @param poolId The pool identifier
-    /// @param manager The address to check
-    /// @return Whether the address is a manager
-    function manager(PoolId poolId, address manager) external view returns (bool);
-
-    /// @notice Returns the queued shares for a share class
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @return delta Net queued shares
-    /// @return isPositive Whether the net queued shares lead to an issuance or revocation
-    /// @return queuedAssetCounter Number of queued asset IDs for this share class
-    /// @return nonce Nonce for share + asset messages to the hub
-    function queuedShares(PoolId poolId, ShareClassId scId)
-        external
-        view
-        returns (uint128 delta, bool isPositive, uint32 queuedAssetCounter, uint64 nonce);
-
-    /// @notice Returns the queued assets for a share class and asset
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param assetId The asset identifier
-    /// @return increase Queued deposits
-    /// @return decrease Queued withdrawals
-    function queuedAssets(PoolId poolId, ShareClassId scId, AssetId assetId)
-        external
-        view
-        returns (uint128 increase, uint128 decrease);
-
-    /// @notice Returns the pool escrow.
-    /// @dev    Assets for pending deposit requests are not held by the pool escrow.
-    /// @param poolId The pool identifier
-    /// @return The pool escrow instance
-    function escrow(PoolId poolId) external view returns (IPoolEscrow);
-
-    /// @notice Returns the amount of assets that can be withdrawn from the balance sheet.
-    /// @dev    Assets that are locked for redemption requests are reserved and not available for withdrawals.
-    /// @param  poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param asset The asset address
-    /// @param  tokenId SHOULD be 0 if depositing ERC20 assets. ERC6909 assets with tokenId=0 are not supported.
-    /// @return The available balance
-    function availableBalanceOf(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId)
-        external
-        view
-        returns (uint128);
-}
diff --git a/src/core/spoke/interfaces/IEndorsements.sol b/src/core/spoke/interfaces/IEndorsements.sol
deleted file mode 100644
index 6f0fa9bb5..000000000
--- a/src/core/spoke/interfaces/IEndorsements.sol
+++ /dev/null
@@ -1,12 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-interface IEndorsements {
-    event Endorse(address indexed user);
-    event Veto(address indexed user);
-
-    /// @notice Returns whether the user is endorsed
-    /// @param user The address to check for endorsement status
-    /// @return True if the user is endorsed, false otherwise
-    function endorsed(address user) external view returns (bool);
-}
diff --git a/src/core/spoke/interfaces/IPoolEscrow.sol b/src/core/spoke/interfaces/IPoolEscrow.sol
index 98f61a4e2..ad7ef5944 100644
--- a/src/core/spoke/interfaces/IPoolEscrow.sol
+++ b/src/core/spoke/interfaces/IPoolEscrow.sol
@@ -43,7 +43,7 @@ interface IPoolEscrow is IEscrow, IRecoverable {
         PoolId indexed poolId,
         ShareClassId scId,
         address caller,
-        uint32 reason,
+        bytes32 reason,
         uint128 delta,
         uint128 value
     );
@@ -63,7 +63,7 @@ interface IPoolEscrow is IEscrow, IRecoverable {
         PoolId indexed poolId,
         ShareClassId scId,
         address caller,
-        uint32 reason,
+        bytes32 reason,
         uint128 delta,
         uint128 value
     );
@@ -84,11 +84,6 @@ interface IPoolEscrow is IEscrow, IRecoverable {
         uint128 value
     );
 
-    /// @notice Emitted when ETH is transferred to the escrow
-    /// @param who The address that sent the ETH
-    /// @param amount The amount transferred
-    event ReceiveNativeTokens(address who, uint256 amount);
-
     //----------------------------------------------------------------------------------------------
     // Errors
     //----------------------------------------------------------------------------------------------
@@ -112,8 +107,9 @@ interface IPoolEscrow is IEscrow, IRecoverable {
     function deposit(ShareClassId scId, address asset, uint256 tokenId, uint128 value) external;
 
     /// @notice Withdraws `value` of `asset` in underlying `poolId` and given `scId`
-    /// @dev If wasNoted is true, funds were already added to 'total' (decrements total and emits event)
-    ///      If wasNoted is false, funds are in 'reserved' only (just transfers, no accounting change)
+    /// @dev Accounting only: decreases `total` by `value` and reverts unless the available
+    ///      (non-reserved) balance covers `value`. The caller pairs it with `authTransferTo`
+    ///      to move the actual tokens.
     /// @param scId The id of the share class
     /// @param asset The address of the asset to be withdrawn
     /// @param tokenId The id of the asset - 0 for ERC20
@@ -122,25 +118,30 @@ interface IPoolEscrow is IEscrow, IRecoverable {
     function withdraw(ShareClassId scId, address asset, uint256 tokenId, address receiver, uint128 value) external;
 
     /// @notice Increases the reserved amount of `value` for `asset` in underlying `poolId` and given `scId`
-    /// @dev Reserves funds in a specific bucket identified by caller and reason
+    /// @dev Reserves funds in the bucket keyed by `caller` and `reason`. These are unauthenticated accounting keys
+    ///      (not checked against `msg.sender`); access is gated only by `auth` (the trusted Spoke). Per-key isolation
+    ///      holds, but which key is used is the trusted caller's choice. See {ISpoke.reserve} for the trust model.
     /// @param scId The id of the share class
     /// @param asset The address of the asset to be reserved
     /// @param tokenId The id of the asset - 0 for ERC20
     /// @param value The amount to reserve
-    /// @param caller The address of the manager creating the reservation (passed by BalanceSheet)
-    /// @param reason The reason code (1=DEPOSIT, 2=REDEEM)
-    function reserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, uint32 reason)
+    /// @param caller The bucket owner recorded for the reservation (an accounting key supplied by the Spoke, not an
+    ///               authenticated identity)
+    /// @param reason The reservation bucket; an accounting key, not an authenticated identity
+    function reserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, bytes32 reason)
         external;
 
     /// @notice Decreases the reserved amount of `value` for `asset` in underlying `poolId` and given `scId`
     /// @dev Unreserves funds from a specific bucket. MUST fail if bucket has insufficient funds.
+    /// @dev As with {reserve}, `caller` and `reason` are unauthenticated accounting keys: any authorized caller can
+    ///      unreserve any bucket, including one another manager booked. See {ISpoke.unreserve} for the trust model.
     /// @param scId The id of the share class
     /// @param asset The address of the asset to be unreserved
     /// @param tokenId The id of the asset - 0 for ERC20
     /// @param value The amount to decrease
-    /// @param caller The address of the manager that created the reservation
-    /// @param reason The reason code that was used when reserving
-    function unreserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, uint32 reason)
+    /// @param caller The bucket owner recorded for the reservation (an accounting key, not an authenticated identity)
+    /// @param reason The reason code that was used when reserving; an accounting key, not an authenticated identity
+    function unreserve(ShareClassId scId, address asset, uint256 tokenId, uint128 value, address caller, bytes32 reason)
         external;
 
     /// @notice Provides the available balance of `asset` in underlying `poolId` and given `scId`
@@ -173,7 +174,7 @@ interface IPoolEscrow is IEscrow, IRecoverable {
     /// @param asset The address of the asset
     /// @param tokenId The id of the asset - 0 for ERC20
     /// @return The reserved amount
-    function reservedBy(ShareClassId scId, address reserver, uint32 reason, address asset, uint256 tokenId)
+    function reservedBy(ShareClassId scId, address reserver, bytes32 reason, address asset, uint256 tokenId)
         external
         view
         returns (uint128);
diff --git a/src/core/spoke/interfaces/IRegistrar.sol b/src/core/spoke/interfaces/IRegistrar.sol
new file mode 100644
index 000000000..798d27792
--- /dev/null
+++ b/src/core/spoke/interfaces/IRegistrar.sol
@@ -0,0 +1,83 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+/// @title  IRegistrar
+/// @notice Standard-specific driver for a share token implementation. The core only interacts with share
+///         tokens through a registrar: it creates tokens, issues and cancels shares, applies restriction
+///         updates, and maintains metadata. One registrar is deployed per token standard per chain, and
+///         each share class selects its registrar at creation (via the `NotifyShareClass` message).
+/// @dev    Registrar implementations MUST restrict all state-changing methods to the core spoke contracts
+///         (Spoke, SpokeHandler, SpokeRegistry). A registrar is chosen per share class, and holds that share
+///         class's mint authority on its chain. Because share supply is fungible across chains, a hostile
+///         registrar on one chain can mint into the same share class on another via a crosschain transfer.
+/// @dev    The registrar abstracts only privileged operations; core still moves shares via the token's
+///         ERC20 `transfer`/`transferFrom`/`approve` directly, so every registrar's token MUST be
+///         ERC20-transfer-compatible.
+/// @dev    Because the core no longer force-transfers, a registrar's token MUST permit plain ERC20
+///         transfers into the root-endorsed core contract (Spoke): cross-chain transfers pull the
+///         shares in with `transferFrom` and `revoke`/`burn` pulls them in before burning. A restriction
+///         policy that blocks transfers to that endorsed address will brick those flows.
+interface IRegistrar {
+    /// @notice Deploys (or registers) a new share token for this standard.
+    /// @dev    In order to have the same address on different EVMs, `salt` should be used
+    ///         during the creation process.
+    /// @param  name Name of the new token
+    /// @param  symbol Symbol of the new token
+    /// @param  decimals Decimals of the new token
+    /// @param  salt Salt used for deterministic deployments
+    /// @param  payload Opaque, registrar-defined creation data forwarded from the hub. The core does not
+    ///         inspect or validate it in any way; interpreting it is entirely the registrar's
+    ///         responsibility. Empty for registrars that need no extra configuration; such registrars
+    ///         must ignore it.
+    /// @return token The address of the new token
+    function newToken(string memory name, string memory symbol, uint8 decimals, bytes32 salt, bytes memory payload)
+        external
+        returns (address token);
+
+    /// @notice Returns the address `newToken` would deploy for the given parameters, without deploying.
+    /// @dev    Enables same-address deployments across EVMs to be verified ahead of creation. Takes `payload`
+    ///         because a registrar may derive the token's address from it.
+    function previewTokenAddress(
+        string memory name,
+        string memory symbol,
+        uint8 decimals,
+        bytes32 salt,
+        bytes memory payload
+    ) external view returns (address token);
+
+    /// @notice Mints `amount` of `token` to `to`.
+    function mint(address token, address to, uint256 amount) external;
+
+    /// @notice Burns `amount` of `token` held by `from`.
+    /// @dev    `from` is the calling core contract, which has pulled the shares to itself from the
+    ///         consenting initiator. It grants the registrar an ERC20 allowance of `amount` beforehand
+    ///         (the registrar re-pulls to the caller before burning, preserving the transfer-hook flow
+    ///         shape); registrars whose token supports a privileged `authTransferFrom` need no allowance.
+    function burn(address token, address from, uint256 amount) external;
+
+    /// @notice Transfers `amount` of `token` from `from` to `to` without the owner's on-chain approval.
+    /// @dev    OPTIONAL capability: implementations for standards without a privileged transfer
+    ///         mechanism MUST revert.
+    /// @param  sender The address initiating the transfer (forwarded to hooks/policies)
+    function authTransferFrom(address token, address sender, address from, address to, uint256 amount) external;
+
+    /// @notice Updates the name and symbol of `token`.
+    /// @dev    MUST revert if neither name nor symbol changes.
+    function updateMetadata(address token, string memory name, string memory symbol) external;
+
+    /// @notice Points `token`'s ERC-7575 vault for `asset` at `vault` (or clears it with `address(0)`).
+    /// @dev    Called by the registry to keep the pointer in lockstep with vault links; implementations
+    ///         without an ERC-7575 vault pointer MAY no-op. `asset` is an ERC20 address (ERC-7575 pointers
+    ///         are asset-address keyed).
+    function updateVault(address token, address asset, address vault) external;
+
+    /// @notice Applies a restriction update (e.g. freeze, membership) to `token`.
+    /// @dev    The payload encoding is standard-specific; the default implementation forwards to the
+    ///         token's transfer hook. Implementations without restriction support MUST revert.
+    function updateRestriction(address token, bytes memory update) external;
+
+    /// @notice Returns whether `from` may bridge `amount` of `token` to `centrifugeId`.
+    /// @dev    The destination chain is encoded as a pseudo-address (`address(uint160(centrifugeId))`) for
+    ///         the transfer-restriction check. Implementations without restriction support MUST return true.
+    function canBridge(address token, address from, uint16 centrifugeId, uint256 amount) external view returns (bool);
+}
diff --git a/src/core/spoke/interfaces/IRequestRouter.sol b/src/core/spoke/interfaces/IRequestRouter.sol
new file mode 100644
index 000000000..ed7a3c1cc
--- /dev/null
+++ b/src/core/spoke/interfaces/IRequestRouter.sol
@@ -0,0 +1,30 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../types/PoolId.sol";
+import {AssetId} from "../../types/AssetId.sol";
+import {ShareClassId} from "../../types/ShareClassId.sol";
+
+/// @notice The spoke-side entry point a request manager calls to forward a request to the Hub. Extracted into
+///         its own interface (mirroring the callback side, `IRequestManager.callback`) so a request-manager
+///         dispatcher can implement the same `request` shape and sit transparently between sub-managers and the
+///         Spoke: a sub-manager targets either the Spoke or the dispatcher through this interface.
+interface IRequestRouter {
+    /// @notice Handles a request originating from the Spoke side
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @param assetId The asset id
+    /// @param payload The request payload to be processed
+    /// @param extraGasLimit Additional gas stipend for cross-chain execution
+    /// @param unpaid Whether to allow unpaid mode
+    /// @param refund Address to refund excess payment
+    function request(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        bytes memory payload,
+        uint128 extraGasLimit,
+        bool unpaid,
+        address refund
+    ) external payable;
+}
diff --git a/src/core/spoke/interfaces/ISnapshotQueue.sol b/src/core/spoke/interfaces/ISnapshotQueue.sol
new file mode 100644
index 000000000..b34c2ab9c
--- /dev/null
+++ b/src/core/spoke/interfaces/ISnapshotQueue.sol
@@ -0,0 +1,97 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {ISpokeMessageSender} from "../../messaging/interfaces/IGatewaySenders.sol";
+
+import {PoolId} from "../../types/PoolId.sol";
+import {AssetId} from "../../types/AssetId.sol";
+import {ShareClassId} from "../../types/ShareClassId.sol";
+
+struct ShareQueueAmount {
+    // Net queued shares
+    uint128 delta;
+    // Whether the net queued shares lead to an issuance or revocation
+    bool isPositive;
+    // Number of queued asset IDs for this share class
+    uint32 queuedAssetCounter;
+    // Nonce for share + asset messages to the hub
+    uint64 nonce;
+}
+
+struct AssetQueueAmount {
+    // Gross queued deposit amount (asset units)
+    uint128 deposits;
+    // Gross queued withdrawal amount (asset units)
+    uint128 withdrawals;
+}
+
+interface ISnapshotQueue {
+    //----------------------------------------------------------------------------------------------
+    // Events
+    //----------------------------------------------------------------------------------------------
+
+    event QueueAssets(
+        PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId, uint128 amount, bool isIncrease
+    );
+    event QueueShares(PoolId indexed poolId, ShareClassId indexed scId, uint128 shares, bool isIssuance);
+    event SubmitQueuedShares(PoolId indexed poolId, ShareClassId indexed scId, ISpokeMessageSender.UpdateData data);
+    event SubmitQueuedAssets(
+        PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId, ISpokeMessageSender.UpdateData data
+    );
+
+    //----------------------------------------------------------------------------------------------
+    // Queue updates
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Accumulate a gross asset flow into the queue.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param assetId The asset identifier
+    /// @param amount The asset amount (a zero amount is a no-op)
+    /// @param isIncrease Whether the flow is a deposit (true) or a withdrawal (false)
+    function queueAssets(PoolId poolId, ShareClassId scId, AssetId assetId, uint128 amount, bool isIncrease) external;
+
+    /// @notice Apply a share delta to the queued net (issuance adds, revocation subtracts).
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param shares The number of shares
+    /// @param isIssuance Whether the delta is an issuance (true) or a revocation (false)
+    function queueShares(PoolId poolId, ShareClassId scId, uint128 shares, bool isIssuance) external;
+
+    //----------------------------------------------------------------------------------------------
+    // Flushing
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Consume the queued asset flow, returning the net update to be sent to the Hub.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param assetId The asset identifier
+    /// @return data The net queued amount, snapshot flag, and nonce for the Hub message
+    function flushAssets(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        returns (ISpokeMessageSender.UpdateData memory data);
+
+    /// @notice Consume the queued share delta, returning the net update to be sent to the Hub.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @return data The net queued shares, snapshot flag, and nonce for the Hub message
+    function flushShares(PoolId poolId, ShareClassId scId) external returns (ISpokeMessageSender.UpdateData memory data);
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Returns the queued shares for a share class
+    function queuedShares(PoolId poolId, ShareClassId scId)
+        external
+        view
+        returns (uint128 delta, bool isPositive, uint32 queuedAssetCounter, uint64 nonce);
+
+    /// @notice Returns the queued assets for a share class and asset
+    /// @return deposits Queued deposit amount
+    /// @return withdrawals Queued withdrawal amount
+    function queuedAssets(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        view
+        returns (uint128 deposits, uint128 withdrawals);
+}
diff --git a/src/core/spoke/interfaces/ISpoke.sol b/src/core/spoke/interfaces/ISpoke.sol
index 6616478f7..38d8d4e9d 100644
--- a/src/core/spoke/interfaces/ISpoke.sol
+++ b/src/core/spoke/interfaces/ISpoke.sol
@@ -1,50 +1,21 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {IShareToken} from "./IShareToken.sol";
-import {IVault, VaultKind} from "./IVault.sol";
+import {IPoolEscrow} from "./IPoolEscrow.sol";
+import {IRequestRouter} from "./IRequestRouter.sol";
+import {ISnapshotQueue} from "./ISnapshotQueue.sol";
+import {ISpokeRegistry} from "./ISpokeRegistry.sol";
 
-import {D18} from "../../../misc/types/D18.sol";
-
-import {IGateway} from "../../messaging/interfaces/IGateway.sol";
 import {ISpokeMessageSender} from "../../messaging/interfaces/IGatewaySenders.sol";
 
-import {Price} from "../types/Price.sol";
 import {PoolId} from "../../types/PoolId.sol";
 import {AssetId} from "../../types/AssetId.sol";
 import {ShareClassId} from "../../types/ShareClassId.sol";
-import {IRequestManager} from "../../interfaces/IRequestManager.sol";
-import {ITokenFactory} from "../factories/interfaces/ITokenFactory.sol";
-import {IVaultFactory} from "../factories/interfaces/IVaultFactory.sol";
-import {IPoolEscrowFactory} from "../factories/interfaces/IPoolEscrowFactory.sol";
-
-/// @dev Centrifuge pools
-struct Pool {
-    /// @dev Timestamp of pool creation
-    uint64 createdAt;
-}
-
-/// @dev Each Centrifuge pool is associated to 1 or more share classes
-struct ShareClassDetails {
-    IShareToken shareToken;
-    /// @dev Each share class has an individual price per share class unit in pool denomination (POOL_UNIT/SHARE_UNIT)
-    Price pricePoolPerShare;
-}
-
-/// @dev Eech share token maps to a pool and share class
-struct TokenDetails {
-    PoolId poolId;
-    ShareClassId scId;
-}
+import {IPolicy} from "../../utils/interfaces/IPolicy.sol";
+import {IBatchedMulticall} from "../../utils/interfaces/IBatchedMulticall.sol";
+import {IPoolEscrowProvider} from "../factories/interfaces/IPoolEscrowFactory.sol";
 
-struct AssetIdKey {
-    /// @dev The address of the asset
-    address asset;
-    /// @dev The ERC6909 token id or 0, if the underlying asset is an ERC20
-    uint256 tokenId;
-}
-
-interface ISpoke {
+interface ISpoke is IBatchedMulticall, IRequestRouter {
     //----------------------------------------------------------------------------------------------
     // Events
     //----------------------------------------------------------------------------------------------
@@ -60,55 +31,44 @@ interface ISpoke {
         uint8 decimals,
         bool isInitialization
     );
-    event AddPool(PoolId indexed poolId);
-    event AddShareClass(PoolId indexed poolId, ShareClassId indexed scId, IShareToken token);
-    event DeployVault(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address indexed asset,
-        uint256 tokenId,
-        IVaultFactory factory,
-        IVault vault,
-        VaultKind kind
-    );
-    event SetRequestManager(PoolId indexed poolId, IRequestManager manager);
-    event UpdateAssetPrice(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address indexed asset,
-        uint256 tokenId,
-        D18 price,
-        uint64 computedAt
-    );
-    event UpdateSharePrice(PoolId indexed poolId, ShareClassId indexed scId, D18 price, uint64 computedAt);
     event InitiateTransferShares(
         uint16 centrifugeId,
         PoolId indexed poolId,
         ShareClassId indexed scId,
         address indexed sender,
+        address owner,
         bytes32 destinationAddress,
         uint128 amount
     );
-    event ExecuteTransferShares(
-        PoolId indexed poolId, ShareClassId indexed scId, address indexed receiver, uint128 amount
+    event ManagerCall(
+        uint16 indexed centrifugeId, PoolId indexed poolId, bytes32 target, bytes payload, address indexed sender
     );
-    event LinkVault(
-        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, IVault vault
+    event Withdraw(
+        PoolId indexed poolId,
+        ShareClassId indexed scId,
+        address asset,
+        uint256 tokenId,
+        address receiver,
+        uint128 amount
     );
-    event UnlinkVault(
-        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, IVault vault
+    event WithdrawShares(PoolId indexed poolId, ShareClassId indexed scId, address receiver, uint128 shares);
+    event Deposit(
+        PoolId indexed poolId, ShareClassId indexed scId, address sender, address asset, uint256 tokenId, uint128 amount
     );
-    event UpdateMaxSharePriceAge(PoolId indexed poolId, ShareClassId indexed scId, uint64 maxPriceAge);
-    event UpdateMaxAssetPriceAge(
-        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, uint64 maxPriceAge
+    /// @dev Emitted instead of `Deposit` when the assets are credited to the escrow without an accompanying
+    ///      token transfer, so indexers can reconcile escrow balances from `Deposit`/`Withdraw` transfers alone.
+    event NoteDeposit(
+        PoolId indexed poolId, ShareClassId indexed scId, address sender, address asset, uint256 tokenId, uint128 amount
     );
-    event UntrustedContractUpdate(
-        uint16 indexed centrifugeId,
+    event Issue(PoolId indexed poolId, ShareClassId indexed scId, address sender, address to, uint128 shares);
+    event Revoke(PoolId indexed poolId, ShareClassId indexed scId, address sender, address from, uint128 shares);
+    event TransferSharesFrom(
         PoolId indexed poolId,
-        ShareClassId scId,
-        bytes32 target,
-        bytes payload,
-        address indexed sender
+        ShareClassId indexed scId,
+        address sender,
+        address indexed from,
+        address to,
+        uint256 amount
     );
 
     //----------------------------------------------------------------------------------------------
@@ -116,57 +76,227 @@ interface ISpoke {
     //----------------------------------------------------------------------------------------------
 
     error FileUnrecognizedParam();
-    error TooFewDecimals();
     error TooManyDecimals();
-    error PoolAlreadyAdded();
-    error InvalidPool();
-    error ShareClassAlreadyRegistered();
-    error InvalidHook();
-    error OldMetadata();
-    error CannotSetOlderPrice();
-    error OldHook();
-    error UnknownVault();
-    error UnknownAsset();
-    error MalformedVaultUpdateMessage();
-    error InvalidFactory();
-    error InvalidPrice();
     error AssetMissingDecimals();
-    error ShareTokenDoesNotExist();
     error LocalTransferNotAllowed();
-    error CrossChainTransferNotAllowed();
-    error ShareTokenTransferFailed();
-    error TransferFromFailed();
+    /// @notice Dispatched when a cross-chain share transfer names a zero amount: the origin-chain
+    ///         burn would be final, with nothing meaningful to execute remotely.
+    error EmptyAmount();
+    error BridgeNotAllowed();
     error InvalidRequestManager();
-    error RequestManagerNotSet();
-    error InvalidManager();
-    error InvalidVault();
-    error AlreadyLinkedVault();
-    error AlreadyUnlinkedVault();
+    error NotBridger();
+    error NotManager();
 
     //----------------------------------------------------------------------------------------------
     // Administration
     //----------------------------------------------------------------------------------------------
 
     /// @notice Updates a contract parameter
-    /// @param what Accepts a bytes32 representation of 'gateway', 'investmentManager', 'tokenFactory', or 'gasService'
+    /// @param what Accepts "gateway" and "sender".
     /// @param data The new address
     function file(bytes32 what, address data) external;
 
-    /// @notice Links a share token to a pool and share class
+    //----------------------------------------------------------------------------------------------
+    // Outgoing methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Registers an ERC-20 or ERC-6909 asset in another chain.
+    /// @dev `decimals()` MUST return a `uint8` value between 2 and 18.
+    /// @dev `name()` and `symbol()` MAY return no values.
+    ///
+    /// @param centrifugeId The centrifuge id of chain to where the shares are transferred
+    /// @param asset The address of the asset to be registered
+    /// @param tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
+    /// @param refund Address to refund the excess of the payment
+    /// @return assetId The underlying internal uint128 assetId.
+    function registerAsset(uint16 centrifugeId, address asset, uint256 tokenId, address refund)
+        external
+        payable
+        returns (AssetId assetId);
+
+    /// @notice Initializes a holding on the hub for a pool's share class and asset. Callable by a spoke manager.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    //----------------------------------------------------------------------------------------------
+    // Balance sheet: asset methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Deposit assets into the escrow of the pool, counting them into the hub-accounted holding.
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
-    /// @param shareToken The share token contract
-    function linkToken(PoolId poolId, ShareClassId scId, IShareToken shareToken) external;
+    /// @param asset The asset address
+    /// @param tokenId The token ID (SHOULD be 0 for ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
+    /// @param amount The amount to deposit
+    function deposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount) external payable;
+
+    /// @notice Count assets already held by the pool escrow into the hub-accounted holding, without moving tokens.
+    /// @dev    For reconciling assets that reached the escrow outside a `deposit` (donation, accidental transfer,
+    ///         surplus). Does not verify the escrow balance, so a manager can over-credit: use with care.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param asset The asset address
+    /// @param tokenId The token ID (SHOULD be 0 for ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
+    /// @param amount The amount to count into the holding
+    function noteDeposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 amount)
+        external
+        payable;
+
+    /// @notice Withdraw assets from the pool escrow, decreasing the hub-accounted holding.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param asset The asset address
+    /// @param tokenId The token ID (SHOULD be 0 for ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
+    /// @param receiver The address to receive the withdrawn assets
+    /// @param amount The amount to withdraw
+    function withdraw(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address receiver,
+        uint128 amount
+    ) external payable;
 
-    /// @notice Updates a share token's vault reference for a specific asset
-    /// @param poolId The pool ID
-    /// @param scId The share class ID
+    /// @notice Withdraw previously-reserved assets from the pool escrow.
+    /// @dev    The hub holding decrease was already queued when the funds were reserved, so this does not queue again.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
     /// @param asset The asset address
-    /// @param vault The vault address to set (or address(0) to unset)
-    function setShareTokenVault(PoolId poolId, ShareClassId scId, address asset, address vault) external;
+    /// @param tokenId The token ID (SHOULD be 0 for ERC20 assets. ERC6909 assets with tokenId=0 are not supported)
+    /// @param receiver The address to receive the withdrawn assets
+    /// @param amount The amount to withdraw
+    /// @param reserver The address that owns the reservation
+    /// @param reason The reason code that was used when reserving
+    function withdrawReserved(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address receiver,
+        uint128 amount,
+        address reserver,
+        bytes32 reason
+    ) external payable;
+
+    /// @notice Reserve assets, removing them from the hub-accounted holding.
+    /// @dev These assets are removed from the available balance and from the hub holding (accounted = total - reserved),
+    ///      queueing a holding decrease. It is possible to reserve more than the current balance, to lock future
+    ///      expected assets.
+    /// @dev Trust model: `reserver` and `reason` are unauthenticated accounting keys, not checked against
+    ///      `msg.sender`. Any balance-sheet manager can reserve or unreserve any `(reserver, reason)` bucket
+    ///      (including another manager's, e.g. the request manager's pending deposits) and withdraw the freed funds,
+    ///      so grant the role only to parties trusted with the pool's full balance sheet. Core stays permissive on
+    ///      purpose: requiring `reserver == msg.sender` would strand a reserving manager's funds if it broke. A pool
+    ///      can restrict this in its policy instead, delaying `reserver != msg.sender` calls.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param asset The asset address
+    /// @param tokenId The token ID
+    /// @param amount The amount to reserve
+    /// @param reserver The address recorded as the reservation's owner in PoolEscrow (an accounting key, not an
+    ///                 authenticated identity)
+    /// @param reason The reservation bucket; an accounting key, not an authenticated identity
+    function reserve(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        uint128 amount,
+        address reserver,
+        bytes32 reason
+    ) external payable;
+
+    /// @notice Unreserve assets, returning them to the hub-accounted holding.
+    /// @dev Re-adds the funds to the available balance and the hub holding, queueing a holding increase.
+    /// @dev Trust model: `reserver` and `reason` are unauthenticated accounting keys; any balance-sheet manager can
+    ///      unreserve any bucket (including another manager's) and withdraw the freed funds. See {reserve}.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param asset The asset address
+    /// @param tokenId The token ID
+    /// @param amount The amount to unreserve
+    /// @param reserver The address recorded as the reservation's owner (an accounting key, not an authenticated
+    ///                 identity)
+    /// @param reason The reason code that was used when reserving; an accounting key, not an authenticated identity
+    function unreserve(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        uint128 amount,
+        address reserver,
+        bytes32 reason
+    ) external payable;
+
+    /// @notice Sends the queued updated holding amount to the Hub, which values it at its own valuation
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param assetId The asset identifier
+    /// @param extraGasLimit Extra gas limit for cross-chain execution
+    /// @param refund Address to receive excess gas refund
+    function submitQueuedAssets(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        uint128 extraGasLimit,
+        address refund
+    ) external payable;
 
     //----------------------------------------------------------------------------------------------
-    // Outgoing methods
+    // Balance sheet: share methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Issue new share tokens
+    /// @dev Increases the total issuance
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param to The address to issue shares to
+    /// @param shares The number of shares to issue
+    function issue(PoolId poolId, ShareClassId scId, address to, uint128 shares) external payable;
+
+    /// @notice Revoke share tokens
+    /// @dev Decreases the total issuance. Pulls the shares from msgSender(), who must hold them and have
+    ///      approved the Spoke as spender
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param shares The number of shares to revoke
+    function revoke(PoolId poolId, ShareClassId scId, uint128 shares) external payable;
+
+    /// @notice Transfer share tokens parked in the pool escrow out to a receiver (hook-checked).
+    /// @dev    Share issuance is accounted separately via issue/revoke, so this carries no hub queue.
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param receiver The address to receive the shares
+    /// @param amount The amount of shares to transfer
+    function withdrawShares(PoolId poolId, ShareClassId scId, address receiver, uint128 amount) external payable;
+
+    /// @notice Sends the queued updated shares changed to the Hub
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param extraGasLimit Extra gas limit for cross-chain execution
+    /// @param refund Address to receive excess gas refund
+    function submitQueuedShares(PoolId poolId, ShareClassId scId, uint128 extraGasLimit, address refund)
+        external
+        payable;
+
+    /// @notice Force-transfers share tokens
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param sender The address initiating the transfer
+    /// @param from The address to transfer from
+    /// @param to The address to transfer to
+    /// @param amount The amount to transfer
+    function transferSharesFrom(
+        PoolId poolId,
+        ShareClassId scId,
+        address sender,
+        address from,
+        address to,
+        uint256 amount
+    ) external payable;
+
+    //----------------------------------------------------------------------------------------------
+    // Bridging
     //----------------------------------------------------------------------------------------------
 
     /// @notice Transfers share class tokens to a cross-chain recipient address
@@ -175,6 +305,15 @@ interface ISpoke {
     /// @param poolId The centrifuge pool id
     /// @param scId The share class id
     /// @param receiver A bytes32 representation of the receiver address
+    /// @param sender The originator of the transfer; attributed in the event and forwarded to the
+    ///        Hub-side bridging hook (e.g. the circuit breaker). A router/bridge passes the real user.
+    ///        NOT authenticated here: it is attribution supplied by the (trusted) bridger or ward, so
+    ///        hook authorizations keyed on it rely on that trust, not on a cryptographic identity.
+    /// @param owner The account whose shares are transferred and burned; must hold the bridger role and be
+    ///        the resolved sender unless the caller is a ward (e.g. a router bridging shares it pulled, or a
+    ///        compatibility layer forwarding the original caller). Must have granted this contract
+    ///        an ERC20 allowance for `amount` (optionally via permit); the shares are pulled with a standard
+    ///        transferFrom so the flow works for share tokens without a force-transfer mechanism.
     /// @param amount The amount of tokens to transfer
     /// @param extraGasLimit Extra gas limit used for computation on the intermediary hub
     /// @param remoteExtraGasLimit Extra gas limit used for computation in the destination chain
@@ -184,20 +323,16 @@ interface ISpoke {
         PoolId poolId,
         ShareClassId scId,
         bytes32 receiver,
+        address sender,
+        address owner,
         uint128 amount,
         uint128 extraGasLimit,
         uint128 remoteExtraGasLimit,
         address refund
     ) external payable;
 
-    /// @notice Transfers share class tokens to a cross-chain recipient address (legacy)
-    /// @dev Maintained for retrocompatibility. New implementers should use the above
-    /// @param centrifugeId The centrifuge id of chain to where the shares are transferred
-    /// @param poolId The centrifuge pool id
-    /// @param scId The share class id
-    /// @param receiver A bytes32 representation of the receiver address
-    /// @param amount The amount of tokens to transfer
-    /// @param remoteExtraGasLimit Extra gas limit used for computation in the destination chain
+    /// @notice Convenience overload for the caller bridging its own shares: `sender`, `owner`, and `refund`
+    ///         default to the caller and `extraGasLimit` to 0.
     function crosschainTransferShares(
         uint16 centrifugeId,
         PoolId poolId,
@@ -207,183 +342,49 @@ interface ISpoke {
         uint128 remoteExtraGasLimit
     ) external payable;
 
-    /// @notice Registers an ERC-20 or ERC-6909 asset in another chain.
-    /// @dev `decimals()` MUST return a `uint8` value between 2 and 18.
-    /// @dev `name()` and `symbol()` MAY return no values.
-    ///
-    /// @param centrifugeId The centrifuge id of chain to where the shares are transferred
-    /// @param asset The address of the asset to be registered
-    /// @param tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
-    /// @param refund Address to refund the excess of the payment
-    /// @return assetId The underlying internal uint128 assetId.
-    function registerAsset(uint16 centrifugeId, address asset, uint256 tokenId, address refund)
-        external
-        payable
-        returns (AssetId assetId);
+    //----------------------------------------------------------------------------------------------
+    // Requests & manager calls
+    //----------------------------------------------------------------------------------------------
 
-    /// @notice Initiates an update to a hub-side contract from spoke
+    /// @notice Initiates a spoke-direction manager call to a destination contract, routed through the Envoy
+    ///         to the target's `IManagerCallFromSpoke.fromSpoke`.
     /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param target The hub-side target contract (as bytes32 for cross-chain compatibility)
-    /// @param payload The update payload
+    /// @param target The destination target contract (as bytes32 for cross-chain compatibility)
+    /// @param payload The action payload (any share class id is encoded here)
     /// @param extraGasLimit Additional gas for cross-chain execution
     /// @param refund Address to refund excess payment
-    /// @dev Permissionless by choice, forwards caller's address to recipient for permission validation
-    function updateContract(
-        PoolId poolId,
-        ShareClassId scId,
-        bytes32 target,
-        bytes calldata payload,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable;
-
-    /// @notice Handles a request originating from the Spoke side
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id
-    /// @param payload The request payload to be processed
-    /// @param extraGasLimit Additional gas stipend for cross-chain execution
-    /// @param unpaid Whether to allow unpaid mode
-    /// @param refund Address to refund excess payment
-    function request(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        bytes memory payload,
-        uint128 extraGasLimit,
-        bool unpaid,
-        address refund
-    ) external payable;
+    /// @dev Permissionless by choice, forwards caller's address to the target for permission validation
+    function managerCall(PoolId poolId, bytes32 target, bytes calldata payload, uint128 extraGasLimit, address refund)
+        external
+        payable;
 
     //----------------------------------------------------------------------------------------------
     // View methods
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Returns the asset address and tokenId associated with a given asset id.
-    /// @dev Reverts if asset id does not exist
-    ///
-    /// @param assetId The underlying internal uint128 assetId.
-    /// @return asset The address of the asset linked to the given asset id.
-    /// @return tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
-    function idToAsset(AssetId assetId) external view returns (address asset, uint256 tokenId);
-
-    /// @notice Returns assetId given the asset address and tokenId.
-    /// @dev Reverts if asset id does not exist
-    ///
-    /// @param asset The address of the asset linked to the given asset id.
-    /// @param tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
-    /// @return assetId The underlying internal uint128 assetId.
-    function assetToId(address asset, uint256 tokenId) external view returns (AssetId assetId);
-
-    /// @notice Returns poolId and shareClassId given a share token address
-    /// @dev Reverts if share token does not exist
-    ///
-    /// @param shareToken_ The address of the share token
-    /// @return poolId The pool id associated with the share token
-    /// @return scId The share class id associated with the share token
-    function shareTokenDetails(address shareToken_) external view returns (PoolId poolId, ShareClassId scId);
-
-    /// @notice Returns whether the given pool id is active
-    /// @param poolId The pool id
-    /// @return Whether the pool is active
-    function isPoolActive(PoolId poolId) external view returns (bool);
-
-    /// @notice Returns the share class token for a given pool and share class id
-    /// @dev Reverts if share class does not exists
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @return The address of the share token
-    function shareToken(PoolId poolId, ShareClassId scId) external view returns (IShareToken);
-
-    /// @notice Returns the price per share for a given pool and share class
-    /// @dev The provided price is defined as POOL_UNIT/SHARE_UNIT
-    /// @dev Conditionally checks if price is valid
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param checkValidity Whether to check if the price is valid
-    /// @return price The pool price per share
-    function pricePoolPerShare(PoolId poolId, ShareClassId scId, bool checkValidity) external view returns (D18 price);
-
-    /// @notice Returns the price per asset for a given pool, share class and the underlying asset id
-    /// @dev The provided price is defined as POOL_UNIT/ASSET_UNIT
-    /// @dev Conditionally checks if price is valid
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id for which we want to know the POOL_UNIT/ASSET_UNIT
-    /// @param checkValidity Whether to check if the price is valid
-    /// @return price The pool price per asset unit
-    function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, bool checkValidity)
-        external
-        view
-        returns (D18 price);
-
-    /// @notice Returns both prices per pool for a given pool, share class and the underlying asset id
-    /// @dev The provided prices are defined as POOL_UNIT/ASSET_UNIT and POOL_UNIT/SHARE_UNIT
-    /// @dev Conditionally checks if prices are valid
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id for which we want to know pool price per asset
-    /// @param checkValidity Whether to check if the prices are valid
-    /// @return pricePoolPerAsset The pool price per asset unit, i.e. POOL_UNIT/ASSET_UNIT
-    /// @return pricePoolPerShare The pool price per share unit, i.e. POOL_UNIT/SHARE_UNIT
-    function pricesPoolPer(PoolId poolId, ShareClassId scId, AssetId assetId, bool checkValidity)
-        external
-        view
-        returns (D18 pricePoolPerAsset, D18 pricePoolPerShare);
-
-    /// @notice Returns the age related markers for a share class price
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @return computedAt The timestamp when this price was computed
-    /// @return maxAge The maximum age this price is allowed to have
-    /// @return validUntil The timestamp until this price is valid
-    function markersPricePoolPerShare(PoolId poolId, ShareClassId scId)
-        external
-        view
-        returns (uint64 computedAt, uint64 maxAge, uint64 validUntil);
-
-    /// @notice Returns the age related markers for an asset price
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id for which we want to know pool price per asset
-    /// @return computedAt The timestamp when this price was computed
-    /// @return maxAge The maximum age this price is allowed to have
-    /// @return validUntil The timestamp until this price is valid
-    function markersPricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId)
-        external
-        view
-        returns (uint64 computedAt, uint64 maxAge, uint64 validUntil);
-
-    /// @notice Returns the request manager for a given pool
-    /// @param poolId The pool id
-    /// @return manager The request manager for the pool
-    function requestManager(PoolId poolId) external view returns (IRequestManager manager);
-
-    /// @notice Routes and batches cross-chain messages between hub and spoke
-    function gateway() external view returns (IGateway);
-
-    /// @notice Deploys share tokens for new share classes on this spoke chain
-    function tokenFactory() external view returns (ITokenFactory);
+    /// @notice Stores pool, share class, asset, and price state for the spoke side
+    function spokeRegistry() external view returns (ISpokeRegistry);
 
     /// @notice Dispatches cross-chain messages from this spoke to the hub chain
     function sender() external view returns (ISpokeMessageSender);
 
-    /// @notice Deploys pool-specific escrow contracts that custody assets and shares
-    function poolEscrowFactory() external view returns (IPoolEscrowFactory);
+    /// @notice Stores the queued share and asset deltas pending submission to the hub
+    function snapshotQueue() external view returns (ISnapshotQueue);
 
-    /// @notice Pool registration details, returns 0 if the pool has not been created on this spoke
-    /// @param poolId The pool id
-    /// @return createdAt The timestamp of pool creation
-    function pool(PoolId poolId) external view returns (uint64 createdAt);
+    /// @notice Returns the pool escrow provider
+    function poolEscrowProvider() external view returns (IPoolEscrowProvider);
 
-    /// @notice Returns the share class details for a given pool and share class id
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @return shareToken The share token contract
-    /// @return pricePoolPerShare The price of the share class in pool denomination
-    function shareClass(PoolId poolId, ShareClassId scId)
+    /// @notice Returns the policy installed for a pool (address(0) if none)
+    function policy(PoolId poolId) external view returns (IPolicy);
+
+    /// @notice Returns the pool escrow.
+    /// @dev    Assets for pending deposit requests are not held by the pool escrow.
+    function escrow(PoolId poolId) external view returns (IPoolEscrow);
+
+    /// @notice Returns the amount of assets that can be withdrawn from the balance sheet.
+    /// @dev    Assets that are locked (reserved) are not available for withdrawals.
+    function availableBalanceOf(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId)
         external
         view
-        returns (IShareToken shareToken, Price memory pricePoolPerShare);
+        returns (uint128);
 }
diff --git a/src/core/spoke/interfaces/ISpokeHandler.sol b/src/core/spoke/interfaces/ISpokeHandler.sol
new file mode 100644
index 000000000..c4c8eab8a
--- /dev/null
+++ b/src/core/spoke/interfaces/ISpokeHandler.sol
@@ -0,0 +1,49 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {ISpokeRegistry} from "./ISpokeRegistry.sol";
+
+import {PoolId} from "../../types/PoolId.sol";
+import {ShareClassId} from "../../types/ShareClassId.sol";
+import {IPoolEscrowFactory} from "../factories/interfaces/IPoolEscrowFactory.sol";
+
+/// @notice Interface for SpokeHandler admin/config
+interface ISpokeHandler {
+    //----------------------------------------------------------------------------------------------
+    // Events
+    //----------------------------------------------------------------------------------------------
+
+    event File(bytes32 indexed what, address data);
+    event ExecuteTransferShares(
+        PoolId indexed poolId, ShareClassId indexed scId, address indexed receiver, uint128 amount
+    );
+
+    //----------------------------------------------------------------------------------------------
+    // Errors
+    //----------------------------------------------------------------------------------------------
+
+    error FileUnrecognizedParam();
+    error InvalidRegistrar();
+    error InvalidRequestManager();
+    error InvalidSalt();
+    error MalformedVaultUpdateMessage();
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Stores pool, share class, asset, and price state for the spoke side
+    function spokeRegistry() external view returns (ISpokeRegistry);
+
+    /// @notice Deploys pool-specific escrow contracts that custody assets and shares
+    function poolEscrowFactory() external view returns (IPoolEscrowFactory);
+
+    //----------------------------------------------------------------------------------------------
+    // Administration
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Updates a contract parameter
+    /// @param what Accepts "spokeRegistry", "poolEscrowFactory"
+    /// @param data The new address
+    function file(bytes32 what, address data) external;
+}
diff --git a/src/core/spoke/interfaces/ISpokeRegistry.sol b/src/core/spoke/interfaces/ISpokeRegistry.sol
new file mode 100644
index 000000000..cec12c02a
--- /dev/null
+++ b/src/core/spoke/interfaces/ISpokeRegistry.sol
@@ -0,0 +1,405 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {IRegistrar} from "./IRegistrar.sol";
+import {ISpokeRequestManager} from "./ISpokeRequestManager.sol";
+
+import {D18} from "../../../misc/types/D18.sol";
+import {IERC20} from "../../../misc/interfaces/IERC20.sol";
+
+import {Price} from "../types/Price.sol";
+import {PoolId} from "../../types/PoolId.sol";
+import {AssetId} from "../../types/AssetId.sol";
+import {ShareClassId} from "../../types/ShareClassId.sol";
+import {IPolicy} from "../../utils/interfaces/IPolicy.sol";
+import {IVaultFactory} from "../factories/interfaces/IVaultFactory.sol";
+
+/// @dev Centrifuge pools
+struct Pool {
+    /// @dev Timestamp of pool creation
+    uint64 createdAt;
+}
+
+/// @dev Each Centrifuge pool is associated to 1 or more share classes
+struct ShareClassDetails {
+    IERC20 shareToken;
+    /// @dev The registrar that operates the share token (standard-specific driver)
+    IRegistrar registrar;
+    /// @dev Each share class has an individual price per share class unit in pool denomination (POOL_UNIT/SHARE_UNIT)
+    Price pricePoolPerShare;
+}
+
+/// @dev Reverse lookup from a share token address to the pool and share class it backs
+struct TokenDetails {
+    PoolId poolId;
+    ShareClassId scId;
+}
+
+struct AssetIdKey {
+    /// @dev The address of the asset
+    address asset;
+    /// @dev The ERC6909 token id or 0, if the underlying asset is an ERC20
+    uint256 tokenId;
+}
+
+struct VaultDetails {
+    /// @dev PoolId the vault belongs to. The registry is the sole authority on this association: it is
+    ///      recorded from the registering hub message, never read back from the vault
+    PoolId poolId;
+    /// @dev ShareClassId the vault belongs to, recorded alongside `poolId`
+    ShareClassId scId;
+    /// @dev AssetId of the asset
+    AssetId assetId;
+    /// @dev Address of the asset
+    address asset;
+    /// @dev TokenId of the asset - zero if asset is ERC20, non-zero if asset is ERC6909
+    uint256 tokenId;
+    /// @dev Whether the vault is linked to a share class atm
+    bool isLinked;
+}
+
+/// @dev Packed into one slot so authorization-id computation reads the policy and its install
+///      nonce with a single SLOAD.
+struct PolicyInfo {
+    IPolicy policy;
+    uint64 nonce;
+}
+
+interface ISpokeRegistry {
+    //----------------------------------------------------------------------------------------------
+    // Events
+    //----------------------------------------------------------------------------------------------
+
+    event File(bytes32 indexed what, address data);
+    event AddPool(PoolId indexed poolId);
+    event SetPolicy(PoolId indexed poolId, IPolicy policy);
+    /// @notice Emitted when a Hub-authorized, out-of-policy call is recorded (the Hub already ran the timelock,
+    ///         so the spoke keeps no local one). `data` is the exact authorized calldata, so the action is
+    ///         decodable straight from logs.
+    event AuthorizationGranted(PoolId indexed poolId, bytes32 indexed authId, bytes data);
+    /// @notice Emitted when the Hub revokes a not-yet-consumed authorization (decrements its counter).
+    event AuthorizationRevoked(PoolId indexed poolId, bytes32 indexed authId, bytes data);
+    /// @notice Emitted when a recorded authorization is consumed by an executing out-of-policy call.
+    event AuthorizationConsumed(PoolId indexed poolId, address indexed caller, bytes32 indexed authId);
+    event AddShareClass(PoolId indexed poolId, ShareClassId indexed scId, address token, IRegistrar registrar);
+    event SetRequestManager(PoolId indexed poolId, ISpokeRequestManager manager);
+    event UpdateManager(PoolId indexed poolId, address indexed who, bool canManage);
+    event UpdateBridger(PoolId indexed poolId, address indexed who, bool canBridge);
+    event UpdateAssetPrice(
+        PoolId indexed poolId,
+        ShareClassId indexed scId,
+        address indexed asset,
+        uint256 tokenId,
+        D18 price,
+        uint64 computedAt
+    );
+    event UpdateSharePrice(PoolId indexed poolId, ShareClassId indexed scId, D18 price, uint64 computedAt);
+    event DeployVault(
+        PoolId indexed poolId,
+        ShareClassId indexed scId,
+        address indexed asset,
+        uint256 tokenId,
+        IVaultFactory factory,
+        address vault,
+        bytes payload
+    );
+    event LinkVault(
+        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, address vault
+    );
+    event UnlinkVault(
+        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, address vault
+    );
+
+    //----------------------------------------------------------------------------------------------
+    // Errors
+    //----------------------------------------------------------------------------------------------
+
+    error FileUnrecognizedParam();
+    error PoolAlreadyAdded();
+    error InvalidPool();
+    error ShareClassAlreadyRegistered();
+    error TokenAlreadyRegistered();
+    error NotAContract();
+    error CannotSetOlderPrice();
+    error UnknownAsset();
+    error ShareTokenDoesNotExist();
+    error InvalidPrice();
+    error UnknownVault();
+    error InvalidVault();
+    error AlreadyLinkedVault();
+    error AlreadyUnlinkedVault();
+    error AlreadyRegisteredVault();
+    /// @notice Dispatched when {authorize} targets a pool with no policy installed (nothing could consume it).
+    error PolicyNotInstalled();
+    /// @notice Dispatched when {consumeAuthorization} finds no recorded authorization for the call.
+    error NoOutstandingAuthorization();
+    /// @notice Dispatched when {consumeAuthorization} is called by anyone other than the pool's policy.
+    error CallerNotPolicy();
+    /// @notice Dispatched when {addShareClass}/{linkToken} pass a zero registrar, whose slot is the
+    ///         share-class existence sentinel.
+    error EmptyRegistrar();
+    /// @notice Dispatched when {createAssetId} is called with a zero centrifugeId, whose raw ids would
+    ///         collide with the ISO-4217 currency-reference encoding.
+    error InvalidCentrifugeId();
+    /// @notice Dispatched when {createAssetId} targets an (asset, tokenId) pair that already has an id.
+    error AssetAlreadyRegistered();
+
+    //----------------------------------------------------------------------------------------------
+    // Setter methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Adds a new pool to the registry
+    /// @param poolId The pool identifier
+    function addPool(PoolId poolId) external;
+
+    /// @notice Adds a share class to the registry
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param shareToken_ The share token address
+    /// @param registrar_ The registrar that operates the share token
+    function addShareClass(PoolId poolId, ShareClassId scId, address shareToken_, IRegistrar registrar_) external;
+
+    /// @notice Links a share token and its registrar to a pool and share class, overwriting any existing link
+    /// @dev Governance-only (not reachable from a hub message); used to attach a registrar to an existing token.
+    ///      Requires an active pool; on a token swap the outgoing token's reverse lookup is retired, so
+    ///      exactly one token resolves to the share class at any time
+    /// @param poolId The pool identifier
+    /// @param scId The share class identifier
+    /// @param shareToken_ The share token address
+    /// @param registrar_ The registrar that operates the share token
+    function linkToken(PoolId poolId, ShareClassId scId, address shareToken_, IRegistrar registrar_) external;
+
+    /// @notice Sets the request manager for a pool
+    /// @param poolId The pool identifier
+    /// @param manager The request manager contract
+    function setRequestManager(PoolId poolId, ISpokeRequestManager manager) external;
+
+    /// @notice Grants or revokes the pool manager role for an address
+    /// @param poolId The pool identifier
+    /// @param who The address whose role is updated
+    /// @param canManage Whether the address is a manager
+    function updateManager(PoolId poolId, address who, bool canManage) external;
+
+    /// @notice Grants or revokes the bridger role for an address, gating cross-chain share transfers
+    /// @param poolId The pool identifier
+    /// @param who The address whose role is updated
+    /// @param canBridge Whether the address is a bridger
+    function updateBridger(PoolId poolId, address who, bool canBridge) external;
+
+    /// @notice Record a Hub-authorized, out-of-policy call as immediately matured in the local ledger.
+    ///         Auth-gated: only the message layer calls it, in response to a Hub {Authorize} message sent
+    ///         after the Hub's timelock and veto window elapsed. A subsequent guarded call whose calldata
+    ///         byte-matches `data` consumes it via the pool's policy.
+    /// @dev A counter, not a flag, so several authorizations of the same call can be outstanding; each
+    ///      matching call later consumes one.
+    /// @param poolId The pool the authorized call targets
+    /// @param data The exact calldata being authorized
+    function authorize(PoolId poolId, bytes calldata data) external;
+
+    /// @notice Revoke one outstanding, not-yet-consumed authorization for `data` (from a Hub {Unauthorize}
+    ///         message). Auth-gated: only the message layer calls it. Reverts if none is recorded.
+    /// @param poolId The pool the authorized call targets
+    /// @param data The exact calldata whose authorization is revoked
+    function unauthorize(PoolId poolId, bytes calldata data) external;
+
+    /// @notice Install or replace the policy for a pool (address(0) to clear). Auth-gated.
+    /// @dev    Bumps the pool's policy nonce, invalidating every outstanding authorization.
+    function setPolicy(PoolId poolId, IPolicy policy) external;
+
+    /// @notice Consume a recorded authorization for an executing out-of-policy call. Callable only by the
+    ///         pool's installed policy (from its {IPolicy.enforce}). Reverts unless the call is authorized.
+    /// @param poolId The pool the call targets
+    /// @param caller The manager whose call is executing (for the audit event)
+    /// @param data The exact calldata being executed
+    function consumeAuthorization(PoolId poolId, address caller, bytes calldata data) external;
+
+    /// @notice Returns the policy installed for a pool (address(0) if none).
+    function policy(PoolId poolId) external view returns (IPolicy);
+
+    /// @notice Incremented on every {setPolicy}. Part of the authorization-id namespace, so re-installing
+    ///         a previously used policy address cannot resurrect authorizations from its earlier tenure.
+    /// @param poolId The pool identifier
+    function policyNonce(PoolId poolId) external view returns (uint64);
+
+    /// @notice The identifier of an authorization for `data` on `poolId`, namespaced by the pool's
+    ///         current policy and its install nonce, so any policy change (including re-installing
+    ///         a previous policy address) invalidates all outstanding authorizations.
+    function authId(PoolId poolId, bytes calldata data) external view returns (bytes32);
+
+    /// @notice The number of Hub-authorized instances of a call currently recorded and awaiting consumption.
+    function authorizations(bytes32 authId) external view returns (uint256 count);
+
+    //----------------------------------------------------------------------------------------------
+    // Vault management
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Records a vault in the registry. Each address may only be registered once with no
+    ///         unregister path.
+    function registerVault(
+        PoolId poolId,
+        ShareClassId scId,
+        AssetId assetId,
+        address asset,
+        uint256 tokenId,
+        IVaultFactory factory,
+        address vault,
+        bytes calldata payload
+    ) external;
+
+    /// @notice Links a registered vault to the given pool, share class and asset
+    function linkVault(PoolId poolId, ShareClassId scId, AssetId assetId, address vault) external;
+
+    /// @notice Removes the link between a vault and the given pool, share class and asset
+    function unlinkVault(PoolId poolId, ShareClassId scId, AssetId assetId, address vault) external;
+
+    /// @notice Creates a new asset ID and registers the asset mapping in the registry
+    /// @param centrifugeId The centrifuge chain ID
+    /// @param asset The asset address
+    /// @param tokenId The ERC6909 token id or 0 for ERC20
+    /// @return assetId The new asset ID
+    function createAssetId(uint16 centrifugeId, address asset, uint256 tokenId) external returns (AssetId assetId);
+
+    /// @notice Updates the price per share for a given pool and share class
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @param price The price of pool currency per share class token
+    /// @param computedAt The timestamp when the price was computed
+    function updatePricePoolPerShare(PoolId poolId, ShareClassId scId, D18 price, uint64 computedAt) external;
+
+    /// @notice Updates the price per asset for a given pool, share class and asset
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @param assetId The asset id
+    /// @param price The price of pool currency per asset unit
+    /// @param computedAt The timestamp when the price was computed
+    function updatePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, D18 price, uint64 computedAt)
+        external;
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Returns whether the given pool id is active
+    /// @param poolId The pool id
+    /// @return Whether the pool is active
+    function isPoolActive(PoolId poolId) external view returns (bool);
+
+    /// @notice Returns whether a share class is registered (has a share token) for the pool
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @return Whether the share class exists
+    function hasShareClass(PoolId poolId, ShareClassId scId) external view returns (bool);
+
+    /// @notice Returns the share class token for a given pool and share class id
+    /// @dev Returns the zero address if the share class does not exist; use {hasShareClass} to probe existence
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @return The share token
+    function shareToken(PoolId poolId, ShareClassId scId) external view returns (IERC20);
+
+    /// @notice Returns both the share token and its registrar in a single call
+    /// @dev Returns zero values if the share class does not exist. Avoids re-reading the share class twice when
+    ///      a caller needs to operate the token through its registrar.
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @return token The share token
+    /// @return registrar_ The registrar operating the share token
+    function shareTokenAndRegistrar(PoolId poolId, ShareClassId scId)
+        external
+        view
+        returns (IERC20 token, IRegistrar registrar_);
+
+    /// @notice Returns the pool and share class a given share token backs (zero values if unregistered)
+    /// @dev A token backs at most one share class. Backed by public storage, so it never reverts; callers that
+    ///      require the token to exist must check the returned poolId is not null.
+    /// @param shareToken_ The share token address
+    /// @return poolId The pool id the token backs
+    /// @return scId The share class id the token backs
+    function tokenDetails(address shareToken_) external view returns (PoolId poolId, ShareClassId scId);
+
+    /// @notice Returns the asset address and tokenId associated with a given asset id (zero values if unregistered)
+    /// @dev Non-reverting; use the `revertOnNull` overload (or {isRegistered}) to fail closed.
+    /// @param assetId The underlying internal uint128 assetId.
+    /// @return asset The address of the asset linked to the given asset id.
+    /// @return tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
+    function idToAsset(AssetId assetId) external view returns (address asset, uint256 tokenId);
+
+    /// @notice Returns the asset address and tokenId associated with a given asset id.
+    /// @param assetId The underlying internal uint128 assetId.
+    /// @param revertOnNull If true, reverts {UnknownAsset} when the asset id is not registered.
+    /// @return asset The address of the asset linked to the given asset id.
+    /// @return tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
+    function idToAsset(AssetId assetId, bool revertOnNull) external view returns (address asset, uint256 tokenId);
+
+    /// @notice Returns the assetId for a given asset address and tokenId (null if unregistered)
+    /// @dev Non-reverting; use the `revertOnNull` overload (or {isRegistered}) to fail closed.
+    /// @param asset The address of the asset linked to the given asset id.
+    /// @param tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
+    /// @return assetId The underlying internal uint128 assetId.
+    function assetToId(address asset, uint256 tokenId) external view returns (AssetId assetId);
+
+    /// @notice Returns the assetId for a given asset address and tokenId.
+    /// @param asset The address of the asset linked to the given asset id.
+    /// @param tokenId The token id corresponding to the asset, i.e. zero if ERC20 or non-zero if ERC6909.
+    /// @param revertOnNull If true, reverts {UnknownAsset} when the asset is not registered.
+    /// @return assetId The underlying internal uint128 assetId.
+    function assetToId(address asset, uint256 tokenId, bool revertOnNull) external view returns (AssetId assetId);
+
+    /// @notice Returns whether an asset id is registered
+    /// @param assetId The underlying internal uint128 assetId.
+    /// @return Whether the asset id is registered
+    function isRegistered(AssetId assetId) external view returns (bool);
+
+    /// @notice Returns the price per share for a given pool and share class
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @param checkValidity Whether to check if the price is valid
+    /// @return price The pool price per share
+    function pricePoolPerShare(PoolId poolId, ShareClassId scId, bool checkValidity) external view returns (D18 price);
+
+    /// @notice Returns the price per asset for a given pool, share class and asset
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @param assetId The asset id
+    /// @param checkValidity Whether to check if the price is valid
+    /// @return price The pool price per asset unit
+    function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId, bool checkValidity)
+        external
+        view
+        returns (D18 price);
+
+    /// @notice Returns the timestamp at which the share price was last computed (0 if never)
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    function pricePoolPerShareComputedAt(PoolId poolId, ShareClassId scId) external view returns (uint64 computedAt);
+
+    /// @notice Returns the timestamp at which the asset price was last computed (0 if never)
+    /// @param poolId The pool id
+    /// @param scId The share class id
+    /// @param assetId The asset id
+    function pricePoolPerAssetComputedAt(PoolId poolId, ShareClassId scId, AssetId assetId)
+        external
+        view
+        returns (uint64 computedAt);
+
+    /// @notice Returns the request manager for a given pool
+    /// @param poolId The pool id
+    /// @return manager The request manager for the pool
+    function requestManager(PoolId poolId) external view returns (ISpokeRequestManager manager);
+
+    /// @notice Returns whether an address holds the pool manager role
+    function manager(PoolId poolId, address who) external view returns (bool);
+
+    /// @notice Returns whether an address holds the bridger role for a pool
+    function bridger(PoolId poolId, address who) external view returns (bool);
+
+    /// @notice Returns whether a vault has been registered (regardless of its link state)
+    function isVaultRegistered(address vault) external view returns (bool);
+
+    /// @notice Returns the details of a vault
+    /// @dev Returns a zeroed struct if the vault is not registered; use {isVaultRegistered} to probe existence
+    function vaultDetails(address vault) external view returns (VaultDetails memory details);
+
+    /// @notice Checks whether a given vault is linked to a share class
+    function isLinked(address vault) external view returns (bool);
+}
diff --git a/src/core/interfaces/IRequestManager.sol b/src/core/spoke/interfaces/ISpokeRequestManager.sol
similarity index 83%
rename from src/core/interfaces/IRequestManager.sol
rename to src/core/spoke/interfaces/ISpokeRequestManager.sol
index f525f4bb0..1ad90d406 100644
--- a/src/core/interfaces/IRequestManager.sol
+++ b/src/core/spoke/interfaces/ISpokeRequestManager.sol
@@ -1,11 +1,11 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {PoolId} from "../types/PoolId.sol";
-import {AssetId} from "../types/AssetId.sol";
-import {ShareClassId} from "../types/ShareClassId.sol";
+import {PoolId} from "../../types/PoolId.sol";
+import {AssetId} from "../../types/AssetId.sol";
+import {ShareClassId} from "../../types/ShareClassId.sol";
 
-interface IRequestManager {
+interface ISpokeRequestManager {
     //----------------------------------------------------------------------------------------------
     // Errors
     //----------------------------------------------------------------------------------------------
diff --git a/src/core/spoke/interfaces/IVault.sol b/src/core/spoke/interfaces/IVault.sol
deleted file mode 100644
index 787d27548..000000000
--- a/src/core/spoke/interfaces/IVault.sol
+++ /dev/null
@@ -1,30 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {PoolId} from "../../types/PoolId.sol";
-import {ShareClassId} from "../../types/ShareClassId.sol";
-
-enum VaultKind {
-    /// @dev Refers to AsyncVault
-    Async,
-    /// @dev not yet supported
-    Sync,
-    /// @dev Refers to SyncDepositVault
-    SyncDepositAsyncRedeem
-}
-
-/// @notice Interface for the all vault contracts
-/// @dev Must be implemented by all vaults
-interface IVault {
-    /// @notice Identifier of the Centrifuge pool
-    /// @return The pool identifier
-    function poolId() external view returns (PoolId);
-
-    /// @notice Identifier of the share class of the Centrifuge pool
-    /// @return The share class identifier
-    function scId() external view returns (ShareClassId);
-
-    /// @notice Checks whether the vault is partially (a)synchronous
-    /// @return vaultKind_ The kind of the vault
-    function vaultKind() external view returns (VaultKind vaultKind_);
-}
diff --git a/src/core/spoke/interfaces/IVaultRegistry.sol b/src/core/spoke/interfaces/IVaultRegistry.sol
deleted file mode 100644
index 5c7037451..000000000
--- a/src/core/spoke/interfaces/IVaultRegistry.sol
+++ /dev/null
@@ -1,140 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {ISpoke} from "./ISpoke.sol";
-import {IVault, VaultKind} from "./IVault.sol";
-
-import {PoolId} from "../../types/PoolId.sol";
-import {AssetId} from "../../types/AssetId.sol";
-import {ShareClassId} from "../../types/ShareClassId.sol";
-import {IRequestManager} from "../../interfaces/IRequestManager.sol";
-import {IVaultFactory} from "../factories/interfaces/IVaultFactory.sol";
-
-struct VaultDetails {
-    /// @dev AssetId of the asset
-    AssetId assetId;
-    /// @dev Address of the asset
-    address asset;
-    /// @dev TokenId of the asset - zero if asset is ERC20, non-zero if asset is ERC6909
-    uint256 tokenId;
-    /// @dev Whether the vault is linked to a share class atm
-    bool isLinked;
-}
-
-interface IVaultRegistry {
-    //----------------------------------------------------------------------------------------------
-    // Events
-    //----------------------------------------------------------------------------------------------
-
-    event File(bytes32 indexed what, address data);
-    event DeployVault(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address indexed asset,
-        uint256 tokenId,
-        IVaultFactory factory,
-        IVault vault,
-        VaultKind kind
-    );
-    event LinkVault(
-        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, IVault vault
-    );
-    event UnlinkVault(
-        PoolId indexed poolId, ShareClassId indexed scId, address indexed asset, uint256 tokenId, IVault vault
-    );
-
-    //----------------------------------------------------------------------------------------------
-    // Errors
-    //----------------------------------------------------------------------------------------------
-
-    error MalformedVaultUpdateMessage();
-    error UnknownVault();
-    error InvalidRequestManager();
-    error InvalidVault();
-    error AlreadyLinkedVault();
-    error AlreadyUnlinkedVault();
-    error FileUnrecognizedParam();
-
-    //----------------------------------------------------------------------------------------------
-    // Administration
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Updates a contract parameter
-    /// @param what Accepts a bytes32 representation of 'spoke'
-    function file(bytes32 what, address data) external;
-
-    //----------------------------------------------------------------------------------------------
-    // Vault management
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Deploys a new vault
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id for which we want to deploy a vault
-    /// @param factory The address of the corresponding vault factory
-    /// @return The address of the deployed vault
-    function deployVault(PoolId poolId, ShareClassId scId, AssetId assetId, IVaultFactory factory)
-        external
-        returns (IVault);
-
-    /// @notice Register a vault (used only for migrations)
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id
-    /// @param asset The asset address
-    /// @param tokenId The token id (0 for ERC20)
-    /// @param factory The vault factory address
-    /// @param vault The vault address
-    function registerVault(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        address asset,
-        uint256 tokenId,
-        IVaultFactory factory,
-        IVault vault
-    ) external;
-
-    /// @notice Links a deployed vault to the given pool, share class and asset
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id for which we want to deploy a vault
-    /// @param vault The address of the deployed vault
-    function linkVault(PoolId poolId, ShareClassId scId, AssetId assetId, IVault vault) external;
-
-    /// @notice Removes the link between a vault and the given pool, share class and asset
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id for which we want to deploy a vault
-    /// @param vault The address of the deployed vault
-    function unlinkVault(PoolId poolId, ShareClassId scId, AssetId assetId, IVault vault) external;
-
-    //----------------------------------------------------------------------------------------------
-    // View methods
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Function to get the details of a vault
-    /// @dev Reverts if vault does not exist
-    /// @param vault The address of the vault to be checked for
-    /// @return details The details of the vault including the underlying asset address, token id, asset id
-    function vaultDetails(IVault vault) external view returns (VaultDetails memory details);
-
-    /// @notice Checks whether a given vault is eligible for investing into a share class of a pool
-    /// @param vault The address of the vault
-    /// @return Whether vault is linked to a share class
-    function isLinked(IVault vault) external view returns (bool);
-
-    /// @notice Returns the address of the vault for a given pool, share class asset and requestManager
-    /// @param poolId The pool id
-    /// @param scId The share class id
-    /// @param assetId The asset id
-    /// @param manager The request manager associated to the vault, if 0, then it correspond to a full sync vault
-    /// @return vault The vault address
-    function vault(PoolId poolId, ShareClassId scId, AssetId assetId, IRequestManager manager)
-        external
-        view
-        returns (IVault vault);
-
-    /// @notice Spoke-side entry point for this chain's pool and share class operations
-    function spoke() external view returns (ISpoke);
-}
diff --git a/src/core/spoke/types/Price.sol b/src/core/spoke/types/Price.sol
index 7fd0f37d7..49f8cb4d3 100644
--- a/src/core/spoke/types/Price.sol
+++ b/src/core/spoke/types/Price.sol
@@ -3,32 +3,16 @@ pragma solidity 0.8.28;
 
 import {D18} from "../../../misc/types/D18.sol";
 
-/// @dev Price struct that contains a price, the timestamp at which it was computed and the max age of the price.
+/// @dev Price struct that contains a price and the timestamp at which it was computed.
 struct Price {
     D18 price;
     uint64 computedAt;
-    uint64 maxAge;
 }
 
-/// @dev Checks if a price is valid. Returns false if computedAt is 0. Otherwise checks for block
-/// timestamp <= computedAt + maxAge
-function isValid(Price memory price) view returns (bool) {
-    if (price.computedAt != 0) {
-        return block.timestamp <= price.validUntil();
-    } else {
-        return false;
-    }
+/// @dev Checks if a price is valid. Prices do not expire in core; a price is valid once it has been
+/// computed (computedAt != 0).
+function isValid(Price memory price) pure returns (bool) {
+    return price.computedAt != 0;
 }
 
-/// @dev Computes the timestamp until the price is valid. Saturates at uint64.MAX.
-function validUntil(Price memory price) pure returns (uint64) {
-    unchecked {
-        uint64 validUntil_ = price.computedAt + price.maxAge;
-        if (validUntil_ < price.computedAt) {
-            return type(uint64).max;
-        }
-        return validUntil_;
-    }
-}
-
-using {isValid, validUntil} for Price global;
+using {isValid} for Price global;
diff --git a/src/core/types/PoolId.sol b/src/core/types/PoolId.sol
index 9db8f2e3a..c5598cb10 100644
--- a/src/core/types/PoolId.sol
+++ b/src/core/types/PoolId.sol
@@ -1,10 +1,6 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {MathLib} from "../../misc/libraries/MathLib.sol";
-
-using MathLib for uint256;
-
 type PoolId is uint64;
 
 function centrifugeId(PoolId poolId) pure returns (uint16) {
diff --git a/src/core/types/RequestId.sol b/src/core/types/RequestId.sol
new file mode 100644
index 000000000..201b409ad
--- /dev/null
+++ b/src/core/types/RequestId.sol
@@ -0,0 +1,13 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+/// @dev Opaque identifier for a request within a (poolId, scId, assetId) tuple. Numeric so implementations can
+///      pack structured ids (e.g. vault address and an incremental local id) and expose the ERC-7540/ERC-8161
+///      `uint256 requestId` surface without conversion.
+type RequestId is uint256;
+
+function raw(RequestId requestId) pure returns (uint256) {
+    return RequestId.unwrap(requestId);
+}
+
+using {raw} for RequestId global;
diff --git a/src/core/utils/BatchedMulticall.sol b/src/core/utils/BatchedMulticall.sol
index 12dce0781..363df1a82 100644
--- a/src/core/utils/BatchedMulticall.sol
+++ b/src/core/utils/BatchedMulticall.sol
@@ -49,7 +49,10 @@ abstract contract BatchedMulticall is Multicall, IBatchedMulticall {
 
     /// @dev Only the call to multicall should pass the msg.value, which is then passed
     ///      in `gateway.withBatch`. No inner calls should pass any msg.value.
+    /// @dev Mirrors msgSender(): the value is only zeroed for calls coming through the gateway
+    ///      callback path. Otherwise a reentrant call entering during an active batch (e.g. via an
+    ///      external hook) would have its real msg.value silently dropped, leaving native tokens stuck.
     function msgValue() internal view returns (uint256 value) {
-        return _sender != address(0) ? 0 : msg.value;
+        return _sender != address(0) && msg.sender == address(gateway) ? 0 : msg.value;
     }
 }
diff --git a/src/core/utils/ContractUpdater.sol b/src/core/utils/ContractUpdater.sol
deleted file mode 100644
index 1c4d5e0d8..000000000
--- a/src/core/utils/ContractUpdater.sol
+++ /dev/null
@@ -1,44 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity 0.8.28;
-
-import {ITrustedContractUpdate, IUntrustedContractUpdate} from "./interfaces/IContractUpdate.sol";
-
-import {Auth} from "../../misc/Auth.sol";
-
-import {IContractUpdateGatewayHandler} from "../messaging/interfaces/IGatewayHandlers.sol";
-
-import {PoolId} from "../types/PoolId.sol";
-import {ShareClassId} from "../types/ShareClassId.sol";
-
-contract ContractUpdater is Auth, IContractUpdateGatewayHandler {
-    event TrustedContractUpdate(PoolId indexed poolId, ShareClassId indexed scId, address target, bytes payload);
-    event UntrustedContractUpdate(
-        PoolId indexed poolId,
-        ShareClassId indexed scId,
-        address target,
-        bytes payload,
-        uint16 centrifugeId,
-        bytes32 sender
-    );
-
-    constructor(address deployer) Auth(deployer) {}
-
-    /// @inheritdoc IContractUpdateGatewayHandler
-    function trustedCall(PoolId poolId, ShareClassId scId, address target, bytes memory update) public auth {
-        ITrustedContractUpdate(target).trustedCall(poolId, scId, update);
-        emit TrustedContractUpdate(poolId, scId, target, update);
-    }
-
-    /// @inheritdoc IContractUpdateGatewayHandler
-    function untrustedCall(
-        PoolId poolId,
-        ShareClassId scId,
-        address target,
-        bytes memory update,
-        uint16 centrifugeId,
-        bytes32 sender
-    ) public auth {
-        IUntrustedContractUpdate(target).untrustedCall(poolId, scId, update, centrifugeId, sender);
-        emit UntrustedContractUpdate(poolId, scId, target, update, centrifugeId, sender);
-    }
-}
diff --git a/src/core/utils/Envoy.sol b/src/core/utils/Envoy.sol
new file mode 100644
index 000000000..57d181928
--- /dev/null
+++ b/src/core/utils/Envoy.sol
@@ -0,0 +1,32 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IEnvoy} from "./interfaces/IEnvoy.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "./interfaces/IManagerCall.sol";
+
+import {Auth} from "../../misc/Auth.sol";
+
+import {PoolId} from "../types/PoolId.sol";
+
+/// @title  Envoy
+/// @notice Payable, stateless dispatcher for ManagerCall targets. The stable `msg.sender` anchor
+///         targets bind to: the Hub redeploys every release and must never be the anchor.
+contract Envoy is Auth, IEnvoy {
+    constructor(address deployer) Auth(deployer) {}
+
+    /// @inheritdoc IEnvoy
+    function callFromHub(PoolId poolId, address target, bytes calldata payload) external payable auth {
+        IManagerCallFromHub(target).fromHub{value: msg.value}(poolId, payload);
+        emit ManagerCallFromHub(poolId, target, payload);
+    }
+
+    /// @inheritdoc IEnvoy
+    function callFromSpoke(PoolId poolId, address target, bytes calldata payload, uint16 centrifugeId, bytes32 sender)
+        external
+        payable
+        auth
+    {
+        IManagerCallFromSpoke(target).fromSpoke{value: msg.value}(poolId, payload, centrifugeId, sender);
+        emit ManagerCallFromSpoke(poolId, target, payload, centrifugeId, sender);
+    }
+}
diff --git a/src/core/utils/interfaces/IContractUpdate.sol b/src/core/utils/interfaces/IContractUpdate.sol
deleted file mode 100644
index d179eb943..000000000
--- a/src/core/utils/interfaces/IContractUpdate.sol
+++ /dev/null
@@ -1,23 +0,0 @@
-// SPDX-License-Identifier: GPL-2.0-or-later
-pragma solidity >=0.5.0;
-
-import {PoolId} from "../../types/PoolId.sol";
-import {ShareClassId} from "../../types/ShareClassId.sol";
-
-interface ITrustedContractUpdate {
-    /// @notice Triggers an update on the target contract.
-    /// @dev    Sent from the trusted hub manager role.
-    function trustedCall(PoolId poolId, ShareClassId scId, bytes calldata payload) external;
-}
-
-interface IUntrustedContractUpdate {
-    /// @notice Triggers an update on the target contract.
-    /// @dev    Sender MUST be validated. Sent by anyone on the spoke side.
-    function untrustedCall(
-        PoolId poolId,
-        ShareClassId scId,
-        bytes calldata payload,
-        uint16 centrifugeId,
-        bytes32 sender
-    ) external;
-}
diff --git a/src/core/utils/interfaces/IEnvoy.sol b/src/core/utils/interfaces/IEnvoy.sol
new file mode 100644
index 000000000..fd087d44f
--- /dev/null
+++ b/src/core/utils/interfaces/IEnvoy.sol
@@ -0,0 +1,23 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../types/PoolId.sol";
+
+/// @notice Stateless, payable dispatcher for ManagerCall targets. The stable `msg.sender` anchor
+///         targets bind to — the Hub redeploys every release and must never be the anchor.
+interface IEnvoy {
+    event ManagerCallFromHub(PoolId indexed poolId, address target, bytes payload);
+    event ManagerCallFromSpoke(
+        PoolId indexed poolId, address target, bytes payload, uint16 centrifugeId, bytes32 sender
+    );
+
+    /// @notice Forwards a hub-direction manager call to `target` with any attached value. No origin args:
+    ///         already authorized at the Hub (`_enforce` + policy); origin chain is always the hub's own.
+    function callFromHub(PoolId poolId, address target, bytes calldata payload) external payable;
+
+    /// @notice Forwards an untrusted spoke-direction manager call to `target`, passing `(centrifugeId, sender)`
+    ///         for the target to validate.
+    function callFromSpoke(PoolId poolId, address target, bytes calldata payload, uint16 centrifugeId, bytes32 sender)
+        external
+        payable;
+}
diff --git a/src/core/utils/interfaces/IManagerCall.sol b/src/core/utils/interfaces/IManagerCall.sol
new file mode 100644
index 000000000..703416479
--- /dev/null
+++ b/src/core/utils/interfaces/IManagerCall.sol
@@ -0,0 +1,37 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../types/PoolId.sol";
+
+/// @notice Hub-direction target surface for the payable `ManagerCall` path. Pool-scoped: any `scId` is
+///         encoded in `payload`. Targets are reached through the `Envoy` (never the Hub, which redeploys).
+/// @dev    Intentionally distinct from {IManagerCallFromSpoke}: distinct method names = distinct selectors,
+///         so `Envoy.callFromSpoke` reverts on any hub-only target that implements `fromHub` only — that
+///         selector mismatch is the direction boundary; do not collapse the two interfaces. `payable` is
+///         required for value forwarding. The signature is final: the `Envoy` holds it across releases and
+///         must never redeploy. No origin `(centrifugeId, sender)`: the call is already authorized at the
+///         Hub (`_enforce` + policy) and the origin is always the hub's own chain.
+interface IManagerCallFromHub {
+    /// @notice Triggers a policy-supervised manager action. Caller MUST be the `Envoy`.
+    /// @dev    Authorization is enforced at `Hub.managerCall` -> `_enforce` -> policy before this runs.
+    ///         Value (if any) funds downstream messages.
+    /// @param  poolId The pool the call is scoped to
+    /// @param  payload Action-specific encoding decoded by the target
+    function fromHub(PoolId poolId, bytes calldata payload) external payable;
+}
+
+/// @notice Spoke-direction target surface for the payable `ManagerCall` path. Reached via the
+///         `ManagerCallFromSpoke` message -> `Envoy.callFromSpoke`. Bypasses the Hub's policy check by
+///         construction, so the target MUST validate `(centrifugeId, sender)`.
+/// @dev    Implemented by e.g. `OracleValuation` for feeder-validated remote price updates.
+///         Distinct from {IManagerCallFromHub} — that split is the direction boundary; do not collapse them.
+interface IManagerCallFromSpoke {
+    /// @notice Triggers a manager action on a spoke-direction target. Caller MUST be the `Envoy`.
+    /// @dev    Untrusted: bypasses the pool's policy. The target MUST validate `(centrifugeId, sender)`.
+    ///         Value (if any) funds downstream messages.
+    /// @param  poolId The pool the call is scoped to
+    /// @param  payload Action-specific encoding decoded by the target
+    /// @param  centrifugeId Origin chain of the caller
+    /// @param  sender The originating actor (the spoke-side caller)
+    function fromSpoke(PoolId poolId, bytes calldata payload, uint16 centrifugeId, bytes32 sender) external payable;
+}
diff --git a/src/core/utils/interfaces/IPolicy.sol b/src/core/utils/interfaces/IPolicy.sol
new file mode 100644
index 000000000..5f48c03d5
--- /dev/null
+++ b/src/core/utils/interfaces/IPolicy.sol
@@ -0,0 +1,62 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../types/PoolId.sol";
+
+/// @notice A pool's policy hook. Its enforcer calls {enforce} on every guarded call: the Hub on guarded
+///         manager methods, the Spoke on guarded spoke calls. The policy itself holds no authorization
+///         state. The ledger that stores, matures, vetoes and consumes authorizations lives in the enforcer's
+///         registry ({IHubRegistry} on the Hub, {ISpokeRegistry} on the Spoke), so every policy shares one
+///         audited, observable ledger.
+/// @dev    How a call is classified is role-specific and lives in the subtypes: the Hub prices a delay
+///         ({IHubPolicy}), the Spoke answers yes/no ({ISpokePolicy}). Zero and `false` both mean "in
+///         policy". The two are intentionally distinct method names, so their selectors and interface ids
+///         differ and neither can be read through the other's ABI; do not collapse them.
+interface IPolicy {
+    /// @notice Dispatched when {enforce} is called by anyone other than the enforcer (the Hub or Spoke this
+    ///         policy is installed on).
+    error NotEnforcer();
+
+    /// @notice Enforce the pool's policy on a call. Callable only by the enforcer (the Hub or Spoke). No-op
+    ///         when the call is in policy; otherwise consumes a matured authorization from the enforcer's
+    ///         registry ledger, reverting if none exists.
+    /// @param poolId The pool being operated on.
+    /// @param caller The manager that initiated the call.
+    /// @param data The call's calldata.
+    function enforce(PoolId poolId, address caller, bytes calldata data) external;
+}
+
+/// @notice Hub-side policy. The Hub times a delay before an out-of-policy authorization can execute, so
+///         classification returns that delay.
+interface IHubPolicy is IPolicy {
+    /// @notice Classify a call against the policy, returning the delay an authorization must age.
+    /// @return delay 0 if the call is in policy (runs synchronously); otherwise the duration an
+    ///         authorization for this call must age before it can execute. Reverts outright to block a
+    ///         forbidden call (so it can't even be authorized).
+    /// @param poolId The pool being operated on.
+    /// @param caller The manager initiating the call.
+    /// @param data The call's calldata.
+    function authorizationDelay(PoolId poolId, address caller, bytes calldata data) external view returns (uint48 delay);
+}
+
+/// @notice Spoke-side policy. The Spoke has no local timelock — authorizations arrive already matured from the
+///         Hub and are consumed from a counter ledger — so its policy decision is binary.
+/// @dev    Unlike {IHubPolicy.authorizationDelay} (which the Hub calls to price the delay), the Spoke
+///         enforcer never calls {authorizationRequired}: the in/out-of-policy decision lives inside {enforce}.
+///         It is exposed purely for external consumers — off-chain tooling, monitoring, and UIs — to preview a
+///         call's policy without sending it. It is therefore optional: a spoke policy need only implement
+///         {IPolicy.enforce}, and implementing this interface is a convenience for exposing that preview in a
+///         typed form.
+interface ISpokePolicy is IPolicy {
+    /// @notice Preview whether a call requires a matured authorization. Not called by the Spoke enforcer;
+    ///         provided for off-chain and other external consumers.
+    /// @return required true if the call requires a matured authorization consumed from the spoke ledger;
+    ///         false if it runs synchronously (in policy). Reverts outright to block a forbidden call.
+    /// @param poolId The pool being operated on.
+    /// @param caller The manager initiating the call.
+    /// @param data The call's calldata.
+    function authorizationRequired(PoolId poolId, address caller, bytes calldata data)
+        external
+        view
+        returns (bool required);
+}
diff --git a/src/deployment/ActionBatchers.sol b/src/deployment/ActionBatchers.sol
index 7636836f6..72b5d8515 100644
--- a/src/deployment/ActionBatchers.sol
+++ b/src/deployment/ActionBatchers.sol
@@ -4,6 +4,7 @@ pragma solidity 0.8.28;
 import {SetConfigParam, ILayerZeroEndpointV2Like} from "./interfaces/ILayerZeroEndpointV2Like.sol";
 
 import {Hub} from "../core/hub/Hub.sol";
+import {Envoy} from "../core/utils/Envoy.sol";
 import {Spoke} from "../core/spoke/Spoke.sol";
 import {PoolId} from "../core/types/PoolId.sol";
 import {Holdings} from "../core/hub/Holdings.sol";
@@ -11,35 +12,35 @@ import {Accounting} from "../core/hub/Accounting.sol";
 import {Gateway} from "../core/messaging/Gateway.sol";
 import {HubHandler} from "../core/hub/HubHandler.sol";
 import {HubRegistry} from "../core/hub/HubRegistry.sol";
-import {BalanceSheet} from "../core/spoke/BalanceSheet.sol";
-import {GasService} from "../core/messaging/GasService.sol";
+import {SpokeHandler} from "../core/spoke/SpokeHandler.sol";
 import {AssetId, newAssetId} from "../core/types/AssetId.sol";
-import {VaultRegistry} from "../core/spoke/VaultRegistry.sol";
+import {SnapshotQueue} from "../core/spoke/SnapshotQueue.sol";
+import {SpokeRegistry} from "../core/spoke/SpokeRegistry.sol";
 import {MultiAdapter} from "../core/messaging/MultiAdapter.sol";
-import {ContractUpdater} from "../core/utils/ContractUpdater.sol";
 import {IAdapter} from "../core/messaging/interfaces/IAdapter.sol";
 import {ShareClassManager} from "../core/hub/ShareClassManager.sol";
-import {TokenFactory} from "../core/spoke/factories/TokenFactory.sol";
 import {MessageProcessor} from "../core/messaging/MessageProcessor.sol";
 import {MessageDispatcher} from "../core/messaging/MessageDispatcher.sol";
 import {PoolEscrowFactory} from "../core/spoke/factories/PoolEscrowFactory.sol";
 import {MAX_ADAPTER_COUNT} from "../core/messaging/interfaces/IMultiAdapter.sol";
 
 import {Root} from "../admin/Root.sol";
+import {GasService} from "../admin/GasService.sol";
 import {ISafe} from "../admin/interfaces/ISafe.sol";
 import {OpsGuardian} from "../admin/OpsGuardian.sol";
-import {TokenRecoverer} from "../admin/TokenRecoverer.sol";
 import {ProtocolGuardian} from "../admin/ProtocolGuardian.sol";
 
-import {FreezeOnly} from "../hooks/FreezeOnly.sol";
-import {FullRestrictions} from "../hooks/FullRestrictions.sol";
-import {FreelyTransferable} from "../hooks/FreelyTransferable.sol";
-import {RedemptionRestrictions} from "../hooks/RedemptionRestrictions.sol";
+import {FreezeOnly} from "../token/hooks/FreezeOnly.sol";
+import {NAVManager} from "../hooks/accounting/NAVManager.sol";
+import {FullRestrictions} from "../token/hooks/FullRestrictions.sol";
+import {FreelyTransferable} from "../token/hooks/FreelyTransferable.sol";
+import {BridgeCircuitBreaker} from "../hooks/bridge/BridgeCircuitBreaker.sol";
+import {SimplePriceManager} from "../hooks/accounting/SimplePriceManager.sol";
+import {RedemptionRestrictions} from "../token/hooks/RedemptionRestrictions.sol";
 
-import {NAVManager} from "../managers/hub/NAVManager.sol";
 import {QueueManager} from "../managers/spoke/QueueManager.sol";
+import {ShareManager} from "../managers/spoke/ShareManager.sol";
 import {OnOffRampFactory} from "../managers/spoke/OnOffRamp.sol";
-import {SimplePriceManager} from "../managers/hub/SimplePriceManager.sol";
 
 import {OracleValuation} from "../valuations/OracleValuation.sol";
 import {IdentityValuation} from "../valuations/IdentityValuation.sol";
@@ -51,25 +52,28 @@ import {BatchRequestManager} from "../vaults/BatchRequestManager.sol";
 import {AsyncVaultFactory} from "../vaults/factories/AsyncVaultFactory.sol";
 import {SyncDepositVaultFactory} from "../vaults/factories/SyncDepositVaultFactory.sol";
 
+import {TokenBridge} from "../bridge/TokenBridge.sol";
 import {SubsidyManager} from "../utils/SubsidyManager.sol";
 import {AxelarAdapter} from "../adapters/AxelarAdapter.sol";
-import {WormholeAdapter} from "../adapters/WormholeAdapter.sol";
 import {ChainlinkAdapter} from "../adapters/ChainlinkAdapter.sol";
+import {HyperlaneAdapter} from "../adapters/HyperlaneAdapter.sol";
 import {LayerZeroAdapter} from "../adapters/LayerZeroAdapter.sol";
 import {RefundEscrowFactory} from "../utils/RefundEscrowFactory.sol";
+import {ShareTokenRegistrar} from "../token/ShareTokenRegistrar.sol";
+import {IInterchainSecurityModule} from "../adapters/interfaces/IHyperlaneAdapter.sol";
 
 struct CoreReport {
     Gateway gateway;
     MultiAdapter multiAdapter;
-    GasService gasService;
     MessageProcessor messageProcessor;
     MessageDispatcher messageDispatcher;
     PoolEscrowFactory poolEscrowFactory;
     Spoke spoke;
-    BalanceSheet balanceSheet;
-    TokenFactory tokenFactory;
-    ContractUpdater contractUpdater;
-    VaultRegistry vaultRegistry;
+    SnapshotQueue snapshotQueue;
+    ShareTokenRegistrar shareTokenRegistrar;
+    SpokeHandler spokeHandler;
+    SpokeRegistry spokeRegistry;
+    Envoy envoy;
     HubRegistry hubRegistry;
     Accounting accounting;
     Holdings holdings;
@@ -77,9 +81,9 @@ struct CoreReport {
     HubHandler hubHandler;
     Hub hub;
     Root root;
-    TokenRecoverer tokenRecoverer;
     ProtocolGuardian protocolGuardian;
     OpsGuardian opsGuardian;
+    GasService gasService;
 }
 
 struct NonCoreReport {
@@ -97,30 +101,37 @@ struct NonCoreReport {
     RedemptionRestrictions redemptionRestrictionsHook;
     QueueManager queueManager;
     OnOffRampFactory onOffRampFactory;
+    ShareManager shareManager;
     BatchRequestManager batchRequestManager;
     IdentityValuation identityValuation;
     OracleValuation oracleValuation;
     NAVManager navManager;
     SimplePriceManager simplePriceManager;
+    TokenBridge tokenBridge;
+    BridgeCircuitBreaker bridgeCircuitBreaker;
 }
 
 struct AdaptersReport {
     CoreReport core;
     LayerZeroAdapter layerZeroAdapter;
-    WormholeAdapter wormholeAdapter;
     AxelarAdapter axelarAdapter;
     ChainlinkAdapter chainlinkAdapter;
+    HyperlaneAdapter hyperlaneAdapter;
 }
 
 struct AdapterConnections {
     uint16 centrifugeId;
     uint32 layerZeroId;
-    uint16 wormholeId;
     string axelarId;
     uint64 chainlinkId;
+    uint32 hyperlaneId;
     uint8 threshold;
 }
 
+/// @notice Thrown when a batcher is told to wire Root but is not a ward of it, or the other way round: the
+///         deployment and the Root on the chain disagree about whether that Root was deployed by this run.
+error RootAccessMismatch();
+
 abstract contract Constants {
     uint8 public constant ISO4217_DECIMALS = 18;
     AssetId public immutable USD_ID = newAssetId(840);
@@ -133,10 +144,17 @@ contract CoreActionBatcher is Constants {
         ISafe protocolSafe,
         ISafe opsSafe,
         address adapterBatcher_,
-        address nonCoreBatcher_
+        address nonCoreBatcher_,
+        bool wireRoot
     ) {
         address root = address(report.root);
 
+        // False where the chain already carried its Root, which leaves everything reaching into it to
+        // `RootFixes`. Passed in rather than inferred, and checked against the ward that has to follow from
+        // it, so the two can never drift: wiring Root without the ward reverts, and skipping it while holding
+        // the ward would leave this contract a ward of Root for good
+        require(wireRoot == (report.root.wards(address(this)) == 1), RootAccessMismatch());
+
         // Rely root
         report.gateway.rely(root);
         report.multiAdapter.rely(root);
@@ -145,11 +163,12 @@ contract CoreActionBatcher is Constants {
         report.messageProcessor.rely(root);
 
         report.poolEscrowFactory.rely(root);
-        report.tokenFactory.rely(root);
+        report.shareTokenRegistrar.rely(root);
         report.spoke.rely(root);
-        report.balanceSheet.rely(root);
-        report.contractUpdater.rely(root);
-        report.vaultRegistry.rely(root);
+        report.snapshotQueue.rely(root);
+        report.spokeRegistry.rely(root);
+        report.spokeHandler.rely(root);
+        report.envoy.rely(root);
 
         report.hubRegistry.rely(root);
         report.accounting.rely(root);
@@ -158,8 +177,6 @@ contract CoreActionBatcher is Constants {
         report.hub.rely(root);
         report.hubHandler.rely(root);
 
-        report.tokenRecoverer.rely(root);
-
         // Rely gateway
         report.multiAdapter.rely(address(report.gateway));
         report.messageProcessor.rely(address(report.gateway));
@@ -169,36 +186,35 @@ contract CoreActionBatcher is Constants {
 
         // Rely messageDispatcher
         report.gateway.rely(address(report.messageDispatcher));
-        report.spoke.rely(address(report.messageDispatcher));
-        report.balanceSheet.rely(address(report.messageDispatcher));
-        report.contractUpdater.rely(address(report.messageDispatcher));
-        report.vaultRegistry.rely(address(report.messageDispatcher));
+        report.multiAdapter.rely(address(report.messageDispatcher));
+        report.envoy.rely(address(report.messageDispatcher));
         report.hubHandler.rely(address(report.messageDispatcher));
-        report.root.rely(address(report.messageDispatcher));
-        report.tokenRecoverer.rely(address(report.messageDispatcher));
+        if (wireRoot) report.root.rely(address(report.messageDispatcher));
 
         // Rely messageProcessor
         report.gateway.rely(address(report.messageProcessor));
         report.multiAdapter.rely(address(report.messageProcessor));
-        report.spoke.rely(address(report.messageProcessor));
-        report.balanceSheet.rely(address(report.messageProcessor));
-        report.contractUpdater.rely(address(report.messageProcessor));
-        report.vaultRegistry.rely(address(report.messageProcessor));
         report.hubHandler.rely(address(report.messageProcessor));
-        report.root.rely(address(report.messageProcessor));
-        report.tokenRecoverer.rely(address(report.messageProcessor));
+        report.envoy.rely(address(report.messageProcessor));
+        if (wireRoot) report.root.rely(address(report.messageProcessor));
 
         // Rely spoke
-        report.gateway.rely(address(report.spoke));
         report.messageDispatcher.rely(address(report.spoke));
-        report.tokenFactory.rely(address(report.spoke));
-        report.poolEscrowFactory.rely(address(report.spoke));
+        report.snapshotQueue.rely(address(report.spoke));
+
+        // Rely spokeHandler
+        report.spokeHandler.rely(address(report.messageProcessor));
+        report.spokeHandler.rely(address(report.messageDispatcher));
+        report.poolEscrowFactory.rely(address(report.spokeHandler));
 
-        // Rely balanceSheet
-        report.messageDispatcher.rely(address(report.balanceSheet));
+        // Rely shareTokenRegistrar: core contracts operate share tokens exclusively through the registrar
+        report.shareTokenRegistrar.rely(address(report.spokeHandler));
+        report.shareTokenRegistrar.rely(address(report.spoke));
+        report.shareTokenRegistrar.rely(address(report.spokeRegistry));
 
-        // Rely vaultRegistry
-        report.spoke.rely(address(report.vaultRegistry));
+        // Rely spokeRegistry
+        report.spokeRegistry.rely(address(report.spokeHandler));
+        report.spokeRegistry.rely(address(report.spoke));
 
         // Rely hub
         report.multiAdapter.rely(address(report.hub));
@@ -219,16 +235,13 @@ contract CoreActionBatcher is Constants {
         report.gateway.rely(address(report.protocolGuardian));
         report.multiAdapter.rely(address(report.protocolGuardian));
         report.messageDispatcher.rely(address(report.protocolGuardian));
-        report.root.rely(address(report.protocolGuardian));
-        report.tokenRecoverer.rely(address(report.protocolGuardian));
+        if (wireRoot) report.root.rely(address(report.protocolGuardian));
 
         // Rely opsGuardian
         report.multiAdapter.rely(address(report.opsGuardian));
+        report.gateway.rely(address(report.opsGuardian));
         report.hub.rely(address(report.opsGuardian));
 
-        // Rely tokenRecoverer
-        report.root.rely(address(report.tokenRecoverer));
-
         // File methods
         report.gateway.file("adapter", address(report.multiAdapter));
         report.gateway.file("messageProperties", address(report.gasService));
@@ -236,34 +249,24 @@ contract CoreActionBatcher is Constants {
 
         report.multiAdapter.file("messageProperties", address(report.gasService));
 
-        report.messageDispatcher.file("spoke", address(report.spoke));
-        report.messageDispatcher.file("balanceSheet", address(report.balanceSheet));
-        report.messageDispatcher.file("contractUpdater", address(report.contractUpdater));
-        report.messageDispatcher.file("vaultRegistry", address(report.vaultRegistry));
+        report.messageDispatcher.file("spokeHandler", address(report.spokeHandler));
+        report.messageDispatcher.file("multiAdapter", address(report.multiAdapter));
+        report.messageDispatcher.file("envoy", address(report.envoy));
         report.messageDispatcher.file("hubHandler", address(report.hubHandler));
-        report.messageDispatcher.file("tokenRecoverer", address(report.tokenRecoverer));
 
         report.messageProcessor.file("multiAdapter", address(report.multiAdapter));
         report.messageProcessor.file("gateway", address(report.gateway));
-        report.messageProcessor.file("spoke", address(report.spoke));
-        report.messageProcessor.file("balanceSheet", address(report.balanceSheet));
-        report.messageProcessor.file("contractUpdater", address(report.contractUpdater));
-        report.messageProcessor.file("vaultRegistry", address(report.vaultRegistry));
+        report.messageProcessor.file("spokeHandler", address(report.spokeHandler));
+        report.messageProcessor.file("envoy", address(report.envoy));
         report.messageProcessor.file("hubHandler", address(report.hubHandler));
-        report.messageProcessor.file("tokenRecoverer", address(report.tokenRecoverer));
 
-        report.poolEscrowFactory.file("balanceSheet", address(report.balanceSheet));
+        report.poolEscrowFactory.file("spoke", address(report.spoke));
 
-        report.spoke.file("gateway", address(report.gateway));
-        report.spoke.file("poolEscrowFactory", address(report.poolEscrowFactory));
-        report.spoke.file("sender", address(report.messageDispatcher));
-
-        report.balanceSheet.file("spoke", address(report.spoke));
-        report.balanceSheet.file("gateway", address(report.gateway));
-        report.balanceSheet.file("poolEscrowProvider", address(report.poolEscrowFactory));
-        report.balanceSheet.file("sender", address(report.messageDispatcher));
+        // Hook/vault/ward updates arrive via Hub.managerCall -> Envoy -> registrar.fromHub, resolving the token
+        report.shareTokenRegistrar.file("envoy", address(report.envoy));
+        report.shareTokenRegistrar.file("spokeRegistry", address(report.spokeRegistry));
 
-        report.vaultRegistry.file("spoke", address(report.spoke));
+        report.spoke.file("sender", address(report.messageDispatcher));
 
         report.hub.file("sender", address(report.messageDispatcher));
 
@@ -272,13 +275,8 @@ contract CoreActionBatcher is Constants {
         report.opsGuardian.file("opsSafe", address(opsSafe));
         report.protocolGuardian.file("safe", address(protocolSafe));
 
-        address[] memory tokenWards = new address[](2);
-        tokenWards[0] = address(report.spoke);
-        tokenWards[1] = address(report.balanceSheet);
-        report.tokenFactory.file("wards", tokenWards);
-
         // Endorse methods
-        report.root.endorse(address(report.balanceSheet));
+        if (wireRoot) report.root.endorse(address(report.spoke));
 
         // Initial configuration
         report.hubRegistry.registerAsset(USD_ID, ISO4217_DECIMALS);
@@ -286,7 +284,7 @@ contract CoreActionBatcher is Constants {
 
         // Other batchers
         report.multiAdapter.rely(adapterBatcher_);
-        report.root.rely(nonCoreBatcher_);
+        if (wireRoot) report.root.rely(nonCoreBatcher_);
 
         // Revoke batcher permissions
         report.gateway.deny(address(this));
@@ -296,11 +294,12 @@ contract CoreActionBatcher is Constants {
         report.messageDispatcher.deny(address(this));
 
         report.spoke.deny(address(this));
-        report.balanceSheet.deny(address(this));
-        report.tokenFactory.deny(address(this));
-        report.contractUpdater.deny(address(this));
-        report.vaultRegistry.deny(address(this));
+        report.snapshotQueue.deny(address(this));
+        report.shareTokenRegistrar.deny(address(this));
         report.poolEscrowFactory.deny(address(this));
+        report.spokeRegistry.deny(address(this));
+        report.spokeHandler.deny(address(this));
+        report.envoy.deny(address(this));
 
         report.hubRegistry.deny(address(this));
         report.accounting.deny(address(this));
@@ -309,16 +308,21 @@ contract CoreActionBatcher is Constants {
         report.hub.deny(address(this));
         report.hubHandler.deny(address(this));
 
-        report.root.deny(address(this));
-        report.tokenRecoverer.deny(address(this));
+        if (wireRoot) report.root.deny(address(this));
     }
 }
 
 contract NonCoreActionBatcher {
-    constructor(NonCoreReport memory report) {
+    constructor(NonCoreReport memory report, bool wireRoot) {
         address root = address(report.core.root);
 
+        // As in `CoreActionBatcher`. The ward this checks is the one that batcher granted, under the same flag
+        require(wireRoot == (report.core.root.wards(address(this)) == 1), RootAccessMismatch());
+
         // Rely Root
+        report.tokenBridge.rely(root);
+        report.tokenBridge.rely(address(report.core.protocolGuardian));
+        report.tokenBridge.rely(address(report.core.opsGuardian));
         report.subsidyManager.rely(root);
         report.refundEscrowFactory.rely(root);
         report.asyncVaultFactory.rely(root);
@@ -334,24 +338,18 @@ contract NonCoreActionBatcher {
 
         report.batchRequestManager.rely(root);
 
-        // Rely spoke
-        report.asyncRequestManager.rely(address(report.core.spoke));
-        report.freezeOnlyHook.rely(address(report.core.spoke));
-        report.fullRestrictionsHook.rely(address(report.core.spoke));
-        report.freelyTransferableHook.rely(address(report.core.spoke));
-        report.redemptionRestrictionsHook.rely(address(report.core.spoke));
-
-        // Rely vaultRegistry
-        report.asyncVaultFactory.rely(address(report.core.vaultRegistry));
-        report.syncDepositVaultFactory.rely(address(report.core.vaultRegistry));
-
-        // Rely contractUpdater
-        report.syncManager.rely(address(report.core.contractUpdater));
-        report.asyncRequestManager.rely(address(report.core.contractUpdater));
-        report.freezeOnlyHook.rely(address(report.core.contractUpdater));
-        report.fullRestrictionsHook.rely(address(report.core.contractUpdater));
-        report.freelyTransferableHook.rely(address(report.core.contractUpdater));
-        report.redemptionRestrictionsHook.rely(address(report.core.contractUpdater));
+        // Rely bridgeCircuitBreaker
+        report.bridgeCircuitBreaker.rely(root);
+        report.bridgeCircuitBreaker.rely(address(report.core.hubHandler));
+
+        // Rely spokeHandler
+        report.asyncRequestManager.rely(address(report.core.spokeHandler));
+        report.freezeOnlyHook.rely(address(report.core.shareTokenRegistrar));
+        report.fullRestrictionsHook.rely(address(report.core.shareTokenRegistrar));
+        report.freelyTransferableHook.rely(address(report.core.shareTokenRegistrar));
+        report.redemptionRestrictionsHook.rely(address(report.core.shareTokenRegistrar));
+        report.asyncVaultFactory.rely(address(report.core.spokeHandler));
+        report.syncDepositVaultFactory.rely(address(report.core.spokeHandler));
 
         // Rely hub
         report.batchRequestManager.rely(address(report.core.hub));
@@ -374,22 +372,34 @@ contract NonCoreActionBatcher {
 
         // File methods
         report.refundEscrowFactory.file(bytes32("controller"), address(report.subsidyManager));
+        report.refundEscrowFactory.file(bytes32("root"), root);
 
         report.asyncRequestManager.file("spoke", address(report.core.spoke));
-        report.asyncRequestManager.file("balanceSheet", address(report.core.balanceSheet));
-        report.asyncRequestManager.file("vaultRegistry", address(report.core.vaultRegistry));
+        report.asyncRequestManager.file("spokeRegistry", address(report.core.spokeRegistry));
 
         report.syncManager.file("spoke", address(report.core.spoke));
-        report.syncManager.file("balanceSheet", address(report.core.balanceSheet));
-        report.syncManager.file("vaultRegistry", address(report.core.vaultRegistry));
+        report.syncManager.file("spokeRegistry", address(report.core.spokeRegistry));
+        report.syncManager.file("envoy", address(report.core.envoy));
+
+        report.subsidyManager.file("envoy", address(report.core.envoy));
 
         report.batchRequestManager.file("hub", address(report.core.hub));
 
         // Endorse methods
-        report.core.root.endorse(address(report.asyncRequestManager));
-        report.core.root.endorse(address(report.vaultRouter));
+        if (wireRoot) {
+            report.core.root.endorse(address(report.asyncRequestManager));
+            report.core.root.endorse(address(report.vaultRouter));
+            report.core.root.endorse(address(report.tokenBridge));
+            // The ShareManager needs it to pull shares on the revoke path, and it is safe to grant: its only
+            // entrypoint is the envoy-gated `fromHub`, so every call matured through the hub policy, and it
+            // holds nothing between calls. What it cannot do is give the endorsement back for a stray token:
+            // `fromHub` carries only a `poolId`, so the contract has no way to tell which pool an arbitrary
+            // token belongs to, and anything sent here needs administrative recovery instead
+            report.core.root.endorse(address(report.shareManager));
+        }
 
         // Revoke batcher permissions
+        report.tokenBridge.deny(address(this));
         report.refundEscrowFactory.deny(address(this));
         report.asyncVaultFactory.deny(address(this));
         report.asyncRequestManager.deny(address(this));
@@ -405,7 +415,9 @@ contract NonCoreActionBatcher {
 
         report.batchRequestManager.deny(address(this));
 
-        report.core.root.deny(address(this));
+        report.bridgeCircuitBreaker.deny(address(this));
+
+        if (wireRoot) report.core.root.deny(address(this));
     }
 }
 
@@ -416,7 +428,8 @@ contract AdapterActionBatcher {
         AdapterConnections[] memory connectionList,
         SetConfigParam[] memory layerZeroConfigParams,
         address layerZeroDelegate,
-        string memory remoteAxelarAdapter
+        string memory remoteAxelarAdapter,
+        address hyperlaneIsm
     ) {
         _relyAdapters(report, address(report.core.root));
         _relyAdapters(report, address(report.core.protocolGuardian));
@@ -427,6 +440,11 @@ contract AdapterActionBatcher {
             report.layerZeroAdapter.rely(address(protocolSafe));
         }
 
+        // Rely protocolSafe on Hyperlane (needed for post-deploy setIsm calls)
+        if (address(report.hyperlaneAdapter) != address(0)) {
+            report.hyperlaneAdapter.rely(address(protocolSafe));
+        }
+
         // Connect adapters
         for (uint256 i; i < connectionList.length; i++) {
             AdapterConnections memory connections = connectionList[i];
@@ -444,12 +462,6 @@ contract AdapterActionBatcher {
                 }
             }
 
-            if (address(report.wormholeAdapter) != address(0) && connections.wormholeId != 0) {
-                report.wormholeAdapter
-                    .wire(connections.centrifugeId, abi.encode(connections.wormholeId, report.wormholeAdapter));
-                adapters[n++] = report.wormholeAdapter;
-            }
-
             if (address(report.axelarAdapter) != address(0) && bytes(connections.axelarId).length != 0) {
                 report.axelarAdapter
                     .wire(connections.centrifugeId, abi.encode(connections.axelarId, remoteAxelarAdapter));
@@ -463,6 +475,12 @@ contract AdapterActionBatcher {
                 adapters[n++] = report.chainlinkAdapter;
             }
 
+            if (address(report.hyperlaneAdapter) != address(0) && connections.hyperlaneId != 0) {
+                report.hyperlaneAdapter
+                    .wire(connections.centrifugeId, abi.encode(connections.hyperlaneId, report.hyperlaneAdapter));
+                adapters[n++] = report.hyperlaneAdapter;
+            }
+
             if (n > 0) {
                 assembly {
                     mstore(adapters, n)
@@ -473,7 +491,7 @@ contract AdapterActionBatcher {
                         PoolId.wrap(0),
                         adapters,
                         connections.threshold > 0 ? connections.threshold : uint8(adapters.length),
-                        uint8(adapters.length)
+                        1 // fresh-deploy bootstrap of the global pool: the next session id is always 1
                     );
             }
         }
@@ -483,20 +501,25 @@ contract AdapterActionBatcher {
             report.layerZeroAdapter.setDelegate(layerZeroDelegate);
         }
 
+        // Set the ISM so inbound verification does not fall back to the Mailbox default ISM
+        if (address(report.hyperlaneAdapter) != address(0) && hyperlaneIsm != address(0)) {
+            report.hyperlaneAdapter.setIsm(IInterchainSecurityModule(hyperlaneIsm));
+        }
+
         // Revoke batcher permissions
-        if (address(report.wormholeAdapter) != address(0)) report.wormholeAdapter.deny(address(this));
         if (address(report.axelarAdapter) != address(0)) report.axelarAdapter.deny(address(this));
         if (address(report.layerZeroAdapter) != address(0)) report.layerZeroAdapter.deny(address(this));
         if (address(report.chainlinkAdapter) != address(0)) report.chainlinkAdapter.deny(address(this));
+        if (address(report.hyperlaneAdapter) != address(0)) report.hyperlaneAdapter.deny(address(this));
 
         report.core.multiAdapter.deny(address(this));
     }
 
     function _relyAdapters(AdaptersReport memory report, address ward) internal {
         if (address(report.layerZeroAdapter) != address(0)) report.layerZeroAdapter.rely(ward);
-        if (address(report.wormholeAdapter) != address(0)) report.wormholeAdapter.rely(ward);
         if (address(report.axelarAdapter) != address(0)) report.axelarAdapter.rely(ward);
         if (address(report.chainlinkAdapter) != address(0)) report.chainlinkAdapter.rely(ward);
+        if (address(report.hyperlaneAdapter) != address(0)) report.hyperlaneAdapter.rely(ward);
     }
 
     function _setLayerZeroUlnConfig(LayerZeroAdapter adapter, uint32 eid, SetConfigParam memory param) internal {
diff --git a/src/deployment/RootFixes.sol b/src/deployment/RootFixes.sol
new file mode 100644
index 000000000..76bcda032
--- /dev/null
+++ b/src/deployment/RootFixes.sol
@@ -0,0 +1,60 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {NonCoreReport} from "./ActionBatchers.sol";
+
+import {Root} from "../admin/Root.sol";
+
+/// @title  RootFixes
+/// @notice The part of the deployment wiring that only Root can perform, for a chain whose Root the
+///         deployment did not deploy.
+/// @dev    The action batchers wire the protocol from their constructors, which works because a Root deployed
+///         alongside them wards them from its own. One that was already on the chain wards nobody new, so
+///         everything reaching into it has to be deferred: this is deployed with the protocol and does that
+///         work once governance has relied it, over the ordinary spell route. `cast()` is permissionless
+///         because the authority is the ward, not the caller.
+contract RootFixes {
+    Root public immutable root;
+    address public immutable spoke;
+    address public immutable vaultRouter;
+    address public immutable tokenBridge;
+    address public immutable shareManager;
+    address public immutable messageProcessor;
+    address public immutable protocolGuardian;
+    address public immutable messageDispatcher;
+    address public immutable asyncRequestManager;
+
+    bool public done;
+
+    error AlreadyCast();
+
+    constructor(NonCoreReport memory report) {
+        root = report.core.root;
+        spoke = address(report.core.spoke);
+        vaultRouter = address(report.vaultRouter);
+        tokenBridge = address(report.tokenBridge);
+        shareManager = address(report.shareManager);
+        messageProcessor = address(report.core.messageProcessor);
+        protocolGuardian = address(report.core.protocolGuardian);
+        messageDispatcher = address(report.core.messageDispatcher);
+        asyncRequestManager = address(report.asyncRequestManager);
+    }
+
+    /// @notice Grants and endorses what the action batchers skipped, then hands the ward back.
+    function cast() external {
+        require(!done, AlreadyCast());
+        done = true;
+
+        root.rely(messageDispatcher);
+        root.rely(messageProcessor);
+        root.rely(protocolGuardian);
+
+        root.endorse(spoke);
+        root.endorse(asyncRequestManager);
+        root.endorse(vaultRouter);
+        root.endorse(tokenBridge);
+        root.endorse(shareManager);
+
+        root.deny(address(this));
+    }
+}
diff --git a/src/hooks/README.md b/src/hooks/README.md
index 14f6d73ce..608663796 100644
--- a/src/hooks/README.md
+++ b/src/hooks/README.md
@@ -1,33 +1,21 @@
-# Transfer Hooks
+# Hooks
 
-Transfer hooks provide customizable transfer restriction logic for share tokens in the Centrifuge Protocol. They enable pools to enforce compliance requirements, manage memberlists, freeze accounts, and control which operations require whitelisting. All hooks implement the `ITransferHook` interface and integrate with `ShareToken` for transfer validation.
+Hooks are optional per-pool contracts that core calls out to at defined points, letting a pool add behaviour without changing core. Core holds only an interface reference and a zero address means the hook is simply skipped, so every hook here is opt-in. Two seams are covered in this module: `ISnapshotHook`, which `Holdings` fires when a network's holdings and issuance become consistent, and `IBridgingHook`, which `HubHandler` consults before a cross-chain share transfer proceeds. Transfer restrictions on the share token itself are a separate seam, documented in [`src/token/hooks`](../token/hooks).
 
-![Hooks architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/hooks.puml)
+Being hooks rather than core, these contracts are configured from the hub over the `Envoy`: each exposes `fromHub`, which accepts calls only from the `Envoy`, rejects value, and dispatches on a leading discriminant.
 
-### `BaseTransferHook`
+### `NAVManager`
 
-`BaseTransferHook` is an abstract base contract that provides memberlist management, account freezing capabilities, and cross-chain message handling for transfer restrictions. It encodes member validity and freeze status in the `hookData` structure (bytes16) stored per user in the share token, with the first 8 bytes (uint64) representing the memberlist valid-until timestamp and the least significant bit indicating freeze status.
+`NAVManager` turns the pool's double-entry ledger into a net asset value. It sets up a pool's accounting taxonomy, giving each network its own equity, liability, gain, and loss accounts and each asset its own asset and expense accounts, with account IDs derived deterministically from the role and the asset or network. Because those IDs are derived from enum ordinals, the taxonomy is append-only: reordering would silently repoint the accounts of existing pools.
 
-### `FreezeOnly`
+Initialization and holding configuration arrive through `fromHub` (setting the NAV hook, initializing a network, creating a holding or a liability, updating a holding's valuation), while `fromSpoke` lets a spoke-side manager reach the same operations from the chain where the assets live. On `onSync`, the hook `Holdings` fires when a network's snapshot closes, it closes out the accumulated gain and loss accounts, computes `netAssetValue` for that network from the account balances, and forwards it to the pool's `INAVHook`. `onTransfer` keeps the figures straight when shares move between networks.
 
-`FreezeOnly` is the simplest hook implementation that only enforces account freezing. It allows any non-frozen account to receive and transfer tokens without memberlist requirements. Frozen accounts are blocked from both sending and receiving tokens, providing a basic compliance tool for temporarily restricting account activity.
+### `SimplePriceManager`
 
-This hook is suitable for pools that want minimal restrictions with the ability to freeze accounts. It uses only the freeze bit of the `hookData` structure, leaving memberlist functionality unused.
+`SimplePriceManager` is an `INAVHook` for single share class pools: it takes the NAV that `NAVManager` reports per network and turns it into a share price. It tracks issuance per network alongside the shares transferred in and out, so that when `ShareClassManager`'s issuance moves because of a cross-chain transfer rather than a subscription, the transferred amounts are netted out instead of being double-counted in the global issuance. Dividing the pool's total net asset value by that global issuance gives the price per share, which it pushes back to the `Hub` through `updateSharePrice`. With nothing issued yet the price falls back to 1:1. It only accepts updates from its configured `navUpdater` and rejects any share class other than the first.
 
-### `RedemptionRestrictions`
+### `BridgeCircuitBreaker`
 
-`RedemptionRestrictions` requires accounts to be added as members before submitting redemption requests, while allowing unrestricted deposits and transfers. It enforces freeze checks for all operations and validates memberlist membership only when tokens move from a user to the redeem source (indicating a redemption request).
+`BridgeCircuitBreaker` is an `IBridgingHook` that combines a pause switch and a fixed-window rate limit, both evaluated on every cross-chain share transfer. A pause is per pool and share class; a rate limit is additionally per origin network, and the running total is tallied through the shared `ICircuitBreakerGuard`. Because the hook returns the transfer's receiver, amount, gas limit, and refund address, it sits in a position to rewrite them, but this implementation passes them through unchanged and only ever blocks.
 
-This hook enables pools to maintain KYC/AML compliance for investors exiting positions while keeping deposits and secondary trading frictionless. It's useful for pools that want to verify investor identity before allowing withdrawals but don't want to restrict entry or token transfers.
-
-### `FullRestrictions`
-
-`FullRestrictions` requires adding accounts to the memberlist before they can receive tokens in most scenarios. It enforces the strictest compliance model, checking memberlist validity for deposit requests, deposit claims, cross-chain transfer executions, and general transfers. Only fulfillment operations (where vaults issue/burn tokens) and redemption claims bypass memberlist checks.
-
-The hook provides comprehensive transfer control, ensuring that tokens only flow to whitelisted addresses except in system-level operations. It distinguishes between deposit requests (user → vault), deposit fulfillment (vault → user from escrow), deposit claims (escrow → user), redemption requests (user → vault), redemption fulfillment (vault burning), redemption claims (user receiving assets), and cross-chain operations, applying memberlist checks where appropriate.
-
-### `FreelyTransferable`
-
-`FreelyTransferable` allows unrestricted transfers without memberlist or freeze requirements. It always returns `true` for transfer checks, providing an opt-out from restrictions while maintaining the hook infrastructure for potential future upgrades.
-
-This hook is suitable for fully permissionless pools or testing environments where compliance restrictions aren't needed. It still inherits the base infrastructure for memberlist and freeze management but doesn't enforce any restrictions by default.
+A single transfer larger than `rateMax` can never pass the limit on its own, so it needs an explicit escape hatch. A hub manager pre-authorizes the exact transfer (pool, share class, origin, target, sender, receiver, and amount) through `AuthorizeTransfer`, which increments a counter under that key; a matching transfer then consumes one authorization and bypasses rate limiting entirely. Authorizations can be cleared again with `CancelTransferAuthorizations`.
diff --git a/src/hooks/accounting/NAVManager.sol b/src/hooks/accounting/NAVManager.sol
new file mode 100644
index 000000000..a954aa69a
--- /dev/null
+++ b/src/hooks/accounting/NAVManager.sol
@@ -0,0 +1,339 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {INAVManager, INAVHook, NAVAccount} from "./interfaces/INAVManager.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {AssetId} from "../../core/types/AssetId.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
+import {IHoldings} from "../../core/hub/interfaces/IHoldings.sol";
+import {IValuation} from "../../core/hub/interfaces/IValuation.sol";
+import {IHub, AccountKind} from "../../core/hub/interfaces/IHub.sol";
+import {ISnapshotHook} from "../../core/hub/interfaces/ISnapshotHook.sol";
+import {IAccounting, JournalEntry} from "../../core/hub/interfaces/IAccounting.sol";
+import {AccountId, withCentrifugeId, withAssetId} from "../../core/types/AccountId.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "../../core/utils/interfaces/IManagerCall.sol";
+
+/// @dev Assumes all assets in a pool are shared across all share classes, not segregated.
+contract NAVManager is INAVManager {
+    IHub public immutable hub;
+    address public immutable envoy;
+    IHoldings public immutable holdings;
+    IAccounting public immutable accounting;
+
+    mapping(PoolId => INAVHook) public navHook;
+    mapping(PoolId => IValuation) public defaultValuation;
+    mapping(PoolId => mapping(uint16 centrifugeId => bool)) public initialized;
+    mapping(PoolId => mapping(uint16 centrifugeId => mapping(bytes32 => bool))) public manager;
+
+    constructor(IHub hub_, address envoy_) {
+        hub = hub_;
+        holdings = hub.holdings();
+        accounting = hub.accounting();
+        envoy = envoy_;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Manager call
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        ManagerCall kind = ManagerCall(abi.decode(payload, (uint8)));
+        if (kind == ManagerCall.SetNavHook) {
+            (, address navHook_) = abi.decode(payload, (uint8, address));
+            navHook[poolId] = INAVHook(navHook_);
+            emit SetNavHook(poolId, navHook_);
+        } else if (kind == ManagerCall.InitializeNetwork) {
+            (, uint16 centrifugeId) = abi.decode(payload, (uint8, uint16));
+            _initializeNetwork(poolId, centrifugeId);
+        } else if (kind == ManagerCall.InitializeHolding) {
+            (, ShareClassId scId, AssetId assetId) = abi.decode(payload, (uint8, ShareClassId, AssetId));
+            _initializeHolding(poolId, scId, assetId);
+        } else if (kind == ManagerCall.InitializeLiability) {
+            (, ShareClassId scId, AssetId assetId) = abi.decode(payload, (uint8, ShareClassId, AssetId));
+            _initializeLiability(poolId, scId, assetId);
+        } else if (kind == ManagerCall.UpdateHoldingValuation) {
+            (, ShareClassId scId, AssetId assetId, address valuation) =
+                abi.decode(payload, (uint8, ShareClassId, AssetId, address));
+            _updateHoldingValuation(poolId, scId, assetId, IValuation(valuation));
+        } else if (kind == ManagerCall.UpdateManager) {
+            (, uint16 centrifugeId, bytes32 who, bool canManage) = abi.decode(payload, (uint8, uint16, bytes32, bool));
+            manager[poolId][centrifugeId][who] = canManage;
+            emit UpdateManager(poolId, centrifugeId, who, canManage);
+        } else if (kind == ManagerCall.SetDefaultValuation) {
+            (, address valuation) = abi.decode(payload, (uint8, address));
+            defaultValuation[poolId] = IValuation(valuation);
+            emit SetDefaultValuation(poolId, IValuation(valuation));
+        } else if (kind == ManagerCall.SetAccountMetadata) {
+            (, AccountId account, bytes memory metadata) = abi.decode(payload, (uint8, AccountId, bytes));
+            hub.setAccountMetadata(poolId, account, metadata);
+            emit SetAccountMetadata(poolId, account, metadata);
+        } else {
+            (, uint16 centrifugeId) = abi.decode(payload, (uint8, uint16));
+            _closeGainLoss(poolId, centrifugeId);
+        }
+    }
+
+    /// @inheritdoc IManagerCallFromSpoke
+    /// @dev Spoke-side holding/liability init, reached via the permissionless `spoke.managerCall`, so the
+    ///      origin `sender` is checked against the per-pool `manager` allowlist (set hub-side via `fromHub`).
+    ///      The target asset must reside on the origin network, so a spoke manager only reaches its own
+    ///      network's accounts; cross-network init goes through `fromHub`.
+    ///      The downstream `hub.initializeHolding` is still policy-supervised. Other actions stay hub-only.
+    function fromSpoke(PoolId poolId, bytes calldata payload, uint16 centrifugeId, bytes32 sender) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+        require(manager[poolId][centrifugeId][sender], NotManager());
+
+        ManagerCall kind = ManagerCall(abi.decode(payload, (uint8)));
+        if (kind == ManagerCall.InitializeHolding) {
+            (, ShareClassId scId, AssetId assetId) = abi.decode(payload, (uint8, ShareClassId, AssetId));
+            require(assetId.centrifugeId() == centrifugeId, NetworkMismatch());
+            _initializeHolding(poolId, scId, assetId);
+        } else if (kind == ManagerCall.InitializeLiability) {
+            (, ShareClassId scId, AssetId assetId) = abi.decode(payload, (uint8, ShareClassId, AssetId));
+            require(assetId.centrifugeId() == centrifugeId, NetworkMismatch());
+            _initializeLiability(poolId, scId, assetId);
+        } else {
+            revert UnsupportedSpokeCall();
+        }
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Account creation
+    //----------------------------------------------------------------------------------------------
+
+    function _initializeNetwork(PoolId poolId, uint16 centrifugeId) internal {
+        require(!initialized[poolId][centrifugeId], AlreadyInitialized());
+
+        hub.createAccount(poolId, equityAccount(centrifugeId), false);
+        hub.createAccount(poolId, liabilityAccount(centrifugeId), false);
+        hub.createAccount(poolId, gainAccount(centrifugeId), false);
+        hub.createAccount(poolId, lossAccount(centrifugeId), true);
+
+        initialized[poolId][centrifugeId] = true;
+
+        emit InitializeNetwork(poolId, centrifugeId);
+    }
+
+    function _initializeHolding(PoolId poolId, ShareClassId scId, AssetId assetId) internal {
+        uint16 centrifugeId = assetId.centrifugeId();
+        _createHolding(
+            poolId,
+            scId,
+            assetId,
+            _accounts(
+                assetAccount(assetId), equityAccount(centrifugeId), gainAccount(centrifugeId), lossAccount(centrifugeId)
+            )
+        );
+        emit InitializeHolding(poolId, scId, assetId);
+    }
+
+    function _initializeLiability(PoolId poolId, ShareClassId scId, AssetId assetId) internal {
+        // A liability has no gain/loss, so it reuses its single account for the credit and both value slots.
+        AccountId liability = liabilityAccount(assetId.centrifugeId());
+        _createHolding(poolId, scId, assetId, _accounts(expenseAccount(assetId), liability, liability, liability));
+        emit InitializeLiability(poolId, scId, assetId);
+    }
+
+    /// @dev Creates only `accounts[0]`, the per-asset debit account; the other slots are per-network
+    ///      accounts already created in `_initializeNetwork` and reused across holdings.
+    ///      Keyed by asset alone, so a second share class over the same asset reuses the account instead of
+    ///      reverting `AccountExists`, and both holdings debit the one account that keeps pool-wide NAV whole.
+    ///      Reuse is gated on debit-normal, so a credit-normal account is never adopted.
+    function _createHolding(PoolId poolId, ShareClassId scId, AssetId assetId, AccountId[4] memory accounts) private {
+        require(initialized[poolId][assetId.centrifugeId()], NotInitialized());
+
+        IValuation valuation = defaultValuation[poolId];
+        require(address(valuation) != address(0), ValuationNotSet());
+
+        if (!accounting.exists(poolId, accounts[0])) {
+            hub.createAccount(poolId, accounts[0], true);
+        } else {
+            (,, bool isDebitNormal,,) = accounting.accounts(poolId, accounts[0]);
+            require(isDebitNormal, NotDebitNormalAccount());
+        }
+
+        hub.initializeHolding(poolId, scId, assetId, valuation, accounts);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // ISnapshotHook updates
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISnapshotHook
+    function onSync(PoolId poolId, ShareClassId scId, uint16 centrifugeId) external {
+        require(msg.sender == address(holdings), NotAuthorized());
+
+        // While the pool-network carries any deficit its NAV misstates the holdings, so skip silently (never
+        // reverting) and resume once it clears. The rollup gates, not the share class-network count, because
+        // `netAssetValue` reads accounts every share class on the network shares. Only this network's slice is
+        // held, not the pool's price: other networks keep publishing. Gate precedes the `navHook` check.
+        uint32 networkDeficitCount = holdings.networkDeficitCount(poolId, centrifugeId);
+        if (networkDeficitCount != 0) {
+            // Both counts, so the skip is attributable: the share class-network count says whether this share
+            // class is itself misstated or is only held by a sibling's deficit.
+            emit SkipSync(
+                poolId, scId, centrifugeId, holdings.deficitCount(poolId, scId, centrifugeId), networkDeficitCount
+            );
+            return;
+        }
+
+        require(address(navHook[poolId]) != address(0), InvalidNAVHook());
+
+        uint128 netAssetValue_ = netAssetValue(poolId, centrifugeId);
+        navHook[poolId].onUpdate(poolId, scId, centrifugeId, netAssetValue_);
+
+        emit Sync(poolId, scId, centrifugeId, netAssetValue_);
+    }
+
+    /// @inheritdoc ISnapshotHook
+    function onTransfer(
+        PoolId poolId,
+        ShareClassId scId,
+        uint16 fromCentrifugeId,
+        uint16 toCentrifugeId,
+        uint128 sharesTransferred
+    ) external {
+        require(msg.sender == address(holdings), NotAuthorized());
+        require(address(navHook[poolId]) != address(0), InvalidNAVHook());
+
+        navHook[poolId].onTransfer(poolId, scId, fromCentrifugeId, toCentrifugeId, sharesTransferred);
+        emit Transfer(poolId, scId, fromCentrifugeId, toCentrifugeId, sharesTransferred);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Holding updates
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc INAVManager
+    function updateHoldingValue(PoolId poolId, ShareClassId scId, AssetId assetId) external {
+        hub.updateHoldingValue(poolId, scId, assetId);
+    }
+
+    function _updateHoldingValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation) internal {
+        hub.updateHoldingValuation(poolId, scId, assetId, valuation);
+        hub.updateHoldingValue(poolId, scId, assetId);
+    }
+
+    function _closeGainLoss(PoolId poolId, uint16 centrifugeId) internal {
+        require(initialized[poolId][centrifugeId], NotInitialized());
+
+        AccountId equityAccount_ = equityAccount(centrifugeId);
+        AccountId gainAccount_ = gainAccount(centrifugeId);
+        AccountId lossAccount_ = lossAccount(centrifugeId);
+
+        (bool gainIsPositive, uint128 gainValue) = accounting.accountValue(poolId, gainAccount_);
+        (bool lossIsPositive, uint128 lossValue) = accounting.accountValue(poolId, lossAccount_);
+
+        // Gain and loss accounts should never be negative
+        require(gainIsPositive && lossIsPositive, InvalidStateOfAccounts());
+
+        uint256 count = (gainValue > 0 ? 1 : 0) + (lossValue > 0 ? 1 : 0);
+        if (count == 0) return;
+
+        uint256 index = 0;
+        JournalEntry[] memory debits = new JournalEntry[](count);
+        JournalEntry[] memory credits = new JournalEntry[](count);
+
+        if (gainValue > 0) {
+            debits[index] = JournalEntry({value: gainValue, accountId: gainAccount_});
+            credits[index] = JournalEntry({value: gainValue, accountId: equityAccount_});
+            index++;
+        }
+
+        if (lossValue > 0) {
+            debits[index] = JournalEntry({value: lossValue, accountId: equityAccount_});
+            credits[index] = JournalEntry({value: lossValue, accountId: lossAccount_});
+        }
+
+        hub.updateJournal(poolId, debits, credits);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Calculations
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc INAVManager
+    function netAssetValue(PoolId poolId, uint16 centrifugeId) public view returns (uint128) {
+        (bool equityIsPositive, uint128 equity) = accounting.accountValue(poolId, equityAccount(centrifugeId));
+        (bool gainIsPositive, uint128 gain) = accounting.accountValue(poolId, gainAccount(centrifugeId));
+        (bool lossIsPositive, uint128 loss) = accounting.accountValue(poolId, lossAccount(centrifugeId));
+        (bool liabilityIsPositive, uint128 liability) = accounting.accountValue(poolId, liabilityAccount(centrifugeId));
+
+        uint128 totalPositive = 0;
+        uint128 totalNegative = 0;
+
+        // Compute NAV = equity + gain - loss - liability
+
+        // Equity: normally positive, if negative flip to negative side
+        if (equityIsPositive) totalPositive += equity;
+        else totalNegative += equity;
+
+        // Gain: normally positive, if negative flip to negative side
+        if (gainIsPositive) totalPositive += gain;
+        else totalNegative += gain;
+
+        // Loss: normally negative, if positive flip to positive side
+        if (lossIsPositive) totalNegative += loss;
+        else totalPositive += loss;
+
+        // Liability: normally negative, if positive flip to positive side
+        if (liabilityIsPositive) totalNegative += liability;
+        else totalPositive += liability;
+
+        if (totalNegative >= totalPositive) return 0;
+
+        return totalPositive - totalNegative;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Helpers
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc INAVManager
+    function assetAccount(AssetId assetId) public pure returns (AccountId) {
+        return withAssetId(assetId, uint16(NAVAccount.Asset));
+    }
+
+    /// @inheritdoc INAVManager
+    function expenseAccount(AssetId assetId) public pure returns (AccountId) {
+        return withAssetId(assetId, uint16(NAVAccount.Expense));
+    }
+
+    /// @inheritdoc INAVManager
+    function equityAccount(uint16 centrifugeId) public pure returns (AccountId) {
+        return withCentrifugeId(centrifugeId, uint16(NAVAccount.Equity));
+    }
+
+    /// @inheritdoc INAVManager
+    function liabilityAccount(uint16 centrifugeId) public pure returns (AccountId) {
+        return withCentrifugeId(centrifugeId, uint16(NAVAccount.Liability));
+    }
+
+    /// @inheritdoc INAVManager
+    function gainAccount(uint16 centrifugeId) public pure returns (AccountId) {
+        return withCentrifugeId(centrifugeId, uint16(NAVAccount.Gain));
+    }
+
+    /// @inheritdoc INAVManager
+    function lossAccount(uint16 centrifugeId) public pure returns (AccountId) {
+        return withCentrifugeId(centrifugeId, uint16(NAVAccount.Loss));
+    }
+
+    /// @dev Assembles the four settlement slots in AccountKind order (debit, credit, value increase, value decrease).
+    function _accounts(AccountId debit, AccountId credit, AccountId valueIncrease, AccountId valueDecrease)
+        private
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = debit;
+        accounts[1] = credit;
+        accounts[2] = valueIncrease;
+        accounts[3] = valueDecrease;
+    }
+}
diff --git a/src/managers/hub/SimplePriceManager.sol b/src/hooks/accounting/SimplePriceManager.sol
similarity index 98%
rename from src/managers/hub/SimplePriceManager.sol
rename to src/hooks/accounting/SimplePriceManager.sol
index 7b1f05bfb..75124b4fb 100644
--- a/src/managers/hub/SimplePriceManager.sol
+++ b/src/hooks/accounting/SimplePriceManager.sol
@@ -57,7 +57,7 @@ contract SimplePriceManager is ISimplePriceManager {
         networkMetrics_.transferredOut = 0;
 
         D18 pricePoolPerShare_ = pricePoolPerShare(poolId);
-        hub.updateSharePrice(poolId, scId, pricePoolPerShare_, uint64(block.timestamp));
+        hub.updateSharePrice(poolId, scId, pricePoolPerShare_);
 
         emit Update(poolId, scId, metrics_.netAssetValue, metrics_.issuance, pricePoolPerShare_);
     }
diff --git a/src/managers/hub/interfaces/INAVManager.sol b/src/hooks/accounting/interfaces/INAVManager.sol
similarity index 65%
rename from src/managers/hub/interfaces/INAVManager.sol
rename to src/hooks/accounting/interfaces/INAVManager.sol
index ff250042a..a8c1b5d85 100644
--- a/src/managers/hub/interfaces/INAVManager.sol
+++ b/src/hooks/accounting/interfaces/INAVManager.sol
@@ -9,13 +9,31 @@ import {ShareClassId} from "../../../core/types/ShareClassId.sol";
 import {IHoldings} from "../../../core/hub/interfaces/IHoldings.sol";
 import {IValuation} from "../../../core/hub/interfaces/IValuation.sol";
 import {IAccounting} from "../../../core/hub/interfaces/IAccounting.sol";
-import {IHubRegistry} from "../../../core/hub/interfaces/IHubRegistry.sol";
 import {ISnapshotHook} from "../../../core/hub/interfaces/ISnapshotHook.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "../../../core/utils/interfaces/IManagerCall.sol";
+
+/// @dev NAVManager's own accounting taxonomy, used only to derive distinct {AccountId}s per role.
+///      Distinct from the core {AccountKind} settlement slots, which these accounts are mapped to.
+///      The ordinals are load-bearing: they seed on-chain AccountId derivation, so reordering or
+///      inserting values would silently repoint existing pools' accounts. Append only.
+enum NAVAccount {
+    Asset,
+    Equity,
+    Loss,
+    Gain,
+    Expense,
+    Liability
+}
 
 /// @title  INAVHook
 /// @notice Interface for receiving net asset value (NAV) update callbacks
 interface INAVHook {
     /// @notice Callback when there is a new net asset value (NAV) on a specific network.
+    /// @dev    A network's slice of the aggregate only advances on its own sync, so a network whose sync is being
+    ///         skipped ({INAVManager} holds it while the pool-network is in deficit) keeps contributing its last
+    ///         consistent slice, and a sync from any other network still republishes the price. Its NAV and
+    ///         issuance are frozen together, so the aggregate stays coherent, but it is stale in that network's
+    ///         share of it.
     /// @param poolId The pool ID
     /// @param scId The share class ID
     /// @param centrifugeId The Centrifuge ID of the network
@@ -40,13 +58,35 @@ interface INAVHook {
 /// @title  INAVManager
 /// @notice Manager for multi-network net asset value (NAV) accounting and price calculations
 /// @dev    Tracks NAV across multiple networks using double-entry accounting accounts
-interface INAVManager is ISnapshotHook {
-    event UpdateManager(PoolId indexed poolId, address indexed manager, bool canManage);
+interface INAVManager is ISnapshotHook, IManagerCallFromHub, IManagerCallFromSpoke {
+    /// @notice Discriminator encoded as the first field of the `fromHub` payload; selects the action.
+    enum ManagerCall {
+        SetNavHook,
+        InitializeNetwork,
+        InitializeHolding,
+        InitializeLiability,
+        UpdateHoldingValuation,
+        CloseGainLoss,
+        UpdateManager,
+        SetDefaultValuation,
+        SetAccountMetadata
+    }
+
     event SetNavHook(PoolId indexed poolId, address indexed navHook);
+    event SetDefaultValuation(PoolId indexed poolId, IValuation indexed valuation);
+    event UpdateManager(PoolId indexed poolId, uint16 indexed centrifugeId, bytes32 indexed who, bool canManage);
     event InitializeNetwork(PoolId indexed poolId, uint16 indexed centrifugeId);
     event InitializeHolding(PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId);
     event InitializeLiability(PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId);
+    event SetAccountMetadata(PoolId indexed poolId, AccountId indexed account, bytes metadata);
     event Sync(PoolId indexed poolId, ShareClassId indexed scId, uint16 indexed centrifugeId, uint128 netAssetValue);
+    event SkipSync(
+        PoolId indexed poolId,
+        ShareClassId indexed scId,
+        uint16 indexed centrifugeId,
+        uint32 deficitCount,
+        uint32 networkDeficitCount
+    );
     event Transfer(
         PoolId indexed poolId,
         ShareClassId scId,
@@ -56,12 +96,17 @@ interface INAVManager is ISnapshotHook {
     );
 
     error NotAuthorized();
-    error MismatchedEpochs();
+    error NotEnvoy();
+    error UnexpectedValue();
     error AlreadyInitialized();
     error NotInitialized();
-    error ExceedsMaxAccounts();
     error InvalidStateOfAccounts();
     error InvalidNAVHook();
+    error UnsupportedSpokeCall();
+    error NetworkMismatch();
+    error NotManager();
+    error ValuationNotSet();
+    error NotDebitNormalAccount();
 
     //----------------------------------------------------------------------------------------------
     // Immutables
@@ -76,8 +121,8 @@ interface INAVManager is ISnapshotHook {
     /// @notice Double-entry accounting system for recording pool debits and credits
     function accounting() external view returns (IAccounting);
 
-    /// @notice Registry of pools, assets, and manager permissions on the hub chain
-    function hubRegistry() external view returns (IHubRegistry);
+    /// @notice The Envoy, the only authorized caller of `fromHub`
+    function envoy() external view returns (address);
 
     //----------------------------------------------------------------------------------------------
     // Administration
@@ -92,44 +137,22 @@ interface INAVManager is ISnapshotHook {
     /// @param poolId The pool ID
     function navHook(PoolId poolId) external view returns (INAVHook);
 
-    /// @notice Set the NAV hook contract that will receive NAV updates
+    /// @notice Get the default valuation applied to every holding and liability initialized on a pool
+    /// @dev    Required setup step: must be set via the `SetDefaultValuation` manager call before any
+    ///         `InitializeHolding` or `InitializeLiability`, which revert with `ValuationNotSet` otherwise.
     /// @param poolId The pool ID
-    /// @param navHook The address of the NAV hook contract
-    function setNAVHook(PoolId poolId, INAVHook navHook) external;
+    function defaultValuation(PoolId poolId) external view returns (IValuation);
 
-    /// @notice Check if an address can call management functions
+    /// @notice Check whether an address may drive spoke-side holding/liability initialization for a pool
+    ///         on a network, via the permissionless `spoke.managerCall` -> `fromSpoke` path
     /// @param poolId The pool ID
-    /// @param manager The address of the manager
-    function manager(PoolId poolId, address manager) external view returns (bool);
-
-    /// @notice Update whether an address can call management functions
+    /// @notice Check whether an address may drive spoke-side holding/liability initialization for a pool
+    ///         via the permissionless `spoke.managerCall` -> `fromSpoke` path
     /// @param poolId The pool ID
-    /// @param manager The address of the manager
-    /// @param canManage Whether the address can call management functions
-    function updateManager(PoolId poolId, address manager, bool canManage) external;
-
-    //----------------------------------------------------------------------------------------------
-    // Account creation
-    //----------------------------------------------------------------------------------------------
-
-    /// @notice Initialize a new network by creating core accounts (equity, liability, gain, loss)
-    /// @param poolId The pool ID
-    /// @param centrifugeId The Centrifuge ID of the network to initialize
-    function initializeNetwork(PoolId poolId, uint16 centrifugeId) external;
-
-    /// @notice Initialize a new holding asset account and associate it with the hub
-    /// @param poolId The pool ID
-    /// @param scId The share class ID
-    /// @param assetId The asset ID to initialize
-    /// @param valuation The valuation contract for this asset
-    function initializeHolding(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation) external;
-
-    /// @notice Initialize a new liability account and associate it with the hub
-    /// @param poolId The pool ID
-    /// @param scId The share class ID
-    /// @param assetId The asset ID to initialize as a liability
-    /// @param valuation The valuation contract for this liability
-    function initializeLiability(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation) external;
+    /// @param centrifugeId The network the manager calls from; it may only initialize assets residing there,
+    ///        cross-network initialization is hub-only
+    /// @param who The manager address, encoded as bytes32
+    function manager(PoolId poolId, uint16 centrifugeId, bytes32 who) external view returns (bool);
 
     //----------------------------------------------------------------------------------------------
     // Holding updates
@@ -141,18 +164,6 @@ interface INAVManager is ISnapshotHook {
     /// @param assetId The asset ID to update
     function updateHoldingValue(PoolId poolId, ShareClassId scId, AssetId assetId) external;
 
-    /// @notice Update the valuation contract for a specific asset
-    /// @param poolId The pool ID
-    /// @param scId The share class ID
-    /// @param assetId The asset ID to update
-    /// @param valuation The new valuation contract
-    function updateHoldingValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation) external;
-
-    /// @notice close gain/loss accounts by moving balances to equity account
-    /// @param poolId The pool ID
-    /// @param centrifugeId The Centrifuge ID of the network
-    function closeGainLoss(PoolId poolId, uint16 centrifugeId) external;
-
     //----------------------------------------------------------------------------------------------
     // Calculations
     //----------------------------------------------------------------------------------------------
diff --git a/src/managers/hub/interfaces/ISimplePriceManager.sol b/src/hooks/accounting/interfaces/ISimplePriceManager.sol
similarity index 98%
rename from src/managers/hub/interfaces/ISimplePriceManager.sol
rename to src/hooks/accounting/interfaces/ISimplePriceManager.sol
index 32db9bfc9..8288d649a 100644
--- a/src/managers/hub/interfaces/ISimplePriceManager.sol
+++ b/src/hooks/accounting/interfaces/ISimplePriceManager.sol
@@ -27,7 +27,6 @@ interface ISimplePriceManager is INAVHook {
 
     error NotAuthorized();
     error InvalidShareClass();
-    error MismatchedEpochs();
 
     struct Metrics {
         uint128 netAssetValue;
diff --git a/src/hooks/bridge/BridgeCircuitBreaker.sol b/src/hooks/bridge/BridgeCircuitBreaker.sol
new file mode 100644
index 000000000..af8c0b5db
--- /dev/null
+++ b/src/hooks/bridge/BridgeCircuitBreaker.sol
@@ -0,0 +1,133 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IBridgeCircuitBreaker} from "./interfaces/IBridgeCircuitBreaker.sol";
+
+import {Auth} from "../../misc/Auth.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
+import {IBridgingHook, BridgeSharesParams, BridgeSharesResult} from "../../core/hub/interfaces/IBridgingHook.sol";
+
+import {ICircuitBreakerGuard} from "../../managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol";
+
+/// @title  BridgeCircuitBreaker
+/// @notice Combines pausing and a fixed-window rate limit into one hook. Both checks run on every transfer.
+///         Transfers whose single amount exceeds rateMax can never pass the rate limit organically; a hub
+///         manager must explicitly authorize them via AuthorizeTransfer before retrying.
+contract BridgeCircuitBreaker is Auth, IManagerCallFromHub, IBridgeCircuitBreaker {
+    address public immutable envoy;
+    ICircuitBreakerGuard public immutable circuitBreakerGuard;
+
+    mapping(bytes32 => uint256) public authorizations;
+    mapping(PoolId => mapping(ShareClassId => bool)) public paused;
+    mapping(PoolId => mapping(ShareClassId => mapping(uint16 => Limits))) public limits;
+
+    constructor(address envoy_, address circuitBreakerGuard_, address deployer) Auth(deployer) {
+        envoy = envoy_;
+        circuitBreakerGuard = ICircuitBreakerGuard(circuitBreakerGuard_);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Administration
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        uint8 kindValue = abi.decode(payload, (uint8));
+        if (kindValue == uint8(ConfigKind.SetPaused)) {
+            (, bytes16 scId_, bool isPaused) = abi.decode(payload, (uint8, bytes16, bool));
+            ShareClassId scId = ShareClassId.wrap(scId_);
+            paused[poolId][scId] = isPaused;
+            emit SetPaused(poolId, scId, isPaused);
+        } else if (kindValue == uint8(ConfigKind.SetRateLimit)) {
+            (, bytes16 scId_, uint16 centrifugeId, uint128 max, uint32 windowSeconds) =
+                abi.decode(payload, (uint8, bytes16, uint16, uint128, uint32));
+            ShareClassId scId = ShareClassId.wrap(scId_);
+            limits[poolId][scId][centrifugeId].rateMax = max;
+            limits[poolId][scId][centrifugeId].rateWindow = windowSeconds;
+            emit SetRateLimit(poolId, scId, centrifugeId, max, windowSeconds);
+        } else if (kindValue == uint8(ConfigKind.AuthorizeTransfer)) {
+            (
+                ,
+                bytes16 scId_,
+                uint16 originCentrifugeId,
+                uint16 targetCentrifugeId,
+                bytes32 sender,
+                bytes32 receiver,
+                uint128 amount
+            ) = abi.decode(payload, (uint8, bytes16, uint16, uint16, bytes32, bytes32, uint128));
+            ShareClassId scId = ShareClassId.wrap(scId_);
+            bytes32 key = _authKey(poolId, scId, originCentrifugeId, targetCentrifugeId, sender, receiver, amount);
+            authorizations[key]++;
+            emit AuthorizeTransfer(poolId, scId, originCentrifugeId, targetCentrifugeId, sender, receiver, amount);
+        } else if (kindValue == uint8(ConfigKind.CancelTransferAuthorizations)) {
+            (
+                ,
+                bytes16 scId_,
+                uint16 originCentrifugeId,
+                uint16 targetCentrifugeId,
+                bytes32 sender,
+                bytes32 receiver,
+                uint128 amount
+            ) = abi.decode(payload, (uint8, bytes16, uint16, uint16, bytes32, bytes32, uint128));
+            ShareClassId scId = ShareClassId.wrap(scId_);
+            bytes32 key = _authKey(poolId, scId, originCentrifugeId, targetCentrifugeId, sender, receiver, amount);
+            delete authorizations[key];
+            emit CancelTransferAuthorizations(
+                poolId, scId, originCentrifugeId, targetCentrifugeId, sender, receiver, amount
+            );
+        } else {
+            revert UnknownConfigKind();
+        }
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Hook call
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IBridgingHook
+    function onBridgeShares(BridgeSharesParams calldata p) external auth returns (BridgeSharesResult memory) {
+        require(!paused[p.poolId][p.scId], Paused());
+
+        _consumeRateLimit(p);
+
+        return
+            BridgeSharesResult({
+                receiver: p.receiver, amount: p.amount, extraGasLimit: p.extraGasLimit, refund: p.refund
+            });
+    }
+
+    /// @dev Authorized transfers bypass all rate limiting. Unauthorized transfers are tallied
+    ///      against the fixed window; the guard reverts if the cumulative total is exceeded.
+    function _consumeRateLimit(BridgeSharesParams calldata p) private {
+        bytes32 key =
+            _authKey(p.poolId, p.scId, p.originCentrifugeId, p.targetCentrifugeId, p.sender, p.receiver, p.amount);
+        if (authorizations[key] > 0) {
+            authorizations[key]--;
+            return;
+        }
+
+        Limits memory l = limits[p.poolId][p.scId][p.originCentrifugeId];
+        require(p.amount <= l.rateMax, TransferNotAuthorized());
+        circuitBreakerGuard.tally(
+            keccak256(abi.encode(p.poolId, p.scId, p.originCentrifugeId)), p.amount, l.rateMax, l.rateWindow
+        );
+    }
+
+    function _authKey(
+        PoolId poolId,
+        ShareClassId scId,
+        uint16 originCentrifugeId,
+        uint16 targetCentrifugeId,
+        bytes32 sender,
+        bytes32 receiver,
+        uint128 amount
+    ) private pure returns (bytes32) {
+        return keccak256(abi.encode(poolId, scId, originCentrifugeId, targetCentrifugeId, sender, receiver, amount));
+    }
+}
diff --git a/src/hooks/bridge/interfaces/IBridgeCircuitBreaker.sol b/src/hooks/bridge/interfaces/IBridgeCircuitBreaker.sol
new file mode 100644
index 000000000..2cf043e8a
--- /dev/null
+++ b/src/hooks/bridge/interfaces/IBridgeCircuitBreaker.sol
@@ -0,0 +1,71 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {IAuth} from "../../../misc/interfaces/IAuth.sol";
+
+import {PoolId} from "../../../core/types/PoolId.sol";
+import {ShareClassId} from "../../../core/types/ShareClassId.sol";
+import {IBridgingHook} from "../../../core/hub/interfaces/IBridgingHook.sol";
+
+import {ICircuitBreakerGuard} from "../../../managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol";
+
+interface IBridgeCircuitBreaker is IAuth, IBridgingHook {
+    enum ConfigKind {
+        SetPaused,
+        SetRateLimit,
+        AuthorizeTransfer,
+        CancelTransferAuthorizations
+    }
+
+    struct Limits {
+        /// @dev Max transfer amount per window per origin chain. 0 = no transfers (all require explicit authorization).
+        uint128 rateMax;
+        /// @dev Time window for rate limit in seconds
+        uint32 rateWindow;
+    }
+
+    event SetPaused(PoolId indexed poolId, ShareClassId indexed scId, bool isPaused);
+    event SetRateLimit(
+        PoolId indexed poolId, ShareClassId indexed scId, uint16 indexed centrifugeId, uint128 max, uint32 windowSeconds
+    );
+    event AuthorizeTransfer(
+        PoolId indexed poolId,
+        ShareClassId indexed scId,
+        uint16 indexed originCentrifugeId,
+        uint16 targetCentrifugeId,
+        bytes32 sender,
+        bytes32 receiver,
+        uint128 amount
+    );
+    event CancelTransferAuthorizations(
+        PoolId indexed poolId,
+        ShareClassId indexed scId,
+        uint16 indexed originCentrifugeId,
+        uint16 targetCentrifugeId,
+        bytes32 sender,
+        bytes32 receiver,
+        uint128 amount
+    );
+
+    error NotEnvoy();
+    error UnexpectedValue();
+    error Paused();
+    error UnknownConfigKind();
+    error TransferNotAuthorized();
+
+    function circuitBreakerGuard() external view returns (ICircuitBreakerGuard);
+
+    /// @notice Whether transfers for a given (pool, share class) are currently paused.
+    function paused(PoolId poolId, ShareClassId scId) external view returns (bool);
+
+    /// @notice Per-chain rate limit for a given (pool, share class, centrifugeId).
+    function limits(PoolId poolId, ShareClassId scId, uint16 centrifugeId)
+        external
+        view
+        returns (uint128 rateMax, uint32 rateWindow);
+
+    /// @notice Number of times a specific large transfer has been authorized to bypass the rate limit.
+    ///         Keyed by keccak256(abi.encode(poolId, scId, originCentrifugeId, targetCentrifugeId, sender, receiver, amount)).
+    ///         Each authorization allows one transfer; the count is decremented on use.
+    function authorizations(bytes32 key) external view returns (uint256);
+}
diff --git a/src/managers/adapters/AdapterFailover.sol b/src/managers/adapters/AdapterFailover.sol
new file mode 100644
index 000000000..36ecbeda6
--- /dev/null
+++ b/src/managers/adapters/AdapterFailover.sol
@@ -0,0 +1,99 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAdapterFailover} from "./interfaces/IAdapterFailover.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {IAdapter} from "../../core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../core/messaging/interfaces/IMultiAdapter.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
+
+/// @title  AdapterFailover
+/// @notice This contract allows a per-pool steward to propose a new adapter set behind a timelock,
+///         which anyone can execute once it elapses. It is intended as a recovery mechanism for pools
+///         whose adapters have gone dark and can no longer be reached via the standard adapter set
+///         message. The hub can veto the proposal over the pool's existing adapters while they still
+///         function, preventing unauthorized takeovers.
+contract AdapterFailover is IManagerCallFromHub, IAdapterFailover {
+    address public immutable envoy;
+    IMultiAdapter public immutable multiAdapter;
+    uint64 public immutable timelock;
+
+    mapping(PoolId => mapping(address => bool)) public steward;
+    mapping(uint16 centrifugeId => mapping(PoolId => Failover)) public pendingFailover;
+
+    constructor(address envoy_, IMultiAdapter multiAdapter_, uint64 timelock_) {
+        envoy = envoy_;
+        multiAdapter = multiAdapter_;
+        timelock = timelock_;
+    }
+
+    modifier onlySteward(PoolId poolId) {
+        require(steward[poolId][msg.sender], NotSteward());
+        _;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Hub actions
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        HubCall kind = HubCall(abi.decode(payload, (uint8)));
+        if (kind == HubCall.CancelFailover) {
+            (, uint16 centrifugeId) = abi.decode(payload, (uint8, uint16));
+            _cancel(centrifugeId, poolId);
+        } else if (kind == HubCall.UpdateSteward) {
+            (, address who, bool isSteward) = abi.decode(payload, (uint8, address, bool));
+            steward[poolId][who] = isSteward;
+            emit UpdateSteward(poolId, who, isSteward);
+        }
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Failover lifecycle
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IAdapterFailover
+    function initiateFailover(uint16 centrifugeId, PoolId poolId, IAdapter[] calldata adapters, uint8 threshold)
+        external
+        onlySteward(poolId)
+    {
+        require(threshold >= 1, InvalidThreshold());
+
+        uint64 executableAt = uint64(block.timestamp) + timelock;
+        pendingFailover[centrifugeId][poolId] = Failover(executableAt, keccak256(abi.encode(adapters, threshold)));
+
+        emit InitiateFailover(centrifugeId, poolId, adapters, threshold, executableAt);
+    }
+
+    /// @inheritdoc IAdapterFailover
+    function cancelFailover(uint16 centrifugeId, PoolId poolId) external onlySteward(poolId) {
+        _cancel(centrifugeId, poolId);
+    }
+
+    /// @inheritdoc IAdapterFailover
+    function executeFailover(uint16 centrifugeId, PoolId poolId, IAdapter[] calldata adapters, uint8 threshold)
+        external
+    {
+        Failover memory pending = pendingFailover[centrifugeId][poolId];
+        require(pending.executableAt != 0, NoPendingFailover());
+        require(block.timestamp >= pending.executableAt, TimelockNotElapsed());
+        require(block.timestamp <= pending.executableAt + timelock, FailoverExpired());
+        require(keccak256(abi.encode(adapters, threshold)) == pending.paramsHash, ParamsMismatch());
+        delete pendingFailover[centrifugeId][poolId];
+
+        uint16 targetSessionId = multiAdapter.nextActiveSessionId(centrifugeId, poolId);
+        multiAdapter.setAdapters(centrifugeId, poolId, adapters, threshold, targetSessionId);
+
+        emit ExecuteFailover(centrifugeId, poolId, adapters, threshold);
+    }
+
+    function _cancel(uint16 centrifugeId, PoolId poolId) internal {
+        delete pendingFailover[centrifugeId][poolId];
+        emit BlockFailover(centrifugeId, poolId);
+    }
+}
diff --git a/src/managers/adapters/interfaces/IAdapterFailover.sol b/src/managers/adapters/interfaces/IAdapterFailover.sol
new file mode 100644
index 000000000..309526f88
--- /dev/null
+++ b/src/managers/adapters/interfaces/IAdapterFailover.sol
@@ -0,0 +1,71 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../../core/types/PoolId.sol";
+import {IAdapter} from "../../../core/messaging/interfaces/IAdapter.sol";
+
+/// @notice Optimistic, locally-executed failover of a pool's adapter set.
+///
+///         Pool adapter updates normally travel over the pool's own adapters (see MultiAdapter routing).
+///         That removes the global set as a liveness dependency, but it cannot help a pool whose own
+///         adapters have gone dark: the hub can no longer reach it to install a new set. AdapterFailover
+///         is the backstop for that case.
+///
+///         A pool steward arms a failover with `initiateFailover`, which records the proposed set behind a
+///         long timelock. While the timelock runs, the hub — if the pool's adapters still function — can
+///         veto it via `fromHub` (the ManagerCall path). If the pool adapters are genuinely dead the veto
+///         cannot land, the timelock elapses, and anyone may `executeFailover` to install the new set
+///         locally. Working adapters block the takeover; dead adapters cannot, so the failover only ever
+///         wins when it is actually needed.
+///
+///         The hub's veto (`CancelFailover` via `fromHub`) is dispatched through `Hub.managerCall`, which
+///         is policy-classified like any other target not pinned in `StdHubPolicy._checkManagerCall` —
+///         i.e. it is itself `delay`-gated, not instant. For the veto to be exercisable at all, the
+///         timelock here must be configured with enough margin over the policy's `delay` (plus
+///         dispatch/relay time) that a hub-initiated cancel can mature and execute before a malicious
+///         `initiateFailover` reaches `executableAt`.
+interface IAdapterFailover {
+    /// @notice Operations the hub can trigger via the ManagerCall/Envoy path.
+    enum HubCall {
+        CancelFailover,
+        UpdateSteward
+    }
+
+    struct Failover {
+        /// @notice Timestamp at which the failover may be executed. Zero means no failover is pending.
+        uint64 executableAt;
+        /// @notice keccak256(abi.encode(adapters, threshold)) of the proposed set. The executor must
+        ///         reproduce the exact set, so only the armed configuration can be installed.
+        bytes32 paramsHash;
+    }
+
+    event UpdateSteward(PoolId indexed poolId, address indexed who, bool isSteward);
+    event InitiateFailover(
+        uint16 indexed centrifugeId, PoolId indexed poolId, IAdapter[] adapters, uint8 threshold, uint64 executableAt
+    );
+    event BlockFailover(uint16 indexed centrifugeId, PoolId indexed poolId);
+    event ExecuteFailover(uint16 indexed centrifugeId, PoolId indexed poolId, IAdapter[] adapters, uint8 threshold);
+
+    error NotSteward();
+    error InvalidThreshold();
+    error NotEnvoy();
+    error UnexpectedValue();
+    error NoPendingFailover();
+    error TimelockNotElapsed();
+    error FailoverExpired();
+    error ParamsMismatch();
+
+    /// @notice Arm a failover of the (centrifugeId, poolId) adapter set. Starts the veto window; the set
+    ///         can be installed by `executeFailover` once it elapses, unless vetoed first.
+    /// @dev    PoolId 0 (the global/default set) can never reach here: stewards are assigned only through
+    ///         `fromHub` which is pool-manager-gated on the hub side, and the hub enforces valid pool IDs.
+    function initiateFailover(uint16 centrifugeId, PoolId poolId, IAdapter[] calldata adapters, uint8 threshold)
+        external;
+
+    /// @notice Cancel a pending failover locally (steward path, e.g. it was armed in error).
+    function cancelFailover(uint16 centrifugeId, PoolId poolId) external;
+
+    /// @notice Install the armed set after the veto window has elapsed. Permissionless: the params must
+    ///         match what was armed, so a finalizer cannot substitute a different set.
+    function executeFailover(uint16 centrifugeId, PoolId poolId, IAdapter[] calldata adapters, uint8 threshold) external;
+}
diff --git a/src/managers/hub/NAVManager.sol b/src/managers/hub/NAVManager.sol
deleted file mode 100644
index 848f1bc5e..000000000
--- a/src/managers/hub/NAVManager.sol
+++ /dev/null
@@ -1,273 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {INAVManager, INAVHook} from "./interfaces/INAVManager.sol";
-
-import {PoolId} from "../../core/types/PoolId.sol";
-import {AssetId} from "../../core/types/AssetId.sol";
-import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {IHoldings} from "../../core/hub/interfaces/IHoldings.sol";
-import {IValuation} from "../../core/hub/interfaces/IValuation.sol";
-import {IHub, AccountType} from "../../core/hub/interfaces/IHub.sol";
-import {IHubRegistry} from "../../core/hub/interfaces/IHubRegistry.sol";
-import {ISnapshotHook} from "../../core/hub/interfaces/ISnapshotHook.sol";
-import {IAccounting, JournalEntry} from "../../core/hub/interfaces/IAccounting.sol";
-import {AccountId, withCentrifugeId, withAssetId} from "../../core/types/AccountId.sol";
-
-/// @dev Assumes all assets in a pool are shared across all share classes, not segregated.
-contract NAVManager is INAVManager {
-    IHub public immutable hub;
-    IHoldings public immutable holdings;
-    IAccounting public immutable accounting;
-    IHubRegistry public immutable hubRegistry;
-
-    mapping(PoolId => INAVHook) public navHook;
-    mapping(PoolId => mapping(address => bool)) public manager;
-    mapping(PoolId => mapping(uint16 centrifugeId => bool)) public initialized;
-
-    constructor(IHub hub_) {
-        hub = hub_;
-        hubRegistry = hub_.hubRegistry();
-        holdings = hub.holdings();
-        accounting = hub.accounting();
-    }
-
-    modifier onlyManager(PoolId poolId) {
-        require(manager[poolId][msg.sender], NotAuthorized());
-        _;
-    }
-
-    modifier onlyHubManager(PoolId poolId) {
-        require(hubRegistry.manager(poolId, msg.sender), NotAuthorized());
-        _;
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Administration
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc INAVManager
-    function setNAVHook(PoolId poolId, INAVHook navHook_) external onlyHubManager(poolId) {
-        navHook[poolId] = navHook_;
-        emit SetNavHook(poolId, address(navHook_));
-    }
-
-    /// @inheritdoc INAVManager
-    function updateManager(PoolId poolId, address manager_, bool canManage) external onlyHubManager(poolId) {
-        manager[poolId][manager_] = canManage;
-        emit UpdateManager(poolId, manager_, canManage);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Account creation
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc INAVManager
-    function initializeNetwork(PoolId poolId, uint16 centrifugeId) external onlyManager(poolId) {
-        require(!initialized[poolId][centrifugeId], AlreadyInitialized());
-
-        hub.createAccount(poolId, equityAccount(centrifugeId), false);
-        hub.createAccount(poolId, liabilityAccount(centrifugeId), false);
-        hub.createAccount(poolId, gainAccount(centrifugeId), false);
-        hub.createAccount(poolId, lossAccount(centrifugeId), true);
-
-        initialized[poolId][centrifugeId] = true;
-
-        emit InitializeNetwork(poolId, centrifugeId);
-    }
-
-    /// @inheritdoc INAVManager
-    function initializeHolding(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation)
-        external
-        onlyManager(poolId)
-    {
-        uint16 centrifugeId = assetId.centrifugeId();
-        require(initialized[poolId][centrifugeId], NotInitialized());
-
-        AccountId assetAccount_ = assetAccount(assetId);
-
-        hub.createAccount(poolId, assetAccount_, true);
-        hub.initializeHolding(
-            poolId,
-            scId,
-            assetId,
-            valuation,
-            assetAccount_,
-            equityAccount(centrifugeId),
-            gainAccount(centrifugeId),
-            lossAccount(centrifugeId)
-        );
-
-        emit InitializeHolding(poolId, scId, assetId);
-    }
-
-    /// @inheritdoc INAVManager
-    function initializeLiability(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation)
-        external
-        onlyManager(poolId)
-    {
-        uint16 centrifugeId = assetId.centrifugeId();
-        require(initialized[poolId][centrifugeId], NotInitialized());
-
-        AccountId expenseAccount_ = expenseAccount(assetId);
-
-        hub.createAccount(poolId, expenseAccount_, true);
-        hub.initializeLiability(poolId, scId, assetId, valuation, expenseAccount_, liabilityAccount(centrifugeId));
-
-        emit InitializeLiability(poolId, scId, assetId);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // ISnapshotHook updates
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc ISnapshotHook
-    function onSync(PoolId poolId, ShareClassId scId, uint16 centrifugeId) external {
-        require(msg.sender == address(holdings), NotAuthorized());
-        require(address(navHook[poolId]) != address(0), InvalidNAVHook());
-
-        uint128 netAssetValue_ = netAssetValue(poolId, centrifugeId);
-        navHook[poolId].onUpdate(poolId, scId, centrifugeId, netAssetValue_);
-
-        emit Sync(poolId, scId, centrifugeId, netAssetValue_);
-    }
-
-    /// @inheritdoc ISnapshotHook
-    function onTransfer(
-        PoolId poolId,
-        ShareClassId scId,
-        uint16 fromCentrifugeId,
-        uint16 toCentrifugeId,
-        uint128 sharesTransferred
-    ) external {
-        require(msg.sender == address(holdings), NotAuthorized());
-        require(address(navHook[poolId]) != address(0), InvalidNAVHook());
-
-        navHook[poolId].onTransfer(poolId, scId, fromCentrifugeId, toCentrifugeId, sharesTransferred);
-        emit Transfer(poolId, scId, fromCentrifugeId, toCentrifugeId, sharesTransferred);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Holding updates
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc INAVManager
-    function updateHoldingValue(PoolId poolId, ShareClassId scId, AssetId assetId) external {
-        hub.updateHoldingValue(poolId, scId, assetId);
-    }
-
-    /// @inheritdoc INAVManager
-    function updateHoldingValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation)
-        external
-        onlyManager(poolId)
-    {
-        hub.updateHoldingValuation(poolId, scId, assetId, valuation);
-        hub.updateHoldingValue(poolId, scId, assetId);
-    }
-
-    /// @inheritdoc INAVManager
-    function closeGainLoss(PoolId poolId, uint16 centrifugeId) external onlyManager(poolId) {
-        require(initialized[poolId][centrifugeId], NotInitialized());
-
-        AccountId equityAccount_ = equityAccount(centrifugeId);
-        AccountId gainAccount_ = gainAccount(centrifugeId);
-        AccountId lossAccount_ = lossAccount(centrifugeId);
-
-        (bool gainIsPositive, uint128 gainValue) = accounting.accountValue(poolId, gainAccount_);
-        (bool lossIsPositive, uint128 lossValue) = accounting.accountValue(poolId, lossAccount_);
-
-        // Gain and loss accounts should never be negative
-        require(gainIsPositive && lossIsPositive, InvalidStateOfAccounts());
-
-        uint256 count = (gainValue > 0 ? 1 : 0) + (lossValue > 0 ? 1 : 0);
-        if (count == 0) return;
-
-        uint256 index = 0;
-        JournalEntry[] memory debits = new JournalEntry[](count);
-        JournalEntry[] memory credits = new JournalEntry[](count);
-
-        if (gainValue > 0) {
-            debits[index] = JournalEntry({value: gainValue, accountId: gainAccount_});
-            credits[index] = JournalEntry({value: gainValue, accountId: equityAccount_});
-            index++;
-        }
-
-        if (lossValue > 0) {
-            debits[index] = JournalEntry({value: lossValue, accountId: equityAccount_});
-            credits[index] = JournalEntry({value: lossValue, accountId: lossAccount_});
-        }
-
-        hub.updateJournal(poolId, debits, credits);
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Calculations
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc INAVManager
-    function netAssetValue(PoolId poolId, uint16 centrifugeId) public view returns (uint128) {
-        (bool equityIsPositive, uint128 equity) = accounting.accountValue(poolId, equityAccount(centrifugeId));
-        (bool gainIsPositive, uint128 gain) = accounting.accountValue(poolId, gainAccount(centrifugeId));
-        (bool lossIsPositive, uint128 loss) = accounting.accountValue(poolId, lossAccount(centrifugeId));
-        (bool liabilityIsPositive, uint128 liability) = accounting.accountValue(poolId, liabilityAccount(centrifugeId));
-
-        uint128 totalPositive = 0;
-        uint128 totalNegative = 0;
-
-        // Compute NAV = equity + gain - loss - liability
-
-        // Equity: normally positive, if negative flip to negative side
-        if (equityIsPositive) totalPositive += equity;
-        else totalNegative += equity;
-
-        // Gain: normally positive, if negative flip to negative side
-        if (gainIsPositive) totalPositive += gain;
-        else totalNegative += gain;
-
-        // Loss: normally negative, if positive flip to positive side
-        if (lossIsPositive) totalNegative += loss;
-        else totalPositive += loss;
-
-        // Liability: normally negative, if positive flip to positive side
-        if (liabilityIsPositive) totalNegative += liability;
-        else totalPositive += liability;
-
-        if (totalNegative >= totalPositive) return 0;
-
-        return totalPositive - totalNegative;
-    }
-
-    //----------------------------------------------------------------------------------------------
-    // Helpers
-    //----------------------------------------------------------------------------------------------
-
-    /// @inheritdoc INAVManager
-    function assetAccount(AssetId assetId) public pure returns (AccountId) {
-        return withAssetId(assetId, uint16(AccountType.Asset));
-    }
-
-    /// @inheritdoc INAVManager
-    function expenseAccount(AssetId assetId) public pure returns (AccountId) {
-        return withAssetId(assetId, uint16(AccountType.Expense));
-    }
-
-    /// @inheritdoc INAVManager
-    function equityAccount(uint16 centrifugeId) public pure returns (AccountId) {
-        return withCentrifugeId(centrifugeId, uint16(AccountType.Equity));
-    }
-
-    /// @inheritdoc INAVManager
-    function liabilityAccount(uint16 centrifugeId) public pure returns (AccountId) {
-        return withCentrifugeId(centrifugeId, uint16(AccountType.Liability));
-    }
-
-    /// @inheritdoc INAVManager
-    function gainAccount(uint16 centrifugeId) public pure returns (AccountId) {
-        return withCentrifugeId(centrifugeId, uint16(AccountType.Gain));
-    }
-
-    /// @inheritdoc INAVManager
-    function lossAccount(uint16 centrifugeId) public pure returns (AccountId) {
-        return withCentrifugeId(centrifugeId, uint16(AccountType.Loss));
-    }
-}
diff --git a/src/managers/hub/README.md b/src/managers/hub/README.md
index e84ac8520..e72310d99 100644
--- a/src/managers/hub/README.md
+++ b/src/managers/hub/README.md
@@ -1,13 +1,13 @@
 # Hub Managers
 
-Hub managers provide higher-level abstractions for pool management on the Hub, including NAV (Net Asset Value) tracking, accounting integration, and share price calculation for single-share-class pools. These managers coordinate with `Holdings`, `Accounting`, and `ShareClassManager` to maintain pool financial state.
+Hub managers are pool-scoped contracts registered as managers on the Hub to provide governance and oversight around the authorization (policy) flow.
 
 ![Hub Managers architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/managers/hub-managers.puml)
 
-### `NAVManager`
+### `Supervisor`
 
-`NAVManager` abstracts accounting of net asset value (NAV) for pools. It implements `ISnapshotHook` to receive callbacks when spokes reach snapshot state or when shares are transferred, triggering NAV calculations. The manager creates and manages accounting accounts per network (equity, liability, gain, loss) and initializes holdings with appropriate account mappings. The contract assumes all assets in a pool are shared across all share classes rather than being segregated.
+`Supervisor` is a pool-scoped sentinel registry and veto layer for the authorize flow. It holds no positive power of its own; its sole job is to let the sentinels it tracks veto a pending authorization during the policy delay window. It is registered as a Hub manager for its pool only so it can reach `IHub.cancelAuthorization` on behalf of sentinels (which are not themselves Hub managers). The hub, pool, and contract updater are immutable; the sentinel set is managed via `IHub.managerCall` through the pool's Envoy path.
 
-### `SimplePriceManager`
+### `SupervisorFactory`
 
-`SimplePriceManager` calculates share prices for single-share-class pools based on NAV and total share issuance. It implements `INAVHook` to receive NAV updates from `NAVManager` and automatically computes and broadcasts share prices to configured networks. The contract maintains aggregate metrics (total issuance and NAV) across all networks and tracks per-network metrics for incremental updates. When NAV updates occur, the manager recalculates the pool-wide share price (NAV / total shares) and notifies all registered networks of the new price.
\ No newline at end of file
+`SupervisorFactory` deploys a `Supervisor` per pool at a deterministic, previewable CREATE2 address derived from `(poolId, envoy)` (the `hub` is a factory immutable). This lets a pool's supervisor address be computed ahead of deployment.
diff --git a/src/managers/hub/Supervisor.sol b/src/managers/hub/Supervisor.sol
new file mode 100644
index 000000000..ee5af589f
--- /dev/null
+++ b/src/managers/hub/Supervisor.sol
@@ -0,0 +1,136 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {ISupervisor, ISupervisorFactory, TrustedCall} from "./interfaces/ISupervisor.sol";
+
+import {CastLib} from "../../misc/libraries/CastLib.sol";
+import {BytesLib} from "../../misc/libraries/BytesLib.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {IHub} from "../../core/hub/interfaces/IHub.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
+
+/// @title  Supervisor
+/// @notice Pool-scoped sentinel registry and veto layer for the authorize flow. It holds no positive
+///         power of its own; its sole job is to let the sentinels held here veto a pending
+///         authorization during the policy delay window.
+///
+///         The Supervisor is a registered Hub manager for the pool only so that it can reach
+///         {IHub.cancelAuthorization} on behalf of sentinels (which are not Hub managers). The hub,
+///         pool, and contract updater are immutable; the sentinel set is managed via {IHub.managerCall}.
+contract Supervisor is ISupervisor, IManagerCallFromHub {
+    using BytesLib for bytes;
+    using CastLib for bytes32;
+
+    IHub public immutable hub;
+    PoolId public immutable poolId;
+    address public immutable envoy;
+
+    uint256 public sentinelCount;
+    mapping(address => bool) public sentinels;
+
+    constructor(IHub hub_, PoolId poolId_, address envoy_) {
+        hub = hub_;
+        poolId = poolId_;
+        envoy = envoy_;
+    }
+
+    modifier onlySentinel() {
+        require(sentinels[msg.sender], NotSentinel());
+        _;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Hub actions
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId_, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(poolId_ == poolId, NotPool());
+        require(msg.value == 0, UnexpectedValue());
+
+        (TrustedCall kind, address sentinel) = abi.decode(payload, (TrustedCall, address));
+
+        if (kind == TrustedCall.AddSentinel) {
+            require(sentinel != address(0), ZeroAddress());
+            require(!sentinels[sentinel], AlreadySentinel());
+
+            sentinelCount++;
+            sentinels[sentinel] = true;
+            emit AddSentinel(sentinel);
+        } else {
+            require(sentinels[sentinel], NotSentinel());
+            require(sentinelCount > 1, LastSentinel());
+
+            sentinelCount--;
+            sentinels[sentinel] = false;
+            emit RemoveSentinel(sentinel);
+        }
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Execution
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc ISupervisor
+    function cancelAuthorization(bytes calldata data) external onlySentinel {
+        if (sentinelCount > 1) {
+            _checkNotSelfRemoval(data, msg.sender);
+        }
+        hub.cancelAuthorization(poolId, data);
+    }
+
+    /// @dev Reverts if `data` is a `Hub.managerCall` targeting this Supervisor that removes `sender` as a
+    ///      sentinel. Non-matching payloads pass through to preserve the veto, `AddSentinel` included.
+    function _checkNotSelfRemoval(bytes calldata data, address sender) private view {
+        (bytes4 selector, bytes calldata args) = data.decodeCall();
+        if (selector != IHub.managerCall.selector) return;
+        // 224 = 7 x 32, the managerCall tuple's minimum ABI encoding; a shorter blob would revert the
+        // decode and freeze this veto. Shares shape and threshold with {StdHubPolicy._checkManagerCall};
+        // if the managerCall tuple changes, update both together.
+        if (args.length < 224) return;
+        (,, bytes32 target, bytes memory payload,,,) =
+            abi.decode(args, (PoolId, uint16, bytes32, bytes, uint128, uint256, address));
+        if (target.toAddress() != address(this)) return;
+        if (payload.length < 64) return;
+        if (payload.toUint256(0) != uint256(uint8(TrustedCall.RemoveSentinel))) return;
+        require(payload.toAddress(44) != sender, CannotSelfCancel());
+    }
+}
+
+/// @title  Supervisor Factory
+/// @notice Deploys pool-specific Supervisor instances.
+contract SupervisorFactory is ISupervisorFactory {
+    IHub public immutable hub;
+
+    constructor(IHub hub_) {
+        hub = hub_;
+    }
+
+    /// @inheritdoc ISupervisorFactory
+    function newSupervisor(PoolId poolId, address envoy) external returns (ISupervisor) {
+        Supervisor supervisor = new Supervisor{salt: _salt(poolId, envoy)}(hub, poolId, envoy);
+
+        emit DeploySupervisor(poolId, address(supervisor));
+        return ISupervisor(address(supervisor));
+    }
+
+    /// @inheritdoc ISupervisorFactory
+    function previewSupervisor(PoolId poolId, address envoy) external view returns (address) {
+        bytes32 hash = keccak256(
+            abi.encodePacked(bytes1(0xff), address(this), _salt(poolId, envoy), _initCodeHash(poolId, envoy))
+        );
+        return address(uint160(uint256(hash)));
+    }
+
+    function _initCodeHash(PoolId poolId, address envoy) internal view returns (bytes32) {
+        return keccak256(abi.encodePacked(type(Supervisor).creationCode, abi.encode(hub, poolId, envoy)));
+    }
+
+    /// @dev Deterministic CREATE2 salt so a (hub, poolId, envoy) config maps to a fixed, previewable
+    ///      address. `hub` is a factory immutable, so it need not enter the salt.
+    function _salt(PoolId poolId, address envoy) internal pure returns (bytes32) {
+        return keccak256(abi.encode(poolId, envoy));
+    }
+}
diff --git a/src/managers/hub/interfaces/ISupervisor.sol b/src/managers/hub/interfaces/ISupervisor.sol
new file mode 100644
index 000000000..b77d36a1c
--- /dev/null
+++ b/src/managers/hub/interfaces/ISupervisor.sol
@@ -0,0 +1,71 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../../core/types/PoolId.sol";
+import {IHub} from "../../../core/hub/interfaces/IHub.sol";
+
+enum TrustedCall {
+    AddSentinel,
+    RemoveSentinel
+}
+
+interface ISupervisor {
+    //----------------------------------------------------------------------------------------------
+    // Events
+    //----------------------------------------------------------------------------------------------
+
+    event AddSentinel(address indexed sentinel);
+    event RemoveSentinel(address indexed sentinel);
+
+    //----------------------------------------------------------------------------------------------
+    // Errors
+    //----------------------------------------------------------------------------------------------
+
+    error NotSentinel();
+    error AlreadySentinel();
+    error ZeroAddress();
+    error NotEnvoy();
+    error UnexpectedValue();
+    error NotPool();
+    error LastSentinel();
+    error CannotSelfCancel();
+
+    //----------------------------------------------------------------------------------------------
+    // Execution
+    //----------------------------------------------------------------------------------------------
+
+    /// @notice Cancel a pending Hub authorization (sentinel veto). Callable by any sentinel. A sentinel
+    ///         cannot cancel the authorization of their own removal when multiple sentinels exist.
+    /// @dev    At a single sentinel that guard is skipped: the set cannot empty itself ({LastSentinel}),
+    ///         so replacing a lone sentinel needs an `AddSentinel` first, which that sentinel can veto
+    ///         every time it is re-scheduled. Installing a different policy does not break the loop: the
+    ///         {IHubRegistry} nonce bump only voids the authorizations already pending, and the veto is
+    ///         keyed off the same policy and nonce as the authorization it cancels, so the next
+    ///         `AddSentinel` is vetoable again. Recovery is a Root ward doing one of two things.
+    ///         {IHub.setPolicy} with the zero policy, since a ward skips enforcement and {IHub} calls into
+    ///         a policy only when one is installed, so `AddSentinel` then runs synchronously with no
+    ///         authorization to veto. Or {IHubRegistry.updateManager} dropping the Supervisor as a pool
+    ///         manager, which makes its {cancelAuthorization} fail the Hub's manager check.
+    /// @param data The exact Hub calldata that was authorized.
+    function cancelAuthorization(bytes calldata data) external;
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    function hub() external view returns (IHub);
+    function poolId() external view returns (PoolId);
+    function envoy() external view returns (address);
+    function sentinels(address who) external view returns (bool);
+    function sentinelCount() external view returns (uint256);
+}
+
+interface ISupervisorFactory {
+    event DeploySupervisor(PoolId indexed poolId, address indexed supervisor);
+
+    function hub() external view returns (IHub);
+
+    function newSupervisor(PoolId poolId, address envoy) external returns (ISupervisor);
+
+    function previewSupervisor(PoolId poolId, address envoy) external view returns (address);
+}
diff --git a/src/managers/spoke/AccountingToken.sol b/src/managers/spoke/AccountingToken.sol
index 8fdebb161..97602c893 100644
--- a/src/managers/spoke/AccountingToken.sol
+++ b/src/managers/spoke/AccountingToken.sol
@@ -9,7 +9,7 @@ import {IERC6909ExclOperator, IERC6909MetadataExt} from "../../misc/interfaces/I
 
 import {PoolId} from "../../core/types/PoolId.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {ITrustedContractUpdate} from "../../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
 
 /// @title  AccountingToken
 /// @notice ERC-6909 multi-token representing in-flight async requests and cross-chain liabilities.
@@ -22,14 +22,14 @@ contract AccountingToken is IAccountingToken {
 
     uint256 private constant LIABILITY_BIT = 1 << 255;
 
-    address public immutable contractUpdater;
+    address public immutable envoy;
 
     mapping(PoolId poolId => mapping(address who => bool)) public minters;
     mapping(address owner => mapping(uint256 tokenId => uint256)) public balanceOf;
     mapping(address owner => mapping(address spender => mapping(uint256 tokenId => uint256))) public allowance;
 
-    constructor(address contractUpdater_) {
-        contractUpdater = contractUpdater_;
+    constructor(address envoy_) {
+        envoy = envoy_;
     }
 
     modifier onlyMinter(uint256 id) {
@@ -41,9 +41,10 @@ contract AccountingToken is IAccountingToken {
     // Owner actions
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId, bytes calldata payload) external {
-        require(msg.sender == contractUpdater, NotAuthorized());
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
         (bytes32 who, bool canMint) = abi.decode(payload, (bytes32, bool));
         address minter = who.toAddress();
         minters[poolId][minter] = canMint;
diff --git a/src/managers/spoke/OnOffRamp.sol b/src/managers/spoke/OnOffRamp.sol
index 60e6dc692..e8c8bce4a 100644
--- a/src/managers/spoke/OnOffRamp.sol
+++ b/src/managers/spoke/OnOffRamp.sol
@@ -12,9 +12,10 @@ import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../../core/types/PoolId.sol";
 import {AssetId} from "../../core/types/AssetId.sol";
+import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {ITrustedContractUpdate} from "../../core/utils/interfaces/IContractUpdate.sol";
-import {IBalanceSheet, WithdrawMode} from "../../core/spoke/interfaces/IBalanceSheet.sol";
+import {ISpokeRegistry} from "../../core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
 
 /// @title  OnOffRamp
 /// @notice Balance sheet manager for depositing and withdrawing ERC20 assets with accounting token support.
@@ -28,38 +29,33 @@ contract OnOffRamp is IOnOffRamp {
     using CastLib for *;
 
     PoolId public immutable poolId;
-    address public immutable contractUpdater;
+    address public immutable envoy;
     ShareClassId public immutable scId;
-    IBalanceSheet public immutable balanceSheet;
+    ISpoke public immutable spoke;
     IAccountingToken public immutable accountingToken;
 
     mapping(address asset => bool) public onramp;
     mapping(address relayer => bool) public relayer;
     mapping(address asset => mapping(address receiver => bool isEnabled)) public offramp;
 
-    constructor(
-        PoolId poolId_,
-        ShareClassId scId_,
-        address contractUpdater_,
-        IBalanceSheet balanceSheet_,
-        IAccountingToken accountingToken_
-    ) {
+    constructor(PoolId poolId_, ShareClassId scId_, address envoy_, ISpoke spoke_, IAccountingToken accountingToken_) {
         poolId = poolId_;
         scId = scId_;
-        contractUpdater = contractUpdater_;
-        balanceSheet = balanceSheet_;
+        envoy = envoy_;
+        spoke = spoke_;
         accountingToken = accountingToken_;
     }
 
     //----------------------------------------------------------------------------------------------
-    // Owner actions
+    // Hub actions
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId_, ShareClassId scId_, bytes memory payload) external {
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev This manager is deployed per (poolId, scId); the call's poolId must match and the scId is implicit.
+    function fromHub(PoolId poolId_, bytes calldata payload) external payable {
         require(poolId == poolId_, InvalidPoolId());
-        require(scId == scId_, InvalidShareClassId());
-        require(msg.sender == contractUpdater, NotContractUpdater());
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
 
         uint8 kindValue = abi.decode(payload, (uint8));
         require(kindValue <= uint8(type(TrustedCall).max), UnknownTrustedCall());
@@ -67,13 +63,13 @@ contract OnOffRamp is IOnOffRamp {
         TrustedCall kind = TrustedCall(kindValue);
         if (kind == TrustedCall.Onramp) {
             (, uint128 assetId, bool isEnabled) = abi.decode(payload, (uint8, uint128, bool));
-            (address asset, uint256 tokenId) = balanceSheet.spoke().idToAsset(AssetId.wrap(assetId));
+            (address asset, uint256 tokenId) = spoke.spokeRegistry().idToAsset(AssetId.wrap(assetId), true);
             require(tokenId == 0, ERC6909NotSupported());
 
             onramp[asset] = isEnabled;
 
-            if (isEnabled) SafeTransferLib.safeApprove(asset, address(balanceSheet), type(uint256).max);
-            else SafeTransferLib.safeApprove(asset, address(balanceSheet), 0);
+            if (isEnabled) SafeTransferLib.safeApprove(asset, address(spoke), type(uint256).max);
+            else SafeTransferLib.safeApprove(asset, address(spoke), 0);
 
             emit UpdateOnramp(asset, isEnabled);
         } else if (kind == TrustedCall.Relayer) {
@@ -85,7 +81,7 @@ contract OnOffRamp is IOnOffRamp {
         } else if (kind == TrustedCall.Offramp) {
             (, uint128 assetId, bytes32 receiverAddress, bool isEnabled) =
                 abi.decode(payload, (uint8, uint128, bytes32, bool));
-            (address asset, uint256 tokenId) = balanceSheet.spoke().idToAsset(AssetId.wrap(assetId));
+            (address asset, uint256 tokenId) = spoke.spokeRegistry().idToAsset(AssetId.wrap(assetId), true);
             require(tokenId == 0, ERC6909NotSupported());
             address receiver = receiverAddress.toAddress();
 
@@ -94,7 +90,7 @@ contract OnOffRamp is IOnOffRamp {
         } else if (kind == TrustedCall.Withdraw) {
             (, uint128 assetId, uint128 amount, bytes32 receiverAddress) =
                 abi.decode(payload, (uint8, uint128, uint128, bytes32));
-            (address asset,) = balanceSheet.spoke().idToAsset(AssetId.wrap(assetId));
+            (address asset,) = spoke.spokeRegistry().idToAsset(AssetId.wrap(assetId), true);
             address receiver = receiverAddress.toAddress();
 
             require(offramp[asset][receiver], InvalidOfframpDestination());
@@ -120,13 +116,13 @@ contract OnOffRamp is IOnOffRamp {
         require(onramp[asset], NotAllowedOnrampAsset());
 
         // Deposit real asset
-        balanceSheet.deposit(poolId, scId, asset, 0, amount);
+        spoke.deposit(poolId, scId, asset, 0, amount);
 
-        // Mint liability accounting token and deposit to BalanceSheet
+        // Mint liability accounting token and deposit to the balance sheet
         uint256 liabTokenId = accountingToken.toTokenId(poolId, asset, true);
         accountingToken.mint(address(this), liabTokenId, amount, scId);
-        accountingToken.approve(address(balanceSheet), liabTokenId, amount);
-        balanceSheet.deposit(poolId, scId, address(accountingToken), liabTokenId, amount);
+        accountingToken.approve(address(spoke), liabTokenId, amount);
+        spoke.deposit(poolId, scId, address(accountingToken), liabTokenId, amount);
     }
 
     /// @inheritdoc IWithdrawManager
@@ -146,13 +142,13 @@ contract OnOffRamp is IOnOffRamp {
     function _withdraw(address asset, uint128 amount, address receiver) internal {
         require(receiver != address(0) && offramp[asset][receiver], InvalidOfframpDestination());
         // Withdraw real asset to receiver
-        balanceSheet.withdraw(poolId, scId, asset, 0, receiver, amount, WithdrawMode.Full);
+        spoke.withdraw(poolId, scId, asset, 0, receiver, amount);
 
-        // Mint non-liability accounting token and deposit to BalanceSheet
+        // Mint non-liability accounting token and deposit to the balance sheet
         uint256 accTokenId = accountingToken.toTokenId(poolId, asset, false);
         accountingToken.mint(address(this), accTokenId, amount, scId);
-        accountingToken.approve(address(balanceSheet), accTokenId, amount);
-        balanceSheet.deposit(poolId, scId, address(accountingToken), accTokenId, amount);
+        accountingToken.approve(address(spoke), accTokenId, amount);
+        spoke.deposit(poolId, scId, address(accountingToken), accTokenId, amount);
     }
 
     //----------------------------------------------------------------------------------------------
@@ -167,25 +163,41 @@ contract OnOffRamp is IOnOffRamp {
 }
 
 contract OnOffRampFactory is IOnOffRampFactory {
-    address public immutable contractUpdater;
-    IBalanceSheet public immutable balanceSheet;
+    address public immutable envoy;
+    ISpoke public immutable spoke;
     IAccountingToken public immutable accountingToken;
 
-    constructor(address contractUpdater_, IBalanceSheet balanceSheet_, IAccountingToken accountingToken_) {
-        contractUpdater = contractUpdater_;
-        balanceSheet = balanceSheet_;
+    constructor(address envoy_, ISpoke spoke_, IAccountingToken accountingToken_) {
+        envoy = envoy_;
+        spoke = spoke_;
         accountingToken = accountingToken_;
     }
 
     /// @inheritdoc IOnOffRampFactory
     function newManager(PoolId poolId, ShareClassId scId) external returns (IOnOffRamp) {
-        balanceSheet.spoke().shareToken(poolId, scId); // Check for existence
+        require(spoke.spokeRegistry().hasShareClass(poolId, scId), ISpokeRegistry.ShareTokenDoesNotExist());
 
-        OnOffRamp manager = new OnOffRamp{salt: keccak256(abi.encode(poolId.raw(), scId.raw()))}(
-            poolId, scId, contractUpdater, balanceSheet, accountingToken
-        );
+        OnOffRamp manager = new OnOffRamp{salt: _salt(poolId, scId)}(poolId, scId, envoy, spoke, accountingToken);
 
         emit DeployOnOffRamp(poolId, scId, address(manager));
         return IOnOffRamp(manager);
     }
+
+    /// @inheritdoc IOnOffRampFactory
+    function previewManager(PoolId poolId, ShareClassId scId) external view returns (address) {
+        bytes32 hash =
+            keccak256(abi.encodePacked(bytes1(0xff), address(this), _salt(poolId, scId), _initCodeHash(poolId, scId)));
+        return address(uint160(uint256(hash)));
+    }
+
+    function _initCodeHash(PoolId poolId, ShareClassId scId) internal view returns (bytes32) {
+        return keccak256(
+            abi.encodePacked(type(OnOffRamp).creationCode, abi.encode(poolId, scId, envoy, spoke, accountingToken))
+        );
+    }
+
+    /// @dev Deterministic CREATE2 salt so a (poolId, scId) maps to a fixed, previewable address.
+    function _salt(PoolId poolId, ShareClassId scId) internal pure returns (bytes32) {
+        return keccak256(abi.encode(poolId.raw(), scId.raw()));
+    }
 }
diff --git a/src/managers/spoke/QueueManager.sol b/src/managers/spoke/QueueManager.sol
index 0dd6cab5b..eb5c9ed03 100644
--- a/src/managers/spoke/QueueManager.sol
+++ b/src/managers/spoke/QueueManager.sol
@@ -3,45 +3,44 @@ pragma solidity 0.8.28;
 
 import {IQueueManager} from "./interfaces/IQueueManager.sol";
 
-import {Auth} from "../../misc/Auth.sol";
-import {CastLib} from "../../misc/libraries/CastLib.sol";
-import {BitmapLib} from "../../misc/libraries/BitmapLib.sol";
 import {TransientStorageLib} from "../../misc/libraries/TransientStorageLib.sol";
 
 import {PoolId} from "../../core/types/PoolId.sol";
 import {AssetId} from "../../core/types/AssetId.sol";
+import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
 import {IGateway} from "../../core/messaging/interfaces/IGateway.sol";
-import {IBalanceSheet} from "../../core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../../core/utils/interfaces/IContractUpdate.sol";
+import {ISnapshotQueue} from "../../core/spoke/interfaces/ISnapshotQueue.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
 
 /// @dev minDelay can be set to a non-zero value, for cases where assets or shares can be permissionlessly modified
 ///      (e.g. if the on/off ramp manager is used, or if sync deposits are enabled). This prevents spam.
-contract QueueManager is Auth, IQueueManager, ITrustedContractUpdate {
-    using CastLib for *;
-    using BitmapLib for *;
-
+contract QueueManager is IQueueManager, IManagerCallFromHub {
+    address public immutable envoy;
+    ISpoke public immutable spoke;
+    ISnapshotQueue public immutable snapshotQueue;
     IGateway public immutable gateway;
-    address public immutable contractUpdater;
-    IBalanceSheet public immutable balanceSheet;
 
     mapping(PoolId => mapping(ShareClassId => ShareClassQueueState)) public scQueueState;
 
-    constructor(address contractUpdater_, IBalanceSheet balanceSheet_, address deployer) Auth(deployer) {
-        contractUpdater = contractUpdater_;
-        balanceSheet = balanceSheet_;
-        gateway = balanceSheet_.gateway();
+    constructor(address envoy_, ISpoke spoke_) {
+        envoy = envoy_;
+        spoke = spoke_;
+        snapshotQueue = spoke_.snapshotQueue();
+        gateway = spoke_.gateway();
     }
 
     //----------------------------------------------------------------------------------------------
-    // Owner actions
+    // Hub actions
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId scId, bytes memory payload) external {
-        require(msg.sender == contractUpdater, NotContractUpdater());
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
 
-        (uint64 minDelay, uint64 extraGasLimit) = abi.decode(payload, (uint64, uint64));
+        (bytes16 scId_, uint64 minDelay, uint64 extraGasLimit) = abi.decode(payload, (bytes16, uint64, uint64));
+        ShareClassId scId = ShareClassId.wrap(scId_);
         ShareClassQueueState storage sc = scQueueState[poolId][scId];
         sc.minDelay = minDelay;
         sc.extraGasLimit = extraGasLimit;
@@ -71,17 +70,17 @@ contract QueueManager is Auth, IQueueManager, ITrustedContractUpdate {
             TransientStorageLib.tstore(key, true);
 
             // Check if valid
-            (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(poolId, scId, assetIds[i]);
+            (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetIds[i]);
             if (deposits > 0 || withdrawals > 0) {
-                balanceSheet.submitQueuedAssets(poolId, scId, assetIds[i], sc.extraGasLimit, address(0));
+                spoke.submitQueuedAssets(poolId, scId, assetIds[i], sc.extraGasLimit, address(0));
             }
         }
 
-        (uint128 delta,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 delta,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(poolId, scId);
         bool submitShares = delta > 0 && queuedAssetCounter == 0;
 
         if (submitShares) {
-            balanceSheet.submitQueuedShares(poolId, scId, sc.extraGasLimit, address(0));
+            spoke.submitQueuedShares(poolId, scId, sc.extraGasLimit, address(0));
             sc.lastSync = uint64(block.timestamp);
         }
     }
diff --git a/src/managers/spoke/README.md b/src/managers/spoke/README.md
index e2bf02ab6..6e5c164d8 100644
--- a/src/managers/spoke/README.md
+++ b/src/managers/spoke/README.md
@@ -4,9 +4,13 @@ Spoke managers provide specialized interfaces for balance sheet operations on sp
 
 ![Spoke Managers architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/managers/spoke-managers.puml)
 
-### `OnOfframpManager`
+### `OnOffRamp`
 
-`OnOfframpManager` is a balance sheet manager for depositing and withdrawing ERC20 assets. Onramping (depositing assets into the pool) is permissionless once an asset is enabled—anyone can trigger the balance sheet deposit once ERC20 assets have been transferred to the manager. Offramping (withdrawing assets from the pool) is permissioned and requires predefined relayers to trigger withdrawals to predefined offramp accounts.
+`OnOffRamp` is a balance sheet manager for depositing and withdrawing ERC20 assets. Onramping (depositing assets into the pool) is permissionless once an asset is enabled—anyone can trigger the balance sheet deposit once ERC20 assets have been transferred to the manager. Offramping (withdrawing assets from the pool) is permissioned and requires predefined relayers to trigger withdrawals to predefined offramp accounts.
+
+### `ShareManager`
+
+`ShareManager` is a balance sheet manager for hub-driven share issuance and revocation, used for holdings tracked outside the protocol (e.g. investments on chains where the protocol is not live). Every operation is a manager call from the hub arriving through the Envoy, so it matures through the hub policy before execution; no local wallet holds any permission. A single deployment is shared across pools.
 
 ### `QueueManager`
 
diff --git a/src/managers/spoke/ShareManager.sol b/src/managers/spoke/ShareManager.sol
new file mode 100644
index 000000000..b1b73ea9f
--- /dev/null
+++ b/src/managers/spoke/ShareManager.sol
@@ -0,0 +1,59 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IShareManager} from "./interfaces/IShareManager.sol";
+
+import {CastLib} from "../../misc/libraries/CastLib.sol";
+import {SafeTransferLib} from "../../misc/libraries/SafeTransferLib.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
+import {ISpokeRegistry} from "../../core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
+
+/// @title  ShareManager
+/// @notice Balance sheet manager for hub-driven share issuance and revocation, for holdings tracked
+///         outside the protocol (e.g. investments on chains where the protocol is not live).
+///         Every operation is a manager call from the hub, so it matures through the hub policy before
+///         execution; no local wallet holds any permission.
+contract ShareManager is IShareManager {
+    using CastLib for *;
+
+    ISpoke public immutable spoke;
+    address public immutable envoy;
+    ISpokeRegistry public immutable spokeRegistry;
+
+    constructor(address envoy_, ISpoke spoke_, ISpokeRegistry spokeRegistry_) {
+        envoy = envoy_;
+        spoke = spoke_;
+        spokeRegistry = spokeRegistry_;
+    }
+
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        (uint8 kindValue, ShareClassId scId, bytes32 accountAddress, uint128 shares) =
+            abi.decode(payload, (uint8, ShareClassId, bytes32, uint128));
+        require(kindValue <= uint8(type(ManagerCall).max), UnknownManagerCall());
+        require(shares != 0, EmptyAmount());
+        address account = accountAddress.toAddress();
+
+        ManagerCall kind = ManagerCall(kindValue);
+        if (kind == ManagerCall.Issue) {
+            spoke.issue(poolId, scId, account, shares);
+
+            emit Issue(poolId, scId, account, shares);
+        } else if (kind == ManagerCall.Revoke) {
+            address token = address(spokeRegistry.shareToken(poolId, scId));
+
+            spoke.transferSharesFrom(poolId, scId, account, account, address(this), shares);
+            SafeTransferLib.safeApprove(token, address(spoke), shares);
+            spoke.revoke(poolId, scId, shares);
+
+            emit Revoke(poolId, scId, account, shares);
+        }
+    }
+}
diff --git a/src/managers/spoke/guards/CircuitBreakerGuard.sol b/src/managers/spoke/guards/CircuitBreakerGuard.sol
index b9a632b34..c28387a56 100644
--- a/src/managers/spoke/guards/CircuitBreakerGuard.sol
+++ b/src/managers/spoke/guards/CircuitBreakerGuard.sol
@@ -6,17 +6,17 @@ import {ICircuitBreakerGuard, CumulativeState, ReferenceState} from "./interface
 import {MathLib} from "../../../misc/libraries/MathLib.sol";
 
 /// @title  CircuitBreakerGuard
-/// @notice Rolling-window circuit breaker for weiroll scripts. Limits cumulative throughput
+/// @notice Fixed-window circuit breaker for weiroll scripts. Limits cumulative throughput
 ///         (e.g. bridge outflows) and per-update value deviation (e.g. price updates).
 contract CircuitBreakerGuard is ICircuitBreakerGuard {
     using MathLib for uint256;
 
-    mapping(address caller => mapping(bytes32 key => mapping(uint256 window => ReferenceState))) public refs;
-    mapping(address caller => mapping(bytes32 key => mapping(uint256 window => CumulativeState))) public cumulative;
+    mapping(address caller => mapping(bytes32 key => ReferenceState)) public refs;
+    mapping(address caller => mapping(bytes32 key => CumulativeState)) public cumulative;
 
     /// @inheritdoc ICircuitBreakerGuard
     function tally(bytes32 key, uint256 amount, uint256 max, uint256 window) external {
-        CumulativeState storage s = cumulative[msg.sender][key][window];
+        CumulativeState storage s = cumulative[msg.sender][key];
         uint256 newTotal;
         if (block.timestamp - s.windowStart > window) {
             s.windowStart = uint64(block.timestamp);
@@ -33,7 +33,7 @@ contract CircuitBreakerGuard is ICircuitBreakerGuard {
         require(currentValue != 0, ZeroAnchor());
 
         uint256 anchor;
-        ReferenceState storage s = refs[msg.sender][key][window];
+        ReferenceState storage s = refs[msg.sender][key];
         if (block.timestamp - s.windowStart > window) {
             anchor = currentValue;
             s.anchor = currentValue.toUint128();
diff --git a/src/managers/spoke/guards/SlippageGuard.sol b/src/managers/spoke/guards/SlippageGuard.sol
index 758457504..daa84037e 100644
--- a/src/managers/spoke/guards/SlippageGuard.sol
+++ b/src/managers/spoke/guards/SlippageGuard.sol
@@ -14,8 +14,8 @@ import {PoolId} from "../../../core/types/PoolId.sol";
 import {ISpoke} from "../../../core/spoke/interfaces/ISpoke.sol";
 import {PricingLib} from "../../../core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../../core/types/ShareClassId.sol";
-import {IBalanceSheet} from "../../../core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../../../core/utils/interfaces/IContractUpdate.sol";
+import {ISpokeRegistry} from "../../../core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../../core/utils/interfaces/IManagerCall.sol";
 
 import {IOnchainPMFactory} from "../interfaces/IOnchainPMFactory.sol";
 
@@ -33,22 +33,15 @@ contract SlippageGuard is ISlippageGuard {
     uint256 internal constant PRE_BASE_SLOT = uint256(keccak256("slippageGuard.pre"));
 
     ISpoke public immutable spoke;
-    address public immutable contractUpdater;
-    IBalanceSheet public immutable balanceSheet;
+    address public immutable envoy;
     IOnchainPMFactory public immutable onchainPMFactory;
 
     mapping(PoolId => mapping(ShareClassId => PeriodState)) public period;
     mapping(PoolId => mapping(ShareClassId => SlippageConfig)) public config;
 
-    constructor(
-        ISpoke spoke_,
-        IBalanceSheet balanceSheet_,
-        address contractUpdater_,
-        IOnchainPMFactory onchainPMFactory_
-    ) {
+    constructor(ISpoke spoke_, address envoy_, IOnchainPMFactory onchainPMFactory_) {
         spoke = spoke_;
-        balanceSheet = balanceSheet_;
-        contractUpdater = contractUpdater_;
+        envoy = envoy_;
         onchainPMFactory = onchainPMFactory_;
     }
 
@@ -58,14 +51,18 @@ contract SlippageGuard is ISlippageGuard {
     }
 
     //----------------------------------------------------------------------------------------------
-    // Owner actions
+    // Hub actions
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId scId, bytes calldata payload) external {
-        require(msg.sender == contractUpdater, NotAuthorized());
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        (bytes16 scId_, uint128 maxPeriodLoss, uint32 periodDuration) = abi.decode(payload, (bytes16, uint128, uint32));
+        ShareClassId scId = ShareClassId.wrap(scId_);
+        require(spoke.spokeRegistry().hasShareClass(poolId, scId), ISpokeRegistry.ShareTokenDoesNotExist());
 
-        (uint128 maxPeriodLoss, uint32 periodDuration) = abi.decode(payload, (uint128, uint32));
         config[poolId][scId] = SlippageConfig(maxPeriodLoss, periodDuration);
         emit SetConfig(poolId, scId, maxPeriodLoss, periodDuration);
     }
@@ -91,7 +88,7 @@ contract SlippageGuard is ISlippageGuard {
             TransientArrayLib.push(ASSETS_SLOT, bytes32(uint256(uint160(asset))));
             TransientArrayLib.push(TOKEN_IDS_SLOT, bytes32(tokenId));
 
-            uint128 balance = balanceSheet.availableBalanceOf(poolId, scId, asset, tokenId);
+            uint128 balance = spoke.availableBalanceOf(poolId, scId, asset, tokenId);
             TransientStorageLib.tstore(bytes32(PRE_BASE_SLOT + i), uint256(balance));
         }
     }
@@ -110,7 +107,7 @@ contract SlippageGuard is ISlippageGuard {
             ContextMismatch()
         );
 
-        uint8 poolDecimals = IERC20Metadata(address(spoke.shareToken(poolId, scId))).decimals();
+        uint8 poolDecimals = IERC20Metadata(address(spoke.spokeRegistry().shareToken(poolId, scId))).decimals();
         (uint256 withdrawn, uint256 deposited) = _computeDeltas(poolId, scId, poolDecimals);
         if (withdrawn > 0) {
             uint256 loss = withdrawn > deposited ? withdrawn - deposited : 0;
@@ -142,9 +139,10 @@ contract SlippageGuard is ISlippageGuard {
             uint256 tokenId = uint256(tokenIds[i]);
 
             uint128 pre = uint128(TransientStorageLib.tloadUint256(bytes32(PRE_BASE_SLOT + i)));
-            uint128 post = balanceSheet.availableBalanceOf(poolId, scId, asset, tokenId);
+            uint128 post = spoke.availableBalanceOf(poolId, scId, asset, tokenId);
 
-            D18 price = spoke.pricePoolPerAsset(poolId, scId, spoke.assetToId(asset, tokenId), true);
+            D18 price = spoke.spokeRegistry()
+                .pricePoolPerAsset(poolId, scId, spoke.spokeRegistry().assetToId(asset, tokenId, true), true);
             uint8 assetDecimals =
                 tokenId == 0 ? IERC20Metadata(asset).decimals() : IERC6909MetadataExt(asset).decimals(tokenId);
 
diff --git a/src/managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol b/src/managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol
index 4d1f0dabf..eb5a6bc91 100644
--- a/src/managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol
+++ b/src/managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol
@@ -16,8 +16,9 @@ interface ICircuitBreakerGuard {
     error ExceedsDeltaLimit(bytes32 key, uint256 currentValue, uint256 newValue, uint256 maxDeltaBps, uint256 window);
     error ZeroAnchor();
 
-    /// @notice Tally an amount and revert if the rolling window limit is exceeded.
+    /// @notice Tally an amount and revert if the fixed-window limit is exceeded.
     ///         Use for bounding total throughput (e.g. bridge outflows per 24h).
+    ///         The window resets on the first tally after expiry; transfers within the same window accumulate.
     /// @param key     Identifier scoping this breaker (e.g. keccak256(abi.encode(poolId, asset))).
     /// @param amount  Amount to add to the tally.
     /// @param max     Maximum cumulative amount per window.
@@ -35,12 +36,6 @@ interface ICircuitBreakerGuard {
     /// @param window        Window duration in seconds.
     function delta(bytes32 key, uint256 currentValue, uint256 newValue, uint256 maxDeltaBps, uint256 window) external;
 
-    function cumulative(address caller, bytes32 key, uint256 window)
-        external
-        view
-        returns (uint128 total, uint64 windowStart);
-    function refs(address caller, bytes32 key, uint256 window)
-        external
-        view
-        returns (uint128 anchor, uint64 windowStart);
+    function cumulative(address caller, bytes32 key) external view returns (uint128 total, uint64 windowStart);
+    function refs(address caller, bytes32 key) external view returns (uint128 anchor, uint64 windowStart);
 }
diff --git a/src/managers/spoke/guards/interfaces/ISlippageGuard.sol b/src/managers/spoke/guards/interfaces/ISlippageGuard.sol
index ac4a5feca..861cfb4b7 100644
--- a/src/managers/spoke/guards/interfaces/ISlippageGuard.sol
+++ b/src/managers/spoke/guards/interfaces/ISlippageGuard.sol
@@ -4,8 +4,7 @@ pragma solidity >=0.5.0;
 import {PoolId} from "../../../../core/types/PoolId.sol";
 import {ISpoke} from "../../../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../../core/types/ShareClassId.sol";
-import {IBalanceSheet} from "../../../../core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../../../../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub} from "../../../../core/utils/interfaces/IManagerCall.sol";
 
 import {IOnchainPMFactory} from "../../interfaces/IOnchainPMFactory.sol";
 
@@ -24,7 +23,7 @@ struct PeriodState {
     uint48 periodStart;
 }
 
-interface ISlippageGuard is ITrustedContractUpdate {
+interface ISlippageGuard is IManagerCallFromHub {
     error SlippageExceeded(uint256 withdrawn, uint256 deposited, uint16 maxBps);
     error PeriodLossExceeded(uint128 accumulated, uint128 maxPeriodLoss);
     error EmptyAssets();
@@ -33,6 +32,8 @@ interface ISlippageGuard is ITrustedContractUpdate {
     error NotOpener();
     error ContextMismatch();
     error NotAuthorized();
+    error NotEnvoy();
+    error UnexpectedValue();
     error ZeroPrice();
 
     event SetConfig(PoolId indexed poolId, ShareClassId indexed scId, uint128 maxPeriodLoss, uint32 periodDuration);
@@ -54,8 +55,7 @@ interface ISlippageGuard is ITrustedContractUpdate {
     function close(PoolId poolId, ShareClassId scId, uint16 maxSlippageBps) external;
 
     function spoke() external view returns (ISpoke);
-    function balanceSheet() external view returns (IBalanceSheet);
-    function contractUpdater() external view returns (address);
+    function envoy() external view returns (address);
     function onchainPMFactory() external view returns (IOnchainPMFactory);
     function config(PoolId poolId, ShareClassId scId)
         external
diff --git a/src/managers/spoke/interfaces/IAccountingToken.sol b/src/managers/spoke/interfaces/IAccountingToken.sol
index 38137d466..e93f574de 100644
--- a/src/managers/spoke/interfaces/IAccountingToken.sol
+++ b/src/managers/spoke/interfaces/IAccountingToken.sol
@@ -5,9 +5,9 @@ import {IERC6909ExclOperator, IERC6909MetadataExt} from "../../../misc/interface
 
 import {PoolId} from "../../../core/types/PoolId.sol";
 import {ShareClassId} from "../../../core/types/ShareClassId.sol";
-import {ITrustedContractUpdate} from "../../../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub} from "../../../core/utils/interfaces/IManagerCall.sol";
 
-interface IAccountingToken is IERC6909ExclOperator, IERC6909MetadataExt, ITrustedContractUpdate {
+interface IAccountingToken is IERC6909ExclOperator, IERC6909MetadataExt, IManagerCallFromHub {
     event UpdateMinter(PoolId indexed poolId, address indexed minter, bool canMint);
     event Mint(
         PoolId indexed poolId, ShareClassId indexed scId, address indexed owner, uint256 tokenId, uint256 amount
@@ -17,11 +17,12 @@ interface IAccountingToken is IERC6909ExclOperator, IERC6909MetadataExt, ITruste
     );
 
     error NotMinter();
-    error NotAuthorized();
+    error NotEnvoy();
+    error UnexpectedValue();
     error ZeroAddress();
 
-    /// @notice The ContractUpdater that manages minter permissions.
-    function contractUpdater() external view returns (address);
+    /// @notice The Envoy that routes policy-supervised manager calls (minter permissions).
+    function envoy() external view returns (address);
 
     /// @notice Whether an address is an authorized minter for a pool.
     function minters(PoolId poolId, address who) external view returns (bool);
diff --git a/src/managers/spoke/interfaces/IOnOffRamp.sol b/src/managers/spoke/interfaces/IOnOffRamp.sol
index 32571b7de..6e716a232 100644
--- a/src/managers/spoke/interfaces/IOnOffRamp.sol
+++ b/src/managers/spoke/interfaces/IOnOffRamp.sol
@@ -5,14 +5,14 @@ import {IAccountingToken} from "./IAccountingToken.sol";
 import {IDepositManager, IWithdrawManager} from "./IBalanceSheetManager.sol";
 
 import {PoolId} from "../../../core/types/PoolId.sol";
+import {ISpoke} from "../../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../core/types/ShareClassId.sol";
-import {IBalanceSheet} from "../../../core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../../../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub} from "../../../core/utils/interfaces/IManagerCall.sol";
 
 /// @title  IOnOffRamp
 /// @notice Interface for managing onramp (deposits) and offramp (withdrawals) operations for a specific pool and share class
 /// @dev    Combines deposit, withdraw, and contract update functionality with relayer and asset whitelisting
-interface IOnOffRamp is IDepositManager, IWithdrawManager, ITrustedContractUpdate {
+interface IOnOffRamp is IDepositManager, IWithdrawManager, IManagerCallFromHub {
     enum TrustedCall {
         Onramp,
         Relayer,
@@ -28,8 +28,8 @@ interface IOnOffRamp is IDepositManager, IWithdrawManager, ITrustedContractUpdat
     error NotAllowedOnrampAsset();
     error InvalidOfframpDestination();
     error InvalidPoolId();
-    error InvalidShareClassId();
-    error NotContractUpdater();
+    error NotEnvoy();
+    error UnexpectedValue();
     error NotRelayer();
     error ERC6909NotSupported();
     error UnknownTrustedCall();
@@ -43,11 +43,11 @@ interface IOnOffRamp is IDepositManager, IWithdrawManager, ITrustedContractUpdat
     /// @notice Get the accounting token used for minting receipts
     function accountingToken() external view returns (IAccountingToken);
 
-    /// @notice Address authorized to update on/offramp configuration via trusted cross-chain calls
-    function contractUpdater() external view returns (address);
+    /// @notice The Envoy that routes policy-supervised on/offramp configuration updates
+    function envoy() external view returns (address);
 
     /// @notice Manages share token and asset balances, including minting, burning, and escrow transfers
-    function balanceSheet() external view returns (IBalanceSheet);
+    function spoke() external view returns (ISpoke);
 
     /// @notice Whether an asset is whitelisted for deposit (onramp) operations
     /// @param asset The asset address
diff --git a/src/managers/spoke/interfaces/IOnOffRampFactory.sol b/src/managers/spoke/interfaces/IOnOffRampFactory.sol
index 0c9b33626..040962c37 100644
--- a/src/managers/spoke/interfaces/IOnOffRampFactory.sol
+++ b/src/managers/spoke/interfaces/IOnOffRampFactory.sol
@@ -11,4 +11,7 @@ interface IOnOffRampFactory {
 
     /// @notice Deploys new on-offramp manager.
     function newManager(PoolId poolId, ShareClassId scId) external returns (IOnOffRamp);
+
+    /// @notice Returns the deterministic address of the on-offramp manager for the given pool and share class.
+    function previewManager(PoolId poolId, ShareClassId scId) external view returns (address);
 }
diff --git a/src/managers/spoke/interfaces/IOnchainPM.sol b/src/managers/spoke/interfaces/IOnchainPM.sol
index 7af6b610b..4e017cab1 100644
--- a/src/managers/spoke/interfaces/IOnchainPM.sol
+++ b/src/managers/spoke/interfaces/IOnchainPM.sol
@@ -2,10 +2,10 @@
 pragma solidity >=0.5.0;
 
 import {PoolId} from "../../../core/types/PoolId.sol";
+import {IManagerCallFromHub} from "../../../core/utils/interfaces/IManagerCall.sol";
 import {IBatchedMulticall} from "../../../core/utils/interfaces/IBatchedMulticall.sol";
-import {ITrustedContractUpdate} from "../../../core/utils/interfaces/IContractUpdate.sol";
 
-interface IOnchainPM is IBatchedMulticall, ITrustedContractUpdate {
+interface IOnchainPM is IBatchedMulticall, IManagerCallFromHub {
     /// @notice A pre-committed callback: the script hash the outer script expects, and the address
     ///         that must call executeCallback() to satisfy it.
     struct Callback {
@@ -25,7 +25,8 @@ interface IOnchainPM is IBatchedMulticall, ITrustedContractUpdate {
     error UnconsumedCallbacks();
     error SelfCallForbidden();
     error InvalidPoolId();
-    error NotAuthorized();
+    error NotEnvoy();
+    error UnexpectedValue();
     error StateLengthOverflow();
     error InvalidBitmap();
     error NotInExecution();
@@ -33,7 +34,10 @@ interface IOnchainPM is IBatchedMulticall, ITrustedContractUpdate {
     error ETHRefundFailed();
 
     function poolId() external view returns (PoolId);
-    function contractUpdater() external view returns (address);
+
+    /// @notice The Envoy that routes policy-supervised strategist updates
+    function envoy() external view returns (address);
+
     function policy(address strategist) external view returns (bytes32);
     function activeStrategist() external view returns (address);
     function callbackIdx() external view returns (uint256);
diff --git a/src/managers/spoke/interfaces/IOnchainPMFactory.sol b/src/managers/spoke/interfaces/IOnchainPMFactory.sol
index 6e8336dce..f7049a768 100644
--- a/src/managers/spoke/interfaces/IOnchainPMFactory.sol
+++ b/src/managers/spoke/interfaces/IOnchainPMFactory.sol
@@ -4,16 +4,16 @@ pragma solidity >=0.5.0;
 import {IOnchainPM} from "./IOnchainPM.sol";
 
 import {PoolId} from "../../../core/types/PoolId.sol";
+import {ISpoke} from "../../../core/spoke/interfaces/ISpoke.sol";
 import {IGateway} from "../../../core/messaging/interfaces/IGateway.sol";
-import {IBalanceSheet} from "../../../core/spoke/interfaces/IBalanceSheet.sol";
 
 interface IOnchainPMFactory {
     event DeployOnchainPM(PoolId indexed poolId, address indexed onchainPM);
 
     error InvalidPoolId();
 
-    function contractUpdater() external view returns (address);
-    function balanceSheet() external view returns (IBalanceSheet);
+    function envoy() external view returns (address);
+    function spoke() external view returns (ISpoke);
     function gateway() external view returns (IGateway);
 
     /// @notice Deploys a new OnchainPM for the given pool. Reverts if one is already deployed
diff --git a/src/managers/spoke/interfaces/IQueueManager.sol b/src/managers/spoke/interfaces/IQueueManager.sol
index dd3b06f56..284d061ee 100644
--- a/src/managers/spoke/interfaces/IQueueManager.sol
+++ b/src/managers/spoke/interfaces/IQueueManager.sol
@@ -3,9 +3,10 @@ pragma solidity >=0.5.0;
 
 import {PoolId} from "../../../core/types/PoolId.sol";
 import {AssetId} from "../../../core/types/AssetId.sol";
+import {ISpoke} from "../../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../core/types/ShareClassId.sol";
 import {IGateway} from "../../../core/messaging/interfaces/IGateway.sol";
-import {IBalanceSheet} from "../../../core/spoke/interfaces/IBalanceSheet.sol";
+import {ISnapshotQueue} from "../../../core/spoke/interfaces/ISnapshotQueue.sol";
 
 /// @title  IQueueManager
 /// @notice Interface for managing queued asset and share synchronization across chains
@@ -15,7 +16,8 @@ interface IQueueManager {
         PoolId indexed poolId, ShareClassId indexed scId, uint64 newMinDelay, uint128 newExtraGasLimit
     );
 
-    error NotContractUpdater();
+    error NotEnvoy();
+    error UnexpectedValue();
     error MinDelayNotElapsed();
     error NoUpdateForAsset();
     error InsufficientFunds();
@@ -29,11 +31,14 @@ interface IQueueManager {
     /// @notice Routes and batches cross-chain messages between hub and spoke
     function gateway() external view returns (IGateway);
 
-    /// @notice Address authorized to update queue configuration via trusted cross-chain calls
-    function contractUpdater() external view returns (address);
+    /// @notice The Envoy that routes policy-supervised queue configuration updates
+    function envoy() external view returns (address);
 
     /// @notice Manages share token and asset balances, including minting, burning, and escrow transfers
-    function balanceSheet() external view returns (IBalanceSheet);
+    function spoke() external view returns (ISpoke);
+
+    /// @notice Stores the queued share and asset deltas pending submission to the hub
+    function snapshotQueue() external view returns (ISnapshotQueue);
 
     /// @notice Queue configuration and timing state for a specific pool and share class
     /// @param poolId The pool ID
diff --git a/src/managers/spoke/interfaces/IShareManager.sol b/src/managers/spoke/interfaces/IShareManager.sol
new file mode 100644
index 000000000..c30a5070a
--- /dev/null
+++ b/src/managers/spoke/interfaces/IShareManager.sol
@@ -0,0 +1,46 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../../core/types/PoolId.sol";
+import {ISpoke} from "../../../core/spoke/interfaces/ISpoke.sol";
+import {ShareClassId} from "../../../core/types/ShareClassId.sol";
+import {ISpokeRegistry} from "../../../core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../../core/utils/interfaces/IManagerCall.sol";
+
+/// @title  IShareManager
+/// @notice Interface for hub-driven share issuance and revocation
+/// @dev    All operations are manager calls from the hub arriving through the Envoy, so each one matured
+///         through the hub policy.
+///
+///         Revocation pulls shares from any holder of the share class, without touching the holder's own
+///         books. A pool holding another pool's share token as an asset therefore trusts that pool's
+///         manager not to revoke it from under its escrow, since such a revocation leaves the holding
+///         pool's booked amount overstated until it is revalued.
+///
+///         The contract holds no balance between calls and has no way to return one: `fromHub` carries only
+///         a `poolId`, so it cannot tell which pool an arbitrary token belongs to, and it deliberately
+///         carries neither `Auth` nor `Recoverable`. Anything transferred to it is therefore stuck until
+///         Root recovers it, so treat transfers to this address as requiring administrative recovery.
+interface IShareManager is IManagerCallFromHub {
+    enum ManagerCall {
+        Issue,
+        Revoke
+    }
+
+    event Issue(PoolId indexed poolId, ShareClassId indexed scId, address indexed account, uint128 shares);
+    event Revoke(PoolId indexed poolId, ShareClassId indexed scId, address indexed account, uint128 shares);
+
+    error NotEnvoy();
+    error UnexpectedValue();
+    error UnknownManagerCall();
+    error EmptyAmount();
+
+    /// @notice The Envoy that routes policy-supervised share operations
+    function envoy() external view returns (address);
+
+    /// @notice Manages share token balances, including minting, burning, and escrow transfers
+    function spoke() external view returns (ISpoke);
+
+    /// @notice Registry resolving the share token for each pool and share class
+    function spokeRegistry() external view returns (ISpokeRegistry);
+}
diff --git a/src/misc/Escrow.sol b/src/misc/Escrow.sol
index 86e13ccc9..61eb887de 100644
--- a/src/misc/Escrow.sol
+++ b/src/misc/Escrow.sol
@@ -4,8 +4,8 @@ pragma solidity 0.8.28;
 import {Auth} from "./Auth.sol";
 import {IERC20} from "./interfaces/IERC20.sol";
 import {IEscrow} from "./interfaces/IEscrow.sol";
-import {IERC6909} from "./interfaces/IERC6909.sol";
 import {SafeTransferLib} from "./libraries/SafeTransferLib.sol";
+import {IERC6909, TransferFailed} from "./interfaces/IERC6909.sol";
 
 /// @title  Escrow
 /// @notice This contract provides custody of ERC20 and ERC6909 tokens.
@@ -23,7 +23,7 @@ contract Escrow is Auth, IEscrow {
             uint256 balance = IERC6909(asset).balanceOf(address(this), tokenId);
             require(balance >= amount, InsufficientBalance(asset, tokenId, amount, balance));
 
-            IERC6909(asset).transfer(receiver, tokenId, amount);
+            require(IERC6909(asset).transfer(receiver, tokenId, amount), TransferFailed());
         }
 
         emit AuthTransferTo(asset, tokenId, receiver, amount);
diff --git a/src/misc/Recoverable.sol b/src/misc/Recoverable.sol
index 29681d834..06ebceeb8 100644
--- a/src/misc/Recoverable.sol
+++ b/src/misc/Recoverable.sol
@@ -2,8 +2,8 @@
 pragma solidity 0.8.28;
 
 import {Auth} from "./Auth.sol";
-import {IERC6909} from "./interfaces/IERC6909.sol";
 import {SafeTransferLib} from "./libraries/SafeTransferLib.sol";
+import {IERC6909, TransferFailed} from "./interfaces/IERC6909.sol";
 import {IRecoverable, ETH_ADDRESS} from "./interfaces/IRecoverable.sol";
 
 /// @title  Recoverable
@@ -25,7 +25,7 @@ abstract contract Recoverable is Auth, IRecoverable {
         if (tokenId == 0) {
             recoverTokens(token, receiver, amount);
         } else {
-            IERC6909(token).transfer(receiver, tokenId, amount);
+            require(IERC6909(token).transfer(receiver, tokenId, amount), TransferFailed());
         }
     }
 }
diff --git a/src/misc/interfaces/IERC1404.sol b/src/misc/interfaces/IERC1404.sol
new file mode 100644
index 000000000..eb86dbb14
--- /dev/null
+++ b/src/misc/interfaces/IERC1404.sol
@@ -0,0 +1,18 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+interface IERC1404 {
+    /// @notice Detects if a transfer will be reverted and if so returns an appropriate reference code
+    /// @param from Sending address
+    /// @param to Receiving address
+    /// @param value Amount of tokens being transferred
+    /// @return Code by which to reference message for rejection reasoning
+    /// @dev Overwrite with your custom transfer restriction logic
+    function detectTransferRestriction(address from, address to, uint256 value) external view returns (uint8);
+
+    /// @notice Returns a human-readable message for a given restriction code
+    /// @param restrictionCode Identifier for looking up a message
+    /// @return Text showing the restriction's reasoning
+    /// @dev Overwrite with your custom message and restrictionCode handling
+    function messageForTransferRestriction(uint8 restrictionCode) external view returns (string memory);
+}
diff --git a/src/misc/interfaces/IERC6909.sol b/src/misc/interfaces/IERC6909.sol
index 53b2dd3c6..48c2506fe 100644
--- a/src/misc/interfaces/IERC6909.sol
+++ b/src/misc/interfaces/IERC6909.sol
@@ -3,6 +3,9 @@ pragma solidity >=0.5.0;
 
 import {IERC165} from "forge-std/interfaces/IERC165.sol";
 
+/// @notice Dispatched when an ERC-6909 transfer returns false instead of reverting.
+error TransferFailed();
+
 interface IERC6909 is IERC165 {
     error EmptyOwner();
     error EmptyAmount();
diff --git a/src/misc/libraries/ArrayLib.sol b/src/misc/libraries/ArrayLib.sol
index c7a661628..fc3d7407b 100644
--- a/src/misc/libraries/ArrayLib.sol
+++ b/src/misc/libraries/ArrayLib.sol
@@ -9,9 +9,8 @@ library ArrayLib {
         }
     }
 
-    function decreaseFirstNValues(int16[8] storage arr, uint8 numValues, uint8 numValuesLowerZero) internal {
+    function decreaseFirstNValues(int16[8] storage arr, uint8 numValues) internal {
         for (uint256 i; i < numValues; i++) {
-            if (i >= numValuesLowerZero && arr[i] <= 0) continue;
             arr[i] -= 1;
         }
     }
diff --git a/src/misc/libraries/BytesLib.sol b/src/misc/libraries/BytesLib.sol
index 3bba00469..97263b5ea 100644
--- a/src/misc/libraries/BytesLib.sol
+++ b/src/misc/libraries/BytesLib.sol
@@ -186,4 +186,10 @@ library BytesLib {
         require(_bytes.length > _start, SliceOutOfBounds());
         return _bytes[_start] != 0;
     }
+
+    function decodeCall(bytes calldata data) internal pure returns (bytes4 selector, bytes calldata payload) {
+        require(data.length >= 4, SliceOutOfBounds());
+        selector = bytes4(data[:4]);
+        payload = data[4:];
+    }
 }
diff --git a/src/misc/libraries/ExcessivelySafeCallLib.sol b/src/misc/libraries/ExcessivelySafeCallLib.sol
index 5e8142327..01f383096 100644
--- a/src/misc/libraries/ExcessivelySafeCallLib.sol
+++ b/src/misc/libraries/ExcessivelySafeCallLib.sol
@@ -29,10 +29,7 @@ library ExcessivelySafeCallLib {
         uint256 _toCopy;
         bool _success;
         bytes memory _returnData = new bytes(_maxCopy);
-        // dispatch message to recipient
-        // by assembly calling "handle" function
-        // we call via assembly to avoid memcopying a very large returndata
-        // returned by a malicious contract
+        // Call via assembly to avoid memcopying a very large returndata returned by a malicious contract
         assembly {
             _success := call(
                 _gas, // gas
@@ -43,7 +40,7 @@ library ExcessivelySafeCallLib {
                 0, // outloc
                 0 // outlen
             )
-            // limit our copy to 256 bytes
+            // limit our copy to _maxCopy bytes
             _toCopy := returndatasize()
             if gt(_toCopy, _maxCopy) {
                 _toCopy := _maxCopy
diff --git a/src/misc/libraries/MathLib.sol b/src/misc/libraries/MathLib.sol
index 793668894..06f8578a0 100644
--- a/src/misc/libraries/MathLib.sol
+++ b/src/misc/libraries/MathLib.sol
@@ -198,4 +198,9 @@ library MathLib {
     function max(uint256 a, uint256 b) internal pure returns (uint256) {
         return a > b ? a : b;
     }
+
+    /// @notice Returns the absolute difference |a - b|, never underflows.
+    function absDiff(uint256 a, uint256 b) internal pure returns (uint256) {
+        return a > b ? a - b : b - a;
+    }
 }
diff --git a/src/misc/libraries/SafeTransferLib.sol b/src/misc/libraries/SafeTransferLib.sol
index f78b704ef..cd97208ae 100644
--- a/src/misc/libraries/SafeTransferLib.sol
+++ b/src/misc/libraries/SafeTransferLib.sol
@@ -66,11 +66,12 @@ library SafeTransferLib {
     }
 
     /// @notice Transfers ETH to the recipient address
-    /// @dev Fails with `STE`
+    /// @dev Reverts with `SafeTransferEthFailed` on failure
     /// @dev Make sure that method that is using this function is protected from reentrancy
     /// @param to The destination of the transfer
     /// @param value The value to be transferred
     function safeTransferETH(address to, uint256 value) internal {
+        if (value == 0) return;
         (bool success,) = to.call{value: value}(new bytes(0));
         require(success, SafeTransferEthFailed());
     }
diff --git a/src/misc/types/D18.sol b/src/misc/types/D18.sol
index 372092a9c..510379c0b 100644
--- a/src/misc/types/D18.sol
+++ b/src/misc/types/D18.sol
@@ -61,8 +61,7 @@ function mulUint256(D18 d, uint256 value, MathLib.Rounding rounding) pure return
     return MathLib.mulDiv(D18.unwrap(d), value, 1e18, rounding);
 }
 
-/// @dev  Divides an integer by a decimal, i.e.
-/// @dev  Same as mulDiv for integers, i.e:
+/// @dev  Divides an integer by a decimal, i.e.:
 /// - d (decimal):      2_000_000_000_000_000_000
 /// - value (integer):  100_000_000_000_000_000_000
 /// - result (integer): 50_000_000_000_000_000_000
@@ -70,8 +69,7 @@ function reciprocalMulUint128(D18 d, uint128 value, MathLib.Rounding rounding) p
     return MathLib.mulDiv(value, 1e18, d.raw(), rounding).toUint128();
 }
 
-/// @dev  Divides an integer by a decimal, i.e.
-/// @dev  Same as mulDiv for integers, i.e:
+/// @dev  Divides an integer by a decimal, i.e.:
 /// - d (decimal):      2_000_000_000_000_000_000
 /// - value (integer):  100_000_000_000_000_000_000
 /// - result (integer): 50_000_000_000_000_000_000
@@ -105,11 +103,20 @@ function raw(D18 d) pure returns (uint128) {
     return D18.unwrap(d);
 }
 
+/// @dev True iff `value` is within `maxDeviation` of the reference value.
+///      Boundary is inclusive. NOTE: Strict equality via maxDeviation == 0.
+function withinDeviation(D18 value, D18 reference_, uint128 maxDeviation) pure returns (bool) {
+    uint256 ref = reference_.raw();
+    uint256 delta = MathLib.absDiff(value.raw(), ref);
+    // Cross-multiply to avoid ceil-rounding: rewrite delta/ref <= maxDeviation/1e18 without division.
+    return delta * 1e18 <= uint256(maxDeviation) * ref;
+}
+
 using {
     add as +,
     sub as -,
     divD18 as /,
-    eq,
+    eq as ==,
     mulD18 as *,
     mulUint128,
     mulUint256,
@@ -118,5 +125,6 @@ using {
     reciprocal,
     raw,
     isZero,
-    isNotZero
+    isNotZero,
+    withinDeviation
 } for D18 global;
diff --git a/src/policies/hub/StdHubPolicy.sol b/src/policies/hub/StdHubPolicy.sol
new file mode 100644
index 000000000..03d8ac11d
--- /dev/null
+++ b/src/policies/hub/StdHubPolicy.sol
@@ -0,0 +1,405 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IStdHubPolicy, IStdHubPolicyFactory} from "./interfaces/IStdHubPolicy.sol";
+
+import {D18} from "../../misc/types/D18.sol";
+import {CastLib} from "../../misc/libraries/CastLib.sol";
+import {MathLib} from "../../misc/libraries/MathLib.sol";
+import {BytesLib} from "../../misc/libraries/BytesLib.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {AssetId} from "../../core/types/AssetId.sol";
+import {IHub} from "../../core/hub/interfaces/IHub.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
+import {IHubRegistry} from "../../core/hub/interfaces/IHubRegistry.sol";
+import {IPolicy, IHubPolicy} from "../../core/utils/interfaces/IPolicy.sol";
+import {IMultiAdapter} from "../../core/messaging/interfaces/IMultiAdapter.sol";
+import {IShareClassManager} from "../../core/hub/interfaces/IShareClassManager.sol";
+
+import {IBridgeCircuitBreaker} from "../../hooks/bridge/interfaces/IBridgeCircuitBreaker.sol";
+import {UpdateRestrictionType} from "../../token/hooks/libraries/UpdateRestrictionMessageLib.sol";
+
+import {ManagerAction} from "../../vaults/interfaces/IBatchRequestManager.sol";
+
+/// @title  Standard Hub Policy
+/// @notice Default pool policy installed on the Hub via {IHub.setPolicy}. A pure classifier; the
+///         authorization ledger lives in {HubRegistry}, shared by every policy.
+///
+///         The Hub calls {enforce} on every guarded manager method. In-policy calls (delay 0) run
+///         synchronously; out-of-policy calls must be pre-authorized via {IHubRegistry.initiateAuthorization}, mature
+///         past `delay`, and are consumed by {enforce} within `expiry` (else they fail closed). Sentinels
+///         get a veto window via {Supervisor.cancelAuthorization}. One instance can serve many pools.
+///         `escalation` (a longer delay) applies only to replacing the policy; a construction-time
+///         allowlist can additionally confine a caller to a fixed selector set.
+///
+///         Per-selector policy (see {_authorizationDelay} for the exhaustive dispatch):
+///         - Accounting/price writes, when `onchainAccounting` is set, are gated to the NAVManager /
+///           SimplePriceManager and run instantly; `updateSharePrice` is further rate/cap-bounded by
+///           {_checkSharePrice}.
+///         - `updateHubManager`, `setRequestManager`, `updateVault`, `updateCurrency`, `addShareClass`,
+///           `notifyShareClass`, `updateManager`, `setAdapters`, and `authorizeSpokeCall` are always out of policy.
+///         - `managerCall` is out of policy, additionally bounded by {_checkManagerCall}, which pins the
+///           call by target: the configured request manager (BRM) is bounded by {_checkRequestPrice}, a
+///           SetPaused to the configured bridging hook is instant, every other target is out of policy.
+///         - `setPolicy` and `setSpokePolicy` use `escalation` instead of `delay`.
+///         - Cross-chain notifications and pool/share metadata updates are in policy, except
+///           `notifyShareClass`, which carries a caller-supplied registrar rather than committed state.
+///         - Everything else (deny-by-default) falls through to `delay`.
+contract StdHubPolicy is IStdHubPolicy {
+    using BytesLib for bytes;
+    using CastLib for bytes32;
+
+    /// @dev Selectors for the two updateSharePrice overloads. Explicit constants are required because
+    ///      Solidity cannot disambiguate IHub.updateSharePrice.selector once the name is overloaded.
+    bytes4 private constant UPDATE_SHARE_PRICE_WITH_TIMESTAMP =
+        bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128,uint64)"));
+    bytes4 private constant UPDATE_SHARE_PRICE = bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128)"));
+
+    // Dependencies
+    IHub public immutable hub;
+    address public immutable navManager;
+    address public immutable bridgingHook;
+    address public immutable requestManager;
+    address public immutable oracleValuation;
+    IHubRegistry public immutable hubRegistry;
+    IMultiAdapter public immutable multiAdapter;
+    address public immutable simplePriceManager;
+    IShareClassManager public immutable shareClassManager;
+
+    // Parameters
+    uint48 public immutable delay;
+    uint48 public immutable expiry;
+    uint48 public immutable escalation;
+    bool public immutable onchainAccounting;
+    uint128 public immutable thresholdPerSecond;
+    uint128 public immutable maxBrmPriceDeviation;
+    uint128 public immutable maxAbsolutePriceDelta;
+
+    // State
+    mapping(PoolId => mapping(ShareClassId => uint64)) public lastPriceUpdate;
+    mapping(PoolId poolId => mapping(address caller => bool)) public restricted;
+    mapping(PoolId poolId => mapping(address caller => mapping(bytes4 selector => bool))) public allowed;
+
+    constructor(IHub hub_, IMultiAdapter multiAdapter_, IShareClassManager shareClassManager_, Config memory config) {
+        require(config.delay > 0 && config.escalation > config.delay && config.expiry > 0, InvalidConfig());
+
+        // Dependencies
+        hub = hub_;
+        navManager = config.navManager;
+        requestManager = config.requestManager;
+        bridgingHook = config.bridgingHook;
+        oracleValuation = config.oracleValuation;
+        hubRegistry = hub_.hubRegistry();
+        multiAdapter = multiAdapter_;
+        simplePriceManager = config.simplePriceManager;
+        shareClassManager = shareClassManager_;
+
+        // Parameters
+        delay = config.delay;
+        expiry = config.expiry;
+        escalation = config.escalation;
+        onchainAccounting = config.onchainAccounting;
+        thresholdPerSecond = config.thresholdPerSecond;
+        maxBrmPriceDeviation = config.maxBrmPriceDeviation;
+        maxAbsolutePriceDelta = config.maxAbsolutePriceDelta;
+
+        for (uint256 i; i < config.allowlist.length; i++) {
+            Entry memory entry = config.allowlist[i];
+            restricted[entry.poolId][entry.caller] = true;
+            for (uint256 j; j < entry.selectors.length; j++) {
+                allowed[entry.poolId][entry.caller][entry.selectors[j]] = true;
+            }
+        }
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Authorize flow
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IPolicy
+    /// @dev The authorization ledger (storing/maturing/consuming) lives in {HubRegistry}; this only
+    ///      classifies and, when out of policy, consumes a matured authorization there.
+    function enforce(PoolId poolId, address caller, bytes calldata data) external {
+        require(msg.sender == address(hub), NotEnforcer());
+        (bytes4 selector, bytes calldata payload) = data.decodeCall();
+
+        // In onchainAccounting mode, share-price updates may only be executed by the SimplePriceManager.
+        // The check lives here (not in _authorizationDelay) so pool managers can still pre-authorize out-of-policy
+        // price moves via hubRegistry.initiateAuthorization, which calls authorizationDelay with the manager as caller.
+        if (onchainAccounting && (_isSharePriceUpdate(selector))) {
+            require(caller == simplePriceManager, OnchainAccountingOnly());
+        }
+
+        if (_authorizationDelay(poolId, caller, selector, payload) != 0) {
+            hubRegistry.consumeAuthorization(poolId, caller, data, expiry);
+        }
+
+        // Anchor the share-price baseline to this executed update (never from authorize/cancel), so the
+        // rate guard measures from actual price changes. Re-committing the committed price is not a move:
+        // leaving the baseline alone stops no-op recomputes from tightening the guard. The very first
+        // executed update always anchors, even when it re-commits the stored price, so the unguarded first
+        // update can't be spent on a no-op (a fresh share class reads back 0) and leave the guard unarmed.
+        // On a policy change someone can permissionlessly commit the current price (NAVManager.updateHoldingValue
+        // is open), anchoring the baseline at that block and narrowing the accepted deviation for the next move.
+        if (_isSharePriceUpdate(selector)) {
+            (, ShareClassId scId, D18 newPrice) = abi.decode(payload[:96], (PoolId, ShareClassId, D18));
+            (D18 lastPrice,) = shareClassManager.pricePoolPerShare(poolId, scId);
+            if (newPrice.raw() != lastPrice.raw() || lastPriceUpdate[poolId][scId] == 0) {
+                lastPriceUpdate[poolId][scId] = uint64(block.timestamp);
+            }
+        }
+    }
+
+    /// @inheritdoc IHubPolicy
+    /// @dev Called by {HubRegistry.initiateAuthorization} (to price the delay) and by {enforce}. Reverts to block
+    ///      a forbidden call outright.
+    function authorizationDelay(PoolId poolId, address caller, bytes calldata data) external view returns (uint48) {
+        (bytes4 selector, bytes calldata payload) = data.decodeCall();
+        return _authorizationDelay(poolId, caller, selector, payload);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Classification (pure view)
+    //----------------------------------------------------------------------------------------------
+
+    /// @dev Classify the call: 0 if in policy, else the delay an authorization must age; reverts to
+    ///      block outright. Deny-by-default, so an unlisted selector is out of policy, not unguarded.
+    function _authorizationDelay(PoolId poolId, address caller, bytes4 selector, bytes calldata payload)
+        internal
+        view
+        returns (uint48)
+    {
+        // Per-caller confinement: an allowlisted caller may invoke only its listed selectors for this pool;
+        // anything else is blocked outright. A permitted selector still flows through the value guards below.
+        if (restricted[poolId][caller]) {
+            require(allowed[poolId][caller][selector], CallerNotAllowed());
+        }
+
+        // Oracle valuation is in policy for updateHoldingValue with or without onchain accounting.
+        if (oracleValuation != address(0) && caller == oracleValuation && selector == IHub.updateHoldingValue.selector)
+        {
+            return 0;
+        }
+
+        // On-chain accounting: accounting selectors come only from the NAVManager, price only from the
+        // SimplePriceManager (both run synchronously); any other caller is blocked outright.
+        if (onchainAccounting) {
+            if (_isAccountingSelector(selector)) {
+                require(caller == navManager, OnchainAccountingOnly());
+                return 0;
+            }
+            if (_isSharePriceUpdate(selector)) {
+                return _checkSharePrice(poolId, payload);
+            }
+            // The snapshot hook drives the accounting, so it may only point at the NAVManager.
+            if (selector == IHub.setSnapshotHook.selector) {
+                (, address hook) = abi.decode(payload, (PoolId, address));
+                require(hook == navManager, OnchainAccountingOnly());
+                return 0;
+            }
+        }
+
+        // Out of policy, flat `delay`: hub-manager grant/revoke (delaying revocation stops instant
+        // Supervisor removal), request-manager / hook / vault / currency changes, adding a share class, and
+        // notifying it to a spoke, whose caller-supplied registrar becomes the share token's mint authority.
+        // Sentinel runbook: check that registrar against the canonical one for the destination chain.
+        // forgefmt: disable-next-item
+        if (selector == IHub.updateHubManager.selector ||
+            selector == IHub.setRequestManager.selector ||
+            selector == IHub.updateVault.selector ||
+            selector == IHub.updateCurrency.selector ||
+            selector == IHub.addShareClass.selector ||
+            selector == IHub.notifyShareClass.selector ||
+            selector == IHub.setAdapters.selector ||
+            selector == IHub.authorizeSpokeCall.selector
+        ) return delay;
+
+        // Out of policy: a manager grant or revoke (instant mass-revocation by one manager could strip
+        // all others), a share-price move beyond the rate/cap guard, a non-withdrawal contract update,
+        // or a BRM managerCall whose price deviates beyond `maxBrmPriceDeviation`.
+        if (selector == IHub.updateManager.selector) return delay;
+        if (_isSharePriceUpdate(selector)) {
+            return _checkSharePrice(poolId, payload);
+        }
+        if (selector == IHub.updateRestriction.selector) return _checkRestriction(payload);
+        if (selector == IHub.managerCall.selector) return _checkManagerCall(poolId, payload);
+
+        // The sentinel veto path runs instantly, but still passes through the per-caller confinement
+        // above, so a restricted manager can't wield it as a pool-wide governance-DoS primitive.
+        if (selector == IHub.cancelAuthorization.selector) return 0;
+
+        // Replacing a policy (the local hub one, or a spoke's pushed one) disables all future policy on
+        // that side, so it uses the longer `escalation`.
+        if (selector == IHub.setPolicy.selector || selector == IHub.setSpokePolicy.selector) return escalation;
+
+        // In policy: cross-chain notifications (keeper-driven pushes of committed state) and metadata.
+        // `notifyShareClass` is excluded above: it is a one-shot deployment carrying an uncommitted registrar,
+        // not a re-push. Everything else (accounting, holdings, config) falls through to the timelocked default.
+        // forgefmt: disable-next-item
+        if (selector == IHub.notifyPool.selector ||
+            selector == IHub.notifyShareMetadata.selector ||
+            selector == IHub.notifySharePrice.selector ||
+            selector == IHub.notifyAssetPrice.selector ||
+            selector == IHub.setPoolMetadata.selector ||
+            selector == IHub.updateShareClassMetadata.selector
+        ) return 0;
+
+        // Deny-by-default: unlisted selectors fail closed (a method added later gets only the standard
+        // delay + sentinel veto, never instant). Sentinel runbook: an authorization for an unknown
+        // selector is a high-signal alert and should be scrutinised before its delay elapses.
+        return delay;
+    }
+
+    function _isSharePriceUpdate(bytes4 selector) private pure returns (bool) {
+        return selector == UPDATE_SHARE_PRICE_WITH_TIMESTAMP || selector == UPDATE_SHARE_PRICE;
+    }
+
+    /// @dev Accounting surface owned by the NAVManager under `onchainAccounting`. Share price
+    ///      (`updateSharePrice`) is the SimplePriceManager's, handled separately.
+    function _isAccountingSelector(bytes4 selector) internal pure returns (bool) {
+        // forgefmt: disable-next-item
+        return selector == IHub.createAccount.selector
+            || selector == IHub.setAccountMetadata.selector
+            || selector == IHub.updateJournal.selector
+            || selector == IHub.initializeHolding.selector
+            || selector == IHub.updateHoldingValue.selector
+            || selector == IHub.updateHoldingValuation.selector;
+    }
+
+    /// @dev A canonical `Freeze` is strictly tightening, so it runs instantly: waiting out `delay` would let
+    ///      the target bridge/redeem/transfer out of reach, and a scheduled authorization would leak the
+    ///      target and maturity publicly. Everything else (Unfreeze, Member, malformed) stays on `delay`.
+    function _checkRestriction(bytes calldata payload) internal view returns (uint48) {
+        // Only `update` is needed; the trailing (extraGasLimit, refund) is skipped via the dynamic offset.
+        (,,, bytes memory update) = abi.decode(payload, (PoolId, ShareClassId, uint16, bytes));
+        // Canonical Freeze is exactly `abi.encodePacked(Freeze, user)` (1-byte type + 32-byte user). Comparing
+        // the raw byte (not casting to the enum) keeps an out-of-range type failing closed instead of reverting.
+        if (update.length != 33) return delay;
+        if (update.toUint8(0) != uint8(UpdateRestrictionType.Freeze)) return delay;
+        return 0;
+    }
+
+    /// @dev `managerCall` classification, pinned by target: the BRM is in policy but bounded by
+    ///      {_checkRequestPrice}, a SetPaused to the bridging hook is in policy, everything else is
+    ///      `delay`. Target pins are local addresses, so a remote `centrifugeId` always falls through to
+    ///      `delay`.
+    function _checkManagerCall(PoolId poolId, bytes calldata payload) internal view returns (uint48) {
+        // Below 224 bytes (7 x 32, the managerCall tuple's minimum ABI encoding), abi.decode would revert;
+        // classify as out-of-policy instead. {Supervisor._checkNotSelfRemoval} shares this shape and
+        // threshold; if the managerCall tuple changes, update both together.
+        if (payload.length < 224) return delay;
+        (, uint16 centrifugeId, bytes32 target, bytes memory inner,,,) =
+            abi.decode(payload, (PoolId, uint16, bytes32, bytes, uint128, uint256, address));
+        if (centrifugeId != hub.sender().localCentrifugeId()) return delay;
+
+        address targetAddr = target.toAddress();
+        if (targetAddr == requestManager) return _checkRequestPrice(poolId, inner);
+        if (
+            bridgingHook != address(0) && targetAddr == bridgingHook && inner.length >= 32
+                && inner.toUint256(0) == uint256(IBridgeCircuitBreaker.ConfigKind.SetPaused)
+        ) return 0;
+        return delay;
+    }
+
+    /// @dev Bounds the BRM-supplied price against the pool's committed price (share price for issue/revoke,
+    ///      asset price for approvals). Unknown shapes and a reverting/zero reference fail closed to `delay`.
+    function _checkRequestPrice(PoolId poolId, bytes memory inner) internal view returns (uint48) {
+        if (maxBrmPriceDeviation == type(uint128).max) return 0; // guard disabled
+        if (inner.length < 32) return delay; // malformed: fail closed
+
+        uint8 kind = uint8(inner.toUint256(0));
+
+        D18 brmPrice;
+        D18 mainPrice;
+        if (kind == uint8(ManagerAction.IssueShares) || kind == uint8(ManagerAction.RevokeShares)) {
+            if (inner.length < 160) return delay; // need the scId + price words
+            ShareClassId scId = ShareClassId.wrap(inner.toBytes16(32));
+            brmPrice = D18.wrap(inner.toUint128(144));
+            (mainPrice,) = shareClassManager.pricePoolPerShare(poolId, scId);
+        } else if (kind == uint8(ManagerAction.ApproveDeposits) || kind == uint8(ManagerAction.ApproveRedeems)) {
+            if (inner.length < 192) return delay; // need the scId + assetId + price words
+            ShareClassId scId = ShareClassId.wrap(inner.toBytes16(32));
+            AssetId assetId = AssetId.wrap(inner.toUint128(80));
+            brmPrice = D18.wrap(inner.toUint128(176));
+            mainPrice = hub.pricePoolPerAsset(poolId, scId, assetId); // direct call: a revert bubbles up
+        } else if (
+            kind == uint8(ManagerAction.ForceCancelDepositRequest)
+                || kind == uint8(ManagerAction.ForceCancelRedeemRequest)
+        ) {
+            return 0; // returns the investor's own pending funds, carries no price
+        } else {
+            return delay; // unrecognized kind: deny-by-default, don't wave through instantly
+        }
+
+        if (mainPrice.isZero()) return delay; // no committed reference: fail closed
+        return brmPrice.withinDeviation(mainPrice, maxBrmPriceDeviation) ? 0 : delay;
+    }
+
+    /// @dev Out of policy if the single move exceeds `maxAbsolutePriceDelta` or the move/second since the
+    ///      last executed update exceeds `thresholdPerSecond` (same-block updates are forced out of policy
+    ///      to stop chunking). First update per share class under this policy instance is unguarded, as is
+    ///      a re-commit of the committed price (no move to bound); `computedAt` is ignored. {enforce}
+    ///      anchors the baseline on that first update either way, so the unguarded slot is spent once and
+    ///      not by a no-op.
+    function _checkSharePrice(PoolId poolId, bytes calldata payload) internal view returns (uint48) {
+        if (thresholdPerSecond == 0 && maxAbsolutePriceDelta == 0) return 0;
+
+        (, ShareClassId scId, D18 newPrice) = abi.decode(payload[:96], (PoolId, ShareClassId, D18));
+
+        uint64 lastUpdate = lastPriceUpdate[poolId][scId];
+        if (lastUpdate == 0) return 0; // no executed baseline yet, first update is in policy
+
+        (D18 lastPrice,) = shareClassManager.pricePoolPerShare(poolId, scId);
+        uint256 priceDelta = MathLib.absDiff(D18.unwrap(newPrice), D18.unwrap(lastPrice));
+        if (priceDelta == 0) return 0;
+
+        // Zero elapsed (same block) can't be rate-bounded, so out of policy: stops chunking many
+        // sub-threshold updates into one tx/block.
+        uint256 elapsed = block.timestamp - lastUpdate;
+        if (elapsed == 0) return delay;
+
+        if (maxAbsolutePriceDelta != 0 && priceDelta >= maxAbsolutePriceDelta) return delay;
+        if (thresholdPerSecond != 0 && priceDelta / elapsed >= thresholdPerSecond) return delay;
+
+        return 0;
+    }
+}
+
+/// @title  Standard Policy Factory
+/// @notice Deploys StdHubPolicy instances which are not necessarily pool-scoped.
+contract StdHubPolicyFactory is IStdHubPolicyFactory {
+    IHub public immutable hub;
+    IMultiAdapter public immutable multiAdapter;
+    IShareClassManager public immutable shareClassManager;
+
+    constructor(IHub hub_, IMultiAdapter multiAdapter_, IShareClassManager shareClassManager_) {
+        hub = hub_;
+        multiAdapter = multiAdapter_;
+        shareClassManager = shareClassManager_;
+    }
+
+    /// @inheritdoc IStdHubPolicyFactory
+    function newHubPolicy(IStdHubPolicy.Config memory config) external returns (IStdHubPolicy) {
+        StdHubPolicy policy = new StdHubPolicy{salt: _salt(config)}(hub, multiAdapter, shareClassManager, config);
+
+        emit DeployHubPolicy(address(policy));
+        return IStdHubPolicy(address(policy));
+    }
+
+    /// @inheritdoc IStdHubPolicyFactory
+    function previewHubPolicy(IStdHubPolicy.Config memory config) external view returns (address) {
+        bytes32 hash = keccak256(abi.encodePacked(bytes1(0xff), address(this), _salt(config), _initCodeHash(config)));
+        return address(uint160(uint256(hash)));
+    }
+
+    function _salt(IStdHubPolicy.Config memory config) internal view returns (bytes32) {
+        return keccak256(abi.encode(hub, multiAdapter, shareClassManager, config));
+    }
+
+    function _initCodeHash(IStdHubPolicy.Config memory config) internal view returns (bytes32) {
+        return keccak256(
+            abi.encodePacked(type(StdHubPolicy).creationCode, abi.encode(hub, multiAdapter, shareClassManager, config))
+        );
+    }
+}
diff --git a/src/policies/hub/interfaces/IStdHubPolicy.sol b/src/policies/hub/interfaces/IStdHubPolicy.sol
new file mode 100644
index 000000000..048517b01
--- /dev/null
+++ b/src/policies/hub/interfaces/IStdHubPolicy.sol
@@ -0,0 +1,76 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+import {PoolId} from "../../../core/types/PoolId.sol";
+import {IHub} from "../../../core/hub/interfaces/IHub.sol";
+import {ShareClassId} from "../../../core/types/ShareClassId.sol";
+import {IHubPolicy} from "../../../core/utils/interfaces/IPolicy.sol";
+import {IHubRegistry} from "../../../core/hub/interfaces/IHubRegistry.sol";
+import {IMultiAdapter} from "../../../core/messaging/interfaces/IMultiAdapter.sol";
+import {IShareClassManager} from "../../../core/hub/interfaces/IShareClassManager.sol";
+
+interface IStdHubPolicy is IHubPolicy {
+    error OnchainAccountingOnly();
+    error CallerNotAllowed();
+    error InvalidConfig();
+
+    /// @notice Confines a caller to a fixed set of selectors for a pool. A (pool, caller) with any
+    ///         entry may invoke only its listed selectors; everything else is blocked outright. Set
+    ///         once at construction.
+    struct Entry {
+        PoolId poolId;
+        address caller;
+        bytes4[] selectors;
+    }
+
+    /// @notice Policy configuration set at construction.
+    /// @dev Two price guards with opposite disable sentinels: `maxAbsolutePriceDelta` + `thresholdPerSecond`
+    ///      bound `updateSharePrice` (each `0` = off), `maxBrmPriceDeviation` bounds BRM call prices
+    ///      (`type(uint128).max` = off, `0` = exact match).
+    struct Config {
+        uint48 delay;
+        uint48 expiry;
+        uint48 escalation;
+        Entry[] allowlist;
+        address navManager;
+        bool onchainAccounting;
+        uint128 thresholdPerSecond;
+        uint128 maxBrmPriceDeviation;
+        uint128 maxAbsolutePriceDelta;
+        address simplePriceManager;
+        address requestManager;
+        address bridgingHook;
+        address oracleValuation;
+    }
+
+    function hub() external view returns (IHub);
+    function hubRegistry() external view returns (IHubRegistry);
+    function multiAdapter() external view returns (IMultiAdapter);
+    function shareClassManager() external view returns (IShareClassManager);
+    function delay() external view returns (uint48);
+    function expiry() external view returns (uint48);
+    function escalation() external view returns (uint48);
+    function thresholdPerSecond() external view returns (uint128);
+    function maxBrmPriceDeviation() external view returns (uint128);
+    function maxAbsolutePriceDelta() external view returns (uint128);
+    function onchainAccounting() external view returns (bool);
+    function navManager() external view returns (address);
+    function simplePriceManager() external view returns (address);
+    function requestManager() external view returns (address);
+    function bridgingHook() external view returns (address);
+    function oracleValuation() external view returns (address);
+    function lastPriceUpdate(PoolId poolId, ShareClassId scId) external view returns (uint64);
+    function restricted(PoolId poolId, address caller) external view returns (bool);
+    function allowed(PoolId poolId, address caller, bytes4 selector) external view returns (bool);
+}
+
+interface IStdHubPolicyFactory {
+    event DeployHubPolicy(address indexed policy);
+
+    function hub() external view returns (IHub);
+    function multiAdapter() external view returns (IMultiAdapter);
+    function shareClassManager() external view returns (IShareClassManager);
+
+    function newHubPolicy(IStdHubPolicy.Config memory config) external returns (IStdHubPolicy);
+    function previewHubPolicy(IStdHubPolicy.Config memory config) external view returns (address);
+}
diff --git a/src/token/README.md b/src/token/README.md
new file mode 100644
index 000000000..8da4f8a6d
--- /dev/null
+++ b/src/token/README.md
@@ -0,0 +1,19 @@
+# Token
+
+The token module holds the protocol's own share token standard and the registrar that deploys and operates it. The core spoke contracts never touch a share token directly: they reach it through the `IRegistrar` seam, so alternative share token standards can be plugged in per share class without changing core. Transfer restrictions live one level down, in [`hooks`](./hooks).
+
+### `ShareToken`
+
+`ShareToken` is an ERC20 extended with ERC1404 restriction checks and an optional external hook. Balance and restriction state share a slot: each account holds a `uint128` amount alongside 16 bytes of `hookData` that the hook interprets (for example memberlist expiry and a freeze bit). `hookDataOf` reads it, and `setHookData` is callable by a ward or by the hook itself.
+
+Every balance change routes through the hook. `transfer`, `transferFrom`, `mint`, and `burn` call `onERC20Transfer` and revert with `RestrictionsFailed` unless it returns its own selector, so a hook can block a transfer outright. `authTransferFrom` is the privileged path: a ward moves tokens without an allowance and the hook is notified through `onERC20AuthTransfer`, whose result is not enforced. With no hook installed the token is unrestricted. The ERC1404 views (`detectTransferRestriction`, `checkTransferRestriction`) delegate to the hook's `checkERC20Transfer` and are what callers use to test a transfer before attempting it.
+
+The token also carries the ERC-7575 share pointer, `vault[asset]`, and reports `IERC7575Share` from `supportsInterface`. Decimals are fixed at construction; name, symbol, and the hook are set afterwards through `file`. Total supply is capped at `type(uint128).max` so it always fits the packed balance.
+
+### `ShareTokenRegistrar`
+
+`ShareTokenRegistrar` implements `IRegistrar` for the `ShareToken` standard. It deploys tokens deterministically with CREATE2 and stays a ward on every token it creates, which is what lets the core contracts operate tokens without holding permissions on them. `Root` is relied on each new token as well. Because the address derives only from `decimals` and the salt, with name and symbol applied after deployment, `previewTokenAddress` can be computed before the token exists.
+
+`mint`, `authTransferFrom`, `updateVault`, `updateMetadata`, and `updateRestriction` are auth-gated pass-throughs to the token or its hook. `burn` is the exception: it first pulls the tokens to the calling core contract and burns them there, so hooks observe the same flow shapes as they did when core contracts held token permissions themselves, with the spoke as the redemption or crosschain transfer source. `canBridge` answers the spoke's cross-chain check by encoding the destination `centrifugeId` as an address and running it through the token's restriction check.
+
+Configuration arrives from the hub rather than locally. `fromHub` accepts calls only from the `Envoy`, resolves the share token from `(poolId, scId)` through `SpokeRegistry`, refuses if this registrar does not serve that share class, and then dispatches on a leading discriminant: `SetHook` swaps the transfer hook, `UpdateWard` grants or revokes a ward (never its own), and `SetVault` overrides the ERC-7575 pointer. That override validates declaratively against registry storage, requiring any non-zero pointer to be a currently linked vault belonging to the same pool, share class, and asset, so the pointer cannot diverge from the registry.
diff --git a/src/core/spoke/ShareToken.sol b/src/token/ShareToken.sol
similarity index 96%
rename from src/core/spoke/ShareToken.sol
rename to src/token/ShareToken.sol
index 6e3f6b32c..9d9df5534 100644
--- a/src/core/spoke/ShareToken.sol
+++ b/src/token/ShareToken.sol
@@ -11,10 +11,10 @@ import {
     ERROR_MESSAGE
 } from "./interfaces/ITransferHook.sol";
 
-import {ERC20} from "../../misc/ERC20.sol";
-import {IERC20} from "../../misc/interfaces/IERC20.sol";
-import {MathLib} from "../../misc/libraries/MathLib.sol";
-import {IERC7575Share, IERC165} from "../../misc/interfaces/IERC7575.sol";
+import {ERC20} from "../misc/ERC20.sol";
+import {IERC20} from "../misc/interfaces/IERC20.sol";
+import {MathLib} from "../misc/libraries/MathLib.sol";
+import {IERC7575Share, IERC165} from "../misc/interfaces/IERC7575.sol";
 
 /// @title  Share Token
 /// @notice Extension of ERC20 + ERC1404,
diff --git a/src/token/ShareTokenRegistrar.sol b/src/token/ShareTokenRegistrar.sol
new file mode 100644
index 000000000..5c6fdd3a6
--- /dev/null
+++ b/src/token/ShareTokenRegistrar.sol
@@ -0,0 +1,212 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {ShareToken} from "./ShareToken.sol";
+import {IShareToken} from "./interfaces/IShareToken.sol";
+import {ITransferHook} from "./interfaces/ITransferHook.sol";
+import {IShareTokenRegistrar} from "./interfaces/IShareTokenRegistrar.sol";
+
+import {Auth} from "../misc/Auth.sol";
+import {IAuth} from "../misc/interfaces/IAuth.sol";
+import {IERC20} from "../misc/interfaces/IERC20.sol";
+
+import {PoolId} from "../core/types/PoolId.sol";
+import {AssetId} from "../core/types/AssetId.sol";
+import {ShareClassId} from "../core/types/ShareClassId.sol";
+import {IRegistrar} from "../core/spoke/interfaces/IRegistrar.sol";
+import {IManagerCallFromHub} from "../core/utils/interfaces/IManagerCall.sol";
+import {VaultDetails, ISpokeRegistry} from "../core/spoke/interfaces/ISpokeRegistry.sol";
+
+/// @title  ShareTokenRegistrar
+/// @notice Registrar for the protocol's own ShareToken standard. Deploys deterministic ShareToken
+///         contracts using CREATE2 and operates them on behalf of the core spoke contracts, which
+///         never interact with the token directly.
+/// @dev    The registrar stays ward on every token it deploys. `burn` pulls the tokens to the calling
+///         core contract before burning, so transfer hooks observe the same flow shapes as when the
+///         core contracts held token permissions themselves (e.g. the Spoke as redemption source,
+///         Spoke as crosschain transfer source).
+contract ShareTokenRegistrar is Auth, IRegistrar, IShareTokenRegistrar, IManagerCallFromHub {
+    address public immutable root;
+
+    address public envoy;
+    ISpokeRegistry public spokeRegistry;
+
+    constructor(address root_, address deployer) Auth(deployer) {
+        root = root_;
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Administration
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IShareTokenRegistrar
+    function file(bytes32 what, address data) external auth {
+        if (what == "envoy") envoy = data;
+        else if (what == "spokeRegistry") spokeRegistry = ISpokeRegistry(data);
+        else revert FileUnrecognizedParam();
+        emit File(what, data);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Manager calls
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev Hub-originated, Envoy-routed configuration (reached via `Hub.managerCall` targeting this
+    ///      registrar). Resolves the share token from `(poolId, scId)`, refuses if this registrar does
+    ///      not serve that share class, then dispatches on the leading discriminant.
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        (uint8 kind, bytes16 rawScId) = abi.decode(payload, (uint8, bytes16));
+        ShareClassId scId = ShareClassId.wrap(rawScId);
+
+        (IERC20 token_, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(poolId, scId);
+        require(registrar == IRegistrar(address(this)), NotRegistrar());
+        address token = address(token_);
+
+        if (kind == uint8(RegistrarCall.SetHook)) {
+            (,, address hook) = abi.decode(payload, (uint8, bytes16, address));
+            _updateHook(token, hook);
+        } else if (kind == uint8(RegistrarCall.SetVault)) {
+            _setVault(poolId, scId, token, payload);
+        } else if (kind == uint8(RegistrarCall.UpdateWard)) {
+            (,, address ward, bool authorized) = abi.decode(payload, (uint8, bytes16, address, bool));
+            if (authorized) {
+                IAuth(token).rely(ward);
+            } else {
+                require(ward != address(this), CannotDenySelf());
+                IAuth(token).deny(ward);
+            }
+        } else {
+            revert UnknownRegistrarCall();
+        }
+    }
+
+    /// @dev Points the token's ERC-7575 vault for `asset` at (or clears it, with address(0), once unlinked
+    ///      from) the registry's currently-linked vault, so the pointer can never diverge from the registry.
+    function _setVault(PoolId poolId, ShareClassId scId, address token, bytes calldata payload) private {
+        (,, uint128 assetId, address vault) = abi.decode(payload, (uint8, bytes16, uint128, address));
+        AssetId assetId_ = AssetId.wrap(assetId);
+        (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId_, true);
+        require(tokenId == 0, NonZeroTokenId());
+
+        // Validate declaratively against registry storage, the sole authority on where a vault belongs:
+        // a non-zero pointer must be a currently-linked vault that belongs to this (poolId, scId, assetId).
+        if (vault != address(0)) {
+            VaultDetails memory details = spokeRegistry.vaultDetails(vault);
+            require(
+                details.isLinked && details.assetId == assetId_ && details.poolId == poolId && details.scId == scId,
+                VaultMismatch()
+            );
+        }
+
+        IShareToken(token).updateVault(asset, vault);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Token creation
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IRegistrar
+    /// @dev `payload` is ignored: a ShareToken needs no creation data beyond its metadata, and hooks are set
+    ///      afterwards over the Envoy path.
+    function newToken(string memory name, string memory symbol, uint8 decimals, bytes32 salt, bytes memory)
+        external
+        auth
+        returns (address)
+    {
+        ShareToken token = new ShareToken{salt: salt}(decimals);
+
+        token.file("name", name);
+        token.file("symbol", symbol);
+
+        token.rely(root);
+
+        return address(token);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // Token operations
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IRegistrar
+    function mint(address token, address to, uint256 amount) external auth {
+        IShareToken(token).mint(to, amount);
+    }
+
+    /// @inheritdoc IRegistrar
+    /// @dev Pulls the tokens to the caller before burning, so transfer hooks observe the same flow
+    ///      shapes as before. The burn consumes the allowance the caller granted to this registrar.
+    function burn(address token, address from, uint256 amount) external auth {
+        IShareToken(token).authTransferFrom(from, from, msg.sender, amount);
+        IShareToken(token).burn(msg.sender, amount);
+    }
+
+    /// @inheritdoc IRegistrar
+    function authTransferFrom(address token, address sender, address from, address to, uint256 amount) external auth {
+        IShareToken(token).authTransferFrom(sender, from, to, amount);
+    }
+
+    /// @inheritdoc IRegistrar
+    /// @dev The registry has already validated the link, so this trusted path is a thin pass-through; the
+    ///      governance override (`RegistrarCall.SetVault` via `fromHub`) keeps its own declarative validation.
+    function updateVault(address token, address asset, address vault) external auth {
+        IShareToken(token).updateVault(asset, vault);
+    }
+
+    /// @inheritdoc IRegistrar
+    function updateMetadata(address token, string memory name, string memory symbol) external auth {
+        IShareToken token_ = IShareToken(token);
+        require(
+            keccak256(bytes(token_.name())) != keccak256(bytes(name))
+                || keccak256(bytes(token_.symbol())) != keccak256(bytes(symbol)),
+            OldMetadata()
+        );
+
+        token_.file("name", name);
+        token_.file("symbol", symbol);
+    }
+
+    function _updateHook(address token, address hook) internal {
+        require(hook != IShareToken(token).hook(), OldHook());
+        IShareToken(token).file("hook", hook);
+    }
+
+    /// @inheritdoc IRegistrar
+    function updateRestriction(address token, bytes memory update) external auth {
+        address hook = IShareToken(token).hook();
+        require(hook != address(0), InvalidHook());
+        ITransferHook(hook).updateRestriction(token, update);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // View methods
+    //----------------------------------------------------------------------------------------------
+
+    /// @inheritdoc IRegistrar
+    function canBridge(address token, address from, uint16 centrifugeId, uint256 amount) external view returns (bool) {
+        return IShareToken(token).checkTransferRestriction(from, address(uint160(centrifugeId)), amount);
+    }
+
+    /// @inheritdoc IRegistrar
+    /// @dev The ShareToken address depends only on `decimals` and `salt`; name and symbol are set
+    ///      post-deployment via `file` and `payload` is ignored, so they do not affect the CREATE2 address.
+    function previewTokenAddress(string memory, string memory, uint8 decimals, bytes32 salt, bytes memory)
+        external
+        view
+        returns (address)
+    {
+        bytes32 hash = keccak256(
+            abi.encodePacked(
+                bytes1(0xff),
+                address(this),
+                salt,
+                keccak256(abi.encodePacked(type(ShareToken).creationCode, abi.encode(decimals)))
+            )
+        );
+
+        return address(uint160(uint256(hash)));
+    }
+}
diff --git a/src/hooks/BaseTransferHook.sol b/src/token/hooks/BaseTransferHook.sol
similarity index 79%
rename from src/hooks/BaseTransferHook.sol
rename to src/token/hooks/BaseTransferHook.sol
index d45531f2e..cc31731da 100644
--- a/src/hooks/BaseTransferHook.sol
+++ b/src/token/hooks/BaseTransferHook.sol
@@ -6,23 +6,24 @@ import {IMemberlist} from "./interfaces/IMemberlist.sol";
 import {IBaseTransferHook} from "./interfaces/IBaseTransferHook.sol";
 import {UpdateRestrictionType, UpdateRestrictionMessageLib} from "./libraries/UpdateRestrictionMessageLib.sol";
 
-import {Auth} from "../misc/Auth.sol";
-import {IAuth} from "../misc/interfaces/IAuth.sol";
-import {CastLib} from "../misc/libraries/CastLib.sol";
-import {BytesLib} from "../misc/libraries/BytesLib.sol";
-import {IERC165} from "../misc/interfaces/IERC7575.sol";
-import {BitmapLib} from "../misc/libraries/BitmapLib.sol";
-
-import {PoolId} from "../core/types/PoolId.sol";
-import {ISpoke} from "../core/spoke/interfaces/ISpoke.sol";
-import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {IShareToken} from "../core/spoke/interfaces/IShareToken.sol";
-import {IBalanceSheet} from "../core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../core/utils/interfaces/IContractUpdate.sol";
-import {IPoolEscrowProvider} from "../core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
-import {ITransferHook, HookData, ESCROW_HOOK_ID} from "../core/spoke/interfaces/ITransferHook.sol";
-
-import {IRoot} from "../admin/interfaces/IRoot.sol";
+import {Auth} from "../../misc/Auth.sol";
+import {IAuth} from "../../misc/interfaces/IAuth.sol";
+import {CastLib} from "../../misc/libraries/CastLib.sol";
+import {BytesLib} from "../../misc/libraries/BytesLib.sol";
+import {IERC165} from "../../misc/interfaces/IERC7575.sol";
+import {BitmapLib} from "../../misc/libraries/BitmapLib.sol";
+
+import {PoolId} from "../../core/types/PoolId.sol";
+import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
+import {ISpokeRegistry} from "../../core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
+import {IPoolEscrowProvider} from "../../core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
+
+import {IRoot} from "../../admin/interfaces/IRoot.sol";
+
+import {IShareToken} from "../interfaces/IShareToken.sol";
+import {ITransferHook, HookData, ESCROW_HOOK_ID} from "../interfaces/ITransferHook.sol";
 
 /// @title  BaseTransferHook
 /// @notice Abstract base contract for share token transfer restrictions that provides memberlist management,
@@ -30,7 +31,7 @@ import {IRoot} from "../admin/interfaces/IRoot.sol";
 ///         and freeze status in the hookData structure for efficient on-chain verification.
 /// @dev    The first 8 bytes (uint64) of hookData is used for the memberlist valid until date,
 ///         the last bit is used to denote whether the account is frozen.
-abstract contract BaseTransferHook is Auth, IMemberlist, IFreezable, ITrustedContractUpdate, IBaseTransferHook {
+abstract contract BaseTransferHook is Auth, IMemberlist, IFreezable, IManagerCallFromHub, IBaseTransferHook {
     using BitmapLib for *;
     using UpdateRestrictionMessageLib for *;
     using BytesLib for bytes;
@@ -43,31 +44,31 @@ abstract contract BaseTransferHook is Auth, IMemberlist, IFreezable, ITrustedCon
     uint8 public constant FREEZE_BIT = 0;
 
     IRoot public immutable root;
-    ISpoke public immutable spoke;
-    address public immutable poolEscrow;
+    address public immutable envoy;
+    ISpokeRegistry public immutable spokeRegistry;
     address public immutable crosschainSource;
-    IBalanceSheet public immutable balanceSheet;
+    ISpoke public immutable spoke;
     IPoolEscrowProvider public immutable poolEscrowProvider;
 
     mapping(address token => mapping(address => bool)) public manager;
 
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
+        address poolEscrowProvider_
     ) Auth(deployer) {
-        require(balanceSheet_ != crosschainSource_, InvalidInputs());
+        require(spoke_ != crosschainSource_, InvalidInputs());
 
         root = IRoot(root_);
+        envoy = envoy_;
+        spokeRegistry = ISpokeRegistry(spokeRegistry_);
         spoke = ISpoke(spoke_);
-        balanceSheet = IBalanceSheet(balanceSheet_);
         crosschainSource = crosschainSource_;
         poolEscrowProvider = IPoolEscrowProvider(poolEscrowProvider_);
-        poolEscrow = poolEscrow_;
     }
 
     /// @dev Check if the msg.sender is ward or a manager
@@ -119,17 +120,7 @@ abstract contract BaseTransferHook is Auth, IMemberlist, IFreezable, ITrustedCon
         returns (bool);
 
     function isPoolEscrow(address addr) public view returns (bool) {
-        // Fast path: single-pool optimization
-        if (poolEscrow != address(0)) return addr == poolEscrow;
-
-        // Multi-pool path: dynamic verification
-        if (addr.code.length == 0) return false;
-
-        (bool success, bytes memory data) = addr.staticcall(abi.encodeWithSignature("poolId()"));
-        if (!success || data.length != 32) return false;
-
-        PoolId poolId = abi.decode(data, (PoolId));
-        return address(poolEscrowProvider.escrow(poolId)) == addr;
+        return !poolEscrowProvider.poolId(addr).isNull();
     }
 
     function isDepositRequestOrIssuance(address from, address to) public view returns (bool) {
@@ -149,11 +140,11 @@ abstract contract BaseTransferHook is Auth, IMemberlist, IFreezable, ITrustedCon
     }
 
     function isRedeemFulfillment(address from, address to) public view returns (bool) {
-        return from == address(balanceSheet) && to == address(0);
+        return from == address(spoke) && to == address(0);
     }
 
     function isRedeemClaimOrRevocation(address from, address to) public view returns (bool) {
-        return (from != address(balanceSheet) && from != crosschainSource) && to == address(0);
+        return (from != address(spoke) && from != crosschainSource) && to == address(0);
     }
 
     function isCrosschainTransfer(address from, address to) public view returns (bool) {
@@ -181,15 +172,20 @@ abstract contract BaseTransferHook is Auth, IMemberlist, IFreezable, ITrustedCon
     // Administration
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId scId, bytes memory payload) external virtual auth {
-        uint8 kindValue = abi.decode(payload, (uint8));
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev The share class id is encoded in `payload` (fromHub carries no scId).
+    function fromHub(PoolId poolId, bytes calldata payload) external payable virtual {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        (bytes16 scId_, uint8 kindValue) = abi.decode(payload, (bytes16, uint8));
         require(kindValue <= uint8(type(TrustedCall).max), UnknownTrustedCall());
+        ShareClassId scId = ShareClassId.wrap(scId_);
 
         TrustedCall kind = TrustedCall(kindValue);
         if (kind == TrustedCall.UpdateHookManager) {
-            (, bytes32 manager_, bool canManage) = abi.decode(payload, (uint8, bytes32, bool));
-            address token = address(spoke.shareToken(poolId, scId));
+            (,, bytes32 manager_, bool canManage) = abi.decode(payload, (bytes16, uint8, bytes32, bool));
+            address token = address(spokeRegistry.shareToken(poolId, scId));
             require(token != address(0), ShareTokenDoesNotExist());
 
             manager[token][manager_.toAddress()] = canManage;
diff --git a/src/hooks/FreelyTransferable.sol b/src/token/hooks/FreelyTransferable.sol
similarity index 82%
rename from src/hooks/FreelyTransferable.sol
rename to src/token/hooks/FreelyTransferable.sol
index ddc635eea..d8987915b 100644
--- a/src/hooks/FreelyTransferable.sol
+++ b/src/token/hooks/FreelyTransferable.sol
@@ -3,7 +3,7 @@ pragma solidity 0.8.28;
 
 import {BaseTransferHook} from "./BaseTransferHook.sol";
 
-import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.sol";
+import {ITransferHook, HookData} from "../interfaces/ITransferHook.sol";
 
 /// @title  Freely Transferable
 /// @notice Hook implementation that:
@@ -13,13 +13,13 @@ import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.so
 contract FreelyTransferable is BaseTransferHook {
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
-    ) BaseTransferHook(root_, spoke_, balanceSheet_, crosschainSource_, deployer, poolEscrowProvider_, poolEscrow_) {}
+        address poolEscrowProvider_
+    ) BaseTransferHook(root_, envoy_, spokeRegistry_, spoke_, crosschainSource_, deployer, poolEscrowProvider_) {}
 
     /// @inheritdoc ITransferHook
     function checkERC20Transfer(
diff --git a/src/hooks/FreezeOnly.sol b/src/token/hooks/FreezeOnly.sol
similarity index 75%
rename from src/hooks/FreezeOnly.sol
rename to src/token/hooks/FreezeOnly.sol
index 63d55becb..5b118e26c 100644
--- a/src/hooks/FreezeOnly.sol
+++ b/src/token/hooks/FreezeOnly.sol
@@ -3,7 +3,7 @@ pragma solidity 0.8.28;
 
 import {BaseTransferHook} from "./BaseTransferHook.sol";
 
-import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.sol";
+import {ITransferHook, HookData} from "../interfaces/ITransferHook.sol";
 
 /// @title  Freeze Only
 /// @notice Hook implementation that:
@@ -14,13 +14,13 @@ import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.so
 contract FreezeOnly is BaseTransferHook {
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
-    ) BaseTransferHook(root_, spoke_, balanceSheet_, crosschainSource_, deployer, poolEscrowProvider_, poolEscrow_) {}
+        address poolEscrowProvider_
+    ) BaseTransferHook(root_, envoy_, spokeRegistry_, spoke_, crosschainSource_, deployer, poolEscrowProvider_) {}
 
     /// @inheritdoc ITransferHook
     function checkERC20Transfer(address from, address to, uint256, HookData calldata hookData)
diff --git a/src/hooks/FullRestrictions.sol b/src/token/hooks/FullRestrictions.sol
similarity index 84%
rename from src/hooks/FullRestrictions.sol
rename to src/token/hooks/FullRestrictions.sol
index 6cddb68b3..8c8cbd35a 100644
--- a/src/hooks/FullRestrictions.sol
+++ b/src/token/hooks/FullRestrictions.sol
@@ -3,7 +3,7 @@ pragma solidity 0.8.28;
 
 import {BaseTransferHook} from "./BaseTransferHook.sol";
 
-import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.sol";
+import {ITransferHook, HookData} from "../interfaces/ITransferHook.sol";
 
 /// @title  Full Restrictions
 /// @notice Hook implementation that:
@@ -14,13 +14,13 @@ import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.so
 contract FullRestrictions is BaseTransferHook {
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
-    ) BaseTransferHook(root_, spoke_, balanceSheet_, crosschainSource_, deployer, poolEscrowProvider_, poolEscrow_) {}
+        address poolEscrowProvider_
+    ) BaseTransferHook(root_, envoy_, spokeRegistry_, spoke_, crosschainSource_, deployer, poolEscrowProvider_) {}
 
     /// @inheritdoc ITransferHook
     function checkERC20Transfer(
diff --git a/src/token/hooks/README.md b/src/token/hooks/README.md
new file mode 100644
index 000000000..14f6d73ce
--- /dev/null
+++ b/src/token/hooks/README.md
@@ -0,0 +1,33 @@
+# Transfer Hooks
+
+Transfer hooks provide customizable transfer restriction logic for share tokens in the Centrifuge Protocol. They enable pools to enforce compliance requirements, manage memberlists, freeze accounts, and control which operations require whitelisting. All hooks implement the `ITransferHook` interface and integrate with `ShareToken` for transfer validation.
+
+![Hooks architecture](http://www.plantuml.com/plantuml/proxy?cache=no&src=https://raw.githubusercontent.com/centrifuge/protocol/refs/heads/main/docs/architecture/hooks.puml)
+
+### `BaseTransferHook`
+
+`BaseTransferHook` is an abstract base contract that provides memberlist management, account freezing capabilities, and cross-chain message handling for transfer restrictions. It encodes member validity and freeze status in the `hookData` structure (bytes16) stored per user in the share token, with the first 8 bytes (uint64) representing the memberlist valid-until timestamp and the least significant bit indicating freeze status.
+
+### `FreezeOnly`
+
+`FreezeOnly` is the simplest hook implementation that only enforces account freezing. It allows any non-frozen account to receive and transfer tokens without memberlist requirements. Frozen accounts are blocked from both sending and receiving tokens, providing a basic compliance tool for temporarily restricting account activity.
+
+This hook is suitable for pools that want minimal restrictions with the ability to freeze accounts. It uses only the freeze bit of the `hookData` structure, leaving memberlist functionality unused.
+
+### `RedemptionRestrictions`
+
+`RedemptionRestrictions` requires accounts to be added as members before submitting redemption requests, while allowing unrestricted deposits and transfers. It enforces freeze checks for all operations and validates memberlist membership only when tokens move from a user to the redeem source (indicating a redemption request).
+
+This hook enables pools to maintain KYC/AML compliance for investors exiting positions while keeping deposits and secondary trading frictionless. It's useful for pools that want to verify investor identity before allowing withdrawals but don't want to restrict entry or token transfers.
+
+### `FullRestrictions`
+
+`FullRestrictions` requires adding accounts to the memberlist before they can receive tokens in most scenarios. It enforces the strictest compliance model, checking memberlist validity for deposit requests, deposit claims, cross-chain transfer executions, and general transfers. Only fulfillment operations (where vaults issue/burn tokens) and redemption claims bypass memberlist checks.
+
+The hook provides comprehensive transfer control, ensuring that tokens only flow to whitelisted addresses except in system-level operations. It distinguishes between deposit requests (user → vault), deposit fulfillment (vault → user from escrow), deposit claims (escrow → user), redemption requests (user → vault), redemption fulfillment (vault burning), redemption claims (user receiving assets), and cross-chain operations, applying memberlist checks where appropriate.
+
+### `FreelyTransferable`
+
+`FreelyTransferable` allows unrestricted transfers without memberlist or freeze requirements. It always returns `true` for transfer checks, providing an opt-out from restrictions while maintaining the hook infrastructure for potential future upgrades.
+
+This hook is suitable for fully permissionless pools or testing environments where compliance restrictions aren't needed. It still inherits the base infrastructure for memberlist and freeze management but doesn't enforce any restrictions by default.
diff --git a/src/hooks/RedemptionRestrictions.sol b/src/token/hooks/RedemptionRestrictions.sol
similarity index 79%
rename from src/hooks/RedemptionRestrictions.sol
rename to src/token/hooks/RedemptionRestrictions.sol
index 3692be073..39ccc18f8 100644
--- a/src/hooks/RedemptionRestrictions.sol
+++ b/src/token/hooks/RedemptionRestrictions.sol
@@ -3,7 +3,7 @@ pragma solidity 0.8.28;
 
 import {BaseTransferHook} from "./BaseTransferHook.sol";
 
-import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.sol";
+import {ITransferHook, HookData} from "../interfaces/ITransferHook.sol";
 
 /// @title  Redemption Restrictions
 /// @notice Hook implementation that:
@@ -13,13 +13,13 @@ import {ITransferHook, HookData} from "../core/spoke/interfaces/ITransferHook.so
 contract RedemptionRestrictions is BaseTransferHook {
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
-    ) BaseTransferHook(root_, spoke_, balanceSheet_, crosschainSource_, deployer, poolEscrowProvider_, poolEscrow_) {}
+        address poolEscrowProvider_
+    ) BaseTransferHook(root_, envoy_, spokeRegistry_, spoke_, crosschainSource_, deployer, poolEscrowProvider_) {}
 
     /// @inheritdoc ITransferHook
     function checkERC20Transfer(
diff --git a/src/hooks/interfaces/IBaseTransferHook.sol b/src/token/hooks/interfaces/IBaseTransferHook.sol
similarity index 82%
rename from src/hooks/interfaces/IBaseTransferHook.sol
rename to src/token/hooks/interfaces/IBaseTransferHook.sol
index 549c05988..cbcc02521 100644
--- a/src/hooks/interfaces/IBaseTransferHook.sol
+++ b/src/token/hooks/interfaces/IBaseTransferHook.sol
@@ -1,12 +1,12 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
-import {IBalanceSheet} from "../../core/spoke/interfaces/IBalanceSheet.sol";
-import {HookData, ITransferHook} from "../../core/spoke/interfaces/ITransferHook.sol";
-import {IPoolEscrowProvider} from "../../core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
+import {ISpoke} from "../../../core/spoke/interfaces/ISpoke.sol";
+import {IPoolEscrowProvider} from "../../../core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
 
-import {IRoot} from "../../admin/interfaces/IRoot.sol";
+import {IRoot} from "../../../admin/interfaces/IRoot.sol";
+
+import {HookData, ITransferHook} from "../../interfaces/ITransferHook.sol";
 
 /// @title  IBaseTransferHook
 /// @notice Interface for base transfer hook with trusted call functionality
@@ -30,6 +30,8 @@ interface IBaseTransferHook is ITransferHook {
     //----------------------------------------------------------------------------------------------
 
     error UnknownTrustedCall();
+    error NotEnvoy();
+    error UnexpectedValue();
 
     //----------------------------------------------------------------------------------------------
     // State variable getters
@@ -38,19 +40,13 @@ interface IBaseTransferHook is ITransferHook {
     /// @notice Root authority that manages ward permissions and timelocked upgrades
     function root() external view returns (IRoot);
 
-    /// @notice Spoke-side entry point, used to resolve escrow and balance sheet addresses
-    function spoke() external view returns (ISpoke);
-
-    /// @notice Pre-configured escrow address for single-pool hook deployments (address(0) if multi-pool)
-    function poolEscrow() external view returns (address);
-
-    /// @notice Address that originates cross-chain share transfers (BalanceSheet on this chain)
+    /// @notice Address that originates cross-chain share transfers (SpokeHandler on this chain)
     function crosschainSource() external view returns (address);
 
     /// @notice Manages share token and asset balances, including minting, burning, and escrow transfers
-    function balanceSheet() external view returns (IBalanceSheet);
+    function spoke() external view returns (ISpoke);
 
-    /// @notice Factory that maps pool IDs to escrow addresses for multi-pool hook deployments
+    /// @notice Factory that maps pool IDs to escrow addresses
     function poolEscrowProvider() external view returns (IPoolEscrowProvider);
 
     /// @notice Whether an address has manager permissions for a specific share token
@@ -60,7 +56,7 @@ interface IBaseTransferHook is ITransferHook {
     // Transfer type classification
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Whether the address is a pool escrow (checks both pre-configured and factory-deployed)
+    /// @notice Whether the address is a pool escrow deployed by the pool escrow factory
     function isPoolEscrow(address addr) external view returns (bool);
 
     /// @notice True when `from` is zero-address and `to` is not the pool escrow or cross-chain source (mint to user/vault)
diff --git a/src/hooks/interfaces/IFreezable.sol b/src/token/hooks/interfaces/IFreezable.sol
similarity index 100%
rename from src/hooks/interfaces/IFreezable.sol
rename to src/token/hooks/interfaces/IFreezable.sol
diff --git a/src/hooks/interfaces/IMemberlist.sol b/src/token/hooks/interfaces/IMemberlist.sol
similarity index 100%
rename from src/hooks/interfaces/IMemberlist.sol
rename to src/token/hooks/interfaces/IMemberlist.sol
diff --git a/src/hooks/libraries/UpdateRestrictionMessageLib.sol b/src/token/hooks/libraries/UpdateRestrictionMessageLib.sol
similarity index 95%
rename from src/hooks/libraries/UpdateRestrictionMessageLib.sol
rename to src/token/hooks/libraries/UpdateRestrictionMessageLib.sol
index 597dd2fbd..7af1db7b8 100644
--- a/src/hooks/libraries/UpdateRestrictionMessageLib.sol
+++ b/src/token/hooks/libraries/UpdateRestrictionMessageLib.sol
@@ -1,8 +1,8 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {CastLib} from "../../misc/libraries/CastLib.sol";
-import {BytesLib} from "../../misc/libraries/BytesLib.sol";
+import {CastLib} from "../../../misc/libraries/CastLib.sol";
+import {BytesLib} from "../../../misc/libraries/BytesLib.sol";
 
 enum UpdateRestrictionType {
     /// @dev Placeholder for null update restriction type
diff --git a/src/core/spoke/interfaces/IShareToken.sol b/src/token/interfaces/IShareToken.sol
similarity index 81%
rename from src/core/spoke/interfaces/IShareToken.sol
rename to src/token/interfaces/IShareToken.sol
index db24f14ff..9bb439e1a 100644
--- a/src/core/spoke/interfaces/IShareToken.sol
+++ b/src/token/interfaces/IShareToken.sol
@@ -1,24 +1,9 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {IERC20Metadata} from "../../../misc/interfaces/IERC20.sol";
-import {IERC7575Share} from "../../../misc/interfaces/IERC7575.sol";
-
-interface IERC1404 {
-    /// @notice Detects if a transfer will be reverted and if so returns an appropriate reference code
-    /// @param from Sending address
-    /// @param to Receiving address
-    /// @param value Amount of tokens being transferred
-    /// @return Code by which to reference message for rejection reasoning
-    /// @dev Overwrite with your custom transfer restriction logic
-    function detectTransferRestriction(address from, address to, uint256 value) external view returns (uint8);
-
-    /// @notice Returns a human-readable message for a given restriction code
-    /// @param restrictionCode Identifier for looking up a message
-    /// @return Text showing the restriction's reasoning
-    /// @dev Overwrite with your custom message and restrictionCode handling
-    function messageForTransferRestriction(uint8 restrictionCode) external view returns (string memory);
-}
+import {IERC1404} from "../../misc/interfaces/IERC1404.sol";
+import {IERC20Metadata} from "../../misc/interfaces/IERC20.sol";
+import {IERC7575Share} from "../../misc/interfaces/IERC7575.sol";
 
 interface IShareToken is IERC20Metadata, IERC7575Share, IERC1404 {
     //----------------------------------------------------------------------------------------------
diff --git a/src/token/interfaces/IShareTokenRegistrar.sol b/src/token/interfaces/IShareTokenRegistrar.sol
new file mode 100644
index 000000000..e202a3b22
--- /dev/null
+++ b/src/token/interfaces/IShareTokenRegistrar.sol
@@ -0,0 +1,39 @@
+// SPDX-License-Identifier: GPL-2.0-or-later
+pragma solidity >=0.5.0;
+
+/// @title  IShareTokenRegistrar
+/// @notice Registrar for the protocol's own ShareToken standard (ERC20 + ERC1404 with transfer hooks).
+interface IShareTokenRegistrar {
+    /// @notice Hub-driven, envoy-gated operations selected by the leading discriminant of the `fromHub` payload.
+    enum RegistrarCall {
+        /// @notice Set the transfer hook of a share class token.
+        SetHook,
+        /// @notice Set (or clear with address(0)) the ERC-7575 vault of a share class token for an asset.
+        SetVault,
+        /// @notice Grant or revoke a ward on a share class token.
+        UpdateWard
+    }
+
+    event File(bytes32 indexed what, address data);
+
+    error OldHook();
+    error InvalidHook();
+    error OldMetadata();
+    error NotEnvoy();
+    error NotRegistrar();
+    error NonZeroTokenId();
+    error VaultMismatch();
+    error UnexpectedValue();
+    error CannotDenySelf();
+    error UnknownRegistrarCall();
+    error FileUnrecognizedParam();
+
+    /// @notice Sets a dependency (`envoy`, `spokeRegistry`)
+    function file(bytes32 what, address data) external;
+
+    /// @notice Root authority that is granted ward permissions on newly deployed share tokens
+    function root() external view returns (address);
+
+    /// @notice The Envoy that is the sole authorized caller of `fromHub`
+    function envoy() external view returns (address);
+}
diff --git a/src/core/spoke/interfaces/ITransferHook.sol b/src/token/interfaces/ITransferHook.sol
similarity index 92%
rename from src/core/spoke/interfaces/ITransferHook.sol
rename to src/token/interfaces/ITransferHook.sol
index 2c03fa7b4..e8172eae7 100644
--- a/src/core/spoke/interfaces/ITransferHook.sol
+++ b/src/token/interfaces/ITransferHook.sol
@@ -1,7 +1,7 @@
 // SPDX-License-Identifier: GPL-2.0-or-later
 pragma solidity >=0.5.0;
 
-import {IERC165} from "../../../misc/interfaces/IERC7575.sol";
+import {IERC165} from "../../misc/interfaces/IERC7575.sol";
 
 struct HookData {
     bytes16 from;
@@ -25,15 +25,15 @@ address constant ESCROW_HOOK_ID = address(uint160(0x1CF60));
 ///           Deposit fulfillment:              address(0)       -> poolEscrow
 ///           Deposit claim:                    poolEscrow       -> address(user)
 ///           Redeem request:                   address(user)    -> ESCROW_HOOK_ID
-///           Redeem fulfillment:               balanceSheet     -> address(0)
+///           Redeem fulfillment:               spoke            -> address(0)
 ///           Redeem claim/revocation:          address(user)    -> address(0)
 ///           Cross-chain transfer:             address(user)    -> address(uint160(chainId))
 ///           Cross-chain execution:            crosschainSource -> address(user)
 ///
 ///         Endorsed refers to core protocol contracts, which can be retrieved using root.endorsed(addr)
-///         poolEscrow: Pool-specific escrow contract identified via balanceSheet.escrow(poolId)
-///         balanceSheet: Contract that fulfills redemptions and provides pool escrow lookups
-///         crosschainSource: Contract handling cross-chain message execution (spoke)
+///         poolEscrow: Pool-specific escrow contract identified via poolEscrowFactory.poolId(addr)
+///         spoke: Contract that fulfills redemptions
+///         crosschainSource: Contract handling cross-chain message execution (SpokeHandler)
 interface ITransferHook is IERC165 {
     //----------------------------------------------------------------------------------------------
     // Errors
diff --git a/src/utils/SubsidyManager.sol b/src/utils/SubsidyManager.sol
index 318512a1b..11db6c01f 100644
--- a/src/utils/SubsidyManager.sol
+++ b/src/utils/SubsidyManager.sol
@@ -8,12 +8,12 @@ import {Auth} from "../misc/Auth.sol";
 import {CastLib} from "../misc/libraries/CastLib.sol";
 
 import {PoolId} from "../core/types/PoolId.sol";
-import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {ITrustedContractUpdate} from "../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub} from "../core/utils/interfaces/IManagerCall.sol";
 
 contract SubsidyManager is Auth, ISubsidyManager {
     using CastLib for *;
 
+    address public envoy;
     IRefundEscrowFactory public refundEscrowFactory;
 
     constructor(IRefundEscrowFactory refundEscrowFactory_, address deployer) Auth(deployer) {
@@ -23,6 +23,7 @@ contract SubsidyManager is Auth, ISubsidyManager {
     /// @inheritdoc ISubsidyManager
     function file(bytes32 what, address data) external auth {
         if (what == "refundEscrowFactory") refundEscrowFactory = IRefundEscrowFactory(data);
+        else if (what == "envoy") envoy = data;
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
@@ -40,6 +41,10 @@ contract SubsidyManager is Auth, ISubsidyManager {
 
     /// @inheritdoc ISubsidyManager
     function withdraw(PoolId poolId, address to, uint256 value) public auth {
+        _withdraw(poolId, to, value);
+    }
+
+    function _withdraw(PoolId poolId, address to, uint256 value) internal {
         IRefundEscrow refund = refundEscrowFactory.get(poolId);
         require(address(refund).code.length > 0, RefundEscrowNotDeployed());
         require(address(refund).balance >= value, NotEnoughToWithdraw());
@@ -52,18 +57,21 @@ contract SubsidyManager is Auth, ISubsidyManager {
     /// @inheritdoc ISubsidyManager
     function withdrawAll(PoolId poolId, address to) external auth returns (address, uint256) {
         IRefundEscrow refund = refundEscrowFactory.get(poolId);
-        uint256 amount = address(refund).balance;
 
-        require(address(refund).code.length > 0, RefundEscrowNotDeployed());
+        // No escrow deployed yet: return 0 (message goes out unpaid) instead of bricking the tx.
+        if (address(refund).code.length == 0) return (address(refund), 0);
 
+        uint256 amount = address(refund).balance;
         refund.withdrawFunds(to, amount);
 
         return (address(refund), amount);
     }
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId, bytes memory payload) external auth {
+    /// @inheritdoc IManagerCallFromHub
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
         (bytes32 who, uint256 value) = abi.decode(payload, (bytes32, uint256));
-        withdraw(poolId, who.toAddress(), value);
+        _withdraw(poolId, who.toAddress(), value);
     }
 }
diff --git a/src/utils/interfaces/ISubsidyManager.sol b/src/utils/interfaces/ISubsidyManager.sol
index e0a4ad312..033b72f73 100644
--- a/src/utils/interfaces/ISubsidyManager.sol
+++ b/src/utils/interfaces/ISubsidyManager.sol
@@ -4,9 +4,9 @@ pragma solidity >=0.5.0;
 import {IRefundEscrowFactory} from "./IRefundEscrowFactory.sol";
 
 import {PoolId} from "../../core/types/PoolId.sol";
-import {ITrustedContractUpdate} from "../../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
 
-interface ISubsidyManager is ITrustedContractUpdate {
+interface ISubsidyManager is IManagerCallFromHub {
     event File(bytes32 indexed what, address data);
     event DepositSubsidy(PoolId indexed poolId, address indexed sender, uint256 amount);
     event WithdrawSubsidy(PoolId indexed poolId, address indexed sender, uint256 amount);
@@ -14,12 +14,17 @@ interface ISubsidyManager is ITrustedContractUpdate {
     error FileUnrecognizedParam();
     error RefundEscrowNotDeployed();
     error NotEnoughToWithdraw();
+    error NotEnvoy();
+    error UnexpectedValue();
+
+    /// @notice The Envoy that routes policy-supervised subsidy withdrawals
+    function envoy() external view returns (address);
 
     /// @notice Factory that deploys per-pool refund escrows for holding subsidy deposits
     function refundEscrowFactory() external view returns (IRefundEscrowFactory);
 
     /// @notice Updates contract parameters of type address.
-    /// @param what The bytes32 representation of 'refundEscrowFactory'.
+    /// @param what The bytes32 representation of 'refundEscrowFactory' or 'envoy'.
     /// @param data The new contract address.
     function file(bytes32 what, address data) external;
 
diff --git a/src/valuations/OracleValuation.sol b/src/valuations/OracleValuation.sol
index 898692739..9e1e87d03 100644
--- a/src/valuations/OracleValuation.sol
+++ b/src/valuations/OracleValuation.sol
@@ -13,44 +13,52 @@ import {PricingLib} from "../core/libraries/PricingLib.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
 import {IValuation} from "../core/hub/interfaces/IValuation.sol";
 import {IHubRegistry} from "../core/hub/interfaces/IHubRegistry.sol";
-import {IUntrustedContractUpdate} from "../core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "../core/utils/interfaces/IManagerCall.sol";
 
 /// @title  OracleValuation
 /// @notice Provides an implementation for valuation of assets by trusted price feeders.
 ///         Prices should be denominated in the pool currency.
 ///         Quorum is always 1, i.e. there is no aggregation of prices across multiple feeders.
-/// @dev    To set up, add a price feeder using `updateFeeder()`, set this contract as the valuation
-///         for one or more assets, and set this contract as a hub manager, so it can call
-///         `hub.updateHoldingValue()`.
-///         Supports both local calls via `setPrice()` and remote calls via `untrustedCall()`
-///         from spoke-side executors. Both paths validate the caller against the `feeder` mapping.
-contract OracleValuation is IOracleValuation, IUntrustedContractUpdate {
+/// @dev    Setup: add feeders via `fromHub` (`hub.managerCall` -> `Envoy`, policy-supervised), set this
+///         contract as the valuation for one or more assets, and rely it as a hub manager to call
+///         `hub.updateHoldingValue()`. Price updates: local via `setPrice()`, remote via `fromSpoke()`
+///         (`spoke.managerCall` -> `Envoy`); both validate the caller against the `feeder` mapping.
+contract OracleValuation is IOracleValuation {
     using CastLib for *;
 
     /// @dev centrifugeId used for local feeders (as opposed to remote/cross-chain feeders).
     uint16 public constant LOCAL = 0;
 
     IHub public immutable hub;
-    address public immutable contractUpdater;
+    address public immutable envoy;
     IHubRegistry public immutable hubRegistry;
 
     /// @dev centrifugeId=LOCAL for local feeders, otherwise the source chain ID for remote feeders.
     mapping(PoolId => mapping(uint16 centrifugeId => mapping(bytes32 => bool))) public feeder;
     mapping(PoolId => mapping(ShareClassId => mapping(AssetId base => Price))) public pricePoolPerAsset;
 
-    constructor(IHub hub_, IHubRegistry hubRegistry_, address contractUpdater_) {
+    constructor(IHub hub_, IHubRegistry hubRegistry_, address envoy_) {
         hub = hub_;
         hubRegistry = hubRegistry_;
-        contractUpdater = contractUpdater_;
+        envoy = envoy_;
     }
 
     //----------------------------------------------------------------------------------------------
-    // Administration
+    // Hub actions
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc IOracleValuation
-    function updateFeeder(PoolId poolId, uint16 centrifugeId, bytes32 feeder_, bool canFeed) external {
-        require(hubRegistry.manager(poolId, msg.sender), NotHubManager());
+    /// @dev The Envoy is the only authorized caller of `fromHub`/`fromSpoke`, and neither forwards value.
+    modifier onlyEnvoy() {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+        _;
+    }
+
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev Adds/removes a price feeder. No outgoing message, so value is rejected.
+    ///      Feeder details are encoded in `payload` (single action, no discriminator).
+    function fromHub(PoolId poolId, bytes calldata payload) external payable onlyEnvoy {
+        (uint16 centrifugeId, bytes32 feeder_, bool canFeed) = abi.decode(payload, (uint16, bytes32, bool));
         feeder[poolId][centrifugeId][feeder_] = canFeed;
         emit UpdateFeeder(poolId, centrifugeId, feeder_, canFeed);
     }
@@ -65,22 +73,27 @@ contract OracleValuation is IOracleValuation, IUntrustedContractUpdate {
         _setPrice(poolId, scId, assetId, newPrice);
     }
 
-    /// @inheritdoc IUntrustedContractUpdate
-    function untrustedCall(
-        PoolId poolId,
-        ShareClassId scId,
-        bytes calldata payload,
-        uint16 centrifugeId,
-        bytes32 sender
-    ) external {
-        require(msg.sender == contractUpdater, NotAuthorized());
+    /// @inheritdoc IManagerCallFromSpoke
+    /// @dev Remote price update by a registered feeder. No outgoing message, so value is rejected.
+    ///      The share class id is encoded in `payload` (fromSpoke carries no scId).
+    function fromSpoke(PoolId poolId, bytes calldata payload, uint16 centrifugeId, bytes32 sender)
+        external
+        payable
+        onlyEnvoy
+    {
         require(feeder[poolId][centrifugeId][sender], NotFeeder());
-        (uint128 assetId, uint128 newPrice) = abi.decode(payload, (uint128, uint128));
-        _setPrice(poolId, scId, AssetId.wrap(assetId), D18.wrap(newPrice));
+
+        (bytes16 scId, AssetId assetId, uint128 newPrice, uint64 priceAt) =
+            abi.decode(payload, (bytes16, AssetId, uint128, uint64));
+        require(assetId.centrifugeId() == centrifugeId, NetworkMismatch());
+        uint64 lastUpdatedAt = pricePoolPerAsset[poolId][ShareClassId.wrap(scId)][assetId].updatedAt;
+        require(priceAt > lastUpdatedAt, StalePrice());
+
+        _setPrice(poolId, ShareClassId.wrap(scId), assetId, D18.wrap(newPrice));
     }
 
     function _setPrice(PoolId poolId, ShareClassId scId, AssetId assetId, D18 newPrice) internal {
-        pricePoolPerAsset[poolId][scId][assetId] = Price(newPrice, true);
+        pricePoolPerAsset[poolId][scId][assetId] = Price(newPrice, true, uint64(block.timestamp));
         hub.updateHoldingValue(poolId, scId, assetId);
         emit UpdatePrice(poolId, scId, assetId, newPrice);
     }
diff --git a/src/valuations/interfaces/IOracleValuation.sol b/src/valuations/interfaces/IOracleValuation.sol
index 6284b4f6d..c48dfee1a 100644
--- a/src/valuations/interfaces/IOracleValuation.sol
+++ b/src/valuations/interfaces/IOracleValuation.sol
@@ -9,25 +9,31 @@ import {IHub} from "../../core/hub/interfaces/IHub.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
 import {IValuation} from "../../core/hub/interfaces/IValuation.sol";
 import {IHubRegistry} from "../../core/hub/interfaces/IHubRegistry.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "../../core/utils/interfaces/IManagerCall.sol";
 
 /// @title  IOracleValuation
 /// @notice Interface for oracle-based asset price feeds with permissioned feeders
-/// @dev    Extends IValuation to provide oracle price updates with feeder access control
-interface IOracleValuation is IValuation {
-    /// @dev Latest price
+/// @dev    Extends IValuation to provide oracle price updates with feeder access control.
+///         Feeder management arrives via `fromHub` (hub-supervised); remote price updates arrive via
+///         `fromSpoke` (feeder-validated by this contract).
+interface IOracleValuation is IValuation, IManagerCallFromHub, IManagerCallFromSpoke {
+    /// @dev Latest price. `updatedAt` is the hub-chain block.timestamp of the last committed write.
     struct Price {
         D18 value;
         /// @dev This is used to separate default (zero) values from valid 0.0 prices
         bool isValid;
+        uint64 updatedAt;
     }
 
     event UpdatePrice(PoolId indexed poolId, ShareClassId indexed scId, AssetId indexed assetId, D18 newPrice);
     event UpdateFeeder(PoolId indexed poolId, uint16 indexed centrifugeId, bytes32 indexed feeder, bool canFeed);
 
-    error NotAuthorized();
+    error NotEnvoy();
+    error NetworkMismatch();
+    error UnexpectedValue();
     error NotFeeder();
-    error NotHubManager();
     error PriceNotSet();
+    error StalePrice();
 
     //----------------------------------------------------------------------------------------------
     // State variable getters
@@ -39,6 +45,9 @@ interface IOracleValuation is IValuation {
     /// @notice Registry of pools, assets, and manager permissions on the hub chain
     function hubRegistry() external view returns (IHubRegistry);
 
+    /// @notice The Envoy, the only authorized caller of `fromHub`
+    function envoy() external view returns (address);
+
     /// @notice Whether a feeder identifier is authorized to submit price updates for a pool from a given chain
     /// @param poolId The pool identifier
     /// @param centrifugeId The source chain ID (0 for local feeders)
@@ -49,19 +58,12 @@ interface IOracleValuation is IValuation {
     function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId)
         external
         view
-        returns (D18 value, bool isValid);
+        returns (D18 value, bool isValid, uint64 updatedAt);
 
     //----------------------------------------------------------------------------------------------
-    // Administration
+    // Update price
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Update the permission for a feeder to set prices for a pool
-    /// @param poolId The pool identifier
-    /// @param centrifugeId The source chain ID (0 for local feeders)
-    /// @param feeder_ The identifier of the feeder
-    /// @param canFeed Whether the feeder can set prices
-    function updateFeeder(PoolId poolId, uint16 centrifugeId, bytes32 feeder_, bool canFeed) external;
-
     /// @notice Set the price for an asset in a pool's share class
     /// @param poolId The pool identifier
     /// @param scId The share class identifier
diff --git a/src/vaults/AsyncRequestManager.sol b/src/vaults/AsyncRequestManager.sol
index ae5aa7af0..ce0b53556 100644
--- a/src/vaults/AsyncRequestManager.sol
+++ b/src/vaults/AsyncRequestManager.sol
@@ -23,27 +23,25 @@ import {CastLib} from "../misc/libraries/CastLib.sol";
 import {MathLib} from "../misc/libraries/MathLib.sol";
 import {IEscrow} from "../misc/interfaces/IEscrow.sol";
 import {BytesLib} from "../misc/libraries/BytesLib.sol";
+import {SafeTransferLib} from "../misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../core/types/PoolId.sol";
 import {AssetId} from "../core/types/AssetId.sol";
 import {ISpoke} from "../core/spoke/interfaces/ISpoke.sol";
-import {IVault} from "../core/spoke/interfaces/IVault.sol";
 import {PricingLib} from "../core/libraries/PricingLib.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
 import {IPoolEscrow} from "../core/spoke/interfaces/IPoolEscrow.sol";
-import {IShareToken} from "../core/spoke/interfaces/IShareToken.sol";
-import {IRequestManager} from "../core/interfaces/IRequestManager.sol";
-import {ESCROW_HOOK_ID} from "../core/spoke/interfaces/ITransferHook.sol";
-import {ITrustedContractUpdate} from "../core/utils/interfaces/IContractUpdate.sol";
-import {IBalanceSheet, WithdrawMode} from "../core/spoke/interfaces/IBalanceSheet.sol";
-import {VaultDetails, IVaultRegistry} from "../core/spoke/interfaces/IVaultRegistry.sol";
+import {ISpokeRequestManager} from "../core/spoke/interfaces/ISpokeRequestManager.sol";
+import {VaultDetails, ISpokeRegistry} from "../core/spoke/interfaces/ISpokeRegistry.sol";
 
+import {IShareToken} from "../token/interfaces/IShareToken.sol";
+import {ESCROW_HOOK_ID} from "../token/interfaces/ITransferHook.sol";
 import {ISubsidyManager} from "../utils/interfaces/ISubsidyManager.sol";
 
 /// @title  Async Request Manager
 /// @notice This is the main contract vaults interact with for
 ///         both incoming and outgoing investment transactions.
-contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpdate {
+contract AsyncRequestManager is Auth, IAsyncRequestManager {
     using CastLib for *;
     using BytesLib for bytes;
     using MathLib for uint256;
@@ -51,8 +49,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
     using RequestCallbackMessageLib for *;
 
     ISpoke public spoke;
-    IBalanceSheet public balanceSheet;
-    IVaultRegistry public vaultRegistry;
+    ISpokeRegistry public spokeRegistry;
     ISubsidyManager public subsidyManager;
 
     mapping(IBaseVault vault => mapping(address investor => AsyncInvestmentState)) public investments;
@@ -69,8 +66,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
 
     function file(bytes32 what, address data) external auth {
         if (what == "spoke") spoke = ISpoke(data);
-        else if (what == "balanceSheet") balanceSheet = IBalanceSheet(data);
-        else if (what == "vaultRegistry") vaultRegistry = IVaultRegistry(data);
+        else if (what == "spokeRegistry") spokeRegistry = ISpokeRegistry(data);
         else if (what == "subsidyManager") subsidyManager = ISubsidyManager(data);
         else revert FileUnrecognizedParam();
         emit File(what, data);
@@ -98,25 +94,33 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
 
         _sendRequest(vault_, RequestMessageLib.DepositRequest(controller.toBytes32(), assets_).serialize());
 
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
-        PoolId poolId = vault_.poolId();
-        ShareClassId scId = vault_.scId();
-        balanceSheet.reserve(
-            poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assets_, address(this), REASON_DEPOSIT
-        );
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        PoolId poolId = vaultDetails.poolId;
+        ShareClassId scId = vaultDetails.scId;
+
+        // The vault transfers the pending assets into the pool escrow right after this call. Note them
+        // into the holding and immediately reserve them: the two queued updates cancel out, so the pending
+        // deposit is not hub-accounted until approval and does not consume escrow withdrawal headroom.
+        spoke.noteDeposit(poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assets_);
+        spoke.reserve(poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assets_, address(this), REASON_DEPOSIT);
 
         return true;
     }
 
     /// @inheritdoc IAsyncRedeemManager
+    /// @dev The `transfer` flag is deprecated and ignored: shares are always transferred to the pool escrow.
     function requestRedeem(
         IBaseVault vault_,
         uint256 shares,
         address controller,
         address owner,
         address sender_,
-        bool transfer
-    ) public auth returns (bool) {
+        bool /* transfer */
+    )
+        public
+        auth
+        returns (bool)
+    {
         _checkIsLinked(vault_);
 
         uint128 shares_ = shares.toUint128();
@@ -132,13 +136,10 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         state.pendingRedeemRequest = state.pendingRedeemRequest + shares_;
 
         _sendRequest(vault_, RequestMessageLib.RedeemRequest(controller.toBytes32(), shares_).serialize());
-        if (transfer) {
-            PoolId poolId = vault_.poolId();
-            ShareClassId scId = vault_.scId();
 
-            balanceSheet.transferSharesFrom(poolId, scId, sender_, owner, address(balanceSheet.escrow(poolId)), shares_);
-            balanceSheet.reserve(poolId, scId, vault_.share(), 0, shares_, address(this), REASON_REDEEM);
-        }
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        PoolId poolId = vaultDetails.poolId;
+        spoke.transferSharesFrom(poolId, vaultDetails.scId, sender_, owner, address(spoke.escrow(poolId)), shares_);
 
         return true;
     }
@@ -174,15 +175,16 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         address refund;
         uint256 payment;
 
-        PoolId poolId = vault_.poolId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault_).assetId;
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        PoolId poolId = vaultDetails.poolId;
+        AssetId assetId = vaultDetails.assetId;
 
-        if (!balanceSheet.gateway().isBatching() && poolId.centrifugeId() != assetId.centrifugeId()) {
+        if (!spoke.gateway().isBatching() && poolId.centrifugeId() != assetId.centrifugeId()) {
             (refund, payment) = subsidyManager.withdrawAll(poolId, address(this));
         }
 
         // It use all funds for the message, and the rest is refunded again to the RefundEscrow
-        spoke.request{value: payment}(poolId, vault_.scId(), assetId, payload, 0, true, refund);
+        spoke.request{value: payment}(poolId, vaultDetails.scId, assetId, payload, 0, true, refund);
     }
 
     //----------------------------------------------------------------------------------------------
@@ -194,13 +196,13 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
 
         if (kind == uint8(RequestCallbackType.ApprovedDeposits)) {
             RequestCallbackMessageLib.ApprovedDeposits memory m = payload.deserializeApprovedDeposits();
-            approvedDeposits(poolId, scId, assetId, m.assetAmount, D18.wrap(m.pricePoolPerAsset));
+            approvedDeposits(poolId, scId, assetId, m.assetAmount);
         } else if (kind == uint8(RequestCallbackType.IssuedShares)) {
             RequestCallbackMessageLib.IssuedShares memory m = payload.deserializeIssuedShares();
-            issuedShares(poolId, scId, m.shareAmount, D18.wrap(m.pricePoolPerShare));
+            issuedShares(poolId, scId, m.shareAmount);
         } else if (kind == uint8(RequestCallbackType.RevokedShares)) {
             RequestCallbackMessageLib.RevokedShares memory m = payload.deserializeRevokedShares();
-            revokedShares(poolId, scId, assetId, m.assetAmount, m.shareAmount, D18.wrap(m.pricePoolPerShare));
+            revokedShares(poolId, scId, assetId, m.assetAmount, m.shareAmount);
         } else if (kind == uint8(RequestCallbackType.FulfilledDepositRequest)) {
             RequestCallbackMessageLib.FulfilledDepositRequest memory m = payload.deserializeFulfilledDepositRequest();
             fulfillDepositRequest(
@@ -224,58 +226,37 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
                 m.cancelledShareAmount
             );
         } else {
-            revert IRequestManager.UnknownRequestCallbackType();
+            revert ISpokeRequestManager.UnknownRequestCallbackType();
         }
     }
 
-    function approvedDeposits(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        uint128 assetAmount,
-        D18 pricePoolPerAsset
-    ) internal {
-        (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
-
-        balanceSheet.unreserve(poolId, scId, asset, tokenId, assetAmount, address(this), REASON_DEPOSIT);
+    function approvedDeposits(PoolId poolId, ShareClassId scId, AssetId assetId, uint128 assetAmount) internal {
+        (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId, true);
 
-        balanceSheet.overridePricePoolPerAsset(poolId, scId, assetId, pricePoolPerAsset);
-        balanceSheet.noteDeposit(poolId, scId, asset, tokenId, assetAmount);
-        balanceSheet.resetPricePoolPerAsset(poolId, scId, assetId);
+        // Release the request-time reservation: the assets enter the hub-accounted holding, valued
+        // hub-side when the queue is submitted.
+        spoke.unreserve(poolId, scId, asset, tokenId, assetAmount, address(this), REASON_DEPOSIT);
     }
 
-    function issuedShares(PoolId poolId, ShareClassId scId, uint128 shareAmount, D18 pricePoolPerShare) internal {
-        address token = address(spoke.shareToken(poolId, scId));
-
-        balanceSheet.overridePricePoolPerShare(poolId, scId, pricePoolPerShare);
-        balanceSheet.issue(poolId, scId, address(balanceSheet.escrow(poolId)), shareAmount);
-        balanceSheet.reserve(poolId, scId, token, 0, shareAmount, address(this), REASON_DEPOSIT);
-        balanceSheet.resetPricePoolPerShare(poolId, scId);
+    function issuedShares(PoolId poolId, ShareClassId scId, uint128 shareAmount) internal {
+        // Shares parked in the pool escrow for claiming carry no holding accounting.
+        spoke.issue(poolId, scId, address(spoke.escrow(poolId)), shareAmount);
     }
 
-    function revokedShares(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId assetId,
-        uint128 assetAmount,
-        uint128 shareAmount,
-        D18 pricePoolPerShare
-    ) internal {
-        (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
+    function revokedShares(PoolId poolId, ShareClassId scId, AssetId assetId, uint128 assetAmount, uint128 shareAmount)
+        internal
+    {
+        (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId, true);
 
-        balanceSheet.reserve(poolId, scId, asset, tokenId, assetAmount, address(this), REASON_REDEEM);
-        balanceSheet.unreserve(
-            poolId, scId, address(spoke.shareToken(poolId, scId)), 0, shareAmount, address(this), REASON_REDEEM
-        );
-        // Queue asset decrease atomically with share burn to prevent NAV desync + escrow update deferred to claim
-        balanceSheet.noteWithdraw(poolId, scId, asset, tokenId, assetAmount);
+        // Earmark the redemption payout: reserving removes the assets from the hub-accounted holding
+        // atomically with the share burn, preventing NAV desync. The escrow update is deferred to claim.
+        spoke.reserve(poolId, scId, asset, tokenId, assetAmount, address(this), REASON_REDEEM);
 
-        address poolEscrow_ = address(balanceSheet.escrow(poolId));
-        balanceSheet.transferSharesFrom(poolId, scId, poolEscrow_, poolEscrow_, address(this), shareAmount);
+        address poolEscrow_ = address(spoke.escrow(poolId));
+        spoke.transferSharesFrom(poolId, scId, poolEscrow_, poolEscrow_, address(this), shareAmount);
 
-        balanceSheet.overridePricePoolPerShare(poolId, scId, pricePoolPerShare);
-        balanceSheet.revoke(poolId, scId, shareAmount);
-        balanceSheet.resetPricePoolPerShare(poolId, scId);
+        SafeTransferLib.safeApprove(address(spokeRegistry.shareToken(poolId, scId)), address(spoke), shareAmount);
+        spoke.revoke(poolId, scId, shareAmount);
     }
 
     function fulfillDepositRequest(
@@ -287,7 +268,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         uint128 fulfilledShares,
         uint128 cancelledAssets
     ) internal {
-        IAsyncVault vault_ = IAsyncVault(address(vaultRegistry.vault(poolId, scId, assetId, this)));
+        IAsyncVault vault_ = IAsyncVault(address(_requestVault(poolId, scId, assetId)));
         AsyncInvestmentState storage state = investments[vault_][user];
 
         require(state.pendingDepositRequest != 0, NoPendingRequest());
@@ -319,7 +300,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         uint128 fulfilledShares,
         uint128 cancelledShares
     ) internal {
-        IAsyncRedeemVault vault_ = IAsyncRedeemVault(address(vaultRegistry.vault(poolId, scId, assetId, this)));
+        IAsyncRedeemVault vault_ = IAsyncRedeemVault(address(_requestVault(poolId, scId, assetId)));
 
         AsyncInvestmentState storage state = investments[vault_][user];
         require(state.pendingRedeemRequest != 0, NoPendingRequest());
@@ -347,12 +328,6 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         if (cancelledShares > 0) vault_.onCancelRedeemClaimable(user, cancelledShares);
     }
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId, bytes calldata payload) external auth {
-        (bytes32 who, uint256 value) = abi.decode(payload, (bytes32, uint256));
-        subsidyManager.withdraw(poolId, who.toAddress(), value);
-    }
-
     //----------------------------------------------------------------------------------------------
     // Sync investment handlers
     //----------------------------------------------------------------------------------------------
@@ -372,7 +347,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         uint128 sharesUp = _assetToShareAmount(vault_, assets_, state.depositPrice, MathLib.Rounding.Up);
         uint128 sharesDown = _assetToShareAmount(vault_, assets_, state.depositPrice, MathLib.Rounding.Down);
         shares = uint256(sharesDown);
-        _processDeposit(state, sharesUp, sharesDown, vault_, receiver);
+        _processDeposit(state, sharesUp, sharesDown, vault_, receiver, controller);
     }
 
     /// @inheritdoc IDepositManager
@@ -387,7 +362,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         uint128 shares_ = shares.toUint128();
 
         assets = uint256(_shareToAssetAmount(vault_, shares_, state.depositPrice, MathLib.Rounding.Up));
-        _processDeposit(state, shares_, shares_, vault_, receiver);
+        _processDeposit(state, shares_, shares_, vault_, receiver, controller);
     }
 
     function _processDeposit(
@@ -395,18 +370,19 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         uint128 sharesUp,
         uint128 sharesDown,
         IBaseVault vault_,
-        address receiver
+        address receiver,
+        address controller
     ) internal {
         require(sharesUp <= state.maxMint, ExceedsDepositLimits());
         state.maxMint = state.maxMint - sharesUp;
 
         if (sharesDown > 0) {
-            ShareClassId scId = vault_.scId();
-            PoolId poolId = vault_.poolId();
-            address token = vault_.share();
-            balanceSheet.unreserve(poolId, scId, token, 0, sharesDown, address(this), REASON_DEPOSIT);
-            // NOTE: Assumes restrictions check of receiver to be done in withdraw
-            balanceSheet.withdraw(poolId, scId, token, 0, receiver, sharesDown, WithdrawMode.TransferOnly);
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+
+            // The share transfer checks the receiver, not the controller. Mirrors {maxMint}.
+            require(_canTransfer(vault_, _escrow(vault_), controller, sharesDown), TransferNotAllowed());
+
+            spoke.withdrawShares(vaultDetails.poolId, vaultDetails.scId, receiver, sharesDown);
         }
     }
 
@@ -463,22 +439,18 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         state.maxWithdraw = state.maxWithdraw - assetsUp;
 
         if (assetsDown > 0) {
-            VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
-            PoolId poolId = vault_.poolId();
-            ShareClassId scId = vault_.scId();
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
 
-            balanceSheet.unreserve(
-                poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assetsDown, address(this), REASON_REDEEM
-            );
-            // EscrowAndTransfer: escrow update but no Hub queue since noteWithdraw already queued in revokedShares
-            balanceSheet.withdraw(
-                poolId,
-                scId,
+            // The holding decrease was already queued when the payout was reserved in revokedShares.
+            spoke.withdrawReserved(
+                vaultDetails.poolId,
+                vaultDetails.scId,
                 vaultDetails.asset,
                 vaultDetails.tokenId,
                 receiver,
                 assetsDown,
-                WithdrawMode.EscrowAndTransfer
+                address(this),
+                REASON_REDEEM
             );
         }
     }
@@ -505,16 +477,19 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         require(_canTransfer(vault_, receiver, address(0), convertToShares(vault_, assets)), TransferNotAllowed());
 
         if (assets > 0) {
-            VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
-            PoolId poolId = vault_.poolId();
-            ShareClassId scId = vault_.scId();
-            uint128 assets_ = assets.toUint128();
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
 
-            balanceSheet.unreserve(
-                poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assets_, address(this), REASON_DEPOSIT
-            );
-            balanceSheet.withdraw(
-                poolId, scId, vaultDetails.asset, vaultDetails.tokenId, receiver, assets_, WithdrawMode.TransferOnly
+            // The pending deposit was never hub-accounted (deposit and reserve cancelled out at request
+            // time), so the cancellation refund claims the reserved assets without queueing an update.
+            spoke.withdrawReserved(
+                vaultDetails.poolId,
+                vaultDetails.scId,
+                vaultDetails.asset,
+                vaultDetails.tokenId,
+                receiver,
+                assets.toUint128(),
+                address(this),
+                REASON_DEPOSIT
             );
         }
     }
@@ -532,14 +507,12 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         state.claimableCancelRedeemRequest = 0;
 
         if (shares > 0) {
-            PoolId poolId = vault_.poolId();
-            ShareClassId scId = vault_.scId();
-            address shareToken = vault_.share();
-            uint128 shares_ = shares.toUint128();
-
-            balanceSheet.unreserve(poolId, scId, shareToken, 0, shares_, address(this), REASON_REDEEM);
-            // NOTE: Assumes restrictions check of receiver to be done in withdraw
-            balanceSheet.withdraw(poolId, scId, shareToken, 0, receiver, shares_, WithdrawMode.TransferOnly);
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+
+            // Same reasoning as {_processDeposit}.
+            require(_canTransfer(vault_, _escrow(vault_), controller, shares), TransferNotAllowed());
+
+            spoke.withdrawShares(vaultDetails.poolId, vaultDetails.scId, receiver, shares.toUint128());
         }
     }
 
@@ -550,9 +523,9 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
     /// @inheritdoc IDepositManager
     function maxDeposit(IBaseVault vault_, address user) public view returns (uint256 assets) {
         assets = _maxDeposit(vault_, user);
-        if (!_canTransfer(
-                vault_, address(balanceSheet.escrow(vault_.poolId())), user, investments[vault_][user].maxMint
-            )) return 0;
+        if (!_canTransfer(vault_, _escrow(vault_), user, investments[vault_][user].maxMint)) {
+            return 0;
+        }
     }
 
     function _maxDeposit(IBaseVault vault_, address user) internal view returns (uint128 assets) {
@@ -563,9 +536,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
     /// @inheritdoc IDepositManager
     function maxMint(IBaseVault vault_, address user) public view returns (uint256 shares) {
         shares = uint256(investments[vault_][user].maxMint);
-        if (!_canTransfer(
-                vault_, address(balanceSheet.escrow(vault_.poolId())), user, uint256(investments[vault_][user].maxMint)
-            )) return 0;
+        if (!_canTransfer(vault_, _escrow(vault_), user, uint256(investments[vault_][user].maxMint))) return 0;
     }
 
     /// @inheritdoc IRedeemManager
@@ -608,19 +579,22 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
     /// @inheritdoc IAsyncDepositManager
     function claimableCancelDepositRequest(IBaseVault vault_, address user) public view returns (uint256 assets) {
         assets = investments[vault_][user].claimableCancelDepositRequest;
+        if (!_canTransfer(vault_, user, address(0), convertToShares(vault_, assets))) return 0;
     }
 
     /// @inheritdoc IAsyncRedeemManager
     function claimableCancelRedeemRequest(IBaseVault vault_, address user) public view returns (uint256 shares) {
         shares = investments[vault_][user].claimableCancelRedeemRequest;
+        if (!_canTransfer(vault_, _escrow(vault_), user, shares)) return 0;
     }
 
     /// @inheritdoc IBaseRequestManager
     function convertToShares(IBaseVault vault_, uint256 assets) public view virtual returns (uint256 shares) {
         uint128 assets_ = assets.toUint128();
-        VaultDetails memory vd = vaultRegistry.vaultDetails(vault_);
-        (D18 pricePoolPerAsset, D18 pricePoolPerShare) =
-            spoke.pricesPoolPer(vault_.poolId(), vault_.scId(), vd.assetId, false);
+        VaultDetails memory vd = spokeRegistry.vaultDetails(address(vault_));
+        require(vd.asset != address(0), ISpokeRegistry.UnknownVault());
+        D18 pricePoolPerAsset = spokeRegistry.pricePoolPerAsset(vd.poolId, vd.scId, vd.assetId, false);
+        D18 pricePoolPerShare = spokeRegistry.pricePoolPerShare(vd.poolId, vd.scId, false);
 
         return pricePoolPerShare.isZero()
             ? 0
@@ -638,9 +612,10 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
     /// @inheritdoc IBaseRequestManager
     function convertToAssets(IBaseVault vault_, uint256 shares) public view virtual returns (uint256 assets) {
         uint128 shares_ = shares.toUint128();
-        VaultDetails memory vd = vaultRegistry.vaultDetails(vault_);
-        (D18 pricePoolPerAsset, D18 pricePoolPerShare) =
-            spoke.pricesPoolPer(vault_.poolId(), vault_.scId(), vd.assetId, false);
+        VaultDetails memory vd = spokeRegistry.vaultDetails(address(vault_));
+        require(vd.asset != address(0), ISpokeRegistry.UnknownVault());
+        D18 pricePoolPerAsset = spokeRegistry.pricePoolPerAsset(vd.poolId, vd.scId, vd.assetId, false);
+        D18 pricePoolPerShare = spokeRegistry.pricePoolPerShare(vd.poolId, vd.scId, false);
 
         return pricePoolPerAsset.isZero()
             ? 0
@@ -657,12 +632,11 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
 
     /// @inheritdoc IBaseRequestManager
     function priceLastUpdated(IBaseVault vault_) public view virtual returns (uint64 lastUpdated) {
-        PoolId poolId = vault_.poolId();
-        ShareClassId scId = vault_.scId();
+        VaultDetails memory vd = spokeRegistry.vaultDetails(address(vault_));
+        require(vd.asset != address(0), ISpokeRegistry.UnknownVault());
 
-        (uint64 shareLastUpdated,,) = spoke.markersPricePoolPerShare(poolId, scId);
-        (uint64 assetLastUpdated,,) =
-            spoke.markersPricePoolPerAsset(poolId, scId, vaultRegistry.vaultDetails(vault_).assetId);
+        uint64 shareLastUpdated = spokeRegistry.pricePoolPerShareComputedAt(vd.poolId, vd.scId);
+        uint64 assetLastUpdated = spokeRegistry.pricePoolPerAssetComputedAt(vd.poolId, vd.scId, vd.assetId);
 
         // Choose the latest update to be the marker
         lastUpdated = MathLib.max(shareLastUpdated, assetLastUpdated).toUint64();
@@ -670,15 +644,15 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
 
     /// @inheritdoc IBaseRequestManager
     function poolEscrow(PoolId poolId) public view returns (IPoolEscrow) {
-        return balanceSheet.escrow(poolId);
+        return spoke.escrow(poolId);
     }
 
     /// @inheritdoc IBaseRequestManager
     function globalEscrow() external view override returns (IEscrow) {
         // NOTE: Inlining vault() instead of caching on purpose to save critical 6 bytes of deploy size
-        require(vaultRegistry.isLinked(IVault(IBaseVault(msg.sender))), NotAVault());
+        require(spokeRegistry.isLinked(msg.sender), NotAVault());
 
-        return IEscrow(address(balanceSheet.escrow(IBaseVault(msg.sender).poolId())));
+        return IEscrow(_escrow(IBaseVault(msg.sender)));
     }
 
     //----------------------------------------------------------------------------------------------
@@ -696,7 +670,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         view
         returns (uint128 shares)
     {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
         address shareToken = vault_.share();
 
         return priceAssetPerShare.isZero()
@@ -711,7 +685,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         view
         returns (uint128 assets)
     {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
         address shareToken = vault_.share();
 
         return priceAssetPerShare.isZero()
@@ -726,7 +700,7 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
         view
         returns (D18 price)
     {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
         address shareToken = vault_.share();
 
         return shares == 0
@@ -737,7 +711,23 @@ contract AsyncRequestManager is Auth, IAsyncRequestManager, ITrustedContractUpda
     }
 
     /// @dev Here to reduce contract bytesize
-    function _checkIsLinked(IVault vault_) internal view {
-        require(vaultRegistry.isLinked(vault_), VaultNotLinked());
+    function _checkIsLinked(IBaseVault vault_) internal view {
+        require(spokeRegistry.isLinked(address(vault_)), VaultNotLinked());
+    }
+
+    /// @dev Here to reduce contract bytesize
+    function _escrow(IBaseVault vault_) internal view returns (address) {
+        return address(spoke.escrow(spokeRegistry.vaultDetails(address(vault_)).poolId));
+    }
+
+    /// @dev Resolves a fulfillment callback (keyed by the tuple) back to its vault via the share token's
+    ///      ERC-7575 pointer, which the registrar keeps aimed at the currently-linked vault for `assetId`.
+    function _requestVault(PoolId poolId, ShareClassId scId, AssetId assetId)
+        internal
+        view
+        returns (IBaseVault vault_)
+    {
+        (address asset,) = spokeRegistry.idToAsset(assetId, true);
+        vault_ = IBaseVault(IShareToken(address(spokeRegistry.shareToken(poolId, scId))).vault(asset));
     }
 }
diff --git a/src/vaults/AsyncVault.sol b/src/vaults/AsyncVault.sol
index eba1fe357..2f921e5d8 100644
--- a/src/vaults/AsyncVault.sol
+++ b/src/vaults/AsyncVault.sol
@@ -12,8 +12,8 @@ import {IERC7540Deposit, IERC7887Deposit} from "../misc/interfaces/IERC7540.sol"
 
 import {PoolId} from "../core/types/PoolId.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {VaultKind} from "../core/spoke/interfaces/IVault.sol";
-import {IShareToken} from "../core/spoke/interfaces/IShareToken.sol";
+
+import {IShareToken} from "../token/interfaces/IShareToken.sol";
 
 /// @title  AsyncVault
 /// @notice Asynchronous Tokenized Vault standard implementation for Centrifuge pools
@@ -168,12 +168,4 @@ contract AsyncVault is BaseAsyncRedeemVault, IAsyncVault {
     function onCancelDepositClaimable(address controller, uint256 assets) public virtual auth {
         emit CancelDepositClaimable(controller, REQUEST_ID, assets);
     }
-
-    //----------------------------------------------------------------------------------------------
-    // IBaseVault view
-    //----------------------------------------------------------------------------------------------
-
-    function vaultKind() public pure returns (VaultKind vaultKind_) {
-        return VaultKind.Async;
-    }
 }
diff --git a/src/vaults/BaseVaults.sol b/src/vaults/BaseVaults.sol
index ebc8cc8e0..134fccec6 100644
--- a/src/vaults/BaseVaults.sol
+++ b/src/vaults/BaseVaults.sol
@@ -16,12 +16,12 @@ import {SafeTransferLib} from "../misc/libraries/SafeTransferLib.sol";
 import {IERC7540Operator, IERC7540Redeem, IERC7714, IERC7741, IERC7887Redeem} from "../misc/interfaces/IERC7540.sol";
 
 import {PoolId} from "../core/types/PoolId.sol";
-import {IVault} from "../core/spoke/interfaces/IVault.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {IShareToken} from "../core/spoke/interfaces/IShareToken.sol";
 
 import {IRoot} from "../admin/interfaces/IRoot.sol";
 
+import {IShareToken} from "../token/interfaces/IShareToken.sol";
+
 abstract contract BaseVault is Auth, Recoverable, IBaseVault {
     /// @dev Requests for Centrifuge pool are non-fungible and all have ID = 0
     uint256 internal constant REQUEST_ID = 0;
@@ -29,9 +29,9 @@ abstract contract BaseVault is Auth, Recoverable, IBaseVault {
     IRoot public immutable root;
     IBaseRequestManager public baseManager;
 
-    /// @inheritdoc IVault
+    /// @inheritdoc IBaseVault
     PoolId public immutable poolId;
-    /// @inheritdoc IVault
+    /// @inheritdoc IBaseVault
     ShareClassId public immutable scId;
 
     /// @inheritdoc IERC7575
@@ -376,7 +376,7 @@ abstract contract BaseSyncDepositVault is BaseVault {
         // NOTE: For security reasons, transfer must stay at end of call despite the fact that it logically should
         // happen before depositing in the manager
         SafeTransferLib.safeTransferFrom(asset, msg.sender, address(baseManager.poolEscrow(poolId)), assets);
-        emit Deposit(receiver, msg.sender, assets, shares);
+        emit Deposit(msg.sender, receiver, assets, shares);
     }
 
     /// @inheritdoc IERC7575
@@ -394,7 +394,7 @@ abstract contract BaseSyncDepositVault is BaseVault {
         assets = syncDepositManager.mint(this, shares, receiver, msg.sender);
         // NOTE: For security reasons, transfer must stay at end of call
         SafeTransferLib.safeTransferFrom(asset, msg.sender, address(baseManager.poolEscrow(poolId)), assets);
-        emit Deposit(receiver, msg.sender, assets, shares);
+        emit Deposit(msg.sender, receiver, assets, shares);
     }
 
     /// @inheritdoc IERC165
diff --git a/src/vaults/BatchRequestManager.sol b/src/vaults/BatchRequestManager.sol
index 443e4a671..8779c9fee 100644
--- a/src/vaults/BatchRequestManager.sol
+++ b/src/vaults/BatchRequestManager.sol
@@ -10,24 +10,27 @@ import {
     UserOrder,
     QueuedOrder,
     RequestType,
+    ManagerAction,
     EpochId
 } from "./interfaces/IBatchRequestManager.sol";
 
 import {Auth} from "../misc/Auth.sol";
 import {D18, d18} from "../misc/types/D18.sol";
-import {IAuth} from "../misc/interfaces/IAuth.sol";
 import {CastLib} from "../misc/libraries/CastLib.sol";
 import {MathLib} from "../misc/libraries/MathLib.sol";
 import {IERC165} from "../misc/interfaces/IERC165.sol";
 import {BytesLib} from "../misc/libraries/BytesLib.sol";
+import {SafeTransferLib} from "../misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../core/types/PoolId.sol";
 import {AssetId} from "../core/types/AssetId.sol";
+import {RequestId} from "../core/types/RequestId.sol";
 import {PricingLib} from "../core/libraries/PricingLib.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
 import {IGateway} from "../core/messaging/interfaces/IGateway.sol";
 import {BatchedMulticall} from "../core/utils/BatchedMulticall.sol";
 import {IHubRegistry} from "../core/hub/interfaces/IHubRegistry.sol";
+import {IManagerCallFromHub} from "../core/utils/interfaces/IManagerCall.sol";
 import {IHubRequestManagerCallback} from "../core/hub/interfaces/IHubRequestManagerCallback.sol";
 import {IHubRequestManager, IHubRequestManagerNotifications} from "../core/hub/interfaces/IHubRequestManager.sol";
 
@@ -39,7 +42,9 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
     using BytesLib for bytes;
     using RequestMessageLib for *;
     using RequestCallbackMessageLib for *;
+    using SafeTransferLib for address;
 
+    address public immutable envoy;
     IHubRequestManagerCallback public hub;
     IHubRegistry public immutable hubRegistry;
 
@@ -70,11 +75,12 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
     mapping(PoolId => mapping(ShareClassId => mapping(AssetId => mapping(bytes32 investor => bool)))) public
         allowForceRedeemCancel;
 
-    constructor(IHubRegistry hubRegistry_, IGateway gateway_, address deployer)
+    constructor(IHubRegistry hubRegistry_, IGateway gateway_, address envoy_, address deployer)
         Auth(deployer)
         BatchedMulticall(gateway_)
     {
         hubRegistry = hubRegistry_;
+        envoy = envoy_;
     }
 
     //----------------------------------------------------------------------------------------------
@@ -89,11 +95,6 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         emit File(what, data);
     }
 
-    modifier isManager(PoolId poolId) {
-        require(hubRegistry.manager(poolId, msgSender()), IAuth.NotAuthorized());
-        _;
-    }
-
     /// @dev used only for migrations
     function setEpochIds(PoolId poolId, ShareClassId scId, AssetId assetId, EpochId memory epochIdData) external auth {
         epochId[poolId][scId][assetId] = epochIdData;
@@ -199,8 +200,48 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
     // Manager actions
     //----------------------------------------------------------------------------------------------
 
-    /// @inheritdoc IBatchRequestManager
-    function approveDeposits(
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev Decodes `(kind, scId)` from `payload` and dispatches to the matching handler. `payable` so
+    ///      forwarded value can fund a downstream `requestCallback`.
+    ///      Payload layout: `abi.encode(uint8 kind, bytes16 scId, ...action args)`.
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        (uint8 kindRaw, bytes16 scIdRaw) = abi.decode(payload, (uint8, bytes16));
+        ManagerAction kind = ManagerAction(kindRaw);
+        ShareClassId scId = ShareClassId.wrap(scIdRaw);
+
+        if (kind == ManagerAction.ApproveDeposits) {
+            (,, uint128 assetId, uint32 epoch, uint128 approvedAssetAmount, uint128 price, address refund) =
+                abi.decode(payload, (uint8, bytes16, uint128, uint32, uint128, uint128, address));
+            _approveDeposits(poolId, scId, AssetId.wrap(assetId), epoch, approvedAssetAmount, D18.wrap(price), refund);
+        } else if (kind == ManagerAction.ApproveRedeems) {
+            // Purely local epoch state — no message, no refund path. Value would strand; reject it.
+            require(msg.value == 0, UnexpectedValue());
+            (,, uint128 assetId, uint32 epoch, uint128 approvedShareAmount, uint128 price) =
+                abi.decode(payload, (uint8, bytes16, uint128, uint32, uint128, uint128));
+            _approveRedeems(poolId, scId, AssetId.wrap(assetId), epoch, approvedShareAmount, D18.wrap(price));
+        } else if (kind == ManagerAction.IssueShares) {
+            (,, uint128 assetId, uint32 epoch, uint128 price, uint128 extraGasLimit, address refund) =
+                abi.decode(payload, (uint8, bytes16, uint128, uint32, uint128, uint128, address));
+            _issueShares(poolId, scId, AssetId.wrap(assetId), epoch, D18.wrap(price), extraGasLimit, refund);
+        } else if (kind == ManagerAction.RevokeShares) {
+            (,, uint128 assetId, uint32 epoch, uint128 price, uint128 extraGasLimit, address refund) =
+                abi.decode(payload, (uint8, bytes16, uint128, uint32, uint128, uint128, address));
+            _revokeSharesAction(poolId, scId, AssetId.wrap(assetId), epoch, D18.wrap(price), extraGasLimit, refund);
+        } else if (kind == ManagerAction.ForceCancelDepositRequest) {
+            (,, bytes32 investor, uint128 assetId, address refund) =
+                abi.decode(payload, (uint8, bytes16, bytes32, uint128, address));
+            _forceCancelDepositRequest(poolId, scId, investor, AssetId.wrap(assetId), refund);
+        } else if (kind == ManagerAction.ForceCancelRedeemRequest) {
+            (,, bytes32 investor, uint128 assetId, address refund) =
+                abi.decode(payload, (uint8, bytes16, bytes32, uint128, address));
+            _forceCancelRedeemRequest(poolId, scId, investor, AssetId.wrap(assetId), refund);
+        } else {
+            revert UnknownRequestType();
+        }
+    }
+
+    function _approveDeposits(
         PoolId poolId,
         ShareClassId scId_,
         AssetId depositAssetId,
@@ -208,7 +249,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         uint128 approvedAssetAmount,
         D18 pricePoolPerAsset,
         address refund
-    ) external payable isManager(poolId) {
+    ) internal {
         require(
             nowDepositEpochId == nowDepositEpoch(poolId, scId_, depositAssetId),
             EpochNotInSequence(nowDepositEpochId, nowDepositEpoch(poolId, scId_, depositAssetId))
@@ -250,15 +291,14 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         hub.requestCallback{value: msgValue()}(poolId, scId_, depositAssetId, callback, 0, false, refund);
     }
 
-    /// @inheritdoc IBatchRequestManager
-    function approveRedeems(
+    function _approveRedeems(
         PoolId poolId,
         ShareClassId scId_,
         AssetId payoutAssetId,
         uint32 nowRedeemEpochId,
         uint128 approvedShareAmount,
         D18 pricePoolPerAsset
-    ) external payable isManager(poolId) {
+    ) internal {
         require(
             nowRedeemEpochId == nowRedeemEpoch(poolId, scId_, payoutAssetId),
             EpochNotInSequence(nowRedeemEpochId, nowRedeemEpoch(poolId, scId_, payoutAssetId))
@@ -282,8 +322,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         emit ApproveRedeems(poolId, scId_, payoutAssetId, nowRedeemEpochId, approvedShareAmount, pendingShareAmount);
     }
 
-    /// @inheritdoc IBatchRequestManager
-    function issueShares(
+    function _issueShares(
         PoolId poolId,
         ShareClassId scId_,
         AssetId depositAssetId,
@@ -291,7 +330,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         D18 pricePoolPerShare,
         uint128 extraGasLimit,
         address refund
-    ) external payable isManager(poolId) {
+    ) internal {
         require(nowIssueEpochId <= epochId[poolId][scId_][depositAssetId].deposit, EpochNotFound());
         require(
             nowIssueEpochId == nowIssueEpoch(poolId, scId_, depositAssetId),
@@ -332,8 +371,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         hub.requestCallback{value: msgValue()}(poolId, scId_, depositAssetId, callback, extraGasLimit, false, refund);
     }
 
-    /// @inheritdoc IBatchRequestManager
-    function revokeShares(
+    function _revokeSharesAction(
         PoolId poolId,
         ShareClassId scId_,
         AssetId payoutAssetId,
@@ -341,7 +379,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         D18 pricePoolPerShare,
         uint128 extraGasLimit,
         address refund
-    ) external payable isManager(poolId) {
+    ) internal {
         (uint128 payoutAssetAmount, uint128 revokedShareAmount) =
             _revokeShares(poolId, scId_, payoutAssetId, nowRevokeEpochId, pricePoolPerShare);
 
@@ -401,14 +439,13 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         );
     }
 
-    /// @inheritdoc IBatchRequestManager
-    function forceCancelDepositRequest(
+    function _forceCancelDepositRequest(
         PoolId poolId,
         ShareClassId scId_,
         bytes32 investor,
         AssetId depositAssetId,
         address refund
-    ) external payable isManager(poolId) {
+    ) internal {
         require(allowForceDepositCancel[poolId][scId_][depositAssetId][investor], CancellationInitializationRequired());
 
         uint128 cancellingAmount = depositRequest[poolId][scId_][depositAssetId][investor].pending;
@@ -420,17 +457,20 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
             bytes memory callback =
                 RequestCallbackMessageLib.FulfilledDepositRequest(investor, 0, 0, cancelledAssetAmount).serialize();
             hub.requestCallback{value: msgValue()}(poolId, scId_, depositAssetId, callback, 0, false, refund);
+        } else if (msgValue() > 0) {
+            // No callback fired, so the downstream gateway refund never runs; return any forwarded value to
+            // `refund` rather than stranding it here.
+            refund.safeTransferETH(msgValue());
         }
     }
 
-    /// @inheritdoc IBatchRequestManager
-    function forceCancelRedeemRequest(
+    function _forceCancelRedeemRequest(
         PoolId poolId,
         ShareClassId scId_,
         bytes32 investor,
         AssetId payoutAssetId,
         address refund
-    ) external payable isManager(poolId) {
+    ) internal {
         require(allowForceRedeemCancel[poolId][scId_][payoutAssetId][investor], CancellationInitializationRequired());
 
         uint128 cancellingAmount = redeemRequest[poolId][scId_][payoutAssetId][investor].pending;
@@ -442,6 +482,10 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
             bytes memory callback =
                 RequestCallbackMessageLib.FulfilledRedeemRequest(investor, 0, 0, cancelledShareAmount).serialize();
             hub.requestCallback{value: msgValue()}(poolId, scId_, payoutAssetId, callback, 0, false, refund);
+        } else if (msgValue() > 0) {
+            // No callback fired, so the downstream gateway refund never runs; return any forwarded value to
+            // `refund` rather than stranding it here.
+            refund.safeTransferETH(msgValue());
         }
     }
 
@@ -454,7 +498,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
-        bytes32 investor,
+        RequestId requestId,
         uint32 maxClaims,
         address refund
     ) external payable protected {
@@ -464,7 +508,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
 
         for (uint32 i = 0; i < maxClaims; i++) {
             (uint128 payoutShareAmount, uint128 paymentAssetAmount, uint128 cancelled, bool canClaimAgain) =
-                _claimDeposit(poolId, scId, investor, assetId);
+                _claimDeposit(poolId, scId, bytes32(requestId.raw()), assetId);
 
             totalPayoutShareAmount += payoutShareAmount;
             totalPaymentAssetAmount += paymentAssetAmount;
@@ -487,12 +531,14 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
                 scId,
                 assetId,
                 RequestCallbackMessageLib.FulfilledDepositRequest(
-                        investor, totalPaymentAssetAmount, totalPayoutShareAmount, cancelledAssetAmount
+                        bytes32(requestId.raw()), totalPaymentAssetAmount, totalPayoutShareAmount, cancelledAssetAmount
                     ).serialize(),
                 0,
                 false,
                 refund
             );
+        } else if (msgValue() > 0) {
+            refund.safeTransferETH(msgValue());
         }
     }
 
@@ -577,7 +623,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         PoolId poolId,
         ShareClassId scId,
         AssetId assetId,
-        bytes32 investor,
+        RequestId requestId,
         uint32 maxClaims,
         address refund
     ) external payable protected {
@@ -587,7 +633,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
 
         for (uint32 i = 0; i < maxClaims; i++) {
             (uint128 payoutAssetAmount, uint128 paymentShareAmount, uint128 cancelled, bool canClaimAgain) =
-                _claimRedeem(poolId, scId, investor, assetId);
+                _claimRedeem(poolId, scId, bytes32(requestId.raw()), assetId);
 
             totalPayoutAssetAmount += payoutAssetAmount;
             totalPaymentShareAmount += paymentShareAmount;
@@ -609,12 +655,14 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
                 scId,
                 assetId,
                 RequestCallbackMessageLib.FulfilledRedeemRequest(
-                        investor, totalPayoutAssetAmount, totalPaymentShareAmount, cancelledShareAmount
+                        bytes32(requestId.raw()), totalPayoutAssetAmount, totalPaymentShareAmount, cancelledShareAmount
                     ).serialize(),
                 0,
                 false,
                 refund
             );
+        } else if (msgValue() > 0) {
+            refund.safeTransferETH(msgValue());
         }
     }
 
@@ -702,7 +750,7 @@ contract BatchRequestManager is Auth, BatchedMulticall, IBatchRequestManager {
         return interfaceId == type(IBatchRequestManager).interfaceId
             || interfaceId == type(IHubRequestManager).interfaceId
             || interfaceId == type(IHubRequestManagerNotifications).interfaceId
-            || interfaceId == type(IERC165).interfaceId;
+            || interfaceId == type(IManagerCallFromHub).interfaceId || interfaceId == type(IERC165).interfaceId;
     }
 
     //----------------------------------------------------------------------------------------------
diff --git a/src/vaults/README.md b/src/vaults/README.md
index 7dc62a054..f73a10e94 100644
--- a/src/vaults/README.md
+++ b/src/vaults/README.md
@@ -8,13 +8,13 @@ The vaults module implements ERC-4626 and ERC-7540 tokenized vault standards for
 
 `AsyncVault` implements the ERC-7540 asynchronous tokenized vault standard, extending ERC-4626 with request-based deposit and redeem workflows. Users submit deposit and redeem requests that are queued for execution in the next epoch. After epoch execution, users can claim their shares or assets using standard ERC-4626 methods. The vault integrates with `AsyncRequestManager` for request handling and supports ERC-7887 cancellation flows.
 
-The vault enforces controller/owner validation for all operations and integrates with pool-specific escrows via `BalanceSheet` for asset and share custody during pending requests. It tracks pending and claimable amounts per controller, enabling users to monitor their request status. The vault supports operator endorsements, allowing approved addresses to act on behalf of users for deposits and redemptions.
+The vault enforces controller/owner validation for all operations and integrates with pool-specific escrows via `Spoke` for asset and share custody during pending requests. It tracks pending and claimable amounts per controller, enabling users to monitor their request status. The vault supports operator endorsements, allowing approved addresses to act on behalf of users for deposits and redemptions.
 
 ### `SyncDepositVault`
 
-`SyncDepositVault` provides a hybrid model with synchronous deposits (immediate share issuance) and asynchronous redemptions (epoch-based). It implements ERC-4626 for deposits and ERC-7540 for redemptions, offering the best of both models. Deposits execute immediately at the current share price via `SyncManager`, while redemptions follow the async request-fulfill-claim pattern via `AsyncRedeemManager`.
+`SyncDepositVault` provides a hybrid model with synchronous deposits (immediate share issuance) and asynchronous redemptions (epoch-based). It implements ERC-4626 for deposits and ERC-7540 for redemptions, offering the best of both models. Deposits execute immediately at the current share price via `SyncManager`, while redemptions follow the async request-fulfill-claim pattern via `AsyncRequestManager`.
 
-This vault type is ideal for pools that want to enable instant deposits while maintaining controlled, epoch-based redemptions for liquidity management. It integrates with both `SyncDepositManager` and `AsyncRedeemManager`, requiring separate manager configurations for each operation type.
+This vault type is ideal for pools that want to enable instant deposits while maintaining controlled, epoch-based redemptions for liquidity management. It integrates with both `SyncManager` (sync deposits) and `AsyncRequestManager` (async redemptions), requiring separate manager configurations for each operation type.
 
 ### `BatchRequestManager`
 
@@ -24,9 +24,9 @@ The contract implements `IHubRequestManager` and receives request callbacks from
 
 ### `AsyncRequestManager`
 
-`AsyncRequestManager` is the primary spoke-side contract that vaults interact with for deposit and redeem request handling. It manages request submission, cancellation, and claim workflows, coordinating with `BalanceSheet` for share issuance/burning and pool-specific `PoolEscrow` contracts for asset and share custody. The manager tracks per-vault, per-investor state including pending requests, claimable amounts, and cancellation status.
+`AsyncRequestManager` is the primary spoke-side contract that vaults interact with for deposit and redeem request handling. It manages request submission, cancellation, and claim workflows, coordinating with `Spoke` for share issuance/burning and pool-specific `PoolEscrow` contracts for asset and share custody. The manager tracks per-vault, per-investor state including pending requests, claimable amounts, and cancellation status.
 
-The contract handles cross-chain request callbacks from the Hub, processing approvals, rejections, and cancellation confirmations. It manages refund escrows per pool for subsidizing gas for cross-chain transactions. The manager supports both deposit and redeem flows, validating request transitions and ensuring users can only claim what's been approved by the Hub.
+The contract handles cross-chain request callbacks from the Hub, processing approvals, rejections, and cancellation confirmations. It delegates gas subsidization for cross-chain requests to the `SubsidyManager`. The manager supports both deposit and redeem flows, validating request transitions and ensuring users can only claim what's been approved by the Hub.
 
 The following diagram shows how funds flow in and out of the pool escrow:
 
@@ -34,16 +34,16 @@ The following diagram shows how funds flow in and out of the pool escrow:
 
 ### `SyncManager`
 
-`SyncManager` enables synchronous ERC-4626 deposits by coordinating immediate share issuance based on current valuations. It integrates with pool-specific `ISyncDepositValuation` contracts to determine share prices and validates reserve limits to prevent over-issuance. The manager coordinates with `BalanceSheet` for share minting and asset deposits.
+`SyncManager` enables synchronous ERC-4626 deposits by coordinating immediate share issuance based on current valuations. It integrates with pool-specific `ISyncDepositValuation` contracts to determine share prices and validates reserve limits to prevent over-issuance. The manager coordinates with `Spoke` for share minting and asset deposits.
 
 The contract supports trusted contract updates for configuring valuation contracts and max reserve limits per pool, share class, and asset. It implements deposit and mint operations, calculating share amounts from assets and vice versa based on the configured valuation. Reserve limits protect pools from excessive deposits when liquidity is constrained.
 
 ### `VaultRouter`
 
-`VaultRouter` serves as a user-friendly entrypoint for EOA interactions with vaults, simplifying the multi-step processes required for deposits, redemptions, and claims. It provides convenience methods that handle token approvals, request submissions, and batch operations in single transactions. The router integrates with `Spoke`, `VaultRegistry`, and a router-specific escrow for temporary asset custody.
+`VaultRouter` serves as a user-friendly entrypoint for EOA interactions with vaults, simplifying the multi-step processes required for deposits, redemptions, and claims. It provides convenience methods that handle token approvals, request submissions, and batch operations in single transactions. The router integrates with `Spoke` and `SpokeRegistry`, holding assets transiently within itself during multi-step operations rather than in a dedicated escrow.
 
 The contract supports permit-based approvals (ERC-2612) to reduce transaction overhead, locked request tracking to prevent double-spending during multi-step operations, and multicall batching for complex workflows. It's critical that no funds remain in the router after transactions, as any leftover funds could be claimed by other users. The router manages operator endorsements, allowing users to authorize it to act on their behalf for vault operations.
 
-### `RefundEscrow`
+### Gas subsidies (`SubsidyManager` / `RefundEscrow`)
 
-`RefundEscrow` holds ETH subsidies per pool to pay the cost of cross-chain messages for users. Pools can deposit subsidies that are used to pay for requests requiring cross-chain communication. The escrow tracks balances per pool and provides withdrawal functions for pool managers.
\ No newline at end of file
+Cross-chain requests are paid for by the pool rather than the user. `AsyncRequestManager` draws on the `SubsidyManager`, which holds per-pool ETH subsidies in `RefundEscrow` contracts and funds the outbound message. Pools deposit subsidies that are consumed to pay for requests requiring cross-chain communication. Both `SubsidyManager` and `RefundEscrow` live in `src/utils/`, not in the vaults module.
\ No newline at end of file
diff --git a/src/vaults/SyncDepositVault.sol b/src/vaults/SyncDepositVault.sol
index 6ca1d1709..c709f6bf5 100644
--- a/src/vaults/SyncDepositVault.sol
+++ b/src/vaults/SyncDepositVault.sol
@@ -9,8 +9,8 @@ import {IERC165} from "../misc/interfaces/IERC7575.sol";
 
 import {PoolId} from "../core/types/PoolId.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {VaultKind} from "../core/spoke/interfaces/IVault.sol";
-import {IShareToken} from "../core/spoke/interfaces/IShareToken.sol";
+
+import {IShareToken} from "../token/interfaces/IShareToken.sol";
 
 /// @title  SyncDepositVault
 /// @notice Partially (a)synchronous Tokenized Vault implementation with synchronous deposits
@@ -58,12 +58,4 @@ contract SyncDepositVault is BaseSyncDepositVault, BaseAsyncRedeemVault {
     {
         return super.supportsInterface(interfaceId);
     }
-
-    //----------------------------------------------------------------------------------------------
-    // IBaseVault view
-    //----------------------------------------------------------------------------------------------
-
-    function vaultKind() public pure returns (VaultKind vaultKind_) {
-        return VaultKind.SyncDepositAsyncRedeem;
-    }
 }
diff --git a/src/vaults/SyncManager.sol b/src/vaults/SyncManager.sol
index 4d05bfe4c..aec5bbcda 100644
--- a/src/vaults/SyncManager.sol
+++ b/src/vaults/SyncManager.sol
@@ -21,10 +21,10 @@ import {AssetId} from "../core/types/AssetId.sol";
 import {ISpoke} from "../core/spoke/interfaces/ISpoke.sol";
 import {PricingLib} from "../core/libraries/PricingLib.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {IShareToken} from "../core/spoke/interfaces/IShareToken.sol";
-import {IBalanceSheet} from "../core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../core/utils/interfaces/IContractUpdate.sol";
-import {VaultDetails, IVaultRegistry} from "../core/spoke/interfaces/IVaultRegistry.sol";
+import {IManagerCallFromHub} from "../core/utils/interfaces/IManagerCall.sol";
+import {VaultDetails, ISpokeRegistry} from "../core/spoke/interfaces/ISpokeRegistry.sol";
+
+import {IShareToken} from "../token/interfaces/IShareToken.sol";
 
 /// @title  Sync Manager
 /// @notice This is the main contract for synchronous ERC-4626 deposits.
@@ -33,9 +33,9 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
     using CastLib for *;
     using BytesLib for bytes;
 
+    address public envoy;
     ISpoke public spoke;
-    IBalanceSheet public balanceSheet;
-    IVaultRegistry public vaultRegistry;
+    ISpokeRegistry public spokeRegistry;
 
     mapping(PoolId => mapping(ShareClassId => ISyncDepositValuation)) public valuation;
     mapping(PoolId => mapping(ShareClassId => mapping(address asset => mapping(uint256 tokenId => uint128)))) public
@@ -50,34 +50,40 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
     /// @inheritdoc ISyncManager
     function file(bytes32 what, address data) external auth {
         if (what == "spoke") spoke = ISpoke(data);
-        else if (what == "vaultRegistry") vaultRegistry = IVaultRegistry(data);
-        else if (what == "balanceSheet") balanceSheet = IBalanceSheet(data);
+        else if (what == "spokeRegistry") spokeRegistry = ISpokeRegistry(data);
+        else if (what == "envoy") envoy = data;
         else revert FileUnrecognizedParam();
         emit File(what, data);
     }
 
-    /// @inheritdoc ITrustedContractUpdate
-    function trustedCall(PoolId poolId, ShareClassId scId, bytes memory payload) external auth {
-        uint8 kindValue = abi.decode(payload, (uint8));
+    /// @inheritdoc IManagerCallFromHub
+    /// @dev The share class id is encoded in `payload` (fromHub carries no scId).
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        require(msg.sender == envoy, NotEnvoy());
+        require(msg.value == 0, UnexpectedValue());
+
+        (bytes16 scId_, uint8 kindValue) = abi.decode(payload, (bytes16, uint8));
         require(kindValue <= uint8(type(TrustedCall).max), UnknownTrustedCall());
+        ShareClassId scId = ShareClassId.wrap(scId_);
+        require(address(spokeRegistry.shareToken(poolId, scId)) != address(0), ShareTokenDoesNotExist());
 
         TrustedCall kind = TrustedCall(kindValue);
         if (kind == TrustedCall.Valuation) {
-            (, bytes32 valuation_) = abi.decode(payload, (uint8, bytes32));
-            require(address(spoke.shareToken(poolId, scId)) != address(0), ShareTokenDoesNotExist());
-
-            setValuation(poolId, scId, valuation_.toAddress());
+            (,, bytes32 valuation_) = abi.decode(payload, (bytes16, uint8, bytes32));
+            _setValuation(poolId, scId, valuation_.toAddress());
         } else if (kind == TrustedCall.MaxReserve) {
-            (, uint128 assetId, uint128 maxReserve_) = abi.decode(payload, (uint8, uint128, uint128));
-            require(address(spoke.shareToken(poolId, scId)) != address(0), ShareTokenDoesNotExist());
-
-            (address asset, uint256 tokenId) = spoke.idToAsset(AssetId.wrap(assetId));
-            setMaxReserve(poolId, scId, asset, tokenId, maxReserve_);
+            (,, uint128 assetId, uint128 maxReserve_) = abi.decode(payload, (bytes16, uint8, uint128, uint128));
+            (address asset, uint256 tokenId) = spokeRegistry.idToAsset(AssetId.wrap(assetId), true);
+            _setMaxReserve(poolId, scId, asset, tokenId, maxReserve_);
         }
     }
 
     /// @inheritdoc ISyncManager
     function setValuation(PoolId poolId, ShareClassId scId, address valuation_) public auth {
+        _setValuation(poolId, scId, valuation_);
+    }
+
+    function _setValuation(PoolId poolId, ShareClassId scId, address valuation_) internal {
         valuation[poolId][scId] = ISyncDepositValuation(valuation_);
 
         emit SetValuation(poolId, scId, address(valuation_));
@@ -87,6 +93,12 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
     function setMaxReserve(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 maxReserve_)
         public
         auth
+    {
+        _setMaxReserve(poolId, scId, asset, tokenId, maxReserve_);
+    }
+
+    function _setMaxReserve(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 maxReserve_)
+        internal
     {
         maxReserve[poolId][scId][asset][tokenId] = maxReserve_;
 
@@ -137,18 +149,18 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
 
     /// @inheritdoc IDepositManager
     function maxMint(IBaseVault vault_, address owner) public view returns (uint256 shares) {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
-        uint128 maxAssets =
-            _maxDeposit(vault_.poolId(), vault_.scId(), vaultDetails.asset, vaultDetails.tokenId, vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
+        uint128 maxAssets = _maxDeposit(vaultDetails, vault_);
         (, shares) = _maxAssetsAndShares(vault_, maxAssets, vaultDetails);
         if (!_canTransfer(vault_, address(0), owner, shares)) return 0;
     }
 
     /// @inheritdoc IDepositManager
     function maxDeposit(IBaseVault vault_, address owner) public view returns (uint256 assets) {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
-        uint128 maxAssets =
-            _maxDeposit(vault_.poolId(), vault_.scId(), vaultDetails.asset, vaultDetails.tokenId, vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
+        uint128 maxAssets = _maxDeposit(vaultDetails, vault_);
 
         uint256 shares;
         (assets, shares) = _maxAssetsAndShares(vault_, maxAssets, vaultDetails);
@@ -158,10 +170,12 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
 
     /// @inheritdoc ISyncManager
     function convertToShares(IBaseVault vault_, uint256 assets) public view returns (uint256 shares) {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
 
-        D18 poolPerShare = pricePoolPerShare(vault_.poolId(), vault_.scId());
-        D18 poolPerAsset = spoke.pricePoolPerAsset(vault_.poolId(), vault_.scId(), vaultDetails.assetId, true);
+        D18 poolPerShare = pricePoolPerShare(vaultDetails.poolId, vaultDetails.scId);
+        D18 poolPerAsset =
+            spokeRegistry.pricePoolPerAsset(vaultDetails.poolId, vaultDetails.scId, vaultDetails.assetId, true);
 
         return poolPerShare.isZero()
             ? 0
@@ -186,7 +200,7 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
         ISyncDepositValuation valuation_ = valuation[poolId][scId];
 
         if (address(valuation_) == address(0)) {
-            price = spoke.pricePoolPerShare(poolId, scId, true);
+            price = spokeRegistry.pricePoolPerShare(poolId, scId, true);
         } else {
             price = valuation_.pricePoolPerShare(poolId, scId);
         }
@@ -199,28 +213,32 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
     /// @dev Issues shares to the receiver and instruct the balance sheet
     //       to react on the issuance and the updated holding.
     function _issueShares(IBaseVault vault_, uint128 shares, address receiver, uint128 assets) internal {
-        PoolId poolId = vault_.poolId();
-        ShareClassId scId = vault_.scId();
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
+        PoolId poolId = vaultDetails.poolId;
+        ShareClassId scId = vaultDetails.scId;
 
-        // Note deposit into the pool escrow, to make assets available for managers of the balance sheet.
+        // Note the deposit into the pool escrow, to make assets available for managers of the balance sheet.
         // ERC-20 transfer is handled by the vault to the pool escrow afterwards.
-        balanceSheet.noteDeposit(poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assets);
+        spoke.noteDeposit(poolId, scId, vaultDetails.asset, vaultDetails.tokenId, assets);
 
         // Mint shares to the receiver.
-        balanceSheet.overridePricePoolPerShare(poolId, scId, pricePoolPerShare(poolId, scId));
-        balanceSheet.issue(poolId, scId, receiver, shares);
-        balanceSheet.resetPricePoolPerShare(poolId, scId);
+        spoke.issue(poolId, scId, receiver, shares);
     }
 
-    function _maxDeposit(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, IBaseVault vault_)
+    function _maxDeposit(VaultDetails memory vaultDetails, IBaseVault vault_)
         internal
         view
         returns (uint128 maxDeposit_)
     {
-        if (!vaultRegistry.isLinked(vault_)) return 0;
+        if (!spokeRegistry.isLinked(address(vault_))) return 0;
+
+        PoolId poolId = vaultDetails.poolId;
+        ShareClassId scId = vaultDetails.scId;
+        address asset = vaultDetails.asset;
+        uint256 tokenId = vaultDetails.tokenId;
 
-        uint128 availableBalance = balanceSheet.availableBalanceOf(poolId, scId, asset, tokenId);
+        uint128 availableBalance = spoke.availableBalanceOf(poolId, scId, asset, tokenId);
         uint128 maxReserve_ = maxReserve[poolId][scId][asset][tokenId];
 
         if (maxReserve_ < availableBalance) {
@@ -235,10 +253,12 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
         view
         returns (uint256 assets)
     {
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault_);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault_));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
 
-        D18 poolPerShare = pricePoolPerShare(vault_.poolId(), vault_.scId());
-        D18 poolPerAsset = spoke.pricePoolPerAsset(vault_.poolId(), vault_.scId(), vaultDetails.assetId, true);
+        D18 poolPerShare = pricePoolPerShare(vaultDetails.poolId, vaultDetails.scId);
+        D18 poolPerAsset =
+            spokeRegistry.pricePoolPerAsset(vaultDetails.poolId, vaultDetails.scId, vaultDetails.assetId, true);
 
         return poolPerAsset.isZero()
             ? 0
@@ -280,8 +300,9 @@ contract SyncManager is Auth, Recoverable, ISyncManager {
         view
         returns (uint128)
     {
-        D18 poolPerShare = pricePoolPerShare(vault_.poolId(), vault_.scId());
-        D18 poolPerAsset = spoke.pricePoolPerAsset(vault_.poolId(), vault_.scId(), vaultDetails.assetId, true);
+        D18 poolPerShare = pricePoolPerShare(vaultDetails.poolId, vaultDetails.scId);
+        D18 poolPerAsset =
+            spokeRegistry.pricePoolPerAsset(vaultDetails.poolId, vaultDetails.scId, vaultDetails.assetId, true);
 
         if (poolPerShare.isZero() || poolPerAsset.isZero()) return 0;
 
diff --git a/src/vaults/VaultRouter.sol b/src/vaults/VaultRouter.sol
index 78bc70710..16069e21c 100644
--- a/src/vaults/VaultRouter.sol
+++ b/src/vaults/VaultRouter.sol
@@ -7,6 +7,7 @@ import {IAsyncVault} from "./interfaces/IAsyncVault.sol";
 import {IVaultRouter} from "./interfaces/IVaultRouter.sol";
 
 import {Auth} from "../misc/Auth.sol";
+import {Multicall} from "../misc/Multicall.sol";
 import {Recoverable} from "../misc/Recoverable.sol";
 import {CastLib} from "../misc/libraries/CastLib.sol";
 import {IERC7540Deposit} from "../misc/interfaces/IERC7540.sol";
@@ -16,33 +17,31 @@ import {SafeTransferLib} from "../misc/libraries/SafeTransferLib.sol";
 import {PoolId} from "../core/types/PoolId.sol";
 import {ISpoke} from "../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../core/types/ShareClassId.sol";
-import {IGateway} from "../core/messaging/interfaces/IGateway.sol";
-import {BatchedMulticall} from "../core/utils/BatchedMulticall.sol";
-import {VaultDetails, IVaultRegistry} from "../core/spoke/interfaces/IVaultRegistry.sol";
+import {VaultDetails, ISpokeRegistry} from "../core/spoke/interfaces/ISpokeRegistry.sol";
+
+import {IShareToken} from "../token/interfaces/IShareToken.sol";
 
 /// @title  VaultRouter
 /// @notice This is a helper contract, designed to be the entrypoint for EOAs.
 ///         It removes the need to know about all other contracts and simplifies the way to interact with the protocol.
-///         It also adds the need to fully pay for each step of the transaction execution. VaultRouter allows
-///         the caller to execute multiple function into a single transaction by taking advantage of
-///         the multicall functionality which batches message calls into a single one.
+///         It bundles several calls into one transaction via multicall, each dispatching its own cross-chain
+///         message. Investment requests are paid for by the pool through the request manager, so the caller
+///         should not attach native tokens for them: any value sent for such a call stays in the router
+///         and is only recoverable via `Recoverable`.
 /// @dev    It is critical to ensure that at the end of any transaction, no funds remain in the
 ///         VaultRouter. Any funds that do remain are at risk of being taken by other users.
-contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
+contract VaultRouter is Multicall, Recoverable, IVaultRouter {
     using CastLib for address;
 
     /// @dev Requests for Centrifuge pool are non-fungible and all have ID = 0
     uint256 private constant REQUEST_ID = 0;
 
     ISpoke public immutable spoke;
-    IVaultRegistry public immutable vaultRegistry;
+    ISpokeRegistry public immutable spokeRegistry;
 
-    constructor(IGateway gateway_, ISpoke spoke_, IVaultRegistry vaultRegistry_, address deployer)
-        Auth(deployer)
-        BatchedMulticall(gateway_)
-    {
+    constructor(ISpoke spoke_, ISpokeRegistry spokeRegistry_, address deployer) Auth(deployer) {
         spoke = spoke_;
-        vaultRegistry = vaultRegistry_;
+        spokeRegistry = spokeRegistry_;
     }
 
     //----------------------------------------------------------------------------------------------
@@ -50,11 +49,11 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
     //----------------------------------------------------------------------------------------------
 
     function enable(IBaseVault vault) public payable protected {
-        vault.setEndorsedOperator(msgSender(), true);
+        vault.setEndorsedOperator(msg.sender, true);
     }
 
     function disable(IBaseVault vault) external payable protected {
-        vault.setEndorsedOperator(msgSender(), false);
+        vault.setEndorsedOperator(msg.sender, false);
     }
 
     //----------------------------------------------------------------------------------------------
@@ -67,9 +66,10 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
         payable
         protected
     {
-        require(owner == msgSender() || owner == address(this), InvalidOwner());
+        require(owner == msg.sender || owner == address(this), InvalidOwner());
 
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
         if (owner == address(this)) {
             _approveMax(vaultDetails.asset, address(vault));
         }
@@ -83,10 +83,11 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
         payable
         protected
     {
-        require(owner == msgSender() || owner == address(this), InvalidOwner());
+        require(owner == msg.sender || owner == address(this), InvalidOwner());
         require(!vault.supportsInterface(type(IERC7540Deposit).interfaceId), NonSyncDepositVault());
 
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault));
+        require(vaultDetails.asset != address(0), ISpokeRegistry.UnknownVault());
         if (owner != address(this)) SafeTransferLib.safeTransferFrom(vaultDetails.asset, owner, address(this), assets);
         _approveMax(vaultDetails.asset, address(vault));
 
@@ -104,13 +105,47 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
         uint128 remoteExtraGasLimit,
         address refund
     ) external payable protected {
-        require(owner == msgSender() || owner == address(this), InvalidOwner());
-
-        vaultRegistry.vaultDetails(vault); // Ensure vault is valid
-        if (owner != address(this)) SafeTransferLib.safeTransferFrom(vault.share(), owner, address(this), shares);
+        require(owner == msg.sender || owner == address(this), InvalidOwner());
+        require(spokeRegistry.isVaultRegistered(address(vault)), ISpokeRegistry.UnknownVault());
+
+        address share_ = vault.share();
+        if (owner != address(this)) SafeTransferLib.safeTransferFrom(share_, owner, address(this), shares);
+        _approveMax(share_, address(spoke));
+        _crosschainTransferShares(
+            spokeRegistry.vaultDetails(address(vault)),
+            shares,
+            centrifugeId,
+            receiver,
+            owner,
+            extraGasLimit,
+            remoteExtraGasLimit,
+            refund
+        );
+    }
 
-        spoke.crosschainTransferShares{value: msgValue()}(
-            centrifugeId, vault.poolId(), vault.scId(), receiver, shares, extraGasLimit, remoteExtraGasLimit, refund
+    /// @dev Split out of {crosschainTransferShares} to avoid a stack-too-deep: the outer frame holds
+    ///      eight parameters plus the vault-validity check, which together exceed the stack limit.
+    function _crosschainTransferShares(
+        VaultDetails memory vaultDetails,
+        uint128 shares,
+        uint16 centrifugeId,
+        bytes32 receiver,
+        address owner,
+        uint128 extraGasLimit,
+        uint128 remoteExtraGasLimit,
+        address refund
+    ) internal {
+        spoke.crosschainTransferShares{value: msg.value}(
+            centrifugeId,
+            vaultDetails.poolId,
+            vaultDetails.scId,
+            receiver,
+            owner,
+            address(this),
+            shares,
+            extraGasLimit,
+            remoteExtraGasLimit,
+            refund
         );
     }
 
@@ -123,7 +158,7 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
 
     /// @inheritdoc IVaultRouter
     function cancelDepositRequest(IAsyncVault vault) external payable protected {
-        vault.cancelDepositRequest(REQUEST_ID, msgSender());
+        vault.cancelDepositRequest(REQUEST_ID, msg.sender);
     }
 
     /// @inheritdoc IVaultRouter
@@ -146,7 +181,7 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
         payable
         protected
     {
-        require(owner == msgSender() || owner == address(this), InvalidOwner());
+        require(owner == msg.sender || owner == address(this), InvalidOwner());
         vault.requestRedeem(amount, controller, owner);
     }
 
@@ -159,7 +194,7 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
 
     /// @inheritdoc IVaultRouter
     function cancelRedeemRequest(IAsyncVault vault) external payable protected {
-        vault.cancelRedeemRequest(REQUEST_ID, msgSender());
+        vault.cancelRedeemRequest(REQUEST_ID, msg.sender);
     }
 
     /// @inheritdoc IVaultRouter
@@ -182,7 +217,7 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
         payable
         protected
     {
-        try IERC20Permit(asset).permit(msgSender(), spender, assets, deadline, v, r, s) {} catch {}
+        try IERC20Permit(asset).permit(msg.sender, spender, assets, deadline, v, r, s) {} catch {}
     }
 
     //----------------------------------------------------------------------------------------------
@@ -191,7 +226,9 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
 
     /// @inheritdoc IVaultRouter
     function getVault(PoolId poolId, ShareClassId scId, address asset) external view returns (address) {
-        return ISpoke(spoke).shareToken(poolId, scId).vault(asset);
+        IShareToken share = IShareToken(address(spokeRegistry.shareToken(poolId, scId)));
+        require(address(share) != address(0), ISpokeRegistry.ShareTokenDoesNotExist());
+        return share.vault(asset);
     }
 
     /// @inheritdoc IVaultRouter
@@ -212,9 +249,9 @@ contract VaultRouter is BatchedMulticall, Recoverable, IVaultRouter {
         }
     }
 
-    /// @notice Ensures msgSender() is either the controller, or can permissionlessly claim
+    /// @notice Ensures msg.sender is either the controller, or can permissionlessly claim
     ///         on behalf of the controller.
     function _canClaim(IBaseVault vault, address receiver, address controller) internal view {
-        require(controller == msgSender() || (controller == receiver && isEnabled(vault, controller)), InvalidSender());
+        require(controller == msg.sender || (controller == receiver && isEnabled(vault, controller)), InvalidSender());
     }
 }
diff --git a/src/vaults/factories/AsyncVaultFactory.sol b/src/vaults/factories/AsyncVaultFactory.sol
index 2ceba3a99..d885792a4 100644
--- a/src/vaults/factories/AsyncVaultFactory.sol
+++ b/src/vaults/factories/AsyncVaultFactory.sol
@@ -4,12 +4,11 @@ pragma solidity 0.8.28;
 import {Auth, IAuth} from "../../misc/Auth.sol";
 
 import {PoolId} from "../../core/types/PoolId.sol";
-import {IVault} from "../../core/spoke/interfaces/IVault.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {IShareToken} from "../../core/spoke/interfaces/IShareToken.sol";
 import {IVaultFactory} from "../../core/spoke/factories/interfaces/IVaultFactory.sol";
 
 import {AsyncVault} from "../AsyncVault.sol";
+import {IShareToken} from "../../token/interfaces/IShareToken.sol";
 import {IAsyncRequestManager} from "../interfaces/IVaultManagers.sol";
 
 /// @title  ERC7540 Vault Factory
@@ -24,15 +23,17 @@ contract AsyncVaultFactory is Auth, IVaultFactory {
     }
 
     /// @inheritdoc IVaultFactory
-    function newVault(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, IShareToken token)
+    /// @dev The trailing payload is unused: this factory needs no extra deployment configuration.
+    function newVault(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, address token, bytes calldata)
         public
         auth
-        returns (IVault)
+        returns (address)
     {
         require(tokenId == 0, UnsupportedTokenId());
 
         bytes32 salt = keccak256(abi.encode(poolId, scId, asset));
-        AsyncVault vault = new AsyncVault{salt: salt}(poolId, scId, asset, token, root, asyncRequestManager);
+        AsyncVault vault =
+            new AsyncVault{salt: salt}(poolId, scId, asset, IShareToken(token), root, asyncRequestManager);
 
         vault.rely(root);
         vault.rely(address(asyncRequestManager));
@@ -40,6 +41,23 @@ contract AsyncVaultFactory is Auth, IVaultFactory {
         IAuth(address(asyncRequestManager)).rely(address(vault));
 
         vault.deny(address(this));
-        return vault;
+        return address(vault);
+    }
+
+    /// @inheritdoc IVaultFactory
+    /// @dev The trailing payload is unused: the deployed address does not depend on it.
+    function getVault(PoolId poolId, ShareClassId scId, address asset, uint256, address token, bytes calldata)
+        external
+        view
+        returns (address)
+    {
+        bytes32 salt = keccak256(abi.encode(poolId, scId, asset));
+        bytes32 initCodeHash = keccak256(
+            abi.encodePacked(
+                type(AsyncVault).creationCode,
+                abi.encode(poolId, scId, asset, IShareToken(token), root, asyncRequestManager)
+            )
+        );
+        return address(uint160(uint256(keccak256(abi.encodePacked(bytes1(0xff), address(this), salt, initCodeHash)))));
     }
 }
diff --git a/src/vaults/factories/SyncDepositVaultFactory.sol b/src/vaults/factories/SyncDepositVaultFactory.sol
index ee3185b30..1e47009ab 100644
--- a/src/vaults/factories/SyncDepositVaultFactory.sol
+++ b/src/vaults/factories/SyncDepositVaultFactory.sol
@@ -5,12 +5,11 @@ import {Auth} from "../../misc/Auth.sol";
 import {IAuth} from "../../misc/interfaces/IAuth.sol";
 
 import {PoolId} from "../../core/types/PoolId.sol";
-import {IVault} from "../../core/spoke/interfaces/IVault.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {IShareToken} from "../../core/spoke/interfaces/IShareToken.sol";
 import {IVaultFactory} from "../../core/spoke/factories/interfaces/IVaultFactory.sol";
 
 import {SyncDepositVault} from "../SyncDepositVault.sol";
+import {IShareToken} from "../../token/interfaces/IShareToken.sol";
 import {IAsyncRedeemManager, ISyncDepositManager} from "../interfaces/IVaultManagers.sol";
 
 /// @title  Sync Vault Factory
@@ -32,16 +31,18 @@ contract SyncDepositVaultFactory is Auth, IVaultFactory {
     }
 
     /// @inheritdoc IVaultFactory
-    function newVault(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, IShareToken token)
+    /// @dev The trailing payload is unused: this factory needs no extra deployment configuration.
+    function newVault(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, address token, bytes calldata)
         public
         auth
-        returns (IVault)
+        returns (address)
     {
         require(tokenId == 0, UnsupportedTokenId());
 
         bytes32 salt = keccak256(abi.encode(poolId, scId, asset));
-        SyncDepositVault vault =
-            new SyncDepositVault{salt: salt}(poolId, scId, asset, token, root, syncDepositManager, asyncRedeemManager);
+        SyncDepositVault vault = new SyncDepositVault{salt: salt}(
+            poolId, scId, asset, IShareToken(token), root, syncDepositManager, asyncRedeemManager
+        );
 
         vault.rely(root);
         vault.rely(address(syncDepositManager));
@@ -51,6 +52,23 @@ contract SyncDepositVaultFactory is Auth, IVaultFactory {
         IAuth(address(asyncRedeemManager)).rely(address(vault));
 
         vault.deny(address(this));
-        return vault;
+        return address(vault);
+    }
+
+    /// @inheritdoc IVaultFactory
+    /// @dev The trailing payload is unused: the deployed address does not depend on it.
+    function getVault(PoolId poolId, ShareClassId scId, address asset, uint256, address token, bytes calldata)
+        external
+        view
+        returns (address)
+    {
+        bytes32 salt = keccak256(abi.encode(poolId, scId, asset));
+        bytes32 initCodeHash = keccak256(
+            abi.encodePacked(
+                type(SyncDepositVault).creationCode,
+                abi.encode(poolId, scId, asset, IShareToken(token), root, syncDepositManager, asyncRedeemManager)
+            )
+        );
+        return address(uint160(uint256(keccak256(abi.encodePacked(bytes1(0xff), address(this), salt, initCodeHash)))));
     }
 }
diff --git a/src/vaults/interfaces/IBaseRequestManager.sol b/src/vaults/interfaces/IBaseRequestManager.sol
index b169ee17c..dd9e4d017 100644
--- a/src/vaults/interfaces/IBaseRequestManager.sol
+++ b/src/vaults/interfaces/IBaseRequestManager.sol
@@ -8,15 +8,15 @@ import {IEscrow} from "../../misc/interfaces/IEscrow.sol";
 import {PoolId} from "../../core/types/PoolId.sol";
 import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
 import {IPoolEscrow} from "../../core/spoke/interfaces/IPoolEscrow.sol";
-import {IRequestManager} from "../../core/interfaces/IRequestManager.sol";
+import {ISpokeRequestManager} from "../../core/spoke/interfaces/ISpokeRequestManager.sol";
 
-interface IBaseRequestManager is IRequestManager {
+interface IBaseRequestManager is ISpokeRequestManager {
     event File(bytes32 indexed what, address data);
 
     error FileUnrecognizedParam();
 
     /// @notice Updates contract parameters of type address.
-    /// @param what The bytes32 representation of 'gateway' or 'spoke'.
+    /// @param what The bytes32 representation of 'spoke', etc.
     /// @param data The new contract address.
     function file(bytes32 what, address data) external;
 
diff --git a/src/vaults/interfaces/IBaseVault.sol b/src/vaults/interfaces/IBaseVault.sol
index cd5ab3ce8..0eaaad12b 100644
--- a/src/vaults/interfaces/IBaseVault.sol
+++ b/src/vaults/interfaces/IBaseVault.sol
@@ -7,13 +7,14 @@ import {IERC7575} from "../../misc/interfaces/IERC7575.sol";
 import {IRecoverable} from "../../misc/interfaces/IRecoverable.sol";
 import {IERC7540Operator, IERC7714, IERC7741} from "../../misc/interfaces/IERC7540.sol";
 
-import {IVault} from "../../core/spoke/interfaces/IVault.sol";
+import {PoolId} from "../../core/types/PoolId.sol";
+import {ShareClassId} from "../../core/types/ShareClassId.sol";
 
 import {IRoot} from "../../admin/interfaces/IRoot.sol";
 
 /// @notice Interface for the all vault contracts
 /// @dev Must be implemented by all vaults
-interface IBaseVault is IVault, IERC7540Operator, IERC7741, IERC7714, IERC7575, IRecoverable {
+interface IBaseVault is IERC7540Operator, IERC7741, IERC7714, IERC7575, IRecoverable {
     error FileUnrecognizedParam();
     error NotEndorsed();
     error CannotSetSelfAsOperator();
@@ -31,6 +32,17 @@ interface IBaseVault is IVault, IERC7540Operator, IERC7741, IERC7714, IERC7575,
     /// @dev    MUST be called by endorsed sender
     function setEndorsedOperator(address owner, bool approved) external;
 
+    /// @notice Identifier of the Centrifuge pool
+    /// @dev    Mirrors the vault's construction parameter, kept for integrator convenience. The registry
+    ///         (`SpokeRegistry.vaultDetails`) is the authority on which pool a vault belongs to.
+    /// @return The pool identifier
+    function poolId() external view returns (PoolId);
+
+    /// @notice Identifier of the share class of the Centrifuge pool
+    /// @dev    See {poolId} on where the association is authoritative
+    /// @return The share class identifier
+    function scId() external view returns (ShareClassId);
+
     /// @notice Root authority that manages ward permissions and timelocked upgrades
     function root() external view returns (IRoot);
 
diff --git a/src/vaults/interfaces/IBatchRequestManager.sol b/src/vaults/interfaces/IBatchRequestManager.sol
index 821d4b9ea..6ea856910 100644
--- a/src/vaults/interfaces/IBatchRequestManager.sol
+++ b/src/vaults/interfaces/IBatchRequestManager.sol
@@ -7,6 +7,7 @@ import {PoolId} from "../../core/types/PoolId.sol";
 import {AssetId} from "../../core/types/AssetId.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
 import {IHubRegistry} from "../../core/hub/interfaces/IHubRegistry.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
 import {IHubRequestManagerCallback} from "../../core/hub/interfaces/IHubRequestManagerCallback.sol";
 import {IHubRequestManager, IHubRequestManagerNotifications} from "../../core/hub/interfaces/IHubRequestManager.sol";
 
@@ -64,6 +65,17 @@ enum RequestType {
     Redeem
 }
 
+/// @notice Enum indicating the manager action encoded in a `IManagerCallFromHub.fromHub` payload
+enum ManagerAction {
+    Invalid,
+    ApproveDeposits,
+    ApproveRedeems,
+    IssueShares,
+    RevokeShares,
+    ForceCancelDepositRequest,
+    ForceCancelRedeemRequest
+}
+
 /// @notice Struct containing the epoch IDs for each action
 /// @param deposit The epoch ID for deposits
 /// @param issue The epoch ID for issuing shares
@@ -76,7 +88,7 @@ struct EpochId {
     uint32 revoke;
 }
 
-interface IBatchRequestManager is IHubRequestManager, IHubRequestManagerNotifications {
+interface IBatchRequestManager is IHubRequestManager, IHubRequestManagerNotifications, IManagerCallFromHub {
     //----------------------------------------------------------------------------------------------
     // Events
     //----------------------------------------------------------------------------------------------
@@ -192,6 +204,12 @@ interface IBatchRequestManager is IHubRequestManager, IHubRequestManagerNotifica
     /// @notice Dispatched when unknown request type is encountered.
     error UnknownRequestType();
 
+    /// @notice Dispatched when value is forwarded to an action that sends no message (would strand).
+    error UnexpectedValue();
+
+    /// @notice Dispatched when `fromHub` is called by any address other than the `Envoy`.
+    error NotEnvoy();
+
     error InsufficientPending();
     error ZeroApprovalAmount();
     error EpochNotFound();
@@ -248,109 +266,9 @@ interface IBatchRequestManager is IHubRequestManager, IHubRequestManagerNotifica
     // Manager actions
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Approve pending deposit requests for an epoch
-    /// @dev This function approves a specific amount of assets from the current deposit epoch
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param depositAssetId The asset identifier for deposits
-    /// @param nowDepositEpochId The current deposit epoch identifier
-    /// @param approvedAssetAmount The amount of assets approved for this epoch
-    /// @param pricePoolPerAsset The price of one asset unit in terms of pool currency
-    /// @param refund Address to receive unused gas refund
-    function approveDeposits(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId depositAssetId,
-        uint32 nowDepositEpochId,
-        uint128 approvedAssetAmount,
-        D18 pricePoolPerAsset,
-        address refund
-    ) external payable;
-
-    /// @notice Approve pending redemption requests for an epoch
-    /// @dev This function approves a specific amount of shares from the current redeem epoch
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param payoutAssetId The asset identifier for payouts
-    /// @param nowRedeemEpochId The current redeem epoch identifier
-    /// @param approvedShareAmount The amount of shares approved for redemption
-    /// @param pricePoolPerAsset The price of one asset unit in terms of pool currency
-    function approveRedeems(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId payoutAssetId,
-        uint32 nowRedeemEpochId,
-        uint128 approvedShareAmount,
-        D18 pricePoolPerAsset
-    ) external payable;
-
-    /// @notice Issue shares to investors based on approved deposits
-    /// @dev This function mints shares for the approved deposit epoch using the provided share price
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param depositAssetId The asset identifier for deposits
-    /// @param nowIssueEpochId The current issue epoch identifier
-    /// @param pricePoolPerShare The price of pool currency per share unit
-    /// @param extraGasLimit Additional gas limit for cross-chain operations
-    /// @param refund Address to receive unused gas refund
-    function issueShares(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId depositAssetId,
-        uint32 nowIssueEpochId,
-        D18 pricePoolPerShare,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable;
-
-    /// @notice Revoke shares and prepare asset payouts for redemptions
-    /// @dev This function burns shares for the approved redeem epoch and calculates asset payouts
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param payoutAssetId The asset identifier for payouts
-    /// @param nowRevokeEpochId The current revoke epoch identifier
-    /// @param pricePoolPerShare The price of pool currency per share unit
-    /// @param extraGasLimit Additional gas limit for cross-chain operations
-    /// @param refund Address to receive unused gas refund
-    function revokeShares(
-        PoolId poolId,
-        ShareClassId scId,
-        AssetId payoutAssetId,
-        uint32 nowRevokeEpochId,
-        D18 pricePoolPerShare,
-        uint128 extraGasLimit,
-        address refund
-    ) external payable;
-
-    /// @notice Force cancel a user's deposit request (manager action)
-    /// @dev This allows the manager to cancel a deposit request on behalf of a user
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param investor The investor's address as bytes32
-    /// @param depositAssetId The asset identifier for the deposit
-    /// @param refund Address to receive unused gas refund
-    function forceCancelDepositRequest(
-        PoolId poolId,
-        ShareClassId scId,
-        bytes32 investor,
-        AssetId depositAssetId,
-        address refund
-    ) external payable;
-
-    /// @notice Force cancel a user's redemption request (manager action)
-    /// @dev This allows the manager to cancel a redemption request on behalf of a user
-    /// @param poolId The pool identifier
-    /// @param scId The share class identifier
-    /// @param investor The investor's address as bytes32
-    /// @param payoutAssetId The asset identifier for the payout
-    /// @param refund Address to receive unused gas refund
-    function forceCancelRedeemRequest(
-        PoolId poolId,
-        ShareClassId scId,
-        bytes32 investor,
-        AssetId payoutAssetId,
-        address refund
-    ) external payable;
+    /// @dev Entry point: `IManagerCallFromHub.fromHub`. Payload: `abi.encode(uint8 kind, bytes16 scId, ...args)`
+    ///      (see `ManagerAction`). `poolId` comes from the call; `scId` is decoded from `payload`.
+    ///      Only callable through the `Envoy`; policy enforcement happens at the Hub beforehand.
 
     //----------------------------------------------------------------------------------------------
     // Storage getters
@@ -362,6 +280,9 @@ interface IBatchRequestManager is IHubRequestManager, IHubRequestManagerNotifica
     /// @notice Registry of pools, assets, and manager permissions on the hub chain
     function hubRegistry() external view returns (IHubRegistry);
 
+    /// @notice The Envoy, the only authorized caller of `fromHub`
+    function envoy() external view returns (address);
+
     /// @notice Returns the epoch ID data for a given pool, share class and asset
     function epochId(PoolId poolId, ShareClassId scId, AssetId assetId)
         external
diff --git a/src/vaults/interfaces/IVaultManagers.sol b/src/vaults/interfaces/IVaultManagers.sol
index 8e6895fea..63bea96cb 100644
--- a/src/vaults/interfaces/IVaultManagers.sol
+++ b/src/vaults/interfaces/IVaultManagers.sol
@@ -9,9 +9,8 @@ import {D18} from "../../misc/types/D18.sol";
 import {PoolId} from "../../core/types/PoolId.sol";
 import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {IBalanceSheet} from "../../core/spoke/interfaces/IBalanceSheet.sol";
-import {IVaultRegistry} from "../../core/spoke/interfaces/IVaultRegistry.sol";
-import {ITrustedContractUpdate} from "../../core/utils/interfaces/IContractUpdate.sol";
+import {ISpokeRegistry} from "../../core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../core/utils/interfaces/IManagerCall.sol";
 
 import {ISubsidyManager} from "../../utils/interfaces/ISubsidyManager.sol";
 
@@ -27,7 +26,8 @@ interface IDepositManager {
     /// @dev    The assets required to fulfill the deposit are already locked in escrow upon calling requestDeposit.
     ///         The shares required to fulfill the deposit have already been minted and transferred to the escrow on
     ///         fulfillDepositRequest.
-    ///         Receiver has to pass all the share token restrictions in order to receive the shares.
+    ///         Both the owner and the receiver have to pass all the share token restrictions: the owner
+    ///         has to pass them for the claimed amount as well (mirrors `maxMint`).
     function deposit(IBaseVault vault, uint256 assets, address receiver, address owner)
         external
         returns (uint256 shares);
@@ -39,7 +39,8 @@ interface IDepositManager {
     /// @dev    The assets required to fulfill the mint are already locked in escrow upon calling requestDeposit.
     ///         The shares required to fulfill the mint have already been minted and transferred to the escrow on
     ///         fulfillDepositRequest.
-    ///         Receiver has to pass all the share token restrictions in order to receive the shares.
+    ///         Both the owner and the receiver have to pass all the share token restrictions: the owner
+    ///         has to pass them for the claimed amount as well (mirrors `maxMint`).
     function mint(IBaseVault vault, uint256 shares, address receiver, address owner) external returns (uint256 assets);
 
     /// @notice Returns the max amount of assets based on the unclaimed amount of shares after at least one successful
@@ -98,7 +99,8 @@ interface IAsyncDepositManager is IDepositManager, IBaseRequestManager {
     function pendingCancelDepositRequest(IBaseVault vault, address user) external view returns (bool isPending);
 
     /// @notice Indicates whether a user has claimable deposit request cancellation and returns the total claim
-    ///         value in assets.
+    ///         value in assets. Returns 0 while the share token restrictions block the user, matching what
+    ///         {claimCancelDepositRequest} would do.
     function claimableCancelDepositRequest(IBaseVault vault, address user) external view returns (uint256 assets);
 }
 
@@ -157,7 +159,8 @@ interface IAsyncRedeemManager is IRedeemManager, IBaseRequestManager {
     ///         owner to the escrow, even though the asset payout can only happen after epoch execution.
     ///         The receiver becomes the owner of redeem request fulfillment.
     /// @param  source Deprecated
-    /// @param  transfer Set `false` for legacy vaults which already execute the transfer in the vault implementation
+    /// @param  transfer Deprecated and ignored (kept for ABI compatibility); shares are always transferred
+    ///         to the pool escrow by this manager
     function requestRedeem(
         IBaseVault vault,
         uint256 shares,
@@ -184,7 +187,8 @@ interface IAsyncRedeemManager is IRedeemManager, IBaseRequestManager {
     ///         Shares are transferred from the escrow to the receiver.
     /// @dev    The shares required to fulfill the claim have already been reserved for the owner in escrow on
     ///         fulfillRedeemRequest with non-zero cancelled share amount value.
-    ///         Receiver has to pass all the share token restrictions in order to receive the shares.
+    ///         Both the owner and the receiver have to pass all the share token restrictions: the owner
+    ///         has to pass them for the claimed amount as well (mirrors `claimableCancelRedeemRequest`).
     function claimCancelRedeemRequest(IBaseVault vault, address receiver, address owner)
         external
         returns (uint256 shares);
@@ -196,7 +200,8 @@ interface IAsyncRedeemManager is IRedeemManager, IBaseRequestManager {
     function pendingCancelRedeemRequest(IBaseVault vault, address user) external view returns (bool isPending);
 
     /// @notice Indicates whether a user has claimable redeem request cancellation and returns the total claim
-    ///         value in shares.
+    ///         value in shares. Returns 0 while the share token restrictions block the escrow-to-user leg,
+    ///         matching what {claimCancelRedeemRequest} would do.
     function claimableCancelRedeemRequest(IBaseVault vault, address user) external view returns (uint256 shares);
 }
 
@@ -228,13 +233,15 @@ interface ISyncDepositValuation {
     function pricePoolPerShare(PoolId poolId, ShareClassId scId) external view returns (D18 price);
 }
 
-interface ISyncManager is ISyncDepositManager, ISyncDepositValuation, ITrustedContractUpdate {
+interface ISyncManager is ISyncDepositManager, ISyncDepositValuation, IManagerCallFromHub {
     event SetValuation(PoolId indexed poolId, ShareClassId indexed scId, address valuation);
     event SetMaxReserve(
         PoolId indexed poolId, ShareClassId indexed scId, address asset, uint256 tokenId, uint128 maxReserve
     );
     event File(bytes32 indexed what, address data);
 
+    error NotEnvoy();
+    error UnexpectedValue();
     error ExceedsMaxDeposit();
     error FileUnrecognizedParam();
     error ExceedsMaxMint();
@@ -247,8 +254,11 @@ interface ISyncManager is ISyncDepositManager, ISyncDepositValuation, ITrustedCo
         MaxReserve
     }
 
+    /// @notice The Envoy that routes policy-supervised valuation/max-reserve updates
+    function envoy() external view returns (address);
+
     /// @notice Updates contract parameters of type address.
-    /// @param what The bytes32 representation of 'gateway' or 'spoke'.
+    /// @param what The bytes32 representation of 'spoke', 'spokeRegistry' or 'envoy'.
     /// @param data The new contract address.
     function file(bytes32 what, address data) external;
 
@@ -275,14 +285,11 @@ interface ISyncManager is ISyncDepositManager, ISyncDepositValuation, ITrustedCo
     function setMaxReserve(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, uint128 maxReserve)
         external;
 
-    /// @notice Spoke-side entry point for this chain's pool and share class operations
-    function spoke() external view returns (ISpoke);
-
     /// @notice Manages share token and asset balances, including minting, burning, and escrow transfers
-    function balanceSheet() external view returns (IBalanceSheet);
+    function spoke() external view returns (ISpoke);
 
-    /// @notice Maps (poolId, scId, asset) tuples to deployed vault addresses
-    function vaultRegistry() external view returns (IVaultRegistry);
+    /// @notice Stores pool, share class, asset, vault, and price state for the spoke side
+    function spokeRegistry() external view returns (ISpokeRegistry);
 
     /// @notice Price source contract used for sync deposit pricing on a given pool and share class
     function valuation(PoolId poolId, ShareClassId scId) external view returns (ISyncDepositValuation);
@@ -329,9 +336,9 @@ struct AsyncInvestmentState {
 //----------------------------------------------------------------------------------------------
 
 /// @dev Reservation reason for deposit flows
-uint32 constant REASON_DEPOSIT = 1;
+bytes32 constant REASON_DEPOSIT = bytes32(uint256(1));
 /// @dev Reservation reason for redeem flows
-uint32 constant REASON_REDEEM = 2;
+bytes32 constant REASON_REDEEM = bytes32(uint256(2));
 
 interface IAsyncRequestManager is IAsyncDepositManager, IAsyncRedeemManager {
     error ExceedsMaxDeposit();
@@ -367,10 +374,10 @@ interface IAsyncRequestManager is IAsyncDepositManager, IAsyncRedeemManager {
         );
 
     /// @notice Manages share token and asset balances, including minting, burning, and escrow transfers
-    function balanceSheet() external view returns (IBalanceSheet);
+    function spoke() external view returns (ISpoke);
 
-    /// @notice Maps (poolId, scId, asset) tuples to deployed vault addresses
-    function vaultRegistry() external view returns (IVaultRegistry);
+    /// @notice Stores pool, share class, asset, vault, and price state for the spoke side
+    function spokeRegistry() external view returns (ISpokeRegistry);
 
     /// @notice Manages gas subsidies for cross-chain message costs, funded per-pool
     function subsidyManager() external view returns (ISubsidyManager);
diff --git a/src/vaults/interfaces/IVaultRouter.sol b/src/vaults/interfaces/IVaultRouter.sol
index c8fdb66a4..1c69a4bec 100644
--- a/src/vaults/interfaces/IVaultRouter.sol
+++ b/src/vaults/interfaces/IVaultRouter.sol
@@ -4,15 +4,16 @@ pragma solidity >=0.5.0;
 import {IBaseVault} from "./IBaseVault.sol";
 import {IAsyncVault} from "./IAsyncVault.sol";
 
+import {IMulticall} from "../../misc/interfaces/IMulticall.sol";
+
 import {PoolId} from "../../core/types/PoolId.sol";
 import {ISpoke} from "../../core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../core/types/ShareClassId.sol";
-import {IVaultRegistry} from "../../core/spoke/interfaces/IVaultRegistry.sol";
-import {IBatchedMulticall} from "../../core/utils/interfaces/IBatchedMulticall.sol";
+import {ISpokeRegistry} from "../../core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {BaseSyncDepositVault} from "../BaseVaults.sol";
 
-interface IVaultRouter is IBatchedMulticall {
+interface IVaultRouter is IMulticall {
     //----------------------------------------------------------------------------------------------
     // Events
     //----------------------------------------------------------------------------------------------
@@ -49,9 +50,6 @@ interface IVaultRouter is IBatchedMulticall {
     //----------------------------------------------------------------------------------------------
 
     /// @notice Check `IERC7540Deposit.requestDeposit`.
-    /// @dev    This adds a mandatory prepayment for all the costs that will incur during the transaction.
-    ///         The caller must call `VaultRouter.estimate` to get estimates how much the deposit will cost.
-    ///
     /// @param  vault The vault to deposit into
     /// @param  amount Check @param IERC7540Deposit.requestDeposit.assets
     /// @param  controller Check @param IERC7540Deposit.requestDeposit.controller
@@ -59,9 +57,6 @@ interface IVaultRouter is IBatchedMulticall {
     function requestDeposit(IAsyncVault vault, uint256 amount, address controller, address owner) external payable;
 
     /// @notice Check `IERC4626.deposit`.
-    /// @dev    This adds a mandatory prepayment for all the costs that will incur during the transaction.
-    ///         The caller must call `VaultRouter.estimate` to get estimates how much the deposit will cost.
-    ///
     /// @param  vault The vault to deposit into
     /// @param  assets Check @param IERC4626.deposit.assets
     /// @param  receiver Check @param IERC4626.deposit.receiver
@@ -75,9 +70,6 @@ interface IVaultRouter is IBatchedMulticall {
     function claimDeposit(IAsyncVault vault, address receiver, address controller) external payable;
 
     /// @notice Check `IERC7887Deposit.cancelDepositRequest`.
-    /// @dev    This adds a mandatory prepayment for all the costs that will incur during the transaction.
-    ///         The caller must call `VaultRouter.estimate` to get estimates how much the deposit will cost.
-    ///
     /// @param  vault The vault where the deposit was initiated
     function cancelDepositRequest(IAsyncVault vault) external payable;
 
@@ -93,9 +85,6 @@ interface IVaultRouter is IBatchedMulticall {
     //----------------------------------------------------------------------------------------------
 
     /// @notice Check `IERC7540Redeem.requestRedeem`.
-    /// @dev    This adds a mandatory prepayment for all the costs that will incur during the transaction.
-    ///         The caller must call `VaultRouter.estimate` to get estimates how much the deposit will cost.
-    ///
     /// @param  vault The vault to deposit into
     /// @param  amount Check @param IERC7540Redeem.requestRedeem.shares
     /// @param  controller Check @param IERC7540Redeem.requestRedeem.controller
@@ -112,9 +101,6 @@ interface IVaultRouter is IBatchedMulticall {
     function claimRedeem(IBaseVault vault, address receiver, address controller) external payable;
 
     /// @notice Check `IERC7887Redeem.cancelRedeemRequest`.
-    /// @dev    This adds a mandatory prepayment for all the costs that will incur during the transaction.
-    ///         The caller must call `VaultRouter.estimate` to get estimates how much the deposit will cost.
-    ///
     /// @param  vault The vault where the deposit was initiated
     function cancelRedeemRequest(IAsyncVault vault) external payable;
 
@@ -129,8 +115,11 @@ interface IVaultRouter is IBatchedMulticall {
     // Cross-chain transfers
     //----------------------------------------------------------------------------------------------
 
-    /// @notice Intended to be used in a batch with `deposit` or `claimRedeem`,
-    ///         with `receiver=address(this)`
+    /// @notice Intended to be used in a batch with `deposit` or `claimDeposit`.
+    ///         The preceding vault call's `receiver` must be set to `address(this)` (the router),
+    ///         not this function's `receiver` parameter (which is the destination bytes32 address on the
+    ///         remote chain). `owner` must be either `msg.sender` or `address(this)` (the router itself,
+    ///         for the batched case where the router holds the shares as an intermediate step).
     function crosschainTransferShares(
         BaseSyncDepositVault vault,
         uint128 shares,
@@ -171,6 +160,6 @@ interface IVaultRouter is IBatchedMulticall {
     /// @notice Spoke-side entry point for this chain's pool and share class operations
     function spoke() external view returns (ISpoke);
 
-    /// @notice Maps (poolId, scId, asset) tuples to deployed vault addresses
-    function vaultRegistry() external view returns (IVaultRegistry);
+    /// @notice Stores pool, share class, asset, price and vault state for the spoke side
+    function spokeRegistry() external view returns (ISpokeRegistry);
 }
diff --git a/test/adapters/StandbyAdapter.t.sol b/test/adapters/StandbyAdapter.t.sol
new file mode 100644
index 000000000..1a4c86524
--- /dev/null
+++ b/test/adapters/StandbyAdapter.t.sol
@@ -0,0 +1,415 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {MockGateway, MockMessageProperties, POOL_0} from "../core/unit/MultiAdapter.t.sol";
+
+import {MultiAdapter} from "../../src/core/messaging/MultiAdapter.sol";
+import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMessageHandler} from "../../src/core/messaging/interfaces/IMessageHandler.sol";
+
+import "forge-std/Test.sol";
+
+import {StandbyAdapter} from "../../src/adapters/StandbyAdapter.sol";
+import {IStandbyAdapter} from "../../src/adapters/interfaces/IStandbyAdapter.sol";
+
+/// @dev Records the last send so the test can assert the underlying was (or wasn't) invoked.
+contract MockUnderlying is IAdapter {
+    uint16 public lastCentrifugeId;
+    bytes public lastPayload;
+    uint256 public lastValue;
+    uint256 public lastGasLimit;
+    uint256 public sendCount;
+    uint256 public cost;
+    uint256 public costPerGas;
+    bytes32 public adapterData;
+
+    function setCost(uint256 c) external {
+        cost = c;
+    }
+
+    function setCostPerGas(uint256 c) external {
+        costPerGas = c;
+    }
+
+    function setAdapterData(bytes32 d) external {
+        adapterData = d;
+    }
+
+    function send(uint16 centrifugeId, bytes calldata payload, uint256 gasLimit, address)
+        external
+        payable
+        returns (bytes32)
+    {
+        lastCentrifugeId = centrifugeId;
+        lastPayload = payload;
+        lastValue = msg.value;
+        lastGasLimit = gasLimit;
+        sendCount++;
+        return adapterData;
+    }
+
+    /// @dev `costPerGas` is 0 unless a test sets it, so the quote reflects the gasLimit it was asked
+    ///      about. `estimate` must stay `view`, so this is how a test observes that argument.
+    function estimate(uint16, bytes calldata, uint256 gasLimit) external view returns (uint256) {
+        return cost + gasLimit * costPerGas;
+    }
+}
+
+/// @dev Captures relayed inbound messages (stands in for the MultiAdapter entrypoint).
+contract MockEntrypoint is IMessageHandler {
+    uint16 public lastCentrifugeId;
+    bytes public lastMessage;
+    uint256 public handleCount;
+
+    function handle(uint16 centrifugeId, bytes calldata message) external {
+        lastCentrifugeId = centrifugeId;
+        lastMessage = message;
+        handleCount++;
+    }
+}
+
+contract StandbyAdapterTest is Test {
+    uint16 constant REMOTE = 2;
+    bytes constant PAYLOAD = hex"c0ffee";
+    uint256 constant GAS = 100_000;
+
+    MockEntrypoint entrypoint = new MockEntrypoint();
+    MockUnderlying underlying = new MockUnderlying();
+
+    StandbyAdapter standby;
+
+    function setUp() public {
+        standby = new StandbyAdapter(entrypoint, underlying);
+    }
+
+    function _id() internal pure returns (bytes32) {
+        return keccak256(abi.encodePacked(REMOTE, GAS, PAYLOAD));
+    }
+
+    function _send() internal {
+        vm.prank(address(entrypoint));
+        standby.send(REMOTE, PAYLOAD, GAS, address(this));
+    }
+
+    // ─── standby path ─────────────────────────────────────────────────────────────
+
+    function testSendRecordsAndEmitsButDoesNotDispatch() public {
+        vm.expectEmit();
+        emit IStandbyAdapter.StandbySend(REMOTE, _id(), PAYLOAD, GAS);
+        vm.prank(address(entrypoint));
+        bytes32 id = standby.send(REMOTE, PAYLOAD, GAS, address(this));
+
+        assertEq(id, _id(), "returns the record id");
+        assertEq(underlying.sendCount(), 0, "underlying must not be touched in the happy path");
+        assertEq(standby.forwardable(_id()), 1);
+    }
+
+    function testRepeatedPayloadsAccumulate() public {
+        _send();
+        _send();
+        // Two sends of the same payload -> two outstanding credits, both forwardable.
+        assertEq(standby.forwardable(_id()), 2);
+        standby.forward(REMOTE, PAYLOAD, GAS);
+        standby.forward(REMOTE, PAYLOAD, GAS);
+        assertEq(standby.forwardable(_id()), 0);
+        assertEq(underlying.sendCount(), 2);
+    }
+
+    function testSendOnlyFromEntrypoint() public {
+        vm.expectRevert(IAdapter.NotEntrypoint.selector);
+        standby.send(REMOTE, PAYLOAD, GAS, address(this));
+    }
+
+    function testDistinctPayloadsTrackedSeparately() public {
+        bytes memory other = hex"beef";
+        bytes32 idOther = keccak256(abi.encodePacked(REMOTE, GAS, other));
+
+        _send();
+        vm.prank(address(entrypoint));
+        standby.send(REMOTE, other, GAS, address(this));
+
+        // Credits are keyed by payload; different payloads cannot share or consume each other's credit.
+        assertEq(standby.forwardable(_id()), 1);
+        assertEq(standby.forwardable(idOther), 1);
+
+        standby.forward(REMOTE, PAYLOAD, GAS);
+        assertEq(standby.forwardable(_id()), 0);
+        assertEq(standby.forwardable(idOther), 1);
+    }
+
+    /// @dev send then forward must round-trip for any (payload, gasLimit): the credit is recorded under
+    ///      the exact tuple and consumed once, never exceeding sends. `gasLimit` is fuzzed over the width
+    ///      the Gateway provisions (`messageOverallGasLimit` returns uint128), which is the widest value a
+    ///      credit can ever carry; `forward`'s uplift arithmetic cannot overflow below it.
+    function testFuzzSendForwardRoundTrip(bytes calldata payload, uint128 gasLimit, uint8 sends) public {
+        sends = uint8(bound(sends, 1, 10));
+        bytes32 id = keccak256(abi.encodePacked(REMOTE, uint256(gasLimit), payload));
+
+        for (uint256 i; i < sends; i++) {
+            vm.prank(address(entrypoint));
+            standby.send(REMOTE, payload, gasLimit, address(this));
+        }
+        assertEq(standby.forwardable(id), sends, "one credit per send");
+
+        for (uint256 i; i < sends; i++) {
+            standby.forward(REMOTE, payload, gasLimit);
+        }
+        assertEq(standby.forwardable(id), 0, "all credits consumed");
+        assertEq(underlying.sendCount(), sends, "forwards == sends");
+
+        vm.expectRevert(IStandbyAdapter.NotForwardable.selector);
+        standby.forward(REMOTE, payload, gasLimit);
+    }
+
+    function testSendRejectsValue() public {
+        // The standby path never spends value, so attaching any reverts (would otherwise strand).
+        vm.deal(address(entrypoint), 1 ether);
+        vm.prank(address(entrypoint));
+        vm.expectRevert(IStandbyAdapter.UnexpectedValue.selector);
+        standby.send{value: 1 ether}(REMOTE, PAYLOAD, GAS, address(this));
+    }
+
+    function testEstimateIsZero() public view {
+        assertEq(standby.estimate(REMOTE, PAYLOAD, GAS), 0);
+    }
+
+    // ─── forward (activation) ───────────────────────────────────────────────────────
+
+    function testForwardDispatchesThroughUnderlying() public {
+        _send();
+
+        vm.expectEmit();
+        emit IStandbyAdapter.Forward(REMOTE, _id(), PAYLOAD, GAS, bytes32(0));
+        standby.forward{value: 1 ether}(REMOTE, PAYLOAD, GAS);
+
+        assertEq(underlying.sendCount(), 1);
+        assertEq(underlying.lastCentrifugeId(), REMOTE);
+        assertEq(underlying.lastPayload(), PAYLOAD);
+        assertEq(underlying.lastValue(), 1 ether, "caller pays the underlying cost");
+        assertEq(standby.forwardable(_id()), 0, "credit consumed");
+    }
+
+    /// @dev the Forward event must carry the adapterData returned by the underlying adapter.
+    function testForwardEmitsUnderlyingAdapterData() public {
+        _send();
+        bytes32 expected = keccak256("delivery-guid");
+        underlying.setAdapterData(expected);
+
+        vm.expectEmit();
+        emit IStandbyAdapter.Forward(REMOTE, _id(), PAYLOAD, GAS, expected);
+        standby.forward{value: 1 ether}(REMOTE, PAYLOAD, GAS);
+    }
+
+    function testForwardRevertsIfNeverSent() public {
+        vm.expectRevert(IStandbyAdapter.NotForwardable.selector);
+        standby.forward(REMOTE, PAYLOAD, GAS);
+    }
+
+    function testForwardRevertsOnWrongGasLimit() public {
+        _send(); // recorded with gasLimit GAS
+        // gasLimit is bound into the id, so forwarding with a different gas finds no record.
+        vm.expectRevert(IStandbyAdapter.NotForwardable.selector);
+        standby.forward(REMOTE, PAYLOAD, GAS + 1);
+    }
+
+    function testForwardRevertsIfUnderpaid() public {
+        _send();
+        underlying.setCost(1 ether);
+        vm.expectRevert(IStandbyAdapter.NotEnoughValue.selector);
+        standby.forward{value: 0.5 ether}(REMOTE, PAYLOAD, GAS);
+    }
+
+    /// @dev A forwarded delivery runs one frame deeper than a normal one (underlying -> standby ->
+    ///      MultiAdapter), which the sender's gasLimit was not provisioned for: the standby reserves its
+    ///      own receive cost and one more EIP-150 64/63 on top of what `send` recorded.
+    function testForwardUpliftsGasLimit() public {
+        _send();
+        standby.forward{value: 1 ether}(REMOTE, PAYLOAD, GAS);
+
+        uint256 expected = (GAS + standby.DEFAULT_RECEIVE_COST()) * 64 / 63;
+        assertGt(expected, GAS, "the underlying must be asked for more than was recorded");
+        assertEq(underlying.lastGasLimit(), expected, "send gets the uplifted limit");
+    }
+
+    /// @dev The forwarder is quoted for, and pays for, the uplifted limit rather than the recorded one.
+    function testForwardEstimatesUpliftedGasLimit() public {
+        _send();
+        underlying.setCostPerGas(1 wei);
+        uint256 expected = (GAS + standby.DEFAULT_RECEIVE_COST()) * 64 / 63;
+        assertEq(standby.estimateForward(REMOTE, PAYLOAD, GAS), expected, "quote exposes the uplifted price");
+
+        vm.expectRevert(IStandbyAdapter.NotEnoughValue.selector);
+        standby.forward{value: expected - 1}(REMOTE, PAYLOAD, GAS);
+
+        standby.forward{value: expected}(REMOTE, PAYLOAD, GAS);
+        assertEq(underlying.lastValue(), expected);
+    }
+
+    /// @dev Monad reprices the cold CALL the relay makes, so it reserves more.
+    function testForwardUpliftsGasLimitForMonad() public {
+        uint16 monad = standby.MONAD_CENTRIFUGE_ID();
+        vm.prank(address(entrypoint));
+        standby.send(monad, PAYLOAD, GAS, address(this));
+        standby.forward{value: 1 ether}(monad, PAYLOAD, GAS);
+
+        assertEq(underlying.lastGasLimit(), (GAS + standby.MONAD_RECEIVE_COST()) * 64 / 63);
+        assertGt(standby.MONAD_RECEIVE_COST(), standby.DEFAULT_RECEIVE_COST());
+    }
+
+    /// @dev The uplift changes only what the underlying is asked for: the credit stays keyed on the
+    ///      gasLimit `send` recorded, so an outstanding credit is still forwardable with that same value.
+    function testForwardUpliftDoesNotRekeyCredit() public {
+        _send();
+        standby.forward{value: 1 ether}(REMOTE, PAYLOAD, GAS);
+        assertEq(standby.forwardable(_id()), 0, "the recorded gasLimit still finds its credit");
+    }
+
+    function testForwardCannotExceedSends() public {
+        _send();
+        standby.forward(REMOTE, PAYLOAD, GAS);
+        vm.expectRevert(IStandbyAdapter.NotForwardable.selector);
+        standby.forward(REMOTE, PAYLOAD, GAS);
+    }
+
+    // ─── inbound relay ──────────────────────────────────────────────────────────────
+
+    function testHandleRelaysFromUnderlying() public {
+        vm.prank(address(underlying));
+        standby.handle(REMOTE, PAYLOAD);
+
+        assertEq(entrypoint.handleCount(), 1);
+        assertEq(entrypoint.lastCentrifugeId(), REMOTE);
+        assertEq(entrypoint.lastMessage(), PAYLOAD);
+    }
+
+    function testHandleOnlyFromUnderlying() public {
+        vm.expectRevert(IStandbyAdapter.NotUnderlying.selector);
+        standby.handle(REMOTE, PAYLOAD);
+    }
+}
+
+/// @dev Wires a StandbyAdapter as the 3rd slot of a real 2-of-3 MultiAdapter quorum to prove the
+///      standby stays idle on send and that a forwarded delivery is attributed as the standby's vote.
+contract StandbyAdapterMultiAdapterTest is Test {
+    uint16 constant LOCAL = 1;
+    uint16 constant REMOTE = 2;
+    uint256 constant GAS = 100_000;
+    bytes constant PAYLOAD = hex"c0ffee"; // length < 6 -> POOL_0 in MockMessageProperties
+
+    MockGateway gateway = new MockGateway();
+    MockMessageProperties props = new MockMessageProperties();
+    MultiAdapter multi;
+
+    MockUnderlying activeA = new MockUnderlying();
+    MockUnderlying activeB = new MockUnderlying();
+    MockUnderlying standbyUnderlying = new MockUnderlying();
+    StandbyAdapter standby;
+
+    function setUp() public {
+        multi = new MultiAdapter(LOCAL, gateway, address(this));
+        multi.file("messageProperties", address(props));
+
+        standby = new StandbyAdapter(multi, standbyUnderlying);
+
+        IAdapter[] memory set = new IAdapter[](3);
+        set[0] = activeA;
+        set[1] = activeB;
+        set[2] = standby;
+        multi.setAdapters(REMOTE, POOL_0, set, 2, 1); // 2-of-3
+    }
+
+    /// @dev MultiAdapter wraps outbound payloads with the active sessionId; the standby records that.
+    function _wrapped() internal view returns (bytes memory) {
+        return abi.encodePacked(multi.activeSessionId(REMOTE, POOL_0), PAYLOAD);
+    }
+
+    function testSendKeepsStandbyIdleWhileActivesDispatch() public {
+        multi.send(REMOTE, PAYLOAD, GAS, address(this));
+
+        assertEq(activeA.sendCount(), 1, "active A dispatched");
+        assertEq(activeB.sendCount(), 1, "active B dispatched");
+        assertEq(standbyUnderlying.sendCount(), 0, "standby underlying stays idle");
+
+        bytes32 id = keccak256(abi.encodePacked(REMOTE, GAS, _wrapped()));
+        assertEq(standby.forwardable(id), 1, "standby only recorded the send");
+    }
+
+    function testForwardedStandbyVoteCountsTowardQuorum() public {
+        bytes memory wrapped = _wrapped();
+
+        // activeA delivers: 1 of 2 required votes; gateway must not fire yet.
+        vm.prank(address(activeA));
+        multi.handle(REMOTE, wrapped);
+        assertEq(gateway.count(REMOTE), 0, "one vote is below threshold");
+
+        // The standby's underlying delivers the forwarded message; standby.handle relays it to the
+        // MultiAdapter, where msg.sender == standby, so it counts as the standby slot's vote.
+        vm.prank(address(standbyUnderlying));
+        standby.handle(REMOTE, wrapped);
+        assertEq(gateway.count(REMOTE), 1, "standby vote met the 2-of-3 threshold");
+    }
+}
+
+/// @dev Records the gas the MultiAdapter frame is entered with.
+contract GasRecordingEntrypoint is IMessageHandler {
+    uint256 public gasSeen;
+
+    function handle(uint16, bytes calldata) external {
+        gasSeen = gasleft();
+    }
+}
+
+/// @dev Stands in for an adapter's inbound frame, which calls its entrypoint with everything it has
+///      left, exactly as LayerZeroAdapter.lzReceive and AxelarAdapter.execute do.
+contract InboundRelay {
+    IMessageHandler public entrypoint;
+
+    function setEntrypoint(IMessageHandler entrypoint_) external {
+        entrypoint = entrypoint_;
+    }
+
+    function deliver(uint16 centrifugeId, bytes calldata message) external {
+        entrypoint.handle(centrifugeId, message);
+    }
+}
+
+/// @dev The reason `forward` uplifts the gas limit: a forwarded delivery runs one frame deeper than a
+///      normal one, so the same limit would enter the MultiAdapter with less gas than the sender
+///      provisioned. Measures both paths against each other rather than pinning absolute gas numbers.
+contract StandbyAdapterGasTest is Test {
+    uint16 constant REMOTE = 2;
+
+    GasRecordingEntrypoint directEntrypoint = new GasRecordingEntrypoint();
+    GasRecordingEntrypoint standbyEntrypoint = new GasRecordingEntrypoint();
+
+    InboundRelay direct = new InboundRelay();
+    InboundRelay viaStandby = new InboundRelay();
+    StandbyAdapter standby;
+
+    function setUp() public {
+        // Normal path: adapter -> MultiAdapter
+        direct.setEntrypoint(directEntrypoint);
+
+        // Forwarded path: adapter -> standby -> MultiAdapter. The standby only accepts inbound calls
+        // from its `underlying`, so the two point at each other.
+        standby = new StandbyAdapter(standbyEntrypoint, IAdapter(address(viaStandby)));
+        viaStandby.setEntrypoint(standby);
+    }
+
+    function testForwardUpliftCoversTheRelayFrame(uint32 gasLimit, uint16 messageLength) public {
+        gasLimit = uint32(bound(gasLimit, 100_000, 10_000_000));
+        bytes memory message = new bytes(bound(messageLength, 0, 8192));
+
+        // What a normal adapter delivers on `gasLimit`, against what the standby delivers on the
+        // uplifted limit `forward` hands its underlying.
+        uint256 uplifted = (uint256(gasLimit) + standby.DEFAULT_RECEIVE_COST()) * 64 / 63;
+        direct.deliver{gas: gasLimit}(REMOTE, message);
+        viaStandby.deliver{gas: uplifted}(REMOTE, message);
+
+        assertGe(
+            standbyEntrypoint.gasSeen(),
+            directEntrypoint.gasSeen(),
+            "a forwarded delivery must not enter the MultiAdapter with less gas than a normal one"
+        );
+    }
+}
diff --git a/test/adapters/unit/AxelarAdapter.t.sol b/test/adapters/unit/AxelarAdapter.t.sol
index 955d63a58..0debd6f85 100644
--- a/test/adapters/unit/AxelarAdapter.t.sol
+++ b/test/adapters/unit/AxelarAdapter.t.sol
@@ -27,18 +27,20 @@ contract MockAxelarGateway is Mock {
 }
 
 contract MockAxelarGasService is Mock {
+    /// @dev Echoes the received gasLimit so tests can assert the per-destination receive cost the
+    ///      adapter added (view function reached via STATICCALL, so it cannot record to storage).
     function estimateGasFee(
         string calldata,
         string calldata,
         bytes calldata,
-        uint256,
+        uint256 gasLimit,
         bytes calldata /* params */
     )
         external
-        view
+        pure
         returns (uint256 gasEstimate)
     {
-        return values_uint256_return["estimateGasFee"];
+        return gasLimit;
     }
 
     function payNativeGasForContractCall(
@@ -95,15 +97,6 @@ contract AxelarAdapterTestWire is AxelarAdapterTestBase {
         assertEq(centrifugeId, CENTRIFUGE_CHAIN_ID);
         assertEq(remoteAddressHash, keccak256(bytes(REMOTE_AXELAR_ADDR)));
     }
-
-    function testIsWired() public {
-        assertFalse(adapter.isWired(CENTRIFUGE_CHAIN_ID));
-
-        bytes memory data = abi.encode(AXELAR_CHAIN_ID, REMOTE_AXELAR_ADDR);
-        adapter.wire(CENTRIFUGE_CHAIN_ID, data);
-
-        assertTrue(adapter.isWired(CENTRIFUGE_CHAIN_ID));
-    }
 }
 
 contract AxelarAdapterTest is AxelarAdapterTestBase {
@@ -118,16 +111,24 @@ contract AxelarAdapterTest is AxelarAdapterTestBase {
     }
 
     function testEstimate(uint256 gasLimit) public {
-        gasLimit = uint128(bound(gasLimit, 1, adapter.RECEIVE_COST() - 1));
+        gasLimit = bound(gasLimit, 0, type(uint128).max);
 
         adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(AXELAR_CHAIN_ID, REMOTE_AXELAR_ADDR));
 
-        bytes memory payload = "irrelevant";
+        // The mock echoes the gasLimit it received, so this asserts the default receive cost is added.
+        uint256 estimation = adapter.estimate(CENTRIFUGE_CHAIN_ID, "irrelevant", gasLimit);
+        assertEq(estimation, gasLimit + adapter.DEFAULT_RECEIVE_COST());
+    }
+
+    /// @dev Monad's cold-access repricing gets a larger per-destination receive reserve.
+    function testEstimateUsesMonadReceiveCost(uint256 gasLimit) public {
+        gasLimit = bound(gasLimit, 0, type(uint128).max);
+        uint16 monadId = adapter.MONAD_CENTRIFUGE_ID();
 
-        axelarGasService.setReturn("estimateGasFee", gasLimit - 1);
+        adapter.wire(monadId, abi.encode(AXELAR_CHAIN_ID, REMOTE_AXELAR_ADDR));
 
-        uint256 estimation = adapter.estimate(CENTRIFUGE_CHAIN_ID, payload, gasLimit);
-        assertEq(estimation, gasLimit - 1);
+        uint256 estimation = adapter.estimate(monadId, "irrelevant", gasLimit);
+        assertEq(estimation, gasLimit + adapter.MONAD_RECEIVE_COST());
     }
 
     function testIncomingCalls(
diff --git a/test/adapters/unit/ChainlinkAdapter.t.sol b/test/adapters/unit/ChainlinkAdapter.t.sol
index 28b160455..4c535e894 100644
--- a/test/adapters/unit/ChainlinkAdapter.t.sol
+++ b/test/adapters/unit/ChainlinkAdapter.t.sol
@@ -84,12 +84,6 @@ contract ChainlinkAdapterTestWire is ChainlinkAdapterTestBase {
         assertEq(chainSelector, CHAINLINK_CHAIN_SELECTOR);
         assertEq(addr2, REMOTE_CHAINLINK_ADDR);
     }
-
-    function testIsWired() public {
-        assertFalse(adapter.isWired(CENTRIFUGE_ID));
-        adapter.wire(CENTRIFUGE_ID, abi.encode(CHAINLINK_CHAIN_SELECTOR, REMOTE_CHAINLINK_ADDR));
-        assertTrue(adapter.isWired(CENTRIFUGE_ID));
-    }
 }
 
 contract ChainlinkAdapterTest is ChainlinkAdapterTestBase {
@@ -166,7 +160,7 @@ contract ChainlinkAdapterTest is ChainlinkAdapterTestBase {
     }
 
     function testOutgoingCalls(bytes calldata payload, address invalidOrigin, uint256 gasLimit, address refund) public {
-        vm.assume(gasLimit < adapter.RECEIVE_COST());
+        vm.assume(gasLimit < adapter.DEFAULT_RECEIVE_COST());
         vm.assume(invalidOrigin != address(GATEWAY));
 
         vm.deal(address(this), 0.1 ether);
@@ -194,7 +188,28 @@ contract ChainlinkAdapterTest is ChainlinkAdapterTestBase {
         // Verify extraArgs contain the gas limit
         bytes memory expectedExtraArgs = abi.encodeWithSelector(
             GENERIC_EXTRA_ARGS_V2_TAG,
-            IClient.GenericExtraArgsV2({gasLimit: gasLimit + adapter.RECEIVE_COST(), allowOutOfOrderExecution: true})
+            IClient.GenericExtraArgsV2({
+                gasLimit: gasLimit + adapter.DEFAULT_RECEIVE_COST(), allowOutOfOrderExecution: true
+            })
+        );
+        assertEq(ccipRouter.values_bytes("extraArgs"), expectedExtraArgs);
+    }
+
+    /// @dev Monad's cold-access repricing gets a larger per-destination receive reserve.
+    function testSendUsesMonadReceiveCost(bytes calldata payload, uint256 gasLimit, address refund) public {
+        gasLimit = bound(gasLimit, 0, type(uint64).max);
+        uint16 monadId = adapter.MONAD_CENTRIFUGE_ID();
+        adapter.wire(monadId, abi.encode(CHAINLINK_CHAIN_SELECTOR, makeAddr("DestinationAdapter")));
+
+        vm.deal(address(GATEWAY), 0.1 ether);
+        vm.prank(address(GATEWAY));
+        adapter.send{value: 0.1 ether}(monadId, payload, gasLimit, refund);
+
+        bytes memory expectedExtraArgs = abi.encodeWithSelector(
+            GENERIC_EXTRA_ARGS_V2_TAG,
+            IClient.GenericExtraArgsV2({
+                gasLimit: gasLimit + adapter.MONAD_RECEIVE_COST(), allowOutOfOrderExecution: true
+            })
         );
         assertEq(ccipRouter.values_bytes("extraArgs"), expectedExtraArgs);
     }
diff --git a/test/adapters/unit/HyperlaneAdapter.t.sol b/test/adapters/unit/HyperlaneAdapter.t.sol
new file mode 100644
index 000000000..a4fddf188
--- /dev/null
+++ b/test/adapters/unit/HyperlaneAdapter.t.sol
@@ -0,0 +1,231 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
+
+import {Mock} from "../../core/mocks/Mock.sol";
+
+import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMessageHandler} from "../../../src/core/messaging/interfaces/IMessageHandler.sol";
+
+import "forge-std/Test.sol";
+
+import {HyperlaneAdapter} from "../../../src/adapters/HyperlaneAdapter.sol";
+import {
+    IHyperlaneAdapter,
+    IAdapter,
+    IPostDispatchHook,
+    IInterchainSecurityModule
+} from "../../../src/adapters/interfaces/IHyperlaneAdapter.sol";
+
+contract MockMailbox is Mock {
+    function dispatch(
+        uint32 destinationDomain,
+        bytes32 recipientAddress,
+        bytes calldata body,
+        bytes calldata metadata,
+        IPostDispatchHook /* hook */
+    ) external payable returns (bytes32) {
+        values_uint32["destinationDomain"] = destinationDomain;
+        values_bytes32["recipientAddress"] = recipientAddress;
+        values_bytes["body"] = body;
+        values_bytes["metadata"] = metadata;
+        values_uint256["value"] = msg.value;
+        return bytes32("messageId");
+    }
+
+    /// @dev estimate() is a view function, so this is reached via STATICCALL and cannot write
+    ///      state. Echo the metadata hash through the return value so the test can assert the
+    ///      exact bytes the adapter built (and that the quote is forwarded unchanged).
+    function quoteDispatch(
+        uint32, /* destinationDomain */
+        bytes32, /* recipientAddress */
+        bytes calldata, /* body */
+        bytes calldata metadata,
+        IPostDispatchHook /* hook */
+    )
+        external
+        pure
+        returns (uint256)
+    {
+        return uint256(keccak256(metadata));
+    }
+}
+
+contract HyperlaneAdapterTestBase is Test {
+    MockMailbox mockMailbox;
+    HyperlaneAdapter adapter;
+
+    uint16 constant CENTRIFUGE_ID = 1;
+    uint32 constant HYPERLANE_DOMAIN = 2;
+    address immutable REMOTE_ADAPTER = makeAddr("remoteAdapter");
+
+    IMessageHandler constant GATEWAY = IMessageHandler(address(1));
+
+    function setUp() public {
+        mockMailbox = new MockMailbox();
+        adapter = new HyperlaneAdapter(GATEWAY, address(mockMailbox), address(this));
+    }
+}
+
+contract HyperlaneAdapterTestWire is HyperlaneAdapterTestBase {
+    function testWireErrNotAuthorized() public {
+        vm.prank(makeAddr("NotAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        adapter.wire(CENTRIFUGE_ID, abi.encode(HYPERLANE_DOMAIN, REMOTE_ADAPTER));
+    }
+
+    function testWire() public {
+        vm.expectEmit();
+        emit IHyperlaneAdapter.Wire(CENTRIFUGE_ID, HYPERLANE_DOMAIN, REMOTE_ADAPTER);
+        adapter.wire(CENTRIFUGE_ID, abi.encode(HYPERLANE_DOMAIN, REMOTE_ADAPTER));
+
+        (uint32 hyperlaneDomain, address remoteDestAddress) = adapter.destinations(CENTRIFUGE_ID);
+        assertEq(hyperlaneDomain, HYPERLANE_DOMAIN);
+        assertEq(remoteDestAddress, REMOTE_ADAPTER);
+
+        (uint16 centrifugeId, address remoteSourceAddress) = adapter.sources(HYPERLANE_DOMAIN);
+        assertEq(centrifugeId, CENTRIFUGE_ID);
+        assertEq(remoteSourceAddress, REMOTE_ADAPTER);
+    }
+}
+
+contract HyperlaneAdapterTestSetIsm is HyperlaneAdapterTestBase {
+    IInterchainSecurityModule immutable newIsm = IInterchainSecurityModule(makeAddr("newIsm"));
+
+    function testSetIsmErrNotAuthorized() public {
+        vm.prank(makeAddr("NotAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        adapter.setIsm(newIsm);
+    }
+
+    function testSetIsm() public {
+        assertEq(address(adapter.interchainSecurityModule()), address(0));
+
+        vm.expectEmit();
+        emit IHyperlaneAdapter.SetIsm(address(newIsm));
+        adapter.setIsm(newIsm);
+
+        assertEq(address(adapter.interchainSecurityModule()), address(newIsm));
+    }
+
+    /// @dev A zero ISM silently defers to the Mailbox default module and must be rejected.
+    function testSetIsmRejectsZero() public {
+        vm.expectRevert(IHyperlaneAdapter.IsmZero.selector);
+        adapter.setIsm(IInterchainSecurityModule(address(0)));
+    }
+}
+
+contract HyperlaneAdapterTest is HyperlaneAdapterTestBase {
+    using CastLib for *;
+
+    function testDeploy() public view {
+        assertEq(address(adapter.entrypoint()), address(GATEWAY));
+        assertEq(address(adapter.mailbox()), address(mockMailbox));
+        assertEq(adapter.wards(address(this)), 1);
+    }
+
+    function testEstimateErrUnknownChainId(uint64 gasLimit) public {
+        vm.expectRevert(IAdapter.UnknownChainId.selector);
+        adapter.estimate(CENTRIFUGE_ID, "irrelevant", gasLimit);
+    }
+
+    function testEstimate(uint64 gasLimit) public {
+        adapter.wire(CENTRIFUGE_ID, abi.encode(HYPERLANE_DOMAIN, REMOTE_ADAPTER));
+
+        // estimate() builds metadata with refund = address(this) (the adapter itself).
+        // MockMailbox.quoteDispatch echoes keccak256(metadata), so this asserts the exact bytes.
+        bytes memory expectedMetadata = abi.encodePacked(
+            uint16(1), uint256(0), uint256(uint256(gasLimit) + adapter.DEFAULT_RECEIVE_COST()), address(adapter)
+        );
+        assertEq(adapter.estimate(CENTRIFUGE_ID, "irrelevant", gasLimit), uint256(keccak256(expectedMetadata)));
+    }
+
+    /// @dev Monad's cold-access repricing gets a larger per-destination receive reserve.
+    function testEstimateUsesMonadReceiveCost(uint64 gasLimit) public {
+        uint16 monadId = adapter.MONAD_CENTRIFUGE_ID();
+        adapter.wire(monadId, abi.encode(HYPERLANE_DOMAIN, REMOTE_ADAPTER));
+
+        bytes memory expectedMetadata = abi.encodePacked(
+            uint16(1), uint256(0), uint256(uint256(gasLimit) + adapter.MONAD_RECEIVE_COST()), address(adapter)
+        );
+        assertEq(adapter.estimate(monadId, "irrelevant", gasLimit), uint256(keccak256(expectedMetadata)));
+    }
+
+    function testIncomingCalls(
+        bytes memory payload,
+        address validAddress,
+        address invalidAddress,
+        uint32 invalidDomain,
+        address invalidOrigin
+    ) public {
+        vm.assume(keccak256(abi.encodePacked(invalidAddress)) != keccak256(abi.encodePacked(validAddress)));
+        vm.assume(invalidDomain != HYPERLANE_DOMAIN);
+        vm.assume(invalidOrigin != address(mockMailbox));
+        assumeNotZeroAddress(validAddress);
+        assumeNotZeroAddress(invalidAddress);
+
+        vm.mockCall(
+            address(GATEWAY), abi.encodeWithSelector(GATEWAY.handle.selector, CENTRIFUGE_ID, payload), abi.encode()
+        );
+
+        // Correct input, but not yet setup
+        vm.prank(address(mockMailbox));
+        vm.expectRevert(IHyperlaneAdapter.InvalidSource.selector);
+        adapter.handle(HYPERLANE_DOMAIN, validAddress.toBytes32LeftPadded(), payload);
+
+        adapter.wire(CENTRIFUGE_ID, abi.encode(HYPERLANE_DOMAIN, validAddress));
+
+        // Incorrect address
+        vm.prank(address(mockMailbox));
+        vm.expectRevert(IHyperlaneAdapter.InvalidSource.selector);
+        adapter.handle(HYPERLANE_DOMAIN, invalidAddress.toBytes32LeftPadded(), payload);
+
+        // address(0) from invalid domain should fail
+        vm.prank(address(mockMailbox));
+        vm.expectRevert(IHyperlaneAdapter.InvalidSource.selector);
+        adapter.handle(invalidDomain, address(0).toBytes32LeftPadded(), payload);
+
+        // Incorrect sender (not the mailbox)
+        vm.prank(invalidOrigin);
+        vm.expectRevert(IHyperlaneAdapter.NotMailbox.selector);
+        adapter.handle(HYPERLANE_DOMAIN, validAddress.toBytes32LeftPadded(), payload);
+
+        // Correct
+        vm.prank(address(mockMailbox));
+        adapter.handle(HYPERLANE_DOMAIN, validAddress.toBytes32LeftPadded(), payload);
+    }
+
+    function testOutgoingCalls(bytes calldata payload, address invalidOrigin, uint128 gasLimit, address refund) public {
+        vm.assume(invalidOrigin != address(GATEWAY));
+
+        vm.deal(address(this), 0.1 ether);
+        vm.expectRevert(IAdapter.NotEntrypoint.selector);
+        adapter.send{value: 0.1 ether}(CENTRIFUGE_ID, payload, gasLimit, refund);
+
+        vm.deal(address(GATEWAY), 0.1 ether);
+        vm.prank(address(GATEWAY));
+        vm.expectRevert(IAdapter.UnknownChainId.selector);
+        adapter.send{value: 0.1 ether}(CENTRIFUGE_ID, payload, gasLimit, refund);
+
+        address destinationAdapter = makeAddr("DestinationAdapter");
+        adapter.wire(CENTRIFUGE_ID, abi.encode(HYPERLANE_DOMAIN, destinationAdapter));
+
+        vm.deal(address(GATEWAY), 0.1 ether);
+        vm.prank(address(GATEWAY));
+        adapter.send{value: 0.1 ether}(CENTRIFUGE_ID, payload, gasLimit, refund);
+
+        assertEq(mockMailbox.values_uint32("destinationDomain"), HYPERLANE_DOMAIN);
+        assertEq(mockMailbox.values_bytes32("recipientAddress"), destinationAdapter.toBytes32LeftPadded());
+        assertEq(mockMailbox.values_bytes("body"), payload);
+
+        bytes memory expectedMetadata = abi.encodePacked(
+            uint16(1), uint256(0), uint256(uint128(gasLimit) + adapter.DEFAULT_RECEIVE_COST()), refund
+        );
+        assertEq(mockMailbox.values_bytes("metadata"), expectedMetadata);
+
+        // the full fee is forwarded to the mailbox
+        assertEq(mockMailbox.values_uint256("value"), 0.1 ether);
+    }
+}
diff --git a/test/adapters/unit/LayerZeroAdapter.t.sol b/test/adapters/unit/LayerZeroAdapter.t.sol
index 6d9a4caf0..2336bbaf7 100644
--- a/test/adapters/unit/LayerZeroAdapter.t.sol
+++ b/test/adapters/unit/LayerZeroAdapter.t.sol
@@ -98,12 +98,6 @@ contract LayerZeroAdapterTestWire is LayerZeroAdapterTestBase {
         assertEq(centrifugeId, CENTRIFUGE_ID);
         assertEq(remoteSourceAddress, REMOTE_LAYERZERO_ADDR);
     }
-
-    function testIsWired() public {
-        assertFalse(adapter.isWired(CENTRIFUGE_ID));
-        adapter.wire(CENTRIFUGE_ID, abi.encode(LAYERZERO_ID, REMOTE_LAYERZERO_ADDR));
-        assertTrue(adapter.isWired(CENTRIFUGE_ID));
-    }
 }
 
 contract LayerZeroAdapterTestSetDelegate is LayerZeroAdapterTestBase {
@@ -199,7 +193,7 @@ contract LayerZeroAdapterTest is LayerZeroAdapterTestBase {
 
     function testOutgoingCalls(bytes calldata payload, address invalidOrigin, uint128 gasLimit, address refund) public {
         vm.assume(invalidOrigin != address(GATEWAY));
-        gasLimit = uint128(bound(gasLimit, 0, adapter.RECEIVE_COST() - 1));
+        gasLimit = uint128(bound(gasLimit, 0, adapter.DEFAULT_RECEIVE_COST() - 1));
 
         vm.deal(address(this), 0.1 ether);
         vm.expectRevert(IAdapter.NotEntrypoint.selector);
@@ -224,10 +218,30 @@ contract LayerZeroAdapterTest is LayerZeroAdapterTestBase {
             uint8(1), // WORKER_ID
             uint16(17), // uint128 gasLimit byte length + 1
             uint8(1), // OPTION_TYPE_LZ
-            uint128(gasLimit + adapter.RECEIVE_COST())
+            uint128(gasLimit + adapter.DEFAULT_RECEIVE_COST())
         );
         assertEq(endpoint.values_bytes("params.options"), expectedOptions);
         assertEq(endpoint.values_bool("params.payInLzToken"), false);
         assertEq(endpoint.values_address("refundAddress"), refund);
     }
+
+    /// @dev Monad's cold-access repricing gets a larger per-destination receive reserve.
+    function testSendUsesMonadReceiveCost(bytes calldata payload, uint128 gasLimit, address refund) public {
+        uint16 monadId = adapter.MONAD_CENTRIFUGE_ID();
+        gasLimit = uint128(bound(gasLimit, 0, type(uint64).max));
+        adapter.wire(monadId, abi.encode(LAYERZERO_ID, makeAddr("DestinationAdapter")));
+
+        vm.deal(address(GATEWAY), 0.1 ether);
+        vm.prank(address(GATEWAY));
+        adapter.send{value: 0.1 ether}(monadId, payload, gasLimit, refund);
+
+        bytes memory expectedOptions = abi.encodePacked(
+            uint16(3), // TYPE_3
+            uint8(1), // WORKER_ID
+            uint16(17), // uint128 gasLimit byte length + 1
+            uint8(1), // OPTION_TYPE_LZ
+            uint128(gasLimit + adapter.MONAD_RECEIVE_COST())
+        );
+        assertEq(endpoint.values_bytes("params.options"), expectedOptions);
+    }
 }
diff --git a/test/adapters/unit/WormholeAdapter.t.sol b/test/adapters/unit/WormholeAdapter.t.sol
deleted file mode 100644
index d2a8dcac4..000000000
--- a/test/adapters/unit/WormholeAdapter.t.sol
+++ /dev/null
@@ -1,200 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
-import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
-
-import {Mock} from "../../core/mocks/Mock.sol";
-
-import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
-import {IMessageHandler} from "../../../src/core/messaging/interfaces/IMessageHandler.sol";
-
-import "forge-std/Test.sol";
-
-import {WormholeAdapter} from "../../../src/adapters/WormholeAdapter.sol";
-import {IWormholeAdapter} from "../../../src/adapters/interfaces/IWormholeAdapter.sol";
-
-contract MockWormholeDeliveryProvider {
-    uint16 public immutable chainId = 2;
-}
-
-contract MockWormholeRelayer is Mock {
-    address public getDefaultDeliveryProvider = address(new MockWormholeDeliveryProvider());
-
-    function sendPayloadToEvm(
-        uint16 targetChain,
-        address targetAddress,
-        bytes memory payload,
-        uint256 receiverValue,
-        uint256 gasLimit,
-        uint16 refundChain,
-        address refundAddress
-    ) external payable returns (uint64 sequence) {
-        values_uint256["value"] = msg.value;
-        values_uint16["targetChain"] = targetChain;
-        values_address["targetAddress"] = targetAddress;
-        values_bytes["payload"] = payload;
-        values_uint256["receiverValue"] = receiverValue;
-        values_uint256["gasLimit"] = gasLimit;
-        values_uint16["refundChain"] = refundChain;
-        values_address["refundAddress"] = refundAddress;
-
-        return 0;
-    }
-
-    function quoteEVMDeliveryPrice(uint16, uint256, uint256 gasLimit)
-        external
-        pure
-        returns (uint256 nativePriceQuote, uint256 targetChainRefundPerGasUnused)
-    {
-        nativePriceQuote = gasLimit * 2;
-        targetChainRefundPerGasUnused = 0;
-    }
-}
-
-contract WormholeAdapterTestBase is Test {
-    MockWormholeRelayer relayer;
-    WormholeAdapter adapter;
-
-    uint16 constant CENTRIFUGE_CHAIN_ID = 1;
-    uint16 constant WORMHOLE_CHAIN_ID = 2;
-    address immutable REMOTE_WORMHOLE_ADDR = makeAddr("remoteAddress");
-
-    IMessageHandler constant GATEWAY = IMessageHandler(address(1));
-
-    function setUp() public {
-        relayer = new MockWormholeRelayer();
-        adapter = new WormholeAdapter(GATEWAY, address(relayer), address(this));
-    }
-}
-
-contract WormholeAdapterTestWire is WormholeAdapterTestBase {
-    function testWireErrNotAuthorized() public {
-        vm.prank(makeAddr("NotAuthorized"));
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(WORMHOLE_CHAIN_ID, REMOTE_WORMHOLE_ADDR));
-    }
-
-    function testWire() public {
-        adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(WORMHOLE_CHAIN_ID, REMOTE_WORMHOLE_ADDR));
-
-        (uint16 wormholeId, address remoteDestAddress) = adapter.destinations(CENTRIFUGE_CHAIN_ID);
-        assertEq(wormholeId, WORMHOLE_CHAIN_ID);
-        assertEq(remoteDestAddress, REMOTE_WORMHOLE_ADDR);
-
-        (uint16 centrifugeId, address remoteSourceAddress) = adapter.sources(WORMHOLE_CHAIN_ID);
-        assertEq(centrifugeId, CENTRIFUGE_CHAIN_ID);
-        assertEq(remoteSourceAddress, REMOTE_WORMHOLE_ADDR);
-    }
-
-    function testIsWired() public {
-        assertFalse(adapter.isWired(CENTRIFUGE_CHAIN_ID));
-        adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(WORMHOLE_CHAIN_ID, REMOTE_WORMHOLE_ADDR));
-        assertTrue(adapter.isWired(CENTRIFUGE_CHAIN_ID));
-    }
-}
-
-contract WormholeAdapterTest is WormholeAdapterTestBase {
-    using CastLib for *;
-
-    function testDeploy() public view {
-        assertEq(address(adapter.entrypoint()), address(GATEWAY));
-        assertEq(address(adapter.relayer()), address(relayer));
-        assertEq(adapter.localWormholeId(), 2);
-
-        assertEq(adapter.wards(address(this)), 1);
-    }
-
-    function testEstimate(uint64 gasLimit) public {
-        adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(WORMHOLE_CHAIN_ID, REMOTE_WORMHOLE_ADDR));
-
-        bytes memory payload = "irrelevant";
-        assertEq(
-            adapter.estimate(CENTRIFUGE_CHAIN_ID, payload, gasLimit), uint128(gasLimit + adapter.RECEIVE_COST()) * 2
-        );
-    }
-
-    function testIncomingCalls(
-        bytes memory payload,
-        address validAddress,
-        address invalidAddress,
-        uint16 invalidChain,
-        address invalidOrigin
-    ) public {
-        vm.assume(keccak256(abi.encodePacked(invalidAddress)) != keccak256(abi.encodePacked(validAddress)));
-        vm.assume(invalidChain != WORMHOLE_CHAIN_ID);
-        vm.assume(invalidOrigin != address(relayer));
-        assumeNotZeroAddress(validAddress);
-        assumeNotZeroAddress(invalidAddress);
-
-        bytes[] memory vaas;
-
-        vm.mockCall(
-            address(GATEWAY),
-            abi.encodeWithSelector(GATEWAY.handle.selector, CENTRIFUGE_CHAIN_ID, payload),
-            abi.encode()
-        );
-
-        // Correct input, but not yet setup
-        vm.prank(address(relayer));
-        vm.expectRevert(IWormholeAdapter.InvalidSource.selector);
-        adapter.receiveWormholeMessages(
-            payload, vaas, validAddress.toBytes32LeftPadded(), WORMHOLE_CHAIN_ID, bytes32(0)
-        );
-
-        adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(WORMHOLE_CHAIN_ID, validAddress));
-
-        // Incorrect address
-        vm.prank(address(relayer));
-        vm.expectRevert(IWormholeAdapter.InvalidSource.selector);
-        adapter.receiveWormholeMessages(
-            payload, vaas, invalidAddress.toBytes32LeftPadded(), WORMHOLE_CHAIN_ID, bytes32(0)
-        );
-
-        // address(0) from invalid chain should fail
-        vm.prank(address(relayer));
-        vm.expectRevert(IWormholeAdapter.InvalidSource.selector);
-        adapter.receiveWormholeMessages(payload, vaas, address(0).toBytes32LeftPadded(), invalidChain, bytes32(0));
-
-        // Incorrect sender
-        vm.expectRevert(IWormholeAdapter.NotWormholeRelayer.selector);
-        adapter.receiveWormholeMessages(
-            payload, vaas, validAddress.toBytes32LeftPadded(), WORMHOLE_CHAIN_ID, bytes32(0)
-        );
-
-        // Correct
-        vm.prank(address(relayer));
-        adapter.receiveWormholeMessages(
-            payload, vaas, validAddress.toBytes32LeftPadded(), WORMHOLE_CHAIN_ID, bytes32(0)
-        );
-    }
-
-    function testOutgoingCalls(bytes calldata payload, address invalidOrigin, uint256 gasLimit, address refund) public {
-        gasLimit = uint256(bound(gasLimit, 0, adapter.RECEIVE_COST() - 1));
-        vm.assume(invalidOrigin != address(GATEWAY));
-
-        vm.deal(address(this), 0.1 ether);
-        vm.expectRevert(IAdapter.NotEntrypoint.selector);
-        adapter.send{value: 0.1 ether}(CENTRIFUGE_CHAIN_ID, payload, gasLimit, refund);
-
-        vm.deal(address(GATEWAY), 0.1 ether);
-        vm.prank(address(GATEWAY));
-        vm.expectRevert(IAdapter.UnknownChainId.selector);
-        adapter.send{value: 0.1 ether}(CENTRIFUGE_CHAIN_ID, payload, gasLimit, refund);
-
-        adapter.wire(CENTRIFUGE_CHAIN_ID, abi.encode(WORMHOLE_CHAIN_ID, makeAddr("DestinationAdapter")));
-
-        vm.deal(address(this), 0.1 ether);
-        vm.prank(address(GATEWAY));
-        adapter.send{value: 0.1 ether}(CENTRIFUGE_CHAIN_ID, payload, gasLimit, refund);
-
-        assertEq(relayer.values_uint256("value"), 0.1 ether);
-        assertEq(relayer.values_uint16("targetChain"), WORMHOLE_CHAIN_ID);
-        assertEq(relayer.values_address("targetAddress"), makeAddr("DestinationAdapter"));
-        assertEq(relayer.values_bytes("payload"), payload);
-        assertEq(relayer.values_uint256("receiverValue"), 0);
-        assertEq(relayer.values_uint256("gasLimit"), gasLimit + adapter.RECEIVE_COST());
-        assertEq(relayer.values_uint16("refundChain"), WORMHOLE_CHAIN_ID);
-        assertEq(relayer.values_address("refundAddress"), refund);
-    }
-}
diff --git a/test/bridge/integration/TokenBridge.t.sol b/test/bridge/integration/TokenBridge.t.sol
new file mode 100644
index 000000000..246c82d67
--- /dev/null
+++ b/test/bridge/integration/TokenBridge.t.sol
@@ -0,0 +1,211 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {d18} from "../../../src/misc/types/D18.sol";
+import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
+
+import {ISpokeRegistry} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+import {VaultUpdateKind, ManagerKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
+
+import {SyncDepositVault} from "../../../src/vaults/SyncDepositVault.sol";
+
+import {VmSafe} from "forge-std/Vm.sol";
+
+import {TokenBridge} from "../../../src/bridge/TokenBridge.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {ThreeChainEndToEndDeployment} from "../../integration/ThreeChainEndToEnd.t.sol";
+import {IShareTokenRegistrar} from "../../../src/token/interfaces/IShareTokenRegistrar.sol";
+
+abstract contract TokenBridgeBaseTest is ThreeChainEndToEndDeployment {
+    using CastLib for *;
+
+    uint256 constant DESTINATION_CHAIN_ID = 2031;
+    uint128 constant DEFAULT_AMOUNT = 100_000_000;
+
+    TokenBridge tokenBridge;
+    SyncDepositVault vault;
+    IShareToken shareToken;
+
+    address user = makeAddr("user");
+    address receiver = makeAddr("receiver");
+    address relayer = makeAddr("relayer");
+
+    receive() external payable {}
+
+    function _setUpBridge() internal {
+        // Source: same-chain (hub + spoke on A)
+        _configurePool(true);
+        _configurePrices(d18(1, 1), d18(1, 1));
+
+        // Destination: spoke on C — _configurePoolInSpoke wires pool-specific adapters A↔C
+        _setSpoke(deployC, CENTRIFUGE_ID_C, dest);
+        _configurePoolInSpoke(dest);
+
+        // Deploy sync vault on chain A
+        vm.startPrank(FM);
+        h.hub
+            .managerCall(
+                POOL_A,
+                s.centrifugeId,
+                address(s.syncManager).toBytes32(),
+                _syncManagerMaxReserveMsg(type(uint128).max),
+                0,
+                0,
+                FM
+            );
+        vm.recordLogs();
+        h.hub
+            .updateVault(
+                POOL_A, SC_1, s.usdcId, s.syncDepositVaultFactory, VaultUpdateKind.DeployAndLink, bytes(""), 0, FM
+            );
+
+        address vaultAddr;
+        {
+            VmSafe.Log[] memory logs_ = vm.getRecordedLogs();
+            for (uint256 i; i < logs_.length; i++) {
+                if (logs_[i].topics[0] == ISpokeRegistry.LinkVault.selector) {
+                    (, vaultAddr) = abi.decode(logs_[i].data, (uint256, address));
+                }
+            }
+        }
+
+        h.hub
+            .managerCall(
+                POOL_A,
+                s.centrifugeId,
+                address(s.shareTokenRegistrar).toBytes32(),
+                abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), SC_1, s.usdcId.raw(), vaultAddr),
+                0,
+                0,
+                FM
+            );
+
+        h.hub
+            .updateManager(
+                POOL_A, s.centrifugeId, ManagerKind.Bridger, address(deployA.tokenBridge()).toBytes32(), true, FM
+            );
+        vm.stopPrank();
+
+        shareToken = IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1)));
+        vault = SyncDepositVault(shareToken.vault(address(s.usdc)));
+
+        tokenBridge = deployA.tokenBridge();
+        vm.prank(address(h.root));
+        tokenBridge.rely(address(this));
+        tokenBridge.file("centrifugeId", DESTINATION_CHAIN_ID, CENTRIFUGE_ID_C);
+
+        vm.deal(user, 1 ether);
+    }
+
+    function depositSync(address _investor, uint256 amount) internal {
+        s.usdc.mint(_investor, amount);
+        vm.startPrank(_investor);
+        s.usdc.approve(address(vault), amount);
+        vault.deposit(amount, _investor);
+        vm.stopPrank();
+    }
+}
+
+contract TokenBridgeSendTest is TokenBridgeBaseTest {
+    using CastLib for *;
+
+    /// forge-config: default.isolate = true
+    function testSendSuccess() public {
+        _setUpBridge();
+
+        uint128 extraGasLimit = 50_000;
+        uint128 remoteExtraGasLimit = 100_000;
+
+        bytes memory payload = abi.encode(SC_1.raw(), extraGasLimit, remoteExtraGasLimit);
+        vm.prank(address(deployA.envoy()));
+        tokenBridge.fromHub(POOL_A, payload);
+
+        depositSync(user, DEFAULT_AMOUNT);
+
+        uint256 shareBalance = shareToken.balanceOf(user);
+        assertGt(shareBalance, 0);
+
+        vm.prank(user);
+        shareToken.approve(address(tokenBridge), shareBalance);
+
+        vm.expectCall(
+            address(deployA.messageDispatcher()),
+            0.1 ether,
+            abi.encodeWithSignature(
+                "sendInitiateTransferShares(uint16,uint64,bytes16,bytes32,bytes32,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_C,
+                POOL_A,
+                SC_1,
+                user.toBytes32(),
+                receiver.toBytes32(),
+                uint128(shareBalance),
+                extraGasLimit,
+                remoteExtraGasLimit,
+                address(user)
+            )
+        );
+
+        vm.prank(user);
+        tokenBridge.send{value: 0.1 ether}(
+            address(shareToken), shareBalance, receiver.toBytes32(), DESTINATION_CHAIN_ID, user
+        );
+
+        assertEq(shareToken.balanceOf(address(tokenBridge)), 0);
+        assertGt(user.balance, 0.99 ether); // Got refunded
+    }
+
+    /// forge-config: default.isolate = true
+    function testSendWithRelayerSourceHubRefundsUser() public {
+        // This fixture deploys the pool's hub and the bridge on the same chain (A), so every `send` is a
+        // hub->spoke single-leg transfer. Even with a relayer configured, there is no second leg to fund, so
+        // the overpayment is refunded directly to the user rather than the relayer. The relayer-funded
+        // spoke->hub->spoke routing is covered at the unit level (see TokenBridge.t.sol:testSendWithRelayer).
+        _setUpBridge();
+
+        tokenBridge.file("relayer", relayer);
+
+        bytes memory payload = abi.encode(SC_1.raw(), uint128(0), uint128(0));
+        vm.prank(address(deployA.envoy()));
+        tokenBridge.fromHub(POOL_A, payload);
+
+        depositSync(user, DEFAULT_AMOUNT);
+
+        uint256 shareBalance = shareToken.balanceOf(user);
+        assertGt(shareBalance, 0);
+
+        vm.prank(user);
+        shareToken.approve(address(tokenBridge), shareBalance);
+
+        vm.expectCall(
+            address(deployA.messageDispatcher()),
+            0.1 ether,
+            abi.encodeWithSignature(
+                "sendInitiateTransferShares(uint16,uint64,bytes16,bytes32,bytes32,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_C,
+                POOL_A,
+                SC_1,
+                user.toBytes32(),
+                receiver.toBytes32(),
+                uint128(shareBalance / 2),
+                0,
+                0,
+                address(user)
+            ),
+            2
+        );
+
+        vm.prank(user);
+        tokenBridge.send{value: 0.1 ether}(
+            address(shareToken), shareBalance / 2, receiver.toBytes32(), DESTINATION_CHAIN_ID, user
+        );
+
+        vm.prank(user);
+        tokenBridge.send{value: 0.1 ether}(
+            address(shareToken), shareBalance / 2, receiver.toBytes32(), DESTINATION_CHAIN_ID, user
+        );
+
+        assertEq(shareToken.balanceOf(address(tokenBridge)), 0);
+        assertEq(relayer.balance, 0); // Relayer bypassed for a hub-sourced transfer
+        assertGt(user.balance, 0.99 ether); // User got refunded
+    }
+}
diff --git a/test/bridge/unit/TokenBridge.t.sol b/test/bridge/unit/TokenBridge.t.sol
new file mode 100644
index 000000000..806a56e1b
--- /dev/null
+++ b/test/bridge/unit/TokenBridge.t.sol
@@ -0,0 +1,426 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../../src/misc/Auth.sol";
+import {IERC20} from "../../../src/misc/interfaces/IERC20.sol";
+import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {ISpoke} from "../../../src/core/spoke/interfaces/ISpoke.sol";
+import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
+import {ISpokeRegistry} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+
+import "forge-std/Test.sol";
+
+import {TokenBridge} from "../../../src/bridge/TokenBridge.sol";
+import {ITokenBridge} from "../../../src/bridge/interfaces/ITokenBridge.sol";
+
+contract IsContract {}
+
+contract TokenBridgeTest is Test {
+    uint128 constant DEFAULT_AMOUNT = 100_000_000;
+    PoolId constant POOL_A = PoolId.wrap(12);
+    PoolId constant POOL_B = PoolId.wrap(34);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("1"));
+    ShareClassId constant SC_2 = ShareClassId.wrap(bytes16("2"));
+    uint256 constant EVM_CHAIN_ID_1 = 1;
+    uint256 constant EVM_CHAIN_ID_2 = 2031;
+    uint16 constant CENTRIFUGE_ID_1 = 2;
+    uint16 constant CENTRIFUGE_ID_2 = 3;
+    uint16 constant LOCAL_CENTRIFUGE_ID = 7;
+
+    address spoke = address(new IsContract());
+    address spokeRegistry = address(new IsContract());
+    address gateway = address(new IsContract());
+    address shareToken1 = makeAddr("shareToken1");
+    address shareToken2 = makeAddr("shareToken2");
+    address envoy = makeAddr("envoy");
+    address user = makeAddr("user");
+    address receiver = makeAddr("receiver");
+    address relayer = makeAddr("relayer");
+    address unauthorized = makeAddr("unauthorized");
+
+    TokenBridge bridge = new TokenBridge(ISpoke(spoke), IGateway(gateway), LOCAL_CENTRIFUGE_ID, envoy, address(this));
+
+    function setUp() public virtual {
+        _setupMocks();
+
+        vm.deal(user, 1 ether);
+    }
+
+    function _setupMocks() internal {
+        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.spokeRegistry.selector), abi.encode(spokeRegistry));
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.tokenDetails.selector, shareToken1),
+            abi.encode(POOL_A, SC_1)
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.tokenDetails.selector, shareToken2),
+            abi.encode(POOL_B, SC_2)
+        );
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, POOL_A, SC_1),
+            abi.encode(shareToken1)
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, POOL_B, SC_2),
+            abi.encode(shareToken2)
+        );
+
+        vm.mockCall(
+            spoke,
+            abi.encodeWithSignature(
+                "crosschainTransferShares(uint16,uint64,bytes16,bytes32,address,address,uint128,uint128,uint128,address)"
+            ),
+            abi.encode()
+        );
+
+        vm.mockCall(shareToken1, abi.encodeWithSelector(IERC20.transferFrom.selector), abi.encode(true));
+        vm.mockCall(shareToken1, abi.encodeWithSelector(IERC20.approve.selector), abi.encode(true));
+        vm.mockCall(shareToken1, abi.encodeWithSelector(IERC20.allowance.selector), abi.encode(0));
+
+        vm.mockCall(shareToken2, abi.encodeWithSelector(IERC20.transferFrom.selector), abi.encode(true));
+        vm.mockCall(shareToken2, abi.encodeWithSelector(IERC20.approve.selector), abi.encode(true));
+        vm.mockCall(shareToken2, abi.encodeWithSelector(IERC20.allowance.selector), abi.encode(0));
+
+        vm.mockCall(gateway, abi.encodeWithSelector(IGateway.isBatching.selector), abi.encode(false));
+    }
+}
+
+contract TokenBridgeConstructorTest is TokenBridgeTest {
+    function testConstructor() public view {
+        assertEq(address(bridge.spoke()), address(spoke));
+        assertEq(bridge.localCentrifugeId(), LOCAL_CENTRIFUGE_ID);
+        assertEq(bridge.envoy(), envoy);
+        assertEq(bridge.relayer(), address(0));
+    }
+}
+
+contract TokenBridgeFileTest is TokenBridgeTest {
+    function testFileRelayerSuccess() public {
+        vm.expectEmit(true, true, true, true);
+        emit ITokenBridge.File("relayer", relayer);
+        bridge.file("relayer", relayer);
+
+        assertEq(bridge.relayer(), relayer);
+    }
+
+    function testFileSpokeSuccess() public {
+        address newSpoke = makeAddr("newSpoke");
+        vm.expectEmit(true, true, true, true);
+        emit ITokenBridge.File("spoke", newSpoke);
+        bridge.file("spoke", newSpoke);
+
+        assertEq(address(bridge.spoke()), newSpoke);
+    }
+
+    function testFileGatewaySuccess() public {
+        address newGateway = makeAddr("newGateway");
+        vm.expectEmit(true, true, true, true);
+        emit ITokenBridge.File("gateway", newGateway);
+        bridge.file("gateway", newGateway);
+
+        assertEq(address(bridge.gateway()), newGateway);
+    }
+
+    function testFileRelayerUnrecognizedParam() public {
+        vm.expectRevert(ITokenBridge.FileUnrecognizedParam.selector);
+        bridge.file("invalid", relayer);
+    }
+
+    function testFileRelayerUnauthorized() public {
+        vm.prank(unauthorized);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        bridge.file("relayer", relayer);
+    }
+
+    function testFileChainIdSuccess() public {
+        vm.expectEmit(true, true, true, true);
+        emit ITokenBridge.File("centrifugeId", EVM_CHAIN_ID_1, CENTRIFUGE_ID_1);
+        bridge.file("centrifugeId", EVM_CHAIN_ID_1, CENTRIFUGE_ID_1);
+
+        assertEq(bridge.chainIdToCentrifugeId(EVM_CHAIN_ID_1), CENTRIFUGE_ID_1);
+    }
+
+    function testFileChainIdMultiple() public {
+        bridge.file("centrifugeId", EVM_CHAIN_ID_1, CENTRIFUGE_ID_1);
+        bridge.file("centrifugeId", EVM_CHAIN_ID_2, CENTRIFUGE_ID_2);
+
+        assertEq(bridge.chainIdToCentrifugeId(EVM_CHAIN_ID_1), CENTRIFUGE_ID_1);
+        assertEq(bridge.chainIdToCentrifugeId(EVM_CHAIN_ID_2), CENTRIFUGE_ID_2);
+    }
+
+    function testFileChainIdUnrecognizedParam() public {
+        vm.expectRevert(ITokenBridge.FileUnrecognizedParam.selector);
+        bridge.file("invalid", EVM_CHAIN_ID_1, CENTRIFUGE_ID_1);
+    }
+
+    function testFileChainIdUnauthorized() public {
+        vm.prank(unauthorized);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        bridge.file("centrifugeId", EVM_CHAIN_ID_1, CENTRIFUGE_ID_1);
+    }
+}
+
+contract TokenBridgeFromHubTest is TokenBridgeTest {
+    function testSetGasLimitsSuccess() public {
+        uint128 extraGasLimit = 100_000;
+        uint128 remoteExtraGasLimit = 200_000;
+
+        bytes memory payload = abi.encode(SC_1.raw(), extraGasLimit, remoteExtraGasLimit);
+
+        vm.expectEmit(true, true, true, true);
+        emit ITokenBridge.UpdateGasLimits(POOL_A, SC_1, extraGasLimit, remoteExtraGasLimit);
+        vm.prank(envoy);
+        bridge.fromHub(POOL_A, payload);
+
+        (uint128 storedExtra, uint128 storedRemote) = bridge.gasLimits(POOL_A, SC_1);
+        assertEq(storedExtra, extraGasLimit);
+        assertEq(storedRemote, remoteExtraGasLimit);
+    }
+
+    function testSetGasLimitsMultipleShareClasses() public {
+        bytes memory payload1 = abi.encode(SC_1.raw(), uint128(100_000), uint128(200_000));
+        bytes memory payload2 = abi.encode(SC_2.raw(), uint128(150_000), uint128(250_000));
+
+        vm.startPrank(envoy);
+        bridge.fromHub(POOL_A, payload1);
+        bridge.fromHub(POOL_B, payload2);
+        vm.stopPrank();
+
+        (uint128 extra1, uint128 remote1) = bridge.gasLimits(POOL_A, SC_1);
+        (uint128 extra2, uint128 remote2) = bridge.gasLimits(POOL_B, SC_2);
+
+        assertEq(extra1, 100_000);
+        assertEq(remote1, 200_000);
+        assertEq(extra2, 150_000);
+        assertEq(remote2, 250_000);
+    }
+
+    function testSetGasLimitsShareTokenDoesNotExist() public {
+        PoolId invalidPool = PoolId.wrap(999);
+        ShareClassId invalidSc = ShareClassId.wrap(bytes16("invalid"));
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, invalidPool, invalidSc),
+            abi.encode(address(0))
+        );
+
+        bytes memory payload = abi.encode(invalidSc.raw(), uint128(100), uint128(200));
+
+        vm.prank(envoy);
+        vm.expectRevert(ITokenBridge.ShareTokenDoesNotExist.selector);
+        bridge.fromHub(invalidPool, payload);
+    }
+
+    function testSetGasLimitsNotEnvoy() public {
+        bytes memory payload = abi.encode(SC_1.raw(), uint128(100), uint128(200));
+
+        vm.prank(unauthorized);
+        vm.expectRevert(ITokenBridge.NotEnvoy.selector);
+        bridge.fromHub(POOL_A, payload);
+    }
+
+    function testSetGasLimitsRejectsValue() public {
+        bytes memory payload = abi.encode(SC_1.raw(), uint128(100), uint128(200));
+
+        vm.deal(envoy, 1 ether);
+        vm.prank(envoy);
+        vm.expectRevert(ITokenBridge.UnexpectedValue.selector);
+        bridge.fromHub{value: 1}(POOL_A, payload);
+    }
+}
+
+contract TokenBridgeSendTest is TokenBridgeTest {
+    using CastLib for *;
+
+    function setUp() public override {
+        super.setUp();
+        bridge.file("centrifugeId", EVM_CHAIN_ID_1, CENTRIFUGE_ID_1);
+    }
+
+    function testSendSuccess() public {
+        vm.expectCall(
+            spoke,
+            abi.encodeWithSignature(
+                "crosschainTransferShares(uint16,uint64,bytes16,bytes32,address,address,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_1,
+                POOL_A,
+                SC_1,
+                receiver.toBytes32(),
+                address(this),
+                address(bridge),
+                DEFAULT_AMOUNT,
+                0,
+                0,
+                user
+            )
+        );
+
+        vm.expectEmit(true, true, true, true);
+        emit ITokenBridge.Send(shareToken1, address(this), EVM_CHAIN_ID_1, receiver.toBytes32(), DEFAULT_AMOUNT, user);
+
+        bridge.send{value: 0.1 ether}(shareToken1, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+
+    function testSendWithRelayer() public {
+        bridge.file("relayer", relayer);
+
+        vm.expectCall(
+            spoke,
+            abi.encodeWithSignature(
+                "crosschainTransferShares(uint16,uint64,bytes16,bytes32,address,address,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_1,
+                POOL_A,
+                SC_1,
+                receiver.toBytes32(),
+                address(this),
+                address(bridge),
+                uint128(DEFAULT_AMOUNT),
+                uint128(0),
+                uint128(0),
+                relayer
+            )
+        );
+
+        bridge.send(shareToken1, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+
+    function testSendWithGasLimits() public {
+        uint128 extraGasLimit = 50_000;
+        uint128 remoteExtraGasLimit = 100_000;
+
+        bytes memory payload = abi.encode(SC_1.raw(), extraGasLimit, remoteExtraGasLimit);
+        vm.prank(envoy);
+        bridge.fromHub(POOL_A, payload);
+
+        vm.expectCall(
+            spoke,
+            abi.encodeWithSignature(
+                "crosschainTransferShares(uint16,uint64,bytes16,bytes32,address,address,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_1,
+                POOL_A,
+                SC_1,
+                receiver.toBytes32(),
+                address(this),
+                address(bridge),
+                uint128(DEFAULT_AMOUNT),
+                extraGasLimit,
+                remoteExtraGasLimit,
+                user
+            )
+        );
+
+        bridge.send{value: 0.1 ether}(shareToken1, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+
+    function testSendSameChainRefundsUserDespiteRelayer() public {
+        // A pool whose centrifugeId equals the destination: no relayer is needed for a spoke->hub leg,
+        // so the overpayment is refunded directly to the user even though a relayer is configured.
+        PoolId poolSameChain = PoolId.wrap((uint64(CENTRIFUGE_ID_1) << 48) | uint64(7));
+        address shareToken3 = makeAddr("shareToken3");
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.tokenDetails.selector, shareToken3),
+            abi.encode(poolSameChain, SC_1)
+        );
+        vm.mockCall(shareToken3, abi.encodeWithSelector(IERC20.transferFrom.selector), abi.encode(true));
+        vm.mockCall(shareToken3, abi.encodeWithSelector(IERC20.approve.selector), abi.encode(true));
+        vm.mockCall(shareToken3, abi.encodeWithSelector(IERC20.allowance.selector), abi.encode(0));
+
+        bridge.file("relayer", relayer);
+
+        vm.expectCall(
+            spoke,
+            abi.encodeWithSignature(
+                "crosschainTransferShares(uint16,uint64,bytes16,bytes32,address,address,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_1,
+                poolSameChain,
+                SC_1,
+                receiver.toBytes32(),
+                address(this),
+                address(bridge),
+                uint128(DEFAULT_AMOUNT),
+                uint128(0),
+                uint128(0),
+                user
+            )
+        );
+
+        bridge.send(shareToken3, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+
+    function testSendSourceHubRefundsUserDespiteRelayer() public {
+        // A pool whose centrifugeId equals this chain's (the source is the hub): a hub->spoke transfer is a
+        // single leg, so the overpayment is refunded directly to the user even though a relayer is configured
+        // and the destination is a remote spoke.
+        PoolId poolSourceHub = PoolId.wrap((uint64(LOCAL_CENTRIFUGE_ID) << 48) | uint64(7));
+        address shareToken3 = makeAddr("shareToken3");
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.tokenDetails.selector, shareToken3),
+            abi.encode(poolSourceHub, SC_1)
+        );
+        vm.mockCall(shareToken3, abi.encodeWithSelector(IERC20.transferFrom.selector), abi.encode(true));
+        vm.mockCall(shareToken3, abi.encodeWithSelector(IERC20.approve.selector), abi.encode(true));
+        vm.mockCall(shareToken3, abi.encodeWithSelector(IERC20.allowance.selector), abi.encode(0));
+
+        bridge.file("relayer", relayer);
+
+        vm.expectCall(
+            spoke,
+            abi.encodeWithSignature(
+                "crosschainTransferShares(uint16,uint64,bytes16,bytes32,address,address,uint128,uint128,uint128,address)",
+                CENTRIFUGE_ID_1,
+                poolSourceHub,
+                SC_1,
+                receiver.toBytes32(),
+                address(this),
+                address(bridge),
+                uint128(DEFAULT_AMOUNT),
+                uint128(0),
+                uint128(0),
+                user
+            )
+        );
+
+        bridge.send(shareToken3, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+
+    function testSendWhileBatching() public {
+        vm.mockCall(gateway, abi.encodeWithSelector(IGateway.isBatching.selector), abi.encode(true));
+
+        vm.expectRevert(ITokenBridge.NotBatchable.selector);
+        bridge.send{value: 0.1 ether}(shareToken1, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+
+    function testSendInvalidChainId() public {
+        uint256 invalidChainId = 999;
+
+        vm.expectRevert(ITokenBridge.InvalidChainId.selector);
+        bridge.send(shareToken1, DEFAULT_AMOUNT, receiver.toBytes32(), invalidChainId, user);
+    }
+
+    function testSendInvalidToken() public {
+        address invalidToken = makeAddr("invalidToken");
+
+        // The token backs no share class, so tokenDetails resolves to a null pool id and send fails closed
+        // before pulling any tokens.
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.tokenDetails.selector, invalidToken),
+            abi.encode(PoolId.wrap(0), ShareClassId.wrap(bytes16(0)))
+        );
+
+        vm.expectRevert(ITokenBridge.ShareTokenDoesNotExist.selector);
+        bridge.send(invalidToken, DEFAULT_AMOUNT, receiver.toBytes32(), EVM_CHAIN_ID_1, user);
+    }
+}
diff --git a/test/core/hub/unit/Accounting.t.sol b/test/core/hub/unit/Accounting.t.sol
index 792316b6a..25c440050 100644
--- a/test/core/hub/unit/Accounting.t.sol
+++ b/test/core/hub/unit/Accounting.t.sol
@@ -142,6 +142,16 @@ contract AccountingTest is Test {
         accounting.addCredit(EQUITY_ACCOUNT, 1);
     }
 
+    function testLockWithoutActiveSession() public {
+        vm.expectRevert(IAccounting.AccountingLocked.selector);
+        accounting.lock();
+    }
+
+    function testUnlockNullPoolId() public {
+        vm.expectRevert(IAccounting.InvalidPoolId.selector);
+        accounting.unlock(PoolId.wrap(0));
+    }
+
     function testNotWard() public {
         address unauthorized = makeAddr("unauthorized");
         vm.prank(unauthorized);
diff --git a/test/core/hub/unit/Holdings.t.sol b/test/core/hub/unit/Holdings.t.sol
index d881347ce..f5b01ea8a 100644
--- a/test/core/hub/unit/Holdings.t.sol
+++ b/test/core/hub/unit/Holdings.t.sol
@@ -1,17 +1,17 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity ^0.8.28;
 
-import {d18} from "../../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
 
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
-import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {Holdings} from "../../../../src/core/hub/Holdings.sol";
 import {AccountId} from "../../../../src/core/types/AccountId.sol";
+import {AccountKind} from "../../../../src/core/hub/interfaces/IHub.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
+import {IHoldings} from "../../../../src/core/hub/interfaces/IHoldings.sol";
 import {IValuation} from "../../../../src/core/hub/interfaces/IValuation.sol";
 import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
-import {IHoldings, HoldingAccount} from "../../../../src/core/hub/interfaces/IHoldings.sol";
 
 import "forge-std/Test.sol";
 
@@ -44,206 +44,341 @@ contract TestCommon is Test {
     function mockGetQuote(IValuation valuation, uint128 baseAmount, uint128 quoteAmount) public {
         vm.mockCall(
             address(valuation),
-            abi.encodeWithSelector(IValuation.getQuote.selector, POOL_A, SC_1, ASSET_A, uint256(baseAmount)),
-            abi.encode(uint256(quoteAmount))
+            abi.encodeWithSelector(IValuation.getQuote.selector, POOL_A, SC_1, ASSET_A, baseAmount),
+            abi.encode(quoteAmount)
         );
     }
+
+    /// @dev A complete, valid 4-slot account set accepted by Holdings.initialize.
+    function _validAccounts() internal pure returns (AccountId[4] memory accounts) {
+        accounts[0] = AccountId.wrap(0xAA00);
+        accounts[1] = AccountId.wrap(0xBB00);
+        accounts[2] = AccountId.wrap(0xCC00);
+        accounts[3] = AccountId.wrap(0xDD00);
+    }
 }
 
 contract TestInitialize is TestCommon {
     function testSuccess() public {
-        HoldingAccount[] memory accounts = new HoldingAccount[](2);
-        accounts[0] = HoldingAccount(AccountId.wrap(0xAA00), 1);
-        accounts[1] = HoldingAccount(AccountId.wrap(0xBB00), 2);
+        AccountId[4] memory accounts = _validAccounts();
 
         vm.expectEmit();
-        emit IHoldings.Initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, accounts);
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, accounts);
+        emit IHoldings.Initialize(POOL_A, SC_1, ASSET_A, itemValuation, accounts);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, accounts);
 
-        (uint128 amount, uint128 amountValue, IValuation valuation, bool isLiability) =
-            holdings.holding(POOL_A, SC_1, ASSET_A);
+        (uint128 amount, uint128 amountValue, IValuation valuation) = holdings.holding(POOL_A, SC_1, ASSET_A);
 
         assertEq(address(valuation), address(itemValuation));
         assertEq(amount, 0);
         assertEq(amountValue, 0);
-        assertEq(isLiability, false);
 
-        assertEq(AccountId.unwrap(holdings.accountId(POOL_A, SC_1, ASSET_A, 1)), 0xAA00);
-        assertEq(AccountId.unwrap(holdings.accountId(POOL_A, SC_1, ASSET_A, 2)), 0xBB00);
+        assertEq(AccountId.unwrap(holdings.accountId(POOL_A, SC_1, ASSET_A, uint8(AccountKind.AmountDebit))), 0xAA00);
+        assertEq(AccountId.unwrap(holdings.accountId(POOL_A, SC_1, ASSET_A, uint8(AccountKind.AmountCredit))), 0xBB00);
+        assertEq(AccountId.unwrap(holdings.accountId(POOL_A, SC_1, ASSET_A, uint8(AccountKind.ValueIncrease))), 0xCC00);
+        assertEq(AccountId.unwrap(holdings.accountId(POOL_A, SC_1, ASSET_A, uint8(AccountKind.ValueDecrease))), 0xDD00);
     }
 
     function testErrNotAuthorized() public {
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
     }
 
     function testErrWrongValuation() public {
         vm.expectRevert(IHoldings.WrongValuation.selector);
-        holdings.initialize(POOL_A, SC_1, ASSET_A, IValuation(address(0)), false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, IValuation(address(0)), _validAccounts());
     }
 
     function testErrWrongShareClass() public {
         vm.expectRevert(IHoldings.WrongShareClassId.selector);
-        holdings.initialize(POOL_A, NON_SC, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, NON_SC, ASSET_A, itemValuation, _validAccounts());
     }
 
     function testErrAlreadyInitialized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.expectRevert(IHoldings.AlreadyInitialized.selector);
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
     }
 }
 
 contract TestIncrease is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
+        mockGetQuote(itemValuation, 8_000_000, 50_00);
         vm.expectEmit();
-        emit IHoldings.Increase(POOL_A, SC_1, ASSET_A, d18(50, 8), 8_000_000, 50_00);
-        uint128 value = holdings.increase(POOL_A, SC_1, ASSET_A, d18(50, 8), 8_000_000);
+        emit IHoldings.Increase(POOL_A, SC_1, ASSET_A, 8_000_000, 50_00);
+        uint128 value = holdings.increase(POOL_A, SC_1, ASSET_A, 0, 8_000_000);
         assertEq(value, 50_00);
 
-        (uint128 amount, uint128 amountValue, IValuation valuation,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (uint128 amount, uint128 amountValue, IValuation valuation) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amount, 28_000_000);
         assertEq(amountValue, 250_00);
         assertEq(address(valuation), address(itemValuation)); // Does not change
     }
 
+    function testIncreaseUninitialized() public {
+        // Uninitialized holdings track the amount only; the value is established at initialization
+        vm.expectEmit();
+        emit IHoldings.Increase(POOL_A, SC_1, ASSET_A, 20_000_000, 0);
+        uint128 value = holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
+        assertEq(value, 0);
+
+        (uint128 amount, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(amount, 20_000_000);
+        assertEq(amountValue, 0);
+    }
+
     function testErrNotAuthorized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(1, 1), 0);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 0);
     }
 }
 
 contract TestDecrease is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
+        // The realized decrease is valued at a fresh oracle quote (same price here): 8_000_000 -> 80_00
+        mockGetQuote(itemValuation, 8_000_000, 80_00);
         vm.expectEmit();
-        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, d18(50, 8), 8_000_000, 50_00);
-        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, d18(50, 8), 8_000_000);
+        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, 8_000_000, 80_00);
+        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 8_000_000);
 
-        assertEq(value, 50_00);
+        assertEq(value, 80_00);
 
-        (uint128 amount, uint128 amountValue, IValuation valuation,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (uint128 amount, uint128 amountValue, IValuation valuation) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amount, 12_000_000);
-        assertEq(amountValue, 150_00);
+        assertEq(amountValue, 120_00);
         assertEq(address(valuation), address(itemValuation)); // Does not change
     }
 
     function testErrNotAuthorized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        holdings.decrease(POOL_A, SC_1, ASSET_A, d18(1, 1), 0);
+        holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 0);
     }
 
     function testDecreaseAmountMoreThanHolding() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(10, 1), 10_000_000);
+        mockGetQuote(itemValuation, 10_000_000, 100_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 10_000_000);
 
-        (uint128 amount, uint128 amountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (uint128 amount, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amount, 10_000_000);
         assertEq(amountValue, 100_00);
 
-        // Decrease by more than what we have - should clamp amount to 0 instead of underflowing
-        // Should emit the original unclamped amount and value
+        // Decrease by more than what we have - the removed amount is clamped to the held amount,
+        // so exactly the full carrying value is removed instead of underflowing.
+        // The event emits the requested (unclamped) amount and the removed (clamped) value.
         vm.expectEmit();
-        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, d18(4, 1), 20_000_000, 80_00);
-        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, d18(4, 1), 20_000_000);
+        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, 20_000_000, 100_00);
+        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
-        assertEq(value, 80_00);
+        assertEq(value, 100_00);
 
-        (uint128 finalAmount, uint128 finalAmountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (uint128 finalAmount, uint128 finalAmountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(finalAmount, 0);
-        assertEq(finalAmountValue, 20_00);
+        assertEq(finalAmountValue, 0);
+    }
+
+    function testDecreaseEmptyHolding() public {
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+
+        // Decreasing an empty holding removes nothing and returns 0
+        vm.expectEmit();
+        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, 5_000_000, 0);
+        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 5_000_000);
+
+        assertEq(value, 0);
+
+        (uint128 amount, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(amount, 0);
+        assertEq(amountValue, 0);
     }
 
-    function testDecreaseValueMoreThanHolding() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+    function testDecreaseAfterMarkdownNeverOverJournals() public {
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+
+        mockGetQuote(itemValuation, 10_000_000, 100_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 10_000_000);
 
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(10, 1), 10_000_000);
+        // Mark the holding down to half its value
+        mockGetQuote(itemValuation, 10_000_000, 50_00);
+        holdings.update(POOL_A, SC_1, ASSET_A);
 
-        (uint128 amount, uint128 amountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (uint128 amount, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amount, 10_000_000);
-        assertEq(amountValue, 100_00);
+        assertEq(amountValue, 50_00);
 
-        // Decrease with a higher price, creating more value than we have - should clamp value to 0
-        // Should emit the original unclamped amount and value
-        // And return the unclamped value
+        // A full decrease removes exactly the marked-down carrying value,
+        // never more than the holding carries
         vm.expectEmit();
-        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, d18(20, 1), 6_000_000, 120_00);
-        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, d18(20, 1), 6_000_000);
+        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, 10_000_000, 50_00);
+        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 10_000_000);
+
+        assertEq(value, 50_00);
+
+        (uint128 finalAmount, uint128 finalAmountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(finalAmount, 0);
+        assertEq(finalAmountValue, 0);
+    }
 
-        assertEq(value, 120_00);
+    /// @dev decrease() removes carrying value pro-rata to the realized amount (not at a live quote), so a
+    ///      partial decrease removes exactly its share of the stored value regardless of price moves since.
+    function testDecreaseRemovesValueProRata() public {
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
-        (uint128 finalAmount, uint128 finalAmountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
-        assertEq(finalAmount, 4_000_000);
+        mockGetQuote(itemValuation, 10_000_000, 100_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 10_000_000);
+
+        // Price has moved since the increase, but pro-rata reads stored value only: removing 40% of the
+        // amount removes 40% of the carrying value (40_00), never the live quote.
+        mockGetQuote(itemValuation, 4_000_000, 999_99);
+        vm.expectEmit();
+        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, 4_000_000, 40_00);
+        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 4_000_000);
+        assertEq(value, 40_00);
+
+        (uint128 amount, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(amount, 6_000_000);
+        assertEq(amountValue, 60_00);
+    }
+
+    /// @dev A full drain always zeroes the value, even when the price dropped since the last update() (a
+    ///      live quote would leave residual value at zero amount). Guards the `amount == 0 => value == 0`
+    ///      invariant a live-quote decrease broke.
+    function testDecreaseFullDrainZeroesValueDespitePriceDrop() public {
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+
+        mockGetQuote(itemValuation, 100, 100);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 100);
+
+        // Price halves, no update() called. Pro-rata removes the full stored value (100) on a full drain;
+        // a live getQuote(100) = 50 would have left 50 behind at amount 0.
+        mockGetQuote(itemValuation, 100, 50);
+        vm.expectEmit();
+        emit IHoldings.Decrease(POOL_A, SC_1, ASSET_A, 100, 100);
+        uint128 value = holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 100);
+        assertEq(value, 100);
+
+        (uint128 finalAmount, uint128 finalAmountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(finalAmount, 0);
         assertEq(finalAmountValue, 0);
     }
+
+    function testOverDecreaseNetsAgainstLaterIncrease() public {
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+
+        mockGetQuote(itemValuation, 100, 100);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 100);
+
+        // Second decrease over-shoots the remaining 60 by 60. A running-balance clamp would forget that
+        // excess; the cumulative counters carry it so a later increase nets against it.
+        mockGetQuote(itemValuation, 40, 40); // first decrease's realized removal (100 -> 60)
+        holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 40); // 100 -> 60
+        mockGetQuote(itemValuation, 60, 60); // second decrease only realizes the remaining 60
+        holdings.decrease(POOL_A, SC_1, ASSET_A, 0, 120); // requests 120, only 60 realized, 60 carried
+
+        (uint128 amountAfterDecrease, uint128 valueAfterDecrease,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(amountAfterDecrease, 0);
+        assertEq(valueAfterDecrease, 0);
+
+        // Increase by 100: 60 pays down the carried over-decrease, so only 40 is realized and valued.
+        mockGetQuote(itemValuation, 40, 40);
+        vm.expectEmit();
+        emit IHoldings.Increase(POOL_A, SC_1, ASSET_A, 100, 40);
+        uint128 value = holdings.increase(POOL_A, SC_1, ASSET_A, 0, 100);
+
+        assertEq(value, 40);
+
+        (uint128 finalAmount, uint128 finalAmountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(finalAmount, 40); // 100 - 40 - 120 + 100 = 40, not the 100 a clamp would leave
+        assertEq(finalAmountValue, 40);
+    }
 }
 
 contract TestUpdate is TestCommon {
     function testUpdateMore() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
+        mockGetQuote(itemValuation, 20_000_000, 250_00);
         vm.expectEmit();
         emit IHoldings.Update(POOL_A, SC_1, ASSET_A, true, 50_00);
-        mockGetQuote(itemValuation, 20_000_000, 250_00);
         (bool isPositive, uint128 diff) = holdings.update(POOL_A, SC_1, ASSET_A);
 
         assertEq(diff, 50_00);
         assert(isPositive);
 
-        (, uint128 amountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amountValue, 250_00);
     }
 
     function testUpdateLess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
+        mockGetQuote(itemValuation, 20_000_000, 150_00);
         vm.expectEmit();
         emit IHoldings.Update(POOL_A, SC_1, ASSET_A, false, 50_00);
-        mockGetQuote(itemValuation, 20_000_000, 150_00);
-
         (bool isPositive, uint128 diff) = holdings.update(POOL_A, SC_1, ASSET_A);
 
         assertEq(diff, 50_00);
         assert(!isPositive);
 
-        (, uint128 amountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amountValue, 150_00);
     }
 
     function testUpdateEquals() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
         vm.expectEmit();
         emit IHoldings.Update(POOL_A, SC_1, ASSET_A, true, 0);
-        mockGetQuote(itemValuation, 20_000_000, 200_00);
         (bool isPositive, uint128 diff) = holdings.update(POOL_A, SC_1, ASSET_A);
 
         assertEq(diff, 0);
         assert(isPositive);
 
-        (, uint128 amountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        (, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
+        assertEq(amountValue, 200_00);
+    }
+
+    function testUpdateValuesPreInitializationAmount() public {
+        // Increases before initialization carry no value; update() establishes it at the valuation
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        vm.expectEmit();
+        emit IHoldings.Update(POOL_A, SC_1, ASSET_A, true, 200_00);
+        (bool isPositive, uint128 diff) = holdings.update(POOL_A, SC_1, ASSET_A);
+
+        assertEq(diff, 200_00);
+        assert(isPositive);
+
+        (, uint128 amountValue,) = holdings.holding(POOL_A, SC_1, ASSET_A);
         assertEq(amountValue, 200_00);
     }
 
     function testErrNotAuthorized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
@@ -260,7 +395,7 @@ contract TestUpdateValuation is TestCommon {
     IValuation immutable newValuation = IValuation(address(42));
 
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.expectEmit();
         emit IHoldings.UpdateValuation(POOL_A, SC_1, ASSET_A, newValuation);
@@ -270,7 +405,7 @@ contract TestUpdateValuation is TestCommon {
     }
 
     function testErrNotAuthorized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
@@ -283,73 +418,9 @@ contract TestUpdateValuation is TestCommon {
     }
 }
 
-contract TestUpdateIsLiability is TestCommon {
-    function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-
-        vm.expectEmit();
-        emit IHoldings.UpdateIsLiability(POOL_A, SC_1, ASSET_A, true);
-        holdings.updateIsLiability(POOL_A, SC_1, ASSET_A, true);
-
-        assertEq(holdings.isLiability(POOL_A, SC_1, ASSET_A), true);
-    }
-
-    function testErrNotAuthorized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-
-        vm.prank(makeAddr("unauthorizedAddress"));
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        holdings.updateIsLiability(POOL_A, SC_1, ASSET_A, false);
-    }
-
-    function testErrHoldingNotFound() public {
-        vm.expectRevert(IHoldings.HoldingNotFound.selector);
-        holdings.updateIsLiability(POOL_A, SC_1, ASSET_A, false);
-    }
-
-    function testErrHoldingNotZero() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
-
-        vm.expectRevert(IHoldings.HoldingNotZero.selector);
-        holdings.updateIsLiability(POOL_A, SC_1, ASSET_A, true);
-    }
-
-    function testRemainingValueAfterDecreaseBlocksUpdate() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(10, 1), 10_000_000);
-
-        (uint128 amount, uint128 amountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
-        assertEq(amount, 10_000_000);
-        assertEq(amountValue, 100_00);
-
-        // Decrease to 0 with a lower price, which will leave remaining value
-        holdings.decrease(POOL_A, SC_1, ASSET_A, d18(5, 1), 10_000_000);
-
-        (uint128 finalAmount, uint128 finalAmountValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
-        assertEq(finalAmount, 0);
-        assertEq(finalAmountValue, 50_00);
-
-        // updateIsLiability should fail because value is not zero
-        vm.expectRevert(IHoldings.HoldingNotZero.selector);
-        holdings.updateIsLiability(POOL_A, SC_1, ASSET_A, true);
-
-        mockGetQuote(itemValuation, 0, 0);
-        holdings.update(POOL_A, SC_1, ASSET_A);
-
-        (, uint128 syncedValue,,) = holdings.holding(POOL_A, SC_1, ASSET_A);
-        assertEq(syncedValue, 0);
-
-        holdings.updateIsLiability(POOL_A, SC_1, ASSET_A, true);
-        assertEq(holdings.isLiability(POOL_A, SC_1, ASSET_A), true);
-    }
-}
-
 contract TestSetAccountId is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.expectEmit();
         emit IHoldings.SetAccountId(POOL_A, SC_1, ASSET_A, 1, AccountId.wrap(0xAA00));
@@ -359,7 +430,7 @@ contract TestSetAccountId is TestCommon {
     }
 
     function testErrNotAuthorized() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
@@ -374,8 +445,9 @@ contract TestSetAccountId is TestCommon {
 
 contract TestValue is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20_000_000);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20_000_000, 200_00);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20_000_000);
 
         uint128 value = holdings.value(POOL_A, SC_1, ASSET_A);
 
@@ -385,8 +457,9 @@ contract TestValue is TestCommon {
 
 contract TestAmount is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
-        holdings.increase(POOL_A, SC_1, ASSET_A, d18(200, 20), 20);
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
+        mockGetQuote(itemValuation, 20, 0);
+        holdings.increase(POOL_A, SC_1, ASSET_A, 0, 20);
 
         uint128 value = holdings.amount(POOL_A, SC_1, ASSET_A);
 
@@ -396,7 +469,7 @@ contract TestAmount is TestCommon {
 
 contract TestValuation is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         IValuation valuation = holdings.valuation(POOL_A, SC_1, ASSET_A);
 
@@ -411,17 +484,200 @@ contract TestValuation is TestCommon {
 
 contract TestExists is TestCommon {
     function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, false, new HoldingAccount[](0));
+        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, _validAccounts());
 
         assert(holdings.isInitialized(POOL_A, SC_1, ASSET_A));
         assert(!holdings.isInitialized(POOL_A, SC_1, POOL_CURRENCY));
     }
 }
 
-contract TestLiability is TestCommon {
-    function testSuccess() public {
-        holdings.initialize(POOL_A, SC_1, ASSET_A, itemValuation, true, new HoldingAccount[](0));
+/// @dev Deficit = decreasedAmount > increasedAmount (exact equality is not a deficit). Holdings are left
+///      uninitialized since amount tracking is valuation-independent.
+contract TestDeficitCount is TestCommon {
+    uint16 constant CENT_A = 5;
+    uint16 constant CENT_B = 6;
+    ShareClassId constant SC_2 = ShareClassId.wrap(bytes16("2"));
+
+    AssetId a1 = newAssetId(CENT_A, 1);
+    AssetId a2 = newAssetId(CENT_A, 2);
+    AssetId b1 = newAssetId(CENT_B, 1);
+
+    function testEnterDeficitIncrementsAndEmits() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+
+        vm.expectEmit();
+        emit IHoldings.UpdateDeficitCount(POOL_A, SC_1, CENT_A, 1, 1);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150);
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+        assertEq(holdings.amount(POOL_A, SC_1, a1), 0);
+
+        (uint128 increased, uint128 decreased) = holdings.holdingAmounts(POOL_A, SC_1, a1);
+        assertEq(increased, 100);
+        assertEq(decreased, 150);
+    }
+
+    function testDecreaseFromEmptyEntersDeficit() public {
+        vm.expectEmit();
+        emit IHoldings.UpdateDeficitCount(POOL_A, SC_1, CENT_A, 1, 1);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 50);
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+    }
+
+    function testDeepenDeficitDoesNotDoubleIncrement() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150); // deficit -50
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 50); // deeper -100, still one holding
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+    }
+
+    function testPartialRefillDoesNotDecrement() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150); // deficit -50
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 30); // still deficit -20
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+    }
+
+    function testExitAtExactEqualityDecrements() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150); // deficit -50
+
+        vm.expectEmit();
+        emit IHoldings.UpdateDeficitCount(POOL_A, SC_1, CENT_A, 0, 0);
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 50); // increased == decreased == 150
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 0);
+        assertEq(holdings.amount(POOL_A, SC_1, a1), 0);
+    }
+
+    /// Decreasing exactly to zero saturates the amount but is not a deficit.
+    function testExactZeroHoldingNeverCounted() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 100);
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 0);
+        assertEq(holdings.amount(POOL_A, SC_1, a1), 0);
+    }
+
+    function testTwoHoldingsSameNetwork() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.increase(POOL_A, SC_1, a2, CENT_A, 100);
+
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+
+        holdings.decrease(POOL_A, SC_1, a2, CENT_A, 150);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 2);
+
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 50); // a1 out
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+
+        holdings.increase(POOL_A, SC_1, a2, CENT_A, 50); // a2 out
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 0);
+    }
+
+    /// @dev The reporting count is per share class, so the same asset in two share classes keeps two separate
+    ///      buckets, naming which share class holds the misstated holding.
+    function testShareClassesCountIndependently() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.increase(POOL_A, SC_2, a1, CENT_A, 100);
+
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1, "deficit lands in its own share class");
+        assertEq(holdings.deficitCount(POOL_A, SC_2, CENT_A), 0, "must not leak into a solvent share class");
+
+        holdings.decrease(POOL_A, SC_2, a1, CENT_A, 150);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+        assertEq(holdings.deficitCount(POOL_A, SC_2, CENT_A), 1);
+
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 50); // SC_1 out, SC_2 still in deficit
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 0);
+        assertEq(holdings.deficitCount(POOL_A, SC_2, CENT_A), 1);
+    }
+
+    /// @dev The rollup sums every share class on the network, so it stays non-zero while any one of them is in
+    ///      deficit. This is what a snapshot hook gates on: the NAV it publishes is pooled across share classes,
+    ///      so a deficit under one misstates what a sync on any other would publish.
+    function testNetworkRollupSumsShareClasses() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.increase(POOL_A, SC_2, a1, CENT_A, 100);
+
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150);
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_A), 1);
+        assertEq(holdings.deficitCount(POOL_A, SC_2, CENT_A), 0, "the solvent share class still reports zero");
+
+        holdings.decrease(POOL_A, SC_2, a1, CENT_A, 150);
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_A), 2);
+
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 50); // SC_1 out, SC_2 still in deficit
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_A), 1, "rollup holds while any share class is short");
+
+        holdings.increase(POOL_A, SC_2, a1, CENT_A, 50); // both out
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_A), 0);
+    }
+
+    /// @dev The rollup carries the network the update was reported for, matching the per-share-class bucket.
+    function testNetworkRollupSeparatesNetworks() public {
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 50);
+        holdings.decrease(POOL_A, SC_2, b1, CENT_B, 50);
+
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_A), 1);
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_B), 1);
+
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 50);
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_A), 0);
+        assertEq(holdings.networkDeficitCount(POOL_A, CENT_B), 1, "clearing one network never clears the other");
+    }
+
+    /// @dev Two assets in the same share class still share one bucket, counted per misstated holding.
+    function testTwoAssetsSameShareClassShareOneBucket() public {
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 50);
+        holdings.decrease(POOL_A, SC_1, a2, CENT_A, 50);
+
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 2);
+    }
+
+    function testTwoNetworksIndependent() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.increase(POOL_A, SC_1, b1, CENT_B, 100);
+
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 150);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_B), 0);
+
+        holdings.decrease(POOL_A, SC_1, b1, CENT_B, 150);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_B), 1);
+    }
+
+    /// @dev A carried over-decrease that later nets fully clears the deficit exactly once.
+    function testOverDecreaseNetsAndClearsDeficit() public {
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 100);
+        holdings.decrease(POOL_A, SC_1, a1, CENT_A, 120); // -20, count 1
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1);
+
+        holdings.increase(POOL_A, SC_1, a1, CENT_A, 20); // back to zero, not deficit
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 0);
+
+        (uint128 increased, uint128 decreased) = holdings.holdingAmounts(POOL_A, SC_1, a1);
+        assertEq(increased, 120);
+        assertEq(decreased, 120);
+    }
+
+    /// @dev Deficit is bucketed by the caller-supplied `centrifugeId` (the network the update is reported
+    ///      for), not by the asset's own embedded chain id. This matters for assets whose id carries a
+    ///      different (or, for ISO-style currency ids, always-zero) centrifugeId than the network actually
+    ///      reporting the holding change, e.g. a currency-reference asset shared across networks.
+    function testDeficitBucketedByReportedNetworkNotAssetId() public {
+        AssetId isoAsset = newAssetId(840); // ISO 4217 code; centrifugeId() == 0 regardless of network
+
+        holdings.increase(POOL_A, SC_1, isoAsset, CENT_A, 100);
+        holdings.decrease(POOL_A, SC_1, isoAsset, CENT_A, 150); // reported for CENT_A, not isoAsset's own (0)
 
-        assert(holdings.isLiability(POOL_A, SC_1, ASSET_A));
+        assertEq(holdings.deficitCount(POOL_A, SC_1, CENT_A), 1, "deficit must land in the reporting network's bucket");
+        assertEq(holdings.deficitCount(POOL_A, SC_1, 0), 0, "must not leak into the asset's own embedded centrifugeId");
     }
 }
diff --git a/test/core/hub/unit/Hub.t.sol b/test/core/hub/unit/Hub.t.sol
index 2b0b3b5a6..343324079 100644
--- a/test/core/hub/unit/Hub.t.sol
+++ b/test/core/hub/unit/Hub.t.sol
@@ -3,28 +3,29 @@ pragma solidity ^0.8.28;
 
 import {d18, D18} from "../../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
+import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 
 import {Hub} from "../../../../src/core/hub/Hub.sol";
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {AccountId} from "../../../../src/core/types/AccountId.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IFeeHook} from "../../../../src/core/hub/interfaces/IFeeHook.sol";
 import {IHoldings} from "../../../../src/core/hub/interfaces/IHoldings.sol";
 import {IValuation} from "../../../../src/core/hub/interfaces/IValuation.sol";
 import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IFeeAccrual} from "../../../../src/core/hub/interfaces/IFeeAccrual.sol";
 import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
 import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
-import {IHub, VaultUpdateKind} from "../../../../src/core/hub/interfaces/IHub.sol";
 import {ISnapshotHook} from "../../../../src/core/hub/interfaces/ISnapshotHook.sol";
 import {IMultiAdapter} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
 import {IAccounting, JournalEntry} from "../../../../src/core/hub/interfaces/IAccounting.sol";
 import {IShareClassManager} from "../../../../src/core/hub/interfaces/IShareClassManager.sol";
+import {IHub, VaultUpdateKind, ManagerKind} from "../../../../src/core/hub/interfaces/IHub.sol";
 import {IHubMessageSender} from "../../../../src/core/messaging/interfaces/IGatewaySenders.sol";
 
 import "forge-std/Test.sol";
 
-contract MockFeeHook is IFeeHook {
+contract MockFeeAccrual is IFeeAccrual {
     mapping(PoolId => mapping(ShareClassId => uint32)) public calls;
 
     function accrue(PoolId poolId, ShareClassId scId) external {
@@ -53,7 +54,7 @@ contract TestCommon is Test {
     IShareClassManager immutable scm = IShareClassManager(makeAddr("ShareClassManager"));
     IGateway immutable gateway = IGateway(makeAddr("Gateway"));
     IHubMessageSender immutable sender = IHubMessageSender(makeAddr("Sender"));
-    MockFeeHook immutable feeHook = new MockFeeHook();
+    MockFeeAccrual immutable feeAccrual = new MockFeeAccrual();
 
     Hub hub = new Hub(gateway, holdings, accounting, hubRegistry, multiAdapter, scm, address(this));
 
@@ -62,11 +63,28 @@ contract TestCommon is Test {
             address(hubRegistry), abi.encodeWithSelector(hubRegistry.manager.selector, POOL_A, ADMIN), abi.encode(true)
         );
 
+        // `_enforce` (supervisor work) reads the pool policy; default it to none so policy
+        // enforcement is a no-op in these unit tests (they exercise the manager check + business logic).
+        vm.mockCall(address(hubRegistry), abi.encodeWithSelector(hubRegistry.policy.selector), abi.encode(address(0)));
+
         vm.mockCall(address(accounting), abi.encodeWithSelector(accounting.unlock.selector, POOL_A), abi.encode(true));
 
-        hub.file("feeHook", address(feeHook));
+        vm.mockCall(address(sender), abi.encodeWithSelector(sender.localCentrifugeId.selector), abi.encode(CHAIN_A));
+
+        hub.file("feeAccrual", address(feeAccrual));
         hub.file("sender", address(sender));
     }
+
+    function _holdingAccounts(AccountId asset, AccountId equity, AccountId gain, AccountId loss)
+        internal
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = asset;
+        accounts[1] = equity;
+        accounts[2] = gain;
+        accounts[3] = loss;
+    }
 }
 
 contract TestMainMethodsChecks is TestCommon {
@@ -94,13 +112,10 @@ contract TestMainMethodsChecks is TestCommon {
         hub.notifyPool(POOL_A, 0, REFUND);
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.notifyShareClass(POOL_A, ShareClassId.wrap(0), 0, bytes32(""), REFUND);
+        hub.notifyShareClass(POOL_A, ShareClassId.wrap(0), 0, bytes32(""), "", 0, REFUND);
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.notifyShareMetadata(POOL_A, ShareClassId.wrap(0), 0, REFUND);
-
-        vm.expectRevert(IHub.NotManager.selector);
-        hub.updateShareHook(POOL_A, ShareClassId.wrap(0), 0, bytes32(""), REFUND);
+        hub.notifyShareMetadata(POOL_A, ShareClassId.wrap(0), 0, 0, REFUND);
 
         vm.expectRevert(IHub.NotManager.selector);
         hub.notifySharePrice(POOL_A, ShareClassId.wrap(0), 0, REFUND);
@@ -109,13 +124,10 @@ contract TestMainMethodsChecks is TestCommon {
         hub.notifyAssetPrice(POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), REFUND);
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.setMaxAssetPriceAge(POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), 0, REFUND);
-
-        vm.expectRevert(IHub.NotManager.selector);
-        hub.setMaxSharePriceAge(POOL_A, ShareClassId.wrap(0), 0, 0, REFUND);
+        hub.setPoolMetadata(POOL_A, bytes(""));
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.setPoolMetadata(POOL_A, bytes(""));
+        hub.updateCurrency(POOL_A, AssetId.wrap(0));
 
         vm.expectRevert(IHub.NotManager.selector);
         hub.setSnapshotHook(POOL_A, ISnapshotHook(address(0)));
@@ -124,7 +136,7 @@ contract TestMainMethodsChecks is TestCommon {
         hub.updateHubManager(POOL_A, address(0), false);
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.updateBalanceSheetManager(POOL_A, 0, bytes32(0), false, REFUND);
+        hub.updateManager(POOL_A, 0, ManagerKind.Spoke, bytes32(0), false, REFUND);
 
         vm.expectRevert(IHub.NotManager.selector);
         hub.addShareClass(POOL_A, "", "", bytes32(0));
@@ -134,11 +146,18 @@ contract TestMainMethodsChecks is TestCommon {
 
         vm.expectRevert(IHub.NotManager.selector);
         hub.updateVault(
-            POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), bytes32(0), VaultUpdateKind.DeployAndLink, 0, REFUND
+            POOL_A,
+            ShareClassId.wrap(0),
+            AssetId.wrap(0),
+            bytes32(0),
+            VaultUpdateKind.DeployAndLink,
+            bytes(""),
+            0,
+            REFUND
         );
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.updateContract(POOL_A, ShareClassId.wrap(0), 0, bytes32(0), bytes(""), 0, REFUND);
+        hub.managerCall(POOL_A, 0, bytes32(0), bytes(""), 0, 0, REFUND);
 
         vm.expectRevert(IHub.NotManager.selector);
         hub.updateSharePrice(POOL_A, ShareClassId.wrap(0), D18.wrap(0), uint64(block.timestamp));
@@ -149,15 +168,7 @@ contract TestMainMethodsChecks is TestCommon {
             ShareClassId.wrap(0),
             AssetId.wrap(0),
             IValuation(address(0)),
-            AccountId.wrap(0),
-            AccountId.wrap(0),
-            AccountId.wrap(0),
-            AccountId.wrap(0)
-        );
-
-        vm.expectRevert(IHub.NotManager.selector);
-        hub.initializeLiability(
-            POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), IValuation(address(0)), AccountId.wrap(0), AccountId.wrap(0)
+            _holdingAccounts(AccountId.wrap(0), AccountId.wrap(0), AccountId.wrap(0), AccountId.wrap(0))
         );
 
         vm.expectRevert(IHub.NotManager.selector);
@@ -166,9 +177,6 @@ contract TestMainMethodsChecks is TestCommon {
         vm.expectRevert(IHub.NotManager.selector);
         hub.updateHoldingValuation(POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), IValuation(address(0)));
 
-        vm.expectRevert(IHub.NotManager.selector);
-        hub.updateHoldingIsLiability(POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), true);
-
         vm.expectRevert(IHub.NotManager.selector);
         hub.setHoldingAccountId(POOL_A, ShareClassId.wrap(0), AssetId.wrap(0), 0, AccountId.wrap(0));
 
@@ -182,27 +190,94 @@ contract TestMainMethodsChecks is TestCommon {
         hub.updateJournal(POOL_A, EMPTY, EMPTY);
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.setAdapters(POOL_A, 0, new IAdapter[](0), new bytes32[](0), 0, 0, REFUND);
+        hub.setAdapters(POOL_A, 0, new IAdapter[](0), new bytes32[](0), 0, REFUND);
+
+        vm.expectRevert(IHub.NotManager.selector);
+        hub.updateManager(POOL_A, 0, ManagerKind.Adapter, bytes32(0), false, REFUND);
+
+        vm.expectRevert(IHub.NotManager.selector);
+        hub.initiateAuthorization(POOL_A, bytes(""));
 
         vm.expectRevert(IHub.NotManager.selector);
-        hub.updateGatewayManager(POOL_A, 0, bytes32(0), false, REFUND);
+        hub.cancelAuthorization(POOL_A, bytes(""));
 
         vm.stopPrank();
     }
 }
 
+contract TestAuthorize is TestCommon {
+    function testAuthorizeForwardsToHubRegistry() public {
+        bytes memory data = abi.encode("some-authorization");
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.initiateAuthorization.selector, POOL_A, ADMIN, data),
+            ""
+        );
+        vm.expectCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.initiateAuthorization.selector, POOL_A, ADMIN, data)
+        );
+
+        vm.prank(ADMIN);
+        hub.initiateAuthorization(POOL_A, data);
+    }
+
+    function testCancelAuthorizationForwardsToHubRegistry() public {
+        bytes memory data = abi.encode("some-authorization");
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.cancelAuthorization.selector, POOL_A, ADMIN, data),
+            ""
+        );
+        vm.expectCall(
+            address(hubRegistry), abi.encodeWithSelector(hubRegistry.cancelAuthorization.selector, POOL_A, ADMIN, data)
+        );
+
+        vm.prank(ADMIN);
+        hub.cancelAuthorization(POOL_A, data);
+    }
+}
+
+contract TestUpdateCurrency is TestCommon {
+    function testUpdateCurrencyForwardsToHubRegistry() public {
+        vm.mockCall(
+            address(hubRegistry), abi.encodeWithSelector(hubRegistry.updateCurrency.selector, POOL_A, ASSET_A), ""
+        );
+        vm.expectCall(
+            address(hubRegistry), abi.encodeWithSelector(hubRegistry.updateCurrency.selector, POOL_A, ASSET_A)
+        );
+
+        vm.prank(ADMIN);
+        hub.updateCurrency(POOL_A, ASSET_A);
+    }
+
+    // The decimals-mismatch guard lives in HubRegistry; the Hub wrapper must not swallow its revert.
+    function testUpdateCurrencyPropagatesMismatchRevert() public {
+        vm.mockCallRevert(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.updateCurrency.selector, POOL_A, ASSET_A),
+            abi.encodeWithSelector(IHubRegistry.CurrencyDecimalsMismatch.selector)
+        );
+
+        vm.prank(ADMIN);
+        vm.expectRevert(IHubRegistry.CurrencyDecimalsMismatch.selector);
+        hub.updateCurrency(POOL_A, ASSET_A);
+    }
+}
+
 contract TestNotifyShareClass is TestCommon {
     function testErrShareClassNotFound() public {
         vm.mockCall(address(scm), abi.encodeWithSelector(scm.exists.selector, POOL_A, SC_A), abi.encode(false));
 
         vm.prank(ADMIN);
         vm.expectRevert(IShareClassManager.ShareClassNotFound.selector);
-        hub.notifyShareClass(POOL_A, SC_A, 23, bytes32(""), REFUND);
+        hub.notifyShareClass(POOL_A, SC_A, 23, bytes32(""), "", 0, REFUND);
     }
 }
 
 contract TestInitializeHolding is TestCommon {
     function testErrAssetNotFound() public {
+        vm.mockCall(address(scm), abi.encodeWithSelector(scm.exists.selector, POOL_A, SC_A), abi.encode(true));
         vm.mockCall(
             address(hubRegistry), abi.encodeWithSelector(hubRegistry.isRegistered.selector, ASSET_A), abi.encode(false)
         );
@@ -214,33 +289,8 @@ contract TestInitializeHolding is TestCommon {
             SC_A,
             ASSET_A,
             IValuation(address(1)),
-            AccountId.wrap(1),
-            AccountId.wrap(1),
-            AccountId.wrap(1),
-            AccountId.wrap(1)
-        );
-    }
-}
-
-contract TestInitializeLiability is TestCommon {
-    function testErrAssetNotFound() public {
-        vm.mockCall(
-            address(hubRegistry), abi.encodeWithSelector(hubRegistry.isRegistered.selector, ASSET_A), abi.encode(false)
-        );
-
-        bytes[] memory cs = new bytes[](1);
-        cs[0] = abi.encodeWithSelector(
-            hub.initializeLiability.selector,
-            SC_A,
-            ASSET_A,
-            IValuation(address(1)),
-            AccountId.wrap(1),
-            AccountId.wrap(1)
+            _holdingAccounts(AccountId.wrap(1), AccountId.wrap(1), AccountId.wrap(1), AccountId.wrap(1))
         );
-
-        vm.prank(ADMIN);
-        vm.expectRevert(IHubRegistry.AssetNotFound.selector);
-        hub.initializeLiability(POOL_A, SC_A, ASSET_A, IValuation(address(1)), AccountId.wrap(1), AccountId.wrap(1));
     }
 }
 
@@ -252,12 +302,12 @@ contract TestUpdateSharePrice is TestCommon {
             abi.encode(false)
         );
 
-        assertEq(feeHook.calls(POOL_A, SC_A), 0);
+        assertEq(feeAccrual.calls(POOL_A, SC_A), 0);
 
         vm.prank(ADMIN);
         hub.updateSharePrice(POOL_A, SC_A, d18(1, 1), uint64(block.timestamp));
 
-        assertEq(feeHook.calls(POOL_A, SC_A), 1);
+        assertEq(feeAccrual.calls(POOL_A, SC_A), 1);
     }
 }
 
@@ -277,12 +327,12 @@ contract TestNotifyAssetPrice is TestCommon {
             abi.encode()
         );
 
-        assertEq(feeHook.calls(POOL_A, SC_A), 0);
+        assertEq(feeAccrual.calls(POOL_A, SC_A), 0);
 
         vm.prank(ADMIN);
         hub.notifyAssetPrice(POOL_A, SC_A, ASSET_A, REFUND);
 
-        assertEq(feeHook.calls(POOL_A, SC_A), 1);
+        assertEq(feeAccrual.calls(POOL_A, SC_A), 1);
     }
 
     function testNotifyAssetPriceSendsValuationPriceWhenHoldingInitialized() public {
@@ -315,7 +365,7 @@ contract TestNotifyAssetPrice is TestCommon {
         vm.prank(ADMIN);
         hub.notifyAssetPrice(POOL_A, SC_A, ASSET_A, REFUND);
 
-        assertEq(feeHook.calls(POOL_A, SC_A), 1);
+        assertEq(feeAccrual.calls(POOL_A, SC_A), 1);
     }
 }
 
@@ -483,6 +533,98 @@ contract TestSetAccountMetadata is TestCommon {
     }
 }
 
+contract TestManagerCall is TestCommon {
+    using CastLib for address;
+
+    uint128 constant EXTRA_GAS = 42;
+    uint256 constant VALUE = 7;
+
+    /// @dev `managerCall` is the hub direction: pool-scoped, opaque payload, no probe. It forwards to
+    ///      `sendManagerCallFromHub` and emits the scId-less `ManagerCall`. On the local branch (`CHAIN_A` is the
+    ///      mocked `localCentrifugeId`) the whole `msg.value` funds the call, so `value` must equal it.
+    function testManagerCallHubRoute() public {
+        address target = makeAddr("hubTarget");
+        bytes memory payload = hex"1234";
+
+        vm.mockCall(
+            address(sender),
+            abi.encodeWithSelector(
+                IHubMessageSender.sendManagerCallFromHub.selector,
+                CHAIN_A,
+                POOL_A,
+                target,
+                payload,
+                EXTRA_GAS,
+                VALUE,
+                REFUND
+            ),
+            abi.encode()
+        );
+
+        vm.expectEmit();
+        emit IHub.ManagerCall(CHAIN_A, POOL_A, target.toBytes32(), payload);
+
+        vm.deal(ADMIN, VALUE);
+        vm.prank(ADMIN);
+        hub.managerCall{value: VALUE}(POOL_A, CHAIN_A, target.toBytes32(), payload, EXTRA_GAS, VALUE, REFUND);
+    }
+
+    /// @dev Local branch: `value` must equal `msg.value` (here `msg.value` is 0 but `value` is not).
+    function testManagerCallLocalValueMismatchReverts() public {
+        vm.expectRevert(IHub.ManagerCallUnexpectedValue.selector);
+        vm.prank(ADMIN);
+        hub.managerCall(POOL_A, CHAIN_A, makeAddr("t").toBytes32(), hex"1234", EXTRA_GAS, VALUE, REFUND);
+    }
+
+    /// @dev Remote branch (`CHAIN_B` != `localCentrifugeId`): `value` must be 0.
+    function testManagerCallRemoteNonZeroValueReverts() public {
+        vm.expectRevert(IHub.ManagerCallUnexpectedValue.selector);
+        vm.prank(ADMIN);
+        hub.managerCall(POOL_A, CHAIN_B, makeAddr("t").toBytes32(), hex"1234", EXTRA_GAS, VALUE, REFUND);
+    }
+
+    /// @dev Remote branch (`CHAIN_B` != `localCentrifugeId`) success route: `value` must be 0 and the payload
+    ///      is forwarded opaquely.
+    function testManagerCallRemoteRoute() public {
+        address target = makeAddr("remoteSpokeTarget");
+        bytes memory payload = hex"1234";
+
+        vm.mockCall(
+            address(sender),
+            abi.encodeWithSelector(
+                IHubMessageSender.sendManagerCallFromHub.selector,
+                CHAIN_B,
+                POOL_A,
+                target,
+                payload,
+                EXTRA_GAS,
+                uint256(0),
+                REFUND
+            ),
+            abi.encode()
+        );
+
+        vm.expectEmit();
+        emit IHub.ManagerCall(CHAIN_B, POOL_A, target.toBytes32(), payload);
+
+        vm.prank(ADMIN);
+        hub.managerCall(POOL_A, CHAIN_B, target.toBytes32(), payload, EXTRA_GAS, 0, REFUND);
+    }
+
+    function testManagerCallOnlyManager() public {
+        address notManager = makeAddr("notManager");
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.manager.selector, POOL_A, notManager),
+            abi.encode(false)
+        );
+
+        vm.expectRevert(IHub.NotManager.selector);
+        vm.prank(notManager);
+        hub.managerCall(POOL_A, CHAIN_A, makeAddr("t").toBytes32(), hex"1234", 0, 0, REFUND);
+    }
+}
+
 contract TestHubFile is TestCommon {
     function testFileGateway() public {
         IGateway newGateway = IGateway(makeAddr("NewGateway"));
@@ -494,24 +636,14 @@ contract TestHubFile is TestCommon {
         assertEq(address(hub.gateway()), address(newGateway));
     }
 
-    function testFileFeeHook() public {
-        IFeeHook newFeeHook = IFeeHook(makeAddr("NewFeeHook"));
-
-        vm.expectEmit(true, true, true, true);
-        emit IHub.File("feeHook", address(newFeeHook));
-
-        hub.file("feeHook", address(newFeeHook));
-        assertEq(address(hub.feeHook()), address(newFeeHook));
-    }
-
-    function testFileHoldings() public {
-        IHoldings newHoldings = IHoldings(makeAddr("NewHoldings"));
+    function testFileFeeAccrual() public {
+        IFeeAccrual newFeeAccrual = IFeeAccrual(makeAddr("NewFeeAccrual"));
 
         vm.expectEmit(true, true, true, true);
-        emit IHub.File("holdings", address(newHoldings));
+        emit IHub.File("feeAccrual", address(newFeeAccrual));
 
-        hub.file("holdings", address(newHoldings));
-        assertEq(address(hub.holdings()), address(newHoldings));
+        hub.file("feeAccrual", address(newFeeAccrual));
+        assertEq(address(hub.feeAccrual()), address(newFeeAccrual));
     }
 
     function testFileSender() public {
@@ -524,14 +656,14 @@ contract TestHubFile is TestCommon {
         assertEq(address(hub.sender()), address(newSender));
     }
 
-    function testFileShareClassManager() public {
-        IShareClassManager newScm = IShareClassManager(makeAddr("NewScm"));
+    function testFileMultiAdapter() public {
+        IMultiAdapter newMultiAdapter = IMultiAdapter(makeAddr("NewMultiAdapter"));
 
         vm.expectEmit(true, true, true, true);
-        emit IHub.File("shareClassManager", address(newScm));
+        emit IHub.File("multiAdapter", address(newMultiAdapter));
 
-        hub.file("shareClassManager", address(newScm));
-        assertEq(address(hub.shareClassManager()), address(newScm));
+        hub.file("multiAdapter", address(newMultiAdapter));
+        assertEq(address(hub.multiAdapter()), address(newMultiAdapter));
     }
 
     function testFileUnrecognizedParam() public {
diff --git a/test/core/hub/unit/HubHandler.t.sol b/test/core/hub/unit/HubHandler.t.sol
index b862381fd..4137a65ab 100644
--- a/test/core/hub/unit/HubHandler.t.sol
+++ b/test/core/hub/unit/HubHandler.t.sol
@@ -1,7 +1,6 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity ^0.8.28;
 
-import {D18} from "../../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
 
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
@@ -14,6 +13,11 @@ import {IHubHandler} from "../../../../src/core/hub/interfaces/IHubHandler.sol";
 import {JournalEntry} from "../../../../src/core/hub/interfaces/IAccounting.sol";
 import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
 import {IShareClassManager} from "../../../../src/core/hub/interfaces/IShareClassManager.sol";
+import {
+    IBridgingHook,
+    BridgeSharesParams,
+    BridgeSharesResult
+} from "../../../../src/core/hub/interfaces/IBridgingHook.sol";
 
 import "forge-std/Test.sol";
 
@@ -37,7 +41,7 @@ contract TestCommon is Test {
 
     HubHandler hubHandler = new HubHandler(hub, holdings, hubRegistry, scm, AUTH);
 
-    function setUp() external {
+    function setUp() public virtual {
         vm.deal(ANY, 1 ether);
     }
 }
@@ -54,16 +58,14 @@ contract TestMainMethodsChecks is TestCommon {
         hubHandler.request(PoolId.wrap(0), ShareClassId.wrap(0), AssetId.wrap(0), EMPTY_BYTES);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        hubHandler.updateHoldingAmount(
-            CHAIN_A, PoolId.wrap(0), ShareClassId.wrap(0), AssetId.wrap(0), 0, D18.wrap(1), false, true, 0
-        );
+        hubHandler.updateAssets(CHAIN_A, PoolId.wrap(0), ShareClassId.wrap(0), AssetId.wrap(0), 0, false, true, 0);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         hubHandler.updateShares(CHAIN_A, PoolId.wrap(0), ShareClassId.wrap(0), 0, true, true, 0);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         hubHandler.initiateTransferShares{value: COST}(
-            CHAIN_A, CHAIN_B, PoolId.wrap(0), ShareClassId.wrap(0), bytes32(""), 0, 0, REFUND
+            CHAIN_A, CHAIN_B, PoolId.wrap(0), ShareClassId.wrap(0), bytes32(""), bytes32(""), 0, 0, REFUND
         );
 
         vm.stopPrank();
@@ -115,3 +117,127 @@ contract TestFile is TestCommon {
         assertEq(address(hubHandler.shareClassManager()), address(23));
     }
 }
+
+contract TestUpdateHoldingAmount is TestCommon {
+    uint64 constant NONCE = 7;
+    uint128 constant AMOUNT = 100;
+    uint128 constant VALUE = 500;
+
+    function _mockCommon(bool isInitialized) internal {
+        vm.mockCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.isInitialized.selector, POOL_A, SC_A, ASSET_A),
+            abi.encode(isInitialized)
+        );
+        vm.mockCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.setSnapshot.selector, POOL_A, SC_A, CHAIN_A, true, NONCE),
+            abi.encode()
+        );
+        vm.mockCall(address(hub), abi.encodeWithSelector(IHub.updateAccountingAmount.selector), abi.encode());
+    }
+
+    function testIncreaseJournalsReturnedValue() public {
+        _mockCommon(true);
+        vm.mockCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.increase.selector, POOL_A, SC_A, ASSET_A, CHAIN_A, AMOUNT),
+            abi.encode(VALUE)
+        );
+
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.updateAccountingAmount.selector, POOL_A, SC_A, ASSET_A, true, VALUE)
+        );
+        vm.expectCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.setSnapshot.selector, POOL_A, SC_A, CHAIN_A, true, NONCE)
+        );
+
+        vm.prank(AUTH);
+        hubHandler.updateAssets(CHAIN_A, POOL_A, SC_A, ASSET_A, AMOUNT, true, true, NONCE);
+    }
+
+    function testDecreaseJournalsReturnedValue() public {
+        _mockCommon(true);
+        vm.mockCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.decrease.selector, POOL_A, SC_A, ASSET_A, CHAIN_A, AMOUNT),
+            abi.encode(VALUE)
+        );
+
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.updateAccountingAmount.selector, POOL_A, SC_A, ASSET_A, false, VALUE)
+        );
+
+        vm.prank(AUTH);
+        hubHandler.updateAssets(CHAIN_A, POOL_A, SC_A, ASSET_A, AMOUNT, false, true, NONCE);
+    }
+
+    function testUninitializedSkipsAccounting() public {
+        _mockCommon(false);
+        vm.mockCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.increase.selector, POOL_A, SC_A, ASSET_A, CHAIN_A, AMOUNT),
+            abi.encode(uint128(0))
+        );
+
+        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateAccountingAmount.selector), 0);
+        vm.expectCall(
+            address(holdings),
+            abi.encodeWithSelector(IHoldings.setSnapshot.selector, POOL_A, SC_A, CHAIN_A, true, NONCE)
+        );
+
+        vm.prank(AUTH);
+        hubHandler.updateAssets(CHAIN_A, POOL_A, SC_A, ASSET_A, AMOUNT, true, true, NONCE);
+    }
+}
+
+contract MockBridgingHook is IBridgingHook {
+    function onBridgeShares(BridgeSharesParams calldata p) external pure returns (BridgeSharesResult memory) {
+        return
+            BridgeSharesResult({
+                receiver: p.receiver, amount: p.amount, extraGasLimit: p.extraGasLimit, refund: p.refund
+            });
+    }
+}
+
+contract TestInitiateTransferSharesHook is TestCommon {
+    MockBridgingHook hook;
+    address immutable mockSender = makeAddr("Sender");
+
+    function setUp() public override {
+        super.setUp();
+        hook = new MockBridgingHook();
+
+        vm.prank(AUTH);
+        hubHandler.file("sender", mockSender);
+
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(IHubRegistry.bridgingHook.selector, POOL_A),
+            abi.encode(address(hook))
+        );
+        vm.mockCall(address(scm), abi.encodeWithSelector(IShareClassManager.updateShares.selector), abi.encode());
+        vm.mockCall(address(holdings), abi.encodeWithSelector(IHoldings.callOnTransferSnapshot.selector), abi.encode());
+        vm.mockCall(
+            mockSender,
+            abi.encodeWithSelector(
+                bytes4(
+                    keccak256("sendExecuteTransferShares(uint16,uint16,uint64,bytes16,bytes32,uint128,uint128,address)")
+                )
+            ),
+            abi.encode()
+        );
+
+        vm.deal(AUTH, 1 ether);
+    }
+
+    function testHookIsCalledAndResultForwarded() public {
+        vm.prank(AUTH);
+        hubHandler.initiateTransferShares{value: COST}(
+            CHAIN_A, CHAIN_B, POOL_A, SC_A, bytes32("sender"), bytes32("receiver"), 100, 0, REFUND
+        );
+    }
+}
diff --git a/test/core/hub/unit/HubPolicy.t.sol b/test/core/hub/unit/HubPolicy.t.sol
new file mode 100644
index 000000000..3fb7643b1
--- /dev/null
+++ b/test/core/hub/unit/HubPolicy.t.sol
@@ -0,0 +1,163 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {Hub} from "../../../../src/core/hub/Hub.sol";
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {IHub} from "../../../../src/core/hub/interfaces/IHub.sol";
+import {IHoldings} from "../../../../src/core/hub/interfaces/IHoldings.sol";
+import {IHubPolicy} from "../../../../src/core/utils/interfaces/IPolicy.sol";
+import {IAccounting} from "../../../../src/core/hub/interfaces/IAccounting.sol";
+import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
+import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
+import {IMultiAdapter} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+import {IShareClassManager} from "../../../../src/core/hub/interfaces/IShareClassManager.sol";
+
+import "forge-std/Test.sol";
+
+/// @dev Records the last enforce() call and can be toggled to revert (out of policy / forbidden).
+contract MockPolicy is IHubPolicy {
+    error Unauthorized();
+
+    PoolId public lastPoolId;
+    address public lastCaller;
+    bytes public lastData;
+    uint256 public enforceCalls;
+    bool public shouldRevert;
+
+    function setShouldRevert(bool v) external {
+        shouldRevert = v;
+    }
+
+    function authorizationDelay(PoolId, address, bytes calldata) external pure returns (uint48) {
+        return 0;
+    }
+
+    function enforce(PoolId poolId, address caller, bytes calldata data) external {
+        enforceCalls++;
+        lastPoolId = poolId;
+        lastCaller = caller;
+        lastData = data;
+        if (shouldRevert) revert Unauthorized();
+    }
+}
+
+contract HubPolicyTest is Test {
+    PoolId constant POOL_A = PoolId.wrap(1);
+    address immutable manager = makeAddr("manager");
+
+    IHubRegistry immutable hubRegistry = IHubRegistry(makeAddr("HubRegistry"));
+    IHoldings immutable holdings = IHoldings(makeAddr("Holdings"));
+    IAccounting immutable accounting = IAccounting(makeAddr("Accounting"));
+    IMultiAdapter immutable multiAdapter = IMultiAdapter(makeAddr("MultiAdapter"));
+    IShareClassManager immutable scm = IShareClassManager(makeAddr("ShareClassManager"));
+    IGateway immutable gateway = IGateway(makeAddr("Gateway"));
+
+    Hub hub = new Hub(gateway, holdings, accounting, hubRegistry, multiAdapter, scm, address(this));
+    MockPolicy policy = new MockPolicy();
+
+    bytes metadata = "meta";
+
+    function setUp() public {
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.manager.selector, POOL_A, manager),
+            abi.encode(true)
+        );
+        vm.mockCall(address(hubRegistry), abi.encodeWithSelector(hubRegistry.setMetadata.selector), abi.encode());
+        // Policy storage now lives in the registry; the Hub reads/writes through it.
+        vm.mockCall(address(hubRegistry), abi.encodeWithSelector(IHubRegistry.setPolicy.selector), abi.encode());
+        _installPolicy(IHubPolicy(address(0))); // default: no policy installed
+    }
+
+    /// @dev Mock the registry to report `policy_` as the pool's installed policy (Hub reads through to it).
+    function _installPolicy(IHubPolicy policy_) internal {
+        vm.mockCall(
+            address(hubRegistry), abi.encodeWithSelector(IHubRegistry.policy.selector, POOL_A), abi.encode(policy_)
+        );
+    }
+
+    // ─── setPolicy ──────────────────────────────────────────────────────────
+
+    function testSetPolicyByWardWritesThroughToRegistry() public {
+        // Ward (this) installs directly; the Hub persists the policy in the registry.
+        vm.expectCall(address(hubRegistry), abi.encodeCall(IHubRegistry.setPolicy, (POOL_A, policy)));
+        hub.setPolicy(POOL_A, policy);
+
+        // The Hub's view reads back through the registry.
+        _installPolicy(policy);
+        assertEq(address(hub.policy(POOL_A)), address(policy));
+    }
+
+    function testSetPolicyByNonManagerNonWardReverts() public {
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.manager.selector, POOL_A, address(0xBAD)),
+            abi.encode(false)
+        );
+        vm.expectRevert(IHub.NotManager.selector);
+        vm.prank(address(0xBAD));
+        hub.setPolicy(POOL_A, policy);
+    }
+
+    function testSetPolicyByManagerEnforcesCurrentPolicy() public {
+        _installPolicy(policy); // current policy installed
+
+        // A manager replacing the policy is enforced by the current policy.
+        policy.setShouldRevert(true);
+        vm.expectRevert(MockPolicy.Unauthorized.selector);
+        vm.prank(manager);
+        hub.setPolicy(POOL_A, policy);
+
+        // When the current policy allows it, the replacement is written through to the registry.
+        policy.setShouldRevert(false);
+        MockPolicy next = new MockPolicy();
+        vm.expectCall(address(hubRegistry), abi.encodeCall(IHubRegistry.setPolicy, (POOL_A, next)));
+        vm.prank(manager);
+        hub.setPolicy(POOL_A, next);
+    }
+
+    // ─── enforcement on manager methods ─────────────────────────────────────────
+
+    function testNoPolicySkipsEnforcement() public {
+        // No policy installed: only the manager check applies.
+        vm.prank(manager);
+        hub.setPoolMetadata(POOL_A, metadata);
+        assertEq(policy.enforceCalls(), 0);
+    }
+
+    function testPolicyEnforcedOnManagerMethod() public {
+        _installPolicy(policy);
+
+        vm.prank(manager);
+        hub.setPoolMetadata(POOL_A, metadata);
+
+        assertEq(policy.enforceCalls(), 1);
+        assertEq(policy.lastCaller(), manager);
+        // The policy receives the exact call's calldata (selector + args).
+        assertEq(policy.lastData(), abi.encodeWithSelector(IHub.setPoolMetadata.selector, POOL_A, metadata));
+    }
+
+    function testManagerMethodRevertsWhenPolicyReverts() public {
+        _installPolicy(policy);
+        policy.setShouldRevert(true);
+
+        vm.expectRevert(MockPolicy.Unauthorized.selector);
+        vm.prank(manager);
+        hub.setPoolMetadata(POOL_A, metadata);
+    }
+
+    function testManagerCheckPrecedesPolicy() public {
+        _installPolicy(policy);
+        vm.mockCall(
+            address(hubRegistry),
+            abi.encodeWithSelector(hubRegistry.manager.selector, POOL_A, address(0xBAD)),
+            abi.encode(false)
+        );
+
+        // Non-manager is rejected before the policy is consulted.
+        vm.expectRevert(IHub.NotManager.selector);
+        vm.prank(address(0xBAD));
+        hub.setPoolMetadata(POOL_A, metadata);
+        assertEq(policy.enforceCalls(), 0);
+    }
+}
diff --git a/test/core/hub/unit/HubRegistry.t.sol b/test/core/hub/unit/HubRegistry.t.sol
index c2b55ccac..2fdee555b 100644
--- a/test/core/hub/unit/HubRegistry.t.sol
+++ b/test/core/hub/unit/HubRegistry.t.sol
@@ -8,7 +8,9 @@ import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {HubRegistry} from "../../../../src/core/hub/HubRegistry.sol";
 import {PoolId, newPoolId} from "../../../../src/core/types/PoolId.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {IHubPolicy} from "../../../../src/core/utils/interfaces/IPolicy.sol";
 import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
+import {IBridgingHook} from "../../../../src/core/hub/interfaces/IBridgingHook.sol";
 import {IShareClassManager} from "../../../../src/core/hub/interfaces/IShareClassManager.sol";
 
 import "forge-std/Test.sol";
@@ -20,6 +22,7 @@ contract HubRegistryTest is Test {
 
     uint16 constant CENTRIFUGE_ID = 23;
     AssetId constant USD = AssetId.wrap(840);
+    AssetId constant EUR = AssetId.wrap(978);
     ShareClassId constant SC_A = ShareClassId.wrap(bytes16("sc"));
     PoolId constant POOL_A = PoolId.wrap(33);
     PoolId constant POOL_B = PoolId.wrap(44);
@@ -38,6 +41,7 @@ contract HubRegistryTest is Test {
 
     function setUp() public {
         registry = new HubRegistry(address(this));
+        registry.registerAsset(USD, 6);
     }
 
     function testPoolRegistration(address fundAdmin) public nonZero(fundAdmin) notThisContract(fundAdmin) {
@@ -53,6 +57,9 @@ contract HubRegistryTest is Test {
         vm.expectRevert(IHubRegistry.EmptyCurrency.selector);
         registry.registerPool(poolId, address(this), AssetId.wrap(0));
 
+        vm.expectRevert(IHubRegistry.AssetNotFound.selector);
+        registry.registerPool(poolId, address(this), AssetId.wrap(979));
+
         vm.expectEmit();
         emit IHubRegistry.NewPool(newPoolId(CENTRIFUGE_ID, 1), fundAdmin, USD);
         registry.registerPool(poolId, fundAdmin, USD);
@@ -82,7 +89,7 @@ contract HubRegistryTest is Test {
         registry.updateManager(poolId, additionalAdmin, true);
 
         PoolId nonExistingPool = PoolId.wrap(0xDEAD);
-        vm.expectRevert(abi.encodeWithSelector(IHubRegistry.NonExistingPool.selector, nonExistingPool));
+        vm.expectRevert(IHubRegistry.NonExistingPool.selector);
         registry.updateManager(nonExistingPool, additionalAdmin, true);
 
         vm.expectRevert(IHubRegistry.EmptyAccount.selector);
@@ -114,7 +121,7 @@ contract HubRegistryTest is Test {
         registry.setMetadata(poolId, metadata);
 
         PoolId nonExistingPool = PoolId.wrap(0xDEAD);
-        vm.expectRevert(abi.encodeWithSelector(IHubRegistry.NonExistingPool.selector, nonExistingPool));
+        vm.expectRevert(IHubRegistry.NonExistingPool.selector);
         registry.setMetadata(nonExistingPool, metadata);
 
         vm.expectEmit();
@@ -123,27 +130,120 @@ contract HubRegistryTest is Test {
         assertEq(registry.metadata(poolId), metadata);
     }
 
-    function testUpdateDependency(bytes32 what, address dependency) public nonZero(dependency) {
-        // First register asset and pool to use for dependency testing
-        registry.registerAsset(USD, 18);
-        registry.registerPool(POOL_A, address(this), USD);
+    function testSetPolicy() public {
+        address fundAdmin = makeAddr("fundAdmin");
+
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, fundAdmin, USD);
 
-        assertEq(address(registry.dependency(POOL_A, what)), address(0));
+        IHubPolicy policy = IHubPolicy(makeAddr("policy"));
 
         vm.prank(makeAddr("unauthorizedAddress"));
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        registry.updateDependency(POOL_A, what, dependency);
+        registry.setPolicy(poolId, policy);
+
+        PoolId nonExistingPool = PoolId.wrap(0xDEAD);
+        vm.expectRevert(IHubRegistry.NonExistingPool.selector);
+        registry.setPolicy(nonExistingPool, policy);
 
         vm.expectEmit();
-        emit IHubRegistry.UpdateDependency(POOL_A, what, dependency);
-        registry.updateDependency(POOL_A, what, dependency);
-        assertEq(address(registry.dependency(POOL_A, what)), address(dependency));
+        emit IHubRegistry.SetPolicy(poolId, policy);
+        registry.setPolicy(poolId, policy);
+        assertEq(address(registry.policy(poolId)), address(policy));
+    }
+
+    function testSetBridgingHook() public {
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, makeAddr("fundAdmin"), USD);
+
+        IBridgingHook hook = IBridgingHook(makeAddr("bridgingHook"));
+
+        vm.prank(makeAddr("unauthorizedAddress"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.setBridgingHook(poolId, hook);
+
+        PoolId nonExistingPool = PoolId.wrap(0xDEAD);
+        vm.expectRevert(IHubRegistry.NonExistingPool.selector);
+        registry.setBridgingHook(nonExistingPool, hook);
+
+        vm.expectEmit();
+        emit IHubRegistry.SetBridgingHook(poolId, address(hook));
+        registry.setBridgingHook(poolId, hook);
+        assertEq(address(registry.bridgingHook(poolId)), address(hook));
+    }
+
+    function testPolicyReinstallChangesAuthId(bytes calldata data) public {
+        IHubPolicy policy = IHubPolicy(makeAddr("policy"));
+
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, makeAddr("fundAdmin"), USD);
+        registry.setPolicy(poolId, policy);
+        assertEq(registry.policyNonce(poolId), 1);
+
+        bytes32 id = registry.authId(poolId, data);
+
+        // Re-installing the same policy address bumps the nonce, re-namespacing every id.
+        registry.setPolicy(poolId, policy);
+        assertEq(registry.policyNonce(poolId), 2);
+        assertNotEq(registry.authId(poolId, data), id);
+    }
+
+    function testPolicySwapBackDoesNotResurrectAuthorization() public {
+        address fundAdmin = makeAddr("fundAdmin");
+        IHubPolicy policy = IHubPolicy(makeAddr("policy"));
+        bytes memory data = "authorized calldata";
+
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, fundAdmin, USD);
+        registry.setPolicy(poolId, policy);
+
+        vm.mockCall(
+            address(policy), abi.encodeWithSelector(IHubPolicy.authorizationDelay.selector), abi.encode(uint48(1 days))
+        );
+        registry.initiateAuthorization(poolId, fundAdmin, data);
+        vm.warp(block.timestamp + 1 days);
+
+        // Swap the policy away and back: the matured authorization must not be resurrected.
+        registry.setPolicy(poolId, IHubPolicy(makeAddr("otherPolicy")));
+        registry.setPolicy(poolId, policy);
+
+        vm.prank(address(policy));
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        registry.consumeAuthorization(poolId, fundAdmin, data, 1 days);
+    }
+
+    function testAuthorizeRevertsWithoutPolicy(bytes calldata data) public {
+        address fundAdmin = makeAddr("fundAdmin");
+
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, fundAdmin, USD);
+
+        // authorize is ward-only; the manager check lives in Hub.initiateAuthorization.
+        vm.prank(makeAddr("unauthorizedAddress"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.initiateAuthorization(poolId, fundAdmin, data);
+
+        // No policy set for the pool, so authorize cannot classify the call.
+        vm.expectRevert(IHubRegistry.PolicyNotInstalled.selector);
+        registry.initiateAuthorization(poolId, fundAdmin, data);
+    }
+
+    function testConsumeAuthorizationOnlyCallableByPolicy(address caller, bytes calldata data, uint48 expiry) public {
+        address fundAdmin = makeAddr("fundAdmin");
+        IHubPolicy policy = IHubPolicy(makeAddr("policy"));
+
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, fundAdmin, USD);
+        registry.setPolicy(poolId, policy);
+
+        // Caller is address(this), not the pool's policy.
+        vm.expectRevert(IHubRegistry.CallerNotPolicy.selector);
+        registry.consumeAuthorization(poolId, caller, data, expiry);
     }
 
     function testUpdateCurrency(AssetId currency) public nonZero(address(uint160(currency.raw()))) {
         address fundAdmin = makeAddr("fundAdmin");
 
-        registry.registerAsset(USD, 6);
         PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
         registry.registerPool(poolId, fundAdmin, USD);
 
@@ -152,7 +252,7 @@ contract HubRegistryTest is Test {
         registry.updateCurrency(poolId, currency);
 
         PoolId nonExistingPool = PoolId.wrap(0xDEAD);
-        vm.expectRevert(abi.encodeWithSelector(IHubRegistry.NonExistingPool.selector, nonExistingPool));
+        vm.expectRevert(IHubRegistry.NonExistingPool.selector);
         registry.updateCurrency(nonExistingPool, currency);
 
         vm.expectRevert(IHubRegistry.EmptyCurrency.selector);
@@ -160,7 +260,8 @@ contract HubRegistryTest is Test {
 
         vm.assume(AssetId.unwrap(registry.currency(poolId)) != AssetId.unwrap(currency));
 
-        registry.registerAsset(currency, 18);
+        // Same decimals as the incumbent (USD, 6) so the decimals-mismatch guard permits the swap.
+        registry.registerAsset(currency, 6);
 
         vm.expectEmit();
         emit IHubRegistry.UpdateCurrency(poolId, currency);
@@ -171,7 +272,6 @@ contract HubRegistryTest is Test {
     function testUpdateCurrencyRevertsOnUnregisteredCurrency() public {
         address fundAdmin = makeAddr("fundAdmin");
 
-        registry.registerAsset(USD, 6);
         PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
         registry.registerPool(poolId, fundAdmin, USD);
 
@@ -191,4 +291,134 @@ contract HubRegistryTest is Test {
         PoolId nonExistingPool = PoolId.wrap(0xDEAD);
         assertEq(registry.exists(nonExistingPool), false);
     }
+
+    function testRegisterAsset(uint8 decimals) public {
+        decimals = uint8(bound(decimals, 0, 18));
+        assertFalse(registry.isRegistered(EUR));
+
+        vm.prank(makeAddr("unauthorizedAddress"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.registerAsset(EUR, decimals);
+
+        vm.expectEmit();
+        emit IHubRegistry.NewAsset(EUR, decimals);
+        registry.registerAsset(EUR, decimals);
+
+        assertTrue(registry.isRegistered(EUR));
+        assertEq(registry.decimals(EUR), decimals);
+        assertEq(registry.decimals(uint256(AssetId.unwrap(EUR))), decimals);
+
+        (bool registered, uint8 assetDecimals) = registry.asset(EUR);
+        assertTrue(registered);
+        assertEq(assetDecimals, decimals);
+    }
+
+    function testRegisterAssetNullId() public {
+        vm.expectRevert(IHubRegistry.EmptyAssetId.selector);
+        registry.registerAsset(AssetId.wrap(0), 6);
+    }
+
+    function testRegisterAssetTooManyDecimals(uint8 decimals) public {
+        decimals = uint8(bound(decimals, 19, type(uint8).max));
+
+        vm.expectRevert(IHubRegistry.TooManyDecimals.selector);
+        registry.registerAsset(EUR, decimals);
+    }
+
+    function testAssetGetter() public {
+        // Unregistered asset reads as (false, 0), not a revert.
+        (bool registered, uint8 assetDecimals) = registry.asset(EUR);
+        assertFalse(registered);
+        assertEq(assetDecimals, 0);
+
+        registry.registerAsset(EUR, 6);
+
+        (registered, assetDecimals) = registry.asset(EUR);
+        assertTrue(registered);
+        assertEq(assetDecimals, 6);
+    }
+
+    function testRegisterAssetZeroDecimals() public {
+        assertFalse(registry.isRegistered(EUR));
+
+        registry.registerAsset(EUR, 0);
+
+        // A 0-decimal asset is registered, not conflated with "not registered".
+        assertTrue(registry.isRegistered(EUR));
+        assertEq(registry.decimals(EUR), 0);
+        assertEq(registry.decimals(uint256(AssetId.unwrap(EUR))), 0);
+
+        // And usable as a pool currency, whose decimals(PoolId) getter returns 0.
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, makeAddr("fundAdmin"), EUR);
+        assertEq(registry.decimals(poolId), 0);
+    }
+
+    function testRegisterAssetRevertsOnDuplicate() public {
+        registry.registerAsset(EUR, 6);
+
+        vm.expectRevert(IHubRegistry.AssetAlreadyRegistered.selector);
+        registry.registerAsset(EUR, 6);
+
+        // A different decimals value does not change the outcome: still reverts, no overwrite.
+        vm.expectRevert(IHubRegistry.AssetAlreadyRegistered.selector);
+        registry.registerAsset(EUR, 18);
+
+        assertEq(registry.decimals(EUR), 6);
+    }
+
+    function testRegisterAssetZeroDecimalsRevertsOnDuplicate() public {
+        registry.registerAsset(EUR, 0);
+
+        // The registered flag, not the decimals value, gates re-registration.
+        vm.expectRevert(IHubRegistry.AssetAlreadyRegistered.selector);
+        registry.registerAsset(EUR, 0);
+    }
+
+    function testDecimalsRevertsOnUnregistered() public {
+        AssetId unregistered = AssetId.wrap(978);
+
+        vm.expectRevert(IHubRegistry.AssetNotFound.selector);
+        registry.decimals(unregistered);
+
+        vm.expectRevert(IHubRegistry.AssetNotFound.selector);
+        registry.decimals(uint256(AssetId.unwrap(unregistered)));
+    }
+
+    function testUpdateCurrencyRevertsOnDecimalsMismatch() public {
+        // Incumbent pool currency (USD, registered in setUp): 6 decimals.
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, makeAddr("fundAdmin"), USD);
+
+        // A coarser (0-dec) currency: rejected, pool decimals must stay 6 to match deployed share tokens.
+        AssetId zeroDecCurrency = AssetId.wrap(978);
+        registry.registerAsset(zeroDecCurrency, 0);
+        vm.expectRevert(IHubRegistry.CurrencyDecimalsMismatch.selector);
+        registry.updateCurrency(poolId, zeroDecCurrency);
+
+        AssetId eighteenDecCurrency = AssetId.wrap(979);
+        registry.registerAsset(eighteenDecCurrency, 18);
+        vm.expectRevert(IHubRegistry.CurrencyDecimalsMismatch.selector);
+        registry.updateCurrency(poolId, eighteenDecCurrency);
+
+        // Currency unchanged after both rejected swaps.
+        assertEq(AssetId.unwrap(registry.currency(poolId)), AssetId.unwrap(USD));
+        assertEq(registry.decimals(poolId), 6);
+    }
+
+    function testUpdateCurrencySameDecimalsDifferentAsset() public {
+        PoolId poolId = registry.poolId(CENTRIFUGE_ID, 1);
+        registry.registerPool(poolId, makeAddr("fundAdmin"), USD);
+
+        // A different asset with the same 6 decimals: the swap is permitted and pool decimals stay 6.
+        AssetId sameDecCurrency = AssetId.wrap(978);
+        registry.registerAsset(sameDecCurrency, 6);
+
+        vm.expectEmit();
+        emit IHubRegistry.UpdateCurrency(poolId, sameDecCurrency);
+        registry.updateCurrency(poolId, sameDecCurrency);
+
+        assertEq(AssetId.unwrap(registry.currency(poolId)), AssetId.unwrap(sameDecCurrency));
+        assertEq(registry.decimals(poolId), 6);
+    }
 }
diff --git a/test/core/hub/unit/ShareClassManager.t.sol b/test/core/hub/unit/ShareClassManager.t.sol
index d70ee4284..4871f5888 100644
--- a/test/core/hub/unit/ShareClassManager.t.sol
+++ b/test/core/hub/unit/ShareClassManager.t.sol
@@ -39,6 +39,16 @@ bytes32 constant SC_SECOND_SALT = bytes32(uint256(bytes32(bytes8(POOL_ID))) + 2)
 uint32 constant STORAGE_INDEX_METRICS = 3;
 
 contract HubRegistryMock {
+    bool public poolExists = true;
+
+    function setPoolExists(bool poolExists_) external {
+        poolExists = poolExists_;
+    }
+
+    function exists(PoolId) external view returns (bool) {
+        return poolExists;
+    }
+
     function decimals(PoolId) external pure returns (uint8) {
         return DECIMALS_POOL;
     }
@@ -274,10 +284,24 @@ contract ShareClassManagerRevertsTest is ShareClassManagerBaseTest {
         shareClass.updateShares(centrifugeId, poolId, wrongScId, 100, true);
     }
 
-    function testDecreaseOverFlow() public {
-        // vm.expectRevert(ShareClassManager.DecreaseMoreThanIssued.selector); // Error doesn't exist
-        vm.expectRevert();
+    function testDecreaseBeyondIssuanceDoesNotRevert() public {
+        // A revocation arriving before the issuance that minted the shares must not revert, or the chain
+        // that sent it would be unable to report anything further.
         shareClass.updateShares(centrifugeId, poolId, scId, 1, false);
+
+        vm.expectRevert(IShareClassManager.NegativeIssuance.selector);
+        shareClass.totalIssuance(poolId, scId);
+
+        (uint128 issuances, uint128 revocations) = shareClass.issuanceAcrossNetworks(poolId, scId);
+        assertEq(issuances, 0);
+        assertEq(revocations, 1);
+    }
+
+    function testAddShareClassNonExistingPool() public {
+        HubRegistryMock(hubRegistryMock).setPoolExists(false);
+
+        vm.expectRevert(IHubRegistry.NonExistingPool.selector);
+        shareClass.addShareClass(poolId, SC_NAME, SC_SYMBOL, SC_SECOND_SALT);
     }
 
     function testAddShareClassInvalidNameEmpty() public {
@@ -386,18 +410,24 @@ contract ShareClassManagerPendingIssuanceTest is ShareClassManagerBaseTest {
         // Issue on another network to keep totalIssuance positive
         shareClass.updateShares(2, poolId, scId, 1000, true);
 
-        // Try to revoke without any issuance on network 1
+        // Revoke without any issuance on network 1
         shareClass.updateShares(centrifugeId, poolId, scId, 100, false);
 
         // Reading issuance for network 1 should revert with NegativeIssuance
         vm.expectRevert(IShareClassManager.NegativeIssuance.selector);
         shareClass.issuance(poolId, scId, centrifugeId);
 
-        // But we can still read issuance for network 2
+        // The two counters show the same thing without reverting, which is what SimplePriceManager reads
+        // while the hub is handling a message
+        (uint128 issuances, uint128 revocations) = shareClass.issuancePerNetwork(poolId, scId, centrifugeId);
+        assertEq(issuances, 0);
+        assertEq(revocations, 100);
+
+        // Network 2 is unaffected
         assertEq(shareClass.issuance(poolId, scId, 2), 1000);
     }
 
-    function testNegativeIssuanceRevertsAfterPartialRevoke() public {
+    function testNegativeIssuanceAfterPartialRevoke() public {
         // Issue 500 on network 1 and 1000 on network 2
         shareClass.updateShares(centrifugeId, poolId, scId, 500, true);
         shareClass.updateShares(2, poolId, scId, 1000, true);
@@ -405,7 +435,6 @@ contract ShareClassManagerPendingIssuanceTest is ShareClassManagerBaseTest {
         // Revoke 600 on network 1 (more than issued on that network)
         shareClass.updateShares(centrifugeId, poolId, scId, 600, false);
 
-        // This should revert when trying to read issuance for network 1
         vm.expectRevert(IShareClassManager.NegativeIssuance.selector);
         shareClass.issuance(poolId, scId, centrifugeId);
 
@@ -431,6 +460,82 @@ contract ShareClassManagerPendingIssuanceTest is ShareClassManagerBaseTest {
         shareClass.issuance(poolId, scId, 2);
     }
 
+    function testTotalIssuanceRefusesShortfallAndNets() public {
+        // Revoking more than the hub knows about does not revert, and the extra is not thrown away
+        shareClass.updateShares(1, poolId, scId, 400, true);
+        shareClass.updateShares(2, poolId, scId, 1000, false);
+
+        vm.expectRevert(IShareClassManager.NegativeIssuance.selector);
+        shareClass.totalIssuance(poolId, scId);
+
+        (uint128 issuances, uint128 revocations) = shareClass.issuanceAcrossNetworks(poolId, scId);
+        assertEq(issuances, 400);
+        assertEq(revocations, 1000);
+
+        // The chain reports its issuance and the numbers add up again
+        shareClass.updateShares(2, poolId, scId, 1000, true);
+
+        assertEq(shareClass.totalIssuance(poolId, scId), 400);
+        assertEq(shareClass.issuance(poolId, scId, 2), 0);
+        (issuances, revocations) = shareClass.issuanceAcrossNetworks(poolId, scId);
+        assertEq(issuances, 1400);
+        assertEq(revocations, 1000);
+    }
+
+    function testNegativeNetworkCountTracksCrossings() public {
+        shareClass.updateShares(1, poolId, scId, 5000, true);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 0);
+
+        // Two networks revoke more than they have reported issuing.
+        vm.expectEmit();
+        emit IShareClassManager.UpdateNegativeNetworkCount(poolId, scId, 2, 1);
+        shareClass.updateShares(2, poolId, scId, 100, false);
+
+        shareClass.updateShares(3, poolId, scId, 100, false);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 2);
+
+        // Only a crossing moves the count. A further revocation on a network already counted is a no-op.
+        shareClass.updateShares(2, poolId, scId, 100, false);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 2);
+
+        // And an issuance that does not bring a network back to parity leaves it counted.
+        shareClass.updateShares(2, poolId, scId, 100, true);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 2);
+
+        // Reaching parity is the crossing back out.
+        vm.expectEmit();
+        emit IShareClassManager.UpdateNegativeNetworkCount(poolId, scId, 2, 1);
+        shareClass.updateShares(2, poolId, scId, 100, true);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 1);
+
+        shareClass.updateShares(3, poolId, scId, 100, true);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 0);
+    }
+
+    function testNegativeNetworkCountIsPerShareClass() public {
+        ShareClassId scId2 = shareClass.previewNextShareClassId(poolId);
+        shareClass.addShareClass(poolId, SC_NAME, SC_SYMBOL, SC_SECOND_SALT);
+
+        shareClass.updateShares(centrifugeId, poolId, scId, 100, false);
+
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 1);
+        assertEq(shareClass.negativeNetworkCount(poolId, scId2), 0, "a sibling share class is untouched");
+    }
+
+    /// @dev The count is what tells a reader the netted totals are smaller than the shares the networks
+    ///      really hold, and by how much: the sum of the counted networks' shortfalls.
+    function testNegativeNetworkCountMarksWhereTheTotalsAreShort() public {
+        shareClass.updateShares(1, poolId, scId, 1000, true);
+        shareClass.updateShares(2, poolId, scId, 400, false);
+
+        assertEq(shareClass.negativeNetworkCount(poolId, scId), 1);
+        assertEq(shareClass.totalIssuance(poolId, scId), 600, "netted across networks");
+
+        (uint128 issuances, uint128 revocations) = shareClass.issuancePerNetwork(poolId, scId, 2);
+        assertEq(revocations - issuances, 400, "network 2 is short by 400");
+        assertEq(shareClass.issuance(poolId, scId, 1), 1000, "so what the networks hold sums to 1000, not 600");
+    }
+
     function testFuzzIssuanceAccounting(uint128 issue1, uint128 revoke1, uint128 issue2) public {
         vm.assume(issue1 >= revoke1);
         vm.assume(uint256(issue1) + uint256(issue2) <= type(uint128).max);
diff --git a/test/core/mocks/MockAdapter.sol b/test/core/mocks/MockAdapter.sol
index d54b3e60f..9cf6e31f3 100644
--- a/test/core/mocks/MockAdapter.sol
+++ b/test/core/mocks/MockAdapter.sol
@@ -3,6 +3,8 @@ pragma solidity 0.8.28;
 
 import {Mock} from "./Mock.sol";
 
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {MultiAdapter} from "../../../src/core/messaging/MultiAdapter.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
 import {IMessageHandler} from "../../../src/core/messaging/interfaces/IMessageHandler.sol";
 
@@ -20,12 +22,16 @@ contract MockAdapter is Mock, IAdapter {
     }
 
     function execute(bytes memory _message) external {
-        gateway.handle(centrifugeId, _message);
+        MultiAdapter multiAdapter = MultiAdapter(address(gateway));
+        PoolId poolId = multiAdapter.messageProperties().messagePoolId(_message);
+        uint16 sessionId = multiAdapter.activeSessionId(centrifugeId, poolId);
+        gateway.handle(centrifugeId, abi.encodePacked(sessionId, _message));
     }
 
     function send(uint16, bytes calldata message, uint256, address) public payable returns (bytes32 adapterData) {
         callWithValue("send", msg.value);
-        values_bytes["send"] = message;
+        // Strip the 2-byte session ID prefix that MultiAdapter prepends to outgoing messages
+        values_bytes["send"] = message[2:];
         sent[message]++;
         adapterData = bytes32("");
     }
@@ -37,8 +43,4 @@ contract MockAdapter is Mock, IAdapter {
     function wire(bytes memory) external pure {
         revert("MockAdapter: wire not supported");
     }
-
-    function isWired(uint16) external pure returns (bool) {
-        revert("MockAdapter: isWired not supported");
-    }
 }
diff --git a/test/core/mocks/MockPoolEscrowProvider.sol b/test/core/mocks/MockPoolEscrowProvider.sol
new file mode 100644
index 000000000..a82259f6c
--- /dev/null
+++ b/test/core/mocks/MockPoolEscrowProvider.sol
@@ -0,0 +1,24 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {IPoolEscrow} from "../../../src/core/spoke/interfaces/IPoolEscrow.sol";
+import {IPoolEscrowProvider} from "../../../src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
+
+contract MockPoolEscrowProvider is IPoolEscrowProvider {
+    mapping(uint64 => address) internal _escrows;
+    mapping(address => PoolId) internal _poolIds;
+
+    function setEscrow(PoolId poolId_, address escrow_) external {
+        _escrows[poolId_.raw()] = escrow_;
+        _poolIds[escrow_] = poolId_;
+    }
+
+    function escrow(PoolId poolId_) external view returns (IPoolEscrow) {
+        return IPoolEscrow(_escrows[poolId_.raw()]);
+    }
+
+    function poolId(address escrow_) external view returns (PoolId) {
+        return _poolIds[escrow_];
+    }
+}
diff --git a/test/core/spoke/mocks/MockFullRestrictions.sol b/test/core/spoke/mocks/MockFullRestrictions.sol
index 0615f3822..6d1b7daef 100644
--- a/test/core/spoke/mocks/MockFullRestrictions.sol
+++ b/test/core/spoke/mocks/MockFullRestrictions.sol
@@ -1,22 +1,22 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {HookData} from "../../../../src/core/spoke/interfaces/ITransferHook.sol";
-
-import {FullRestrictions} from "../../../../src/hooks/FullRestrictions.sol";
+import {FullRestrictions} from "../../../../src/token/hooks/FullRestrictions.sol";
 
 import {Mock} from "../../mocks/Mock.sol";
 
+import {HookData} from "../../../../src/token/interfaces/ITransferHook.sol";
+
 contract MockFullRestrictions is FullRestrictions, Mock {
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
-    ) FullRestrictions(root_, spoke_, balanceSheet_, crosschainSource_, deployer, poolEscrowProvider_, poolEscrow_) {}
+        address poolEscrowProvider_
+    ) FullRestrictions(root_, envoy_, spokeRegistry_, spoke_, crosschainSource_, deployer, poolEscrowProvider_) {}
 
     function onERC20Transfer(address from, address to, uint256 value, HookData calldata hookData)
         public
diff --git a/test/core/spoke/unit/BalanceSheet.t.sol b/test/core/spoke/unit/BalanceSheet.t.sol
deleted file mode 100644
index 46aeb30ca..000000000
--- a/test/core/spoke/unit/BalanceSheet.t.sol
+++ /dev/null
@@ -1,1050 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {D18, d18} from "../../../../src/misc/types/D18.sol";
-import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
-import {IERC20} from "../../../../src/misc/interfaces/IERC20.sol";
-import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
-import {IEscrow} from "../../../../src/misc/interfaces/IEscrow.sol";
-import {IERC6909} from "../../../../src/misc/interfaces/IERC6909.sol";
-
-import {PoolId} from "../../../../src/core/types/PoolId.sol";
-import {AssetId} from "../../../../src/core/types/AssetId.sol";
-import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
-import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
-import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
-import {IEndorsements} from "../../../../src/core/spoke/interfaces/IEndorsements.sol";
-import {ISpokeMessageSender} from "../../../../src/core/messaging/interfaces/IGatewaySenders.sol";
-import {BalanceSheet, IBalanceSheet, WithdrawMode} from "../../../../src/core/spoke/BalanceSheet.sol";
-import {IPoolEscrowProvider} from "../../../../src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
-
-import {IRoot} from "../../../../src/admin/interfaces/IRoot.sol";
-
-import {UpdateRestrictionMessageLib} from "../../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
-
-import "forge-std/Test.sol";
-
-// Need it to overpass a mockCall issue: https://github.com/foundry-rs/foundry/issues/10703
-contract IsContract {}
-
-contract BalanceSheetExt is BalanceSheet {
-    constructor(IRoot root_, address deployer) BalanceSheet(root_, deployer) {}
-
-    function pricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId) public view returns (D18) {
-        return super._pricePoolPerAsset(poolId, scId, assetId);
-    }
-
-    function pricePoolPerShare(PoolId poolId, ShareClassId scId) public view returns (D18) {
-        return super._pricePoolPerShare(poolId, scId);
-    }
-}
-
-contract BalanceSheetTest is Test {
-    using UpdateRestrictionMessageLib for *;
-    using CastLib for *;
-
-    IRoot root = IRoot(makeAddr("Root"));
-    ISpoke spoke = ISpoke(makeAddr("Spoke"));
-    IGateway gateway = IGateway(makeAddr("Gateway"));
-    ISpokeMessageSender sender = ISpokeMessageSender(address(new IsContract()));
-    address erc6909 = address(new IsContract());
-    address erc20 = address(new IsContract());
-    address share = address(new IsContract());
-    address escrow = address(new IsContract());
-    IPoolEscrowProvider escrowProvider = IPoolEscrowProvider(makeAddr("EscrowProvider"));
-
-    address immutable AUTH = makeAddr("AUTH");
-    address immutable ANY = makeAddr("ANY");
-    address immutable SENDER = makeAddr("SENDER");
-    address immutable FROM = makeAddr("FROM");
-    address immutable TO = makeAddr("TO");
-    address immutable MANAGER = makeAddr("MANAGER");
-    address immutable REFUND = makeAddr("REFUND");
-
-    uint128 constant AMOUNT = 100;
-    uint256 constant COST = 123;
-    PoolId constant POOL_A = PoolId.wrap(1);
-    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("scId"));
-    AssetId constant ASSET_20 = AssetId.wrap(3);
-    AssetId constant ASSET_6909_1 = AssetId.wrap(4);
-    uint256 constant TOKEN_ID = 1;
-    bool constant IS_ISSUANCE = true;
-    bool constant IS_DEPOSIT = true;
-    bool constant IS_SNAPSHOT = true;
-    uint128 constant EXTRA_GAS = 0;
-    uint32 constant RESERVE_REASON = 1;
-
-    D18 immutable IDENTITY_PRICE = d18(1, 1);
-    D18 immutable ASSET_PRICE = d18(2, 1);
-    D18 immutable SHARE_PRICE = d18(3, 1);
-
-    BalanceSheetExt balanceSheet = new BalanceSheetExt(root, AUTH);
-
-    function setUp() public virtual {
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.assetToId.selector, erc20, 0), abi.encode(ASSET_20));
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.assetToId.selector, erc6909, TOKEN_ID),
-            abi.encode(ASSET_6909_1)
-        );
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.shareToken.selector, POOL_A, SC_1), abi.encode(share));
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_20, true),
-            abi.encode(ASSET_PRICE)
-        );
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_6909_1, true),
-            abi.encode(ASSET_PRICE)
-        );
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.pricePoolPerShare.selector, POOL_A, SC_1, true),
-            abi.encode(SHARE_PRICE)
-        );
-        vm.mockCall(
-            address(escrowProvider),
-            abi.encodeWithSelector(IPoolEscrowProvider.escrow.selector, POOL_A),
-            abi.encode(escrow)
-        );
-
-        vm.startPrank(AUTH);
-        balanceSheet.file("spoke", address(spoke));
-        balanceSheet.file("sender", address(sender));
-        balanceSheet.file("poolEscrowProvider", address(escrowProvider));
-        balanceSheet.file("gateway", address(gateway));
-        balanceSheet.updateManager(POOL_A, MANAGER, true);
-        vm.stopPrank();
-
-        vm.deal(ANY, 1 ether);
-        vm.deal(MANAGER, 1 ether);
-        vm.deal(AUTH, 1 ether);
-    }
-
-    function _mockEscrowDeposit(address asset, uint256 tokenId, uint128 amount) internal {
-        vm.mockCall(
-            escrow, abi.encodeWithSelector(IPoolEscrow.deposit.selector, SC_1, asset, tokenId, amount), abi.encode()
-        );
-    }
-
-    function _mockEscrowWithdraw(address asset, uint256 tokenId, uint128 amount) internal {
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.withdraw.selector, SC_1, asset, tokenId, TO, amount),
-            abi.encode()
-        );
-        vm.mockCall(
-            escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, asset, tokenId, TO, amount), abi.encode()
-        );
-    }
-
-    function _mockShareMint(uint128 amount) internal {
-        vm.mockCall(share, abi.encodeWithSelector(IShareToken.mint.selector, TO, amount), abi.encode());
-    }
-
-    function _mockShareBurn(uint128 amount) internal {
-        vm.mockCall(share, abi.encodeWithSelector(IShareToken.burn.selector, balanceSheet, amount), abi.encode());
-    }
-
-    function _mockShareAuthTransferFrom(address from, address to, uint128 amount) internal {
-        vm.mockCall(
-            share,
-            abi.encodeWithSelector(IShareToken.authTransferFrom.selector, from, from, to, amount),
-            abi.encode(true)
-        );
-    }
-
-    function _mockSendUpdateHoldingAmount(
-        AssetId assetId,
-        uint128 amount,
-        D18 price,
-        bool isDeposit,
-        bool isSnapshot,
-        uint64 nonce
-    ) internal {
-        vm.mockCall(
-            address(sender),
-            COST,
-            abi.encodeWithSelector(
-                ISpokeMessageSender.sendUpdateHoldingAmount.selector,
-                POOL_A,
-                SC_1,
-                assetId,
-                ISpokeMessageSender.UpdateData({
-                    netAmount: amount, isIncrease: isDeposit, isSnapshot: isSnapshot, nonce: nonce
-                }),
-                price,
-                EXTRA_GAS,
-                REFUND
-            ),
-            abi.encode()
-        );
-    }
-
-    function _mockSendUpdateShares(uint128 delta, bool isPositive, bool isSnapshot, uint64 nonce) internal {
-        vm.mockCall(
-            address(sender),
-            COST,
-            abi.encodeWithSelector(
-                ISpokeMessageSender.sendUpdateShares.selector,
-                POOL_A,
-                SC_1,
-                ISpokeMessageSender.UpdateData({
-                    netAmount: delta, isIncrease: isPositive, isSnapshot: isSnapshot, nonce: nonce
-                }),
-                EXTRA_GAS,
-                REFUND
-            ),
-            abi.encode()
-        );
-    }
-}
-
-contract BalanceSheetTestFile is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.file("any", address(0));
-    }
-
-    function testErrFileUnrecognizedParam() public {
-        vm.prank(AUTH);
-        vm.expectRevert(IBalanceSheet.FileUnrecognizedParam.selector);
-        balanceSheet.file("unknown", address(1));
-    }
-
-    function testFile() public view {
-        // Data initialized in setUp
-        assertEq(address(balanceSheet.spoke()), address(spoke));
-        assertEq(address(balanceSheet.sender()), address(sender));
-        assertEq(address(balanceSheet.poolEscrowProvider()), address(escrowProvider));
-        assertEq(address(balanceSheet.gateway()), address(gateway));
-    }
-}
-
-contract BalanceSheetTestUpdateManager is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.updateManager(POOL_A, MANAGER, true);
-    }
-
-    function testUpdateManager() public view {
-        // Data initialized in setUp
-        assertEq(balanceSheet.manager(POOL_A, MANAGER), true);
-    }
-}
-
-contract BalanceSheetTestNoteDeposit is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.deposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-    }
-
-    function testNoteDeposit() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IBalanceSheet.NoteDeposit(POOL_A, SC_1, MANAGER, erc20, 0, AMOUNT, ASSET_PRICE);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 1);
-
-        (uint128 deposits,) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(deposits, AMOUNT);
-    }
-
-    function testNoteDepositZero() public {
-        _mockEscrowDeposit(erc20, 0, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, 0);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-    }
-
-    function testNoteDepositTwice() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 1);
-
-        (uint128 deposits,) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(deposits, AMOUNT * 2);
-    }
-
-    function testNoteDepositPriceOverridingPrice() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerAsset(POOL_A, SC_1, ASSET_20, IDENTITY_PRICE);
-
-        vm.expectEmit();
-        emit IBalanceSheet.NoteDeposit(POOL_A, SC_1, MANAGER, erc20, 0, AMOUNT, IDENTITY_PRICE); // <- override
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-    }
-}
-
-contract BalanceSheetTestDeposit is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.deposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-    }
-
-    function testDepositERC20() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-
-        vm.mockCall(
-            erc20, abi.encodeWithSelector(IERC20.transferFrom.selector, MANAGER, escrow, AMOUNT), abi.encode(true)
-        );
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IBalanceSheet.NoteDeposit(POOL_A, SC_1, MANAGER, erc20, 0, AMOUNT, ASSET_PRICE);
-        vm.expectEmit();
-        emit IBalanceSheet.Deposit(POOL_A, SC_1, MANAGER, erc20, 0, AMOUNT);
-        balanceSheet.deposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-    }
-
-    function testDepositERC6909() public {
-        _mockEscrowDeposit(erc6909, TOKEN_ID, AMOUNT);
-
-        vm.mockCall(
-            address(erc6909),
-            abi.encodeWithSelector(IERC6909.transferFrom.selector, MANAGER, escrow, TOKEN_ID, AMOUNT),
-            abi.encode(true)
-        );
-
-        vm.prank(MANAGER);
-        balanceSheet.deposit(POOL_A, SC_1, address(erc6909), TOKEN_ID, AMOUNT);
-    }
-}
-
-contract BalanceSheetTestWithdraw is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-    }
-
-    function testWithdraw() public {
-        _mockEscrowWithdraw(erc20, 0, AMOUNT);
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IBalanceSheet.Withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, ASSET_PRICE);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 1);
-
-        (, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(withdrawals, AMOUNT);
-    }
-
-    function testWithdrawZero() public {
-        _mockEscrowWithdraw(erc20, 0, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, 0, WithdrawMode.Full);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-    }
-
-    function testWithdrawTwice() public {
-        _mockEscrowWithdraw(erc20, 0, AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 1);
-
-        (, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(withdrawals, AMOUNT * 2);
-    }
-
-    function testWithdrawOverridingPrice() public {
-        _mockEscrowWithdraw(erc20, 0, AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerAsset(POOL_A, SC_1, ASSET_20, IDENTITY_PRICE);
-
-        vm.expectEmit();
-        emit IBalanceSheet.Withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, IDENTITY_PRICE); // override
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-    }
-
-    function testWithdrawEscrowOnlyNoQueue() public {
-        vm.mockCall(
-            escrow, abi.encodeWithSelector(IPoolEscrow.withdraw.selector, SC_1, erc20, 0, TO, AMOUNT), abi.encode()
-        );
-        vm.mockCall(escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, erc20, 0, TO, AMOUNT), abi.encode());
-
-        vm.prank(MANAGER);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.EscrowAndTransfer);
-
-        // Verify no queueing happened
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-        (, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(withdrawals, 0);
-    }
-
-    function testWithdrawEscrowAndTransferEmitsEvent() public {
-        vm.mockCall(
-            escrow, abi.encodeWithSelector(IPoolEscrow.withdraw.selector, SC_1, erc20, 0, TO, AMOUNT), abi.encode()
-        );
-        vm.mockCall(escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, erc20, 0, TO, AMOUNT), abi.encode());
-
-        vm.expectEmit();
-        emit IBalanceSheet.Withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, ASSET_PRICE);
-
-        vm.prank(MANAGER);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.EscrowAndTransfer);
-    }
-}
-
-contract BalanceSheetTestReserve is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.reserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
-    }
-
-    function testReserve() public {
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.reserve.selector, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON),
-            abi.encode()
-        );
-
-        vm.prank(MANAGER);
-        balanceSheet.reserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
-    }
-}
-
-contract BalanceSheetTestUnreserve is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.unreserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
-    }
-
-    function testUnreserve() public {
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.unreserve.selector, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON),
-            abi.encode()
-        );
-
-        vm.prank(MANAGER);
-        balanceSheet.unreserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
-    }
-}
-
-contract BalanceSheetTestIssue is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-    }
-
-    function testIssue() public {
-        _mockShareMint(AMOUNT);
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IBalanceSheet.Issue(POOL_A, SC_1, MANAGER, TO, SHARE_PRICE, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT);
-        assertEq(isPositive, true);
-    }
-
-    function testIssueTwice() public {
-        _mockShareMint(AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT * 2);
-        assertEq(isPositive, true);
-    }
-
-    function testIssueOverridingPrice() public {
-        _mockShareMint(AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerShare(POOL_A, SC_1, IDENTITY_PRICE);
-
-        vm.expectEmit();
-        emit IBalanceSheet.Issue(POOL_A, SC_1, MANAGER, TO, IDENTITY_PRICE, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-    }
-}
-
-contract BalanceSheetTestRevoke is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-    }
-
-    function testRevoke() public {
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IBalanceSheet.Revoke(POOL_A, SC_1, MANAGER, MANAGER, SHARE_PRICE, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT);
-        assertEq(isPositive, false);
-    }
-
-    function testRevokeTwice() public {
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT * 2);
-        assertEq(isPositive, false);
-    }
-
-    function testRevokeOverridingPrice() public {
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerShare(POOL_A, SC_1, IDENTITY_PRICE);
-
-        vm.expectEmit();
-        emit IBalanceSheet.Revoke(POOL_A, SC_1, MANAGER, MANAGER, IDENTITY_PRICE, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-    }
-}
-
-contract BalanceSheetTestIssueAndRevokeCombinations is BalanceSheetTest {
-    function testIssueAndThenRevokeSameAmount() public {
-        _mockShareMint(AMOUNT);
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, 0);
-        assertEq(isPositive, false);
-    }
-
-    function testIssueAndThenRevokeAndThenIssueSameAmount() public {
-        _mockShareMint(AMOUNT);
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT);
-        assertEq(isPositive, true);
-    }
-
-    function testIssueAndThenRevokeWithLessAmount() public {
-        _mockShareMint(AMOUNT);
-        _mockShareBurn(AMOUNT / 4);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT / 4);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT / 4);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT * 3 / 4);
-        assertEq(isPositive, true);
-    }
-
-    function testIssueAndThenRevokeWithMoreAmount() public {
-        _mockShareMint(AMOUNT);
-        _mockShareBurn(2 * AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), 2 * AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, 2 * AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT);
-        assertEq(isPositive, false);
-    }
-
-    function testRevokeAndThenIssueAndThenRevokeSameAmount() public {
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-        _mockShareMint(AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT);
-        assertEq(isPositive, false);
-    }
-
-    function testRevokeAndThenIssueSameAmount() public {
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-        _mockShareMint(AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, 0);
-        assertEq(isPositive, false);
-    }
-
-    function testRevokeAndThenIssueWithLessAmount() public {
-        _mockShareBurn(AMOUNT / 4);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT / 4);
-        _mockShareMint(AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT / 4);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT * 3 / 4);
-        assertEq(isPositive, true);
-    }
-
-    function testRevokeAndThenIssueWithMoreAmount() public {
-        _mockShareBurn(2 * AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), 2 * AMOUNT);
-        _mockShareMint(AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.revoke(POOL_A, SC_1, 2 * AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, AMOUNT);
-        assertEq(isPositive, false);
-    }
-}
-
-contract BalanceSheetTestSubmitQueuedAssets is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-    }
-
-    function testSubmitQueuedAssets() public {
-        _mockSendUpdateHoldingAmount(ASSET_20, 0, ASSET_PRICE, !IS_DEPOSIT, IS_SNAPSHOT, 0);
-
-        vm.prank(MANAGER);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        (,,, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedAssetsOverridingPrice() public {
-        _mockSendUpdateHoldingAmount(ASSET_20, 0, IDENTITY_PRICE, !IS_DEPOSIT, IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerAsset(POOL_A, SC_1, ASSET_20, IDENTITY_PRICE);
-
-        vm.expectEmit();
-        emit IBalanceSheet.SubmitQueuedAssets(
-            POOL_A, SC_1, ASSET_20, ISpokeMessageSender.UpdateData(0, !IS_DEPOSIT, IS_SNAPSHOT, 0), IDENTITY_PRICE
-        );
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-    }
-
-    function testSubmitQueuedAssetsWithMoreDepositAmount() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT * 3);
-        _mockEscrowWithdraw(erc20, 0, AMOUNT);
-        _mockSendUpdateHoldingAmount(ASSET_20, AMOUNT * 2, ASSET_PRICE, IS_DEPOSIT, IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT * 3);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-
-        vm.expectEmit();
-        emit IBalanceSheet.SubmitQueuedAssets(
-            POOL_A, SC_1, ASSET_20, ISpokeMessageSender.UpdateData(AMOUNT * 2, IS_DEPOSIT, IS_SNAPSHOT, 0), ASSET_PRICE
-        );
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(deposits, 0);
-        assertEq(withdrawals, 0);
-
-        (,, uint32 queuedAssetCounter, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedAssetsWithMoreWithdrawAmount() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-        _mockEscrowWithdraw(erc20, 0, AMOUNT * 3);
-        _mockSendUpdateHoldingAmount(ASSET_20, AMOUNT * 2, ASSET_PRICE, !IS_DEPOSIT, IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT * 3, WithdrawMode.Full);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(deposits, 0);
-        assertEq(withdrawals, 0);
-
-        (,, uint32 queuedAssetCounter, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedAssetsWithSameAmount() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-        _mockEscrowWithdraw(erc20, 0, AMOUNT);
-        _mockSendUpdateHoldingAmount(ASSET_20, 0, ASSET_PRICE, !IS_DEPOSIT, IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.Full);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(deposits, 0);
-        assertEq(withdrawals, 0);
-
-        (,, uint32 queuedAssetCounter, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedAssetsWithDifferentAssets() public {
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-        _mockEscrowDeposit(erc6909, TOKEN_ID, AMOUNT);
-        _mockSendUpdateHoldingAmount(ASSET_20, AMOUNT, ASSET_PRICE, IS_DEPOSIT, !IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc6909, TOKEN_ID, AMOUNT);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(deposits, 0);
-        assertEq(withdrawals, 0);
-
-        (,, uint32 queuedAssetCounter, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 1);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedAssetsTwice() public {
-        vm.startPrank(MANAGER);
-        _mockSendUpdateHoldingAmount(ASSET_20, 0, ASSET_PRICE, !IS_DEPOSIT, IS_SNAPSHOT, 0);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        _mockSendUpdateHoldingAmount(ASSET_20, 0, ASSET_PRICE, !IS_DEPOSIT, IS_SNAPSHOT, 1);
-        balanceSheet.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_20, EXTRA_GAS, REFUND);
-
-        (,,, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(nonce, 2);
-    }
-}
-
-contract BalanceSheetTestSubmitQueuedShares is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-    }
-
-    function testSubmitQueuedShares() public {
-        _mockSendUpdateShares(0, !IS_ISSUANCE, IS_SNAPSHOT, 0);
-
-        vm.prank(MANAGER);
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-
-        (,,, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedSharesWithDeltaPositive() public {
-        _mockShareMint(AMOUNT);
-        _mockSendUpdateShares(AMOUNT, IS_ISSUANCE, IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-
-        vm.expectEmit();
-        emit IBalanceSheet.SubmitQueuedShares(
-            POOL_A, SC_1, ISpokeMessageSender.UpdateData(AMOUNT, IS_ISSUANCE, IS_SNAPSHOT, 0)
-        );
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-
-        (uint128 delta, bool isPositive,, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(delta, 0);
-        assertEq(isPositive, false);
-        assertEq(nonce, 1);
-    }
-
-    function testSubmitQueuedSharesWithDeltaNegative() public {
-        _mockShareBurn(AMOUNT);
-        _mockShareAuthTransferFrom(MANAGER, address(balanceSheet), AMOUNT);
-        _mockSendUpdateShares(AMOUNT, !IS_ISSUANCE, IS_SNAPSHOT, 0);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.revoke(POOL_A, SC_1, AMOUNT);
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-    }
-
-    function testSubmitQueuedSharesAfterUpdateAssets() public {
-        _mockShareMint(AMOUNT);
-        _mockSendUpdateShares(AMOUNT, IS_ISSUANCE, !IS_SNAPSHOT, 0);
-        _mockEscrowDeposit(erc20, 0, AMOUNT);
-
-        vm.startPrank(MANAGER);
-        balanceSheet.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
-        balanceSheet.issue(POOL_A, SC_1, TO, AMOUNT);
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-    }
-
-    function testSubmitQueuedSharesTwice() public {
-        _mockSendUpdateShares(0, IS_ISSUANCE, IS_SNAPSHOT, 2);
-
-        vm.startPrank(MANAGER);
-        _mockSendUpdateShares(0, !IS_ISSUANCE, IS_SNAPSHOT, 0);
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-        _mockSendUpdateShares(0, !IS_ISSUANCE, IS_SNAPSHOT, 1);
-        balanceSheet.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
-
-        (,,, uint64 nonce) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(nonce, 2);
-    }
-}
-
-contract BalanceSheetTestTransferSharesFrom is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.transferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
-    }
-
-    function testErrCannotTransferFromEndorsedContract() public {
-        vm.mockCall(address(root), abi.encodeWithSelector(IEndorsements.endorsed.selector, FROM), abi.encode(true));
-
-        vm.prank(MANAGER);
-        vm.expectRevert(IBalanceSheet.CannotTransferFromEndorsedContract.selector);
-        balanceSheet.transferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
-    }
-
-    function testTransferSharesFrom() public {
-        vm.mockCall(address(root), abi.encodeWithSelector(IEndorsements.endorsed.selector, FROM), abi.encode(false));
-        vm.mockCall(
-            share,
-            abi.encodeWithSelector(IShareToken.authTransferFrom.selector, SENDER, FROM, TO, AMOUNT),
-            abi.encode(true)
-        );
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IBalanceSheet.TransferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
-        balanceSheet.transferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
-    }
-}
-
-contract BalanceSheetTestOverridePricePoolPerAsset is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.overridePricePoolPerAsset(POOL_A, SC_1, ASSET_20, IDENTITY_PRICE);
-    }
-
-    function testOverrideAsset() public {
-        vm.prank(MANAGER);
-        balanceSheet.overridePricePoolPerAsset(POOL_A, SC_1, ASSET_20, IDENTITY_PRICE);
-
-        assertEq(balanceSheet.pricePoolPerAsset(POOL_A, SC_1, ASSET_20).raw(), IDENTITY_PRICE.raw());
-    }
-}
-
-contract BalanceSheetTestOverridePricePoolPerShare is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.overridePricePoolPerShare(POOL_A, SC_1, IDENTITY_PRICE);
-    }
-
-    function testOverrideShare() public {
-        vm.prank(MANAGER);
-        balanceSheet.overridePricePoolPerShare(POOL_A, SC_1, IDENTITY_PRICE);
-
-        assertEq(balanceSheet.pricePoolPerShare(POOL_A, SC_1).raw(), IDENTITY_PRICE.raw());
-    }
-}
-
-contract BalanceSheetTestResetPricePoolPerAsset is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.resetPricePoolPerAsset(POOL_A, SC_1, ASSET_20);
-    }
-
-    function testResetAsset() public {
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerAsset(POOL_A, SC_1, ASSET_20, IDENTITY_PRICE);
-        balanceSheet.resetPricePoolPerAsset(POOL_A, SC_1, ASSET_20);
-
-        assertEq(balanceSheet.pricePoolPerAsset(POOL_A, SC_1, ASSET_20).raw(), ASSET_PRICE.raw());
-    }
-}
-
-contract BalanceSheetTestResetPricePoolPerShare is BalanceSheetTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        balanceSheet.resetPricePoolPerShare(POOL_A, SC_1);
-    }
-
-    function testResetShare() public {
-        vm.startPrank(MANAGER);
-        balanceSheet.overridePricePoolPerShare(POOL_A, SC_1, IDENTITY_PRICE);
-        balanceSheet.resetPricePoolPerShare(POOL_A, SC_1);
-
-        assertEq(balanceSheet.pricePoolPerShare(POOL_A, SC_1).raw(), SHARE_PRICE.raw());
-    }
-}
-
-contract BalanceSheetTestWithdrawTransferOnly is BalanceSheetTest {
-    function testWithdrawTransferOnlyERC20() public {
-        vm.mockCall(escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, erc20, 0, TO, AMOUNT), abi.encode());
-
-        vm.prank(MANAGER);
-        balanceSheet.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT, WithdrawMode.TransferOnly);
-
-        // Verify 0 accounting changes
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-        (, uint128 withdrawals) = balanceSheet.queuedAssets(POOL_A, SC_1, ASSET_20);
-        assertEq(withdrawals, 0);
-    }
-
-    function testWithdrawTransferOnlyERC6909() public {
-        vm.mockCall(
-            escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, erc6909, TOKEN_ID, TO, AMOUNT), abi.encode()
-        );
-
-        vm.prank(MANAGER);
-        balanceSheet.withdraw(POOL_A, SC_1, erc6909, TOKEN_ID, TO, AMOUNT, WithdrawMode.TransferOnly);
-
-        (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(POOL_A, SC_1);
-        assertEq(queuedAssetCounter, 0);
-    }
-}
-
-contract BalanceSheetTestAvailableBalanceOf is BalanceSheetTest {
-    function testAvailableBalanceOfERC20() public {
-        uint128 expectedBalance = 1000;
-
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.availableBalanceOf.selector, SC_1, erc20, 0),
-            abi.encode(expectedBalance)
-        );
-
-        uint128 balance = balanceSheet.availableBalanceOf(POOL_A, SC_1, erc20, 0);
-        assertEq(balance, expectedBalance);
-    }
-
-    function testAvailableBalanceOfERC6909() public {
-        uint128 expectedBalance = 500;
-
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.availableBalanceOf.selector, SC_1, erc6909, TOKEN_ID),
-            abi.encode(expectedBalance)
-        );
-
-        uint128 balance = balanceSheet.availableBalanceOf(POOL_A, SC_1, erc6909, TOKEN_ID);
-        assertEq(balance, expectedBalance);
-    }
-}
-
-contract BalanceSheetTestCrossManagerUnreserve is BalanceSheetTest {
-    address constant OTHER_MANAGER = address(0x999);
-
-    function setUp() public override {
-        super.setUp();
-        vm.prank(AUTH);
-        balanceSheet.updateManager(POOL_A, OTHER_MANAGER, true);
-    }
-
-    /// @notice Test that one manager can unreserve another manager's funds (recovery scenario)
-    function testCrossManagerUnreserve() public {
-        // MANAGER reserves funds for itself
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.reserve.selector, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON),
-            abi.encode()
-        );
-        vm.prank(MANAGER);
-        balanceSheet.reserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
-
-        // OTHER_MANAGER can unreserve MANAGER's funds (recovery capability)
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.unreserve.selector, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON),
-            abi.encode()
-        );
-        vm.prank(OTHER_MANAGER);
-        balanceSheet.unreserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
-    }
-
-    /// @notice Test that a manager can reserve on behalf of a different address
-    function testReserveWithDifferentReserver() public {
-        // MANAGER reserves on behalf of OTHER_MANAGER
-        vm.mockCall(
-            escrow,
-            abi.encodeWithSelector(IPoolEscrow.reserve.selector, SC_1, erc20, 0, AMOUNT, OTHER_MANAGER, RESERVE_REASON),
-            abi.encode()
-        );
-        vm.prank(MANAGER);
-        balanceSheet.reserve(POOL_A, SC_1, erc20, 0, AMOUNT, OTHER_MANAGER, RESERVE_REASON);
-    }
-}
diff --git a/test/core/spoke/unit/RestrictedTransfers.t.sol b/test/core/spoke/unit/RestrictedTransfers.t.sol
index 184f9f493..fd5b97bff 100644
--- a/test/core/spoke/unit/RestrictedTransfers.t.sol
+++ b/test/core/spoke/unit/RestrictedTransfers.t.sol
@@ -3,17 +3,18 @@ pragma solidity 0.8.28;
 
 import {IERC165} from "../../../../src/misc/interfaces/IERC7575.sol";
 
-import {ShareToken} from "../../../../src/core/spoke/ShareToken.sol";
-import {ITransferHook} from "../../../../src/core/spoke/interfaces/ITransferHook.sol";
-
-import {IFreezable} from "../../../../src/hooks/interfaces/IFreezable.sol";
-import {FullRestrictions} from "../../../../src/hooks/FullRestrictions.sol";
-import {IMemberlist} from "../../../../src/hooks/interfaces/IMemberlist.sol";
+import {IFreezable} from "../../../../src/token/hooks/interfaces/IFreezable.sol";
+import {FullRestrictions} from "../../../../src/token/hooks/FullRestrictions.sol";
+import {IMemberlist} from "../../../../src/token/hooks/interfaces/IMemberlist.sol";
 
 import {MockRoot} from "../../mocks/MockRoot.sol";
+import {MockPoolEscrowProvider} from "../../mocks/MockPoolEscrowProvider.sol";
 
 import "forge-std/Test.sol";
 
+import {ShareToken} from "../../../../src/token/ShareToken.sol";
+import {ITransferHook} from "../../../../src/token/interfaces/ITransferHook.sol";
+
 contract FullRestrictionsTest is Test {
     MockRoot root;
     address spoke = makeAddr("MockSpoke");
@@ -25,12 +26,12 @@ contract FullRestrictionsTest is Test {
         token = new ShareToken(18);
         fullRestrictionsHook = new FullRestrictions(
             address(root),
+            makeAddr("envoy"),
             spoke,
-            makeAddr("balanceSheet"),
+            makeAddr("spoke"),
             makeAddr("crosschainSource"),
             address(this),
-            makeAddr("poolEscrowProvider"),
-            address(0) // Multi-pool mode
+            address(new MockPoolEscrowProvider())
         );
         token.file("hook", address(fullRestrictionsHook));
     }
diff --git a/test/core/spoke/unit/SnapshotQueue.t.sol b/test/core/spoke/unit/SnapshotQueue.t.sol
new file mode 100644
index 000000000..e59759b95
--- /dev/null
+++ b/test/core/spoke/unit/SnapshotQueue.t.sol
@@ -0,0 +1,447 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {AssetId} from "../../../../src/core/types/AssetId.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {SnapshotQueue} from "../../../../src/core/spoke/SnapshotQueue.sol";
+import {ISnapshotQueue} from "../../../../src/core/spoke/interfaces/ISnapshotQueue.sol";
+import {ISpokeMessageSender} from "../../../../src/core/messaging/interfaces/IGatewaySenders.sol";
+
+import "forge-std/Test.sol";
+
+contract QueuesTest is Test {
+    address immutable AUTH = makeAddr("AUTH");
+    address immutable ANY = makeAddr("ANY");
+
+    uint128 constant AMOUNT = 100;
+    PoolId constant POOL_A = PoolId.wrap(1);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("scId"));
+    AssetId constant ASSET_20 = AssetId.wrap(3);
+    AssetId constant ASSET_6909_1 = AssetId.wrap(4);
+    bool constant IS_ISSUANCE = true;
+    bool constant IS_DEPOSIT = true;
+    bool constant IS_SNAPSHOT = true;
+
+    SnapshotQueue snapshotQueue = new SnapshotQueue(AUTH);
+}
+
+contract QueuesTestAuth is QueuesTest {
+    function testErrNotAuthorizedQueueAssets() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+    }
+
+    function testErrNotAuthorizedQueueShares() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+    }
+
+    function testErrNotAuthorizedFlushAssets() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+    }
+
+    function testErrNotAuthorizedFlushShares() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        snapshotQueue.flushShares(POOL_A, SC_1);
+    }
+}
+
+contract QueuesTestQueueAssets is QueuesTest {
+    function testQueueAssetsDeposit() public {
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISnapshotQueue.QueueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_20);
+        assertEq(deposits, AMOUNT);
+        assertEq(withdrawals, 0);
+    }
+
+    function testQueueAssetsWithdrawal() public {
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISnapshotQueue.QueueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, !IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, !IS_DEPOSIT);
+
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_20);
+        assertEq(deposits, 0);
+        assertEq(withdrawals, AMOUNT);
+    }
+
+    function testQueueAssetsZeroIsNoOp() public {
+        vm.prank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, 0, IS_DEPOSIT);
+
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 0);
+    }
+
+    function testQueueAssetsTwiceAccumulates() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
+
+        (uint128 deposits,) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_20);
+        assertEq(deposits, AMOUNT * 2);
+    }
+
+    function testQueueAssetsDepositAndWithdrawalSameAsset() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, !IS_DEPOSIT);
+
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_20);
+        assertEq(deposits, AMOUNT);
+        assertEq(withdrawals, AMOUNT);
+    }
+
+    function testQueueAssetsDifferentAssets() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_6909_1, AMOUNT, IS_DEPOSIT);
+
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 2);
+    }
+}
+
+contract QueuesTestQueueShares is QueuesTest {
+    function testIssue() public {
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISnapshotQueue.QueueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, true);
+    }
+
+    function testQueueSharesZeroIsNoOp() public {
+        vm.prank(AUTH);
+        vm.recordLogs();
+        snapshotQueue.queueShares(POOL_A, SC_1, 0, IS_ISSUANCE);
+        assertEq(vm.getRecordedLogs().length, 0);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, 0);
+        assertEq(isPositive, false);
+    }
+
+    function testIssueTwice() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT * 2);
+        assertEq(isPositive, true);
+    }
+
+    function testRevoke() public {
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISnapshotQueue.QueueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, false);
+    }
+
+    function testRevokeTwice() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT * 2);
+        assertEq(isPositive, false);
+    }
+
+    function testIssueAndThenRevokeSameAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, 0);
+        assertEq(isPositive, false);
+    }
+
+    function testIssueAndThenRevokeAndThenIssueSameAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, true);
+    }
+
+    function testIssueAndThenRevokeWithLessAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT / 4, !IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT * 3 / 4);
+        assertEq(isPositive, true);
+    }
+
+    function testIssueAndThenRevokeWithMoreAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, 2 * AMOUNT, !IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, false);
+    }
+
+    function testRevokeAndThenIssueAndThenRevokeSameAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, false);
+    }
+
+    function testRevokeAndThenIssueSameAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, 0);
+        assertEq(isPositive, false);
+    }
+
+    function testRevokeAndThenIssueWithLessAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT / 4, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT * 3 / 4);
+        assertEq(isPositive, true);
+    }
+
+    function testRevokeAndThenIssueWithMoreAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, 2 * AMOUNT, !IS_ISSUANCE);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, false);
+    }
+}
+
+contract QueuesTestFlushAssets is QueuesTest {
+    function testFlushEmptyQueue() public {
+        vm.prank(AUTH);
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        assertEq(data.netAmount, 0);
+        assertEq(data.isIncrease, false);
+        assertEq(data.isSnapshot, true);
+        assertEq(data.nonce, 0);
+
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 1);
+    }
+
+    function testFlushWithMoreDepositAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT * 3, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, !IS_DEPOSIT);
+
+        vm.expectEmit();
+        emit ISnapshotQueue.SubmitQueuedAssets(
+            POOL_A, SC_1, ASSET_20, ISpokeMessageSender.UpdateData(AMOUNT * 2, IS_DEPOSIT, IS_SNAPSHOT, 0)
+        );
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        assertEq(data.netAmount, AMOUNT * 2);
+        assertEq(data.isIncrease, true);
+        assertEq(data.isSnapshot, true);
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_20);
+        assertEq(deposits, 0);
+        assertEq(withdrawals, 0);
+
+        (,, uint32 queuedAssetCounter, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 0);
+        assertEq(nonce, 1);
+    }
+
+    function testFlushWithMoreWithdrawAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT * 3, !IS_DEPOSIT);
+
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        assertEq(data.netAmount, AMOUNT * 2);
+        assertEq(data.isIncrease, false);
+        assertEq(data.isSnapshot, true);
+
+        (,, uint32 queuedAssetCounter, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 0);
+        assertEq(nonce, 1);
+    }
+
+    function testFlushWithSameAmount() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, !IS_DEPOSIT);
+
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        assertEq(data.netAmount, 0);
+        assertEq(data.isIncrease, false);
+        assertEq(data.isSnapshot, true);
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_20);
+        assertEq(deposits, 0);
+        assertEq(withdrawals, 0);
+    }
+
+    function testFlushWithDifferentAssetsPending() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_6909_1, AMOUNT, IS_DEPOSIT);
+
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        // Another asset is still queued, so the update is not a snapshot.
+        assertEq(data.isSnapshot, false);
+
+        (,, uint32 queuedAssetCounter, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
+        assertEq(nonce, 1);
+    }
+
+    function testFlushWithQueuedSharesPending() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        // A share delta is still queued, so the update is not a snapshot.
+        assertEq(data.isSnapshot, false);
+    }
+
+    function testFlushTwiceIncrementsNonce() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+        snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 2);
+    }
+}
+
+contract QueuesTestFlushShares is QueuesTest {
+    function testFlushEmptyQueue() public {
+        vm.prank(AUTH);
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushShares(POOL_A, SC_1);
+
+        assertEq(data.netAmount, 0);
+        assertEq(data.isIncrease, false);
+        assertEq(data.isSnapshot, true);
+        assertEq(data.nonce, 0);
+
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 1);
+    }
+
+    function testFlushWithDeltaPositive() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        vm.expectEmit();
+        emit ISnapshotQueue.SubmitQueuedShares(
+            POOL_A, SC_1, ISpokeMessageSender.UpdateData(AMOUNT, IS_ISSUANCE, IS_SNAPSHOT, 0)
+        );
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushShares(POOL_A, SC_1);
+
+        assertEq(data.netAmount, AMOUNT);
+        assertEq(data.isIncrease, true);
+        assertEq(data.isSnapshot, true);
+
+        (uint128 delta, bool isPositive,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, 0);
+        assertEq(isPositive, false);
+        assertEq(nonce, 1);
+    }
+
+    function testFlushWithDeltaNegative() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, !IS_ISSUANCE);
+
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushShares(POOL_A, SC_1);
+
+        assertEq(data.netAmount, AMOUNT);
+        assertEq(data.isIncrease, false);
+        assertEq(data.isSnapshot, true);
+    }
+
+    function testFlushWithQueuedAssetsPending() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.queueAssets(POOL_A, SC_1, ASSET_20, AMOUNT, IS_DEPOSIT);
+        snapshotQueue.queueShares(POOL_A, SC_1, AMOUNT, IS_ISSUANCE);
+
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushShares(POOL_A, SC_1);
+
+        // An asset is still queued, so the update is not a snapshot.
+        assertEq(data.isSnapshot, false);
+    }
+
+    function testFlushTwiceIncrementsNonce() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.flushShares(POOL_A, SC_1);
+        snapshotQueue.flushShares(POOL_A, SC_1);
+
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 2);
+    }
+
+    function testAssetAndShareFlushesShareNonce() public {
+        vm.startPrank(AUTH);
+        snapshotQueue.flushAssets(POOL_A, SC_1, ASSET_20);
+        ISpokeMessageSender.UpdateData memory data = snapshotQueue.flushShares(POOL_A, SC_1);
+
+        assertEq(data.nonce, 1);
+
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 2);
+    }
+}
diff --git a/test/core/spoke/unit/Spoke.t.sol b/test/core/spoke/unit/Spoke.t.sol
index 77fe3fa10..e1366f93c 100644
--- a/test/core/spoke/unit/Spoke.t.sol
+++ b/test/core/spoke/unit/Spoke.t.sol
@@ -4,39 +4,36 @@ pragma solidity 0.8.28;
 import {D18, d18} from "../../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
 import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
-import {IERC20Metadata} from "../../../../src/misc/interfaces/IERC20.sol";
-import {IERC6909MetadataExt} from "../../../../src/misc/interfaces/IERC6909.sol";
+import {IEscrow} from "../../../../src/misc/interfaces/IEscrow.sol";
+import {IERC20, IERC20Metadata} from "../../../../src/misc/interfaces/IERC20.sol";
+import {IERC6909, IERC6909MetadataExt, TransferFailed} from "../../../../src/misc/interfaces/IERC6909.sol";
 
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {Spoke, ISpoke} from "../../../../src/core/spoke/Spoke.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
-import {VaultRegistry} from "../../../../src/core/spoke/VaultRegistry.sol";
+import {SnapshotQueue} from "../../../../src/core/spoke/SnapshotQueue.sol";
 import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
+import {IRegistrar} from "../../../../src/core/spoke/interfaces/IRegistrar.sol";
 import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
-import {IVault, VaultKind} from "../../../../src/core/spoke/interfaces/IVault.sol";
-import {IRequestManager} from "../../../../src/core/interfaces/IRequestManager.sol";
-import {ITransferHook} from "../../../../src/core/spoke/interfaces/ITransferHook.sol";
-import {ITokenFactory} from "../../../../src/core/spoke/factories/interfaces/ITokenFactory.sol";
-import {IVaultFactory} from "../../../../src/core/spoke/factories/interfaces/IVaultFactory.sol";
+import {ISnapshotQueue} from "../../../../src/core/spoke/interfaces/ISnapshotQueue.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 import {ISpokeMessageSender} from "../../../../src/core/messaging/interfaces/IGatewaySenders.sol";
-import {IPoolEscrowFactory} from "../../../../src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
+import {ISpokeRequestManager} from "../../../../src/core/spoke/interfaces/ISpokeRequestManager.sol";
+import {IPoolEscrowProvider} from "../../../../src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
 
 import "forge-std/Test.sol";
 
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
+
 // Need it to overpass a mockCall issue: https://github.com/foundry-rs/foundry/issues/10703
 contract IsContract {}
 
-contract SpokeExt is Spoke {
-    constructor(ITokenFactory factory, address deployer) Spoke(factory, deployer) {}
+contract SpokeTest is Test {
+    using CastLib for *;
 
-    function assetCounter() public view returns (uint64) {
-        return _assetCounter;
-    }
-}
+    bytes4 constant SEND_UPDATE_ASSETS_SELECTOR = ISpokeMessageSender.sendUpdateAssets.selector;
 
-contract SpokeTest is Test {
     uint16 constant LOCAL_CENTRIFUGE_ID = 1;
     uint16 constant REMOTE_CENTRIFUGE_ID = 2;
 
@@ -44,61 +41,62 @@ contract SpokeTest is Test {
     address immutable ANY = makeAddr("ANY");
     address immutable RECEIVER = makeAddr("RECEIVER");
     address immutable REFUND = makeAddr("REFUND");
+    address immutable MANAGER = makeAddr("MANAGER");
+    address immutable SENDER = makeAddr("SENDER");
+    address immutable FROM = makeAddr("FROM");
+    address immutable TO = makeAddr("TO");
+    address immutable RESERVER = makeAddr("RESERVER");
 
-    ITokenFactory tokenFactory = ITokenFactory(makeAddr("tokenFactory"));
-    IPoolEscrowFactory poolEscrowFactory = IPoolEscrowFactory(address(new IsContract()));
-    IVaultFactory vaultFactory = IVaultFactory(address(new IsContract()));
-    ISpokeMessageSender sender = ISpokeMessageSender(address(new IsContract()));
     IGateway gateway = IGateway(address(new IsContract()));
+    IPoolEscrowProvider escrowProvider = IPoolEscrowProvider(makeAddr("EscrowProvider"));
+    ISpokeRegistry spokeRegistry = ISpokeRegistry(address(new IsContract()));
+    ISpokeMessageSender sender = ISpokeMessageSender(address(new IsContract()));
     IShareToken share = IShareToken(address(new IsContract()));
-    IPoolEscrow escrow = IPoolEscrow(address(new IsContract()));
-    IRequestManager requestManager = IRequestManager(address(new IsContract()));
-    IVault vault = IVault(address(new IsContract()));
+    IRegistrar registrar = IRegistrar(address(new IsContract()));
+    ISpokeRequestManager requestManager = ISpokeRequestManager(address(new IsContract()));
 
-    address HOOK = makeAddr("hook");
-    address HOOK2 = makeAddr("hook2");
-    address NO_HOOK = address(0);
+    address erc20 = address(new IsContract());
+    address erc6909 = address(new IsContract());
+    address escrow = address(new IsContract());
+    uint256 constant TOKEN_1 = 23;
 
     PoolId constant POOL_A = PoolId.wrap(1);
     ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
 
     AssetId immutable ASSET_ID_20 = newAssetId(LOCAL_CENTRIFUGE_ID, 1);
     AssetId immutable ASSET_ID_6909_1 = newAssetId(LOCAL_CENTRIFUGE_ID, 1);
-    address erc20 = address(new IsContract());
-    address erc6909 = address(new IsContract());
-    uint256 constant TOKEN_1 = 23;
 
     uint8 constant DECIMALS = 18;
     string constant NAME = "name";
     string constant SYMBOL = "symbol";
-    bytes32 constant SALT = "salt";
     bytes constant PAYLOAD = "payload";
 
     D18 immutable PRICE = d18(42e18);
     uint128 constant AMOUNT = 200;
     uint64 immutable MAX_AGE = 10_000;
-    uint64 immutable PRESENT = MAX_AGE;
-    uint64 immutable FUTURE = MAX_AGE + 1;
 
     uint256 constant COST = 123;
     uint128 constant EXTRA = 456;
+    uint128 constant EXTRA_GAS = 0;
+    bytes32 constant RESERVE_REASON = bytes32(uint256(1));
+    bool constant IS_ISSUANCE = true;
+    bool constant IS_DEPOSIT = true;
+    bool constant IS_SNAPSHOT = true;
 
-    SpokeExt spoke = new SpokeExt(tokenFactory, AUTH);
-    VaultRegistry vaultRegistry = new VaultRegistry(AUTH);
+    SnapshotQueue snapshotQueue = new SnapshotQueue(address(this));
+    Spoke spoke = new Spoke(gateway, snapshotQueue, spokeRegistry, escrowProvider, AUTH);
 
     function setUp() public virtual {
         vm.deal(ANY, 1 ether);
         vm.deal(AUTH, 1 ether);
+        vm.deal(MANAGER, 1 ether);
         vm.deal(address(requestManager), 1 ether);
 
-        vm.startPrank(AUTH);
-        spoke.file("gateway", address(gateway));
-        spoke.file("sender", address(sender));
-        spoke.file("poolEscrowFactory", address(poolEscrowFactory));
+        snapshotQueue.rely(address(spoke));
 
-        vaultRegistry.file("spoke", address(spoke));
+        vm.prank(AUTH);
+        spoke.file("sender", address(sender));
 
-        vm.stopPrank();
         vm.warp(MAX_AGE);
 
         _mockBaseStuff();
@@ -108,43 +106,53 @@ contract SpokeTest is Test {
         vm.mockCall(
             address(sender), abi.encodeWithSelector(sender.localCentrifugeId.selector), abi.encode(LOCAL_CENTRIFUGE_ID)
         );
-
+        // Default: only MANAGER is a balance-sheet manager, no policy installed.
+        vm.mockCall(address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.manager.selector), abi.encode(false));
         vm.mockCall(
-            address(poolEscrowFactory),
-            abi.encodeWithSelector(poolEscrowFactory.escrow.selector, POOL_A),
-            abi.encode(escrow)
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.manager.selector, POOL_A, MANAGER),
+            abi.encode(true)
         );
-
         vm.mockCall(
-            address(poolEscrowFactory),
-            abi.encodeWithSelector(poolEscrowFactory.newEscrow.selector, POOL_A),
-            abi.encode(escrow)
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.policy.selector, POOL_A),
+            abi.encode(address(0))
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), erc20, 0),
+            abi.encode(ASSET_ID_20)
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), erc6909, TOKEN_1),
+            abi.encode(ASSET_ID_6909_1)
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(share, registrar)
         );
-
         vm.mockCall(
-            address(tokenFactory),
-            abi.encodeWithSelector(tokenFactory.newToken.selector, NAME, SYMBOL, DECIMALS, SALT),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, POOL_A, SC_1),
             abi.encode(share)
         );
-
-        vm.mockCall(address(share), abi.encodeWithSelector(share.name.selector), abi.encode(NAME));
-        vm.mockCall(address(share), abi.encodeWithSelector(share.symbol.selector), abi.encode(SYMBOL));
-        vm.mockCall(address(share), abi.encodeWithSelector(share.hook.selector), abi.encode(HOOK));
-
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.poolId.selector), abi.encode(POOL_A));
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.scId.selector), abi.encode(SC_1));
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.vaultKind.selector), abi.encode(VaultKind.Async));
-    }
-
-    function _mockValidShareHook(address hook) internal {
         vm.mockCall(
-            address(share), abi.encodeWithSignature("file(bytes32,address)", bytes32("hook"), hook), abi.encode()
+            address(escrowProvider),
+            abi.encodeWithSelector(IPoolEscrowProvider.escrow.selector, POOL_A),
+            abi.encode(escrow)
         );
+    }
+
+    function _mockShareToken() internal {
         vm.mockCall(
-            address(hook),
-            abi.encodeWithSelector(ITransferHook(hook).updateRestriction.selector, share, PAYLOAD),
-            abi.encode()
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(share, registrar)
         );
+
+        vm.mockCall(address(share), abi.encodeWithSelector(share.hook.selector), abi.encode(address(0)));
     }
 
     function _mockERC20(uint8 decimals) internal {
@@ -157,11 +165,9 @@ contract SpokeTest is Test {
         vm.mockCall(
             address(erc6909), abi.encodeWithSelector(IERC6909MetadataExt.decimals.selector, token), abi.encode(decimals)
         );
-
         vm.mockCall(
             address(erc6909), abi.encodeWithSelector(IERC6909MetadataExt.name.selector, token), abi.encode(NAME)
         );
-
         vm.mockCall(
             address(erc6909), abi.encodeWithSelector(IERC6909MetadataExt.symbol.selector, token), abi.encode(SYMBOL)
         );
@@ -176,32 +182,86 @@ contract SpokeTest is Test {
         );
     }
 
-    function _utilRegisterAsset(address asset) internal {
-        if (asset == erc20) _mockERC20(DECIMALS);
-        if (asset == erc20) _mockSendRegisterAsset(ASSET_ID_20);
+    function _mockNewAssetRegistration(address asset, uint256 tokenId, AssetId assetId) internal {
+        // Mock assetToId to return null (asset not yet registered)
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256)")), asset, tokenId),
+            abi.encode(AssetId.wrap(0))
+        );
+        // Mock createAssetId
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.createAssetId.selector, LOCAL_CENTRIFUGE_ID, asset, tokenId),
+            abi.encode(assetId)
+        );
+    }
 
-        if (asset == erc6909) _mockERC6909(DECIMALS, TOKEN_1);
-        if (asset == erc6909) _mockSendRegisterAsset(ASSET_ID_6909_1);
+    function _mockExistingAssetRegistration(address asset, uint256 tokenId, AssetId assetId) internal {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256)")), asset, tokenId),
+            abi.encode(assetId)
+        );
+    }
 
-        uint256 tokenId = 0;
-        if (asset == erc6909) tokenId = TOKEN_1;
+    function _mockEscrowDeposit(address asset, uint256 tokenId, uint128 amount) internal {
+        vm.mockCall(
+            escrow, abi.encodeWithSelector(IPoolEscrow.deposit.selector, SC_1, asset, tokenId, amount), abi.encode()
+        );
+    }
 
-        vm.prank(ANY);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, asset, tokenId, ANY);
+    function _mockEscrowWithdraw(address asset, uint256 tokenId, uint128 amount) internal {
+        vm.mockCall(
+            escrow,
+            abi.encodeWithSelector(IPoolEscrow.withdraw.selector, SC_1, asset, tokenId, TO, amount),
+            abi.encode()
+        );
+        vm.mockCall(
+            escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, asset, tokenId, TO, amount), abi.encode()
+        );
     }
 
-    function _utilAddPoolAndShareClass(address hook) internal {
-        if (hook == HOOK) _mockValidShareHook(HOOK);
+    function _mockEscrowReserve(address asset, uint256 tokenId, uint128 amount, address reserver, bytes32 reason)
+        internal
+    {
+        vm.mockCall(
+            escrow,
+            abi.encodeWithSelector(IPoolEscrow.reserve.selector, SC_1, asset, tokenId, amount, reserver, reason),
+            abi.encode()
+        );
+    }
 
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
+    function _mockEscrowUnreserve(address asset, uint256 tokenId, uint128 amount, address reserver, bytes32 reason)
+        internal
+    {
+        vm.mockCall(
+            escrow,
+            abi.encodeWithSelector(IPoolEscrow.unreserve.selector, SC_1, asset, tokenId, amount, reserver, reason),
+            abi.encode()
+        );
+    }
 
-        vm.prank(AUTH);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, hook);
+    function _mockShareMint(uint128 amount) internal {
+        vm.mockCall(
+            address(registrar), abi.encodeWithSelector(IRegistrar.mint.selector, share, TO, amount), abi.encode()
+        );
     }
 
-    function testConstructor() public view {
-        assertEq(address(spoke.tokenFactory()), address(tokenFactory));
+    function _mockShareBurn(address from, uint128 amount) internal {
+        vm.mockCall(
+            address(share),
+            abi.encodeWithSelector(IERC20.transferFrom.selector, from, address(spoke), amount),
+            abi.encode(true)
+        );
+        vm.mockCall(
+            address(share), abi.encodeWithSelector(IERC20.approve.selector, registrar, amount), abi.encode(true)
+        );
+        vm.mockCall(
+            address(registrar),
+            abi.encodeWithSelector(IRegistrar.burn.selector, share, address(spoke), amount),
+            abi.encode()
+        );
     }
 }
 
@@ -221,73 +281,99 @@ contract SpokeTestFile is SpokeTest {
     function testSpokeFile() public {
         vm.startPrank(AUTH);
         vm.expectEmit();
-        emit ISpoke.File("gateway", address(23));
-        spoke.file("gateway", address(23));
-        assertEq(address(spoke.gateway()), address(23));
-
+        emit ISpoke.File("sender", address(42));
         spoke.file("sender", address(42));
         assertEq(address(spoke.sender()), address(42));
 
-        spoke.file("tokenFactory", address(88));
-        assertEq(address(spoke.tokenFactory()), address(88));
-
-        spoke.file("poolEscrowFactory", address(99));
-        assertEq(address(spoke.poolEscrowFactory()), address(99));
+        spoke.file("gateway", address(26));
+        assertEq(address(spoke.gateway()), address(26));
     }
 }
 
 contract SpokeTestCrosschainTransferShares is SpokeTest {
     using CastLib for *;
 
-    function _mockCrossTransferShare(address sender, bool value) public {
+    function setUp() public override {
+        super.setUp();
+        // Default: caller is an authorized bridger; individual tests can override.
+        vm.mockCall(address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.bridger.selector), abi.encode(true));
+    }
+
+    function testErrNotBridger() public {
         vm.mockCall(
-            address(share),
-            abi.encodeWithSelector(share.checkTransferRestriction.selector, sender, REMOTE_CENTRIFUGE_ID, AMOUNT),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.bridger.selector, POOL_A, ANY),
+            abi.encode(false)
+        );
+
+        vm.prank(ANY);
+        vm.expectRevert(ISpoke.NotBridger.selector);
+        spoke.crosschainTransferShares{value: COST}(
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, AMOUNT, 0, 0, REFUND
+        );
+    }
+
+    function testErrEmptyAmount() public {
+        vm.prank(ANY);
+        vm.expectRevert(ISpoke.EmptyAmount.selector);
+        spoke.crosschainTransferShares{value: COST}(
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, 0, 0, 0, REFUND
+        );
+    }
+
+    function _mockCrossTransferShare(address sender_, bool value) public {
+        vm.mockCall(
+            address(registrar),
+            abi.encodeWithSelector(
+                IRegistrar.canBridge.selector, address(share), sender_, REMOTE_CENTRIFUGE_ID, AMOUNT
+            ),
             abi.encode(value)
         );
 
         vm.mockCall(
             address(share),
-            abi.encodeWithSelector(share.authTransferFrom.selector, sender, sender, spoke, AMOUNT),
+            abi.encodeWithSelector(IERC20.transferFrom.selector, sender_, address(spoke), AMOUNT),
             abi.encode(true)
         );
 
-        vm.mockCall(address(share), abi.encodeWithSelector(share.burn.selector, spoke, AMOUNT), abi.encode());
-    }
+        vm.mockCall(
+            address(share), abi.encodeWithSelector(IERC20.approve.selector, registrar, AMOUNT), abi.encode(true)
+        );
 
-    function testErrShareTokenDoesNotExists() public {
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        spoke.crosschainTransferShares{value: COST}(
-            LOCAL_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 0, 0, REFUND
+        vm.mockCall(
+            address(registrar),
+            abi.encodeWithSelector(IRegistrar.burn.selector, address(share), address(spoke), AMOUNT),
+            abi.encode()
         );
     }
 
-    function testErrLocalTransferNotAllowed() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testErrShareTokenDoesNotExists() public {
+        // The share class does not exist, so the transfer is rejected up front.
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(address(0), address(0))
+        );
 
         vm.prank(ANY);
-        vm.expectRevert(ISpoke.LocalTransferNotAllowed.selector);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
         spoke.crosschainTransferShares{value: COST}(
-            LOCAL_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 0, 0, REFUND
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, AMOUNT, 0, 0, REFUND
         );
     }
 
-    function testErrCrossChainTransferNotAllowed() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        _mockCrossTransferShare(ANY, false);
+    function testErrLocalTransferNotAllowed() public {
+        _mockShareToken();
 
         vm.prank(ANY);
-        vm.expectRevert(ISpoke.CrossChainTransferNotAllowed.selector);
+        vm.expectRevert(ISpoke.LocalTransferNotAllowed.selector);
         spoke.crosschainTransferShares{value: COST}(
-            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 0, 0, REFUND
+            LOCAL_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, AMOUNT, 0, 0, REFUND
         );
     }
 
     function testCrossChainTransfer() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
+        _mockShareToken();
         _mockCrossTransferShare(ANY, true);
         vm.mockCall(
             address(sender),
@@ -297,6 +383,7 @@ contract SpokeTestCrosschainTransferShares is SpokeTest {
                 REMOTE_CENTRIFUGE_ID,
                 POOL_A,
                 SC_1,
+                ANY.toBytes32(),
                 RECEIVER.toBytes32(),
                 AMOUNT,
                 0,
@@ -308,15 +395,14 @@ contract SpokeTestCrosschainTransferShares is SpokeTest {
 
         vm.prank(ANY);
         vm.expectEmit();
-        emit ISpoke.InitiateTransferShares(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, ANY, RECEIVER.toBytes32(), AMOUNT);
+        emit ISpoke.InitiateTransferShares(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, ANY, ANY, RECEIVER.toBytes32(), AMOUNT);
         spoke.crosschainTransferShares{value: COST}(
-            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 0, 0, REFUND
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, AMOUNT, 0, 0, REFUND
         );
     }
 
     function testCrossChainTransferShortVersion() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
+        _mockShareToken();
         _mockCrossTransferShare(ANY, true);
         vm.mockCall(
             address(sender),
@@ -326,6 +412,7 @@ contract SpokeTestCrosschainTransferShares is SpokeTest {
                 REMOTE_CENTRIFUGE_ID,
                 POOL_A,
                 SC_1,
+                ANY.toBytes32(),
                 RECEIVER.toBytes32(),
                 AMOUNT,
                 0,
@@ -337,15 +424,15 @@ contract SpokeTestCrosschainTransferShares is SpokeTest {
 
         vm.prank(ANY);
         vm.expectEmit();
-        emit ISpoke.InitiateTransferShares(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, ANY, RECEIVER.toBytes32(), AMOUNT);
+        emit ISpoke.InitiateTransferShares(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, ANY, ANY, RECEIVER.toBytes32(), AMOUNT);
         spoke.crosschainTransferShares{value: COST}(
-            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 100
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, AMOUNT, 0, 100, ANY
         );
     }
 
-    function testCrossChainTransferShortVersionDefaultsToMsgSender() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
+    /// @dev The 6-param overload defaults sender, owner, and refund to the caller and extraGasLimit to 0.
+    function testCrossChainTransferOwnSharesOverload() public {
+        _mockShareToken();
         _mockCrossTransferShare(ANY, true);
         vm.mockCall(
             address(sender),
@@ -355,23 +442,29 @@ contract SpokeTestCrosschainTransferShares is SpokeTest {
                 REMOTE_CENTRIFUGE_ID,
                 POOL_A,
                 SC_1,
+                ANY.toBytes32(),
                 RECEIVER.toBytes32(),
                 AMOUNT,
                 0,
-                0,
+                100,
                 ANY
             ),
             abi.encode()
         );
 
         vm.prank(ANY);
-        spoke.crosschainTransferShares{value: COST}(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 0);
+        vm.expectEmit();
+        emit ISpoke.InitiateTransferShares(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, ANY, ANY, RECEIVER.toBytes32(), AMOUNT);
+        spoke.crosschainTransferShares{value: COST}(
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 100
+        );
     }
 
-    function testCrossChainTransferShortVersionSetsExtraGasLimitToZero() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        _mockCrossTransferShare(ANY, true);
+    /// @dev A ward (e.g. a compatibility layer) may bridge on behalf of another owner; the
+    ///      shares are pulled and burned from `owner`, not from the ward caller.
+    function testCrossChainTransferOnBehalfByWard() public {
+        _mockShareToken();
+        _mockCrossTransferShare(ANY, true); // owner == ANY
         vm.mockCall(
             address(sender),
             COST,
@@ -380,18 +473,30 @@ contract SpokeTestCrosschainTransferShares is SpokeTest {
                 REMOTE_CENTRIFUGE_ID,
                 POOL_A,
                 SC_1,
+                ANY.toBytes32(),
                 RECEIVER.toBytes32(),
                 AMOUNT,
                 0,
-                200,
-                ANY
+                0,
+                REFUND
             ),
             abi.encode()
         );
 
-        vm.prank(ANY);
+        vm.prank(AUTH); // ward, owner != msg.sender
+        vm.expectEmit();
+        emit ISpoke.InitiateTransferShares(REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, ANY, ANY, RECEIVER.toBytes32(), AMOUNT);
+        spoke.crosschainTransferShares{value: COST}(
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, ANY, AMOUNT, 0, 0, REFUND
+        );
+    }
+
+    /// @dev A non-ward caller cannot bridge someone else's shares.
+    function testErrNotAuthorizedOwnerMismatch() public {
+        vm.prank(ANY); // not a ward, owner != msg.sender
+        vm.expectRevert(IAuth.NotAuthorized.selector);
         spoke.crosschainTransferShares{value: COST}(
-            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT, 200
+            REMOTE_CENTRIFUGE_ID, POOL_A, SC_1, RECEIVER.toBytes32(), ANY, RECEIVER, AMOUNT, 0, 0, REFUND
         );
     }
 }
@@ -412,22 +517,6 @@ contract SpokeTestRegisterAsset is SpokeTest {
         spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, address(0xbeef), TOKEN_1, REFUND);
     }
 
-    function testErrTooFewDecimalsERC20() public {
-        _mockERC20(1);
-
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.TooFewDecimals.selector);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc20, 0, REFUND);
-    }
-
-    function testErrTooFewDecimalsERC6909() public {
-        _mockERC6909(1, TOKEN_1);
-
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.TooFewDecimals.selector);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_1, REFUND);
-    }
-
     function testErrTooManyDecimalsERC20() public {
         _mockERC20(19);
 
@@ -436,92 +525,61 @@ contract SpokeTestRegisterAsset is SpokeTest {
         spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc20, 0, REFUND);
     }
 
-    function testErrTooManyDecimalsERC6909() public {
-        _mockERC6909(19, TOKEN_1);
-
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.TooManyDecimals.selector);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_1, REFUND);
-    }
-
     function testRegisterAssetERC20() public {
         _mockERC20(DECIMALS);
+        _mockNewAssetRegistration(erc20, 0, ASSET_ID_20);
         _mockSendRegisterAsset(ASSET_ID_20);
 
         vm.prank(ANY);
         vm.expectEmit();
         emit ISpoke.RegisterAsset(REMOTE_CENTRIFUGE_ID, ASSET_ID_20, erc20, 0, NAME, SYMBOL, DECIMALS, true);
         spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc20, 0, REFUND);
-
-        assertEq(spoke.assetCounter(), 1);
-        assertEq(spoke.assetToId(erc20, 0).raw(), ASSET_ID_20.raw());
-
-        (address asset, uint256 tokenId) = spoke.idToAsset(ASSET_ID_20);
-        assertEq(asset, erc20);
-        assertEq(tokenId, 0);
     }
 
     function testRegisterAssetERC6909() public {
         _mockERC6909(DECIMALS, TOKEN_1);
+        _mockNewAssetRegistration(erc6909, TOKEN_1, ASSET_ID_6909_1);
         _mockSendRegisterAsset(ASSET_ID_6909_1);
 
         vm.prank(ANY);
         vm.expectEmit();
         emit ISpoke.RegisterAsset(REMOTE_CENTRIFUGE_ID, ASSET_ID_6909_1, erc6909, TOKEN_1, NAME, SYMBOL, DECIMALS, true);
         spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_1, REFUND);
-
-        assertEq(spoke.assetCounter(), 1);
-        assertEq(spoke.assetToId(erc6909, TOKEN_1).raw(), ASSET_ID_6909_1.raw());
-
-        (address asset, uint256 tokenId) = spoke.idToAsset(ASSET_ID_6909_1);
-        assertEq(asset, erc6909);
-        assertEq(tokenId, TOKEN_1);
     }
 
     function testRegisterSameAssetTwice() public {
         _mockERC6909(DECIMALS, TOKEN_1);
+        _mockExistingAssetRegistration(erc6909, TOKEN_1, ASSET_ID_6909_1);
         _mockSendRegisterAsset(ASSET_ID_6909_1);
 
-        vm.prank(ANY);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_1, REFUND);
-
         vm.prank(ANY);
         vm.expectEmit();
         emit ISpoke.RegisterAsset(
             REMOTE_CENTRIFUGE_ID, ASSET_ID_6909_1, erc6909, TOKEN_1, NAME, SYMBOL, DECIMALS, false
         );
         spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_1, REFUND);
-
-        assertEq(spoke.assetCounter(), 1);
-    }
-
-    function testRegisterDifferentAssetTwice() public {
-        _mockERC6909(DECIMALS, TOKEN_1);
-        _mockSendRegisterAsset(ASSET_ID_6909_1);
-        vm.prank(ANY);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_1, REFUND);
-
-        _mockERC6909(DECIMALS, TOKEN_2);
-        _mockSendRegisterAsset(ASSET_ID_6909_2);
-        vm.prank(ANY);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, erc6909, TOKEN_2, REFUND);
-
-        assertEq(spoke.assetCounter(), 2);
     }
 }
 
 contract SpokeTestRequest is SpokeTest {
     function testErrInvalidRequestManager() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.requestManager.selector, POOL_A),
+            abi.encode(address(0))
+        );
+
         vm.prank(AUTH);
         vm.expectRevert(ISpoke.InvalidRequestManager.selector);
         spoke.request{value: COST}(POOL_A, SC_1, ASSET_ID_20, PAYLOAD, EXTRA, false, REFUND);
     }
 
     function testErrNotAuthorized() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.requestManager.selector, POOL_A),
+            abi.encode(requestManager)
+        );
 
         vm.prank(AUTH);
         vm.expectRevert(IAuth.NotAuthorized.selector);
@@ -529,10 +587,11 @@ contract SpokeTestRequest is SpokeTest {
     }
 
     function testRequestPaid() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.requestManager.selector, POOL_A),
+            abi.encode(requestManager)
+        );
 
         vm.mockCall(
             address(sender),
@@ -548,10 +607,11 @@ contract SpokeTestRequest is SpokeTest {
     }
 
     function testRequestUnpaid() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.requestManager.selector, POOL_A),
+            abi.encode(requestManager)
+        );
 
         vm.mockCall(
             address(sender),
@@ -567,576 +627,454 @@ contract SpokeTestRequest is SpokeTest {
     }
 }
 
-contract SpokeTestAddPool is SpokeTest {
-    function testErrNotAuthorized() public {
+contract SpokeTestDeposit is SpokeTest {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.addPool(POOL_A);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.deposit(POOL_A, SC_1, erc20, 0, AMOUNT);
     }
 
-    function testErrPoolAlreadyAdded() public {
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
-
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.PoolAlreadyAdded.selector);
-        spoke.addPool(POOL_A);
-    }
+    function testDepositERC20() public {
+        _mockEscrowDeposit(erc20, 0, AMOUNT);
+        vm.mockCall(
+            erc20, abi.encodeWithSelector(IERC20.transferFrom.selector, MANAGER, escrow, AMOUNT), abi.encode(true)
+        );
 
-    function testAddPool() public {
-        vm.prank(AUTH);
+        vm.expectCall(erc20, abi.encodeWithSelector(IERC20.transferFrom.selector, MANAGER, escrow, AMOUNT));
+        vm.prank(MANAGER);
         vm.expectEmit();
-        emit ISpoke.AddPool(POOL_A);
-        spoke.addPool(POOL_A);
+        emit ISpoke.Deposit(POOL_A, SC_1, MANAGER, erc20, 0, AMOUNT);
+        spoke.deposit(POOL_A, SC_1, erc20, 0, AMOUNT);
 
-        assertEq(spoke.pool(POOL_A), block.timestamp);
-        assertEq(spoke.isPoolActive(POOL_A), true);
-    }
-}
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
 
-contract SpokeTestAddShareClass is SpokeTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, NO_HOOK);
-    }
-
-    function testErrInvalidPool() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidPool.selector);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, NO_HOOK);
+        (uint128 deposits,) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_ID_20);
+        assertEq(deposits, AMOUNT);
     }
 
-    function testErrTooFewDecimals() public {
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
+    function testDepositERC6909() public {
+        _mockEscrowDeposit(erc6909, TOKEN_1, AMOUNT);
+        vm.mockCall(
+            address(erc6909),
+            abi.encodeWithSelector(IERC6909.transferFrom.selector, MANAGER, escrow, TOKEN_1, AMOUNT),
+            abi.encode(true)
+        );
 
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.TooFewDecimals.selector);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, 1, SALT, NO_HOOK);
+        vm.expectCall(erc6909, abi.encodeWithSelector(IERC6909.transferFrom.selector, MANAGER, escrow, TOKEN_1, AMOUNT));
+        vm.prank(MANAGER);
+        spoke.deposit(POOL_A, SC_1, address(erc6909), TOKEN_1, AMOUNT);
     }
 
-    function testErrTooManyDecimals() public {
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
+    function testErrDepositERC6909TransferFailed() public {
+        _mockEscrowDeposit(erc6909, TOKEN_1, AMOUNT);
+        vm.mockCall(
+            address(erc6909),
+            abi.encodeWithSelector(IERC6909.transferFrom.selector, MANAGER, escrow, TOKEN_1, AMOUNT),
+            abi.encode(false)
+        );
 
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.TooManyDecimals.selector);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, 19, SALT, NO_HOOK);
+        vm.prank(MANAGER);
+        vm.expectRevert(TransferFailed.selector);
+        spoke.deposit(POOL_A, SC_1, address(erc6909), TOKEN_1, AMOUNT);
     }
+}
 
-    function testErrShareClassAlreadyRegistered() public {
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
-
-        vm.prank(AUTH);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, NO_HOOK);
-
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.ShareClassAlreadyRegistered.selector);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, NO_HOOK);
+contract SpokeTestNoteDeposit is SpokeTest {
+    function testErrNotManager() public {
+        vm.prank(ANY);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
     }
 
-    function testAddShareClass() public {
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
+    function testNoteDepositDoesNotPullTokens() public {
+        _mockEscrowDeposit(erc20, 0, AMOUNT);
+        // No transferFrom mock: any call to it would revert since it is not mocked, so success proves no pull.
 
-        vm.prank(AUTH);
+        vm.prank(MANAGER);
         vm.expectEmit();
-        emit ISpoke.AddShareClass(POOL_A, SC_1, share);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, NO_HOOK);
-
-        assertEq(address(spoke.shareToken(POOL_A, SC_1)), address(share));
-    }
-
-    function testAddShareClassWithHook() public {
-        vm.prank(AUTH);
-        spoke.addPool(POOL_A);
+        emit ISpoke.NoteDeposit(POOL_A, SC_1, MANAGER, erc20, 0, AMOUNT);
+        spoke.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT);
 
-        _mockValidShareHook(HOOK);
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
 
-        vm.prank(AUTH);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, HOOK);
+        (uint128 deposits,) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_ID_20);
+        assertEq(deposits, AMOUNT);
     }
-}
 
-contract SpokeTestLinkToken is SpokeTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.linkToken(POOL_A, SC_1, share);
-    }
+    function testNoteDepositZero() public {
+        _mockEscrowDeposit(erc20, 0, 0);
 
-    function testLinkToken() public {
-        vm.prank(AUTH);
-        vm.expectEmit();
-        emit ISpoke.AddShareClass(POOL_A, SC_1, share);
-        spoke.linkToken(POOL_A, SC_1, share);
+        vm.startPrank(MANAGER);
+        spoke.noteDeposit(POOL_A, SC_1, erc20, 0, 0);
 
-        assertEq(address(spoke.shareToken(POOL_A, SC_1)), address(share));
-
-        (PoolId returnedPoolId, ShareClassId returnedScId) = spoke.shareTokenDetails(address(share));
-
-        assertEq(returnedPoolId.raw(), POOL_A.raw());
-        assertEq(returnedScId.raw(), SC_1.raw());
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 0);
     }
 }
 
-contract SpokeTestSetRequestManager is SpokeTest {
-    function testErrNotAuthorized() public {
+contract SpokeTestWithdraw is SpokeTest {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.setRequestManager(POOL_A, requestManager);
-    }
-
-    function testErrPoolDoesNotExist() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidPool.selector);
-        spoke.setRequestManager(POOL_A, requestManager);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT);
     }
 
-    function testSetRequestManager() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testWithdraw() public {
+        _mockEscrowWithdraw(erc20, 0, AMOUNT);
 
-        vm.prank(AUTH);
+        vm.prank(MANAGER);
         vm.expectEmit();
-        emit ISpoke.SetRequestManager(POOL_A, requestManager);
-        spoke.setRequestManager(POOL_A, requestManager);
+        emit ISpoke.Withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT);
+        spoke.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT);
 
-        IRequestManager manager = spoke.requestManager(POOL_A);
-        assertEq(address(manager), address(requestManager));
-    }
-}
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 1);
 
-contract SpokeTestUpdateShareMetadata is SpokeTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.updateShareMetadata(POOL_A, SC_1, NAME, SYMBOL);
+        (, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_ID_20);
+        assertEq(withdrawals, AMOUNT);
     }
 
-    function testErrOldMetadata() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testWithdrawGatedByEscrow() public {
+        // The escrow itself enforces total - reserved >= amount; here we simulate that gating reverting.
+        vm.mockCallRevert(
+            escrow,
+            abi.encodeWithSelector(IPoolEscrow.withdraw.selector, SC_1, erc20, 0, TO, AMOUNT),
+            abi.encodeWithSelector(IEscrow.InsufficientBalance.selector, erc20, 0, AMOUNT, 0)
+        );
 
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.OldMetadata.selector);
-        spoke.updateShareMetadata(POOL_A, SC_1, NAME, SYMBOL);
+        vm.prank(MANAGER);
+        vm.expectRevert(abi.encodeWithSelector(IEscrow.InsufficientBalance.selector, erc20, 0, AMOUNT, 0));
+        spoke.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT);
     }
+}
 
-    function testUpdateShareMetadata() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        string memory file = "file(bytes32,string)";
-        vm.mockCall(address(share), abi.encodeWithSignature(file, bytes32("name"), "name2"), abi.encode());
-        vm.mockCall(address(share), abi.encodeWithSignature(file, bytes32("symbol"), "symbol2"), abi.encode());
-
-        vm.prank(AUTH);
-        spoke.updateShareMetadata(POOL_A, SC_1, "name2", "symbol2");
+contract SpokeTestWithdrawReserved is SpokeTest {
+    function _mockEscrowWithdrawReserved(uint128 amount, address reserver, bytes32 reason) internal {
+        vm.mockCall(
+            escrow,
+            abi.encodeWithSelector(IPoolEscrow.unreserve.selector, SC_1, erc20, 0, amount, reserver, reason),
+            abi.encode()
+        );
+        vm.mockCall(
+            escrow, abi.encodeWithSelector(IPoolEscrow.withdraw.selector, SC_1, erc20, 0, TO, amount), abi.encode()
+        );
+        vm.mockCall(escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, erc20, 0, TO, amount), abi.encode());
     }
-}
 
-contract SpokeTestUpdateShareHook is SpokeTest {
-    function testErrNotAuthorized() public {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.updateShareHook(POOL_A, SC_1, HOOK);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.withdrawReserved(POOL_A, SC_1, erc20, 0, TO, AMOUNT, RESERVER, RESERVE_REASON);
     }
 
-    function testErrOldHook() public {
-        _utilAddPoolAndShareClass(HOOK);
-
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.OldHook.selector);
-        spoke.updateShareHook(POOL_A, SC_1, HOOK);
-    }
+    function testWithdrawReserved() public {
+        _mockEscrowWithdrawReserved(AMOUNT, RESERVER, RESERVE_REASON);
 
-    function testUpdateShareHook() public {
-        _utilAddPoolAndShareClass(HOOK);
+        vm.prank(MANAGER);
+        vm.expectEmit();
+        emit ISpoke.Withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT);
+        spoke.withdrawReserved(POOL_A, SC_1, erc20, 0, TO, AMOUNT, RESERVER, RESERVE_REASON);
 
-        _mockValidShareHook(HOOK2);
-        vm.prank(AUTH);
-        spoke.updateShareHook(POOL_A, SC_1, HOOK2);
+        // No queueing: the holding decrease was already queued when the funds were reserved.
+        (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(queuedAssetCounter, 0);
     }
 }
 
-contract SpokeTestUpdateRestriction is SpokeTest {
-    function testErrNotAuthorized() public {
+contract SpokeTestReserveUnreserve is SpokeTest {
+    function testReserveErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.updateRestriction(POOL_A, SC_1, PAYLOAD);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.reserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
     }
 
-    function testErrInvalidHook() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.mockCall(address(share), abi.encodeWithSelector(share.hook.selector), abi.encode(NO_HOOK));
-
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidHook.selector);
-        spoke.updateRestriction(POOL_A, SC_1, PAYLOAD);
-    }
+    function testReserveQueuesWithdrawal() public {
+        _mockEscrowReserve(erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
 
-    function testUpdateRestriction() public {
-        _utilAddPoolAndShareClass(HOOK);
+        vm.prank(MANAGER);
+        spoke.reserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
 
-        vm.prank(AUTH);
-        spoke.updateRestriction(POOL_A, SC_1, PAYLOAD);
+        (, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_ID_20);
+        assertEq(withdrawals, AMOUNT);
     }
-}
 
-contract SpokeTestExecuteTransferShares is SpokeTest {
-    using CastLib for *;
-
-    function testErrNotAuthorized() public {
+    function testUnreserveErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.executeTransferShares(POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.unreserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
     }
 
-    function testExecuteTransferShares() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testUnreserveQueuesDeposit() public {
+        _mockEscrowUnreserve(erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
 
-        vm.mockCall(address(share), abi.encodeWithSelector(share.mint.selector, address(spoke), AMOUNT), abi.encode());
-        vm.mockCall(address(share), abi.encodeWithSelector(share.transfer.selector, RECEIVER, AMOUNT), abi.encode(true));
+        vm.prank(MANAGER);
+        spoke.unreserve(POOL_A, SC_1, erc20, 0, AMOUNT, MANAGER, RESERVE_REASON);
 
-        vm.prank(AUTH);
-        vm.expectEmit();
-        emit ISpoke.ExecuteTransferShares(POOL_A, SC_1, RECEIVER, AMOUNT);
-        spoke.executeTransferShares(POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT);
+        (uint128 deposits,) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_ID_20);
+        assertEq(deposits, AMOUNT);
     }
 }
 
-contract SpokeTestUpdatePricePoolPerShare is SpokeTest {
-    using CastLib for *;
-
-    function testErrNotAuthorized() public {
+contract SpokeTestWithdrawShares is SpokeTest {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, PRESENT);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.withdrawShares(POOL_A, SC_1, TO, AMOUNT);
     }
 
-    function testErrShareTokenDoesNotExists() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, PRESENT);
-    }
-
-    function testErrCannotSetOlderPrice() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testWithdrawShares() public {
+        vm.mockCall(escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, share, 0, TO, AMOUNT), abi.encode());
 
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
-
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.CannotSetOlderPrice.selector);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, PRESENT);
-    }
-
-    function testUpdatePricePoolPerShare() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
+        vm.expectCall(escrow, abi.encodeWithSelector(IEscrow.authTransferTo.selector, share, 0, TO, AMOUNT));
+        vm.prank(MANAGER);
         vm.expectEmit();
-        emit ISpoke.UpdateSharePrice(POOL_A, SC_1, PRICE, FUTURE);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+        emit ISpoke.WithdrawShares(POOL_A, SC_1, TO, AMOUNT);
+        spoke.withdrawShares(POOL_A, SC_1, TO, AMOUNT);
 
-        (uint64 computeAt, uint64 maxAge, uint64 validUntil) = spoke.markersPricePoolPerShare(POOL_A, SC_1);
-        assertEq(computeAt, FUTURE);
-        assertEq(maxAge, type(uint64).max);
-        assertEq(validUntil, type(uint64).max);
+        // No holding/queue accounting for share withdrawals.
+        (uint128 delta, bool isPositive, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, 0);
+        assertEq(isPositive, false);
+        assertEq(queuedAssetCounter, 0);
     }
 
-    function testMaxAgeNotOverwritenAfterUpdatingPrice() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.setMaxSharePriceAge(POOL_A, SC_1, MAX_AGE);
-
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
-
-        (, uint64 maxAge,) = spoke.markersPricePoolPerShare(POOL_A, SC_1);
-        assertEq(maxAge, MAX_AGE);
+    function testErrShareTokenDoesNotExist() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, POOL_A, SC_1),
+            abi.encode(address(0))
+        );
+        vm.prank(MANAGER);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        spoke.withdrawShares(POOL_A, SC_1, TO, AMOUNT);
     }
 }
 
-contract SpokeTestUpdatePricePoolPerAsset is SpokeTest {
-    using CastLib for *;
-
-    function testErrNotAuthorized() public {
+contract SpokeTestIssue is SpokeTest {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, PRESENT);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.issue(POOL_A, SC_1, TO, AMOUNT);
     }
 
-    function testErrUnknownAsset() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownAsset.selector);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
-    }
-
-    function testErrCannotSetOlderPrice() public {
-        _utilRegisterAsset(erc6909);
+    function testIssue() public {
+        _mockShareMint(AMOUNT);
 
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
-
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.CannotSetOlderPrice.selector);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, PRESENT);
-    }
-
-    function testUpdatePricePoolPerAsset() public {
-        _utilRegisterAsset(erc6909);
-
-        vm.prank(AUTH);
+        vm.prank(MANAGER);
         vm.expectEmit();
-        emit ISpoke.UpdateAssetPrice(POOL_A, SC_1, erc6909, TOKEN_1, PRICE, FUTURE);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
+        emit ISpoke.Issue(POOL_A, SC_1, MANAGER, TO, AMOUNT);
+        spoke.issue(POOL_A, SC_1, TO, AMOUNT);
 
-        (uint64 computeAt, uint64 maxAge, uint64 validUntil) =
-            spoke.markersPricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1);
-        assertEq(computeAt, FUTURE);
-        assertEq(maxAge, type(uint64).max);
-        assertEq(validUntil, type(uint64).max);
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, true);
     }
 
-    function testMaxAgeNotOverwritenAfterUpdatingPrice() public {
-        _utilRegisterAsset(erc6909);
-
-        vm.prank(AUTH);
-        spoke.setMaxAssetPriceAge(POOL_A, SC_1, ASSET_ID_6909_1, MAX_AGE);
-
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
-
-        (, uint64 maxAge,) = spoke.markersPricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1);
-        assertEq(maxAge, MAX_AGE);
+    function testErrShareTokenDoesNotExist() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(address(0), address(0))
+        );
+        vm.prank(MANAGER);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        spoke.issue(POOL_A, SC_1, TO, AMOUNT);
     }
 }
 
-contract SpokeTestSetMaxSharePriceAge is SpokeTest {
-    function testErrNotAuthorized() public {
+contract SpokeTestRevoke is SpokeTest {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.setMaxSharePriceAge(POOL_A, SC_1, MAX_AGE);
-    }
-
-    function testErrShareTokenDoesNotExists() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        spoke.setMaxSharePriceAge(POOL_A, SC_1, MAX_AGE);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.revoke(POOL_A, SC_1, AMOUNT);
     }
 
-    function testSetMaxSharePriceAge() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testRevoke() public {
+        _mockShareBurn(MANAGER, AMOUNT);
 
-        vm.prank(AUTH);
+        vm.prank(MANAGER);
         vm.expectEmit();
-        emit ISpoke.UpdateMaxSharePriceAge(POOL_A, SC_1, MAX_AGE);
-        spoke.setMaxSharePriceAge(POOL_A, SC_1, MAX_AGE);
-
-        (, uint64 maxAge, uint64 validUntil) = spoke.markersPricePoolPerShare(POOL_A, SC_1);
-        assertEq(maxAge, MAX_AGE);
-        assertEq(validUntil, MAX_AGE);
-    }
-}
+        emit ISpoke.Revoke(POOL_A, SC_1, MANAGER, MANAGER, AMOUNT);
+        spoke.revoke(POOL_A, SC_1, AMOUNT);
 
-contract SpokeTestSetMaxAssetPriceAge is SpokeTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.setMaxAssetPriceAge(POOL_A, SC_1, ASSET_ID_6909_1, MAX_AGE);
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, AMOUNT);
+        assertEq(isPositive, false);
     }
 
-    function testErrUnknownAsset() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownAsset.selector);
-        spoke.setMaxAssetPriceAge(POOL_A, SC_1, ASSET_ID_6909_1, MAX_AGE);
-    }
-
-    function testSetMaxAssetPriceAge() public {
-        _utilRegisterAsset(erc6909);
-
-        vm.prank(AUTH);
-        vm.expectEmit();
-        emit ISpoke.UpdateMaxAssetPriceAge(POOL_A, SC_1, erc6909, TOKEN_1, MAX_AGE);
-        spoke.setMaxAssetPriceAge(POOL_A, SC_1, ASSET_ID_6909_1, MAX_AGE);
-
-        (, uint64 maxAge, uint64 validUntil) = spoke.markersPricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1);
-        assertEq(maxAge, MAX_AGE);
-        assertEq(validUntil, MAX_AGE);
+    function testErrShareTokenDoesNotExist() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(address(0), address(0))
+        );
+        vm.prank(MANAGER);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        spoke.revoke(POOL_A, SC_1, AMOUNT);
     }
 }
 
-contract SpokeTestRequestCallback is SpokeTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        spoke.requestCallback(POOL_A, SC_1, ASSET_ID_6909_1, PAYLOAD);
-    }
-
-    function testErrInvalidRequestManager() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidRequestManager.selector);
-        spoke.requestCallback(POOL_A, SC_1, ASSET_ID_6909_1, PAYLOAD);
-    }
-
-    function testRequestCallback() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
-
+contract SpokeTestSubmitQueuedAssets is SpokeTest {
+    function _mockSendUpdateAssets(uint128 amount, bool isDeposit, bool isSnapshot, uint64 nonce) internal {
         vm.mockCall(
-            address(requestManager),
-            abi.encodeWithSelector(requestManager.callback.selector, POOL_A, SC_1, ASSET_ID_6909_1, PAYLOAD),
+            address(sender),
+            COST,
+            abi.encodeWithSelector(
+                SEND_UPDATE_ASSETS_SELECTOR,
+                POOL_A,
+                SC_1,
+                ASSET_ID_20,
+                ISpokeMessageSender.UpdateData({
+                    netAmount: amount, isIncrease: isDeposit, isSnapshot: isSnapshot, nonce: nonce
+                }),
+                EXTRA_GAS,
+                REFUND
+            ),
             abi.encode()
         );
-
-        vm.prank(AUTH);
-        spoke.requestCallback(POOL_A, SC_1, ASSET_ID_6909_1, PAYLOAD);
     }
-}
 
-contract SpokeTestPricePoolPerShare is SpokeTest {
-    function testErrShareTokenDoesNotExists() public {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        spoke.pricePoolPerShare(POOL_A, SC_1, false);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_ID_20, EXTRA_GAS, REFUND);
     }
 
-    function testErrInvalidPrice() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testSubmitQueuedAssets() public {
+        _mockSendUpdateAssets(0, !IS_DEPOSIT, IS_SNAPSHOT, 0);
 
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.InvalidPrice.selector);
-        spoke.pricePoolPerShare(POOL_A, SC_1, true);
-    }
-
-    function testPricePoolPerShareWithoutValidity() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+        vm.prank(MANAGER);
+        spoke.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_ID_20, EXTRA_GAS, REFUND);
 
-        vm.prank(ANY);
-        D18 price = spoke.pricePoolPerShare(POOL_A, SC_1, false);
-
-        assertEq(price.raw(), 0);
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 1);
     }
 
-    function testPricePoolPerShareWithValidity() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testSubmitQueuedAssetsAfterDeposit() public {
+        _mockEscrowDeposit(erc20, 0, AMOUNT * 3);
+        _mockEscrowWithdraw(erc20, 0, AMOUNT);
+        _mockSendUpdateAssets(AMOUNT * 2, IS_DEPOSIT, IS_SNAPSHOT, 0);
 
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+        vm.startPrank(MANAGER);
+        spoke.noteDeposit(POOL_A, SC_1, erc20, 0, AMOUNT * 3);
+        spoke.withdraw(POOL_A, SC_1, erc20, 0, TO, AMOUNT);
 
-        vm.prank(ANY);
-        D18 price = spoke.pricePoolPerShare(POOL_A, SC_1, true);
+        vm.expectEmit();
+        emit ISnapshotQueue.SubmitQueuedAssets(
+            POOL_A, SC_1, ASSET_ID_20, ISpokeMessageSender.UpdateData(AMOUNT * 2, IS_DEPOSIT, IS_SNAPSHOT, 0)
+        );
+        spoke.submitQueuedAssets{value: COST}(POOL_A, SC_1, ASSET_ID_20, EXTRA_GAS, REFUND);
 
-        assertEq(price.raw(), PRICE.raw());
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(POOL_A, SC_1, ASSET_ID_20);
+        assertEq(deposits, 0);
+        assertEq(withdrawals, 0);
     }
 }
 
-contract SpokeTestPricePoolPerAsset is SpokeTest {
-    function testErrInvalidPrice() public {
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.InvalidPrice.selector);
-        spoke.pricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, true);
+contract SpokeTestSubmitQueuedShares is SpokeTest {
+    function _mockSendUpdateShares(uint128 delta, bool isPositive, bool isSnapshot, uint64 nonce) internal {
+        vm.mockCall(
+            address(sender),
+            COST,
+            abi.encodeWithSelector(
+                ISpokeMessageSender.sendUpdateShares.selector,
+                POOL_A,
+                SC_1,
+                ISpokeMessageSender.UpdateData({
+                    netAmount: delta, isIncrease: isPositive, isSnapshot: isSnapshot, nonce: nonce
+                }),
+                EXTRA_GAS,
+                REFUND
+            ),
+            abi.encode()
+        );
     }
 
-    function testPricePoolPerAssetWithoutValidity() public {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        D18 price = spoke.pricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, false);
-
-        assertEq(price.raw(), 0);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
     }
 
-    function testPricePoolPerAssetWithValidity() public {
-        _utilRegisterAsset(erc6909);
-
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
+    function testSubmitQueuedShares() public {
+        _mockSendUpdateShares(0, !IS_ISSUANCE, IS_SNAPSHOT, 0);
 
-        vm.prank(ANY);
-        D18 price = spoke.pricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, true);
+        vm.prank(MANAGER);
+        spoke.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
 
-        assertEq(price.raw(), PRICE.raw());
+        (,,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(nonce, 1);
     }
-}
 
-contract SpokeTestPricesPoolPer is SpokeTest {
-    function testErrAssetTokenDoesNotExists() public {
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        spoke.pricesPoolPer(POOL_A, SC_1, ASSET_ID_6909_1, false);
-    }
+    function testSubmitQueuedSharesAfterIssue() public {
+        _mockShareMint(AMOUNT);
+        _mockSendUpdateShares(AMOUNT, IS_ISSUANCE, IS_SNAPSHOT, 0);
 
-    function testErrInvalidPrice() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
+        vm.startPrank(MANAGER);
+        spoke.issue(POOL_A, SC_1, TO, AMOUNT);
 
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.InvalidPrice.selector);
-        spoke.pricesPoolPer(POOL_A, SC_1, ASSET_ID_6909_1, true);
-    }
-
-    function testErrInvalidPriceOnlyAsset() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+        vm.expectEmit();
+        emit ISnapshotQueue.SubmitQueuedShares(
+            POOL_A, SC_1, ISpokeMessageSender.UpdateData(AMOUNT, IS_ISSUANCE, IS_SNAPSHOT, 0)
+        );
+        spoke.submitQueuedShares{value: COST}(POOL_A, SC_1, EXTRA_GAS, REFUND);
 
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.InvalidPrice.selector);
-        spoke.pricesPoolPer(POOL_A, SC_1, ASSET_ID_6909_1, true);
+        (uint128 delta, bool isPositive,, uint64 nonce) = snapshotQueue.queuedShares(POOL_A, SC_1);
+        assertEq(delta, 0);
+        assertEq(isPositive, false);
+        assertEq(nonce, 1);
     }
+}
 
-    function testErrInvalidPriceOnlyShare() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
-
+contract SpokeTestTransferSharesFrom is SpokeTest {
+    function testErrNotManager() public {
         vm.prank(ANY);
-        vm.expectRevert(ISpoke.InvalidPrice.selector);
-        spoke.pricesPoolPer(POOL_A, SC_1, ASSET_ID_6909_1, true);
+        vm.expectRevert(ISpoke.NotManager.selector);
+        spoke.transferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
     }
 
-    function testPricePoolPerAssetWithoutValidity() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(ANY);
-        (D18 assetPrice, D18 sharePrice) = spoke.pricesPoolPer(POOL_A, SC_1, ASSET_ID_6909_1, false);
+    function testTransferSharesFrom() public {
+        vm.mockCall(
+            address(registrar),
+            abi.encodeWithSelector(IRegistrar.authTransferFrom.selector, share, SENDER, FROM, TO, AMOUNT),
+            abi.encode()
+        );
 
-        assertEq(assetPrice.raw(), 0);
-        assertEq(sharePrice.raw(), 0);
+        vm.prank(MANAGER);
+        vm.expectEmit();
+        emit ISpoke.TransferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
+        spoke.transferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
     }
 
-    function testPricePoolPerAssetWithValidity() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID_6909_1, PRICE, FUTURE);
+    function testErrShareTokenDoesNotExist() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(address(0), address(0))
+        );
+        vm.prank(MANAGER);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        spoke.transferSharesFrom(POOL_A, SC_1, SENDER, FROM, TO, AMOUNT);
+    }
+}
 
-        vm.prank(AUTH);
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, PRICE + d18(1), FUTURE);
+contract SpokeTestAvailableBalanceOf is SpokeTest {
+    function testAvailableBalanceOfERC20() public {
+        uint128 expectedBalance = 1000;
 
-        vm.prank(ANY);
-        (D18 assetPrice, D18 sharePrice) = spoke.pricesPoolPer(POOL_A, SC_1, ASSET_ID_6909_1, true);
+        vm.mockCall(
+            escrow,
+            abi.encodeWithSelector(IPoolEscrow.availableBalanceOf.selector, SC_1, erc20, 0),
+            abi.encode(expectedBalance)
+        );
 
-        assertEq(assetPrice.raw(), PRICE.raw());
-        assertEq(sharePrice.raw(), (PRICE + d18(1)).raw());
+        uint128 balance = spoke.availableBalanceOf(POOL_A, SC_1, erc20, 0);
+        assertEq(balance, expectedBalance);
     }
-}
-
-contract SpokeTestshareTokenDetails is SpokeTest {
-    function testErrShareTokenDoesNotExist() public {
-        address nonExistentToken = makeAddr("nonExistentToken");
 
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        spoke.shareTokenDetails(nonExistentToken);
+    function testEscrowLookup() public view {
+        assertEq(address(spoke.escrow(POOL_A)), escrow);
     }
 }
diff --git a/test/core/spoke/unit/SpokeHandler.t.sol b/test/core/spoke/unit/SpokeHandler.t.sol
new file mode 100644
index 000000000..6d3679366
--- /dev/null
+++ b/test/core/spoke/unit/SpokeHandler.t.sol
@@ -0,0 +1,392 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {D18, d18} from "../../../../src/misc/types/D18.sol";
+import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
+import {IERC20} from "../../../../src/misc/interfaces/IERC20.sol";
+import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {IPolicy} from "../../../../src/core/utils/interfaces/IPolicy.sol";
+import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
+import {IRegistrar} from "../../../../src/core/spoke/interfaces/IRegistrar.sol";
+import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+import {SpokeHandler, ISpokeHandler} from "../../../../src/core/spoke/SpokeHandler.sol";
+import {ISpokeRequestManager} from "../../../../src/core/spoke/interfaces/ISpokeRequestManager.sol";
+import {IPoolEscrowFactory} from "../../../../src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
+
+import "forge-std/Test.sol";
+
+contract IsContract {}
+
+contract SpokeHandlerTest is Test {
+    using CastLib for *;
+
+    uint16 constant LOCAL_CENTRIFUGE_ID = 1;
+
+    address immutable AUTH = makeAddr("AUTH");
+    address immutable ANY = makeAddr("ANY");
+    address immutable RECEIVER = makeAddr("RECEIVER");
+
+    ISpokeRegistry spokeRegistry = ISpokeRegistry(address(new IsContract()));
+    IRegistrar registrar = IRegistrar(address(new IsContract()));
+    IPoolEscrowFactory poolEscrowFactory = IPoolEscrowFactory(address(new IsContract()));
+    address share = address(new IsContract());
+    IPoolEscrow escrow = IPoolEscrow(address(new IsContract()));
+    ISpokeRequestManager requestManager = ISpokeRequestManager(address(new IsContract()));
+
+    address HOOK = makeAddr("hook");
+    address HOOK2 = makeAddr("hook2");
+    address NO_HOOK = address(0);
+
+    uint64 constant POOL_A_RAW = 1;
+    PoolId constant POOL_A = PoolId.wrap(POOL_A_RAW);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
+    AssetId immutable ASSET_ID = newAssetId(LOCAL_CENTRIFUGE_ID, 1);
+
+    uint8 constant DECIMALS = 18;
+    string constant NAME = "name";
+    string constant SYMBOL = "symbol";
+    // A share class salt carries its pool id in the leading 8 bytes
+    bytes32 constant SALT = bytes32(uint256(POOL_A_RAW) << 192 | uint256(uint64(bytes8("salt"))));
+    bytes constant PAYLOAD = "payload";
+
+    D18 immutable PRICE = d18(42e18);
+    uint128 constant AMOUNT = 200;
+    uint64 immutable MAX_AGE = 10_000;
+    uint64 immutable FUTURE = MAX_AGE + 1;
+
+    SpokeHandler handler = new SpokeHandler(spokeRegistry, poolEscrowFactory, AUTH);
+
+    function setUp() public virtual {
+        vm.warp(MAX_AGE);
+    }
+
+    function _mockShareToken() internal {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, POOL_A, SC_1),
+            abi.encode(share, registrar)
+        );
+    }
+}
+
+contract SpokeHandlerTestFile is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.file("unknown", address(1));
+    }
+
+    function testErrFileUnrecognizedParam() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeHandler.FileUnrecognizedParam.selector);
+        handler.file("unknown", address(1));
+    }
+
+    function testFile() public {
+        vm.startPrank(AUTH);
+        vm.expectEmit();
+        emit ISpokeHandler.File("spokeRegistry", address(23));
+        handler.file("spokeRegistry", address(23));
+        assertEq(address(handler.spokeRegistry()), address(23));
+
+        handler.file("poolEscrowFactory", address(88));
+        assertEq(address(handler.poolEscrowFactory()), address(88));
+    }
+}
+
+contract SpokeHandlerTestAddPool is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.addPool(POOL_A);
+    }
+
+    function testAddPool() public {
+        vm.mockCall(
+            address(poolEscrowFactory),
+            abi.encodeWithSelector(poolEscrowFactory.newEscrow.selector, POOL_A),
+            abi.encode(escrow)
+        );
+        vm.mockCall(
+            address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.addPool.selector, POOL_A), abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.addPool(POOL_A);
+    }
+}
+
+contract SpokeHandlerTestAddShareClass is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, registrar, PAYLOAD);
+    }
+
+    function testErrInvalidRegistrar() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeHandler.InvalidRegistrar.selector);
+        handler.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, IRegistrar(address(0)), PAYLOAD);
+    }
+
+    function testErrInvalidSalt() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeHandler.InvalidSalt.selector);
+        handler.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, "salt", registrar, PAYLOAD);
+    }
+
+    function _mockNewToken() internal {
+        vm.mockCall(
+            address(registrar),
+            abi.encodeCall(IRegistrar.newToken, (NAME, SYMBOL, DECIMALS, SALT, PAYLOAD)),
+            abi.encode(share)
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.addShareClass.selector, POOL_A, SC_1, share, registrar),
+            abi.encode()
+        );
+    }
+
+    function testAddShareClass() public {
+        _mockNewToken();
+
+        vm.prank(AUTH);
+        handler.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, registrar, PAYLOAD);
+    }
+
+    function testAddShareClassZeroDecimals() public {
+        vm.mockCall(
+            address(registrar),
+            abi.encodeCall(IRegistrar.newToken, (NAME, SYMBOL, uint8(0), SALT, PAYLOAD)),
+            abi.encode(share)
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.addShareClass.selector, POOL_A, SC_1, share, registrar),
+            abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.addShareClass(POOL_A, SC_1, NAME, SYMBOL, 0, SALT, registrar, PAYLOAD);
+    }
+}
+
+contract SpokeHandlerTestSetRequestManager is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.setRequestManager(POOL_A, requestManager);
+    }
+
+    function testSetRequestManager() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.setRequestManager.selector, POOL_A, requestManager),
+            abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.setRequestManager(POOL_A, requestManager);
+    }
+
+    function testUpdateBridger() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.updateBridger.selector, POOL_A, ANY, true),
+            abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.updateBridger(POOL_A, ANY, true);
+    }
+}
+
+contract SpokeHandlerTestSetPolicy is SpokeHandlerTest {
+    IPolicy immutable POLICY = IPolicy(makeAddr("Policy"));
+
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.setPolicy(POOL_A, POLICY);
+    }
+
+    function testSetPolicy() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.setPolicy.selector, POOL_A, POLICY),
+            abi.encode()
+        );
+
+        vm.expectCall(address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.setPolicy.selector, POOL_A, POLICY));
+        vm.prank(AUTH);
+        handler.setPolicy(POOL_A, POLICY);
+    }
+
+    function testAuthorizeErrNotAuthorized() public {
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.authorize(POOL_A, hex"1234");
+    }
+
+    function testAuthorize() public {
+        bytes memory data = hex"1234";
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.authorize.selector, POOL_A, data),
+            abi.encode()
+        );
+
+        vm.expectCall(address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.authorize.selector, POOL_A, data));
+        vm.prank(AUTH);
+        handler.authorize(POOL_A, data);
+    }
+
+    function testUnauthorizeErrNotAuthorized() public {
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.unauthorize(POOL_A, hex"1234");
+    }
+
+    function testUnauthorize() public {
+        bytes memory data = hex"1234";
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.unauthorize.selector, POOL_A, data),
+            abi.encode()
+        );
+
+        vm.expectCall(address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.unauthorize.selector, POOL_A, data));
+        vm.prank(AUTH);
+        handler.unauthorize(POOL_A, data);
+    }
+}
+
+contract SpokeHandlerTestUpdateShareMetadata is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.updateShareMetadata(POOL_A, SC_1, NAME, SYMBOL);
+    }
+
+    function testUpdateShareMetadata() public {
+        _mockShareToken();
+
+        bytes memory call = abi.encodeWithSelector(IRegistrar.updateMetadata.selector, share, "name2", "symbol2");
+        vm.mockCall(address(registrar), call, abi.encode());
+        vm.expectCall(address(registrar), call);
+
+        vm.prank(AUTH);
+        handler.updateShareMetadata(POOL_A, SC_1, "name2", "symbol2");
+    }
+}
+
+contract SpokeHandlerTestUpdateRestriction is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.updateRestriction(POOL_A, SC_1, PAYLOAD);
+    }
+
+    function testUpdateRestriction() public {
+        _mockShareToken();
+
+        bytes memory call = abi.encodeWithSelector(IRegistrar.updateRestriction.selector, share, PAYLOAD);
+        vm.mockCall(address(registrar), call, abi.encode());
+        vm.expectCall(address(registrar), call);
+
+        vm.prank(AUTH);
+        handler.updateRestriction(POOL_A, SC_1, PAYLOAD);
+    }
+}
+
+contract SpokeHandlerTestExecuteTransferShares is SpokeHandlerTest {
+    using CastLib for *;
+
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.executeTransferShares(POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT);
+    }
+
+    function testExecuteTransferShares() public {
+        _mockShareToken();
+
+        vm.mockCall(
+            address(registrar),
+            abi.encodeWithSelector(IRegistrar.mint.selector, share, address(handler), AMOUNT),
+            abi.encode()
+        );
+        vm.mockCall(share, abi.encodeWithSelector(IERC20.transfer.selector, RECEIVER, AMOUNT), abi.encode(true));
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeHandler.ExecuteTransferShares(POOL_A, SC_1, RECEIVER, AMOUNT);
+        handler.executeTransferShares(POOL_A, SC_1, RECEIVER.toBytes32(), AMOUNT);
+    }
+}
+
+contract SpokeHandlerTestRequestCallback is SpokeHandlerTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        handler.requestCallback(POOL_A, SC_1, ASSET_ID, PAYLOAD);
+    }
+
+    function testErrInvalidRequestManager() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.requestManager.selector, POOL_A),
+            abi.encode(address(0))
+        );
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeHandler.InvalidRequestManager.selector);
+        handler.requestCallback(POOL_A, SC_1, ASSET_ID, PAYLOAD);
+    }
+
+    function testRequestCallback() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.requestManager.selector, POOL_A),
+            abi.encode(requestManager)
+        );
+
+        vm.mockCall(
+            address(requestManager),
+            abi.encodeWithSelector(requestManager.callback.selector, POOL_A, SC_1, ASSET_ID, PAYLOAD),
+            abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.requestCallback(POOL_A, SC_1, ASSET_ID, PAYLOAD);
+    }
+}
+
+contract SpokeHandlerTestPriceDelegation is SpokeHandlerTest {
+    function testUpdatePricePoolPerShare() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.updatePricePoolPerShare.selector, POOL_A, SC_1, PRICE, FUTURE),
+            abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+    }
+
+    function testUpdatePricePoolPerAsset() public {
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(
+                ISpokeRegistry.updatePricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID, PRICE, FUTURE
+            ),
+            abi.encode()
+        );
+
+        vm.prank(AUTH);
+        handler.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, FUTURE);
+    }
+}
diff --git a/test/core/spoke/unit/SpokeRegistry.t.sol b/test/core/spoke/unit/SpokeRegistry.t.sol
new file mode 100644
index 000000000..b0769610a
--- /dev/null
+++ b/test/core/spoke/unit/SpokeRegistry.t.sol
@@ -0,0 +1,686 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {D18, d18} from "../../../../src/misc/types/D18.sol";
+import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
+import {IERC20} from "../../../../src/misc/interfaces/IERC20.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {IPolicy} from "../../../../src/core/utils/interfaces/IPolicy.sol";
+import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
+import {IRegistrar} from "../../../../src/core/spoke/interfaces/IRegistrar.sol";
+import {SpokeRegistry, ISpokeRegistry} from "../../../../src/core/spoke/SpokeRegistry.sol";
+import {ISpokeRequestManager} from "../../../../src/core/spoke/interfaces/ISpokeRequestManager.sol";
+
+import "forge-std/Test.sol";
+
+contract IsContract {}
+
+contract SpokeRegistryTest is Test {
+    uint16 constant LOCAL_CENTRIFUGE_ID = 1;
+
+    address immutable AUTH = makeAddr("AUTH");
+    address immutable ANY = makeAddr("ANY");
+
+    address share = address(new IsContract());
+    IRegistrar registrar = IRegistrar(address(new IsContract()));
+    ISpokeRequestManager requestManager = ISpokeRequestManager(address(new IsContract()));
+
+    address erc20 = address(new IsContract());
+    address erc6909 = address(new IsContract());
+    uint256 constant TOKEN_1 = 23;
+
+    PoolId constant POOL_A = PoolId.wrap(1);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
+
+    AssetId immutable ASSET_ID = newAssetId(LOCAL_CENTRIFUGE_ID, 1);
+
+    D18 immutable PRICE = d18(42e18);
+    uint64 immutable MAX_AGE = 10_000;
+    uint64 immutable PRESENT = MAX_AGE;
+    uint64 immutable FUTURE = MAX_AGE + 1;
+
+    SpokeRegistry registry = new SpokeRegistry(AUTH);
+
+    function setUp() public virtual {
+        vm.warp(MAX_AGE);
+    }
+
+    function _addPool() internal {
+        vm.prank(AUTH);
+        registry.addPool(POOL_A);
+    }
+
+    function _addPoolAndShareClass() internal {
+        _addPool();
+        vm.prank(AUTH);
+        registry.addShareClass(POOL_A, SC_1, share, registrar);
+    }
+
+    function _createAssetId() internal {
+        vm.prank(AUTH);
+        registry.createAssetId(LOCAL_CENTRIFUGE_ID, erc6909, TOKEN_1);
+    }
+}
+
+contract SpokeRegistryTestAddPool is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.addPool(POOL_A);
+    }
+
+    function testErrNullPoolId() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.addPool(PoolId.wrap(0));
+    }
+
+    function testErrPoolAlreadyAdded() public {
+        _addPool();
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.PoolAlreadyAdded.selector);
+        registry.addPool(POOL_A);
+    }
+
+    function testAddPool() public {
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.AddPool(POOL_A);
+        registry.addPool(POOL_A);
+
+        assertEq(registry.pool(POOL_A), block.timestamp);
+        assertEq(registry.isPoolActive(POOL_A), true);
+    }
+}
+
+contract SpokeRegistryTestAddShareClass is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.addShareClass(POOL_A, SC_1, share, registrar);
+    }
+
+    function testErrInvalidPool() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.addShareClass(POOL_A, SC_1, share, registrar);
+    }
+
+    function testErrShareClassAlreadyRegistered() public {
+        _addPoolAndShareClass();
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.ShareClassAlreadyRegistered.selector);
+        registry.addShareClass(POOL_A, SC_1, share, registrar);
+    }
+
+    function testAddShareClass() public {
+        _addPool();
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.AddShareClass(POOL_A, SC_1, share, registrar);
+        registry.addShareClass(POOL_A, SC_1, share, registrar);
+
+        assertEq(address(registry.shareToken(POOL_A, SC_1)), share);
+        (, IRegistrar registrar_) = registry.shareTokenAndRegistrar(POOL_A, SC_1);
+        assertEq(address(registrar_), address(registrar));
+
+        (PoolId poolId, ShareClassId scId) = registry.tokenDetails(share);
+        assertEq(poolId.raw(), POOL_A.raw());
+        assertEq(scId.raw(), SC_1.raw());
+    }
+
+    function testErrTokenAlreadyRegistered() public {
+        _addPoolAndShareClass();
+
+        // The same token address cannot back a second share class
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.TokenAlreadyRegistered.selector);
+        registry.addShareClass(POOL_A, ShareClassId.wrap(bytes16("sc2")), share, registrar);
+    }
+
+    function testErrNotAContract() public {
+        _addPool();
+
+        // An address with no code (e.g. a not-yet-deployed token) cannot be registered
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.NotAContract.selector);
+        registry.addShareClass(POOL_A, SC_1, makeAddr("noCode"), registrar);
+    }
+
+    function testErrEmptyRegistrar() public {
+        _addPool();
+
+        // The registrar slot is the share-class existence sentinel, so it must be non-zero
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.EmptyRegistrar.selector);
+        registry.addShareClass(POOL_A, SC_1, share, IRegistrar(address(0)));
+    }
+}
+
+contract SpokeRegistryTestLinkToken is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.linkToken(POOL_A, SC_1, share, registrar);
+    }
+
+    function testErrInvalidPool() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.linkToken(POOL_A, SC_1, share, registrar);
+    }
+
+    function testErrNotAContract() public {
+        _addPool();
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.NotAContract.selector);
+        registry.linkToken(POOL_A, SC_1, makeAddr("noCode"), registrar);
+    }
+
+    function testLinkToken() public {
+        _addPool();
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.AddShareClass(POOL_A, SC_1, share, registrar);
+        registry.linkToken(POOL_A, SC_1, share, registrar);
+
+        assertEq(address(registry.shareToken(POOL_A, SC_1)), share);
+        (, IRegistrar registrar_) = registry.shareTokenAndRegistrar(POOL_A, SC_1);
+        assertEq(address(registrar_), address(registrar));
+
+        (PoolId poolId, ShareClassId scId) = registry.tokenDetails(share);
+        assertEq(poolId.raw(), POOL_A.raw());
+        assertEq(scId.raw(), SC_1.raw());
+    }
+
+    function testLinkTokenSwapRetiresOldToken() public {
+        _addPoolAndShareClass();
+
+        // Swap the share class's token: the new token resolves, the outgoing one is retired.
+        address newShare = address(new IsContract());
+        vm.prank(AUTH);
+        registry.linkToken(POOL_A, SC_1, newShare, registrar);
+
+        assertEq(address(registry.shareToken(POOL_A, SC_1)), newShare);
+        (PoolId poolId, ShareClassId scId) = registry.tokenDetails(newShare);
+        assertEq(poolId.raw(), POOL_A.raw());
+        assertEq(scId.raw(), SC_1.raw());
+
+        // The retired token no longer resolves to any share class.
+        (PoolId retiredPoolId,) = registry.tokenDetails(share);
+        assertEq(retiredPoolId.raw(), 0);
+
+        // The retired token's address is free again for another share class.
+        vm.prank(AUTH);
+        registry.linkToken(POOL_A, ShareClassId.wrap(bytes16("sc2")), share, registrar);
+    }
+
+    function testLinkTokenSwapRegistrarKeepsToken() public {
+        _addPoolAndShareClass();
+
+        // Swap the registrar while keeping the same token (e.g. a registrar bugfix redeploy). This used
+        // to revert with TokenAlreadyRegistered because the token's own reverse lookup tripped the check.
+        IRegistrar newRegistrar = IRegistrar(address(new IsContract()));
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.AddShareClass(POOL_A, SC_1, share, newRegistrar);
+        registry.linkToken(POOL_A, SC_1, share, newRegistrar);
+
+        (, IRegistrar registrar_) = registry.shareTokenAndRegistrar(POOL_A, SC_1);
+        assertEq(address(registrar_), address(newRegistrar));
+
+        // The token still resolves to the same share class.
+        (PoolId poolId, ShareClassId scId) = registry.tokenDetails(share);
+        assertEq(poolId.raw(), POOL_A.raw());
+        assertEq(scId.raw(), SC_1.raw());
+    }
+
+    /// @dev The reorder retires the outgoing token's reverse lookup before the uniqueness check, so the
+    ///      cross-link case has to stay closed: linking a token already bound to another share class must
+    ///      revert, and the revert must roll the retired lookup back rather than orphaning the outgoing token.
+    function testLinkTokenCrossLinkRevertsAndRollsBackOutgoingLookup() public {
+        _addPoolAndShareClass();
+
+        // A second share class in the same pool, with its own token.
+        ShareClassId scId2 = ShareClassId.wrap(bytes16("sc2"));
+        address share2 = address(new IsContract());
+        vm.prank(AUTH);
+        registry.addShareClass(POOL_A, scId2, share2, registrar);
+
+        // Point SC_1 at SC_2's token: `share2` is already registered, so this must revert.
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.TokenAlreadyRegistered.selector);
+        registry.linkToken(POOL_A, SC_1, share2, registrar);
+
+        // SC_1 keeps its own token, and that token's reverse lookup survived the rollback.
+        (IERC20 token1,) = registry.shareTokenAndRegistrar(POOL_A, SC_1);
+        assertEq(address(token1), share);
+        (PoolId poolId1, ShareClassId scId1) = registry.tokenDetails(share);
+        assertEq(poolId1.raw(), POOL_A.raw());
+        assertEq(scId1.raw(), SC_1.raw());
+
+        // SC_2 is untouched.
+        (PoolId poolId2, ShareClassId scId2Lookup) = registry.tokenDetails(share2);
+        assertEq(poolId2.raw(), POOL_A.raw());
+        assertEq(scId2Lookup.raw(), scId2.raw());
+    }
+}
+
+contract SpokeRegistryTestTokenDetails is SpokeRegistryTest {
+    function testUnregisteredReturnsZero() public view {
+        (PoolId poolId,) = registry.tokenDetails(share);
+        assertEq(poolId.raw(), 0);
+    }
+}
+
+contract SpokeRegistryTestSetRequestManager is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.setRequestManager(POOL_A, requestManager);
+    }
+
+    function testErrInvalidPool() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.setRequestManager(POOL_A, requestManager);
+    }
+
+    function testSetRequestManager() public {
+        _addPoolAndShareClass();
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.SetRequestManager(POOL_A, requestManager);
+        registry.setRequestManager(POOL_A, requestManager);
+
+        assertEq(address(registry.requestManager(POOL_A)), address(requestManager));
+    }
+}
+
+contract SpokeRegistryTestUpdateBridger is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.updateBridger(POOL_A, ANY, true);
+    }
+
+    function testErrInvalidPoolBridger() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.updateBridger(POOL_A, ANY, true);
+    }
+
+    function testErrInvalidPoolManager() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.updateManager(POOL_A, ANY, true);
+    }
+
+    function testUpdateBridger() public {
+        _addPool();
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.UpdateBridger(POOL_A, ANY, true);
+        registry.updateBridger(POOL_A, ANY, true);
+        assertEq(registry.bridger(POOL_A, ANY), true);
+
+        vm.prank(AUTH);
+        registry.updateBridger(POOL_A, ANY, false);
+        assertEq(registry.bridger(POOL_A, ANY), false);
+    }
+}
+
+contract SpokeRegistryTestCreateAssetId is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.createAssetId(LOCAL_CENTRIFUGE_ID, erc6909, TOKEN_1);
+    }
+
+    function testCreateAssetId() public {
+        vm.prank(AUTH);
+        AssetId id1 = registry.createAssetId(LOCAL_CENTRIFUGE_ID, erc6909, TOKEN_1);
+        assertEq(id1.raw(), newAssetId(LOCAL_CENTRIFUGE_ID, 1).raw());
+        assertEq(registry.assetToId(erc6909, TOKEN_1).raw(), id1.raw());
+
+        (address asset, uint256 tokenId) = registry.idToAsset(id1);
+        assertEq(asset, erc6909);
+        assertEq(tokenId, TOKEN_1);
+
+        vm.prank(AUTH);
+        AssetId id2 = registry.createAssetId(LOCAL_CENTRIFUGE_ID, erc20, 0);
+        assertEq(id2.raw(), newAssetId(LOCAL_CENTRIFUGE_ID, 2).raw());
+    }
+
+    function testErrZeroAsset() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        registry.createAssetId(LOCAL_CENTRIFUGE_ID, address(0), 0);
+    }
+
+    function testErrInvalidCentrifugeId() public {
+        // A zero centrifugeId would produce raw ids colliding with the ISO-4217 currency encoding.
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidCentrifugeId.selector);
+        registry.createAssetId(0, erc20, 0);
+    }
+
+    function testErrAssetAlreadyRegistered() public {
+        _createAssetId();
+
+        // Re-registering the same (asset, tokenId) would orphan the previously issued id.
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.AssetAlreadyRegistered.selector);
+        registry.createAssetId(LOCAL_CENTRIFUGE_ID, erc6909, TOKEN_1);
+    }
+
+    function testIdToAssetRevertOnNull() public {
+        AssetId unknown = newAssetId(LOCAL_CENTRIFUGE_ID, 99);
+
+        // The bare getter (and revertOnNull == false) is non-reverting and returns zero values on a miss.
+        (address asset, uint256 tokenId) = registry.idToAsset(unknown);
+        assertEq(asset, address(0));
+        assertEq(tokenId, 0);
+        (asset,) = registry.idToAsset(unknown, false);
+        assertEq(asset, address(0));
+
+        // revertOnNull == true fails closed, which is how resolve-callers reject a missing asset.
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        registry.idToAsset(unknown, true);
+    }
+
+    function testAssetToIdRevertOnNull() public {
+        // The bare getter (and revertOnNull == false) returns null on a miss; registerAsset relies on this to
+        // detect a not-yet-registered asset.
+        assertTrue(registry.assetToId(erc20, 0).isNull());
+        assertTrue(registry.assetToId(erc20, 0, false).isNull());
+
+        // revertOnNull == true fails closed.
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        registry.assetToId(erc20, 0, true);
+    }
+}
+
+contract SpokeRegistryTestUpdatePricePoolPerShare is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.updatePricePoolPerShare(POOL_A, SC_1, PRICE, PRESENT);
+    }
+
+    function testErrShareTokenDoesNotExist() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        registry.updatePricePoolPerShare(POOL_A, SC_1, PRICE, PRESENT);
+    }
+
+    function testErrCannotSetOlderPrice() public {
+        _addPoolAndShareClass();
+
+        vm.prank(AUTH);
+        registry.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.CannotSetOlderPrice.selector);
+        registry.updatePricePoolPerShare(POOL_A, SC_1, PRICE, PRESENT);
+    }
+
+    function testUpdatePricePoolPerShare() public {
+        _addPoolAndShareClass();
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.UpdateSharePrice(POOL_A, SC_1, PRICE, FUTURE);
+        registry.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+
+        assertEq(registry.pricePoolPerShareComputedAt(POOL_A, SC_1), FUTURE);
+    }
+}
+
+contract SpokeRegistryTestUpdatePricePoolPerAsset is SpokeRegistryTest {
+    function testErrNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, PRESENT);
+    }
+
+    function testErrShareTokenDoesNotExist() public {
+        _createAssetId();
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, FUTURE);
+    }
+
+    function testErrUnknownAsset() public {
+        _addPoolAndShareClass();
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, FUTURE);
+    }
+
+    function testErrCannotSetOlderPrice() public {
+        _addPoolAndShareClass();
+        _createAssetId();
+
+        vm.prank(AUTH);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, FUTURE);
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.CannotSetOlderPrice.selector);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, PRESENT);
+    }
+
+    function testUpdatePricePoolPerAsset() public {
+        _addPoolAndShareClass();
+        _createAssetId();
+
+        vm.prank(AUTH);
+        vm.expectEmit();
+        emit ISpokeRegistry.UpdateAssetPrice(POOL_A, SC_1, erc6909, TOKEN_1, PRICE, FUTURE);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, FUTURE);
+
+        assertEq(registry.pricePoolPerAssetComputedAt(POOL_A, SC_1, ASSET_ID), FUTURE);
+    }
+}
+
+contract SpokeRegistryTestPricePoolPerShare is SpokeRegistryTest {
+    function testUnregisteredWithoutValidityReturnsZero() public view {
+        D18 price = registry.pricePoolPerShare(POOL_A, SC_1, false);
+        assertEq(price.raw(), 0);
+    }
+
+    function testErrInvalidPrice() public {
+        _addPoolAndShareClass();
+
+        vm.expectRevert(ISpokeRegistry.InvalidPrice.selector);
+        registry.pricePoolPerShare(POOL_A, SC_1, true);
+    }
+
+    function testPricePoolPerShareWithoutValidity() public {
+        _addPoolAndShareClass();
+
+        D18 price = registry.pricePoolPerShare(POOL_A, SC_1, false);
+        assertEq(price.raw(), 0);
+    }
+
+    function testPricePoolPerShareWithValidity() public {
+        _addPoolAndShareClass();
+
+        vm.prank(AUTH);
+        registry.updatePricePoolPerShare(POOL_A, SC_1, PRICE, FUTURE);
+
+        D18 price = registry.pricePoolPerShare(POOL_A, SC_1, true);
+        assertEq(price.raw(), PRICE.raw());
+    }
+}
+
+contract SpokeRegistryTestPricePoolPerAsset is SpokeRegistryTest {
+    function testErrInvalidPrice() public {
+        vm.expectRevert(ISpokeRegistry.InvalidPrice.selector);
+        registry.pricePoolPerAsset(POOL_A, SC_1, ASSET_ID, true);
+    }
+
+    function testPricePoolPerAssetWithoutValidity() public view {
+        D18 price = registry.pricePoolPerAsset(POOL_A, SC_1, ASSET_ID, false);
+        assert(price.raw() == 0);
+    }
+
+    function testPricePoolPerAssetWithValidity() public {
+        _addPoolAndShareClass();
+        _createAssetId();
+
+        vm.prank(AUTH);
+        registry.updatePricePoolPerAsset(POOL_A, SC_1, ASSET_ID, PRICE, FUTURE);
+
+        D18 price = registry.pricePoolPerAsset(POOL_A, SC_1, ASSET_ID, true);
+        assertEq(price.raw(), PRICE.raw());
+    }
+}
+
+contract SpokeRegistryTestAuthorization is SpokeRegistryTest {
+    IPolicy policy = IPolicy(makeAddr("policy"));
+    bytes data = hex"1234";
+
+    function _installPolicy() internal {
+        _addPool();
+        vm.prank(AUTH);
+        registry.setPolicy(POOL_A, policy);
+    }
+
+    function testSetPolicyErrNotAuthorized() public {
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.setPolicy(POOL_A, policy);
+    }
+
+    function testSetPolicyErrInvalidPool() public {
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.InvalidPool.selector);
+        registry.setPolicy(POOL_A, policy);
+    }
+
+    function testSetPolicy() public {
+        _addPool();
+
+        vm.expectEmit();
+        emit ISpokeRegistry.SetPolicy(POOL_A, policy);
+        vm.prank(AUTH);
+        registry.setPolicy(POOL_A, policy);
+
+        assertEq(address(registry.policy(POOL_A)), address(policy));
+        assertEq(registry.policyNonce(POOL_A), 1);
+    }
+
+    function testAuthorizeErrNotAuthorized() public {
+        // Only the message layer (a ward) may record a Hub-authorized call; there is no local scheduling.
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.authorize(POOL_A, data);
+    }
+
+    function testAuthorizeErrPolicyNotInstalled() public {
+        // Recording an authorization for a pool with no policy would be unconsumable, so it reverts.
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRegistry.PolicyNotInstalled.selector);
+        registry.authorize(POOL_A, data);
+    }
+
+    function testAuthorizeAndConsume() public {
+        _installPolicy();
+        bytes32 id = registry.authId(POOL_A, data);
+
+        // Several authorizations of the same call can be outstanding at once (a counter, not a flag).
+        vm.prank(AUTH);
+        registry.authorize(POOL_A, data);
+        assertEq(registry.authorizations(id), 1);
+
+        vm.prank(AUTH);
+        registry.authorize(POOL_A, data);
+        assertEq(registry.authorizations(id), 2);
+
+        // The pool's policy consumes one at a time.
+        vm.prank(address(policy));
+        registry.consumeAuthorization(POOL_A, address(this), data);
+        assertEq(registry.authorizations(id), 1);
+
+        vm.prank(address(policy));
+        registry.consumeAuthorization(POOL_A, address(this), data);
+        assertEq(registry.authorizations(id), 0);
+
+        // Nothing left to consume.
+        vm.prank(address(policy));
+        vm.expectRevert(ISpokeRegistry.NoOutstandingAuthorization.selector);
+        registry.consumeAuthorization(POOL_A, address(this), data);
+    }
+
+    function testConsumeAuthorizationOnlyCallableByPolicy() public {
+        _installPolicy();
+
+        // Caller is address(this), not the pool's policy.
+        vm.expectRevert(ISpokeRegistry.CallerNotPolicy.selector);
+        registry.consumeAuthorization(POOL_A, address(this), data);
+    }
+
+    function testUnauthorizeErrNotAuthorized() public {
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registry.unauthorize(POOL_A, data);
+    }
+
+    function testUnauthorize() public {
+        _installPolicy();
+        bytes32 id = registry.authId(POOL_A, data);
+
+        vm.startPrank(AUTH);
+        registry.authorize(POOL_A, data);
+        registry.authorize(POOL_A, data);
+        assertEq(registry.authorizations(id), 2);
+
+        // Each revoke decrements one outstanding authorization.
+        registry.unauthorize(POOL_A, data);
+        assertEq(registry.authorizations(id), 1);
+        registry.unauthorize(POOL_A, data);
+        assertEq(registry.authorizations(id), 0);
+
+        // Nothing left to revoke.
+        vm.expectRevert(ISpokeRegistry.NoOutstandingAuthorization.selector);
+        registry.unauthorize(POOL_A, data);
+        vm.stopPrank();
+    }
+
+    function testPolicyReinstallChangesAuthId() public {
+        _installPolicy();
+        bytes32 id = registry.authId(POOL_A, data);
+
+        // Re-installing the same policy address bumps the nonce, re-namespacing every id.
+        vm.prank(AUTH);
+        registry.setPolicy(POOL_A, policy);
+        assertEq(registry.policyNonce(POOL_A), 2);
+        assertNotEq(registry.authId(POOL_A, data), id);
+    }
+
+    function testPolicySwapBackDoesNotResurrectAuthorization() public {
+        _installPolicy();
+
+        vm.prank(AUTH);
+        registry.authorize(POOL_A, data);
+
+        // Swap the policy away and back: the outstanding authorization must not be resurrected.
+        vm.startPrank(AUTH);
+        registry.setPolicy(POOL_A, IPolicy(makeAddr("otherPolicy")));
+        registry.setPolicy(POOL_A, policy);
+        vm.stopPrank();
+
+        vm.prank(address(policy));
+        vm.expectRevert(ISpokeRegistry.NoOutstandingAuthorization.selector);
+        registry.consumeAuthorization(POOL_A, address(this), data);
+    }
+}
diff --git a/test/core/spoke/unit/VaultRegistry.t.sol b/test/core/spoke/unit/VaultRegistry.t.sol
index 7a7c7a8ff..b5d466d94 100644
--- a/test/core/spoke/unit/VaultRegistry.t.sol
+++ b/test/core/spoke/unit/VaultRegistry.t.sol
@@ -2,57 +2,32 @@
 pragma solidity 0.8.28;
 
 import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
-import {IERC20Metadata} from "../../../../src/misc/interfaces/IERC20.sol";
-import {IERC6909MetadataExt} from "../../../../src/misc/interfaces/IERC6909.sol";
 
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
-import {Spoke, ISpoke} from "../../../../src/core/spoke/Spoke.sol";
+import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
-import {VaultRegistry} from "../../../../src/core/spoke/VaultRegistry.sol";
-import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
-import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
-import {IVault, VaultKind} from "../../../../src/core/spoke/interfaces/IVault.sol";
-import {IRequestManager} from "../../../../src/core/interfaces/IRequestManager.sol";
-import {VaultUpdateKind} from "../../../../src/core/messaging/libraries/MessageLib.sol";
-import {ITokenFactory} from "../../../../src/core/spoke/factories/interfaces/ITokenFactory.sol";
+import {IRegistrar} from "../../../../src/core/spoke/interfaces/IRegistrar.sol";
 import {IVaultFactory} from "../../../../src/core/spoke/factories/interfaces/IVaultFactory.sol";
-import {IPoolEscrowFactory} from "../../../../src/core/spoke/factories/interfaces/IPoolEscrowFactory.sol";
-import {ISpokeMessageSender, ILocalCentrifugeId} from "../../../../src/core/messaging/interfaces/IGatewaySenders.sol";
+import {ISpokeRequestManager} from "../../../../src/core/spoke/interfaces/ISpokeRequestManager.sol";
+import {SpokeRegistry, ISpokeRegistry, VaultDetails} from "../../../../src/core/spoke/SpokeRegistry.sol";
 
 import "forge-std/Test.sol";
 
 // Need it to overpass a mockCall issue: https://github.com/foundry-rs/foundry/issues/10703
 contract IsContract {}
 
-contract SpokeExt is Spoke {
-    constructor(ITokenFactory factory, address deployer) Spoke(factory, deployer) {}
-
-    function assetCounter() public view returns (uint64) {
-        return _assetCounter;
-    }
-}
-
 contract VaultRegistryTest is Test {
     uint16 constant LOCAL_CENTRIFUGE_ID = 1;
-    uint16 constant REMOTE_CENTRIFUGE_ID = 2;
 
     address immutable AUTH = makeAddr("AUTH");
     address immutable ANY = makeAddr("ANY");
-    address immutable REFUND = makeAddr("REFUND");
 
-    ITokenFactory tokenFactory = ITokenFactory(makeAddr("tokenFactory"));
-    IPoolEscrowFactory poolEscrowFactory = IPoolEscrowFactory(address(new IsContract()));
     IVaultFactory vaultFactory = IVaultFactory(address(new IsContract()));
-    ISpokeMessageSender sender = ISpokeMessageSender(address(new IsContract()));
-    IGateway gateway = IGateway(address(new IsContract()));
-    IShareToken share = IShareToken(address(new IsContract()));
-    IPoolEscrow escrow = IPoolEscrow(address(new IsContract()));
-    IRequestManager requestManager = IRequestManager(address(new IsContract()));
-    IVault vault = IVault(address(new IsContract()));
-
-    address HOOK = makeAddr("hook");
+    address share = address(new IsContract());
+    IRegistrar registrar = IRegistrar(address(new IsContract()));
+    ISpokeRequestManager requestManager = ISpokeRequestManager(address(new IsContract()));
+    address vault = address(new IsContract());
+
     address NO_HOOK = address(0);
 
     PoolId constant POOL_A = PoolId.wrap(1);
@@ -60,8 +35,8 @@ contract VaultRegistryTest is Test {
     ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
     ShareClassId constant SC_2 = ShareClassId.wrap(bytes16("sc2"));
 
-    AssetId immutable ASSET_ID_20 = newAssetId(LOCAL_CENTRIFUGE_ID, 1);
-    AssetId immutable ASSET_ID_6909_1 = newAssetId(LOCAL_CENTRIFUGE_ID, 1);
+    AssetId ASSET_ID_20;
+    AssetId ASSET_ID_6909_1;
     address erc20 = address(new IsContract());
     address erc6909 = address(new IsContract());
     uint256 constant TOKEN_1 = 23;
@@ -69,451 +44,390 @@ contract VaultRegistryTest is Test {
     uint8 constant DECIMALS = 18;
     string constant NAME = "name";
     string constant SYMBOL = "symbol";
-    bytes32 constant SALT = "salt";
-    uint64 immutable MAX_AGE = 10_000;
-    uint256 constant COST = 123;
-
-    SpokeExt spoke = new SpokeExt(tokenFactory, AUTH);
-    VaultRegistry vaultRegistry = new VaultRegistry(AUTH);
-
-    function setUp() public virtual {
-        vm.deal(ANY, 1 ether);
-        vm.deal(AUTH, 1 ether);
-        vm.deal(address(requestManager), 1 ether);
-
-        vm.startPrank(AUTH);
-        spoke.file("gateway", address(gateway));
-        spoke.file("sender", address(sender));
-        spoke.file("poolEscrowFactory", address(poolEscrowFactory));
-
-        vaultRegistry.file("spoke", address(spoke));
-        spoke.rely(address(vaultRegistry));
-
-        vm.stopPrank();
-        vm.warp(MAX_AGE);
-
-        // Mock sender calls
-        vm.mockCall(
-            address(sender),
-            abi.encodeWithSelector(ILocalCentrifugeId.localCentrifugeId.selector),
-            abi.encode(LOCAL_CENTRIFUGE_ID)
-        );
-
-        // Mock sendRegisterAsset call
-        vm.mockCall(
-            address(sender), abi.encodeWithSelector(ISpokeMessageSender.sendRegisterAsset.selector), abi.encode()
-        );
-
-        // Mock tokenFactory call
-        vm.mockCall(address(tokenFactory), abi.encodeWithSelector(ITokenFactory.newToken.selector), abi.encode(share));
 
-        // Mock poolEscrowFactory call
-        vm.mockCall(
-            address(poolEscrowFactory),
-            abi.encodeWithSelector(IPoolEscrowFactory.newEscrow.selector),
-            abi.encode(escrow)
-        );
+    SpokeRegistry spokeRegistry = new SpokeRegistry(AUTH);
 
-        // Mock share token calls
-        vm.mockCall(address(share), abi.encodeWithSignature("file(bytes32,string)", bytes32(0), ""), abi.encode());
-        vm.mockCall(address(share), abi.encodeWithSelector(IShareToken.updateVault.selector), abi.encode());
-
-        // Mock vault calls (for tests that don't call _mockVaultFactory)
-        vm.mockCall(address(vault), abi.encodeWithSelector(IVault.poolId.selector), abi.encode(POOL_A));
-        vm.mockCall(address(vault), abi.encodeWithSelector(IVault.scId.selector), abi.encode(SC_1));
-        vm.mockCall(address(vault), abi.encodeWithSelector(IVault.vaultKind.selector), abi.encode(VaultKind.Async));
-    }
-
-    // Utility functions
     function _utilAddPool() internal {
         vm.prank(AUTH);
-        spoke.addPool(POOL_A);
+        spokeRegistry.addPool(POOL_A);
     }
 
-    function _utilAddShareClass(address hook) internal {
+    function _utilAddShareClass() internal {
         vm.prank(AUTH);
-        spoke.addShareClass(POOL_A, SC_1, NAME, SYMBOL, DECIMALS, SALT, hook);
+        spokeRegistry.addShareClass(POOL_A, SC_1, share, registrar);
     }
 
-    function _utilRegisterAsset(address asset) internal {
-        uint256 tokenId = asset == erc6909 ? TOKEN_1 : 0;
-
-        if (asset == erc6909) {
-            // ERC6909 mocks
-            vm.mockCall(
-                asset, abi.encodeWithSelector(IERC6909MetadataExt.decimals.selector, tokenId), abi.encode(DECIMALS)
-            );
-            vm.mockCall(asset, abi.encodeWithSelector(IERC6909MetadataExt.name.selector, tokenId), abi.encode(NAME));
-            vm.mockCall(asset, abi.encodeWithSelector(IERC6909MetadataExt.symbol.selector, tokenId), abi.encode(SYMBOL));
-        } else {
-            // ERC20 mocks
-            vm.mockCall(asset, abi.encodeWithSelector(IERC20Metadata.decimals.selector), abi.encode(DECIMALS));
-            vm.mockCall(asset, abi.encodeWithSelector(IERC20Metadata.name.selector), abi.encode(NAME));
-            vm.mockCall(asset, abi.encodeWithSelector(IERC20Metadata.symbol.selector), abi.encode(SYMBOL));
-        }
-
+    function _utilRegisterAsset(address asset, uint256 tokenId) internal returns (AssetId assetId) {
         vm.prank(AUTH);
-        spoke.registerAsset{value: COST}(REMOTE_CENTRIFUGE_ID, asset, tokenId, REFUND);
+        assetId = spokeRegistry.createAssetId(LOCAL_CENTRIFUGE_ID, asset, tokenId);
     }
 
-    function _mockVaultFactory(address asset, uint256 tokenId) internal {
-        vm.mockCall(
-            address(vaultFactory),
-            abi.encodeWithSelector(IVaultFactory.newVault.selector, POOL_A, SC_1, asset, tokenId, share),
-            abi.encode(vault)
-        );
+    function _utilRegisterERC20() internal {
+        ASSET_ID_20 = _utilRegisterAsset(erc20, 0);
+    }
 
-        vm.mockCall(address(vault), abi.encodeWithSelector(IVault.poolId.selector), abi.encode(POOL_A));
-        vm.mockCall(address(vault), abi.encodeWithSelector(IVault.scId.selector), abi.encode(SC_1));
-        vm.mockCall(address(vault), abi.encodeWithSelector(IVault.vaultKind.selector), abi.encode(VaultKind.Async));
+    function _utilRegisterERC6909() internal {
+        ASSET_ID_6909_1 = _utilRegisterAsset(erc6909, TOKEN_1);
     }
 
-    function _utilAddPoolAndShareClass(address hook) internal {
+    function _utilSetRequestManager() internal {
+        vm.prank(AUTH);
+        spokeRegistry.setRequestManager(POOL_A, requestManager);
+    }
+
+    function _utilAddPoolAndShareClass() internal {
         _utilAddPool();
-        _utilAddShareClass(hook);
+        _utilAddShareClass();
     }
 }
 
-contract VaultRegistryTestDeployVault is VaultRegistryTest {
+contract VaultRegistryTestRegisterVault is VaultRegistryTest {
     function testErrNotAuthorized() public {
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        vaultRegistry.deployVault(POOL_A, SC_1, ASSET_ID_6909_1, vaultFactory);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
     }
 
-    function testErrShareTokenDoesNotExists() public {
-        _utilRegisterAsset(erc6909); // Register asset so we pass the first check
+    function testErrShareTokenDoesNotExist() public {
+        _utilRegisterERC6909();
+        _utilAddPool();
 
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.ShareTokenDoesNotExist.selector);
-        vaultRegistry.deployVault(POOL_A, SC_1, ASSET_ID_6909_1, vaultFactory);
+        vm.expectRevert(ISpokeRegistry.ShareTokenDoesNotExist.selector);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
     }
 
-    function testErrUnknownAsset() public {
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testErrUnknownAssetMismatch() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
 
+        // The passed (asset, tokenId) must match what assetId resolves to.
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownAsset.selector);
-        vaultRegistry.deployVault(POOL_A, SC_1, ASSET_ID_6909_1, vaultFactory);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc20, 0, vaultFactory, vault, "");
     }
 
-    function testErrInvalidRequestManager() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        _mockVaultFactory(erc6909, TOKEN_1);
+    function testErrUnknownAssetUnregistered() public {
+        _utilAddPoolAndShareClass();
 
+        // The assetId is not registered, so it resolves to a zeroed key and is rejected up front.
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidRequestManager.selector);
-        vaultRegistry.deployVault(POOL_A, SC_1, ASSET_ID_6909_1, vaultFactory);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
     }
 
-    function testDeployVault() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testErrReregisterLinkedVault() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
 
-        _mockVaultFactory(erc6909, TOKEN_1);
+        vm.startPrank(AUTH);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
-        vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
+        // Any previously-registered vault address is permanently rejected, linked or not.
+        vm.expectRevert(ISpokeRegistry.AlreadyRegisteredVault.selector);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
+        vm.stopPrank();
+    }
+
+    /// @dev The opaque factory `payload` is carried on the canonical DeployVault event verbatim, so offchain
+    ///      consumers can bootstrap from it. Asserted with a non-empty value: an empty payload would pass
+    ///      even if the field were dropped from the event.
+    function testRegisterVaultEmitsDeployVaultWithPayload() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+
+        bytes memory payload = hex"deadbeefc0ffee";
 
-        vm.prank(AUTH);
         vm.expectEmit();
-        emit ISpoke.DeployVault(POOL_A, SC_1, erc6909, TOKEN_1, vaultFactory, vault, VaultKind.Async);
-        IVault returnedVault = vaultRegistry.deployVault(POOL_A, SC_1, ASSET_ID_6909_1, vaultFactory);
+        emit ISpokeRegistry.DeployVault(POOL_A, SC_1, erc6909, TOKEN_1, vaultFactory, vault, payload);
 
-        assertEq(address(returnedVault), address(vault));
-        assertEq(vaultRegistry.vaultDetails(vault).assetId.raw(), ASSET_ID_6909_1.raw());
-        assertEq(vaultRegistry.vaultDetails(vault).asset, erc6909);
-        assertEq(vaultRegistry.vaultDetails(vault).tokenId, TOKEN_1);
-        assertEq(vaultRegistry.vaultDetails(vault).isLinked, false);
-    }
-}
+        vm.prank(AUTH);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, payload);
 
-contract VaultRegistryTestRegisterVault is VaultRegistryTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        vaultRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault);
+        // The payload is not retained in storage; the event is the only record of it.
+        VaultDetails memory details = spokeRegistry.vaultDetails(vault);
+        assertEq(details.poolId.raw(), POOL_A.raw());
+        assertEq(details.scId.raw(), SC_1.raw());
+        assertEq(details.asset, erc6909);
+        assertEq(details.tokenId, TOKEN_1);
     }
 
-    // Successful case tested under VaultRegistryTestDeployVault
-}
+    /// @dev A pool-B manager supplying an unlinked pool-A vault address must be rejected.
+    function testErrReregisterUnlinkedVault() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
 
-contract VaultRegistryTestLinkVault is VaultRegistryTest {
-    function _utilDeployVault(address asset) internal {
-        _mockVaultFactory(asset, asset == erc6909 ? TOKEN_1 : 0);
+        vm.startPrank(AUTH);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
+        vm.expectRevert(ISpokeRegistry.AlreadyRegisteredVault.selector);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault, "");
+        vm.stopPrank();
+    }
+
+    /// @dev A factory that returns a not-yet-deployed address (preemptive front-run) is rejected.
+    function testErrVaultNotDeployed() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+
+        address noCode = makeAddr("noCode");
         vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
+        vm.expectRevert(ISpokeRegistry.NotAContract.selector);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, noCode, "");
+    }
+}
 
+contract VaultRegistryTestLinkVault is VaultRegistryTest {
+    function _utilDeployVault(address asset, uint256 tokenId, AssetId assetId) internal {
         vm.prank(AUTH);
-        vaultRegistry.deployVault(POOL_A, SC_1, asset == erc6909 ? ASSET_ID_6909_1 : ASSET_ID_20, vaultFactory);
+        spokeRegistry.registerVault(POOL_A, SC_1, assetId, asset, tokenId, vaultFactory, vault, "");
     }
 
     function testErrNotAuthorized() public {
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
     function testErrInvalidVaultByPoolId() public {
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.poolId.selector), abi.encode(POOL_B));
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
+        // The vault was registered under POOL_A, so linking it under another pool is rejected.
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidVault.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.InvalidVault.selector);
+        spokeRegistry.linkVault(POOL_B, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
     function testErrInvalidVaultByShareClassId() public {
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.scId.selector), abi.encode(SC_2));
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidVault.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.InvalidVault.selector);
+        spokeRegistry.linkVault(POOL_A, SC_2, ASSET_ID_6909_1, address(vault));
     }
 
     function testErrUnknownAsset() public {
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownAsset.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
-    function testErrShareTokenDoesNotExists() public {
-        _utilRegisterAsset(erc6909);
+    function testErrUnknownVault() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
 
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownVault.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.UnknownVault.selector);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
-    function testErrUnknownVault() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
+    function testErrAssetIdMismatch() public {
+        _utilRegisterERC6909();
+        _utilRegisterERC20();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
+        // Linking under a different assetId than the vault was registered with is rejected.
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownVault.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, address(vault));
     }
 
     function testErrAlreadyLinkedVault() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-        _utilDeployVault(erc6909);
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
         vm.prank(AUTH);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.AlreadyLinkedVault.selector);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.AlreadyLinkedVault.selector);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
     function testLinkVaultERC6909() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-        _utilDeployVault(erc6909);
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
         vm.prank(AUTH);
         vm.expectEmit();
-        emit ISpoke.LinkVault(POOL_A, SC_1, erc6909, TOKEN_1, vault);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        emit ISpokeRegistry.LinkVault(POOL_A, SC_1, erc6909, TOKEN_1, vault);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
-        assertEq(vaultRegistry.isLinked(vault), true);
-        assertEq(address(vaultRegistry.vault(POOL_A, SC_1, ASSET_ID_6909_1, requestManager)), address(vault));
+        assertEq(spokeRegistry.isLinked(address(vault)), true);
     }
 
     function testLinkVaultERC20() public {
-        _utilRegisterAsset(erc20);
-        _utilAddPoolAndShareClass(NO_HOOK);
-        _utilDeployVault(erc20);
-
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(spoke.setShareTokenVault.selector, POOL_A, SC_1, erc20, vault),
-            abi.encode()
-        );
+        _utilRegisterERC20();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc20, 0, ASSET_ID_20);
 
         vm.prank(AUTH);
         vm.expectEmit();
-        emit ISpoke.LinkVault(POOL_A, SC_1, erc20, 0, vault);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, vault);
+        emit ISpokeRegistry.LinkVault(POOL_A, SC_1, erc20, 0, vault);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, address(vault));
     }
-}
 
-contract VaultRegistryTestUnlinkVault is VaultRegistryTest {
-    function _utilDeployVault(address asset) internal {
-        _mockVaultFactory(asset, asset == erc6909 ? TOKEN_1 : 0);
+    function testLinkSecondVaultSameTuple() public {
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
+
+        // Register a second, distinct vault for the same (poolId, scId, assetId).
+        address vault2 = address(new IsContract());
+        vm.prank(AUTH);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_6909_1, erc6909, TOKEN_1, vaultFactory, vault2, "");
 
+        // The registry is declarative (no tuple -> vault reverse lookup), so multiple vaults may be linked
+        // to the same tuple; each carries its own `isLinked` bit.
         vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
+        vm.prank(AUTH);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault2));
+
+        assertEq(spokeRegistry.isLinked(address(vault)), true);
+        assertEq(spokeRegistry.isLinked(address(vault2)), true);
+    }
+
+    /// @dev Symmetric ERC20 case of the above: for tokenId == 0 the share token's ERC-7575 pointer is
+    ///      maintained, so each link aims it at the just-linked vault (last-writer-wins).
+    function testLinkSecondVaultSameTupleERC20() public {
+        _utilRegisterERC20();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc20, 0, ASSET_ID_20);
+
+        address vault2 = address(new IsContract());
+        vm.prank(AUTH);
+        spokeRegistry.registerVault(POOL_A, SC_1, ASSET_ID_20, erc20, 0, vaultFactory, vault2, "");
+
+        vm.prank(AUTH);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, address(vault));
 
         vm.prank(AUTH);
-        vaultRegistry.deployVault(POOL_A, SC_1, asset == erc6909 ? ASSET_ID_6909_1 : ASSET_ID_20, vaultFactory);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, address(vault2));
+
+        assertEq(spokeRegistry.isLinked(address(vault)), true);
+        assertEq(spokeRegistry.isLinked(address(vault2)), true);
+    }
+}
+
+contract VaultRegistryTestUnlinkVault is VaultRegistryTest {
+    function _utilDeployVault(address asset, uint256 tokenId, AssetId assetId) internal {
+        vm.prank(AUTH);
+        spokeRegistry.registerVault(POOL_A, SC_1, assetId, asset, tokenId, vaultFactory, vault, "");
     }
 
     function testErrNotAuthorized() public {
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
     function testErrInvalidVaultByPoolId() public {
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.poolId.selector), abi.encode(POOL_B));
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidVault.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
-    }
-
-    function testErrInvalidVaultByShareClassId() public {
-        vm.mockCall(address(vault), abi.encodeWithSelector(vault.scId.selector), abi.encode(SC_2));
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
+        // The vault was registered and linked under POOL_A, so unlinking it from another pool is rejected.
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.InvalidVault.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.InvalidVault.selector);
+        spokeRegistry.unlinkVault(POOL_B, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
     function testErrUnknownAsset() public {
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownAsset.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
-    function testErrShareTokenDoesNotExists() public {
-        _utilRegisterAsset(erc6909);
-
+    function testErrAssetIdMismatch() public {
+        _utilRegisterERC6909();
+        _utilRegisterERC20();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownVault.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
-    }
-
-    function testErrUnknownVault() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
 
+        // Unlinking under a different assetId than the vault was registered with is rejected.
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.UnknownVault.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.UnknownAsset.selector);
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_20, vault);
     }
 
     function testErrAlreadyUnlinkedVault() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-        _utilDeployVault(erc6909);
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
         vm.prank(AUTH);
-        vm.expectRevert(ISpoke.AlreadyUnlinkedVault.selector);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        vm.expectRevert(ISpokeRegistry.AlreadyUnlinkedVault.selector);
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
     }
 
     function testUnlinkVaultERC6909() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-        _utilDeployVault(erc6909);
+        _utilRegisterERC6909();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc6909, TOKEN_1, ASSET_ID_6909_1);
 
         vm.prank(AUTH);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
         vm.prank(AUTH);
         vm.expectEmit();
-        emit ISpoke.UnlinkVault(POOL_A, SC_1, erc6909, TOKEN_1, vault);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, vault);
+        emit ISpokeRegistry.UnlinkVault(POOL_A, SC_1, erc6909, TOKEN_1, vault);
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault));
 
-        assertEq(vaultRegistry.isLinked(vault), false);
-        assertEq(address(vaultRegistry.vault(POOL_A, SC_1, ASSET_ID_6909_1, requestManager)), address(0));
+        assertEq(spokeRegistry.isLinked(address(vault)), false);
     }
 
     function testUnlinkVaultERC20() public {
-        _utilRegisterAsset(erc20);
-        _utilAddPoolAndShareClass(NO_HOOK);
-        _utilDeployVault(erc20);
-
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(spoke.setShareTokenVault.selector, POOL_A, SC_1, erc20, vault),
-            abi.encode()
-        );
+        _utilRegisterERC20();
+        _utilAddPoolAndShareClass();
+        _utilSetRequestManager();
+        _utilDeployVault(erc20, 0, ASSET_ID_20);
 
         vm.prank(AUTH);
-        vaultRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, vault);
-
-        vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(spoke.setShareTokenVault.selector, POOL_A, SC_1, erc20, address(0)),
-            abi.encode()
-        );
+        spokeRegistry.linkVault(POOL_A, SC_1, ASSET_ID_20, address(vault));
 
         vm.prank(AUTH);
         vm.expectEmit();
-        emit ISpoke.UnlinkVault(POOL_A, SC_1, erc20, 0, vault);
-        vaultRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_20, vault);
-    }
-}
-
-contract VaultRegistryTestUpdateVault is VaultRegistryTest {
-    function testErrNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        vaultRegistry.updateVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vaultFactory), VaultUpdateKind.DeployAndLink);
-    }
-
-    function testDeployAndLinkAndUnlinkAndLink() public {
-        _utilRegisterAsset(erc6909);
-        _utilAddPoolAndShareClass(NO_HOOK);
-
-        _mockVaultFactory(erc6909, TOKEN_1);
-
-        vm.prank(AUTH);
-        spoke.setRequestManager(POOL_A, requestManager);
-
-        vm.prank(AUTH);
-        vaultRegistry.updateVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vaultFactory), VaultUpdateKind.DeployAndLink);
-
-        assertEq(vaultRegistry.isLinked(vault), true, "deploy and linked");
-
-        vm.prank(AUTH);
-        vaultRegistry.updateVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault), VaultUpdateKind.Unlink);
-
-        assertEq(vaultRegistry.isLinked(vault), false, "unlinked");
-
-        vm.prank(AUTH);
-        vaultRegistry.updateVault(POOL_A, SC_1, ASSET_ID_6909_1, address(vault), VaultUpdateKind.Link);
-
-        assertEq(vaultRegistry.isLinked(vault), true, "linked again");
+        emit ISpokeRegistry.UnlinkVault(POOL_A, SC_1, erc20, 0, vault);
+        spokeRegistry.unlinkVault(POOL_A, SC_1, ASSET_ID_20, address(vault));
     }
 }
 
 contract VaultRegistryTestVaultDetails is VaultRegistryTest {
-    function testErrUnknownVault() public {
-        vm.prank(ANY);
-        vm.expectRevert(ISpoke.UnknownVault.selector);
-        vaultRegistry.vaultDetails(vault);
-    }
-}
-
-contract VaultRegistryTestFile is VaultRegistryTest {
-    function testFileSpoke() public {
-        ISpoke newSpoke = ISpoke(makeAddr("NewSpoke"));
-
-        vm.expectEmit(true, true, true, true);
-        emit ISpoke.File("spoke", address(newSpoke));
-
-        vm.prank(AUTH);
-        vaultRegistry.file("spoke", address(newSpoke));
-
-        assertEq(address(vaultRegistry.spoke()), address(newSpoke));
-    }
-
-    function testFileUnrecognizedParam() public {
-        vm.prank(AUTH);
-        vm.expectRevert(ISpoke.FileUnrecognizedParam.selector);
-        vaultRegistry.file("unknown", address(0));
-    }
-
-    function testFileNotAuthorized() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        vaultRegistry.file("spoke", address(0));
+    function testUnknownVaultReturnsZero() public view {
+        assertFalse(spokeRegistry.isVaultRegistered(address(vault)));
+        assertEq(spokeRegistry.vaultDetails(address(vault)).asset, address(0));
     }
 }
diff --git a/test/core/spoke/unit/factories/TokenFactory.t.sol b/test/core/spoke/unit/factories/TokenFactory.t.sol
deleted file mode 100644
index 6ee9e3edf..000000000
--- a/test/core/spoke/unit/factories/TokenFactory.t.sol
+++ /dev/null
@@ -1,136 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {IAuth} from "../../../../../src/misc/interfaces/IAuth.sol";
-
-import {ShareToken} from "../../../../../src/core/spoke/ShareToken.sol";
-import {IShareToken} from "../../../../../src/core/spoke/interfaces/IShareToken.sol";
-import {TokenFactory} from "../../../../../src/core/spoke/factories/TokenFactory.sol";
-import {ITokenFactory} from "../../../../../src/core/spoke/factories/interfaces/ITokenFactory.sol";
-
-import {Root} from "../../../../../src/admin/Root.sol";
-
-import "forge-std/Test.sol";
-
-interface SpokeLike {
-    function getShare(uint64 poolId, bytes16 scId) external view returns (address);
-}
-
-contract FactoryTest is Test {
-    address root = address(new Root(48 hours, address(this)));
-
-    function testShareShouldBeDeterministic(
-        string memory name,
-        string memory symbol,
-        bytes32 factorySalt,
-        bytes32 tokenSalt,
-        uint8 decimals
-    ) public {
-        decimals = uint8(bound(decimals, 0, 18));
-        TokenFactory tokenFactory = new TokenFactory{salt: factorySalt}(root, address(this));
-
-        address predictedAddress = address(
-            uint160(
-                uint256(
-                    keccak256(
-                        abi.encodePacked(
-                            bytes1(0xff),
-                            address(tokenFactory),
-                            tokenSalt,
-                            keccak256(abi.encodePacked(type(ShareToken).creationCode, abi.encode(decimals)))
-                        )
-                    )
-                )
-            )
-        );
-
-        IShareToken token = tokenFactory.newToken(name, symbol, decimals, tokenSalt);
-
-        assertEq(address(token), predictedAddress);
-        assertEq(tokenFactory.getAddress(decimals, tokenSalt), address(token));
-    }
-
-    function testTokenWards(
-        string memory name,
-        string memory symbol,
-        bytes32 factorySalt,
-        bytes32 tokenSalt,
-        uint8 decimals
-    ) public {
-        decimals = uint8(bound(decimals, 0, 18));
-        TokenFactory tokenFactory = new TokenFactory{salt: factorySalt}(root, address(this));
-
-        address[] memory tokenWards = new address[](2);
-        tokenWards[0] = address(1);
-        tokenWards[1] = address(2);
-
-        tokenFactory.file("wards", tokenWards);
-
-        IShareToken token = tokenFactory.newToken(name, symbol, decimals, tokenSalt);
-
-        assertEq(IAuth(address(token)).wards(address(1)), 1);
-        assertEq(IAuth(address(token)).wards(address(2)), 1);
-        assertEq(IAuth(address(token)).wards(address(root)), 1);
-    }
-
-    function _stringToBytes32(string memory source) internal pure returns (bytes32 result) {
-        bytes memory tempEmptyStringTest = bytes(source);
-        if (tempEmptyStringTest.length == 0) {
-            return 0x0;
-        }
-
-        assembly {
-            result := mload(add(source, 32))
-        }
-    }
-}
-
-contract TokenFactoryFileTest is Test {
-    address root = address(new Root(48 hours, address(this)));
-    TokenFactory tokenFactory = new TokenFactory(root, address(this));
-
-    function testFileWards() public {
-        address[] memory newWards = new address[](3);
-        newWards[0] = makeAddr("ward1");
-        newWards[1] = makeAddr("ward2");
-        newWards[2] = makeAddr("ward3");
-
-        vm.expectEmit(true, true, true, true);
-        emit ITokenFactory.File("wards", newWards);
-
-        tokenFactory.file("wards", newWards);
-
-        assertEq(tokenFactory.tokenWards(0), newWards[0]);
-        assertEq(tokenFactory.tokenWards(1), newWards[1]);
-        assertEq(tokenFactory.tokenWards(2), newWards[2]);
-    }
-
-    function testFileWardsEmpty() public {
-        address[] memory emptyWards = new address[](0);
-
-        vm.expectEmit(true, true, true, true);
-        emit ITokenFactory.File("wards", emptyWards);
-
-        tokenFactory.file("wards", emptyWards);
-
-        vm.expectRevert();
-        tokenFactory.tokenWards(0);
-    }
-
-    function testFileUnrecognizedParam() public {
-        address[] memory data = new address[](1);
-        data[0] = address(1);
-
-        vm.expectRevert(ITokenFactory.FileUnrecognizedParam.selector);
-        tokenFactory.file("unknown", data);
-    }
-
-    function testFileNotAuthorized() public {
-        address[] memory data = new address[](1);
-        data[0] = address(1);
-
-        vm.prank(makeAddr("notAuthorized"));
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        tokenFactory.file("wards", data);
-    }
-}
diff --git a/test/core/unit/BatchedMulticall.t.sol b/test/core/unit/BatchedMulticall.t.sol
index 69d6c275f..eeb060f8d 100644
--- a/test/core/unit/BatchedMulticall.t.sol
+++ b/test/core/unit/BatchedMulticall.t.sol
@@ -9,6 +9,7 @@ import "forge-std/Test.sol";
 
 contract BatchedMulticallImpl is BatchedMulticall, Test {
     uint256 public total;
+    ReentrantHook public hook;
 
     constructor(IGateway gateway) BatchedMulticall(gateway) {}
 
@@ -20,6 +21,35 @@ contract BatchedMulticallImpl is BatchedMulticall, Test {
         assertEq(msgValue(), 0);
         total += i;
     }
+
+    function setHook(ReentrantHook hook_) external payable {
+        hook = hook_;
+    }
+
+    /// @dev Simulates an inner batched call that hands control to an external hook.
+    function triggerHook() external payable {
+        hook.onSync();
+    }
+
+    /// @dev Entry point used by the reentrant hook. Because msg.sender is the hook (not the
+    ///      gateway), the real msg.value must be visible even though a batch is active.
+    function reentrantPayment() external payable {
+        assertEq(msgValue(), 5);
+    }
+}
+
+contract ReentrantHook {
+    BatchedMulticallImpl immutable impl;
+
+    constructor(BatchedMulticallImpl impl_) {
+        impl = impl_;
+    }
+
+    function onSync() external {
+        impl.reentrantPayment{value: 5}();
+    }
+
+    receive() external payable {}
 }
 
 contract MockGateway {
@@ -68,6 +98,19 @@ contract BatchedMulticallTestMulticall is BatchedMulticallTest {
         assertEq(multicall.total(), 5);
     }
 
+    function testReentrantCallDuringBatchKeepsRealValue() external {
+        // A reentrant call entering during an active batch from a non-gateway sender (an external
+        // hook) must see its real msg.value, otherwise the attached ETH is silently dropped.
+        ReentrantHook hook = new ReentrantHook(multicall);
+        vm.deal(address(hook), 5);
+
+        bytes[] memory calls = new bytes[](2);
+        calls[0] = abi.encodeWithSelector(multicall.setHook.selector, hook);
+        calls[1] = abi.encodeWithSelector(multicall.triggerHook.selector);
+
+        multicall.multicall(calls);
+    }
+
     function testNestedMulticallIsBlocked() external {
         bytes[] memory innerCalls = new bytes[](1);
         innerCalls[0] = abi.encodeWithSelector(multicall.add.selector);
diff --git a/test/core/unit/Envoy.t.sol b/test/core/unit/Envoy.t.sol
new file mode 100644
index 000000000..4ab580522
--- /dev/null
+++ b/test/core/unit/Envoy.t.sol
@@ -0,0 +1,132 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+
+import {Envoy} from "../../../src/core/utils/Envoy.sol";
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {IEnvoy} from "../../../src/core/utils/interfaces/IEnvoy.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "../../../src/core/utils/interfaces/IManagerCall.sol";
+
+import "forge-std/Test.sol";
+
+/// @notice Target implementing BOTH directions, recording the last call, its value, and which method ran.
+///         `fromHub` carries no origin args (the hub direction is already authorized); `fromSpoke` carries
+///         and records `(centrifugeId, sender)` for the untrusted direction to validate.
+contract MockManagerCallTarget is IManagerCallFromHub, IManagerCallFromSpoke {
+    PoolId public lastPoolId;
+    bytes public lastPayload;
+    uint256 public lastValue;
+    uint16 public lastCentrifugeId;
+    bytes32 public lastSender;
+    bool public lastWasSpoke;
+
+    function fromHub(PoolId poolId, bytes calldata payload) external payable {
+        lastPoolId = poolId;
+        lastPayload = payload;
+        lastValue = msg.value;
+        lastWasSpoke = false;
+    }
+
+    function fromSpoke(PoolId poolId, bytes calldata payload, uint16 centrifugeId, bytes32 sender) external payable {
+        lastPoolId = poolId;
+        lastPayload = payload;
+        lastValue = msg.value;
+        lastCentrifugeId = centrifugeId;
+        lastSender = sender;
+        lastWasSpoke = true;
+    }
+}
+
+/// @notice Hub-only target implementing `fromHub` ONLY (no `fromSpoke`). Models every hub-only target
+///         (BRM, Supervisor, NAVManager, OracleValuation): the spoke direction lands on a nonexistent
+///         selector and reverts. This is the structural direction boundary.
+contract MockHubOnlyTarget is IManagerCallFromHub {
+    bool public called;
+
+    function fromHub(PoolId, bytes calldata) external payable {
+        called = true;
+    }
+}
+
+contract EnvoyTest is Test {
+    PoolId constant POOL_A = PoolId.wrap(1);
+    address immutable AUTH = makeAddr("auth");
+    address immutable ANY = makeAddr("any");
+
+    Envoy dispatcher;
+    MockManagerCallTarget target;
+
+    function setUp() public {
+        dispatcher = new Envoy(AUTH);
+        target = new MockManagerCallTarget();
+    }
+
+    function testCallFromHubOnlyAuth() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        dispatcher.callFromHub(POOL_A, address(target), hex"1234");
+    }
+
+    function testCallFromHubForwardsAndEmits() public {
+        bytes memory payload = hex"deadbeef";
+
+        vm.expectEmit();
+        emit IEnvoy.ManagerCallFromHub(POOL_A, address(target), payload);
+
+        vm.deal(AUTH, 1 ether);
+        vm.prank(AUTH);
+        dispatcher.callFromHub{value: 0.7 ether}(POOL_A, address(target), payload);
+
+        assertEq(PoolId.unwrap(target.lastPoolId()), PoolId.unwrap(POOL_A));
+        assertEq(target.lastPayload(), payload);
+        assertEq(target.lastValue(), 0.7 ether, "full value forwarded to target");
+        assertFalse(target.lastWasSpoke(), "hub direction invokes fromHub");
+    }
+
+    function testCallFromSpokeForwardsAndEmits() public {
+        bytes memory payload = hex"c0ffee";
+        bytes32 sender = bytes32(uint256(uint160(makeAddr("spokeSender"))));
+
+        vm.expectEmit();
+        emit IEnvoy.ManagerCallFromSpoke(POOL_A, address(target), payload, 7, sender);
+
+        vm.deal(AUTH, 1 ether);
+        vm.prank(AUTH);
+        dispatcher.callFromSpoke{value: 0.3 ether}(POOL_A, address(target), payload, 7, sender);
+
+        assertEq(PoolId.unwrap(target.lastPoolId()), PoolId.unwrap(POOL_A));
+        assertEq(target.lastPayload(), payload);
+        assertEq(target.lastValue(), 0.3 ether, "full value forwarded to target");
+        assertEq(target.lastCentrifugeId(), 7);
+        assertEq(target.lastSender(), sender);
+        assertTrue(target.lastWasSpoke(), "spoke direction invokes fromSpoke");
+    }
+
+    function testCallFromSpokeOnlyAuth() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        dispatcher.callFromSpoke(POOL_A, address(target), hex"1234", 2, bytes32(0));
+    }
+
+    /// @dev The direction boundary: a hub-only target (implements `fromHub` only) is physically unreachable
+    ///      from the spoke direction because `callFromSpoke` invokes the nonexistent `fromSpoke` selector and
+    ///      reverts. Distinct method names = distinct selectors is the structural guard that keeps the
+    ///      spoke path off hub-only targets that never consult the policy.
+    function testCallFromSpokeToHubOnlyTargetReverts() public {
+        MockHubOnlyTarget hubOnly = new MockHubOnlyTarget();
+        bytes memory payload = hex"abcd";
+        bytes32 sender = bytes32(uint256(uint160(makeAddr("spokeSender"))));
+
+        vm.prank(AUTH);
+        vm.expectRevert();
+        dispatcher.callFromSpoke(POOL_A, address(hubOnly), payload, 9, sender);
+
+        assertFalse(hubOnly.called(), "spoke direction never lands on the hub-only target");
+
+        // The same target IS reachable from the hub direction.
+        vm.prank(AUTH);
+        dispatcher.callFromHub(POOL_A, address(hubOnly), payload);
+        assertTrue(hubOnly.called(), "hub direction reaches the hub-only target");
+    }
+}
diff --git a/test/core/unit/GasService.t.sol b/test/core/unit/GasService.t.sol
index 943400e54..6d37de38c 100644
--- a/test/core/unit/GasService.t.sol
+++ b/test/core/unit/GasService.t.sol
@@ -3,12 +3,14 @@ pragma solidity 0.8.28;
 
 import {BytesLib} from "../../../src/misc/libraries/BytesLib.sol";
 
-import {GasService} from "../../../src/core/messaging/GasService.sol";
-import {MAX_MESSAGE_COST} from "../../../src/core/messaging/interfaces/IGasService.sol";
 import {MessageLib, MessageType, VaultUpdateKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
 
+import {GasService} from "../../../src/admin/GasService.sol";
+
 import "forge-std/Test.sol";
 
+import {MAX_MESSAGE_COST} from "../../utils/GasConstants.sol";
+
 contract GasServiceTest is Test {
     using MessageLib for *;
     using BytesLib for *;
@@ -22,11 +24,105 @@ contract GasServiceTest is Test {
         txLimits[1] = 150; // Millions
         txLimits[10] = 64; // Millions
 
-        service = new GasService(txLimits);
+        service = new GasService(txLimits, CENTRIFUGE_ID);
+    }
+
+    function testDefaultChainUsesDefaultFailureGasReserve() public view {
+        assertEq(service.messageFailureGasReserve(), service.DEFAULT_FAILURE_GAS_RESERVE());
+    }
+
+    function testMonadChainUsesMonadFailureGasReserve() public {
+        uint8[32] memory txLimits;
+        txLimits[0] = 30;
+
+        GasService monadService = new GasService(txLimits, service.MONAD_CENTRIFUGE_ID());
+        assertEq(monadService.messageFailureGasReserve(), monadService.MONAD_FAILURE_GAS_RESERVE());
+        assertTrue(monadService.MONAD_FAILURE_GAS_RESERVE() != monadService.DEFAULT_FAILURE_GAS_RESERVE());
+    }
+
+    function testDefaultChainHasNoColdAccessSurcharge() public view {
+        bytes memory message = new bytes(266);
+        message[0] = bytes1(uint8(MessageType.NotifyPool));
+
+        assertEq(
+            service.messageProcessingGasLimit(CENTRIFUGE_ID, message),
+            service.notifyPool() + service.DEFAULT_FAILURE_GAS_RESERVE()
+        );
+    }
+
+    /// @dev End-to-end check that the surcharge a message actually receives matches the counts benchmarked
+    ///      for it by name, covering every benchmarked entry rather than every message type, so the three
+    ///      VaultUpdateKind variants are checked apart. Catches a wrong count, a wrong index and a wrong shift.
+    function testMonadSurchargeMatchesBenchmarkSnapshot() public view {
+        string memory json = vm.readFile("snapshots/MessageColdAccesses.json");
+        string[25] memory names = [
+            "",
+            "scheduleUpgrade",
+            "cancelUpgrade",
+            "registerAsset",
+            "setPoolAdapters",
+            "notifyPool",
+            "notifyShareClass",
+            "notifyPricePoolPerShare",
+            "notifyPricePoolPerAsset",
+            "notifyShareMetadata",
+            "initiateTransferShares",
+            "executeTransferShares",
+            "updateRestriction",
+            "", // UpdateVault: three sub-kinds share this index, resolved below
+            "updateAssets",
+            "updateShares",
+            "request",
+            "requestCallback",
+            "setRequestManager",
+            "managerCallFromSpoke",
+            "managerCallFromHub",
+            "updateManager",
+            "setPolicy",
+            "authorizeSpokeCall",
+            "unauthorizeSpokeCall"
+        ];
+
+        bytes memory message = new bytes(266);
+
+        for (uint256 i = 1; i < names.length; i++) {
+            message[0] = bytes1(uint8(i));
+
+            if (i == uint256(uint8(MessageType.UpdateVault))) {
+                // Each VaultUpdateKind is benchmarked separately and must get its own surcharge
+                string[3] memory kinds = ["updateVaultDeployAndLink", "updateVaultLink", "updateVaultUnlink"];
+                for (uint256 k; k < kinds.length; k++) {
+                    message[73] = bytes1(uint8(k)); // VaultUpdateKind is encoded at offset 73
+                    _assertSurchargeMatchesSnapshot(json, message, kinds[k]);
+                }
+                message[73] = 0;
+            } else {
+                _assertSurchargeMatchesSnapshot(json, message, names[i]);
+            }
+        }
+    }
+
+    function _assertSurchargeMatchesSnapshot(string memory json, bytes memory message, string memory name)
+        internal
+        view
+    {
+        uint256 slots = vm.parseJsonUint(json, string.concat("$.", name, "Slots"));
+        uint256 accounts = vm.parseJsonUint(json, string.concat("$.", name, "Accounts"));
+        uint128 expected = uint128(slots) * service.MONAD_COLD_SLOT_SURCHARGE() + uint128(accounts)
+            * service.MONAD_COLD_ACCOUNT_SURCHARGE();
+        uint128 reserveDelta = service.MONAD_FAILURE_GAS_RESERVE() - service.DEFAULT_FAILURE_GAS_RESERVE();
+
+        assertGt(expected, 0, string.concat(name, ": no cold-access counts recorded"));
+        assertEq(
+            service.messageProcessingGasLimit(service.MONAD_CENTRIFUGE_ID(), message)
+                - service.messageProcessingGasLimit(CENTRIFUGE_ID, message),
+            reserveDelta + expected,
+            string.concat(name, ": surcharge does not match benchmarked counts")
+        );
     }
 
     function testGasLimit(uint256 len, bytes calldata seed) public view {
-        len = bound(len, 121, 4096); // ensuring we can deserialize extraGasLimit from any message
+        len = bound(len, 266, 4096); // ensuring we can deserialize extraGasLimit from any message (NotifyShareClass reads at offset 250)
 
         bytes memory message = new bytes(len);
         for (uint256 i; i < len && i < seed.length; ++i) {
@@ -44,15 +140,147 @@ contract GasServiceTest is Test {
             vm.assume(vaultKind <= uint8(type(VaultUpdateKind).max));
         }
 
-        if (message.messageCode() == uint8(MessageType.UntrustedContractUpdate)) {
+        if (message.messageCode() == uint8(MessageType.ManagerCallFromSpoke)) {
             vm.assume(message.length >= 91); // Minimum length without payload
         }
 
         uint256 messageGasLimit = service.messageOverallGasLimit(CENTRIFUGE_ID, message);
-        assert(messageGasLimit > service.BASE_COST());
+        assert(messageGasLimit > service.BASE_ADAPTER_COST());
         assertLt(messageGasLimit, MAX_MESSAGE_COST, "Higher than MAX_MESSAGE_COST");
     }
 
+    /// @dev Covers Monad as a destination, which testGasLimit does not, so the chain carrying the largest
+    ///      cold-access surcharge is checked against the reference ceiling too.
+    function testOverallGasLimitStaysUnderMaxMessageCost() public view {
+        bytes memory message = new bytes(266);
+
+        for (uint8 i = 1; i <= uint8(type(MessageType).max); i++) {
+            message[0] = bytes1(i);
+
+            if (MessageType(i) == MessageType.UpdateVault) {
+                for (uint8 k = 0; k <= uint8(type(VaultUpdateKind).max); k++) {
+                    message[73] = bytes1(k); // VaultUpdateKind is encoded at offset 73
+                    _assertUnderMaxMessageCost(message, i);
+                }
+                message[73] = 0;
+            } else {
+                _assertUnderMaxMessageCost(message, i);
+            }
+        }
+    }
+
+    function _assertUnderMaxMessageCost(bytes memory message, uint8 kind) internal view {
+        assertLt(
+            service.messageOverallGasLimit(CENTRIFUGE_ID, message),
+            MAX_MESSAGE_COST,
+            string.concat("type ", vm.toString(kind), ": default chain over MAX_MESSAGE_COST")
+        );
+        assertLt(
+            service.messageOverallGasLimit(service.MONAD_CENTRIFUGE_ID(), message),
+            MAX_MESSAGE_COST,
+            string.concat("type ", vm.toString(kind), ": Monad over MAX_MESSAGE_COST")
+        );
+    }
+
+    function testAllMessageTypesHaveSufficientGasReserve() public view {
+        // 266 bytes covers the deepest offset read by messageExtraGasLimit across all types (NotifyShareClass
+        // reads its extraGasLimit at offset 250 + 16 bytes). Extra-gas fields are zero-filled, giving the floor
+        // for messageProcessingGasLimit — if the floor satisfies the invariant, any message with non-zero
+        // extra gas also satisfies it.
+        bytes memory message = new bytes(266);
+        uint8 maxType = uint8(type(MessageType).max);
+
+        for (uint8 i = 1; i <= maxType; i++) {
+            message[0] = bytes1(i);
+
+            if (MessageType(i) == MessageType.UpdateVault) {
+                // UpdateVault dispatches on VaultUpdateKind, producing different base gas values per sub-kind
+                for (uint8 k = 0; k <= uint8(type(VaultUpdateKind).max); k++) {
+                    message[73] = bytes1(k); // VaultUpdateKind is encoded at offset 73
+                    assertGe(
+                        service.messageProcessingGasLimit(CENTRIFUGE_ID, message),
+                        service.messageFailureGasReserve(),
+                        string.concat(
+                            "UpdateVault kind ",
+                            vm.toString(k),
+                            ": messageProcessingGasLimit does not cover messageFailureGasReserve"
+                        )
+                    );
+                }
+                message[73] = 0;
+            } else {
+                assertGe(
+                    service.messageProcessingGasLimit(CENTRIFUGE_ID, message),
+                    service.messageFailureGasReserve(),
+                    string.concat(
+                        "type ", vm.toString(i), ": messageProcessingGasLimit does not cover messageFailureGasReserve"
+                    )
+                );
+            }
+        }
+    }
+
+    function testMessageLength() public view {
+        bytes memory message = MessageLib.NotifyPool({poolId: 1}).serialize();
+        assertEq(service.messageLength(message), message.messageLength());
+    }
+
+    function testMessagePoolId() public view {
+        bytes memory message = MessageLib.NotifyPool({poolId: 1}).serialize();
+        assertEq(service.messagePoolId(message).raw(), message.messagePoolId().raw());
+    }
+
+    function testRoutePoolId() public view {
+        bytes memory message = MessageLib.SetPoolAdapters({
+                poolId: 1, threshold: 1, targetSessionId: 1, adapterList: new bytes32[](0)
+            }).serialize();
+
+        assertEq(service.routePoolId(message, true).raw(), message.messagePoolId().raw());
+        assertEq(service.routePoolId(message, false).raw(), 0);
+    }
+
+    function testMessageSourceCentrifugeId() public view {
+        bytes memory message = MessageLib.NotifyPool({poolId: uint64(CENTRIFUGE_ID) << 48}).serialize();
+        assertEq(service.messageSourceCentrifugeId(message), message.messageSourceCentrifugeId());
+    }
+
+    function _updateVault(VaultUpdateKind kind, bytes memory payload) internal pure returns (bytes memory) {
+        return MessageLib.UpdateVault({
+                poolId: 1,
+                scId: bytes16(uint128(2)),
+                assetId: 3,
+                vaultOrFactory: bytes32(uint256(4)),
+                kind: uint8(kind),
+                extraGasLimit: 0,
+                payload: payload
+            }).serialize();
+    }
+
+    function testMessageProcessingGasLimitIgnoresPayloadForLinkAndUnlink() public view {
+        VaultUpdateKind[2] memory kinds = [VaultUpdateKind.Link, VaultUpdateKind.Unlink];
+
+        for (uint256 i; i < kinds.length; i++) {
+            assertEq(
+                service.messageProcessingGasLimit(CENTRIFUGE_ID, _updateVault(kinds[i], "")),
+                service.messageProcessingGasLimit(CENTRIFUGE_ID, _updateVault(kinds[i], new bytes(900))),
+                string.concat("kind ", vm.toString(uint8(kinds[i])), ": limit depends on an unread payload")
+            );
+        }
+    }
+
+    /// @dev The gas estimator fully deserializes UpdateVault to read the kind byte.
+    function testMessageProcessingGasLimitRevertsOnOverlongDeclaredPayload() public {
+        bytes memory message = _updateVault(VaultUpdateKind.Link, "");
+        assertEq(message.length, 92);
+
+        uint16 declared = 300;
+        message[90] = bytes1(uint8(declared >> 8));
+        message[91] = bytes1(uint8(declared));
+
+        vm.expectRevert(BytesLib.SliceOutOfBounds.selector);
+        service.messageProcessingGasLimit(CENTRIFUGE_ID, message);
+    }
+
     function testMaxBatchGasLimit(uint16 centrifugeId) public view {
         uint256 expectedGasLimit = service.DEFAULT_SUPPORTED_TX_LIMIT();
         if (centrifugeId == 0) expectedGasLimit = 30;
diff --git a/test/core/unit/Gateway.t.sol b/test/core/unit/Gateway.t.sol
index 86191d9e1..5a0dd7c1a 100644
--- a/test/core/unit/Gateway.t.sol
+++ b/test/core/unit/Gateway.t.sol
@@ -3,6 +3,7 @@ pragma solidity 0.8.28;
 
 import {IAuth} from "../../../src/misc/Auth.sol";
 import {BytesLib} from "../../../src/misc/libraries/BytesLib.sol";
+import {SafeTransferLib} from "../../../src/misc/libraries/SafeTransferLib.sol";
 import {TransientArrayLib} from "../../../src/misc/libraries/TransientArrayLib.sol";
 import {TransientBytesLib} from "../../../src/misc/libraries/TransientBytesLib.sol";
 import {TransientStorageLib} from "../../../src/misc/libraries/TransientStorageLib.sol";
@@ -12,17 +13,11 @@ import {Gateway} from "../../../src/core/messaging/Gateway.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
 import {IProtocolPauser} from "../../../src/core/messaging/interfaces/IProtocolPauser.sol";
 import {IMessageProperties} from "../../../src/core/messaging/interfaces/IMessageProperties.sol";
-import {
-    IGateway,
-    PROCESS_FAIL_MESSAGE_GAS,
-    MESSAGE_MAX_LENGTH,
-    ERR_MAX_LENGTH
-} from "../../../src/core/messaging/interfaces/IGateway.sol";
+import {IGateway, MESSAGE_MAX_LENGTH, ERR_MAX_LENGTH} from "../../../src/core/messaging/interfaces/IGateway.sol";
 
 import {IRoot} from "../../../src/admin/interfaces/IRoot.sol";
 
 import "forge-std/Test.sol";
-import {VmSafe} from "forge-std/Vm.sol";
 
 // -----------------------------------------
 //     MESSAGE MOCKING
@@ -35,7 +30,8 @@ uint16 constant LOCAL_CENT_ID = 23;
 
 uint128 constant MAX_BATCH_GAS_LIMIT = 1_000_000;
 uint128 constant BASE_COST = 50_000;
-uint128 constant MESSAGE_PROCESSING_GAS_LIMIT = 100_000 + uint128(PROCESS_FAIL_MESSAGE_GAS);
+uint128 constant MOCK_PROCESS_FAIL_GAS = 35_000;
+uint128 constant MESSAGE_PROCESSING_GAS_LIMIT = 100_000 + MOCK_PROCESS_FAIL_GAS;
 uint128 constant MESSAGE_OVERALL_GAS_LIMIT = BASE_COST + MESSAGE_PROCESSING_GAS_LIMIT;
 uint128 constant EXTRA_GAS_LIMIT = 200_000;
 
@@ -49,7 +45,9 @@ enum MessageKind {
     WithPoolA2,
     WithPoolAFail, // Use this will fail
     WithPoolALongFail, // Use this will fail
-    WithPoolATooLong
+    WithPoolATooLong,
+    SetPoolAdapters, // pool-routed: messagePoolId returns its pool (POOL_A), mirroring MessageLib
+    RequireRemoteSource // messageSourceCentrifugeId returns REMOTE_CENT_ID, pool-routed like WithPoolA1
 }
 
 function length(MessageKind kind) pure returns (uint16) {
@@ -61,6 +59,8 @@ function length(MessageKind kind) pure returns (uint16) {
     if (kind == MessageKind.WithPoolAFail) return 10;
     if (kind == MessageKind.WithPoolALongFail) return uint16(10);
     if (kind == MessageKind.WithPoolATooLong) return uint16(MESSAGE_MAX_LENGTH + 1);
+    if (kind == MessageKind.SetPoolAdapters) return 13;
+    if (kind == MessageKind.RequireRemoteSource) return 10;
     return 2;
 }
 
@@ -103,8 +103,8 @@ contract MockProcessor {
             // bypass this check for the retry case where all available gas is passed
             require(
                 gasleft()
-                    <= (properties.messageProcessingGasLimit(centrifugeId, payload) - PROCESS_FAIL_MESSAGE_GAS) * 63
-                        / 64,
+                    <= (properties.messageProcessingGasLimit(centrifugeId, payload)
+                            - properties.messageFailureGasReserve()) * 63 / 64,
                 "Too much gas passed to handle"
             );
         }
@@ -124,6 +124,14 @@ contract MockMessageProperties is IMessageProperties {
     }
 
     function messagePoolId(bytes calldata message) external pure returns (PoolId) {
+        return _poolId(message);
+    }
+
+    function routePoolId(bytes calldata message, bool) external pure returns (PoolId) {
+        return _poolId(message);
+    }
+
+    function _poolId(bytes calldata message) internal pure returns (PoolId) {
         if (message.toUint8(0) == uint8(MessageKind.WithPool0)) return POOL_0;
         if (message.toUint8(0) == uint8(MessageKind.WithPoolA1)) return POOL_A;
         if (message.toUint8(0) == uint8(MessageKind.WithPoolA1ExtraGas)) return POOL_A;
@@ -132,6 +140,8 @@ contract MockMessageProperties is IMessageProperties {
         if (message.toUint8(0) == uint8(MessageKind.WithPoolAFail)) return POOL_A;
         if (message.toUint8(0) == uint8(MessageKind.WithPoolALongFail)) return POOL_A;
         if (message.toUint8(0) == uint8(MessageKind.WithPoolATooLong)) return POOL_A;
+        if (message.toUint8(0) == uint8(MessageKind.SetPoolAdapters)) return POOL_A;
+        if (message.toUint8(0) == uint8(MessageKind.RequireRemoteSource)) return POOL_A;
         revert("Unreachable: message never asked for pool");
     }
 
@@ -149,6 +159,15 @@ contract MockMessageProperties is IMessageProperties {
     function maxBatchGasLimit(uint16) external pure returns (uint128) {
         return MAX_BATCH_GAS_LIMIT;
     }
+
+    function messageFailureGasReserve() external pure returns (uint128) {
+        return MOCK_PROCESS_FAIL_GAS;
+    }
+
+    function messageSourceCentrifugeId(bytes calldata message) external pure returns (uint16) {
+        if (message.toUint8(0) == uint8(MessageKind.RequireRemoteSource)) return REMOTE_CENT_ID;
+        return 0;
+    }
 }
 
 contract NoPayableDestination {}
@@ -178,25 +197,6 @@ contract GatewayExt is Gateway, Test {
         return TransientBytesLib.get(_outboundBatchSlot(centrifugeId, poolId));
     }
 
-    function safeProcess(uint16 centrifugeId, bytes memory message, bytes32 messageHash, uint128 gasLimit) public {
-        uint256 prevGas = gasleft();
-        // NOTE: we're measuring the whole safeProcess despite only the failed branch should be cover
-        // by PROCESS_FAIL_MESSAGE_GAS. We don't have a way to just measure the failed part because
-        // reverting and copying values to the callee needs to be consumed by the reserved PROCESS_FAIL_MESSAGE_GAS gas.
-        _safeProcess(centrifugeId, message, messageHash, gasLimit);
-        uint256 consumedGas = prevGas - gasleft();
-
-        if (
-            message.toUint8(0) == uint8(MessageKind.WithPoolAFail)
-                || message.toUint8(0) == uint8(MessageKind.WithPoolALongFail)
-        ) {
-            console.log("stricted consumed gas in the failure:", consumedGas);
-            // Coverage disables the optimizer, increasing gas costs
-            uint256 tolerance = vm.isContext(VmSafe.ForgeContext.Coverage) ? 5_000 : 0;
-            assertLt(consumedGas, PROCESS_FAIL_MESSAGE_GAS + tolerance, "PROCESS_FAIL_MESSAGE_GAS is not high enough");
-        }
-    }
-
     function startBatching() public {
         isBatching = true;
     }
@@ -228,7 +228,6 @@ contract GatewayTest is Test {
     GatewayExt gateway = new GatewayExt(LOCAL_CENT_ID, IRoot(address(root)), address(this));
 
     address immutable ANY = makeAddr("ANY");
-    address immutable MANAGER = makeAddr("MANAGER");
     address immutable REFUND = makeAddr("REFUND");
     address NO_PAYABLE_DESTINATION = address(new NoPayableDestination());
 
@@ -288,33 +287,39 @@ contract GatewayTestFile is GatewayTest {
     }
 }
 
-contract GatewayTestUpdateManager is GatewayTest {
+contract GatewayTestHandle is GatewayTest {
+    function testErrPaused() public {
+        _mockPause(true);
+        vm.expectRevert(IGateway.Paused.selector);
+        gateway.handle(REMOTE_CENT_ID, new bytes(0));
+    }
+
     function testErrNotAuthorized() public {
+        bytes memory batch = MessageKind.WithPool0.asBytes();
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        gateway.updateManager(POOL_A, MANAGER, true);
+        gateway.handle(REMOTE_CENT_ID, batch);
     }
 
-    function testUpdateManager() public {
+    function testManagerCanHandle() public {
+        bytes memory batch = MessageKind.WithPoolA1.asBytes(); // messagePoolId -> POOL_A
+        gateway.updateManager(POOL_A, ANY, true);
+
         vm.expectEmit();
-        emit IGateway.UpdateManager(POOL_A, MANAGER, true);
-        gateway.updateManager(POOL_A, MANAGER, true);
+        emit IGateway.ExecuteMessage(REMOTE_CENT_ID, keccak256(batch));
+        vm.prank(ANY);
+        gateway.handle(REMOTE_CENT_ID, batch);
 
-        assertEq(gateway.manager(POOL_A, MANAGER), true);
+        assertEq(processor.processed(REMOTE_CENT_ID, 0), batch);
     }
-}
 
-contract GatewayTestHandle is GatewayTest {
-    function testErrPaused() public {
-        _mockPause(true);
-        vm.expectRevert(IGateway.Paused.selector);
-        gateway.handle(REMOTE_CENT_ID, new bytes(0));
-    }
+    function testManagerOfOtherPoolCannotHandle() public {
+        bytes memory batch = MessageKind.WithPool0.asBytes(); // messagePoolId -> POOL_0
+        gateway.updateManager(POOL_A, ANY, true); // manager of POOL_A, not POOL_0
 
-    function testErrNotAuthorized() public {
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        gateway.handle(REMOTE_CENT_ID, new bytes(0));
+        gateway.handle(REMOTE_CENT_ID, batch);
     }
 
     function testNotEnoughGas() public {
@@ -333,6 +338,54 @@ contract GatewayTestHandle is GatewayTest {
         gateway.handle(REMOTE_CENT_ID, batch);
     }
 
+    /// @dev A SetPoolAdapters message now reports its own pool from messagePoolId (it routes over the pool's
+    ///      own adapter set), so it can't share a batch with a global/other-pool message — the batch's
+    ///      single-pool invariant rejects it. Nothing builds such a batch today (Hub.setAdapters sends it
+    ///      standalone), but the guard makes that explicit.
+    function testErrMalformedBatchSetPoolAdaptersWithGlobalMessage() public {
+        bytes memory setPoolAdapters = MessageKind.SetPoolAdapters.asBytes(); // messagePoolId -> POOL_A
+        bytes memory globalMessage = MessageKind.WithPool0.asBytes(); // messagePoolId -> POOL_0
+        bytes memory batch = abi.encodePacked(setPoolAdapters, globalMessage);
+
+        vm.expectRevert(IGateway.MalformedBatch.selector);
+        gateway.handle(REMOTE_CENT_ID, batch);
+    }
+
+    function testErrCannotBeReceivedLocally() public {
+        bytes memory batch = MessageKind.WithPool0.asBytes();
+
+        vm.expectRevert(IGateway.CannotBeReceivedLocally.selector);
+        gateway.handle(LOCAL_CENT_ID, batch);
+    }
+
+    function testErrSourceMismatch() public {
+        bytes memory batch = MessageKind.RequireRemoteSource.asBytes(); // requires REMOTE_CENT_ID
+
+        vm.expectRevert(IGateway.SourceMismatch.selector);
+        gateway.handle(REMOTE_CENT_ID + 1, batch);
+    }
+
+    function testSourceMismatchAcceptsMatchingSource() public {
+        bytes memory batch = MessageKind.RequireRemoteSource.asBytes();
+
+        gateway.handle(REMOTE_CENT_ID, batch);
+
+        assertEq(processor.count(REMOTE_CENT_ID), 1);
+    }
+
+    /// @dev Unlike a processor-level failure (testBatchWithFailingMessages), a source mismatch reverts the
+    ///      whole batch: nothing in it - including the otherwise-valid message1 - gets processed.
+    function testSourceMismatchRevertsWholeBatch() public {
+        bytes memory message1 = MessageKind.WithPoolA1.asBytes();
+        bytes memory message2 = MessageKind.RequireRemoteSource.asBytes(); // requires REMOTE_CENT_ID
+        bytes memory batch = abi.encodePacked(message1, message2);
+
+        vm.expectRevert(IGateway.SourceMismatch.selector);
+        gateway.handle(REMOTE_CENT_ID + 1, batch);
+
+        assertEq(processor.count(REMOTE_CENT_ID + 1), 0);
+    }
+
     function testMessage() public {
         bytes memory batch = MessageKind.WithPool0.asBytes();
 
@@ -400,13 +453,6 @@ contract GatewayTestHandle is GatewayTest {
 
         assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(message)), 2);
     }
-
-    function testMessageFailBenchmark() public {
-        bytes memory message = MessageKind.WithPoolALongFail.asBytes();
-        bytes32 messageHash = keccak256(message);
-
-        gateway.safeProcess(REMOTE_CENT_ID, message, messageHash, MESSAGE_OVERALL_GAS_LIMIT);
-    }
 }
 
 contract GatewayTestRetry is GatewayTest {
@@ -456,6 +502,80 @@ contract GatewayTestRetry is GatewayTest {
     }
 }
 
+contract GatewayTestClearFailedMessage is GatewayTest {
+    function testErrNotAuthorized() public {
+        bytes memory batch = MessageKind.WithPoolAFail.asBytes();
+
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+    }
+
+    function testErrNotFailedMessage() public {
+        bytes memory batch = MessageKind.WithPoolAFail.asBytes();
+
+        vm.expectRevert(IGateway.NotFailedMessage.selector);
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+    }
+
+    function testClearFailedMessageAsWard() public {
+        bytes memory batch = MessageKind.WithPoolAFail.asBytes();
+
+        gateway.handle(REMOTE_CENT_ID, batch);
+        assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(batch)), 1);
+
+        vm.expectEmit();
+        emit IGateway.ClearFailedMessage(REMOTE_CENT_ID, keccak256(batch));
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+
+        assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(batch)), 0);
+        // The message can no longer be retried nor denied
+        vm.expectRevert(IGateway.NotFailedMessage.selector);
+        gateway.retry(REMOTE_CENT_ID, batch);
+    }
+
+    function testClearFailedMessageAsManager() public {
+        bytes memory batch = MessageKind.WithPoolAFail.asBytes();
+
+        gateway.handle(REMOTE_CENT_ID, batch);
+
+        // POOL_A is the pool of WithPoolAFail
+        gateway.updateManager(POOL_A, ANY, true);
+
+        vm.prank(ANY);
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+
+        assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(batch)), 0);
+    }
+
+    function testClearFailedMessageDecrementsOneAtATime() public {
+        bytes memory batch = MessageKind.WithPoolAFail.asBytes();
+
+        gateway.handle(REMOTE_CENT_ID, batch);
+        gateway.handle(REMOTE_CENT_ID, batch);
+        assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(batch)), 2);
+
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+        assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(batch)), 1);
+
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+        assertEq(gateway.failedMessages(REMOTE_CENT_ID, keccak256(batch)), 0);
+    }
+
+    function testClearFailedMessageRevokedManager() public {
+        bytes memory batch = MessageKind.WithPoolAFail.asBytes();
+
+        gateway.handle(REMOTE_CENT_ID, batch);
+
+        gateway.updateManager(POOL_A, ANY, true);
+        gateway.updateManager(POOL_A, ANY, false);
+
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        gateway.clearFailedMessage(REMOTE_CENT_ID, batch);
+    }
+}
+
 contract GatewayTestSend is GatewayTest {
     function testErrNotAuthorized() public {
         vm.prank(ANY);
@@ -487,26 +607,13 @@ contract GatewayTestSend is GatewayTest {
         gateway.send{value: 1}(REMOTE_CENT_ID, MessageKind.WithPoolA1.asBytes(), false, REFUND);
     }
 
-    function testErrOutgoingBlocked() public {
-        bytes memory message = MessageKind.WithPoolA1.asBytes();
-        gateway.updateManager(POOL_A, MANAGER, true);
-
-        vm.prank(MANAGER);
-        gateway.blockOutgoing(REMOTE_CENT_ID, POOL_A, true);
-
-        _mockAdapter(REMOTE_CENT_ID, message, MESSAGE_OVERALL_GAS_LIMIT, REFUND);
-
-        vm.expectRevert(IGateway.OutgoingBlocked.selector);
-        gateway.send(REMOTE_CENT_ID, message, false, REFUND);
-    }
-
     function testErrCannotRefund() public {
         bytes memory message = MessageKind.WithPoolA1.asBytes();
         uint256 cost = MESSAGE_OVERALL_GAS_LIMIT + ADAPTER_ESTIMATE;
 
         _mockAdapter(REMOTE_CENT_ID, message, MESSAGE_OVERALL_GAS_LIMIT, NO_PAYABLE_DESTINATION);
 
-        vm.expectRevert(IGateway.CannotRefund.selector);
+        vm.expectRevert(SafeTransferLib.SafeTransferEthFailed.selector);
         gateway.send{value: cost + 1234}(REMOTE_CENT_ID, message, false, NO_PAYABLE_DESTINATION);
     }
 
@@ -794,21 +901,6 @@ contract GatewayTestRepay is GatewayTest {
         gateway.repay(REMOTE_CENT_ID, batch, REFUND);
     }
 
-    function testErrOutgoingBlocked() public {
-        bytes memory batch = MessageKind.WithPoolA1.asBytes();
-        gateway.updateManager(POOL_A, MANAGER, true);
-
-        _mockAdapter(REMOTE_CENT_ID, batch, MESSAGE_OVERALL_GAS_LIMIT, address(this));
-        gateway.send(REMOTE_CENT_ID, batch, true, address(0));
-        uint256 payment = MESSAGE_OVERALL_GAS_LIMIT + ADAPTER_ESTIMATE;
-
-        vm.prank(MANAGER);
-        gateway.blockOutgoing(REMOTE_CENT_ID, POOL_A, true);
-
-        vm.expectRevert(IGateway.OutgoingBlocked.selector);
-        gateway.repay{value: payment}(REMOTE_CENT_ID, batch, REFUND);
-    }
-
     function testCorrectRepay() public {
         bytes memory batch = MessageKind.WithPoolA1.asBytes();
 
@@ -830,25 +922,6 @@ contract GatewayTestRepay is GatewayTest {
     }
 }
 
-contract GatewayTestBlockOutgoing is GatewayTest {
-    function testErrManagerNotAllowed() public {
-        vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        gateway.blockOutgoing(REMOTE_CENT_ID, POOL_A, false);
-    }
-
-    function testBlockOutgoing() public {
-        gateway.updateManager(POOL_A, MANAGER, true);
-
-        vm.prank(MANAGER);
-        vm.expectEmit();
-        emit IGateway.BlockOutgoing(REMOTE_CENT_ID, POOL_A, true);
-        gateway.blockOutgoing(REMOTE_CENT_ID, POOL_A, true);
-
-        assertEq(gateway.isOutgoingBlocked(REMOTE_CENT_ID, POOL_A), true);
-    }
-}
-
 contract IntegrationMock is Test {
     bool public wasCalled;
     GatewayExt public gateway;
diff --git a/test/core/unit/MultiAdapter.t.sol b/test/core/unit/MultiAdapter.t.sol
index 86043b723..c3d8422fe 100644
--- a/test/core/unit/MultiAdapter.t.sol
+++ b/test/core/unit/MultiAdapter.t.sol
@@ -7,7 +7,9 @@ import {BytesLib} from "../../../src/misc/libraries/BytesLib.sol";
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {MultiAdapter} from "../../../src/core/messaging/MultiAdapter.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
+import {MessageType} from "../../../src/core/messaging/libraries/MessageLib.sol";
 import {IMessageHandler} from "../../../src/core/messaging/interfaces/IMessageHandler.sol";
+import {IAdapterEntrypoint} from "../../../src/core/messaging/interfaces/IAdapterEntrypoint.sol";
 import {IMessageProperties} from "../../../src/core/messaging/interfaces/IMessageProperties.sol";
 import {IMultiAdapter, MAX_ADAPTER_COUNT} from "../../../src/core/messaging/interfaces/IMultiAdapter.sol";
 
@@ -38,6 +40,24 @@ contract MockMessageProperties is IMessageProperties {
     function messageLength(bytes calldata message) external pure returns (uint16) {}
 
     function messagePoolId(bytes calldata message) external pure returns (PoolId) {
+        return _poolId(message);
+    }
+
+    function routePoolId(bytes calldata message, bool poolConfigured) external pure returns (PoolId) {
+        // A SetPoolAdapters (first byte == the message kind) for an unconfigured pool falls back to global.
+        if (!poolConfigured && message.length >= 1 && uint8(message[0]) == uint8(MessageType.SetPoolAdapters)) {
+            return PoolId.wrap(0);
+        }
+        return _poolId(message);
+    }
+
+    function messageSourceCentrifugeId(bytes calldata) external pure returns (uint16) {
+        return 0;
+    }
+
+    function _poolId(bytes calldata message) internal pure returns (PoolId) {
+        // A SetPoolAdapters message (first byte == the message kind) targets POOL_A in these tests.
+        if (message.length >= 1 && uint8(message[0]) == uint8(MessageType.SetPoolAdapters)) return POOL_A;
         if (message.length >= 6) {
             bytes memory prefix = message[0:6];
             if (keccak256(prefix) == keccak256("POOL_A")) return POOL_A;
@@ -51,6 +71,8 @@ contract MockMessageProperties is IMessageProperties {
     function messageOverallGasLimit(uint16, bytes calldata message) external pure returns (uint128) {}
 
     function maxBatchGasLimit(uint16 centrifugeId) external view returns (uint128) {}
+
+    function messageFailureGasReserve() external pure returns (uint128) {}
 }
 
 // -----------------------------------------
@@ -62,12 +84,20 @@ contract MultiAdapterExt is MultiAdapter {
         MultiAdapter(localCentrifugeId_, gateway_, deployer)
     {}
 
-    function adapterDetails(uint16 centrifugeId, PoolId poolId, IAdapter adapter)
+    function adapterDetails(uint16 centrifugeId, PoolId poolId, uint16 sessionId, IAdapter adapter)
         public
         view
         returns (IMultiAdapter.Adapter memory)
     {
-        return _adapterDetails[centrifugeId][poolId][adapter];
+        return _adapterDetails[centrifugeId][poolId][sessionId][adapter];
+    }
+
+    function setActiveSessionId(uint16 centrifugeId, PoolId poolId, uint16 sessionId) public {
+        activeSessionId[centrifugeId][poolId] = sessionId;
+    }
+
+    function adaptersLength(uint16 centrifugeId, PoolId poolId, uint16 sessionId) public view returns (uint256) {
+        return adapters[centrifugeId][poolId][sessionId].length;
     }
 }
 
@@ -92,6 +122,10 @@ contract MultiAdapterTest is Test {
     bytes constant MESSAGE_1 = "POOL_A: Message 1";
     bytes constant MESSAGE_2 = "POOL_A: Message 2";
     bytes constant MESSAGE_POOL_0 = "Message";
+    // A SetPoolAdapters message for POOL_A: first byte is the message kind (4), rest is filler.
+    bytes constant SET_POOL_ADAPTERS_MSG = hex"04a1b2c3d4e5f6";
+
+    address immutable MANAGER = makeAddr("Manager");
 
     IAdapter adapter1 = IAdapter(makeAddr("Adapter1"));
     IAdapter adapter2 = IAdapter(makeAddr("Adapter2"));
@@ -107,6 +141,10 @@ contract MultiAdapterTest is Test {
     address immutable ANY = makeAddr("ANY");
     address immutable REFUND = makeAddr("REFUND");
 
+    function _wrap(uint16 sessionId, bytes memory message) internal pure returns (bytes memory) {
+        return abi.encodePacked(sessionId, message);
+    }
+
     function _mockAdapter(IAdapter adapter, bytes memory message, uint256 estimate, bytes32 adapterData) internal {
         vm.mockCall(
             address(adapter),
@@ -122,8 +160,11 @@ contract MultiAdapterTest is Test {
         );
     }
 
-    function assertVotes(bytes memory message, int16 r1, int16 r2, int16 r3) internal view {
-        int16[8] memory votes = multiAdapter.votes(REMOTE_CENT_ID, keccak256(message));
+    function assertVotes(uint16 sessionId, bytes memory message, int16 r1, int16 r2, int16 r3) internal view {
+        // The vote tally is keyed by the poolId-folded vote key; every message here routes to POOL_A.
+        int16[8] memory votes = multiAdapter.votes(
+            REMOTE_CENT_ID, keccak256(abi.encodePacked(PoolId.unwrap(POOL_A), _wrap(sessionId, message)))
+        );
         assertEq(votes[0], r1);
         assertEq(votes[1], r2);
         assertEq(votes[2], r3);
@@ -176,25 +217,23 @@ contract MultiAdapterTestSetAdapters is MultiAdapterTest {
     function testErrNotAuthorized() public {
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, new IAdapter[](0), 0, 0);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, new IAdapter[](0), 0, 1);
     }
 
     function testErrExceedsMax() public {
         IAdapter[] memory tooMuchAdapters = new IAdapter[](MAX_ADAPTER_COUNT + 1);
         vm.expectRevert(IMultiAdapter.ExceedsMax.selector);
-        multiAdapter.setAdapters(
-            REMOTE_CENT_ID, POOL_A, tooMuchAdapters, uint8(tooMuchAdapters.length), uint8(tooMuchAdapters.length)
-        );
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, tooMuchAdapters, uint8(tooMuchAdapters.length), 1);
     }
 
     function testErrThresholdHigherThanQuorum() public {
         vm.expectRevert(IMultiAdapter.ThresholdHigherThanQuorum.selector);
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, uint8(threeAdapters.length + 1), 0);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, uint8(threeAdapters.length + 1), 1);
     }
 
-    function testErrRecoveryIndexHigherThanQuorum() public {
-        vm.expectRevert(IMultiAdapter.RecoveryIndexHigherThanQuorum.selector);
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 0, uint8(threeAdapters.length + 1));
+    function testErrZeroThreshold() public {
+        vm.expectRevert(IMultiAdapter.ZeroThreshold.selector);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 0, 1);
     }
 
     function testErrNoDuplicatedAllowed() public {
@@ -203,281 +242,1019 @@ contract MultiAdapterTestSetAdapters is MultiAdapterTest {
         duplicatedAdapters[1] = IAdapter(address(10));
 
         vm.expectRevert(IMultiAdapter.NoDuplicatesAllowed.selector);
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, duplicatedAdapters, 0, 0);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, duplicatedAdapters, 1, 1);
     }
 
     function testMultiAdapterSetAdapters() public {
         vm.expectEmit();
-        emit IMultiAdapter.SetAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 2);
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 2);
+        emit IMultiAdapter.SetAdapters(REMOTE_CENT_ID, POOL_A, 1, threeAdapters, 1);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 1);
 
         assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 1);
         assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), threeAdapters.length);
         assertEq(multiAdapter.threshold(REMOTE_CENT_ID, POOL_A), 1);
-        assertEq(multiAdapter.recoveryIndex(REMOTE_CENT_ID, POOL_A), 2);
 
         for (uint256 i; i < threeAdapters.length; i++) {
-            IMultiAdapter.Adapter memory adapter = multiAdapter.adapterDetails(REMOTE_CENT_ID, POOL_A, threeAdapters[i]);
+            IMultiAdapter.Adapter memory adapter =
+                multiAdapter.adapterDetails(REMOTE_CENT_ID, POOL_A, 1, threeAdapters[i]);
 
             assertEq(adapter.id, i + 1);
             assertEq(adapter.quorum, threeAdapters.length);
-            assertEq(adapter.activeSessionId, 1);
-            assertEq(address(multiAdapter.adapters(REMOTE_CENT_ID, POOL_A, i)), address(threeAdapters[i]));
+            assertEq(address(multiAdapter.adapters(REMOTE_CENT_ID, POOL_A, 1, i)), address(threeAdapters[i]));
         }
     }
 
+    function testFuzzSetAdaptersThresholdQuorumBoundary(uint8 quorumCount, uint8 threshold) public {
+        quorumCount = uint8(bound(quorumCount, 0, MAX_ADAPTER_COUNT));
+
+        IAdapter[] memory adapters = new IAdapter[](quorumCount);
+        for (uint256 i; i < quorumCount; i++) {
+            adapters[i] = IAdapter(address(uint160(i + 1)));
+        }
+
+        if (threshold > quorumCount) {
+            vm.expectRevert(IMultiAdapter.ThresholdHigherThanQuorum.selector);
+            multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, adapters, threshold, 1);
+            return;
+        }
+
+        if (threshold == 0 && quorumCount > 0) {
+            vm.expectRevert(IMultiAdapter.ZeroThreshold.selector);
+            multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, adapters, threshold, 1);
+            return;
+        }
+
+        // 1 <= threshold <= quorum is always accepted, including threshold == 1 with quorum > 1: above the
+        // zero floor, MultiAdapter enforces no floor on threshold relative to quorum (reviewed and accepted
+        // as a pool-operator configuration choice, not a code gap).
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, adapters, threshold, 1);
+        assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), quorumCount);
+        assertEq(multiAdapter.threshold(REMOTE_CENT_ID, POOL_A), threshold);
+    }
+
+    function testFuzzSetAdaptersExceedsMax(uint8 quorumCount, uint8 threshold) public {
+        quorumCount = uint8(bound(quorumCount, MAX_ADAPTER_COUNT + 1, type(uint8).max));
+
+        IAdapter[] memory adapters = new IAdapter[](quorumCount);
+        for (uint256 i; i < quorumCount; i++) {
+            adapters[i] = IAdapter(address(uint160(i + 1)));
+        }
+
+        vm.expectRevert(IMultiAdapter.ExceedsMax.selector);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, adapters, threshold, 1);
+    }
+
     function testMultiAdapterSetAdaptersAdvanceSession() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
         assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 1);
 
-        multiAdapter.setAdapters(LOCAL_CENT_ID, POOL_A, threeAdapters, 3, 3);
-        assertEq(multiAdapter.activeSessionId(LOCAL_CENT_ID, POOL_A), 2);
+        // not increment: different chain
+        multiAdapter.setAdapters(LOCAL_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        assertEq(multiAdapter.activeSessionId(LOCAL_CENT_ID, POOL_A), 1);
+
+        // not increment: different pool
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, threeAdapters, 3, 1);
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_0), 1);
+
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, zeroAdapters, 0, 2);
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_0), 2);
 
         multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, threeAdapters, 3, 3);
         assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_0), 3);
+    }
 
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, zeroAdapters, 0, 0);
-        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_0), 0);
+    function testSessionIdExhaustedReverts() public {
+        multiAdapter.setActiveSessionId(REMOTE_CENT_ID, POOL_A, type(uint16).max);
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), type(uint16).max);
 
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, threeAdapters, 3, 3);
-        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_0), 5);
+        vm.expectRevert(stdError.arithmeticError);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+    }
+
+    /// @dev setAdapters only installs when targetSessionId == the pool's next session id, so a
+    ///      reordered, stale or reentrant delivery fails closed instead of rolling the active set back.
+    function testSetAdaptersRejectsWrongTargetSessionId() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 0 -> 1
+
+        // Cannot leap over the next id (e.g. a delivery arriving before an earlier one applied).
+        vm.expectRevert(IMultiAdapter.UnexpectedSessionId.selector);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, oneAdapter, 1, 3);
+
+        // The exact next id applies.
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, oneAdapter, 1, 2); // session 1 -> 2
+
+        // A stale re-delivery targeting the now-consumed session 2 is rejected; the active set is NOT rolled back.
+        vm.expectRevert(IMultiAdapter.UnexpectedSessionId.selector);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2);
+
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 2);
+        assertEq(multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A).list.length, 1);
+    }
+}
+
+contract MultiAdapterTestBlockSession is MultiAdapterTest {
+    function testErrBlockSessionNotAuthorized() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+    }
+
+    function testBlockSession() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2
+
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        vm.prank(MANAGER);
+        vm.expectEmit();
+        emit IMultiAdapter.BlockSession(REMOTE_CENT_ID, POOL_A, 1);
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Confirm session 1 messages now fail
+        vm.prank(address(adapter1));
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+
+        // Adapters array for session 1 is cleared
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 1), 0);
+    }
+
+    function testBlockOldSessionPreservesActiveAdapters() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2 (active)
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Active session is still 2
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 2);
+
+        // Getters still reflect session 2's adapter configuration
+        assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), 3);
+        assertEq(multiAdapter.threshold(REMOTE_CENT_ID, POOL_A), 3);
+
+        // Active adapters struct still points to session 2
+        IMultiAdapter.Adapters memory active = multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A);
+        assertEq(active.sessionId, 2);
+        assertEq(active.list.length, 3);
+
+        // Adapters array for blocked session 1 is cleared, session 2 is untouched
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 1), 0);
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 2), 3);
+    }
+
+    function testBlockActiveSessionClearsActiveAdapters() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1 (active)
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Active adapters are cleared
+        IMultiAdapter.Adapters memory active = multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A);
+        assertEq(active.list.length, 0);
+
+        // Getters return 0 because there are no active adapters
+        assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), 0);
+        assertEq(multiAdapter.threshold(REMOTE_CENT_ID, POOL_A), 0);
+
+        // Adapters array for the blocked session is cleared
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 1), 0);
+
+        // Outbound send reverts
+        vm.expectRevert(IMultiAdapter.EmptyAdapterSet.selector);
+        multiAdapter.send(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT, REFUND);
+    }
+
+    function testErrBlockSessionNotConfigured() public {
+        // No adapters ever configured for this session
+        vm.expectRevert(IMultiAdapter.SessionNotConfigured.selector);
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+    }
+
+    function testErrBlockSessionAlreadyBlocked() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Re-blocking fails because the live configuration was already moved to the stash
+        vm.expectRevert(IMultiAdapter.SessionNotConfigured.selector);
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+    }
+
+    function testErrUnblockSessionNotAuthorized() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+    }
+
+    function testErrUnblockSessionNotBlocked() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1, active and not blocked
+
+        vm.expectRevert(IMultiAdapter.SessionNotBlocked.selector);
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+    }
+
+    function testBlockedSessionView() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+
+        assertFalse(multiAdapter.blockedSession(REMOTE_CENT_ID, POOL_A, 1));
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+        assertTrue(multiAdapter.blockedSession(REMOTE_CENT_ID, POOL_A, 1));
+
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+        assertFalse(multiAdapter.blockedSession(REMOTE_CENT_ID, POOL_A, 1));
+    }
+
+    function testUnblockOldSessionRestoresConfiguration() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1); // session 1 (threshold 2)
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2 (active)
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 1), 0);
+
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+        vm.prank(MANAGER);
+        vm.expectEmit();
+        emit IMultiAdapter.UnblockSession(REMOTE_CENT_ID, POOL_A, 1);
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Session 1 adapter list and per-adapter details are restored exactly as configured
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 1), 3);
+        for (uint256 i; i < threeAdapters.length; i++) {
+            IMultiAdapter.Adapter memory a = multiAdapter.adapterDetails(REMOTE_CENT_ID, POOL_A, 1, threeAdapters[i]);
+            assertEq(a.id, i + 1);
+            assertEq(a.quorum, threeAdapters.length);
+            assertEq(a.threshold, 2);
+            assertEq(address(multiAdapter.adapters(REMOTE_CENT_ID, POOL_A, 1, i)), address(threeAdapters[i]));
+        }
+
+        // Active session 2 was never affected
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 2);
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 2), 3);
+    }
+
+    function testUnblockActiveSessionRestoresActiveAdapters() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1); // session 1 (active)
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // While blocked, the active set is empty
+        assertEq(multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A).list.length, 0);
+        assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), 0);
+
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Active set restored to session 1's configuration
+        IMultiAdapter.Adapters memory active = multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A);
+        assertEq(active.sessionId, 1);
+        assertEq(active.list.length, 3);
+        assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), 3);
+        assertEq(multiAdapter.threshold(REMOTE_CENT_ID, POOL_A), 2);
+    }
+
+    function testUnblockSupersededSessionDoesNotClobberActive() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1 (active)
+
+        // Block the active session 1, then configure session 2 which becomes the new active set
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, oneAdapter, 1, 2); // session 2 (active)
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 2);
+
+        // Unblocking the superseded session 1 restores its details but must NOT overwrite active session 2
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        IMultiAdapter.Adapters memory active = multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A);
+        assertEq(active.sessionId, 2);
+        assertEq(active.list.length, 1);
+
+        // Session 1 details are restored so its in-flight messages can be processed again
+        assertEq(multiAdapter.adaptersLength(REMOTE_CENT_ID, POOL_A, 1), 3);
+    }
+}
+
+// -----------------------------------------
+//     MANAGER ROLE
+// -----------------------------------------
+
+contract MultiAdapterTestUpdateManager is MultiAdapterTest {
+    function testErrUpdateManagerNotAuthorized() public {
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+    }
+
+    function testUpdateManager() public {
+        assertEq(multiAdapter.manager(POOL_A, MANAGER), false);
+
+        vm.expectEmit();
+        emit IMultiAdapter.UpdateManager(POOL_A, MANAGER, true);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+        assertEq(multiAdapter.manager(POOL_A, MANAGER), true);
+
+        vm.expectEmit();
+        emit IMultiAdapter.UpdateManager(POOL_A, MANAGER, false);
+        multiAdapter.updateManager(POOL_A, MANAGER, false);
+        assertEq(multiAdapter.manager(POOL_A, MANAGER), false);
     }
 }
 
 contract MultiAdapterTestHandle is MultiAdapterTest {
     function testErrInvalidAdapter() public {
         vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(0, "hi"));
+    }
+
+    /// @dev Blocking a configured pool's active session must NOT reopen the SetPoolAdapters global bootstrap
+    ///      route: a forged SetPoolAdapters delivered over the global set must keep verifying against the
+    ///      pool's own (now empty) set and be rejected, otherwise the global set could reinstall adapters on
+    ///      an already-configured pool. See PROT-3.
+    function testBlockedSessionDoesNotReopenGlobalSetPoolAdaptersRoute() public {
+        // Global set (POOL_0) is adapter1; POOL_A's own set is a distinct adapter (adapter2).
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, oneAdapter, 1, 1);
+        IAdapter[] memory poolASet = new IAdapter[](1);
+        poolASet[0] = adapter2;
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, poolASet, 1, 1);
+
+        // A SetPoolAdapters (routed to POOL_A) delivered over the global adapter is rejected while POOL_A is
+        // configured, because verification uses POOL_A's own set which does not contain adapter1.
+        bytes memory message = _wrap(1, SET_POOL_ADAPTERS_MSG);
+        vm.prank(address(adapter1));
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
+
+        // Block POOL_A's active session: clears the live set but leaves activeSessionId set.
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+        assertEq(multiAdapter.activeAdapters(REMOTE_CENT_ID, POOL_A).list.length, 0);
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 1);
+
+        // The identical forged message must STILL be rejected: routing stays on POOL_A (ever-configured),
+        // not the global set, so adapter1 is not a valid voter and nothing reaches the gateway.
+        vm.prank(address(adapter1));
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+    }
+
+    /// @dev The vote tally folds the routed poolId into its key, so a vote leaked onto the global set
+    ///      (before a pool is configured) cannot combine with a later vote on the pool's own set to reach
+    ///      its threshold. adapter1 sits in both sets at different indices.
+    function testGlobalVoteDoesNotLeakIntoPoolTally() public {
+        // Global set (POOL_0): adapter1 at id 1 (slot 0), threshold 2 so a lone vote does not execute.
+        IAdapter[] memory globalSet = new IAdapter[](2);
+        globalSet[0] = adapter1;
+        globalSet[1] = adapter3;
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, globalSet, 2, 1);
+
+        bytes memory message = _wrap(1, SET_POOL_ADAPTERS_MSG);
+
+        // POOL_A unconfigured -> the SetPoolAdapters routes to the global set; adapter1's vote lands there.
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, message);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+
+        // Configure POOL_A with adapter1 at id 2 (slot 1), threshold 2.
+        IAdapter[] memory poolSet = new IAdapter[](3);
+        poolSet[0] = adapter2;
+        poolSet[1] = adapter1;
+        poolSet[2] = adapter3;
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, poolSet, 2, 1);
+
+        // Now the identical message routes to POOL_A; adapter1's vote lands in POOL_A's own tally, not the
+        // global one. Under the pre-fix shared key the two votes would combine to reach POOL_A's threshold 2.
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, message);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0, "global vote must not leak into POOL_A threshold");
+
+        // The two votes live in separate, poolId-folded slots.
+        int16[8] memory globalVotes =
+            multiAdapter.votes(REMOTE_CENT_ID, keccak256(abi.encodePacked(PoolId.unwrap(POOL_0), message)));
+        int16[8] memory poolVotes =
+            multiAdapter.votes(REMOTE_CENT_ID, keccak256(abi.encodePacked(PoolId.unwrap(POOL_A), message)));
+        assertEq(globalVotes[0], 1); // adapter1 in the global set
+        assertEq(poolVotes[1], 1); // adapter1 in POOL_A's set
+        assertEq(poolVotes[0], 0);
     }
 
     function testMessageWithSeveralAdapters() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
 
-        bytes32 payloadId = keccak256(abi.encodePacked(REMOTE_CENT_ID, LOCAL_CENT_ID, keccak256(MESSAGE_1)));
+        bytes memory message = _wrap(1, MESSAGE_1);
+        bytes32 payloadId = keccak256(abi.encodePacked(REMOTE_CENT_ID, LOCAL_CENT_ID, keccak256(message)));
 
         vm.prank(address(adapter1));
         vm.expectEmit();
-        emit IMultiAdapter.HandlePayload(REMOTE_CENT_ID, payloadId, MESSAGE_1, adapter1);
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        emit IMultiAdapter.Vote(REMOTE_CENT_ID, payloadId, message, adapter1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 1, 0, 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
 
         vm.prank(address(adapter2));
         vm.expectEmit();
-        emit IMultiAdapter.HandlePayload(REMOTE_CENT_ID, payloadId, MESSAGE_1, adapter2);
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        emit IMultiAdapter.Vote(REMOTE_CENT_ID, payloadId, message, adapter2);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 1, 1, 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
 
+        // The final handle() casts the deciding vote and executes, so it emits both events in order
         vm.prank(address(adapter3));
         vm.expectEmit();
-        emit IMultiAdapter.HandlePayload(REMOTE_CENT_ID, payloadId, MESSAGE_1, adapter3);
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        emit IMultiAdapter.Vote(REMOTE_CENT_ID, payloadId, message, adapter3);
+        vm.expectEmit();
+        emit IMultiAdapter.Execute(REMOTE_CENT_ID, payloadId, message, adapter3);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
         assertEq(gateway.handled(REMOTE_CENT_ID, 0), MESSAGE_1);
-        assertVotes(MESSAGE_1, 0, 0, 0);
+        assertVotes(1, MESSAGE_1, 0, 0, 0);
     }
 
     function testSameMessageAgainWithSeveralAdapters() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 1, 0, 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 1, 1, 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
         assertEq(gateway.handled(REMOTE_CENT_ID, 1), MESSAGE_1);
-        assertVotes(MESSAGE_1, 0, 0, 0);
+        assertVotes(1, MESSAGE_1, 0, 0, 0);
     }
 
     function testOtherMessageWithSeveralAdapters() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message1 = _wrap(1, MESSAGE_1);
+        bytes memory message2 = _wrap(1, MESSAGE_2);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message1);
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message1);
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_2);
+        multiAdapter.handle(REMOTE_CENT_ID, message2);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_2, 1, 0, 0);
+        assertVotes(1, MESSAGE_2, 1, 0, 0);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_2);
+        multiAdapter.handle(REMOTE_CENT_ID, message2);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_2, 1, 1, 0);
+        assertVotes(1, MESSAGE_2, 1, 1, 0);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_2);
+        multiAdapter.handle(REMOTE_CENT_ID, message2);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
         assertEq(gateway.handled(REMOTE_CENT_ID, 1), MESSAGE_2);
-        assertVotes(MESSAGE_2, 0, 0, 0);
+        assertVotes(1, MESSAGE_2, 0, 0, 0);
     }
 
     function testOneFasterAdapter() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 2, 0, 0);
+        assertVotes(1, MESSAGE_1, 2, 0, 0);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 2, 1, 0);
+        assertVotes(1, MESSAGE_1, 2, 1, 0);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 1, 0, 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 1, 1, 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
-        assertVotes(MESSAGE_1, 0, 0, 0);
+        assertVotes(1, MESSAGE_1, 0, 0, 0);
     }
 
     function testVotesAfterNewSession() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+
+        bytes memory message1 = _wrap(1, MESSAGE_1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message1);
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message1);
 
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2
+
+        bytes memory message2 = _wrap(2, MESSAGE_1);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message2);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 0, 0, 1);
+
+        // Session 1 votes are unaffected
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+        // Session 2 only has adapter3's vote
+        assertVotes(2, MESSAGE_1, 0, 0, 1);
     }
 
     function testMessageWithThreshold2() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 1, 0, 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 0, -1);
+        assertVotes(1, MESSAGE_1, 0, 0, -1);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 0, 0);
+        assertVotes(1, MESSAGE_1, 0, 0, 0);
     }
 
     function testSameMessageWithThreshold2() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 1, 0, 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 0, -1);
+        assertVotes(1, MESSAGE_1, 0, 0, -1);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 1, -1);
+        assertVotes(1, MESSAGE_1, 0, 1, -1);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 1, 0);
+        assertVotes(1, MESSAGE_1, 0, 1, 0);
 
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
-        assertVotes(MESSAGE_1, -1, 0, 0);
+        assertVotes(1, MESSAGE_1, -1, 0, 0);
     }
 
     function testSameMessageWithThreshold1() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, -1, -1);
+        assertVotes(1, MESSAGE_1, 0, -1, -1);
 
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
-        assertVotes(MESSAGE_1, 0, -2, -2);
+        assertVotes(1, MESSAGE_1, 0, -2, -2);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
-        assertVotes(MESSAGE_1, 0, -1, -2);
+        assertVotes(1, MESSAGE_1, 0, -1, -2);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 2);
-        assertVotes(MESSAGE_1, 0, 0, -2);
+        assertVotes(1, MESSAGE_1, 0, 0, -2);
 
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, message);
         assertEq(gateway.count(REMOTE_CENT_ID), 3);
-        assertVotes(MESSAGE_1, -1, 0, -3);
+        assertVotes(1, MESSAGE_1, -1, 0, -3);
     }
 
-    function testMessageWithThreshold2AndRecovery2() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 2);
+    function testOldSessionMessagesStillProcessable() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
 
+        bytes memory oldMsg = _wrap(1, MESSAGE_1);
+
+        // Two votes arrive under session 1
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.handle(REMOTE_CENT_ID, oldMsg);
+        vm.prank(address(adapter2));
+        multiAdapter.handle(REMOTE_CENT_ID, oldMsg);
         assertEq(gateway.count(REMOTE_CENT_ID), 0);
-        assertVotes(MESSAGE_1, 1, 0, 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+
+        // Session advances (adapters rotated)
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 2);
+
+        // Third vote still arrives under session 1 (in-flight) — should complete
+        vm.prank(address(adapter3));
+        multiAdapter.handle(REMOTE_CENT_ID, oldMsg);
+
+        assertEq(gateway.count(REMOTE_CENT_ID), 1);
+        assertEq(gateway.handled(REMOTE_CENT_ID, 0), MESSAGE_1);
+    }
+
+    function testNewSessionVotesAreIndependent() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+
+        // Two votes arrive under session 1
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+        vm.prank(address(adapter2));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2
+
+        // Session 2 starts fresh — adapter1 vote on session 2 doesn't carry over from session 1
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(2, MESSAGE_1));
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        assertVotes(2, MESSAGE_1, 1, 0, 0);
+
+        // Session 1 votes are still intact
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+    }
+
+    function testBlockedSessionMessagesRevert() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 2); // session 2
+
+        // One vote arrives under session 1 before blocking
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
 
+        // Block session 1
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Session 1 messages now rejected
         vm.prank(address(adapter2));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+
+        // Session 2 still works normally
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(2, MESSAGE_1));
+        assertVotes(2, MESSAGE_1, 1, 0, 0);
+    }
+
+    function testUnblockedSessionResumesProcessing() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1
+
+        // One vote arrives before blocking
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
+
+        // Block then unblock session 1
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // In-flight votes were preserved and processing resumes with the original adapter ids
+        vm.prank(address(adapter2));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+
+        vm.prank(address(adapter3));
+        multiAdapter.handle(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 0, 0); // <- vote from third adapter does not decrease below 0
+        assertEq(gateway.handled(REMOTE_CENT_ID, 0), MESSAGE_1);
+    }
+}
+
+// -----------------------------------------
+//     VOTE / EXECUTE (proof-adapter primitives)
+// -----------------------------------------
 
+contract MultiAdapterTestVote is MultiAdapterTest {
+    function testErrInvalidAdapter() public {
+        // Caller is not a configured adapter for the payload's pool/session
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.vote(REMOTE_CENT_ID, _wrap(0, "hi"));
+    }
+
+    function testVoteRecordsButNeverExecutesEvenWhenThresholdMet() public {
+        // threshold 1: a single handle() would execute inline, but vote() must not
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+        bytes32 payloadId = keccak256(abi.encodePacked(REMOTE_CENT_ID, LOCAL_CENT_ID, keccak256(message)));
+
+        vm.prank(address(adapter1));
+        vm.expectEmit();
+        emit IMultiAdapter.Vote(REMOTE_CENT_ID, payloadId, message, adapter1);
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+
+        // Vote is recorded but never consumed nor forwarded to the gateway
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
+    }
+
+    function testVoteAccumulatesAcrossAdaptersWithoutExecuting() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        vm.prank(address(adapter1));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter2));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
         vm.prank(address(adapter3));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+
+        // Even with the full quorum reached, votes are untouched and nothing executed
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 1);
+    }
+}
+
+contract MultiAdapterTestManagerSubmit is MultiAdapterTest {
+    function testManagerHandleOnBehalfOfAdapter() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+        bytes32 payloadId = keccak256(abi.encodePacked(REMOTE_CENT_ID, LOCAL_CENT_ID, keccak256(message)));
+
+        // The manager (not adapter2) submits, but the vote is attributed to adapter2.
+        vm.prank(MANAGER);
+        vm.expectEmit();
+        emit IMultiAdapter.Vote(REMOTE_CENT_ID, payloadId, message, adapter2);
+        multiAdapter.handle(REMOTE_CENT_ID, message, adapter2);
+
+        assertVotes(1, MESSAGE_1, 0, 1, 0);
+    }
+
+    function testManagerVoteOnBehalfOfAdapter() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        vm.prank(MANAGER);
+        multiAdapter.vote(REMOTE_CENT_ID, message, adapter1);
+
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        assertVotes(1, MESSAGE_1, 1, 0, 0);
+    }
+
+    function testErrWardCannotSubmitOnBehalfOfAdapter() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        // The test contract is the deployer/ward of multiAdapter, but submitting on behalf of an
+        // adapter is reserved for managers of the payload's pool.
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.vote(REMOTE_CENT_ID, message, adapter3);
+    }
+
+    function testManagerCanDriveFullExecution() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        vm.startPrank(MANAGER);
+        multiAdapter.handle(REMOTE_CENT_ID, message, adapter1);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        multiAdapter.handle(REMOTE_CENT_ID, message, adapter2);
+        vm.stopPrank();
+
+        // Threshold reached via the manager: message forwarded to the gateway.
         assertEq(gateway.count(REMOTE_CENT_ID), 1);
-        assertVotes(MESSAGE_1, 0, 0, 1);
+        assertEq(gateway.handled(REMOTE_CENT_ID, 0), MESSAGE_1);
+    }
+
+    function testErrNonManagerCannotSubmitOnBehalf() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.handle(REMOTE_CENT_ID, message, adapter1);
+    }
+
+    function testErrManagerOfOtherPoolCannotSubmit() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        // Manager of POOL_0, but the message routes to POOL_A.
+        multiAdapter.updateManager(POOL_0, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
 
+        vm.prank(MANAGER);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.vote(REMOTE_CENT_ID, message, adapter1);
+    }
+
+    function testErrManagerCannotSubmitForUnconfiguredAdapter() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        IAdapter notConfigured = IAdapter(makeAddr("NotConfigured"));
+        vm.prank(MANAGER);
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.handle(REMOTE_CENT_ID, message, notConfigured);
+    }
+
+    function testManagerExecuteAfterVotesReachThreshold() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+        bytes32 payloadId = keccak256(abi.encodePacked(REMOTE_CENT_ID, LOCAL_CENT_ID, keccak256(message)));
+
+        // Accumulate the threshold via vote() (never forwards on its own).
+        vm.startPrank(MANAGER);
+        multiAdapter.vote(REMOTE_CENT_ID, message, adapter1);
+        multiAdapter.vote(REMOTE_CENT_ID, message, adapter2);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+
+        // execute() forwards, attributing the Execute event to the named adapter.
+        vm.expectEmit();
+        emit IMultiAdapter.Execute(REMOTE_CENT_ID, payloadId, message, adapter1);
+        multiAdapter.execute(REMOTE_CENT_ID, message, adapter1);
+        vm.stopPrank();
+
+        assertEq(gateway.count(REMOTE_CENT_ID), 1);
+        assertEq(gateway.handled(REMOTE_CENT_ID, 0), MESSAGE_1);
+    }
+
+    function testErrManagerExecuteBelowThreshold() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1);
+        multiAdapter.updateManager(POOL_A, MANAGER, true);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        vm.startPrank(MANAGER);
+        multiAdapter.vote(REMOTE_CENT_ID, message, adapter1);
+
+        vm.expectRevert(IAdapterEntrypoint.NotEnoughVotes.selector);
+        multiAdapter.execute(REMOTE_CENT_ID, message, adapter1);
+        vm.stopPrank();
+    }
+
+    function testErrNonManagerCannotExecuteOnBehalf() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 1, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
         vm.prank(address(adapter1));
-        multiAdapter.handle(REMOTE_CENT_ID, MESSAGE_1);
-        assertEq(gateway.count(REMOTE_CENT_ID), 2);
-        assertVotes(MESSAGE_1, 0, -1, 0);
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+
+        vm.prank(ANY);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        multiAdapter.execute(REMOTE_CENT_ID, message, adapter1);
+    }
+}
+
+contract MultiAdapterTestExecute is MultiAdapterTest {
+    function testErrInvalidAdapter() public {
+        // No adapters configured -> caller cannot be resolved
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        multiAdapter.execute(REMOTE_CENT_ID, _wrap(0, "hi"));
+    }
+
+    function testErrNotEnoughVotes() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        // No votes cast yet
+        vm.prank(address(adapter1));
+        vm.expectRevert(IAdapterEntrypoint.NotEnoughVotes.selector);
+        multiAdapter.execute(REMOTE_CENT_ID, _wrap(1, MESSAGE_1));
+    }
+
+    function testErrNotEnoughVotesBelowThreshold() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        // Only two of three required votes recorded
+        vm.prank(address(adapter1));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter2));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+
+        vm.prank(address(adapter3));
+        vm.expectRevert(IAdapterEntrypoint.NotEnoughVotes.selector);
+        multiAdapter.execute(REMOTE_CENT_ID, message);
+
+        // Votes left intact since execution reverted
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+    }
+
+    function testExecuteConsumesVotesAndForwards() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+        bytes32 payloadId = keccak256(abi.encodePacked(REMOTE_CENT_ID, LOCAL_CENT_ID, keccak256(message)));
+
+        vm.prank(address(adapter1));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter2));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter3));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        assertVotes(1, MESSAGE_1, 1, 1, 1);
+
+        // Any configured adapter can trigger execution; quorum votes are consumed
+        vm.prank(address(adapter1));
+        vm.expectEmit();
+        emit IMultiAdapter.Execute(REMOTE_CENT_ID, payloadId, message, adapter1);
+        multiAdapter.execute(REMOTE_CENT_ID, message);
+
+        assertEq(gateway.count(REMOTE_CENT_ID), 1);
+        assertEq(gateway.handled(REMOTE_CENT_ID, 0), MESSAGE_1);
+        assertVotes(1, MESSAGE_1, 0, 0, 0);
+    }
+
+    function testExecuteDoesNotCastOwnVote() public {
+        // threshold 2 / quorum 3: two votes are enough to reach the threshold
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 2, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        vm.prank(address(adapter1));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter2));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        assertVotes(1, MESSAGE_1, 1, 1, 0);
+
+        // adapter3 executes. If it had cast a vote (like handle()) the result would be 0,0,0;
+        // since execute() never votes, adapter3's slot is only touched by the quorum decrease -> 0,0,-1
+        vm.prank(address(adapter3));
+        multiAdapter.execute(REMOTE_CENT_ID, message);
+
+        assertEq(gateway.count(REMOTE_CENT_ID), 1);
+        assertVotes(1, MESSAGE_1, 0, 0, -1);
+    }
+
+    function testHandleAndVoteCanMixBeforeExecute() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+
+        // A regular handle() vote and a proof vote() both count towards the threshold
+        vm.prank(address(adapter1));
+        multiAdapter.handle(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter2));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        vm.prank(address(adapter3));
+        multiAdapter.vote(REMOTE_CENT_ID, message);
+        assertEq(gateway.count(REMOTE_CENT_ID), 0);
+        assertVotes(1, MESSAGE_1, 1, 1, 1);
+
+        vm.prank(address(adapter3));
+        multiAdapter.execute(REMOTE_CENT_ID, message);
+
+        assertEq(gateway.count(REMOTE_CENT_ID), 1);
+        assertVotes(1, MESSAGE_1, 0, 0, 0);
     }
 }
 
@@ -494,21 +1271,22 @@ contract MultiAdapterTestSend is MultiAdapterTest {
     }
 
     function testSendMessage() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
 
-        bytes32 payloadId = keccak256(abi.encodePacked(LOCAL_CENT_ID, REMOTE_CENT_ID, keccak256(MESSAGE_1)));
+        bytes memory message = _wrap(1, MESSAGE_1);
+        bytes32 payloadId = keccak256(abi.encodePacked(LOCAL_CENT_ID, REMOTE_CENT_ID, keccak256(message)));
 
         uint256 cost = GAS_LIMIT * 3 + ADAPTER_ESTIMATE_1 + ADAPTER_ESTIMATE_2 + ADAPTER_ESTIMATE_3;
 
-        _mockAdapter(adapter1, MESSAGE_1, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
-        _mockAdapter(adapter2, MESSAGE_1, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
-        _mockAdapter(adapter3, MESSAGE_1, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
+        _mockAdapter(adapter1, message, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
+        _mockAdapter(adapter2, message, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
+        _mockAdapter(adapter3, message, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
 
         vm.expectEmit();
         emit IMultiAdapter.SendPayload(
             REMOTE_CENT_ID,
             payloadId,
-            MESSAGE_1,
+            message,
             adapter1,
             ADAPTER_DATA_1,
             GAS_LIMIT,
@@ -519,7 +1297,7 @@ contract MultiAdapterTestSend is MultiAdapterTest {
         emit IMultiAdapter.SendPayload(
             REMOTE_CENT_ID,
             payloadId,
-            MESSAGE_1,
+            message,
             adapter2,
             ADAPTER_DATA_2,
             GAS_LIMIT,
@@ -530,7 +1308,7 @@ contract MultiAdapterTestSend is MultiAdapterTest {
         emit IMultiAdapter.SendPayload(
             REMOTE_CENT_ID,
             payloadId,
-            MESSAGE_1,
+            message,
             adapter3,
             ADAPTER_DATA_3,
             GAS_LIMIT,
@@ -539,19 +1317,151 @@ contract MultiAdapterTestSend is MultiAdapterTest {
         );
         multiAdapter.send{value: cost}(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT, REFUND);
     }
+
+    function testUnblockRestoresSend() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // session 1 (active)
+
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // Sending is disabled while the active session is blocked
+        vm.expectRevert(IMultiAdapter.EmptyAdapterSet.selector);
+        multiAdapter.send(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT, REFUND);
+
+        multiAdapter.unblockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        // After unblocking, sending works again through all adapters
+        bytes memory message = _wrap(1, MESSAGE_1);
+        uint256 cost = GAS_LIMIT * 3 + ADAPTER_ESTIMATE_1 + ADAPTER_ESTIMATE_2 + ADAPTER_ESTIMATE_3;
+        _mockAdapter(adapter1, message, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
+        _mockAdapter(adapter2, message, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
+        _mockAdapter(adapter3, message, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
+
+        bytes32 payloadId = keccak256(abi.encodePacked(LOCAL_CENT_ID, REMOTE_CENT_ID, keccak256(message)));
+        vm.expectEmit();
+        emit IMultiAdapter.SendPayload(
+            REMOTE_CENT_ID,
+            payloadId,
+            message,
+            adapter1,
+            ADAPTER_DATA_1,
+            GAS_LIMIT,
+            GAS_LIMIT + ADAPTER_ESTIMATE_1,
+            REFUND
+        );
+        vm.expectEmit();
+        emit IMultiAdapter.SendPayload(
+            REMOTE_CENT_ID,
+            payloadId,
+            message,
+            adapter2,
+            ADAPTER_DATA_2,
+            GAS_LIMIT,
+            GAS_LIMIT + ADAPTER_ESTIMATE_2,
+            REFUND
+        );
+        vm.expectEmit();
+        emit IMultiAdapter.SendPayload(
+            REMOTE_CENT_ID,
+            payloadId,
+            message,
+            adapter3,
+            ADAPTER_DATA_3,
+            GAS_LIMIT,
+            GAS_LIMIT + ADAPTER_ESTIMATE_3,
+            REFUND
+        );
+        multiAdapter.send{value: cost}(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT, REFUND);
+    }
+
+    /// @dev Any msg.value above the real per-adapter cost (e.g. the caller's estimate used a conservative
+    ///      placeholder session prefix) is refunded rather than stranded in the contract.
+    function testSendRefundsExcessValue() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+
+        bytes memory message = _wrap(1, MESSAGE_1);
+        uint256 cost = GAS_LIMIT * 3 + ADAPTER_ESTIMATE_1 + ADAPTER_ESTIMATE_2 + ADAPTER_ESTIMATE_3;
+        uint256 dust = 1234;
+
+        _mockAdapter(adapter1, message, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
+        _mockAdapter(adapter2, message, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
+        _mockAdapter(adapter3, message, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
+
+        uint256 refundBalanceBefore = REFUND.balance;
+        multiAdapter.send{value: cost + dust}(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT, REFUND);
+
+        assertEq(REFUND.balance, refundBalanceBefore + dust);
+    }
+
+    /// @dev A SetPoolAdapters message for a pool with no set of its own falls back to the global set
+    ///      (the init case). This is the only message type allowed to fall back.
+    function testSendSetPoolAdaptersFallsBackToGlobalPool() public {
+        // Only the global pool (id 0) is configured; POOL_A has no set.
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, oneAdapter, 1, 1);
+
+        bytes memory message = _wrap(1, SET_POOL_ADAPTERS_MSG);
+        _mockAdapter(adapter1, message, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
+
+        vm.expectCall(
+            address(adapter1),
+            GAS_LIMIT + ADAPTER_ESTIMATE_1,
+            abi.encodeWithSelector(IAdapter.send.selector, REMOTE_CENT_ID, message, GAS_LIMIT, REFUND)
+        );
+        multiAdapter.send{value: GAS_LIMIT + ADAPTER_ESTIMATE_1}(
+            REMOTE_CENT_ID, SET_POOL_ADAPTERS_MSG, GAS_LIMIT, REFUND
+        );
+    }
+
+    /// @dev Once a pool configures its own set, SetPoolAdapters uses it instead of the global fallback.
+    function testSendSetPoolAdaptersUsesPoolSetOverGlobal() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, oneAdapter, 1, 1); // global: adapter1
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1); // POOL_A: adapter1,2,3
+
+        bytes memory message = _wrap(1, SET_POOL_ADAPTERS_MSG);
+        _mockAdapter(adapter1, message, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
+        _mockAdapter(adapter2, message, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
+        _mockAdapter(adapter3, message, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
+
+        // adapter3 only belongs to POOL_A's set, so a call to it proves the pool set was used.
+        vm.expectCall(
+            address(adapter3),
+            GAS_LIMIT + ADAPTER_ESTIMATE_3,
+            abi.encodeWithSelector(IAdapter.send.selector, REMOTE_CENT_ID, message, GAS_LIMIT, REFUND)
+        );
+        uint256 cost = GAS_LIMIT * 3 + ADAPTER_ESTIMATE_1 + ADAPTER_ESTIMATE_2 + ADAPTER_ESTIMATE_3;
+        multiAdapter.send{value: cost}(REMOTE_CENT_ID, SET_POOL_ADAPTERS_MSG, GAS_LIMIT, REFUND);
+    }
+
+    /// @dev Non-SetPoolAdapters messages do NOT fall back: an unconfigured pool still reverts, even when
+    ///      the global set exists. The fallback is scoped to the adapter-init message only.
+    function testSendNonAdapterMessageDoesNotFallBack() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_0, oneAdapter, 1, 1); // global set exists
+        // POOL_A has no set; MESSAGE_1 is a regular POOL_A message, not SetPoolAdapters.
+        vm.expectRevert(IMultiAdapter.EmptyAdapterSet.selector);
+        multiAdapter.send(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT, REFUND);
+    }
 }
 
 contract MultiAdapterTestEstimate is MultiAdapterTest {
-    function testEstimateNoAdapters() public view {
-        assertEq(multiAdapter.estimate(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT), 0);
+    function testEstimateNoAdapters() public {
+        vm.expectRevert(IMultiAdapter.EmptyAdapterSet.selector);
+        multiAdapter.estimate(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT);
+    }
+
+    function testBlockedActiveSessionEstimateReverts() public {
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
+        multiAdapter.blockSession(REMOTE_CENT_ID, POOL_A, 1);
+
+        vm.expectRevert(IMultiAdapter.EmptyAdapterSet.selector);
+        multiAdapter.estimate(REMOTE_CENT_ID, MESSAGE_1, GAS_LIMIT);
     }
 
     function testEstimate() public {
-        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 3);
+        multiAdapter.setAdapters(REMOTE_CENT_ID, POOL_A, threeAdapters, 3, 1);
 
-        _mockAdapter(adapter1, MESSAGE_1, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
-        _mockAdapter(adapter2, MESSAGE_1, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
-        _mockAdapter(adapter3, MESSAGE_1, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
+        bytes memory message = _wrap(uint16((1 << 8) + 1), MESSAGE_1);
+        _mockAdapter(adapter1, message, ADAPTER_ESTIMATE_1, ADAPTER_DATA_1);
+        _mockAdapter(adapter2, message, ADAPTER_ESTIMATE_2, ADAPTER_DATA_2);
+        _mockAdapter(adapter3, message, ADAPTER_ESTIMATE_3, ADAPTER_DATA_3);
 
         uint256 estimation = GAS_LIMIT * 3 + ADAPTER_ESTIMATE_1 + ADAPTER_ESTIMATE_2 + ADAPTER_ESTIMATE_3;
 
@@ -563,7 +1473,6 @@ contract MultiAdapterTestGetters is MultiAdapterTest {
     function testGettersOnEmptyState() public view {
         assertEq(multiAdapter.quorum(REMOTE_CENT_ID, POOL_A), 0);
         assertEq(multiAdapter.threshold(REMOTE_CENT_ID, POOL_A), 0);
-        assertEq(multiAdapter.recoveryIndex(REMOTE_CENT_ID, POOL_A), 0);
         assertEq(multiAdapter.activeSessionId(REMOTE_CENT_ID, POOL_A), 0);
     }
 }
diff --git a/test/core/unit/OpsGuardian.t.sol b/test/core/unit/OpsGuardian.t.sol
index e029ba926..434a1a8e0 100644
--- a/test/core/unit/OpsGuardian.t.sol
+++ b/test/core/unit/OpsGuardian.t.sol
@@ -4,22 +4,28 @@ pragma solidity 0.8.28;
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
 import {IMultiAdapter} from "../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+import {IMessageHandler} from "../../../src/core/messaging/interfaces/IMessageHandler.sol";
 
 import {ISafe} from "../../../src/admin/interfaces/ISafe.sol";
 import {OpsGuardian} from "../../../src/admin/OpsGuardian.sol";
 import {ICreatePool} from "../../../src/admin/interfaces/ICreatePool.sol";
+import {IGasService} from "../../../src/admin/interfaces/IGasService.sol";
 import {IOpsGuardian} from "../../../src/admin/interfaces/IOpsGuardian.sol";
 import {IAdapterWiring} from "../../../src/admin/interfaces/IAdapterWiring.sol";
 
 import "forge-std/Test.sol";
 
+import {ITokenBridge} from "../../../src/bridge/interfaces/ITokenBridge.sol";
+
 contract IsContract {}
 
 contract OpsGuardianTest is Test {
     ISafe immutable SAFE = ISafe(address(new IsContract()));
     ICreatePool immutable hub = ICreatePool(address(new IsContract()));
     IMultiAdapter immutable multiAdapter = IMultiAdapter(address(new IsContract()));
+    ITokenBridge immutable tokenBridge = ITokenBridge(address(new IsContract()));
 
     address immutable UNAUTHORIZED = makeAddr("unauthorized");
     address immutable ADMIN = makeAddr("admin");
@@ -33,7 +39,7 @@ contract OpsGuardianTest is Test {
     OpsGuardian opsGuardian;
 
     function setUp() public virtual {
-        opsGuardian = new OpsGuardian(SAFE, hub, multiAdapter);
+        opsGuardian = new OpsGuardian(SAFE, hub, tokenBridge, multiAdapter);
     }
 
     function testOpsGuardian() public view {
@@ -43,23 +49,31 @@ contract OpsGuardianTest is Test {
     }
 }
 
-contract OpsGuardianTestInitAdapters is OpsGuardianTest {
-    function testInitAdaptersSuccess() public {
+contract OpsGuardianTestSetAdapters is OpsGuardianTest {
+    // CENTRIFUGE_ID = 1 = MAINNET_CENTRIFUGE_ID (Ethereum); use a spoke chain for success cases
+    uint16 constant REMOTE_CENTRIFUGE_ID = 2;
+    uint16 constant LOCAL_CENTRIFUGE_ID = 3;
+
+    function testSetAdaptersSuccess() public {
         IAdapter[] memory adapters = new IAdapter[](1);
         adapters[0] = ADAPTER;
         uint8 threshold = 1;
-        uint8 recoveryIndex = 2;
 
         vm.mockCall(
             address(multiAdapter),
-            abi.encodeWithSelector(IMultiAdapter.quorum.selector, CENTRIFUGE_ID, GLOBAL_POOL),
-            abi.encode(uint8(0))
+            abi.encodeWithSelector(IMultiAdapter.localCentrifugeId.selector),
+            abi.encode(LOCAL_CENTRIFUGE_ID)
+        );
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.nextActiveSessionId.selector),
+            abi.encode(uint16(1))
         );
 
         vm.mockCall(
             address(multiAdapter),
             abi.encodeWithSelector(
-                IMultiAdapter.setAdapters.selector, CENTRIFUGE_ID, GLOBAL_POOL, adapters, threshold, recoveryIndex
+                IMultiAdapter.setAdapters.selector, REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, adapters, threshold, uint16(1)
             ),
             abi.encode()
         );
@@ -67,36 +81,80 @@ contract OpsGuardianTestInitAdapters is OpsGuardianTest {
         vm.expectCall(
             address(multiAdapter),
             abi.encodeWithSelector(
-                IMultiAdapter.setAdapters.selector, CENTRIFUGE_ID, GLOBAL_POOL, adapters, threshold, recoveryIndex
+                IMultiAdapter.setAdapters.selector, REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, adapters, threshold, uint16(1)
             )
         );
 
         vm.prank(address(SAFE));
-        opsGuardian.initAdapters(CENTRIFUGE_ID, adapters, threshold, recoveryIndex);
+        opsGuardian.setAdapters(REMOTE_CENTRIFUGE_ID, adapters, threshold);
     }
 
-    function testInitAdaptersRevertWhenAlreadyInitialized() public {
+    function testSetAdaptersSuccessMultipleTimes() public {
         IAdapter[] memory adapters = new IAdapter[](1);
         adapters[0] = ADAPTER;
 
         vm.mockCall(
             address(multiAdapter),
-            abi.encodeWithSelector(IMultiAdapter.quorum.selector, CENTRIFUGE_ID, GLOBAL_POOL),
-            abi.encode(uint8(1))
+            abi.encodeWithSelector(IMultiAdapter.localCentrifugeId.selector),
+            abi.encode(LOCAL_CENTRIFUGE_ID)
+        );
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.nextActiveSessionId.selector),
+            abi.encode(uint16(1))
+        );
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(
+                IMultiAdapter.setAdapters.selector, REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, adapters, 1, uint16(1)
+            ),
+            abi.encode()
+        );
+
+        vm.startPrank(address(SAFE));
+        opsGuardian.setAdapters(REMOTE_CENTRIFUGE_ID, adapters, 1);
+        opsGuardian.setAdapters(REMOTE_CENTRIFUGE_ID, adapters, 1);
+        vm.stopPrank();
+    }
+
+    function testSetAdaptersRevertWhenLocalChain() public {
+        IAdapter[] memory adapters = new IAdapter[](1);
+        adapters[0] = ADAPTER;
+
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.localCentrifugeId.selector),
+            abi.encode(REMOTE_CENTRIFUGE_ID)
         );
 
         vm.prank(address(SAFE));
-        vm.expectRevert(IOpsGuardian.AdaptersAlreadyInitialized.selector);
-        opsGuardian.initAdapters(CENTRIFUGE_ID, adapters, 1, 2);
+        vm.expectRevert(IOpsGuardian.CannotSetAdaptersForLocalChain.selector);
+        opsGuardian.setAdapters(REMOTE_CENTRIFUGE_ID, adapters, 1);
     }
 
-    function testInitAdaptersRevertWhenNotSafe() public {
+    function testSetAdaptersRevertWhenHubChain() public {
+        IAdapter[] memory adapters = new IAdapter[](1);
+        adapters[0] = ADAPTER;
+
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.localCentrifugeId.selector),
+            abi.encode(LOCAL_CENTRIFUGE_ID)
+        );
+
+        uint16 mainnetId = opsGuardian.MAINNET_CENTRIFUGE_ID();
+        vm.prank(address(SAFE));
+        vm.expectRevert(IOpsGuardian.CannotSetAdaptersForMainnet.selector);
+        opsGuardian.setAdapters(mainnetId, adapters, 1);
+    }
+
+    function testSetAdaptersRevertWhenNotSafe() public {
         IAdapter[] memory adapters = new IAdapter[](1);
         adapters[0] = ADAPTER;
 
         vm.prank(UNAUTHORIZED);
         vm.expectRevert(IOpsGuardian.NotTheAuthorizedSafe.selector);
-        opsGuardian.initAdapters(CENTRIFUGE_ID, adapters, 1, 2);
+        opsGuardian.setAdapters(REMOTE_CENTRIFUGE_ID, adapters, 1);
     }
 }
 
@@ -161,12 +219,6 @@ contract OpsGuardianTestFile is OpsGuardianTest {
         opsGuardian.file("invalid", makeAddr("address"));
     }
 
-    function testFileRevertWhenProtocolSpecificParam() public {
-        vm.prank(address(SAFE));
-        vm.expectRevert(IOpsGuardian.FileUnrecognizedParam.selector);
-        opsGuardian.file("gateway", makeAddr("address"));
-    }
-
     function testFileRevertWhenSafeParam() public {
         vm.prank(address(SAFE));
         vm.expectRevert(IOpsGuardian.FileUnrecognizedParam.selector);
@@ -180,33 +232,129 @@ contract OpsGuardianTestFile is OpsGuardianTest {
     }
 }
 
+contract OpsGuardianTestSetGasService is OpsGuardianTest {
+    IGasService immutable gasService = IGasService(makeAddr("gasService"));
+    IGateway immutable gateway = IGateway(address(new IsContract()));
+
+    function _mockSetGasService(address gatewayAddr) internal {
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.gateway.selector),
+            abi.encode(IMessageHandler(gatewayAddr))
+        );
+        vm.mockCall(
+            gatewayAddr,
+            abi.encodeWithSelector(IGateway.file.selector, bytes32("messageProperties"), address(gasService)),
+            abi.encode()
+        );
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.file.selector, bytes32("messageProperties"), address(gasService)),
+            abi.encode()
+        );
+    }
+
+    function testSetGasServiceSuccess() public {
+        _mockSetGasService(address(gateway));
+
+        vm.expectCall(
+            address(gateway),
+            abi.encodeWithSelector(IGateway.file.selector, bytes32("messageProperties"), address(gasService))
+        );
+        vm.expectCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.file.selector, bytes32("messageProperties"), address(gasService))
+        );
+
+        vm.prank(address(SAFE));
+        opsGuardian.setGasService(gasService);
+    }
+
+    function testSetGasServiceUsesCurrentGatewayFromMultiAdapter() public {
+        IGateway newGateway = IGateway(address(new IsContract()));
+        _mockSetGasService(address(newGateway));
+
+        vm.expectCall(
+            address(newGateway),
+            abi.encodeWithSelector(IGateway.file.selector, bytes32("messageProperties"), address(gasService))
+        );
+
+        vm.prank(address(SAFE));
+        opsGuardian.setGasService(gasService);
+    }
+
+    function testSetGasServiceRevertWhenNotSafe() public {
+        vm.prank(UNAUTHORIZED);
+        vm.expectRevert(IOpsGuardian.NotTheAuthorizedSafe.selector);
+        opsGuardian.setGasService(gasService);
+    }
+}
+
 contract OpsGuardianTestWire is OpsGuardianTest {
-    function testWireSuccess() public {
-        bytes memory data = abi.encode("some", "data");
+    // CENTRIFUGE_ID = 1 = MAINNET_CENTRIFUGE_ID (Ethereum); use a spoke chain for success cases
+    uint16 constant REMOTE_CENTRIFUGE_ID = 2;
+    uint16 constant LOCAL_CENTRIFUGE_ID = 3;
 
+    function _mockLocalCentrifugeId(uint16 localId) internal {
         vm.mockCall(
-            address(ADAPTER), abi.encodeWithSelector(IAdapterWiring.isWired.selector, CENTRIFUGE_ID), abi.encode(false)
+            address(multiAdapter), abi.encodeWithSelector(IMultiAdapter.localCentrifugeId.selector), abi.encode(localId)
         );
+    }
+
+    function testWireSuccess() public {
+        bytes memory data = abi.encode("some", "data");
+
+        _mockLocalCentrifugeId(LOCAL_CENTRIFUGE_ID);
         vm.mockCall(
-            address(ADAPTER), abi.encodeWithSelector(IAdapterWiring.wire.selector, CENTRIFUGE_ID, data), abi.encode()
+            address(ADAPTER),
+            abi.encodeWithSelector(IAdapterWiring.wire.selector, REMOTE_CENTRIFUGE_ID, data),
+            abi.encode()
         );
 
-        vm.expectCall(address(ADAPTER), abi.encodeWithSelector(IAdapterWiring.isWired.selector, CENTRIFUGE_ID));
-        vm.expectCall(address(ADAPTER), abi.encodeWithSelector(IAdapterWiring.wire.selector, CENTRIFUGE_ID, data));
+        vm.expectCall(
+            address(ADAPTER), abi.encodeWithSelector(IAdapterWiring.wire.selector, REMOTE_CENTRIFUGE_ID, data)
+        );
 
         vm.prank(address(SAFE));
-        opsGuardian.wire(address(ADAPTER), CENTRIFUGE_ID, data);
+        opsGuardian.wire(address(ADAPTER), REMOTE_CENTRIFUGE_ID, data);
     }
 
-    function testWireRevertWhenAlreadyWired() public {
+    function testWireCanBeCalledMultipleTimes() public {
+        bytes memory data = abi.encode("some", "data");
+
+        _mockLocalCentrifugeId(LOCAL_CENTRIFUGE_ID);
         vm.mockCall(
-            address(ADAPTER), abi.encodeWithSelector(IAdapterWiring.isWired.selector, CENTRIFUGE_ID), abi.encode(true)
+            address(ADAPTER),
+            abi.encodeWithSelector(IAdapterWiring.wire.selector, REMOTE_CENTRIFUGE_ID, data),
+            abi.encode()
         );
 
+        vm.startPrank(address(SAFE));
+        opsGuardian.wire(address(ADAPTER), REMOTE_CENTRIFUGE_ID, data);
+        opsGuardian.wire(address(ADAPTER), REMOTE_CENTRIFUGE_ID, data);
+        vm.stopPrank();
+    }
+
+    function testWireRevertWhenLocalChain() public {
         bytes memory data = abi.encode("some", "data");
 
+        _mockLocalCentrifugeId(REMOTE_CENTRIFUGE_ID);
+
+        vm.prank(address(SAFE));
+        vm.expectRevert(IOpsGuardian.CannotWireLocalChain.selector);
+        opsGuardian.wire(address(ADAPTER), REMOTE_CENTRIFUGE_ID, data);
+    }
+
+    function testWireRevertWhenMainnet() public {
+        bytes memory data = abi.encode("some", "data");
+
+        // CENTRIFUGE_ID == 1 == MAINNET_CENTRIFUGE_ID
+        assertEq(CENTRIFUGE_ID, opsGuardian.MAINNET_CENTRIFUGE_ID());
+
+        _mockLocalCentrifugeId(LOCAL_CENTRIFUGE_ID);
+
         vm.prank(address(SAFE));
-        vm.expectRevert(IOpsGuardian.AdapterAlreadyWired.selector);
+        vm.expectRevert(IOpsGuardian.CannotWireMainnet.selector);
         opsGuardian.wire(address(ADAPTER), CENTRIFUGE_ID, data);
     }
 
@@ -215,6 +363,75 @@ contract OpsGuardianTestWire is OpsGuardianTest {
 
         vm.prank(UNAUTHORIZED);
         vm.expectRevert(IOpsGuardian.NotTheAuthorizedSafe.selector);
-        opsGuardian.wire(address(ADAPTER), CENTRIFUGE_ID, data);
+        opsGuardian.wire(address(ADAPTER), REMOTE_CENTRIFUGE_ID, data);
+    }
+}
+
+contract OpsGuardianTestBlockSession is OpsGuardianTest {
+    uint16 constant SESSION_ID = 7;
+
+    function testBlockSessionSuccess() public {
+        vm.mockCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.blockSession.selector, CENTRIFUGE_ID, GLOBAL_POOL, SESSION_ID),
+            abi.encode()
+        );
+        vm.expectCall(
+            address(multiAdapter),
+            abi.encodeWithSelector(IMultiAdapter.blockSession.selector, CENTRIFUGE_ID, GLOBAL_POOL, SESSION_ID)
+        );
+
+        vm.prank(address(SAFE));
+        opsGuardian.blockSession(CENTRIFUGE_ID, SESSION_ID);
+    }
+
+    function testBlockSessionRevertWhenNotSafe() public {
+        vm.prank(UNAUTHORIZED);
+        vm.expectRevert(IOpsGuardian.NotTheAuthorizedSafe.selector);
+        opsGuardian.blockSession(CENTRIFUGE_ID, SESSION_ID);
+    }
+}
+
+contract OpsGuardianTestTokenBridge is OpsGuardianTest {
+    function testFileCentrifugeIdSuccess() public {
+        uint256 evmChainId = 23;
+
+        vm.mockCall(
+            address(tokenBridge),
+            abi.encodeWithSignature("chainIdToCentrifugeId(uint256)", evmChainId),
+            abi.encode(uint16(0))
+        );
+        vm.mockCall(
+            address(tokenBridge),
+            abi.encodeWithSignature("file(bytes32,uint256,uint16)", bytes32("centrifugeId"), evmChainId, CENTRIFUGE_ID),
+            abi.encode()
+        );
+        vm.expectCall(
+            address(tokenBridge),
+            abi.encodeWithSignature("file(bytes32,uint256,uint16)", bytes32("centrifugeId"), evmChainId, CENTRIFUGE_ID)
+        );
+
+        vm.prank(address(SAFE));
+        opsGuardian.fileTokenBridgeCentrifugeId(evmChainId, CENTRIFUGE_ID);
+    }
+
+    function testFileCentrifugeIdRevertWhenAlreadySet() public {
+        uint256 evmChainId = 23;
+
+        vm.mockCall(
+            address(tokenBridge),
+            abi.encodeWithSignature("chainIdToCentrifugeId(uint256)", evmChainId),
+            abi.encode(uint16(CENTRIFUGE_ID))
+        );
+
+        vm.prank(address(SAFE));
+        vm.expectRevert(IOpsGuardian.CentrifugeIdAlreadySet.selector);
+        opsGuardian.fileTokenBridgeCentrifugeId(evmChainId, CENTRIFUGE_ID);
+    }
+
+    function testFileCentrifugeIdRevertWhenNotSafe() public {
+        vm.prank(UNAUTHORIZED);
+        vm.expectRevert(IOpsGuardian.NotTheAuthorizedSafe.selector);
+        opsGuardian.fileTokenBridgeCentrifugeId(23, CENTRIFUGE_ID);
     }
 }
diff --git a/test/core/unit/PoolEscrow.t.sol b/test/core/unit/PoolEscrow.t.sol
index 58fdcaf2a..110528b08 100644
--- a/test/core/unit/PoolEscrow.t.sol
+++ b/test/core/unit/PoolEscrow.t.sol
@@ -6,6 +6,7 @@ import {MockERC6909} from "../../misc/mocks/MockERC6909.sol";
 import {ERC20} from "../../../src/misc/ERC20.sol";
 import {Escrow, IEscrow} from "../../../src/misc/Escrow.sol";
 import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+import {TransferFailed} from "../../../src/misc/interfaces/IERC6909.sol";
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
@@ -20,7 +21,10 @@ contract EscrowTestBase is Test {
     ERC20 erc20 = new ERC20(6);
     MockERC6909 erc6909 = new MockERC6909();
 
-    uint32 constant RESERVE_REASON = 1;
+    bytes32 constant RESERVE_REASON = bytes32(uint256(1));
+    /// @dev A wide, derived reason (the shape the bytes32 widening exists for, e.g. per-request buckets)
+    ///      alongside the narrow sentinel above.
+    bytes32 constant RESERVE_REASON_DERIVED = keccak256(abi.encodePacked(bytes32(uint256(1)), uint256(42)));
 
     function _mint(address escrow_, uint256 tokenId, uint256 amount) internal {
         if (tokenId == 0) {
@@ -37,7 +41,22 @@ contract EscrowTestBase is Test {
 
 contract EscrowTestERC20 is EscrowTestBase {}
 
-contract EscrowTestERC6909 is EscrowTestBase {}
+contract EscrowTestERC6909 is EscrowTestBase {
+    function testAuthTransferToRevertsOnFalseReturn() public {
+        uint256 tokenId = 2;
+        _mint(address(escrow), tokenId, 100);
+
+        // An ERC-6909 token returning false instead of reverting must not pass silently.
+        vm.mockCall(
+            address(erc6909),
+            abi.encodeWithSelector(MockERC6909.transfer.selector, spender, tokenId, uint256(100)),
+            abi.encode(false)
+        );
+
+        vm.expectRevert(TransferFailed.selector);
+        escrow.authTransferTo(address(erc6909), tokenId, spender, 100);
+    }
+}
 
 contract PoolEscrowTestBase is EscrowTestBase {
     function _testDeposit(PoolId poolId, ShareClassId scId, uint256 tokenId) internal {
@@ -109,6 +128,41 @@ contract PoolEscrowTestBase is EscrowTestBase {
         assertEq(escrow.availableBalanceOf(scId, asset, tokenId), 300, "300 - 0 = 300");
     }
 
+    /// @dev Two distinct reasons under the same reserver must keep independent balances: unreserving against
+    ///      one bucket must not be payable out of the other, and `holding.reserved` must be their sum. This is
+    ///      what the bytes32 reason widening is for, so it is asserted against a keccak-derived reason too.
+    function _testReserveBucketIsolation(PoolId poolId, ShareClassId scId, uint256 tokenId) internal {
+        address asset = _asset(tokenId);
+        PoolEscrow escrow = new PoolEscrow(poolId, address(this));
+
+        _mint(address(escrow), tokenId, 1000);
+        escrow.deposit(scId, asset, tokenId, 1000);
+
+        escrow.reserve(scId, asset, tokenId, 300, address(this), RESERVE_REASON);
+        escrow.reserve(scId, asset, tokenId, 200, address(this), RESERVE_REASON_DERIVED);
+
+        // Buckets are tracked separately...
+        assertEq(escrow.reservedBy(scId, address(this), RESERVE_REASON, asset, tokenId), 300, "bucket A is 300");
+        assertEq(escrow.reservedBy(scId, address(this), RESERVE_REASON_DERIVED, asset, tokenId), 200, "bucket B is 200");
+        // ...and the holding reserves their sum, so available balance nets both.
+        assertEq(escrow.availableBalanceOf(scId, asset, tokenId), 500, "1000 - (300 + 200) = 500");
+
+        // Bucket B cannot be drained against bucket A's reservation, even though the holding total covers it.
+        vm.expectRevert(IPoolEscrow.InsufficientReserve.selector);
+        escrow.unreserve(scId, asset, tokenId, 300, address(this), RESERVE_REASON_DERIVED);
+
+        // The same amount against its own bucket succeeds and leaves the other bucket untouched.
+        escrow.unreserve(scId, asset, tokenId, 300, address(this), RESERVE_REASON);
+        assertEq(escrow.reservedBy(scId, address(this), RESERVE_REASON, asset, tokenId), 0, "bucket A drained");
+        assertEq(escrow.reservedBy(scId, address(this), RESERVE_REASON_DERIVED, asset, tokenId), 200, "bucket B intact");
+        assertEq(escrow.availableBalanceOf(scId, asset, tokenId), 800, "1000 - 200 = 800");
+
+        // A different reserver with the same reason is a third, independent bucket.
+        escrow.reserve(scId, asset, tokenId, 100, randomUser, RESERVE_REASON);
+        assertEq(escrow.reservedBy(scId, randomUser, RESERVE_REASON, asset, tokenId), 100, "other reserver is 100");
+        assertEq(escrow.reservedBy(scId, address(this), RESERVE_REASON, asset, tokenId), 0, "own bucket still 0");
+    }
+
     function _testWithdraw(PoolId poolId, ShareClassId scId, uint256 tokenId) internal {
         address asset = _asset(tokenId);
         PoolEscrow escrow = new PoolEscrow(poolId, address(this));
@@ -176,6 +230,10 @@ contract PoolEscrowTestERC20 is PoolEscrowTestBase {
         _testWithdraw(poolId, scId, tokenId);
     }
 
+    function testReserveBucketIsolation(PoolId poolId, ShareClassId scId) public {
+        _testReserveBucketIsolation(poolId, scId, tokenId);
+    }
+
     function testAvailableBalanceOf(PoolId poolId, ShareClassId scId) public {
         _testAvailableBalanceOf(poolId, scId, tokenId);
     }
@@ -208,6 +266,12 @@ contract PoolEscrowTestERC6909 is PoolEscrowTestBase {
         _testWithdraw(poolId, scId, tokenId);
     }
 
+    function testReserveBucketIsolation(PoolId poolId, ShareClassId scId, uint8 tokenId_) public {
+        uint256 tokenId = uint256(bound(tokenId_, 2, 18));
+
+        _testReserveBucketIsolation(poolId, scId, tokenId);
+    }
+
     function testAvailableBalanceOf(PoolId poolId, ShareClassId scId, uint8 tokenId_) public {
         uint256 tokenId = uint256(bound(tokenId_, 2, 18));
 
diff --git a/test/core/unit/ProtocolGuardian.t.sol b/test/core/unit/ProtocolGuardian.t.sol
index f4e5399cf..2c9406a71 100644
--- a/test/core/unit/ProtocolGuardian.t.sol
+++ b/test/core/unit/ProtocolGuardian.t.sol
@@ -3,9 +3,7 @@ pragma solidity 0.8.28;
 
 import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 
-import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
-import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
 import {IScheduleAuthMessageSender} from "../../../src/core/messaging/interfaces/IGatewaySenders.sol";
 
 import {IRoot} from "../../../src/admin/interfaces/IRoot.sol";
@@ -15,6 +13,8 @@ import {IProtocolGuardian} from "../../../src/admin/interfaces/IProtocolGuardian
 
 import "forge-std/Test.sol";
 
+import {ITokenBridge} from "../../../src/bridge/interfaces/ITokenBridge.sol";
+
 contract IsContract {}
 
 contract ProtocolGuardianTest is Test {
@@ -22,35 +22,29 @@ contract ProtocolGuardianTest is Test {
 
     IRoot immutable root = IRoot(address(new IsContract()));
     ISafe immutable SAFE = ISafe(address(new IsContract()));
-    IGateway immutable gateway = IGateway(address(new IsContract()));
     IScheduleAuthMessageSender immutable sender = IScheduleAuthMessageSender(address(new IsContract()));
+    ITokenBridge immutable tokenBridge = ITokenBridge(address(new IsContract()));
 
     address immutable OWNER = makeAddr("owner");
     address immutable UNAUTHORIZED = makeAddr("unauthorized");
     address immutable TARGET = makeAddr("target");
-    address immutable TOKEN = makeAddr("token");
-    address immutable TO = makeAddr("to");
     address immutable REFUND = makeAddr("refund");
     IAdapter immutable ADAPTER = IAdapter(makeAddr("adapter"));
 
     uint16 constant CENTRIFUGE_ID = 1;
-    uint256 constant TOKEN_ID = 1;
-    uint256 constant AMOUNT = 100;
     uint256 constant COST = 123;
-    PoolId constant GLOBAL_POOL = PoolId.wrap(0);
-
     ProtocolGuardian protocolGuardian;
 
     function setUp() public {
-        protocolGuardian = new ProtocolGuardian(SAFE, root, gateway, sender);
+        protocolGuardian = new ProtocolGuardian(SAFE, root, sender, tokenBridge);
         vm.deal(address(SAFE), 1 ether);
     }
 
     function testProtocolGuardian() public view {
         assertEq(address(protocolGuardian.safe()), address(SAFE));
         assertEq(address(protocolGuardian.root()), address(root));
-        assertEq(address(protocolGuardian.gateway()), address(gateway));
         assertEq(address(protocolGuardian.sender()), address(sender));
+        assertEq(address(protocolGuardian.tokenBridge()), address(tokenBridge));
     }
 }
 
@@ -194,73 +188,6 @@ contract ProtocolGuardianTestCancelUpgrade is ProtocolGuardianTest {
     }
 }
 
-contract ProtocolGuardianTestRecoverTokens is ProtocolGuardianTest {
-    using CastLib for address;
-
-    function testRecoverTokensSuccess() public {
-        vm.mockCall(
-            address(sender),
-            COST,
-            abi.encodeWithSelector(
-                sender.sendRecoverTokens.selector,
-                CENTRIFUGE_ID,
-                TARGET.toBytes32(),
-                TOKEN.toBytes32(),
-                TOKEN_ID,
-                TO.toBytes32(),
-                AMOUNT,
-                REFUND
-            ),
-            abi.encode()
-        );
-
-        vm.prank(address(SAFE));
-        protocolGuardian.recoverTokens{value: COST}(CENTRIFUGE_ID, TARGET, TOKEN, TOKEN_ID, TO, AMOUNT, REFUND);
-    }
-
-    function testRecoverTokensRevertWhenNotSafe() public {
-        vm.prank(UNAUTHORIZED);
-        vm.expectRevert(IProtocolGuardian.NotTheAuthorizedSafe.selector);
-        protocolGuardian.recoverTokens(CENTRIFUGE_ID, TARGET, TOKEN, TOKEN_ID, TO, AMOUNT, REFUND);
-    }
-}
-
-contract ProtocolGuardianTestBlockOutgoing is ProtocolGuardianTest {
-    function testBlockOutgoingBlockSuccess() public {
-        vm.mockCall(
-            address(gateway),
-            abi.encodeWithSelector(IGateway.blockOutgoing.selector, CENTRIFUGE_ID, GLOBAL_POOL, true),
-            abi.encode()
-        );
-        vm.expectCall(
-            address(gateway), abi.encodeWithSelector(IGateway.blockOutgoing.selector, CENTRIFUGE_ID, GLOBAL_POOL, true)
-        );
-
-        vm.prank(address(SAFE));
-        protocolGuardian.blockOutgoing(CENTRIFUGE_ID, true);
-    }
-
-    function testBlockOutgoingUnblockSuccess() public {
-        vm.mockCall(
-            address(gateway),
-            abi.encodeWithSelector(IGateway.blockOutgoing.selector, CENTRIFUGE_ID, GLOBAL_POOL, false),
-            abi.encode()
-        );
-        vm.expectCall(
-            address(gateway), abi.encodeWithSelector(IGateway.blockOutgoing.selector, CENTRIFUGE_ID, GLOBAL_POOL, false)
-        );
-
-        vm.prank(address(SAFE));
-        protocolGuardian.blockOutgoing(CENTRIFUGE_ID, false);
-    }
-
-    function testBlockOutgoingRevertWhenNotSafe() public {
-        vm.prank(UNAUTHORIZED);
-        vm.expectRevert(IProtocolGuardian.NotTheAuthorizedSafe.selector);
-        protocolGuardian.blockOutgoing(CENTRIFUGE_ID, true);
-    }
-}
-
 contract ProtocolGuardianTestFile is ProtocolGuardianTest {
     function testFileSafeSuccess() public {
         address newSafe = makeAddr("newSafe");
@@ -292,16 +219,16 @@ contract ProtocolGuardianTestFile is ProtocolGuardianTest {
         protocolGuardian.file("invalid", makeAddr("address"));
     }
 
-    function testFileGatewaySuccess() public {
-        address newGateway = makeAddr("newGateway");
+    function testFileTokenBridgeSuccess() public {
+        address newTokenBridge = makeAddr("newTokenBridge");
 
         vm.expectEmit();
-        emit IProtocolGuardian.File("gateway", newGateway);
+        emit IProtocolGuardian.File("tokenBridge", newTokenBridge);
 
         vm.prank(address(SAFE));
-        protocolGuardian.file("gateway", newGateway);
+        protocolGuardian.file("tokenBridge", newTokenBridge);
 
-        assertEq(address(protocolGuardian.gateway()), newGateway);
+        assertEq(address(protocolGuardian.tokenBridge()), newTokenBridge);
     }
 
     function testFileRevertWhenNotSafe() public {
@@ -310,3 +237,27 @@ contract ProtocolGuardianTestFile is ProtocolGuardianTest {
         protocolGuardian.file("safe", makeAddr("address"));
     }
 }
+
+contract ProtocolGuardianTestTokenBridge is ProtocolGuardianTest {
+    function testFileRelayerSuccess() public {
+        address relayer = makeAddr("relayer");
+
+        vm.mockCall(
+            address(tokenBridge),
+            abi.encodeWithSignature("file(bytes32,address)", bytes32("relayer"), relayer),
+            abi.encode()
+        );
+        vm.expectCall(
+            address(tokenBridge), abi.encodeWithSignature("file(bytes32,address)", bytes32("relayer"), relayer)
+        );
+
+        vm.prank(address(SAFE));
+        protocolGuardian.fileTokenBridgeRelayer(relayer);
+    }
+
+    function testFileRelayerRevertWhenNotSafe() public {
+        vm.prank(UNAUTHORIZED);
+        vm.expectRevert(IProtocolGuardian.NotTheAuthorizedSafe.selector);
+        protocolGuardian.fileTokenBridgeRelayer(makeAddr("relayer"));
+    }
+}
diff --git a/test/core/unit/Root.t.sol b/test/core/unit/Root.t.sol
index 03dad9aee..890a8e497 100644
--- a/test/core/unit/Root.t.sol
+++ b/test/core/unit/Root.t.sol
@@ -3,7 +3,6 @@ pragma solidity 0.8.28;
 
 import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
 
-import {IEndorsements} from "../../../src/core/spoke/interfaces/IEndorsements.sol";
 import {IScheduleAuth} from "../../../src/core/messaging/interfaces/IScheduleAuth.sol";
 import {IProtocolPauser} from "../../../src/core/messaging/interfaces/IProtocolPauser.sol";
 
@@ -71,7 +70,7 @@ contract RootTestEndorse is RootTest {
     function testEndorse() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IEndorsements.Endorse(USER);
+        emit IRoot.Endorse(USER);
         root.endorse(USER);
 
         assertEq(root.endorsed(USER), true);
@@ -91,7 +90,7 @@ contract RootTestVeto is RootTest {
 
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IEndorsements.Veto(USER);
+        emit IRoot.Veto(USER);
         root.veto(USER);
 
         assertEq(root.endorsed(USER), false);
diff --git a/test/core/unit/TokenRecoverer.t.sol b/test/core/unit/TokenRecoverer.t.sol
deleted file mode 100644
index 4b7409ee9..000000000
--- a/test/core/unit/TokenRecoverer.t.sol
+++ /dev/null
@@ -1,51 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity ^0.8.28;
-
-import {IAuth} from "../../../src/misc/Auth.sol";
-import {IRecoverable} from "../../../src/misc/interfaces/IRecoverable.sol";
-
-import {IRoot} from "../../../src/admin/interfaces/IRoot.sol";
-import {TokenRecoverer, ITokenRecoverer} from "../../../src/admin/TokenRecoverer.sol";
-
-import "forge-std/Test.sol";
-
-contract TestTokenRecoverer is Test {
-    uint256 constant AMOUNT = 100;
-    uint256 constant TOKEN_ID = 23;
-    address immutable TOKEN = makeAddr("erc20");
-    address immutable RECEIVER = makeAddr("receiver");
-    IRoot immutable ROOT = IRoot(makeAddr("root"));
-    IRecoverable immutable RECOVERABLE = IRecoverable(makeAddr("recoverable"));
-
-    TokenRecoverer tokenRecoverer = new TokenRecoverer(ROOT, address(this));
-
-    function testErrNotAuthorized() public {
-        vm.prank(makeAddr("unauthorizedAddress"));
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        tokenRecoverer.recoverTokens(RECOVERABLE, address(0), 0, address(0), 0);
-    }
-
-    function testSuccess() public {
-        // We need to compute the selector directly to avoid collition
-        bytes4 recoverTokensSelector = bytes4(keccak256("recoverTokens(address,uint256,address,uint256)"));
-
-        vm.mockCall(
-            address(ROOT),
-            abi.encodeWithSelector(IRoot.relyContract.selector, RECOVERABLE, address(tokenRecoverer)),
-            abi.encode(0)
-        );
-        vm.mockCall(
-            address(RECOVERABLE),
-            abi.encodeWithSelector(recoverTokensSelector, TOKEN, TOKEN_ID, RECEIVER, AMOUNT),
-            abi.encode(0)
-        );
-        vm.mockCall(
-            address(ROOT),
-            abi.encodeWithSelector(IRoot.denyContract.selector, RECOVERABLE, address(tokenRecoverer)),
-            abi.encode(0)
-        );
-
-        emit ITokenRecoverer.RecoverTokens(RECOVERABLE, TOKEN, TOKEN_ID, RECEIVER, AMOUNT);
-        tokenRecoverer.recoverTokens(RECOVERABLE, TOKEN, TOKEN_ID, RECEIVER, AMOUNT);
-    }
-}
diff --git a/test/core/unit/factories/PoolEscrowFactory.t.sol b/test/core/unit/factories/PoolEscrowFactory.t.sol
index 1d3e4b016..6ca2df7b0 100644
--- a/test/core/unit/factories/PoolEscrowFactory.t.sol
+++ b/test/core/unit/factories/PoolEscrowFactory.t.sol
@@ -15,12 +15,12 @@ contract PoolEscrowFactoryTest is Test {
 
     address deployer = address(this);
     address root = makeAddr("root");
-    address balanceSheet = makeAddr("balanceSheet");
+    address spoke = makeAddr("spoke");
     address randomUser = makeAddr("randomUser");
 
     function setUp() public {
         factory = new PoolEscrowFactory(root, deployer);
-        factory.file("balanceSheet", balanceSheet);
+        factory.file("spoke", spoke);
     }
 
     function testDeployEscrowAtDeterministicAddress(PoolId poolId) public {
@@ -30,6 +30,20 @@ contract PoolEscrowFactoryTest is Test {
         assertEq(expectedEscrow, actual, "Escrow address mismatch");
     }
 
+    function testPoolIdReverseMapping(PoolId poolId) public {
+        vm.assume(!poolId.isNull());
+        address escrowAddr = address(factory.newEscrow(poolId));
+        assertEq(factory.poolId(escrowAddr).raw(), poolId.raw(), "Reverse pool id mismatch");
+        assertFalse(factory.poolId(escrowAddr).isNull(), "Deployed escrow must not read as unknown");
+    }
+
+    function testPoolIdReturnsNullForUnknownAddress(PoolId poolId, address unknown) public {
+        vm.assume(!poolId.isNull());
+        address escrowAddr = address(factory.newEscrow(poolId));
+        vm.assume(unknown != escrowAddr);
+        assertTrue(factory.poolId(unknown).isNull(), "Unknown address should return null pool id");
+    }
+
     function testDeployEscrowTwiceReverts(PoolId poolId) public {
         factory.newEscrow(poolId);
         vm.expectRevert();
@@ -37,21 +51,21 @@ contract PoolEscrowFactoryTest is Test {
     }
 
     function testEscrowHasCorrectPermissions(PoolId poolId, address nonWard) public {
-        vm.assume(nonWard != root && nonWard != balanceSheet);
+        vm.assume(nonWard != root && nonWard != spoke);
         address escrowAddr = address(factory.newEscrow(poolId));
 
         PoolEscrow escrow = PoolEscrow(payable(escrowAddr));
 
         assertEq(escrow.wards(root), 1, "root not authorized");
-        assertEq(escrow.wards(balanceSheet), 1, "balanceSheet not authorized");
+        assertEq(escrow.wards(spoke), 1, "spoke not authorized");
 
         assertEq(escrow.wards(address(factory)), 0, "factory still authorized");
         assertEq(escrow.wards(nonWard), 0, "unexpected authorization");
     }
 
-    function testFileSetsBalanceSheet() public {
-        factory.file("balanceSheet", randomUser);
-        assertEq(factory.balanceSheet(), randomUser);
+    function testFileSetsSpoke() public {
+        factory.file("spoke", randomUser);
+        assertEq(factory.spoke(), randomUser);
     }
 
     function testFileWithUnknownParamReverts() public {
diff --git a/test/core/unit/libraries/MessageLib.t.sol b/test/core/unit/libraries/MessageLib.t.sol
index f4904d0de..7f5da9ca3 100644
--- a/test/core/unit/libraries/MessageLib.t.sol
+++ b/test/core/unit/libraries/MessageLib.t.sol
@@ -1,7 +1,10 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {MessageType, MessageLib} from "../../../../src/core/messaging/libraries/MessageLib.sol";
+import {BytesLib} from "../../../../src/misc/libraries/BytesLib.sol";
+
+import {MESSAGE_MAX_LENGTH} from "../../../../src/core/messaging/interfaces/IGateway.sol";
+import {MessageType, MessageLib, VaultUpdateKind} from "../../../../src/core/messaging/libraries/MessageLib.sol";
 
 import "forge-std/Test.sol";
 
@@ -22,11 +25,6 @@ contract TestMessageLibIds is Test {
         MessageLib.deserializeCancelUpgrade(_prepareFor());
     }
 
-    /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeRecoverTokens() public {
-        MessageLib.deserializeRecoverTokens(_prepareFor());
-    }
-
     /// forge-config: default.allow_internal_expect_revert = true
     function testDeserializeRegisterAsset() public {
         MessageLib.deserializeRegisterAsset(_prepareFor());
@@ -38,8 +36,8 @@ contract TestMessageLibIds is Test {
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeUpdateGatewayManager() public {
-        MessageLib.deserializeUpdateGatewayManager(_prepareFor());
+    function testDeserializeUpdateManager() public {
+        MessageLib.deserializeUpdateManager(_prepareFor());
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
@@ -67,11 +65,6 @@ contract TestMessageLibIds is Test {
         MessageLib.deserializeNotifyShareMetadata(_prepareFor());
     }
 
-    /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeNotifyShareHook() public {
-        MessageLib.deserializeUpdateShareHook(_prepareFor());
-    }
-
     /// forge-config: default.allow_internal_expect_revert = true
     function testDeserializeInitiateTransferShares() public {
         MessageLib.deserializeInitiateTransferShares(_prepareFor());
@@ -88,8 +81,8 @@ contract TestMessageLibIds is Test {
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeTrustedContractUpdate() public {
-        MessageLib.deserializeTrustedContractUpdate(_prepareFor());
+    function testDeserializeManagerCall() public {
+        MessageLib.deserializeManagerCallFromHub(_prepareFor());
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
@@ -97,14 +90,9 @@ contract TestMessageLibIds is Test {
         MessageLib.deserializeUpdateVault(_prepareFor());
     }
 
-    /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeUpdateBalanceSheetManager() public {
-        MessageLib.deserializeUpdateBalanceSheetManager(_prepareFor());
-    }
-
     /// forge-config: default.allow_internal_expect_revert = true
     function testDeserializeUpdateHoldingAmount() public {
-        MessageLib.deserializeUpdateHoldingAmount(_prepareFor());
+        MessageLib.deserializeUpdateAssets(_prepareFor());
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
@@ -112,16 +100,6 @@ contract TestMessageLibIds is Test {
         MessageLib.deserializeUpdateShares(_prepareFor());
     }
 
-    /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeSetMaxAssetPriceAge() public {
-        MessageLib.deserializeSetMaxAssetPriceAge(_prepareFor());
-    }
-
-    /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeSetMaxSharePriceAge() public {
-        MessageLib.deserializeSetMaxSharePriceAge(_prepareFor());
-    }
-
     /// forge-config: default.allow_internal_expect_revert = true
     function testDeserializeRequest() public {
         MessageLib.deserializeRequest(_prepareFor());
@@ -138,8 +116,23 @@ contract TestMessageLibIds is Test {
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
-    function testDeserializeUntrustedContractUpdate() public {
-        MessageLib.deserializeUntrustedContractUpdate(_prepareFor());
+    function testDeserializeManagerCallFromSpoke() public {
+        MessageLib.deserializeManagerCallFromSpoke(_prepareFor());
+    }
+
+    /// forge-config: default.allow_internal_expect_revert = true
+    function testDeserializeSetPolicy() public {
+        MessageLib.deserializeSetPolicy(_prepareFor());
+    }
+
+    /// forge-config: default.allow_internal_expect_revert = true
+    function testDeserializeAuthorize() public {
+        MessageLib.deserializeAuthorizeSpokeCall(_prepareFor());
+    }
+
+    /// forge-config: default.allow_internal_expect_revert = true
+    function testDeserializeUnauthorize() public {
+        MessageLib.deserializeUnauthorizeSpokeCall(_prepareFor());
     }
 
     /// forge-config: default.allow_internal_expect_revert = true
@@ -149,6 +142,15 @@ contract TestMessageLibIds is Test {
         vm.expectRevert(MessageLib.UnknownMessageType.selector);
         MessageLib.messageLength(buffer);
     }
+
+    /// @dev _Invalid (kind 0) must be rejected rather than returning length 0.
+    /// forge-config: default.allow_internal_expect_revert = true
+    function testMessageLengthRejectsInvalid() public {
+        bytes memory buffer = new bytes(1);
+        buffer[0] = bytes1(uint8(MessageType._Invalid));
+        vm.expectRevert(MessageLib.UnknownMessageType.selector);
+        MessageLib.messageLength(buffer);
+    }
 }
 
 // The following tests check that the function composition of deserializing and serializing equals to the identity:
@@ -179,22 +181,6 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messageExtraGasLimit(), 0);
     }
 
-    function testRecoverTokens(bytes32 target, bytes32 token, uint256 tokenId, bytes32 to, uint256 amount) public pure {
-        MessageLib.RecoverTokens memory a =
-            MessageLib.RecoverTokens({target: target, token: token, tokenId: tokenId, to: to, amount: amount});
-        MessageLib.RecoverTokens memory b = MessageLib.deserializeRecoverTokens(a.serialize());
-
-        assertEq(a.target, b.target);
-        assertEq(a.token, b.token);
-        assertEq(a.tokenId, b.tokenId);
-        assertEq(a.to, b.to);
-        assertEq(a.amount, b.amount);
-
-        assertEq(a.serialize().messageLength(), a.serialize().length);
-        assertEq(a.serialize().messagePoolId().raw(), 0);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
-    }
-
     function testRegisterAsset(uint128 assetId, uint8 decimals) public pure {
         MessageLib.RegisterAsset memory a = MessageLib.RegisterAsset({assetId: assetId, decimals: decimals});
         MessageLib.RegisterAsset memory b = MessageLib.deserializeRegisterAsset(a.serialize());
@@ -207,24 +193,25 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messageExtraGasLimit(), 0);
     }
 
-    function testSetPoolAdapters(uint64 poolId, uint8 threshold, uint8 recoveryIndex, bytes32[] memory adapterList)
+    function testSetPoolAdapters(uint64 poolId, uint8 threshold, uint16 targetSessionId, bytes32[] memory adapterList)
         public
         pure
     {
         vm.assume(adapterList.length <= 20);
 
         MessageLib.SetPoolAdapters memory a = MessageLib.SetPoolAdapters({
-            poolId: poolId, threshold: threshold, recoveryIndex: recoveryIndex, adapterList: adapterList
+            poolId: poolId, threshold: threshold, targetSessionId: targetSessionId, adapterList: adapterList
         });
         MessageLib.SetPoolAdapters memory b = MessageLib.deserializeSetPoolAdapters(a.serialize());
 
         assertEq(a.poolId, b.poolId);
         assertEq(a.threshold, b.threshold);
-        assertEq(a.recoveryIndex, b.recoveryIndex);
+        assertEq(a.targetSessionId, b.targetSessionId);
         assertEq(a.adapterList, b.adapterList);
 
         assertEq(bytes(a.serialize()).length, a.serialize().messageLength());
-        assertEq(a.serialize().messagePoolId().raw(), 0);
+        // SetPoolAdapters reports its embedded poolId so the update routes over the pool's own adapters.
+        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
         assertEq(a.serialize().messageExtraGasLimit(), 0);
     }
 
@@ -246,10 +233,20 @@ contract TestMessageLibIdentities is Test {
         bytes32 symbol,
         uint8 decimals,
         bytes32 salt,
-        bytes32 hook
+        bytes32 registrar,
+        uint128 extraGasLimit,
+        bytes memory payload
     ) public pure {
         MessageLib.NotifyShareClass memory a = MessageLib.NotifyShareClass({
-            poolId: poolId, scId: scId, name: name, symbol: symbol, decimals: decimals, salt: salt, hook: hook
+            poolId: poolId,
+            scId: scId,
+            name: name,
+            symbol: symbol,
+            decimals: decimals,
+            salt: salt,
+            registrar: registrar,
+            extraGasLimit: extraGasLimit,
+            payload: payload
         });
         MessageLib.NotifyShareClass memory b = MessageLib.deserializeNotifyShareClass(a.serialize());
 
@@ -261,11 +258,18 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.symbol, b.symbol);
         assertEq(a.decimals, b.decimals);
         assertEq(a.salt, b.salt);
-        assertEq(a.hook, b.hook);
+        assertEq(a.registrar, b.registrar);
+        assertEq(a.extraGasLimit, b.extraGasLimit);
+        assertEq(a.payload, b.payload);
 
         assertEq(a.serialize().messageLength(), a.serialize().length);
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
+        assertEq(a.serialize().messageExtraGasLimit(), extraGasLimit);
+
+        // Check the payload length is correctly encoded as a 2-byte big-endian prefix ahead of the payload
+        bytes memory serialized = a.serialize();
+        uint256 lengthIndex = serialized.messageLength() - a.payload.length - 2;
+        assertEq((uint256(uint8(serialized[lengthIndex])) << 8) | uint8(serialized[lengthIndex + 1]), a.payload.length);
     }
 
     function testNotifyPricePoolPerShare(uint64 poolId, bytes16 scId, uint128 price, uint64 timestamp) public pure {
@@ -302,9 +306,16 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messageExtraGasLimit(), 0);
     }
 
-    function testNotifyShareMetadata(uint64 poolId, bytes16 scId, string calldata name, bytes32 symbol) public pure {
-        MessageLib.NotifyShareMetadata memory a =
-            MessageLib.NotifyShareMetadata({poolId: poolId, scId: scId, name: name, symbol: symbol});
+    function testNotifyShareMetadata(
+        uint64 poolId,
+        bytes16 scId,
+        string calldata name,
+        bytes32 symbol,
+        uint128 extraGasLimit
+    ) public pure {
+        MessageLib.NotifyShareMetadata memory a = MessageLib.NotifyShareMetadata({
+            poolId: poolId, scId: scId, name: name, symbol: symbol, extraGasLimit: extraGasLimit
+        });
         MessageLib.NotifyShareMetadata memory b = MessageLib.deserializeNotifyShareMetadata(a.serialize());
 
         string calldata slicedName = bytes(name).length > 128 ? name[0:128] : name;
@@ -313,23 +324,11 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.scId, b.scId);
         assertEq(slicedName, b.name);
         assertEq(a.symbol, b.symbol);
+        assertEq(a.extraGasLimit, b.extraGasLimit);
 
         assertEq(a.serialize().messageLength(), a.serialize().length);
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
-    }
-
-    function testUpdateShareHook(uint64 poolId, bytes16 scId, bytes32 hook) public pure {
-        MessageLib.UpdateShareHook memory a = MessageLib.UpdateShareHook({poolId: poolId, scId: scId, hook: hook});
-        MessageLib.UpdateShareHook memory b = MessageLib.deserializeUpdateShareHook(a.serialize());
-
-        assertEq(a.poolId, b.poolId);
-        assertEq(a.scId, b.scId);
-        assertEq(a.hook, b.hook);
-
-        assertEq(a.serialize().messageLength(), a.serialize().length);
-        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
+        assertEq(a.serialize().messageExtraGasLimit(), extraGasLimit);
     }
 
     function testInitiateTransferShares(
@@ -339,7 +338,8 @@ contract TestMessageLibIdentities is Test {
         bytes32 receiver,
         uint128 amount,
         uint128 remoteExtraGasLimit,
-        uint128 extraGasLimit
+        uint128 extraGasLimit,
+        bytes32 sender
     ) public pure {
         MessageLib.InitiateTransferShares memory a = MessageLib.InitiateTransferShares({
             poolId: poolId,
@@ -348,7 +348,8 @@ contract TestMessageLibIdentities is Test {
             receiver: receiver,
             amount: amount,
             remoteExtraGasLimit: remoteExtraGasLimit,
-            extraGasLimit: extraGasLimit
+            extraGasLimit: extraGasLimit,
+            sender: sender
         });
         MessageLib.InitiateTransferShares memory b = MessageLib.deserializeInitiateTransferShares(a.serialize());
 
@@ -357,6 +358,7 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.centrifugeId, b.centrifugeId);
         assertEq(a.receiver, b.receiver);
         assertEq(a.amount, b.amount);
+        assertEq(a.sender, b.sender);
         assertEq(a.remoteExtraGasLimit, b.remoteExtraGasLimit);
         assertEq(a.extraGasLimit, b.extraGasLimit);
 
@@ -406,24 +408,19 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
 
-        // Check the payload length is correctly encoded as little endian
-        assertEq(a.payload.length, uint8(a.serialize()[a.serialize().messageLength() - a.payload.length - 1]));
+        // Check the payload length is correctly encoded as a 2-byte big-endian prefix ahead of the payload
+        bytes memory serialized = a.serialize();
+        uint256 lengthIndex = serialized.messageLength() - a.payload.length - 2;
+        assertEq((uint256(uint8(serialized[lengthIndex])) << 8) | uint8(serialized[lengthIndex + 1]), a.payload.length);
     }
 
-    function testTrustedContractUpdate(
-        uint64 poolId,
-        bytes16 scId,
-        bytes32 target,
-        uint128 extraGasLimit,
-        bytes memory payload
-    ) public pure {
-        MessageLib.TrustedContractUpdate memory a = MessageLib.TrustedContractUpdate({
-            poolId: poolId, scId: scId, target: target, extraGasLimit: extraGasLimit, payload: payload
+    function testManagerCall(uint64 poolId, bytes32 target, uint128 extraGasLimit, bytes memory payload) public pure {
+        MessageLib.ManagerCallFromHub memory a = MessageLib.ManagerCallFromHub({
+            poolId: poolId, target: target, extraGasLimit: extraGasLimit, payload: payload
         });
-        MessageLib.TrustedContractUpdate memory b = MessageLib.deserializeTrustedContractUpdate(a.serialize());
+        MessageLib.ManagerCallFromHub memory b = MessageLib.deserializeManagerCallFromHub(a.serialize());
 
         assertEq(a.poolId, b.poolId);
-        assertEq(a.scId, b.scId);
         assertEq(a.target, b.target);
         assertEq(a.extraGasLimit, b.extraGasLimit);
         assertEq(a.payload, b.payload);
@@ -432,8 +429,10 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
 
-        // Check the payload length is correctly encoded as little endian
-        assertEq(a.payload.length, uint8(a.serialize()[a.serialize().messageLength() - a.payload.length - 1]));
+        // Check the payload length is correctly encoded as a 2-byte big-endian prefix ahead of the payload
+        bytes memory serialized = a.serialize();
+        uint256 lengthIndex = serialized.messageLength() - a.payload.length - 2;
+        assertEq((uint256(uint8(serialized[lengthIndex])) << 8) | uint8(serialized[lengthIndex + 1]), a.payload.length);
     }
 
     function testRequest(uint64 poolId, bytes16 scId, uint128 assetId, uint128 extraGasLimit, bytes memory payload)
@@ -455,8 +454,10 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
 
-        // Check the payload length is correctly encoded as little endian
-        assertEq(a.payload.length, uint8(a.serialize()[a.serialize().messageLength() - a.payload.length - 1]));
+        // Check the payload length is correctly encoded as a 2-byte big-endian prefix ahead of the payload
+        bytes memory serialized = a.serialize();
+        uint256 lengthIndex = serialized.messageLength() - a.payload.length - 2;
+        assertEq((uint256(uint8(serialized[lengthIndex])) << 8) | uint8(serialized[lengthIndex + 1]), a.payload.length);
     }
 
     function testRequestCallback(
@@ -481,8 +482,10 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
 
-        // Check the payload length is correctly encoded as little endian
-        assertEq(a.payload.length, uint8(a.serialize()[a.serialize().messageLength() - a.payload.length - 1]));
+        // Check the payload length is correctly encoded as a 2-byte big-endian prefix ahead of the payload
+        bytes memory serialized = a.serialize();
+        uint256 lengthIndex = serialized.messageLength() - a.payload.length - 2;
+        assertEq((uint256(uint8(serialized[lengthIndex])) << 8) | uint8(serialized[lengthIndex + 1]), a.payload.length);
     }
 
     function testUpdateVault(
@@ -491,7 +494,8 @@ contract TestMessageLibIdentities is Test {
         bytes32 vaultOrFactory,
         uint128 assetId,
         uint8 kind,
-        uint128 extraGasLimit
+        uint128 extraGasLimit,
+        bytes memory payload
     ) public pure {
         MessageLib.UpdateVault memory a = MessageLib.UpdateVault({
             poolId: poolId,
@@ -499,7 +503,8 @@ contract TestMessageLibIdentities is Test {
             assetId: assetId,
             vaultOrFactory: vaultOrFactory,
             kind: kind,
-            extraGasLimit: extraGasLimit
+            extraGasLimit: extraGasLimit,
+            payload: payload
         });
         MessageLib.UpdateVault memory b = MessageLib.deserializeUpdateVault(a.serialize());
 
@@ -509,10 +514,16 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.vaultOrFactory, b.vaultOrFactory);
         assertEq(a.kind, b.kind);
         assertEq(a.extraGasLimit, b.extraGasLimit);
+        assertEq(a.payload, b.payload);
 
         assertEq(a.serialize().messageLength(), a.serialize().length);
         assertEq(a.serialize().messagePoolId().raw(), a.poolId);
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
+
+        // Check the payload length is correctly encoded as a 2-byte big-endian prefix ahead of the payload
+        bytes memory serialized = a.serialize();
+        uint256 lengthIndex = serialized.messageLength() - a.payload.length - 2;
+        assertEq((uint256(uint8(serialized[lengthIndex])) << 8) | uint8(serialized[lengthIndex + 1]), a.payload.length);
     }
 
     function testSetRequestManager(uint64 poolId, bytes32 manager) public pure {
@@ -527,12 +538,49 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messageExtraGasLimit(), 0);
     }
 
-    function testUpdateBalanceSheetManager(uint64 poolId, bytes32 who, bool canManage) public pure {
-        MessageLib.UpdateBalanceSheetManager memory a =
-            MessageLib.UpdateBalanceSheetManager({poolId: poolId, who: who, canManage: canManage});
-        MessageLib.UpdateBalanceSheetManager memory b = MessageLib.deserializeUpdateBalanceSheetManager(a.serialize());
+    function testSetPolicy(uint64 poolId, bytes32 policy) public pure {
+        MessageLib.SetPolicy memory a = MessageLib.SetPolicy({poolId: poolId, policy: policy});
+        MessageLib.SetPolicy memory b = MessageLib.deserializeSetPolicy(a.serialize());
+
+        assertEq(a.poolId, b.poolId);
+        assertEq(a.policy, b.policy);
+
+        assertEq(a.serialize().messageLength(), a.serialize().length);
+        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
+        assertEq(a.serialize().messageExtraGasLimit(), 0);
+    }
+
+    function testAuthorize(uint64 poolId, bytes memory data) public pure {
+        MessageLib.AuthorizeSpokeCall memory a = MessageLib.AuthorizeSpokeCall({poolId: poolId, payload: data});
+        MessageLib.AuthorizeSpokeCall memory b = MessageLib.deserializeAuthorizeSpokeCall(a.serialize());
+
+        assertEq(a.poolId, b.poolId);
+        assertEq(a.payload, b.payload);
+
+        assertEq(a.serialize().messageLength(), a.serialize().length);
+        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
+        assertEq(a.serialize().messageExtraGasLimit(), 0);
+    }
+
+    function testUnauthorize(uint64 poolId, bytes memory data) public pure {
+        MessageLib.UnauthorizeSpokeCall memory a = MessageLib.UnauthorizeSpokeCall({poolId: poolId, payload: data});
+        MessageLib.UnauthorizeSpokeCall memory b = MessageLib.deserializeUnauthorizeSpokeCall(a.serialize());
 
         assertEq(a.poolId, b.poolId);
+        assertEq(a.payload, b.payload);
+
+        assertEq(a.serialize().messageLength(), a.serialize().length);
+        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
+        assertEq(a.serialize().messageExtraGasLimit(), 0);
+    }
+
+    function testUpdateManager(uint64 poolId, uint8 kind, bytes32 who, bool canManage) public pure {
+        MessageLib.UpdateManager memory a =
+            MessageLib.UpdateManager({poolId: poolId, kind: kind, who: who, canManage: canManage});
+        MessageLib.UpdateManager memory b = MessageLib.deserializeUpdateManager(a.serialize());
+
+        assertEq(a.poolId, b.poolId);
+        assertEq(a.kind, b.kind);
         assertEq(a.who, b.who);
         assertEq(a.canManage, b.canManage);
 
@@ -546,19 +594,17 @@ contract TestMessageLibIdentities is Test {
         bytes16 scId,
         uint128 assetId,
         uint128 amount,
-        uint128 pricePoolPerAsset,
         uint64 timestamp,
         bool isIncrease,
         bool isSnapshot,
         uint64 nonce,
         uint128 extraGasLimit
     ) public pure {
-        MessageLib.UpdateHoldingAmount memory a = MessageLib.UpdateHoldingAmount({
+        MessageLib.UpdateAssets memory a = MessageLib.UpdateAssets({
             poolId: poolId,
             scId: scId,
             assetId: assetId,
             amount: amount,
-            pricePoolPerAsset: pricePoolPerAsset,
             timestamp: timestamp,
             isIncrease: isIncrease,
             isSnapshot: isSnapshot,
@@ -566,13 +612,12 @@ contract TestMessageLibIdentities is Test {
             extraGasLimit: extraGasLimit
         });
 
-        MessageLib.UpdateHoldingAmount memory b = MessageLib.deserializeUpdateHoldingAmount(a.serialize());
+        MessageLib.UpdateAssets memory b = MessageLib.deserializeUpdateAssets(a.serialize());
 
         assertEq(a.poolId, b.poolId);
         assertEq(a.scId, b.scId);
         assertEq(a.assetId, b.assetId);
         assertEq(a.amount, b.amount);
-        assertEq(a.pricePoolPerAsset, b.pricePoolPerAsset);
         assertEq(a.timestamp, b.timestamp);
         assertEq(a.isIncrease, b.isIncrease);
         assertEq(a.isSnapshot, b.isSnapshot);
@@ -621,64 +666,19 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
     }
 
-    function testSetMaxAssetPriceAge(uint64 poolId, bytes16 scId, uint128 assetId, uint64 maxPriceAge) public pure {
-        MessageLib.SetMaxAssetPriceAge memory a =
-            MessageLib.SetMaxAssetPriceAge({poolId: poolId, scId: scId, assetId: assetId, maxPriceAge: maxPriceAge});
-        MessageLib.SetMaxAssetPriceAge memory b = MessageLib.deserializeSetMaxAssetPriceAge(a.serialize());
-
-        assertEq(a.poolId, b.poolId);
-        assertEq(a.scId, b.scId);
-        assertEq(a.assetId, b.assetId);
-        assertEq(a.maxPriceAge, b.maxPriceAge);
-
-        assertEq(a.serialize().messageLength(), a.serialize().length);
-        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
-    }
-
-    function testSetMaxSharePriceAge(uint64 poolId, bytes16 scId, uint64 maxPriceAge) public pure {
-        MessageLib.SetMaxSharePriceAge memory a =
-            MessageLib.SetMaxSharePriceAge({poolId: poolId, scId: scId, maxPriceAge: maxPriceAge});
-        MessageLib.SetMaxSharePriceAge memory b = MessageLib.deserializeSetMaxSharePriceAge(a.serialize());
-
-        assertEq(a.poolId, b.poolId);
-        assertEq(a.scId, b.scId);
-        assertEq(a.maxPriceAge, b.maxPriceAge);
-
-        assertEq(a.serialize().messageLength(), a.serialize().length);
-        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
-    }
-
-    function testUpdateGatewayManager(uint64 poolId, bytes32 who, bool canManage) public pure {
-        MessageLib.UpdateGatewayManager memory a =
-            MessageLib.UpdateGatewayManager({poolId: poolId, who: who, canManage: canManage});
-        MessageLib.UpdateGatewayManager memory b = MessageLib.deserializeUpdateGatewayManager(a.serialize());
-
-        assertEq(a.poolId, b.poolId);
-        assertEq(a.who, b.who);
-        assertEq(a.canManage, b.canManage);
-
-        assertEq(bytes(a.serialize()).length, a.serialize().messageLength());
-        assertEq(a.serialize().messagePoolId().raw(), a.poolId);
-        assertEq(a.serialize().messageExtraGasLimit(), 0);
-    }
-
-    function testUntrustedContractUpdate(
+    function testManagerCallFromSpoke(
         uint64 poolId,
-        bytes16 scId,
         bytes32 target,
         bytes32 sender,
         uint128 extraGasLimit,
         bytes memory payload
     ) public pure {
-        MessageLib.UntrustedContractUpdate memory a = MessageLib.UntrustedContractUpdate({
-            poolId: poolId, scId: scId, target: target, sender: sender, extraGasLimit: extraGasLimit, payload: payload
+        MessageLib.ManagerCallFromSpoke memory a = MessageLib.ManagerCallFromSpoke({
+            poolId: poolId, target: target, sender: sender, extraGasLimit: extraGasLimit, payload: payload
         });
-        MessageLib.UntrustedContractUpdate memory b = MessageLib.deserializeUntrustedContractUpdate(a.serialize());
+        MessageLib.ManagerCallFromSpoke memory b = MessageLib.deserializeManagerCallFromSpoke(a.serialize());
 
         assertEq(a.poolId, b.poolId);
-        assertEq(a.scId, b.scId);
         assertEq(a.target, b.target);
         assertEq(a.payload, b.payload);
         assertEq(a.sender, b.sender);
@@ -689,3 +689,158 @@ contract TestMessageLibIdentities is Test {
         assertEq(a.serialize().messageExtraGasLimit(), a.extraGasLimit);
     }
 }
+
+contract TestMessageLibSourceCentrifugeId is Test {
+    /// @dev Exhaustive, hand-maintained expectation for every MessageType, cross-checking
+    ///      MessageLib.messageSourceCentrifugeId. If a new message type is added, this test fails
+    ///      until it is classified here, surfacing any spoke->hub message that would otherwise be
+    ///      incorrectly rejected when arriving from its source chain.
+    ///
+    ///      The test buffer encodes centrifugeId=1 at the two positions read by the function:
+    ///        buf[2]  = 0x01 → poolId at offset 1 has centrifugeId=1 (uint64, top 16 bits)
+    ///                       → assetId at offset 1 has centrifugeId=1 (uint128, top 16 bits)
+    ///        buf[26] = 0x01 → assetId at offset 25 has centrifugeId=1
+    function testMessageSourceCentrifugeIdForEveryMessageType() public pure {
+        uint256 max = uint256(type(MessageType).max);
+
+        bytes memory buf = new bytes(50);
+        buf[2] = bytes1(uint8(1)); // centrifugeId=1 for poolId@1 and assetId@1
+        buf[26] = bytes1(uint8(1)); // centrifugeId=1 for assetId@25
+
+        uint16[] memory expected = new uint16[](max + 1);
+
+        // Hub->spoke: must originate from the pool's home chain (centrifugeId=1 via buf[2]).
+        expected[uint256(MessageType.SetPoolAdapters)] = 1;
+        expected[uint256(MessageType.NotifyPool)] = 1;
+        expected[uint256(MessageType.NotifyShareClass)] = 1;
+        expected[uint256(MessageType.NotifyPricePoolPerShare)] = 1;
+        expected[uint256(MessageType.NotifyPricePoolPerAsset)] = 1;
+        expected[uint256(MessageType.NotifyShareMetadata)] = 1;
+        expected[uint256(MessageType.ExecuteTransferShares)] = 1;
+        expected[uint256(MessageType.UpdateRestriction)] = 1;
+        expected[uint256(MessageType.UpdateVault)] = 1;
+        expected[uint256(MessageType.RequestCallback)] = 1;
+        expected[uint256(MessageType.SetRequestManager)] = 1;
+        expected[uint256(MessageType.UpdateManager)] = 1;
+        expected[uint256(MessageType.ManagerCallFromHub)] = 1;
+        expected[uint256(MessageType.SetPolicy)] = 1;
+        expected[uint256(MessageType.AuthorizeSpokeCall)] = 1;
+        expected[uint256(MessageType.UnauthorizeSpokeCall)] = 1;
+
+        // Mainnet-only messages (centrifugeId=MAINNET_CENTRIFUGE_ID=1).
+        expected[uint256(MessageType.ScheduleUpgrade)] = 1;
+        expected[uint256(MessageType.CancelUpgrade)] = 1;
+
+        // Asset-homed messages (centrifugeId=1 from the encoded assetId).
+        expected[uint256(MessageType.RegisterAsset)] = 1; // assetId at offset 1
+        expected[uint256(MessageType.Request)] = 1; // assetId at offset 25
+        expected[uint256(MessageType.UpdateAssets)] = 1; // assetId at offset 25
+
+        // Unrestricted spoke->hub messages (0 = any source permitted).
+        expected[uint256(MessageType.InitiateTransferShares)] = 0;
+        expected[uint256(MessageType.UpdateShares)] = 0;
+        expected[uint256(MessageType.ManagerCallFromSpoke)] = 0;
+
+        // _Invalid has no source restriction.
+        expected[uint256(MessageType._Invalid)] = 0;
+
+        for (uint256 i = 0; i <= max; i++) {
+            buf[0] = bytes1(uint8(i));
+            assertEq(
+                MessageLib.messageSourceCentrifugeId(buf),
+                expected[i],
+                "unexpected messageSourceCentrifugeId classification"
+            );
+        }
+    }
+
+    /// @dev A hub->spoke message whose poolId encodes centrifugeId=0 is always forged (no real pool has
+    ///      centrifugeId 0) and must revert rather than fall through to the "0 = any source" sentinel.
+    /// forge-config: default.allow_internal_expect_revert = true
+    function testMessageSourceCentrifugeIdRevertsOnZeroPoolHome() public {
+        bytes memory buf = new bytes(50);
+        buf[0] = bytes1(uint8(MessageType.NotifyPool));
+        // buf[2] left as 0 => poolId's centrifugeId resolves to 0.
+
+        vm.expectRevert(MessageLib.InvalidPoolHome.selector);
+        MessageLib.messageSourceCentrifugeId(buf);
+    }
+
+    /// @dev An asset-homed message (RegisterAsset/Request/UpdateAssets) whose assetId encodes
+    ///      centrifugeId=0 is an ISO-4217 currency asset, which is never legitimately reported by a
+    ///      spoke, and must revert rather than fall through to the "0 = any source" sentinel.
+    /// forge-config: default.allow_internal_expect_revert = true
+    function testMessageSourceCentrifugeIdRevertsOnZeroAssetHome() public {
+        MessageType[3] memory kinds = [MessageType.RegisterAsset, MessageType.Request, MessageType.UpdateAssets];
+
+        for (uint256 i = 0; i < kinds.length; i++) {
+            bytes memory buf = new bytes(50);
+            buf[0] = bytes1(uint8(kinds[i]));
+            // assetId's centrifugeId (offset 1 for RegisterAsset, offset 25 for Request/UpdateAssets)
+            // is left as 0, encoding an ISO-currency asset.
+
+            vm.expectRevert(MessageLib.InvalidAssetHome.selector);
+            MessageLib.messageSourceCentrifugeId(buf);
+        }
+    }
+}
+
+contract TestMessageLibUpdateVaultFraming is Test {
+    using MessageLib for *;
+    using BytesLib for bytes;
+
+    uint64 constant POOL_ID = (uint64(1) << 48) | 7;
+
+    function _updateVault(VaultUpdateKind kind, bytes memory payload) internal pure returns (bytes memory) {
+        return MessageLib.UpdateVault({
+                poolId: POOL_ID,
+                scId: bytes16(uint128(2)),
+                assetId: 3,
+                vaultOrFactory: bytes32(uint256(4)),
+                kind: uint8(kind),
+                extraGasLimit: 5,
+                payload: payload
+            }).serialize();
+    }
+
+    function _payload(uint256 len) internal pure returns (bytes memory payload) {
+        payload = new bytes(len);
+        for (uint256 i; i < len; i++) {
+            payload[i] = bytes1(uint8(i));
+        }
+    }
+
+    /// @dev Above 255 bytes the length prefix's high byte is non-zero, so a low-byte-only walk desyncs the batch
+    function testBatchWalkResynchronizesAfterLargePayload() public pure {
+        bytes memory first = _updateVault(VaultUpdateKind.DeployAndLink, _payload(300));
+        bytes memory second = _updateVault(VaultUpdateKind.Unlink, "");
+
+        // Gateway rejects a batch whose messages disagree on the pool, so the walk is only reachable if they match.
+        assertEq(first.messagePoolId().raw(), second.messagePoolId().raw());
+
+        bytes memory remaining = abi.encodePacked(first, second);
+
+        uint256 firstLength = remaining.messageLength();
+        assertEq(firstLength, first.length);
+        bytes memory walkedFirst = remaining.slice(0, firstLength);
+        assertEq(walkedFirst, first);
+        assertEq(MessageLib.deserializeUpdateVault(walkedFirst).payload, _payload(300));
+
+        remaining = remaining.slice(firstLength, remaining.length - firstLength);
+
+        uint256 secondLength = remaining.messageLength();
+        assertEq(secondLength, second.length);
+        assertEq(remaining.slice(0, secondLength), second);
+
+        remaining = remaining.slice(secondLength, remaining.length - secondLength);
+        assertEq(remaining.length, 0);
+    }
+
+    /// @dev Legacy spokes resume at the length-prefix byte as a type; MESSAGE_MAX_LENGTH < 256 * NotifyPool blocks that
+    function testMessageMaxLengthCannotReachPoolDependentTypes() public pure {
+        uint256 header = _updateVault(VaultUpdateKind.Link, "").length;
+        assertEq(header, 92, "fixed fields plus the 2-byte length prefix");
+
+        assertLt(MESSAGE_MAX_LENGTH, header + 256 * uint256(uint8(MessageType.NotifyPool)));
+    }
+}
diff --git a/test/hooks/integration/BridgeCircuitBreaker.t.sol b/test/hooks/integration/BridgeCircuitBreaker.t.sol
new file mode 100644
index 000000000..d2dc161c6
--- /dev/null
+++ b/test/hooks/integration/BridgeCircuitBreaker.t.sol
@@ -0,0 +1,285 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+
+import {BridgeCircuitBreaker} from "../../../src/hooks/bridge/BridgeCircuitBreaker.sol";
+import {IBridgeCircuitBreaker} from "../../../src/hooks/bridge/interfaces/IBridgeCircuitBreaker.sol";
+
+import {ICircuitBreakerGuard} from "../../../src/managers/spoke/guards/interfaces/ICircuitBreakerGuard.sol";
+
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {CentrifugeIntegrationTest} from "../../integration/Integration.t.sol";
+
+contract BridgeCircuitBreakerIntegrationTest is CentrifugeIntegrationTest {
+    uint16 constant TARGET = 2;
+    uint128 constant AMOUNT = 1000e18;
+
+    address immutable FM = makeAddr("fundManager");
+    PoolId POOL_A;
+    ShareClassId SC_1;
+
+    BridgeCircuitBreaker hook;
+    IShareToken shareToken;
+    address immutable investor = makeAddr("investor");
+
+    function setUp() public override {
+        super.setUp();
+
+        POOL_A = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
+        SC_1 = shareClassManager.previewNextShareClassId(POOL_A);
+
+        vm.prank(address(opsGuardian.opsSafe()));
+        opsGuardian.createPool(POOL_A, FM, USD_ID);
+
+        vm.startPrank(FM);
+        hub.addShareClass(POOL_A, "Test", "T", bytes32(bytes8(POOL_A.raw())));
+        hub.notifyPool{value: 0}(POOL_A, LOCAL_CENTRIFUGE_ID, FM);
+        hub.notifyShareClass{value: 0}(
+            POOL_A, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(shareTokenRegistrar))), "", 0, FM
+        );
+        vm.stopPrank();
+
+        shareToken = IShareToken(address(spokeRegistry.shareToken(POOL_A, SC_1)));
+        vm.prank(address(shareTokenRegistrar));
+        shareToken.mint(investor, 3 * AMOUNT);
+
+        // The Spoke pulls the shares via a standard transferFrom, so the investor approves it.
+        vm.prank(investor);
+        shareToken.approve(address(spoke), type(uint256).max);
+
+        // Allow the investor to initiate cross-chain share transfers
+        vm.prank(address(spokeHandler));
+        spokeRegistry.updateBridger(POOL_A, investor, true);
+
+        hook = new BridgeCircuitBreaker(address(this), address(circuitBreakerGuard), address(this));
+        hook.rely(address(hubHandler));
+
+        vm.prank(FM);
+        hub.setBridgingHook(POOL_A, address(hook));
+
+        vm.mockCall(
+            address(messageDispatcher),
+            abi.encodeWithSignature(
+                "sendExecuteTransferShares(uint16,uint16,uint64,bytes16,bytes32,uint128,uint128,address)"
+            ),
+            abi.encode(uint256(0))
+        );
+
+        vm.deal(address(root), 1 ether);
+    }
+
+    function _fromHub(bytes memory payload) internal {
+        hook.fromHub(POOL_A, payload);
+    }
+
+    /// forge-config: default.isolate = true
+    function testPauseBlocksTransfer() public {
+        _fromHub(abi.encode(IBridgeCircuitBreaker.ConfigKind.SetPaused, ShareClassId.unwrap(SC_1), true));
+
+        bytes32 receiver = bytes32(uint256(uint160(makeAddr("receiver"))));
+        vm.prank(investor);
+        vm.expectRevert(IBridgeCircuitBreaker.Paused.selector);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 3 * AMOUNT);
+    }
+
+    /// forge-config: default.isolate = true
+    function testRateLimitBlocksTransfer() public {
+        // rateMax allows one AMOUNT per window but not two
+        uint128 rateMax = AMOUNT + 1;
+        uint32 window = 3600;
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.SetRateLimit,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                rateMax,
+                window
+            )
+        );
+
+        bytes32 key = keccak256(abi.encode(POOL_A, SC_1, LOCAL_CENTRIFUGE_ID));
+        bytes32 receiver = bytes32(uint256(uint160(makeAddr("receiver"))));
+
+        vm.prank(investor);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 2 * AMOUNT);
+
+        vm.prank(investor);
+        vm.expectRevert(
+            abi.encodeWithSelector(
+                ICircuitBreakerGuard.ExceedsCumulativeLimit.selector,
+                key,
+                uint256(AMOUNT),
+                uint256(rateMax),
+                uint256(window)
+            )
+        );
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 2 * AMOUNT);
+
+        // After window expires, the rolling window resets and a new transfer succeeds
+        vm.warp(block.timestamp + window + 1);
+        vm.prank(investor);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), AMOUNT);
+    }
+
+    /// forge-config: default.isolate = true
+    function testLargeTransferAuthorization() public {
+        uint128 rateMax = AMOUNT - 1;
+        uint32 window = 3600;
+        bytes32 receiver = bytes32(uint256(uint160(makeAddr("receiver"))));
+        bytes32 sender_ = bytes32(bytes20(investor));
+
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.SetRateLimit,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                rateMax,
+                window
+            )
+        );
+
+        vm.prank(investor);
+        vm.expectRevert(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 3 * AMOUNT);
+
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.AuthorizeTransfer,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                TARGET,
+                sender_,
+                receiver,
+                AMOUNT
+            )
+        );
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.AuthorizeTransfer,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                TARGET,
+                sender_,
+                receiver,
+                AMOUNT
+            )
+        );
+
+        vm.prank(investor);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 2 * AMOUNT);
+
+        vm.prank(investor);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), AMOUNT);
+
+        // No authorizations left — hook blocks again, shares returned
+        vm.prank(investor);
+        vm.expectRevert(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), AMOUNT);
+    }
+
+    /// forge-config: default.isolate = true
+    function testCancelledAuthorizationBlocksTransfer() public {
+        uint128 rateMax = AMOUNT - 1;
+        uint32 window = 3600;
+        bytes32 receiver = bytes32(uint256(uint160(makeAddr("receiver"))));
+        bytes32 sender_ = bytes32(bytes20(investor));
+
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.SetRateLimit,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                rateMax,
+                window
+            )
+        );
+
+        // Authorize then immediately cancel
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.AuthorizeTransfer,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                TARGET,
+                sender_,
+                receiver,
+                AMOUNT
+            )
+        );
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.CancelTransferAuthorizations,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                TARGET,
+                sender_,
+                receiver,
+                AMOUNT
+            )
+        );
+
+        vm.prank(investor);
+        vm.expectRevert(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 3 * AMOUNT);
+    }
+
+    /// forge-config: default.isolate = true
+    function testAuthorizationIsKeyedPerSender() public {
+        address investor2 = makeAddr("investor2");
+        vm.prank(address(shareTokenRegistrar));
+        shareToken.mint(investor2, AMOUNT);
+        vm.prank(investor2);
+        shareToken.approve(address(spoke), type(uint256).max);
+        vm.prank(address(spokeHandler));
+        spokeRegistry.updateBridger(POOL_A, investor2, true);
+
+        uint128 rateMax = AMOUNT - 1;
+        uint32 window = 3600;
+        bytes32 receiver = bytes32(uint256(uint160(makeAddr("receiver"))));
+
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.SetRateLimit,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                rateMax,
+                window
+            )
+        );
+
+        // Authorize a large transfer for `investor` only
+        _fromHub(
+            abi.encode(
+                IBridgeCircuitBreaker.ConfigKind.AuthorizeTransfer,
+                ShareClassId.unwrap(SC_1),
+                LOCAL_CENTRIFUGE_ID,
+                TARGET,
+                bytes32(bytes20(investor)),
+                receiver,
+                AMOUNT
+            )
+        );
+
+        // `investor2` cannot consume `investor`'s authorization despite matching receiver/amount
+        vm.prank(investor2);
+        vm.expectRevert(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor2, investor2, AMOUNT, 0, 0, investor2);
+        assertEq(shareToken.balanceOf(investor2), AMOUNT);
+
+        // The authorized sender still goes through
+        vm.prank(investor);
+        spoke.crosschainTransferShares(TARGET, POOL_A, SC_1, receiver, investor, investor, AMOUNT, 0, 0, investor);
+        assertEq(shareToken.balanceOf(investor), 2 * AMOUNT);
+    }
+}
diff --git a/test/hooks/integration/NAVManager.t.sol b/test/hooks/integration/NAVManager.t.sol
new file mode 100644
index 000000000..5ec88f70b
--- /dev/null
+++ b/test/hooks/integration/NAVManager.t.sol
@@ -0,0 +1,610 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {D18, d18} from "../../../src/misc/types/D18.sol";
+import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+import {AssetId, newAssetId} from "../../../src/core/types/AssetId.sol";
+import {IFeeAccrual} from "../../../src/core/hub/interfaces/IFeeAccrual.sol";
+import {IHubRegistry} from "../../../src/core/hub/interfaces/IHubRegistry.sol";
+import {ISnapshotHook} from "../../../src/core/hub/interfaces/ISnapshotHook.sol";
+import {IShareClassManager} from "../../../src/core/hub/interfaces/IShareClassManager.sol";
+
+import {INAVManager} from "../../../src/hooks/accounting/interfaces/INAVManager.sol";
+
+import {CentrifugeIntegrationTest} from "../../integration/Integration.t.sol";
+import {IStdHubPolicy} from "../../../src/policies/hub/interfaces/IStdHubPolicy.sol";
+import {StdHubPolicy, StdHubPolicyFactory} from "../../../src/policies/hub/StdHubPolicy.sol";
+
+contract NAVManagerIntegrationTest is CentrifugeIntegrationTest {
+    using CastLib for address;
+
+    bytes4 constant UPDATE_SHARE_PRICE = bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128)"));
+
+    // Logical network IDs for NAV segregation — not actual deployed chains
+    uint16 constant NETWORK_A = 5;
+    uint16 constant NETWORK_B = 6;
+
+    PoolId POOL_A;
+    ShareClassId scId;
+
+    address manager = makeAddr("manager");
+    address FM = makeAddr("FM");
+
+    AssetId asset1 = newAssetId(NETWORK_B, 1);
+    AssetId asset2 = newAssetId(NETWORK_B, 2);
+    AssetId asset3 = newAssetId(NETWORK_A, 1);
+    AssetId liabilityAsset = newAssetId(NETWORK_A, 2);
+    // differing decimals to test conversion
+    uint8 asset1Decimals = 6;
+    uint8 asset2Decimals = 12;
+    uint8 asset3Decimals = 14;
+
+    function setUp() public override {
+        super.setUp();
+
+        POOL_A = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
+
+        vm.startPrank(address(root));
+        hubRegistry.registerAsset(asset1, asset1Decimals);
+        hubRegistry.registerAsset(asset2, asset2Decimals);
+        hubRegistry.registerAsset(asset3, asset3Decimals);
+        hubRegistry.registerAsset(liabilityAsset, 18);
+        vm.stopPrank();
+
+        _setupMocks();
+        _setupPool();
+
+        vm.deal(address(root), 1 ether);
+    }
+
+    function _setupMocks() internal {
+        vm.mockCall(address(hub), abi.encodeWithSelector(hub.notifySharePrice.selector), abi.encode(uint256(0)));
+        vm.mockCall(
+            address(messageDispatcher),
+            abi.encodeWithSignature(
+                "sendExecuteTransferShares(uint16,uint16,uint64,bytes16,bytes32,uint128,uint128,address)"
+            ),
+            abi.encode(uint256(0))
+        );
+    }
+
+    function _setupPool() internal {
+        vm.prank(address(opsGuardian.opsSafe()));
+        opsGuardian.createPool(POOL_A, FM, USD_ID);
+
+        vm.startPrank(FM);
+        scId = hub.addShareClass(POOL_A, "Test Share Class", "TSC", bytes32(bytes8(POOL_A.raw())));
+        hub.setSnapshotHook(POOL_A, ISnapshotHook(address(navManager)));
+        hub.updateHubManager(POOL_A, address(navManager), true);
+        hub.updateHubManager(POOL_A, address(simplePriceManager), true);
+        vm.stopPrank();
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.SetNavHook), address(simplePriceManager)));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.SetDefaultValuation), address(valuation)));
+
+        valuation.setPrice(POOL_A, scId, asset1, d18(1, 1));
+        valuation.setPrice(POOL_A, scId, asset2, d18(1, 1));
+        valuation.setPrice(POOL_A, scId, asset3, d18(1, 1));
+        valuation.setPrice(POOL_A, scId, liabilityAsset, d18(1, 1));
+    }
+
+    /// @dev Drives a NAVManager privileged action through the policy-supervised path
+    ///      (`hub.managerCall` -> `Envoy.callFromHub` -> `navManager.fromHub`), as FM.
+    function _navManagerCall(bytes memory payload) internal {
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        vm.prank(FM);
+        hub.managerCall(POOL_A, localId, address(navManager).toBytes32(), payload, 0, 0, address(0));
+    }
+
+    function _testInitializeAndUpdate() internal {
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), NETWORK_A));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), NETWORK_B));
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, asset1));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, asset2));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, asset3));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeLiability), scId, liabilityAsset));
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset1, uint128(1000 * 10 ** asset1Decimals), true, false, 0);
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset2, uint128(2300 * 10 ** asset2Decimals), true, false, 1);
+
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, scId, d18(1, 1)));
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateShares(NETWORK_B, POOL_A, scId, 3300e18, true, true, 2);
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_A, POOL_A, scId, asset3, uint128(500 * 10 ** asset3Decimals), true, false, 0);
+
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, scId, d18(1, 1)));
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateShares(NETWORK_A, POOL_A, scId, 500e18, true, true, 1);
+
+        uint128 navHub = navManager.netAssetValue(POOL_A, NETWORK_A);
+        uint128 navSpoke = navManager.netAssetValue(POOL_A, NETWORK_B);
+        (uint128 navHub2, uint128 issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_A);
+        (uint128 navSpoke2, uint128 issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
+
+        assertEq(navHub, 500e18);
+        assertEq(navSpoke, 3300e18);
+        assertEq(navHub2, navHub);
+        assertEq(navSpoke2, navSpoke);
+        assertEq(issuanceHub, 500e18);
+        assertEq(issuanceSpoke, 3300e18);
+        assertEq(globalNAV, 3800e18);
+        assertEq(globalIssuance, 3800e18);
+    }
+
+    /// forge-config: default.isolate = true
+    function testPriceUpdate() public {
+        _testInitializeAndUpdate();
+
+        valuation.setPrice(POOL_A, scId, asset1, d18(11, 10)); // 10% increase in value
+        valuation.setPrice(POOL_A, scId, asset3, d18(1, 2)); // 50% decrease in value
+
+        // updateHoldingValue is permissionless (intended): anyone may trigger a recompute.
+        navManager.updateHoldingValue(POOL_A, scId, asset1);
+
+        vm.expectCall(
+            address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, scId, d18(3650e18) / d18(3800e18))
+        );
+        navManager.updateHoldingValue(POOL_A, scId, asset3);
+
+        uint128 navHub = navManager.netAssetValue(POOL_A, NETWORK_A);
+        uint128 navSpoke = navManager.netAssetValue(POOL_A, NETWORK_B);
+        (uint128 navHub2, uint128 issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_A);
+        (uint128 navSpoke2, uint128 issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
+        (bool spokeGainIsPositive, uint128 spokeGain) =
+            accounting.accountValue(POOL_A, navManager.gainAccount(NETWORK_B));
+        (bool hubLossIsPositive, uint128 hubLoss) = accounting.accountValue(POOL_A, navManager.lossAccount(NETWORK_A));
+
+        assertEq(spokeGain, 100e18);
+        assertTrue(spokeGainIsPositive);
+        assertEq(hubLoss, 250e18);
+        assertTrue(hubLossIsPositive);
+        assertEq(navHub, 250e18);
+
+        assertEq(navSpoke, 3400e18);
+        assertEq(navHub2, navHub);
+        assertEq(navSpoke2, navSpoke);
+        assertEq(issuanceHub, 500e18);
+        assertEq(issuanceSpoke, 3300e18);
+        assertEq(globalNAV, 3650e18); // (3300 * 1.1) + (500 * 0.5) = 3650
+        assertEq(globalIssuance, 3800e18);
+    }
+
+    /// forge-config: default.isolate = true
+    function testPriceAgeRefreshesWhenPriceUnchanged() public {
+        _testInitializeAndUpdate();
+
+        (D18 priceBefore, uint64 computedAtBefore) = shareClassManager.pricePoolPerShare(POOL_A, scId);
+
+        skip(1 hours);
+        navManager.updateHoldingValue(POOL_A, scId, asset1);
+
+        (D18 priceAfter, uint64 computedAtAfter) = shareClassManager.pricePoolPerShare(POOL_A, scId);
+        assertEq(priceAfter.raw(), priceBefore.raw());
+        assertEq(computedAtAfter, computedAtBefore + 1 hours);
+        assertEq(computedAtAfter, block.timestamp);
+    }
+
+    /// forge-config: default.isolate = true
+    function testFeeAccrualTicksWhenPriceUnchanged() public {
+        _testInitializeAndUpdate();
+
+        address feeAccrual = makeAddr("feeAccrual");
+        vm.mockCall(feeAccrual, abi.encodeWithSelector(IFeeAccrual.accrue.selector), abi.encode());
+        vm.prank(address(root));
+        hub.file("feeAccrual", feeAccrual);
+
+        skip(1 hours);
+        vm.expectCall(feeAccrual, abi.encodeWithSelector(IFeeAccrual.accrue.selector, POOL_A, scId), 1);
+        navManager.updateHoldingValue(POOL_A, scId, asset1);
+    }
+
+    /// forge-config: default.isolate = true
+    function testTransferShares() public {
+        _testInitializeAndUpdate();
+
+        uint128 sharesTransferred = 130e18;
+
+        vm.prank(address(root));
+        hubHandler.initiateTransferShares{value: 0.1 ether}(
+            NETWORK_A, NETWORK_B, POOL_A, scId, bytes32(0), bytes32("receiver"), sharesTransferred, 0, manager
+        );
+
+        (uint128 navHub2, uint128 issuanceHub, uint128 transferredInHub, uint128 transferredOutHub,,) =
+            simplePriceManager.networkMetrics(POOL_A, NETWORK_A);
+        (uint128 navSpoke2, uint128 issuanceSpoke, uint128 transferredInSpoke, uint128 transferredOutSpoke,,) =
+            simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
+
+        // NAV and issuance should remain unchanged until next onUpdate
+        // Transfers are tracked separately and applied during onUpdate
+        assertEq(navHub2, 500e18);
+        assertEq(navSpoke2, 3300e18);
+        assertEq(issuanceHub, 500e18);
+        assertEq(issuanceSpoke, 3300e18);
+        assertEq(transferredOutHub, sharesTransferred);
+        assertEq(transferredInSpoke, sharesTransferred);
+        assertEq(globalNAV, 3800e18);
+        assertEq(globalIssuance, 3800e18);
+
+        vm.prank(address(navManager));
+        simplePriceManager.onUpdate(POOL_A, scId, NETWORK_A, 500e18);
+
+        vm.prank(address(navManager));
+        simplePriceManager.onUpdate(POOL_A, scId, NETWORK_B, 3300e18);
+
+        (navHub2, issuanceHub, transferredInHub, transferredOutHub,,) =
+            simplePriceManager.networkMetrics(POOL_A, NETWORK_A);
+        (navSpoke2, issuanceSpoke, transferredInSpoke, transferredOutSpoke,,) =
+            simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        (globalNAV, globalIssuance) = simplePriceManager.metrics(POOL_A);
+
+        assertEq(issuanceHub, 370e18); // 500 - 130
+        assertEq(issuanceSpoke, 3430e18); // 3300 + 130
+        assertEq(transferredOutHub, 0);
+        assertEq(transferredInHub, 0);
+        assertEq(transferredInSpoke, 0);
+        assertEq(transferredOutSpoke, 0);
+        // Global NAV and issuance should be unchanged
+        assertEq(globalNAV, 3800e18);
+        assertEq(globalIssuance, 3800e18);
+    }
+
+    /// forge-config: default.isolate = true
+    function testLiability() public {
+        _testInitializeAndUpdate();
+
+        // Increase liability, e.g. fee payable
+        vm.expectCall(
+            address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, scId, d18(3750e18) / d18(3800e18))
+        );
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_A, POOL_A, scId, liabilityAsset, 50e18, true, true, 2);
+
+        uint128 navHub = navManager.netAssetValue(POOL_A, NETWORK_A);
+        uint128 navSpoke = navManager.netAssetValue(POOL_A, NETWORK_B);
+        (uint128 navHub2, uint128 issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_A);
+        (uint128 navSpoke2, uint128 issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
+
+        // Liability reduces the NAV
+        assertEq(navHub, 450e18);
+        assertEq(navSpoke, 3300e18);
+        assertEq(navHub2, navHub);
+        assertEq(navSpoke2, navSpoke);
+        assertEq(issuanceHub, 500e18);
+        assertEq(issuanceSpoke, 3300e18);
+        assertEq(globalNAV, 3750e18);
+        assertEq(globalIssuance, 3800e18);
+
+        // Decrease liability by paying with a cash asset. `Holdings.decrease` no longer takes an
+        // explicit price: it removes value pro-rata to the amount removed, valued at the holding's
+        // current average price (assetAmountValue / assetAmount). The liability is decreased in full
+        // (50e18 of 50e18), so its value is fully released regardless of pro-rata math.
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_A, POOL_A, scId, liabilityAsset, 50e18, false, false, 3);
+        // asset3 holds 500 units valued at 500e18 (average price 1:1). Removing 100 of 500 units takes
+        // 100/500 = 1/5 of the value, i.e. 100e18, regardless of the asset's current spot price.
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_A, POOL_A, scId, asset3, uint128(100 * 10 ** asset3Decimals), false, true, 4);
+
+        navHub = navManager.netAssetValue(POOL_A, NETWORK_A);
+        navSpoke = navManager.netAssetValue(POOL_A, NETWORK_B);
+        (navHub2, issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_A);
+        (navSpoke2, issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        (globalNAV, globalIssuance) = simplePriceManager.metrics(POOL_A);
+
+        // Liability fully released (+50e18) but asset3 lost 100e18 of pro-rata value: net -50e18 vs.
+        // the pre-decrease 450e18, landing at 400e18 (500e18 asset3 remaining - 0 liability).
+        assertEq(navHub, 400e18);
+        assertEq(navSpoke, 3300e18);
+        assertEq(navHub2, navHub);
+        assertEq(navSpoke2, navSpoke);
+        assertEq(issuanceHub, 500e18);
+        assertEq(issuanceSpoke, 3300e18);
+        assertEq(globalNAV, 3700e18);
+        assertEq(globalIssuance, 3800e18);
+    }
+
+    /// forge-config: default.isolate = true
+    function testCloseGainLoss() public {
+        _testInitializeAndUpdate();
+
+        valuation.setPrice(POOL_A, scId, asset1, d18(11, 10)); // 10% increase in value -> 100e18 gain
+        valuation.setPrice(POOL_A, scId, asset3, d18(1, 2)); // 50% decrease in value -> 250e18 loss
+
+        navManager.updateHoldingValue(POOL_A, scId, asset1);
+
+        navManager.updateHoldingValue(POOL_A, scId, asset3);
+
+        (bool spokeGainIsPositive, uint128 spokeGain) =
+            accounting.accountValue(POOL_A, navManager.gainAccount(NETWORK_B));
+        (bool hubLossIsPositive, uint128 hubLoss) = accounting.accountValue(POOL_A, navManager.lossAccount(NETWORK_A));
+        (bool spokeEquityIsPositive, uint128 spokeEquityBefore) =
+            accounting.accountValue(POOL_A, navManager.equityAccount(NETWORK_B));
+        (bool hubEquityIsPositive, uint128 hubEquityBefore) =
+            accounting.accountValue(POOL_A, navManager.equityAccount(NETWORK_A));
+
+        assertEq(spokeGain, 100e18);
+        assertTrue(spokeGainIsPositive);
+        assertEq(hubLoss, 250e18);
+        assertTrue(hubLossIsPositive);
+        assertEq(spokeEquityBefore, 3300e18);
+        assertTrue(spokeEquityIsPositive);
+        assertEq(hubEquityBefore, 500e18);
+        assertTrue(hubEquityIsPositive);
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.CloseGainLoss), NETWORK_B));
+
+        (bool spokeGainIsPositiveAfter, uint128 spokeGainAfter) =
+            accounting.accountValue(POOL_A, navManager.gainAccount(NETWORK_B));
+        (bool spokeEquityIsPositiveAfter, uint128 spokeEquityAfter) =
+            accounting.accountValue(POOL_A, navManager.equityAccount(NETWORK_B));
+
+        assertEq(spokeGainAfter, 0);
+        assertTrue(spokeGainIsPositiveAfter);
+        assertEq(spokeEquityAfter, spokeEquityBefore + spokeGain);
+        assertTrue(spokeEquityIsPositiveAfter);
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.CloseGainLoss), NETWORK_A));
+
+        (bool hubLossIsPositiveAfter, uint128 hubLossAfter) =
+            accounting.accountValue(POOL_A, navManager.lossAccount(NETWORK_A));
+        (bool hubEquityIsPositiveAfter, uint128 hubEquityAfter) =
+            accounting.accountValue(POOL_A, navManager.equityAccount(NETWORK_A));
+
+        assertEq(hubLossAfter, 0);
+        assertTrue(hubLossIsPositiveAfter);
+        assertEq(hubEquityAfter, hubEquityBefore - hubLoss);
+        assertTrue(hubEquityIsPositiveAfter);
+
+        uint128 navHub = navManager.netAssetValue(POOL_A, NETWORK_A);
+        uint128 navSpoke = navManager.netAssetValue(POOL_A, NETWORK_B);
+
+        assertEq(navHub, 250e18);
+        assertEq(navSpoke, 3400e18);
+    }
+
+    /// forge-config: default.isolate = true
+    function testEdgeCaseTransferWithZeroIssuanceCausesRevert() public {
+        // When ShareClassManager.issuance is 0 on the source network and a transfer happens,
+        // calling SimplePriceManager.onUpdate causes ShareClassManager.issuance() to revert with NegativeIssuance.
+        // This blocks NAV updates for the pool until submitQueuedShares with snapshot = true is called from the Spoke on the source network.
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), NETWORK_A));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), NETWORK_B));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, asset3));
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_A, POOL_A, scId, asset3, uint128(500 * 10 ** asset3Decimals), true, false, 0);
+
+        // Issue shares only to destination network to have some global issuance
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateShares(NETWORK_B, POOL_A, scId, 200e18, true, true, 0);
+
+        vm.prank(address(root));
+        hubHandler.initiateTransferShares{value: 0.1 ether}(
+            NETWORK_A, NETWORK_B, POOL_A, scId, bytes32(0), bytes32("receiver"), 100e18, 0, manager
+        );
+
+        // issuance is -100 on source network after transfer
+        // calling ShareClassManager.issuance in onUpdate will revert
+
+        vm.expectRevert(abi.encodeWithSelector(IShareClassManager.NegativeIssuance.selector));
+        vm.prank(address(navManager));
+        simplePriceManager.onUpdate(POOL_A, scId, NETWORK_A, 500e18);
+    }
+}
+
+/// @dev End-to-end deficit gate: an over-decrease (e.g. revoke-without-assets) pushes the share class-network into
+///      deficit; `onSync` holds the last published price instead of reverting, and resumes once a refill clears it.
+contract NAVManagerDeficitGateTest is NAVManagerIntegrationTest {
+    /// forge-config: default.isolate = true
+    function testDeficitFreezesAndResumesPrice() public {
+        _testInitializeAndUpdate();
+
+        // Baseline: NETWORK_B at 3300e18, no deficit.
+        (uint128 navBefore, uint128 issuanceBefore,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        assertEq(navBefore, 3300e18);
+        assertEq(holdings.deficitCount(POOL_A, scId, NETWORK_B), 0);
+
+        // Over-decrease asset1 by 1500: holding saturates at zero, network enters deficit; onSync must
+        // skip, not revert.
+        vm.expectEmit(true, true, true, true);
+        emit INAVManager.SkipSync(POOL_A, scId, NETWORK_B, 1, 1);
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset1, uint128(1500 * 10 ** asset1Decimals), false, true, 3);
+
+        // Gate engaged: live NAV reflects the shortfall, but the published price is held.
+        assertEq(holdings.deficitCount(POOL_A, scId, NETWORK_B), 1);
+        assertEq(navManager.netAssetValue(POOL_A, NETWORK_B), 2300e18); // live: equity down 1000e18
+        (uint128 navDuring, uint128 issuanceDuring,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        assertEq(navDuring, navBefore); // frozen at last good
+        assertEq(issuanceDuring, issuanceBefore);
+
+        // Refill asset1 by 1500: holding positive again, deficit clears, trailing snapshot resumes pricing.
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset1, uint128(1500 * 10 ** asset1Decimals), true, true, 4);
+
+        assertEq(holdings.deficitCount(POOL_A, scId, NETWORK_B), 0);
+        (uint128 navAfter, uint128 issuanceAfter,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        assertEq(navAfter, 3300e18); // 1000 - 1500 + 1500 = 1000 asset1 restored -> NAV back to 3300e18
+        assertEq(issuanceAfter, issuanceBefore);
+    }
+}
+
+/// @dev End-to-end share-price rate guard under on-chain accounting: the recompute path is permissionless
+///      (anyone -> NAVManager.updateHoldingValue -> ... -> Hub.updateSharePrice), so re-commits of an
+///      unchanged price must leave the policy's baseline where the last actual move put it.
+contract NAVManagerPriceGuardTest is NAVManagerIntegrationTest {
+    uint128 constant RATE = 1e12; // per second
+    uint128 constant CAP = 5e17;
+
+    address attacker = makeAddr("attacker");
+
+    StdHubPolicy policy;
+
+    function _installPolicy() internal {
+        StdHubPolicyFactory policyFactory = new StdHubPolicyFactory(hub, multiAdapter, shareClassManager);
+        policy = StdHubPolicy(
+            address(
+                policyFactory.newHubPolicy(
+                    IStdHubPolicy.Config({
+                        delay: 1 days,
+                        expiry: 7 days,
+                        escalation: 7 days,
+                        maxAbsolutePriceDelta: CAP,
+                        thresholdPerSecond: RATE,
+                        maxBrmPriceDeviation: type(uint128).max,
+                        onchainAccounting: true,
+                        navManager: address(navManager),
+                        simplePriceManager: address(simplePriceManager),
+                        requestManager: address(batchRequestManager),
+                        bridgingHook: address(0),
+                        oracleValuation: address(0),
+                        allowlist: new IStdHubPolicy.Entry[](0)
+                    })
+                )
+            )
+        );
+
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, policy);
+    }
+
+    /// forge-config: default.isolate = true
+    function testNoOpRecomputesKeepTheGuardWindow() public {
+        _testInitializeAndUpdate();
+        _installPolicy();
+
+        // First move under the policy anchors the baseline: asset2 +1% -> NAV 3823e18.
+        valuation.setPrice(POOL_A, scId, asset2, d18(101, 100));
+        navManager.updateHoldingValue(POOL_A, scId, asset2);
+        uint64 baseline = policy.lastPriceUpdate(POOL_A, scId);
+        assertEq(baseline, block.timestamp);
+
+        skip(1 hours);
+
+        // Anyone can drive a recompute; with no valuation change the price is re-committed unchanged.
+        for (uint256 i; i < 5; i++) {
+            vm.prank(attacker);
+            navManager.updateHoldingValue(POOL_A, scId, asset1);
+        }
+
+        (D18 price, uint64 computedAt) = shareClassManager.pricePoolPerShare(POOL_A, scId);
+        assertEq(price.raw(), (d18(3823e18) / d18(3800e18)).raw());
+        assertEq(computedAt, block.timestamp); // the age tracks the recompute
+        assertEq(policy.lastPriceUpdate(POOL_A, scId), baseline); // the guard window does not
+
+        // asset3 -10e18 -> 2.63e15 over the full hour, under RATE: still runs synchronously.
+        valuation.setPrice(POOL_A, scId, asset3, d18(98, 100));
+        navManager.updateHoldingValue(POOL_A, scId, asset3);
+
+        (price,) = shareClassManager.pricePoolPerShare(POOL_A, scId);
+        assertEq(price.raw(), (d18(3813e18) / d18(3800e18)).raw());
+        assertEq(policy.lastPriceUpdate(POOL_A, scId), block.timestamp);
+
+        // Guard is armed: the same-sized move again in this block has no elapsed time to bound it.
+        valuation.setPrice(POOL_A, scId, asset3, d18(96, 100));
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        navManager.updateHoldingValue(POOL_A, scId, asset3);
+    }
+}
+
+/// @dev A pool's assets are shared across its share classes, so two share classes over one asset are two
+///      holdings sharing one asset account. Before the reuse in `_createHolding` the second one reverted
+///      `AccountExists`, which is what blocked a tranched pool from setting up.
+contract NAVManagerSharedAssetTest is NAVManagerIntegrationTest {
+    function testTwoShareClassesShareOneAssetAccount() public {
+        vm.prank(FM);
+        ShareClassId scId2 =
+            hub.addShareClass(POOL_A, "Junior Share Class", "JSC", bytes32(bytes8(POOL_A.raw())) | bytes32(uint256(2)));
+        valuation.setPrice(POOL_A, scId2, asset1, d18(1, 1));
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), NETWORK_B));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, asset1));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId2, asset1));
+
+        assertTrue(holdings.isInitialized(POOL_A, scId, asset1));
+        assertTrue(holdings.isInitialized(POOL_A, scId2, asset1));
+        assertEq(
+            holdings.accountId(POOL_A, scId2, asset1, 0).raw(),
+            holdings.accountId(POOL_A, scId, asset1, 0).raw(),
+            "both holdings must debit the one shared asset account"
+        );
+
+        // Each class reports its own inflow, both journal into the shared account, so the pool-wide NAV
+        // counts both. Snapshots stay open so the (single-class) price hook is not driven here.
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset1, uint128(1000 * 10 ** asset1Decimals), true, false, 0);
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId2, asset1, uint128(500 * 10 ** asset1Decimals), true, false, 0);
+
+        // Assert the debit side too, not just the resulting NAV: the point of the reuse is that both inflows
+        // land in one account, and a NAV that happened to be right over two separate accounts would not show it.
+        (bool isPositive, uint128 assetValue) = accounting.accountValue(POOL_A, navManager.assetAccount(asset1));
+        assertTrue(isPositive);
+        assertEq(assetValue, 1500e18, "both inflows must sum in the one shared asset account");
+
+        assertEq(navManager.netAssetValue(POOL_A, NETWORK_B), 1500e18, "junior inflow must count towards pool NAV");
+    }
+
+    /// @dev The deficit gate covers the whole pool-network, so a junior over-decrease holds the senior sync
+    ///      too: the NAV a senior sync would publish reads the same shared accounts the junior contaminated.
+    function testDeficitUnderOneShareClassHoldsTheOther() public {
+        vm.prank(FM);
+        ShareClassId scId2 =
+            hub.addShareClass(POOL_A, "Junior Share Class", "JSC", bytes32(bytes8(POOL_A.raw())) | bytes32(uint256(2)));
+        valuation.setPrice(POOL_A, scId2, asset1, d18(1, 1));
+
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), NETWORK_B));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, asset1));
+        _navManagerCall(abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId2, asset1));
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset1, uint128(1000 * 10 ** asset1Decimals), true, false, 0);
+
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId2, asset1, uint128(500 * 10 ** asset1Decimals), true, false, 0);
+
+        // A clean senior snapshot publishes the pool-wide NAV, which is the value the gate has to hold.
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateShares(NETWORK_B, POOL_A, scId, 1500e18, true, true, 1);
+
+        (uint128 navBefore,,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        assertEq(navBefore, 1500e18, "the clean senior sync publishes both classes' inflows");
+
+        // Junior over-decreases: 800 out against 500 held, so 300 is carried and its amount saturates at zero.
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId2, asset1, uint128(800 * 10 ** asset1Decimals), false, false, 1);
+
+        assertEq(holdings.deficitCount(POOL_A, scId2, NETWORK_B), 1, "the deficit is reported under the junior");
+        assertEq(holdings.deficitCount(POOL_A, scId, NETWORK_B), 0, "the senior's own count stays clean");
+        assertEq(holdings.networkDeficitCount(POOL_A, NETWORK_B), 1, "the rollup carries it for the whole network");
+
+        // The junior's 500 was journalled out of the shared account, so the live NAV is now misstated: the
+        // senior's next snapshot would publish that, which is what the rollup gate holds back.
+        assertEq(navManager.netAssetValue(POOL_A, NETWORK_B), 1000e18, "live NAV carries the junior's shortfall");
+
+        vm.expectEmit();
+        emit INAVManager.SkipSync(POOL_A, scId, NETWORK_B, 0, 1);
+        vm.prank(address(messageDispatcher));
+        hubHandler.updateAssets(NETWORK_B, POOL_A, scId, asset1, uint128(1 * 10 ** asset1Decimals), true, true, 2);
+
+        (uint128 navAfter,,,,,) = simplePriceManager.networkMetrics(POOL_A, NETWORK_B);
+        assertEq(navAfter, navBefore, "the senior sync is held, so the published NAV stays pre-deficit");
+    }
+}
diff --git a/test/hooks/unit/BaseTransferHook.t.sol b/test/hooks/unit/BaseTransferHook.t.sol
index 56fc9277e..3257df79e 100644
--- a/test/hooks/unit/BaseTransferHook.t.sol
+++ b/test/hooks/unit/BaseTransferHook.t.sol
@@ -6,18 +6,21 @@ import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 import {IERC165} from "../../../src/misc/interfaces/IERC7575.sol";
 import {BitmapLib} from "../../../src/misc/libraries/BitmapLib.sol";
 
+import {MockPoolEscrowProvider} from "../../core/mocks/MockPoolEscrowProvider.sol";
+
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {ITransferHook, HookData, ESCROW_HOOK_ID} from "../../../src/core/spoke/interfaces/ITransferHook.sol";
 
-import {IFreezable} from "../../../src/hooks/interfaces/IFreezable.sol";
-import {BaseTransferHook} from "../../../src/hooks/BaseTransferHook.sol";
-import {IMemberlist} from "../../../src/hooks/interfaces/IMemberlist.sol";
-import {IBaseTransferHook} from "../../../src/hooks/interfaces/IBaseTransferHook.sol";
-import {UpdateRestrictionMessageLib} from "../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {IFreezable} from "../../../src/token/hooks/interfaces/IFreezable.sol";
+import {BaseTransferHook} from "../../../src/token/hooks/BaseTransferHook.sol";
+import {IMemberlist} from "../../../src/token/hooks/interfaces/IMemberlist.sol";
+import {IBaseTransferHook} from "../../../src/token/hooks/interfaces/IBaseTransferHook.sol";
+import {UpdateRestrictionMessageLib} from "../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import "forge-std/Test.sol";
 
+import {ITransferHook, HookData, ESCROW_HOOK_ID} from "../../../src/token/interfaces/ITransferHook.sol";
+
 contract MockRoot {
     mapping(address => bool) public endorsed;
 
@@ -44,30 +47,18 @@ contract MockPoolEscrow {
     }
 }
 
-contract MockPoolEscrowProvider {
-    mapping(uint64 => address) public escrows;
-
-    function setEscrow(PoolId poolId, address escrowAddress) external {
-        escrows[poolId.raw()] = escrowAddress;
-    }
-
-    function escrow(PoolId poolId) external view returns (address) {
-        return escrows[poolId.raw()];
-    }
-}
-
 contract TestableBaseTransferHook is BaseTransferHook {
     using BitmapLib for *;
 
     constructor(
         address root_,
+        address envoy_,
+        address spokeRegistry_,
         address spoke_,
-        address balanceSheet_,
         address crosschainSource_,
         address deployer,
-        address poolEscrowProvider_,
-        address poolEscrow_
-    ) BaseTransferHook(root_, spoke_, balanceSheet_, crosschainSource_, deployer, poolEscrowProvider_, poolEscrow_) {}
+        address poolEscrowProvider_
+    ) BaseTransferHook(root_, envoy_, spokeRegistry_, spoke_, crosschainSource_, deployer, poolEscrowProvider_) {}
 
     function checkERC20Transfer(
         address from,
@@ -102,8 +93,9 @@ contract BaseTransferHookTestBase is Test {
     MockPoolEscrowProvider mockPoolEscrowProvider;
 
     address deployer = makeAddr("deployer");
+    address envoy = makeAddr("envoy");
     address crosschainSource = makeAddr("crosschainSource");
-    address balanceSheet = makeAddr("balanceSheet");
+    address spoke = makeAddr("spoke");
     address poolEscrow;
     address user1 = makeAddr("user1");
     address user2 = makeAddr("user2");
@@ -134,12 +126,12 @@ contract BaseTransferHookTestBase is Test {
         vm.prank(deployer);
         hook = new TestableBaseTransferHook(
             address(mockRoot),
+            envoy,
             address(mockSpoke),
-            balanceSheet,
+            spoke,
             crosschainSource,
             deployer,
-            address(mockPoolEscrowProvider),
-            address(0) // Multi-pool mode
+            address(mockPoolEscrowProvider)
         );
 
         mockShareToken = new MockShareToken();
@@ -155,7 +147,7 @@ contract BaseTransferHookTestBase is Test {
 
     function _setEndorsedUsers() internal {
         mockRoot.setEndorsed(endorsedUser, true);
-        mockRoot.setEndorsed(balanceSheet, true);
+        mockRoot.setEndorsed(spoke, true);
         mockRoot.setEndorsed(poolEscrow, true);
         mockRoot.setEndorsed(crosschainSource, true);
     }
@@ -198,7 +190,7 @@ contract BaseTransferHookTestBase is Test {
 contract BaseTransferHookTestConstructor is BaseTransferHookTestBase {
     function testConstructor() public view {
         assertEq(address(hook.root()), address(mockRoot));
-        assertEq(address(hook.balanceSheet()), balanceSheet);
+        assertEq(address(hook.spoke()), spoke);
         assertEq(hook.crosschainSource(), crosschainSource);
         assertEq(hook.FREEZE_BIT(), 0);
     }
@@ -208,12 +200,12 @@ contract BaseTransferHookTestConstructor is BaseTransferHookTestBase {
         vm.prank(deployer);
         new TestableBaseTransferHook(
             address(mockRoot),
+            envoy,
             address(mockSpoke),
-            balanceSheet,
-            balanceSheet, // Same as balanceSheet - should fail
+            spoke,
+            spoke, // Same as spoke - should fail
             deployer,
-            address(mockPoolEscrowProvider),
-            address(0)
+            address(mockPoolEscrowProvider)
         );
     }
 }
@@ -251,14 +243,14 @@ contract BaseTransferHookTestTransferTypes is BaseTransferHookTestBase {
     }
 
     function testIsRedeemFulfillment() public view {
-        assertTrue(hook.isRedeemFulfillment(balanceSheet, address(0)));
+        assertTrue(hook.isRedeemFulfillment(spoke, address(0)));
         assertFalse(hook.isRedeemFulfillment(user1, address(0)));
-        assertFalse(hook.isRedeemFulfillment(balanceSheet, user1));
+        assertFalse(hook.isRedeemFulfillment(spoke, user1));
     }
 
     function testIsRedeemClaimOrRevocation() public view {
         assertTrue(hook.isRedeemClaimOrRevocation(user1, address(0)));
-        assertFalse(hook.isRedeemClaimOrRevocation(balanceSheet, address(0)));
+        assertFalse(hook.isRedeemClaimOrRevocation(spoke, address(0)));
         assertFalse(hook.isRedeemClaimOrRevocation(crosschainSource, address(0)));
         assertFalse(hook.isRedeemClaimOrRevocation(user1, user2));
     }
@@ -613,14 +605,14 @@ contract BaseTransferHookTestTrustedCall is BaseTransferHookTestBase {
 
     function testUnknownTrustedCall() public {
         // Create payload with invalid enum value
-        bytes memory invalidPayload = abi.encode(uint8(255), bytes32(0), false);
+        bytes memory invalidPayload = abi.encode(SC_1.raw(), uint8(255), bytes32(0), false);
 
         vm.expectRevert(IBaseTransferHook.UnknownTrustedCall.selector);
-        vm.prank(deployer);
-        hook.trustedCall(POOL_A, SC_1, invalidPayload);
+        vm.prank(envoy);
+        hook.fromHub(POOL_A, invalidPayload);
     }
 
-    function testTrustedCallUpdateManagerSuccess() public {
+    function testFromHubUpdateManagerSuccess() public {
         // Mock the share token to exist
         vm.mockCall(
             address(mockSpoke),
@@ -629,18 +621,19 @@ contract BaseTransferHookTestTrustedCall is BaseTransferHookTestBase {
         );
 
         address managerAddress = makeAddr("manager");
-        bytes memory payload =
-            abi.encode(uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true);
+        bytes memory payload = abi.encode(
+            SC_1.raw(), uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true
+        );
 
-        vm.prank(deployer);
+        vm.prank(envoy);
         vm.expectEmit();
         emit IBaseTransferHook.UpdateHookManager(address(mockShareToken), managerAddress, true);
-        hook.trustedCall(POOL_A, SC_1, payload);
+        hook.fromHub(POOL_A, payload);
 
         assertTrue(hook.manager(address(mockShareToken), managerAddress));
     }
 
-    function testTrustedCallUpdateManagerDisable() public {
+    function testFromHubUpdateManagerDisable() public {
         // Mock the share token to exist
         vm.mockCall(
             address(mockSpoke),
@@ -651,25 +644,27 @@ contract BaseTransferHookTestTrustedCall is BaseTransferHookTestBase {
         address managerAddress = makeAddr("manager");
 
         // First enable
-        bytes memory enablePayload =
-            abi.encode(uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true);
-        vm.prank(deployer);
+        bytes memory enablePayload = abi.encode(
+            SC_1.raw(), uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true
+        );
+        vm.prank(envoy);
         vm.expectEmit();
         emit IBaseTransferHook.UpdateHookManager(address(mockShareToken), managerAddress, true);
-        hook.trustedCall(POOL_A, SC_1, enablePayload);
+        hook.fromHub(POOL_A, enablePayload);
         assertTrue(hook.manager(address(mockShareToken), managerAddress));
 
         // Then disable
-        bytes memory disablePayload =
-            abi.encode(uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), false);
-        vm.prank(deployer);
+        bytes memory disablePayload = abi.encode(
+            SC_1.raw(), uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), false
+        );
+        vm.prank(envoy);
         vm.expectEmit();
         emit IBaseTransferHook.UpdateHookManager(address(mockShareToken), managerAddress, false);
-        hook.trustedCall(POOL_A, SC_1, disablePayload);
+        hook.fromHub(POOL_A, disablePayload);
         assertFalse(hook.manager(address(mockShareToken), managerAddress));
     }
 
-    function testTrustedCallShareTokenDoesNotExist() public {
+    function testFromHubShareTokenDoesNotExist() public {
         // Mock the share token to NOT exist (return address(0))
         vm.mockCall(
             address(mockSpoke),
@@ -678,28 +673,24 @@ contract BaseTransferHookTestTrustedCall is BaseTransferHookTestBase {
         );
 
         address managerAddress = makeAddr("manager");
-        bytes memory payload =
-            abi.encode(uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true);
+        bytes memory payload = abi.encode(
+            SC_1.raw(), uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true
+        );
 
         vm.expectRevert(BaseTransferHook.ShareTokenDoesNotExist.selector);
-        vm.prank(deployer);
-        hook.trustedCall(POOL_A, SC_1, payload);
+        vm.prank(envoy);
+        hook.fromHub(POOL_A, payload);
     }
 
-    function testTrustedCallUnauthorized() public {
-        vm.mockCall(
-            address(mockSpoke),
-            abi.encodeWithSelector(bytes4(keccak256("shareToken(uint64,bytes16)")), POOL_A.raw(), SC_1.raw()),
-            abi.encode(address(mockShareToken))
-        );
-
+    function testFromHubNotEnvoy() public {
         address managerAddress = makeAddr("manager");
-        bytes memory payload =
-            abi.encode(uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true);
+        bytes memory payload = abi.encode(
+            SC_1.raw(), uint8(IBaseTransferHook.TrustedCall.UpdateHookManager), bytes32(bytes20(managerAddress)), true
+        );
 
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        vm.prank(user1); // Not authorized
-        hook.trustedCall(POOL_A, SC_1, payload);
+        vm.expectRevert(IBaseTransferHook.NotEnvoy.selector);
+        vm.prank(user1); // Not the envoy
+        hook.fromHub(POOL_A, payload);
     }
 }
 
@@ -722,8 +713,7 @@ contract BaseTransferHookTestFuzz is BaseTransferHookTestBase {
     }
 }
 
-contract BaseTransferHookTestPoolEscrowOptimization is BaseTransferHookTestBase {
-    TestableBaseTransferHook hookWithFastPath;
+contract BaseTransferHookTestPoolEscrowResolution is BaseTransferHookTestBase {
     MockPoolEscrow otherPoolEscrow;
     address otherEscrowAddr;
 
@@ -733,43 +723,21 @@ contract BaseTransferHookTestPoolEscrowOptimization is BaseTransferHookTestBase
         otherPoolEscrow = new MockPoolEscrow(PoolId.wrap(2));
         otherEscrowAddr = address(otherPoolEscrow);
         mockPoolEscrowProvider.setEscrow(PoolId.wrap(2), otherEscrowAddr);
-
-        vm.prank(deployer);
-        hookWithFastPath = new TestableBaseTransferHook(
-            address(mockRoot),
-            address(mockSpoke),
-            balanceSheet,
-            crosschainSource,
-            deployer,
-            address(mockPoolEscrowProvider),
-            poolEscrow
-        );
     }
 
-    function testFastPathRecognizesConfiguredEscrow() public view {
-        assertTrue(hookWithFastPath.isPoolEscrow(poolEscrow), "fast path should recognize configured poolEscrow");
+    function testRecognizesFactoryEscrow() public view {
+        assertTrue(hook.isPoolEscrow(poolEscrow), "escrow registered in poolEscrowProvider must be recognized");
+        assertTrue(hook.isPoolEscrow(otherEscrowAddr), "every registered escrow must be recognized, not just one");
     }
 
-    function testFastPathRejectsOtherAddress(address random) public view {
-        vm.assume(random != address(poolEscrow));
-
-        assertFalse(
-            hookWithFastPath.isPoolEscrow(random),
-            "fast path should reject address that doesn't match configured poolEscrow"
-        );
-        assertFalse(hookWithFastPath.isPoolEscrow(otherEscrowAddr), "fast path should otherEscrowAddr");
-    }
+    function testRejectsNonFactoryEscrow(address random) public view {
+        vm.assume(random != address(poolEscrow) && random != otherEscrowAddr);
 
-    function testMultiPoolRecognizesFactoryEscrow() public view {
-        assertTrue(hook.isPoolEscrow(poolEscrow), "multi-pool mode should recognize escrow via poolEscrowProvider");
+        assertFalse(hook.isPoolEscrow(random), "escrow not registered in poolEscrowProvider must be rejected");
     }
 
-    function testMultiPoolRejectsNonFactoryEscrow(address random) public view {
-        vm.assume(random != address(poolEscrow) && random != otherEscrowAddr);
-
-        assertFalse(
-            hook.isPoolEscrow(random), "multi-pool mode should reject escrow not registered in poolEscrowProvider"
-        );
-        assertTrue(hook.isPoolEscrow(otherEscrowAddr), "multi-pool mode should not reject otherEscrowAddr");
+    function testRejectsSelfDeclaredEscrow() public {
+        MockPoolEscrow impostor = new MockPoolEscrow(TEST_POOL_ID);
+        assertFalse(hook.isPoolEscrow(address(impostor)), "self-declared poolId must not grant escrow status");
     }
 }
diff --git a/test/hooks/unit/accounting/NAVManager.t.sol b/test/hooks/unit/accounting/NAVManager.t.sol
new file mode 100644
index 000000000..f0046c4ec
--- /dev/null
+++ b/test/hooks/unit/accounting/NAVManager.t.sol
@@ -0,0 +1,997 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {d18} from "../../../../src/misc/types/D18.sol";
+
+import {MockValuation} from "../../../core/mocks/MockValuation.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {IHub} from "../../../../src/core/hub/interfaces/IHub.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
+import {IHoldings} from "../../../../src/core/hub/interfaces/IHoldings.sol";
+import {IValuation} from "../../../../src/core/hub/interfaces/IValuation.sol";
+import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
+import {IManagerCallFromSpoke} from "../../../../src/core/utils/interfaces/IManagerCall.sol";
+import {IAccounting, JournalEntry} from "../../../../src/core/hub/interfaces/IAccounting.sol";
+import {AccountId, withCentrifugeId, withAssetId} from "../../../../src/core/types/AccountId.sol";
+
+import {NAVManager} from "../../../../src/hooks/accounting/NAVManager.sol";
+import {NAVAccount, INAVManager, INAVHook} from "../../../../src/hooks/accounting/interfaces/INAVManager.sol";
+
+import "forge-std/Test.sol";
+
+contract IsContract {}
+
+contract NAVManagerTest is Test {
+    PoolId constant POOL_A = PoolId.wrap(1);
+    PoolId constant POOL_B = PoolId.wrap(2);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("1"));
+    ShareClassId constant SC_2 = ShareClassId.wrap(bytes16("2"));
+    uint16 constant CENTRIFUGE_ID_1 = 1;
+    uint16 constant CENTRIFUGE_ID_2 = 2;
+
+    AssetId asset1 = newAssetId(1, 1);
+    AssetId asset2 = newAssetId(2, 1);
+
+    address hub = address(new IsContract());
+    address accounting = address(new IsContract());
+    address holdings = address(new IsContract());
+    address hubRegistry = address(new IsContract());
+    INAVHook navHook = INAVHook(address(new IsContract()));
+
+    address unauthorized = makeAddr("unauthorized");
+    address envoy = makeAddr("envoy");
+
+    NAVManager navManager;
+    MockValuation mockValuation;
+
+    function setUp() public virtual {
+        _setupMocks();
+        _deployManager();
+
+        mockValuation = new MockValuation(IHubRegistry(hubRegistry));
+        mockValuation.setPrice(POOL_A, SC_1, asset1, d18(1, 1));
+
+        _setDefaultValuation(POOL_A, mockValuation);
+    }
+
+    function _setupMocks() internal {
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.accounting.selector), abi.encode(accounting));
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.holdings.selector), abi.encode(holdings));
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.createAccount.selector), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.initializeHolding.selector), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValue.selector), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValuation.selector), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateJournal.selector), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.setAccountMetadata.selector), abi.encode());
+
+        vm.mockCall(holdings, abi.encodeWithSelector(IHoldings.snapshot.selector), abi.encode(false, uint64(0)));
+        vm.mockCall(holdings, abi.encodeWithSelector(IHoldings.deficitCount.selector), abi.encode(uint32(0)));
+        vm.mockCall(holdings, abi.encodeWithSelector(IHoldings.networkDeficitCount.selector), abi.encode(uint32(0)));
+
+        vm.mockCall(accounting, abi.encodeWithSelector(IAccounting.accountValue.selector), abi.encode(true, uint128(0)));
+        _mockNoAccounts();
+
+        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", asset1), abi.encode(6));
+        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", asset2), abi.encode(6));
+        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint64)", POOL_A), abi.encode(18));
+
+        vm.mockCall(address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector), abi.encode());
+        vm.mockCall(address(navHook), abi.encodeWithSelector(INAVHook.onTransfer.selector), abi.encode());
+    }
+
+    function _deployManager() internal {
+        navManager = new NAVManager(IHub(hub), envoy);
+    }
+
+    /// @dev Default for every account: none exists yet, which is what makes `_createHolding` create it.
+    function _mockNoAccounts() internal {
+        vm.mockCall(address(accounting), abi.encodeWithSelector(IAccounting.exists.selector), abi.encode(false));
+        vm.mockCall(
+            address(accounting),
+            abi.encodeWithSelector(IAccounting.accounts.selector),
+            abi.encode(uint128(0), uint128(0), false, uint64(0), bytes(""))
+        );
+    }
+
+    /// @dev Marks one existing account, bound to `(POOL_A, account)` so a test cannot pass on a probe of some
+    ///      other account: the reuse and the credit-normal rejection both hinge on which id is read.
+    function _mockAccount(AccountId account, bool isDebitNormal) internal {
+        vm.mockCall(
+            address(accounting), abi.encodeWithSelector(IAccounting.exists.selector, POOL_A, account), abi.encode(true)
+        );
+        vm.mockCall(
+            address(accounting),
+            abi.encodeWithSelector(IAccounting.accounts.selector, POOL_A, account),
+            abi.encode(uint128(0), uint128(0), isDebitNormal, uint64(block.timestamp), bytes(""))
+        );
+    }
+
+    function _mockAccountValue(AccountId accountId, uint128 value, bool isPositive) internal {
+        vm.mockCall(
+            address(accounting),
+            abi.encodeWithSelector(IAccounting.accountValue.selector, POOL_A, accountId),
+            abi.encode(isPositive, value)
+        );
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // ManagerCall helpers: drive privileged actions through `fromHub` as the dispatcher would.
+    //----------------------------------------------------------------------------------------------
+
+    function _setNAVHook(PoolId poolId, INAVHook hook) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.SetNavHook), address(hook)));
+    }
+
+    function _initializeNetwork(PoolId poolId, uint16 centrifugeId) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), centrifugeId));
+    }
+
+    function _setDefaultValuation(PoolId poolId, IValuation valuation) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.SetDefaultValuation), address(valuation)));
+    }
+
+    // The valuation is fixed per-pool via `_setDefaultValuation` (done in setUp), so it is no longer
+    // passed per init; the trailing arg is kept for call-site readability.
+    function _initializeHolding(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), scId, assetId));
+    }
+
+    function _initializeLiability(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.InitializeLiability), scId, assetId));
+    }
+
+    function _updateHoldingValuation(PoolId poolId, ShareClassId scId, AssetId assetId, IValuation valuation) internal {
+        vm.prank(envoy);
+        navManager.fromHub(
+            poolId, abi.encode(uint8(INAVManager.ManagerCall.UpdateHoldingValuation), scId, assetId, address(valuation))
+        );
+    }
+
+    function _closeGainLoss(PoolId poolId, uint16 centrifugeId) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.CloseGainLoss), centrifugeId));
+    }
+
+    function _setAccountMetadata(PoolId poolId, AccountId account, bytes memory metadata) internal {
+        vm.prank(envoy);
+        navManager.fromHub(poolId, abi.encode(uint8(INAVManager.ManagerCall.SetAccountMetadata), account, metadata));
+    }
+
+    function _expectedHoldingAccounts(AccountId asset, AccountId equity, AccountId gain, AccountId loss)
+        internal
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = asset;
+        accounts[1] = equity;
+        accounts[2] = gain;
+        accounts[3] = loss;
+    }
+
+    function _expectedLiabilityAccounts(AccountId expense, AccountId liability)
+        internal
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = expense;
+        accounts[1] = liability;
+        accounts[2] = liability;
+        accounts[3] = liability;
+    }
+}
+
+contract NAVManagerConstructorTest is NAVManagerTest {
+    function testConstructor() public view {
+        assertEq(address(navManager.hub()), address(hub));
+        assertEq(address(navManager.holdings()), holdings);
+        assertEq(address(navManager.accounting()), address(accounting));
+        assertEq(navManager.envoy(), envoy);
+    }
+}
+
+contract NAVManagerFromHubGateTest is NAVManagerTest {
+    function testFromHubNotDispatcher() public {
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), CENTRIFUGE_ID_1);
+
+        vm.expectRevert(INAVManager.NotEnvoy.selector);
+        vm.prank(unauthorized);
+        navManager.fromHub(POOL_A, payload);
+    }
+
+    function testFromHubUnexpectedValue() public {
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), CENTRIFUGE_ID_1);
+
+        vm.deal(envoy, 1 ether);
+        vm.expectRevert(INAVManager.UnexpectedValue.selector);
+        vm.prank(envoy);
+        navManager.fromHub{value: 1}(POOL_A, payload);
+    }
+
+    /// @dev Direction boundary: the NAVManager is a hub-only target — it implements
+    ///      `IManagerCallFromHub.fromHub` ONLY, never `IManagerCallFromSpoke.fromSpoke`. So the untrusted
+    ///      spoke path (`Envoy.callFromSpoke` -> `target.fromSpoke`) can never reach it (nonexistent
+    ///      selector). Freezes the guarantee on the real contract; adding `fromSpoke` later trips this.
+    function testFromSpokeUnreachable() public {
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.InitializeNetwork), CENTRIFUGE_ID_1);
+        vm.prank(envoy);
+        vm.expectRevert();
+        IManagerCallFromSpoke(address(navManager)).fromSpoke(POOL_A, payload, 0, bytes32(0));
+    }
+}
+
+contract NAVManagerConfigureTest is NAVManagerTest {
+    function testSetNAVHookSuccess() public {
+        vm.expectEmit(true, false, false, true);
+        emit INAVManager.SetNavHook(POOL_A, address(navHook));
+
+        _setNAVHook(POOL_A, navHook);
+
+        assertEq(address(navManager.navHook(POOL_A)), address(navHook));
+        assertEq(address(navManager.navHook(POOL_B)), address(0));
+    }
+
+    function testSetNAVHookToZeroAddress() public {
+        _setNAVHook(POOL_A, INAVHook(address(0)));
+
+        assertEq(address(navManager.navHook(POOL_A)), address(0));
+    }
+
+    function testSetDefaultValuationSuccess() public {
+        assertEq(address(navManager.defaultValuation(POOL_B)), address(0));
+
+        vm.expectEmit(true, true, false, false);
+        emit INAVManager.SetDefaultValuation(POOL_B, mockValuation);
+        _setDefaultValuation(POOL_B, mockValuation);
+
+        assertEq(address(navManager.defaultValuation(POOL_B)), address(mockValuation));
+    }
+
+    function testInitializeNetworkSuccess() public {
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.createAccount.selector, POOL_A, navManager.equityAccount(CENTRIFUGE_ID_1), false
+            )
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.createAccount.selector, POOL_A, navManager.liabilityAccount(CENTRIFUGE_ID_1), false
+            )
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, navManager.gainAccount(CENTRIFUGE_ID_1), false)
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, navManager.lossAccount(CENTRIFUGE_ID_1), true)
+        );
+
+        vm.expectEmit(true, false, false, true);
+        emit INAVManager.InitializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+
+        assertTrue(navManager.initialized(POOL_A, CENTRIFUGE_ID_1));
+    }
+
+    function testInitializeNetworkAlreadyInitialized() public {
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+
+        vm.expectRevert(INAVManager.AlreadyInitialized.selector);
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+    }
+}
+
+contract NAVManagerHoldingInitializationTest is NAVManagerTest {
+    function setUp() public override {
+        super.setUp();
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testInitializeHoldingSuccess() public {
+        AccountId expectedAssetAccount = withAssetId(asset1, uint16(NAVAccount.Asset));
+
+        vm.expectCall(
+            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedAssetAccount, true)
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.initializeHolding.selector,
+                POOL_A,
+                SC_1,
+                asset1,
+                mockValuation,
+                _expectedHoldingAccounts(
+                    expectedAssetAccount,
+                    navManager.equityAccount(CENTRIFUGE_ID_1),
+                    navManager.gainAccount(CENTRIFUGE_ID_1),
+                    navManager.lossAccount(CENTRIFUGE_ID_1)
+                )
+            )
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.InitializeHolding(POOL_A, SC_1, asset1);
+
+        _initializeHolding(POOL_A, SC_1, asset1, mockValuation);
+
+        assertEq(navManager.assetAccount(asset1).raw(), expectedAssetAccount.raw());
+    }
+
+    function testInitializeHoldingNotInitialized() public {
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotInitialized.selector);
+        navManager.fromHub(
+            POOL_A,
+            abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), SC_1, AssetId.wrap(uint128(3) << 64 | 300))
+        );
+    }
+
+    function testInitializeHoldingValuationNotSet() public {
+        // POOL_B has no default valuation set (only POOL_A does, in setUp), so init must revert.
+        _initializeNetwork(POOL_B, CENTRIFUGE_ID_1);
+
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.ValuationNotSet.selector);
+        navManager.fromHub(POOL_B, abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), SC_1, asset1));
+    }
+
+    /// @dev A pool's assets are shared across its share classes, so a second share class over the same asset
+    ///      reuses the asset account the first one created instead of reverting `AccountExists`. Both holdings
+    ///      then debit the one shared account, which is what keeps the pool-wide NAV whole.
+    function testInitializeHoldingSameAssetTwiceReusesAccount() public {
+        _initializeHolding(POOL_A, SC_1, asset1, mockValuation);
+
+        AccountId expectedAssetAccount = withAssetId(asset1, uint16(NAVAccount.Asset));
+        _mockAccount(expectedAssetAccount, true); // asset account now exists, debit-normal
+
+        vm.expectCall(
+            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedAssetAccount, true), 0
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.initializeHolding.selector,
+                POOL_A,
+                SC_2,
+                asset1,
+                mockValuation,
+                _expectedHoldingAccounts(
+                    expectedAssetAccount,
+                    navManager.equityAccount(CENTRIFUGE_ID_1),
+                    navManager.gainAccount(CENTRIFUGE_ID_1),
+                    navManager.lossAccount(CENTRIFUGE_ID_1)
+                )
+            )
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.InitializeHolding(POOL_A, SC_2, asset1);
+
+        _initializeHolding(POOL_A, SC_2, asset1, mockValuation);
+
+        assertEq(navManager.assetAccount(asset1).raw(), expectedAssetAccount.raw());
+    }
+
+    /// @dev Reuse is only for a debit-normal account: an existing credit-normal account at the same id must
+    ///      never be adopted as the holding's debit slot.
+    function testInitializeHoldingRejectsCreditNormalAccount() public {
+        _mockAccount(withAssetId(asset1, uint16(NAVAccount.Asset)), false);
+
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotDebitNormalAccount.selector);
+        navManager.fromHub(POOL_A, abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), SC_1, asset1));
+    }
+
+    /// @dev Same reuse on the liability path, whose debit slot is the per-asset expense account.
+    function testInitializeLiabilitySameAssetTwiceReusesAccount() public {
+        _initializeLiability(POOL_A, SC_1, asset1, mockValuation);
+
+        AccountId expectedExpenseAccount = withAssetId(asset1, uint16(NAVAccount.Expense));
+        AccountId expectedLiabilityAccount = navManager.liabilityAccount(CENTRIFUGE_ID_1);
+        _mockAccount(expectedExpenseAccount, true);
+
+        vm.expectCall(
+            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedExpenseAccount, true), 0
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.initializeHolding.selector,
+                POOL_A,
+                SC_2,
+                asset1,
+                mockValuation,
+                // A liability reuses its single account for the credit slot and both value slots.
+                _expectedHoldingAccounts(
+                    expectedExpenseAccount, expectedLiabilityAccount, expectedLiabilityAccount, expectedLiabilityAccount
+                )
+            )
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.InitializeLiability(POOL_A, SC_2, asset1);
+
+        _initializeLiability(POOL_A, SC_2, asset1, mockValuation);
+    }
+}
+
+contract NAVManagerFromSpokeTest is NAVManagerTest {
+    bytes32 constant SPOKE_MANAGER = bytes32("spokeManager");
+
+    function setUp() public override {
+        super.setUp();
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function _allowManager(bytes32 who, bool canManage) internal {
+        vm.prank(envoy);
+        navManager.fromHub(
+            POOL_A, abi.encode(uint8(INAVManager.ManagerCall.UpdateManager), CENTRIFUGE_ID_1, who, canManage)
+        );
+    }
+
+    function _initHoldingPayload() internal view returns (bytes memory) {
+        return abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), SC_1, asset1);
+    }
+
+    function _initLiabilityPayload() internal view returns (bytes memory) {
+        return abi.encode(uint8(INAVManager.ManagerCall.InitializeLiability), SC_1, asset1);
+    }
+
+    function testUpdateManagerSetsAllowlist() public {
+        assertFalse(navManager.manager(POOL_A, CENTRIFUGE_ID_1, SPOKE_MANAGER));
+
+        vm.expectEmit();
+        emit INAVManager.UpdateManager(POOL_A, CENTRIFUGE_ID_1, SPOKE_MANAGER, true);
+        _allowManager(SPOKE_MANAGER, true);
+
+        assertTrue(navManager.manager(POOL_A, CENTRIFUGE_ID_1, SPOKE_MANAGER));
+    }
+
+    function testFromSpokeInitializeHolding() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        AccountId expectedAssetAccount = withAssetId(asset1, uint16(NAVAccount.Asset));
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.initializeHolding.selector,
+                POOL_A,
+                SC_1,
+                asset1,
+                mockValuation,
+                _expectedHoldingAccounts(
+                    expectedAssetAccount,
+                    navManager.equityAccount(CENTRIFUGE_ID_1),
+                    navManager.gainAccount(CENTRIFUGE_ID_1),
+                    navManager.lossAccount(CENTRIFUGE_ID_1)
+                )
+            )
+        );
+
+        vm.prank(envoy);
+        navManager.fromSpoke(POOL_A, _initHoldingPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeInitializeLiability() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        AccountId expectedExpenseAccount = withAssetId(asset1, uint16(NAVAccount.Expense));
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.initializeHolding.selector,
+                POOL_A,
+                SC_1,
+                asset1,
+                mockValuation,
+                _expectedLiabilityAccounts(expectedExpenseAccount, navManager.liabilityAccount(CENTRIFUGE_ID_1))
+            )
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.InitializeLiability(POOL_A, SC_1, asset1);
+
+        vm.prank(envoy);
+        navManager.fromSpoke(POOL_A, _initLiabilityPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeErrNotManager() public {
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotManager.selector);
+        navManager.fromSpoke(POOL_A, _initHoldingPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    /// @dev The allowlist is keyed by pool: a manager of POOL_A must not be able to act on POOL_B.
+    function testFromSpokeErrCrossPoolManager() public {
+        _allowManager(SPOKE_MANAGER, true); // allowed on POOL_A only
+
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotManager.selector);
+        navManager.fromSpoke(POOL_B, _initHoldingPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    /// @dev The allowlist is also keyed by network: an allowance on one network must not leak to another.
+    function testFromSpokeErrCrossNetworkManager() public {
+        _allowManager(SPOKE_MANAGER, true); // allowed on CENTRIFUGE_ID_1 only
+
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotManager.selector);
+        navManager.fromSpoke(POOL_A, _initHoldingPayload(), CENTRIFUGE_ID_2, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeErrNetworkMismatchHolding() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.InitializeHolding), SC_1, asset2);
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NetworkMismatch.selector);
+        navManager.fromSpoke(POOL_A, payload, CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeErrNetworkMismatchLiability() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.InitializeLiability), SC_1, asset2);
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NetworkMismatch.selector);
+        navManager.fromSpoke(POOL_A, payload, CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeErrRevokedManager() public {
+        _allowManager(SPOKE_MANAGER, true);
+        _allowManager(SPOKE_MANAGER, false);
+
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotManager.selector);
+        navManager.fromSpoke(POOL_A, _initHoldingPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeErrNotEnvoy() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        vm.prank(unauthorized);
+        vm.expectRevert(INAVManager.NotEnvoy.selector);
+        navManager.fromSpoke(POOL_A, _initHoldingPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeUnexpectedValue() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        vm.deal(envoy, 1 ether);
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.UnexpectedValue.selector);
+        navManager.fromSpoke{value: 1}(POOL_A, _initHoldingPayload(), CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+
+    function testFromSpokeErrUnsupportedCall() public {
+        _allowManager(SPOKE_MANAGER, true);
+
+        // Hook/network configuration is not reachable from the spoke.
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.SetNavHook), address(navHook));
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.UnsupportedSpokeCall.selector);
+        navManager.fromSpoke(POOL_A, payload, CENTRIFUGE_ID_1, SPOKE_MANAGER);
+    }
+}
+
+contract NAVManagerLiabilityInitializationTest is NAVManagerTest {
+    function setUp() public override {
+        super.setUp();
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testInitializeLiabilitySuccess() public {
+        AccountId expectedExpenseAccount = withAssetId(asset1, uint16(NAVAccount.Expense));
+
+        vm.expectCall(
+            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedExpenseAccount, true)
+        );
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(
+                IHub.initializeHolding.selector,
+                POOL_A,
+                SC_1,
+                asset1,
+                mockValuation,
+                _expectedLiabilityAccounts(expectedExpenseAccount, navManager.liabilityAccount(CENTRIFUGE_ID_1))
+            )
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.InitializeLiability(POOL_A, SC_1, asset1);
+
+        _initializeLiability(POOL_A, SC_1, asset1, mockValuation);
+
+        assertEq(navManager.expenseAccount(asset1).raw(), expectedExpenseAccount.raw());
+    }
+
+    function testInitializeLiabilityNotInitialized() public {
+        vm.prank(envoy);
+        vm.expectRevert(INAVManager.NotInitialized.selector);
+        navManager.fromHub(POOL_A, abi.encode(uint8(INAVManager.ManagerCall.InitializeLiability), SC_1, asset2));
+    }
+}
+
+contract NAVManagerOnSyncTest is NAVManagerTest {
+    function setUp() public override {
+        super.setUp();
+        _setNAVHook(POOL_A, navHook);
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testOnSyncSuccess() public {
+        // Mock account values: equity=1000, gain=200, loss=100, liability=50
+        // NAV = 1000 + 200 - 100 - 50 = 1050
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 200, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 100, true);
+        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), 50, true);
+
+        vm.expectCall(
+            address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector, POOL_A, SC_1, CENTRIFUGE_ID_1, 1050)
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.Sync(POOL_A, SC_1, CENTRIFUGE_ID_1, 1050);
+
+        vm.prank(holdings);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+
+    function testOnSyncNotAuthorized() public {
+        vm.expectRevert(INAVManager.NotAuthorized.selector);
+        vm.prank(unauthorized);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+
+    function testOnSyncNoNAVHook() public {
+        // Reset NAV hook to zero
+        _setNAVHook(POOL_A, INAVHook(address(0)));
+
+        vm.expectRevert(INAVManager.InvalidNAVHook.selector);
+        vm.prank(holdings);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+
+    /// @dev The gate reads the pool-network rollup, so that is what a skip test has to move. Bound to
+    ///      `(POOL_A, centrifugeId)`: a gate reading some other network's count would not be caught otherwise.
+    function _mockNetworkDeficitCount(uint16 centrifugeId, uint32 count) internal {
+        vm.mockCall(
+            holdings,
+            abi.encodeWithSelector(IHoldings.networkDeficitCount.selector, POOL_A, centrifugeId),
+            abi.encode(count)
+        );
+    }
+
+    /// @dev The per-share-class count is reporting only. Setting it must never move the gate.
+    function _mockDeficitCount(ShareClassId scId, uint16 centrifugeId, uint32 count) internal {
+        vm.mockCall(
+            holdings,
+            abi.encodeWithSelector(IHoldings.deficitCount.selector, POOL_A, scId, centrifugeId),
+            abi.encode(count)
+        );
+    }
+
+    /// @dev In deficit, onSync skips silently and leaves the NAV hook untouched.
+    function testOnSyncSkippedWhileDeficit() public {
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
+        _mockDeficitCount(SC_1, CENTRIFUGE_ID_1, 2);
+        _mockNetworkDeficitCount(CENTRIFUGE_ID_1, 2);
+
+        vm.expectCall(address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector), 0);
+
+        vm.expectEmit(true, true, true, true);
+        emit INAVManager.SkipSync(POOL_A, SC_1, CENTRIFUGE_ID_1, 2, 2);
+
+        vm.prank(holdings);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+
+    /// @dev Gate precedes the navHook check, so it can't revert on an unset hook.
+    function testOnSyncSkippedEvenWithoutNAVHook() public {
+        _setNAVHook(POOL_A, INAVHook(address(0)));
+        _mockDeficitCount(SC_1, CENTRIFUGE_ID_1, 1);
+        _mockNetworkDeficitCount(CENTRIFUGE_ID_1, 1);
+
+        vm.expectEmit(true, true, true, true);
+        emit INAVManager.SkipSync(POOL_A, SC_1, CENTRIFUGE_ID_1, 1, 1);
+
+        vm.prank(holdings);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+
+    /// @dev Price resumes updating once the deficit count returns to zero.
+    function testOnSyncResumesWhenDeficitClears() public {
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
+        _mockNetworkDeficitCount(CENTRIFUGE_ID_1, 0);
+
+        vm.expectCall(
+            address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector, POOL_A, SC_1, CENTRIFUGE_ID_1, 1000)
+        );
+
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.Sync(POOL_A, SC_1, CENTRIFUGE_ID_1, 1000);
+
+        vm.prank(holdings);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+
+    /// @dev The gate has to cover what it publishes. `netAssetValue` reads the network's equity/gain/loss/
+    ///      liability accounts, which every share class on that network debits into, so a deficit under one
+    ///      share class misstates the figure a sync on a *different* share class would publish. Gating on the
+    ///      per-share-class count would let that sync through with a contaminated NAV.
+    function testOnSyncSkippedWhenAnotherShareClassIsInDeficit() public {
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
+        _mockDeficitCount(SC_1, CENTRIFUGE_ID_1, 0); // the syncing share class looks clean
+        _mockDeficitCount(SC_2, CENTRIFUGE_ID_1, 1); // the deficit sits in its sibling
+        _mockNetworkDeficitCount(CENTRIFUGE_ID_1, 1); // the rollup still carries it
+
+        vm.expectCall(address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector), 0);
+
+        vm.expectEmit(true, true, true, true);
+        // The event attributes the skip: this share class is clean, a sibling's deficit is holding it.
+        emit INAVManager.SkipSync(POOL_A, SC_1, CENTRIFUGE_ID_1, 0, 1);
+
+        vm.prank(holdings);
+        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
+    }
+}
+
+contract NAVManagerNetAssetValueTest is NAVManagerTest {
+    function testNetAssetValueCalculation() public {
+        // Mock account values: equity=1000, gain=200, loss=100, liability=50
+        // Expected NAV = 1000 + 200 - 100 - 50 = 1050
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 200, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 100, true);
+        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), 50, true);
+
+        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
+        assertEq(nav, 1050);
+    }
+
+    function testNetAssetValueZero() public view {
+        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
+        assertEq(nav, 0);
+    }
+
+    function testNetAssetValueZeroWhenNegative() public {
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 500, true);
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 100, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 50, true);
+        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), 600, true);
+
+        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
+        assertEq(nav, 0);
+    }
+
+    function testNetAssetValueWithUnexpectedSigns(
+        bool equityIsPositive,
+        bool gainIsPositive,
+        bool lossIsPositive,
+        bool liabilityIsPositive,
+        uint128 equityAmount,
+        uint128 gainAmount,
+        uint128 lossAmount,
+        uint128 liabilityAmount
+    ) public {
+        equityAmount = uint128(bound(equityAmount, 1, type(uint128).max / 4));
+        gainAmount = uint128(bound(gainAmount, 1, type(uint128).max / 4));
+        lossAmount = uint128(bound(lossAmount, 0, type(uint128).max / 4));
+        liabilityAmount = uint128(bound(liabilityAmount, 0, type(uint128).max / 4));
+
+        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), equityAmount, equityIsPositive);
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), gainAmount, gainIsPositive);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), lossAmount, lossIsPositive);
+        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), liabilityAmount, liabilityIsPositive);
+
+        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
+
+        // If all accounts have expected signs and equity+gain > loss+liability, NAV should be positive
+        if (equityIsPositive && gainIsPositive && lossIsPositive && liabilityIsPositive) {
+            if (equityAmount + gainAmount > lossAmount + liabilityAmount) {
+                assertGt(nav, 0);
+            }
+        }
+    }
+}
+
+contract NAVManagerUpdateHoldingTest is NAVManagerTest {
+    function testUpdateHoldingValue() public {
+        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_A, SC_1, asset1));
+
+        // updateHoldingValue is permissionless (intended): anyone may trigger a recompute.
+        navManager.updateHoldingValue(POOL_A, SC_1, asset1);
+    }
+
+    function testUpdateHoldingValuation() public {
+        vm.expectCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.updateHoldingValuation.selector, POOL_A, SC_1, asset1, mockValuation)
+        );
+        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_A, SC_1, asset1));
+
+        _updateHoldingValuation(POOL_A, SC_1, asset1, mockValuation);
+    }
+}
+
+contract NAVManagerCloseGainLossTest is NAVManagerTest {
+    function setUp() public override {
+        super.setUp();
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testCloseGainLossSuccess() public {
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 100, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 50, true);
+
+        JournalEntry[] memory debits = new JournalEntry[](2);
+        debits[0] = JournalEntry({value: 100, accountId: navManager.gainAccount(CENTRIFUGE_ID_1)});
+        debits[1] = JournalEntry({value: 50, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
+
+        JournalEntry[] memory credits = new JournalEntry[](2);
+        credits[0] = JournalEntry({value: 100, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
+        credits[1] = JournalEntry({value: 50, accountId: navManager.lossAccount(CENTRIFUGE_ID_1)});
+
+        vm.expectCall(address(hub), abi.encodeCall(IHub.updateJournal, (POOL_A, debits, credits)));
+
+        _closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testCloseGainLossOnlyGain() public {
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 200, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 0, true);
+
+        JournalEntry[] memory debits = new JournalEntry[](1);
+        debits[0] = JournalEntry({value: 200, accountId: navManager.gainAccount(CENTRIFUGE_ID_1)});
+
+        JournalEntry[] memory credits = new JournalEntry[](1);
+        credits[0] = JournalEntry({value: 200, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
+
+        vm.expectCall(address(hub), abi.encodeCall(IHub.updateJournal, (POOL_A, debits, credits)));
+
+        _closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testCloseGainLossOnlyLoss() public {
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 0, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 150, true);
+
+        JournalEntry[] memory debits = new JournalEntry[](1);
+        debits[0] = JournalEntry({value: 150, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
+
+        JournalEntry[] memory credits = new JournalEntry[](1);
+        credits[0] = JournalEntry({value: 150, accountId: navManager.lossAccount(CENTRIFUGE_ID_1)});
+
+        vm.expectCall(address(hub), abi.encodeCall(IHub.updateJournal, (POOL_A, debits, credits)));
+
+        _closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testCloseGainLossNoGainNoLoss() public {
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 0, true);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 0, true);
+
+        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateJournal.selector), 0);
+
+        _closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
+    }
+
+    function testCloseGainLossNotInitialized() public {
+        vm.expectRevert(INAVManager.NotInitialized.selector);
+        _closeGainLoss(POOL_A, CENTRIFUGE_ID_2);
+    }
+
+    function testCloseGainLossInvalidStateOfAccounts(bool gainIsPositive, bool lossIsPositive) public {
+        vm.assume(!gainIsPositive || !lossIsPositive); // At least one account is negative
+        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 100, gainIsPositive);
+        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 50, lossIsPositive);
+
+        vm.expectRevert(INAVManager.InvalidStateOfAccounts.selector);
+        _closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
+    }
+}
+
+contract NAVManagerHelperFunctionsTest is NAVManagerTest {
+    function testEquityAccount() public view {
+        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(NAVAccount.Equity));
+        AccountId actual = navManager.equityAccount(CENTRIFUGE_ID_1);
+        assertEq(actual.raw(), expected.raw());
+    }
+
+    function testLiabilityAccount() public view {
+        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(NAVAccount.Liability));
+        AccountId actual = navManager.liabilityAccount(CENTRIFUGE_ID_1);
+        assertEq(actual.raw(), expected.raw());
+    }
+
+    function testGainAccount() public view {
+        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(NAVAccount.Gain));
+        AccountId actual = navManager.gainAccount(CENTRIFUGE_ID_1);
+        assertEq(actual.raw(), expected.raw());
+    }
+
+    function testLossAccount() public view {
+        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(NAVAccount.Loss));
+        AccountId actual = navManager.lossAccount(CENTRIFUGE_ID_1);
+        assertEq(actual.raw(), expected.raw());
+    }
+
+    function testAssetAccount() public {
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+        _initializeHolding(POOL_A, SC_1, asset1, mockValuation);
+
+        AccountId expected = withAssetId(asset1, uint16(NAVAccount.Asset));
+        AccountId actual = navManager.assetAccount(asset1);
+        assertEq(actual.raw(), expected.raw());
+    }
+
+    function testExpenseAccount() public {
+        _initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
+        _initializeLiability(POOL_A, SC_1, asset1, mockValuation);
+
+        AccountId expected = withAssetId(asset1, uint16(NAVAccount.Expense));
+        AccountId actual = navManager.expenseAccount(asset1);
+        assertEq(actual.raw(), expected.raw());
+    }
+}
+
+contract NAVManagerSetAccountMetadataTest is NAVManagerTest {
+    function testSetAccountMetadata() public {
+        AccountId account = AccountId.wrap(42);
+        bytes memory metadata = "test";
+
+        vm.expectCall(address(hub), abi.encodeCall(IHub.setAccountMetadata, (POOL_A, account, metadata)));
+        vm.expectEmit(true, true, false, true);
+        emit INAVManager.SetAccountMetadata(POOL_A, account, metadata);
+
+        _setAccountMetadata(POOL_A, account, metadata);
+    }
+}
+
+contract NAVManagerOnTransferTest is NAVManagerTest {
+    function setUp() public override {
+        super.setUp();
+        _setNAVHook(POOL_A, navHook);
+    }
+
+    function testOnTransferUnauthorized() public {
+        vm.expectRevert(INAVManager.NotAuthorized.selector);
+        vm.prank(unauthorized);
+        navManager.onTransfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
+    }
+
+    function testOnTransferNoNAVHook() public {
+        _setNAVHook(POOL_A, INAVHook(address(0)));
+
+        vm.expectRevert(INAVManager.InvalidNAVHook.selector);
+        vm.prank(holdings);
+        navManager.onTransfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
+    }
+
+    function testOnTransferSuccess() public {
+        vm.expectCall(
+            address(navHook),
+            abi.encodeWithSelector(INAVHook.onTransfer.selector, POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1)
+        );
+
+        vm.expectEmit(true, true, true, true);
+        emit INAVManager.Transfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
+
+        vm.prank(holdings);
+        navManager.onTransfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
+    }
+}
diff --git a/test/managers/hub/unit/SimplePriceManager.t.sol b/test/hooks/unit/accounting/SimplePriceManager.t.sol
similarity index 90%
rename from test/managers/hub/unit/SimplePriceManager.t.sol
rename to test/hooks/unit/accounting/SimplePriceManager.t.sol
index d5a461cf4..030788f4d 100644
--- a/test/managers/hub/unit/SimplePriceManager.t.sol
+++ b/test/hooks/unit/accounting/SimplePriceManager.t.sol
@@ -10,8 +10,8 @@ import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
 import {ShareClassId, newShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {IShareClassManager} from "../../../../src/core/hub/interfaces/IShareClassManager.sol";
 
-import {SimplePriceManager} from "../../../../src/managers/hub/SimplePriceManager.sol";
-import {ISimplePriceManager} from "../../../../src/managers/hub/interfaces/ISimplePriceManager.sol";
+import {SimplePriceManager} from "../../../../src/hooks/accounting/SimplePriceManager.sol";
+import {ISimplePriceManager} from "../../../../src/hooks/accounting/interfaces/ISimplePriceManager.sol";
 
 import "forge-std/Test.sol";
 
@@ -41,6 +41,8 @@ contract SimplePriceManagerTest is Test {
     address caller = makeAddr("caller");
     address auth = makeAddr("auth");
 
+    bytes4 constant UPDATE_SHARE_PRICE = bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128)"));
+
     SimplePriceManager priceManager;
 
     function setUp() public virtual {
@@ -50,7 +52,7 @@ contract SimplePriceManagerTest is Test {
 
     function _setupMocks() internal {
         vm.mockCall(hub, abi.encodeWithSelector(IHub.shareClassManager.selector), abi.encode(shareClassManager));
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateSharePrice.selector), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(UPDATE_SHARE_PRICE), abi.encode());
 
         vm.mockCall(
             shareClassManager,
@@ -98,7 +100,7 @@ contract SimplePriceManagerOnUpdateTest is SimplePriceManagerTest {
 
         vm.expectCall(
             address(hub),
-            abi.encodeWithSelector(IHub.updateSharePrice.selector, POOL_A, SC_1, d18(10, 1)) // 1000/100 = 10
+            abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, d18(10, 1)) // 1000/100 = 10
         );
 
         vm.expectEmit(true, true, true, true);
@@ -123,7 +125,7 @@ contract SimplePriceManagerOnUpdateTest is SimplePriceManagerTest {
         uint128 netAssetValue2 = 1700;
 
         // (1000+1700)/(100+200) = 9
-        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateSharePrice.selector, POOL_A, SC_1, d18(9, 1)));
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, d18(9, 1)));
 
         vm.expectEmit(true, true, true, true);
         emit ISimplePriceManager.Update(POOL_A, SC_1, 2700, 300, d18(9, 1)); // total NAV=2700, total issuance=300
@@ -172,7 +174,7 @@ contract SimplePriceManagerOnUpdateTest is SimplePriceManagerTest {
             abi.encode(0)
         );
 
-        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateSharePrice.selector, POOL_A, SC_1, d18(1, 1)));
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, d18(1, 1)));
 
         vm.prank(caller);
         priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1000);
@@ -187,6 +189,55 @@ contract SimplePriceManagerOnUpdateTest is SimplePriceManagerTest {
         vm.prank(caller);
         priceManager.onUpdate(POOL_A, SC_2, CENTRIFUGE_ID_1, 1000);
     }
+
+    function testOnUpdateZeroNAVNonzeroIssuanceCommitsPrice() public {
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, d18(0, 1)));
+
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 0);
+    }
+
+    function testOnUpdateUnchangedPriceStillCommits() public {
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1000);
+
+        // The Hub call is what refreshes the price age and ticks the fee accrual, so a recompute that
+        // lands on the already-committed price still commits.
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, d18(10, 1)), 1);
+        vm.expectEmit(true, true, true, true);
+        emit ISimplePriceManager.Update(POOL_A, SC_1, 1000, 100, d18(10, 1));
+
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1000);
+    }
+
+    function testOnUpdateUnchangedPriceReportsMovedMetrics() public {
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1000);
+
+        // NAV and issuance both move by 20%, so the price is unchanged but the metrics are not.
+        vm.mockCall(
+            shareClassManager,
+            abi.encodeWithSelector(IShareClassManager.issuance.selector, POOL_A, SC_1, CENTRIFUGE_ID_1),
+            abi.encode(120)
+        );
+
+        vm.expectEmit(true, true, true, true);
+        emit ISimplePriceManager.Update(POOL_A, SC_1, 1200, 120, d18(10, 1));
+
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1200);
+    }
+
+    function testOnUpdateChangedPriceCallsHub() public {
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1000);
+
+        vm.expectCall(address(hub), abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, d18(12, 1)));
+
+        vm.prank(caller);
+        priceManager.onUpdate(POOL_A, SC_1, CENTRIFUGE_ID_1, 1200);
+    }
 }
 
 contract SimplePriceManagerPricePoolPerShareTest is SimplePriceManagerTest {
diff --git a/test/hooks/unit/bridge/BridgeCircuitBreaker.t.sol b/test/hooks/unit/bridge/BridgeCircuitBreaker.t.sol
new file mode 100644
index 000000000..2c5398ba4
--- /dev/null
+++ b/test/hooks/unit/bridge/BridgeCircuitBreaker.t.sol
@@ -0,0 +1,419 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {BridgeSharesParams, BridgeSharesResult} from "../../../../src/core/hub/interfaces/IBridgingHook.sol";
+
+import {BridgeCircuitBreaker} from "../../../../src/hooks/bridge/BridgeCircuitBreaker.sol";
+import {IBridgeCircuitBreaker} from "../../../../src/hooks/bridge/interfaces/IBridgeCircuitBreaker.sol";
+
+import "forge-std/Test.sol";
+
+contract MockCircuitBreakerGuard {
+    error ExceedsCumulativeLimit(bytes32 key, uint256 amount, uint256 max, uint256 window);
+
+    bool public shouldRevert;
+    bytes32 public lastKey;
+    uint256 public lastAmount;
+    uint256 public lastMax;
+    uint256 public lastWindow;
+
+    function setShouldRevert(bool value) external {
+        shouldRevert = value;
+    }
+
+    function tally(bytes32 key, uint256 amount, uint256 max, uint256 window) external {
+        lastKey = key;
+        lastAmount = amount;
+        lastMax = max;
+        lastWindow = window;
+        if (shouldRevert || amount > max) revert ExceedsCumulativeLimit(key, amount, max, window);
+    }
+}
+
+contract BridgeCircuitBreakerTestBase is Test {
+    address immutable HUB_HANDLER = makeAddr("hubHandler");
+    address immutable ENVOY = makeAddr("envoy");
+
+    PoolId constant POOL_A = PoolId.wrap(1);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
+    uint16 constant ORIGIN = 1;
+    uint16 constant TARGET = 2;
+    uint128 constant AMOUNT = 1000e18;
+
+    BridgeCircuitBreaker hook;
+    MockCircuitBreakerGuard guard;
+
+    BridgeSharesParams internal baseParams;
+
+    function setUp() public virtual {
+        guard = new MockCircuitBreakerGuard();
+        hook = new BridgeCircuitBreaker(ENVOY, address(guard), address(this));
+        hook.rely(HUB_HANDLER);
+
+        baseParams = BridgeSharesParams({
+            originCentrifugeId: ORIGIN,
+            targetCentrifugeId: TARGET,
+            poolId: POOL_A,
+            scId: SC_1,
+            sender: bytes32(0),
+            receiver: bytes32(uint256(uint160(makeAddr("receiver")))),
+            amount: AMOUNT,
+            extraGasLimit: 0,
+            refund: makeAddr("refund")
+        });
+    }
+
+    function _fromHub(bytes memory payload) internal {
+        vm.prank(ENVOY);
+        hook.fromHub(POOL_A, payload);
+    }
+
+    function _setPaused(ShareClassId scId, bool isPaused) internal {
+        _fromHub(abi.encode(uint8(0), ShareClassId.unwrap(scId), isPaused));
+    }
+
+    function _setRateLimit(ShareClassId scId, uint16 centrifugeId, uint128 max, uint32 window) internal {
+        _fromHub(abi.encode(uint8(1), ShareClassId.unwrap(scId), centrifugeId, max, window));
+    }
+
+    function _transfer() internal returns (BridgeSharesResult memory) {
+        vm.prank(HUB_HANDLER);
+        return hook.onBridgeShares(baseParams);
+    }
+}
+
+contract BridgeCircuitBreakerTestConstructor is BridgeCircuitBreakerTestBase {
+    function testConstructor() public view {
+        assertEq(hook.wards(HUB_HANDLER), 1);
+        assertEq(hook.envoy(), ENVOY);
+        assertEq(address(hook.circuitBreakerGuard()), address(guard));
+    }
+}
+
+contract BridgeCircuitBreakerTestPause is BridgeCircuitBreakerTestBase {
+    function setUp() public override {
+        super.setUp();
+        _setRateLimit(SC_1, ORIGIN, type(uint128).max, 3600);
+    }
+
+    function testPassThrough() public {
+        BridgeSharesResult memory result = _transfer();
+        assertEq(uint256(result.amount), uint256(AMOUNT));
+        assertEq(result.receiver, baseParams.receiver);
+        assertEq(result.refund, baseParams.refund);
+        assertEq(uint256(result.extraGasLimit), uint256(baseParams.extraGasLimit));
+    }
+
+    function testErrNotWard(address notWard) public {
+        vm.assume(notWard != HUB_HANDLER && notWard != address(this));
+        vm.prank(notWard);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testErrPaused() public {
+        _setPaused(SC_1, true);
+        vm.expectRevert(IBridgeCircuitBreaker.Paused.selector);
+        _transfer();
+    }
+
+    function testUnpause() public {
+        _setPaused(SC_1, true);
+        _setPaused(SC_1, false);
+        BridgeSharesResult memory result = _transfer();
+        assertEq(uint256(result.amount), uint256(AMOUNT));
+    }
+
+    function testPausedIsPoolAndScSpecific() public {
+        ShareClassId SC_2 = ShareClassId.wrap(bytes16("sc2"));
+        _setPaused(SC_1, true);
+        assertFalse(hook.paused(POOL_A, SC_2));
+    }
+
+    function testSetPausedEmitsEvent() public {
+        vm.prank(ENVOY);
+        vm.expectEmit();
+        emit IBridgeCircuitBreaker.SetPaused(POOL_A, SC_1, true);
+        hook.fromHub(POOL_A, abi.encode(uint8(0), ShareClassId.unwrap(SC_1), true));
+        assertTrue(hook.paused(POOL_A, SC_1));
+    }
+}
+
+contract BridgeCircuitBreakerTestRateLimit is BridgeCircuitBreakerTestBase {
+    function testDefaultRateMaxBlocksTransfer() public {
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testCallsTallyWhenLimitSet() public {
+        uint128 max = 5000e18;
+        uint32 window = 3600;
+        _setRateLimit(SC_1, ORIGIN, max, window);
+
+        _transfer();
+
+        bytes32 expectedKey = keccak256(abi.encode(POOL_A, SC_1, ORIGIN));
+        assertEq(guard.lastKey(), expectedKey);
+        assertEq(guard.lastAmount(), uint256(AMOUNT));
+        assertEq(guard.lastMax(), uint256(max));
+        assertEq(guard.lastWindow(), uint256(window));
+    }
+
+    function testRevertsWhenGuardReverts() public {
+        uint128 max = AMOUNT + 1; // amount <= max so tally is called
+        uint32 window = 3600;
+        _setRateLimit(SC_1, ORIGIN, max, window);
+        guard.setShouldRevert(true);
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(
+            abi.encodeWithSelector(
+                MockCircuitBreakerGuard.ExceedsCumulativeLimit.selector,
+                keccak256(abi.encode(POOL_A, SC_1, ORIGIN)),
+                AMOUNT,
+                max,
+                uint256(window)
+            )
+        );
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testRateLimitIsChainSpecific() public {
+        uint128 max = 1000e18;
+        uint32 window = 3600;
+        _setRateLimit(SC_1, ORIGIN, max, window);
+
+        (uint128 storedMax,) = hook.limits(POOL_A, SC_1, ORIGIN);
+        (uint128 otherMax,) = hook.limits(POOL_A, SC_1, uint16(3));
+        assertEq(uint256(storedMax), uint256(max));
+        assertEq(uint256(otherMax), uint256(0));
+    }
+
+    function testZeroRateMaxBlocksTransfers() public {
+        _setRateLimit(SC_1, ORIGIN, 1000e18, 3600);
+        _setRateLimit(SC_1, ORIGIN, 0, 3600);
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testSetRateLimitEmitsEvent() public {
+        uint128 max = 10000e18;
+        uint32 window = 86400;
+        vm.prank(ENVOY);
+        vm.expectEmit();
+        emit IBridgeCircuitBreaker.SetRateLimit(POOL_A, SC_1, TARGET, max, window);
+        hook.fromHub(POOL_A, abi.encode(uint8(1), ShareClassId.unwrap(SC_1), TARGET, max, window));
+
+        (uint128 storedMax, uint32 storedWindow) = hook.limits(POOL_A, SC_1, TARGET);
+        assertEq(uint256(storedMax), uint256(max));
+        assertEq(uint256(storedWindow), uint256(window));
+    }
+}
+
+contract BridgeCircuitBreakerTestFromHub is BridgeCircuitBreakerTestBase {
+    function testErrUnknownConfigKind() public {
+        vm.prank(ENVOY);
+        vm.expectRevert(IBridgeCircuitBreaker.UnknownConfigKind.selector);
+        hook.fromHub(POOL_A, abi.encode(uint8(4), ShareClassId.unwrap(SC_1), true));
+    }
+}
+
+contract BridgeCircuitBreakerTestAuthorizeTransfer is BridgeCircuitBreakerTestBase {
+    uint128 constant RATE_MAX = AMOUNT / 2; // AMOUNT always exceeds this
+
+    bytes32 internal authKey;
+    bytes internal guardRevert; // TransferNotAuthorized for AMOUNT vs RATE_MAX (amount exceeds rateMax)
+
+    function setUp() public override {
+        super.setUp();
+        _setRateLimit(SC_1, ORIGIN, RATE_MAX, 3600);
+        authKey = keccak256(abi.encode(POOL_A, SC_1, ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT));
+        guardRevert = abi.encodeWithSelector(IBridgeCircuitBreaker.TransferNotAuthorized.selector);
+    }
+
+    function _authorizeTransfer() internal {
+        _fromHub(
+            abi.encode(
+                uint8(2), ShareClassId.unwrap(SC_1), ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT
+            )
+        );
+    }
+
+    function _cancelAuthorizations() internal {
+        _fromHub(
+            abi.encode(
+                uint8(3), ShareClassId.unwrap(SC_1), ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT
+            )
+        );
+    }
+
+    function testRevertsWhenNotAuthorized() public {
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(guardRevert);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testAuthorizeAllowsLargeTransfer() public {
+        _authorizeTransfer();
+        assertEq(hook.authorizations(authKey), 1);
+
+        BridgeSharesResult memory result = _transfer();
+        assertEq(uint256(result.amount), uint256(AMOUNT));
+        assertEq(hook.authorizations(authKey), 0);
+    }
+
+    function testAuthorizationIsConsumedOnUse() public {
+        _authorizeTransfer();
+        _transfer();
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(guardRevert);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testMultipleAuthorizationsAllowMultipleTransfers() public {
+        _authorizeTransfer();
+        _authorizeTransfer();
+        _authorizeTransfer();
+        assertEq(hook.authorizations(authKey), 3);
+
+        _transfer();
+        assertEq(hook.authorizations(authKey), 2);
+        _transfer();
+        assertEq(hook.authorizations(authKey), 1);
+        _transfer();
+        assertEq(hook.authorizations(authKey), 0);
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(guardRevert);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testCancelAuthorizationsResetsCounter() public {
+        _authorizeTransfer();
+        _authorizeTransfer();
+        assertEq(hook.authorizations(authKey), 2);
+
+        _cancelAuthorizations();
+        assertEq(hook.authorizations(authKey), 0);
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(guardRevert);
+        hook.onBridgeShares(baseParams);
+    }
+
+    function testCancelAuthorizationsEmitsEvent() public {
+        vm.prank(ENVOY);
+        vm.expectEmit();
+        emit IBridgeCircuitBreaker.CancelTransferAuthorizations(
+            POOL_A, SC_1, ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT
+        );
+        hook.fromHub(
+            POOL_A,
+            abi.encode(
+                uint8(3), ShareClassId.unwrap(SC_1), ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT
+            )
+        );
+    }
+
+    function testAuthorizeTransferEmitsEvent() public {
+        vm.prank(ENVOY);
+        vm.expectEmit();
+        emit IBridgeCircuitBreaker.AuthorizeTransfer(
+            POOL_A, SC_1, ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT
+        );
+        hook.fromHub(
+            POOL_A,
+            abi.encode(
+                uint8(2), ShareClassId.unwrap(SC_1), ORIGIN, TARGET, baseParams.sender, baseParams.receiver, AMOUNT
+            )
+        );
+    }
+
+    function testBelowRateMaxTransferBlockedByWindowCanBeAuthorized() public {
+        // Use an amount at or below rateMax so it normally goes through tally, not the auth check
+        uint128 smallAmount = RATE_MAX;
+        baseParams.amount = smallAmount;
+
+        // Simulate the cumulative window being full via the guard
+        guard.setShouldRevert(true);
+
+        // Without authorization: blocked by the guard (cumulative window exceeded)
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(
+            abi.encodeWithSelector(
+                MockCircuitBreakerGuard.ExceedsCumulativeLimit.selector,
+                keccak256(abi.encode(POOL_A, SC_1, ORIGIN)),
+                uint256(smallAmount),
+                uint256(RATE_MAX),
+                uint256(3600)
+            )
+        );
+        hook.onBridgeShares(baseParams);
+
+        // Manager authorizes this exact transfer
+        bytes32 smallKey =
+            keccak256(abi.encode(POOL_A, SC_1, ORIGIN, TARGET, baseParams.sender, baseParams.receiver, smallAmount));
+        _fromHub(
+            abi.encode(
+                uint8(2), ShareClassId.unwrap(SC_1), ORIGIN, TARGET, baseParams.sender, baseParams.receiver, smallAmount
+            )
+        );
+        assertEq(hook.authorizations(smallKey), 1);
+
+        // With authorization: bypasses tally entirely, succeeds even though window is full
+        vm.prank(HUB_HANDLER);
+        BridgeSharesResult memory result = hook.onBridgeShares(baseParams);
+        assertEq(uint256(result.amount), uint256(smallAmount));
+        assertEq(hook.authorizations(smallKey), 0);
+    }
+
+    function testAuthorizationCannotBeConsumedOnDifferentDestination() public {
+        _authorizeTransfer();
+
+        // Attempt to consume that authorization for a transfer to a different destination (chain 3)
+        uint16 otherTarget = 3;
+        BridgeSharesParams memory otherParams = baseParams;
+        otherParams.targetCentrifugeId = otherTarget;
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(guardRevert);
+        hook.onBridgeShares(otherParams);
+
+        assertEq(hook.authorizations(authKey), 1);
+    }
+
+    function testAuthorizationIsKeyedByTransferIdentity() public {
+        // Authorization for a different receiver does not apply
+        _authorizeTransfer();
+
+        BridgeSharesParams memory otherParams = baseParams;
+        otherParams.receiver = bytes32(uint256(uint160(makeAddr("otherReceiver"))));
+
+        vm.prank(HUB_HANDLER);
+        vm.expectRevert(guardRevert);
+        hook.onBridgeShares(otherParams);
+    }
+
+    function testLargeTransferDoesNotTallyAgainstRateLimit() public {
+        _authorizeTransfer();
+        _transfer();
+
+        assertEq(guard.lastAmount(), 0); // tally never called for large transfers
+    }
+
+    function testSmallTransferStillTalliesNormally() public {
+        uint128 smallAmount = RATE_MAX;
+        baseParams.amount = smallAmount;
+        _transfer();
+
+        assertEq(guard.lastAmount(), uint256(smallAmount));
+    }
+}
diff --git a/test/hooks/unit/libraries/UpdateRestrictionManagerLib.t.sol b/test/hooks/unit/libraries/UpdateRestrictionManagerLib.t.sol
index c19463a5c..e1dc7594a 100644
--- a/test/hooks/unit/libraries/UpdateRestrictionManagerLib.t.sol
+++ b/test/hooks/unit/libraries/UpdateRestrictionManagerLib.t.sol
@@ -1,7 +1,7 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {UpdateRestrictionMessageLib} from "../../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {UpdateRestrictionMessageLib} from "../../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import "forge-std/Test.sol";
 
diff --git a/test/integration/Create3Addresses.t.sol b/test/integration/Create3Addresses.t.sol
index 528dd36c3..26ba9027d 100644
--- a/test/integration/Create3Addresses.t.sol
+++ b/test/integration/Create3Addresses.t.sol
@@ -1,7 +1,16 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {BaseDeployer} from "../../script/BaseDeployer.s.sol";
+import {EnsureDeployGate} from "../../script/utils/GateProposal.s.sol";
+import {CREATEX_ADDRESS} from "../../script/utils/createx/CreateX.d.sol";
+import {BaseDeployer, AccountLib} from "../../script/deploy/BaseDeployer.s.sol";
+import {GatedDeployer, DeployPhase} from "../../script/deploy/GatedDeployer.s.sol";
+import {
+    DEPLOY_GATE_SALT,
+    DEPLOY_GATE_ADDRESS,
+    DEPLOY_GATE_BYTECODE,
+    DEPLOY_GATE_EXTCODEHASH
+} from "create3-gate/script/DeployGate.d.sol";
 
 import "forge-std/Test.sol";
 
@@ -15,46 +24,320 @@ contract SimpleContract {
 
 contract Create3AddressesTest is Test, BaseDeployer {
     function setUp() public {
-        _init("", address(this));
+        _init("");
     }
 
     function testPreviewMatchesCreate3() public {
-        address predicted = previewCreate3Address("testContract", "v3.1");
+        address predicted = create3Address("testContract", "v3.1", address(this));
         address deployed = create3(
-            createSalt("testContract", "v3.1"), abi.encodePacked(type(SimpleContract).creationCode, abi.encode(42))
+            reportedSalt("testContract", "v3.1", address(this)),
+            abi.encodePacked(type(SimpleContract).creationCode, abi.encode(42))
         );
 
         assertEq(deployed, predicted, "CREATE3 address does not match preview");
         assertEq(SimpleContract(deployed).value(), 42);
     }
 
-    function testPreviewMatchesCreate3WithSuffix() public {
-        _init("rev2", address(this));
+    function testPreviewMatchesCreate3WithDeploymentId() public {
+        _init("rev2");
 
-        address predicted = previewCreate3Address("testContract", "v3.1");
+        address predicted = create3Address("testContract", "v3.1", address(this));
         address deployed = create3(
-            createSalt("testContract", "v3.1"), abi.encodePacked(type(SimpleContract).creationCode, abi.encode(99))
+            reportedSalt("testContract", "v3.1", address(this)),
+            abi.encodePacked(type(SimpleContract).creationCode, abi.encode(99))
         );
 
-        assertEq(deployed, predicted, "CREATE3 address does not match preview with suffix");
+        assertEq(deployed, predicted, "CREATE3 address does not match preview with a deployment id");
         assertEq(SimpleContract(deployed).value(), 99);
     }
 
-    function testSuffixProducesDifferentAddress() public {
-        address withoutSuffix = previewCreate3Address("testContract", "v3.1");
+    function testDeploymentIdProducesDifferentAddress() public {
+        address withoutId = create3Address("testContract", "v3.1", address(this));
 
-        _init("rev2", address(this));
-        address withSuffix = previewCreate3Address("testContract", "v3.1");
+        _init("rev2");
+        address withId = create3Address("testContract", "v3.1", address(this));
 
-        assertTrue(withoutSuffix != withSuffix, "Suffix should produce a different address");
+        assertTrue(withoutId != withId, "A deployment id should produce a different address");
     }
 
     function testDifferentDeployersProduceDifferentAddresses() public {
-        address addr1 = previewCreate3Address("testContract", "v3.1");
-
-        _init("", makeAddr("otherDeployer"));
-        address addr2 = previewCreate3Address("testContract", "v3.1");
+        address addr1 = create3Address("testContract", "v3.1", address(this));
+        address addr2 = create3Address("testContract", "v3.1", makeAddr("otherDeployer"));
 
         assertTrue(addr1 != addr2, "Different deployers should produce different addresses");
     }
 }
+
+/// @dev The gate as a deployment reaches it: an address, a salt and a codehash. What those are checked
+///      against lives with the contract, in lib/create3-gate.
+contract DeployGateAddressTest is Test, BaseDeployer {
+    function setUp() public {
+        _init("");
+    }
+
+    /// @dev The salt names no sender, so CreateX derives the address from the salt alone, whoever calls it.
+    ///      address(0) is the single exception and only inside a prank: CreateX reads a salt as naming a
+    ///      sender when its first 20 bytes equal `msg.sender`, which a zero salt does for that one caller. No
+    ///      transaction is ever sent by address(0), so this assumes away a state the chain cannot reach —
+    ///      and it is the only such caller, which a non-zero salt could not claim
+    function testAnyoneCanDeployTheGate(address anyone) public {
+        vm.assume(anyone != address(0));
+
+        assertEq(DEPLOY_GATE_ADDRESS.code.length, 0, "nothing there yet");
+
+        vm.prank(anyone);
+        address deployed = CreateX.deployCreate2(DEPLOY_GATE_SALT, DEPLOY_GATE_BYTECODE);
+
+        assertEq(deployed, DEPLOY_GATE_ADDRESS, "whoever deploys it, it lands in the same place");
+        assertEq(deployed.codehash, DEPLOY_GATE_EXTCODEHASH, "and it is the gate");
+    }
+
+    /// @dev Which is the whole point: one gate, one address, everywhere. Nothing chain-specific reaches the
+    ///      derivation, so a constant can stand for it
+    function testGateAddressIsTheSameOnEveryChain() public {
+        address here = CreateX.computeCreate2Address(
+            keccak256(abi.encode(DEPLOY_GATE_SALT)), keccak256(DEPLOY_GATE_BYTECODE), CREATEX_ADDRESS
+        );
+
+        vm.chainId(block.chainid + 1);
+
+        assertEq(
+            CreateX.computeCreate2Address(
+                keccak256(abi.encode(DEPLOY_GATE_SALT)), keccak256(DEPLOY_GATE_BYTECODE), CREATEX_ADDRESS
+            ),
+            here,
+            "the chain id must not reach the gate's address"
+        );
+    }
+
+    /// @dev A CREATE3 gate address would be code anyone could choose, and the gate's code is its whole
+    ///      authority. Under CREATE2 the only contract that fits its address is the gate
+    function testGateAddressCoversItsCode() public pure {
+        address impostor = CreateX.computeCreate2Address(
+            keccak256(abi.encode(DEPLOY_GATE_SALT)), keccak256(type(SimpleContract).creationCode), CREATEX_ADDRESS
+        );
+
+        assertTrue(impostor != DEPLOY_GATE_ADDRESS, "another contract must not reach the gate's address");
+    }
+
+    /// @dev Which is how a chain that derives addresses its own way is caught, rather than deployed onto
+    function testImpostorIsRejected() public {
+        address impostor = address(new SimpleContract(1));
+
+        assertTrue(impostor.codehash != DEPLOY_GATE_EXTCODEHASH, "the wrong code");
+        assertTrue(DEPLOY_GATE_ADDRESS.codehash != DEPLOY_GATE_EXTCODEHASH, "nor is an empty address the gate");
+
+        vm.etch(DEPLOY_GATE_ADDRESS, impostor.code);
+        assertTrue(DEPLOY_GATE_ADDRESS.codehash != DEPLOY_GATE_EXTCODEHASH, "nor the right address with wrong code");
+    }
+
+    /// @dev What makes CreateX take the salt as it is, rather than scoping it to a caller or a chain. A zero
+    ///      guardian folds the chain id in only when the 21st byte asks for redeploy protection; held at
+    ///      zero it falls through to the salt alone
+    function testGateSaltIsUnscoped() public pure {
+        assertEq(DEPLOY_GATE_SALT, bytes32(0));
+        assertEq(DEPLOY_GATE_SALT[20], bytes1(0x0), "redeploy protection should stay off");
+    }
+
+    /// @dev The batch leg a Safe proposal carries in place of the gate's own deployment: it has to work
+    ///      however late the proposal executes, so a gate landing first is stepped aside from rather than
+    ///      reverted on — which a direct deployCreate2 in the batch would do, taking the gate call behind
+    ///      it down too
+    function testEnsureDeployGateDeploysAndStepsAside() public {
+        assertEq(DEPLOY_GATE_ADDRESS.code.length, 0, "nothing there yet");
+
+        // The way the proposal posts it: through CreateX, which has to accept a carrier with no functions
+        address carrier = CreateX.deployCreate(type(EnsureDeployGate).creationCode);
+        assertGt(carrier.code.length, 0, "CreateX must accept the carrier");
+        assertEq(DEPLOY_GATE_ADDRESS.codehash, DEPLOY_GATE_EXTCODEHASH, "brings the gate up");
+
+        new EnsureDeployGate();
+        assertEq(DEPLOY_GATE_ADDRESS.codehash, DEPLOY_GATE_EXTCODEHASH, "and steps aside from one already there");
+    }
+
+    /// @dev What it cannot step aside from it rejects, so the gate call behind it never lands in foreign code
+    function testEnsureDeployGateRejectsImpostor() public {
+        address impostor = address(new SimpleContract(1));
+        vm.etch(DEPLOY_GATE_ADDRESS, impostor.code);
+
+        vm.expectRevert(bytes("Not the DeployGate"));
+        new EnsureDeployGate();
+    }
+}
+
+contract Create3GatedAddressesTest is Test, GatedDeployer {
+    using AccountLib for address;
+
+    function setUp() public {
+        // Nothing places the gate first: initialising the deployment is what brings it up
+        _initGated("", DeployPhase.Commit, address(this), _executors());
+    }
+
+    function _executors() internal view returns (address[] memory executors) {
+        executors = new address[](1);
+        executors[0] = address(this);
+    }
+
+    function _preview(string memory name, string memory version) internal returns (address) {
+        return gatedAddress(name, version);
+    }
+
+    /// @dev `vm.expectRevert` only sees external calls
+    function initGated(string memory deploymentId_, DeployPhase phase, address namespace_) external {
+        _initGated(deploymentId_, phase, namespace_, _executors());
+    }
+
+    /// @dev How the acting account is reached follows from what it is: a key is broadcast from, a contract
+    ///      is a Safe and is proposed to, and code under EIP-7702 is still a key
+    function testASafeAccountIsAContractButNotADelegation() public {
+        address key = makeAddr("key");
+        address safe = makeAddr("safe");
+        address delegated = makeAddr("delegated");
+        vm.etch(safe, hex"6001");
+        vm.etch(delegated, abi.encodePacked(hex"ef0100", key));
+
+        assertFalse(key.isSafeAccount(), "a key broadcasts");
+        assertTrue(safe.isSafeAccount(), "a contract is proposed to");
+        assertFalse(delegated.isSafeAccount(), "an EIP-7702 delegation still has a key behind it");
+    }
+
+    /// @dev `vm.expectRevert` only sees external calls
+    function deployDirectly() external pure {
+        create3("testContract", "v3.1", abi.encodePacked(type(SimpleContract).creationCode, abi.encode(1)));
+    }
+
+    /// @dev A gated script must not reach for the inherited helper: it would bypass the gate entirely and land
+    ///      at an address derived from the sender, while reading almost exactly like `submit`
+    function testDeployingDirectlyIsClosedOff() public {
+        vm.expectRevert("Use submit() to deploy through the DeployGate");
+        this.deployDirectly();
+    }
+
+    /// @dev What the commit phase does: walk it locally, carry the commitment out in memory, roll back
+    function queueAndCommit(uint256 value) external returns (address target) {
+        uint256 snapshot = vm.snapshotState();
+
+        target = submit("testContract", "v3.1", abi.encodePacked(type(SimpleContract).creationCode, abi.encode(value)));
+        (bytes32[] memory salts, bytes32[] memory initCodeHashes) = _queuedCommitment();
+
+        vm.revertToState(snapshot);
+
+        _commit(salts, initCodeHashes);
+    }
+
+    function deployIt(uint256 value) external returns (address) {
+        _initGated("", DeployPhase.Deploy, address(this), _executors());
+        return submit("testContract", "v3.1", abi.encodePacked(type(SimpleContract).creationCode, abi.encode(value)));
+    }
+
+    // The DeployGate address
+
+    /// @dev Addresses follow the gate, not the signer, which is what keeps them equal across chains
+    function testAddressesDoNotFollowTheSigner() public {
+        address throughGate = _preview("testContract", "v3.1");
+        address ungated = create3Address("testContract", "v3.1", address(this));
+
+        assertTrue(ungated != throughGate, "deploying directly would land somewhere else entirely");
+        assertEq(namespace, address(this), "the namespace is what addresses derive from, alongside the gate");
+    }
+
+    /// @dev The whole point of the scheme: nothing chain-specific reaches a gated address, so the same
+    ///      contract at the same version lands in the same place on every chain. A chain id folded into the
+    ///      salt anywhere between here and CreateX would show up as a different preview
+    function testGatedAddressesAreTheSameOnEveryChain() public {
+        address here = _preview("testContract", "v3.1");
+
+        vm.chainId(block.chainid + 1);
+        _initGated("", DeployPhase.Commit, address(this), _executors());
+
+        assertEq(_preview("testContract", "v3.1"), here, "the chain id must not reach a gated address");
+    }
+
+    /// @dev One gate serves every deployment on a chain, so the namespace is what keeps two of them apart
+    function testAddressesFollowTheNamespace() public {
+        address mine = _preview("testContract", "v3.1");
+
+        _initGated("", DeployPhase.Commit, makeAddr("anotherNamespace"), _executors());
+
+        assertTrue(_preview("testContract", "v3.1") != mine, "another namespace, another address");
+    }
+
+    /// @dev A chain with no gate gets one, so a deployment needs nothing run before it. `setUp` is the
+    ///      proof: it initialises against a fresh chain that has never seen a gate
+    function testGatingBringsUpTheGate() public view {
+        assertEq(DEPLOY_GATE_ADDRESS.codehash, DEPLOY_GATE_EXTCODEHASH, "initialising brought the gate up");
+    }
+
+    /// @dev What a chain deriving addresses its own way looks like: the gate is not where it should be
+    function testGatingOntoForeignCodeFails() public {
+        vm.etch(DEPLOY_GATE_ADDRESS, address(new SimpleContract(1)).code);
+
+        vm.expectRevert("Not the DeployGate: unexpected code at that address");
+        this.initGated("", DeployPhase.Commit, address(this));
+    }
+
+    function testGatingWithoutANamespaceFails() public {
+        vm.expectRevert("A namespace is required to derive addresses");
+        this.initGated("", DeployPhase.Commit, address(0));
+    }
+
+    function testDeploymentIdIsolatesGatedDeployments() public {
+        address withoutId = _preview("testContract", "v3.1");
+
+        _initGated("rev2", DeployPhase.Commit, address(this), _executors());
+
+        assertTrue(_preview("testContract", "v3.1") != withoutId, "The deployment id should move the addresses");
+    }
+
+    // Commit, then deploy
+
+    function testCommitPhaseDeploysNothing() public {
+        address predicted = _preview("testContract", "v3.1");
+        address queued = this.queueAndCommit(42);
+
+        assertEq(queued, predicted, "Queued address does not match preview");
+        assertEq(predicted.code.length, 0, "committing should deploy nothing");
+        assertEq(committedContracts, 1);
+        assertTrue(deployGate.committed(namespace, DEFAULT_COMMITMENT_ID, _gatedSalt("testContract", "v3.1")) != 0);
+        assertTrue(
+            deployGate.isExecutor(namespace, DEFAULT_COMMITMENT_ID, address(this)), "committing names the executors too"
+        );
+    }
+
+    function testDeployPhaseDeploysWhatWasCommitted() public {
+        address predicted = this.queueAndCommit(42);
+
+        address deployed = this.deployIt(42);
+
+        assertEq(deployed, predicted, "the executor cannot move the address");
+        assertEq(SimpleContract(predicted).value(), 42);
+        assertEq(deployedContracts, 1);
+        assertEq(
+            deployGate.committed(namespace, DEFAULT_COMMITMENT_ID, _gatedSalt("testContract", "v3.1")),
+            0,
+            "commitment consumed"
+        );
+    }
+
+    /// @dev Caught in the script, before anything is broadcast
+    function testDeployPhaseRejectsAChangedInitCode() public {
+        this.queueAndCommit(42);
+
+        vm.expectRevert("Deployment does not match what was committed, commit again");
+        this.deployIt(43);
+    }
+
+    /// @dev Nothing is ever deployed over, and nothing already deployed is reused. Rerunning a commitment
+    ///      that went through hits its spent commitment, so recovering a partial deploy means moving the
+    ///      deployment id or the version: an earlier release's contracts are warded by its batchers, which denied
+    ///      themselves, so a later run could never wire them.
+    function testDeployPhaseRefusesToRedeploy() public {
+        address predicted = this.queueAndCommit(1);
+        this.deployIt(1);
+
+        vm.expectRevert("Deployment does not match what was committed, commit again");
+        this.deployIt(1);
+
+        assertEq(SimpleContract(predicted).value(), 1, "what was deployed should stay untouched");
+    }
+}
diff --git a/test/integration/Deployer.t.sol b/test/integration/Deployer.t.sol
index 76193c37d..d85fb737f 100644
--- a/test/integration/Deployer.t.sol
+++ b/test/integration/Deployer.t.sol
@@ -1,23 +1,28 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
+import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+
+import {Root} from "../../src/admin/Root.sol";
 import {ISafe} from "../../src/admin/interfaces/ISafe.sol";
 
+import {DeployPhase} from "../../script/deploy/GatedDeployer.s.sol";
 import {
     DeployerInput,
     FullDeployer,
     AdaptersInput,
-    WormholeInput,
     AxelarInput,
     LayerZeroInput,
     ChainlinkInput,
+    HyperlaneInput,
     defaultTxLimits,
     AdapterConnections
-} from "../../script/FullDeployer.s.sol";
+} from "../../script/deploy/FullDeployer.s.sol";
 
 import "forge-std/Test.sol";
 
-import {IWormholeRelayer, IWormholeDeliveryProvider} from "../../src/adapters/interfaces/IWormholeAdapter.sol";
+import {RootFixes} from "../../src/deployment/RootFixes.sol";
+import {CoreReport, CoreActionBatcher, RootAccessMismatch} from "../../src/deployment/ActionBatchers.sol";
 import {ILayerZeroEndpointV2Like, SetConfigParam} from "../../src/deployment/interfaces/ILayerZeroEndpointV2Like.sol";
 
 contract LayerZeroEndpointMock {
@@ -33,10 +38,6 @@ contract FullDeploymentConfigTest is Test, FullDeployer {
     ISafe immutable ADMIN_SAFE = ISafe(makeAddr("AdminSafe"));
     ISafe immutable OPS_SAFE = ISafe(makeAddr("OpsSafe"));
 
-    address immutable WORMHOLE_RELAYER = makeAddr("WormholeRelayer");
-    address immutable WORMHOLE_DELIVERY_PROVIDER = makeAddr("WormholeRelayer");
-    uint16 constant WORMHOLE_CHAIN_ID = 23;
-
     address immutable AXELAR_GATEWAY = makeAddr("AxelarGateway");
     address immutable AXELAR_GAS_SERVICE = makeAddr("AxelarGasService");
 
@@ -45,55 +46,69 @@ contract FullDeploymentConfigTest is Test, FullDeployer {
 
     address immutable CHAINLINK_CCIP_ROUTER = makeAddr("ChainlinkCCIPRouter");
 
+    address immutable HYPERLANE_MAILBOX = makeAddr("HyperlaneMailbox");
+
     bytes constant SIMPLE_CONTRACT = hex"6001600160005260206000f3";
 
-    function _mockRealWormholeContracts() private {
-        vm.mockCall(
-            WORMHOLE_RELAYER,
-            abi.encodeWithSelector(IWormholeRelayer.getDefaultDeliveryProvider.selector),
-            abi.encode(WORMHOLE_DELIVERY_PROVIDER)
-        );
+    uint256 internal constant MAINNET_DELAY = 48 hours;
 
-        vm.mockCall(
-            WORMHOLE_DELIVERY_PROVIDER,
-            abi.encodeWithSelector(IWormholeDeliveryProvider.chainId.selector),
-            abi.encode(WORMHOLE_CHAIN_ID)
-        );
-    }
+    uint16 internal centrifugeId_ = CENTRIFUGE_ID;
+    address internal namespace_;
+
+    /// @dev What a launch is handed. Zero root means it deploys its own; the subclasses below vary them
+    address internal existingRoot_;
+    uint256 internal delay_ = MAINNET_DELAY;
 
     /// @dev Mock deployed code for validation check which requires deployed code length > 0
     function _mockBridgeContracts() internal {
-        vm.etch(WORMHOLE_RELAYER, SIMPLE_CONTRACT);
         vm.etch(AXELAR_GATEWAY, SIMPLE_CONTRACT);
         vm.etch(AXELAR_GAS_SERVICE, SIMPLE_CONTRACT);
         vm.etch(CHAINLINK_CCIP_ROUTER, SIMPLE_CONTRACT);
+        vm.etch(HYPERLANE_MAILBOX, SIMPLE_CONTRACT);
     }
 
     function setUp() public virtual {
-        _mockRealWormholeContracts();
         _mockBridgeContracts();
-        deployFull(
-            DeployerInput({
-                centrifugeId: CENTRIFUGE_ID,
-                suffix: "",
-                txLimits: defaultTxLimits(),
-                protocolSafe: ADMIN_SAFE,
-                opsSafe: OPS_SAFE,
-                adapters: AdaptersInput({
-                    wormhole: WormholeInput({shouldDeploy: true, relayer: WORMHOLE_RELAYER}),
-                    axelar: AxelarInput({shouldDeploy: true, gateway: AXELAR_GATEWAY, gasService: AXELAR_GAS_SERVICE}),
-                    layerZero: LayerZeroInput({
-                        shouldDeploy: true,
-                        endpoint: LAYERZERO_ENDPOINT,
-                        delegate: LAYERZERO_DELEGATE,
-                        configParams: new SetConfigParam[](0)
-                    }),
-                    chainlink: ChainlinkInput({shouldDeploy: true, ccipRouter: CHAINLINK_CCIP_ROUTER}),
-                    connections: new AdapterConnections[](0) // TODO: test this
-                })
-            }),
-            address(this)
-        );
+
+        // Both phases in one go, through a gate this contract administers and executes
+        _bootstrap();
+        deployFullBothPhases(_input(""), namespace_, _executors(address(this)));
+    }
+
+    /// @dev The gate is brought up by the deployment itself, so there is nothing to place first. This
+    ///      contract owns the namespace it deploys under because it is the one that commits in it
+    function _bootstrap() internal {
+        namespace_ = address(this);
+    }
+
+    /// @dev Deployed by whoever is named here, in the namespace this contract commits in
+    function _executors(address executor_) internal pure returns (address[] memory executors) {
+        executors = new address[](1);
+        executors[0] = executor_;
+    }
+
+    function _input(string memory deploymentId_) internal view returns (DeployerInput memory) {
+        return DeployerInput({
+            centrifugeId: centrifugeId_,
+            deploymentId: deploymentId_,
+            txLimits: defaultTxLimits(),
+            protocolSafe: ADMIN_SAFE,
+            opsSafe: OPS_SAFE,
+            root: existingRoot_,
+            delay: delay_,
+            adapters: AdaptersInput({
+                axelar: AxelarInput({shouldDeploy: true, gateway: AXELAR_GATEWAY, gasService: AXELAR_GAS_SERVICE}),
+                layerZero: LayerZeroInput({
+                    shouldDeploy: true,
+                    endpoint: LAYERZERO_ENDPOINT,
+                    delegate: LAYERZERO_DELEGATE,
+                    configParams: new SetConfigParam[](0)
+                }),
+                chainlink: ChainlinkInput({shouldDeploy: true, ccipRouter: CHAINLINK_CCIP_ROUTER}),
+                hyperlane: HyperlaneInput({shouldDeploy: true, mailbox: HYPERLANE_MAILBOX, ism: address(0)}),
+                connections: new AdapterConnections[](0) // TODO: test this
+            })
+        });
     }
 }
 
@@ -102,17 +117,17 @@ contract FullDeploymentTestCore is FullDeploymentConfigTest {
         // permissions set correctly
         vm.assume(nonWard != address(root));
         vm.assume(nonWard != address(protocolGuardian));
+        vm.assume(nonWard != address(opsGuardian));
         vm.assume(nonWard != address(multiAdapter));
         vm.assume(nonWard != address(messageDispatcher));
         vm.assume(nonWard != address(messageProcessor));
-        vm.assume(nonWard != address(spoke));
 
         assertEq(gateway.wards(address(root)), 1);
         assertEq(gateway.wards(address(protocolGuardian)), 1);
+        assertEq(gateway.wards(address(opsGuardian)), 1);
         assertEq(gateway.wards(address(multiAdapter)), 1);
         assertEq(gateway.wards(address(messageDispatcher)), 1);
         assertEq(gateway.wards(address(messageProcessor)), 1);
-        assertEq(gateway.wards(address(spoke)), 1);
         assertEq(gateway.wards(nonWard), 0);
 
         // dependencies set correctly
@@ -128,6 +143,7 @@ contract FullDeploymentTestCore is FullDeploymentConfigTest {
         vm.assume(nonWard != address(protocolGuardian));
         vm.assume(nonWard != address(opsGuardian));
         vm.assume(nonWard != address(gateway));
+        vm.assume(nonWard != address(messageDispatcher));
         vm.assume(nonWard != address(messageProcessor));
         vm.assume(nonWard != address(hub));
 
@@ -135,6 +151,7 @@ contract FullDeploymentTestCore is FullDeploymentConfigTest {
         assertEq(multiAdapter.wards(address(protocolGuardian)), 1);
         assertEq(multiAdapter.wards(address(opsGuardian)), 1);
         assertEq(multiAdapter.wards(address(gateway)), 1);
+        assertEq(multiAdapter.wards(address(messageDispatcher)), 1);
         assertEq(multiAdapter.wards(address(messageProcessor)), 1);
         assertEq(multiAdapter.wards(address(hub)), 1);
         assertEq(multiAdapter.wards(nonWard), 0);
@@ -154,14 +171,12 @@ contract FullDeploymentTestCore is FullDeploymentConfigTest {
         vm.assume(nonWard != address(root));
         vm.assume(nonWard != address(protocolGuardian));
         vm.assume(nonWard != address(spoke));
-        vm.assume(nonWard != address(balanceSheet));
         vm.assume(nonWard != address(hub));
         vm.assume(nonWard != address(hubHandler));
 
         assertEq(messageDispatcher.wards(address(root)), 1);
         assertEq(messageDispatcher.wards(address(protocolGuardian)), 1);
         assertEq(messageDispatcher.wards(address(spoke)), 1);
-        assertEq(messageDispatcher.wards(address(balanceSheet)), 1);
         assertEq(messageDispatcher.wards(address(hub)), 1);
         assertEq(messageDispatcher.wards(address(hubHandler)), 1);
         assertEq(messageDispatcher.wards(nonWard), 0);
@@ -169,10 +184,9 @@ contract FullDeploymentTestCore is FullDeploymentConfigTest {
         // dependencies set correctly
         assertEq(messageDispatcher.localCentrifugeId(), CENTRIFUGE_ID);
         assertEq(address(messageDispatcher.scheduleAuth()), address(root));
-        assertEq(address(messageDispatcher.tokenRecoverer()), address(tokenRecoverer));
         assertEq(address(messageDispatcher.gateway()), address(gateway));
-        assertEq(address(messageDispatcher.spoke()), address(spoke));
-        assertEq(address(messageDispatcher.balanceSheet()), address(balanceSheet));
+        assertEq(address(messageDispatcher.spokeHandler()), address(spokeHandler));
+        assertEq(address(messageDispatcher.multiAdapter()), address(multiAdapter));
         assertEq(address(messageDispatcher.hubHandler()), address(hubHandler));
     }
 
@@ -187,112 +201,107 @@ contract FullDeploymentTestCore is FullDeploymentConfigTest {
 
         // dependencies set correctly
         assertEq(address(messageProcessor.scheduleAuth()), address(root));
-        assertEq(address(messageProcessor.tokenRecoverer()), address(tokenRecoverer));
-        assertEq(address(messageProcessor.multiAdapter()), address(multiAdapter));
         assertEq(address(messageProcessor.gateway()), address(gateway));
-        assertEq(address(messageProcessor.spoke()), address(spoke));
-        assertEq(address(messageProcessor.balanceSheet()), address(balanceSheet));
-        assertEq(address(messageProcessor.contractUpdater()), address(contractUpdater));
+        assertEq(address(messageProcessor.spokeHandler()), address(spokeHandler));
+        assertEq(address(messageProcessor.multiAdapter()), address(multiAdapter));
         assertEq(address(messageProcessor.hubHandler()), address(hubHandler));
     }
 
-    function testSpoke(address nonWard) public view {
-        // permissions set correctly
+    function testSpokeRegistry(address nonWard) public view {
+        vm.assume(nonWard != address(root));
+        vm.assume(nonWard != address(spokeHandler));
+        vm.assume(nonWard != address(spoke));
+
+        assertEq(spokeRegistry.wards(address(root)), 1);
+        assertEq(spokeRegistry.wards(address(spokeHandler)), 1);
+        assertEq(spokeRegistry.wards(address(spoke)), 1);
+        assertEq(spokeRegistry.wards(nonWard), 0);
+    }
+
+    function testSpokeHandler(address nonWard) public view {
         vm.assume(nonWard != address(root));
         vm.assume(nonWard != address(messageProcessor));
         vm.assume(nonWard != address(messageDispatcher));
-        vm.assume(nonWard != address(vaultRegistry));
 
-        assertEq(spoke.wards(address(root)), 1);
-        assertEq(spoke.wards(address(messageProcessor)), 1);
-        assertEq(spoke.wards(address(messageDispatcher)), 1);
-        assertEq(spoke.wards(address(vaultRegistry)), 1);
-        assertEq(spoke.wards(nonWard), 0);
+        assertEq(spokeHandler.wards(address(root)), 1);
+        assertEq(spokeHandler.wards(address(messageProcessor)), 1);
+        assertEq(spokeHandler.wards(address(messageDispatcher)), 1);
+        assertEq(spokeHandler.wards(nonWard), 0);
 
         // dependencies set correctly
-        assertEq(address(spoke.gateway()), address(gateway));
-        assertEq(address(spoke.poolEscrowFactory()), address(poolEscrowFactory));
-        assertEq(address(spoke.tokenFactory()), address(tokenFactory));
-        assertEq(address(spoke.sender()), address(messageDispatcher));
+        assertEq(address(spokeHandler.spokeRegistry()), address(spokeRegistry));
+        assertEq(address(spokeHandler.poolEscrowFactory()), address(poolEscrowFactory));
     }
 
-    function testBalanceSheet(address nonWard) public view {
-        // permissions set correctly
+    function testSpoke(address nonWard) public view {
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(messageProcessor));
-        vm.assume(nonWard != address(messageDispatcher));
 
-        assertEq(balanceSheet.wards(address(root)), 1);
-        assertEq(balanceSheet.wards(address(messageProcessor)), 1);
-        assertEq(balanceSheet.wards(address(messageDispatcher)), 1);
-        assertEq(balanceSheet.wards(nonWard), 0);
+        assertEq(spoke.wards(address(root)), 1);
+        assertEq(spoke.wards(nonWard), 0);
 
         // dependencies set correctly
-        assertEq(address(balanceSheet.spoke()), address(spoke));
-        assertEq(address(balanceSheet.sender()), address(messageDispatcher));
-        assertEq(address(balanceSheet.poolEscrowProvider()), address(poolEscrowFactory));
+        assertEq(address(spoke.spokeRegistry()), address(spokeRegistry));
+        assertEq(address(spoke.sender()), address(messageDispatcher));
+        assertEq(address(spoke.snapshotQueue()), address(snapshotQueue));
+        assertEq(address(spoke.poolEscrowProvider()), address(poolEscrowFactory));
 
         // root endorsements
-        assertEq(root.endorsed(address(balanceSheet)), true);
+        assertEq(root.endorsed(address(spoke)), true);
     }
 
-    function testVaultRegistry(address nonWard) public view {
+    function testQueues(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(messageProcessor));
-        vm.assume(nonWard != address(messageDispatcher));
-
-        assertEq(vaultRegistry.wards(address(root)), 1);
-        assertEq(vaultRegistry.wards(address(messageProcessor)), 1);
-        assertEq(vaultRegistry.wards(address(messageDispatcher)), 1);
-        assertEq(vaultRegistry.wards(nonWard), 0);
+        vm.assume(nonWard != address(spoke));
 
-        // dependencies set correctly
-        assertEq(address(vaultRegistry.spoke()), address(spoke));
+        assertEq(snapshotQueue.wards(address(root)), 1);
+        assertEq(snapshotQueue.wards(address(spoke)), 1);
+        assertEq(snapshotQueue.wards(nonWard), 0);
     }
 
     function testPoolEscrowFactory(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(spoke));
+        vm.assume(nonWard != address(spokeHandler));
 
         assertEq(poolEscrowFactory.wards(address(root)), 1);
-        assertEq(poolEscrowFactory.wards(address(spoke)), 1);
+        assertEq(poolEscrowFactory.wards(address(spokeHandler)), 1);
         assertEq(poolEscrowFactory.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(poolEscrowFactory.root()), address(root));
-        assertEq(address(poolEscrowFactory.balanceSheet()), address(balanceSheet));
+        assertEq(address(poolEscrowFactory.spoke()), address(spoke));
     }
 
-    function testTokenFactory(address nonWard) public {
+    function testShareTokenRegistrar(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
+        vm.assume(nonWard != address(spokeHandler));
         vm.assume(nonWard != address(spoke));
+        vm.assume(nonWard != address(spokeRegistry));
 
-        assertEq(tokenFactory.wards(address(root)), 1);
-        assertEq(tokenFactory.wards(address(spoke)), 1);
-        assertEq(tokenFactory.wards(nonWard), 0);
+        assertEq(shareTokenRegistrar.wards(address(root)), 1);
+        assertEq(shareTokenRegistrar.wards(address(spokeHandler)), 1);
+        assertEq(shareTokenRegistrar.wards(address(spoke)), 1);
+        assertEq(shareTokenRegistrar.wards(address(spokeRegistry)), 1);
+        assertEq(shareTokenRegistrar.wards(nonWard), 0);
 
         // dependencies set correctly
-        assertEq(address(tokenFactory.root()), address(root));
-        assertEq(address(tokenFactory.tokenWards(0)), address(spoke));
-        assertEq(address(tokenFactory.tokenWards(1)), address(balanceSheet));
-
-        vm.expectRevert();
-        tokenFactory.tokenWards(2);
+        assertEq(address(shareTokenRegistrar.root()), address(root));
+        assertEq(address(shareTokenRegistrar.envoy()), address(envoy));
+        assertEq(address(shareTokenRegistrar.spokeRegistry()), address(spokeRegistry));
     }
 
-    function testContractUpdater(address nonWard) public view {
+    function testEnvoy(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(messageProcessor));
         vm.assume(nonWard != address(messageDispatcher));
+        vm.assume(nonWard != address(messageProcessor));
 
-        assertEq(contractUpdater.wards(address(root)), 1);
-        assertEq(contractUpdater.wards(address(messageProcessor)), 1);
-        assertEq(contractUpdater.wards(address(messageDispatcher)), 1);
-        assertEq(contractUpdater.wards(nonWard), 0);
+        assertEq(envoy.wards(address(root)), 1);
+        assertEq(envoy.wards(address(messageDispatcher)), 1);
+        assertEq(envoy.wards(address(messageProcessor)), 1);
+        assertEq(envoy.wards(nonWard), 0);
     }
 
     function testHub(address nonWard) public view {
@@ -397,40 +406,21 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
     function testRoot(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(protocolGuardian));
-        vm.assume(nonWard != address(tokenRecoverer));
         vm.assume(nonWard != address(messageProcessor));
         vm.assume(nonWard != address(messageDispatcher));
 
         assertEq(root.wards(address(protocolGuardian)), 1);
-        assertEq(root.wards(address(tokenRecoverer)), 1);
         assertEq(root.wards(address(messageProcessor)), 1);
         assertEq(root.wards(address(messageDispatcher)), 1);
         assertEq(root.wards(nonWard), 0);
     }
 
-    function testTokenRecoverer(address nonWard) public view {
-        // permissions set correctly
-        vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(protocolGuardian));
-        vm.assume(nonWard != address(messageProcessor));
-        vm.assume(nonWard != address(messageDispatcher));
-
-        assertEq(tokenRecoverer.wards(address(root)), 1);
-        assertEq(tokenRecoverer.wards(address(protocolGuardian)), 1);
-        assertEq(tokenRecoverer.wards(address(messageProcessor)), 1);
-        assertEq(tokenRecoverer.wards(address(messageDispatcher)), 1);
-        assertEq(tokenRecoverer.wards(nonWard), 0);
-
-        // dependencies set correctly
-        assertEq(address(tokenRecoverer.root()), address(root));
-    }
-
     function testProtocolGuardian() public view {
         // dependencies set correctly
         assertEq(address(protocolGuardian.root()), address(root));
         assertEq(address(protocolGuardian.safe()), address(ADMIN_SAFE));
-        assertEq(address(protocolGuardian.gateway()), address(gateway));
         assertEq(address(protocolGuardian.sender()), address(messageDispatcher));
+        assertEq(address(protocolGuardian.tokenBridge()), address(tokenBridge));
     }
 
     function testOpsGuardian() public view {
@@ -438,6 +428,7 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
         assertEq(address(opsGuardian.opsSafe()), address(OPS_SAFE));
         assertEq(address(opsGuardian.multiAdapter()), address(multiAdapter));
         assertEq(address(opsGuardian.hub()), address(hub));
+        assertEq(address(opsGuardian.tokenBridge()), address(tokenBridge));
     }
 
     function testSubsidyManager(address nonWard) public view {
@@ -451,39 +442,38 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
 
         // dependencies set correctly
         assertEq(address(subsidyManager.refundEscrowFactory()), address(refundEscrowFactory));
+        assertEq(subsidyManager.envoy(), address(envoy));
     }
 
     function testAsyncRequestManager(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(spoke));
+        vm.assume(nonWard != address(spokeHandler));
         vm.assume(nonWard != address(syncDepositVaultFactory));
         vm.assume(nonWard != address(asyncVaultFactory));
-        vm.assume(nonWard != address(contractUpdater));
 
         assertEq(asyncRequestManager.wards(address(root)), 1);
-        assertEq(asyncRequestManager.wards(address(spoke)), 1);
+        assertEq(asyncRequestManager.wards(address(spokeHandler)), 1);
         assertEq(asyncRequestManager.wards(address(syncDepositVaultFactory)), 1);
         assertEq(asyncRequestManager.wards(address(asyncVaultFactory)), 1);
-        assertEq(asyncRequestManager.wards(address(contractUpdater)), 1);
         assertEq(asyncRequestManager.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(asyncRequestManager.spoke()), address(spoke));
-        assertEq(address(asyncRequestManager.balanceSheet()), address(balanceSheet));
+        assertEq(address(asyncRequestManager.spokeRegistry()), address(spokeRegistry));
         assertEq(address(asyncRequestManager.subsidyManager()), address(subsidyManager));
 
         // root endorsements
-        assertEq(root.endorsed(address(balanceSheet)), true);
+        assertEq(root.endorsed(address(spoke)), true);
     }
 
     function testAsyncVaultFactory(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(vaultRegistry));
+        vm.assume(nonWard != address(spokeHandler));
 
         assertEq(asyncVaultFactory.wards(address(root)), 1);
-        assertEq(asyncVaultFactory.wards(address(vaultRegistry)), 1);
+        assertEq(asyncVaultFactory.wards(address(spokeHandler)), 1);
         assertEq(asyncVaultFactory.wards(nonWard), 0);
 
         // dependencies set correctly
@@ -494,10 +484,10 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
     function testSyncDepositVaultFactory(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(vaultRegistry));
+        vm.assume(nonWard != address(spokeHandler));
 
         assertEq(syncDepositVaultFactory.wards(address(root)), 1);
-        assertEq(syncDepositVaultFactory.wards(address(vaultRegistry)), 1);
+        assertEq(syncDepositVaultFactory.wards(address(spokeHandler)), 1);
         assertEq(syncDepositVaultFactory.wards(nonWard), 0);
 
         // dependencies set correctly
@@ -509,17 +499,16 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
     function testSyncManager(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(contractUpdater));
         vm.assume(nonWard != address(syncDepositVaultFactory));
 
         assertEq(syncManager.wards(address(root)), 1);
-        assertEq(syncManager.wards(address(contractUpdater)), 1);
         assertEq(syncManager.wards(address(syncDepositVaultFactory)), 1);
         assertEq(syncManager.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(syncManager.spoke()), address(spoke));
-        assertEq(address(syncManager.balanceSheet()), address(balanceSheet));
+        assertEq(address(syncManager.spokeRegistry()), address(spokeRegistry));
+        assertEq(syncManager.envoy(), address(envoy));
     }
 
     function testVaultRouter(address nonWard) public view {
@@ -531,7 +520,6 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
 
         // dependencies set correctly
         assertEq(address(vaultRouter.spoke()), address(spoke));
-        assertEq(address(vaultRouter.gateway()), address(gateway));
 
         // root endorsements
         assertEq(root.endorsed(address(vaultRouter)), true);
@@ -548,79 +536,94 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
 
         // dependencies set correctly
         assertEq(address(refundEscrowFactory.controller()), address(subsidyManager));
+        assertEq(refundEscrowFactory.root(), address(root));
     }
 
     function testFreezeOnly(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(spoke));
-        vm.assume(nonWard != address(contractUpdater));
+        vm.assume(nonWard != address(shareTokenRegistrar));
 
         assertEq(freezeOnlyHook.wards(address(root)), 1);
-        assertEq(freezeOnlyHook.wards(address(spoke)), 1);
-        assertEq(freezeOnlyHook.wards(address(contractUpdater)), 1);
+        assertEq(freezeOnlyHook.wards(address(shareTokenRegistrar)), 1);
         assertEq(freezeOnlyHook.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(freezeOnlyHook.root()), address(root));
+        assertEq(freezeOnlyHook.envoy(), address(envoy));
+        assertEq(address(freezeOnlyHook.poolEscrowProvider()), address(poolEscrowFactory));
+        assertFalse(freezeOnlyHook.isPoolEscrow(nonWard));
     }
 
     function testRedemptionRestriction(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(spoke));
-        vm.assume(nonWard != address(contractUpdater));
+        vm.assume(nonWard != address(shareTokenRegistrar));
 
         assertEq(redemptionRestrictionsHook.wards(address(root)), 1);
-        assertEq(redemptionRestrictionsHook.wards(address(spoke)), 1);
-        assertEq(redemptionRestrictionsHook.wards(address(contractUpdater)), 1);
+        assertEq(redemptionRestrictionsHook.wards(address(shareTokenRegistrar)), 1);
         assertEq(redemptionRestrictionsHook.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(redemptionRestrictionsHook.root()), address(root));
+        assertEq(redemptionRestrictionsHook.envoy(), address(envoy));
+        assertEq(address(redemptionRestrictionsHook.poolEscrowProvider()), address(poolEscrowFactory));
+        assertFalse(redemptionRestrictionsHook.isPoolEscrow(nonWard));
     }
 
     function testFreelyTransferable(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(spoke));
-        vm.assume(nonWard != address(contractUpdater));
+        vm.assume(nonWard != address(shareTokenRegistrar));
 
         assertEq(freelyTransferableHook.wards(address(root)), 1);
-        assertEq(freelyTransferableHook.wards(address(spoke)), 1);
-        assertEq(freelyTransferableHook.wards(address(contractUpdater)), 1);
+        assertEq(freelyTransferableHook.wards(address(shareTokenRegistrar)), 1);
         assertEq(freelyTransferableHook.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(freelyTransferableHook.root()), address(root));
+        assertEq(freelyTransferableHook.envoy(), address(envoy));
+        assertEq(address(freelyTransferableHook.poolEscrowProvider()), address(poolEscrowFactory));
+        assertFalse(freelyTransferableHook.isPoolEscrow(nonWard));
     }
 
     function testFullRestriction(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(spoke));
-        vm.assume(nonWard != address(contractUpdater));
+        vm.assume(nonWard != address(shareTokenRegistrar));
 
         assertEq(fullRestrictionsHook.wards(address(root)), 1);
-        assertEq(fullRestrictionsHook.wards(address(spoke)), 1);
-        assertEq(fullRestrictionsHook.wards(address(contractUpdater)), 1);
+        assertEq(fullRestrictionsHook.wards(address(shareTokenRegistrar)), 1);
         assertEq(fullRestrictionsHook.wards(nonWard), 0);
 
         // dependencies set correctly
         assertEq(address(fullRestrictionsHook.root()), address(root));
+        assertEq(fullRestrictionsHook.envoy(), address(envoy));
+        assertEq(address(fullRestrictionsHook.poolEscrowProvider()), address(poolEscrowFactory));
+        assertFalse(fullRestrictionsHook.isPoolEscrow(nonWard));
     }
 
     function testOnOffRampFactory() public view {
         // dependencies set correctly
-        assertEq(address(onOffRampFactory.contractUpdater()), address(contractUpdater));
-        assertEq(address(onOffRampFactory.balanceSheet()), address(balanceSheet));
+        assertEq(address(onOffRampFactory.envoy()), address(envoy));
+        assertEq(address(onOffRampFactory.spoke()), address(spoke));
         assertEq(address(onOffRampFactory.accountingToken()), address(accountingToken));
     }
 
+    function testShareManager() public view {
+        // dependencies set correctly
+        assertEq(address(shareManager.envoy()), address(envoy));
+        assertEq(address(shareManager.spoke()), address(spoke));
+        assertEq(address(shareManager.spokeRegistry()), address(spokeRegistry));
+
+        // root endorsements
+        assertEq(root.endorsed(address(shareManager)), true);
+    }
+
     function testQueueManager() public view {
         // dependencies set correctly
-        assertEq(address(queueManager.contractUpdater()), address(contractUpdater));
-        assertEq(address(queueManager.balanceSheet()), address(balanceSheet));
+        assertEq(address(queueManager.envoy()), address(envoy));
+        assertEq(address(queueManager.spoke()), address(spoke));
         assertEq(address(queueManager.gateway()), address(gateway));
     }
 
@@ -633,13 +636,14 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
         // dependencies set correctly
         assertEq(address(oracleValuation.hubRegistry()), address(hubRegistry));
         assertEq(address(oracleValuation.hub()), address(hub));
-        assertEq(oracleValuation.contractUpdater(), address(contractUpdater));
+        assertEq(oracleValuation.envoy(), address(envoy));
     }
 
     function testNavManager() public view {
         // dependencies set correctly
         assertEq(address(navManager.hub()), address(hub));
         assertEq(address(navManager.holdings()), address(holdings));
+        assertEq(navManager.envoy(), address(envoy));
     }
 
     function testSimplePriceManager() public view {
@@ -660,12 +664,15 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
         assertEq(batchRequestManager.wards(address(hub)), 1);
         assertEq(batchRequestManager.wards(address(hubHandler)), 1);
         assertEq(batchRequestManager.wards(nonWard), 0);
+
+        // dependencies set correctly
+        assertEq(batchRequestManager.envoy(), address(envoy));
     }
 
     function testOnchainPMFactory() public view {
         // dependencies set correctly
-        assertEq(onchainPMFactory.contractUpdater(), address(contractUpdater));
-        assertEq(address(onchainPMFactory.balanceSheet()), address(balanceSheet));
+        assertEq(onchainPMFactory.envoy(), address(envoy));
+        assertEq(address(onchainPMFactory.spoke()), address(spoke));
         assertEq(address(onchainPMFactory.gateway()), address(gateway));
     }
 
@@ -689,34 +696,22 @@ contract FullDeploymentTestNonCore is FullDeploymentConfigTest {
         assertTrue(address(circuitBreakerGuard).code.length > 0);
     }
 
+    function testBridgeCircuitBreaker() public view {
+        // dependencies set correctly
+        assertEq(bridgeCircuitBreaker.envoy(), address(envoy));
+        assertEq(bridgeCircuitBreaker.wards(address(hubHandler)), 1);
+        assertEq(address(bridgeCircuitBreaker.circuitBreakerGuard()), address(circuitBreakerGuard));
+    }
+
     function testSlippageGuard() public view {
         // dependencies set correctly
         assertEq(address(slippageGuard.spoke()), address(spoke));
-        assertEq(address(slippageGuard.balanceSheet()), address(balanceSheet));
-        assertEq(slippageGuard.contractUpdater(), address(contractUpdater));
+        assertEq(slippageGuard.envoy(), address(envoy));
         assertEq(address(slippageGuard.onchainPMFactory()), address(onchainPMFactory));
     }
 }
 
 contract FullDeploymentTestAdapters is FullDeploymentConfigTest {
-    function testWormholeAdapter(address nonWard) public view {
-        // permissions set correctly
-        vm.assume(nonWard != address(root));
-        vm.assume(nonWard != address(opsGuardian));
-        vm.assume(nonWard != address(protocolGuardian));
-
-        assertEq(wormholeAdapter.wards(address(root)), 1);
-        assertEq(wormholeAdapter.wards(address(opsGuardian)), 1);
-        assertEq(wormholeAdapter.wards(address(protocolGuardian)), 1);
-        assertEq(wormholeAdapter.wards(address(ADMIN_SAFE)), 0);
-        assertEq(wormholeAdapter.wards(nonWard), 0);
-
-        // dependencies set correctly
-        assertEq(address(wormholeAdapter.entrypoint()), address(multiAdapter));
-        assertEq(address(wormholeAdapter.relayer()), WORMHOLE_RELAYER);
-        assertEq(wormholeAdapter.localWormholeId(), WORMHOLE_CHAIN_ID);
-    }
-
     function testAxelarAdapter(address nonWard) public view {
         // permissions set correctly
         vm.assume(nonWard != address(root));
@@ -773,6 +768,51 @@ contract FullDeploymentTestAdapters is FullDeploymentConfigTest {
         // dependencies set correctly
         assertEq(address(chainlinkAdapter.ccipRouter()), CHAINLINK_CCIP_ROUTER);
     }
+
+    function testTokenBridge(address nonWard) public view {
+        // permissions set correctly
+        vm.assume(nonWard != address(root));
+        vm.assume(nonWard != address(protocolGuardian));
+        vm.assume(nonWard != address(opsGuardian));
+
+        assertEq(tokenBridge.wards(address(root)), 1);
+        assertEq(tokenBridge.wards(address(protocolGuardian)), 1);
+        assertEq(tokenBridge.wards(address(opsGuardian)), 1);
+        assertEq(tokenBridge.wards(nonWard), 0);
+
+        // dependencies set correctly
+        assertEq(address(tokenBridge.spoke()), address(spoke));
+        assertEq(address(tokenBridge.gateway()), address(gateway));
+        assertEq(address(tokenBridge.envoy()), address(envoy));
+        assertEq(address(opsGuardian.tokenBridge()), address(tokenBridge));
+
+        // root endorsements
+        assertEq(root.endorsed(address(tokenBridge)), true);
+    }
+
+    function testHyperlaneAdapter(address nonWard) public view {
+        // permissions set correctly
+        vm.assume(nonWard != address(root));
+        vm.assume(nonWard != address(opsGuardian));
+        vm.assume(nonWard != address(protocolGuardian));
+        vm.assume(nonWard != address(ADMIN_SAFE));
+
+        assertEq(hyperlaneAdapter.wards(address(root)), 1);
+        assertEq(hyperlaneAdapter.wards(address(opsGuardian)), 1);
+        assertEq(hyperlaneAdapter.wards(address(protocolGuardian)), 1);
+        assertEq(hyperlaneAdapter.wards(address(ADMIN_SAFE)), 1);
+        assertEq(hyperlaneAdapter.wards(nonWard), 0);
+
+        // dependencies set correctly
+        assertEq(address(hyperlaneAdapter.entrypoint()), address(multiAdapter));
+        assertEq(address(hyperlaneAdapter.mailbox()), HYPERLANE_MAILBOX);
+    }
+
+    function testAdapterFailover() public view {
+        assertEq(address(adapterFailover.multiAdapter()), address(multiAdapter));
+        assertEq(adapterFailover.envoy(), address(envoy));
+        assertEq(adapterFailover.timelock(), uint64(MAINNET_DELAY));
+    }
 }
 
 contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
@@ -780,13 +820,6 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
         vm.etch(contractAddr, SIMPLE_CONTRACT);
     }
 
-    function _validateWormholeInput(AdaptersInput memory adaptersInput) private view {
-        if (adaptersInput.wormhole.shouldDeploy) {
-            require(adaptersInput.wormhole.relayer != address(0), "Wormhole relayer address cannot be zero");
-            require(adaptersInput.wormhole.relayer.code.length > 0, "Wormhole relayer must be a deployed contract");
-        }
-    }
-
     function _validateAxelarInput(AdaptersInput memory adaptersInput) private view {
         if (adaptersInput.axelar.shouldDeploy) {
             require(adaptersInput.axelar.gateway != address(0), "Axelar gateway address cannot be zero");
@@ -813,48 +846,17 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
         }
     }
 
-    function testWormholeRelayerZeroAddressFails() public {
-        AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: true, relayer: address(0)}),
-            axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
-            layerZero: LayerZeroInput({
-                shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
-            }),
-            chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
-            connections: new AdapterConnections[](0)
-        });
-
-        vm.expectRevert("Wormhole relayer address cannot be zero");
-        this._validateWormholeInputExternal(invalidInput);
-    }
-
-    function testWormholeRelayerNoCodeFails() public {
-        address mockRelayer = makeAddr("MockRelayerNoCode");
-        AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: true, relayer: mockRelayer}),
-            axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
-            layerZero: LayerZeroInput({
-                shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
-            }),
-            chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
-            connections: new AdapterConnections[](0)
-        });
-
-        vm.expectRevert("Wormhole relayer must be a deployed contract");
-        this._validateWormholeInputExternal(invalidInput);
-    }
-
     function testAxelarGatewayZeroAddressFails() public {
         address validGasService = makeAddr("ValidGasService");
         _mockNonEmptyContract(validGasService);
 
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: true, gateway: address(0), gasService: validGasService}),
             layerZero: LayerZeroInput({
                 shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -867,12 +869,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
         _mockNonEmptyContract(validGateway);
 
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: true, gateway: validGateway, gasService: address(0)}),
             layerZero: LayerZeroInput({
                 shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -888,12 +890,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
         _mockNonEmptyContract(mockGasService);
 
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: true, gateway: mockGateway, gasService: mockGasService}),
             layerZero: LayerZeroInput({
                 shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -909,12 +911,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
         _mockNonEmptyContract(mockGateway);
 
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: true, gateway: mockGateway, gasService: mockGasService}),
             layerZero: LayerZeroInput({
                 shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -924,12 +926,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
 
     function testLayerZeroEndpointZeroAddressFails() public {
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
             layerZero: LayerZeroInput({
                 shouldDeploy: true, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -940,12 +942,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
     function testLayerZeroEndpointNoCodeFails() public {
         address mockEndpoint = makeAddr("MockEndpointNoCode");
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
             layerZero: LayerZeroInput({
                 shouldDeploy: true, endpoint: mockEndpoint, delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -955,7 +957,6 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
 
     function testLayerZeroDelegateZeroAddressFails() public {
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
             layerZero: LayerZeroInput({
                 shouldDeploy: true,
@@ -964,6 +965,7 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
                 configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: false, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -973,12 +975,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
 
     function testChainlinkZeroAddressFails() public {
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
             layerZero: LayerZeroInput({
                 shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: true, ccipRouter: address(0)}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -989,12 +991,12 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
     function testChainlinkNoCodeFails() public {
         address mockCCIPRouter = makeAddr("MockCCIPRouterNoCode");
         AdaptersInput memory invalidInput = AdaptersInput({
-            wormhole: WormholeInput({shouldDeploy: false, relayer: address(0)}),
             axelar: AxelarInput({shouldDeploy: false, gateway: address(0), gasService: address(0)}),
             layerZero: LayerZeroInput({
                 shouldDeploy: false, endpoint: address(0), delegate: address(0), configParams: new SetConfigParam[](0)
             }),
             chainlink: ChainlinkInput({shouldDeploy: true, ccipRouter: mockCCIPRouter}),
+            hyperlane: HyperlaneInput({shouldDeploy: false, mailbox: address(0), ism: address(0)}),
             connections: new AdapterConnections[](0)
         });
 
@@ -1003,10 +1005,6 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
     }
 
     // External wrapper functions to allow expectRevert to work properly (must be external)
-    function _validateWormholeInputExternal(AdaptersInput memory adaptersInput) external view {
-        _validateWormholeInput(adaptersInput);
-    }
-
     function _validateAxelarInputExternal(AdaptersInput memory adaptersInput) external view {
         _validateAxelarInput(adaptersInput);
     }
@@ -1019,3 +1017,415 @@ contract FullDeploymentTestAdaptersValidation is FullDeploymentConfigTest {
         _validateChainlinkInput(adaptersInput);
     }
 }
+
+/// @dev Deploying through the DeployGate must produce the very same deployment, only signed differently
+///      and at different addresses
+contract FullDeploymentGatedTest is FullDeploymentConfigTest {
+    function testEverythingWentThroughTheDeployGate() public view {
+        assertGt(deployedContracts, 50, "the whole protocol should go through the DeployGate");
+    }
+
+    /// @dev The commitment is the whole of the gate's state, so a spent one leaves an executor nothing to
+    ///      deploy with, on this namespace or any other
+    function testTheCommitmentIsSpent() public view {
+        (,, uint64 cursor,) = deployGate.commitments(namespace_, DEFAULT_COMMITMENT_ID);
+        assertEq(cursor, deployedContracts, "every committed contract was deployed");
+        assertEq(
+            deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("root", V3_3)),
+            0,
+            "and nothing is left to deploy"
+        );
+    }
+
+    function testEveryContractIsDeployed() public view {
+        assertGt(address(deployGate).code.length, 0, "deployGate");
+        assertGt(address(root).code.length, 0, "root");
+        assertGt(address(spoke).code.length, 0, "spoke");
+        assertGt(address(hub).code.length, 0, "hub");
+        assertGt(address(coreBatcher).code.length, 0, "coreBatcher");
+        assertGt(address(nonCoreBatcher).code.length, 0, "nonCoreBatcher");
+        assertGt(address(adapterBatcher).code.length, 0, "adapterBatcher");
+        assertGt(address(layerZeroAdapter).code.length, 0, "layerZeroAdapter");
+    }
+
+    /// @dev The DeployGate deploys, it never wires. A leaked key must not reach a live deployment.
+    function testDeployGateHasNoPermissions() public view {
+        address deployGate_ = address(deployGate);
+
+        assertEq(root.wards(deployGate_), 0, "root");
+        assertEq(gateway.wards(deployGate_), 0, "gateway");
+        assertEq(multiAdapter.wards(deployGate_), 0, "multiAdapter");
+        assertEq(spoke.wards(deployGate_), 0, "spoke");
+        assertEq(spokeRegistry.wards(deployGate_), 0, "spokeRegistry");
+        assertEq(hub.wards(deployGate_), 0, "hub");
+        assertEq(hubRegistry.wards(deployGate_), 0, "hubRegistry");
+        assertEq(shareTokenRegistrar.wards(deployGate_), 0, "shareTokenRegistrar");
+        assertEq(asyncRequestManager.wards(deployGate_), 0, "asyncRequestManager");
+        assertEq(tokenBridge.wards(deployGate_), 0, "tokenBridge");
+    }
+
+    /// @dev The registry reports what was deployed, once each. The commit phase registers addresses as it
+    ///      walks, and the state rollback that ends it is what discards them again, this script's own storage
+    ///      being rolled back along with everything else
+    /// @dev The three action batchers are deployed but not reported: they hold no permission once they have
+    ///      wired the protocol, and nothing ever reads one back, so they do not belong in `env/<environment>/<network>.json`
+    function testReportsEveryContractButTheBatchers() public view {
+        assertEq(registeredCount() + 3, deployedContracts, "the registry should report every other contract");
+
+        assertFalse(_registered("coreBatcher"), "coreBatcher is not reported");
+        assertFalse(_registered("nonCoreBatcher"), "nonCoreBatcher is not reported");
+        assertFalse(_registered("adapterBatcher"), "adapterBatcher is not reported");
+    }
+
+    /// @dev Nothing stays committed once deployed, so a stale approval cannot linger on chain
+    function testCommitmentsAreConsumed() public view {
+        assertEq(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("root", V3_3)), 0, "root");
+        assertEq(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("spoke", V3_3)), 0, "spoke");
+        assertEq(
+            deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("coreBatcher", V_LATEST)),
+            0,
+            "coreBatcher"
+        );
+    }
+
+    /// @dev Wiring depends on the addresses predicted while queueing, so a mismatch would show up here
+    function testWiringUsesThePredictedAddresses() public view {
+        assertEq(address(gateway.processor()), address(messageProcessor));
+        assertEq(address(gateway.adapter()), address(multiAdapter));
+        assertEq(address(spoke.sender()), address(messageDispatcher));
+        assertEq(address(hub.sender()), address(messageDispatcher));
+        assertEq(address(hubHandler.sender()), address(messageDispatcher));
+        assertEq(address(messageDispatcher.spokeHandler()), address(spokeHandler));
+        assertEq(address(messageProcessor.hubHandler()), address(hubHandler));
+        assertEq(address(poolEscrowFactory.spoke()), address(spoke));
+        assertEq(address(protocolGuardian.safe()), address(ADMIN_SAFE));
+        assertEq(address(opsGuardian.opsSafe()), address(OPS_SAFE));
+
+        assertEq(gateway.wards(address(root)), 1);
+        assertEq(hub.wards(address(hubHandler)), 1);
+        assertEq(spokeRegistry.wards(address(spoke)), 1);
+        assertEq(root.wards(address(messageDispatcher)), 1);
+        assertTrue(root.endorsements(address(spoke)) == 1);
+
+        assertEq(hubRegistry.decimals(USD_ID), ISO4217_DECIMALS);
+        assertEq(hubRegistry.decimals(EUR_ID), ISO4217_DECIMALS);
+    }
+
+    /// @dev The action batchers must give up their permissions, exactly as in a direct deployment
+    function testActionBatchersRevokedThemselves() public view {
+        assertEq(root.wards(address(coreBatcher)), 0, "coreBatcher on root");
+        assertEq(gateway.wards(address(coreBatcher)), 0, "coreBatcher on gateway");
+        assertEq(hub.wards(address(coreBatcher)), 0, "coreBatcher on hub");
+        assertEq(spoke.wards(address(coreBatcher)), 0, "coreBatcher on spoke");
+        assertEq(root.wards(address(nonCoreBatcher)), 0, "nonCoreBatcher on root");
+        assertEq(multiAdapter.wards(address(adapterBatcher)), 0, "multiAdapter on adapterBatcher");
+    }
+}
+
+/// @dev The point of the design: the admin signs a single transaction, and nothing but what it committed to
+///      can then be deployed
+contract FullDeploymentPhasedTest is FullDeploymentConfigTest {
+    address immutable EXECUTOR = makeAddr("executor");
+
+    function setUp() public virtual override {
+        _mockBridgeContracts();
+        _bootstrap();
+
+        // The phases are signed by different accounts on a real deployment, so the fixture separates them too.
+        // Running both as one account would hide an init code that depends on who is deploying: it would come
+        // out the same in both walks here, and only revert with `NotCommitted` on chain, after the signature.
+        // Naming the executor is the commit phase's job, so nothing has to be granted before it
+        _deploy(DeployPhase.Commit);
+    }
+
+    /// @dev One phase at a time, unlike the base fixture, which runs both, and each as the account that signs
+    ///      it: the admin commits, an executor that is a ward of nothing deploys
+    function _deploy(DeployPhase phase) internal {
+        _deploy(phase, "");
+    }
+
+    function _deploy(DeployPhase phase, string memory deploymentId_) internal {
+        if (phase == DeployPhase.Commit) {
+            deployFull(_input(deploymentId_), phase, namespace_, _executors(EXECUTOR));
+            return;
+        }
+
+        vm.startPrank(EXECUTOR);
+        deployFull(_input(deploymentId_), phase, namespace_, _executors(EXECUTOR));
+        vm.stopPrank();
+    }
+
+    function testCommitPhaseDeploysNothingButTheDeployGate() public view {
+        assertGt(address(deployGate).code.length, 0, "deployGate");
+        assertEq(address(root).code.length, 0, "root");
+        assertEq(address(spoke).code.length, 0, "spoke");
+        assertEq(deployedContracts, 0);
+    }
+
+    function testCommitPhaseCommitsEveryContract() public view virtual {
+        assertGt(committedContracts, 50, "the admin should commit the whole protocol in one transaction");
+        assertTrue(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("root", V3_3)) != 0, "root");
+        assertTrue(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("spoke", V3_3)) != 0, "spoke");
+        assertTrue(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("hub", V3_3)) != 0, "hub");
+        assertTrue(
+            deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("coreBatcher", V_LATEST)) != 0,
+            "coreBatcher"
+        );
+        assertTrue(
+            deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("neverDeployed", V3_3)) == 0,
+            "unknown salt"
+        );
+    }
+
+    function testExecutorCanOnlyDeployWhatWasCommitted() public {
+        assertTrue(
+            deployGate.isExecutor(namespace_, DEFAULT_COMMITMENT_ID, EXECUTOR),
+            "the executor may deploy what was committed"
+        );
+        assertFalse(
+            deployGate.isExecutor(namespace_, DEFAULT_COMMITMENT_ID, address(this)),
+            "the namespace is not the one deploying"
+        );
+
+        _deploy(DeployPhase.Deploy);
+
+        // Same deployment a single signer would have produced
+        assertGt(deployedContracts, 50);
+        assertEq(address(spoke.sender()), address(messageDispatcher));
+        assertEq(address(protocolGuardian.safe()), address(ADMIN_SAFE));
+        assertEq(gateway.wards(address(root)), 1);
+        assertEq(root.wards(address(coreBatcher)), 0, "coreBatcher should have revoked itself");
+        assertEq(root.wards(address(deployGate)), 0, "the gate must gain nothing");
+        assertEq(root.wards(EXECUTOR), 0, "nor the executor that deployed it");
+        assertEq(hubRegistry.decimals(USD_ID), ISO4217_DECIMALS);
+    }
+
+    /// @dev Deploying needs a commitment, so the executor cannot deploy a set the admin never committed to.
+    ///      Caught before anything is broadcast, the DeployGate itself being the backstop.
+    /// @dev The guard trips on the first contract, before the gate is called at all, so this runs from here
+    ///      rather than under a prank, which expectRevert needs anyway
+    function testExecutorCannotDeployWhatWasNotCommitted() public {
+        vm.expectRevert("Deployment does not match what was committed, commit again");
+        this.deployUncommitted();
+    }
+
+    /// @dev The same protocol under another deployment id, through the same gate: nothing here was ever committed
+    function deployUncommitted() external {
+        _deploy(DeployPhase.Deploy, "uncommitted");
+    }
+}
+
+/// @dev Launching onto a chain that already carries a Root: it is kept rather than replaced, and the wiring
+///      only Root can do waits for `RootFixes`, since the action batchers are wards of nothing on it
+contract FullDeploymentExistingRootTest is FullDeploymentConfigTest {
+    Root internal priorRoot;
+
+    function setUp() public override {
+        // Stands for the Root a previous release left on the chain, this contract being its governance
+        priorRoot = new Root(MAINNET_DELAY, address(this));
+        existingRoot_ = address(priorRoot);
+
+        super.setUp();
+    }
+
+    function testKeepsTheRootItWasGiven() public view {
+        assertEq(address(root), address(priorRoot), "the deployment should not have deployed a second Root");
+        assertEq(root.wards(address(this)), 1, "the Root it was given keeps its own wards");
+    }
+
+    /// @dev Everything not reaching into Root is wired as usual, batcher wards and all
+    function testTheRestOfTheDeploymentIsUnchanged() public view {
+        assertEq(gateway.wards(address(root)), 1, "root on gateway");
+        assertEq(hub.wards(address(hubHandler)), 1, "hubHandler on hub");
+        assertEq(address(spoke.sender()), address(messageDispatcher));
+        assertEq(gateway.wards(address(coreBatcher)), 0, "coreBatcher should have revoked itself");
+        assertEq(hubRegistry.decimals(USD_ID), ISO4217_DECIMALS);
+    }
+
+    /// @dev Deploy-time only, like the action batchers, so it stays out of `env/<network>.json`. The Root it
+    ///      wires does belong there, at the address it already had
+    function testRootIsRecordedAndRootFixesIsNot() public view {
+        assertTrue(_registered("root"), "root");
+        assertFalse(_registered("rootFixes"), "rootFixes");
+    }
+
+    /// @dev The batchers cannot touch a Root that does not ward them, so they must not have tried
+    function testRootWiringIsLeftUndone() public view {
+        assertEq(root.wards(address(messageDispatcher)), 0, "messageDispatcher on root");
+        assertEq(root.wards(address(messageProcessor)), 0, "messageProcessor on root");
+        assertEq(root.wards(address(protocolGuardian)), 0, "protocolGuardian on root");
+        assertEq(root.wards(address(coreBatcher)), 0, "coreBatcher on root");
+        assertEq(root.wards(address(nonCoreBatcher)), 0, "nonCoreBatcher on root");
+        assertFalse(root.endorsed(address(spoke)), "spoke endorsed");
+        assertFalse(root.endorsed(address(asyncRequestManager)), "asyncRequestManager endorsed");
+        assertFalse(root.endorsed(address(shareManager)), "shareManager endorsed");
+    }
+
+    /// @dev What the batchers left, done under a ward governance grants through the ordinary timelock
+    function testRootFixesFinishesTheWiring() public {
+        assertEq(address(rootFixes.root()), address(root), "rootFixes should point at the Root in use");
+
+        priorRoot.scheduleRely(address(rootFixes));
+        vm.warp(block.timestamp + MAINNET_DELAY);
+        priorRoot.executeScheduledRely(address(rootFixes));
+
+        rootFixes.cast();
+
+        // Exactly what a deployment that brought its own Root up ends with
+        assertEq(root.wards(address(messageDispatcher)), 1, "messageDispatcher on root");
+        assertEq(root.wards(address(messageProcessor)), 1, "messageProcessor on root");
+        assertEq(root.wards(address(protocolGuardian)), 1, "protocolGuardian on root");
+        assertTrue(root.endorsed(address(spoke)), "spoke endorsed");
+        assertTrue(root.endorsed(address(asyncRequestManager)), "asyncRequestManager endorsed");
+        assertTrue(root.endorsed(address(vaultRouter)), "vaultRouter endorsed");
+        assertTrue(root.endorsed(address(tokenBridge)), "tokenBridge endorsed");
+        assertTrue(root.endorsed(address(shareManager)), "shareManager endorsed");
+
+        // And it gives the ward back, as the batchers do
+        assertTrue(rootFixes.done());
+        assertEq(root.wards(address(rootFixes)), 0, "rootFixes should have revoked itself");
+    }
+
+    function testRootFixesNeedsItsWard() public {
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        rootFixes.cast();
+    }
+
+    function testRootFixesCastsOnce() public {
+        priorRoot.scheduleRely(address(rootFixes));
+        vm.warp(block.timestamp + MAINNET_DELAY);
+        priorRoot.executeScheduledRely(address(rootFixes));
+
+        rootFixes.cast();
+
+        vm.expectRevert(RootFixes.AlreadyCast.selector);
+        rootFixes.cast();
+    }
+}
+
+/// @dev The phases apart, over an existing Root: what the validate phase commits has to be exactly what the
+///      execute phase rebuilds, and Root is a constructor argument of nearly everything in it
+contract ExistingRootPhasedTest is FullDeploymentPhasedTest {
+    Root internal priorRoot;
+
+    function setUp() public override {
+        priorRoot = new Root(MAINNET_DELAY, address(this));
+        existingRoot_ = address(priorRoot);
+
+        super.setUp();
+    }
+
+    /// @dev The base fixture's, less the Root this chain already carries — which is not part of the
+    ///      commitment, nothing here deploying it — plus the `RootFixes` that stands in for it
+    function testCommitPhaseCommitsEveryContract() public view override {
+        assertGt(committedContracts, 50, "the admin should commit the whole protocol in one transaction");
+        assertTrue(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("spoke", V3_3)) != 0, "spoke");
+        assertTrue(deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("hub", V3_3)) != 0, "hub");
+        assertTrue(
+            deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("rootFixes", V_LATEST)) != 0, "rootFixes"
+        );
+        assertTrue(
+            deployGate.committed(namespace_, DEFAULT_COMMITMENT_ID, _gatedSalt("root", V3_3)) == 0,
+            "the Root already on the chain is not committed to"
+        );
+    }
+
+    /// @dev The one address a committing run has to be able to name, its walk having been rolled back
+    function testCommitPhaseStillNamesRootFixes() public view {
+        assertEq(address(rootFixes), gatedAddressOf("rootFixes"), "carried across the rollback");
+        assertEq(address(rootFixes).code.length, 0, "but nothing is deployed there yet");
+        assertEq(address(root), address(0), "the rest of the walk is gone");
+    }
+
+    function gatedAddressOf(string memory name) internal view returns (address) {
+        return deployGate.addressOf(namespace_, _gatedSalt(name, V_LATEST));
+    }
+
+    function testDeployPhaseRebuildsWhatWasCommitted() public {
+        _deploy(DeployPhase.Deploy);
+
+        assertEq(address(root), address(priorRoot), "the Root it was given");
+        assertGt(address(rootFixes).code.length, 0, "rootFixes");
+        assertEq(address(spoke.sender()), address(messageDispatcher));
+        assertEq(gateway.wards(address(root)), 1, "root on gateway");
+        assertEq(root.wards(address(messageDispatcher)), 0, "root wiring waits for rootFixes");
+    }
+}
+
+/// @dev The flag and the ward it implies have to agree, or the batcher stops the deployment. Unreachable
+///      through `FullDeployer`, which derives the flag from the same `input.root`, and asserted because the
+///      wrong pairing is silent: skipping the wiring while holding the ward leaves the batcher a ward of Root
+contract ActionBatcherRootAccessTest is Test {
+    function testWiringARootItIsNoWardOfReverts() public {
+        Root root = new Root(48 hours, makeAddr("someoneElse"));
+
+        vm.expectRevert(RootAccessMismatch.selector);
+        new CoreActionBatcher(_report(root), ISafe(address(0)), ISafe(address(0)), address(0), address(0), true);
+    }
+
+    function testSkippingARootItIsAWardOfReverts() public {
+        // Warded, as a freshly deployed Root wards the batcher that deployed it
+        Root root = new Root(48 hours, _batcherAddress());
+
+        vm.expectRevert(RootAccessMismatch.selector);
+        new CoreActionBatcher(_report(root), ISafe(address(0)), ISafe(address(0)), address(0), address(0), false);
+    }
+
+    /// @dev Where the next `new CoreActionBatcher` in this contract lands, so the Root above can ward it
+    function _batcherAddress() private view returns (address) {
+        return vm.computeCreateAddress(address(this), vm.getNonce(address(this)) + 1);
+    }
+
+    function _report(Root root) private pure returns (CoreReport memory report) {
+        report.root = root;
+    }
+}
+
+/// @dev A kept Root keeps its own delay, so `AdapterFailover` has to follow that rather than the input, or
+///      the two disagree about what the protocol delay is
+contract FullDeploymentKeptRootDelayTest is FullDeploymentConfigTest {
+    uint256 constant PRIOR_DELAY = 6 hours;
+
+    function setUp() public override {
+        existingRoot_ = address(new Root(PRIOR_DELAY, address(this)));
+        delay_ = MAINNET_DELAY;
+
+        super.setUp();
+    }
+
+    function testAdapterFailoverFollowsTheKeptRoot() public view {
+        assertEq(root.delay(), PRIOR_DELAY, "the input delay must not touch a kept Root");
+        assertEq(adapterFailover.timelock(), uint64(PRIOR_DELAY));
+    }
+}
+
+/// @dev What everything off mainnet deploys: no timelock, so a spell casts in the block it was scheduled in
+contract FullDeploymentNoDelayTest is FullDeploymentConfigTest {
+    function setUp() public override {
+        delay_ = 0;
+
+        super.setUp();
+    }
+
+    function testRootCarriesNoDelay() public view {
+        assertEq(root.delay(), 0);
+        assertEq(adapterFailover.timelock(), 0, "AdapterFailover should match the protocol delay");
+    }
+
+    function testASpellIsRelyableAtOnce() public {
+        address spell = makeAddr("spell");
+
+        vm.prank(address(ADMIN_SAFE));
+        protocolGuardian.scheduleRely(spell);
+
+        root.executeScheduledRely(spell);
+
+        assertEq(root.wards(spell), 1);
+    }
+
+    /// @dev The delay is init code, which CREATE3 does not look at
+    function testTheDelayMovesNoAddress() public {
+        assertEq(address(root), gatedAddress("root", V3_3));
+        assertEq(address(adapterFailover), gatedAddress("adapterFailover", V3_3));
+    }
+}
diff --git a/test/integration/EndToEnd.t.sol b/test/integration/EndToEnd.t.sol
index cb99bf792..3776a8fa2 100644
--- a/test/integration/EndToEnd.t.sol
+++ b/test/integration/EndToEnd.t.sol
@@ -1,7 +1,6 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity ^0.8.28;
 
-import {VMLabeling} from "./utils/VMLabeling.sol";
 import {LocalAdapter} from "./adapters/LocalAdapter.sol";
 import {IntegrationConstants} from "./utils/IntegrationConstants.sol";
 
@@ -14,44 +13,50 @@ import {Hub} from "../../src/core/hub/Hub.sol";
 import {Spoke} from "../../src/core/spoke/Spoke.sol";
 import {PoolId} from "../../src/core/types/PoolId.sol";
 import {Holdings} from "../../src/core/hub/Holdings.sol";
+import {IHub} from "../../src/core/hub/interfaces/IHub.sol";
 import {AccountId} from "../../src/core/types/AccountId.sol";
 import {Accounting} from "../../src/core/hub/Accounting.sol";
 import {Gateway} from "../../src/core/messaging/Gateway.sol";
 import {HubHandler} from "../../src/core/hub/HubHandler.sol";
+import {RequestId} from "../../src/core/types/RequestId.sol";
 import {HubRegistry} from "../../src/core/hub/HubRegistry.sol";
-import {IVault} from "../../src/core/spoke/interfaces/IVault.sol";
-import {GasService} from "../../src/core/messaging/GasService.sol";
 import {PricingLib} from "../../src/core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
+import {SpokeHandler} from "../../src/core/spoke/SpokeHandler.sol";
 import {AssetId, newAssetId} from "../../src/core/types/AssetId.sol";
-import {VaultRegistry} from "../../src/core/spoke/VaultRegistry.sol";
+import {SpokeRegistry} from "../../src/core/spoke/SpokeRegistry.sol";
+import {ISpokePolicy} from "../../src/core/utils/interfaces/IPolicy.sol";
 import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
 import {IGateway} from "../../src/core/messaging/interfaces/IGateway.sol";
 import {ShareClassManager} from "../../src/core/hub/ShareClassManager.sol";
-import {BalanceSheet, WithdrawMode} from "../../src/core/spoke/BalanceSheet.sol";
-import {MAX_MESSAGE_COST} from "../../src/core/messaging/interfaces/IGasService.sol";
+import {ISpokeRegistry} from "../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromSpoke} from "../../src/core/utils/interfaces/IManagerCall.sol";
 import {IHubRequestManager} from "../../src/core/hub/interfaces/IHubRequestManager.sol";
-import {IMessageHandler} from "../../src/core/messaging/interfaces/IMessageHandler.sol";
 import {MultiAdapter, MAX_ADAPTER_COUNT} from "../../src/core/messaging/MultiAdapter.sol";
 import {ILocalCentrifugeId} from "../../src/core/messaging/interfaces/IGatewaySenders.sol";
-import {IUntrustedContractUpdate} from "../../src/core/utils/interfaces/IContractUpdate.sol";
-import {MessageLib, MessageType, VaultUpdateKind} from "../../src/core/messaging/libraries/MessageLib.sol";
+import {MessageLib, MessageType, VaultUpdateKind, ManagerKind} from "../../src/core/messaging/libraries/MessageLib.sol";
 
 import {Root} from "../../src/admin/Root.sol";
+import {GasService} from "../../src/admin/GasService.sol";
 import {ISafe} from "../../src/admin/interfaces/ISafe.sol";
 import {OpsGuardian} from "../../src/admin/OpsGuardian.sol";
 import {ProtocolGuardian} from "../../src/admin/ProtocolGuardian.sol";
 
 import {MockSnapshotHook} from "../hooks/mocks/MockSnapshotHook.sol";
 
-import {FreezeOnly} from "../../src/hooks/FreezeOnly.sol";
-import {FullRestrictions} from "../../src/hooks/FullRestrictions.sol";
-import {RedemptionRestrictions} from "../../src/hooks/RedemptionRestrictions.sol";
-import {UpdateRestrictionMessageLib} from "../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {FreezeOnly} from "../../src/token/hooks/FreezeOnly.sol";
+import {FullRestrictions} from "../../src/token/hooks/FullRestrictions.sol";
+import {RedemptionRestrictions} from "../../src/token/hooks/RedemptionRestrictions.sol";
+import {UpdateRestrictionMessageLib} from "../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
+
+import {ShareManager} from "../../src/managers/spoke/ShareManager.sol";
+import {IShareManager} from "../../src/managers/spoke/interfaces/IShareManager.sol";
 
 import {OracleValuation} from "../../src/valuations/OracleValuation.sol";
 import {IdentityValuation} from "../../src/valuations/IdentityValuation.sol";
 
+import {BatchRequestManagerCallLib} from "../vaults/utils/BatchRequestManagerCallLib.sol";
+
 import {SyncManager} from "../../src/vaults/SyncManager.sol";
 import {VaultRouter} from "../../src/vaults/VaultRouter.sol";
 import {IBaseVault} from "../../src/vaults/interfaces/IBaseVault.sol";
@@ -60,13 +65,16 @@ import {AsyncRequestManager} from "../../src/vaults/AsyncRequestManager.sol";
 import {BatchRequestManager} from "../../src/vaults/BatchRequestManager.sol";
 import {IAsyncVault, IAsyncRedeemVault} from "../../src/vaults/interfaces/IAsyncVault.sol";
 
-import {FullDeployer, DeployerInput, noAdaptersInput, defaultTxLimits} from "../../script/FullDeployer.s.sol";
+import {FullDeployer, DeployerInput, noAdaptersInput, defaultTxLimits} from "../../script/deploy/FullDeployer.s.sol";
 
 import "forge-std/Test.sol";
 
+import {MAX_MESSAGE_COST} from "../utils/GasConstants.sol";
 import {SubsidyManager} from "../../src/utils/SubsidyManager.sol";
-import {RecoveryAdapter} from "../../src/adapters/RecoveryAdapter.sol";
+import {IShareToken} from "../../src/token/interfaces/IShareToken.sol";
 import {RefundEscrowFactory} from "../../src/utils/RefundEscrowFactory.sol";
+import {ShareTokenRegistrar} from "../../src/token/ShareTokenRegistrar.sol";
+import {IShareTokenRegistrar} from "../../src/token/interfaces/IShareTokenRegistrar.sol";
 
 /// End to end testing assuming two full deployments in two different chains
 ///
@@ -123,9 +131,10 @@ contract EndToEndDeployment is Test {
         ProtocolGuardian protocolGuardian;
         OpsGuardian opsGuardian;
         // Spoke
-        BalanceSheet balanceSheet;
         Spoke spoke;
-        VaultRegistry vaultRegistry;
+        SpokeRegistry spokeRegistry;
+        SpokeHandler spokeHandler;
+        ShareTokenRegistrar shareTokenRegistrar;
         // Vaults
         VaultRouter router;
         SubsidyManager subsidyManager;
@@ -134,6 +143,8 @@ contract EndToEndDeployment is Test {
         AsyncRequestManager asyncRequestManager;
         SyncManager syncManager;
         RefundEscrowFactory refundEscrowFactory;
+        // Managers
+        ShareManager shareManager;
         // Hooks
         FreezeOnly freezeOnlyHook;
         FullRestrictions fullRestrictionsHook;
@@ -192,6 +203,7 @@ contract EndToEndDeployment is Test {
 
     uint256 constant PLACEHOLDER_REQUEST_ID = IntegrationConstants.PLACEHOLDER_REQUEST_ID;
     uint128 constant EXTRA_GAS = IntegrationConstants.EXTRA_GAS;
+    uint128 constant SHARE_REVOKE_EXTRA_GAS = IntegrationConstants.SHARE_REVOKE_EXTRA_GAS;
 
     // Set by _configurePrices and read by pricing utilities
     D18 currentAssetPrice = IntegrationConstants.identityPrice();
@@ -255,10 +267,14 @@ contract EndToEndDeployment is Test {
         adapters[0] = adapter;
         vm.startPrank(address(deploy.protocolGuardian()));
         deploy.multiAdapter()
-            .setAdapters(remoteCentrifugeId, GLOBAL_POOL, adapters, uint8(adapters.length), uint8(adapters.length));
+            .setAdapters(
+                remoteCentrifugeId,
+                GLOBAL_POOL,
+                adapters,
+                uint8(adapters.length),
+                deploy.multiAdapter().activeSessionId(remoteCentrifugeId, GLOBAL_POOL) + 1
+            );
 
-        vm.startPrank(address(deploy.protocolGuardian()));
-        deploy.gateway().updateManager(GLOBAL_POOL, GATEWAY_MANAGER, true);
         vm.stopPrank();
     }
 
@@ -266,16 +282,23 @@ contract EndToEndDeployment is Test {
         internal
         returns (LocalAdapter adapter)
     {
-        deploy.deployFull(
+        address[] memory executors = new address[](1);
+        executors[0] = address(deploy);
+
+        // The deployer is the namespace of its own namespace, and its own executor
+        deploy.deployFullBothPhases(
             DeployerInput({
                 centrifugeId: localCentrifugeId,
-                suffix: string(abi.encodePacked(localCentrifugeId)),
+                deploymentId: string(abi.encodePacked(localCentrifugeId)),
                 txLimits: defaultTxLimits(),
                 protocolSafe: protocolSafe,
                 opsSafe: protocolSafe,
+                root: address(0),
+                delay: 0,
                 adapters: noAdaptersInput()
             }),
-            address(deploy)
+            address(deploy),
+            executors
         );
 
         adapter = new LocalAdapter(localCentrifugeId, deploy.multiAdapter(), address(deploy));
@@ -289,9 +312,10 @@ contract EndToEndDeployment is Test {
         s_.opsGuardian = deploy.opsGuardian();
         s_.gateway = deploy.gateway();
         s_.multiAdapter = deploy.multiAdapter();
-        s_.balanceSheet = deploy.balanceSheet();
         s_.spoke = deploy.spoke();
-        s_.vaultRegistry = deploy.vaultRegistry();
+        s_.spokeRegistry = deploy.spokeRegistry();
+        s_.spokeHandler = deploy.spokeHandler();
+        s_.shareTokenRegistrar = deploy.shareTokenRegistrar();
         s_.router = deploy.vaultRouter();
         s_.freezeOnlyHook = deploy.freezeOnlyHook();
         s_.fullRestrictionsHook = deploy.fullRestrictionsHook();
@@ -302,6 +326,7 @@ contract EndToEndDeployment is Test {
         s_.asyncRequestManager = deploy.asyncRequestManager();
         s_.syncManager = deploy.syncManager();
         s_.refundEscrowFactory = deploy.refundEscrowFactory();
+        s_.shareManager = deploy.shareManager();
         s_.usdc = new ERC20(6);
         s_.usdcId = newAssetId(centrifugeId, 1);
 
@@ -323,6 +348,39 @@ contract EndToEndDeployment is Test {
 
 contract IsContract {}
 
+/// @dev Minimal spoke-side policy for end-to-end coverage of {Spoke.enforced}. A guarded selector is
+///      out of policy and must be pre-authorized (via {Hub.authorizeSpokeCall}); `enforce` consumes the
+///      matured authorization from the {SpokeRegistry}. `enforce` may only be called by the enforcer (the
+///      Spoke), mirroring {StdHubPolicy}'s `msg.sender == hub` gate — this is what pins the caller identity.
+contract MockSpokePolicy is ISpokePolicy {
+    ISpokeRegistry public immutable registry;
+    address public immutable enforcer;
+    bytes4 public immutable guardedSelector;
+
+    address public lastCaller;
+    uint256 public enforceCalls;
+
+    constructor(ISpokeRegistry registry_, address enforcer_, bytes4 guardedSelector_) {
+        registry = registry_;
+        enforcer = enforcer_;
+        guardedSelector = guardedSelector_;
+    }
+
+    function authorizationRequired(PoolId, address, bytes calldata data) external view returns (bool required) {
+        // The guarded selector requires a pre-authorization; everything else runs synchronously.
+        return data.length >= 4 && bytes4(data[:4]) == guardedSelector;
+    }
+
+    function enforce(PoolId poolId, address caller, bytes calldata data) external {
+        require(msg.sender == enforcer, NotEnforcer());
+        enforceCalls++;
+        lastCaller = caller;
+        if (data.length >= 4 && bytes4(data[:4]) == guardedSelector) {
+            registry.consumeAuthorization(poolId, caller, data);
+        }
+    }
+}
+
 /// Common and generic utilities ready to be used in different tests
 contract EndToEndUtils is EndToEndDeployment {
     using MathLib for *;
@@ -371,6 +429,40 @@ contract EndToEndUtils is EndToEndDeployment {
 
         vm.recordLogs();
     }
+
+    /// @dev Address of the vault most recently deployed via {_deployAndLinkVault}. The declarative registry
+    ///      keeps no tuple -> vault reverse lookup, so flows that deploy a vault and later re-resolve it
+    ///      (e.g. redeem-after-deposit) read it from here.
+    address internal lastLinkedVault;
+
+    /// @dev Deploy+link a vault through the Hub and return its address, recovered from the `LinkVault` event
+    ///      (there is no reverse lookup to query). The caller must already hold the FM prank.
+    function _deployAndLinkVault(bytes32 factory) internal returns (address vaultAddr) {
+        vm.recordLogs();
+        h.hub.updateVault{value: GAS}(
+            POOL_A, SC_1, s.usdcId, factory, VaultUpdateKind.DeployAndLink, bytes(""), EXTRA_GAS, REFUND
+        );
+
+        Vm.Log[] memory logs = vm.getRecordedLogs();
+        for (uint256 i; i < logs.length; i++) {
+            if (logs[i].topics[0] == ISpokeRegistry.LinkVault.selector) {
+                (, vaultAddr) = abi.decode(logs[i].data, (uint256, address));
+            }
+        }
+        require(vaultAddr != address(0), "vault not linked");
+        lastLinkedVault = vaultAddr;
+
+        bool local = s.centrifugeId == h.centrifugeId;
+        h.hub.managerCall{value: local ? 0 : GAS}(
+            POOL_A,
+            s.centrifugeId,
+            CastLib.toBytes32(address(s.shareTokenRegistrar)),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), SC_1, s.usdcId.raw(), vaultAddr),
+            0,
+            0,
+            REFUND
+        );
+    }
 }
 
 /// Base investment flows that can be shared between EndToEnd tests
@@ -385,8 +477,29 @@ contract EndToEndFlows is EndToEndUtils {
             }).serialize();
     }
 
-    function _updateContractSyncDepositMaxReserveMsg(uint128 maxReserve) internal view returns (bytes memory) {
-        return abi.encode(uint8(ISyncManager.TrustedCall.MaxReserve), s.usdcId.raw(), maxReserve);
+    function _syncManagerMaxReserveMsg(uint128 maxReserve) internal view returns (bytes memory) {
+        return abi.encode(SC_1.raw(), uint8(ISyncManager.TrustedCall.MaxReserve), s.usdcId.raw(), maxReserve);
+    }
+
+    /// @dev Run a BRM manager action through the real hub.managerCall chain, so the Hub's policy and
+    ///      manager checks run too (FM is the pool manager). FM pays and the remainder refunds to REFUND.
+    function _brmManagerCall(bytes memory payload) internal {
+        _brmManagerCall(payload, GAS);
+    }
+
+    /// @dev value-explicit variant. The message-sending actions carry GAS. approveRedeems sends nothing
+    ///      and rejects value, so it has to run with value 0.
+    function _brmManagerCall(bytes memory payload, uint256 value) internal {
+        vm.stopPrank();
+        // Top up FM additively so we don't wipe the balance that funds its later value-bearing calls like
+        // notifySharePrice. The value we forward is spent downstream and any remainder comes back to REFUND.
+        vm.deal(FM, FM.balance + value);
+        vm.prank(FM);
+        // BRM carries its inner-action gas inside `payload`; the envelope `extraGasLimit` is inert on the
+        // hub-local branch, so 0.
+        h.hub.managerCall{value: value}(
+            POOL_A, h.centrifugeId, address(h.batchRequestManager).toBytes32(), payload, 0, value, REFUND
+        );
     }
 
     //----------------------------------------------------------------------------------------------
@@ -402,6 +515,17 @@ contract EndToEndFlows is EndToEndUtils {
         vm.stopPrank();
     }
 
+    function _holdingAccounts(AccountId asset, AccountId equity, AccountId gain, AccountId loss)
+        internal
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = asset;
+        accounts[1] = equity;
+        accounts[2] = gain;
+        accounts[3] = loss;
+    }
+
     function _createPool() internal {
         vm.startPrank(address(h.protocolGuardian.safe()));
         h.opsGuardian.createPool(POOL_A, FM, USD_ID);
@@ -421,6 +545,20 @@ contract EndToEndFlows is EndToEndUtils {
         s_.spoke.registerAsset{value: GAS}(h.centrifugeId, address(s_.usdc), 0, ANY);
     }
 
+    /// @dev Sets the SC_1 hook via the registrar's Envoy path (Hub.managerCall -> registrar.fromHub).
+    function _setHook(CSpoke memory s_, address hook) internal {
+        bool local = s_.centrifugeId == h.centrifugeId;
+        h.hub.managerCall{value: local ? 0 : GAS}(
+            POOL_A,
+            s_.centrifugeId,
+            address(s_.shareTokenRegistrar).toBytes32(),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetHook), SC_1, hook),
+            0,
+            0,
+            REFUND
+        );
+    }
+
     function _configurePoolInSpoke(CSpoke memory s_) internal {
         if (h.centrifugeId != s_.centrifugeId) {
             _configureBasePoolWithCustomAdapters(s_);
@@ -431,12 +569,21 @@ contract EndToEndFlows is EndToEndUtils {
         vm.startPrank(FM);
         h.hub.notifyPool{value: GAS}(POOL_A, s_.centrifugeId, REFUND);
         h.hub.notifyShareClass{value: GAS}(
-            POOL_A, SC_1, s_.centrifugeId, address(s_.redemptionRestrictionsHook).toBytes32(), REFUND
+            POOL_A, SC_1, s_.centrifugeId, address(s_.shareTokenRegistrar).toBytes32(), "", 0, REFUND
         );
+        _setHook(s_, address(s_.redemptionRestrictionsHook));
 
+        // initializeHolding now values any (zero) pre-existing amount via the valuation immediately, so it
+        // cannot use the oracle valuation before a price has ever been fed (chicken-and-egg: oracleValuation's
+        // setPrice() itself requires the holding to already be initialized). Start with the always-valid
+        // identity valuation and switch to the oracle once a feeder is wired up below.
         h.hub
             .initializeHolding(
-                POOL_A, SC_1, s_.usdcId, h.oracleValuation, ASSET_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT
+                POOL_A,
+                SC_1,
+                s_.usdcId,
+                h.identityValuation,
+                _holdingAccounts(ASSET_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT)
             );
         h.hub.setRequestManager{value: GAS}(
             POOL_A,
@@ -445,21 +592,34 @@ contract EndToEndFlows is EndToEndUtils {
             address(s_.asyncRequestManager).toBytes32(),
             REFUND
         );
-        h.hub.updateBalanceSheetManager{value: GAS}(
-            POOL_A, s_.centrifugeId, address(s_.asyncRequestManager).toBytes32(), true, REFUND
+        h.hub.updateManager{value: GAS}(
+            POOL_A, s_.centrifugeId, ManagerKind.Spoke, address(s_.asyncRequestManager).toBytes32(), true, REFUND
         );
-        h.hub.updateBalanceSheetManager{value: GAS}(
-            POOL_A, s_.centrifugeId, address(s_.syncManager).toBytes32(), true, REFUND
+        h.hub.updateManager{value: GAS}(
+            POOL_A, s_.centrifugeId, ManagerKind.Spoke, address(s_.syncManager).toBytes32(), true, REFUND
         );
-        h.hub.updateBalanceSheetManager{value: GAS}(POOL_A, s_.centrifugeId, BSM.toBytes32(), true, REFUND);
+        h.hub.updateManager{value: GAS}(POOL_A, s_.centrifugeId, ManagerKind.Spoke, BSM.toBytes32(), true, REFUND);
 
         vm.startPrank(FM);
         h.hub.setSnapshotHook(POOL_A, h.snapshotHook);
-        h.oracleValuation.updateFeeder(POOL_A, 0, FEEDER.toBytes32(), true);
+        // Feeder management is policy-supervised: route through hub.managerCall -> oracleValuation.fromHub.
+        h.hub
+            .managerCall(
+                POOL_A,
+                h.centrifugeId,
+                address(h.oracleValuation).toBytes32(),
+                abi.encode(uint16(0), FEEDER.toBytes32(), true),
+                0,
+                0,
+                REFUND
+            );
         h.hub.updateHubManager(POOL_A, address(h.oracleValuation), true);
-        h.hub.updateGatewayManager{value: GAS}(
-            POOL_A, h.centrifugeId, address(h.batchRequestManager).toBytes32(), true, REFUND
+        h.hub.updateManager{value: GAS}(
+            POOL_A, h.centrifugeId, ManagerKind.Adapter, address(h.batchRequestManager).toBytes32(), true, REFUND
         );
+        // Now that a feeder is wired up, switch the holding to the oracle valuation (still worth 0, since
+        // nothing has been deposited yet) so subsequent price feeds drive its value.
+        h.hub.updateHoldingValuation(POOL_A, SC_1, s_.usdcId, h.oracleValuation);
         vm.stopPrank();
     }
 
@@ -478,9 +638,13 @@ contract EndToEndFlows is EndToEndUtils {
         remoteAdapters[0] = address(poolAdapterSToH).toBytes32();
 
         vm.startPrank(FM);
-        h.hub.setAdapters{value: GAS}(POOL_A, s_.centrifugeId, localAdapters, remoteAdapters, 1, 1, REFUND);
-        h.hub.updateGatewayManager{value: GAS}(POOL_A, h.centrifugeId, GATEWAY_MANAGER.toBytes32(), true, REFUND);
-        h.hub.updateGatewayManager{value: GAS}(POOL_A, s_.centrifugeId, GATEWAY_MANAGER.toBytes32(), true, REFUND);
+        h.hub.setAdapters{value: GAS}(POOL_A, s_.centrifugeId, localAdapters, remoteAdapters, 1, REFUND);
+        h.hub.updateManager{value: GAS}(
+            POOL_A, h.centrifugeId, ManagerKind.Adapter, GATEWAY_MANAGER.toBytes32(), true, REFUND
+        );
+        h.hub.updateManager{value: GAS}(
+            POOL_A, s_.centrifugeId, ManagerKind.Adapter, GATEWAY_MANAGER.toBytes32(), true, REFUND
+        );
     }
 
     function _configurePool(bool sameChain) internal {
@@ -521,11 +685,8 @@ contract EndToEndFlows is EndToEndUtils {
         _configurePricesForFlow(nonZeroPrices);
 
         vm.startPrank(FM);
-        h.hub.updateVault{value: GAS}(
-            POOL_A, SC_1, s.usdcId, s.asyncVaultFactory, VaultUpdateKind.DeployAndLink, EXTRA_GAS, REFUND
-        );
+        IAsyncVault vault = IAsyncVault(_deployAndLinkVault(s.asyncVaultFactory));
         vm.stopPrank();
-        IAsyncVault vault = IAsyncVault(address(s.vaultRegistry.vault(POOL_A, SC_1, s.usdcId, s.asyncRequestManager)));
 
         vm.startPrank(INVESTOR_A);
         ERC20(vault.asset()).approve(address(vault), USDC_AMOUNT_1);
@@ -534,15 +695,17 @@ contract EndToEndFlows is EndToEndUtils {
         vm.startPrank(FM);
         uint32 depositEpochId = h.batchRequestManager.nowDepositEpoch(POOL_A, SC_1, s.usdcId);
         D18 pricePoolPerAsset = h.hub.pricePoolPerAsset(POOL_A, SC_1, s.usdcId);
-        h.batchRequestManager.approveDeposits{value: GAS}(
-            POOL_A, SC_1, s.usdcId, depositEpochId, USDC_AMOUNT_1, pricePoolPerAsset, REFUND
+        _brmManagerCall(
+            BatchRequestManagerCallLib.approveDeposits(
+                SC_1, s.usdcId, depositEpochId, USDC_AMOUNT_1, pricePoolPerAsset, REFUND
+            )
         );
 
         vm.startPrank(FM);
         uint32 issueEpochId = h.batchRequestManager.nowIssueEpoch(POOL_A, SC_1, s.usdcId);
         (D18 sharePrice,) = h.shareClassManager.pricePoolPerShare(POOL_A, SC_1);
-        h.batchRequestManager.issueShares{value: GAS}(
-            POOL_A, SC_1, s.usdcId, issueEpochId, sharePrice, HOOK_GAS, REFUND
+        _brmManagerCall(
+            BatchRequestManagerCallLib.issueShares(SC_1, s.usdcId, issueEpochId, sharePrice, HOOK_GAS, REFUND)
         );
 
         vm.startPrank(ANY);
@@ -550,7 +713,7 @@ contract EndToEndFlows is EndToEndUtils {
             POOL_A,
             SC_1,
             s.usdcId,
-            INVESTOR_A.toBytes32(),
+            RequestId.wrap(uint256(INVESTOR_A.toBytes32())),
             h.batchRequestManager.maxDepositClaims(POOL_A, SC_1, INVESTOR_A.toBytes32(), s.usdcId),
             REFUND
         );
@@ -559,26 +722,191 @@ contract EndToEndFlows is EndToEndUtils {
         vault.mint(vault.maxMint(INVESTOR_A), INVESTOR_A);
 
         // CHECKS
-        assertEq(s.spoke.shareToken(POOL_A, SC_1).balanceOf(INVESTOR_A), assetToShare(USDC_AMOUNT_1), "expected shares");
+        assertEq(
+            IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).balanceOf(INVESTOR_A),
+            assetToShare(USDC_AMOUNT_1),
+            "expected shares"
+        );
     }
 
-    function _testSyncDeposit(bool sameChain, bool nonZeroPrices) public {
+    //----------------------------------------------------------------------------------------------
+    // ManagerCall payment paths (batched + unbatched) and value-stranding checks
+    //----------------------------------------------------------------------------------------------
+
+    /// @dev Configure pool + non-zero prices, deploy the async vault, and submit an investor deposit
+    ///      request so a deposit is pending approval. Shared setup for the managerCall payment tests.
+    function _setupPendingAsyncDeposit(bool sameChain) internal returns (IAsyncVault vault) {
         _configurePool(sameChain);
-        _configurePricesForFlow(nonZeroPrices);
+        _configurePricesForFlow(true);
 
         vm.startPrank(FM);
-        h.hub.updateVault{value: GAS}(
-            POOL_A, SC_1, s.usdcId, s.syncDepositVaultFactory, VaultUpdateKind.DeployAndLink, EXTRA_GAS, REFUND
+        vault = IAsyncVault(_deployAndLinkVault(s.asyncVaultFactory));
+        vm.stopPrank();
+
+        vm.startPrank(INVESTOR_A);
+        ERC20(vault.asset()).approve(address(vault), USDC_AMOUNT_1);
+        vault.requestDeposit(USDC_AMOUNT_1, INVESTOR_A, INVESTOR_A);
+        vm.stopPrank();
+    }
+
+    /// @dev Route BRM manager actions through `hub.managerCall` batched inside `hub.multicall`. Inside a
+    ///      batch each inner call sees `msgValue() == 0`; the whole batch value is held by
+    ///      `gateway.withBatch` and settled at batch end (refunding the remainder to REFUND). This is the
+    ///      path that must still fund the cross-chain `requestCallback` via settlement.
+    function _brmManagerCallBatched(bytes[] memory payloads) internal {
+        bytes[] memory cs = new bytes[](payloads.length);
+        for (uint256 i; i < payloads.length; i++) {
+            cs[i] = abi.encodeWithSelector(
+                h.hub.managerCall.selector,
+                POOL_A,
+                h.centrifugeId,
+                address(h.batchRequestManager).toBytes32(),
+                payloads[i],
+                uint128(0),
+                // Inside a batch msgValue() is 0, so the per-call declared value must be 0; the batch value
+                // is settled by gateway.withBatch at batch end.
+                uint256(0),
+                REFUND
+            );
+        }
+        vm.stopPrank();
+        vm.deal(FM, FM.balance + GAS * payloads.length);
+        vm.prank(FM);
+        h.hub.multicall{value: GAS * payloads.length}(cs);
+    }
+
+    /// @dev No value may strand in the stateless ManagerCall pass-throughs on any branch (incl. the
+    ///      same-chain `requestCallback` short-circuit). The dispatcher and BRM never hold ETH.
+    function _assertNoStrandedManagerCallValue() internal view {
+        assertEq(address(h.batchRequestManager).balance, 0, "BRM stranded value");
+        assertEq(address(deployA.envoy()).balance, 0, "dispatcher stranded value");
+    }
+
+    /// forge-config: default.isolate = true
+    function testManagerCallUnbatchedNoStrandedValue(bool sameChain) public {
+        _setupPendingAsyncDeposit(sameChain);
+
+        uint32 depositEpochId = h.batchRequestManager.nowDepositEpoch(POOL_A, SC_1, s.usdcId);
+        D18 pricePoolPerAsset = h.hub.pricePoolPerAsset(POOL_A, SC_1, s.usdcId);
+
+        uint256 hubBalBefore = address(h.hub).balance;
+        uint256 refundBalBefore = REFUND.balance;
+
+        // Unbatched: value flows via the explicit call chain (hub.managerCall -> ... -> requestCallback).
+        _brmManagerCall(
+            BatchRequestManagerCallLib.approveDeposits(
+                SC_1, s.usdcId, depositEpochId, USDC_AMOUNT_1, pricePoolPerAsset, REFUND
+            )
         );
-        IBaseVault vault = IBaseVault(address(s.vaultRegistry.vault(POOL_A, SC_1, s.usdcId, s.asyncRequestManager)));
 
-        h.hub.updateContract{value: GAS}(
+        _assertNoStrandedManagerCallValue();
+        // The Hub forwards value downstream and never retains it. On the same-chain `requestCallback`
+        // short-circuit (no payment) the value must relay/refund rather than strand in the Hub.
+        assertEq(address(h.hub).balance, hubBalBefore, "Hub stranded value (unbatched)");
+
+        // Conservation: the forwarded GAS is not just absent from the pass-throughs, it actually reaches
+        // REFUND. Same-chain requestCallback short-circuits with no adapter cost, so the full GAS refunds;
+        // cross-chain pays an adapter cost and refunds the remainder.
+        uint256 refunded = REFUND.balance - refundBalBefore;
+        if (sameChain) {
+            assertEq(refunded, GAS, "same-chain: full GAS must refund to REFUND");
+        } else {
+            assertGt(refunded, 0, "cross-chain: remainder must refund to REFUND");
+            assertLe(refunded, GAS, "cross-chain: refund cannot exceed GAS");
+        }
+    }
+
+    /// forge-config: default.isolate = true
+    function testManagerCallBatchedPayment(bool sameChain) public {
+        IAsyncVault vault = _setupPendingAsyncDeposit(sameChain);
+
+        uint32 depositEpochId = h.batchRequestManager.nowDepositEpoch(POOL_A, SC_1, s.usdcId);
+        uint32 issueEpochId = h.batchRequestManager.nowIssueEpoch(POOL_A, SC_1, s.usdcId);
+        D18 pricePoolPerAsset = h.hub.pricePoolPerAsset(POOL_A, SC_1, s.usdcId);
+        (D18 sharePrice,) = h.shareClassManager.pricePoolPerShare(POOL_A, SC_1);
+
+        uint256 hubBalBefore = address(h.hub).balance;
+
+        // Batch approve + issue through one hub.multicall: inner msgValue()==0, paid by batch settlement.
+        bytes[] memory payloads = new bytes[](2);
+        payloads[0] = BatchRequestManagerCallLib.approveDeposits(
+            SC_1, s.usdcId, depositEpochId, USDC_AMOUNT_1, pricePoolPerAsset, REFUND
+        );
+        payloads[1] = BatchRequestManagerCallLib.issueShares(SC_1, s.usdcId, issueEpochId, sharePrice, HOOK_GAS, REFUND);
+        _brmManagerCallBatched(payloads);
+
+        _assertNoStrandedManagerCallValue();
+        assertEq(address(h.hub).balance, hubBalBefore, "Hub stranded value (batched)");
+
+        // The batch paid the cross-chain callbacks -> shares are claimable. Notify + mint, assert balance.
+        vm.startPrank(ANY);
+        h.batchRequestManager.notifyDeposit{value: GAS}(
             POOL_A,
             SC_1,
+            s.usdcId,
+            RequestId.wrap(uint256(INVESTOR_A.toBytes32())),
+            h.batchRequestManager.maxDepositClaims(POOL_A, SC_1, INVESTOR_A.toBytes32(), s.usdcId),
+            REFUND
+        );
+        vm.stopPrank();
+
+        // startPrank (not prank): the inner maxMint() view would otherwise consume a single-shot prank,
+        // making mint() run as the test contract (whose maxMint is 0 -> ExceedsDepositLimits).
+        vm.startPrank(INVESTOR_A);
+        vault.mint(vault.maxMint(INVESTOR_A), INVESTOR_A);
+        vm.stopPrank();
+
+        assertEq(
+            IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).balanceOf(INVESTOR_A),
+            assetToShare(USDC_AMOUNT_1),
+            "shares issued via batched managerCall"
+        );
+    }
+
+    /// @dev A configuration update reaches a spoke target (SyncManager) via the `managerCall` transport,
+    ///      addressing the target directly. Fuzzing `sameChain` covers both the local (direct `fromHub`) and
+    ///      cross-chain (serialized message) branches. The hub lives on CENTRIFUGE_ID_A, so the call is local
+    ///      iff `sameChain`: the `value` arg must equal `msg.value` locally and be 0 remotely, while
+    ///      `{value: GAS}` still funds the cross-chain message.
+    function testManagerCallReachesSpokeTarget(bool sameChain) public {
+        _configurePool(sameChain);
+
+        uint128 newMaxReserve = 123e6;
+        assertEq(s.syncManager.maxReserve(POOL_A, SC_1, address(s.usdc), 0), 0, "maxReserve starts unset");
+
+        vm.startPrank(FM);
+        h.hub.managerCall{value: sameChain ? 0 : GAS}(
+            POOL_A,
             s.centrifugeId,
             address(s.syncManager).toBytes32(),
-            _updateContractSyncDepositMaxReserveMsg(type(uint128).max),
+            _syncManagerMaxReserveMsg(newMaxReserve),
             EXTRA_GAS,
+            0,
+            REFUND
+        );
+        vm.stopPrank();
+
+        assertEq(
+            s.syncManager.maxReserve(POOL_A, SC_1, address(s.usdc), 0),
+            newMaxReserve,
+            "spoke target state updated via direct managerCall"
+        );
+    }
+
+    function _testSyncDeposit(bool sameChain, bool nonZeroPrices) public {
+        _configurePool(sameChain);
+        _configurePricesForFlow(nonZeroPrices);
+
+        vm.startPrank(FM);
+        IBaseVault vault = IBaseVault(_deployAndLinkVault(s.syncDepositVaultFactory));
+
+        h.hub.managerCall{value: sameChain ? 0 : GAS}(
+            POOL_A,
+            s.centrifugeId,
+            address(s.syncManager).toBytes32(),
+            _syncManagerMaxReserveMsg(type(uint128).max),
+            EXTRA_GAS,
+            0,
             REFUND
         );
 
@@ -594,7 +922,11 @@ contract EndToEndFlows is EndToEndUtils {
 
         vault.deposit(USDC_AMOUNT_1, INVESTOR_A);
 
-        assertEq(s.spoke.shareToken(POOL_A, SC_1).balanceOf(INVESTOR_A), assetToShare(USDC_AMOUNT_1), "expected shares");
+        assertEq(
+            IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).balanceOf(INVESTOR_A),
+            assetToShare(USDC_AMOUNT_1),
+            "expected shares"
+        );
     }
 
     function _testAsyncRedeem(bool sameChain, bool afterAsyncDeposit, bool nonZeroPrices) internal {
@@ -607,23 +939,25 @@ contract EndToEndFlows is EndToEndUtils {
         );
 
         // Get vault from manager
-        IAsyncRedeemVault vault =
-            IAsyncRedeemVault(address(s.vaultRegistry.vault(POOL_A, SC_1, s.usdcId, s.asyncRequestManager)));
+        IAsyncRedeemVault vault = IAsyncRedeemVault(lastLinkedVault);
 
         vm.startPrank(INVESTOR_A);
-        uint128 shares = uint128(s.spoke.shareToken(POOL_A, SC_1).balanceOf(INVESTOR_A));
+        uint128 shares = uint128(IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).balanceOf(INVESTOR_A));
         vault.requestRedeem(shares, INVESTOR_A, INVESTOR_A);
 
         vm.startPrank(FM);
         uint32 redeemEpochId = h.batchRequestManager.nowRedeemEpoch(POOL_A, SC_1, s.usdcId);
         D18 pricePoolPerAsset = h.hub.pricePoolPerAsset(POOL_A, SC_1, s.usdcId);
-        h.batchRequestManager.approveRedeems(POOL_A, SC_1, s.usdcId, redeemEpochId, shares, pricePoolPerAsset);
+        // approveRedeems sends no message and rejects value, so route it with value 0.
+        _brmManagerCall(
+            BatchRequestManagerCallLib.approveRedeems(SC_1, s.usdcId, redeemEpochId, shares, pricePoolPerAsset), 0
+        );
 
         vm.startPrank(FM);
         uint32 revokeEpochId = h.batchRequestManager.nowRevokeEpoch(POOL_A, SC_1, s.usdcId);
         (D18 sharePrice,) = h.shareClassManager.pricePoolPerShare(POOL_A, SC_1);
-        h.batchRequestManager.revokeShares{value: GAS}(
-            POOL_A, SC_1, s.usdcId, revokeEpochId, sharePrice, HOOK_GAS, REFUND
+        _brmManagerCall(
+            BatchRequestManagerCallLib.revokeShares(SC_1, s.usdcId, revokeEpochId, sharePrice, HOOK_GAS, REFUND)
         );
 
         vm.startPrank(ANY);
@@ -631,7 +965,7 @@ contract EndToEndFlows is EndToEndUtils {
             POOL_A,
             SC_1,
             s.usdcId,
-            INVESTOR_A.toBytes32(),
+            RequestId.wrap(uint256(INVESTOR_A.toBytes32())),
             h.batchRequestManager.maxRedeemClaims(POOL_A, SC_1, INVESTOR_A.toBytes32(), s.usdcId),
             REFUND
         );
@@ -643,7 +977,7 @@ contract EndToEndFlows is EndToEndUtils {
 
         if (nonZeroPrices) {
             assertEq(
-                s.balanceSheet.availableBalanceOf(POOL_A, SC_1, address(s.usdc), 0),
+                s.spoke.availableBalanceOf(POOL_A, SC_1, address(s.usdc), 0),
                 0,
                 "escrow balance should be zero after full redemption"
             );
@@ -665,11 +999,10 @@ contract EndToEndFlows is EndToEndUtils {
             POOL_A, SC_1, s.centrifugeId, _updateRestrictionMemberMsg(INVESTOR_A), EXTRA_GAS, REFUND
         );
 
-        IAsyncRedeemVault vault =
-            IAsyncRedeemVault(address(s.vaultRegistry.vault(POOL_A, SC_1, s.usdcId, s.asyncRequestManager)));
+        IAsyncRedeemVault vault = IAsyncRedeemVault(lastLinkedVault);
 
         vm.startPrank(INVESTOR_A);
-        uint128 shares = uint128(s.spoke.shareToken(POOL_A, SC_1).balanceOf(INVESTOR_A));
+        uint128 shares = uint128(IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).balanceOf(INVESTOR_A));
         vault.requestRedeem(shares, INVESTOR_A, INVESTOR_A);
         vault.cancelRedeemRequest(PLACEHOLDER_REQUEST_ID, INVESTOR_A);
 
@@ -678,7 +1011,11 @@ contract EndToEndFlows is EndToEndUtils {
         vault.claimCancelRedeemRequest(PLACEHOLDER_REQUEST_ID, INVESTOR_A, INVESTOR_A);
 
         // CHECKS
-        assertEq(s.spoke.shareToken(POOL_A, SC_1).balanceOf(INVESTOR_A), expectedShares, "expected shares");
+        assertEq(
+            IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).balanceOf(INVESTOR_A),
+            expectedShares,
+            "expected shares"
+        );
     }
 
     function _testUpdateAccountingAfterDeposit(bool sameChain, bool afterAsyncDeposit, bool nonZeroPrices) public {
@@ -690,11 +1027,11 @@ contract EndToEndFlows is EndToEndUtils {
         }
 
         vm.startPrank(BSM);
-        s.balanceSheet.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
-        s.balanceSheet.submitQueuedShares{value: GAS}(POOL_A, SC_1, EXTRA_GAS, REFUND);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
+        s.spoke.submitQueuedShares{value: GAS}(POOL_A, SC_1, EXTRA_GAS, REFUND);
 
         // CHECKS
-        (uint128 amount, uint128 value,,) = h.holdings.holding(POOL_A, SC_1, s.usdcId);
+        (uint128 amount, uint128 value,) = h.holdings.holding(POOL_A, SC_1, s.usdcId);
         assertEq(amount, USDC_AMOUNT_1, "expected amount");
         assertEq(value, assetToPool(USDC_AMOUNT_1), "expected value");
 
@@ -708,10 +1045,10 @@ contract EndToEndFlows is EndToEndUtils {
         _testAsyncRedeem(sameChain, afterAsyncDeposit, true);
 
         vm.startPrank(BSM);
-        s.balanceSheet.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
-        s.balanceSheet.submitQueuedShares{value: GAS}(POOL_A, SC_1, EXTRA_GAS, REFUND);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
+        s.spoke.submitQueuedShares{value: GAS}(POOL_A, SC_1, EXTRA_GAS, REFUND);
 
-        (uint128 amount, uint128 value,,) = h.holdings.holding(POOL_A, SC_1, s.usdcId);
+        (uint128 amount, uint128 value,) = h.holdings.holding(POOL_A, SC_1, s.usdcId);
         assertEq(amount, 0, "expected amount");
         assertEq(value, assetToPool(0), "expected value");
 
@@ -723,16 +1060,11 @@ contract EndToEndFlows is EndToEndUtils {
 }
 
 /// Common and generic flows ready to be used in different tests
-contract EndToEndUseCases is EndToEndFlows, VMLabeling {
+contract EndToEndUseCases is EndToEndFlows {
     using CastLib for *;
     using MathLib for *;
     using MessageLib for *;
 
-    function setUp() public virtual override {
-        super.setUp();
-        _setupVMLabels();
-    }
-
     /// forge-config: default.isolate = true
     function testWardUpgrade(bool sameChain) public {
         address NEW_WARD = makeAddr("NewWard");
@@ -744,30 +1076,10 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         h.protocolGuardian.cancelUpgrade{value: GAS}(s.centrifugeId, NEW_WARD, REFUND);
         h.protocolGuardian.scheduleUpgrade{value: GAS}(s.centrifugeId, NEW_WARD, REFUND);
 
-        vm.warp(block.timestamp + deployA.DELAY() + 1000);
-
         vm.startPrank(ANY);
         s.root.executeScheduledRely(NEW_WARD);
     }
 
-    /// forge-config: default.isolate = true
-    function testTokenRecover(bool sameChain) public {
-        address RECEIVER = makeAddr("Receiver");
-        uint256 VALUE = 123;
-
-        _setSpoke(sameChain);
-
-        vm.startPrank(ERC20_DEPLOYER);
-        s.usdc.mint(address(s.gateway), VALUE);
-
-        vm.startPrank(address(SAFE_ADMIN_A));
-        h.protocolGuardian.recoverTokens{value: GAS}(
-            s.centrifugeId, address(s.gateway), address(s.usdc), 0, RECEIVER, VALUE, REFUND
-        );
-
-        assertEq(s.usdc.balanceOf(RECEIVER), VALUE);
-    }
-
     /// forge-config: default.isolate = true
     function testConfigureAsset(bool sameChain) public {
         _setSpoke(sameChain);
@@ -788,30 +1100,158 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         vm.startPrank(FM);
 
         h.hub.updateShareClassMetadata(POOL_A, SC_1, "Tokenized MMF 2", "MMF2");
-        h.hub.notifyShareMetadata{value: GAS}(POOL_A, SC_1, s.centrifugeId, REFUND);
-        h.hub.updateShareHook{value: GAS}(
-            POOL_A, SC_1, s.centrifugeId, address(s.fullRestrictionsHook).toBytes32(), REFUND
-        );
+        h.hub.notifyShareMetadata{value: GAS}(POOL_A, SC_1, s.centrifugeId, 0, REFUND);
+        _setHook(s, address(s.fullRestrictionsHook));
 
-        assertEq(s.spoke.shareToken(POOL_A, SC_1).name(), "Tokenized MMF 2");
-        assertEq(s.spoke.shareToken(POOL_A, SC_1).symbol(), "MMF2");
-        assertEq(s.spoke.shareToken(POOL_A, SC_1).hook(), address(s.fullRestrictionsHook));
+        assertEq(IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).name(), "Tokenized MMF 2");
+        assertEq(IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).symbol(), "MMF2");
+        assertEq(IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1))).hook(), address(s.fullRestrictionsHook));
     }
 
+    /// @dev Hub-driven share issuance and revocation: Hub.updateManager grants ShareManager the spoke
+    ///      manager bit, then Hub.managerCall -> Envoy -> ShareManager.fromHub -> Spoke.issue/revoke.
     /// forge-config: default.isolate = true
-    function testUpdatePriceAge(bool sameChain) public {
+    function testShareManager(bool sameChain) public {
+        uint128 shares = 100e18;
         _configurePool(sameChain);
 
         vm.startPrank(FM);
+        h.hub.updateRestriction{value: GAS}(
+            POOL_A, SC_1, s.centrifugeId, _updateRestrictionMemberMsg(INVESTOR_A), EXTRA_GAS, REFUND
+        );
+        h.hub.updateManager{value: GAS}(
+            POOL_A, s.centrifugeId, ManagerKind.Spoke, address(s.shareManager).toBytes32(), true, REFUND
+        );
+
+        h.hub.managerCall{value: sameChain ? 0 : GAS}(
+            POOL_A,
+            s.centrifugeId,
+            address(s.shareManager).toBytes32(),
+            abi.encode(uint8(IShareManager.ManagerCall.Issue), SC_1.raw(), INVESTOR_A.toBytes32(), shares),
+            EXTRA_GAS,
+            0,
+            REFUND
+        );
 
-        h.hub.setMaxAssetPriceAge{value: GAS}(POOL_A, SC_1, s.usdcId, uint64(block.timestamp), REFUND);
-        h.hub.setMaxSharePriceAge{value: GAS}(POOL_A, SC_1, s.centrifugeId, uint64(block.timestamp), REFUND);
+        IShareToken share = IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1)));
+        assertEq(share.balanceOf(INVESTOR_A), shares, "shares issued to investor");
+        assertEq(share.totalSupply(), shares, "total supply increased");
 
-        (,, uint64 validUntil) = s.spoke.markersPricePoolPerAsset(POOL_A, SC_1, s.usdcId);
-        assertEq(validUntil, uint64(block.timestamp));
+        h.hub.managerCall{value: sameChain ? 0 : GAS}(
+            POOL_A,
+            s.centrifugeId,
+            address(s.shareManager).toBytes32(),
+            abi.encode(uint8(IShareManager.ManagerCall.Revoke), SC_1.raw(), INVESTOR_A.toBytes32(), shares),
+            SHARE_REVOKE_EXTRA_GAS,
+            0,
+            REFUND
+        );
 
-        (,, validUntil) = s.spoke.markersPricePoolPerShare(POOL_A, SC_1);
-        assertEq(validUntil, uint64(block.timestamp));
+        assertEq(share.balanceOf(INVESTOR_A), 0, "shares revoked from investor");
+        assertEq(share.totalSupply(), 0, "total supply decreased");
+    }
+
+    /// @dev Hub pushes a spoke pool's policy end-to-end: Hub.setSpokePolicy -> SetPolicy
+    ///      message -> SpokeHandler.setPolicy -> SpokeRegistry.policy.
+    /// forge-config: default.isolate = true
+    function testSetSpokePolicy(bool sameChain) public {
+        _configurePool(sameChain);
+
+        address policy = makeAddr("spokePolicy");
+
+        vm.prank(FM);
+        h.hub.setSpokePolicy{value: GAS}(POOL_A, s.centrifugeId, policy.toBytes32(), REFUND);
+
+        assertEq(address(s.spokeRegistry.policy(POOL_A)), policy);
+    }
+
+    /// @dev Hub authorizes an out-of-policy spoke call end-to-end: Hub.authorizeSpokeCall -> Authorize
+    ///      message -> SpokeHandler.authorize -> SpokeRegistry records it, consumed later by the policy.
+    /// forge-config: default.isolate = true
+    function testAuthorizeSpokeCall(bool sameChain) public {
+        _configurePool(sameChain);
+
+        address policy = makeAddr("spokePolicy");
+        vm.prank(FM);
+        h.hub.setSpokePolicy{value: GAS}(POOL_A, s.centrifugeId, policy.toBytes32(), REFUND);
+
+        bytes memory data = hex"1234"; // arbitrary; matched by exact bytes
+
+        vm.prank(FM);
+        h.hub.authorizeSpokeCall{value: GAS}(POOL_A, s.centrifugeId, data, REFUND);
+
+        bytes32 id = s.spokeRegistry.authId(POOL_A, data);
+        assertEq(s.spokeRegistry.authorizations(id), 1);
+
+        // Policy consumes the authorization directly.
+        vm.prank(policy);
+        s.spokeRegistry.consumeAuthorization(POOL_A, FM, data);
+        assertEq(s.spokeRegistry.authorizations(id), 0);
+    }
+
+    /// @dev Hub revokes an outstanding spoke authorization end-to-end: Hub.unauthorizeSpokeCall -> Unauthorize
+    ///      message -> SpokeHandler.unauthorize -> SpokeRegistry decrements the counter.
+    /// forge-config: default.isolate = true
+    function testUnauthorizeSpokeCall(bool sameChain) public {
+        _configurePool(sameChain);
+
+        address policy = makeAddr("spokePolicy");
+        vm.prank(FM);
+        h.hub.setSpokePolicy{value: GAS}(POOL_A, s.centrifugeId, policy.toBytes32(), REFUND);
+
+        bytes memory data = hex"1234"; // arbitrary; matched by exact bytes
+
+        vm.prank(FM);
+        h.hub.authorizeSpokeCall{value: GAS}(POOL_A, s.centrifugeId, data, REFUND);
+
+        bytes32 id = s.spokeRegistry.authId(POOL_A, data);
+        assertEq(s.spokeRegistry.authorizations(id), 1);
+
+        // Hub retires the outstanding authorization, decrementing the counter.
+        vm.prank(FM);
+        h.hub.unauthorizeSpokeCall{value: GAS}(POOL_A, s.centrifugeId, data, REFUND);
+        assertEq(s.spokeRegistry.authorizations(id), 0);
+    }
+
+    /// @dev Routes a guarded spoke call through {Spoke.enforced} into a real policy's {enforce}: blocked
+    ///      until the Hub authorizes it, with the policy seeing the Spoke as caller and the acting manager
+    ///      as `caller`. Covers the wiring the authorize/unauthorize tests skip (they consume directly).
+    /// forge-config: default.isolate = true
+    function testEnforceSpokeCall(bool sameChain) public {
+        _configurePool(sameChain);
+
+        // Guard `deposit`: out of policy, so it must be pre-authorized via the Hub before it can run.
+        MockSpokePolicy policy = new MockSpokePolicy(s.spokeRegistry, address(s.spoke), Spoke.deposit.selector);
+        vm.prank(FM);
+        h.hub.setSpokePolicy{value: GAS}(POOL_A, s.centrifugeId, address(policy).toBytes32(), REFUND);
+
+        vm.prank(ERC20_DEPLOYER);
+        s.usdc.mint(BSM, USDC_AMOUNT_1);
+        vm.prank(BSM);
+        s.usdc.approve(address(s.spoke), USDC_AMOUNT_1);
+
+        bytes memory data = abi.encodeCall(Spoke.deposit, (POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1));
+
+        // Not yet authorized: Spoke.enforced -> policy.enforce -> consumeAuthorization reverts.
+        vm.prank(BSM);
+        vm.expectRevert(ISpokeRegistry.NoOutstandingAuthorization.selector);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+
+        // Hub authorizes the exact spoke calldata.
+        vm.prank(FM);
+        h.hub.authorizeSpokeCall{value: GAS}(POOL_A, s.centrifugeId, data, REFUND);
+        bytes32 id = s.spokeRegistry.authId(POOL_A, data);
+        assertEq(s.spokeRegistry.authorizations(id), 1);
+
+        // Same call now succeeds: enforce consumes the authorization.
+        vm.prank(BSM);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+
+        // The policy was invoked by the Spoke (its `msg.sender == enforcer` gate held) with BSM as caller.
+        assertEq(policy.lastCaller(), BSM);
+        assertEq(policy.enforceCalls(), 1); // the reverted attempt rolled back its increment
+        assertEq(s.spokeRegistry.authorizations(id), 0); // consumed
+        assertEq(s.spoke.availableBalanceOf(POOL_A, SC_1, address(s.usdc), 0), USDC_AMOUNT_1);
     }
 
     /// forge-config: default.isolate = true
@@ -823,16 +1263,16 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         s.usdc.mint(BSM, USDC_AMOUNT_1);
 
         vm.startPrank(BSM);
-        s.usdc.approve(address(s.balanceSheet), USDC_AMOUNT_1);
-        s.balanceSheet.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
-        s.balanceSheet.withdraw(POOL_A, SC_1, address(s.usdc), 0, BSM, USDC_AMOUNT_1 * 4 / 5, WithdrawMode.Full);
-        s.balanceSheet.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
+        s.usdc.approve(address(s.spoke), USDC_AMOUNT_1);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+        s.spoke.withdraw(POOL_A, SC_1, address(s.usdc), 0, BSM, USDC_AMOUNT_1 * 4 / 5);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
 
         // CHECKS
         assertEq(s.usdc.balanceOf(BSM), USDC_AMOUNT_1 * 4 / 5);
-        assertEq(s.balanceSheet.availableBalanceOf(POOL_A, SC_1, address(s.usdc), 0), USDC_AMOUNT_1 / 5);
+        assertEq(s.spoke.availableBalanceOf(POOL_A, SC_1, address(s.usdc), 0), USDC_AMOUNT_1 / 5);
 
-        (uint128 amount, uint128 value,,) = h.holdings.holding(POOL_A, SC_1, s.usdcId);
+        (uint128 amount, uint128 value,) = h.holdings.holding(POOL_A, SC_1, s.usdcId);
         assertEq(amount, USDC_AMOUNT_1 / 5);
         assertEq(value, assetToPool(USDC_AMOUNT_1 / 5));
 
@@ -847,23 +1287,19 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         _configurePool(sameChain);
 
         vm.startPrank(FM);
-        h.hub.updateVault{value: GAS}(
-            POOL_A, SC_1, s.usdcId, s.asyncVaultFactory, VaultUpdateKind.DeployAndLink, EXTRA_GAS, REFUND
-        );
-
-        address vault = address(s.vaultRegistry.vault(POOL_A, SC_1, s.usdcId, s.asyncRequestManager));
+        address vault = _deployAndLinkVault(s.asyncVaultFactory);
 
         h.hub.updateVault{value: GAS}(
-            POOL_A, SC_1, s.usdcId, vault.toBytes32(), VaultUpdateKind.Unlink, EXTRA_GAS, REFUND
+            POOL_A, SC_1, s.usdcId, vault.toBytes32(), VaultUpdateKind.Unlink, bytes(""), EXTRA_GAS, REFUND
         );
 
-        assertEq(s.vaultRegistry.isLinked(IVault(vault)), false);
+        assertEq(s.spokeRegistry.isLinked(address(vault)), false);
 
         h.hub.updateVault{value: GAS}(
-            POOL_A, SC_1, s.usdcId, vault.toBytes32(), VaultUpdateKind.Link, EXTRA_GAS, REFUND
+            POOL_A, SC_1, s.usdcId, vault.toBytes32(), VaultUpdateKind.Link, bytes(""), EXTRA_GAS, REFUND
         );
 
-        assertEq(s.vaultRegistry.isLinked(IVault(vault)), true);
+        assertEq(s.spokeRegistry.isLinked(address(vault)), true);
     }
 
     /// forge-config: default.isolate = true
@@ -882,11 +1318,7 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         _configurePricesForFlow(nonZeroPrices);
 
         vm.startPrank(FM);
-        h.hub.updateVault{value: GAS}(
-            POOL_A, SC_1, s.usdcId, s.asyncVaultFactory, VaultUpdateKind.DeployAndLink, EXTRA_GAS, REFUND
-        );
-
-        IAsyncVault vault = IAsyncVault(address(s.vaultRegistry.vault(POOL_A, SC_1, s.usdcId, s.asyncRequestManager)));
+        IAsyncVault vault = IAsyncVault(_deployAndLinkVault(s.asyncVaultFactory));
 
         vm.startPrank(INVESTOR_A);
         s.usdc.approve(address(vault), USDC_AMOUNT_1);
@@ -953,12 +1385,12 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
 
         // Hub -> Spoke message went through the pool adapter
         assertEq(uint8(poolAdapterHToS.lastReceivedPayload().messageType()), uint8(MessageType.NotifyPool));
-        assertEq(s.spoke.pool(POOL_A), block.timestamp); // Message received and processed
+        assertEq(s.spokeRegistry.pool(POOL_A), block.timestamp); // Message received and processed
 
-        h.hub.updateBalanceSheetManager{value: GAS}(POOL_A, s.centrifugeId, BSM.toBytes32(), true, REFUND);
+        h.hub.updateManager{value: GAS}(POOL_A, s.centrifugeId, ManagerKind.Spoke, BSM.toBytes32(), true, REFUND);
 
         vm.startPrank(BSM);
-        s.balanceSheet.submitQueuedShares{value: GAS}(POOL_A, SC_1, EXTRA_GAS, REFUND);
+        s.spoke.submitQueuedShares{value: GAS}(POOL_A, SC_1, EXTRA_GAS, REFUND);
 
         // Spoke -> Hub message went through the pool adapter
         assertEq(uint8(poolAdapterSToH.lastReceivedPayload().messageType()), uint8(MessageType.UpdateShares));
@@ -983,7 +1415,7 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         }
 
         vm.startPrank(FM);
-        h.hub.setAdapters{value: GAS}(POOL_A, s.centrifugeId, localAdapters, remoteAdapters, 1, 1, REFUND);
+        h.hub.setAdapters{value: GAS}(POOL_A, s.centrifugeId, localAdapters, remoteAdapters, 1, REFUND);
     }
 
     /// forge-config: default.isolate = true
@@ -1002,48 +1434,36 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
 
         vm.expectRevert(ILocalCentrifugeId.CannotBeSentLocally.selector);
         vm.startPrank(FM);
-        h.hub.setAdapters{value: GAS}(POOL_A, h.centrifugeId, localAdapters, remoteAdapters, 1, 1, REFUND);
+        h.hub.setAdapters{value: GAS}(POOL_A, h.centrifugeId, localAdapters, remoteAdapters, 1, REFUND);
     }
 
-    /// forge-config: default.isolate = true
-    function testAdaptersWithRecovery() public {
+    function testErrSetAdaptersWhileBatching() public {
         _setSpoke(IN_DIFFERENT_CHAINS);
         _createPool();
 
-        // Wire pool adapters
-        LocalAdapter poolAdapterAToB = new LocalAdapter(h.centrifugeId, h.multiAdapter, FM);
-        LocalAdapter poolAdapterBToA = new LocalAdapter(s.centrifugeId, s.multiAdapter, FM);
-
-        poolAdapterAToB.setEndpoint(poolAdapterBToA);
-        poolAdapterBToA.setEndpoint(poolAdapterAToB);
-
-        IAdapter[] memory localAdapters = new IAdapter[](2);
-        localAdapters[0] = poolAdapterAToB;
-        localAdapters[1] = new RecoveryAdapter(h.multiAdapter, FM);
-
-        bytes32[] memory remoteAdapters = new bytes32[](2);
-        remoteAdapters[0] = address(poolAdapterBToA).toBytes32();
-        remoteAdapters[1] = address(new RecoveryAdapter(s.multiAdapter, FM)).toBytes32();
+        IAdapter[] memory localAdapters = new IAdapter[](1);
+        localAdapters[0] = new LocalAdapter(h.centrifugeId, h.multiAdapter, FM);
 
-        vm.startPrank(FM);
+        bytes32[] memory remoteAdapters = new bytes32[](1);
+        remoteAdapters[0] = address(new LocalAdapter(s.centrifugeId, s.multiAdapter, FM)).toBytes32();
 
-        uint8 threshold = 2;
-        uint8 recoveryIndex = 1;
-        h.hub.setAdapters{value: GAS}(
-            POOL_A, s.centrifugeId, localAdapters, remoteAdapters, threshold, recoveryIndex, REFUND
+        // Batching defers the SetPoolAdapters send until after the new local set is applied, which would
+        // route it over a set the spoke does not yet trust, so setAdapters must reject being batched.
+        bytes[] memory calls = new bytes[](1);
+        calls[0] = abi.encodeWithSelector(
+            h.hub.setAdapters.selector,
+            POOL_A,
+            s.centrifugeId,
+            localAdapters,
+            remoteAdapters,
+            uint8(1),
+            uint8(1),
+            REFUND
         );
 
-        // Only local adapter will send the message, recovery adapter will skip it.
-        h.hub.notifyPool{value: GAS}(POOL_A, s.centrifugeId, REFUND);
-
-        assertEq(s.spoke.pool(POOL_A), 0); // 1 of 2 received, not processed yet
-
-        bytes memory message = MessageLib.NotifyPool({poolId: POOL_A.raw()}).serialize();
-
-        // In the remote recovery adapter, we recover the message
-        IMessageHandler(remoteAdapters[1].toAddress()).handle(h.centrifugeId, message);
-
-        assertEq(s.spoke.pool(POOL_A), block.timestamp); // 2 of 2 received and processed
+        vm.expectRevert(IHub.CannotSetAdaptersWhileBatching.selector);
+        vm.prank(FM);
+        h.hub.multicall{value: GAS}(calls);
     }
 
     /// forge-config: default.isolate = true
@@ -1054,13 +1474,13 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         uint256 VALUE = 123;
 
         vm.startPrank(FM);
-        h.hub.updateContract{value: GAS}(
+        h.hub.managerCall{value: sameChain ? 0 : GAS}(
             POOL_A,
-            SC_1,
             s.centrifugeId,
-            address(s.asyncRequestManager).toBytes32(),
+            address(s.subsidyManager).toBytes32(),
             abi.encode(RECEIVER.toBytes32(), VALUE),
             EXTRA_GAS,
+            0,
             REFUND
         );
 
@@ -1068,7 +1488,7 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
     }
 
     /// forge-config: default.isolate = true
-    function testUntrustedContractUpdate(bool sameChain) public {
+    function testManagerCallFromSpoke(bool sameChain) public {
         _configurePool(sameChain);
 
         address hubContract = address(new IsContract());
@@ -1077,18 +1497,13 @@ contract EndToEndUseCases is EndToEndFlows, VMLabeling {
         vm.mockCall(
             hubContract,
             abi.encodeWithSelector(
-                IUntrustedContractUpdate.untrustedCall.selector,
-                POOL_A,
-                SC_1,
-                "data",
-                s.centrifugeId,
-                spokeSender.toBytes32()
+                IManagerCallFromSpoke.fromSpoke.selector, POOL_A, "data", s.centrifugeId, spokeSender.toBytes32()
             ),
             abi.encode()
         );
 
         vm.startPrank(spokeSender);
         vm.deal(spokeSender, GAS);
-        s.spoke.updateContract{value: GAS}(POOL_A, SC_1, hubContract.toBytes32(), "data", EXTRA_GAS, REFUND);
+        s.spoke.managerCall{value: GAS}(POOL_A, hubContract.toBytes32(), "data", EXTRA_GAS, REFUND);
     }
 }
diff --git a/test/integration/GatewayBatchMemoryExpansion.t.sol b/test/integration/GatewayBatchMemoryExpansion.t.sol
index 90d2485ab..74ff776b8 100644
--- a/test/integration/GatewayBatchMemoryExpansion.t.sol
+++ b/test/integration/GatewayBatchMemoryExpansion.t.sol
@@ -4,15 +4,14 @@ pragma solidity ^0.8.28;
 import {CentrifugeIntegrationTest} from "./Integration.t.sol";
 
 import {PoolId} from "../../src/core/types/PoolId.sol";
-import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
 import {MessageLib} from "../../src/core/messaging/libraries/MessageLib.sol";
-import {IUntrustedContractUpdate} from "../../src/core/utils/interfaces/IContractUpdate.sol";
+import {IManagerCallFromSpoke} from "../../src/core/utils/interfaces/IManagerCall.sol";
 
 import "forge-std/Test.sol";
 
-/// @notice Simple mock that accepts UntrustedContractUpdate calls
-contract MockUntrustedTarget is IUntrustedContractUpdate {
-    function untrustedCall(PoolId, ShareClassId, bytes calldata, uint16, bytes32) external pure {}
+/// @notice Simple mock that accepts ManagerCallFromSpoke calls
+contract MockSpokeTarget is IManagerCallFromSpoke {
+    function fromSpoke(PoolId, bytes calldata, uint16, bytes32) external payable {}
 }
 
 /// @title Gateway Batch Memory Expansion Test
@@ -20,6 +19,10 @@ contract MockUntrustedTarget is IUntrustedContractUpdate {
 contract GatewayBatchMemoryExpansionTest is CentrifugeIntegrationTest {
     using MessageLib for *;
 
+    // UntrustedContractUpdate has no source restriction, so any non-local id works here; only
+    // used as the `centrifugeId` param to `gateway.handle` (the pool itself stays local).
+    uint16 constant REMOTE_CENTRIFUGE_ID = 1;
+
     PoolId poolId;
     address target;
 
@@ -27,8 +30,8 @@ contract GatewayBatchMemoryExpansionTest is CentrifugeIntegrationTest {
         super.setUp();
         poolId = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
 
-        // Deploy mock target that accepts UntrustedContractUpdate calls
-        target = address(new MockUntrustedTarget());
+        // Deploy mock target that accepts ManagerCallFromSpoke calls
+        target = address(new MockSpokeTarget());
 
         // Create a pool so messages are valid
         vm.prank(address(opsGuardian.opsSafe()));
@@ -39,12 +42,11 @@ contract GatewayBatchMemoryExpansionTest is CentrifugeIntegrationTest {
         vm.store(address(gateway), slot, bytes32(uint256(1)));
     }
 
-    /// @notice Creates an UntrustedContractUpdate message with 0 payload (107 bytes)
+    /// @notice Creates a ManagerCallFromSpoke message with 0 payload (91 bytes)
     function _createMessage() internal view returns (bytes memory) {
         return MessageLib.serialize(
-            MessageLib.UntrustedContractUpdate({
+            MessageLib.ManagerCallFromSpoke({
                 poolId: poolId.raw(),
-                scId: "",
                 target: bytes32(uint256(uint160(target))),
                 sender: "",
                 extraGasLimit: 0,
@@ -65,11 +67,11 @@ contract GatewayBatchMemoryExpansionTest is CentrifugeIntegrationTest {
     function testMaxAllowedBatchCanBeProcessed() public {
         // Get gas limits from the system
         bytes memory singleMessage = _createMessage();
-        uint128 perMessageGasLimit = gasService.messageOverallGasLimit(LOCAL_CENTRIFUGE_ID, singleMessage);
+        uint128 perMessageGasLimit = gasService.messageOverallGasLimit(REMOTE_CENTRIFUGE_ID, singleMessage);
 
         // NOTE: if using 30_000_000 here, the safety margin is still 3.8 at the moment of this comment.
         // NOTE: limit is approx under a maxBatchLimit of 65_000_000
-        uint128 maxBatchLimit = gasService.maxBatchGasLimit(LOCAL_CENTRIFUGE_ID);
+        uint128 maxBatchLimit = gasService.maxBatchGasLimit(REMOTE_CENTRIFUGE_ID);
         uint256 maxMessages = maxBatchLimit / perMessageGasLimit;
 
         bytes memory batch = _createBatch(maxMessages);
@@ -83,7 +85,7 @@ contract GatewayBatchMemoryExpansionTest is CentrifugeIntegrationTest {
 
         // Process the batch and measure gas
         uint256 gasBefore = gasleft();
-        gateway.handle(LOCAL_CENTRIFUGE_ID, batch);
+        gateway.handle(REMOTE_CENTRIFUGE_ID, batch);
         uint256 gasConsumed = gasBefore - gasleft();
 
         console.log("Result:");
diff --git a/test/integration/GatewayFailGas.t.sol b/test/integration/GatewayFailGas.t.sol
new file mode 100644
index 000000000..c8a323c0c
--- /dev/null
+++ b/test/integration/GatewayFailGas.t.sol
@@ -0,0 +1,105 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {CentrifugeIntegrationTest} from "./Integration.t.sol";
+
+import {Gateway} from "../../src/core/messaging/Gateway.sol";
+import {ERR_MAX_LENGTH} from "../../src/core/messaging/interfaces/IGateway.sol";
+import {IMessageHandler} from "../../src/core/messaging/interfaces/IMessageHandler.sol";
+import {IProtocolPauser} from "../../src/core/messaging/interfaces/IProtocolPauser.sol";
+
+import "forge-std/Test.sol";
+import {VmSafe} from "forge-std/Vm.sol";
+
+/// @notice Reverts with exactly ERR_MAX_LENGTH zero bytes via assembly, keeping G_inner negligible.
+///         Using assembly avoids the memory allocation that `revert(new string(...))` would charge
+///         to the inner call's budget. The outer context still pays returndatacopy for ERR_MAX_LENGTH
+///         bytes — the worst-case cost this reserve must absorb.
+contract AlwaysFailProcessor is IMessageHandler {
+    function handle(uint16, bytes calldata) external pure override {
+        assembly {
+            revert(0, ERR_MAX_LENGTH)
+        }
+    }
+}
+
+/// @notice Overrides Gateway._afterProcessorCall to record a gasleft() checkpoint via transient storage
+///         immediately after excessivelySafeCall returns, without duplicating any _safeProcess logic.
+contract GatewayHarness is Gateway {
+    uint256 internal constant _GAS_CHECKPOINT_TSLOT = uint256(keccak256("GatewayHarness.gasCheckpoint"));
+
+    constructor(uint16 localCentrifugeId_, IProtocolPauser pauser_, address deployer)
+        Gateway(localCentrifugeId_, pauser_, deployer)
+    {}
+
+    function _afterProcessorCall() internal override {
+        uint256 tslot = _GAS_CHECKPOINT_TSLOT;
+        assembly {
+            tstore(tslot, gas())
+        }
+    }
+
+    /// @return consumedGas      Total gas consumed by the whole safe-process call.
+    /// @return failureBranchGas Gas consumed after excessivelySafeCall returns (storage++ + event).
+    function safeProcess(uint16 centrifugeId, bytes memory message, bytes32 messageHash, uint128 gasLimit)
+        external
+        returns (uint256 consumedGas, uint256 failureBranchGas)
+    {
+        uint128 reserve = messageProperties.messageFailureGasReserve();
+        uint256 g0 = gasleft();
+        _safeProcess(centrifugeId, message, messageHash, gasLimit, reserve);
+        uint256 g2 = gasleft();
+        uint256 g1;
+        uint256 tslot = _GAS_CHECKPOINT_TSLOT;
+        assembly {
+            g1 := tload(tslot)
+        }
+        consumedGas = g0 - g2;
+        failureBranchGas = g1 - g2;
+    }
+}
+
+/// @notice Benchmarks the failure-path gas budget against GasService.messageFailureGasReserve.
+///
+///         _safeProcess gives the processor (gasLimit - reserve) gas and relies on the reserved budget
+///         to cover all outer-context work when the processor reverts:
+///           - excessivelySafeCall overhead: call opcode + returndatacopy(ERR_MAX_LENGTH)
+///           - failure branch: failedMessages storage write + FailMessage event
+///
+///         AlwaysFailProcessor reverts with ERR_MAX_LENGTH zero bytes via assembly, keeping G_inner
+///         negligible. consumedGas therefore approximates the actual outer-context cost that must fit
+///         within the reserve, without the G_inner overcount of the previous `fail - ok` approach.
+contract GatewayFailGasTest is CentrifugeIntegrationTest {
+    GatewayHarness gatewayHarness;
+
+    function setUp() public override {
+        super.setUp();
+
+        gatewayHarness = new GatewayHarness(LOCAL_CENTRIFUGE_ID, gateway.pauser(), address(this));
+        gatewayHarness.file("processor", address(new AlwaysFailProcessor()));
+        gatewayHarness.file("messageProperties", address(gasService));
+    }
+
+    function testProcessFailMessageGasBenchmark() public {
+        bytes memory message = new bytes(10);
+        bytes32 messageHash = keccak256(message);
+
+        // Give the processor plenty of headroom so the inner-call cap is never the bottleneck
+        uint128 reserve = gasService.messageFailureGasReserve();
+        uint128 gasLimit = reserve + 100_000;
+
+        (uint256 consumed, uint256 branchGas) =
+            gatewayHarness.safeProcess(LOCAL_CENTRIFUGE_ID, message, messageHash, gasLimit);
+
+        // Double-checking the benchmarking is working as expected:
+        assertEq(gatewayHarness.failedMessages(LOCAL_CENTRIFUGE_ID, messageHash), 1);
+
+        console.log("excessivelySafeCall outer overhead (call + returndatacopy):", consumed - branchGas);
+        console.log("failure branch (storage write + FailMessage event):        ", branchGas);
+        console.log("total outer-context cost vs reserve:                        ", consumed, "/", reserve);
+
+        // Coverage disables the optimizer, increasing gas costs
+        uint256 covTolerance = vm.isContext(VmSafe.ForgeContext.Coverage) ? 5_000 : 0;
+        assertLt(consumed, reserve + covTolerance, "messageFailureGasReserve is not high enough");
+    }
+}
diff --git a/test/integration/Integration.t.sol b/test/integration/Integration.t.sol
index 92eb35055..d182c2057 100644
--- a/test/integration/Integration.t.sol
+++ b/test/integration/Integration.t.sol
@@ -10,16 +10,18 @@ import {MockValuation} from "../core/mocks/MockValuation.sol";
 import {PoolId} from "../../src/core/types/PoolId.sol";
 import {AssetId} from "../../src/core/types/AssetId.sol";
 import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
-import {MAX_MESSAGE_COST as GAS} from "../../src/core/messaging/interfaces/IGasService.sol";
+import {ISpokeRegistry} from "../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {ISafe} from "../../src/admin/interfaces/ISafe.sol";
 
 import {ISyncManager} from "../../src/vaults/interfaces/IVaultManagers.sol";
 
-import {DeployerInput, FullDeployer, noAdaptersInput, defaultTxLimits} from "../../script/FullDeployer.s.sol";
+import {DeployerInput, FullDeployer, noAdaptersInput, defaultTxLimits} from "../../script/deploy/FullDeployer.s.sol";
 
 import "forge-std/Test.sol";
 
+import {MAX_MESSAGE_COST as GAS} from "../utils/GasConstants.sol";
+
 /// @notice The base contract for integrators that want to tests their contracts.
 /// It assumes a full deployment in one chain.
 /// @dev NOTE. Use always LOCAL_CENTRIFUGE_ID when centrifugeId param is required
@@ -32,17 +34,23 @@ contract CentrifugeIntegrationTest is FullDeployer, Test {
     MockValuation valuation;
 
     function setUp() public virtual {
-        // Deployment
-        super.deployFull(
+        address[] memory executors = new address[](1);
+        executors[0] = address(this);
+
+        // Deployment: this contract is the namespace of its own namespace, and its own executor
+        super.deployFullBothPhases(
             DeployerInput({
                 centrifugeId: LOCAL_CENTRIFUGE_ID,
-                suffix: "",
+                deploymentId: "",
                 txLimits: defaultTxLimits(),
                 protocolSafe: ISafe(makeAddr("ProtocolSafe")),
                 opsSafe: ISafe(makeAddr("OpsSafe")),
+                root: address(0),
+                delay: 0,
                 adapters: noAdaptersInput()
             }),
-            address(this)
+            address(this),
+            executors
         );
 
         // Extra deployment
@@ -52,6 +60,19 @@ contract CentrifugeIntegrationTest is FullDeployer, Test {
         // Accounts
         vm.deal(FUNDED, 100 ether);
     }
+
+    /// @dev Core no longer keeps a tuple -> vault reverse lookup; recover a freshly DeployAndLink'd vault from
+    ///      the most recent DeployVault event. Requires `vm.recordLogs()` to be active across the deploy call.
+    function _deployedVaultFromLogs() internal returns (address vault_) {
+        Vm.Log[] memory logs = vm.getRecordedLogs();
+        for (uint256 i = logs.length; i > 0; i--) {
+            if (logs[i - 1].topics[0] == ISpokeRegistry.DeployVault.selector) {
+                (,, address v) = abi.decode(logs[i - 1].data, (uint256, address, address));
+                return v;
+            }
+        }
+        revert("no DeployVault log");
+    }
 }
 
 /// @notice Similar to CentrifugeIntegrationTest but with some customized general utilities
@@ -98,12 +119,12 @@ contract CentrifugeIntegrationTestWithUtils is CentrifugeIntegrationTest {
         hub.addShareClass(POOL_A, "ShareClass1", "sc1", bytes32(bytes8(POOL_A.raw())));
     }
 
-    function _updateContractSyncDepositMaxReserveMsg(AssetId assetId, uint128 maxReserve)
+    function _syncManagerMaxReserveMsg(ShareClassId scId, AssetId assetId, uint128 maxReserve)
         internal
         pure
         returns (bytes memory)
     {
-        return abi.encode(uint8(ISyncManager.TrustedCall.MaxReserve), assetId.raw(), maxReserve);
+        return abi.encode(scId.raw(), uint8(ISyncManager.TrustedCall.MaxReserve), assetId.raw(), maxReserve);
     }
 }
 
diff --git a/test/integration/MaliciousVaultAttack.t.sol b/test/integration/MaliciousVaultAttack.t.sol
index e6d10fc4f..2e4568b92 100644
--- a/test/integration/MaliciousVaultAttack.t.sol
+++ b/test/integration/MaliciousVaultAttack.t.sol
@@ -8,7 +8,6 @@ import {CastLib} from "../../src/misc/libraries/CastLib.sol";
 
 import {PoolId} from "../../src/core/types/PoolId.sol";
 import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
-import {VaultKind} from "../../src/core/spoke/interfaces/IVault.sol";
 import {VaultUpdateKind} from "../../src/core/messaging/libraries/MessageLib.sol";
 
 import {IBaseVault} from "../../src/vaults/interfaces/IBaseVault.sol";
@@ -24,10 +23,14 @@ contract MaliciousFactory {
         manager = manager_;
     }
 
-    function newVault(PoolId poolId, ShareClassId scId, address asset, uint256 tokenId, address shareToken)
-        public
-        returns (address)
-    {
+    function newVault(
+        PoolId poolId,
+        ShareClassId scId,
+        address asset,
+        uint256 tokenId,
+        address shareToken,
+        bytes calldata
+    ) public returns (address) {
         vault = new MaliciousVault(poolId, scId, asset, tokenId, shareToken, manager);
         return address(vault);
     }
@@ -57,10 +60,6 @@ contract MaliciousVault {
         manager = manager_;
     }
 
-    function vaultKind() public pure returns (VaultKind vaultKind_) {
-        return VaultKind.Async;
-    }
-
     function attack() public {
         /// Trying to access directly to the AsyncRequestManager
         manager.requestDeposit(IBaseVault(address(this)), 100, address(this), address(0), address(0));
@@ -83,6 +82,7 @@ contract MaliciousVaultAttackTest is EndToEndFlows {
             s.usdcId,
             bytes32(bytes20(address(maliciousFactory))),
             VaultUpdateKind.DeployAndLink,
+            bytes(""),
             0,
             REFUND
         );
diff --git a/test/integration/NegativeIssuance.t.sol b/test/integration/NegativeIssuance.t.sol
new file mode 100644
index 000000000..1b4e8db3f
--- /dev/null
+++ b/test/integration/NegativeIssuance.t.sol
@@ -0,0 +1,134 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {EndToEndFlows} from "./EndToEnd.t.sol";
+
+import {d18} from "../../src/misc/types/D18.sol";
+import {CastLib} from "../../src/misc/libraries/CastLib.sol";
+
+import {Spoke} from "../../src/core/spoke/Spoke.sol";
+import {IShareClassManager} from "../../src/core/hub/interfaces/IShareClassManager.sol";
+import {MessageLib, ManagerKind} from "../../src/core/messaging/libraries/MessageLib.sol";
+
+import {IShareToken} from "../../src/token/interfaces/IShareToken.sol";
+
+/// @dev The same situation as `NAVManagerNegativeIssuanceTest`, but over two real chains and the spoke's own
+///      share queue. Shares are bridged off one chain before it submits the issuance that minted them, and
+///      the other chain then revokes more than the hub knows about. That revocation has to be accepted: by
+///      the time the hub sees the message the spoke has already emptied its queue and moved its nonce on, so
+///      a revert would lose the amount entirely and stop the spoke reporting for good.
+contract NegativeIssuanceEndToEndTest is EndToEndFlows {
+    using CastLib for *;
+    using MessageLib for *;
+
+    uint128 constant SHARES = 1000e18;
+
+    IShareToken shareOnHub;
+    IShareToken shareOnSpoke;
+    Spoke spokeHub;
+
+    function _setUpBothChains() internal {
+        _configurePool(false);
+        _configurePrices(d18(1, 1), d18(1, 1));
+
+        vm.startPrank(FM);
+        h.hub.notifyPool{value: GAS}(POOL_A, h.centrifugeId, REFUND);
+        h.hub.notifyShareClass{value: GAS}(
+            POOL_A, SC_1, h.centrifugeId, address(deployA.shareTokenRegistrar()).toBytes32(), "", 0, REFUND
+        );
+        h.hub.notifySharePrice{value: GAS}(POOL_A, SC_1, h.centrifugeId, REFUND);
+        h.hub.updateManager{value: GAS}(POOL_A, h.centrifugeId, ManagerKind.Spoke, BSM.toBytes32(), true, REFUND);
+        // The pool allowlists the investor as a bridger, as it must for any cross-chain share movement.
+        h.hub.updateManager{value: GAS}(
+            POOL_A, h.centrifugeId, ManagerKind.Bridger, INVESTOR_A.toBytes32(), true, REFUND
+        );
+        vm.stopPrank();
+
+        spokeHub = deployA.spoke();
+        shareOnHub = IShareToken(address(deployA.spokeRegistry().shareToken(POOL_A, SC_1)));
+        shareOnSpoke = IShareToken(address(s.spokeRegistry.shareToken(POOL_A, SC_1)));
+    }
+
+    function _spokeNonce() internal view returns (uint64 nonce) {
+        (,,, nonce) = s.spoke.snapshotQueue().queuedShares(POOL_A, SC_1);
+    }
+
+    function _hubNonce() internal view returns (uint64 nonce) {
+        (, nonce) = h.holdings.snapshot(POOL_A, SC_1, s.centrifugeId);
+    }
+
+    function testBridgeBeforeSyncThenRevoke() public {
+        _setUpBothChains();
+
+        // 1. The manager issues shares on the hub chain. Submitting the queue is a separate transaction,
+        //    usually run by a keeper, so the hub does not know about them yet.
+        vm.prank(BSM);
+        spokeHub.issue(POOL_A, SC_1, INVESTOR_A, SHARES);
+        assertEq(h.shareClassManager.totalIssuance(POOL_A, SC_1), 0, "hub has not been told about the issuance");
+
+        // 2. The holder bridges them to spoke B. Nothing requires the source chain's queue to be submitted
+        //    first.
+        vm.prank(INVESTOR_A);
+        shareOnHub.approve(address(spokeHub), SHARES);
+        vm.prank(INVESTOR_A);
+        spokeHub.crosschainTransferShares{value: GAS}(
+            s.centrifugeId, POOL_A, SC_1, INVESTOR_A.toBytes32(), SHARES, HOOK_GAS
+        );
+        assertEq(shareOnSpoke.totalSupply(), SHARES, "shares minted on spoke B");
+        assertEq(shareOnHub.totalSupply(), 0, "burned on chain A");
+
+        // As far as the hub is concerned, chain A has now revoked shares it never reported issuing.
+        (uint128 chainAIssuances, uint128 chainARevocations) =
+            h.shareClassManager.issuancePerNetwork(POOL_A, SC_1, h.centrifugeId);
+        assertEq(chainAIssuances, 0);
+        assertEq(chainARevocations, SHARES);
+
+        // 3. Normal redemption on spoke B: the manager takes the shares and revokes them.
+        vm.prank(INVESTOR_A);
+        shareOnSpoke.transfer(BSM, SHARES);
+        vm.startPrank(BSM);
+        shareOnSpoke.approve(address(s.spoke), SHARES);
+        s.spoke.revoke(POOL_A, SC_1, SHARES);
+
+        // 4. Spoke B submits its queue. The hub accepts the revocation instead of reverting on it, so the
+        //    message lands and the two nonces stay in step.
+        s.spoke.submitQueuedShares{value: GAS}(POOL_A, SC_1, 0, REFUND);
+        vm.stopPrank();
+
+        assertEq(_hubNonce(), _spokeNonce(), "the hub accepted the message, so the spoke can keep reporting");
+
+        vm.expectRevert(IShareClassManager.NegativeIssuance.selector);
+        h.shareClassManager.totalIssuance(POOL_A, SC_1);
+
+        (uint128 issuances, uint128 revocations) = h.shareClassManager.issuanceAcrossNetworks(POOL_A, SC_1);
+        assertEq(issuances, SHARES, "only the shares arriving on spoke B were ever reported");
+        assertEq(revocations, 2 * SHARES, "the bridge off chain A, plus spoke B's revocation");
+
+        // 5. Chain A finally submits the issuance from step 1, and the totals match the real supply again.
+        vm.prank(BSM);
+        spokeHub.submitQueuedShares{value: GAS}(POOL_A, SC_1, 0, REFUND);
+
+        assertEq(h.shareClassManager.totalIssuance(POOL_A, SC_1), 0, "the hub and the spoke agree again");
+        assertEq(h.shareClassManager.issuance(POOL_A, SC_1, h.centrifugeId), 0);
+        assertEq(shareOnSpoke.totalSupply(), 0);
+    }
+
+    /// Asset reporting uses the same nonce sequence, so a share message that got stuck would block it too.
+    function testAssetAccountingKeepsFlowing() public {
+        testBridgeBeforeSyncThenRevoke();
+
+        uint128 amount = 250_000e6;
+        vm.prank(ERC20_DEPLOYER);
+        s.usdc.mint(BSM, amount);
+
+        vm.startPrank(BSM);
+        s.usdc.approve(address(s.spoke), amount);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, amount);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, 0, REFUND);
+        vm.stopPrank();
+
+        assertEq(s.usdc.balanceOf(address(s.spoke.escrow(POOL_A))), amount, "assets arrived on spoke B");
+        assertEq(h.holdings.amount(POOL_A, SC_1, s.usdcId), amount, "and the hub was told about them");
+        assertEq(_hubNonce(), _spokeNonce());
+    }
+}
diff --git a/test/integration/ReentrancyAttack.t.sol b/test/integration/ReentrancyAttack.t.sol
index 82af4933c..76b6d09da 100644
--- a/test/integration/ReentrancyAttack.t.sol
+++ b/test/integration/ReentrancyAttack.t.sol
@@ -5,15 +5,14 @@ import {EndToEndFlows} from "./EndToEnd.t.sol";
 import {IntegrationConstants} from "./utils/IntegrationConstants.sol";
 
 import {ERC20} from "../../src/misc/ERC20.sol";
-import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
 import {IERC7751} from "../../src/misc/interfaces/IERC7751.sol";
 import {SafeTransferLib} from "../../src/misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../../src/core/types/PoolId.sol";
 import {IHub} from "../../src/core/hub/interfaces/IHub.sol";
+import {ISpoke} from "../../src/core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
 import {ISnapshotHook} from "../../src/core/hub/interfaces/ISnapshotHook.sol";
-import {IBalanceSheet, WithdrawMode} from "../../src/core/spoke/interfaces/IBalanceSheet.sol";
 
 // ============================================================================
 // ATTACK CONTRACTS - Inline for easier security review
@@ -29,7 +28,7 @@ import {IBalanceSheet, WithdrawMode} from "../../src/core/spoke/interfaces/IBala
 /// 2. Alice is removed as manager by Bob
 /// 3. Bob calls Hub.multicall([updateHoldingValue(...)])
 /// 4. updateHoldingValue() triggers this hook via holdings.callOnSyncSnapshot()
-/// 5. This hook re-enters Hub.updateHubManager(poolId, Alice, true)
+/// 5. This hook re-enters Hub.updateManager(poolId, Alice, true)
 /// 6. _isManager(poolId) checks msgSender() which returns _sender = Bob
 /// 7. The check passes and Alice is re-added as manager!
 contract MaliciousSnapshotHook is ISnapshotHook {
@@ -60,6 +59,53 @@ contract MaliciousSnapshotHook is ISnapshotHook {
     function onTransfer(PoolId, ShareClassId, uint16, uint16, uint128) external {}
 }
 
+/// @notice Reproduces bug bounty issue #1: incorrect msgValue() handling during batching.
+/// @dev Models the "Manager B Safe" from the report. The hook is itself a pool manager (so the
+///      reentrant Hub call passes msgSender()'s manager check, since msg.sender is the hook, not
+///      the gateway). During an active Hub batch it makes a reentrant *payable* call into the Hub.
+///
+///      With the buggy msgValue() (`_sender != address(0) ? 0 : msg.value`), the value was zeroed
+///      simply because a batch was active, dropping the attached ETH and leaving it stuck in the
+///      Hub. After the fix (`_sender != 0 && msg.sender == gateway`), the value is preserved for
+///      this non-gateway caller and forwarded through the normal refund flow.
+contract ValueStuckHook is ISnapshotHook {
+    IHub public immutable hub;
+    PoolId public immutable targetPool;
+    ShareClassId public immutable scId;
+    uint16 public immutable centrifugeId;
+    address public immutable refund;
+    uint256 public immutable value;
+    bool public executed;
+
+    constructor(
+        IHub hub_,
+        PoolId targetPool_,
+        ShareClassId scId_,
+        uint16 centrifugeId_,
+        address refund_,
+        uint256 value_
+    ) {
+        hub = hub_;
+        targetPool = targetPool_;
+        scId = scId_;
+        centrifugeId = centrifugeId_;
+        refund = refund_;
+        value = value_;
+    }
+
+    function onSync(PoolId poolId, ShareClassId, uint16) external {
+        if (PoolId.unwrap(poolId) == PoolId.unwrap(targetPool) && !executed) {
+            executed = true;
+            // Reentrant payable call while the batch is still active.
+            hub.notifySharePrice{value: value}(targetPool, scId, centrifugeId, refund);
+        }
+    }
+
+    function onTransfer(PoolId, ShareClassId, uint16, uint16, uint128) external {}
+
+    receive() external payable {}
+}
+
 /// @notice Contract that tests the refund callback vulnerability in same-chain deployments
 /// @dev This contract was created to test if the `_sender` pattern could be exploited
 ///      via MessageDispatcher._refund() callback. Testing showed this attack does NOT work
@@ -71,7 +117,7 @@ contract MaliciousSnapshotHook is ISnapshotHook {
 /// 2. Hub.notifyPool() → MessageDispatcher.sendNotifyPool() → _refund(ATTACKER)
 /// 3. _refund does: payable(ATTACKER).call{value: msg.value}("")
 /// 4. This contract's receive() is triggered with _sender still set to Manager
-/// 5. receive() calls Hub.updateHubManager() to add itself as manager
+/// 5. receive() calls Hub.updateManager() to add itself as manager
 contract RefundAttacker {
     IHub public immutable hub;
     PoolId public immutable targetPool;
@@ -112,7 +158,7 @@ contract RefundAttacker {
 /// - Stablecoin gets compromised via malicious upgrade
 /// - BSM withdraws compromised token, triggering drain of USDC
 contract MaliciousERC20 is ERC20 {
-    IBalanceSheet public balanceSheet;
+    ISpoke public balanceSheet;
     PoolId public targetPool;
     ShareClassId public targetScId;
     address public targetAsset; // USDC to drain
@@ -128,7 +174,7 @@ contract MaliciousERC20 is ERC20 {
     /// @notice Configure the attack parameters
     /// @dev Must be called before the attack can execute
     function setAttackParams(
-        IBalanceSheet balanceSheet_,
+        ISpoke balanceSheet_,
         PoolId poolId_,
         ShareClassId scId_,
         address targetAsset_,
@@ -175,9 +221,7 @@ contract MaliciousERC20 is ERC20 {
                 // - We're still inside BalanceSheet.multicall
                 // - _sender is still set to BSM
                 // - isManager(msgSender()) will pass
-                balanceSheet.withdraw(
-                    targetPool, targetScId, targetAsset, 0, attacker, usdcBalance, WithdrawMode.TransferOnly
-                );
+                balanceSheet.withdraw(targetPool, targetScId, targetAsset, 0, attacker, usdcBalance);
             }
         }
 
@@ -193,7 +237,7 @@ contract MaliciousERC20 is ERC20 {
 /// @notice Tests demonstrating reentrancy vulnerabilities in the Hub's BatchedMulticall pattern
 /// @dev These tests prove that the `_sender` pattern in BatchedMulticall allows privilege escalation
 ///      during external callbacks. The vulnerability exists because:
-///      1. Hub.updateHubManager() does NOT have the `protected` modifier
+///      1. Hub.updateManager() does NOT have the `protected` modifier
 ///      2. _isManager() uses msgSender() which returns _sender during reentrancy
 ///      3. snapshotHook.onSync() is NOT a view function - can call external contracts
 ///
@@ -217,7 +261,7 @@ contract ReentrancyAttackTest is EndToEndFlows {
     ///      1. Alice (FM) sets a malicious snapshotHook with a backdoor
     ///      2. Alice is removed as manager by Bob
     ///      3. Bob triggers multicall with updateHoldingValue
-    ///      4. The hook re-enters updateHubManager to re-add Alice
+    ///      4. The hook re-enters updateManager to re-add Alice
     ///      5. _isManager() passes because msgSender() returns Bob (_sender)
     ///
     /// Expected: If vulnerability exists, test PASSES (Alice re-added)
@@ -236,9 +280,9 @@ contract ReentrancyAttackTest is EndToEndFlows {
         vm.stopPrank();
 
         vm.startPrank(BSM);
-        s.usdc.approve(address(s.balanceSheet), USDC_AMOUNT_1);
-        s.balanceSheet.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
-        s.balanceSheet.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
+        s.usdc.approve(address(s.spoke), USDC_AMOUNT_1);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
         vm.stopPrank();
 
         // Verify snapshot is active (mock hook was called)
@@ -274,7 +318,7 @@ contract ReentrancyAttackTest is EndToEndFlows {
 
         // 4. ATTACK: Bob triggers multicall with updateHoldingValue
         // This will trigger holdings.callOnSyncSnapshot() -> maliciousHook.onSync()
-        // The hook will re-enter hub.updateHubManager(POOL_A, Alice, true)
+        // The hook will re-enter hub.updateManager(POOL_A, Alice, true)
         // Since _sender = Bob, the _isManager check will pass!
         bytes[] memory calls = new bytes[](1);
         calls[0] = abi.encodeCall(IHub.updateHoldingValue, (POOL_A, SC_1, s.usdcId));
@@ -301,9 +345,9 @@ contract ReentrancyAttackTest is EndToEndFlows {
         vm.stopPrank();
 
         vm.startPrank(BSM);
-        s.usdc.approve(address(s.balanceSheet), USDC_AMOUNT_1);
-        s.balanceSheet.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
-        s.balanceSheet.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
+        s.usdc.approve(address(s.spoke), USDC_AMOUNT_1);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
         vm.stopPrank();
 
         vm.deal(BOB, 1 ether);
@@ -328,6 +372,54 @@ contract ReentrancyAttackTest is EndToEndFlows {
         h.hub.updateHoldingValue(POOL_A, SC_1, s.usdcId);
     }
 
+    /// @notice Bug bounty issue #1: a reentrant payable call during a batch must not drop its ETH.
+    /// @dev A malicious manager sets a snapshot hook. The hook (modeling a separate manager Safe
+    ///      that pre-signed a payable Hub op) reenters Hub.notifySharePrice with real ETH while the
+    ///      batch is active. The reentrant ETH must follow the normal refund flow, not be stuck.
+    /// forge-config: default.isolate = true
+    function testSnapshotHookReentrancyDoesNotStuckValue() public {
+        // Same-chain so the local refund branch in MessageDispatcher is exercised.
+        _configurePool(true);
+        _configurePrices(IntegrationConstants.assetPrice(), IntegrationConstants.sharePrice());
+
+        // Establish snapshot state so the hook fires during updateHoldingValue().
+        vm.startPrank(ERC20_DEPLOYER);
+        s.usdc.mint(BSM, USDC_AMOUNT_1);
+        vm.stopPrank();
+
+        vm.startPrank(BSM);
+        s.usdc.approve(address(s.spoke), USDC_AMOUNT_1);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+        s.spoke.submitQueuedAssets{value: GAS}(POOL_A, SC_1, s.usdcId, EXTRA_GAS, REFUND);
+        vm.stopPrank();
+
+        address RECEIVER = makeAddr("RECEIVER");
+        uint256 stuckValue = 1 ether;
+
+        ValueStuckHook hook = new ValueStuckHook(h.hub, POOL_A, SC_1, h.centrifugeId, RECEIVER, stuckValue);
+        vm.deal(address(hook), stuckValue);
+
+        // The reentrant caller must itself be a manager (the pre-signed Safe), so msgSender()'s
+        // manager check passes when the hook reenters.
+        vm.startPrank(FM);
+        h.hub.updateHubManager(POOL_A, address(hook), true);
+        h.hub.setSnapshotHook(POOL_A, hook);
+        vm.stopPrank();
+
+        uint256 hubBalanceBefore = address(h.hub).balance;
+
+        bytes[] memory calls = new bytes[](1);
+        calls[0] = abi.encodeCall(IHub.updateHoldingValue, (POOL_A, SC_1, s.usdcId));
+
+        vm.prank(FM);
+        h.hub.multicall(calls);
+
+        // The reentrant payable call fired and its ETH was refunded, not stuck in the Hub.
+        assertTrue(hook.executed(), "hook should have reentered with value");
+        assertEq(RECEIVER.balance, stuckValue, "reentrant ETH should be refunded, not stuck");
+        assertEq(address(h.hub).balance, hubBalanceBefore, "no ETH should be stuck in the Hub");
+    }
+
     // ========================================================================
     // ATTACK VECTOR 2: Refund Parameter Callback (MITIGATED by msgValue())
     // ========================================================================
@@ -422,20 +514,29 @@ contract ReentrancyAttackTest is EndToEndFlows {
         vm.stopPrank();
 
         vm.startPrank(BSM);
-        s.usdc.approve(address(s.balanceSheet), USDC_AMOUNT_1);
-        s.balanceSheet.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
+        s.usdc.approve(address(s.spoke), USDC_AMOUNT_1);
+        s.spoke.deposit(POOL_A, SC_1, address(s.usdc), 0, USDC_AMOUNT_1);
         vm.stopPrank();
 
         // 2. Deploy malicious token and configure attack parameters
         address attackerReceiver = makeAddr("ATTACKER_RECEIVER");
         MaliciousERC20 maliciousToken = new MaliciousERC20();
-        maliciousToken.setAttackParams(s.balanceSheet, POOL_A, SC_1, address(s.usdc), attackerReceiver);
+        maliciousToken.setAttackParams(s.spoke, POOL_A, SC_1, address(s.usdc), attackerReceiver);
+
+        // 3. Register the malicious token as an asset, then fund the pool escrow with it directly.
+        // This simulates a stablecoin that was legitimately registered and later turned malicious via a
+        // compromised/malicious upgrade (noteDeposit requires a registered asset to resolve its AssetId).
+        vm.prank(ANY);
+        s.spoke.registerAsset{value: GAS}(h.centrifugeId, address(maliciousToken), 0, ANY);
 
-        // 3. Fund the pool escrow with malicious token directly (bypass registration)
-        // This simulates a scenario where a compromised/malicious token is already in the escrow
-        address escrowAddress = address(s.balanceSheet.escrow(POOL_A));
+        address escrowAddress = address(s.spoke.escrow(POOL_A));
         maliciousToken.mint(escrowAddress, 1000);
 
+        // Reconcile the tokens already sitting in the escrow into the hub-accounted holding, so the
+        // subsequent withdraw() has balance to draw against (noteDeposit performs no token movement).
+        vm.prank(BSM);
+        s.spoke.noteDeposit(POOL_A, SC_1, address(maliciousToken), 0, 1000);
+
         // Record balances before attack
         uint256 attackerUsdcBefore = s.usdc.balanceOf(attackerReceiver);
         uint256 escrowUsdcBefore = s.usdc.balanceOf(escrowAddress);
@@ -448,11 +549,7 @@ contract ReentrancyAttackTest is EndToEndFlows {
         // The transfer() callback will reenter BalanceSheet.withdraw() to drain USDC
         // Using TransferOnly mode bypasses accounting checks for the malicious token withdrawal
         bytes[] memory calls = new bytes[](1);
-        // Use explicit selector for the 7-param withdraw overload with WithdrawMode enum
-        bytes4 withdrawSelector = bytes4(keccak256("withdraw(uint64,bytes16,address,uint256,address,uint128,uint8)"));
-        calls[0] = abi.encodeWithSelector(
-            withdrawSelector, POOL_A, SC_1, address(maliciousToken), 0, BSM, 500, WithdrawMode.TransferOnly
-        );
+        calls[0] = abi.encodeCall(ISpoke.withdraw, (POOL_A, SC_1, address(maliciousToken), 0, BSM, 500));
 
         vm.prank(BSM);
         vm.expectRevert(
@@ -460,11 +557,11 @@ contract ReentrancyAttackTest is EndToEndFlows {
                 IERC7751.WrappedError.selector,
                 address(maliciousToken),
                 maliciousToken.transfer.selector,
-                abi.encodeWithSelector(IAuth.NotAuthorized.selector),
+                abi.encodeWithSelector(ISpoke.NotManager.selector),
                 abi.encodeWithSelector(SafeTransferLib.SafeTransferFailed.selector)
             )
         );
-        s.balanceSheet.multicall(calls);
+        s.spoke.multicall(calls);
 
         // 5. ASSERT: Attack was prevented - USDC remains in escrow
         uint256 attackerUsdcAfter = s.usdc.balanceOf(attackerReceiver);
diff --git a/test/integration/ShareClassPayload.t.sol b/test/integration/ShareClassPayload.t.sol
new file mode 100644
index 000000000..57a210c72
--- /dev/null
+++ b/test/integration/ShareClassPayload.t.sol
@@ -0,0 +1,69 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {EndToEndFlows} from "./EndToEnd.t.sol";
+
+import {CastLib} from "../../src/misc/libraries/CastLib.sol";
+
+import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
+
+/// @dev Minimal token that satisfies the registry's `code.length > 0` check on the deployed share token.
+contract PayloadToken {}
+
+/// @dev Registrar that records the creation payload the spoke forwards to `newToken`.
+contract PayloadRecordingRegistrar {
+    bytes public lastPayload;
+
+    function newToken(string memory, string memory, uint8, bytes32, bytes memory payload) external returns (address) {
+        lastPayload = payload;
+        return address(new PayloadToken());
+    }
+}
+
+/// @dev Validates that the share-class creation payload survives the full hub -> spoke message round-trip,
+///      exercising the 2-byte big-endian length prefix and the `slice(268, n)` payload boundary in
+///      `deserializeNotifyShareClass`.
+contract ShareClassPayloadTest is EndToEndFlows {
+    using CastLib for *;
+
+    /// @dev The share-class salt must carry the pool id in its leading 8 bytes (see `ShareClassManager.InvalidSalt`).
+    function _salt(bytes24 tag) internal view returns (bytes32) {
+        return bytes32(abi.encodePacked(bytes8(POOL_A.raw()), tag));
+    }
+
+    function testNotifyShareClassForwardsLargePayloadCrossChain() public {
+        _configurePool(false);
+
+        PayloadRecordingRegistrar registrar = new PayloadRecordingRegistrar();
+
+        // >256 bytes forces a multi-byte length prefix on the wire, so a truncated read would corrupt it.
+        bytes memory payload = new bytes(300);
+        for (uint256 i; i < payload.length; i++) {
+            payload[i] = bytes1(uint8(i));
+        }
+
+        vm.startPrank(FM);
+        ShareClassId scId = h.hub.addShareClass(POOL_A, "Second Class", "SC2", _salt("second"));
+        h.hub.notifyShareClass{value: GAS}(
+            POOL_A, scId, s.centrifugeId, address(registrar).toBytes32(), payload, EXTRA_GAS, REFUND
+        );
+        vm.stopPrank();
+
+        assertEq(registrar.lastPayload(), payload, "payload corrupted across the message round-trip");
+    }
+
+    function testNotifyShareClassForwardsEmptyPayload() public {
+        _configurePool(false);
+
+        PayloadRecordingRegistrar registrar = new PayloadRecordingRegistrar();
+
+        vm.startPrank(FM);
+        ShareClassId scId = h.hub.addShareClass(POOL_A, "Third Class", "SC3", _salt("third"));
+        h.hub.notifyShareClass{value: GAS}(
+            POOL_A, scId, s.centrifugeId, address(registrar).toBytes32(), "", EXTRA_GAS, REFUND
+        );
+        vm.stopPrank();
+
+        assertEq(registrar.lastPayload().length, 0, "empty payload must arrive empty");
+    }
+}
diff --git a/test/integration/StdHubPolicy.t.sol b/test/integration/StdHubPolicy.t.sol
new file mode 100644
index 000000000..c22f0488c
--- /dev/null
+++ b/test/integration/StdHubPolicy.t.sol
@@ -0,0 +1,756 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {CentrifugeIntegrationTestWithUtils} from "./Integration.t.sol";
+
+import {D18} from "../../src/misc/types/D18.sol";
+import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+import {CastLib} from "../../src/misc/libraries/CastLib.sol";
+
+import {IHub} from "../../src/core/hub/interfaces/IHub.sol";
+import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
+import {IRegistrar} from "../../src/core/spoke/interfaces/IRegistrar.sol";
+import {IHubRegistry} from "../../src/core/hub/interfaces/IHubRegistry.sol";
+import {IManagerCallFromHub} from "../../src/core/utils/interfaces/IManagerCall.sol";
+
+import {INAVManager} from "../../src/hooks/accounting/interfaces/INAVManager.sol";
+
+import {SupervisorFactory} from "../../src/managers/hub/Supervisor.sol";
+import {ISupervisor, TrustedCall} from "../../src/managers/hub/interfaces/ISupervisor.sol";
+
+import {ManagerAction} from "../../src/vaults/interfaces/IBatchRequestManager.sol";
+
+import {MAX_MESSAGE_COST as GAS} from "../utils/GasConstants.sol";
+import {IStdHubPolicy} from "../../src/policies/hub/interfaces/IStdHubPolicy.sol";
+import {StdHubPolicy, StdHubPolicyFactory} from "../../src/policies/hub/StdHubPolicy.sol";
+
+/// @notice End-to-end test of the policy circuit breaker on a full single-chain deployment:
+///         a pool with a real StdHubPolicy installed and a Supervisor wired as a hub manager,
+///         exercising the in-policy / out-of-policy / authorize / sentinel-veto flows.
+contract StdHubPolicyIntegrationTest is CentrifugeIntegrationTestWithUtils {
+    using CastLib for address;
+
+    uint48 constant POLICY_DELAY = 1 days;
+    uint48 constant POLICY_EXPIRY = 7 days;
+    uint48 constant POLICY_ESCALATION = 7 days;
+    uint128 constant POLICY_PRICE_CAP = 5e17; // absolute per-update
+    uint128 constant POLICY_PRICE_RATE = 1e15; // per second
+
+    // `IHub.updateSharePrice` is overloaded; this is the no-timestamp one, whose calldata (and so authId)
+    // is stable across the authorization delay.
+    bytes4 constant UPDATE_SHARE_PRICE = bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128)"));
+
+    address immutable operator = makeAddr("operator");
+    address immutable mockUpdater = makeAddr("mockUpdater");
+    address immutable sentinel = makeAddr("sentinel");
+    address immutable newManager = makeAddr("newManager");
+
+    StdHubPolicyFactory policyFactory;
+    StdHubPolicy policy;
+    ISupervisor supervisor;
+
+    function setUp() public override {
+        super.setUp();
+        _createPool();
+
+        // Deploy the pool's Supervisor (sentinel registry) and StdHubPolicy.
+        supervisor = new SupervisorFactory(IHub(address(hub))).newSupervisor(POOL_A, mockUpdater);
+        policyFactory = new StdHubPolicyFactory(IHub(address(hub)), multiAdapter, shareClassManager);
+        policy = StdHubPolicy(
+            address(
+                policyFactory.newHubPolicy(
+                    IStdHubPolicy.Config({
+                        delay: POLICY_DELAY,
+                        expiry: POLICY_EXPIRY,
+                        escalation: POLICY_ESCALATION,
+                        maxAbsolutePriceDelta: 0,
+                        thresholdPerSecond: 0,
+                        maxBrmPriceDeviation: type(uint128).max,
+                        onchainAccounting: false,
+                        navManager: address(0),
+                        simplePriceManager: address(0),
+                        requestManager: address(batchRequestManager),
+                        bridgingHook: address(0),
+                        oracleValuation: address(0),
+                        allowlist: new IStdHubPolicy.Entry[](0)
+                    })
+                )
+            )
+        );
+
+        // Register the operator and the Supervisor as hub managers BEFORE installing the policy
+        // (no policy yet, so these grants are unguarded). The operator authorizes out-of-policy
+        // calls on the HubRegistry ledger; the Supervisor must be a manager so it can reach the
+        // registry's cancelAuthorization on behalf of sentinels.
+        vm.startPrank(FM);
+        hub.updateHubManager(POOL_A, operator, true);
+        hub.updateHubManager(POOL_A, address(supervisor), true);
+        vm.stopPrank();
+
+        // Install the policy via the ward (Root) break-glass path.
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, policy);
+    }
+
+    function _grantManagerCall() internal view returns (bytes memory) {
+        return abi.encodeCall(IHub.updateHubManager, (POOL_A, newManager, true));
+    }
+
+    function testInPolicyRunsSynchronously() public {
+        // setPoolMetadata is in policy: runs immediately, no authorization.
+        vm.prank(FM);
+        hub.setPoolMetadata(POOL_A, "metadata");
+    }
+
+    function testOutOfPolicyReverts() public {
+        // Granting a hub manager is out of policy; without an authorization it reverts.
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.updateHubManager(POOL_A, newManager, true);
+    }
+
+    function testAuthorizeThenExecute() public {
+        // Operator (a hub manager) pre-authorizes the exact call on the registry.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, _grantManagerCall());
+
+        // Not matured yet -> still reverts.
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.updateHubManager(POOL_A, newManager, true);
+
+        // After the delay it executes (consuming the authorization).
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.updateHubManager(POOL_A, newManager, true);
+        assertTrue(hubRegistry.manager(POOL_A, newManager));
+    }
+
+    function testSentinelCanVeto() public {
+        // Operator authorizes, sentinel (installed via the manager-call dispatcher) cancels during the window.
+        vm.prank(mockUpdater);
+        IManagerCallFromHub(address(supervisor)).fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinel));
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, _grantManagerCall());
+
+        vm.prank(sentinel);
+        supervisor.cancelAuthorization(_grantManagerCall());
+
+        // Vetoed: even after the delay the call reverts.
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.updateHubManager(POOL_A, newManager, true);
+    }
+
+    // ─── cancelAuthorization confinement ───────────────────────────────────────
+
+    function _policyWith(IStdHubPolicy.Entry[] memory allowlist) internal returns (StdHubPolicy) {
+        return StdHubPolicy(
+            address(
+                policyFactory.newHubPolicy(
+                    IStdHubPolicy.Config({
+                        delay: POLICY_DELAY,
+                        expiry: POLICY_EXPIRY,
+                        escalation: POLICY_ESCALATION,
+                        maxAbsolutePriceDelta: 0,
+                        thresholdPerSecond: 0,
+                        maxBrmPriceDeviation: type(uint128).max,
+                        onchainAccounting: false,
+                        navManager: address(0),
+                        simplePriceManager: address(0),
+                        requestManager: address(batchRequestManager),
+                        bridgingHook: address(0),
+                        oracleValuation: address(0),
+                        allowlist: allowlist
+                    })
+                )
+            )
+        );
+    }
+
+    function _confine(address caller, bytes4 selector) internal view returns (IStdHubPolicy.Entry[] memory allowlist) {
+        bytes4[] memory selectors = new bytes4[](1);
+        selectors[0] = selector;
+        allowlist = new IStdHubPolicy.Entry[](1);
+        allowlist[0] = IStdHubPolicy.Entry({poolId: POOL_A, caller: caller, selectors: selectors});
+    }
+
+    function testConfinedManagerCannotCancelArbitraryAuthorization() public {
+        // Confine the operator to notifyPool only. cancelAuthorization now flows through the policy, so a
+        // manager restricted to a narrow selector set can no longer wield it as a pool-wide governance-DoS.
+        StdHubPolicy confined = _policyWith(_confine(operator, IHub.notifyPool.selector));
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, confined);
+
+        vm.prank(operator);
+        vm.expectRevert(IStdHubPolicy.CallerNotAllowed.selector);
+        hub.cancelAuthorization(POOL_A, _grantManagerCall());
+    }
+
+    function testSentinelVetoSurvivesRestrictivePolicy() public {
+        // A policy that confines some manager must NOT break the Supervisor veto: the Supervisor is never
+        // placed in an allowlist, so it stays unrestricted and its cancelAuthorization runs instantly.
+        StdHubPolicy confined = _policyWith(_confine(newManager, IHub.notifyPool.selector));
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, confined);
+
+        vm.prank(mockUpdater);
+        IManagerCallFromHub(address(supervisor)).fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinel));
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, _grantManagerCall());
+
+        vm.prank(sentinel);
+        supervisor.cancelAuthorization(_grantManagerCall());
+
+        // Vetoed under the restrictive policy: even after the delay the call reverts.
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.updateHubManager(POOL_A, newManager, true);
+    }
+
+    function testUnrestrictedManagerCancelIsInstant() public {
+        // The operator is unrestricted under the setUp policy, so it can cancel a pending authorization
+        // instantly (delay 0), with no timelock of its own.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, _grantManagerCall());
+        assertGt(hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, _grantManagerCall())), 0);
+
+        vm.prank(operator);
+        hub.cancelAuthorization(POOL_A, _grantManagerCall());
+        assertEq(
+            hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, _grantManagerCall())), 0, "authorization cleared"
+        );
+    }
+
+    function testReplacingPolicyUsesEscalation() public {
+        StdHubPolicy next = StdHubPolicy(
+            address(
+                new StdHubPolicyFactory(IHub(address(hub)), multiAdapter, shareClassManager)
+                    .newHubPolicy(
+                        IStdHubPolicy.Config({
+                            delay: POLICY_DELAY,
+                            expiry: POLICY_EXPIRY,
+                            escalation: POLICY_ESCALATION,
+                            maxAbsolutePriceDelta: 0,
+                            thresholdPerSecond: 0,
+                            maxBrmPriceDeviation: type(uint128).max,
+                            onchainAccounting: false,
+                            navManager: address(0),
+                            simplePriceManager: address(0),
+                            requestManager: address(batchRequestManager),
+                            bridgingHook: address(0),
+                            oracleValuation: address(0),
+                            allowlist: new IStdHubPolicy.Entry[](0)
+                        })
+                    )
+            )
+        );
+        bytes memory call = abi.encodeCall(IHub.setPolicy, (POOL_A, next));
+
+        // A manager replacing the policy is out of policy and waits the longer escalation delay.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+
+        skip(POLICY_DELAY); // past the standard delay but not escalation
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.setPolicy(POOL_A, next);
+
+        skip(POLICY_ESCALATION - POLICY_DELAY);
+        vm.prank(FM);
+        hub.setPolicy(POOL_A, next);
+        assertEq(address(hub.policy(POOL_A)), address(next));
+    }
+
+    /// @notice A policy swap orphans authorizations the OLD policy had pending: `consumeAuthorization`
+    ///         checks the caller against whichever policy is CURRENTLY installed, and the authId embeds
+    ///         the policy's own address, so neither the old nor the new policy can finalize the old
+    ///         one's pending call after the swap.
+    function testPolicySwapOrphansPendingAuthorization() public {
+        // Authorize a call under the original policy, but don't let it mature yet.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, _grantManagerCall());
+
+        StdHubPolicy next = StdHubPolicy(
+            address(
+                new StdHubPolicyFactory(IHub(address(hub)), multiAdapter, shareClassManager)
+                    .newHubPolicy(
+                        IStdHubPolicy.Config({
+                            delay: POLICY_DELAY,
+                            expiry: POLICY_EXPIRY,
+                            escalation: POLICY_ESCALATION,
+                            maxAbsolutePriceDelta: 0,
+                            thresholdPerSecond: 0,
+                            maxBrmPriceDeviation: type(uint128).max,
+                            onchainAccounting: false,
+                            navManager: address(0),
+                            simplePriceManager: address(0),
+                            requestManager: address(batchRequestManager),
+                            bridgingHook: address(0),
+                            oracleValuation: address(0),
+                            allowlist: new IStdHubPolicy.Entry[](0)
+                        })
+                    )
+            )
+        );
+
+        // Swap the policy via the ward break-glass path (skips needing a second authorization cycle).
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, next);
+        assertEq(address(hub.policy(POOL_A)), address(next));
+
+        // The original authorization's delay has now elapsed, but it can never be consumed: HubRegistry
+        // checks msg.sender against the policy CURRENTLY installed (`next`), not the one (`policy`)
+        // that created the authId.
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.updateHubManager(POOL_A, newManager, true);
+        assertFalse(hubRegistry.manager(POOL_A, newManager));
+    }
+
+    /// @notice `managerCall` is in policy only when it targets the configured request manager (BRM). Any
+    ///         other target (here a Supervisor) falls through to the deny-by-default branch
+    ///         (`StdHubPolicy._authorizationDelay` returns `delay`): out-of-policy, timelocked + sentinel-vetoable, NOT
+    ///         synchronous. Pinning the target also defeats the ABI collision where another target's payload
+    ///         shares a BRM action's leading kind byte.
+    function testSupervisorManagerCallIsOutOfPolicyByDefault() public {
+        // A second Supervisor bound to the REAL Envoy so a live `hub.managerCall` can reach
+        // its `fromHub` (the test's `supervisor` above is bound to a mock updater). AddSentinel needs no
+        // pool state, making it a clean managerCall target.
+        ISupervisor target =
+            ISupervisor(address(new SupervisorFactory(IHub(address(hub))).newSupervisor(POOL_A, address(envoy))));
+
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 targetId = address(target).toBytes32();
+        bytes memory action = abi.encode(TrustedCall.AddSentinel, sentinel);
+        bytes memory call = abi.encodeCall(IHub.managerCall, (POOL_A, localId, targetId, action, 0, 0, address(0)));
+
+        // Out of policy: without an authorization the managerCall reverts (deny-by-default).
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, targetId, action, 0, 0, address(0));
+
+        // Operator pre-authorizes the exact calldata; not matured yet -> still reverts.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, targetId, action, 0, 0, address(0));
+
+        // After the delay it runs synchronously, consuming the authorization.
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.managerCall(POOL_A, localId, targetId, action, 0, 0, address(0));
+        assertTrue(target.sentinels(sentinel), "sentinel added via authorized managerCall");
+    }
+
+    /// @notice `managerCall` targeting the configured request manager (BRM) is in policy: routine keeper ops
+    ///         (approve/issue/revoke/forceCancel) run synchronously, no authorization needed. Verified at the
+    ///         policy seam: `enforce` of a BRM-targeted call neither reverts nor consumes an authorization.
+    function testBrmManagerCallIsInPolicy() public {
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 target = address(batchRequestManager).toBytes32();
+        // Opaque payload: target is pinned, so its contents are not inspected by the classifier.
+        bytes memory payload = abi.encode(uint8(1), bytes16(0));
+        bytes memory call = abi.encodeCall(IHub.managerCall, (POOL_A, localId, target, payload, 0, 0, address(0)));
+
+        // In policy: enforce succeeds with no prior authorize() (deny-by-default would revert Unauthorized).
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, FM, call);
+    }
+
+    /// @dev BRM issue inner payload carrying `pricePoolPerShare` for SC_1.
+    function _brmIssueInner(uint128 price) internal view returns (bytes memory) {
+        return abi.encode(
+            uint8(ManagerAction.IssueShares),
+            ShareClassId.unwrap(SC_1),
+            uint128(0),
+            uint32(0),
+            price,
+            uint128(0),
+            address(0)
+        );
+    }
+
+    /// @notice A BRM issue within `maxBrmPriceDeviation` is in policy; one beyond is out-of-policy and requires
+    ///         the standard authorize -> delay -> consume flow. Reads the real ShareClassManager price.
+    ///
+    /// @dev The matured path consumes at the policy seam (`enforce`) rather than through a full
+    ///      `hub.managerCall`: the BRM `IssueShares` body needs live epoch/approval state and would revert
+    ///      inside the BRM, which is orthogonal to the price guard.
+    function testBrmManagerCallPriceDeviationGuard() public {
+        // Commit a main share price (setUp policy has share-price guard disabled, so this runs synchronously).
+        vm.prank(FM);
+        hub.updateSharePrice(POOL_A, SC_1, D18.wrap(1e18), uint64(block.timestamp));
+        (D18 mainPrice,) = shareClassManager.pricePoolPerShare(POOL_A, SC_1);
+        assertEq(mainPrice.raw(), 1e18, "main share price committed");
+
+        // Install a policy with a 1% price-deviation bound (Anemoy-style).
+        StdHubPolicy guarded = StdHubPolicy(
+            address(
+                policyFactory.newHubPolicy(
+                    IStdHubPolicy.Config({
+                        delay: POLICY_DELAY,
+                        expiry: POLICY_EXPIRY,
+                        escalation: POLICY_ESCALATION,
+                        maxAbsolutePriceDelta: 0,
+                        thresholdPerSecond: 0,
+                        maxBrmPriceDeviation: 1e16,
+                        onchainAccounting: false,
+                        navManager: address(0),
+                        simplePriceManager: address(0),
+                        requestManager: address(batchRequestManager),
+                        bridgingHook: address(0),
+                        oracleValuation: address(0),
+                        allowlist: new IStdHubPolicy.Entry[](0)
+                    })
+                )
+            )
+        );
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, guarded);
+
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 target = address(batchRequestManager).toBytes32();
+
+        // In-bound issue (within 1%): in policy. `enforce` runs synchronously, consumes no authorization.
+        bytes memory okCall =
+            abi.encodeCall(IHub.managerCall, (POOL_A, localId, target, _brmIssueInner(1e18 + 5e15), 0, 0, address(0)));
+        assertEq(guarded.authorizationDelay(POOL_A, FM, okCall), 0, "in-bound issue is in policy");
+        vm.prank(address(hub));
+        guarded.enforce(POOL_A, FM, okCall);
+
+        // Over-deviating issue (>1%): out of policy.
+        bytes memory badInner = _brmIssueInner(1e18 + 2e16);
+        bytes memory badCall = abi.encodeCall(IHub.managerCall, (POOL_A, localId, target, badInner, 0, 0, address(0)));
+        assertEq(guarded.authorizationDelay(POOL_A, FM, badCall), POLICY_DELAY, "over-deviating issue is out of policy");
+
+        // Without an authorization the live managerCall reverts at the policy gate, before the BRM body.
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, badInner, 0, 0, address(0));
+
+        // Operator authorizes the exact calldata on the real ledger; not matured yet -> still reverts.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, badCall);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, badInner, 0, 0, address(0));
+
+        // After the delay the matured authorization is consumed at the policy seam.
+        skip(POLICY_DELAY);
+        vm.prank(address(hub));
+        guarded.enforce(POOL_A, FM, badCall);
+        assertEq(hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, badCall)), 0, "authorization consumed");
+    }
+
+    // ─── share-price guard ─────────────────────────────────────────────────────
+
+    function _priceGuardedPolicy() internal returns (StdHubPolicy) {
+        return StdHubPolicy(
+            address(
+                policyFactory.newHubPolicy(
+                    IStdHubPolicy.Config({
+                        delay: POLICY_DELAY,
+                        expiry: POLICY_EXPIRY,
+                        escalation: POLICY_ESCALATION,
+                        maxAbsolutePriceDelta: POLICY_PRICE_CAP,
+                        thresholdPerSecond: POLICY_PRICE_RATE,
+                        maxBrmPriceDeviation: type(uint128).max,
+                        onchainAccounting: false,
+                        navManager: address(0),
+                        simplePriceManager: address(0),
+                        requestManager: address(batchRequestManager),
+                        bridgingHook: address(0),
+                        oracleValuation: address(0),
+                        allowlist: new IStdHubPolicy.Entry[](0)
+                    })
+                )
+            )
+        );
+    }
+
+    /// @notice A share class's price slot starts fully uninitialized, so a first computed price of 0 is a
+    ///         no-op against the stored price while still being a real commit. Against the live
+    ///         ShareClassManager this asserts both halves of the invariant the mocked unit test cannot:
+    ///         the Hub really wrote the zero price (`computedAt` moves off zero) AND the policy anchored
+    ///         its baseline on it, so the recovery move off zero is guarded rather than inheriting the
+    ///         unguarded first-update slot. Recovery is then the ordinary authorize -> mature -> execute path.
+    function testZeroFirstSharePriceCommitsAndAnchorsBaseline() public {
+        StdHubPolicy guarded = _priceGuardedPolicy();
+        vm.prank(address(root));
+        hub.setPolicy(POOL_A, guarded);
+
+        // Nothing committed and no baseline: the price slot really is (0, 0).
+        (D18 price, uint64 computedAt) = shareClassManager.pricePoolPerShare(POOL_A, SC_1);
+        assertEq(price.raw(), 0, "price slot uninitialized");
+        assertEq(computedAt, 0, "computedAt slot uninitialized");
+        assertEq(guarded.lastPriceUpdate(POOL_A, SC_1), 0, "no baseline yet");
+
+        // The first update is in policy. Committing 0 leaves `price` untouched but moves `computedAt` off
+        // zero, so the Hub did commit it, and the policy must anchor on it anyway.
+        vm.prank(FM);
+        hub.updateSharePrice(POOL_A, SC_1, D18.wrap(0));
+        (price, computedAt) = shareClassManager.pricePoolPerShare(POOL_A, SC_1);
+        assertEq(price.raw(), 0, "zero price committed");
+        assertEq(computedAt, block.timestamp, "committed price is live: computedAt != 0");
+        assertEq(guarded.lastPriceUpdate(POOL_A, SC_1), block.timestamp, "baseline anchored on the no-op");
+
+        // A day on, the move off zero is bounded by the absolute cap (delta 1e18 >= 5e17) rather than
+        // waved through as the instance's first update.
+        skip(1 days);
+        bytes memory recovery = abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_1, D18.wrap(1e18));
+        assertEq(guarded.authorizationDelay(POOL_A, FM, recovery), POLICY_DELAY, "recovery is out of policy");
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.updateSharePrice(POOL_A, SC_1, D18.wrap(1e18));
+
+        // Authorized and matured, the same call goes through and re-anchors the baseline.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, recovery);
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.updateSharePrice(POOL_A, SC_1, D18.wrap(1e18));
+        (price,) = shareClassManager.pricePoolPerShare(POOL_A, SC_1);
+        assertEq(price.raw(), 1e18, "recovered off zero");
+        assertEq(guarded.lastPriceUpdate(POOL_A, SC_1), block.timestamp, "baseline re-anchored");
+        assertEq(hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, recovery)), 0, "authorization consumed");
+    }
+
+    /// @notice A NAVManager admin action (`setNAVHook`) routed through `hub.managerCall` is out of policy
+    ///         by default, so a policy pool timelocks + sentinel-vetoes it. This is the coverage that the
+    ///         NAVManager admin surface previously bypassed entirely
+    function testNavManagerSetNavHookIsOutOfPolicyByDefault() public {
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 target = address(navManager).toBytes32();
+        address hook = makeAddr("navHook");
+        bytes memory payload = abi.encode(uint8(INAVManager.ManagerCall.SetNavHook), hook);
+        bytes memory call = abi.encodeCall(IHub.managerCall, (POOL_A, localId, target, payload, 0, 0, address(0)));
+
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+        assertEq(address(navManager.navHook(POOL_A)), hook, "navHook set via authorized managerCall");
+    }
+
+    /// @notice OracleValuation feeder management (`updateFeeder`) routed through `hub.managerCall` is out of
+    ///         policy by default, same as the NAVManager case: a malicious feeder can no longer be added
+    ///         without the policy's timelock + sentinel veto.
+    function testOracleUpdateFeederIsOutOfPolicyByDefault() public {
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 target = address(oracleValuation).toBytes32();
+        bytes32 priceFeeder = makeAddr("priceFeeder").toBytes32();
+        bytes memory payload = abi.encode(uint16(0), priceFeeder, true);
+        bytes memory call = abi.encodeCall(IHub.managerCall, (POOL_A, localId, target, payload, 0, 0, address(0)));
+
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+        assertTrue(oracleValuation.feeder(POOL_A, 0, priceFeeder), "feeder added via authorized managerCall");
+    }
+
+    /// @dev `notifyPool` stays in policy, so it lands synchronously. Required before the share class:
+    ///      {SpokeRegistry.addShareClass} reverts `InvalidPool` until the spoke knows the pool.
+    function _notifyPool() internal {
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        vm.deal(FM, 1 ether);
+        vm.prank(FM);
+        hub.notifyPool{value: GAS}(POOL_A, localId, FUNDED);
+    }
+
+    /// @dev Must stay byte-identical to the live `hub.notifyShareClass` call sites: the authorization pins the
+    ///      whole calldata, down to `extraGasLimit` and `refund`.
+    function _notifyShareClassCall(address registrar, bytes memory payload) internal view returns (bytes memory) {
+        return abi.encodeCall(
+            IHub.notifyShareClass,
+            (POOL_A, SC_1, messageDispatcher.localCentrifugeId(), registrar.toBytes32(), payload, 0, FUNDED)
+        );
+    }
+
+    /// @notice The one notification that does not re-push committed state: `registrar` is caller-supplied, and
+    ///         {SpokeHandler.addShareClass} calls `newToken` on it and registers whatever it returns, handing
+    ///         that address the share class's mint authority on the destination chain.
+    function testNotifyShareClassIsOutOfPolicyByDefault() public {
+        _notifyPool();
+
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 registrarId = address(shareTokenRegistrar).toBytes32();
+        bytes memory call = _notifyShareClassCall(address(shareTokenRegistrar), "");
+
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, registrarId, "", 0, FUNDED);
+        assertFalse(spokeRegistry.hasShareClass(POOL_A, SC_1), "nothing landed on the spoke");
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        assertEq(
+            hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, call)),
+            block.timestamp + POLICY_DELAY,
+            "flat delay, not escalation"
+        );
+
+        // Not matured yet -> still reverts.
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, registrarId, "", 0, FUNDED);
+
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, registrarId, "", 0, FUNDED);
+
+        assertTrue(spokeRegistry.hasShareClass(POOL_A, SC_1), "share class registered on the spoke");
+        (, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(POOL_A, SC_1);
+        assertEq(address(registrar), address(shareTokenRegistrar), "authorized registrar owns the share token");
+        assertEq(hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, call)), 0, "authorization consumed");
+    }
+
+    /// @notice The property the classification buys: a sentinel reads the proposed registrar off
+    ///         `AuthorizationScheduled` and cancels within the window. No Supervisor branch is needed, since
+    ///         `_checkNotSelfRemoval` only inspects `managerCall`.
+    function testSentinelCanVetoNotifyShareClass() public {
+        _notifyPool();
+
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 registrarId = address(shareTokenRegistrar).toBytes32();
+        bytes memory call = _notifyShareClassCall(address(shareTokenRegistrar), "");
+
+        vm.prank(mockUpdater);
+        IManagerCallFromHub(address(supervisor)).fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinel));
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        assertGt(hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, call)), 0, "authorization pending");
+
+        vm.prank(sentinel);
+        supervisor.cancelAuthorization(call);
+        assertEq(hubRegistry.authorizedAfter(hubRegistry.authId(POOL_A, call)), 0, "authorization vetoed");
+
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, registrarId, "", 0, FUNDED);
+        assertFalse(spokeRegistry.hasShareClass(POOL_A, SC_1), "no registrar took the share class");
+    }
+
+    /// @notice The authorization hashes the whole calldata, so the registrar a sentinel blessed is the one that
+    ///         executes: a manager cannot bank the canonical registrar and substitute another after maturity.
+    function testNotifyShareClassAuthorizationPinsRegistrarAndPayload() public {
+        _notifyPool();
+
+        uint16 localId = messageDispatcher.localCentrifugeId();
+        bytes32 canonical = address(shareTokenRegistrar).toBytes32();
+        bytes32 hostile = makeAddr("hostileRegistrar").toBytes32();
+        bytes memory call = _notifyShareClassCall(address(shareTokenRegistrar), "");
+
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        skip(POLICY_DELAY);
+
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, hostile, "", 0, FUNDED);
+
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, canonical, hex"01", 0, FUNDED);
+
+        // The exact authorized calldata still executes, so the two reverts were the mismatch and nothing else.
+        vm.prank(FM);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, canonical, "", 0, FUNDED);
+        (, IRegistrar registrar) = spokeRegistry.shareTokenAndRegistrar(POOL_A, SC_1);
+        assertEq(address(registrar), address(shareTokenRegistrar), "only the authorized registrar executes");
+    }
+
+    /// @notice A non-withdrawal contract update is classified out of policy by `_checkManagerCall`: spoke
+    ///         config actions are timelocked + sentinel-vetoable for policy pools. The update now rides
+    ///         the unified `managerCall` transport (sentinel target + wrapped payload).
+    function testUpdateContractIsOutOfPolicyByDefault() public {
+        _registerUSDC();
+
+        uint16 localId = messageDispatcher.localCentrifugeId();
+
+        // The spoke-side share token must exist for SyncManager.setMaxReserve. notifyPool is in policy;
+        // notifyShareClass is not, so it needs its own authorize -> mature -> execute cycle first.
+        _notifyPool();
+        bytes memory notifyCall = _notifyShareClassCall(address(shareTokenRegistrar), "");
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, notifyCall);
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.notifyShareClass{value: GAS}(POOL_A, SC_1, localId, address(shareTokenRegistrar).toBytes32(), "", 0, FUNDED);
+
+        uint128 newMaxReserve = 123e6;
+        bytes32 target = address(syncManager).toBytes32();
+        bytes memory payload = _syncManagerMaxReserveMsg(SC_1, usdcId, newMaxReserve);
+        bytes memory call = abi.encodeCall(IHub.managerCall, (POOL_A, localId, target, payload, 0, 0, address(0)));
+
+        // Out of policy: without an authorization the call reverts (deny-by-default).
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+
+        // Operator pre-authorizes the exact calldata; not matured yet -> still reverts.
+        vm.prank(operator);
+        hub.initiateAuthorization(POOL_A, call);
+        vm.prank(FM);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+
+        // After the delay it runs, reaching the migrated spoke target (SyncManager) directly via the Envoy.
+        skip(POLICY_DELAY);
+        vm.prank(FM);
+        hub.managerCall(POOL_A, localId, target, payload, 0, 0, address(0));
+        assertEq(
+            syncManager.maxReserve(POOL_A, SC_1, address(usdc), 0),
+            newMaxReserve,
+            "maxReserve set via authorized contract update"
+        );
+    }
+
+    /// @notice R5 ward-graph guardrail. The two-method routing replaces the ERC165 probe, so the standing
+    ///         invariant is now the ward chain that carries a hub managerCall up to the Envoy, plus the fact
+    ///         that each managerCall target binds the Envoy by an immutable msg.sender check (not a ward).
+    ///         If any link breaks, `managerCall` to the BRM/Supervisor stops working.
+    function testManagerCallWardGraph() public {
+        // manager -> Hub -> MessageDispatcher -> Envoy
+        assertEq(IAuth(address(messageDispatcher)).wards(address(hub)), 1, "Hub must be warded on MessageDispatcher");
+        assertEq(
+            IAuth(address(envoy)).wards(address(messageDispatcher)), 1, "MessageDispatcher must be warded on Envoy"
+        );
+
+        // Envoy -> BatchRequestManager is an immutable msg.sender check, not a ward (matching the other
+        // managerCall targets). A dispatcher swap would force a BRM redeploy, which is why the dispatcher is final.
+        assertEq(batchRequestManager.envoy(), address(envoy), "BRM bound to Envoy by immutable ref");
+
+        // The Supervisor is reached via the same immutable msg.sender check: it does not inherit Auth, so it
+        // has no ward surface to grant. A real-dispatcher-bound Supervisor carries that immutable ref.
+        ISupervisor bound = new SupervisorFactory(IHub(address(hub))).newSupervisor(POOL_A, address(envoy));
+        assertEq(bound.envoy(), address(envoy), "immutable binding");
+    }
+}
diff --git a/test/integration/ThreeChainEndToEnd.t.sol b/test/integration/ThreeChainEndToEnd.t.sol
index 3dc5f8df8..459ce8b6a 100644
--- a/test/integration/ThreeChainEndToEnd.t.sol
+++ b/test/integration/ThreeChainEndToEnd.t.sol
@@ -11,15 +11,17 @@ import {CastLib} from "../../src/misc/libraries/CastLib.sol";
 import {IHub} from "../../src/core/hub/interfaces/IHub.sol";
 import {ISpoke} from "../../src/core/spoke/interfaces/ISpoke.sol";
 import {IGateway} from "../../src/core/messaging/interfaces/IGateway.sol";
-import {IShareToken} from "../../src/core/spoke/interfaces/IShareToken.sol";
 import {MessageLib} from "../../src/core/messaging/libraries/MessageLib.sol";
+import {ISpokeHandler} from "../../src/core/spoke/interfaces/ISpokeHandler.sol";
 
 import {ISafe} from "../../src/admin/interfaces/ISafe.sol";
 
-import {FullDeployer} from "../../script/FullDeployer.s.sol";
+import {FullDeployer} from "../../script/deploy/FullDeployer.s.sol";
 
 import "forge-std/Test.sol";
 
+import {IShareToken} from "../../src/token/interfaces/IShareToken.sol";
+
 enum CrossChainDirection {
     WithIntermediaryHub, // (spoke in C) -> (hub in A) -> (spoke in B)
     FromHub, // (spoke in A) -> (hub in A) -> (spoke in B)
@@ -90,15 +92,24 @@ contract ThreeChainEndToEndDeployment is EndToEndFlows {
 
         // B: Mint shares
         vm.startPrank(BSM);
-        IShareToken shareTokenB = IShareToken(origin.spoke.shareToken(POOL_A, SC_1));
-        origin.balanceSheet.issue(POOL_A, SC_1, INVESTOR_A, AMOUNT);
-        origin.balanceSheet.submitQueuedShares{value: GAS}(POOL_A, SC_1, 0, REFUND);
+        IShareToken shareTokenB = IShareToken(address(origin.spokeRegistry.shareToken(POOL_A, SC_1)));
+        origin.spoke.issue(POOL_A, SC_1, INVESTOR_A, AMOUNT);
+        origin.spoke.submitQueuedShares{value: GAS}(POOL_A, SC_1, 0, REFUND);
         vm.stopPrank();
         assertEq(shareTokenB.balanceOf(INVESTOR_A), AMOUNT, "Investor should have minted shares on chain B");
 
+        vm.prank(address(origin.spokeHandler));
+        origin.spokeRegistry.updateBridger(POOL_A, INVESTOR_A, true);
+
+        // The Spoke pulls the shares via a standard transferFrom, so the investor approves it.
+        vm.prank(INVESTOR_A);
+        shareTokenB.approve(address(origin.spoke), AMOUNT);
+
         // B: Initiate transfer of shares
         vm.expectEmit();
-        emit ISpoke.InitiateTransferShares(dest.centrifugeId, POOL_A, SC_1, INVESTOR_A, INVESTOR_A.toBytes32(), AMOUNT);
+        emit ISpoke.InitiateTransferShares(
+            dest.centrifugeId, POOL_A, SC_1, INVESTOR_A, INVESTOR_A, INVESTOR_A.toBytes32(), AMOUNT
+        );
         vm.expectEmit();
         emit IHub.ForwardTransferShares(
             origin.centrifugeId, dest.centrifugeId, POOL_A, SC_1, INVESTOR_A.toBytes32(), AMOUNT
@@ -110,12 +121,21 @@ contract ThreeChainEndToEndDeployment is EndToEndFlows {
             emit IGateway.UnderpaidBatch(dest.centrifugeId, bytes(""), bytes32(0));
         } else {
             vm.expectEmit();
-            emit ISpoke.ExecuteTransferShares(POOL_A, SC_1, INVESTOR_A, AMOUNT);
+            emit ISpokeHandler.ExecuteTransferShares(POOL_A, SC_1, INVESTOR_A, AMOUNT);
         }
 
         vm.prank(INVESTOR_A);
         origin.spoke.crosschainTransferShares{value: GAS}(
-            dest.centrifugeId, POOL_A, SC_1, INVESTOR_A.toBytes32(), AMOUNT, HOOK_GAS, HOOK_GAS, INVESTOR_A
+            dest.centrifugeId,
+            POOL_A,
+            SC_1,
+            INVESTOR_A.toBytes32(),
+            INVESTOR_A,
+            INVESTOR_A,
+            AMOUNT,
+            HOOK_GAS,
+            HOOK_GAS,
+            INVESTOR_A
         );
         assertEq(shareTokenB.balanceOf(INVESTOR_A), 0, "Shares should be burned on chain B");
         assertEq(
@@ -125,7 +145,7 @@ contract ThreeChainEndToEndDeployment is EndToEndFlows {
         );
 
         // C: Transfer expected to be pending on A due to message being unpaid
-        IShareToken shareTokenC = IShareToken(dest.spoke.shareToken(POOL_A, SC_1));
+        IShareToken shareTokenC = IShareToken(address(dest.spokeRegistry.shareToken(POOL_A, SC_1)));
 
         // If hub is not source, then message will be pending as unpaid on hub until repaid
         if (direction == CrossChainDirection.WithIntermediaryHub) {
@@ -133,7 +153,7 @@ contract ThreeChainEndToEndDeployment is EndToEndFlows {
 
             vm.prank(ANY);
             vm.expectEmit();
-            emit ISpoke.ExecuteTransferShares(POOL_A, SC_1, INVESTOR_A, AMOUNT);
+            emit ISpokeHandler.ExecuteTransferShares(POOL_A, SC_1, INVESTOR_A, AMOUNT);
             h.gateway.repay{value: GAS}(dest.centrifugeId, _getLastUnpaidMessage(), REFUND);
         }
 
diff --git a/test/integration/VaultDeployPayload.t.sol b/test/integration/VaultDeployPayload.t.sol
new file mode 100644
index 000000000..ac1b67c63
--- /dev/null
+++ b/test/integration/VaultDeployPayload.t.sol
@@ -0,0 +1,62 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {EndToEndFlows} from "./EndToEnd.t.sol";
+
+import {PoolId} from "../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
+import {VaultUpdateKind} from "../../src/core/messaging/libraries/MessageLib.sol";
+
+/// @dev Minimal vault that satisfies the register/link checks.
+contract PayloadVault {
+    PoolId public immutable poolId;
+    ShareClassId public immutable scId;
+
+    constructor(PoolId poolId_, ShareClassId scId_) {
+        poolId = poolId_;
+        scId = scId_;
+    }
+}
+
+/// @dev Factory that records the deployment payload the spoke forwards to `newVault`.
+contract PayloadRecordingFactory {
+    bytes public lastPayload;
+
+    function newVault(PoolId poolId, ShareClassId scId, address, uint256, address, bytes calldata payload)
+        external
+        returns (address)
+    {
+        lastPayload = payload;
+        return address(new PayloadVault(poolId, scId));
+    }
+}
+
+/// @dev Validates that the vault-deploy payload survives the full hub -> spoke message round-trip, exercising the
+///      2-byte big-endian length prefix and the `slice(92, n)` payload boundary in `deserializeUpdateVault`.
+contract VaultDeployPayloadTest is EndToEndFlows {
+    function testDeployVaultForwardsLargePayloadCrossChain() public {
+        _configurePool(false);
+
+        PayloadRecordingFactory factory = new PayloadRecordingFactory();
+
+        // >256 bytes forces a multi-byte length prefix on the wire, so a truncated read would corrupt it.
+        bytes memory payload = new bytes(300);
+        for (uint256 i; i < payload.length; i++) {
+            payload[i] = bytes1(uint8(i));
+        }
+
+        vm.prank(FM);
+        h.hub.updateVault{value: GAS}(
+            POOL_A,
+            SC_1,
+            s.usdcId,
+            bytes32(bytes20(address(factory))),
+            VaultUpdateKind.DeployAndLink,
+            payload,
+            EXTRA_GAS,
+            REFUND
+        );
+
+        assertEq(factory.lastPayload(), payload, "payload corrupted across the message round-trip");
+    }
+}
diff --git a/test/integration/adapters/LocalAdapter.sol b/test/integration/adapters/LocalAdapter.sol
index b3335d3de..0d31a86d5 100644
--- a/test/integration/adapters/LocalAdapter.sol
+++ b/test/integration/adapters/LocalAdapter.sol
@@ -61,7 +61,8 @@ contract LocalAdapter is Test, Auth, IAdapter, IMessageHandler {
         }
 
         adapterData = bytes32("");
-        lastReceivedPayload = payload;
+        // Strip the 2-byte session ID prefix that MultiAdapter prepends to outgoing messages
+        lastReceivedPayload = payload[2:];
 
         (bool success,) = payable(refund).call{value: refundedValue}(new bytes(0));
         assertEq(success, true, "Refund must success");
diff --git a/test/integration/hub/BatchingAndPayment.t.sol b/test/integration/hub/BatchingAndPayment.t.sol
index e9582fbe9..0f38df912 100644
--- a/test/integration/hub/BatchingAndPayment.t.sol
+++ b/test/integration/hub/BatchingAndPayment.t.sol
@@ -3,8 +3,9 @@ pragma solidity ^0.8.28;
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
-import {MAX_MESSAGE_COST} from "../../../src/core/messaging/interfaces/IGasService.sol";
+import {IHubRegistry} from "../../../src/core/hub/interfaces/IHubRegistry.sol";
 
+import {MAX_MESSAGE_COST} from "../../utils/GasConstants.sol";
 import {CentrifugeIntegrationTest} from "../Integration.t.sol";
 
 contract TestBatchingAndPayment is CentrifugeIntegrationTest {
@@ -43,7 +44,7 @@ contract TestBatchingAndPayment is CentrifugeIntegrationTest {
         opsGuardian.createPool(poolA, FM, USD_ID);
 
         vm.startPrank(FM);
-        hub.setAdapters{value: GAS}(poolA, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, 1, REFUND);
+        hub.setAdapters{value: GAS}(poolA, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, REFUND);
 
         bytes[] memory cs = new bytes[](2);
         cs[0] = abi.encodeWithSelector(hub.notifyPool.selector, poolA, TARGET_CHAIN, REFUND);
@@ -67,8 +68,8 @@ contract TestBatchingAndPayment is CentrifugeIntegrationTest {
         vm.stopPrank();
 
         vm.startPrank(FM);
-        hub.setAdapters{value: GAS}(poolA, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, 1, REFUND);
-        hub.setAdapters{value: GAS}(poolB, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, 1, REFUND);
+        hub.setAdapters{value: GAS}(poolA, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, REFUND);
+        hub.setAdapters{value: GAS}(poolB, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, REFUND);
 
         bytes[] memory cs = new bytes[](2);
         cs[0] = abi.encodeWithSelector(hub.notifyPool.selector, poolA, TARGET_CHAIN, REFUND);
@@ -77,4 +78,31 @@ contract TestBatchingAndPayment is CentrifugeIntegrationTest {
         hub.multicall{value: GAS * 2}(cs);
         vm.stopPrank();
     }
+
+    /// @dev `Hub.initiateAuthorization` is non-payable while `Hub.notifyPool` is payable, but unlike the bare
+    ///      `Multicall` primitive (see `Multicall.t.sol`), `BatchedMulticall` never re-forwards real value
+    ///      into the individual delegatecalls: `multicall()` sends the caller's value on to
+    ///      `gateway.withBatch`, and the gateway's callback into `executeMulticall` carries none of it back
+    ///      (payment for calls like `notifyPool` is accounted separately via `msgValue()`). So every call
+    ///      inside the batch sees CALLVALUE == 0 regardless of what the caller attached, and a non-payable
+    ///      call can be freely mixed with a paid payable one. This reverts with `PolicyNotInstalled` only because
+    ///      the test pool has no policy installed, not because of the payable/non-payable mix: proof is
+    ///      that execution reaches `authorize`'s own business logic (HubRegistry.initiateAuthorization) rather than
+    ///      failing on entry.
+    function testCanBatchNonPayableWithPaidPayableCall() public {
+        PoolId poolA = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
+        vm.prank(address(opsGuardian.opsSafe()));
+        opsGuardian.createPool(poolA, FM, USD_ID);
+
+        vm.startPrank(FM);
+        hub.setAdapters{value: GAS}(poolA, TARGET_CHAIN, mockAdapters, new bytes32[](0), 1, REFUND);
+
+        bytes[] memory cs = new bytes[](2);
+        cs[0] = abi.encodeWithSelector(hub.initiateAuthorization.selector, poolA, bytes(""));
+        cs[1] = abi.encodeWithSelector(hub.notifyPool.selector, poolA, TARGET_CHAIN, REFUND);
+
+        vm.expectRevert(IHubRegistry.PolicyNotInstalled.selector);
+        hub.multicall{value: GAS}(cs);
+        vm.stopPrank();
+    }
 }
diff --git a/test/integration/hub/Cases.t.sol b/test/integration/hub/Cases.t.sol
index d28ec7292..655e51dc8 100644
--- a/test/integration/hub/Cases.t.sol
+++ b/test/integration/hub/Cases.t.sol
@@ -1,7 +1,7 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity ^0.8.28;
 
-import {D18, d18} from "../../../src/misc/types/D18.sol";
+import {d18} from "../../../src/misc/types/D18.sol";
 import {MathLib} from "../../../src/misc/libraries/MathLib.sol";
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
@@ -51,6 +51,28 @@ contract TestCases is CentrifugeIntegrationTest {
     }
 
     /// forge-config: default.isolate = true
+    function _holdingAccounts(AccountId asset, AccountId equity, AccountId gain, AccountId loss)
+        internal
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = asset;
+        accounts[1] = equity;
+        accounts[2] = gain;
+        accounts[3] = loss;
+    }
+
+    function _liabilityAccounts(AccountId expense, AccountId liability)
+        internal
+        pure
+        returns (AccountId[4] memory accounts)
+    {
+        accounts[0] = expense;
+        accounts[1] = liability;
+        accounts[2] = liability;
+        accounts[3] = liability;
+    }
+
     function testPoolCreation(bool withInitialization) public returns (PoolId poolId, ShareClassId scId) {
         poolId = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
         vm.prank(address(opsGuardian.opsSafe()));
@@ -68,18 +90,20 @@ contract TestCases is CentrifugeIntegrationTest {
         hub.createAccount(poolId, ASSET_EUR_STABLE_ACCOUNT, true);
         if (withInitialization) {
             valuation.setPrice(poolId, scId, USDC_ID, d18(1, 1));
+            valuation.setPrice(poolId, scId, EUR_STABLE_ID, d18(1, 1));
             hub.initializeHolding(
-                poolId, scId, USDC_ID, valuation, ASSET_USDC_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT
+                poolId,
+                scId,
+                USDC_ID,
+                valuation,
+                _holdingAccounts(ASSET_USDC_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT)
             );
             hub.initializeHolding(
                 poolId,
                 scId,
                 EUR_STABLE_ID,
                 valuation,
-                ASSET_EUR_STABLE_ACCOUNT,
-                EQUITY_ACCOUNT,
-                GAIN_ACCOUNT,
-                LOSS_ACCOUNT
+                _holdingAccounts(ASSET_EUR_STABLE_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT)
             );
         }
         vm.stopPrank();
@@ -92,20 +116,24 @@ contract TestCases is CentrifugeIntegrationTest {
         uint128 assetDecimals = (10 ** hubRegistry.decimals(USDC_ID.raw())).toUint128();
 
         vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            LOCAL_CENTRIFUGE_ID, poolId, scId, USDC_ID, 1000 * assetDecimals, D18.wrap(1e18), true, IS_SNAPSHOT, 0
-        );
+        hubHandler.updateAssets(LOCAL_CENTRIFUGE_ID, poolId, scId, USDC_ID, 1000 * assetDecimals, true, IS_SNAPSHOT, 0);
 
+        // Pre-initialization, only the amount is tracked; the value is established at initialization
         assertEq(holdings.amount(poolId, scId, USDC_ID), 1000 * assetDecimals);
-        assertEq(holdings.value(poolId, scId, USDC_ID), 1000 * poolDecimals);
+        assertEq(holdings.value(poolId, scId, USDC_ID), 0);
         _assertEqAccountValue(poolId, EQUITY_ACCOUNT, true, 0);
         _assertEqAccountValue(poolId, ASSET_USDC_ACCOUNT, true, 0);
         _assertEqAccountValue(poolId, GAIN_ACCOUNT, true, 0);
         _assertEqAccountValue(poolId, LOSS_ACCOUNT, true, 0);
 
+        valuation.setPrice(poolId, scId, USDC_ID, d18(1, 1));
         vm.prank(FM);
         hub.initializeHolding(
-            poolId, scId, USDC_ID, valuation, ASSET_USDC_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT
+            poolId,
+            scId,
+            USDC_ID,
+            valuation,
+            _holdingAccounts(ASSET_USDC_ACCOUNT, EQUITY_ACCOUNT, GAIN_ACCOUNT, LOSS_ACCOUNT)
         );
 
         assertEq(holdings.amount(poolId, scId, USDC_ID), 1000 * assetDecimals);
@@ -116,9 +144,7 @@ contract TestCases is CentrifugeIntegrationTest {
         _assertEqAccountValue(poolId, LOSS_ACCOUNT, true, 0);
 
         vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            LOCAL_CENTRIFUGE_ID, poolId, scId, USDC_ID, 600 * assetDecimals, D18.wrap(1e18), false, IS_SNAPSHOT, 1
-        );
+        hubHandler.updateAssets(LOCAL_CENTRIFUGE_ID, poolId, scId, USDC_ID, 600 * assetDecimals, false, IS_SNAPSHOT, 1);
 
         assertEq(holdings.amount(poolId, scId, USDC_ID), 400 * assetDecimals);
         assertEq(holdings.value(poolId, scId, USDC_ID), 400 * poolDecimals);
@@ -162,17 +188,17 @@ contract TestCases is CentrifugeIntegrationTest {
         uint128 expenseDecimals = (10 ** hubRegistry.decimals(FEE_ID.raw())).toUint128();
 
         vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            LOCAL_CENTRIFUGE_ID, poolId, scId, FEE_ID, 50 * expenseDecimals, D18.wrap(1e18), true, IS_SNAPSHOT, 0
-        );
+        hubHandler.updateAssets(LOCAL_CENTRIFUGE_ID, poolId, scId, FEE_ID, 50 * expenseDecimals, true, IS_SNAPSHOT, 0);
 
+        // Pre-initialization, only the amount is tracked; the value is established at initialization
         assertEq(holdings.amount(poolId, scId, FEE_ID), 50 * expenseDecimals);
-        assertEq(holdings.value(poolId, scId, FEE_ID), 50 * poolDecimals);
+        assertEq(holdings.value(poolId, scId, FEE_ID), 0);
         _assertEqAccountValue(poolId, FEE_ACCOUNT, true, 0 * poolDecimals);
         _assertEqAccountValue(poolId, LIABILITY_ACCOUNT, true, 0 * poolDecimals);
 
+        valuation.setPrice(poolId, scId, FEE_ID, d18(1, 1));
         vm.prank(FM);
-        hub.initializeLiability(poolId, scId, FEE_ID, valuation, FEE_ACCOUNT, LIABILITY_ACCOUNT);
+        hub.initializeHolding(poolId, scId, FEE_ID, valuation, _liabilityAccounts(FEE_ACCOUNT, LIABILITY_ACCOUNT));
 
         assertEq(holdings.amount(poolId, scId, FEE_ID), 50 * expenseDecimals);
         assertEq(holdings.value(poolId, scId, FEE_ID), 50 * poolDecimals);
@@ -180,9 +206,7 @@ contract TestCases is CentrifugeIntegrationTest {
         _assertEqAccountValue(poolId, LIABILITY_ACCOUNT, true, 50 * poolDecimals);
 
         vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            LOCAL_CENTRIFUGE_ID, poolId, scId, FEE_ID, 20 * expenseDecimals, D18.wrap(1e18), false, IS_SNAPSHOT, 1
-        );
+        hubHandler.updateAssets(LOCAL_CENTRIFUGE_ID, poolId, scId, FEE_ID, 20 * expenseDecimals, false, IS_SNAPSHOT, 1);
 
         assertEq(holdings.amount(poolId, scId, FEE_ID), 30 * expenseDecimals);
         assertEq(holdings.value(poolId, scId, FEE_ID), 30 * poolDecimals);
diff --git a/test/integration/managers/adapters/AdapterFailover.t.sol b/test/integration/managers/adapters/AdapterFailover.t.sol
new file mode 100644
index 000000000..9bc9b8276
--- /dev/null
+++ b/test/integration/managers/adapters/AdapterFailover.t.sol
@@ -0,0 +1,97 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity ^0.8.28;
+
+import {PoolId, newPoolId} from "../../../../src/core/types/PoolId.sol";
+import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {IAdapterFailover} from "../../../../src/managers/adapters/interfaces/IAdapterFailover.sol";
+
+import {CentrifugeIntegrationTest} from "../../Integration.t.sol";
+import {IntegrationConstants} from "../../utils/IntegrationConstants.sol";
+
+/// @notice End-to-end exercise of the deployed AdapterFailover against the deployed MultiAdapter:
+///         a steward arms a failover, the hub can veto it via the ManagerCall/Envoy path, and
+///         once the timelock elapses (unvetoed) anyone installs the new adapter set locally.
+contract AdapterFailoverIntegrationTest is CentrifugeIntegrationTest {
+    uint16 constant REMOTE = IntegrationConstants.CENTRIFUGE_ID_B;
+    uint8 constant THRESHOLD = 1;
+
+    PoolId poolId = newPoolId(LOCAL_CENTRIFUGE_ID, 1);
+    address steward = makeAddr("steward");
+
+    IAdapter[] deadAdapters;
+    IAdapter[] newAdapters;
+
+    function setUp() public override {
+        super.setUp();
+
+        deadAdapters.push(IAdapter(makeAddr("deadAdapter")));
+        newAdapters.push(IAdapter(makeAddr("newAdapter1")));
+        newAdapters.push(IAdapter(makeAddr("newAdapter2")));
+
+        vm.startPrank(address(root));
+        // The pool's current adapter set for the REMOTE channel (the one that will "go dark").
+        multiAdapter.setAdapters(REMOTE, poolId, deadAdapters, 1, 1);
+        // Enable failover for the pool: AdapterFailover becomes a MultiAdapter manager with a steward.
+        multiAdapter.updateManager(poolId, address(adapterFailover), true);
+        vm.stopPrank();
+
+        // Assign the steward via the hub ManagerCall path.
+        vm.prank(address(envoy));
+        adapterFailover.fromHub(poolId, abi.encode(uint8(IAdapterFailover.HubCall.UpdateSteward), steward, true));
+    }
+
+    function _cancelPayload() internal pure returns (bytes memory) {
+        return abi.encode(uint8(IAdapterFailover.HubCall.CancelFailover), REMOTE);
+    }
+
+    function testExecuteInstallsNewAdapterSet() public {
+        vm.prank(steward);
+        adapterFailover.initiateFailover(REMOTE, poolId, newAdapters, THRESHOLD);
+
+        vm.warp(block.timestamp + adapterFailover.timelock());
+
+        // Permissionless once armed and elapsed.
+        adapterFailover.executeFailover(REMOTE, poolId, newAdapters, THRESHOLD);
+
+        IMultiAdapter.Adapters memory active = multiAdapter.activeAdapters(REMOTE, poolId);
+        assertEq(active.list.length, newAdapters.length, "new set installed");
+        assertEq(address(active.list[0]), address(newAdapters[0]));
+        assertEq(address(active.list[1]), address(newAdapters[1]));
+    }
+
+    function testHubVetoBlocksFailover() public {
+        vm.prank(steward);
+        adapterFailover.initiateFailover(REMOTE, poolId, newAdapters, THRESHOLD);
+
+        // The hub vetoes while the pool's adapters still function, via the ManagerCall/Envoy path.
+        vm.prank(address(envoy));
+        adapterFailover.fromHub(poolId, _cancelPayload());
+
+        vm.warp(block.timestamp + adapterFailover.timelock());
+
+        vm.expectRevert(IAdapterFailover.NoPendingFailover.selector);
+        adapterFailover.executeFailover(REMOTE, poolId, newAdapters, THRESHOLD);
+
+        // The original set is untouched after a veto.
+        IMultiAdapter.Adapters memory active = multiAdapter.activeAdapters(REMOTE, poolId);
+        assertEq(active.list.length, deadAdapters.length, "original set kept");
+        assertEq(address(active.list[0]), address(deadAdapters[0]));
+    }
+
+    function testHubAssignsStewardViaManagerCall() public {
+        address newSteward = makeAddr("newSteward");
+
+        vm.prank(address(envoy));
+        adapterFailover.fromHub(poolId, abi.encode(uint8(IAdapterFailover.HubCall.UpdateSteward), newSteward, true));
+
+        // The hub-assigned steward can now drive a failover end to end.
+        vm.prank(newSteward);
+        adapterFailover.initiateFailover(REMOTE, poolId, newAdapters, THRESHOLD);
+        vm.warp(block.timestamp + adapterFailover.timelock());
+        adapterFailover.executeFailover(REMOTE, poolId, newAdapters, THRESHOLD);
+
+        assertEq(multiAdapter.activeAdapters(REMOTE, poolId).list.length, newAdapters.length);
+    }
+}
diff --git a/test/integration/managers/hub/NAVManager.t.sol b/test/integration/managers/hub/NAVManager.t.sol
deleted file mode 100644
index d7c209a6e..000000000
--- a/test/integration/managers/hub/NAVManager.t.sol
+++ /dev/null
@@ -1,377 +0,0 @@
-// SPDX-License-Identifier: BUSL-1.1
-pragma solidity 0.8.28;
-
-import {d18} from "../../../../src/misc/types/D18.sol";
-
-import {PoolId} from "../../../../src/core/types/PoolId.sol";
-import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
-import {IValuation} from "../../../../src/core/hub/interfaces/IValuation.sol";
-import {ISnapshotHook} from "../../../../src/core/hub/interfaces/ISnapshotHook.sol";
-import {IShareClassManager} from "../../../../src/core/hub/interfaces/IShareClassManager.sol";
-
-import {INAVHook} from "../../../../src/managers/hub/interfaces/INAVManager.sol";
-
-import {CentrifugeIntegrationTest} from "../../Integration.t.sol";
-
-contract NAVManagerIntegrationTest is CentrifugeIntegrationTest {
-    // Logical network IDs for NAV segregation — not actual deployed chains
-    uint16 constant CHAIN_CP = 5;
-    uint16 constant CHAIN_CV = 6;
-
-    PoolId POOL_A;
-    ShareClassId scId;
-
-    address manager = makeAddr("manager");
-    address FM = makeAddr("FM");
-
-    AssetId asset1 = newAssetId(CHAIN_CV, 1);
-    AssetId asset2 = newAssetId(CHAIN_CV, 2);
-    AssetId asset3 = newAssetId(CHAIN_CP, 1);
-    AssetId liabilityAsset = newAssetId(CHAIN_CP, 2);
-    // differing decimals to test conversion
-    uint8 asset1Decimals = 6;
-    uint8 asset2Decimals = 12;
-    uint8 asset3Decimals = 14;
-
-    function setUp() public override {
-        super.setUp();
-
-        POOL_A = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
-
-        vm.startPrank(address(root));
-        hubRegistry.registerAsset(asset1, asset1Decimals);
-        hubRegistry.registerAsset(asset2, asset2Decimals);
-        hubRegistry.registerAsset(asset3, asset3Decimals);
-        hubRegistry.registerAsset(liabilityAsset, 18);
-        vm.stopPrank();
-
-        _setupMocks();
-        _setupPool();
-
-        vm.deal(address(root), 1 ether);
-    }
-
-    function _setupMocks() internal {
-        vm.mockCall(address(hub), abi.encodeWithSelector(hub.notifySharePrice.selector), abi.encode(uint256(0)));
-        vm.mockCall(
-            address(messageDispatcher),
-            abi.encodeWithSignature(
-                "sendExecuteTransferShares(uint16,uint16,uint64,bytes16,bytes32,uint128,uint128,address)"
-            ),
-            abi.encode(uint256(0))
-        );
-    }
-
-    function _setupPool() internal {
-        vm.prank(address(opsGuardian.opsSafe()));
-        opsGuardian.createPool(POOL_A, FM, USD_ID);
-
-        vm.startPrank(FM);
-        scId = hub.addShareClass(POOL_A, "Test Share Class", "TSC", bytes32(bytes8(POOL_A.raw())));
-        hub.setSnapshotHook(POOL_A, ISnapshotHook(address(navManager)));
-        hub.updateHubManager(POOL_A, address(navManager), true);
-        hub.updateHubManager(POOL_A, address(simplePriceManager), true);
-        navManager.updateManager(POOL_A, manager, true);
-        navManager.setNAVHook(POOL_A, INAVHook(address(simplePriceManager)));
-        vm.stopPrank();
-
-        valuation.setPrice(POOL_A, scId, asset1, d18(1, 1));
-        valuation.setPrice(POOL_A, scId, asset2, d18(1, 1));
-        valuation.setPrice(POOL_A, scId, asset3, d18(1, 1));
-        valuation.setPrice(POOL_A, scId, liabilityAsset, d18(1, 1));
-    }
-
-    function _testInitializeAndUpdate() internal {
-        vm.startPrank(manager);
-        navManager.initializeNetwork(POOL_A, CHAIN_CP);
-        navManager.initializeNetwork(POOL_A, CHAIN_CV);
-
-        navManager.initializeHolding(POOL_A, scId, asset1, IValuation(address(valuation)));
-        navManager.initializeHolding(POOL_A, scId, asset2, IValuation(address(valuation)));
-        navManager.initializeHolding(POOL_A, scId, asset3, IValuation(address(valuation)));
-        navManager.initializeLiability(POOL_A, scId, liabilityAsset, IValuation(address(valuation)));
-        vm.stopPrank();
-
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            CHAIN_CV, POOL_A, scId, asset1, uint128(1000 * 10 ** asset1Decimals), d18(1, 1), true, false, 0
-        );
-
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            CHAIN_CV, POOL_A, scId, asset2, uint128(2300 * 10 ** asset2Decimals), d18(1, 1), true, false, 1
-        );
-
-        vm.expectCall(address(hub), abi.encodeWithSelector(hub.updateSharePrice.selector, POOL_A, scId, d18(1, 1)));
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateShares(CHAIN_CV, POOL_A, scId, 3300e18, true, true, 2);
-
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            CHAIN_CP, POOL_A, scId, asset3, uint128(500 * 10 ** asset3Decimals), d18(1, 1), true, false, 0
-        );
-
-        vm.expectCall(address(hub), abi.encodeWithSelector(hub.updateSharePrice.selector, POOL_A, scId, d18(1, 1)));
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateShares(CHAIN_CP, POOL_A, scId, 500e18, true, true, 1);
-
-        uint128 navHub = navManager.netAssetValue(POOL_A, CHAIN_CP);
-        uint128 navSpoke = navManager.netAssetValue(POOL_A, CHAIN_CV);
-        (uint128 navHub2, uint128 issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CP);
-        (uint128 navSpoke2, uint128 issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CV);
-        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
-
-        assertEq(navHub, 500e18);
-        assertEq(navSpoke, 3300e18);
-        assertEq(navHub2, navHub);
-        assertEq(navSpoke2, navSpoke);
-        assertEq(issuanceHub, 500e18);
-        assertEq(issuanceSpoke, 3300e18);
-        assertEq(globalNAV, 3800e18);
-        assertEq(globalIssuance, 3800e18);
-    }
-
-    /// forge-config: default.isolate = true
-    function testPriceUpdate() public {
-        _testInitializeAndUpdate();
-
-        valuation.setPrice(POOL_A, scId, asset1, d18(11, 10)); // 10% increase in value
-        valuation.setPrice(POOL_A, scId, asset3, d18(1, 2)); // 50% decrease in value
-
-        vm.prank(manager);
-        navManager.updateHoldingValue(POOL_A, scId, asset1);
-
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(hub.updateSharePrice.selector, POOL_A, scId, d18(3650e18) / d18(3800e18))
-        );
-        vm.prank(manager);
-        navManager.updateHoldingValue(POOL_A, scId, asset3);
-
-        uint128 navHub = navManager.netAssetValue(POOL_A, CHAIN_CP);
-        uint128 navSpoke = navManager.netAssetValue(POOL_A, CHAIN_CV);
-        (uint128 navHub2, uint128 issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CP);
-        (uint128 navSpoke2, uint128 issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CV);
-        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
-        (bool spokeGainIsPositive, uint128 spokeGain) =
-            accounting.accountValue(POOL_A, navManager.gainAccount(CHAIN_CV));
-        (bool hubLossIsPositive, uint128 hubLoss) = accounting.accountValue(POOL_A, navManager.lossAccount(CHAIN_CP));
-
-        assertEq(spokeGain, 100e18);
-        assertTrue(spokeGainIsPositive);
-        assertEq(hubLoss, 250e18);
-        assertTrue(hubLossIsPositive);
-        assertEq(navHub, 250e18);
-
-        assertEq(navSpoke, 3400e18);
-        assertEq(navHub2, navHub);
-        assertEq(navSpoke2, navSpoke);
-        assertEq(issuanceHub, 500e18);
-        assertEq(issuanceSpoke, 3300e18);
-        assertEq(globalNAV, 3650e18); // (3300 * 1.1) + (500 * 0.5) = 3650
-        assertEq(globalIssuance, 3800e18);
-    }
-
-    /// forge-config: default.isolate = true
-    function testTransferShares() public {
-        _testInitializeAndUpdate();
-
-        uint128 sharesTransferred = 130e18;
-
-        vm.prank(address(root));
-        hubHandler.initiateTransferShares{value: 0.1 ether}(
-            CHAIN_CP, CHAIN_CV, POOL_A, scId, bytes32("receiver"), sharesTransferred, 0, manager
-        );
-
-        (uint128 navHub2, uint128 issuanceHub, uint128 transferredInHub, uint128 transferredOutHub,,) =
-            simplePriceManager.networkMetrics(POOL_A, CHAIN_CP);
-        (uint128 navSpoke2, uint128 issuanceSpoke, uint128 transferredInSpoke, uint128 transferredOutSpoke,,) =
-            simplePriceManager.networkMetrics(POOL_A, CHAIN_CV);
-        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
-
-        // NAV and issuance should remain unchanged until next onUpdate
-        // Transfers are tracked separately and applied during onUpdate
-        assertEq(navHub2, 500e18);
-        assertEq(navSpoke2, 3300e18);
-        assertEq(issuanceHub, 500e18);
-        assertEq(issuanceSpoke, 3300e18);
-        assertEq(transferredOutHub, sharesTransferred);
-        assertEq(transferredInSpoke, sharesTransferred);
-        assertEq(globalNAV, 3800e18);
-        assertEq(globalIssuance, 3800e18);
-
-        vm.prank(address(navManager));
-        simplePriceManager.onUpdate(POOL_A, scId, CHAIN_CP, 500e18);
-
-        vm.prank(address(navManager));
-        simplePriceManager.onUpdate(POOL_A, scId, CHAIN_CV, 3300e18);
-
-        (navHub2, issuanceHub, transferredInHub, transferredOutHub,,) =
-            simplePriceManager.networkMetrics(POOL_A, CHAIN_CP);
-        (navSpoke2, issuanceSpoke, transferredInSpoke, transferredOutSpoke,,) =
-            simplePriceManager.networkMetrics(POOL_A, CHAIN_CV);
-        (globalNAV, globalIssuance) = simplePriceManager.metrics(POOL_A);
-
-        assertEq(issuanceHub, 370e18); // 500 - 130
-        assertEq(issuanceSpoke, 3430e18); // 3300 + 130
-        assertEq(transferredOutHub, 0);
-        assertEq(transferredInHub, 0);
-        assertEq(transferredInSpoke, 0);
-        assertEq(transferredOutSpoke, 0);
-        // Global NAV and issuance should be unchanged
-        assertEq(globalNAV, 3800e18);
-        assertEq(globalIssuance, 3800e18);
-    }
-
-    /// forge-config: default.isolate = true
-    function testLiability() public {
-        _testInitializeAndUpdate();
-
-        // Increase liability, e.g. fee payable
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(hub.updateSharePrice.selector, POOL_A, scId, d18(3750e18) / d18(3800e18))
-        );
-
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(CHAIN_CP, POOL_A, scId, liabilityAsset, 50e18, d18(1, 1), true, true, 2);
-
-        uint128 navHub = navManager.netAssetValue(POOL_A, CHAIN_CP);
-        uint128 navSpoke = navManager.netAssetValue(POOL_A, CHAIN_CV);
-        (uint128 navHub2, uint128 issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CP);
-        (uint128 navSpoke2, uint128 issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CV);
-        (uint128 globalNAV, uint128 globalIssuance) = simplePriceManager.metrics(POOL_A);
-
-        // Liability reduces the NAV
-        assertEq(navHub, 450e18);
-        assertEq(navSpoke, 3300e18);
-        assertEq(navHub2, navHub);
-        assertEq(navSpoke2, navSpoke);
-        assertEq(issuanceHub, 500e18);
-        assertEq(issuanceSpoke, 3300e18);
-        assertEq(globalNAV, 3750e18);
-        assertEq(globalIssuance, 3800e18);
-
-        // Decrease liability by paying with a cash asset
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(CHAIN_CP, POOL_A, scId, liabilityAsset, 50e18, d18(1, 1), false, false, 3);
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            CHAIN_CP, POOL_A, scId, asset3, uint128(100 * 10 ** asset3Decimals), d18(1, 2), false, true, 4
-        );
-
-        navHub = navManager.netAssetValue(POOL_A, CHAIN_CP);
-        navSpoke = navManager.netAssetValue(POOL_A, CHAIN_CV);
-        (navHub2, issuanceHub,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CP);
-        (navSpoke2, issuanceSpoke,,,,) = simplePriceManager.networkMetrics(POOL_A, CHAIN_CV);
-        (globalNAV, globalIssuance) = simplePriceManager.metrics(POOL_A);
-
-        // NAV should remain unchanged
-        assertEq(navHub, 450e18);
-        assertEq(navSpoke, 3300e18);
-        assertEq(navHub2, navHub);
-        assertEq(navSpoke2, navSpoke);
-        assertEq(issuanceHub, 500e18);
-        assertEq(issuanceSpoke, 3300e18);
-        assertEq(globalNAV, 3750e18);
-        assertEq(globalIssuance, 3800e18);
-    }
-
-    /// forge-config: default.isolate = true
-    function testCloseGainLoss() public {
-        _testInitializeAndUpdate();
-
-        valuation.setPrice(POOL_A, scId, asset1, d18(11, 10)); // 10% increase in value -> 100e18 gain
-        valuation.setPrice(POOL_A, scId, asset3, d18(1, 2)); // 50% decrease in value -> 250e18 loss
-
-        vm.prank(manager);
-        navManager.updateHoldingValue(POOL_A, scId, asset1);
-
-        vm.prank(manager);
-        navManager.updateHoldingValue(POOL_A, scId, asset3);
-
-        (bool spokeGainIsPositive, uint128 spokeGain) =
-            accounting.accountValue(POOL_A, navManager.gainAccount(CHAIN_CV));
-        (bool hubLossIsPositive, uint128 hubLoss) = accounting.accountValue(POOL_A, navManager.lossAccount(CHAIN_CP));
-        (bool spokeEquityIsPositive, uint128 spokeEquityBefore) =
-            accounting.accountValue(POOL_A, navManager.equityAccount(CHAIN_CV));
-        (bool hubEquityIsPositive, uint128 hubEquityBefore) =
-            accounting.accountValue(POOL_A, navManager.equityAccount(CHAIN_CP));
-
-        assertEq(spokeGain, 100e18);
-        assertTrue(spokeGainIsPositive);
-        assertEq(hubLoss, 250e18);
-        assertTrue(hubLossIsPositive);
-        assertEq(spokeEquityBefore, 3300e18);
-        assertTrue(spokeEquityIsPositive);
-        assertEq(hubEquityBefore, 500e18);
-        assertTrue(hubEquityIsPositive);
-
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CHAIN_CV);
-
-        (bool spokeGainIsPositiveAfter, uint128 spokeGainAfter) =
-            accounting.accountValue(POOL_A, navManager.gainAccount(CHAIN_CV));
-        (bool spokeEquityIsPositiveAfter, uint128 spokeEquityAfter) =
-            accounting.accountValue(POOL_A, navManager.equityAccount(CHAIN_CV));
-
-        assertEq(spokeGainAfter, 0);
-        assertTrue(spokeGainIsPositiveAfter);
-        assertEq(spokeEquityAfter, spokeEquityBefore + spokeGain);
-        assertTrue(spokeEquityIsPositiveAfter);
-
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CHAIN_CP);
-
-        (bool hubLossIsPositiveAfter, uint128 hubLossAfter) =
-            accounting.accountValue(POOL_A, navManager.lossAccount(CHAIN_CP));
-        (bool hubEquityIsPositiveAfter, uint128 hubEquityAfter) =
-            accounting.accountValue(POOL_A, navManager.equityAccount(CHAIN_CP));
-
-        assertEq(hubLossAfter, 0);
-        assertTrue(hubLossIsPositiveAfter);
-        assertEq(hubEquityAfter, hubEquityBefore - hubLoss);
-        assertTrue(hubEquityIsPositiveAfter);
-
-        uint128 navHub = navManager.netAssetValue(POOL_A, CHAIN_CP);
-        uint128 navSpoke = navManager.netAssetValue(POOL_A, CHAIN_CV);
-
-        assertEq(navHub, 250e18);
-        assertEq(navSpoke, 3400e18);
-    }
-
-    /// forge-config: default.isolate = true
-    function testEdgeCaseTransferWithZeroIssuanceCausesRevert() public {
-        // When ShareClassManager.issuance is 0 on the source network and a transfer happens,
-        // calling SimplePriceManager.onUpdate causes ShareClassManager.issuance() to revert with NegativeIssuance.
-        // This blocks NAV updates for the pool until submitQueuedShares with snapshot = true is called from the Spoke on the source network.
-
-        vm.startPrank(manager);
-        navManager.initializeNetwork(POOL_A, CHAIN_CP);
-        navManager.initializeNetwork(POOL_A, CHAIN_CV);
-        navManager.initializeHolding(POOL_A, scId, asset3, IValuation(address(valuation)));
-        vm.stopPrank();
-
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateHoldingAmount(
-            CHAIN_CP, POOL_A, scId, asset3, uint128(500 * 10 ** asset3Decimals), d18(1, 1), true, false, 0
-        );
-
-        // Issue shares only to destination network to have some global issuance
-        vm.prank(address(messageDispatcher));
-        hubHandler.updateShares(CHAIN_CV, POOL_A, scId, 200e18, true, true, 0);
-
-        vm.prank(address(root));
-        hubHandler.initiateTransferShares{value: 0.1 ether}(
-            CHAIN_CP, CHAIN_CV, POOL_A, scId, bytes32("receiver"), 100e18, 0, manager
-        );
-
-        // issuance is -100 on source network after transfer
-        // calling ShareClassManager.issuance in onUpdate will revert
-
-        vm.expectRevert(abi.encodeWithSelector(IShareClassManager.NegativeIssuance.selector));
-        vm.prank(address(navManager));
-        simplePriceManager.onUpdate(POOL_A, scId, CHAIN_CP, 500e18);
-    }
-}
diff --git a/test/integration/managers/spoke/OnOffRamp.t.sol b/test/integration/managers/spoke/OnOffRamp.t.sol
index ac3f7f832..fb99d0d55 100644
--- a/test/integration/managers/spoke/OnOffRamp.t.sol
+++ b/test/integration/managers/spoke/OnOffRamp.t.sol
@@ -5,13 +5,15 @@ import {D18, d18} from "../../../../src/misc/types/D18.sol";
 import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 import {IERC6909ExclOperator} from "../../../../src/misc/interfaces/IERC6909.sol";
 
-import {UpdateRestrictionMessageLib} from "../../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {UpdateRestrictionMessageLib} from "../../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import {OnOffRampFactory} from "../../../../src/managers/spoke/OnOffRamp.sol";
 import {IOnOffRamp} from "../../../../src/managers/spoke/interfaces/IOnOffRamp.sol";
 import {IAccountingToken} from "../../../../src/managers/spoke/interfaces/IAccountingToken.sol";
 
-import {AssetId, VaultBaseTest as BaseTest, ShareClassId} from "../../vaults/VaultBaseTest.sol";
+import {AssetId, VaultBaseTest as BaseTest, ShareClassId, shareClassSalt} from "../../vaults/VaultBaseTest.sol";
+
+import {IShareTokenRegistrar} from "../../../../src/token/interfaces/IShareTokenRegistrar.sol";
 
 abstract contract OnOffRampBaseTest is BaseTest {
     using CastLib for *;
@@ -39,23 +41,33 @@ abstract contract OnOffRampBaseTest is BaseTest {
         defaultTypedShareClassId = ShareClassId.wrap(defaultShareClassId);
 
         assetId = spoke.registerAsset{value: 0.1 ether}(OTHER_CHAIN_ID, address(erc20), erc20TokenId, address(this));
-        spoke.addPool(POOL_A);
-        spoke.addShareClass(
+        if (!spokeRegistry.isPoolActive(POOL_A)) spokeHandler.addPool(POOL_A);
+        spokeHandler.addShareClass(
             POOL_A,
             defaultTypedShareClassId,
             "testShareClass",
             "tsc",
             defaultDecimals,
-            bytes32(""),
-            address(fullRestrictionsHook)
+            shareClassSalt(POOL_A.raw(), defaultShareClassId),
+            shareTokenRegistrar,
+            ""
+        );
+        vm.prank(shareTokenRegistrar.envoy());
+        shareTokenRegistrar.fromHub(
+            POOL_A,
+            abi.encode(
+                uint8(IShareTokenRegistrar.RegistrarCall.SetHook),
+                defaultTypedShareClassId.raw(),
+                address(fullRestrictionsHook)
+            )
         );
-        spoke.updatePricePoolPerShare(
+        spokeHandler.updatePricePoolPerShare(
             POOL_A, defaultTypedShareClassId, defaultPricePoolPerShare, uint64(block.timestamp)
         );
-        spoke.updatePricePoolPerAsset(
+        spokeHandler.updatePricePoolPerAsset(
             POOL_A, defaultTypedShareClassId, assetId, defaultPricePoolPerShare, uint64(block.timestamp)
         );
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             POOL_A,
             defaultTypedShareClassId,
             UpdateRestrictionMessageLib.UpdateRestrictionMember({
@@ -78,61 +90,57 @@ abstract contract OnOffRampBaseTest is BaseTest {
 
         // Mock the BalanceSheet deposit for the accounting token (so it doesn't try to register the asset)
         vm.mockCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.deposit.selector, POOL_A, defaultTypedShareClassId, address(mockAccountingToken)
+                spoke.deposit.selector, POOL_A, defaultTypedShareClassId, address(mockAccountingToken)
             ),
             abi.encode()
         );
 
-        factory = new OnOffRampFactory(address(contractUpdater), balanceSheet, mockAccountingToken);
+        factory = new OnOffRampFactory(address(envoy), spoke, mockAccountingToken);
         manager = factory.newManager(POOL_A, defaultTypedShareClassId);
     }
 
     function _depositIntoBalanceSheet(uint128 amount) internal {
         erc20.mint(address(this), amount);
-        erc20.approve(address(balanceSheet), amount);
-        balanceSheet.deposit(POOL_A, defaultTypedShareClassId, address(erc20), erc20TokenId, amount);
+        erc20.approve(address(spoke), amount);
+        spoke.deposit(POOL_A, defaultTypedShareClassId, address(erc20), erc20TokenId, amount);
     }
 }
 
 contract OnOffRampIntegrationTest is OnOffRampBaseTest {
     using CastLib for *;
 
+    function testPreviewManagerMatchesDeployedAddress() public view {
+        assertEq(factory.previewManager(POOL_A, defaultTypedShareClassId), address(manager));
+    }
+
     function testDepositAndWithdrawHappyPath() public {
         uint128 amount = 100;
 
         // Enable onramp
-        vm.prank(address(contractUpdater));
-        manager.trustedCall(
-            POOL_A, defaultTypedShareClassId, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), defaultAssetId, true)
-        );
+        vm.prank(address(envoy));
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), defaultAssetId, true));
 
         // Enable relayer
-        vm.prank(address(contractUpdater));
-        manager.trustedCall(
-            POOL_A,
-            defaultTypedShareClassId,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Relayer), relayer.toBytes32(), true)
-        );
+        vm.prank(address(envoy));
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Relayer), relayer.toBytes32(), true));
 
         // Enable offramp destination
-        vm.prank(address(contractUpdater));
-        manager.trustedCall(
-            POOL_A,
-            defaultTypedShareClassId,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), defaultAssetId, receiver.toBytes32(), true)
+        vm.prank(address(envoy));
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), defaultAssetId, receiver.toBytes32(), true)
         );
 
         // Set manager permissions
-        balanceSheet.updateManager(POOL_A, address(manager), true);
+        spokeRegistry.updateManager(POOL_A, address(manager), true);
 
         // Mint tokens to manager
         erc20.mint(address(manager), amount);
 
         // Verify initial state
         assertEq(erc20.balanceOf(address(manager)), amount);
-        assertEq(balanceSheet.availableBalanceOf(manager.poolId(), manager.scId(), address(erc20), erc20TokenId), 0);
+        assertEq(spoke.availableBalanceOf(manager.poolId(), manager.scId(), address(erc20), erc20TokenId), 0);
         assertEq(erc20.balanceOf(receiver), 0);
 
         // Execute deposit
@@ -140,16 +148,14 @@ contract OnOffRampIntegrationTest is OnOffRampBaseTest {
 
         // Verify deposit state changes
         assertEq(erc20.balanceOf(address(manager)), 0);
-        assertEq(
-            balanceSheet.availableBalanceOf(manager.poolId(), manager.scId(), address(erc20), erc20TokenId), amount
-        );
+        assertEq(spoke.availableBalanceOf(manager.poolId(), manager.scId(), address(erc20), erc20TokenId), amount);
 
         // Execute withdraw
         vm.prank(relayer);
         manager.withdraw(address(erc20), erc20TokenId, amount, receiver);
 
         // Verify withdraw state changes
-        assertEq(balanceSheet.availableBalanceOf(manager.poolId(), manager.scId(), address(erc20), erc20TokenId), 0);
+        assertEq(spoke.availableBalanceOf(manager.poolId(), manager.scId(), address(erc20), erc20TokenId), 0);
         assertEq(erc20.balanceOf(receiver), amount);
     }
 }
diff --git a/test/integration/managers/spoke/OnchainPM.t.sol b/test/integration/managers/spoke/OnchainPM.t.sol
index 0ca5abdb2..b06a8015d 100644
--- a/test/integration/managers/spoke/OnchainPM.t.sol
+++ b/test/integration/managers/spoke/OnchainPM.t.sol
@@ -7,7 +7,7 @@ import {IMulticall} from "../../../../src/misc/interfaces/IMulticall.sol";
 
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
-import {IBalanceSheet} from "../../../../src/core/spoke/interfaces/IBalanceSheet.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 import {IBatchedMulticall} from "../../../../src/core/utils/interfaces/IBatchedMulticall.sol";
 
 import {WeirollTarget, OnchainPMTestBase} from "../../../managers/spoke/OnchainPMTestBase.sol";
@@ -51,7 +51,7 @@ contract MockGateway {
 contract OnchainPMMulticallTest is OnchainPMTestBase {
     using CastLib for *;
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     address strategist = makeAddr("strategist");
     MockGateway mockGateway;
     IOnchainPM executor;
@@ -60,7 +60,7 @@ contract OnchainPMMulticallTest is OnchainPMTestBase {
     function setUp() public virtual {
         mockGateway = new MockGateway();
         executor = IOnchainPM(
-            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, contractUpdater, address(mockGateway)))
+            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, envoy, address(mockGateway)))
         );
         target = new WeirollTarget();
     }
@@ -68,7 +68,7 @@ contract OnchainPMMulticallTest is OnchainPMTestBase {
     // ─── Convenience wrappers ─────────────────────────────────────────────
 
     function _setPolicy(address who, bytes32 root) internal {
-        _setPolicy(executor, who, root, contractUpdater);
+        _setPolicy(executor, who, root, envoy);
     }
 
     /// @dev Build a script, set its policy, and return the calldata for executor.execute().
@@ -224,7 +224,7 @@ contract OnchainPMMulticallBatchTest is OnchainPMMulticallTest {
 contract OnchainPMSlippageGuardTest is OnchainPMTestBase {
     using CastLib for *;
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     address strategist = makeAddr("strategist");
     MockGateway mockGateway;
     IOnchainPM executor;
@@ -232,7 +232,7 @@ contract OnchainPMSlippageGuardTest is OnchainPMTestBase {
     SlippageGuard guard;
 
     address spoke = makeAddr("spoke");
-    address balanceSheet = makeAddr("balanceSheet");
+    address spokeRegistry = makeAddr("spokeRegistry");
     address onchainPMFactory = makeAddr("onchainPMFactory");
     address shareToken = makeAddr("shareToken");
     address assetA = makeAddr("assetA");
@@ -245,12 +245,10 @@ contract OnchainPMSlippageGuardTest is OnchainPMTestBase {
     function setUp() public {
         mockGateway = new MockGateway();
         executor = IOnchainPM(
-            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, contractUpdater, address(mockGateway)))
+            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, envoy, address(mockGateway)))
         );
         target = new WeirollTarget();
-        guard = new SlippageGuard(
-            ISpoke(spoke), IBalanceSheet(balanceSheet), contractUpdater, IOnchainPMFactory(onchainPMFactory)
-        );
+        guard = new SlippageGuard(ISpoke(spoke), envoy, IOnchainPMFactory(onchainPMFactory));
         vm.mockCall(
             onchainPMFactory,
             abi.encodeWithSelector(IOnchainPMFactory.getAddress.selector, POOL_A),
@@ -258,30 +256,39 @@ contract OnchainPMSlippageGuardTest is OnchainPMTestBase {
         );
 
         // Setup mocks for the guard
-        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.shareToken.selector, POOL_A, SC_1), abi.encode(shareToken));
+        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.spokeRegistry.selector), abi.encode(spokeRegistry));
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, POOL_A, SC_1),
+            abi.encode(shareToken)
+        );
         vm.mockCall(shareToken, abi.encodeWithSignature("decimals()"), abi.encode(uint8(18)));
         vm.mockCall(assetA, abi.encodeWithSignature("decimals()"), abi.encode(uint8(18)));
         vm.mockCall(assetB, abi.encodeWithSignature("decimals()"), abi.encode(uint8(18)));
         vm.mockCall(
-            spoke, abi.encodeWithSelector(ISpoke.assetToId.selector, assetA, uint256(0)), abi.encode(ASSET_ID_1)
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), assetA, uint256(0)),
+            abi.encode(ASSET_ID_1)
         );
         vm.mockCall(
-            spoke, abi.encodeWithSelector(ISpoke.assetToId.selector, assetB, uint256(0)), abi.encode(ASSET_ID_2)
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), assetB, uint256(0)),
+            abi.encode(ASSET_ID_2)
         );
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
             abi.encode(PRICE_ONE)
         );
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_2, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_2, true),
             abi.encode(PRICE_ONE)
         );
     }
 
     function _setPolicy(address who, bytes32 root) internal {
-        _setPolicy(executor, who, root, contractUpdater);
+        _setPolicy(executor, who, root, envoy);
     }
 
     /// @dev Build a FLAG_DATA weiroll command — raw calldata from state[stateIdx].
@@ -292,8 +299,8 @@ contract OnchainPMSlippageGuardTest is OnchainPMTestBase {
 
     function _mockBalance(address asset, uint128 available) internal {
         vm.mockCall(
-            balanceSheet,
-            abi.encodeWithSelector(IBalanceSheet.availableBalanceOf.selector, POOL_A, SC_1, asset, uint256(0)),
+            spoke,
+            abi.encodeWithSelector(ISpoke.availableBalanceOf.selector, POOL_A, SC_1, asset, uint256(0)),
             abi.encode(available)
         );
     }
@@ -432,7 +439,7 @@ contract SimpleAavePool {
 contract OnchainPMFlashLoanTest is OnchainPMTestBase {
     using CastLib for *;
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     address strategist = makeAddr("strategist");
     address onchainPMFactory = makeAddr("onchainPMFactory");
     MockGateway mockGateway;
@@ -445,7 +452,7 @@ contract OnchainPMFlashLoanTest is OnchainPMTestBase {
     function setUp() public {
         mockGateway = new MockGateway();
         executor = IOnchainPM(
-            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, contractUpdater, address(mockGateway)))
+            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, envoy, address(mockGateway)))
         );
         target = new WeirollTarget();
         flashReceiver = new FlashLoanHelper(IOnchainPMFactory(onchainPMFactory));
@@ -464,7 +471,7 @@ contract OnchainPMFlashLoanTest is OnchainPMTestBase {
     }
 
     function _setPolicy(address who, bytes32 root) internal {
-        _setPolicy(executor, who, root, contractUpdater);
+        _setPolicy(executor, who, root, envoy);
     }
 
     function testFlashLoanCallback() public {
diff --git a/test/integration/managers/spoke/QueueManager.t.sol b/test/integration/managers/spoke/QueueManager.t.sol
index d0ec31d79..ef4b19def 100644
--- a/test/integration/managers/spoke/QueueManager.t.sol
+++ b/test/integration/managers/spoke/QueueManager.t.sol
@@ -3,7 +3,7 @@ pragma solidity 0.8.28;
 
 import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 
-import {AssetId, VaultBaseTest as BaseTest, ERC20, ShareClassId, VaultKind} from "../../vaults/VaultBaseTest.sol";
+import {AssetId, VaultBaseTest as BaseTest, ERC20, ShareClassId} from "../../vaults/VaultBaseTest.sol";
 
 abstract contract QueueManagerBaseTest is BaseTest {
     uint128 constant DEFAULT_AMOUNT = 100_000_000;
@@ -24,16 +24,15 @@ abstract contract QueueManagerBaseTest is BaseTest {
 
         defaultTypedShareClassId = ShareClassId.wrap(defaultShareClassId);
 
-        balanceSheet.updateManager(POOL_A, address(queueManager), true);
+        spokeRegistry.updateManager(POOL_A, address(queueManager), true);
 
         (, address vaultAddress1, uint128 createdAssetId1) =
-            deployVault(VaultKind.SyncDepositAsyncRedeem, 18, defaultShareClassId);
+            deployVault(syncDepositVaultFactory, 18, defaultShareClassId);
         assetId1 = AssetId.wrap(createdAssetId1);
         vault1 = vaultAddress1;
 
-        (, address vaultAddress2, uint128 createdAssetId2) = deployVault(
-            VaultKind.SyncDepositAsyncRedeem, 18, address(fullRestrictionsHook), defaultShareClassId, asset2, 0
-        );
+        (, address vaultAddress2, uint128 createdAssetId2) =
+            deployVault(syncDepositVaultFactory, 18, address(fullRestrictionsHook), defaultShareClassId, asset2, 0);
         assetId2 = AssetId.wrap(createdAssetId2);
         vault2 = vaultAddress2;
     }
@@ -45,8 +44,8 @@ contract QueueManagerSuccessTest is QueueManagerBaseTest {
     /// forge-config: default.isolate = true
     function testSuccess() public {
         uint128 extraGasLimit = 500;
-        vm.prank(address(contractUpdater));
-        queueManager.trustedCall(POOL_A, defaultTypedShareClassId, abi.encode(uint64(0), extraGasLimit));
+        vm.prank(address(envoy));
+        queueManager.fromHub(POOL_A, abi.encode(defaultTypedShareClassId.raw(), uint64(0), extraGasLimit));
 
         depositSync(vault1, user, DEFAULT_AMOUNT);
         depositSync(vault2, user, DEFAULT_AMOUNT / 2);
@@ -57,22 +56,16 @@ contract QueueManagerSuccessTest is QueueManagerBaseTest {
 
         for (uint256 i = 0; i < assetIds.length; i++) {
             vm.expectCall(
-                address(balanceSheet),
+                address(spoke),
                 abi.encodeWithSelector(
-                    balanceSheet.submitQueuedAssets.selector,
-                    POOL_A,
-                    defaultTypedShareClassId,
-                    assetIds[i],
-                    extraGasLimit
+                    spoke.submitQueuedAssets.selector, POOL_A, defaultTypedShareClassId, assetIds[i], extraGasLimit
                 )
             );
         }
 
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                balanceSheet.submitQueuedShares.selector, POOL_A, defaultTypedShareClassId, extraGasLimit
-            )
+            address(spoke),
+            abi.encodeWithSelector(spoke.submitQueuedShares.selector, POOL_A, defaultTypedShareClassId, extraGasLimit)
         );
 
         queueManager.sync{value: 0.1 ether}(POOL_A, defaultTypedShareClassId, assetIds, address(this));
diff --git a/test/integration/recon-end-to-end/BeforeAfter.sol b/test/integration/recon-end-to-end/BeforeAfter.sol
index a69ce6270..6ddac991b 100644
--- a/test/integration/recon-end-to-end/BeforeAfter.sol
+++ b/test/integration/recon-end-to-end/BeforeAfter.sol
@@ -10,7 +10,6 @@ import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
 import {AccountId} from "../../../src/core/types/AccountId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
 
 import {BaseVault} from "../../../src/vaults/BaseVaults.sol";
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
@@ -18,6 +17,7 @@ import {AsyncInvestmentState} from "../../../src/vaults/interfaces/IVaultManager
 import {UserOrder, EpochId} from "../../../src/vaults/interfaces/IBatchRequestManager.sol";
 
 import {MockERC20} from "@recon/MockERC20.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
 
 enum OpType {
     GENERIC, // generic operations can be performed by both users and admins
@@ -204,7 +204,7 @@ abstract contract BeforeAfter is Setup {
         ShareClassId scId = vault.scId();
         AssetId assetId = _getAssetId();
 
-        (, _structToUpdate.ghostHolding[poolId][scId][assetId],,) = holdings.holding(poolId, scId, assetId);
+        (, _structToUpdate.ghostHolding[poolId][scId][assetId],) = holdings.holding(poolId, scId, assetId);
     }
 
     function _updateActorRedeemRequests(bool before) internal {
@@ -290,17 +290,19 @@ abstract contract BeforeAfter is Setup {
     function _updateValuesIfNonZero(bool before) internal {
         BeforeAfterVars storage _structToUpdate = before ? _before : _after;
 
-        if (_getShareToken() != address(0)) {
-            _structToUpdate.escrowShareTokenBalance = MockERC20(_getShareToken()).balanceOf(_getPoolEscrowAddress());
-            _structToUpdate.totalShareSupply = MockERC20(_getShareToken()).totalSupply();
-        }
-
         if (address(_getVault()) != address(0)) {
-            _structToUpdate.escrowAssetBalance[address(_getVault())] =
-                MockERC20(_getVault().asset()).balanceOf(_getPoolEscrowForVault(_getVault()));
+            IBaseVault vault = _getVault();
+
+            // Keyed off the vault, not the pool/share cursors: hub_createPool moves the pool cursor, which
+            // would snapshot an unrelated empty escrow and yield a zero delta against a vault-derived amount.
+            _structToUpdate.escrowShareTokenBalance = MockERC20(vault.share()).balanceOf(_getPoolEscrowForVault(vault));
+            _structToUpdate.totalShareSupply = MockERC20(vault.share()).totalSupply();
+
+            _structToUpdate.escrowAssetBalance[address(vault)] =
+                MockERC20(vault.asset()).balanceOf(_getPoolEscrowForVault(vault));
             _structToUpdate.poolEscrowAssetBalance =
-                MockERC20(_getVault().asset()).balanceOf(address(poolEscrowFactory.escrow(_getVault().poolId())));
-            _structToUpdate.actualAssets = MockERC20(_getVault().asset()).balanceOf(address(_getVault()));
+                MockERC20(vault.asset()).balanceOf(address(poolEscrowFactory.escrow(vault.poolId())));
+            _structToUpdate.actualAssets = MockERC20(vault.asset()).balanceOf(address(vault));
         }
     }
 
@@ -315,7 +317,7 @@ abstract contract BeforeAfter is Setup {
         ShareClassId scId = vault.scId();
         AssetId assetId = _getAssetId();
 
-        try spoke.pricePoolPerAsset(poolId, scId, assetId, true) returns (D18 _priceAsset) {
+        try spokeRegistry.pricePoolPerAsset(poolId, scId, assetId, true) returns (D18 _priceAsset) {
             _structToUpdate.pricePoolPerAsset[poolId][scId][assetId] = _priceAsset;
         } catch (bytes memory reason) {
             bool shareTokenDoesNotExist = checkError(reason, "ShareTokenDoesNotExist()");
@@ -339,7 +341,7 @@ abstract contract BeforeAfter is Setup {
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
 
-        try spoke.pricePoolPerShare(poolId, scId, false) returns (D18 _priceShare) {
+        try spokeRegistry.pricePoolPerShare(poolId, scId, false) returns (D18 _priceShare) {
             _structToUpdate.pricePoolPerShare[poolId][scId] = _priceShare;
         } catch (bytes memory) {
             /* reason */
diff --git a/test/integration/recon-end-to-end/CryticSanity.sol b/test/integration/recon-end-to-end/CryticSanity.sol
index ea75e294a..604665898 100644
--- a/test/integration/recon-end-to-end/CryticSanity.sol
+++ b/test/integration/recon-end-to-end/CryticSanity.sol
@@ -3,9 +3,12 @@ pragma solidity ^0.8.0;
 
 import {TargetFunctions} from "./TargetFunctions.sol";
 
+import {D18} from "../../../src/misc/types/D18.sol";
+
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+import {IHoldings} from "../../../src/core/hub/interfaces/IHoldings.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 import {RequestCallbackMessageLib} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
@@ -14,6 +17,7 @@ import {Test} from "forge-std/Test.sol";
 import {console2} from "forge-std/console2.sol";
 
 import {FoundryAsserts} from "@chimera/FoundryAsserts.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
 
 /// @dev sanity tests for the fuzzing suite setup
 // forge test --match-contract CryticSanity --match-path test/integration/recon-end-to-end/CryticSanity.sol -vv
@@ -29,15 +33,17 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
     /// @dev Get the current deposit epoch for the current vault
     function nowDepositEpoch() private view returns (uint32) {
         IBaseVault vault = IBaseVault(_getVault());
-        return
-            batchRequestManager.nowDepositEpoch(vault.poolId(), vault.scId(), vaultRegistry.vaultDetails(vault).assetId);
+        return batchRequestManager.nowDepositEpoch(
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId
+        );
     }
 
     /// @dev Get the current redeem epoch for the current vault
     function nowRedeemEpoch() private view returns (uint32) {
         IBaseVault vault = IBaseVault(_getVault());
-        return
-            batchRequestManager.nowRedeemEpoch(vault.poolId(), vault.scId(), vaultRegistry.vaultDetails(vault).assetId);
+        return batchRequestManager.nowRedeemEpoch(
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId
+        );
     }
 
     /// === SANITY CHECKS === ///
@@ -220,6 +226,20 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
     }
 
+    /// @dev A vault address recovered from a source the core stopped maintaining reads back as zero rather than
+    ///      failing, so `_addVault(0)` poisons the cursor and every `vaultIsSet`-guarded property silently
+    ///      short-circuits: a green campaign with no vaults in it.
+    function test_deployAndLinkVault_resolvesDeployedVault() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        address vault = spoke_deployAndLinkVault(false);
+
+        assertTrue(vault != address(0), "vault address not resolved");
+        assertGt(vault.code.length, 0, "resolved address holds no code");
+        assertEq(vault, address(_getVault()), "resolved vault is not the active cursor");
+        assertTrue(spokeRegistry.isLinked(vault), "resolved vault is not linked");
+    }
+
     function test_mint_sync_shortcut() public {
         shortcut_deployNewTokenPoolAndShare(18, 12, false, false, false, false);
 
@@ -245,7 +265,7 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         uint256 tokenId = 0; // For ERC20
         uint128 depositAmount = 1e18;
 
-        asset_approve(address(balanceSheet), depositAmount);
+        asset_approve(address(spoke), depositAmount);
         // Call balanceSheet_deposit with test values
         balanceSheet_deposit(tokenId, depositAmount);
     }
@@ -262,11 +282,6 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
 
         console2.log("Pool and share class with liability holding deployed");
 
-        // Verify that the holding is marked as a liability
-        bool isLiab = holdings.isLiability(poolId, scId, assetId);
-        assertTrue(isLiab, "Holding should be marked as liability");
-        console2.log("Verified holding is marked as liability:", isLiab);
-
         // Set a price using transient valuation if needed for value updates
         transientValuation_setPrice_clamped(1e18);
         console2.log("Set initial price to 1e18");
@@ -281,7 +296,7 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         uint128 depositAmount = 1e18;
 
         // Approve the balance sheet to spend our assets
-        asset_approve(address(balanceSheet), depositAmount);
+        asset_approve(address(spoke), depositAmount);
         console2.log("Approved balance sheet to spend assets");
 
         // Deposit assets to the balance sheet
@@ -320,28 +335,14 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         // Verify the final holding value is still nonzero
         assertTrue(finalValue > 0, "Final holding value should remain nonzero");
 
-        // Verify the holding is still marked as a liability
-        bool stillLiab = holdings.isLiability(poolId, scId, assetId);
-        assertTrue(stillLiab, "Holding should still be marked as liability");
-
         console2.log("Test completed: hub_updateHoldingValue successfully reached liability branch");
     }
 
     // forge test --match-test test_shortcut_liability_vs_regular_holding -vvv
     function test_shortcut_liability_vs_regular_holding() public {
-        // Test 1: Deploy with regular holding (isLiability = false)
+        // Test 1: Deploy with regular holding (mapped to gain/loss/equity slots)
         shortcut_deployNewTokenPoolAndShare(18, 18, false, false, true, false);
 
-        IBaseVault vault1 = IBaseVault(_getVault());
-        PoolId poolId1 = vault1.poolId();
-        ShareClassId scId1 = vault1.scId();
-        AssetId assetId1 = _getAssetId();
-
-        // Verify it's NOT a liability
-        bool isLiab1 = holdings.isLiability(poolId1, scId1, assetId1);
-        assertFalse(isLiab1, "Regular holding should NOT be marked as liability");
-        console2.log("Regular holding verified - isLiability:", isLiab1);
-
         // Reset for second test (this is a simple demonstration)
         // In a real fuzzing scenario, you'd typically have separate test functions
         console2.log("Test completed: Both regular and liability holdings work correctly");
@@ -381,7 +382,8 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         // Approve and revoke
         IBaseVault vault = IBaseVault(_getVault());
         vm.startPrank(_getActor());
-        spoke.shareToken(vault.poolId(), vault.scId()).approve(address(balanceSheet), type(uint256).max);
+        IShareToken(address(spokeRegistry.shareToken(vault.poolId(), vault.scId())))
+            .approve(address(spoke), type(uint256).max);
         vm.stopPrank();
 
         balanceSheet_revoke(100e18);
@@ -397,7 +399,7 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         hub_notifySharePrice_clamped();
 
         // Deposit first
-        asset_approve(address(balanceSheet), 200e18);
+        asset_approve(address(spoke), 200e18);
         balanceSheet_deposit(0, 200e18);
 
         // Withdraw
@@ -433,7 +435,7 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         hub_notifySharePrice_clamped();
 
         // Queue some assets
-        asset_approve(address(balanceSheet), 100e18);
+        asset_approve(address(spoke), 100e18);
         balanceSheet_deposit(0, 100e18);
 
         // Submit queued assets
@@ -458,7 +460,8 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         // Approve for revocations
         IBaseVault vault = IBaseVault(_getVault());
         vm.startPrank(_getActor());
-        spoke.shareToken(vault.poolId(), vault.scId()).approve(address(balanceSheet), type(uint256).max);
+        IShareToken(address(spokeRegistry.shareToken(vault.poolId(), vault.scId())))
+            .approve(address(spoke), type(uint256).max);
         vm.stopPrank();
 
         // Execute sequence
@@ -478,11 +481,367 @@ contract CryticSanity is Test, TargetFunctions, FoundryAsserts {
         spoke_updateMember(type(uint64).max);
 
         // Approve for all operations
-        asset_approve(address(balanceSheet), 1000e18);
+        asset_approve(address(spoke), 1000e18);
 
         // Execute sequence
         balanceSheet_deposit(0, 200e18);
         balanceSheet_withdraw(0, 50e18);
         balanceSheet_deposit(0, 100e18);
     }
+
+    /// @dev The hub-holding driver drives increase -> over-decrease -> refill; deficitCount crosses
+    ///      0 -> 1 -> 0 and property_deficitCountMatchesHoldings holds at each step.
+    function test_deficitCountMatchesHoldings_driver() public {
+        shortcut_deployNewTokenPoolAndShare(0, 0, false, false, false, false);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        uint16 centrifugeId = spokeRegistry.vaultDetails(address(vault)).assetId.centrifugeId();
+
+        hub_updateAssets(100, true);
+        property_deficitCountMatchesHoldings();
+        eq(uint256(holdings.deficitCount(poolId, scId, centrifugeId)), 0, "no deficit after increase");
+
+        hub_updateAssets(150, false); // over-decrease
+        property_deficitCountMatchesHoldings();
+        eq(uint256(holdings.deficitCount(poolId, scId, centrifugeId)), 1, "deficit after over-decrease");
+
+        hub_updateAssets(50, true); // refill to equality
+        property_deficitCountMatchesHoldings();
+        eq(uint256(holdings.deficitCount(poolId, scId, centrifugeId)), 0, "deficit cleared after refill");
+    }
+
+    /// @dev Over-reserve then flush is the only fuzzer path making `property_deficitCountMatchesHoldings` non-vacuous
+    function test_deficitCountMatchesHoldings_queueDriver() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        transientValuation_setPrice_clamped(1e18);
+        hub_notifyAssetPrice();
+        hub_notifySharePrice_clamped();
+        spoke_updateMember(type(uint64).max);
+        asset_approve(address(spoke), 1000e18);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        uint16 centrifugeId = spokeRegistry.vaultDetails(address(vault)).assetId.centrifugeId();
+
+        balanceSheet_deposit(0, 100e18);
+        balanceSheet_submitQueuedAssets(0);
+        property_deficitCountMatchesHoldings();
+        eq(uint256(holdings.deficitCount(poolId, scId, centrifugeId)), 0, "no deficit after deposit flush");
+
+        balanceSheet_overReserve_clamped(0);
+        balanceSheet_submitQueuedAssets(0);
+        property_deficitCountMatchesHoldings();
+        eq(uint256(holdings.deficitCount(poolId, scId, centrifugeId)), 1, "deficit after over-reserve flush");
+
+        balanceSheet_deposit(0, 500e18);
+        balanceSheet_submitQueuedAssets(0);
+        property_deficitCountMatchesHoldings();
+        eq(uint256(holdings.deficitCount(poolId, scId, centrifugeId)), 0, "deficit cleared after queue refill");
+    }
+
+    /// @dev Pins why `hub_updateAssets` is reproducer-only: a direct hub write advances
+    ///      `Holdings.snapshot.nonce` without advancing `SnapshotQueue`'s, bricking every later flush.
+    function test_hubUpdateAssetsDesyncsSnapshotNonce() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        transientValuation_setPrice_clamped(1e18);
+        hub_notifyAssetPrice();
+        hub_notifySharePrice_clamped();
+        spoke_updateMember(type(uint64).max);
+        asset_approve(address(spoke), 1000e18);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        uint16 centrifugeId = spokeRegistry.vaultDetails(address(vault)).assetId.centrifugeId();
+
+        balanceSheet_deposit(0, 100e18);
+        balanceSheet_submitQueuedAssets(0);
+
+        (, uint64 hubNonceBefore) = holdings.snapshot(poolId, scId, centrifugeId);
+        (,,, uint64 spokeNonceBefore) = snapshotQueue.queuedShares(poolId, scId);
+        eq(uint256(hubNonceBefore), uint256(spokeNonceBefore), "nonces diverged before the direct hub write");
+
+        hub_updateAssets(100, true);
+
+        (, uint64 hubNonceAfter) = holdings.snapshot(poolId, scId, centrifugeId);
+        (,,, uint64 spokeNonceAfter) = snapshotQueue.queuedShares(poolId, scId);
+        eq(uint256(hubNonceAfter), uint256(hubNonceBefore) + 1, "direct hub write did not advance the hub nonce");
+        eq(uint256(spokeNonceAfter), uint256(spokeNonceBefore), "direct hub write moved the spoke nonce");
+
+        balanceSheet_deposit(0, 10e18);
+        vm.expectRevert(abi.encodeWithSelector(IHoldings.InvalidNonce.selector, hubNonceAfter, spokeNonceAfter));
+        this.balanceSheet_submitQueuedAssets(0);
+    }
+
+    /// @dev The claim-completeness validation in hub_notifyDeposit gates on `maxClaims == bound && bound > 0`.
+    function test_notifyDeposit_exactBound_consumesAllEpochs() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        shortcut_request_deposit(1e18, 1e18, 2e18, 0);
+        uint32 epoch = batchRequestManager.nowDepositEpoch(_getPool(), _getShareClassId(), _getAssetId());
+        shortcut_approve_and_issue_shares_safe(1e18, epoch, 1e18);
+        t(_maxDepositClaims() > 0, "no claimable epoch for the exact-bound notify");
+
+        hub_notifyDeposit(_maxDepositClaims());
+
+        eq(uint256(_maxDepositClaims()), 0, "notify did not consume every claimable epoch");
+    }
+
+    /// @dev A non-zero maxDeposit is what makes vault_maxDeposit / vault_maxMint run their bodies, not bail
+    function test_shortcut_deposit_and_notify_leavesClaimable() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        shortcut_deposit_and_notify(1e18, 1e18, 1e18, 1e18, 0);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        t(vault.maxDeposit(_getActor()) > 0, "notified deposit left no claimable maxDeposit");
+        t(vault.maxMint(_getActor()) > 0, "notified deposit left no claimable maxMint");
+    }
+
+    /// @dev Echidna biases draws toward the top of the uint256 range, where the shortcut's internal 2x
+    ///      request overflows unless bounded.
+    function test_shortcut_deposit_and_notify_largeDraw_leavesClaimable() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        uint256 modulus = _getTokenAndBalanceForVault() / 2 + 1;
+        uint256 draw = type(uint256).max - (type(uint256).max % modulus) - modulus / 2;
+
+        shortcut_deposit_and_notify(1e18, 1e18, draw, 1e18, 0);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        t(vault.maxDeposit(_getActor()) > 0, "large draw left no claimable maxDeposit");
+        t(vault.maxMint(_getActor()) > 0, "large draw left no claimable maxMint");
+    }
+
+    function test_shortcut_redeem_and_notify_leavesWithdrawable() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+        shortcut_deposit_and_claim(1e18, 1e18, 1e18, 1e18, 0);
+
+        shortcut_redeem_and_notify(1e17, 1e18, 0);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        t(vault.maxWithdraw(_getActor()) > 0, "notified redeem left no claimable maxWithdraw");
+        t(vault.maxRedeem(_getActor()) > 0, "notified redeem left no claimable maxRedeem");
+    }
+
+    /// === DEPOSIT CLAIM DUST === ///
+
+    /// @dev Pins the per-call bound of the `deposit()` assets->shares round-trip: `sharesUp` is debited from the
+    /// entitlement while `sharesDown` is paid out, so a claim that rounds to zero shares costs 1 wei and delivers
+    /// nothing. `mint()` passes the same value for both legs and is exact, which is why it is the recommended
+    /// claim path. Bounded by ceil(q) - floor(q) <= 1 for the single mulDiv in PricingLib.
+    function test_deposit_dust_costs_one_wei_per_call() public {
+        shortcut_deployNewTokenPoolAndShare(0, 0, false, false, true, false);
+        shortcut_deposit_and_notify(0, 0, 2, 1003540937918603, 158136555);
+
+        (uint128 before,,,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+
+        vm.prank(_getActor());
+        uint256 sharesOut = _getVault().deposit(1, _getActor());
+
+        (uint128 remaining,,,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+
+        assertEq(sharesOut, 0, "dust claim delivers nothing");
+        assertEq(before - remaining, 1, "dust claim costs exactly 1 wei of entitlement");
+    }
+
+    /// @dev The cumulative consequence of the per-call bound: nothing caps how often a zero-share claim repeats, so
+    /// the whole entitlement can be spent for no shares. Only material when share decimals are small enough that
+    /// 1 wei is a meaningful fraction of a share; at 18 decimals this needs ~1e18 calls.
+    function test_deposit_dust_can_drain_full_entitlement() public {
+        shortcut_deployNewTokenPoolAndShare(0, 0, false, false, true, false);
+        shortcut_deposit_and_notify(0, 0, 40, 1003540937918603, 158136555);
+
+        (uint128 entitlement,,,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+        require(entitlement > 1, "need a multi-wei entitlement");
+
+        uint256 claims;
+        uint256 delivered;
+        while (claims <= entitlement) {
+            (uint128 remaining,,,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+            if (remaining == 0) break;
+            vm.prank(_getActor());
+            delivered += _getVault().deposit(1, _getActor());
+            claims++;
+        }
+
+        assertEq(delivered, 0, "no shares delivered");
+        assertEq(claims, entitlement, "one dust claim per wei of entitlement");
+        assertEq(_getVault().maxDeposit(_getActor()), 0, "entitlement fully drained");
+    }
+
+    /// @dev `maxDeposit` is derived at the actor's fulfillment price, so its tolerance must be quoted there too.
+    /// Quoting it from `convertToAssets` (current registry price) makes the tolerance drift with the share price and
+    /// under-shoot, breaking `vault_maxDeposit` by 1 wei. A price move after fulfillment must leave it unchanged.
+    function test_maxDeposit_tolerance_uses_fulfillment_price() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+        shortcut_deposit_and_notify(1e18, 1e18, 1e18, 1e18, 0);
+
+        uint256 toleranceAtFulfillment = _asyncRoundTripTolerance(true);
+        assertGt(toleranceAtFulfillment, 1, "tolerance should carry a share-price term");
+
+        spoke_updatePricePoolPerShare(1, 1e6);
+
+        assertEq(_asyncRoundTripTolerance(true), toleranceAtFulfillment, "tolerance must not follow current price");
+    }
+
+    /// @dev The hub/escrow conservation check reads the escrow at `vault.asset()`, so its hub side has to be keyed
+    /// by the vault's asset as well. Registering a second asset moves the active-asset cursor, and keying off the
+    /// cursor compared an empty holding against a funded escrow.
+    function test_hubHoldingConservation_survives_second_asset() public {
+        shortcut_deployNewTokenPoolAndShare(0, 0, false, false, false, false);
+        shortcut_deposit_sync(1, 0);
+        add_new_asset(0);
+        spoke_registerAsset_clamped();
+
+        property_hubHoldingMatchesEscrowAccounted();
+    }
+
+    /// @dev A manager withdrawal must never strand an in-flight redeem. `cancelRedeemRequest` turns a pending
+    /// redeem into a claimable cancel-redeem without moving shares, so reserving only the claimable side leaves the
+    /// pre-cancel window unguarded and the free float over-reports by the pending amount.
+    function test_withdrawShares_clamp_reserves_pending_redeem() public {
+        shortcut_deployNewTokenPoolAndShare(0, 2401830320119556036007632886553, false, false, false, false);
+        restrictedTransfers_updateMemberBasic(1533914042);
+        balanceSheet_issue(1);
+        vault_requestRedeem_clamped(69370857555723656931006459511, 9001540955226570147331409196022695242662236);
+
+        IBaseVault vault = _getVault();
+        uint256 escrowBefore = IShareToken(vault.share()).balanceOf(_getPoolEscrowForVault(vault));
+
+        balanceSheet_withdrawShares_clamped(1);
+
+        assertEq(
+            IShareToken(vault.share()).balanceOf(_getPoolEscrowForVault(vault)),
+            escrowBefore,
+            "clamp let a manager withdraw shares backing a pending redeem"
+        );
+    }
+
+    /// @dev `doomsday_redeem` skips its round-trip bounds when the current registry price has moved away from the
+    /// actor's fulfillment `redeemPrice`, since the comparison would otherwise span two prices. This pins that the
+    /// skip is conditional rather than permanent: on a stable-price flow the two agree, so the bounds do get
+    /// evaluated. Without this, converting that false positive into a guard would just hide the property instead.
+    function test_doomsday_redeem_bounds_are_reachable() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        IBaseVault vault = IBaseVault(_getVault());
+
+        transientValuation_setPrice_clamped(1e18);
+        hub_updateSharePrice(vault.poolId().raw(), uint128(vault.scId().raw()), 1e18);
+        hub_notifySharePrice_clamped();
+        hub_notifyAssetPrice();
+        spoke_updateMember(type(uint64).max);
+        vault_requestDeposit(1e18, 0);
+        transientValuation_setPrice_clamped(1e18);
+
+        uint32 depositEpoch = nowDepositEpoch();
+        hub_approveDeposits(depositEpoch, 1e18);
+        hub_issueShares(depositEpoch, 1e18);
+        hub_notifyDeposit(MAX_CLAIMS);
+        vault_deposit(1e18);
+
+        vault_requestRedeem(1e18, 0);
+        uint32 redeemEpoch = nowRedeemEpoch();
+        hub_approveRedeems(redeemEpoch, 1e18);
+        hub_revokeShares(redeemEpoch, 1e18);
+        hub_notifyRedeem(MAX_CLAIMS);
+
+        (,,, D18 redeemPrice,,,,,,) = asyncRequestManager.investments(_getVault(), ghost_lastRedeemRequestController);
+        assertTrue(redeemPrice.isNotZero(), "need a fulfilled redeem price to compare against");
+        assertEq(_currentAssetPerShare().raw(), redeemPrice.raw(), "guard would skip even on a stable-price flow");
+    }
+
+    /// @dev `property_assetShareProportionalityWithdrawals` only evaluates its bounds once a manager withdrawal and
+    /// a revoke have landed on the same (pool, share class, asset), in that order: `balanceSheet_revoke` accumulates
+    /// revoked shares only for assets a withdrawal already flagged. Across a 133M-call campaign the fuzzer never
+    /// produced that pair, so all three bounds sat unevaluated. This pins that the shortcut does produce it.
+    function test_withdraw_revoke_shortcut_opens_proportionality_gate() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        IBaseVault priced = IBaseVault(_getVault());
+        transientValuation_setPrice_clamped(1e18);
+        // Without this the hub's share price stays 0, convertToShares returns 0 and the share leg is a no-op
+        hub_updateSharePrice(priced.poolId().raw(), uint128(priced.scId().raw()), 1e18);
+        hub_notifySharePrice_clamped();
+        hub_notifyAssetPrice();
+        spoke_updateMember(type(uint64).max);
+
+        shortcut_manager_withdraw_and_revoke(1e18);
+
+        IBaseVault vault = IBaseVault(_getVault());
+        bytes32 assetKey =
+            keccak256(abi.encode(vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId));
+
+        assertTrue(ghost_withdrawalProportionalityTracked[assetKey], "withdrawal did not flag the asset as tracked");
+        assertGt(ghost_cumulativeAssetsWithdrawn[assetKey], 0, "no manager withdrawal recorded");
+        assertGt(ghost_cumulativeSharesRevokedForWithdrawals[assetKey], 0, "no revoked shares recorded");
+    }
+
+    /// @dev `property_authorizationLevel` guards on `ghost_privilegedOperationCount`, which `_trackAuthorization`
+    /// writes under `keccak256(abi.encode(poolId))` while the property read `keccak256(abi.encode(poolId, scId))`.
+    /// The guard therefore never opened and the assertion had never run. This pins that the keys now agree.
+    function test_authorizationLevel_guard_opens() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+        spoke_updateMember(type(uint64).max);
+
+        // Any manager-gated handler routes through _trackAuthorization, but the ghost write only survives if the
+        // call itself succeeds, so the receiver has to be a member first
+        balanceSheet_issue(1);
+
+        bytes32 key = keccak256(abi.encode(_getPool()));
+        assertGt(ghost_privilegedOperationCount[key], 0, "privileged operations were not counted under the pool key");
+        assertTrue(ghost_lastAuthorizedCaller[key] != address(0), "no authorized caller recorded");
+
+        property_authorizationLevel();
+    }
+
+    /// === FREEZE ENFORCEMENT ON CLAIMS === ///
+
+    /// @dev A frozen actor cannot extract shares: `spoke.withdrawShares` -> `authTransferTo` -> share transfer runs
+    /// the restriction hook. This is what bounds the `maxDeposit()`/`deposit()` guard divergence below to no-ops.
+    function test_frozen_actor_cannot_claim_shares() public {
+        shortcut_deployNewTokenPoolAndShare(18, 12, false, false, true, false);
+
+        transientValuation_setPrice_clamped(1e18);
+        hub_notifySharePrice_clamped();
+        hub_notifyAssetPrice();
+        spoke_updateMember(type(uint64).max);
+        vault_requestDeposit(1e18, 0);
+        transientValuation_setPrice_clamped(1e18);
+
+        uint32 depositEpoch = nowDepositEpoch();
+        hub_approveDeposits(depositEpoch, 1e18);
+        hub_issueShares(depositEpoch, 1e18);
+        hub_notifyDeposit(MAX_CLAIMS);
+
+        uint256 claimable = _getVault().maxDeposit(_getActor());
+        assertGt(claimable, 0, "need a claimable entitlement");
+
+        spoke_freeze();
+        assertEq(_getVault().maxDeposit(_getActor()), 0, "frozen view reports nothing claimable");
+
+        vm.prank(_getActor());
+        vm.expectRevert();
+        _getVault().deposit(claimable, _getActor());
+    }
+
+    /// @dev `deposit()` bounds against the ungated entitlement while `maxDeposit()` is transferability-gated, so
+    /// while frozen the view reports 0 yet a dust claim is still accepted. Reachable only as a no-op, per the test
+    /// above, and the reason `erc7540_6_deposit` tolerates a zero-share claim.
+    function test_frozen_view_understates_deposit_guard() public {
+        shortcut_deployNewTokenPoolAndShare(0, 0, false, false, true, false);
+        shortcut_deposit_and_notify(0, 0, 2, 1003540937918603, 158136555);
+        spoke_freeze();
+
+        assertEq(_getVault().maxDeposit(_getActor()), 0, "frozen view reports nothing claimable");
+
+        vm.prank(_getActor());
+        assertEq(_getVault().deposit(1, _getActor()), 0, "accepted but delivers nothing");
+    }
 }
diff --git a/test/integration/recon-end-to-end/README.md b/test/integration/recon-end-to-end/README.md
index 82768b961..b62201849 100644
--- a/test/integration/recon-end-to-end/README.md
+++ b/test/integration/recon-end-to-end/README.md
@@ -27,7 +27,7 @@ For info on the general structure of the test suite, refer to the section of the
 
 This tester deploys the Hub and Spoke on the same chain (using a `MockGateway` that stubs out cross-chain message sending) allowing full testing of the logic by the fuzzer end-to-end.
 
-The primary contracts with target functions exposed in this tester are `AsyncVault`, `SyncDepositVault`, `Spoke`, `ShareToken`, `FullRestrictions`, `Hub`, `BalanceSheet`, `SyncManager`, `DoomsdayTargets` and `ManagerTargets`.
+The primary contracts with target functions exposed in this tester are `AsyncVault`, `SyncDepositVault`, `Spoke`, `ShareToken`, `FullRestrictions`, `Hub`, `SyncManager`, `DoomsdayTargets` and `ManagerTargets`.
 
 > Note: cross-chain interactions are not tested. 
 
diff --git a/test/integration/recon-end-to-end/Setup.sol b/test/integration/recon-end-to-end/Setup.sol
index cb720bcff..fe0866f89 100644
--- a/test/integration/recon-end-to-end/Setup.sol
+++ b/test/integration/recon-end-to-end/Setup.sol
@@ -29,15 +29,15 @@ import {Accounting} from "../../../src/core/hub/Accounting.sol";
 import {Gateway} from "../../../src/core/messaging/Gateway.sol";
 import {HubHandler} from "../../../src/core/hub/HubHandler.sol";
 import {HubRegistry} from "../../../src/core/hub/HubRegistry.sol";
-import {BalanceSheet} from "../../../src/core/spoke/BalanceSheet.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {VaultRegistry} from "../../../src/core/spoke/VaultRegistry.sol";
+import {SpokeHandler} from "../../../src/core/spoke/SpokeHandler.sol";
+import {SnapshotQueue} from "../../../src/core/spoke/SnapshotQueue.sol";
+import {SpokeRegistry} from "../../../src/core/spoke/SpokeRegistry.sol";
 import {IHoldings} from "../../../src/core/hub/interfaces/IHoldings.sol";
 import {IAccounting} from "../../../src/core/hub/interfaces/IAccounting.sol";
 import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
 import {ShareClassManager} from "../../../src/core/hub/ShareClassManager.sol";
 import {IHubRegistry} from "../../../src/core/hub/interfaces/IHubRegistry.sol";
-import {TokenFactory} from "../../../src/core/spoke/factories/TokenFactory.sol";
 import {MessageDispatcher} from "../../../src/core/messaging/MessageDispatcher.sol";
 import {IMultiAdapter} from "../../../src/core/messaging/interfaces/IMultiAdapter.sol";
 import {PoolEscrowFactory} from "../../../src/core/spoke/factories/PoolEscrowFactory.sol";
@@ -46,9 +46,8 @@ import {IShareClassManager} from "../../../src/core/hub/interfaces/IShareClassMa
 
 import {Root} from "../../../src/admin/Root.sol";
 import {IRoot} from "../../../src/admin/interfaces/IRoot.sol";
-import {TokenRecoverer} from "../../../src/admin/TokenRecoverer.sol";
 
-import {FullRestrictions} from "../../../src/hooks/FullRestrictions.sol";
+import {FullRestrictions} from "../../../src/token/hooks/FullRestrictions.sol";
 
 import {IdentityValuation} from "../../../src/valuations/IdentityValuation.sol";
 
@@ -65,6 +64,7 @@ import {ActorManager} from "@recon/ActorManager.sol";
 import {AssetManager} from "@recon/AssetManager.sol";
 import {SubsidyManager} from "../../../src/utils/SubsidyManager.sol";
 import {RefundEscrowFactory} from "../../../src/utils/RefundEscrowFactory.sol";
+import {ShareTokenRegistrar} from "../../../src/token/ShareTokenRegistrar.sol";
 
 // Hub
 
@@ -89,22 +89,22 @@ abstract contract Setup is
     /// === Vaults === ///
     AsyncVaultFactory asyncVaultFactory;
     SyncDepositVaultFactory syncVaultFactory;
-    TokenFactory tokenFactory;
+    ShareTokenRegistrar shareTokenRegistrar;
     PoolEscrowFactory poolEscrowFactory;
     RefundEscrowFactory refundEscrowFactory;
 
     AsyncRequestManager asyncRequestManager;
     SyncManager syncManager;
     Spoke spoke;
-    VaultRegistry vaultRegistry;
+    SpokeRegistry spokeRegistry;
+    SpokeHandler spokeHandler;
     FullRestrictions fullRestrictions;
     IRoot root;
-    BalanceSheet balanceSheet;
+    SnapshotQueue snapshotQueue;
     SubsidyManager subsidyManager;
 
     // Mocks
     MessageDispatcher messageDispatcher;
-    TokenRecoverer tokenRecoverer;
     MockGateway gateway;
 
     // Clamping
@@ -134,7 +134,6 @@ abstract contract Setup is
 
     bytes[] internal queuedCalls; // used for storing calls to PoolRouter to be executed in a single transaction
     AccountId[] internal createdAccountIds;
-    AssetId[] internal createdAssetIds;
     D18 internal INITIAL_PRICE = d18(1e18); // set the initial price that gets used when creating an asset via a pool's
 
     // shortcut to avoid stack too deep errors
@@ -150,6 +149,12 @@ abstract contract Setup is
     int256 maxSharesMintNoAssets;
     int256 maxSharesDepositNoAssets;
 
+    /// @dev The controller a request was actually recorded under. `requestDeposit`/`requestRedeem` take
+    /// `(amount, controller, owner)`, and the handlers pass a random actor as controller while running as
+    /// `_getActor()`, so properties inspecting request state must follow the controller and not the caller.
+    address ghost_lastDepositRequestController;
+    address ghost_lastRedeemRequestController;
+
     modifier asAdmin() {
         vm.prank(address(this));
         _;
@@ -194,32 +199,28 @@ abstract contract Setup is
         root = new Root(48 hours, address(this));
         gateway = new MockGateway();
 
-        balanceSheet = new BalanceSheet(root, address(this));
+        snapshotQueue = new SnapshotQueue(address(this));
         refundEscrowFactory = new RefundEscrowFactory(address(this));
         subsidyManager = new SubsidyManager(refundEscrowFactory, address(this));
         asyncRequestManager = new AsyncRequestManager(subsidyManager, address(this));
         syncManager = new SyncManager(address(this));
         asyncVaultFactory = new AsyncVaultFactory(address(this), asyncRequestManager, address(this));
         syncVaultFactory = new SyncDepositVaultFactory(address(root), syncManager, asyncRequestManager, address(this));
-        tokenFactory = new TokenFactory(address(this), address(this));
+        shareTokenRegistrar = new ShareTokenRegistrar(address(this), address(this));
         poolEscrowFactory = new PoolEscrowFactory(address(root), address(this));
-        vaultRegistry = new VaultRegistry(address(this));
-        spoke = new Spoke(tokenFactory, address(this));
+        spokeRegistry = new SpokeRegistry(address(this));
+        spokeHandler = new SpokeHandler(spokeRegistry, poolEscrowFactory, address(this));
+        spoke = new Spoke(IGateway(address(gateway)), snapshotQueue, spokeRegistry, poolEscrowFactory, address(this));
         fullRestrictions = new FullRestrictions(
             address(root),
+            address(this), // envoy_
+            address(spokeRegistry),
             address(spoke),
-            address(balanceSheet),
-            address(spoke), // crosschainSource_ (same chain = spoke)
+            address(spokeHandler), // crosschainSource_
             address(this),
-            address(poolEscrowFactory),
-            address(0) // poolEscrow_
+            address(poolEscrowFactory)
         );
 
-        tokenRecoverer = new TokenRecoverer(IRoot(address(root)), address(this));
-        Root(address(root)).rely(address(tokenRecoverer));
-        tokenRecoverer.rely(address(root));
-        tokenRecoverer.rely(address(messageDispatcher));
-
         messageDispatcher = new MessageDispatcher(
             CENTRIFUGE_CHAIN_ID, // localCentrifugeId = 1 for same-chain testing
             IRoot(address(root)), // scheduleAuth
@@ -229,26 +230,12 @@ abstract contract Setup is
 
         // set dependencies
         asyncRequestManager.file("spoke", address(spoke));
-        asyncRequestManager.file("balanceSheet", address(balanceSheet));
-        asyncRequestManager.file("vaultRegistry", address(vaultRegistry));
+        asyncRequestManager.file("spokeRegistry", address(spokeRegistry));
         syncManager.file("spoke", address(spoke));
-        syncManager.file("balanceSheet", address(balanceSheet));
-        syncManager.file("vaultRegistry", address(vaultRegistry));
-        vaultRegistry.file("spoke", address(spoke));
-        spoke.file("gateway", address(gateway));
+        syncManager.file("spokeRegistry", address(spokeRegistry));
         spoke.file("sender", address(messageDispatcher));
-        spoke.file("tokenFactory", address(tokenFactory));
-        spoke.file("poolEscrowFactory", address(poolEscrowFactory));
-        balanceSheet.file("spoke", address(spoke));
-        balanceSheet.file("sender", address(messageDispatcher));
-        balanceSheet.file("poolEscrowProvider", address(poolEscrowFactory));
-
-        balanceSheet.file("gateway", address(gateway));
-        poolEscrowFactory.file("balanceSheet", address(balanceSheet));
-        address[] memory tokenWards = new address[](2);
-        tokenWards[0] = address(spoke);
-        tokenWards[1] = address(balanceSheet);
-        tokenFactory.file("wards", tokenWards);
+        snapshotQueue.rely(address(spoke));
+        poolEscrowFactory.file("spoke", address(spoke));
 
         // Set up all spoke permissions
         setupSpokePermissions();
@@ -268,8 +255,10 @@ abstract contract Setup is
         accounting = new Accounting(address(this));
         holdings = new Holdings(IHubRegistry(address(hubRegistry)), address(this));
         shareClassManager = new ShareClassManager(IHubRegistry(address(hubRegistry)), address(this));
+        // `managerCall` is envoy-gated; the recon admin/doomsday targets invoke it directly as this Tester
+        // contract, so set the envoy to `address(this)` to keep those call sites working without per-call pranks.
         batchRequestManager = new BatchRequestManagerHarness(
-            IHubRegistry(address(hubRegistry)), IGateway(address(gateway)), address(this)
+            IHubRegistry(address(hubRegistry)), IGateway(address(gateway)), address(this), address(this)
         );
         hub = new Hub(
             IGateway(address(gateway)),
@@ -327,11 +316,11 @@ abstract contract Setup is
 
         // MessageDispatcher needs auth permissions to call protected functions
         spoke.rely(address(messageDispatcher));
-        balanceSheet.rely(address(messageDispatcher));
+        spoke.rely(address(messageDispatcher));
 
         // Spoke, balanceSheet, and hub need permission to call MessageDispatcher
         messageDispatcher.rely(address(spoke));
-        messageDispatcher.rely(address(balanceSheet));
+        messageDispatcher.rely(address(spoke));
         messageDispatcher.rely(address(hub));
 
         // Add missing MessageDispatcher permissions (matching HubDeployer)
@@ -342,8 +331,10 @@ abstract contract Setup is
         hub.file("sender", address(messageDispatcher));
 
         messageDispatcher.file("hubHandler", address(hubHandler));
-        messageDispatcher.file("spoke", address(spoke));
-        messageDispatcher.file("balanceSheet", address(balanceSheet));
+        messageDispatcher.file("spokeHandler", address(spokeHandler));
+
+        // SpokeHandler permissions: messageDispatcher is the same-chain caller
+        spokeHandler.rely(address(messageDispatcher));
 
         // Add missing HubHelpers file configuration (matching HubDeployer)
         hubHandler.file("hub", address(hub));
@@ -379,22 +370,31 @@ abstract contract Setup is
 
     // Note: messageDispatcher is a mock and doesn't have rely function
     function setupSpokePermissions() private {
+        // SpokeRegistry permissions
+        spokeRegistry.rely(address(spokeHandler));
+        spokeRegistry.rely(address(spoke));
+        spokeRegistry.rely(address(root));
+
         // Root endorsements (from CommonDeployer and SpokeDeployer)
-        root.endorse(address(balanceSheet));
+        root.endorse(address(spoke));
         root.endorse(address(asyncRequestManager));
 
-        // Rely Spoke (from SpokeDeployer)
+        // Rely SpokeHandler (from SpokeDeployer)
+        shareTokenRegistrar.rely(address(spokeHandler));
+        shareTokenRegistrar.file("envoy", address(this));
+        shareTokenRegistrar.file("spokeRegistry", address(spokeRegistry));
+        asyncRequestManager.rely(address(spokeHandler));
+        fullRestrictions.rely(address(shareTokenRegistrar));
+        poolEscrowFactory.rely(address(spokeHandler));
+
+        // Rely Spoke
         asyncVaultFactory.rely(address(spoke));
-        asyncVaultFactory.rely(address(vaultRegistry));
+        asyncVaultFactory.rely(address(spokeHandler));
         syncVaultFactory.rely(address(spoke));
-        syncVaultFactory.rely(address(vaultRegistry));
-        tokenFactory.rely(address(spoke));
-        asyncRequestManager.rely(address(spoke));
+        syncVaultFactory.rely(address(spokeHandler));
+        shareTokenRegistrar.rely(address(spoke));
         syncManager.rely(address(spoke));
-        fullRestrictions.rely(address(spoke));
-        poolEscrowFactory.rely(address(spoke));
         gateway.rely(address(spoke));
-        vaultRegistry.rely(address(spoke));
 
         // Rely async requests manager
         asyncRequestManager.rely(address(asyncVaultFactory));
@@ -402,11 +402,6 @@ abstract contract Setup is
         asyncRequestManager.rely(address(messageDispatcher));
         asyncRequestManager.rely(address(syncManager));
 
-        // Rely VaultRegistry
-        vaultRegistry.rely(address(asyncVaultFactory));
-        vaultRegistry.rely(address(syncVaultFactory));
-        vaultRegistry.rely(address(messageDispatcher));
-
         // Rely sync manager
         syncManager.rely(address(spoke));
         syncManager.rely(address(asyncVaultFactory));
@@ -416,11 +411,11 @@ abstract contract Setup is
         syncManager.rely(address(syncVaultFactory));
 
         // Rely BalanceSheet
-        gateway.rely(address(balanceSheet));
-        balanceSheet.rely(address(asyncRequestManager));
-        balanceSheet.rely(address(syncManager));
-        balanceSheet.rely(address(messageDispatcher));
-        balanceSheet.rely(address(gateway));
+        gateway.rely(address(spoke));
+        spoke.rely(address(asyncRequestManager));
+        spoke.rely(address(syncManager));
+        spoke.rely(address(messageDispatcher));
+        spoke.rely(address(gateway));
 
         // Rely SubsidyManager and RefundEscrowFactory
         subsidyManager.rely(address(root));
@@ -431,17 +426,15 @@ abstract contract Setup is
 
         // Rely Root (from all deployers)
         spoke.rely(address(root));
-        spoke.rely(address(vaultRegistry));
         asyncRequestManager.rely(address(root));
         syncManager.rely(address(root));
-        balanceSheet.rely(address(root));
+        spoke.rely(address(root));
         asyncVaultFactory.rely(address(root));
         syncVaultFactory.rely(address(root));
-        tokenFactory.rely(address(root));
+        shareTokenRegistrar.rely(address(root));
         fullRestrictions.rely(address(root));
         gateway.rely(address(root));
         poolEscrowFactory.rely(address(root));
-        vaultRegistry.rely(address(root));
 
         // Rely gateway
         spoke.rely(address(gateway));
@@ -451,7 +444,7 @@ abstract contract Setup is
 
         // Rely messageDispatcher - these contracts rely on messageDispatcher, not the other way around
         spoke.rely(address(messageDispatcher));
-        balanceSheet.rely(address(messageDispatcher));
+        spoke.rely(address(messageDispatcher));
     }
 
     // ===============================
@@ -462,7 +455,7 @@ abstract contract Setup is
     function _captureShareQueueState(PoolId poolId, ShareClassId scId) internal {
         bytes32 key = _poolShareKey(poolId, scId);
 
-        (uint128 delta, bool isPositive,, uint64 nonce) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 delta, bool isPositive,, uint64 nonce) = snapshotQueue.queuedShares(poolId, scId);
 
         before_shareQueueDelta[key] = delta;
         before_shareQueueIsPositive[key] = isPositive;
@@ -517,8 +510,8 @@ abstract contract Setup is
         bytes32 key = keccak256(abi.encode(poolId));
 
         // Check actual authorization
-        bool isWard = balanceSheet.wards(caller) == 1;
-        bool isManager = balanceSheet.manager(poolId, caller);
+        bool isWard = spoke.wards(caller) == 1;
+        bool isManager = spokeRegistry.manager(poolId, caller);
 
         // Update ghost tracking
         if (isWard) {
@@ -543,13 +536,13 @@ abstract contract Setup is
 
         // Check all pools for manager permissions - simplified for testing
         // In a full implementation, this would check all tracked pools
-        if (balanceSheet.wards(user) == 1) {
+        if (spoke.wards(user) == 1) {
             newLevel = AuthLevel.WARD;
         } else {
             // Check if user is manager for any tracked pool
             PoolId[] memory pools = _getPools();
             for (uint256 i = 0; i < pools.length; i++) {
-                if (balanceSheet.manager(pools[i], user)) {
+                if (spokeRegistry.manager(pools[i], user)) {
                     newLevel = AuthLevel.MANAGER;
                     break;
                 }
@@ -592,20 +585,20 @@ abstract contract Setup is
         }
 
         // Track system contracts as implicitly endorsed
-        if (from == address(balanceSheet) || from == address(spoke) || from == address(hub)) {
+        if (from == address(spoke) || from == address(spoke) || from == address(hub)) {
             ghost_isEndorsedContract[from] = true;
             ghost_endorsedTransferAttempts[key]++;
         }
     }
 
-    /// @notice Hook override to maintain invariant: _getShareToken() == spoke.shareToken(_getPool(), _getShareClassId())
+    /// @notice Hook override to maintain invariant: _getShareToken() == spokeRegistry.shareToken(_getPool(), _getShareClassId())
     /// @dev Called automatically when share class changes via _switchShareClassId() or _addShareClassId()
     /// @dev This ensures ghost variables keyed by share token address remain synchronized with protocol state
     /// @param newShareClassId The new share class that was just set as active
     function _onShareClassIdChanged(ShareClassId newShareClassId) internal virtual override {
         // Auto-sync share token with the new share class to maintain consistency
         // This prevents ghost variable tracking bugs where _getShareToken() returns a token that doesn't match current (pool, shareClass)
-        address newShareToken = address(spoke.shareToken(_getPool(), newShareClassId));
+        address newShareToken = address(spokeRegistry.shareToken(_getPool(), newShareClassId));
 
         if (newShareToken != address(0)) {
             _setShareToken(newShareToken);
diff --git a/test/integration/recon-end-to-end/TargetFunctions.sol b/test/integration/recon-end-to-end/TargetFunctions.sol
index 15d15e3f8..3d9aab97a 100644
--- a/test/integration/recon-end-to-end/TargetFunctions.sol
+++ b/test/integration/recon-end-to-end/TargetFunctions.sol
@@ -17,21 +17,34 @@ import {BalanceSheetTargets} from "./targets/BalanceSheetTargets.sol";
 import {D18} from "../../../src/misc/types/D18.sol";
 
 import {AssetId} from "../../../src/core/types/AssetId.sol";
-import {ShareToken} from "../../../src/core/spoke/ShareToken.sol";
 import {PoolId, newPoolId} from "../../../src/core/types/PoolId.sol";
-import {AccountType} from "../../../src/core/hub/interfaces/IHub.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
 import {IValuation} from "../../../src/core/hub/interfaces/IValuation.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 
 import {MockERC20} from "@recon/MockERC20.sol";
+import {ShareToken} from "../../../src/token/ShareToken.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
 
 // Dependencies
 
 // Component
 
+/// @dev Local account-role taxonomy, used only to derive distinct account IDs for the fuzzer.
+///      Maps onto core settlement slots ({AccountKind}) inside hub_initializeHolding/Liability.
+enum AccountType {
+    // AccountId(0) is the protocol's unset-slot sentinel and cannot be a real account
+    // (Accounting.createAccount rejects it), so harness account ids start at 1.
+    Unset,
+    Asset,
+    Equity,
+    Loss,
+    Gain,
+    Expense,
+    Liability
+}
+
 abstract contract TargetFunctions is
     BaseTargetFunctions,
     Properties,
@@ -104,7 +117,10 @@ abstract contract TargetFunctions is
 
         // NOTE END TEMPORARY
 
-        decimals = uint8(between(decimals, 6, 24));
+        // Match the protocol's registerAsset bounds [0, 18]. The old upper bound of 24 was dead: the real
+        // spoke.registerAsset enforces MAX_DECIMALS = 18, so 19-24 always reverted TooManyDecimals and wasted
+        // fuzzer cycles. The lower bound now exercises 0-5 decimals after the [2,18] -> [0,18] relaxation.
+        decimals = uint8(between(decimals, 0, 18));
 
         // 1. Deploy new token and register it as an asset
         _newAsset(decimals);
@@ -117,14 +133,14 @@ abstract contract TargetFunctions is
         // 2. Deploy new pool and register it
         {
             _poolId = newPoolId(CENTRIFUGE_CHAIN_ID, uint48(POOL_ID_COUNTER));
-            hub_createPool(_poolId.raw(), _getActor(), _getAssetId().raw());
+            _hub_createPool(_poolId.raw(), _getActor(), _getAssetId().raw());
 
             spoke_addPool();
 
             // Register managers for this pool
-            balanceSheet.updateManager(_poolId, address(asyncRequestManager), true);
-            balanceSheet.updateManager(_poolId, address(syncManager), true);
-            balanceSheet.updateManager(_poolId, address(this), true);
+            spokeRegistry.updateManager(_poolId, address(asyncRequestManager), true);
+            spokeRegistry.updateManager(_poolId, address(syncManager), true);
+            spokeRegistry.updateManager(_poolId, address(this), true);
 
             POOL_ID_COUNTER++;
         }
@@ -137,9 +153,10 @@ abstract contract TargetFunctions is
 
             hub_addShareClass(salt);
 
-            spoke_addShareClass(uint128(_scId), 18);
+            // Share decimals must equal pool decimals: BatchRequestManager.shareToAssetAmount assumes it
+            spoke_addShareClass(uint128(_scId), decimals);
+            ShareToken(_getShareToken()).rely(address(spoke));
             ShareToken(_getShareToken()).rely(address(spoke));
-            ShareToken(_getShareToken()).rely(address(balanceSheet));
         }
 
         // 4. Create accounts and holding/liability
@@ -147,6 +164,12 @@ abstract contract TargetFunctions is
             IValuation valuation =
                 isIdentityValuation ? IValuation(address(identityValuation)) : IValuation(address(transientValuation));
 
+            // The hub values the holding immediately on initialize (Holdings.update -> valuation.getQuote), so
+            // MockValuation needs a price set beforehand; IdentityValuation always returns 1.0 and needs no setup.
+            if (!isIdentityValuation) {
+                transientValuation.setPrice(_poolId, ShareClassId.wrap(_scId), _getAssetId(), D18.wrap(1e18));
+            }
+
             hub_createAccount(uint32(AccountType.Asset), isDebitNormal);
             hub_createAccount(uint32(AccountType.Equity), isDebitNormal);
             hub_createAccount(uint32(AccountType.Loss), isDebitNormal);
@@ -176,16 +199,14 @@ abstract contract TargetFunctions is
             hub_setRequestManager(_getPool().raw(), _scId, _getAssetId().raw(), address(asyncRequestManager));
 
             // Update balance sheet manager for async request manager
-            hub_updateBalanceSheetManager(CENTRIFUGE_CHAIN_ID, _getPool().raw(), address(asyncRequestManager), true);
-            hub_updateBalanceSheetManager(CENTRIFUGE_CHAIN_ID, _getPool().raw(), address(syncManager), true);
-            hub_updateBalanceSheetManager(CENTRIFUGE_CHAIN_ID, _getPool().raw(), address(this), true); // register admin actor as a balance sheet manager
+            hub_updateSpokeManager(CENTRIFUGE_CHAIN_ID, _getPool().raw(), address(asyncRequestManager), true);
+            hub_updateSpokeManager(CENTRIFUGE_CHAIN_ID, _getPool().raw(), address(syncManager), true);
+            hub_updateSpokeManager(CENTRIFUGE_CHAIN_ID, _getPool().raw(), address(this), true); // register admin actor as a balance sheet manager
         }
 
-        // 5. Deploy new vault and register it
+        // 5. Deploy new vault and register it (DeployAndLink atomically)
         {
-            spoke_deployVault(isAsyncVault);
-
-            spoke_linkVault(address(_getVault()));
+            spoke_deployAndLinkVault(isAsyncVault);
 
             asyncRequestManager.rely(address(_getVault()));
         }
@@ -193,7 +214,7 @@ abstract contract TargetFunctions is
         // 6. Set max reserve for sync vaults to maximum value to allow unlimited deposits (instead of default zero
         // max deposit)
         if (!isAsyncVault) {
-            (address asset, uint256 tokenId) = spoke.idToAsset(_getAssetId());
+            (address asset, uint256 tokenId) = spokeRegistry.idToAsset(_getAssetId());
             syncManager.setMaxReserve(_getPool(), _getShareClassId(), asset, tokenId, type(uint128).max);
         }
 
@@ -233,6 +254,8 @@ abstract contract TargetFunctions is
     function shortcut_deposit_sync(uint256 assets, uint128 navPerShare) public {
         IBaseVault vault = _getVault();
 
+        navPerShare = _clampToPriceBand(navPerShare);
+
         transientValuation_setPrice_clamped(navPerShare);
         hub_updateSharePrice(vault.poolId().raw(), uint128(vault.scId().raw()), navPerShare);
 
@@ -247,6 +270,8 @@ abstract contract TargetFunctions is
     function shortcut_mint_sync(uint256 shares, uint128 navPerShare) public {
         IBaseVault vault = _getVault();
 
+        navPerShare = _clampToPriceBand(navPerShare);
+
         transientValuation_setPrice_clamped(navPerShare);
         hub_updateSharePrice(vault.poolId().raw(), uint128(vault.scId().raw()), navPerShare);
 
@@ -266,7 +291,11 @@ abstract contract TargetFunctions is
         uint256 toEntropy
     ) public {
         // Request 2x amount to ensure sufficient pending after claiming the approved amount
-        // This prevents assertion failures in hub_notifyDeposit when pending delta < payment amount
+        // This prevents assertion failures in hub_notifyDeposit when pending delta < payment amount.
+        // Bound to half the balance first: a raw uint256 draw overflows `amount * 2` and reverts the
+        // whole shortcut, and the 2x request only outlives the claim while it stays funded.
+        amount = amount % (_getTokenAndBalanceForVault() / 2 + 1);
+
         shortcut_request_deposit(pricePoolPerShare, priceValuation, amount * 2, toEntropy);
 
         uint32 depositEpoch = batchRequestManager.nowDepositEpoch(_getPool(), _getShareClassId(), _getAssetId());
@@ -277,6 +306,26 @@ abstract contract TargetFunctions is
         vault_deposit(amount);
     }
 
+    /// @dev Stops before the claim to leave a notified, unclaimed position, else the vault_max* properties stay dark
+    function shortcut_deposit_and_notify(
+        uint64 pricePoolPerShare,
+        uint128 priceValuation,
+        uint256 amount,
+        uint128 navPerShare,
+        uint256 toEntropy
+    ) public {
+        // Bound to half the balance: a raw uint256 draw overflows `amount * 2`, and the 2x request must stay
+        // funded for pending to survive the approval.
+        amount = amount % (_getTokenAndBalanceForVault() / 2 + 1);
+
+        shortcut_request_deposit(pricePoolPerShare, priceValuation, amount * 2, toEntropy);
+
+        uint32 depositEpoch = batchRequestManager.nowDepositEpoch(_getPool(), _getShareClassId(), _getAssetId());
+        shortcut_approve_and_issue_shares_safe(uint128(amount), depositEpoch, navPerShare);
+
+        hub_notifyDeposit(_maxDepositClaims());
+    }
+
     function shortcut_deposit_and_cancel(
         uint64 pricePoolPerShare,
         uint128 priceValuation,
@@ -371,6 +420,12 @@ abstract contract TargetFunctions is
         shortcut_claim_withdrawal(shares, toEntropy);
     }
 
+    /// @dev Redeem twin of shortcut_deposit_and_notify: leaves a non-zero max for vault_maxWithdraw/maxRedeem
+    function shortcut_redeem_and_notify(uint256 shares, uint128 navPerShare, uint256 toEntropy) public {
+        shortcut_queue_redemption(shares, navPerShare, toEntropy);
+        hub_notifyRedeem(_maxRedeemClaims());
+    }
+
     function shortcut_withdraw_and_claim_clamped(uint256 shares, uint128 navPerShare, uint256 toEntropy) public {
         // clamp with share balance here because the maxRedeem is only updated after notifyRedeem
         shares %= (MockERC20(address(_getVault().share())).balanceOf(_getActor()) + 1);
@@ -437,6 +492,30 @@ abstract contract TargetFunctions is
         vault_claimCancelRedeemRequest(toEntropy);
     }
 
+    /// @dev property_assetShareProportionalityWithdrawals needs a manager withdrawal AND a revoke on the same
+    ///      (pool, share class, asset), in that order: balanceSheet_revoke only accumulates revoked shares once
+    ///      balanceSheet_withdraw has flagged the asset as tracked. The fuzzer never produced that conjunction,
+    ///      leaving all three of the property's bounds unevaluated.
+    /// @dev The share leg is the share-equivalent of the asset leg, so both the deposit- and withdrawal-side
+    ///      proportionality properties hold by construction. Taking `shares` as an independent fuzzer input instead
+    ///      made them fail on the shortcut's own arithmetic rather than on protocol behaviour.
+    /// @dev Allowances go through the existing `asset_approve`/`token_approve` handlers rather than a local
+    ///      `vm.prank`, so the shortcut carries no cheatcode dependency onto the fuzzer entry path.
+    function shortcut_manager_withdraw_and_revoke(uint128 assetAmount) public {
+        IBaseVault vault = _getVault();
+
+        assetAmount = uint128(uint256(assetAmount) % (MockERC20(vault.asset()).balanceOf(_getActor()) + 1));
+        uint128 shares = uint128(vault.convertToShares(assetAmount));
+
+        asset_approve(address(spoke), assetAmount);
+        balanceSheet_deposit(0, assetAmount);
+        balanceSheet_issue(shares);
+
+        balanceSheet_withdraw(0, assetAmount);
+        token_approve(address(spoke), shares);
+        balanceSheet_revoke(shares);
+    }
+
     // ═══════════════════════════════════════════════════════════════
     // POOL ADMIN SHORTCUTS
     // ═══════════════════════════════════════════════════════════════
@@ -499,6 +578,8 @@ abstract contract TargetFunctions is
     function transientValuation_setPrice_clamped(uint128 price) public {
         AssetId assetId = _getAssetId();
 
+        price = _clampToPriceBand(price);
+
         transientValuation_setPrice(assetId, _getAssetId(), price);
     }
 
diff --git a/test/integration/recon-end-to-end/helpers/SharedStorage.sol b/test/integration/recon-end-to-end/helpers/SharedStorage.sol
index f5ca28737..930c4b30a 100644
--- a/test/integration/recon-end-to-end/helpers/SharedStorage.sol
+++ b/test/integration/recon-end-to-end/helpers/SharedStorage.sol
@@ -50,10 +50,20 @@ abstract contract SharedStorage {
     uint16 DEFAULT_DESTINATION_CHAIN = 1;
     uint128 ASSET_ID = uint128(bytes16(abi.encodePacked(DEFAULT_DESTINATION_CHAIN, uint32(1))));
 
+    /// === DEPLOYMENT CAPS === ///
+    // Every deployment mints a fresh runtime codehash, since the EIP-712 domain separator immutable
+    // embeds address(this). The fuzzer scores an unseen codehash as new coverage and saves the sequence,
+    // so an uncapped deployer keeps enlarging the corpus and the coverage map for the whole campaign.
+    uint256 constant RECON_MAX_NEW_ASSETS = 4;
+    uint256 constant RECON_MAX_POOLS = 4;
+
+    uint256 newAssetCount;
+    uint256 poolCount;
+
     /**
      * @notice Bidirectional mapping between asset addresses and AssetId
      * @dev Used for asset ID resolution during deployment and handler operations.
-     *      Duplicates spoke.assetToId() but provides faster lookups for handlers.
+     *      Duplicates spokeRegistry.assetToId() but provides faster lookups for handlers.
      */
     mapping(address => uint128) assetAddressToAssetId;
     mapping(uint128 => address) assetIdToAssetAddress;
@@ -154,13 +164,6 @@ abstract contract SharedStorage {
     // ADDITIONAL GHOST VARIABLES
     // ═══════════════════════════════════════════════════════════════
 
-    /**
-     * @notice Tracks net share balance sent via spoke transfers
-     * @dev Decremented when shares are transferred out via spoke
-     *      Used by: Properties._decreaseTotalShareSent
-     */
-    mapping(address => uint256) totalShareSent;
-
     /**
      * @notice Tracks executed investment operations (share minting from deposits)
      * @dev Incremented when deposits/mints result in share issuance:
@@ -201,6 +204,11 @@ abstract contract SharedStorage {
     mapping(ShareClassId scId => mapping(AssetId assetId => mapping(address user => uint256)))
         userRequestRedeemedAssets;
     mapping(ShareClassId scId => mapping(AssetId assetId => mapping(address user => uint256))) userRedemptionsProcessed;
+    /// @dev Asset-denominated counterpart of userRedemptionsProcessed: the actual asset payout from fulfilled
+    ///      redemptions (totalPayoutAssetAmount from notifyRedeem), keyed per scId/asset/actor. Used by
+    ///      property_sum_of_pending_redeem_request so it can compare assets-vs-assets instead of assets-vs-shares.
+    mapping(ShareClassId scId => mapping(AssetId assetId => mapping(address user => uint256)))
+        userRedemptionsProcessedAssets;
     mapping(ShareClassId scId => mapping(AssetId assetId => mapping(address user => uint256))) userCancelledRedeems;
 
     mapping(ShareClassId scId => mapping(AssetId assetId => uint256)) approvedDeposits;
@@ -218,12 +226,10 @@ abstract contract SharedStorage {
     mapping(bytes32 => uint256) internal ghost_flipCount; // Count of position flips between issuance and revocation
     mapping(bytes32 => uint256) internal ghost_totalIssued; // Total shares issued cumulatively
     mapping(bytes32 => uint256) internal ghost_totalRevoked; // Total shares revoked cumulatively
-    mapping(bytes32 => uint256) internal ghost_assetQueueDeposits; // Cumulative deposits in asset queue
-    mapping(bytes32 => uint256) internal ghost_assetQueueWithdrawals; // Cumulative withdrawals in asset queue
     mapping(bytes32 => uint256) internal ghost_shareQueueNonce; // Track nonce progression for share queue
     mapping(bytes32 => uint256) internal ghost_previousNonce; // To verify monotonicity
 
-    // Before/after state tracking for share queues
+    // Before/after state tracking for share snapshotQueue
     mapping(bytes32 => uint128) internal before_shareQueueDelta;
     mapping(bytes32 => bool) internal before_shareQueueIsPositive;
     mapping(bytes32 => uint64) internal before_nonce;
@@ -231,10 +237,7 @@ abstract contract SharedStorage {
     // ===============================
     // RESERVE GHOST VARIABLES
     // ===============================
-    mapping(bytes32 => uint256) internal ghost_totalReserveOperations;
-    mapping(bytes32 => uint256) internal ghost_totalUnreserveOperations;
     mapping(bytes32 => uint256) internal ghost_netReserved;
-    mapping(bytes32 => uint256) internal ghost_reserveIntegrityViolations;
 
     // ===============================
     // AUTHORIZATION GHOST VARIABLES
diff --git a/test/integration/recon-end-to-end/managers/ReconShareClassManager.sol b/test/integration/recon-end-to-end/managers/ReconShareClassManager.sol
index e1f7769fa..ab91deaca 100644
--- a/test/integration/recon-end-to-end/managers/ReconShareClassManager.sol
+++ b/test/integration/recon-end-to-end/managers/ReconShareClassManager.sol
@@ -14,7 +14,7 @@ import {EnumerableSet} from "@recon/EnumerableSet.sol";
 /// When using this manager in conjunction with ReconShareManager, the following invariant
 /// should be maintained by derived contracts:
 ///
-///     _getShareToken() == spoke.shareToken(_getPool(), _getShareClassId())
+///     _getShareToken() == spokeRegistry.shareToken(_getPool(), _getShareClassId())
 ///
 /// This invariant ensures that ghost variables keyed by share token addresses remain
 /// synchronized with the actual protocol state.
@@ -95,7 +95,7 @@ abstract contract ReconShareClassManager {
         __shareClassId = target;
 
         // Hook: Allow derived contracts to sync related state (e.g., update __shareToken)
-        // This maintains the invariant: _getShareToken() == spoke.shareToken(_getPool(), _getShareClassId())
+        // This maintains the invariant: _getShareToken() == spokeRegistry.shareToken(_getPool(), _getShareClassId())
         _onShareClassIdChanged(ShareClassId.wrap(target));
     }
 
diff --git a/test/integration/recon-end-to-end/mocks/BatchRequestManagerHarness.sol b/test/integration/recon-end-to-end/mocks/BatchRequestManagerHarness.sol
index e966b905b..8fb11ab27 100644
--- a/test/integration/recon-end-to-end/mocks/BatchRequestManagerHarness.sol
+++ b/test/integration/recon-end-to-end/mocks/BatchRequestManagerHarness.sol
@@ -14,8 +14,8 @@ import {RequestCallbackMessageLib} from "../../../../src/vaults/libraries/Reques
 /// @notice Test harness that overrides notifyDeposit/notifyRedeem to return internal values
 /// @dev Used in invariant tests to get exact claimed/cancelled breakdowns without event parsing
 contract BatchRequestManagerHarness is BatchRequestManager {
-    constructor(IHubRegistry hubRegistry_, IGateway gateway_, address deployer)
-        BatchRequestManager(hubRegistry_, gateway_, deployer)
+    constructor(IHubRegistry hubRegistry_, IGateway gateway_, address envoy_, address deployer)
+        BatchRequestManager(hubRegistry_, gateway_, envoy_, deployer)
     {}
 
     /// @notice Wrapper around notifyDeposit that returns the calculated amounts
diff --git a/test/integration/recon-end-to-end/mocks/MockGateway.sol b/test/integration/recon-end-to-end/mocks/MockGateway.sol
index 6dd43cae9..4f660216d 100644
--- a/test/integration/recon-end-to-end/mocks/MockGateway.sol
+++ b/test/integration/recon-end-to-end/mocks/MockGateway.sol
@@ -50,12 +50,6 @@ contract MockGateway {
     // Mock implementation of lockCallback
     function lockCallback() external {}
 
-    // Mock implementation of updateManager
-    function updateManager(uint64 poolId, address who, bool canManage) external {}
-
-    // Mock implementation of blockOutgoing
-    function blockOutgoing(uint16 centrifugeId, uint64 poolId, bool canSend) external {}
-
     // Mock implementation of setRefundAddress
     function setRefundAddress(uint64 poolId, address refund) public {}
 
diff --git a/test/integration/recon-end-to-end/properties-table.md b/test/integration/recon-end-to-end/properties-table.md
index d2a2d6d22..0db286f26 100644
--- a/test/integration/recon-end-to-end/properties-table.md
+++ b/test/integration/recon-end-to-end/properties-table.md
@@ -1,3 +1,6 @@
+Status column: ✅ holds under fuzzing · ❌ known to break, see `.claude/docs/recon/13-acknowledged-risks.md`
+· 📄 documented in the suite but not exercised by any handler.
+
 | # | Function Name | Property Description | Passing |
 |----|--------------|---------------------|----------|
 | 1 | vault_maxDeposit | user can always maxDeposit if they have > 0 assets and are approved | ✅ |
@@ -29,10 +32,10 @@
 | 27 | vault_6_redeem (erc7540_6) | 7540-6 claiming more than max redeem always reverts | ✅ |
 | 28 | vault_7 (erc7540_7) | 7540-7 requestRedeem reverts if the share balance is less than amount | ✅ |
 | 29 | vault_8 (erc7540_8) | 7540-8 preview* always reverts | ✅ |
-| 30 | vault_9_deposit (erc7540_9) | 7540-9 if maxDeposit > 0, then deposit(max) should not revert | ✅ |
-| 31 | vault_9_mint (erc7540_9) | 7540-9 if maxMint > 0, then mint(max) should not revert | ✅ |
-| 32 | vault_9_withdraw (erc7540_9) | 7540-9 if maxWithdraw > 0, then withdraw(max) should not revert | ✅ |
-| 33 | vault_9_redeem (erc7540_9) | 7540-9 if maxRedeem > 0, then redeem(max) should not revert | ✅ |
+| 30 | erc7540_9_deposit | 7540-9 if maxDeposit > 0, then deposit(max) should not revert — spec reference only, no `vault_9_*` wrapper is exposed | 📄 |
+| 31 | erc7540_9_mint | 7540-9 if maxMint > 0, then mint(max) should not revert — spec reference only | 📄 |
+| 32 | erc7540_9_withdraw | 7540-9 if maxWithdraw > 0, then withdraw(max) should not revert — spec reference only | 📄 |
+| 33 | erc7540_9_redeem | 7540-9 if maxRedeem > 0, then redeem(max) should not revert — spec reference only | 📄 |
 | 34 | property_sentinel_token_balance | Sentinel: current actor can reach a non-zero share balance | ✅ |
 | 35 | property_sum_of_shares_received | Sum of share tokens received on `deposit` and `mint` <= sum of fulfilledDepositRequest.shares | ✅ |
 | 36 | property_sum_of_assets_received | the sum of assets received on redeem and withdraw <= sum of payout of fulfilledRedeemRequest | ✅ |
@@ -67,9 +70,13 @@
 | 65 | property_sum_pending_user_redeem_geq_total_pending_redeem | The sum of pending user redeem amounts is always >= total pending redeem amount | ✅ |
 | 66 | property_sum_pending_user_redeem_geq_total_pending_redeem | The total pending redeem amount is always >= the approved redeem amount | ✅ |
 | 67 | property_epochId_can_increase_by_one_within_same_transaction | The epoch of a pool epochId[poolId] can increase at most by one within the same transaction | ✅ |
+| 67a | property_epoch_pointer_ordering | BRM epoch pointers: issueEpoch <= depositEpoch and revokeEpoch <= redeemEpoch, always (EW5) | ✅ |
 | 68 | property_decrease_valuation_no_increase_in_accountValue | account.totalDebit and account.totalCredit is always less than uint128(type(int128).max) | ✅ |
 | 69 | property_decrease_valuation_no_increase_in_accountValue | Any decrease in valuation should not result in an increase in accountValue | ✅ |
-| 70 | property_accounting_and_holdings_soundness | Value of Holdings == accountValue(Asset) | ✅ |
+| 70 | property_accounting_and_holdings_soundness | accountValue(assetAccount(assetId)) >= sum over share classes of holdings.value(poolId, scId, assetId): one asset account is shared by every share class holding that asset | ✅ |
+| 70a | property_accounting_books_balance | Per pool, sum of account totalDebit equals sum of totalCredit (double-entry, lock()-enforced) (EW2) | ✅ |
+| 70b | property_deficitCountMatchesHoldings | deficitCount(pool, share class, network) equals the number of holdings with decreasedAmount > increasedAmount, recomputed from holdingAmounts | ✅ |
+| 70c | property_deficitCountMatchesHoldings | networkDeficitCount(pool, network) equals the sum of deficitCount over the network's share classes: the rollup a snapshot hook gates on never drifts from what it rolls up | ✅ |
 | 71 | property_user_cannot_mutate_pending_redeem | A user cannot mutate their pending redeem amount if the epoch has not advanced | ✅ |
 | 72 | property_additions_dont_cause_ppfs_loss | operations which increase deposits/shares don't decrease PPS | ✅ |
 | 73 | property_removals_dont_cause_ppfs_loss | operations which remove deposits/shares don't decrease PPS | ✅ |
@@ -87,10 +94,8 @@
 | 85 | property_shareQueueAssetCounter | Verifies that the asset counter accurately reflects non-empty asset queues | ✅ |
 | 86 | property_assetQueueCounterConsistency | queuedAssetCounter matches the number of non-empty asset queues | ✅ |
 | 87 | property_assetCounterBounds | queuedAssetCounter does not exceed total number of tracked assets | ✅ |
-| 88 | property_assetQueueNonNegative | Asset queue deposits/withdrawals can never underflow | ✅ |
 | 89 | property_nonceMonotonicity | Nonce strictly increases with each queue submission | ✅ |
-| 90 | property_reserveUnreserveBalanceIntegrity | Reserve operations maintain PoolEscrow balance consistency (available + reserved = total) | ✅ |
-| 91 | property_availableGtQueued | BalanceSheet must always have sufficient balance for queued assets | ❌ |
+| 91 | property_availableGtQueued | The balance sheet must always have sufficient balance for queued assets | ❌ |
 | 92 | property_authorizationBypass | authorization checks can't be bypassed | ❌ |
 | 93 | property_authorizationLevel | successful authorized calls must be made by authorized accounts | ✅ |
 | 94 | property_authorizationChange | authorization changes are correctly tracked | ✅ |
@@ -104,6 +109,14 @@
 | 102 | balanceSheet_noteDeposit | PoolEscrow.total increases by exactly the amount deposited | ✅ |
 | 103 | balanceSheet_noteDeposit | PoolEscrow.reserved does not change during noteDeposit | ✅ |
 | 104 | balanceSheet_withdraw | Withdrawals should not fail when there's sufficient balance | ✅ |
+| 104a | balanceSheet_withdrawReserved | PoolEscrow.total and PoolEscrow.reserved both decrease by exactly the amount withdrawn | ✅ |
+| 104b | balanceSheet_withdrawReserved | withdrawReserved does not queue a Hub holding decrease (already queued when reserved) | ✅ |
+| 104c | balanceSheet_withdrawShares | withdrawShares moves shares out of the pool escrow with no change to queuedShares — handler is `internal`, reachable only via `balanceSheet_withdrawShares_clamped` or a reproducer | ✅ |
+| 104d | property_escrowBalanceMatchesHoldingTotal | The pool escrow's raw token balance for an asset equals the sum of holding.total across share classes | ✅ |
+| 104e | property_hubHoldingMatchesEscrowAccounted | Holdings conservation law: once the asset queue is drained, hub holdings.amount equals escrow accounted (total - reserved, floored at 0), exactly, incl. through over-reserve deficit excursions | ✅ |
+| 104f | property_holdingZeroAmountHasZeroValue | A holding with zero derived amount carries zero value (no phantom NAV stranded on an emptied holding) | ✅ |
+| 104g | hub_updateHoldingValue | Inline: immediately after update(), holdings.value equals getQuote(holdings.amount) (mark-to-market coherence) | ✅ |
+| 104h | property_poolEscrowReservedSumConsistency | Per pool x scId, holding.reserved equals the sum of keyed reservedBy over ARM and both reasons (EW1) | ✅ |
 | 105 | doomsday_mint | user pays pricePerShare + precision, the amount of shares user receives should be pricePerShare - precision | ✅ |
 | 106 | doomsday_mint | user should always be able to deposit less than maxMint | ✅ |
 | 107 | doomsday_mint | user pays pricePerShare + precision, the amount of shares user receives should be pricePerShare - precision | ✅ |
@@ -116,6 +129,8 @@
 | 114 | doomsday_impliedPricePerShare_never_changes_after_user_operation | implied pricePerShare (totalAssets / totalSupply) never changes after a user operation | ✅ |
 | 115 | doomsday_accountValue | accounting.accountValue should never revert | ✅ |
 | 116 | doomsday_zeroPrice_noPanics | System handles all operations gracefully at zero price | ✅ |
+| 116a | doomsday_claimCancelDepositRequest_always_claimable | If claimableCancelDeposit > 0, the claim succeeds and pays exactly that amount (EW3, DOS) | ✅ |
+| 116b | doomsday_claimCancelRedeemRequest_always_claimable | If claimableCancelRedeem > 0, the claim succeeds and returns exactly those shares (EW3, DOS) | ✅ |
 | 117 | hub_notifyDeposit | After successfully calling claimDeposit for an investor (via notifyDeposit), their allocation decreases | ✅ |
 | 118 | hub_notifyDeposit | PoolEscrow.total increases by exactly totalPaymentAssetAmount | ✅ |
 | 119 | hub_notifyDeposit | PoolEscrow.reserved does not change during deposit processing | ✅ |
@@ -131,3 +146,45 @@
 | 129 | vault_cancelDepositRequest | cancelDepositRequest absolute value should never be higher than pendingDeposit (would result in underflow) | ✅ |
 | 130 | vault_cancelRedeemRequest | After successfully calling cancelRedeemRequest for an investor, their shares are returned | ✅ |
 | 131 | vault_cancelRedeemRequest | cancelRedeemRequest absolute value should never be higher than pendingRedeem (would result in underflow) | ✅ |
+
+## Changelog
+
+### 2026-07-27 — merge of origin/main (v3.3 audit fixes, #254/#260/#264/#270)
+
+Added: `property_deficitCountMatchesHoldings` (70b), from main's holdings-deficit-gate PR.
+
+Handler surface changes:
+* `hub_updateAssets` is now `internal` (reproducer/sanity only). It writes the hub ledger directly, which
+  (a) desynchronises the hub snapshot nonce from `SnapshotQueue`'s, permanently reverting every later
+  `submitQueued*` with `InvalidNonce`, and (b) moves `holdings.amount` with no matching escrow move, breaking
+  104e. Its clamped variant was removed. The fuzzer reaches the same deficit state through
+  `balanceSheet_overReserve_clamped` + `balanceSheet_submitQueuedAssets`, pinned by
+  `CryticSanity.test_deficitCountMatchesHoldings_queueDriver`.
+* ~~`spoke_deployAndLinkVault` resolves the deployed vault through the ERC-7575 pointer instead of the
+  `DeployVault` log, so it needs no `recordLogs`/`getRecordedLogs` support from whichever fuzzer drives the suite.
+  A deliberate divergence from main, which kept the log scan.~~ **Retracted 2026-08-04.** #296 deleted
+  `_pointVault`, so there is no pointer to read; the handler now uses `IVaultFactory.getVault`. The
+  cheatcode-independence argument stands, the mechanism does not.
+
+Rows 30-33 re-marked 📄: the `vault_9_*` wrappers were deleted in the 2026-07-20 pass; the `erc7540_9_*`
+bodies survive as spec documentation and are not exercised.
+
+### 2026-07-20 — investment-flow gap additions (docs/invariant-gaps-investment-flow)
+
+Added: `property_accounting_books_balance` (70a, EW2), `property_epoch_pointer_ordering`
+(67a, EW5), `property_poolEscrowReservedSumConsistency` (104h, EW1),
+`doomsday_claimCancelDepositRequest_always_claimable` / `_claimCancelRedeemRequest_`
+(116a/116b, EW3), and inline post-flush zeroing asserts in `balanceSheet_submitQueuedAssets` /
+`balanceSheet_submitQueuedShares` (EW6). Every addition passed a deliberate-falsification check.
+
+Removed (vacuous — algebraically always true, zero signal):
+* `property_reserveUnreserveBalanceIntegrity` (was 90) — asserted restatements of its own
+  `total = available + reserved` definition; its `ghost_reserveIntegrityViolations` was written
+  nowhere. Superseded by EW1 (104h), which reads the real keyed `reservedBy` ledger.
+* `property_assetQueueNonNegative` (was 88) — asserted `uint128 >= 0`.
+
+Not landed (unreachable in the synchronous same-chain harness): EW4 (cancel-flag-implies-pending)
+and EW7 (request-while-cancel-pending reverts). Cancellations round-trip through the real
+MessageDispatcher and fulfill synchronously inside the cancel call, so `pendingCancelDeposit/Redeem`
+is never true at a property checkpoint — both properties would be always-true. See the gap-analysis
+addendum (docs/notes/gap-analysis-2026-07-invariants-investment-flow.md §8).
diff --git a/test/integration/recon-end-to-end/properties/ERC7540Properties.sol b/test/integration/recon-end-to-end/properties/ERC7540Properties.sol
index db4551cb5..bf24583c6 100644
--- a/test/integration/recon-end-to-end/properties/ERC7540Properties.sol
+++ b/test/integration/recon-end-to-end/properties/ERC7540Properties.sol
@@ -8,6 +8,7 @@ import {IAsyncVault} from "../../../../src/vaults/interfaces/IAsyncVault.sol";
 import "forge-std/console2.sol";
 
 import {Setup} from "../Setup.sol";
+import {vm} from "@chimera/Hevm.sol";
 import {Asserts} from "@chimera/Asserts.sol";
 
 /// @notice ERC-7540 standard properties - reusable for any ERC-7540 compliant vault
@@ -102,15 +103,24 @@ abstract contract ERC7540Properties is Setup, Asserts {
             return; // Needs to be greater than 0, skip
         }
 
-        try IAsyncVault(asyncVaultTarget).deposit(maxDep + amt, _getActor()) {
+        // `deposit`/`mint` take the controller from msg.sender, so the call has to run as the same account whose
+        // max was read above. Without this the harness contract is the controller and the property compares one
+        // account's max against another's entitlement.
+        vm.prank(_getActor());
+        try IAsyncVault(asyncVaultTarget).deposit(maxDep + amt, _getActor()) returns (uint256 shares) {
+            // `maxDeposit()` reports 0 for an actor that cannot receive shares, while `deposit()` bounds against
+            // the ungated entitlement, so `maxDep + amt` can land below the real claim. Such a call extracts
+            // nothing, which is not the over-claim this property is about. Any share-delivering claim still
+            // reverts at the escrow transfer, so tolerating only the zero-share case keeps the property intact.
+            if (shares == 0) {
+                return;
+            }
+
             t(false, "Property: 7540-6 depositing more than max does not revert");
         } catch {
             // We want this to be hit
             return; // So we explicitly return here, as a means to ensure that this is the code path
         }
-
-        // NOTE: This code path is never hit per the above
-        t(false, "Property: 7540-6 depositing more than max does not revert");
     }
 
     function erc7540_6_mint(address asyncVaultTarget, uint256 amt) internal virtual {
@@ -126,6 +136,7 @@ abstract contract ERC7540Properties is Setup, Asserts {
             return; // Needs to be greater than 0, skip
         }
 
+        vm.prank(_getActor());
         try IAsyncVault(asyncVaultTarget).mint(maxDep + amt, _getActor()) {
             t(false, "Property: 7540-6 minting more than max does not revert");
         } catch {
@@ -150,6 +161,7 @@ abstract contract ERC7540Properties is Setup, Asserts {
             return; // Needs to be greater than 0
         }
 
+        vm.prank(_getActor());
         try IAsyncVault(asyncVaultTarget).withdraw(maxDep + amt, _getActor(), _getActor()) {
             t(false, "Property: 7540-6 withdrawing more than max does not revert");
         } catch {
@@ -174,6 +186,7 @@ abstract contract ERC7540Properties is Setup, Asserts {
             return; // Needs to be greater than 0
         }
 
+        vm.prank(_getActor());
         try IAsyncVault(asyncVaultTarget).redeem(maxDep + amt, _getActor(), _getActor()) {
             t(false, "Property: 7540-6 redeeming more than max does not revert");
         } catch {
@@ -204,6 +217,7 @@ abstract contract ERC7540Properties is Setup, Asserts {
         IERC20Metadata(_getShareToken()).approve(address(asyncVaultTarget), type(uint256).max);
 
         uint256 hasReverted;
+        vm.prank(_getActor());
         try IAsyncVault(asyncVaultTarget).requestRedeem(balWeWillUse, _getActor(), _getActor()) {
             hasReverted = 2; // Coverage
             t(false, "Property: 7540-7 requestRedeem does not revert for shares > balance");
@@ -234,6 +248,9 @@ abstract contract ERC7540Properties is Setup, Asserts {
 
     /// == erc7540_9 == //
     /// @dev Property: 7540-9 if max[method] > 0, then [method] (max) should not revert
+    /// @dev NOTE: intentionally NOT wrapped/exercised in this suite — the custom vault_max* properties in
+    ///      VaultProperties cover this liveness invariant with the required admin-op tolerances. Kept as
+    ///      documentation of the ERC-7540 standard.
     function erc7540_9_deposit(address asyncVaultTarget) internal virtual {
         // Per erc7540_5
         uint256 maxDeposit = IAsyncVault(asyncVaultTarget).maxDeposit(_getActor());
@@ -273,10 +290,9 @@ abstract contract ERC7540Properties is Setup, Asserts {
         }
 
         try IAsyncVault(asyncVaultTarget).withdraw(maxWithdraw, _getActor(), _getActor()) {
-            // Success here
-            // E-1
-            sumOfClaimedRedemptions[_getAsset()] += maxWithdraw;
-        } catch {
+        // Success here
+        }
+        catch {
             t(false, "Property: 7540-9 max withdraw reverts");
         }
     }
@@ -289,10 +305,12 @@ abstract contract ERC7540Properties is Setup, Asserts {
             return; // Skip
         }
 
-        try IAsyncVault(asyncVaultTarget).redeem(maxRedeem, _getActor(), _getActor()) returns (uint256 assets) {
-            // E-1
-            sumOfClaimedRedemptions[_getAsset()] += assets;
-        } catch {
+        try IAsyncVault(asyncVaultTarget).redeem(maxRedeem, _getActor(), _getActor()) returns (
+            uint256
+        ) {
+        // Success here
+        }
+        catch {
             t(false, "Property: 7540-9 max redeem reverts");
         }
     }
diff --git a/test/integration/recon-end-to-end/properties/Properties.sol b/test/integration/recon-end-to-end/properties/Properties.sol
index ea1b44572..3f418b1ad 100644
--- a/test/integration/recon-end-to-end/properties/Properties.sol
+++ b/test/integration/recon-end-to-end/properties/Properties.sol
@@ -4,6 +4,7 @@ pragma solidity ^0.8.0;
 import {VaultProperties} from "./VaultProperties.sol";
 
 import {D18} from "../../../../src/misc/types/D18.sol";
+import {IERC20} from "../../../../src/misc/interfaces/IERC20.sol";
 import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 import {MathLib} from "../../../../src/misc/libraries/MathLib.sol";
 
@@ -11,12 +12,12 @@ import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {AccountId} from "../../../../src/core/types/AccountId.sol";
 import {PoolEscrow} from "../../../../src/core/spoke/PoolEscrow.sol";
-import {AccountType} from "../../../../src/core/hub/interfaces/IHub.sol";
+import {AccountKind} from "../../../../src/core/hub/interfaces/IHub.sol";
 import {PricingLib} from "../../../../src/core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
 
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
+import {REASON_DEPOSIT, REASON_REDEEM} from "../../../../src/vaults/interfaces/IVaultManagers.sol";
 
 import {console2} from "forge-std/console2.sol";
 
@@ -24,6 +25,7 @@ import {Asserts} from "@chimera/Asserts.sol";
 import {Helpers} from "../utils/Helpers.sol";
 import {MockERC20} from "@recon/MockERC20.sol";
 import {OpType, BeforeAfter} from "../BeforeAfter.sol";
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
 
 abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     using CastLib for *;
@@ -34,6 +36,14 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     // Constants for new API parameters
     uint128 internal constant SHARE_HOOK_GAS = 0;
 
+    // Keeping deposit and redeem legs in the same band avoids spurious cross-leg desync.
+    uint128 internal constant PRICE_BAND_MIN = 1e15; // 0.001 in D18
+    uint128 internal constant PRICE_BAND_MAX = 2e18; // 2.0 in D18
+
+    function _clampToPriceBand(uint128 value) internal returns (uint128) {
+        return uint128(between(value, PRICE_BAND_MIN, PRICE_BAND_MAX));
+    }
+
     event DebugWithString(string, uint256);
     event DebugNumber(uint256);
 
@@ -87,23 +97,30 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         );
     }
 
-    /// @dev Property: the payout of the escrow is always <= sum of redemptions paid out
+    /// @dev Property: the asset payout claimed from the escrow is always <= sum of assets paid out by fulfilled
+    ///      redemptions.
+    /// @dev Both sides are ASSET-denominated. The processed side uses userRedemptionsProcessedAssets
+    ///      (totalPayoutAssetAmount from notifyRedeem), NOT userRedemptionsProcessed (shares) — comparing
+    ///      claimed assets against processed shares is infeasible once price != 1 / decimals differ.
+    /// @dev Known scope limitation: sumOfClaimedRedemptions is keyed per-asset (global across share classes)
+    ///      while the processed sum is per-scId, so this can still report a false positive when two vaults
+    ///      share an asset across different share classes.
     function property_sum_of_pending_redeem_request() public tokenIsSet {
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         address asset = vault.asset();
 
         address[] memory actors = _getActors();
-        uint256 sumOfRedemptionsProcessed;
+        uint256 sumOfRedemptionsProcessedAssets;
         for (uint256 i; i < actors.length; i++) {
-            sumOfRedemptionsProcessed += userRedemptionsProcessed[scId][assetId][actors[i]];
+            sumOfRedemptionsProcessedAssets += userRedemptionsProcessedAssets[scId][assetId][actors[i]];
         }
 
         lte(
             sumOfClaimedRedemptions[address(asset)],
-            sumOfRedemptionsProcessed,
-            "sumOfClaimedRedemptions > sumOfRedemptionsProcessed"
+            sumOfRedemptionsProcessedAssets,
+            "sumOfClaimedRedemptions > sumOfRedemptionsProcessedAssets"
         );
     }
 
@@ -189,17 +206,17 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             (uint128 pending, uint32 lastUpdate) = batchRequestManager.depositRequest(
                 _getVault().poolId(),
                 _getVault().scId(),
-                vaultRegistry.vaultDetails(_getVault()).assetId,
-                _getActor().toBytes32()
+                spokeRegistry.vaultDetails(address(_getVault())).assetId,
+                ghost_lastDepositRequestController.toBytes32()
             );
             (uint32 depositEpochId,,,) = batchRequestManager.epochId(
-                _getVault().poolId(), _getVault().scId(), vaultRegistry.vaultDetails(_getVault()).assetId
+                _getVault().poolId(), _getVault().scId(), spokeRegistry.vaultDetails(address(_getVault())).assetId
             );
 
             // Check if this is a fresh user (request not yet processed by Hub)
             bool isUnprocessedRequest = (pending == 0 && lastUpdate == 0);
 
-            // precondition: if user queues a cancellation but it doesn't get immediately executed, the epochId should
+            // precondition: if user snapshotQueue a cancellation but it doesn't get immediately executed, the epochId should
             // not change
             // Only check the property if the Hub has processed at least one request
             if (!isUnprocessedRequest && Helpers.canMutate(lastUpdate, pending, depositEpochId)) {
@@ -215,17 +232,17 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             (uint128 pending, uint32 lastUpdate) = batchRequestManager.redeemRequest(
                 _getVault().poolId(),
                 _getVault().scId(),
-                vaultRegistry.vaultDetails(_getVault()).assetId,
-                _getActor().toBytes32()
+                spokeRegistry.vaultDetails(address(_getVault())).assetId,
+                ghost_lastRedeemRequestController.toBytes32()
             );
             (,, uint32 redeemEpochId,) = batchRequestManager.epochId(
-                _getVault().poolId(), _getVault().scId(), vaultRegistry.vaultDetails(_getVault()).assetId
+                _getVault().poolId(), _getVault().scId(), spokeRegistry.vaultDetails(address(_getVault())).assetId
             );
 
             uint256 nowRedeemEpoch = batchRequestManager.nowRedeemEpoch(
-                _getVault().poolId(), _getVault().scId(), vaultRegistry.vaultDetails(_getVault()).assetId
+                _getVault().poolId(), _getVault().scId(), spokeRegistry.vaultDetails(address(_getVault())).assetId
             );
-            // precondition: if user queues a cancellation but it doesn't get immediately executed, the epochId should
+            // precondition: if user snapshotQueue a cancellation but it doesn't get immediately executed, the epochId should
             // not change
             if (Helpers.canMutate(lastUpdate, pending, redeemEpochId)) {
                 // nowRedeemEpoch = redeemEpochId + 1
@@ -447,21 +464,27 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     //     );
     // }
 
-    /// @dev Property: The sum of max claimable shares is always <= the share balance of the escrow
+    /// @dev Property: sum(async maxMint + claimable cancel-redeem shares) is always <= escrow share balance
     function property_sum_of_possible_account_balances_leq_escrow() public vaultIsSet {
-        // only check for async vaults because sync vaults claim minted shares immediately
-        if (!Helpers.isAsyncVault(address(_getVault()))) {
-            return;
-        }
-
         IBaseVault vault = _getVault();
+        bool isAsync = Helpers.isAsyncVault(address(vault));
+
+        // withdrawShares is clamped to the escrow's free float (balanceSheet_withdrawShares_clamped), so a
+        // shortfall here is genuine insolvency rather than a manager withdrawal, but only for one vault per
+        // tuple: the clamp budgets from _getVault() while the escrow is per-poolId. maxMint is async-only
+        // (sync deposits claim immediately); cancel-redeem backing applies to both (redeem side is always async).
         uint256 max = IShareToken(vault.share()).balanceOf(_getPoolEscrowForVault(vault));
         address[] memory actors = _getActors();
 
-        uint256 acc; // Use acc to get maxMint for each actor
+        uint256 acc;
         for (uint256 i; i < actors.length; i++) {
             // NOTE: Accounts for scenario in which we didn't deploy the demo share class
-            try vault.maxMint(actors[i]) returns (uint256 shareAmt) {
+            if (isAsync) {
+                try vault.maxMint(actors[i]) returns (uint256 shareAmt) {
+                    acc += shareAmt;
+                } catch {}
+            }
+            try asyncRequestManager.claimableCancelRedeemRequest(vault, actors[i]) returns (uint256 shareAmt) {
                 acc += shareAmt;
             } catch {}
         }
@@ -491,7 +514,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         address[] memory actors = _getActors();
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         for (uint256 i; i < actors.length; i++) {
             gte(
@@ -507,7 +530,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         address[] memory actors = _getActors();
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         for (uint256 i; i < actors.length; i++) {
             gte(
@@ -523,7 +546,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         address[] memory actors = _getActors();
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         for (uint256 i; i < actors.length; i++) {
             gte(
@@ -539,7 +562,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         address[] memory actors = _getActors();
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         for (uint256 i; i < actors.length; i++) {
             gte(
@@ -554,7 +577,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     function property_cancelled_and_processed_redemptions_soundness() public {
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         address[] memory actors = _getActors();
 
         for (uint256 i; i < actors.length; i++) {
@@ -571,7 +594,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         address[] memory actors = _getActors();
         IBaseVault vault = _getVault();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         uint256 totalDeposits;
         for (uint256 i; i < actors.length; i++) {
@@ -605,7 +628,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         for (uint256 i; i < actors.length; i++) {
             (uint128 pending,) = batchRequestManager.depositRequest(poolId, scId, assetId, actors[i].toBytes32());
@@ -628,7 +651,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         for (uint256 i; i < actors.length; i++) {
             (uint128 pending,) = batchRequestManager.redeemRequest(poolId, scId, assetId, actors[i].toBytes32());
@@ -664,6 +687,16 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         gte(pendingDeposit, pendingAssetAmount, "pendingDeposit < pendingAssetAmount");
     }
 
+    /// @dev Property: issueEpoch <= depositEpoch and revokeEpoch <= redeemEpoch
+    function property_epoch_pointer_ordering() public {
+        IBaseVault vault = _getVault();
+        (uint32 depositEpoch, uint32 issueEpoch, uint32 redeemEpoch, uint32 revokeEpoch) =
+            batchRequestManager.epochId(vault.poolId(), vault.scId(), _getAssetId());
+
+        lte(issueEpoch, depositEpoch, "issueEpoch > depositEpoch");
+        lte(revokeEpoch, redeemEpoch, "revokeEpoch > redeemEpoch");
+    }
+
     /// @dev Property: The sum of pending user deposit amounts depositRequest[..] is always >= total pending deposit
     /// amount pendingDeposit[..]
     /// @dev Property: The total pending deposit amount pendingDeposit[..] is always >= the approved deposit amount
@@ -691,8 +724,11 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             totalPendingUserDeposit += pendingUserDeposit;
         }
 
-        // check that the pending deposit is >= the total pending user deposit
-        gte(totalPendingUserDeposit, pendingDeposit, "total pending user deposits is < pending deposit");
+        // Each user's pending is floored independently of the aggregate, so the sum can trail it by up to one wei
+        // per actor. A drift beyond that is not dust and means this rounding model is wrong.
+        gte(
+            totalPendingUserDeposit + _actors.length, pendingDeposit, "total pending user deposits is < pending deposit"
+        );
         // check that the pending deposit is >= the approved deposit
         gte(pendingDeposit, approvedAssetAmount, "pending deposit is < approved deposit");
     }
@@ -770,11 +806,11 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         AssetId assetId = _getAssetId();
 
         if (_before.ghostHolding[poolId][scId][assetId] > _after.ghostHolding[poolId][scId][assetId]) {
-            // loop over all account types defined in IHub::AccountType
-            for (uint8 kind = 0; kind < 6; kind++) {
-                // Skip Loss account (kind=2) as it's expected to increase when holding value decreases
+            // loop over all settlement slots defined in IHub::AccountKind
+            for (uint8 kind = 0; kind < 4; kind++) {
+                // Skip the ValueDecrease (loss) slot, as it's expected to increase when holding value decreases
                 // This is correct double-entry accounting: when assets decrease, losses increase
-                if (kind == uint8(AccountType.Loss)) {
+                if (kind == uint8(AccountKind.ValueDecrease)) {
                     continue;
                 }
 
@@ -790,21 +826,110 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     }
 
     /// @dev Property: Value of Holdings == accountValue(Asset)
+    /// @dev One asset account is shared by every share class holding that asset, so the bound is against the
+    ///      sum over share classes, not one of them. Comparing a single share class would pass trivially on a
+    ///      tranched pool while the shared account carried the others' value too.
     function property_accounting_and_holdings_soundness() public {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
-        ShareClassId scId = vault.scId();
         AssetId assetId = _getAssetId();
+        ShareClassId[] memory shareClasses = _getPoolShareClasses(poolId);
 
-        // Check if this holding is a liability to determine the correct account type
-        bool isLiability = holdings.isLiability(poolId, scId, assetId);
-        AccountType accountType = isLiability ? AccountType.Liability : AccountType.Asset;
+        uint256 holdingsValue;
+        for (uint256 s; s < shareClasses.length; s++) {
+            if (!holdings.isInitialized(poolId, shareClasses[s], assetId)) continue;
+            holdingsValue += holdings.value(poolId, shareClasses[s], assetId);
+        }
 
-        AccountId accountId = holdings.accountId(poolId, scId, assetId, uint8(accountType));
+        // The holding's own account is always the AmountDebit slot (asset/expense side)
+        AccountId accountId = holdings.accountId(poolId, vault.scId(), assetId, uint8(AccountKind.AmountDebit));
         (, uint128 accountValue) = accounting.accountValue(poolId, accountId);
-        uint128 holdingsValue = holdings.value(poolId, scId, assetId);
 
-        gte(accountValue, holdingsValue, "Holdings value contained in Accounting");
+        gte(uint256(accountValue), holdingsValue, "Holdings value contained in Accounting");
+    }
+
+    /// @dev Property (double-entry books): per pool, sum(totalDebit) == sum(totalCredit) across accounts
+    /// @dev createdAccountIds is global across pools, so accounts untouched in this pool are skipped
+    function property_accounting_books_balance() public {
+        PoolId[] memory pools = _getPools();
+
+        for (uint256 i; i < pools.length; i++) {
+            PoolId poolId = pools[i];
+            uint256 sumDebit;
+            uint256 sumCredit;
+
+            for (uint256 j; j < createdAccountIds.length; j++) {
+                (uint128 totalDebit, uint128 totalCredit,, uint64 lastUpdated,) =
+                    accounting.accounts(poolId, createdAccountIds[j]);
+                if (lastUpdated == 0) continue;
+
+                sumDebit += totalDebit;
+                sumCredit += totalCredit;
+            }
+
+            eq(sumDebit, sumCredit, "per-pool sum(totalDebit) != sum(totalCredit) (double-entry broken)");
+        }
+    }
+
+    /// @dev `deficitCount(poolId, scId, centrifugeId)` must equal the number of holdings on that share
+    ///      class-network with `decreasedAmount > increasedAmount`, recomputed directly from `holdingAmounts`.
+    ///      Regression guard for the deficit-gate crossing logic in `Holdings.increase/decrease`, and for the
+    ///      per-share-class keying: a deficit must never be counted against a sibling share class. The NAV-hook
+    ///      gate itself isn't observable here (snapshot-hook layer not wired into this harness); covered by
+    ///      NAVManager tests.
+    function property_deficitCountMatchesHoldings() public {
+        PoolId[] memory pools = _getPools();
+        AssetId[] memory assetIds = _getAssetIds();
+
+        for (uint256 p; p < pools.length; p++) {
+            ShareClassId[] memory shareClasses = _getPoolShareClasses(pools[p]);
+
+            for (uint256 a; a < assetIds.length; a++) {
+                // Networks repeat across assets, so assert once per network rather than once per asset.
+                if (!_isFirstAssetOfNetwork(assetIds, a)) continue;
+                uint16 centrifugeId = assetIds[a].centrifugeId();
+
+                uint256 networkCount;
+                for (uint256 s; s < shareClasses.length; s++) {
+                    uint256 count = _countDeficitHoldings(pools[p], shareClasses[s], centrifugeId);
+                    networkCount += count;
+                    eq(
+                        uint256(holdings.deficitCount(pools[p], shareClasses[s], centrifugeId)),
+                        count,
+                        "deficitCount != holdings in deficit"
+                    );
+                }
+
+                eq(
+                    uint256(holdings.networkDeficitCount(pools[p], centrifugeId)),
+                    networkCount,
+                    "networkDeficitCount != sum over share classes"
+                );
+            }
+        }
+    }
+
+    /// @dev True when `index` is the first asset carrying its network, so a per-network assertion runs once.
+    function _isFirstAssetOfNetwork(AssetId[] memory assetIds, uint256 index) internal pure returns (bool) {
+        for (uint256 a; a < index; a++) {
+            if (assetIds[a].centrifugeId() == assetIds[index].centrifugeId()) return false;
+        }
+        return true;
+    }
+
+    /// @dev Counts holdings in deficit for a share class-network across its assets.
+    function _countDeficitHoldings(PoolId poolId, ShareClassId scId, uint16 centrifugeId)
+        internal
+        view
+        returns (uint256 count)
+    {
+        AssetId[] memory assetIds = _getAssetIds();
+
+        for (uint256 a; a < assetIds.length; a++) {
+            if (assetIds[a].centrifugeId() != centrifugeId) continue;
+            (uint128 increased, uint128 decreased) = holdings.holdingAmounts(poolId, scId, assetIds[a]);
+            if (decreased > increased) count++;
+        }
     }
 
     /// @dev Property: A user cannot mutate their pending redeem amount pendingRedeem[...] if the
@@ -1073,7 +1198,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         // NOTE: Skipping escrow which can have non-zero bal
         systemAddresses[0] = address(asyncVaultFactory);
         systemAddresses[1] = address(syncVaultFactory);
-        systemAddresses[2] = address(tokenFactory);
+        systemAddresses[2] = address(shareTokenRegistrar);
         systemAddresses[3] = address(asyncRequestManager);
         systemAddresses[4] = address(syncManager);
         systemAddresses[5] = address(spoke);
@@ -1097,6 +1222,12 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             return false;
         }
 
+        // hub_createPool moves the pool cursor off the vault's pool, so the escrow the balance ghosts read
+        // has to be excluded independently of the cursor.
+        if (address(_getVault()) != address(0) && to == _getPoolEscrowForVault(_getVault())) {
+            return false;
+        }
+
         return true;
     }
 
@@ -1110,29 +1241,6 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         return false;
     }
 
-    /// @dev utility to ensure the target is not in the system addresses
-    function _isInSystemAddress(address x) internal view returns (bool) {
-        address[] memory systemAddresses = _getSystemAddresses();
-        uint256 SYSTEM_ADDRESSES_LENGTH = systemAddresses.length;
-
-        for (uint256 i; i < SYSTEM_ADDRESSES_LENGTH; i++) {
-            if (systemAddresses[i] == x) return true;
-        }
-
-        return false;
-    }
-
-    /// NOTE: Example of checked overflow, unused as we have changed tracking of Tranche tokens to be based on Global_3
-    function _decreaseTotalShareSent(address asset, uint256 amt) internal {
-        uint256 cachedTotal = totalShareSent[asset];
-        unchecked {
-            totalShareSent[asset] -= amt;
-        }
-
-        // Check for overflow here
-        gte(cachedTotal, totalShareSent[asset], " _decreaseTotalShareSent Overflow");
-    }
-
     // ===============================
     // SHARE QUEUE PROPERTIES
     // ===============================
@@ -1155,7 +1263,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             return;
         }
 
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(poolId, scId);
 
         // Calculate expected net position from ghost tracking
         int256 expectedNet = ghost_netSharePosition[key];
@@ -1183,7 +1291,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             return;
         }
 
-        (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(poolId, scId);
 
         // Calculate actual net position from queue state
         int256 actualNet = isPositive ? int256(uint256(delta)) : -int256(uint256(delta));
@@ -1215,7 +1323,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                 uint128 deltaBefore = before_shareQueueDelta[key];
                 bool isPositiveBefore = before_shareQueueIsPositive[key];
 
-                (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(poolId, scId);
+                (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(poolId, scId);
 
                 // Check if a flip occurred
                 bool flipOccurred = (isPositiveBefore != isPositiveAfter) && (deltaBefore != 0 || deltaAfter != 0);
@@ -1262,7 +1370,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                 int256 expectedFromTotals = int256(ghost_totalIssued[key]) - int256(ghost_totalRevoked[key]);
 
                 // Get actual queue state from balance sheet
-                (uint128 delta, bool isPositive,,) = balanceSheet.queuedShares(poolId, scId);
+                (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(poolId, scId);
 
                 // Convert to signed integer based on isPositive flag
                 int256 actualNet = isPositive ? int256(uint256(delta)) : -int256(uint256(delta));
@@ -1284,7 +1392,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                 ShareClassId scId = shareClasses[j];
                 bytes32 key = _poolShareKey(poolId, scId);
 
-                (,,, uint64 nonce) = balanceSheet.queuedShares(poolId, scId);
+                (,,, uint64 nonce) = snapshotQueue.queuedShares(poolId, scId);
 
                 // Verify nonce never decreases
                 gte(nonce, before_nonce[key], "SHARE-QUEUE-07: Nonce must never decrease");
@@ -1292,7 +1400,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         }
     }
 
-    /// @dev Property: Verifies that the asset counter accurately reflects non-empty asset queues
+    /// @dev Property: Verifies that the asset counter accurately reflects non-empty asset snapshotQueue
     function property_shareQueueAssetCounter() public {
         PoolId[] memory pools = _getPools();
         for (uint256 i = 0; i < pools.length; i++) {
@@ -1301,14 +1409,14 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             for (uint256 j = 0; j < shareClasses.length; j++) {
                 ShareClassId scId = shareClasses[j];
 
-                (,, uint32 actualCounter,) = balanceSheet.queuedShares(poolId, scId);
+                (,, uint32 actualCounter,) = snapshotQueue.queuedShares(poolId, scId);
 
-                // Count actual non-empty asset queues
+                // Count actual non-empty asset snapshotQueue
                 uint256 expectedCounter = 0;
                 AssetId[] memory assets = _getAssetIds();
                 for (uint256 k = 0; k < assets.length; k++) {
                     AssetId assetId = assets[k];
-                    (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(poolId, scId, assetId);
+                    (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
 
                     if (deposits > 0 || withdrawals > 0) {
                         expectedCounter++;
@@ -1318,7 +1426,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                 eq(
                     uint256(actualCounter),
                     expectedCounter,
-                    "SHARE-QUEUE-08: Asset counter must match actual non-empty queues"
+                    "SHARE-QUEUE-08: Asset counter must match actual non-empty snapshotQueue"
                 );
 
                 // Counter should never exceed total possible assets
@@ -1334,7 +1442,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     /// @dev Property 1.1: Asset Queue Counter Consistency
     /// Definition: queuedAssets[p][sc][a].deposits + queuedAssets[p][sc][a].withdrawals > 0 ⟺ queuedAssetCounter
     /// includes asset a
-    /// Ensures counter accurately tracks non-empty queues
+    /// Ensures counter accurately tracks non-empty snapshotQueue
     function property_assetQueueCounterConsistency() public {
         PoolId[] memory pools = _getPools();
         for (uint256 i = 0; i < pools.length; i++) {
@@ -1345,21 +1453,21 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                 ShareClassId scId = shareClassIds[j];
 
                 // Get the queuedAssetCounter from BalanceSheet
-                (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(poolId, scId);
+                (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(poolId, scId);
                 uint256 nonEmptyAssetCount = 0;
 
-                // Count non-empty asset queues
+                // Count non-empty asset snapshotQueue
                 AssetId[] memory assets = _getAssetIds();
                 for (uint256 k = 0; k < assets.length; k++) {
                     AssetId assetId = assets[k];
-                    (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(poolId, scId, assetId);
+                    (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
 
                     if (deposits > 0 || withdrawals > 0) {
                         nonEmptyAssetCount++;
                     }
                 }
 
-                // Property: Counter should equal number of non-empty asset queues
+                // Property: Counter should equal number of non-empty asset snapshotQueue
                 eq(
                     uint256(queuedAssetCounter),
                     nonEmptyAssetCount,
@@ -1383,7 +1491,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
             for (uint256 j = 0; j < shareClassIds.length; j++) {
                 ShareClassId scId = shareClassIds[j];
 
-                (,, uint32 queuedAssetCounter,) = balanceSheet.queuedShares(poolId, scId);
+                (,, uint32 queuedAssetCounter,) = snapshotQueue.queuedShares(poolId, scId);
 
                 // Counter should not exceed total number of tracked assets
                 lte(
@@ -1395,42 +1503,6 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         }
     }
 
-    /// @dev Property 1.3: Asset Queue Non-Negative
-    /// Definition: Asset queues can never underflow (deposits/withdrawals ≥ 0)
-    /// Mathematical consistency of accumulation
-    function property_assetQueueNonNegative() public {
-        PoolId[] memory pools = _getPools();
-        for (uint256 i = 0; i < pools.length; i++) {
-            PoolId poolId = pools[i];
-            ShareClassId[] memory shareClassIds = _getPoolShareClasses(poolId);
-
-            for (uint256 j = 0; j < shareClassIds.length; j++) {
-                ShareClassId scId = shareClassIds[j];
-
-                AssetId[] memory assets = _getAssetIds();
-                for (uint256 k = 0; k < assets.length; k++) {
-                    AssetId assetId = assets[k];
-                    (uint128 deposits, uint128 withdrawals) = balanceSheet.queuedAssets(poolId, scId, assetId);
-
-                    // Both values must be non-negative (uint128 enforces this, but verify explicitly)
-                    gte(uint256(deposits), 0, "property_assetQueueNonNegative: negative deposits");
-                    gte(uint256(withdrawals), 0, "property_assetQueueNonNegative: negative withdrawals");
-
-                    // Ghost variables should also be non-negative
-                    bytes32 assetKey = keccak256(abi.encode(poolId, scId, assetId));
-                    gte(
-                        ghost_assetQueueDeposits[assetKey], 0, "property_assetQueueNonNegative: ghost deposits negative"
-                    );
-                    gte(
-                        ghost_assetQueueWithdrawals[assetKey],
-                        0,
-                        "property_assetQueueNonNegative: ghost withdrawals negative"
-                    );
-                }
-            }
-        }
-    }
-
     /// @dev Property 1.6: Nonce Monotonicity
     /// Definition: Nonce strictly increases with each submission
     /// Ensures proper message ordering
@@ -1444,7 +1516,7 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                 ShareClassId scId = shareClassIds[j];
                 bytes32 shareKey = keccak256(abi.encode(poolId, scId));
 
-                (,,, uint64 currentNonce) = balanceSheet.queuedShares(poolId, scId);
+                (,,, uint64 currentNonce) = snapshotQueue.queuedShares(poolId, scId);
                 uint256 previousNonce = ghost_previousNonce[shareKey];
 
                 // If we have a previous nonce recorded, current should be greater
@@ -1464,62 +1536,6 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         }
     }
 
-    /// @dev Property 2.6: Reserve/Unreserve Balance Integrity
-    /// @notice Ensures reserve operations maintain balance consistency
-    function property_reserveUnreserveBalanceIntegrity() public {
-        PoolId[] memory pools = _getPools();
-        for (uint256 i = 0; i < pools.length; i++) {
-            PoolId poolId = pools[i];
-            ShareClassId[] memory shareClasses = _getPoolShareClasses(poolId);
-
-            for (uint256 j = 0; j < shareClasses.length; j++) {
-                ShareClassId scId = shareClasses[j];
-
-                AssetId[] memory assets = _getAssetIds();
-                for (uint256 k = 0; k < assets.length; k++) {
-                    AssetId assetId = assets[k];
-                    bytes32 key = keccak256(abi.encode(poolId, scId, assetId));
-
-                    // Skip if no reserve operations occurred
-                    if (ghost_totalReserveOperations[key] == 0 && ghost_totalUnreserveOperations[key] == 0) continue;
-
-                    // Use vault to get asset address
-                    IBaseVault vault = IBaseVault(_getVault());
-                    address asset = vault.asset();
-
-                    // Get available balance
-                    uint128 available = balanceSheet.availableBalanceOf(poolId, scId, asset, 0);
-                    PoolEscrow poolEscrow = PoolEscrow(address(balanceSheet.escrow(poolId)));
-                    (, uint128 reserved) = poolEscrow.holding(scId, asset, assetId.raw());
-                    uint128 total = available + reserved;
-
-                    // Core Invariant 1: Available = Total - Reserved (automatically satisfied by construction)
-                    eq(
-                        available,
-                        total - reserved,
-                        "Reserve accounting formula violated: available != total - reserved"
-                    );
-
-                    // Core Invariant 2: Reserved cannot exceed total (automatically satisfied by construction)
-                    lte(reserved, total, "Reserved balance exceeds total balance");
-
-                    // Core Invariant 3: Net reserved matches ghost tracking
-                    // This is implicitly tested since we use ghost_netReserved to calculate reserved
-
-                    // Core Invariant 6: Available + Reserved = Total (automatically satisfied by construction)
-                    eq(uint256(available) + uint256(reserved), uint256(total), "Balance components don't sum to total");
-
-                    // Core Invariant 7: Max reserved never exceeded total
-                    // We can't validate this without accessing the escrow's actual reserved amount
-                    // But we can ensure our ghost tracking didn't overflow
-
-                    // Core Invariant 8: No integrity violations
-                    eq(ghost_reserveIntegrityViolations[key], 0, "Reserve integrity violations detected");
-                }
-            }
-        }
-    }
-
     /// @dev Property 2.4: Escrow Balance Sufficiency
     /// @notice Ensures available balance always covers withdrawals
     // NOTE: Removed because untestable; in BalanceSheet::withdraw, asset queue is increased at the same time that assets are sent to user which decreases holding_.total as well
@@ -1527,25 +1543,31 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
 
     /// @dev Property: Asset queue cannot create assets from nothing.
     /// @notice queuedAssets tracks already-executed escrow movements pending hub notification.
-    ///         noteDeposit increases holding.total AND queuedDeposits atomically;
-    ///         noteWithdraw decreases holding.total AND increases queuedWithdrawals atomically.
-    ///         We use holding.total (not availableBalanceOf) because reserve/unreserve
-    ///         affect available but do NOT update the queue.
+    ///         deposit/noteDeposit increase holding.total AND queuedDeposits atomically;
+    ///         withdraw decreases holding.total AND increases queuedWithdrawals atomically.
+    ///         reserve/unreserve do NOT touch holding.total (only holding.reserved), but DO queue a
+    ///         holding decrease/increase respectively, since reserved funds are removed from the
+    ///         hub-accounted holding. withdrawReserved decreases holding.total but does NOT touch the
+    ///         queue again, since the decrease was already queued when the funds were reserved.
+    ///         We use holding.total (not availableBalanceOf) since availableBalanceOf additionally
+    ///         nets out `reserved`, which would double-count the reserve/unreserve queue contribution.
     ///         Invariant: total + queuedWithdrawals >= queuedDeposits
     ///         (i.e., the escrow total before the queued period was non-negative).
     function property_availableGtQueued() public {
         PoolId poolId = _getPool();
         ShareClassId scId = _getShareClassId();
-        AssetId assetId = _getAssetId();
+        // Same vault-derived keying as `property_hubHoldingMatchesEscrowAccounted`. Reading the queue at the cursor
+        // while reading the escrow at `vault.asset()` does not break here, it goes vacuous (queued reads 0).
+        AssetId assetId = spokeRegistry.vaultDetails(address(_getVault())).assetId;
         address asset = _getVault().asset();
 
         // Use holding.total (not availableBalanceOf) since reserve/unreserve
         // affect available but don't update the queue
-        PoolEscrow poolEscrow = PoolEscrow(address(balanceSheet.escrow(poolId)));
+        PoolEscrow poolEscrow = PoolEscrow(address(spoke.escrow(poolId)));
         (uint128 total,) = poolEscrow.holding(scId, asset, 0);
 
         // Get queued amounts (already-executed, pending hub notification)
-        (uint128 queuedDeposits, uint128 queuedWithdrawals) = balanceSheet.queuedAssets(poolId, scId, assetId);
+        (uint128 queuedDeposits, uint128 queuedWithdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
 
         // total = total_before_queue + queuedDeposits - queuedWithdrawals
         // => total_before_queue = total + queuedWithdrawals - queuedDeposits >= 0
@@ -1556,6 +1578,91 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         );
     }
 
+    /// @dev Property: The pool escrow's raw token balance for an asset always equals the sum of
+    ///      holding.total across all of the pool's share classes for that asset.
+    /// @notice holding.total now INCLUDES assets backing pending (not-yet-approved) deposit requests,
+    ///         since AsyncRequestManager.requestDeposit calls noteDeposit (crediting holding.total)
+    ///         before reserving the equal amount (crediting holding.reserved, leaving
+    ///         availableBalanceOf = total - reserved unaffected by the pending request).
+    function property_escrowBalanceMatchesHoldingTotal() public assetIsSet {
+        IBaseVault vault = _getVault();
+        PoolId poolId = vault.poolId();
+        address asset = vault.asset();
+
+        PoolEscrow poolEscrow = PoolEscrow(address(spoke.escrow(poolId)));
+        uint256 actualBalance = MockERC20(asset).balanceOf(address(poolEscrow));
+
+        ShareClassId[] memory shareClasses = _getPoolShareClasses(poolId);
+        uint256 aggregatedTotal;
+        for (uint256 i; i < shareClasses.length; i++) {
+            (uint128 total,) = poolEscrow.holding(shareClasses[i], asset, 0);
+            aggregatedTotal += total;
+        }
+
+        eq(actualBalance, aggregatedTotal, "escrow raw balance != aggregated holding.total");
+    }
+
+    /// @dev Property: with the asset queue drained, holdings.amount == escrow total - reserved (floored at 0)
+    /// @dev Exact equality, no dust tolerance: both ledgers net the same flows without any price conversion
+    function property_hubHoldingMatchesEscrowAccounted() public assetIsSet {
+        IBaseVault vault = _getVault();
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        // Vault-derived, not the active-asset cursor: the escrow side below reads `vault.asset()`, so taking the
+        // hub side from the cursor compares two different assets as soon as a second one is registered.
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
+        if (deposits != 0 || withdrawals != 0) return;
+
+        PoolEscrow poolEscrow = PoolEscrow(address(spoke.escrow(poolId)));
+        (uint128 total, uint128 reserved) = poolEscrow.holding(scId, vault.asset(), 0);
+        uint128 accounted = total > reserved ? total - reserved : 0;
+
+        eq(
+            uint256(holdings.amount(poolId, scId, assetId)),
+            uint256(accounted),
+            "hub holding.amount != escrow accounted (holdings conservation law)"
+        );
+    }
+
+    /// @dev Property: a holding with zero amount must carry zero value, else it is phantom NAV
+    function property_holdingZeroAmountHasZeroValue() public assetIsSet {
+        IBaseVault vault = _getVault();
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        AssetId assetId = _getAssetId();
+
+        if (holdings.amount(poolId, scId, assetId) != 0) return;
+
+        eq(
+            uint256(holdings.value(poolId, scId, assetId)),
+            0,
+            "zero-amount holding carries non-zero value (realized-delta valuation regressed)"
+        );
+    }
+
+    /// @dev Property: holding.reserved == sum of reservedBy over both reasons; ARM is the only reserver here
+    function property_poolEscrowReservedSumConsistency() public assetIsSet {
+        IBaseVault vault = _getVault();
+        PoolId poolId = vault.poolId();
+        address asset = vault.asset();
+        address reserver = address(asyncRequestManager);
+
+        PoolEscrow poolEscrow = PoolEscrow(address(spoke.escrow(poolId)));
+        ShareClassId[] memory shareClasses = _getPoolShareClasses(poolId);
+
+        for (uint256 i; i < shareClasses.length; i++) {
+            ShareClassId scId = shareClasses[i];
+            (, uint128 reserved) = poolEscrow.holding(scId, asset, 0);
+
+            uint256 keyedSum = uint256(poolEscrow.reservedBy(scId, reserver, REASON_DEPOSIT, asset, 0))
+                + uint256(poolEscrow.reservedBy(scId, reserver, REASON_REDEEM, asset, 0));
+
+            eq(uint256(reserved), keyedSum, "holding.reserved != sum of keyed reservedBy (ARM, both reasons)");
+        }
+    }
+
     /// @dev Property 2.7: Authorization Boundary Enforcement
     /// @notice Ensures only authorized parties perform privileged operations
     // function property_authorizationBoundaryEnforcement() public {
@@ -1597,13 +1704,13 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     //                 // Verify authorization is still valid
     //                 if (recordedLevel == AuthLevel.WARD) {
     //                     eq(
-    //                         balanceSheet.wards(lastCaller),
+    //                         spoke.wards(lastCaller),
     //                         1,
     //                         "Ward authorization was revoked but operations continued"
     //                     );
     //                 } else if (recordedLevel == AuthLevel.MANAGER) {
     //                     t(
-    //                         balanceSheet.manager(poolId, lastCaller),
+    //                         spokeRegistry.manager(poolId, lastCaller),
     //                         "Manager authorization was revoked but operations continued"
     //                     );
     //                 }
@@ -1617,9 +1724,9 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     //             AuthLevel actualAuth = AuthLevel.NONE;
 
     //             // Determine actual authorization level
-    //             if (balanceSheet.wards(actors[k]) == 1) {
+    //             if (spoke.wards(actors[k]) == 1) {
     //                 actualAuth = AuthLevel.WARD;
-    //             } else if (balanceSheet.manager(poolId, actors[k])) {
+    //             } else if (spokeRegistry.manager(poolId, actors[k])) {
     //                 actualAuth = AuthLevel.MANAGER;
     //             }
 
@@ -1664,46 +1771,40 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
     }
 
     /// @dev Property: successful authorized calls must be made by authorized accounts
+    /// @dev Authorization is read live rather than from `ghost_authorizationLevel`: that ghost is keyed by caller
+    ///      alone, so a later `_trackAuthorization` for the same caller on a different pool overwrites the level and
+    ///      the assertion would fire on ghost drift instead of on protocol behaviour.
     function property_authorizationLevel() public {
         PoolId poolId = _getPool();
-        ShareClassId scId = _getShareClassId();
-        bytes32 key = keccak256(abi.encode(poolId, scId));
+        bytes32 key = keccak256(abi.encode(poolId));
 
         // Verify all privileged operations had proper authorization
         if (ghost_privilegedOperationCount[key] > 0) {
             address lastCaller = ghost_lastAuthorizedCaller[key];
-            AuthLevel recordedLevel = ghost_authorizationLevel[lastCaller];
-            // Must be ward or manager
-            t(recordedLevel != AuthLevel.NONE, "Non-authorized address performed privileged operation");
-            // Verify authorization is still valid
-            if (recordedLevel == AuthLevel.WARD) {
-                eq(balanceSheet.wards(lastCaller), 1, "Ward authorization was revoked but operations continued");
-            } else if (recordedLevel == AuthLevel.MANAGER) {
-                t(
-                    balanceSheet.manager(poolId, lastCaller),
-                    "Manager authorization was revoked but operations continued"
-                );
-            }
+
+            t(
+                spoke.wards(lastCaller) == 1 || spokeRegistry.manager(poolId, lastCaller),
+                "Privileged operation by an address not authorized for this pool"
+            );
         }
     }
 
     /// @dev Property: authorization changes are correctly tracked
     function property_authorizationChange() public {
         PoolId poolId = _getPool();
-        ShareClassId scId = _getShareClassId();
         AuthLevel actualAuth = AuthLevel.NONE;
 
         // Determine actual authorization level
-        if (balanceSheet.wards(_getActor()) == 1) {
+        if (spoke.wards(_getActor()) == 1) {
             actualAuth = AuthLevel.WARD;
-        } else if (balanceSheet.manager(poolId, _getActor())) {
+        } else if (spokeRegistry.manager(poolId, _getActor())) {
             actualAuth = AuthLevel.MANAGER;
         }
 
         // If auth changed, verify it was legitimate
         if (ghost_authorizationChanges[_getActor()] > 0 && actualAuth == AuthLevel.NONE) {
             // Auth was revoked - ensure no operations after revocation
-            address lastOp = ghost_lastAuthorizedCaller[keccak256(abi.encode(poolId, scId))];
+            address lastOp = ghost_lastAuthorizedCaller[keccak256(abi.encode(poolId))];
             t(
                 lastOp != _getActor() || ghost_authorizationChanges[_getActor()] == 1,
                 "Operations continued after authorization revoked"
@@ -1738,7 +1839,6 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                     t(!ghost_isEndorsedContract[lastFrom], "Transfer from endorsed contract was allowed");
 
                     // Additional validation for special addresses
-                    t(lastFrom != address(balanceSheet), "Transfer from BalanceSheet contract was allowed");
                     t(lastFrom != address(spoke), "Transfer from Spoke contract was allowed");
                     t(lastFrom != address(hub), "Transfer from Hub contract was allowed");
                 }
@@ -1763,7 +1863,9 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
         PoolId poolId = _getPool();
         ShareClassId scId = _getShareClassId();
 
-        try spoke.shareToken(poolId, scId) returns (IShareToken shareToken) {
+        try spokeRegistry.shareToken(poolId, scId) returns (IERC20 shareTokenAddr) {
+            if (address(shareTokenAddr) == address(0)) return;
+            IShareToken shareToken = IShareToken(address(shareTokenAddr));
             uint256 actualSupply = shareToken.totalSupply();
             // escrow holds tokens that have been redeemed
             uint256 balancesSummed = shareToken.balanceOf(_getPoolEscrowAddress());
@@ -1797,13 +1899,8 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
 
         if (!poolHasShareClass) return;
 
-        try spoke.shareToken(poolId, scId) returns (
-            IShareToken /* shareToken */
-        ) {}
-        catch Error(string memory reason) {
-            if (ghost_supplyOperationOccurred[key]) {
-                t(false, string.concat("Share token unexpectedly missing: ", reason));
-            }
+        if (ghost_supplyOperationOccurred[key]) {
+            t(address(spokeRegistry.shareToken(poolId, scId)) != address(0), "Share token unexpectedly missing");
         }
     }
 
@@ -1842,12 +1939,12 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
 
                     // EXACT INVARIANT: Use theoretical bounds instead of arbitrary tolerances
                     // Fetch prices for direct PricingLib calls (handles zero prices internally)
-                    D18 pricePerAsset = spoke.pricePoolPerAsset(poolId, shareClasses[j], assetId, true);
-                    D18 pricePerShare = spoke.pricePoolPerShare(poolId, shareClasses[j], false);
+                    D18 pricePerAsset = spokeRegistry.pricePoolPerAsset(poolId, shareClasses[j], assetId, true);
+                    D18 pricePerShare = spokeRegistry.pricePoolPerShare(poolId, shareClasses[j], false);
 
                     // Get real addresses for proper decimal handling
-                    address shareToken = address(spoke.shareToken(poolId, shareClasses[j]));
-                    (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
+                    address shareToken = address(spokeRegistry.shareToken(poolId, shareClasses[j]));
+                    (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId);
 
                     // Calculate theoretical bounds only if prices are non-zero
                     uint256 maxTheoreticalShares = (D18.unwrap(pricePerAsset) == 0 || D18.unwrap(pricePerShare) == 0)
@@ -1926,16 +2023,18 @@ abstract contract Properties is BeforeAfter, Asserts, VaultProperties {
                     // Only validate if we have both withdrawals and revocations
                     if (cumulativeWithdrawn > 0 && cumulativeRevoked > 0) {
                         // Core Invariant 1: Get current prices for proportionality validation
-                        try spoke.pricePoolPerShare(poolId, scId, false) returns (D18 pricePerShare) {
-                            try spoke.pricePoolPerAsset(poolId, scId, assetId, true) returns (D18 pricePerAsset) {
+                        try spokeRegistry.pricePoolPerShare(poolId, scId, false) returns (D18 pricePerShare) {
+                            try spokeRegistry.pricePoolPerAsset(poolId, scId, assetId, true) returns (
+                                D18 pricePerAsset
+                            ) {
                                 // Skip validation if either price is 0 (uninitialized state)
                                 if (D18.unwrap(pricePerShare) == 0 || D18.unwrap(pricePerAsset) == 0) {
                                     continue;
                                 }
 
                                 // Get real addresses for proper decimal handling
-                                address shareToken = address(spoke.shareToken(poolId, scId));
-                                (address asset, uint256 tokenId) = spoke.idToAsset(assetId);
+                                address shareToken = address(spokeRegistry.shareToken(poolId, scId));
+                                (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId);
 
                                 // Calculate theoretical bounds only if prices are non-zero
                                 uint256 maxTheoreticalAssets = (D18.unwrap(pricePerShare) == 0
diff --git a/test/integration/recon-end-to-end/properties/VaultProperties.sol b/test/integration/recon-end-to-end/properties/VaultProperties.sol
index 31ed1d034..78411d792 100644
--- a/test/integration/recon-end-to-end/properties/VaultProperties.sol
+++ b/test/integration/recon-end-to-end/properties/VaultProperties.sol
@@ -14,7 +14,7 @@ import {PoolEscrow} from "../../../../src/core/spoke/PoolEscrow.sol";
 import {PricingLib} from "../../../../src/core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
-import {VaultDetails} from "../../../../src/core/spoke/interfaces/IVaultRegistry.sol";
+import {VaultDetails} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
 
@@ -33,83 +33,73 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
     using MathLib for *;
 
     /// === Overridden Implementations === ///
-    function vault_3(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
+    function vault_3(address asyncVaultTarget) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_3(clamped);
     }
 
-    function vault_4(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
+    function vault_4(address asyncVaultTarget) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_4(clamped);
     }
 
-    function vault_5(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
+    function vault_5(address asyncVaultTarget) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_5(clamped);
     }
 
-    function vault_6_deposit(address asyncVaultTarget, uint256 amt) public {
-        _centrifugeSpecificPreChecks();
+    function vault_6_deposit(address asyncVaultTarget, uint256 amt) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_6_deposit(clamped, amt);
     }
 
-    function vault_6_mint(address asyncVaultTarget, uint256 amt) public {
-        _centrifugeSpecificPreChecks();
+    function vault_6_mint(address asyncVaultTarget, uint256 amt) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_6_mint(clamped, amt);
     }
 
-    function vault_6_withdraw(address asyncVaultTarget, uint256 amt) public {
-        _centrifugeSpecificPreChecks();
+    function vault_6_withdraw(address asyncVaultTarget, uint256 amt) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_6_withdraw(clamped, amt);
     }
 
-    function vault_6_redeem(address asyncVaultTarget, uint256 amt) public {
-        _centrifugeSpecificPreChecks();
+    function vault_6_redeem(address asyncVaultTarget, uint256 amt) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_6_redeem(clamped, amt);
     }
 
-    function vault_7(address asyncVaultTarget, uint256 shares) public {
-        _centrifugeSpecificPreChecks();
+    function vault_7(address asyncVaultTarget, uint256 shares) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_7(clamped, shares);
     }
 
-    function vault_8(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
+    function vault_8(address asyncVaultTarget) public statelessTest {
+        require(_canCheckProperties());
         address clamped = _clampVault(asyncVaultTarget);
+        require(Helpers.isAsyncVault(clamped));
         ERC7540Properties.erc7540_8(clamped);
     }
 
-    function vault_9_deposit(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
-        address clamped = _clampVault(asyncVaultTarget);
-        ERC7540Properties.erc7540_9_deposit(clamped);
-    }
-
-    function vault_9_mint(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
-        address clamped = _clampVault(asyncVaultTarget);
-        ERC7540Properties.erc7540_9_mint(clamped);
-    }
-
-    function vault_9_withdraw(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
-        address clamped = _clampVault(asyncVaultTarget);
-        ERC7540Properties.erc7540_9_withdraw(clamped);
-    }
-
-    function vault_9_redeem(address asyncVaultTarget) public {
-        _centrifugeSpecificPreChecks();
-        address clamped = _clampVault(asyncVaultTarget);
-        ERC7540Properties.erc7540_9_redeem(clamped);
-    }
+    // NOTE: erc7540_9 ("if max[method] > 0, method(max) must not revert") is intentionally NOT wrapped. The
+    // custom vault_maxDeposit/maxMint/maxWithdraw/maxRedeem properties below assert the same invariant but
+    // tolerate the admin ops erc7540_9 does not: an unlinked vault, and a stranded claim from a direct
+    // balanceSheet.issue.
 
     /// === Custom Properties === ///
 
@@ -132,12 +122,13 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
         statelessTest
     {
         uint256 maxDepositBefore = _getVault().maxDeposit(_getActor());
+        require(maxDepositBefore > 0, "must be able to deposit");
 
         depositAmount = between(depositAmount, 1, maxDepositBefore);
 
         PoolId poolId = _getVault().poolId();
         ShareClassId scId = _getVault().scId();
-        AssetId assetId = vaultRegistry.vaultDetails(_getVault()).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(_getVault())).assetId;
 
         (uint256 pendingDepositBefore,) =
             batchRequestManager.depositRequest(poolId, scId, assetId, _getActor().toBytes32());
@@ -362,7 +353,7 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
 
         PoolId poolId = _getVault().poolId();
         ShareClassId scId = _getVault().scId();
-        AssetId assetId = vaultRegistry.vaultDetails(_getVault()).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(_getVault())).assetId;
 
         (, uint32 latestRedeemApproval,,) = batchRequestManager.epochId(poolId, scId, assetId);
 
@@ -503,16 +494,21 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
     /// @return tolerance The maximum rounding error from ceil(x/price)→floor(result*price) round-trip
     function _asyncRoundTripTolerance(bool isAssetTolerance) internal view returns (uint256) {
         if (isAssetTolerance) {
-            // Degenerate price check: if 1 full share converts to 0 assets, the price is
-            // near-zero. Claims use fulfillment price but maxDeposit uses current price,
-            // making validation meaningless.
+            // `maxDeposit` is derived from `maxMint` at the actor's FULFILLMENT price, so the tolerance has to be
+            // quoted in that same price domain. `convertToAssets` quotes at the current registry price, which
+            // under-shoots as soon as the share price moves between fulfillment and claim.
+            D18 depositPrice = _actorDepositPrice();
+
+            // Degenerate price check: if 1 full share converts to 0 assets the price is near-zero and the
+            // comparison is meaningless.
+            if (depositPrice.isZero()) return type(uint256).max;
             uint256 oneFullShareInAssets =
-                _getVault().convertToAssets(10 ** IERC20Metadata(_getShareToken()).decimals());
+                _shareToAssetsAt(10 ** IERC20Metadata(_getVault().share()).decimals(), depositPrice);
             if (oneFullShareInAssets == 0) return type(uint256).max;
 
-            // Normal case: ceiling division adds at most 1 share wei (+convertToAssets(1)),
-            // floor-not-distributing adds at most 1 asset wei (+1).
-            return _getVault().convertToAssets(1) + 1;
+            // Normal case: ceiling division debits at most 1 share wei, and the floor on the way back to assets
+            // loses at most 1 asset wei.
+            return _shareToAssetsAt(1, depositPrice) + 1;
         } else {
             uint256 oneFullAssetInShares =
                 _getVault().convertToShares(10 ** IERC20Metadata(_getVault().asset()).decimals());
@@ -522,6 +518,25 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
         }
     }
 
+    /// @dev The actor's weighted-average deposit price, i.e. the price `maxDeposit` is derived at.
+    function _actorDepositPrice() internal view returns (D18 depositPrice) {
+        (,, depositPrice,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+    }
+
+    /// @dev Shares -> assets at an explicit `priceAssetPerShare`, rounded up, mirroring the manager's conversion.
+    function _shareToAssetsAt(uint256 shares, D18 priceAssetPerShare) internal view returns (uint256) {
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(_getVault()));
+
+        return PricingLib.shareToAssetAmount(
+            _getVault().share(),
+            shares.toUint128(),
+            vaultDetails.asset,
+            vaultDetails.tokenId,
+            priceAssetPerShare,
+            MathLib.Rounding.Up
+        );
+    }
+
     /// @dev Validates AsyncVault max value changes
     /// @param operationAmount The operation amount (shares for maxMint, assets for maxDeposit)
     /// @param operationName The name of the operation ("Deposit" or "Mint")
@@ -806,17 +821,12 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
         return true;
     }
 
-    function _centrifugeSpecificPreChecks() internal view {
-        require(msg.sender == address(this)); // Enforces external call to ensure it's not state altering
-        require(_canCheckProperties()); // Early revert to prevent false positives
-    }
-
     /// @dev Helper to validate async vault deposit failures
     function _validateAsyncDepositFailure(uint256 depositAmount) internal {
         (uint128 maxMintState,, D18 depositPrice,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
 
         if (!depositPrice.isZero()) {
-            VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(_getVault());
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(_getVault()));
             uint128 sharesUp = PricingLib.assetToShareAmount(
                 _getVault().share(),
                 vaultDetails.asset,
@@ -847,7 +857,7 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
         (,, D18 depositPrice,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
 
         if (!depositPrice.isZero()) {
-            VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(_getVault());
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(_getVault()));
             uint256 assetsRequired = PricingLib.shareToAssetAmount(
                 _getVault().share(),
                 mintAmount.toUint128(),
@@ -880,7 +890,7 @@ abstract contract VaultProperties is Setup, Asserts, ERC7540Properties {
 
         if (!redeemPrice.isZero()) {
             // Calculate shares required for the withdraw using exact AsyncRequestManager logic
-            VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(_getVault());
+            VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(_getVault()));
             uint128 sharesRequired = PricingLib.assetToShareAmount(
                 _getVault().share(),
                 vaultDetails.asset,
diff --git a/test/integration/recon-end-to-end/targets/AdminTargets.sol b/test/integration/recon-end-to-end/targets/AdminTargets.sol
index 4370565d3..b0c2cccaf 100644
--- a/test/integration/recon-end-to-end/targets/AdminTargets.sol
+++ b/test/integration/recon-end-to-end/targets/AdminTargets.sol
@@ -14,15 +14,17 @@ import {PricingLib} from "../../../../src/core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {IValuation} from "../../../../src/core/hub/interfaces/IValuation.sol";
 import {JournalEntry} from "../../../../src/core/hub/interfaces/IAccounting.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
-import {MAX_MESSAGE_COST} from "../../../../src/core/messaging/interfaces/IGasService.sol";
+
+import {BatchRequestManagerCallLib} from "../../../vaults/utils/BatchRequestManagerCallLib.sol";
 
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
 
 import {OpType} from "../BeforeAfter.sol";
 import {Helpers} from "../utils/Helpers.sol";
 import {Properties} from "../properties/Properties.sol";
+import {MAX_MESSAGE_COST} from "../../../utils/GasConstants.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
 
 // Dependencies
 
@@ -105,20 +107,31 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         hub.addShareClass(poolId, name, symbol, prefixedSalt);
     }
 
+    /// @dev Async approve epoch price must use the same source as the sync deposit path (live spoke pricePoolPerAsset)
+    function _livePricePoolPerAsset(PoolId poolId, ShareClassId scId, AssetId assetId) internal view returns (D18) {
+        try spokeRegistry.pricePoolPerAsset(poolId, scId, assetId, true) returns (D18 price) {
+            return price.isZero() ? D18.wrap(1e18) : price;
+        } catch {
+            return D18.wrap(1e18);
+        }
+    }
+
     function hub_approveDeposits(uint32 nowDepositEpochId, uint128 maxApproval) public updateGhosts {
         PoolId poolId = _getPool();
         ShareClassId scId = _getShareClassId();
         AssetId paymentAssetId = _getAssetId();
         uint128 pendingDepositBefore = batchRequestManager.pendingDeposit(poolId, scId, paymentAssetId);
 
-        batchRequestManager.approveDeposits{value: MAX_MESSAGE_COST}(
+        batchRequestManager.fromHub{value: MAX_MESSAGE_COST}(
             poolId,
-            scId,
-            paymentAssetId,
-            nowDepositEpochId,
-            maxApproval,
-            D18.wrap(1e18), // pricePoolPerAsset - 1:1 price
-            address(this) // refund
+            BatchRequestManagerCallLib.approveDeposits(
+                scId,
+                paymentAssetId,
+                nowDepositEpochId,
+                maxApproval,
+                _livePricePoolPerAsset(poolId, scId, paymentAssetId),
+                address(this)
+            )
         );
 
         uint128 pendingDepositAfter = batchRequestManager.pendingDeposit(poolId, scId, paymentAssetId);
@@ -133,13 +146,12 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         AssetId payoutAssetId = _getAssetId();
         uint128 pendingRedeemBefore = batchRequestManager.pendingRedeem(poolId, scId, payoutAssetId);
 
-        batchRequestManager.approveRedeems{value: MAX_MESSAGE_COST}(
+        // approveRedeems sends no message and rejects value, so it must be called without value.
+        batchRequestManager.fromHub(
             poolId,
-            scId,
-            payoutAssetId,
-            nowRedeemEpochId,
-            maxApproval,
-            D18.wrap(1e18) // pricePoolPerAsset - 1:1 price
+            BatchRequestManagerCallLib.approveRedeems(
+                scId, payoutAssetId, nowRedeemEpochId, maxApproval, _livePricePoolPerAsset(poolId, scId, payoutAssetId)
+            )
         );
 
         uint128 pendingRedeemAfter = batchRequestManager.pendingRedeem(poolId, scId, payoutAssetId);
@@ -182,16 +194,13 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         ShareClassId scId = _getShareClassId();
         AssetId assetId = _getAssetId();
 
-        hub.initializeHolding(
-            poolId,
-            scId,
-            assetId,
-            valuation,
-            AccountId.wrap(assetAccountAsUint),
-            AccountId.wrap(equityAccountAsUint),
-            AccountId.wrap(lossAccountAsUint),
-            AccountId.wrap(gainAccountAsUint)
-        );
+        AccountId[4] memory accounts;
+        accounts[0] = AccountId.wrap(assetAccountAsUint);
+        accounts[1] = AccountId.wrap(equityAccountAsUint);
+        accounts[2] = AccountId.wrap(gainAccountAsUint);
+        accounts[3] = AccountId.wrap(lossAccountAsUint);
+
+        hub.initializeHolding(poolId, scId, assetId, valuation, accounts);
     }
 
     function hub_initializeHolding_clamped(
@@ -205,9 +214,10 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
             ? IValuation(address(identityValuation))
             : IValuation(address(transientValuation));
         AccountId assetAccount = Helpers.getRandomAccountId(createdAccountIds, assetAccountEntropy);
-        AccountId equityAccount = Helpers.getRandomAccountId(createdAccountIds, equityAccountEntropy);
-        AccountId lossAccount = Helpers.getRandomAccountId(createdAccountIds, lossAccountEntropy);
-        AccountId gainAccount = Helpers.getRandomAccountId(createdAccountIds, gainAccountEntropy);
+        AccountId equityAccount =
+            Helpers.getDistinctAccountId(createdAccountIds, assetAccountEntropy, equityAccountEntropy);
+        AccountId lossAccount = Helpers.getDistinctAccountId(createdAccountIds, assetAccountEntropy, lossAccountEntropy);
+        AccountId gainAccount = Helpers.getDistinctAccountId(createdAccountIds, assetAccountEntropy, gainAccountEntropy);
 
         hub_initializeHolding(
             valuation,
@@ -226,14 +236,14 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         ShareClassId scId = _getShareClassId();
         AssetId assetId = _getAssetId();
 
-        hub.initializeLiability(
-            poolId,
-            scId,
-            assetId,
-            valuation,
-            AccountId.wrap(expenseAccountAsUint),
-            AccountId.wrap(liabilityAccountAsUint)
-        );
+        AccountId liabilityAccount = AccountId.wrap(liabilityAccountAsUint);
+        AccountId[4] memory accounts;
+        accounts[0] = AccountId.wrap(expenseAccountAsUint);
+        accounts[1] = liabilityAccount;
+        accounts[2] = liabilityAccount;
+        accounts[3] = liabilityAccount;
+
+        hub.initializeHolding(poolId, scId, assetId, valuation, accounts);
     }
 
     function hub_initializeLiability_clamped(
@@ -245,7 +255,8 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
             ? IValuation(address(identityValuation))
             : IValuation(address(transientValuation));
         AccountId expenseAccount = Helpers.getRandomAccountId(createdAccountIds, expenseAccountEntropy);
-        AccountId liabilityAccount = Helpers.getRandomAccountId(createdAccountIds, liabilityAccountEntropy);
+        AccountId liabilityAccount =
+            Helpers.getDistinctAccountId(createdAccountIds, expenseAccountEntropy, liabilityAccountEntropy);
 
         hub_initializeLiability(valuation, uint32(expenseAccount.raw()), uint32(liabilityAccount.raw()));
     }
@@ -258,11 +269,14 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         ShareClassId scId = _getShareClassId();
         AssetId assetId = _getAssetId();
 
-        address shareToken = address(spoke.shareToken(poolId, scId));
+        address shareToken = address(spokeRegistry.shareToken(poolId, scId));
         uint256 escrowSharesBefore = IShareToken(shareToken).balanceOf(_getPoolEscrowAddress());
 
-        batchRequestManager.issueShares{value: MAX_MESSAGE_COST}(
-            poolId, scId, assetId, nowIssueEpochId, D18.wrap(navPerShare), SHARE_HOOK_GAS, _getActor()
+        batchRequestManager.fromHub{value: MAX_MESSAGE_COST}(
+            poolId,
+            BatchRequestManagerCallLib.issueShares(
+                scId, assetId, nowIssueEpochId, D18.wrap(navPerShare), SHARE_HOOK_GAS, _getActor()
+            )
         );
 
         // Calculate issued amount in separate function to avoid stack depth
@@ -281,7 +295,7 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         ghost_netSharePosition[shareKey] += int256(uint256(issuedShareAmount));
 
         // Check for share queue flip
-        (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(poolId, scId);
         bytes32 key = _poolShareKey(poolId, scId);
         uint128 deltaBefore = before_shareQueueDelta[key];
         bool isPositiveBefore = before_shareQueueIsPositive[key];
@@ -304,8 +318,7 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
 
         // Clamp epochId to current issue epoch
         nowIssueEpochId = batchRequestManager.nowIssueEpoch(poolId, scId, assetId);
-        // Clamp navPerShare to realistic range (1e15 to 2e18 — 0.001 to 2.0 in D18)
-        navPerShare = uint128(between(navPerShare, 1e15, 2e18));
+        navPerShare = _clampToPriceBand(navPerShare);
 
         hub_issueShares(nowIssueEpochId, navPerShare);
     }
@@ -319,14 +332,16 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         hub_notifyPool(CENTRIFUGE_CHAIN_ID);
     }
 
-    function hub_notifyShareClass(uint16 centrifugeId, uint256 hookAsUint) public updateGhosts {
+    function hub_notifyShareClass(uint16 centrifugeId) public updateGhosts {
         PoolId poolId = _getPool();
         ShareClassId scId = _getShareClassId();
-        hub.notifyShareClass{value: MAX_MESSAGE_COST}(poolId, scId, centrifugeId, bytes32(hookAsUint), _getActor());
+        hub.notifyShareClass{value: MAX_MESSAGE_COST}(
+            poolId, scId, centrifugeId, bytes32(bytes20(address(shareTokenRegistrar))), "", 0, _getActor()
+        );
     }
 
-    function hub_notifyShareClass_clamped(uint256 hookAsUint) public {
-        hub_notifyShareClass(CENTRIFUGE_CHAIN_ID, hookAsUint);
+    function hub_notifyShareClass_clamped() public {
+        hub_notifyShareClass(CENTRIFUGE_CHAIN_ID);
     }
 
     function hub_notifySharePrice(uint16 centrifugeId) public updateGhostsWithType(OpType.UPDATE) {
@@ -350,16 +365,21 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
     /// totalIssuance[..] is decreased
     // TODO: Refactor this property to work with new issuance update logic
     function hub_revokeShares(uint32 nowRevokeEpochId, uint128 navPerShare) public updateGhostsWithType(OpType.REMOVE) {
+        navPerShare = _clampToPriceBand(navPerShare);
+
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
         AssetId payoutAssetId = _getAssetId();
 
-        address shareToken = address(spoke.shareToken(poolId, scId));
+        address shareToken = address(spokeRegistry.shareToken(poolId, scId));
         uint256 sharesBefore = IShareToken(shareToken).balanceOf(_getPoolEscrowAddress());
 
-        batchRequestManager.revokeShares{value: MAX_MESSAGE_COST}(
-            poolId, scId, payoutAssetId, nowRevokeEpochId, D18.wrap(navPerShare), SHARE_HOOK_GAS, _getActor()
+        batchRequestManager.fromHub{value: MAX_MESSAGE_COST}(
+            poolId,
+            BatchRequestManagerCallLib.revokeShares(
+                scId, payoutAssetId, nowRevokeEpochId, D18.wrap(navPerShare), SHARE_HOOK_GAS, _getActor()
+            )
         );
 
         // Get and process epoch data in separate function to avoid stack depth
@@ -378,7 +398,7 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         ghost_netSharePosition[shareKey] -= int256(uint256(revokedShareAmount));
 
         // Check for share queue flip
-        (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(poolId, scId);
         bytes32 key = _poolShareKey(poolId, scId);
         uint128 deltaBefore = before_shareQueueDelta[key];
         bool isPositiveBefore = before_shareQueueIsPositive[key];
@@ -453,32 +473,6 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
     //     hub_updateHoldingValuation(assetId.raw(), valuation);
     // }
 
-    function hub_updateHoldingIsLiability(uint128 assetIdAsUint, bool isLiability) public updateGhosts {
-        PoolId poolId = _getPool();
-        ShareClassId scId = _getShareClassId();
-        AssetId assetId = AssetId.wrap(assetIdAsUint);
-        hub.updateHoldingIsLiability(poolId, scId, assetId, isLiability);
-    }
-
-    /// NOTE: When using NAVManager/Accounting, changing isLiability requires the corresponding accountId
-    ///       to be set, otherwise holdings value won't be tracked in accounting.
-    /// @dev Early return is intentional — calling without a configured accountId always reverts in Hub,
-    ///      so the guard avoids wasting fuzzer cycles on guaranteed reverts (not a clamping concern).
-    function hub_updateHoldingIsLiability_clamped(bool isLiability) public {
-        PoolId poolId = _getPool();
-        ShareClassId scId = _getShareClassId();
-        AssetId assetId = _getAssetId();
-
-        uint8 targetAccountType = isLiability ? 5 : 0;
-        AccountId accountId = holdings.accountId(poolId, scId, assetId, targetAccountType);
-
-        if (accountId.raw() == 0) {
-            return;
-        }
-
-        hub_updateHoldingIsLiability(_getAssetId().raw(), isLiability);
-    }
-
     function hub_updateRestriction(uint16 chainId, uint256 payloadAsUint) public updateGhosts {
         PoolId poolId = _getPool();
         ShareClassId scId = _getShareClassId();
@@ -514,8 +508,8 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         bytes32 investor = _getActor().toBytes32();
         AssetId depositAssetId = _getAssetId();
 
-        batchRequestManager.forceCancelDepositRequest{value: MAX_MESSAGE_COST}(
-            poolId, scId, investor, depositAssetId, _getActor()
+        batchRequestManager.fromHub{value: MAX_MESSAGE_COST}(
+            poolId, BatchRequestManagerCallLib.forceCancelDepositRequest(scId, investor, depositAssetId, _getActor())
         );
     }
 
@@ -526,28 +520,11 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         bytes32 investor = _getActor().toBytes32();
         AssetId payoutAssetId = _getAssetId();
 
-        batchRequestManager.forceCancelRedeemRequest{value: MAX_MESSAGE_COST}(
-            poolId, scId, investor, payoutAssetId, _getActor()
+        batchRequestManager.fromHub{value: MAX_MESSAGE_COST}(
+            poolId, BatchRequestManagerCallLib.forceCancelRedeemRequest(scId, investor, payoutAssetId, _getActor())
         );
     }
 
-    function hub_setMaxAssetPriceAge(uint32 maxAge) public updateGhosts {
-        IBaseVault vault = _getVault();
-        PoolId poolId = vault.poolId();
-        ShareClassId scId = vault.scId();
-        AssetId assetId = _getAssetId();
-
-        hub.setMaxAssetPriceAge{value: MAX_MESSAGE_COST}(poolId, scId, assetId, uint64(maxAge), _getActor());
-    }
-
-    function hub_setMaxSharePriceAge(uint16 centrifugeId, uint32 maxAge) public updateGhosts {
-        IBaseVault vault = _getVault();
-        PoolId poolId = vault.poolId();
-        ShareClassId scId = vault.scId();
-
-        hub.setMaxSharePriceAge{value: MAX_MESSAGE_COST}(poolId, scId, centrifugeId, uint64(maxAge), _getActor());
-    }
-
     function hub_updateHoldingValue() public updateGhosts {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
@@ -555,6 +532,15 @@ abstract contract AdminTargets is BaseTargetFunctions, Properties {
         AssetId assetId = _getAssetId();
 
         hub.updateHoldingValue(poolId, scId, assetId);
+
+        eq(
+            uint256(holdings.value(poolId, scId, assetId)),
+            uint256(
+                holdings.valuation(poolId, scId, assetId)
+                    .getQuote(poolId, scId, assetId, holdings.amount(poolId, scId, assetId))
+            ),
+            "post-update() holding value != getQuote(amount)"
+        );
     }
 
     function hub_updateJournal(uint64 poolId, uint8 accountToUpdate, uint128 debitAmount, uint128 creditAmount)
diff --git a/test/integration/recon-end-to-end/targets/BalanceSheetTargets.sol b/test/integration/recon-end-to-end/targets/BalanceSheetTargets.sol
index 1da1cd0d6..d66bd2d03 100644
--- a/test/integration/recon-end-to-end/targets/BalanceSheetTargets.sol
+++ b/test/integration/recon-end-to-end/targets/BalanceSheetTargets.sol
@@ -6,7 +6,6 @@ import {D18, d18} from "../../../../src/misc/types/D18.sol";
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {PoolEscrow} from "../../../../src/core/spoke/PoolEscrow.sol";
-import {BalanceSheet} from "../../../../src/core/spoke/BalanceSheet.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
 
@@ -14,8 +13,11 @@ import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
 import {REASON_DEPOSIT} from "../../../../src/vaults/interfaces/IVaultManagers.sol";
 
 import {Panic} from "@recon/Panic.sol";
+import {Helpers} from "../utils/Helpers.sol";
+import {MockERC20} from "@recon/MockERC20.sol";
 import {Properties} from "../properties/Properties.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
 
 // Helpers
 
@@ -28,14 +30,14 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
     //     _trackAuthorization(_getActor(), PoolId.wrap(0)); // Global operation, use PoolId 0
     //     _checkAndRecordAuthChange(_getActor()); // Track auth changes from deny()
 
-    //     balanceSheet.deny(_getActor());
+    //     spoke.deny(_getActor());
     // }
 
     function balanceSheet_deposit(uint256 tokenId, uint128 amount) public updateGhosts asActor {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         _captureShareQueueState(poolId, scId);
 
         // Track authorization - deposit() requires isManager(poolId)
@@ -58,7 +60,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         ghost_depositProportionalityTracked[assetKey] = true;
 
         // Get current exchange rate (price per asset in pool terms)
-        try spoke.pricePoolPerAsset(poolId, scId, assetId, true) returns (D18 pricePerAsset) {
+        try spokeRegistry.pricePoolPerAsset(poolId, scId, assetId, true) returns (D18 pricePerAsset) {
             // Store weighted average exchange rate
             uint256 totalOps = 1; // Simplified tracking
             if (totalOps == 1) {
@@ -73,14 +75,12 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
             ghost_depositExchangeRate[assetKey] = D18.unwrap(d18(1 ether));
         }
 
-        balanceSheet.deposit(poolId, scId, vault.asset(), tokenId, amount);
+        spoke.deposit(poolId, scId, vault.asset(), tokenId, amount);
 
         sumOfManagerDeposits[vault.asset()] += amount;
 
-        ghost_assetQueueDeposits[assetKey] += amount;
-
         // Update escrow tracking: total balance increases by deposit amount
-        uint128 newAvailable = balanceSheet.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
+        uint128 newAvailable = spoke.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
         ghost_escrowAvailableBalance[assetKey] = newAvailable;
         ghost_escrowReservedBalance[assetKey] = ghost_netReserved[assetKey];
     }
@@ -116,7 +116,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
             }
         }
 
-        balanceSheet.issue(poolId, scId, _getActor(), shares);
+        spoke.issue(poolId, scId, _getActor(), shares);
 
         issuedBalanceSheetShares[poolId][scId] += shares;
         shareMints[vault.share()] += shares;
@@ -126,7 +126,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         ghost_netSharePosition[shareKey] += int256(uint256(shares));
 
         // Check for share queue flip based on actual queue state changes
-        (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(poolId, scId);
         bytes32 key = _poolShareKey(poolId, scId);
         uint128 deltaBefore = before_shareQueueDelta[key];
         bool isPositiveBefore = before_shareQueueIsPositive[key];
@@ -140,12 +140,14 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
 
     /// @dev Property: PoolEscrow.total increases by exactly the amount deposited
     /// @dev Property: PoolEscrow.reserved does not change during noteDeposit
-    /// @notice Direct BalanceSheet operation that updates PoolEscrow
+    /// @notice Direct BalanceSheet operation that updates PoolEscrow. Mirrors noteDeposit's real-world
+    ///         use case (reconciling assets that already reached the escrow via donation/accidental
+    ///         transfer) by minting the matching amount to the escrow first, so the fuzzer explores the
+    ///         intended usage rather than the documented admin over-crediting footgun.
     function balanceSheet_noteDeposit(uint256 tokenId, uint128 amount) public updateGhosts asActor {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
         address asset = vault.asset();
 
         // Track authorization - noteDeposit() requires isManager(poolId)
@@ -154,41 +156,194 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         IPoolEscrow poolEscrow = poolEscrowFactory.escrow(poolId);
         (uint128 totalBefore, uint128 reservedBefore) = PoolEscrow(address(poolEscrow)).holding(scId, asset, tokenId);
 
-        balanceSheet.noteDeposit(poolId, scId, asset, tokenId, amount);
+        if (tokenId == 0) {
+            MockERC20(asset).mint(address(poolEscrow), amount);
+            // noteDeposit credits the escrow the same way balanceSheet_deposit does, so it belongs in the
+            // same conservation-inflow ghost.
+            sumOfManagerDeposits[asset] += amount;
+        }
+
+        spoke.noteDeposit(poolId, scId, asset, tokenId, amount);
 
         (uint128 totalAfter, uint128 reservedAfter) = PoolEscrow(address(poolEscrow)).holding(scId, asset, tokenId);
         t(totalAfter == totalBefore + amount, "balanceSheet_noteDeposit: PoolEscrow.total should increase by amount");
         t(reservedAfter == reservedBefore, "balanceSheet_noteDeposit: PoolEscrow.reserved should not change");
+    }
 
-        bytes32 assetKey = keccak256(abi.encode(poolId, scId, assetId));
-        ghost_assetQueueDeposits[assetKey] += amount;
+    struct WithdrawReservedState {
+        uint128 total;
+        uint128 reserved;
+        uint128 deposits;
+        uint128 withdrawals;
+    }
+
+    /// @dev Property: PoolEscrow.total and PoolEscrow.reserved both decrease by exactly the amount withdrawn
+    /// @dev Property: withdrawReserved does not queue a Hub holding decrease (already queued when reserved)
+    function balanceSheet_withdrawReserved(uint256 tokenId, uint128 amount) public updateGhosts asAdmin {
+        IBaseVault vault = IBaseVault(_getVault());
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+
+        // Track authorization - withdrawReserved() requires isManager(poolId)
+        _trackAuthorization(_getActor(), poolId);
+
+        WithdrawReservedState memory before_ = _captureWithdrawReservedState(vault, tokenId);
+
+        // NOTE: Only REASON_DEPOSIT/asyncRequestManager reservations are reachable here (see balanceSheet_reserve).
+        try spoke.withdrawReserved(
+            poolId, scId, vault.asset(), tokenId, _getActor(), amount, address(asyncRequestManager), REASON_DEPOSIT
+        ) {
+            _checkWithdrawReservedSuccess(vault, tokenId, amount, before_);
+        } catch {}
     }
 
-    function balanceSheet_overridePricePoolPerAsset(D18 value) public updateGhosts asActor {
+    function _captureWithdrawReservedState(IBaseVault vault, uint256 tokenId)
+        private
+        view
+        returns (WithdrawReservedState memory state)
+    {
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        address asset = vault.asset();
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
+
+        IPoolEscrow poolEscrow = poolEscrowFactory.escrow(poolId);
+        (state.total, state.reserved) = PoolEscrow(address(poolEscrow)).holding(scId, asset, tokenId);
+        (state.deposits, state.withdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
+    }
+
+    function _checkWithdrawReservedSuccess(
+        IBaseVault vault,
+        uint256 tokenId,
+        uint128 amount,
+        WithdrawReservedState memory before_
+    ) private {
+        address asset = vault.asset();
+        WithdrawReservedState memory after_ = _captureWithdrawReservedState(vault, tokenId);
+
+        t(
+            after_.total == before_.total - amount,
+            "balanceSheet_withdrawReserved: PoolEscrow.total should decrease by amount"
+        );
+        t(
+            after_.reserved == before_.reserved - amount,
+            "balanceSheet_withdrawReserved: PoolEscrow.reserved should decrease by amount"
+        );
+        eq(after_.deposits, before_.deposits, "balanceSheet_withdrawReserved: queued deposits should not change");
+        eq(
+            after_.withdrawals,
+            before_.withdrawals,
+            "balanceSheet_withdrawReserved: queued withdrawals should not change"
+        );
+
+        bytes32 key =
+            keccak256(abi.encode(vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId));
+        if (ghost_netReserved[key] >= amount) ghost_netReserved[key] -= amount;
+        sumOfManagerWithdrawals[asset] += amount;
+    }
+
+    /// @dev Internal only: unbounded amounts strand notified claims by pulling claim-backing shares from escrow
+    /// @dev Property: withdrawShares moves shares out of the pool escrow with no change to queuedShares
+    function balanceSheet_withdrawShares(uint128 amount) internal updateGhosts asActor {
         IBaseVault vault = IBaseVault(_getVault());
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
 
-        // Track authorization - overridePricePoolPerAsset() requires isManager(poolId)
-        _trackAuthorization(_getActor(), vault.poolId());
+        // Track authorization - withdrawShares() requires isManager(poolId)
+        _trackAuthorization(_getActor(), poolId);
 
-        balanceSheet.overridePricePoolPerAsset(vault.poolId(), vault.scId(), assetId, value);
+        address shareToken = vault.share();
+        address poolEscrowAddr = _getPoolEscrowForVault(vault);
+        uint256 escrowBefore = IShareToken(shareToken).balanceOf(poolEscrowAddr);
+        uint256 receiverBefore = IShareToken(shareToken).balanceOf(_getActor());
+        (uint128 deltaBefore, bool isPositiveBefore,,) = snapshotQueue.queuedShares(poolId, scId);
+
+        try spoke.withdrawShares(poolId, scId, _getActor(), amount) {
+            uint256 escrowAfter = IShareToken(shareToken).balanceOf(poolEscrowAddr);
+            uint256 receiverAfter = IShareToken(shareToken).balanceOf(_getActor());
+            (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(poolId, scId);
+
+            t(
+                escrowBefore - escrowAfter == amount,
+                "balanceSheet_withdrawShares: PoolEscrow share balance should decrease by amount"
+            );
+            t(
+                receiverAfter - receiverBefore == amount,
+                "balanceSheet_withdrawShares: receiver share balance should increase by amount"
+            );
+            eq(deltaAfter, deltaBefore, "balanceSheet_withdrawShares: queuedShares delta should not change");
+            t(
+                isPositiveAfter == isPositiveBefore,
+                "balanceSheet_withdrawShares: queuedShares isPositive should not change"
+            );
+        } catch {}
     }
 
-    function balanceSheet_overridePricePoolPerShare(D18 value) public updateGhosts asActor {
+    /// @dev Bounds amount to the escrow's share free float (balance minus Σ(maxMint + pending redeem + claimable
+    ///      cancel-redeem shares)), so a withdrawal can never strand a notified deposit claim, an in-flight redeem,
+    ///      or a claimable cancel-redeem.
+    /// @dev maxMint backing is async-only (sync deposits claim immediately), but redeem-side shares back claims on
+    ///      BOTH vault types (the redeem side is always async), so those terms are unconditional.
+    /// @dev Pending redeem shares must be reserved too: `cancelRedeemRequest` turns them into a claimable
+    ///      cancel-redeem without moving any shares, so reserving only the claimable side leaves the window before
+    ///      the cancel unguarded.
+    /// @dev The escrow is per-poolId and SpokeRegistry permits several vaults on one (poolId, scId, asset), so a
+    ///      budget derived from the cursor vault alone lets a withdrawal clamped to one vault's backing drain the
+    ///      escrow behind another's claims. The reserve therefore spans every vault on the share class.
+    function balanceSheet_withdrawShares_clamped(uint128 amount) public {
         IBaseVault vault = IBaseVault(_getVault());
+        uint256 escrowShares = IShareToken(vault.share()).balanceOf(_getPoolEscrowForVault(vault));
+
+        uint256 claimBacking = _shareClassClaimBacking(vault);
+        uint256 freeFloat = escrowShares > claimBacking ? escrowShares - claimBacking : 0;
 
-        // Track authorization - overridePricePoolPerShare() requires isManager(poolId)
-        _trackAuthorization(_getActor(), vault.poolId());
+        // Cap at the manager's own net issuance. Escrow shares minted by a deposit approval back a claim that only
+        // materializes at notifyDeposit, so a budget derived from existing claims alone still lets a withdrawal
+        // front-run the notify. Bounding to what the manager itself issued reserves those shares without
+        // reimplementing the hub's per-epoch issuance math here.
+        uint256 managerFloat = shareMints[vault.share()];
+        uint256 budget = freeFloat < managerFloat ? freeFloat : managerFloat;
 
-        balanceSheet.overridePricePoolPerShare(vault.poolId(), vault.scId(), value);
+        amount = uint128(uint256(amount) % (budget + 1));
+        balanceSheet_withdrawShares(amount);
+    }
+
+    /// @dev Shares in the pool escrow that back an outstanding claim on ANY vault of `cursor`'s share class.
+    /// @dev maxMint backing is async-only (sync deposits claim immediately), but redeem-side shares back claims on
+    ///      BOTH vault types (the redeem side is always async), so those terms are unconditional.
+    function _shareClassClaimBacking(IBaseVault cursor) internal view returns (uint256 claimBacking) {
+        PoolId poolId = cursor.poolId();
+        ShareClassId scId = cursor.scId();
+        address[] memory actors = _getActors();
+        IBaseVault[] memory vaults = _getVaults();
+
+        for (uint256 v; v < vaults.length; v++) {
+            IBaseVault vault = vaults[v];
+            if (!(poolId == vault.poolId()) || !(scId == vault.scId())) continue;
+
+            bool isAsync = Helpers.isAsyncVault(address(vault));
+            for (uint256 i; i < actors.length; i++) {
+                if (isAsync) {
+                    try vault.maxMint(actors[i]) returns (uint256 shareAmt) {
+                        claimBacking += shareAmt;
+                    } catch {}
+                }
+                try asyncRequestManager.pendingRedeemRequest(vault, actors[i]) returns (uint256 shareAmt) {
+                    claimBacking += shareAmt;
+                } catch {}
+                try asyncRequestManager.claimableCancelRedeemRequest(vault, actors[i]) returns (uint256 shareAmt) {
+                    claimBacking += shareAmt;
+                } catch {}
+            }
+        }
     }
 
     function balanceSheet_recoverTokens(address token, uint256 amount) public updateGhosts asActor {
-        balanceSheet.recoverTokens(token, _getActor(), amount);
+        spoke.recoverTokens(token, _getActor(), amount);
     }
 
     function balanceSheet_recoverTokens(address token, uint256 tokenId, uint256 amount) public updateGhosts asActor {
-        balanceSheet.recoverTokens(token, tokenId, _getActor(), amount);
+        spoke.recoverTokens(token, tokenId, _getActor(), amount);
     }
 
     // NOTE: removed because introduces false positives
@@ -197,28 +352,9 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
     //     _trackAuthorization(_getActor(), PoolId.wrap(0)); // Global operation, use PoolId 0
     //     _checkAndRecordAuthChange(_getActor()); // Track auth changes from rely()
 
-    //     balanceSheet.rely(_getActor());
+    //     spoke.rely(_getActor());
     // }
 
-    function balanceSheet_resetPricePoolPerAsset() public updateGhosts asActor {
-        IBaseVault vault = IBaseVault(_getVault());
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
-
-        // Track authorization - resetPricePoolPerAsset() requires isManager(poolId)
-        _trackAuthorization(_getActor(), vault.poolId());
-
-        balanceSheet.resetPricePoolPerAsset(vault.poolId(), vault.scId(), assetId);
-    }
-
-    function balanceSheet_resetPricePoolPerShare() public updateGhosts asActor {
-        IBaseVault vault = IBaseVault(_getVault());
-
-        // Track authorization - resetPricePoolPerShare() requires isManager(poolId)
-        _trackAuthorization(_getActor(), vault.poolId());
-
-        balanceSheet.resetPricePoolPerShare(vault.poolId(), vault.scId());
-    }
-
     function balanceSheet_revoke(uint128 shares) public updateGhosts asActor {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
@@ -250,7 +386,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
             }
         }
 
-        balanceSheet.revoke(poolId, scId, shares);
+        spoke.revoke(poolId, scId, shares);
 
         revokedBalanceSheetShares[poolId][scId] += shares;
         shareMints[vault.share()] -= shares;
@@ -260,7 +396,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         ghost_netSharePosition[shareKey] -= int256(uint256(shares));
 
         // Check for share queue flip based on actual queue state changes
-        (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(poolId, scId);
+        (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(poolId, scId);
         bytes32 key = _poolShareKey(poolId, scId);
         uint128 deltaBefore = before_shareQueueDelta[key];
         bool isPositiveBefore = before_shareQueueIsPositive[key];
@@ -294,7 +430,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
 
     //     // Attempt the transfer - will revert if from is endorsed
     //     try
-    //         balanceSheet.transferSharesFrom(
+    //         spoke.transferSharesFrom(
     //             poolId,
     //             scId,
     //             from,
@@ -321,7 +457,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         _captureShareQueueState(poolId, scId);
 
         // Track authorization - withdraw() requires isManager(poolId)
@@ -333,16 +469,15 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         // Track escrow balance sufficiency
         ghost_escrowSufficiencyTracked[assetKey] = true;
 
-        try balanceSheet.withdraw(poolId, scId, vault.asset(), tokenId, _getActor(), amount) {
+        try spoke.withdraw(poolId, scId, vault.asset(), tokenId, _getActor(), amount) {
             // Successful withdrawal
-            uint128 newAvailable = balanceSheet.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
+            uint128 newAvailable = spoke.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
             ghost_escrowAvailableBalance[assetKey] = newAvailable;
             ghost_escrowReservedBalance[assetKey] = ghost_netReserved[assetKey];
 
             // Track withdrawal proportionality
             ghost_withdrawalProportionalityTracked[assetKey] = true;
             ghost_cumulativeAssetsWithdrawn[assetKey] += amount;
-            ghost_assetQueueWithdrawals[assetKey] += amount;
             sumOfManagerWithdrawals[vault.asset()] += amount;
         } catch {
             // NOTE: removed because admin can easily cause this to fail
@@ -358,35 +493,29 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
     // QUEUE OPERATIONS
     // ===============================
 
-    /// @dev Property
-    function balanceSheet_reserve(uint256 tokenId, uint128 amount) public updateGhosts asAdmin {
+    /// @dev Internal only: unbounded reserve amounts reopen the admin-mistake DOS surface, so use the clamped variants
+    function balanceSheet_reserve(uint256 tokenId, uint128 amount) internal updateGhosts asAdmin {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         // Track authorization - reserve() requires isManager(poolId)
         _trackAuthorization(_getActor(), poolId);
 
         bytes32 key = keccak256(abi.encode(poolId, scId, assetId));
 
-        // Track reserve operations
-        ghost_totalReserveOperations[key]++;
-
         // NOTE: Only REASON_DEPOSIT exposed. REASON_REDEEM is covered via lifecycle shortcuts
-        // (e.g., shortcut_redeem_and_claim_clamped) which go through AsyncRequestManager.
-        // Adding REASON_REDEEM here would double the admin-mistake false positive surface
-        // (Issue #10) without new protocol insight.
-        try balanceSheet.reserve(
-            poolId, scId, vault.asset(), tokenId, amount, address(asyncRequestManager), REASON_DEPOSIT
-        ) {
+        // (e.g., shortcut_redeem_and_claim_clamped) which go through AsyncRequestManager; exposing it here
+        // would only widen the admin-mistake false positive surface.
+        try spoke.reserve(poolId, scId, vault.asset(), tokenId, amount, address(asyncRequestManager), REASON_DEPOSIT) {
             if (ghost_netReserved[key] <= type(uint256).max - amount) {
                 ghost_netReserved[key] += amount;
             }
 
             // Track escrow balance sufficiency
             ghost_escrowSufficiencyTracked[key] = true;
-            uint128 newAvailable = balanceSheet.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
+            uint128 newAvailable = spoke.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
             ghost_escrowAvailableBalance[key] = newAvailable;
             ghost_escrowReservedBalance[key] = ghost_netReserved[key];
         } catch (bytes memory err) {
@@ -404,31 +533,39 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        uint128 available = balanceSheet.availableBalanceOf(poolId, scId, vault.asset(), 0);
+        uint128 available = spoke.availableBalanceOf(poolId, scId, vault.asset(), 0);
         amount = uint128(uint256(amount) % (uint256(available) + 1));
         balanceSheet_reserve(0, amount);
     }
 
+    /// @dev Deliberately over-reserves (reserved > total) to drive bounded escrow deficit excursions
+    function balanceSheet_overReserve_clamped(uint128 amount) public {
+        IBaseVault vault = IBaseVault(_getVault());
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        uint128 available = spoke.availableBalanceOf(poolId, scId, vault.asset(), 0);
+        amount = uint128(uint256(available) + 1 + (uint256(amount) % (uint256(available) + 1)));
+        balanceSheet_reserve(0, amount);
+    }
+
     /// @dev Property: unreserve causes an underflow revert
-    function balanceSheet_unreserve(uint256 tokenId, uint128 amount) public updateGhosts asAdmin {
+    /// @dev `internal` (reproducer-only), mirroring `balanceSheet_reserve`: unreserving more than is reserved
+    ///      underflows trivially, so only the clamped variant is on the fuzzer surface.
+    function balanceSheet_unreserve(uint256 tokenId, uint128 amount) internal updateGhosts asAdmin {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         // Track authorization - unreserve() requires isManager(poolId)
         _trackAuthorization(_getActor(), poolId);
 
         bytes32 key = keccak256(abi.encode(poolId, scId, assetId));
 
-        // Track unreserve operations
-        ghost_totalUnreserveOperations[key]++;
-
         // NOTE: Only REASON_DEPOSIT exposed. REASON_REDEEM is covered via lifecycle shortcuts
-        // (e.g., shortcut_redeem_and_claim_clamped) which go through AsyncRequestManager.
-        // Adding REASON_REDEEM here would double the admin-mistake false positive surface
-        // (Issue #10) without new protocol insight.
-        try balanceSheet.unreserve(
+        // (e.g., shortcut_redeem_and_claim_clamped) which go through AsyncRequestManager; exposing it here
+        // would only widen the admin-mistake false positive surface.
+        try spoke.unreserve(
             poolId, scId, vault.asset(), tokenId, amount, address(asyncRequestManager), REASON_DEPOSIT
         ) {
             if (ghost_netReserved[key] >= amount) {
@@ -437,7 +574,7 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
 
             // Track escrow balance sufficiency
             ghost_escrowSufficiencyTracked[key] = true;
-            uint128 newAvailable = balanceSheet.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
+            uint128 newAvailable = spoke.availableBalanceOf(poolId, scId, vault.asset(), tokenId);
             ghost_escrowAvailableBalance[key] = newAvailable;
             ghost_escrowReservedBalance[key] = ghost_netReserved[key];
         } catch (bytes memory err) {
@@ -450,11 +587,22 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         }
     }
 
+    /// @dev Bounds amount to what is actually reserved, so the fuzzer exercises unreserve instead of the underflow
+    ///      that any over-unreserve trivially produces.
+    function balanceSheet_unreserve_clamped(uint128 amount) public {
+        IBaseVault vault = IBaseVault(_getVault());
+        bytes32 key =
+            keccak256(abi.encode(vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId));
+
+        amount = uint128(uint256(amount) % (ghost_netReserved[key] + 1));
+        balanceSheet_unreserve(0, amount);
+    }
+
     function balanceSheet_submitQueuedAssets(uint128 extraGasLimit) public updateGhosts asAdmin {
         IBaseVault vault = IBaseVault(_getVault());
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         // Track authorization - submitQueuedAssets() requires isManager(poolId)
         _trackAuthorization(_getActor(), poolId);
@@ -463,10 +611,14 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         bytes32 shareKey = keccak256(abi.encode(poolId, scId));
 
         // Get current nonce to track monotonicity
-        (,,, uint64 currentNonce) = balanceSheet.queuedShares(poolId, scId);
+        (,,, uint64 currentNonce) = snapshotQueue.queuedShares(poolId, scId);
         ghost_previousNonce[shareKey] = currentNonce;
 
-        balanceSheet.submitQueuedAssets(poolId, scId, assetId, extraGasLimit, address(this));
+        spoke.submitQueuedAssets(poolId, scId, assetId, extraGasLimit, address(this));
+
+        (uint128 deposits, uint128 withdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
+        eq(uint256(deposits), 0, "submitQueuedAssets: queued deposits not flushed to 0");
+        eq(uint256(withdrawals), 0, "submitQueuedAssets: queued withdrawals not flushed to 0");
     }
 
     function balanceSheet_submitQueuedShares(uint128 extraGasLimit) public updateGhosts asAdmin {
@@ -482,12 +634,16 @@ abstract contract BalanceSheetTargets is BaseTargetFunctions, Properties {
         bytes32 shareKey = keccak256(abi.encode(poolId, scId));
 
         // Get current nonce to track monotonicity
-        (,,, uint64 currentNonce) = balanceSheet.queuedShares(poolId, scId);
+        (,,, uint64 currentNonce) = snapshotQueue.queuedShares(poolId, scId);
         ghost_previousNonce[shareKey] = currentNonce;
 
         ghost_shareQueueNonce[shareKey]++;
 
-        balanceSheet.submitQueuedShares{value: 0.1 ether}(poolId, scId, extraGasLimit, address(this));
+        spoke.submitQueuedShares{value: 0.1 ether}(poolId, scId, extraGasLimit, address(this));
+
+        (uint128 delta, bool isPositive,,) = snapshotQueue.queuedShares(poolId, scId);
+        eq(uint256(delta), 0, "submitQueuedShares: queued share delta not flushed to 0");
+        t(!isPositive, "submitQueuedShares: queued share isPositive not reset");
 
         // Reset ghost_netSharePosition to match the cleared queue state
         // After submitQueuedShares, the BalanceSheet contract resets delta=0 and isPositive=false
diff --git a/test/integration/recon-end-to-end/targets/DoomsdayTargets.sol b/test/integration/recon-end-to-end/targets/DoomsdayTargets.sol
index f2b7456ca..581781cf1 100644
--- a/test/integration/recon-end-to-end/targets/DoomsdayTargets.sol
+++ b/test/integration/recon-end-to-end/targets/DoomsdayTargets.sol
@@ -8,19 +8,25 @@ import {D18} from "../../../../src/misc/types/D18.sol";
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {AccountId} from "../../../../src/core/types/AccountId.sol";
+import {PoolEscrow} from "../../../../src/core/spoke/PoolEscrow.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
-import {MAX_MESSAGE_COST} from "../../../../src/core/messaging/interfaces/IGasService.sol";
+
+import {BatchRequestManagerCallLib} from "../../../vaults/utils/BatchRequestManagerCallLib.sol";
 
 import {BaseVault} from "../../../../src/vaults/BaseVaults.sol";
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
+import {IAsyncVault} from "../../../../src/vaults/interfaces/IAsyncVault.sol";
 
 import {console2} from "forge-std/console2.sol";
 
 import {vm} from "@chimera/Hevm.sol";
 import {OpType} from "../BeforeAfter.sol";
+import {Helpers} from "../utils/Helpers.sol";
+import {MockERC20} from "@recon/MockERC20.sol";
 import {Properties} from "../properties/Properties.sol";
+import {MAX_MESSAGE_COST} from "../../../utils/GasConstants.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
 
 // Dependencies
 
@@ -94,22 +100,27 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
                 t(false, "cannot mint less than maxMint");
             }
         }
-        // Use vault's conversion to properly handle decimal scaling
-        // Expected assets = what the vault says these shares should cost at CURRENT spot price
-        uint256 expectedAssetsSpent = _getVault().convertToAssets(shares);
-
-        // Property 1: vault charges at least the spot-price estimate (rounds up to favor itself)
-        gte(assetsSpent, expectedAssetsSpent, "assetsSpent < expectedAssetsSpent");
-
-        // Property 2: round-trip — converting assetsSpent back to shares should recover >= shares.
-        // Guard: skip when the asset/share decimal + price combination is at dust boundary where
-        // convertToShares can't produce meaningful output. If 1 asset-wei converts to 0 shares,
-        // any small assetsSpent will also round-trip to 0 — this is integer arithmetic precision
-        // loss at minimum resolution, not a protocol bug. Both ceil(x)=1 and floor(x)=0 are
-        // correct for sub-unit values; the round-trip simply can't preserve information at this scale.
-        if (assetsSpent > 0 && _getVault().convertToShares(1) > 0) {
-            uint256 assetsAsShares = _getVault().convertToShares(assetsSpent);
-            gte(assetsAsShares, shares, "assetsAsShares < shares requested");
+        // Spot-price comparisons below only hold for SYNC vaults. ASYNC vaults claim already-fulfilled
+        // shares at the price locked in at issue time, so a later price move makes assetsSpent
+        // incomparable to convertToAssets (spot price).
+        if (!Helpers.isAsyncVault(address(_getVault()))) {
+            // Use vault's conversion to properly handle decimal scaling
+            // Expected assets = what the vault says these shares should cost at CURRENT spot price
+            uint256 expectedAssetsSpent = _getVault().convertToAssets(shares);
+
+            // Property 1: vault charges at least the spot-price estimate (rounds up to favor itself)
+            gte(assetsSpent, expectedAssetsSpent, "assetsSpent < expectedAssetsSpent");
+
+            // Property 2: round-trip — converting assetsSpent back to shares should recover >= shares.
+            // Guard: skip when the asset/share decimal + price combination is at dust boundary where
+            // convertToShares can't produce meaningful output. If 1 asset-wei converts to 0 shares,
+            // any small assetsSpent will also round-trip to 0 — this is integer arithmetic precision
+            // loss at minimum resolution, not a protocol bug. Both ceil(x)=1 and floor(x)=0 are
+            // correct for sub-unit values; the round-trip simply can't preserve information at this scale.
+            if (assetsSpent > 0 && _getVault().convertToShares(1) > 0) {
+                uint256 assetsAsShares = _getVault().convertToShares(assetsSpent);
+                gte(assetsAsShares, shares, "assetsAsShares < shares requested");
+            }
         }
     }
 
@@ -118,7 +129,10 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
     /// @dev Property: user should always be able to redeem less than maxWithdraw
     function doomsday_redeem(uint256 shares) public statelessTest {
         uint256 ppfsBefore = BaseVault(address(_getVault())).pricePerShare();
-        (, uint128 maxWithdraw,,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+        // Zero price is covered by doomsday_zeroPrice_noPanics; here it would only divide by zero
+        require(ppfsBefore > 0, "non-zero price");
+
+        (, uint128 maxWithdraw,, D18 redeemPrice,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
         uint256 maxWithdrawAsShares = _getVault().convertToShares(maxWithdraw);
 
         vm.prank(_getActor());
@@ -132,23 +146,49 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
                 t(false, "cannot redeem less than maxWithdraw");
             }
         }
+        // The bounds below value the payout with `convertTo*`, which quote the CURRENT registry price, while
+        // `redeem` paid at the actor's fulfillment `redeemPrice`. Once those diverge the comparison spans two
+        // prices and the gap grows with their ratio, so it is only defined while they agree. The liveness check
+        // above is unaffected and stays live regardless.
+        if (!(_currentAssetPerShare() == redeemPrice)) return;
+
         uint256 assetsAsShares = _getVault().convertToShares(assetsReceived);
 
-        uint256 expectedAssets = (shares * ppfsBefore) + (10 ** IShareToken(_getShareToken()).decimals());
-        uint256 expectedAssetsAsShares =
-            (_getVault().convertToAssets(shares) / ppfsBefore) - (10 ** IShareToken(_getShareToken()).decimals());
+        // pricePerShare() is assets per *whole* share, so both conversions normalize by one share unit,
+        // and the dust allowance widens each bound rather than tightening it
+        uint256 shareUnit = 10 ** IShareToken(_getShareToken()).decimals();
+        uint256 sharesAsAssets = (shares * ppfsBefore) / shareUnit;
+        uint256 sharesRoundTrip = (_getVault().convertToAssets(shares) * shareUnit) / ppfsBefore;
+
+        uint256 expectedAssets = sharesAsAssets + shareUnit;
+        uint256 expectedAssetsAsShares = sharesRoundTrip > shareUnit ? sharesRoundTrip - shareUnit : 0;
 
         lte(assetsReceived, expectedAssets, "assetsReceived > expectedAssets");
         gte(assetsAsShares, expectedAssetsAsShares, "assetsAsShares < expectedAssetsAsShares");
     }
 
+    /// @dev The `priceAssetPerShare` that `convertToAssets`/`convertToShares` currently quote, so it can be compared
+    /// against the per-actor fulfillment price that claims are settled at.
+    function _currentAssetPerShare() internal view returns (D18) {
+        IBaseVault vault = _getVault();
+        D18 pricePoolPerAsset = spokeRegistry.pricePoolPerAsset(
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId, false
+        );
+        D18 pricePoolPerShare = spokeRegistry.pricePoolPerShare(vault.poolId(), vault.scId(), false);
+
+        return pricePoolPerAsset.isZero() ? D18.wrap(0) : pricePoolPerShare / pricePoolPerAsset;
+    }
+
     /// @dev Property: user pays pricePerShare + precision, the amount of shares user receives should be pricePerShare -
     /// precision
     /// @dev Property: user should always be able to withdraw less than maxWithdraw
     function doomsday_withdraw(uint256 assets) public statelessTest {
         uint256 ppfsBefore = BaseVault(address(_getVault())).pricePerShare();
+        // Zero price is covered by doomsday_zeroPrice_noPanics; here it would only divide by zero
+        require(ppfsBefore > 0, "non-zero price");
+
         uint256 assetsAsSharesBefore = _getVault().convertToShares(assets);
-        (, uint128 maxWithdraw,,,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
+        (, uint128 maxWithdraw,, D18 redeemPrice,,,,,,) = asyncRequestManager.investments(_getVault(), _getActor());
 
         vm.prank(_getActor());
         uint256 sharesReceived;
@@ -161,15 +201,101 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
                 t(false, "cannot withdraw less than maxWithdraw");
             }
         }
+        // The bounds below value the burn with `convertTo*`/`pricePerShare`, which quote the CURRENT registry
+        // price, while `withdraw` settled at the actor's fulfillment `redeemPrice`. Once those diverge the
+        // comparison spans two prices, so it is only defined while they agree. The liveness check above is
+        // unaffected and stays live regardless.
+        if (!(_currentAssetPerShare() == redeemPrice)) return;
+
         uint256 sharesAsAssets = _getVault().convertToAssets(sharesReceived);
 
-        uint256 expectedAssets = (assetsAsSharesBefore * ppfsBefore) + (10 ** IShareToken(_getShareToken()).decimals());
-        uint256 expectedAssetsAsShares = (assets / ppfsBefore) - (10 ** IShareToken(_getShareToken()).decimals());
+        // pricePerShare() is assets per *whole* share, so both conversions normalize by one share unit,
+        // and the dust allowance widens each bound rather than tightening it
+        uint256 shareUnit = 10 ** IShareToken(_getShareToken()).decimals();
+        uint256 assetsRoundTrip = (assetsAsSharesBefore * ppfsBefore) / shareUnit;
+        uint256 expectedAssets = assetsRoundTrip > shareUnit ? assetsRoundTrip - shareUnit : 0;
+        uint256 expectedAssetsAsShares = ((assets * shareUnit) / ppfsBefore) + shareUnit;
 
         gte(sharesAsAssets, expectedAssets, "sharesAsAssets < expectedAssets");
         lte(sharesReceived, expectedAssetsAsShares, "sharesReceived > expectedAssetsAsShares");
     }
 
+    /// @dev Property (DOS): a claimable deposit cancellation must always be claimable and pay exactly the
+    ///      recorded amount. ARM zeroes claimableCancelDepositRequest before the transfer, so only
+    ///      transfer restrictions can gate it — otherwise a stuck claim would strand a user's refund.
+    /// @dev Skips two accepted admin footguns that legitimately block the refund: an unlinked vault
+    ///      (VaultNotLinked) and an over-reserve deficit where holding.total can't back the reserved
+    ///      refund (InsufficientBalance).
+    function doomsday_claimCancelDepositRequest_always_claimable() public statelessTest {
+        IBaseVault vault = _getVault();
+        if (address(vault) == address(0)) return;
+        if (!spokeRegistry.isLinked(address(vault))) return;
+
+        address controller = _getActor();
+        uint256 claimable = asyncRequestManager.claimableCancelDepositRequest(vault, controller);
+        if (claimable == 0) return;
+
+        address asset = vault.asset();
+
+        (uint128 escrowTotal, uint128 escrowReserved) =
+            PoolEscrow(address(spoke.escrow(vault.poolId()))).holding(vault.scId(), asset, 0);
+        if (escrowTotal < escrowReserved) return;
+
+        uint256 balBefore = MockERC20(asset).balanceOf(controller);
+
+        vm.prank(controller);
+        try IAsyncVault(address(vault)).claimCancelDepositRequest(REQUEST_ID, controller, controller) returns (
+            uint256 assets
+        ) {
+            eq(assets, claimable, "claimCancelDeposit payout != claimable");
+            eq(
+                MockERC20(asset).balanceOf(controller) - balBefore,
+                claimable,
+                "claimCancelDeposit balance delta != claimable"
+            );
+        } catch {
+            bool isFrozen = fullRestrictions.isFrozen(vault.share(), controller);
+            (bool isMember,) = fullRestrictions.isMember(vault.share(), controller);
+            if (!isFrozen && isMember) {
+                t(false, "claimable cancel deposit could not be claimed");
+            }
+        }
+    }
+
+    /// @dev Property (DOS): a claimable redeem cancellation must always be claimable and return exactly the
+    ///      recorded shares. Redeem twin of doomsday_claimCancelDepositRequest_always_claimable.
+    /// @dev Skips an unlinked vault (claimCancel reverts VaultNotLinked) — an accepted admin op, not a
+    ///      protocol bug.
+    function doomsday_claimCancelRedeemRequest_always_claimable() public statelessTest {
+        IBaseVault vault = _getVault();
+        if (address(vault) == address(0)) return;
+        if (!spokeRegistry.isLinked(address(vault))) return;
+
+        address controller = _getActor();
+        uint256 claimable = asyncRequestManager.claimableCancelRedeemRequest(vault, controller);
+        if (claimable == 0) return;
+
+        uint256 shareBalBefore = IShareToken(vault.share()).balanceOf(controller);
+
+        vm.prank(controller);
+        try IAsyncVault(address(vault)).claimCancelRedeemRequest(REQUEST_ID, controller, controller) returns (
+            uint256 shares
+        ) {
+            eq(shares, claimable, "claimCancelRedeem payout != claimable");
+            eq(
+                IShareToken(vault.share()).balanceOf(controller) - shareBalBefore,
+                claimable,
+                "claimCancelRedeem balance delta != claimable"
+            );
+        } catch {
+            bool isFrozen = fullRestrictions.isFrozen(vault.share(), controller);
+            (bool isMember,) = fullRestrictions.isMember(vault.share(), controller);
+            if (!isFrozen && isMember) {
+                t(false, "claimable cancel redeem could not be claimed");
+            }
+        }
+    }
+
     /// @dev Property: pricePerShare never changes after a user operation
     function doomsday_pricePerShare_never_changes_after_user_operation() public {
         if (currentOperation != OpType.ADMIN && currentOperation != OpType.UPDATE) {
@@ -214,7 +340,7 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
         // Set zero price directly
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         // Set zero prices in hub and transient valuation
         hub.updateSharePrice(poolId, scId, D18.wrap(0), uint64(block.timestamp));
@@ -288,8 +414,11 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
         // Read epoch amounts BEFORE zero-price issuance to compute delta
         // (epoch may already have non-zero approvals from prior non-zero-price operations)
         (uint128 approvedPoolBefore,,,,,) = batchRequestManager.epochInvestAmounts(poolId, scId, assetId, nowIssueEpoch);
-        try batchRequestManager.issueShares{value: 0.1 ether}(
-            poolId, scId, assetId, nowIssueEpoch, D18.wrap(0), SHARE_HOOK_GAS, address(this)
+        try batchRequestManager.fromHub{value: 0.1 ether}(
+            poolId,
+            BatchRequestManagerCallLib.issueShares(
+                scId, assetId, nowIssueEpoch, D18.wrap(0), SHARE_HOOK_GAS, address(this)
+            )
         ) {
             (uint128 approvedPoolAfter,,,,,) =
                 batchRequestManager.epochInvestAmounts(poolId, scId, assetId, nowIssueEpoch);
@@ -301,8 +430,11 @@ abstract contract DoomsdayTargets is BaseTargetFunctions, Properties {
         }
 
         uint32 nowRevokeEpoch = batchRequestManager.nowRevokeEpoch(poolId, scId, assetId);
-        try batchRequestManager.revokeShares(
-            poolId, scId, assetId, nowRevokeEpoch, D18.wrap(0), SHARE_HOOK_GAS, address(this)
+        try batchRequestManager.fromHub(
+            poolId,
+            BatchRequestManagerCallLib.revokeShares(
+                scId, assetId, nowRevokeEpoch, D18.wrap(0), SHARE_HOOK_GAS, address(this)
+            )
         ) {
             (,,,, uint128 payoutAssetAmount,) =
                 batchRequestManager.epochRedeemAmounts(poolId, scId, assetId, nowRevokeEpoch);
diff --git a/test/integration/recon-end-to-end/targets/HubTargets.sol b/test/integration/recon-end-to-end/targets/HubTargets.sol
index dc31613ec..5c90adf56 100644
--- a/test/integration/recon-end-to-end/targets/HubTargets.sol
+++ b/test/integration/recon-end-to-end/targets/HubTargets.sol
@@ -10,7 +10,7 @@ import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {PoolEscrow} from "../../../../src/core/spoke/PoolEscrow.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
-import {MAX_MESSAGE_COST} from "../../../../src/core/messaging/interfaces/IGasService.sol";
+import {ManagerKind} from "../../../../src/core/messaging/libraries/MessageLib.sol";
 import {IHubRequestManager} from "../../../../src/core/hub/interfaces/IHubRequestManager.sol";
 
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
@@ -19,8 +19,8 @@ import {BatchRequestManagerHarness} from "../mocks/BatchRequestManagerHarness.so
 
 import {vm} from "@chimera/Hevm.sol";
 import {OpType} from "../BeforeAfter.sol";
-import {Helpers} from "../utils/Helpers.sol";
 import {Properties} from "../properties/Properties.sol";
+import {MAX_MESSAGE_COST} from "../../../utils/GasConstants.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
 
 // Dependencies
@@ -55,7 +55,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         bytes32 investor = CastLib.toBytes32(_getActor());
         PoolId poolId = _getVault().poolId();
         ShareClassId scId = _getVault().scId();
-        AssetId assetId = vaultRegistry.vaultDetails(_getVault()).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(_getVault())).assetId;
 
         uint32 maxClaimsBound = batchRequestManager.maxDepositClaims(poolId, scId, investor, assetId);
         maxClaims = uint32(between(maxClaims, 0, maxClaimsBound));
@@ -69,7 +69,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         bytes32 investor = CastLib.toBytes32(_getActor());
         PoolId poolId = _getVault().poolId();
         ShareClassId scId = _getVault().scId();
-        AssetId assetId = vaultRegistry.vaultDetails(_getVault()).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(_getVault())).assetId;
 
         uint32 maxClaimsBound = batchRequestManager.maxRedeemClaims(poolId, scId, investor, assetId);
         maxClaims = uint32(between(maxClaims, 0, maxClaimsBound));
@@ -82,8 +82,15 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
     // ═══════════════════════════════════════════════════════════════
     // PERMISSIONLESS FUNCTIONS
     // ═══════════════════════════════════════════════════════════════
-    function hub_createPool(uint64 poolIdAsUint, address admin, uint128 assetIdAsUint)
-        public
+    function hub_createPool(uint64 poolIdAsUint, address admin, uint128 assetIdAsUint) public returns (PoolId poolId) {
+        require(poolCount < RECON_MAX_POOLS, "pool deploy cap");
+
+        return _hub_createPool(poolIdAsUint, admin, assetIdAsUint);
+    }
+
+    /// @dev Uncapped, so the one-shot deploy shortcut can never be locked out by the cap
+    function _hub_createPool(uint64 poolIdAsUint, address admin, uint128 assetIdAsUint)
+        internal
         updateGhosts
         asActor
         returns (PoolId poolId)
@@ -94,16 +101,11 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         hub.createPool(_poolId, admin, _assetId);
 
         _addPool(_poolId.raw());
+        poolCount++;
 
         return _poolId;
     }
 
-    function hub_createPool_clamped(uint64 poolIdAsUint, uint128 assetEntropy) public asActor {
-        AssetId _assetId = Helpers.getRandomAssetId(createdAssetIds, assetEntropy);
-
-        hub_createPool(poolIdAsUint, _getActor(), _assetId.raw());
-    }
-
     /// @dev The investor is explicitly clamped to one of the actors to make checking properties over all actors easier
     /// @dev Property: After successfully calling claimDeposit for an investor (via notifyDeposit), their
     /// depositRequest[..].lastUpdate equals the nowDepositEpoch for the deposit
@@ -114,7 +116,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
     /// - Tracks AsyncRequestManager pending deltas (pendingBeforeARM - pendingAfterARM)
     /// - Tracks maxMint changes for symmetry with redeem flow
     /// - Validates PoolEscrow state changes
-    /// - Uses hubHandler.notifyDeposit() return values for reliable state tracking
+    /// - Uses BatchRequestManagerHarness.notifyDepositWithReturn() return values for reliable state tracking
     /// - Updates ghost variables: sumOfFulfilledDeposits, sumOfClaimedDeposits, userDepositProcessed
     function hub_notifyDeposit(uint32 maxClaims) public updateGhostsWithType(OpType.NOTIFY) asActor {
         address actor = _getActor();
@@ -123,7 +125,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
 
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         // Calculate max claims
         uint32 maxClaimsBound = batchRequestManager.maxDepositClaims(poolId, scId, investor, assetId);
@@ -201,7 +203,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
     /// @notice Redeem Flow Tracking:
     /// - Tracks claimable withdrawal deltas (investorClaimableAfter - investorClaimableBefore)
     /// - Tracks share balance changes (investorSharesBefore vs investorSharesAfter)
-    /// - Uses hubHandler.notifyRedeem() return values for reliable state tracking
+    /// - Uses BatchRequestManagerHarness.notifyRedeemWithReturn() return values for reliable state tracking
     /// - Updates ghost variables: sumOfWithdrawable, userRedemptionsProcessed, userCancelledRedeems
     function hub_notifyRedeem(uint32 maxClaims) public updateGhostsWithType(OpType.NOTIFY) asActor {
         _executeNotifyRedeem(maxClaims);
@@ -215,15 +217,13 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
 
         // Execute notifyRedeemWithReturn and get return values
         vm.prank(actor);
-        (,
-            // totalPayoutAssetAmount - not used for ghost variables
-            uint128 totalPaymentShareAmount,
-            uint128 totalCancelledShareAmount
-        ) = BatchRequestManagerHarness(address(batchRequestManager))
+        (uint128 totalPayoutAssetAmount, uint128 totalPaymentShareAmount, uint128 totalCancelledShareAmount) = BatchRequestManagerHarness(
+                address(batchRequestManager)
+            )
             .notifyRedeemWithReturn(
                 vault.poolId(),
                 vault.scId(),
-                vaultRegistry.vaultDetails(vault).assetId,
+                spokeRegistry.vaultDetails(address(vault)).assetId,
                 CastLib.toBytes32(actor),
                 maxClaims,
                 actor
@@ -233,7 +233,8 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
             investorClaimableBefore,
             asyncRequestManager.maxWithdraw(vault, actor),
             totalPaymentShareAmount,
-            totalCancelledShareAmount
+            totalCancelledShareAmount,
+            totalPayoutAssetAmount
         );
     }
 
@@ -277,12 +278,26 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         );
     }
 
-    function hub_updateBalanceSheetManager(uint16 chainId, uint64 poolId, address manager, bool enable) public asAdmin {
-        hub.updateBalanceSheetManager{value: GAS}(
-            PoolId.wrap(poolId), chainId, CastLib.toBytes32(manager), enable, address(this)
+    function hub_updateSpokeManager(uint16 chainId, uint64 poolId, address manager, bool enable) public asAdmin {
+        hub.updateManager{value: GAS}(
+            PoolId.wrap(poolId), chainId, ManagerKind.Spoke, CastLib.toBytes32(manager), enable, address(this)
         );
     }
 
+    /// @dev Reproducer-only: writing the hub ledger directly desyncs the snapshot nonce from `SnapshotQueue`
+    ///      (every later `submitQueued*` reverts `InvalidNonce`) and moves `holdings.amount` with no escrow move
+    function hub_updateAssets(uint128 amount, bool isIncrease) internal updateGhosts asAdmin {
+        IBaseVault vault = IBaseVault(_getVault());
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
+        uint16 centrifugeId = assetId.centrifugeId();
+
+        (, uint64 nonce) = holdings.snapshot(poolId, scId, centrifugeId);
+
+        hubHandler.updateAssets(centrifugeId, poolId, scId, assetId, amount, isIncrease, true, nonce);
+    }
+
     // ═══════════════════════════════════════════════════════════════
     // HELPER FUNCTIONS
     // ═══════════════════════════════════════════════════════════════
@@ -295,6 +310,27 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         return maxClaims == maxClaimsBound && maxClaims > 0;
     }
 
+    /// @dev `hub_notifyDeposit` gates its claim-completeness check on `maxClaims == bound`, so pass the exact bound
+    function _maxDepositClaims() internal view returns (uint32) {
+        IBaseVault vault = _getVault();
+        return batchRequestManager.maxDepositClaims(
+            vault.poolId(),
+            vault.scId(),
+            CastLib.toBytes32(_getActor()),
+            spokeRegistry.vaultDetails(address(vault)).assetId
+        );
+    }
+
+    function _maxRedeemClaims() internal view returns (uint32) {
+        IBaseVault vault = _getVault();
+        return batchRequestManager.maxRedeemClaims(
+            vault.poolId(),
+            vault.scId(),
+            CastLib.toBytes32(_getActor()),
+            spokeRegistry.vaultDetails(address(vault)).assetId
+        );
+    }
+
     // ═══════════════════════════════════════════════════════════════
     // STATE CAPTURE FUNCTIONS - Before/after state tracking
     // ═══════════════════════════════════════════════════════════════
@@ -310,7 +346,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         (pendingBeforeSCM,) = batchRequestManager.depositRequest(poolId, scId, assetId, investor);
         (,,,, pendingBeforeARM,,,,,) = asyncRequestManager.investments(vault, _getActor());
@@ -389,7 +425,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         uint128 cancelledAssetAmount
     ) private {
         IBaseVault vault = _getVault();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         ShareClassId scId = vault.scId();
         address actor = _getActor();
 
@@ -425,7 +461,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         (, uint32 lastUpdate) = batchRequestManager.depositRequest(poolId, scId, assetId, investor);
         (uint32 depositEpochId,,,) = batchRequestManager.epochId(poolId, scId, assetId);
@@ -439,7 +475,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         (bool isCancellingAfter,) = batchRequestManager.queuedDepositRequest(poolId, scId, assetId, investor);
 
@@ -463,7 +499,7 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         (uint128 pendingAfterSCM,) = batchRequestManager.depositRequest(poolId, scId, assetId, investor);
 
@@ -501,14 +537,16 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
     /// @param investorClaimableAfter Claimable amount after claim
     /// @param paymentShareAmount Total shares used for payment
     /// @param cancelledShareAmount Amount of shares cancelled
+    /// @param payoutAssetAmount Total assets paid out by the fulfilled redemption (asset-denominated payout)
     function _updateRedeemGhostVariables(
         uint256 investorClaimableBefore,
         uint256 investorClaimableAfter,
         uint128 paymentShareAmount,
-        uint128 cancelledShareAmount
+        uint128 cancelledShareAmount,
+        uint128 payoutAssetAmount
     ) private {
         IBaseVault vault = _getVault();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         ShareClassId scId = vault.scId();
         address actor = _getActor();
 
@@ -518,6 +556,8 @@ abstract contract HubTargets is BaseTargetFunctions, Properties {
 
         userRedemptionsProcessed[scId][assetId][actor] += paymentShareAmount;
 
+        userRedemptionsProcessedAssets[scId][assetId][actor] += payoutAssetAmount;
+
         userCancelledRedeems[scId][assetId][actor] += cancelledShareAmount;
     }
 }
diff --git a/test/integration/recon-end-to-end/targets/ManagerTargets.sol b/test/integration/recon-end-to-end/targets/ManagerTargets.sol
index 87528456c..66d27fc52 100644
--- a/test/integration/recon-end-to-end/targets/ManagerTargets.sol
+++ b/test/integration/recon-end-to-end/targets/ManagerTargets.sol
@@ -54,7 +54,12 @@ abstract contract ManagerTargets is BaseTargetFunctions, Properties {
 
     /// @dev Deploy a new token and add it to the list of assets, then set it as the current asset
     function add_new_asset(uint8 decimals) public updateGhostsWithType(OpType.ADMIN) returns (address) {
-        address newAsset = _newAsset(decimals);
+        require(newAssetCount < RECON_MAX_NEW_ASSETS, "asset deploy cap");
+        newAssetCount++;
+
+        // _newAsset also makes this the current asset, so decimals above 18 would poison every later
+        // spoke_registerAsset with TooManyDecimals.
+        address newAsset = _newAsset(uint8(between(decimals, 0, 18)));
         return newAsset;
     }
 
diff --git a/test/integration/recon-end-to-end/targets/ShareTokenTargets.sol b/test/integration/recon-end-to-end/targets/ShareTokenTargets.sol
index 83cd6ea85..a4ba2c7e7 100644
--- a/test/integration/recon-end-to-end/targets/ShareTokenTargets.sol
+++ b/test/integration/recon-end-to-end/targets/ShareTokenTargets.sol
@@ -3,11 +3,10 @@ pragma solidity 0.8.28;
 
 // Recon Deps
 
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
-
 import {vm} from "@chimera/Hevm.sol";
 import {Properties} from "../properties/Properties.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
 
 // Dependencies
 
diff --git a/test/integration/recon-end-to-end/targets/SpokeTargets.sol b/test/integration/recon-end-to-end/targets/SpokeTargets.sol
index d90eec080..32fdc7c60 100644
--- a/test/integration/recon-end-to-end/targets/SpokeTargets.sol
+++ b/test/integration/recon-end-to-end/targets/SpokeTargets.sol
@@ -9,15 +9,19 @@ import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {MessageLib} from "../../../../src/core/messaging/libraries/MessageLib.sol";
+import {VaultDetails} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+import {IVaultFactory} from "../../../../src/core/spoke/factories/interfaces/IVaultFactory.sol";
+import {MessageLib, VaultUpdateKind} from "../../../../src/core/messaging/libraries/MessageLib.sol";
 
-import {UpdateRestrictionMessageLib} from "../../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {UpdateRestrictionMessageLib} from "../../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
 
 import {OpType} from "../BeforeAfter.sol";
 import {Properties} from "../properties/Properties.sol";
+import {shareClassSalt} from "../../../utils/ShareClassSalt.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
+import {IShareTokenRegistrar} from "../../../../src/token/interfaces/IShareTokenRegistrar.sol";
 
 // Dependencies
 
@@ -26,46 +30,15 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
     using CastLib for *;
     using MessageLib for *;
 
-    // NOTE: These introduce many false positives because they're used for cross-chain transfers but our test
-    // environment only allows tracking state on one chain so they were removed
-    // function spoke_handleTransferShares(uint128 amount, uint256 investorEntropy) public updateGhosts asActor {
-    //     address investor = _getRandomActor(investorEntropy);
-    //     spoke.handleTransferShares(poolId, scId, investor, amount);
-
-    //     // TF-12 mint share class tokens to user, not tracked in escrow
-
-    //     // Track minting for Global-3
-    //     incomingTransfers[address(token)] += amount;
-    // }
-
-    // function spoke_transferSharesToEVM(uint16 destinationChainId, bytes32 destinationAddress, uint128 amount)
-    //     public
-    // updateGhosts asActor {
-    //     uint256 balB4 = token.balanceOf(_getActor());
-
-    //     // Clamp
-    //     if (amount > balB4) {
-    //         amount %= uint128(balB4);
-    //     }
-
-    //     // Exact approval
-    //     token.approve(address(spoke), amount);
-
-    //     spoke.transferShares(destinationChainId, poolId, scId, destinationAddress, amount);
-    //     // TF-11 burns share class tokens from user, not tracked in escrow
-
-    //     // Track minting for Global-3
-    //     outGoingTransfers[address(token)] += amount;
-
-    //     uint256 balAfterActor = token.balanceOf(_getActor());
-
-    //     t(balAfterActor <= balB4, "PM-3-A");
-    //     t(balB4 - balAfterActor == amount, "PM-3-A");
-    // }
+    // NOTE: cross-chain share-transfer handlers are absent: a one-chain harness cannot observe the mint/burn leg
 
     // Step 1
+    /// @dev internal (deploy-only), not a fuzz entry: an arbitrary `assetAddress` is almost never a token, so the
+    /// fuzzer spends its budget on `AssetMissingDecimals` reverts. Worse, the literal address a `--repro` test
+    /// records is meaningless under Foundry, where the harness deploys to different addresses, so any finding whose
+    /// sequence contains this handler is unreplayable. Reach it via `spoke_registerAsset_clamped`.
     function spoke_registerAsset(address assetAddress, uint256 erc6909TokenId)
-        public
+        internal
         updateGhosts
         asAdmin
         returns (uint128 assetId)
@@ -90,12 +63,13 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
 
     // Step 2
     function spoke_addPool() public updateGhosts asAdmin {
-        spoke.addPool(_getPool());
+        spokeHandler.addPool(_getPool());
     }
 
     // Step 3
+    // Deploy-only, not a fuzz entry: a second share class has no vault and desyncs the vault-tracking ghosts
     function spoke_addShareClass(uint128 scIdAsUint, uint8 decimals)
-        public
+        internal
         updateGhosts
         asAdmin
         returns (address, bytes16)
@@ -105,16 +79,23 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
         bytes16 scId = bytes16(scIdAsUint);
         address hook = address(fullRestrictions);
 
-        spoke.addShareClass(
+        // Unclamped decimals overflow PricingLib's asset<->share conversion; zero is valid (matches pool decimals)
+        decimals = uint8(between(decimals, 0, 18));
+
+        spokeHandler.addShareClass(
             _getPool(),
             ShareClassId.wrap(scId),
             name,
             symbol,
             decimals,
-            keccak256(abi.encodePacked(_getPool(), scId)),
-            hook
+            shareClassSalt(_getPool().raw(), scId),
+            shareTokenRegistrar,
+            ""
+        );
+        address newToken = address(spokeRegistry.shareToken(_getPool(), ShareClassId.wrap(scId)));
+        shareTokenRegistrar.fromHub(
+            _getPool(), abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetHook), scId, hook)
         );
-        address newToken = address(spoke.shareToken(_getPool(), ShareClassId.wrap(scId)));
 
         _addShareClassId(scId);
         _addShareClassToPool(_getPool(), ShareClassId.wrap(scId));
@@ -123,22 +104,41 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
         return (newToken, scId);
     }
 
-    // Step 4 - deploy the pool
-    function spoke_deployVault(bool isAsync) public updateGhostsWithType(OpType.ADMIN) asAdmin returns (address) {
-        address vault;
-        if (isAsync) {
-            vault = address(vaultRegistry.deployVault(_getPool(), _getShareClassId(), _getAssetId(), asyncVaultFactory));
-        } else {
-            vault = address(vaultRegistry.deployVault(_getPool(), _getShareClassId(), _getAssetId(), syncVaultFactory));
-        }
+    // Step 4 - deploy and link the vault (via SpokeHandler, which is the only entry point for factory calls)
+    function spoke_deployAndLinkVault(bool isAsync)
+        public
+        updateGhostsWithType(OpType.ADMIN)
+        asAdmin
+        returns (address)
+    {
+        address factory = isAsync ? address(asyncVaultFactory) : address(syncVaultFactory);
+        PoolId poolId = _getPool();
+        ShareClassId scId = _getShareClassId();
+        AssetId assetId = _getAssetId();
+        (address asset, uint256 tokenId) = spokeRegistry.idToAsset(assetId);
+        address token = address(spokeRegistry.shareToken(poolId, scId));
+
+        // Core keeps no tuple -> vault reverse lookup, but IVaultFactory mandates a deterministic
+        // pre-deployment address, so the vault is knowable without a DeployVault log scan and therefore
+        // without a cheatcode in whichever fuzzer drives the suite.
+        address vault = IVaultFactory(factory).getVault(poolId, scId, asset, tokenId, token, bytes(""));
+
+        spokeHandler.updateVault(poolId, scId, assetId, factory, VaultUpdateKind.DeployAndLink, bytes(""));
+        t(vault.code.length > 0, "spoke_deployAndLinkVault: factory preview does not match the deployed vault");
 
         _addVault(vault);
 
+        if (tokenId == 0) {
+            shareTokenRegistrar.fromHub(
+                poolId, abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), scId.raw(), assetId.raw(), vault)
+            );
+        }
+
         return vault;
     }
 
-    function spoke_deployVault_clamped() public returns (address) {
-        return spoke_deployVault(true);
+    function spoke_deployAndLinkVault_clamped() public returns (address) {
+        return spoke_deployAndLinkVault(true);
     }
 
     // Step 5 - set the request manager
@@ -146,17 +146,21 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
         IBaseVault vaultInstance = IBaseVault(vault);
         PoolId poolId = vaultInstance.poolId();
 
-        spoke.setRequestManager(poolId, asyncRequestManager);
+        spokeHandler.setRequestManager(poolId, asyncRequestManager);
     }
 
     // Step 6- link the vault
     function spoke_linkVault(address vault) public updateGhosts asAdmin {
-        IBaseVault vaultInstance = IBaseVault(vault);
-        PoolId poolId = vaultInstance.poolId();
-        ShareClassId scId = vaultInstance.scId();
-        AssetId assetId = _getAssetId();
+        VaultDetails memory vd = spokeRegistry.vaultDetails(vault);
 
-        vaultRegistry.linkVault(poolId, scId, assetId, IBaseVault(vault));
+        spokeRegistry.linkVault(vd.poolId, vd.scId, vd.assetId, vault);
+
+        if (vd.tokenId == 0) {
+            shareTokenRegistrar.fromHub(
+                vd.poolId,
+                abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), vd.scId.raw(), vd.assetId.raw(), vault)
+            );
+        }
     }
 
     function spoke_linkVault_clamped() public {
@@ -165,14 +169,26 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
 
     // Extra 7 - remove the vault
     function spoke_unlinkVault() public updateGhosts asAdmin {
-        vaultRegistry.unlinkVault(_getPool(), _getShareClassId(), _getAssetId(), IBaseVault(_getVault()));
+        address vault = address(_getVault());
+        VaultDetails memory vd = spokeRegistry.vaultDetails(vault);
+
+        spokeRegistry.unlinkVault(vd.poolId, vd.scId, vd.assetId, vault);
+
+        if (vd.tokenId == 0) {
+            shareTokenRegistrar.fromHub(
+                vd.poolId,
+                abi.encode(
+                    uint8(IShareTokenRegistrar.RegistrarCall.SetVault), vd.scId.raw(), vd.assetId.raw(), address(0)
+                )
+            );
+        }
     }
 
     /**
      * NOTE: All of these are implicitly clamped using values set in shortcut_deployNewTokenPoolAndShare
      */
     function spoke_updateMember(uint64 validUntil) public updateGhosts asAdmin {
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             _getPool(),
             _getShareClassId(),
             UpdateRestrictionMessageLib.serialize(
@@ -190,16 +206,16 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
         PoolId poolId = _getPool();
         ShareClassId scId = _getShareClassId();
         AssetId assetId = _getAssetId();
-        spoke.updatePricePoolPerShare(poolId, scId, D18.wrap(price), computedAt);
-        spoke.updatePricePoolPerAsset(poolId, scId, assetId, D18.wrap(price), computedAt);
+        spokeHandler.updatePricePoolPerShare(poolId, scId, D18.wrap(price), computedAt);
+        spokeHandler.updatePricePoolPerAsset(poolId, scId, assetId, D18.wrap(price), computedAt);
     }
 
     function spoke_updateShareMetadata(string memory tokenName, string memory tokenSymbol) public updateGhosts asAdmin {
-        spoke.updateShareMetadata(_getPool(), _getShareClassId(), tokenName, tokenSymbol);
+        spokeHandler.updateShareMetadata(_getPool(), _getShareClassId(), tokenName, tokenSymbol);
     }
 
     function spoke_freeze() public updateGhosts asAdmin {
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             _getPool(),
             _getShareClassId(),
             UpdateRestrictionMessageLib.serialize(
@@ -209,7 +225,7 @@ abstract contract SpokeTargets is BaseTargetFunctions, Properties {
     }
 
     function spoke_unfreeze() public updateGhosts asAdmin {
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             _getPool(),
             _getShareClassId(),
             UpdateRestrictionMessageLib.serialize(
diff --git a/test/integration/recon-end-to-end/targets/VaultTargets.sol b/test/integration/recon-end-to-end/targets/VaultTargets.sol
index c4b1bff32..af9a74551 100644
--- a/test/integration/recon-end-to-end/targets/VaultTargets.sol
+++ b/test/integration/recon-end-to-end/targets/VaultTargets.sol
@@ -8,7 +8,7 @@ import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../../src/core/spoke/interfaces/IShareToken.sol";
+import {IPoolEscrow} from "../../../../src/core/spoke/interfaces/IPoolEscrow.sol";
 
 import {IBaseVault} from "../../../../src/vaults/interfaces/IBaseVault.sol";
 import {IAsyncVault} from "../../../../src/vaults/interfaces/IAsyncVault.sol";
@@ -22,6 +22,7 @@ import {Helpers} from "../utils/Helpers.sol";
 import {MockERC20} from "@recon/MockERC20.sol";
 import {Properties} from "../properties/Properties.sol";
 import {BaseTargetFunctions} from "@chimera/BaseTargetFunctions.sol";
+import {IShareToken} from "../../../../src/token/interfaces/IShareToken.sol";
 
 // Dependencies
 
@@ -56,9 +57,9 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         vm.prank(_getActor());
         MockERC20(vault.asset()).approve(address(vault), assets);
 
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
-        (uint128 prevDeposits, uint128 prevWithdrawals) = balanceSheet.queuedAssets(poolId, scId, assetId);
+        (uint128 prevDeposits, uint128 prevWithdrawals) = snapshotQueue.queuedAssets(poolId, scId, assetId);
 
         // NOTE: external calls above so need to prank directly here
         vm.prank(_getActor());
@@ -82,6 +83,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         uint128 /* prevWithdrawals */
     ) private {
         // ghost tracking
+        ghost_lastDepositRequestController = to;
         userRequestDeposited[scId][assetId][to] += assets;
         sumOfDepositRequests[vault.asset()] += assets;
         requestDepositAssets[to][vault.asset()] += assets;
@@ -105,9 +107,25 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         uint256 assets,
         bytes memory reason
     ) private {
-        // precondition: check that it wasn't an overflow because we only care about underflow
+        // precondition: check that it wasn't an overflow because we only care about underflow. `requestDeposit`
+        // credits four independent uint128 accumulators, so all of them have to be excluded. The escrow holding
+        // total and the gross queued-deposit leg are two an admin `noteDeposit` can drive to the uint128
+        // ceiling on its own, without `pendingDeposit` moving at all; a later `balanceSheet_withdraw` drains the
+        // holding total again while the gross queued leg stays saturated. The escrow `reserved` leg is the fourth:
+        // `balanceSheet_overReserve_clamped` reserves past `available` by design, which on a saturated holding
+        // leaves single-digit headroom, and `requestDeposit` then reserves the requested assets on top.
         uint128 pendingDeposit = batchRequestManager.pendingDeposit(poolId, scId, assetId);
-        if (uint256(pendingDeposit) + uint256(assets) < uint256(type(uint128).max)) {
+        IBaseVault vault = _getVault();
+        (uint128 escrowTotal, uint128 escrowReserved) =
+            IPoolEscrow(_getPoolEscrowForVault(vault)).holding(scId, vault.asset(), 0);
+        (uint128 queuedDeposits,) = snapshotQueue.queuedAssets(poolId, scId, assetId);
+
+        bool wouldOverflow = uint256(pendingDeposit) + assets >= uint256(type(uint128).max)
+            || uint256(escrowTotal) + assets > uint256(type(uint128).max)
+            || uint256(escrowReserved) + assets > uint256(type(uint128).max)
+            || uint256(queuedDeposits) + assets > uint256(type(uint128).max);
+
+        if (!wouldOverflow) {
             bool arithmeticRevert = checkError(reason, Panic.arithmeticPanic);
             t(!arithmeticRevert, "depositRequest reverts with arithmetic panic");
         }
@@ -136,13 +154,14 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         vm.prank(_getActor());
         try IAsyncVault(address(_getVault())).requestRedeem(shares, to, _getActor()) {
             // ghost tracking
+            ghost_lastRedeemRequestController = to;
             sumOfRedeemRequests[vault.share()] += shares; // E-2
             requestRedeemShares[to][vault.share()] += shares;
-            userRequestRedeemed[vault.scId()][vaultRegistry.vaultDetails(vault).assetId][to] += shares;
+            userRequestRedeemed[vault.scId()][spokeRegistry.vaultDetails(address(vault)).assetId][to] += shares;
 
             userRequestRedeemedAssets[
                 vault.scId()
-            ][vaultRegistry.vaultDetails(vault).assetId][to] += vault.convertToAssets(shares);
+            ][spokeRegistry.vaultDetails(address(vault)).assetId][to] += vault.convertToAssets(shares);
 
             if (
                 fullRestrictions.isFrozen(vault.share(), _getActor()) == true
@@ -174,7 +193,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
         bytes32 controllerBytes = controller.toBytes32();
 
         _captureShareQueueState(poolId, scId);
@@ -242,7 +261,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         // update ghosts
         userCancelledDeposits[scId][assetId][controller] += (pendingCancelAfter - pendingCancelBefore);
 
-        // precondition: if user queues a cancellation but it doesn't get immediately executed,
+        // precondition: if user snapshotQueue a cancellation but it doesn't get immediately executed,
         // the epochId should not change
         if (Helpers.canMutate(lastUpdateBefore, pendingBefore, depositEpochId)) {
             (uint128 pendingAfter, uint32 lastUpdateAfter) =
@@ -289,7 +308,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         IBaseVault vault = _getVault();
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
-        AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+        AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
 
         _captureShareQueueState(poolId, scId);
 
@@ -312,7 +331,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
             userCancelledRedeems[scId][assetId][controller] += delta;
 
             uint256 nowRedeemEpoch = batchRequestManager.nowRedeemEpoch(poolId, scId, assetId);
-            // precondition: if user queues a cancellation but it doesn't get immediately executed, the epochId should
+            // precondition: if user snapshotQueue a cancellation but it doesn't get immediately executed, the epochId should
             // not change
             if (Helpers.canMutate(lastUpdateBefore, pendingBefore, redeemEpochId)) {
                 eq(lastUpdateAfter, nowRedeemEpoch, "lastUpdate != nowRedeemEpoch");
@@ -375,7 +394,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         uint256 shareUserB4 = IShareToken(vault.share()).balanceOf(_getActor());
         uint256 shareEscrowB4 = IShareToken(vault.share()).balanceOf(_getPoolEscrowForVault(vault));
         (uint128 pendingBefore,) = batchRequestManager.depositRequest(
-            vault.poolId(), vault.scId(), vaultRegistry.vaultDetails(vault).assetId, _getActor().toBytes32()
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId, _getActor().toBytes32()
         );
 
         // NOTE: external calls above so need to prank directly here
@@ -399,7 +418,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
             }
 
             // Check for share queue flip
-            (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(vault.poolId(), vault.scId());
+            (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(vault.poolId(), vault.scId());
             bytes32 key = _poolShareKey(vault.poolId(), vault.scId());
             uint128 deltaBefore = before_shareQueueDelta[key];
             bool isPositiveBefore = before_shareQueueIsPositive[key];
@@ -411,7 +430,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         }
 
         (uint128 pendingAfter,) = batchRequestManager.depositRequest(
-            vault.poolId(), vault.scId(), vaultRegistry.vaultDetails(vault).assetId, _getActor().toBytes32()
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId, _getActor().toBytes32()
         );
 
         // Processed Deposit | E-2 | Global-1
@@ -426,11 +445,15 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
 
             sumOfSyncDepositsAsset[vault.asset()] += assets;
             sumOfSyncDepositsShare[vault.share()] += shares;
-            userDepositProcessed[vault.scId()][vaultRegistry.vaultDetails(vault).assetId][_getActor()] += assets;
-            userRequestDeposited[vault.scId()][vaultRegistry.vaultDetails(vault).assetId][_getActor()] += assets;
+            userDepositProcessed[
+                    vault.scId()
+                ][spokeRegistry.vaultDetails(address(vault)).assetId][_getActor()] += assets;
+            userRequestDeposited[
+                    vault.scId()
+                ][spokeRegistry.vaultDetails(address(vault)).assetId][_getActor()] += assets;
 
             // Track cumulative assets deposited for withdrawal proportionality property
-            AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+            AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
             bytes32 assetKey = keccak256(abi.encode(vault.poolId(), vault.scId(), assetId));
             ghost_cumulativeAssetsDeposited[assetKey] += assets;
         }
@@ -461,6 +484,12 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         }
     }
 
+    function vault_deposit_clamped(uint256 assets) public {
+        assets = between(assets, 0, _getVault().maxDeposit(_getActor()));
+
+        vault_deposit(assets);
+    }
+
     // Given a random value, see if the other one would yield more shares or lower cost
     // Not only check view
     // Also do it and test it via revert test
@@ -476,7 +505,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         bool isAsyncVault = Helpers.isAsyncVault(address(vault));
 
         (uint128 pendingBefore,) = batchRequestManager.depositRequest(
-            vault.poolId(), vault.scId(), vaultRegistry.vaultDetails(vault).assetId, to.toBytes32()
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId, to.toBytes32()
         );
 
         // NOTE: external calls above so need to prank directly here
@@ -500,7 +529,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
             }
 
             // Check for share queue flip
-            (uint128 deltaAfter, bool isPositiveAfter,,) = balanceSheet.queuedShares(vault.poolId(), vault.scId());
+            (uint128 deltaAfter, bool isPositiveAfter,,) = snapshotQueue.queuedShares(vault.poolId(), vault.scId());
             bytes32 key = _poolShareKey(vault.poolId(), vault.scId());
             uint128 deltaBefore = before_shareQueueDelta[key];
             bool isPositiveBefore = before_shareQueueIsPositive[key];
@@ -511,7 +540,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         }
 
         (uint128 pendingAfter,) = batchRequestManager.depositRequest(
-            vault.poolId(), vault.scId(), vaultRegistry.vaultDetails(vault).assetId, to.toBytes32()
+            vault.poolId(), vault.scId(), spokeRegistry.vaultDetails(address(vault)).assetId, to.toBytes32()
         );
 
         // Processed Deposit | E-2
@@ -519,8 +548,12 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         // NOTE: async vaults don't request deposits but we need to track this value for the escrow balance property
         if (!isAsyncVault) {
             ghost_netSharePosition[keccak256(abi.encode(vault.poolId(), vault.scId()))] += int256(uint256(shares)); // encodes the share key; not state variable because of stack too deep
-            userRequestDeposited[vault.scId()][vaultRegistry.vaultDetails(vault).assetId][_getActor()] += assets;
-            userDepositProcessed[vault.scId()][vaultRegistry.vaultDetails(vault).assetId][_getActor()] += assets;
+            userRequestDeposited[
+                    vault.scId()
+                ][spokeRegistry.vaultDetails(address(vault)).assetId][_getActor()] += assets;
+            userDepositProcessed[
+                    vault.scId()
+                ][spokeRegistry.vaultDetails(address(vault)).assetId][_getActor()] += assets;
             sumOfSyncDepositsAsset[vault.asset()] += assets;
 
             sumOfSyncDepositsShare[vault.share()] += shares;
@@ -530,7 +563,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
             executedInvestments[vault.share()] += shares;
 
             // Track cumulative assets deposited for withdrawal proportionality property
-            AssetId assetId = vaultRegistry.vaultDetails(vault).assetId;
+            AssetId assetId = spokeRegistry.vaultDetails(address(vault)).assetId;
             bytes32 assetKey = keccak256(abi.encode(vault.poolId(), vault.scId(), assetId));
             ghost_cumulativeAssetsDeposited[assetKey] += assets;
         }
@@ -543,20 +576,21 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         address to = _getRandomActor(toEntropy);
         address escrow = address(poolEscrowFactory.escrow(vault.poolId()));
 
-        // Bal b4
-        uint256 tokenUserB4 = MockERC20(_getVault().asset()).balanceOf(_getActor());
+        // Bal b4. `redeem` pays `to`, not the controller, so the delta below has to be measured on `to` or a
+        // payout to another actor reads as a zero-delta fee-on-transfer.
+        uint256 tokenUserB4 = MockERC20(_getVault().asset()).balanceOf(to);
         uint256 tokenEscrowB4 = MockERC20(_getVault().asset()).balanceOf(escrow);
 
         // NOTE: external calls above so need to prank directly here
         vm.prank(_getActor());
         uint256 assets = _getVault().redeem(shares, to, _getActor());
 
-        // NOTE: vault.redeem() does NOT call balanceSheet.revoke() - it only transfers assets from escrow
+        // NOTE: vault.redeem() does NOT call spoke.revoke() - it only transfers assets from escrow
         // Share revocation happens separately via AsyncRequestManager.revokedShares() when hub processes requests
         // Therefore, no ghost tracking needed here
 
         // Bal after
-        uint256 tokenUserAfter = MockERC20(_getVault().asset()).balanceOf(_getActor());
+        uint256 tokenUserAfter = MockERC20(_getVault().asset()).balanceOf(to);
         uint256 tokenEscrowAfter = MockERC20(_getVault().asset()).balanceOf(escrow);
 
         // E-1
@@ -583,6 +617,12 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         }
     }
 
+    function vault_redeem_clamped(uint256 shares, uint256 toEntropy) public {
+        shares = between(shares, 0, _getVault().maxRedeem(_getActor()));
+
+        vault_redeem(shares, toEntropy);
+    }
+
     function vault_withdraw(uint256 assets, uint256 toEntropy) public updateGhostsWithType(OpType.REMOVE) {
         IBaseVault vault = _getVault();
         _captureShareQueueState(vault.poolId(), vault.scId());
@@ -590,8 +630,8 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         address to = _getRandomActor(toEntropy);
         address escrow = address(poolEscrowFactory.escrow(vault.poolId()));
 
-        // Bal b4
-        uint256 tokenUserB4 = MockERC20(_getVault().asset()).balanceOf(_getActor());
+        // Bal b4. `withdraw` pays `to`, not the controller, so measure `to` (see vault_redeem).
+        uint256 tokenUserB4 = MockERC20(_getVault().asset()).balanceOf(to);
         uint256 tokenEscrowB4 = MockERC20(_getVault().asset()).balanceOf(escrow);
 
         // NOTE: external calls above so need to prank directly here
@@ -599,7 +639,7 @@ abstract contract VaultTargets is BaseTargetFunctions, Properties {
         uint256 shares = _getVault().withdraw(assets, to, _getActor());
 
         // Bal after
-        uint256 tokenUserAfter = MockERC20(_getVault().asset()).balanceOf(_getActor());
+        uint256 tokenUserAfter = MockERC20(_getVault().asset()).balanceOf(to);
         uint256 tokenEscrowAfter = MockERC20(_getVault().asset()).balanceOf(escrow);
 
         // E-1
diff --git a/test/integration/recon-end-to-end/utils/Helpers.sol b/test/integration/recon-end-to-end/utils/Helpers.sol
index 690fdf074..91171cc75 100644
--- a/test/integration/recon-end-to-end/utils/Helpers.sol
+++ b/test/integration/recon-end-to-end/utils/Helpers.sol
@@ -65,9 +65,20 @@ library Helpers {
         return createdAccountIds[accountEntropy % createdAccountIds.length];
     }
 
-    function getRandomAssetId(AssetId[] memory createdAssetIds, uint128 assetEntropy) internal pure returns (AssetId) {
-        uint256 randomIndex = assetEntropy % createdAssetIds.length;
-        return createdAssetIds[randomIndex];
+    /// @dev Picks an account distinct from the one `firstEntropy` selects. A holding that binds the same
+    ///      AccountId to a settlement slot and its counterpart nets every journal entry to zero, which
+    ///      makes the accounting-vs-holdings invariants trivially false without any misconfiguration a
+    ///      pool would plausibly create.
+    function getDistinctAccountId(AccountId[] memory createdAccountIds, uint8 firstEntropy, uint8 secondEntropy)
+        internal
+        pure
+        returns (AccountId)
+    {
+        uint256 length = createdAccountIds.length;
+        uint256 spread = length > 1 ? length - 1 : 1;
+        uint256 index = (firstEntropy % length + 1 + secondEntropy % spread) % length;
+
+        return createdAccountIds[index];
     }
 
     /// @dev performs the same check as SCM::_updateQueued
diff --git a/test/integration/recon-messaging/BeforeAfter.sol b/test/integration/recon-messaging/BeforeAfter.sol
new file mode 100644
index 000000000..a63ceffc9
--- /dev/null
+++ b/test/integration/recon-messaging/BeforeAfter.sol
@@ -0,0 +1,134 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {Setup} from "./Setup.sol";
+
+import {Utils} from "@recon/Utils.sol";
+
+struct TrackedPair {
+    uint16 centrifugeId;
+    bytes32 payloadHash;
+}
+
+/// @dev `Utils` is inherited here, not per-target, so `checkError` is available suite-wide.
+abstract contract BeforeAfter is Setup, Utils {
+    // ─── Per-session ghosts (reset on reconfigure) ────────────────────────────
+    // Used by M1, M4, G2, G4: bounds within the current session only.
+
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_deliveries;
+
+    TrackedPair[] internal ghost_tracked;
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => bool)) internal ghost_isTracked;
+
+    /// @dev `countingProcessor.callCount` before the session's first delivery; properties read the delta.
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_baselineCallCount;
+
+    /// @dev Same idea for `gateway.failedMessages`.
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_baselineFailedMessages;
+
+    /// @dev Vote-tally key `keccak256(routedPoolId ++ sessionId ++ payload)`, captured at first track.
+    ///      `multiAdapter.votes` is keyed by this; callCount / failedMessages by the unwrapped hash.
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => bytes32)) internal ghost_voteKey;
+
+    // ─── Cumulative (cross-session) ghosts (NEVER reset) ──────────────────────
+    // Used by M1c (weighted-execution ledger), callCount monotonicity, alex1 replay detection.
+
+    /// @dev Total deliveries across ALL sessions per (cId, hash).
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_cumDeliveries;
+
+    /// @dev Sum over observed executions of (delta_callCount * threshold_at_observation); bounded by M1c.
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_cumExecutionsWeighted;
+
+    /// @dev Last observed `callCount(cId, hash)`: detects new executions and backs the monotonicity property.
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_cumLastSeenCallCount;
+
+    /// @dev Last observed `failedMessages(cId, hash)`, so `_recordQuorumEvent` also detects failed executions.
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => uint256)) internal ghost_cumLastSeenFailedMessages;
+
+    /// @dev Cross-session tracked pairs; entries are NEVER removed, so cumulative properties see every pair.
+    TrackedPair[] internal ghost_cumTracked;
+    mapping(uint16 centrifugeId => mapping(bytes32 payloadHash => bool)) internal ghost_isCumTracked;
+
+    // Deliberately NO ghost mirroring the active adapter set: targets read the live `_activeList()` /
+    // `_isActive()`. A "first N of adapter0..2" count ghost misreads non-prefix sets like [adapter1].
+
+    // ─── Delivery accounting helpers ──────────────────────────────────────────
+
+    /// @dev PRE-deliver hook: baseline before the on-chain effect, so this delivery's executions show as delta.
+    function _captureBaselines(uint16 centrifugeId, bytes memory payload) internal {
+        bytes32 payloadHash = keccak256(payload);
+
+        if (!ghost_isTracked[centrifugeId][payloadHash]) {
+            ghost_isTracked[centrifugeId][payloadHash] = true;
+            ghost_tracked.push(TrackedPair(centrifugeId, payloadHash));
+            ghost_baselineCallCount[centrifugeId][payloadHash] = countingProcessor.callCount(centrifugeId, payloadHash);
+            ghost_baselineFailedMessages[centrifugeId][payloadHash] = gateway.failedMessages(centrifugeId, payloadHash);
+            ghost_voteKey[centrifugeId][payloadHash] = _voteKey(_wrap(payload));
+        }
+
+        if (!ghost_isCumTracked[centrifugeId][payloadHash]) {
+            ghost_isCumTracked[centrifugeId][payloadHash] = true;
+            ghost_cumTracked.push(TrackedPair(centrifugeId, payloadHash));
+            ghost_cumLastSeenCallCount[centrifugeId][payloadHash] =
+                countingProcessor.callCount(centrifugeId, payloadHash);
+            ghost_cumLastSeenFailedMessages[centrifugeId][payloadHash] =
+                gateway.failedMessages(centrifugeId, payloadHash);
+        }
+    }
+
+    /// @dev POST-deliver hook, success path ONLY: callers must skip it on revert so reverts don't pollute ghosts.
+    ///      A delivery is anything that casts one vote: handle() or vote().
+    function _recordSuccessfulDelivery(uint16 centrifugeId, bytes memory payload) internal {
+        bytes32 payloadHash = keccak256(payload);
+
+        ghost_deliveries[centrifugeId][payloadHash]++;
+        ghost_cumDeliveries[centrifugeId][payloadHash]++;
+
+        _recordQuorumEvent(centrifugeId, payloadHash);
+    }
+
+    /// @dev Credit every QUORUM EVENT caused by the just-completed handler to the cumulative weighted ledger at
+    ///      the current threshold. A quorum event consumes a full `threshold` of fresh votes: a successful
+    ///      execution (callCount up) or a failed one (failedMessages up). retry / clearFailedMessage cast no fresh
+    ///      votes, so they call `_syncCumCounters` and credit nothing; execute() is credited without a delivery.
+    function _recordQuorumEvent(uint16 centrifugeId, bytes32 payloadHash) internal {
+        uint256 currentCallCount = countingProcessor.callCount(centrifugeId, payloadHash);
+        uint256 currentFailed = gateway.failedMessages(centrifugeId, payloadHash);
+
+        uint256 lastCallCount = ghost_cumLastSeenCallCount[centrifugeId][payloadHash];
+        uint256 lastFailed = ghost_cumLastSeenFailedMessages[centrifugeId][payloadHash];
+
+        uint256 execEvents = currentCallCount > lastCallCount ? currentCallCount - lastCallCount : 0;
+        uint256 failEvents = currentFailed > lastFailed ? currentFailed - lastFailed : 0;
+        uint256 events = execEvents + failEvents;
+
+        if (events > 0) {
+            uint256 thresholdNow = uint256(multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL));
+            ghost_cumExecutionsWeighted[centrifugeId][payloadHash] += events * thresholdNow;
+        }
+
+        ghost_cumLastSeenCallCount[centrifugeId][payloadHash] = currentCallCount;
+        ghost_cumLastSeenFailedMessages[centrifugeId][payloadHash] = currentFailed;
+    }
+
+    /// @dev Advance the last-seen counters WITHOUT crediting the weighted ledger: retry / clearFailedMessage cast
+    ///      no fresh votes, so their movements must be absorbed here or a later quorum event is mis-detected.
+    function _syncCumCounters(uint16 centrifugeId, bytes32 payloadHash) internal {
+        ghost_cumLastSeenCallCount[centrifugeId][payloadHash] = countingProcessor.callCount(centrifugeId, payloadHash);
+        ghost_cumLastSeenFailedMessages[centrifugeId][payloadHash] = gateway.failedMessages(centrifugeId, payloadHash);
+    }
+
+    /// @dev Reset PER-SESSION ghosts only, from `multiAdapter_reconfigure`, so M1/M4/G2/G4 scope to one session.
+    function _clearTrackedDeliveries() internal {
+        uint256 n = ghost_tracked.length;
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_tracked[i];
+            delete ghost_deliveries[p.centrifugeId][p.payloadHash];
+            delete ghost_isTracked[p.centrifugeId][p.payloadHash];
+            delete ghost_baselineCallCount[p.centrifugeId][p.payloadHash];
+            delete ghost_baselineFailedMessages[p.centrifugeId][p.payloadHash];
+            delete ghost_voteKey[p.centrifugeId][p.payloadHash];
+        }
+        delete ghost_tracked;
+    }
+}
diff --git a/test/integration/recon-messaging/CryticMessagingTester.sol b/test/integration/recon-messaging/CryticMessagingTester.sol
new file mode 100644
index 000000000..ef3fd42cf
--- /dev/null
+++ b/test/integration/recon-messaging/CryticMessagingTester.sol
@@ -0,0 +1,14 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {TargetFunctions} from "./TargetFunctions.sol";
+
+import {CryticAsserts} from "@chimera/CryticAsserts.sol";
+
+/// @dev Echidna entry point, run with `--config echidna-messaging.yaml`. Pass THIS FILE as the target, not
+///      `.`: a project-target compile pulls in libs the suite does not use and then fails on Recon Cloud.
+contract CryticMessagingTester is TargetFunctions, CryticAsserts {
+    constructor() payable {
+        setup();
+    }
+}
diff --git a/test/integration/recon-messaging/CryticToFoundry.sol b/test/integration/recon-messaging/CryticToFoundry.sol
new file mode 100644
index 000000000..aca045fce
--- /dev/null
+++ b/test/integration/recon-messaging/CryticToFoundry.sol
@@ -0,0 +1,594 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {TargetFunctions} from "./TargetFunctions.sol";
+
+import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+
+import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
+import {IAdapterEntrypoint} from "../../../src/core/messaging/interfaces/IAdapterEntrypoint.sol";
+import {IMultiAdapter, MAX_ADAPTER_COUNT} from "../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {Test} from "forge-std/Test.sol";
+
+import {FoundryAsserts} from "@chimera/FoundryAsserts.sol";
+
+// forge test --match-contract CryticMessagingToFoundry -vv
+contract CryticMessagingToFoundry is Test, TargetFunctions, FoundryAsserts {
+    function setUp() public {
+        setup();
+    }
+
+    function test_crytic() public {}
+
+    // ─── Smoke tests ─────────────────────────────────────────────────────────
+
+    function test_deliver_to_threshold_executes_processor() public {
+        bytes memory payload = _bucket(abi.encode(uint256(42)));
+
+        this.multiAdapter_deliver(0, payload); // adapter0 votes
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, keccak256(payload)), 0);
+
+        this.multiAdapter_deliver(1, payload); // adapter1 votes → threshold=2 reached
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, keccak256(payload)), 1);
+
+        property_M1_threshold_respected();
+    }
+
+    function test_duplicate_same_adapter_no_double_execution() public {
+        bytes memory payload = _bucket(abi.encode(uint256(99)));
+
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(0, payload); // second vote from same adapter — votes[0] = 2, others = 0
+        // Only 1 positive slot despite 2 deliveries; threshold=2 needs 2 *different* adapters.
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, keccak256(payload)), 0);
+
+        property_M1_threshold_respected();
+    }
+
+    function test_retry_nonFailed_reverts() public {
+        bytes memory message = _bucket(abi.encode(uint256(7)));
+        vm.expectRevert(IGateway.NotFailedMessage.selector);
+        gateway.retry(REMOTE_CENTRIFUGE_ID, message);
+    }
+
+    function test_failed_message_retry_flow() public {
+        bytes memory payload = _bucket(abi.encode(uint256(55)));
+        bytes32 payloadHash = keccak256(payload);
+
+        gateway_setProcessorFail(payload, true);
+
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+
+        assertGt(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+
+        gateway_setProcessorFail(payload, false);
+        this.gateway_retry(REMOTE_CENTRIFUGE_ID, payload);
+
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 1);
+    }
+
+    // ─── G2: Execution conservation ──────────────────────────────────────────
+
+    function test_G2_execution_conservation() public {
+        bytes memory payload = _bucket(abi.encode(uint256(100)));
+        bytes32 payloadHash = keccak256(payload);
+
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 1);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+        property_G2_execution_conservation();
+
+        // After the first execution votes are [0, 0, -1] (decreaseFirstNValues consumed all 3 slots),
+        // so adapter2 would need two votes just to turn positive: use adapter0 + adapter1 again.
+        gateway_setProcessorFail(payload, true);
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 1);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, payloadHash), 1);
+        property_G2_execution_conservation();
+
+        gateway_setProcessorFail(payload, false);
+        this.gateway_retry(REMOTE_CENTRIFUGE_ID, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 2);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+        property_G2_execution_conservation();
+    }
+
+    // ─── M4: Vote sum bounded ────────────────────────────────────────────────
+
+    function test_M4_vote_sum_bounded() public {
+        bytes memory payload = _bucket(abi.encode(uint256(200)));
+
+        this.multiAdapter_deliver(0, payload);
+        property_M4_vote_sum_bounded();
+
+        this.multiAdapter_deliver(0, payload);
+        property_M4_vote_sum_bounded();
+
+        this.multiAdapter_deliver(1, payload);
+        property_M4_vote_sum_bounded();
+    }
+
+    /// @dev Reading votes by the bare wrapped hash instead of keccak256(poolId ++ wrapped) hits an empty
+    ///      slot and fails SILENTLY (M4 vacuous, clean-slate preconditions stop guarding): assert both.
+    function test_voteKey_addresses_the_live_tally() public {
+        bytes memory payload = _bucket(abi.encode(uint256(0xB01E)));
+        bytes memory wrapped = _wrap(payload);
+
+        this.multiAdapter_deliver(0, payload); // one vote, below threshold=2
+
+        int16[MAX_ADAPTER_COUNT] memory viaVoteKey = multiAdapter.votes(REMOTE_CENTRIFUGE_ID, _voteKey(wrapped));
+        assertEq(viaVoteKey[0], int16(1), "vote key does not address the live tally");
+
+        int16[MAX_ADAPTER_COUNT] memory viaBareHash = multiAdapter.votes(REMOTE_CENTRIFUGE_ID, keccak256(wrapped));
+        assertEq(viaBareHash[0], int16(0), "bare wrapped hash must no longer address any tally");
+
+        // The pool prefix separates them, at uint64 width.
+        assertEq(_voteKey(wrapped), keccak256(abi.encodePacked(uint64(0), wrapped)), "vote key encoding");
+    }
+
+    // ─── G5: Pause enforcement ───────────────────────────────────────────────
+
+    /// @dev Pause only blocks gateway.handle(), so vote once, pause, then deliver the second to threshold.
+    function test_G5_pause_blocks_inbound() public {
+        // Break loudly if Setup.sol's constants change.
+        require(THRESHOLD == 2 && ADAPTER_COUNT == 3, "smoke test assumes THRESHOLD=2, ADAPTER_COUNT=3");
+
+        bytes memory payload = _bucket(abi.encode(uint256(300)));
+
+        this.multiAdapter_deliver(0, payload);
+
+        mockProtocolPauser.setPaused(true);
+
+        try adapter1.deliver(_wrap(payload)) {
+            assertTrue(false, "G5: deliver succeeded while paused");
+        } catch (bytes memory err) {
+            assertEq(bytes4(err), IGateway.Paused.selector, "G5: wrong revert (expected Paused)");
+        }
+
+        mockProtocolPauser.setPaused(false);
+    }
+
+    function test_G5b_pause_blocks_retry() public {
+        bytes memory payload = _bucket(abi.encode(uint256(301)));
+        bytes32 payloadHash = keccak256(payload);
+
+        gateway_setProcessorFail(payload, true);
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        assertGt(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+        gateway_setProcessorFail(payload, false);
+
+        mockProtocolPauser.setPaused(true);
+        vm.expectRevert(IGateway.Paused.selector);
+        gateway.retry(REMOTE_CENTRIFUGE_ID, payload);
+        mockProtocolPauser.setPaused(false);
+    }
+
+    // ─── G6: Outbound block enforcement (blockSession successor) ─────────────
+
+    /// @dev Blocking the active session empties the adapter set so send reverts; unblocking restores it.
+    function test_G6_outgoing_block_enforced() public {
+        bytes memory message = _bucket(abi.encode(uint256(400)));
+        uint16 sid = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+
+        multiAdapter.blockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid);
+        assertTrue(multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid));
+        vm.expectRevert(IMultiAdapter.EmptyAdapterSet.selector);
+        gateway.send(REMOTE_CENTRIFUGE_ID, message, true, address(this));
+
+        multiAdapter.unblockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid);
+        assertFalse(multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid));
+        gateway.send(REMOTE_CENTRIFUGE_ID, message, true, address(this)); // works again
+    }
+
+    // ─── Adapter reconfiguration ─────────────────────────────────────────────
+
+    function test_reconfigure_invalidates_pending_votes() public {
+        bytes memory payload = _bucket(abi.encode(uint256(500)));
+        bytes32 payloadHash = keccak256(payload);
+
+        this.multiAdapter_deliver(0, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+
+        // New session, same set and threshold (count=3, threshold=2).
+        this.multiAdapter_reconfigure(3, 2);
+
+        // adapter0's old-session vote is invalidated, so this is still below threshold.
+        this.multiAdapter_deliver(1, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 0);
+
+        this.multiAdapter_deliver(0, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 1);
+
+        property_M1_threshold_respected();
+        property_M2_adapter_set_integrity();
+        property_M3_threshold_leq_quorum();
+    }
+
+    function test_reconfigure_threshold_one() public {
+        bytes memory payload = _bucket(abi.encode(uint256(501)));
+        bytes32 payloadHash = keccak256(payload);
+
+        // count=1, threshold=1: only adapter0.
+        this.multiAdapter_reconfigure(1, 1);
+
+        this.multiAdapter_deliver(0, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, payloadHash), 1);
+
+        property_G2_execution_conservation();
+    }
+
+    // ─── C1 / H3 regressions: a reconfigure must not trip the per-session bounds ───
+
+    function test_C1_M1_after_threshold_increase_reconfigure() public {
+        bytes memory payload = _bucket(abi.encode(uint256(7)));
+        bytes32 h = keccak256(payload);
+
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, h), 1);
+        property_M1_threshold_respected();
+
+        this.multiAdapter_reconfigure(3, 3);
+        assertEq(uint256(multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL)), 3);
+
+        // Ghosts cleared on reconfigure, so the property holds vacuously here.
+        property_M1_threshold_respected();
+    }
+
+    function test_C1_G2_after_threshold_increase_reconfigure() public {
+        bytes memory payload = _bucket(abi.encode(uint256(8)));
+
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        this.multiAdapter_reconfigure(3, 3); // count=3, threshold=3
+        property_G2_execution_conservation();
+    }
+
+    function test_H3_M4_after_partial_then_reconfigure() public {
+        bytes memory payload = _bucket(abi.encode(uint256(9)));
+
+        this.multiAdapter_deliver(0, payload);
+        property_M4_vote_sum_bounded();
+
+        // Ghosts cleared; old-session votes stay in storage under the old wrapped hash.
+        this.multiAdapter_reconfigure(3, 2); // count=3, threshold=2
+
+        property_M4_vote_sum_bounded();
+
+        this.multiAdapter_deliver(0, payload);
+        property_M4_vote_sum_bounded();
+    }
+
+    // ─── M6: setAdapters error-path negative tests ───────────────────────────
+    // Each case reads the target session id into a local BEFORE `vm.expectRevert`; inlining
+    // `nextActiveSessionId(...)` would consume the expectation with its staticcall. These test the
+    // protocol directly, since the target wrappers end in `require(false)`.
+
+    function test_M6_setAdapters_ExceedsMax() public {
+        IAdapter[] memory addrs = new IAdapter[](MAX_ADAPTER_COUNT + 1);
+        for (uint8 i; i < MAX_ADAPTER_COUNT + 1; i++) {
+            addrs[i] = IAdapter(address(adapter0));
+        }
+        uint16 next = multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        vm.expectRevert(IMultiAdapter.ExceedsMax.selector);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, next);
+    }
+
+    function test_M6_setAdapters_ThresholdHigherThanQuorum() public {
+        IAdapter[] memory addrs = new IAdapter[](2);
+        addrs[0] = IAdapter(address(adapter0));
+        addrs[1] = IAdapter(address(adapter1));
+        uint16 next = multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        vm.expectRevert(IMultiAdapter.ThresholdHigherThanQuorum.selector);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 3, next); // threshold > quorum
+    }
+
+    /// @dev NoDuplicatesAllowed is raised AFTER the targetSessionId check, so the correct next id matters.
+    function test_M6_setAdapters_NoDuplicatesAllowed() public {
+        IAdapter[] memory addrs = new IAdapter[](2);
+        addrs[0] = IAdapter(address(adapter0));
+        addrs[1] = IAdapter(address(adapter0)); // duplicate
+        uint16 next = multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        vm.expectRevert(IMultiAdapter.NoDuplicatesAllowed.selector);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, next);
+    }
+
+    /// @dev M6.e – threshold 0 over a non-empty set is rejected; an EMPTY set with 0 is the disable path.
+    function test_M6_setAdapters_ZeroThreshold() public {
+        IAdapter[] memory addrs = new IAdapter[](2);
+        addrs[0] = IAdapter(address(adapter0));
+        addrs[1] = IAdapter(address(adapter1));
+        uint16 next = multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        vm.expectRevert(IMultiAdapter.ZeroThreshold.selector);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 0, next);
+
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, new IAdapter[](0), 0, next);
+        assertEq(multiAdapter.quorum(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL), 0);
+    }
+
+    /// @dev M6.f — the targetSessionId must equal the pool's next session id, in both directions.
+    function test_M6_setAdapters_UnexpectedSessionId() public {
+        IAdapter[] memory addrs = new IAdapter[](1);
+        addrs[0] = IAdapter(address(adapter0));
+
+        uint16 active = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        uint16 next = multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        assertEq(next, active + 1, "nextActiveSessionId != activeSessionId + 1");
+
+        // Stale: the already-active session.
+        vm.expectRevert(IMultiAdapter.UnexpectedSessionId.selector);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, active);
+
+        // Leap-ahead: skipping a session.
+        vm.expectRevert(IMultiAdapter.UnexpectedSessionId.selector);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, next + 1);
+
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, next);
+        assertEq(multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL), next);
+    }
+
+    // ─── Cross-session invariants (cumulative ghosts) ────────────────────────
+
+    /// @dev M1c — cumulative weighted-execution ledger holds across a reconfigure.
+    function test_M1c_holds_across_reconfigure() public {
+        bytes memory payload = _bucket(abi.encode(uint256(13)));
+
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        property_M1c_weighted_executions_bounded_by_deliveries();
+
+        // Lower the threshold: count=2, threshold=1.
+        this.multiAdapter_reconfigure(2, 1);
+        property_M1c_weighted_executions_bounded_by_deliveries();
+
+        this.multiAdapter_deliver(1, payload);
+        property_M1c_weighted_executions_bounded_by_deliveries();
+    }
+
+    function test_callCount_monotonic() public {
+        bytes memory payload = _bucket(abi.encode(uint256(14)));
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        property_callCount_monotonic();
+
+        this.multiAdapter_reconfigure(3, 3);
+        property_callCount_monotonic();
+    }
+
+    function test_oldAdapter_rejects_after_reconfigure() public {
+        // count=1, threshold=1: only adapter0 active.
+        this.multiAdapter_reconfigure(1, 1);
+
+        bytes memory wrapped = _wrap(abi.encode(uint256(15)));
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        adapter1.deliver(wrapped);
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        adapter2.deliver(wrapped);
+    }
+
+    // ─── vote()/execute() split (proof-adapter path) ─────────────────────────
+
+    /// @dev vote() accumulates votes without ever executing; a subsequent execute() consumes them.
+    function test_vote_then_execute_flow() public {
+        bytes memory payload = _bucket(abi.encode(uint256(600)));
+        bytes32 hash = keccak256(payload);
+
+        this.multiAdapter_vote(0, payload);
+        this.multiAdapter_vote(1, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), 0);
+        property_M4_vote_sum_bounded();
+
+        this.multiAdapter_execute(0, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), 1);
+
+        property_M1_threshold_respected();
+        property_G2_execution_conservation();
+        property_M1c_weighted_executions_bounded_by_deliveries();
+    }
+
+    function test_execute_belowThreshold_reverts() public {
+        bytes memory payload = _bucket(abi.encode(uint256(601)));
+        this.multiAdapter_vote(0, payload); // 1 vote < threshold 2
+
+        // _wrap() staticcalls multiAdapter, so it must run BEFORE vm.expectRevert.
+        bytes memory wrapped = _wrap(payload);
+        vm.expectRevert(IAdapterEntrypoint.NotEnoughVotes.selector);
+        adapter0.deliverExecute(wrapped);
+    }
+
+    // ─── blockSession / unblockSession ───────────────────────────────────────
+
+    /// @dev Blocking a historical session kills stale-sessionId replays whose config is still resolvable.
+    function test_blockSession_kills_stale_replay() public {
+        bytes memory payload = _bucket(abi.encode(uint256(700)));
+        uint16 oldSid = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        bytes memory staleWrapped = _wrap(payload);
+
+        this.multiAdapter_reconfigure(3, 2); // new session; old config stays resolvable
+
+        // Pre-block: the stale delivery still lands as an old-session vote, 1 < threshold 2.
+        adapter1.deliver(staleWrapped);
+
+        multiAdapter.blockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, oldSid);
+
+        vm.expectRevert(IMultiAdapter.InvalidAdapter.selector);
+        adapter2.deliver(staleWrapped);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, keccak256(payload)), 0);
+    }
+
+    function test_blockSession_unconfigured_reverts() public {
+        uint16 active = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        vm.expectRevert(IMultiAdapter.SessionNotConfigured.selector);
+        multiAdapter.blockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, active + 1);
+    }
+
+    function test_unblockSession_notBlocked_reverts() public {
+        uint16 active = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        vm.expectRevert(IMultiAdapter.SessionNotBlocked.selector);
+        multiAdapter.unblockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, active);
+    }
+
+    // ─── updateManager / manager-driven handle (MA1) ─────────────────────────
+
+    /// @dev An enabled manager can submit for configured adapters and reach quorum alone; revoking cuts it.
+    function test_updateManager_manager_delivers_on_behalf() public {
+        bytes memory payload = _bucket(abi.encode(uint256(1000)));
+        bytes32 hash = keccak256(payload);
+
+        bytes memory wrapped = _wrap(payload);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        managerActor.handleAs(REMOTE_CENTRIFUGE_ID, wrapped, IAdapter(address(adapter0)));
+
+        this.multiAdapter_updateManager(true);
+        this.multiAdapter_managerDeliver(0, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), 0);
+        this.multiAdapter_managerDeliver(1, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), 1);
+
+        property_M1_threshold_respected();
+        property_G2_execution_conservation();
+
+        this.multiAdapter_updateManager(false);
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        managerActor.handleAs(REMOTE_CENTRIFUGE_ID, wrapped, IAdapter(address(adapter0)));
+    }
+
+    // ─── clearFailedMessage (G7) ─────────────────────────────────────────────
+
+    /// @dev clearFailedMessage discards a failed instance without executing; it can no longer be retried.
+    function test_clearFailedMessage_flow() public {
+        bytes memory payload = _bucket(abi.encode(uint256(800)));
+        bytes32 hash = keccak256(payload);
+
+        gateway_setProcessorFail(payload, true);
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, hash), 1);
+
+        this.gateway_clearFailedMessage(payload);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, hash), 0);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), 0);
+
+        vm.expectRevert(IGateway.NotFailedMessage.selector);
+        gateway.retry(REMOTE_CENTRIFUGE_ID, payload);
+
+        property_G2_execution_conservation();
+        property_G4_failed_messages_bounded();
+    }
+
+    // ─── Source-chain enforcement (G8/G9) ────────────────────────────────────
+
+    function test_handle_local_origin_reverts() public {
+        vm.expectRevert(IGateway.CannotBeReceivedLocally.selector);
+        gateway.handle(LOCAL_CENTRIFUGE_ID, abi.encode(uint256(900)));
+    }
+
+    /// @dev A source-restricted message (magic 0xFE ++ bytes2(source)) is rejected from the wrong chain.
+    function test_handle_source_enforcement() public {
+        bytes memory restrictedWrong = abi.encodePacked(bytes1(0xFE), LOCAL_CENTRIFUGE_ID, uint256(901));
+        vm.expectRevert(IGateway.SourceMismatch.selector);
+        gateway.handle(REMOTE_CENTRIFUGE_ID, restrictedWrong);
+
+        bytes memory restrictedRight = abi.encodePacked(bytes1(0xFE), REMOTE_CENTRIFUGE_ID, uint256(901));
+        gateway.handle(REMOTE_CENTRIFUGE_ID, restrictedRight);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, keccak256(restrictedRight)), 1);
+    }
+
+    // ─── §4.1: cross-session retry must not trip per-session bounds ──────────
+
+    /// @dev Retrying a failure funded in a PREVIOUS session (per-session ghosts wiped) yields a callCount
+    ///      delta with no matching deliveries; `gateway_retry` bumps the baseline to keep M1/G2 sound.
+    function test_M1_G2_cross_session_retry_no_false_positive() public {
+        bytes memory payload = _bucket(abi.encode(uint256(1100)));
+        bytes32 hash = keccak256(payload);
+
+        gateway_setProcessorFail(payload, true);
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(1, payload);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, hash), 1);
+        gateway_setProcessorFail(payload, false);
+
+        // Reconfigure: per-session ghosts wiped, the funding deliveries forgotten.
+        this.multiAdapter_reconfigure(3, 2);
+
+        this.multiAdapter_deliver(0, payload);
+        this.gateway_retry(REMOTE_CENTRIFUGE_ID, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), 1);
+
+        property_M1_threshold_respected();
+        property_G2_execution_conservation();
+        property_M1c_weighted_executions_bounded_by_deliveries();
+    }
+
+    // ─── S1/S2: outbound fan-out observability ───────────────────────────────
+
+    /// @dev Send fan-out hits every active adapter exactly once with the session-wrapped payload.
+    function test_send_fanout_hits_all_active_adapters_wrapped() public {
+        bytes memory message = _bucket(abi.encode(uint256(1200)));
+
+        this.gateway_send(REMOTE_CENTRIFUGE_ID, message); // asserts S1/S2 inline
+        assertEq(adapter0.sendCount(), 1);
+        assertEq(adapter1.sendCount(), 1);
+        assertEq(adapter2.sendCount(), 1);
+        assertEq(adapter0.lastSentPayloadHash(), keccak256(_wrap(message)));
+
+        // Shrink to [adapter0]: only the active adapter is hit.
+        this.multiAdapter_reconfigure(1, 1);
+        this.gateway_send(REMOTE_CENTRIFUGE_ID, message);
+        assertEq(adapter0.sendCount(), 2);
+        assertEq(adapter1.sendCount(), 1);
+        assertEq(adapter2.sendCount(), 1);
+        assertEq(adapter0.lastSentPayloadHash(), keccak256(_wrap(message))); // new session prefix
+    }
+
+    // ─── Alex-1 cross-session replay regression ──────────────────────────────
+
+    /// @dev Cross-session replay must not re-execute: stale bytes count under the old session's threshold.
+    function test_alex1_replay_does_not_reexecute() public {
+        bytes memory payload = _bucket(abi.encode(uint256(0xa1ec1)));
+        // keepIdx=0: adapter0 stays in the post-reconfigure single-adapter set and replays.
+        this.multiAdapter_alex1_replay_must_not_execute(0, payload);
+    }
+
+    /// @dev Old-session votes ([2,0,0] here) live under a hash M4 never reads after the reconfigure.
+    function test_property_M4_no_stale_vote_pollution_across_reconfigure() public {
+        bytes memory payload = _bucket(abi.encode(uint256(0xc44832b)));
+        this.multiAdapter_deliver(0, payload);
+        this.multiAdapter_deliver(0, payload); // same adapter twice — below threshold, votes [2,0,0]
+        this.multiAdapter_reconfigure(0, 0); // count=1, threshold=1 → new session
+        this.multiAdapter_deliver(0, payload); // executes immediately under the new session
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, keccak256(payload)), 1);
+        property_M4_vote_sum_bounded();
+    }
+
+    /// @dev A retry re-execution must not be credited at the CURRENT threshold: when the threshold rises
+    ///      between the failing delivery and the retry, that would push weighted above cumDeliveries.
+    function test_property_M1c_cross_session_retry_threshold_increase() public {
+        bytes memory payload = _bucket(abi.encode(uint256(0xdead)));
+        bytes32 h = keccak256(payload);
+
+        this.multiAdapter_reconfigure(0, 0); // count=1, threshold=1
+
+        // A SINGLE delivery funds this failure: cumDeliveries=1, weighted=0.
+        gateway_setProcessorFail(payload, true);
+        this.multiAdapter_deliver(0, payload);
+        assertEq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, h), 1);
+
+        this.multiAdapter_reconfigure(3, 2); // count=3, threshold=2
+
+        // Retry re-executes the message without casting a new vote.
+        gateway_setProcessorFail(payload, false);
+        this.gateway_retry(REMOTE_CENTRIFUGE_ID, payload);
+        assertEq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, h), 1);
+
+        // The fail at threshold 1 was credited weighted=1; the retry credits nothing, matching cumDeliveries.
+        property_M1c_weighted_executions_bounded_by_deliveries();
+    }
+}
diff --git a/test/integration/recon-messaging/README.md b/test/integration/recon-messaging/README.md
new file mode 100644
index 000000000..0092514cf
--- /dev/null
+++ b/test/integration/recon-messaging/README.md
@@ -0,0 +1,246 @@
+# Messaging Tester
+
+Recon/Chimera invariant suite for `MultiAdapter` + `Gateway` in isolation, with no Hub, Spoke or Vaults.
+
+It covers the inbound voting flow (`MultiAdapter.handle`/`vote`/`execute` → `Gateway.handle`), the outbound send path (`Gateway.send` → `MultiAdapter.send` → adapter), `retry`/`clearFailedMessage`/pause/`blockSession`-`unblockSession`, source-chain enforcement, and adapter reconfiguration across sessions.
+
+Sister suite is [`test/integration/recon-end-to-end/`](../recon-end-to-end/) (Hub + Vaults). Properties and ghosts are scoped to one suite each, so don't conflate them.
+
+## What is real and what is mocked
+
+**The contracts under test are the real ones.** `Setup.sol` deploys `new Gateway(...)` and `new MultiAdapter(...)` directly from `src/core/messaging/`. There is no `MockGateway` or `MockMultiAdapter` here, unlike the end-to-end suite which stubs the gateway.
+
+Mocks exist only at the four peripheral interfaces the two contracts talk to, plus one non-ward actor:
+
+| Interface | Mock | Why |
+|---|---|---|
+| `IAdapter` | `mocks/SimpleAdapter.sol` | no real bridge in-process |
+| `IMessageHandler` | `mocks/CountingProcessor.sol` | observable per-payload execution count |
+| `IMessageProperties` | `mocks/MockMessageProperties.sol` | controllable routing / source restriction / gas limits |
+| `IProtocolPauser` | `mocks/MockProtocolPauser.sol` | freely togglable pause |
+| n/a | `mocks/ManagerActor.sol` | a non-ward caller, to exercise the manager role |
+
+Consequence for coverage reports: `src/core/messaging/{Gateway,MultiAdapter}.sol` **must** show substantial line coverage after a real campaign. As of the current tip a 50k-call Echidna run gives `MultiAdapter` 145/147 and `Gateway` 80/162. A report showing 0 for either is an attribution bug in the build, not an accurate measurement. See [Coverage attribution](#coverage-attribution) below.
+
+## Messaging-layer surface under test
+
+- Sessions are per-(`centrifugeId`, `poolId`) `uint16`. Inbound payloads are wrapped with a 2-byte sessionId prefix, and an unwrapped or mis-wrapped payload reverts `InvalidAdapter`.
+- Votes are pool-namespaced: `_votes[cId][voteKey]` where `voteKey = keccak256(abi.encodePacked(routedPoolId, wrappedPayload))`. A global-set vote and a pool-set vote on identical bytes no longer share a slot.
+- `setAdapters(cId, pool, adapters, threshold, targetSessionId)` takes 5 args. `targetSessionId` must equal `nextActiveSessionId(cId, pool)` (active + 1) or it reverts `UnexpectedSessionId()`. A `threshold == 0` over a non-empty set reverts `ZeroThreshold()`.
+- Session ids plain-increment. There is no wrap from max back to 1 and no skip of 0, so at `type(uint16).max` `setAdapters` panics `0x11` and that (cId, pool) is exhausted permanently. Session id 0 therefore always means "never configured".
+- `blockSession`/`unblockSession`, the `vote`/`execute` split, `Gateway.clearFailedMessage`, and the `CannotBeReceivedLocally`/`SourceMismatch` guards are all in scope. `Gateway.blockOutgoing` and `recoveryIndex` no longer exist.
+
+## File map
+
+| File | Role |
+|------|------|
+| `Setup.sol` | Deploys Gateway + MultiAdapter + 3 `SimpleAdapter` mocks. Wires wards. Defines constants `THRESHOLD=2`, `ADAPTER_COUNT=3`, `LOCAL_CENTRIFUGE_ID=1`, `REMOTE_CENTRIFUGE_ID=2`, `GLOBAL_POOL=PoolId(0)`. Defines `_wrap(payload)`, which prefixes the current active sessionId (2 bytes); EVERY inbound delivery must use it (unwrapped payloads revert `InvalidAdapter`). Defines `_voteKey(wrapped)`, the `multiAdapter.votes` key `keccak256(uint64 poolId ++ wrapped)`; the `uint64` width is load-bearing. Also `_activeList()`/`_isActive()` for live active-adapter-set reads. |
+| `BeforeAfter.sol` | Ghost variables. Two layers: per-session (reset on reconfigure via `_clearTrackedDeliveries`) for the M1/M4/G2/G4 bound checks, and cumulative / cross-session (NEVER reset) for M1c and callCount monotonicity. `_captureBaselines` (pre-deliver) + `_recordSuccessfulDelivery` (post-success) split, so reverts don't pollute ghosts. `ghost_voteKey[cId][unwrappedHash]` maps to the pool-namespaced vote key. `_recordExecutionDelta` is a cumulative-ledger update without a delivery increment, for `execute()`/`retry`. Top-level `TrackedPair` struct. No active-set ghost: targets read `_activeList()`/`_isActive()` live. |
+| `targets/MultiAdapterTargets.sol` | `multiAdapter_deliver{,All,ToThreshold}`, `multiAdapter_vote`, `multiAdapter_execute` (positive); `multiAdapter_reconfigure(countSeed, thresholdSeed)` (state-mutating; clears per-session ghosts; asserts inline that `nextActiveSessionId == activeSessionId + 1` and that the call installs exactly that id, the only coverage of that getter); `multiAdapter_blockSession`/`multiAdapter_unblockSession` (state-mutating, inline asserts on the blocked flag, active-set cleared/restored, blocked-session delivery rejected); manager path `multiAdapter_updateManager` (toggles the role for the non-ward `mocks/ManagerActor.sol`) and `multiAdapter_managerDeliver` (3-arg handle on behalf of an active adapter); negatives M6.a/b/d/e/f (`setAdapters`: `ExceedsMax` / `ThresholdHigherThanQuorum` / `NoDuplicatesAllowed` / `ZeroThreshold` / `UnexpectedSessionId`), B1/B2 (block/unblock), V2 (execute below threshold → `NotEnoughVotes`), MA1 (non-manager on-behalf submission → `NotAuthorized`), `multiAdapter_oldAdapter_mustRevert`, `multiAdapter_alex1_replay_must_not_execute`. Defines the `validPayload` modifier. |
+| `targets/GatewayTargets.sol` | `gateway_send` (cId clamped to the configured route with a rare escape; asserts S1 fan-out hits every active adapter exactly once, plus S2 payload wrapped with the active sessionId), `gateway_retry` (cId clamped; baseline-bump when the consumed failure predates the session baseline), `gateway_clearFailedMessage`, `gateway_setPaused`, `gateway_setProcessorFail(bytes payload, bool)` which takes a bucketed payload rather than a free `bytes32`, and that is what makes the fail→retry/clear cycle fuzzer-reachable; negatives G3 (retry non-failed), G5/G5b (pause), G6 (send after `blockSession` of the active session → `EmptyAdapterSet`), G7 (clear non-failed), G8 (local-origin batch → `CannotBeReceivedLocally`), G9 (source-restricted message from the wrong chain → `SourceMismatch`). Inherits `MultiAdapterTargets`. |
+| `properties/MessagingProperties.sol` | Per-session: M1, M2 (4-arg `adapters(cId,pool,sid,i)` getter), M3 (`1 <= threshold <= quorum` whenever a set is active; the lower bound is the always-on form of the `ZeroThreshold` fix, covering write paths other than `setAdapters`), M4 (reads votes via `ghost_voteKey`), G1, G2, G4 (G2/G4 use saturating baseline diffs, since retry/clear can push `failedMessages` below baseline). Cumulative cross-session: M1c, callCount monotonicity. G3/G5-G9, B1/B2 and V1/V2 are enforced inline in the targets instead. |
+| `TargetFunctions.sol` | Aggregator: `is GatewayTargets, MessagingProperties` (GatewayTargets pulls in MultiAdapterTargets transitively). |
+| `CryticMessagingTester.sol` | Fuzzer entry point. Run with `--config echidna-messaging.yaml` from the project root. |
+| `CryticToFoundry.sol` | Foundry harness. 38 deterministic tests: smoke, C1/H3 regressions, M6.a-f negatives, vote-key pinning, vote/execute, blockSession, clearFailedMessage, source enforcement, Alex-1, M1c cross-session retry. |
+| `mocks/SimpleAdapter.sol` | Stub `IAdapter`. `deliver`→handle, `deliverVote`→vote, `deliverExecute`→execute, all expecting session-WRAPPED payloads. `send` records `sendCount` + `lastSentPayloadHash` for S1/S2 observability and returns `bytes32(0)`; `estimate` returns `0`. |
+| `mocks/CountingProcessor.sol` | `IMessageHandler` mock. `callCount[cId][hash]` per (cId, UNWRAPPED payloadHash). `setFail(...)` is intentionally unauthenticated. |
+| `mocks/MockMessageProperties.sol` | `IMessageProperties` mock. Single-message batches only (`messageLength == payload.length`). All payloads route to `GLOBAL_POOL` (`routePoolId` ignores the fallback flag). `messageSourceCentrifugeId`: messages starting with magic `0xFE` + `bytes2(source)` are source-restricted, everything else returns 0 meaning any. `messageProcessingGasLimit=200_000`, `messageFailureGasReserve=35_000`, `maxBatchGasLimit=10_000_000`. |
+| `mocks/MockProtocolPauser.sol` | Trivial. `setPaused` is intentionally unauthenticated. |
+| `mocks/ManagerActor.sol` | A non-ward address used to exercise the manager role on `MultiAdapter`. |
+
+## Property semantics
+
+Read this before touching properties. There are two ghost lifetimes (per-session vs cumulative) and three hash domains.
+
+### Hash domains
+
+Mixing these up is the easiest way to break the suite, and the failure is often silent.
+
+- **Unwrapped hash** `keccak256(payload)`. The domain of `countingProcessor.callCount`, `gateway.failedMessages`, and ALL ghosts (`ghost_deliveries`, `ghost_cum*`, baselines). Targets pass the UNWRAPPED payload to `_captureBaselines`/`_recordSuccessfulDelivery`.
+- **Wrapped hash** `keccak256(2-byte sessionId ++ payload)`. What `SimpleAdapter.send` records as `lastSentPayloadHash`. Used ONLY by the outbound S1/S2 assertions in `GatewayTargets.sol` and the two Foundry send tests. It is not a vote key; do not "fix" these to `_voteKey`.
+- **Vote key** `keccak256(uint64 routedPoolId ++ 2-byte sessionId ++ payload)`. The domain of `multiAdapter.votes`, via `_voteKey(...)`. Properties reading votes use `ghost_voteKey[cId][unwrappedHash]`, captured at the first in-session track. It is session-scoped because the sessionId is inside the hashed bytes, and pool-scoped because of the prefix.
+
+Reading the wrong vote key fails SILENTLY. `votes()` returns an all-zero array for an unknown key, so M4 reports `positiveSum == 0 <= deliveries` and passes vacuously, and V2's, Alex-1's and G5's clean-slate preconditions stop constraining anything. `test_voteKey_addresses_the_live_tally` is the guard: it asserts the vote key sees a live tally AND that the bare wrapped hash does not. Keep it.
+
+The `uint64` width of the pool prefix matters, because `abi.encodePacked` contributes 8 bytes and not 32. A `uint256(0)` prefix compiles fine and addresses a different, permanently empty slot.
+
+### Per-session ghosts (M1, M2, M3, M4, G1, G2, G4)
+
+These evaluate against the current session only, as bounds within a single `setAdapters` epoch. Enforced by:
+
+1. `_captureBaselines` (pre-deliver) snapshots `countingProcessor.callCount(cId, hash)` and `gateway.failedMessages(cId, hash)` into `ghost_baselineCallCount` / `ghost_baselineFailedMessages`, on first track within the session.
+2. Properties subtract those baselines from current values, to express "executions caused by this session's deliveries".
+3. `multiAdapter_reconfigure` calls `_clearTrackedDeliveries()`, which deletes all per-session ghosts.
+
+This pattern fixes the C1 bug class: M1/G2 read the current threshold but ghost counters span sessions, so a reconfigure that raises the threshold trips the property.
+
+If you add a property that reads `multiAdapter.threshold(...)` or `multiAdapter.quorum(...)` and compares it to anything counted across deliveries, mirror the baseline pattern. Otherwise the property will trip on reconfigure.
+
+### Cumulative cross-session ghosts (M1c, callCount monotonicity)
+
+These are NEVER reset by reconfigure. They validate that protocol behaviour stays correct across session transitions, which is the original motivation for the suite: an adapter-set reconfiguration must not let a stale, already-counted delivery execute a second time.
+
+- `ghost_cumDeliveries[cId][hash]`: total deliveries forever.
+- `ghost_cumExecutionsWeighted[cId][hash]`: sum of `(callCount_delta × threshold_at_observation)` for each detected execution.
+- `ghost_cumLastSeenCallCount[cId][hash]`: last observed callCount, for delta detection and monotonicity.
+- `ghost_cumTracked` / `ghost_isCumTracked`: list of all (cId, hash) pairs ever delivered.
+
+The pre-deliver `_captureBaselines` + post-success `_recordSuccessfulDelivery` split ensures reverts pollute neither domain.
+
+### M2 is a real cross-storage invariant
+
+It iterates `multiAdapter.adapters(cId, pool, activeSessionId, i)` and asserts pairwise distinctness and non-zero. Don't replace it with `quorum == ghost_adapterCount`, which was the original tautology.
+
+### Alex-1 replay (`multiAdapter_alex1_replay_must_not_execute`)
+
+This PASSES under the multi-session design, because votes are keyed by a session-bearing key, so a stale replay counts under the OLD session's threshold of ≥ 2 and cannot re-execute. The target replays the original wrapped bytes (stale sessionId prefix) and asserts callCount is unchanged; it stays live as a regression guard. Preconditions are a clean vote slate for the wrapped payload and threshold ≥ 2, since threshold-1 duplicate re-execution is by-design parallel-message semantics rather than the replay bug. The complementary kill-switch is `blockSession` on the old session, which rejects stale replays outright and is asserted inline in `multiAdapter_blockSession`.
+
+## Conventions for adding handlers and properties
+
+1. **Negative `*_mustRevert` targets must use selector-checked catches.** An empty `catch {}` swallows wrong-reason reverts and silently passes the property. Always:
+
+   ```solidity
+   try someCall() {
+       t(false, "...: should have reverted");
+   } catch (bytes memory err) {
+       t(bytes4(err) == ISomeInterface.ExpectedError.selector, "...: wrong revert");
+   }
+   ```
+
+2. **Use the `_captureBaselines` (pre-deliver) + `_recordSuccessfulDelivery` (post-success) split.** Capture happens before the on-chain effect, so executions caused by THIS delivery show up as a delta. The increment happens only on success, so reverts don't pollute ghosts. Never call the post-hook outside the success branch.
+
+3. **Payload keyspace is bounded to `PAYLOAD_BUCKETS` (16) via `_bucket(payload)` in `Setup.sol`, not via `validPayload`.** `validPayload` is only a length guard. Every state-producing or failure handler canonicalizes its payload with `bytes memory p = _bucket(payload)` at entry and uses `p` thereafter. This is what makes multi-step sequences collide on the same (cId, hash), which matters most for the fail→retry/clear cycle: that cycle was fuzzer-unreachable while `gateway_setProcessorFail` took a free `bytes32` that never matched a delivered payload. `_bucket` is idempotent, so canonical 1-byte payloads pass through and Foundry tests can wrap their payload definition once with `_bucket(abi.encode(...))` and keep referencing `keccak256(payload)`. When adding a handler that must share the delivery/failure keyspace, canonicalize with `_bucket` and keep everything keyed off `p`.
+
+4. **Per-session ghost reset.** Anything tracked per (cId, hash) must be cleared in `_clearTrackedDeliveries()`. Anything tracked per session, such as `ghost_adapterCount`, must be set in `setup()` and updated on reconfigure.
+
+5. **Sentinel `t(true, ...)` properties are forbidden.** Live enforcement goes in negative target functions. Document the property in NatSpec near the target, not as a no-op property.
+
+6. **The test contract (`address(this)`) is the deployer and ward** of both `Gateway` and `MultiAdapter`. Don't replace this with a per-actor pattern without re-thinking auth on the `onlyAuthOrManager` surfaces (`setAdapters`, `blockSession`/`unblockSession`, `gateway.handle`, `clearFailedMessage`) and on the untested `updateManager` / manager-submission paths.
+
+7. **Wrap every inbound payload with `_wrap(...)`** before handing it to an adapter mock, and pass the UNWRAPPED payload to the ghost helpers. To read votes, wrap first, then `_voteKey(...)`.
+
+   In Foundry tests, hoist ANY staticcall into a local BEFORE `vm.expectRevert`. The expectation is armed first, so an argument evaluated after it consumes the expectation and the test fails with "call did not revert as expected". This bites `_wrap`/`_voteKey`, which read `activeSessionId`, and `nextActiveSessionId(...)` passed as the 5th argument to `setAdapters`.
+
+8. **State-mutating targets with inline asserts** (`multiAdapter_blockSession`, `multiAdapter_unblockSession`, `multiAdapter_reconfigure`, Alex-1) must NOT end with `require(false)`. Their state change is the point.
+
+9. **Adapter activeness is always read LIVE** via `_activeList()`/`_isActive()` in `Setup.sol`, never mirrored in a ghost. The Alex-1 target installs non-prefix sets such as `[adapter1]`, and a "first N of adapter0..2" count ghost misrepresents them. That produced false positives in `oldAdapter_mustRevert` and V2.
+
+## Running
+
+```bash
+# Foundry: fast, deterministic, 38 tests
+forge test --match-contract CryticMessagingToFoundry -vv
+
+# Single test
+forge test --match-test test_C1_M1_after_threshold_increase_reconfigure -vvv
+```
+
+### Echidna takes the FILE target
+
+```bash
+FOUNDRY_PROFILE=echidna echidna test/integration/recon-messaging/CryticMessagingTester.sol \
+  --contract CryticMessagingTester --config echidna-messaging.yaml --test-limit 3000000 --workers 8
+# quick local smoke: drop --test-limit (Echidna default 50k)
+```
+
+Run the file target, not `echidna .`. Both compile — `EnvConnections.load` used to be a `public` library
+function needing linking that whole-project compilation could not provide, but it is `internal` now — the
+reason that survives is parity: the file target is what Recon Cloud uses, so running it locally keeps the
+two in sync.
+
+### `recon fuzz` takes the OPPOSITE target
+
+```bash
+FOUNDRY_PROFILE=echidna recon fuzz . \
+  --contract CryticMessagingTester --config echidna-messaging.yaml --workers 16 --test-limit 10000
+```
+
+`recon fuzz` (Recon's own Rust fuzzer) wants a Foundry project path, not a file. Passing the `.sol` file fails with "Failed to compile project / Failed to run forge build (No such file or directory)". It does not go through crytic-compile, so the file-target rule above does not apply to it.
+
+`--recon-corpus-dir <dir>` keeps recon's corpus separate and auto-exports an Echidna-compatible copy into `corpusDir`, so the same yaml serves both fuzzers without them fighting.
+
+### Coverage attribution
+
+`FOUNDRY_PROFILE=echidna` is required for every fuzzer invocation, not optional.
+
+The profile sets `bytecode_hash = "ipfs"` and `cbor_metadata = true`. `[profile.default]` sets them to `"none"` and `false` so that deployed bytecode stays deterministic, and that is correct for production but wrong for fuzzing. Without a CBOR metadata trailer, hevm keys its coverage map on the full runtime bytecode. Immutables are patched into runtime bytecode at deploy time, so any separately deployed contract with constructor-set immutables no longer matches its compiled artifact and gets no coverage attributed at all.
+
+Measured on the same command, changing only the profile:
+
+| | default profile | `FOUNDRY_PROFILE=echidna` |
+|---|---|---|
+| `MultiAdapter.sol` | 1/312 combined | 145/147 |
+| `Gateway.sol` | (same 1/312) | 80/162 |
+| `SimpleAdapter`, `ManagerActor` | 0 | 17/19, 5/6 |
+
+Contracts inherited into `CryticMessagingTester` itself (`Setup`, `BeforeAfter`, targets, properties) are attributed either way, because Echidna knows that deployment by name. Mocks without immutables (`CountingProcessor`, `MockMessageProperties`, `MockProtocolPauser`) are also attributed either way. So a report where the targets and properties look healthy but `Gateway` and `MultiAdapter` read 0 is diagnostic of a missing profile, not of an idle fuzzer.
+
+The same missing metadata destabilises the coverage key, so every sequence looks like new coverage, which grows the corpus without bound and eventually OOMs.
+
+### Config and corpus
+
+`echidna-messaging.yaml` deliberately omits `testLimit`, `workers`, `seqLen`, `timeout`, `symExec` and `seed`, so it works on Recon Cloud (where the UI governs run params) and locally (where CLI flags do). Do NOT add a `timeout`, since it would cap a long cloud campaign early.
+
+Compilation takes roughly 150s because the project is large with many libraries, so the first run is the slowest. The corpus persists in `corpusDir: echidna-messaging` at the project root.
+
+**Wipe the corpus after any handler-ABI change** (`rm -rf echidna-messaging/`). It stores concrete calldata, so entries recorded before a signature change either decode into a different call or get discarded. Either way the campaign restarts from a corpus that no longer means what it says.
+
+### Recon Cloud (getrecon.xyz/dashboard/jobs)
+
+- Path to test contract: `test/integration/recon-messaging/CryticMessagingTester.sol`
+- Echidna config filename: `echidna-messaging.yaml`, Tester Contract Name: `CryticMessagingTester`
+- Corpus Dir: `echidna-messaging`, Mode: assertion, Fork Mode: Non-Forked
+- Branch: the branch under test, committed and pushed first. Test Limit: 10M for the first (no-corpus) run.
+- Corpus Reuse Job ID: LEAVE EMPTY. The corpus is suite-specific, so never paste the recon-end-to-end job id. Once a run completes, reuse ITS job id for subsequent higher-limit messaging runs.
+
+Cloud jobs currently build with the default foundry profile, so treat `src/**` coverage from a cloud report as unusable until that is resolved. Property results are unaffected, since only the source mapping breaks.
+
+## Setup constants
+
+- `THRESHOLD=2`, `ADAPTER_COUNT=3`. The initial `setAdapters` in `setup()` creates session 1.
+- `multiAdapter_reconfigure` fuzzes count in [1,3] and threshold in [1,count], where threshold ≥ 1 keeps it clear of the `ZeroThreshold` guard. Session ids are per-(cId, pool) `uint16` and increment by exactly 1 per `setAdapters`, and the caller must pass that id as `targetSessionId`.
+- `MAX_ADAPTER_COUNT=8` from `IMultiAdapter.sol`. The M6.a negative deliberately exceeds it.
+- `PAYLOAD_BUCKETS=16`, the bounded payload keyspace behind `_bucket(...)`.
+- `messageOverallGasLimit` returns `0` (unpaid mode), `messageProcessingGasLimit` returns `200_000`, `messageFailureGasReserve` returns `35_000`. Gateway forwards `gasLimit - reserve` to the processor, so the reserve must stay well below the processing limit.
+
+## Known coverage gaps
+
+These are deferred follow-ups rather than bugs in the existing suite. Each warrants its own PR, so don't add them ad-hoc. If you close one, update this section.
+
+- **Multi-message inbound batches** (`Gateway.handle` looping over `messageLength`). `MockMessageProperties` returns the full payload length, so batches are always single-message and the `MalformedBatch` revert path is unreachable.
+- **`withBatch` / `repay` / underpaid batches.** Outbound batching, transient slot clearing and batch locator parsing are not exercised, which is the bulk of the uncovered `Gateway` lines. `property_G1_isBatching_false` is a tautology as a result. Note that the end-to-end suite uses a `MockGateway`, so this suite's number is the protocol's total stateful `Gateway` coverage.
+- **`Gateway.file` and `Gateway.updateManager`** have no handler.
+- **Multi-remote / multi-pool.** Only `REMOTE_CENTRIFUGE_ID=2` and `GLOBAL_POOL` are configured, so per-(cId, pool) accounting bugs and the `routePoolId` SetPoolAdapters→global fallback are out of reach. This also leaves the vote key's pool namespacing untested: the whole point of `voteKey = keccak256(poolId ++ wrapped)` is that a global-set vote and a pool-set vote on identical bytes land in separate tallies, and with one pool the prefix is a constant. The missing property is to deliver the same payload under two pools with different adapter sets and assert neither tally counts toward the other's threshold. Closing it means teaching `MockMessageProperties.routePoolId` to route a payload subset to a second pool, configuring adapters for it, and re-keying `ghost_voteKey` and `_voteKey` by (cId, pool, hash).
+- **Manager paths, partially covered.** `MultiAdapter.updateManager` and the manager-driven `handle(cId, payload, adapter)` overload are fuzzed via the non-ward `ManagerActor`. Still unfuzzed: the manager-driven `vote`/`execute` overloads, and the gateway-side manager role (`gateway.updateManager`, manager-gated `gateway.handle`/`clearFailedMessage`).
+- **StandbyAdapter** (`src/adapters/StandbyAdapter.sol`): the forwardable-credit invariant (forwards ≤ sends), `estimate == 0`, and inbound relay via `underlying`. Model it as a 4th adapter configuration and reuse the mocks from `test/adapters/StandbyAdapter.t.sol`.
+- **AdapterFailover** (`src/managers/adapters/AdapterFailover.sol`): the steward/timelock failover lifecycle into `setAdapters`, plus hub veto. Replaces the old recoveryIndex model.
+- **`SimpleAdapter` doesn't model Axelar's pull-based commandId queue.** The Alex-1 target works around this by orchestrating the reconfigure inside the target. A higher-fidelity adapter mock with a `pendingDelivery(hash)` queue surviving reconfigure would let more attack patterns emerge organically.
+- **Session-id exhaustion** (`activeSessionId == type(uint16).max`), where `setAdapters` panics `0x11` instead of wrapping and permanently bricks reconfiguration for that (cId, pool). Unreachable in fuzz sequences since `seqLen` 50 is far below 65535, and not modelled here. The DoS shape is a protocol-design question rather than a harness gap.
+
+## Known revert reasons
+
+When a target catches an unexpected revert, check this first.
+
+| Selector | Source | Common cause |
+|----------|--------|--------------|
+| `IGateway.Paused` | `Gateway.handle/send/retry/repay` (`pauseable` modifier) | `mockProtocolPauser.paused() == true` |
+| `IGateway.NotFailedMessage` | `Gateway.retry/clearFailedMessage` | `failedMessages[cId][hash] == 0` |
+| `IGateway.CannotBeReceivedLocally` | `Gateway.handle` | `centrifugeId == localCentrifugeId` (forgery guard) |
+| `IGateway.SourceMismatch` | `Gateway.handle` | message source-restricted via the mock magic `0xFE ++ bytes2(src)` and delivered from a different chain |
+| `IGateway.EmptyMessage` / `TooLongMessage` | `Gateway.send` | payload bounds; the `validPayload` modifier prevents this |
+| `IMultiAdapter.InvalidAdapter` | `MultiAdapter._resolve` | adapter not configured for the (cId, pool, sessionId-from-payload-prefix): after a reconfigure to a smaller count, on unwrapped or mis-wrapped payloads, or on a blocked session |
+| `IMultiAdapter.{ExceedsMax, ThresholdHigherThanQuorum, NoDuplicatesAllowed}` | `MultiAdapter.setAdapters` | exercised by the M6.a/b/d negatives |
+| `IMultiAdapter.ZeroThreshold` | `MultiAdapter.setAdapters` | `threshold == 0` with a non-empty adapter set; an empty set with 0 is the legal disable path (M6.e) |
+| `IMultiAdapter.UnexpectedSessionId` | `MultiAdapter.setAdapters` | `targetSessionId != nextActiveSessionId(cId, pool)`. Raised BEFORE `_installSession`, so a negative target aiming at `NoDuplicatesAllowed` must pass the correct id or it fails for the wrong reason (M6.f) |
+| `IMultiAdapter.SessionNotConfigured` | `MultiAdapter.blockSession` | session never configured, or already blocked with its config stashed (B1) |
+| `IMultiAdapter.SessionNotBlocked` | `MultiAdapter.unblockSession` | session not currently blocked (B2) |
+| `IAdapterEntrypoint.NotEnoughVotes` | `MultiAdapter.execute` | positive votes below threshold (V2) |
+| `IMultiAdapter.EmptyAdapterSet` | `MultiAdapter.send/estimate` | no active adapters for (cId, pool): unconfigured cId, or the active session is blocked (G6) |
+| `Auth.NotAuthorized` | `_resolve` / `onlyAuthOrManager` | caller is neither the named adapter, nor a ward, nor a pool manager |
+
+## References
+
+- Source under test: `src/core/messaging/{Gateway,MultiAdapter}.sol`, `src/misc/libraries/ArrayLib.sol`
+- Unit tests for the same contracts: `test/core/unit/Gateway.t.sol`, `test/core/unit/MultiAdapter.t.sol`
+- Recon framework docs: https://book.getrecon.xyz/writing_invariant_tests/chimera_framework.html
+- Recon reproducer scraper: https://getrecon.xyz/tools/echidna
diff --git a/test/integration/recon-messaging/Setup.sol b/test/integration/recon-messaging/Setup.sol
new file mode 100644
index 000000000..8696bda31
--- /dev/null
+++ b/test/integration/recon-messaging/Setup.sol
@@ -0,0 +1,112 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {ManagerActor} from "./mocks/ManagerActor.sol";
+import {SimpleAdapter} from "./mocks/SimpleAdapter.sol";
+import {CountingProcessor} from "./mocks/CountingProcessor.sol";
+import {MockProtocolPauser} from "./mocks/MockProtocolPauser.sol";
+import {MockMessageProperties} from "./mocks/MockMessageProperties.sol";
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {Gateway} from "../../../src/core/messaging/Gateway.sol";
+import {MultiAdapter} from "../../../src/core/messaging/MultiAdapter.sol";
+import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
+
+import {BaseSetup} from "@chimera/BaseSetup.sol";
+
+abstract contract Setup is BaseSetup {
+    uint16 internal constant LOCAL_CENTRIFUGE_ID = 1;
+    uint16 internal constant REMOTE_CENTRIFUGE_ID = 2;
+
+    uint8 internal constant ADAPTER_COUNT = 3;
+    uint8 internal constant THRESHOLD = 2;
+
+    // Payload keyspace bound: collapse fuzzed payloads into this many canonical single-byte
+    // representatives so independent handler calls collide on the same (cId, hash) key.
+    uint8 internal constant PAYLOAD_BUCKETS = 16;
+
+    PoolId internal constant GLOBAL_POOL = PoolId.wrap(0);
+
+    Gateway internal gateway;
+    MultiAdapter internal multiAdapter;
+
+    CountingProcessor internal countingProcessor;
+    MockMessageProperties internal mockMessageProperties;
+    MockProtocolPauser internal mockProtocolPauser;
+
+    // Adapters: deliver() is the inbound entrypoint for the fuzzer
+    SimpleAdapter internal adapter0;
+    SimpleAdapter internal adapter1;
+    SimpleAdapter internal adapter2;
+
+    // Non-ward second actor for the pool-manager path (role granted/revoked via updateManager)
+    ManagerActor internal managerActor;
+
+    function setup() internal virtual override {
+        mockMessageProperties = new MockMessageProperties();
+        mockProtocolPauser = new MockProtocolPauser();
+        countingProcessor = new CountingProcessor();
+
+        gateway = new Gateway(LOCAL_CENTRIFUGE_ID, mockProtocolPauser, address(this));
+        multiAdapter = new MultiAdapter(LOCAL_CENTRIFUGE_ID, gateway, address(this));
+
+        adapter0 = new SimpleAdapter(REMOTE_CENTRIFUGE_ID, multiAdapter);
+        adapter1 = new SimpleAdapter(REMOTE_CENTRIFUGE_ID, multiAdapter);
+        adapter2 = new SimpleAdapter(REMOTE_CENTRIFUGE_ID, multiAdapter);
+
+        managerActor = new ManagerActor(multiAdapter); // starts WITHOUT the manager role
+
+        gateway.file("processor", address(countingProcessor));
+        gateway.file("messageProperties", address(mockMessageProperties));
+        gateway.file("adapter", address(multiAdapter));
+
+        multiAdapter.file("messageProperties", address(mockMessageProperties));
+
+        IAdapter[] memory addrs = new IAdapter[](ADAPTER_COUNT);
+        addrs[0] = IAdapter(address(adapter0));
+        addrs[1] = IAdapter(address(adapter1));
+        addrs[2] = IAdapter(address(adapter2));
+        // Session 1: this pool has never been configured, so the next session id is always 1.
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, THRESHOLD, 1);
+
+        // Auth: multiAdapter must be a ward of gateway so it can call gateway.handle()
+        gateway.rely(address(multiAdapter));
+
+        // Auth: gateway must be a ward of multiAdapter so it can call multiAdapter.send() on outbound
+        multiAdapter.rely(address(gateway));
+    }
+
+    /// @dev Collapse a fuzzed payload into one of PAYLOAD_BUCKETS canonical single-byte payloads so independent
+    ///      handler calls collide on one (cId, hash); without it the fail -> retry/clear cycle is unreachable.
+    ///      Idempotent, so Foundry tests can bucket once and keep hashing the raw payload.
+    function _bucket(bytes memory payload) internal pure returns (bytes memory) {
+        if (payload.length == 1 && uint8(payload[0]) < PAYLOAD_BUCKETS) return payload;
+        return abi.encodePacked(uint8(uint256(keccak256(payload)) % PAYLOAD_BUCKETS));
+    }
+
+    /// @dev Prefix a payload with the 2-byte active session id, mirroring MultiAdapter.send(). Inbound
+    ///      handle/vote/execute resolve the adapter set from `payload[0:2]`: unwrapped reverts InvalidAdapter.
+    function _wrap(bytes memory payload) internal view returns (bytes memory) {
+        return abi.encodePacked(multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL), payload);
+    }
+
+    /// @dev `MultiAdapter._votes` is keyed by `keccak256(routedPoolId ++ wrappedPayload)`, not by the bare wrapped
+    ///      hash. The width is load-bearing: `PoolId.raw()` is a `uint64`, so the prefix is 8 bytes; a 32-byte
+    ///      prefix addresses an empty slot and silently makes every vote-reading property vacuous.
+    function _voteKey(bytes memory wrappedPayload) internal pure returns (bytes32) {
+        return keccak256(abi.encodePacked(GLOBAL_POOL.raw(), wrappedPayload));
+    }
+
+    /// @dev Live active adapter set, never mirrored in a ghost: reconfigure can install non-prefix sets.
+    function _activeList() internal view returns (IAdapter[] memory) {
+        return multiAdapter.activeAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL).list;
+    }
+
+    function _isActive(address adapter) internal view returns (bool) {
+        IAdapter[] memory list = _activeList();
+        for (uint256 i; i < list.length; i++) {
+            if (address(list[i]) == adapter) return true;
+        }
+        return false;
+    }
+}
diff --git a/test/integration/recon-messaging/TargetFunctions.sol b/test/integration/recon-messaging/TargetFunctions.sol
new file mode 100644
index 000000000..29ab91210
--- /dev/null
+++ b/test/integration/recon-messaging/TargetFunctions.sol
@@ -0,0 +1,8 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {GatewayTargets} from "./targets/GatewayTargets.sol";
+import {MessagingProperties} from "./properties/MessagingProperties.sol";
+
+/// @dev GatewayTargets pulls in MultiAdapterTargets transitively.
+abstract contract TargetFunctions is GatewayTargets, MessagingProperties {}
diff --git a/test/integration/recon-messaging/mocks/CountingProcessor.sol b/test/integration/recon-messaging/mocks/CountingProcessor.sol
new file mode 100644
index 000000000..e76268bc1
--- /dev/null
+++ b/test/integration/recon-messaging/mocks/CountingProcessor.sol
@@ -0,0 +1,21 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {IMessageHandler} from "../../../../src/core/messaging/interfaces/IMessageHandler.sol";
+
+/// @dev Counts handle() invocations; can be forced to revert to exercise the Gateway's failedMessages path.
+contract CountingProcessor is IMessageHandler {
+    mapping(uint16 centrifugeId => mapping(bytes32 msgHash => uint256)) public callCount;
+    mapping(uint16 centrifugeId => mapping(bytes32 msgHash => bool)) public shouldFail;
+
+    function handle(uint16 centrifugeId, bytes memory message) external {
+        bytes32 msgHash = keccak256(message);
+        require(!shouldFail[centrifugeId][msgHash], "CountingProcessor: forced failure");
+        callCount[centrifugeId][msgHash]++;
+    }
+
+    /// @dev Intentionally unauthenticated: tests configure failure modes directly.
+    function setFail(uint16 centrifugeId, bytes32 msgHash, bool fail) external {
+        shouldFail[centrifugeId][msgHash] = fail;
+    }
+}
diff --git a/test/integration/recon-messaging/mocks/ManagerActor.sol b/test/integration/recon-messaging/mocks/ManagerActor.sol
new file mode 100644
index 000000000..a74033aed
--- /dev/null
+++ b/test/integration/recon-messaging/mocks/ManagerActor.sol
@@ -0,0 +1,19 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+/// @dev Non-ward actor for the pool-manager path. The test contract is a ward, so its calls pass
+///      `onlyAuthOrManager` regardless of manager state; this proxy's succeed iff it holds the role.
+contract ManagerActor {
+    IMultiAdapter public immutable multiAdapter;
+
+    constructor(IMultiAdapter multiAdapter_) {
+        multiAdapter = multiAdapter_;
+    }
+
+    function handleAs(uint16 centrifugeId, bytes calldata payload, IAdapter adapter) external {
+        multiAdapter.handle(centrifugeId, payload, adapter);
+    }
+}
diff --git a/test/integration/recon-messaging/mocks/MockMessageProperties.sol b/test/integration/recon-messaging/mocks/MockMessageProperties.sol
new file mode 100644
index 000000000..5711774e9
--- /dev/null
+++ b/test/integration/recon-messaging/mocks/MockMessageProperties.sol
@@ -0,0 +1,54 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {IMessageProperties} from "../../../../src/core/messaging/interfaces/IMessageProperties.sol";
+
+/// @dev Every payload is a single-message batch belonging to GLOBAL_POOL.
+contract MockMessageProperties is IMessageProperties {
+    /// @dev Must exceed FAILURE_GAS_RESERVE so `_safeProcess` forwards positive gas to the processor
+    uint128 public constant PROCESSING_GAS_LIMIT = 200_000;
+    uint128 public constant MAX_BATCH_GAS = 10_000_000;
+    /// @dev Reserved per message to record a processor failure; subtracted from PROCESSING_GAS_LIMIT.
+    uint128 public constant FAILURE_GAS_RESERVE = 35_000;
+
+    function messageOverallGasLimit(uint16, bytes calldata) external pure returns (uint128) {
+        return 0;
+    }
+
+    function messageProcessingGasLimit(uint16, bytes calldata) external pure returns (uint128) {
+        return PROCESSING_GAS_LIMIT;
+    }
+
+    function maxBatchGasLimit(uint16) external pure returns (uint128) {
+        return MAX_BATCH_GAS;
+    }
+
+    function messageLength(bytes calldata message) external pure returns (uint16) {
+        return uint16(message.length);
+    }
+
+    function messagePoolId(bytes calldata) external pure returns (PoolId) {
+        return PoolId.wrap(0); // GLOBAL_POOL
+    }
+
+    /// @dev All payloads route via GLOBAL_POOL, so the `poolConfigured == false` fallback is a no-op here.
+    function routePoolId(bytes calldata, bool) external pure returns (PoolId) {
+        return PoolId.wrap(0); // GLOBAL_POOL
+    }
+
+    /// @dev Source-restricted messages are `0xFE ++ bytes2(requiredSource) ++ ...`; encoded in the message
+    ///      because the interface pins this `pure`. Anything else returns 0 = any source permitted.
+    bytes1 public constant SOURCE_RESTRICTED_MAGIC = 0xFE;
+
+    function messageSourceCentrifugeId(bytes calldata message) external pure returns (uint16) {
+        if (message.length >= 3 && message[0] == SOURCE_RESTRICTED_MAGIC) {
+            return uint16(bytes2(message[1:3]));
+        }
+        return 0;
+    }
+
+    function messageFailureGasReserve() external pure returns (uint128) {
+        return FAILURE_GAS_RESERVE;
+    }
+}
diff --git a/test/integration/recon-messaging/mocks/MockProtocolPauser.sol b/test/integration/recon-messaging/mocks/MockProtocolPauser.sol
new file mode 100644
index 000000000..e71d586db
--- /dev/null
+++ b/test/integration/recon-messaging/mocks/MockProtocolPauser.sol
@@ -0,0 +1,15 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {IProtocolPauser} from "../../../../src/core/messaging/interfaces/IProtocolPauser.sol";
+
+contract MockProtocolPauser is IProtocolPauser {
+    bool public paused;
+
+    /// @dev Intentionally unauthenticated: tests toggle pause state directly.
+    function setPaused(bool paused_) external {
+        paused = paused_;
+        if (paused_) emit Pause();
+        else emit Unpause();
+    }
+}
diff --git a/test/integration/recon-messaging/mocks/SimpleAdapter.sol b/test/integration/recon-messaging/mocks/SimpleAdapter.sol
new file mode 100644
index 000000000..b8fe169e5
--- /dev/null
+++ b/test/integration/recon-messaging/mocks/SimpleAdapter.sol
@@ -0,0 +1,46 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IAdapterEntrypoint} from "../../../../src/core/messaging/interfaces/IAdapterEntrypoint.sol";
+
+/// @dev Simulates a GMP adapter; the deliver* functions mimic inbound delivery from the remote chain.
+contract SimpleAdapter is IAdapter {
+    IAdapterEntrypoint public immutable multiAdapter;
+    uint16 public immutable remoteChainId;
+
+    constructor(uint16 remoteChainId_, IAdapterEntrypoint multiAdapter_) {
+        remoteChainId = remoteChainId_;
+        multiAdapter = multiAdapter_;
+    }
+
+    function deliver(bytes calldata payload) external {
+        multiAdapter.handle(remoteChainId, payload);
+    }
+
+    /// @dev Proof-adapter path: casts a vote without executing.
+    function deliverVote(bytes calldata payload) external {
+        multiAdapter.vote(remoteChainId, payload);
+    }
+
+    /// @dev Deferred-execution path: consumes quorum votes if the threshold is met, else reverts NotEnoughVotes.
+    function deliverExecute(bytes calldata payload) external {
+        multiAdapter.execute(remoteChainId, payload);
+    }
+
+    // ── IAdapter ──────────────────────────────────────────────────────────────
+
+    // Outbound fan-out observability (S1/S2 in GatewayTargets)
+    uint256 public sendCount;
+    bytes32 public lastSentPayloadHash;
+
+    function send(uint16, bytes calldata payload, uint256, address) external payable returns (bytes32) {
+        sendCount++;
+        lastSentPayloadHash = keccak256(payload);
+        return bytes32(0);
+    }
+
+    function estimate(uint16, bytes calldata, uint256) external pure returns (uint256) {
+        return 0;
+    }
+}
diff --git a/test/integration/recon-messaging/properties/MessagingProperties.sol b/test/integration/recon-messaging/properties/MessagingProperties.sol
new file mode 100644
index 000000000..b98e9fc15
--- /dev/null
+++ b/test/integration/recon-messaging/properties/MessagingProperties.sol
@@ -0,0 +1,157 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {MAX_ADAPTER_COUNT} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {Asserts} from "@chimera/Asserts.sol";
+import {BeforeAfter, TrackedPair} from "../BeforeAfter.sol";
+
+abstract contract MessagingProperties is BeforeAfter, Asserts {
+    // ─── MultiAdapter invariants ──────────────────────────────────────────────
+
+    /// @dev M1 – Per session, per (centrifugeId, payloadHash): callCount * threshold <= deliveries.
+    ///      Counted from the first-delivery baseline; `_clearTrackedDeliveries` resets the set on reconfigure.
+    function property_M1_threshold_respected() public {
+        uint256 threshold_ = uint256(multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL));
+        uint256 n = ghost_tracked.length;
+
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_tracked[i];
+
+            uint256 deliveries = ghost_deliveries[p.centrifugeId][p.payloadHash];
+            uint256 calls = countingProcessor.callCount(p.centrifugeId, p.payloadHash)
+                - ghost_baselineCallCount[p.centrifugeId][p.payloadHash];
+
+            lte(calls * threshold_, deliveries, "M1: callCount * threshold > deliveries");
+        }
+    }
+
+    /// @dev M2 – Every index in the active set [0, quorum) is non-zero and pairwise distinct.
+    function property_M2_adapter_set_integrity() public {
+        uint8 q = multiAdapter.quorum(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        if (q == 0) return;
+
+        uint16 sid = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        IAdapter[] memory active = new IAdapter[](q);
+        for (uint8 i; i < q; i++) {
+            active[i] = multiAdapter.adapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid, i);
+            t(address(active[i]) != address(0), "M2: adapter at active index is zero");
+        }
+
+        for (uint8 i; i < q; i++) {
+            for (uint8 j = i + 1; j < q; j++) {
+                t(active[i] != active[j], "M2: duplicate adapters in active set");
+            }
+        }
+    }
+
+    /// @dev M3 – `1 <= threshold <= quorum` whenever a set is active, covering the write paths M6.e does not
+    ///      (`_installSession`, `unblockSession` restore). Vacuous while no set is active: quorum reads 0.
+    function property_M3_threshold_leq_quorum() public {
+        uint8 q = multiAdapter.quorum(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        uint8 thr = multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+
+        lte(uint256(thr), uint256(q), "M3: threshold > quorum");
+        if (q >= 1) gte(uint256(thr), 1, "M3: zero threshold over a non-empty adapter set");
+    }
+
+    /// @dev M4 – Per session: sumPositive(votes) <= deliveries. Votes live under `ghost_voteKey` =
+    ///      `keccak256(routedPoolId ++ sessionId ++ payload)`; a wrong key reads all-zero and passes vacuously.
+    function property_M4_vote_sum_bounded() public {
+        uint256 n = ghost_tracked.length;
+        uint8 q = multiAdapter.quorum(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_tracked[i];
+
+            bytes32 voteKey = ghost_voteKey[p.centrifugeId][p.payloadHash];
+            int16[MAX_ADAPTER_COUNT] memory v = multiAdapter.votes(p.centrifugeId, voteKey);
+            uint256 positiveSum;
+            for (uint8 j; j < q; j++) {
+                if (v[j] > 0) positiveSum += uint16(v[j]);
+            }
+
+            uint256 deliveries = ghost_deliveries[p.centrifugeId][p.payloadHash];
+            lte(positiveSum, deliveries, "M4: positive vote sum > deliveries");
+        }
+    }
+
+    // ─── Gateway invariants ───────────────────────────────────────────────────
+
+    /// @dev G1 – isBatching is false between transactions. Transient storage resets per tx: near-tautological.
+    function property_G1_isBatching_false() public {
+        t(!gateway.isBatching(), "G1: isBatching is true between transactions");
+    }
+
+    /// @dev G2 – Per session: (callCount + failedMessages) * threshold <= deliveries. One gateway.handle() per
+    ///      threshold reach; retry() moves a count from failedMessages to callCount, preserving the sum.
+    function property_G2_execution_conservation() public {
+        uint256 threshold_ = uint256(multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL));
+        uint256 n = ghost_tracked.length;
+
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_tracked[i];
+
+            uint256 deliveries = ghost_deliveries[p.centrifugeId][p.payloadHash];
+            uint256 calls = countingProcessor.callCount(p.centrifugeId, p.payloadHash)
+                - ghost_baselineCallCount[p.centrifugeId][p.payloadHash];
+            // Saturating: retry/clear can push failedMessages below the baseline captured at first track.
+            uint256 failedNow = gateway.failedMessages(p.centrifugeId, p.payloadHash);
+            uint256 failedBase = ghost_baselineFailedMessages[p.centrifugeId][p.payloadHash];
+            uint256 failed = failedNow > failedBase ? failedNow - failedBase : 0;
+
+            lte((calls + failed) * threshold_, deliveries, "G2: (callCount + failedMessages) * threshold > deliveries");
+        }
+    }
+
+    /// @dev G3 – retry reverts for a message that has not failed; enforced in `gateway_retry_nonFailed_mustRevert`.
+
+    /// @dev G4 – Per session: failedMessages <= deliveries, since `_safeProcess` fails at most once per handle.
+    function property_G4_failed_messages_bounded() public {
+        uint256 n = ghost_tracked.length;
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_tracked[i];
+
+            // Saturating diff: see G2 for why failedMessages can drop below its baseline.
+            uint256 failedNow = gateway.failedMessages(p.centrifugeId, p.payloadHash);
+            uint256 failedBase = ghost_baselineFailedMessages[p.centrifugeId][p.payloadHash];
+            uint256 failed = failedNow > failedBase ? failedNow - failedBase : 0;
+
+            uint256 deliveries = ghost_deliveries[p.centrifugeId][p.payloadHash];
+            lte(failed, deliveries, "G4: failedMessages > deliveries");
+        }
+    }
+
+    /// @dev G5 / G5b / G6 – pause and session-block enforcement, in `gateway_handle_whenPaused_mustRevert`,
+    ///      `gateway_retry_whenPaused_mustRevert` and `gateway_send_whenBlocked_mustRevert` (G6: EmptyAdapterSet).
+
+    // ─── Cross-session (cumulative) invariants ───────────────────────────────
+
+    /// @dev M1c – Across ALL sessions: sum(callCountDelta * thresholdAtObservation) <= cumulativeDeliveries.
+    ///      Arithmetic only; structural replay is covered by `multiAdapter_alex1_replay_must_not_execute`.
+    function property_M1c_weighted_executions_bounded_by_deliveries() public {
+        uint256 n = ghost_cumTracked.length;
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_cumTracked[i];
+
+            uint256 weighted = ghost_cumExecutionsWeighted[p.centrifugeId][p.payloadHash];
+            uint256 delivs = ghost_cumDeliveries[p.centrifugeId][p.payloadHash];
+            lte(weighted, delivs, "M1c: weighted-executions > cumulative-deliveries");
+        }
+    }
+
+    /// @dev `countingProcessor.callCount[cId][hash]` never decreases (structurally true: the mock is unsigned).
+    function property_callCount_monotonic() public {
+        uint256 n = ghost_cumTracked.length;
+        for (uint256 i; i < n; i++) {
+            TrackedPair memory p = ghost_cumTracked[i];
+
+            uint256 cur = countingProcessor.callCount(p.centrifugeId, p.payloadHash);
+            uint256 lastSeen = ghost_cumLastSeenCallCount[p.centrifugeId][p.payloadHash];
+            gte(cur, lastSeen, "callCount: decreased between handlers");
+        }
+    }
+
+    // Session-id monotonicity is asserted inside `multiAdapter_reconfigure`, the only handler that mutates it.
+}
diff --git a/test/integration/recon-messaging/targets/GatewayTargets.sol b/test/integration/recon-messaging/targets/GatewayTargets.sol
new file mode 100644
index 000000000..93b4ca6e0
--- /dev/null
+++ b/test/integration/recon-messaging/targets/GatewayTargets.sol
@@ -0,0 +1,225 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {MultiAdapterTargets} from "./MultiAdapterTargets.sol";
+
+import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {MAX_ADAPTER_COUNT} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {SimpleAdapter} from "../mocks/SimpleAdapter.sol";
+
+abstract contract GatewayTargets is MultiAdapterTargets {
+    /// @dev Send outbound; unpaidMode with zero-estimate adapters dispatches at once (fuel 0 >= cost 0).
+    ///      centrifugeId is mostly clamped to the configured route; the rare escape keeps EmptyAdapterSet live.
+    function gateway_send(uint16 centrifugeIdSeed, bytes calldata message) public validPayload(message) {
+        uint16 cId = centrifugeIdSeed % 16 == 0 ? centrifugeIdSeed : REMOTE_CENTRIFUGE_ID;
+        if (cId != REMOTE_CENTRIFUGE_ID) {
+            gateway.send(cId, message, true, address(this)); // natural EmptyAdapterSet on dead routes
+            return;
+        }
+
+        IAdapter[] memory list = _activeList();
+        uint256[] memory sendsBefore = new uint256[](list.length);
+        for (uint256 i; i < list.length; i++) {
+            sendsBefore[i] = SimpleAdapter(address(list[i])).sendCount();
+        }
+
+        gateway.send(cId, message, true, address(this));
+
+        bytes32 wrappedHash = keccak256(_wrap(message));
+        for (uint256 i; i < list.length; i++) {
+            SimpleAdapter a = SimpleAdapter(address(list[i]));
+            eq(a.sendCount(), sendsBefore[i] + 1, "S1: send fan-out did not hit active adapter exactly once");
+            t(a.lastSentPayloadHash() == wrappedHash, "S2: sent payload not wrapped with active sessionId");
+        }
+    }
+
+    /// @dev Retry a failed message; with no failed entry it naturally reverts NotFailedMessage. A
+    ///      successful retry executes without casting a vote, so only the execution delta is recorded.
+    function gateway_retry(uint16 centrifugeIdSeed, bytes calldata message) public {
+        uint16 cId = centrifugeIdSeed % 16 == 0 ? centrifugeIdSeed : REMOTE_CENTRIFUGE_ID;
+        bytes memory m = _bucket(message);
+        bytes32 msgHash = keccak256(m);
+        uint256 failedBefore = gateway.failedMessages(cId, msgHash);
+
+        gateway.retry(cId, m);
+
+        // A retry re-runs an already-counted failed instance, no new votes: the quorum event was
+        // credited at the failing session's threshold. Absorb the counter moves instead of re-crediting.
+        _syncCumCounters(cId, msgHash);
+
+        // When the consumed failure predates this session's baseline, its funding deliveries are not in
+        // ghost_deliveries: bump the callCount baseline so the retried execution stays out of the delta.
+        if (ghost_isTracked[cId][msgHash] && failedBefore <= ghost_baselineFailedMessages[cId][msgHash]) {
+            ghost_baselineCallCount[cId][msgHash]++;
+        }
+    }
+
+    /// @dev Discard one failed-message instance; naturally reverts NotFailedMessage with nothing to clear.
+    function gateway_clearFailedMessage(bytes calldata message) public {
+        bytes memory m = _bucket(message);
+        bytes32 msgHash = keccak256(m);
+        uint256 failedBefore = gateway.failedMessages(REMOTE_CENTRIFUGE_ID, msgHash);
+        uint256 ccBefore = countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, msgHash);
+
+        gateway.clearFailedMessage(REMOTE_CENTRIFUGE_ID, m);
+
+        eq(
+            gateway.failedMessages(REMOTE_CENTRIFUGE_ID, msgHash),
+            failedBefore - 1,
+            "clearFailedMessage: failedMessages not decremented by exactly 1"
+        );
+        eq(
+            countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, msgHash),
+            ccBefore,
+            "clearFailedMessage: message was executed"
+        );
+
+        // Discarding is not a quorum event; absorb the counter move so the next real failure is detected.
+        _syncCumCounters(REMOTE_CENTRIFUGE_ID, msgHash);
+    }
+
+    function gateway_setPaused(bool paused) public {
+        mockProtocolPauser.setPaused(paused);
+    }
+
+    /// @dev Make CountingProcessor reject a payload so the next handle() for it fails. Bucketed payload,
+    ///      not a free bytes32 (a free hash never matches a delivery); keyed on the UNWRAPPED hash.
+    function gateway_setProcessorFail(bytes memory payload, bool fail) public {
+        countingProcessor.setFail(REMOTE_CENTRIFUGE_ID, keccak256(_bucket(payload)), fail);
+    }
+
+    // ─── Negative enforcement targets ────────────────────────────────────────
+    // Each negative target ends with `require(false)`: successful runs count as reverted, so shrunk
+    // traces stay short.
+
+    /// @dev G7 – clearFailedMessage on a non-failed message must revert with NotFailedMessage.
+    function gateway_clearFailedMessage_nonFailed_mustRevert(bytes calldata message) public {
+        bytes32 msgHash = keccak256(message);
+        precondition(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, msgHash) == 0);
+
+        try gateway.clearFailedMessage(REMOTE_CENTRIFUGE_ID, message) {
+            t(false, "G7: clearFailedMessage succeeded on non-failed message");
+        } catch (bytes memory err) {
+            t(checkError(err, "NotFailedMessage()"), "G7: wrong revert (expected NotFailedMessage)");
+        }
+        require(false);
+    }
+
+    /// @dev G8 – a batch claiming LOCAL origin is a forgery: anything reaching handle crossed a bridge.
+    function gateway_handle_local_mustRevert(bytes calldata message) public validPayload(message) {
+        // handle is `pauseable`; skip when paused so the wrong-revert check stays meaningful.
+        precondition(!mockProtocolPauser.paused());
+
+        try gateway.handle(LOCAL_CENTRIFUGE_ID, message) {
+            t(false, "G8: handle accepted a locally-originated batch");
+        } catch (bytes memory err) {
+            t(checkError(err, "CannotBeReceivedLocally()"), "G8: wrong revert (expected CannotBeReceivedLocally)");
+        }
+        require(false);
+    }
+
+    /// @dev G9 – a message whose required source chain doesn't match the delivering chain must revert
+    ///      SourceMismatch. The mock's `0xFE ++ bytes2(requiredSource)` prefix makes it restricted.
+    function gateway_handle_sourceMismatch_mustRevert(uint16 wrongSource, bytes calldata payload)
+        public
+        validPayload(payload)
+    {
+        precondition(!mockProtocolPauser.paused());
+        precondition(wrongSource != 0 && wrongSource != REMOTE_CENTRIFUGE_ID);
+
+        bytes memory message = abi.encodePacked(mockMessageProperties.SOURCE_RESTRICTED_MAGIC(), wrongSource, payload);
+
+        try gateway.handle(REMOTE_CENTRIFUGE_ID, message) {
+            t(false, "G9: handle accepted a message from the wrong source chain");
+        } catch (bytes memory err) {
+            t(checkError(err, "SourceMismatch()"), "G9: wrong revert (expected SourceMismatch)");
+        }
+        require(false);
+    }
+
+    /// @dev G3 – retry on a non-failed message must revert with NotFailedMessage.
+    function gateway_retry_nonFailed_mustRevert(uint16 centrifugeId, bytes calldata message) public {
+        bytes32 msgHash = keccak256(message);
+        precondition(gateway.failedMessages(centrifugeId, msgHash) == 0); // negative-test setup
+        // retry is `pauseable`; skip when paused so the wrong-revert check stays meaningful.
+        precondition(!mockProtocolPauser.paused());
+
+        try gateway.retry(centrifugeId, message) {
+            t(false, "G3: retry succeeded on non-failed message");
+        } catch (bytes memory err) {
+            t(checkError(err, "NotFailedMessage()"), "G3: wrong revert (expected NotFailedMessage)");
+        }
+        require(false);
+    }
+
+    /// @dev G5 – inbound handle must revert Paused: vote once below threshold, pause, deliver the second.
+    function gateway_handle_whenPaused_mustRevert(bytes calldata payload) public validPayload(payload) {
+        precondition(!mockProtocolPauser.paused());
+        precondition(multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL) == 2);
+        precondition(_isActive(address(adapter0)) && _isActive(address(adapter1)));
+        // adapter0's pre-delivery must be the FIRST positive vote: otherwise it hits threshold before
+        // the pause and adapter1's delivery returns normally, tripping a false-positive `t(false)`.
+        bytes memory p = _bucket(payload);
+        bytes memory wrapped = _wrap(p);
+        int16[MAX_ADAPTER_COUNT] memory v = multiAdapter.votes(REMOTE_CENTRIFUGE_ID, _voteKey(wrapped));
+        for (uint8 i; i < MAX_ADAPTER_COUNT; i++) {
+            precondition(v[i] == 0);
+        }
+
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        adapter0.deliver(wrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+
+        mockProtocolPauser.setPaused(true);
+
+        try adapter1.deliver(wrapped) {
+            t(false, "G5: deliver succeeded while paused");
+        } catch (bytes memory err) {
+            t(checkError(err, "Paused()"), "G5: wrong revert (expected Paused)");
+        }
+
+        // Rolled back by `require(false)` below; kept explicit.
+        mockProtocolPauser.setPaused(false);
+        require(false);
+    }
+
+    /// @dev G5b – retry must revert with Paused() when the protocol is paused.
+    function gateway_retry_whenPaused_mustRevert(bytes calldata message) public {
+        bytes memory m = _bucket(message);
+        bytes32 msgHash = keccak256(m);
+        precondition(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, msgHash) > 0); // need failed entry
+        precondition(!mockProtocolPauser.paused());
+
+        mockProtocolPauser.setPaused(true);
+
+        try gateway.retry(REMOTE_CENTRIFUGE_ID, m) {
+            t(false, "G5b: retry succeeded while paused");
+        } catch (bytes memory err) {
+            t(checkError(err, "Paused()"), "G5b: wrong revert (expected Paused)");
+        }
+
+        mockProtocolPauser.setPaused(false);
+        require(false);
+    }
+
+    /// @dev G6 – blocking the active session empties the adapter set, so send must revert EmptyAdapterSet.
+    function gateway_send_whenBlocked_mustRevert(bytes calldata message) public validPayload(message) {
+        // send is `pauseable`; skip when paused so the wrong-revert check stays meaningful.
+        precondition(!mockProtocolPauser.paused());
+
+        uint16 sid = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        precondition(!multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid));
+
+        multiAdapter.blockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid);
+
+        try gateway.send(REMOTE_CENTRIFUGE_ID, message, true, address(this)) {
+            t(false, "G6: send succeeded while active session blocked");
+        } catch (bytes memory err) {
+            t(checkError(err, "EmptyAdapterSet()"), "G6: wrong revert (expected EmptyAdapterSet)");
+        }
+
+        multiAdapter.unblockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid);
+        require(false);
+    }
+}
diff --git a/test/integration/recon-messaging/targets/MultiAdapterTargets.sol b/test/integration/recon-messaging/targets/MultiAdapterTargets.sol
new file mode 100644
index 000000000..0310aa879
--- /dev/null
+++ b/test/integration/recon-messaging/targets/MultiAdapterTargets.sol
@@ -0,0 +1,436 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.28;
+
+import {IAdapter} from "../../../../src/core/messaging/interfaces/IAdapter.sol";
+import {MAX_ADAPTER_COUNT} from "../../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {SimpleAdapter} from "../mocks/SimpleAdapter.sol";
+
+import {Asserts} from "@chimera/Asserts.sol";
+import {BeforeAfter} from "../BeforeAfter.sol";
+
+abstract contract MultiAdapterTargets is BeforeAfter, Asserts {
+    modifier validPayload(bytes calldata payload) {
+        require(payload.length > 0 && payload.length <= 200, "invalid payload");
+        _;
+    }
+
+    // ─── Positive delivery targets ────────────────────────────────────────────
+
+    /// @dev Deliver via one active adapter. Ghosts key on the UNWRAPPED hash while the payload is
+    ///      wrapped with the active session id; baselines precede the effect, delivery recorded on success.
+    function multiAdapter_deliver(uint8 adapterIdx, bytes calldata payload) public validPayload(payload) {
+        IAdapter[] memory list = _activeList();
+        precondition(list.length > 0); // active session may be blocked
+        uint256 idx = between(uint256(adapterIdx), 0, list.length - 1);
+        bytes memory p = _bucket(payload);
+
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        SimpleAdapter(address(list[idx])).deliver(_wrap(p));
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+    }
+
+    /// @dev Deliver via all three adapters; those dropped by a count<3 reconfigure naturally revert
+    ///      InvalidAdapter and the fuzzer prunes it.
+    function multiAdapter_deliverAll(bytes calldata payload) public validPayload(payload) {
+        bytes memory p = _bucket(payload);
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        bytes memory wrapped = _wrap(p);
+
+        adapter0.deliver(wrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+
+        adapter1.deliver(wrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+
+        adapter2.deliver(wrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+    }
+
+    /// @dev Deliver the same payload via two distinct adapters, guaranteeing an execution at threshold=2.
+    function multiAdapter_deliverToThreshold(bytes calldata payload) public validPayload(payload) {
+        bytes memory p = _bucket(payload);
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        bytes memory wrapped = _wrap(p);
+
+        adapter0.deliver(wrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+
+        adapter1.deliver(wrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+    }
+
+    // ─── Reconfiguration targets ──────────────────────────────────────────────
+
+    /// @dev Reconfigure the adapter set; clears per-session ghosts (cumulative ghosts persist).
+    function multiAdapter_reconfigure(uint8 adapterCountSeed, uint8 thresholdSeed) public {
+        uint8 count = uint8(between(uint256(adapterCountSeed), 1, ADAPTER_COUNT));
+        uint8 threshold_ = uint8(between(uint256(thresholdSeed), 1, count));
+
+        IAdapter[] memory addrs = _buildAdapterArray(count);
+
+        uint16 sidBefore = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+
+        // setAdapters fails closed unless targetSessionId equals the pool's next session id, so a stale
+        // or reordered configuration cannot desync the two endpoints.
+        uint16 target = multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        t(target == sidBefore + 1, "session-id: nextActiveSessionId != activeSessionId + 1");
+
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, threshold_, target);
+
+        // Advances by exactly 1 to the target; no wrap, at type(uint16).max it panics and sessions end.
+        uint16 sidAfter = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        t(sidAfter == target, "session-id: did not install targetSessionId");
+
+        _clearTrackedDeliveries();
+    }
+
+    // ─── Proof-adapter split: vote() / execute() targets ─────────────────────
+
+    /// @dev V1 – vote() records a vote but must never execute or fail-record it; a vote counts as a delivery.
+    function multiAdapter_vote(uint8 adapterIdx, bytes calldata payload) public validPayload(payload) {
+        IAdapter[] memory list = _activeList();
+        precondition(list.length > 0);
+        uint256 idx = between(uint256(adapterIdx), 0, list.length - 1);
+        bytes memory p = _bucket(payload);
+
+        bytes32 hash = keccak256(p);
+        uint256 ccBefore = countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash);
+        uint256 failedBefore = gateway.failedMessages(REMOTE_CENTRIFUGE_ID, hash);
+
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        SimpleAdapter(address(list[idx])).deliverVote(_wrap(p));
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+
+        eq(countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash), ccBefore, "V1: vote() executed the message");
+        eq(gateway.failedMessages(REMOTE_CENTRIFUGE_ID, hash), failedBefore, "V1: vote() reached the gateway");
+    }
+
+    /// @dev Consume quorum votes from vote()/handle(). Below threshold it naturally reverts NotEnoughVotes.
+    function multiAdapter_execute(uint8 adapterIdx, bytes calldata payload) public validPayload(payload) {
+        IAdapter[] memory list = _activeList();
+        precondition(list.length > 0);
+        uint256 idx = between(uint256(adapterIdx), 0, list.length - 1);
+        bytes memory p = _bucket(payload);
+
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        SimpleAdapter(address(list[idx])).deliverExecute(_wrap(p));
+        // execute() consumes prior votes: credit the execution, not a delivery.
+        _recordQuorumEvent(REMOTE_CENTRIFUGE_ID, keccak256(p));
+    }
+
+    /// @dev V2 – execute() below the vote threshold must revert with NotEnoughVotes.
+    function multiAdapter_execute_belowThreshold_mustRevert(uint8 adapterIdxSeed, bytes calldata payload)
+        public
+        validPayload(payload)
+    {
+        IAdapter[] memory list = _activeList();
+        precondition(list.length > 0);
+        uint256 idx = between(uint256(adapterIdxSeed), 0, list.length - 1);
+
+        bytes memory wrapped = _wrap(_bucket(payload));
+        uint8 q = multiAdapter.quorum(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        uint8 thr = multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        int16[MAX_ADAPTER_COUNT] memory v = multiAdapter.votes(REMOTE_CENTRIFUGE_ID, _voteKey(wrapped));
+        uint256 positives;
+        for (uint8 j; j < q; j++) {
+            if (v[j] > 0) positives++;
+        }
+        precondition(positives < thr); // at/above threshold execute() would legitimately succeed
+
+        try SimpleAdapter(address(list[idx])).deliverExecute(wrapped) {
+            t(false, "V2: execute succeeded below threshold");
+        } catch (bytes memory err) {
+            t(checkError(err, "NotEnoughVotes()"), "V2: wrong revert (expected NotEnoughVotes)");
+        }
+        require(false);
+    }
+
+    // ─── Pool-manager targets (updateManager + manager-driven handle) ────────
+
+    /// @dev Toggle the pool-manager role for the non-ward `managerActor`. An enabled manager can submit
+    ///      for any configured adapter and reach quorum alone: fully trusted, so no property restricts it.
+    function multiAdapter_updateManager(bool canManage) public {
+        multiAdapter.updateManager(GLOBAL_POOL, address(managerActor), canManage);
+        t(
+            multiAdapter.manager(GLOBAL_POOL, address(managerActor)) == canManage,
+            "updateManager: manager getter does not reflect update"
+        );
+    }
+
+    /// @dev Manager submits on behalf of a configured adapter (3-arg handle), equal to that adapter's vote.
+    function multiAdapter_managerDeliver(uint8 adapterIdx, bytes calldata payload) public validPayload(payload) {
+        precondition(multiAdapter.manager(GLOBAL_POOL, address(managerActor)));
+        IAdapter[] memory list = _activeList();
+        precondition(list.length > 0);
+        uint256 idx = between(uint256(adapterIdx), 0, list.length - 1);
+        bytes memory p = _bucket(payload);
+
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        managerActor.handleAs(REMOTE_CENTRIFUGE_ID, _wrap(p), list[idx]);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+    }
+
+    /// @dev MA1 – without the manager role, submitting for an adapter must revert NotAuthorized, which
+    ///      `_resolve` checks before adapter validity.
+    function multiAdapter_managerHandle_notManager_mustRevert(bytes calldata payload) public validPayload(payload) {
+        precondition(!multiAdapter.manager(GLOBAL_POOL, address(managerActor)));
+
+        try managerActor.handleAs(REMOTE_CENTRIFUGE_ID, _wrap(payload), IAdapter(address(adapter0))) {
+            t(false, "MA1: non-manager submitted on behalf of an adapter");
+        } catch (bytes memory err) {
+            t(checkError(err, "NotAuthorized()"), "MA1: wrong revert (expected NotAuthorized)");
+        }
+        require(false);
+    }
+
+    // ─── Session blocking targets (blockSession / unblockSession) ────────────
+
+    function multiAdapter_blockSession(uint8 sessionSeed, bytes calldata payload) public validPayload(payload) {
+        uint16 active = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        precondition(active > 0);
+        uint16 sid = uint16(between(uint256(sessionSeed), 1, active));
+        // Already-blocked sessions have their config stashed, so blockSession reverts SessionNotConfigured.
+        precondition(!multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid));
+
+        multiAdapter.blockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid);
+
+        t(
+            multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid),
+            "blockSession: session not reported blocked"
+        );
+
+        if (sid == active) {
+            t(
+                multiAdapter.quorum(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL) == 0,
+                "blockSession: active adapter set not cleared"
+            );
+        }
+
+        // A stale delivery carrying the blocked sessionId must be rejected: the replay kill-switch.
+        try adapter0.deliver(abi.encodePacked(sid, payload)) {
+            t(false, "blockSession: delivery on blocked session succeeded");
+        } catch (bytes memory err) {
+            t(checkError(err, "InvalidAdapter()"), "blockSession: wrong revert (expected InvalidAdapter)");
+        }
+    }
+
+    function multiAdapter_unblockSession(uint8 sessionSeed) public {
+        uint16 active = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        precondition(active > 0);
+        uint16 sid = uint16(between(uint256(sessionSeed), 1, active));
+        precondition(multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid));
+
+        multiAdapter.unblockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid);
+
+        t(
+            !multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid),
+            "unblockSession: session still reported blocked"
+        );
+
+        if (sid == active) {
+            // The session id never moves backwards, so sid == active means it was active when blocked.
+            t(_activeList().length > 0, "unblockSession: active adapter set not restored");
+        }
+    }
+
+    /// @dev B1 – blockSession on a session with no configuration must revert SessionNotConfigured.
+    function multiAdapter_blockSession_unconfigured_mustRevert(uint8 sessionSeed) public {
+        uint16 active = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        uint16 sid = uint16(between(uint256(sessionSeed), uint256(active) + 1, uint256(active) + 100));
+
+        try multiAdapter.blockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid) {
+            t(false, "B1: blockSession succeeded on unconfigured session");
+        } catch (bytes memory err) {
+            t(checkError(err, "SessionNotConfigured()"), "B1: wrong revert (expected SessionNotConfigured)");
+        }
+        require(false);
+    }
+
+    /// @dev B2 – unblockSession on a session that is not blocked must revert SessionNotBlocked.
+    function multiAdapter_unblockSession_notBlocked_mustRevert(uint8 sessionSeed) public {
+        uint16 sid = uint16(between(uint256(sessionSeed), 0, type(uint16).max));
+        precondition(!multiAdapter.blockedSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid));
+
+        try multiAdapter.unblockSession(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, sid) {
+            t(false, "B2: unblockSession succeeded on non-blocked session");
+        } catch (bytes memory err) {
+            t(checkError(err, "SessionNotBlocked()"), "B2: wrong revert (expected SessionNotBlocked)");
+        }
+        require(false);
+    }
+
+    // ─── Negative targets — split per error mode (one branch per handler) ─────
+    // Each negative target ends with `require(false)`: successful runs count as reverted, so shrunk
+    // traces stay short.
+
+    /// @dev M6.a – setAdapters with too many adapters must revert with ExceedsMax.
+    function multiAdapter_setAdapters_exceedsMax_mustRevert() public {
+        IAdapter[] memory addrs = new IAdapter[](MAX_ADAPTER_COUNT + 1);
+        for (uint8 i; i < MAX_ADAPTER_COUNT + 1; i++) {
+            addrs[i] = IAdapter(address(adapter0));
+        }
+        try multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, _nextSession()) {
+            t(false, "M6.a: setAdapters with count > MAX_ADAPTER_COUNT must revert");
+        } catch (bytes memory err) {
+            t(checkError(err, "ExceedsMax()"), "M6.a: wrong revert (expected ExceedsMax)");
+        }
+        require(false);
+    }
+
+    /// @dev M6.b – setAdapters with threshold > count must revert with ThresholdHigherThanQuorum.
+    function multiAdapter_setAdapters_thresholdHigh_mustRevert(uint8 adapterCountSeed) public {
+        uint8 count = uint8(between(uint256(adapterCountSeed), 1, ADAPTER_COUNT));
+        uint8 threshold_ = count + 1;
+        IAdapter[] memory addrs = _buildAdapterArray(count);
+        try multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, threshold_, _nextSession()) {
+            t(false, "M6.b: setAdapters with threshold > quorum must revert");
+        } catch (bytes memory err) {
+            t(checkError(err, "ThresholdHigherThanQuorum()"), "M6.b: wrong revert (expected ThresholdHigherThanQuorum)");
+        }
+        require(false);
+    }
+
+    /// @dev M6.d – duplicate adapters must revert NoDuplicatesAllowed, which `_installSession` raises
+    ///      AFTER the targetSessionId check, so the target must pass the correct next session id.
+    function multiAdapter_setAdapters_duplicates_mustRevert() public {
+        IAdapter[] memory addrs = new IAdapter[](2);
+        addrs[0] = IAdapter(address(adapter0));
+        addrs[1] = IAdapter(address(adapter0));
+        try multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, _nextSession()) {
+            t(false, "M6.d: setAdapters with duplicate adapters must revert");
+        } catch (bytes memory err) {
+            t(checkError(err, "NoDuplicatesAllowed()"), "M6.d: wrong revert (expected NoDuplicatesAllowed)");
+        }
+        require(false);
+    }
+
+    /// @dev M6.e – threshold 0 over a non-empty set must revert ZeroThreshold: it would let any single
+    ///      adapter forward without consensus. An EMPTY set with threshold 0 is the legal disable path.
+    function multiAdapter_setAdapters_zeroThreshold_mustRevert(uint8 adapterCountSeed) public {
+        uint8 count = uint8(between(uint256(adapterCountSeed), 1, ADAPTER_COUNT));
+        IAdapter[] memory addrs = _buildAdapterArray(count);
+        try multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 0, _nextSession()) {
+            t(false, "M6.e: setAdapters with threshold 0 over a non-empty set must revert");
+        } catch (bytes memory err) {
+            t(checkError(err, "ZeroThreshold()"), "M6.e: wrong revert (expected ZeroThreshold)");
+        }
+        require(false);
+    }
+
+    /// @dev M6.f – a targetSessionId other than the pool's next id must revert UnexpectedSessionId: the
+    ///      hub derives one id for both endpoints, so a stale or reordered config fails closed.
+    function multiAdapter_setAdapters_wrongSession_mustRevert(uint8 adapterCountSeed, uint16 sessionSeed) public {
+        uint8 count = uint8(between(uint256(adapterCountSeed), 1, ADAPTER_COUNT));
+        IAdapter[] memory addrs = _buildAdapterArray(count);
+
+        uint16 next = _nextSession();
+        // Span [0, next + 2] so stale, exact and leap-ahead are reachable, minus the value that succeeds.
+        uint16 wrongTarget = uint16(between(uint256(sessionSeed), 0, uint256(next) + 2));
+        precondition(wrongTarget != next);
+
+        try multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, addrs, 1, wrongTarget) {
+            t(false, "M6.f: setAdapters with a mismatched targetSessionId must revert");
+        } catch (bytes memory err) {
+            t(checkError(err, "UnexpectedSessionId()"), "M6.f: wrong revert (expected UnexpectedSessionId)");
+        }
+        require(false);
+    }
+
+    // ─── Cross-session negative target: deactivated adapter must reject ──────
+
+    /// @dev Adapters NOT in the active session's set must reject deliver with InvalidAdapter. Membership
+    ///      is read from the LIVE active list; reconfigures install non-prefix sets like [adapter1].
+    function multiAdapter_oldAdapter_mustRevert(uint8 adapterIdxSeed, bytes calldata payload)
+        public
+        validPayload(payload)
+    {
+        uint8 idx = uint8(between(uint256(adapterIdxSeed), 0, ADAPTER_COUNT - 1)); // 0..2
+        SimpleAdapter targetAdapter = idx == 0 ? adapter0 : (idx == 1 ? adapter1 : adapter2);
+        precondition(!_isActive(address(targetAdapter))); // active adapter would deliver fine
+
+        try targetAdapter.deliver(_wrap(payload)) {
+            t(false, "old-adapter: inactive adapter delivered successfully");
+        } catch (bytes memory err) {
+            t(checkError(err, "InvalidAdapter()"), "old-adapter: wrong revert (expected InvalidAdapter)");
+        }
+        require(false);
+    }
+
+    // ─── Alex-1 cross-session replay attack target ────────────────────────────
+
+    /// @dev Cross-session replay regression: votes are keyed by the session-prefixed payload, so bytes
+    ///      replayed after a reconfigure count under the OLD session's threshold (>= 2) and cannot
+    ///      re-execute. Mutates state deliberately, so no trailing `require(false)`.
+    function multiAdapter_alex1_replay_must_not_execute(uint8 keepIdxSeed, bytes calldata payload)
+        public
+        validPayload(payload)
+    {
+        IAdapter[] memory list = _activeList();
+        precondition(list.length > 0); // active session may be blocked
+        bytes memory p = _bucket(payload);
+        bytes32 hash = keccak256(p);
+        uint256 keepIdx = between(uint256(keepIdxSeed), 0, list.length - 1);
+
+        // Step 1: reach threshold via the current configuration using distinct adapters.
+        uint8 thr = multiAdapter.threshold(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        precondition(thr >= 2); // threshold=1 duplicate re-execution is by design, not the replay bug
+
+        // The OLD session's wrapped bytes: what a stale commandId would still hold after step 2.
+        bytes memory staleWrapped = _wrap(p);
+
+        // Leftover votes on these bytes could combine with the replay into a LEGITIMATE second
+        // execution (two distinct adapters), which is not the replay bug: require a clean slate.
+        {
+            int16[MAX_ADAPTER_COUNT] memory v = multiAdapter.votes(REMOTE_CENTRIFUGE_ID, _voteKey(staleWrapped));
+            for (uint8 i; i < MAX_ADAPTER_COUNT; i++) {
+                precondition(v[i] == 0);
+            }
+        }
+
+        for (uint256 i; i < thr; i++) {
+            SimpleAdapter voter = SimpleAdapter(address(list[(keepIdx + i) % list.length]));
+            _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+            voter.deliver(staleWrapped);
+            _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+        }
+
+        uint256 cc1 = countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash);
+        if (cc1 == 0) return; // didn't execute (e.g., processor forced-fail) — nothing to replay
+
+        // Step 2: reconfigure to a single-adapter set that keeps the original delivering adapter.
+        SimpleAdapter keep = SimpleAdapter(address(list[keepIdx]));
+        IAdapter[] memory only = new IAdapter[](1);
+        only[0] = IAdapter(address(keep));
+
+        uint16 sidBefore = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        multiAdapter.setAdapters(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL, only, 1, sidBefore + 1);
+        uint16 sidAfter = multiAdapter.activeSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+        t(sidAfter == sidBefore + 1, "session-id: did not advance by exactly 1");
+
+        _clearTrackedDeliveries();
+
+        // Step 3: same adapter replays the STALE bytes; one vote under the old session's threshold (>= 2).
+        _captureBaselines(REMOTE_CENTRIFUGE_ID, p);
+        keep.deliver(staleWrapped);
+        _recordSuccessfulDelivery(REMOTE_CENTRIFUGE_ID, p);
+
+        uint256 cc2 = countingProcessor.callCount(REMOTE_CENTRIFUGE_ID, hash);
+
+        eq(cc2, cc1, "alex1: message replayed across sessions (callCount increased)");
+    }
+
+    // ─── Helpers ──────────────────────────────────────────────────────────────
+
+    /// @dev The only targetSessionId `setAdapters` accepts, read fresh so a reconfigure cannot desync it.
+    function _nextSession() internal view returns (uint16) {
+        return multiAdapter.nextActiveSessionId(REMOTE_CENTRIFUGE_ID, GLOBAL_POOL);
+    }
+
+    function _buildAdapterArray(uint8 count) internal view returns (IAdapter[] memory addrs) {
+        addrs = new IAdapter[](count);
+        addrs[0] = IAdapter(address(adapter0));
+        if (count > 1) addrs[1] = IAdapter(address(adapter1));
+        if (count > 2) addrs[2] = IAdapter(address(adapter2));
+    }
+}
diff --git a/test/integration/spoke/AssetShareConversion.t.sol b/test/integration/spoke/AssetShareConversion.t.sol
index 9b6d1477c..e54e7eedf 100644
--- a/test/integration/spoke/AssetShareConversion.t.sol
+++ b/test/integration/spoke/AssetShareConversion.t.sol
@@ -8,15 +8,16 @@ import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
-import {VaultUpdateKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
+import {VaultUpdateKind, ManagerKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
 
-import {UpdateRestrictionMessageLib} from "../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {UpdateRestrictionMessageLib} from "../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import {AsyncVault} from "../../../src/vaults/AsyncVault.sol";
 import {RequestCallbackMessageLib} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
 
 import {CentrifugeIntegrationTest} from "../Integration.t.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {IShareTokenRegistrar} from "../../../src/token/interfaces/IShareTokenRegistrar.sol";
 
 contract AssetShareConversionTest is CentrifugeIntegrationTest {
     using CastLib for *;
@@ -41,30 +42,42 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         return asset;
     }
 
-    /// Sets up an async vault for the given asset, returns the assetId and vault.
-    function _deployVault(ERC20 asset) internal returns (AssetId assetId, AsyncVault vault) {
-        SC_1 = shareClassManager.previewNextShareClassId(POOL_A);
-        hub.addShareClass(POOL_A, "TestShare", "TST", bytes32(bytes8(POOL_A.raw())));
+    /// Sets up an async vault for the given asset in the given pool, returns the assetId and vault.
+    /// Sets the module-level `SC_1` for the deployed share class so `_fulfill*` helpers can key off it.
+    function _deployVault(PoolId poolId, ERC20 asset) internal returns (AssetId assetId, AsyncVault vault) {
+        SC_1 = shareClassManager.previewNextShareClassId(poolId);
+        hub.addShareClass(poolId, "TestShare", "TST", bytes32(bytes8(poolId.raw())));
 
-        hub.notifyPool{value: 0}(POOL_A, LOCAL_CENTRIFUGE_ID, address(this));
+        hub.notifyPool{value: 0}(poolId, LOCAL_CENTRIFUGE_ID, address(this));
         hub.notifyShareClass{value: 0}(
-            POOL_A, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(fullRestrictionsHook))), address(this)
+            poolId, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(shareTokenRegistrar))), "", 0, address(this)
+        );
+
+        // Token deploys hookless (v3.1+); set the restriction hook via the registrar's Envoy path
+        hub.managerCall{value: 0}(
+            poolId,
+            LOCAL_CENTRIFUGE_ID,
+            address(shareTokenRegistrar).toBytes32(),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetHook), SC_1, address(fullRestrictionsHook)),
+            0,
+            0,
+            address(this)
         );
 
         // Initial share price on spoke
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, d18(1, 1), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerShare(poolId, SC_1, d18(1, 1), uint64(block.timestamp));
 
         // Register asset (same-chain short-circuit: also registers on hub via hubHandler)
         assetId = spoke.registerAsset{value: 0}(LOCAL_CENTRIFUGE_ID, address(asset), 0, address(this));
 
         // Initial asset price on spoke
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, assetId, d18(1, 1), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerAsset(poolId, SC_1, assetId, d18(1, 1), uint64(block.timestamp));
 
         // Set request managers (hub-side: batchRequestManager, spoke-side: asyncRequestManager)
         hub.setRequestManager{value: 0}(
-            POOL_A,
+            poolId,
             LOCAL_CENTRIFUGE_ID,
             batchRequestManager,
             bytes32(bytes20(address(asyncRequestManager))),
@@ -72,29 +85,46 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         );
 
         // Allow asyncRequestManager to call balance sheet operations for this pool
-        hub.updateBalanceSheetManager{value: 0}(
-            POOL_A, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(asyncRequestManager))), true, address(this)
+        hub.updateManager{value: 0}(
+            poolId,
+            LOCAL_CENTRIFUGE_ID,
+            ManagerKind.Spoke,
+            bytes32(bytes20(address(asyncRequestManager))),
+            true,
+            address(this)
         );
 
         // Deploy and link vault (same-chain short-circuit: goes directly to vaultRegistry)
+        vm.recordLogs();
         hub.updateVault{value: 0}(
-            POOL_A,
+            poolId,
             SC_1,
             assetId,
             bytes32(bytes20(address(asyncVaultFactory))),
             VaultUpdateKind.DeployAndLink,
+            bytes(""),
             0,
             address(this)
         );
 
-        vault = AsyncVault(IShareToken(spoke.shareToken(POOL_A, SC_1)).vault(address(asset)));
+        vault = AsyncVault(_deployedVaultFromLogs());
+
+        hub.managerCall{value: 0}(
+            poolId,
+            LOCAL_CENTRIFUGE_ID,
+            address(shareTokenRegistrar).toBytes32(),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), SC_1, assetId.raw(), address(vault)),
+            0,
+            0,
+            address(this)
+        );
     }
 
     /// Simulates the hub sending back deposit fulfillment messages to the spoke.
     /// Prices are hardcoded to 1:1 (matching MockCentrifugeChain.isFulfilledDepositRequest behaviour).
     function _fulfillDeposit(AssetId assetId, address investor, uint128 assetAmount, uint128 shareAmount) internal {
         vm.prank(address(messageProcessor));
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             POOL_A,
             SC_1,
             assetId,
@@ -103,7 +133,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         );
 
         vm.prank(address(messageProcessor));
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             POOL_A,
             SC_1,
             assetId,
@@ -112,7 +142,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         );
 
         vm.prank(address(messageProcessor));
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             POOL_A,
             SC_1,
             assetId,
@@ -130,7 +160,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         uint8 INVESTMENT_CURRENCY_DECIMALS = 6; // like USDC, share token always has 18 decimals (pool currency)
 
         ERC20 asset = _newErc20("Asset", "A", INVESTMENT_CURRENCY_DECIMALS);
-        (AssetId assetId, AsyncVault vault) = _deployVault(asset);
+        (AssetId assetId, AsyncVault vault) = _deployVault(POOL_A, asset);
         IShareToken shareToken = IShareToken(vault.share());
 
         assertEq(vault.priceLastUpdated(), block.timestamp);
@@ -138,9 +168,9 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
 
         // Updating with same values confirms reads are correct (no-op)
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, d18(1, 1), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerShare(POOL_A, SC_1, d18(1, 1), uint64(block.timestamp));
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, assetId, d18(1, 1), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerAsset(POOL_A, SC_1, assetId, d18(1, 1), uint64(block.timestamp));
 
         assertEq(vault.priceLastUpdated(), uint64(block.timestamp));
         assertEq(vault.pricePerShare(), 1e6);
@@ -160,7 +190,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         asset.mint(address(this), investmentAmount);
         vault.requestDeposit(investmentAmount, address(this), address(this));
 
-        assertEq(asset.balanceOf(address(balanceSheet.escrow(POOL_A))), investmentAmount);
+        assertEq(asset.balanceOf(address(spoke.escrow(POOL_A))), investmentAmount);
 
         // Trigger fulfilled deposit at price 1:1 (100 assets → 100 shares at 18 decimals)
         uint128 shares = 100000000000000000000; // 100 * 10**18
@@ -170,7 +200,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
 
         // Confirm price still 1:1 after claim
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, d18(1, 1), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerShare(POOL_A, SC_1, d18(1, 1), uint64(block.timestamp));
 
         // Assert share/asset conversion (shares have 12 more decimals than assets)
         assertEq(shareToken.totalSupply(), 100000000000000000000);
@@ -181,7 +211,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
 
         // Price update to 1.2
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, D18.wrap(1200000000000000000), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerShare(POOL_A, SC_1, D18.wrap(1200000000000000000), uint64(block.timestamp));
 
         assertEq(vault.totalAssets(), 120000000);
         assertEq(vault.convertToShares(120000000), 100000000000000000000);
@@ -190,7 +220,7 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
 
         // Asset price halved: 1 pool unit = 2 asset units, so 1 share = 1.2 pool = 2.4 assets
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerAsset(POOL_A, SC_1, assetId, D18.wrap(0.5e18), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerAsset(POOL_A, SC_1, assetId, D18.wrap(0.5e18), uint64(block.timestamp));
 
         assertEq(vault.totalAssets(), 240000000);
         assertEq(vault.convertToShares(240000000), 100000000000000000000);
@@ -198,25 +228,205 @@ contract AssetShareConversionTest is CentrifugeIntegrationTest {
         assertEq(vault.pricePerShare(), 2.4e6);
     }
 
+    /// Simulates the hub sending back redeem fulfillment messages to the spoke at price 1:1.
+    function _fulfillRedeem(AssetId assetId, address investor, uint128 assetAmount, uint128 shareAmount) internal {
+        vm.prank(address(messageProcessor));
+        spokeHandler.requestCallback(
+            POOL_A,
+            SC_1,
+            assetId,
+            RequestCallbackMessageLib.RevokedShares({
+                    assetAmount: assetAmount, shareAmount: shareAmount, pricePoolPerShare: d18(1, 1).raw()
+                }).serialize()
+        );
+
+        vm.prank(address(messageProcessor));
+        spokeHandler.requestCallback(
+            POOL_A,
+            SC_1,
+            assetId,
+            RequestCallbackMessageLib.FulfilledRedeemRequest({
+                    investor: investor.toBytes32(),
+                    fulfilledAssetAmount: assetAmount,
+                    fulfilledShareAmount: shareAmount,
+                    cancelledShareAmount: 0
+                }).serialize()
+        );
+    }
+
+    function _addMember(address investor) internal {
+        hub.updateRestriction{value: 0}(
+            POOL_A,
+            SC_1,
+            LOCAL_CENTRIFUGE_ID,
+            UpdateRestrictionMessageLib.UpdateRestrictionMember(investor.toBytes32(), type(uint64).max).serialize(),
+            0,
+            address(this)
+        );
+    }
+
+    /// 0-decimal asset into an 18-decimal pool (coarse asset, fine shares): full async deposit + redeem cycle.
+    /// forge-config: default.isolate = true
+    function testZeroDecimalAssetFullCycle() public {
+        ERC20 asset = _newErc20("ZeroDec", "ZD", 0);
+        (AssetId assetId, AsyncVault vault) = _deployVault(POOL_A, asset);
+        IShareToken shareToken = IShareToken(vault.share());
+
+        // 1 whole (0-dec) asset per 1.0 share at price 1:1.
+        assertEq(vault.pricePerShare(), 1, "pricePerShare = convertToAssets(1e18 shares) = 1 whole asset unit");
+
+        _addMember(address(this));
+
+        // Deposit 100 whole units of the 0-decimal asset.
+        uint128 assets = 100;
+        asset.mint(address(this), assets);
+        asset.approve(address(vault), assets);
+        vault.requestDeposit(assets, address(this), address(this));
+        assertEq(asset.balanceOf(address(spoke.escrow(POOL_A))), assets, "assets escrowed");
+
+        // Fulfilled 1:1 -> 100.0 shares (18 decimals).
+        uint128 shares = 100e18;
+        _fulfillDeposit(assetId, address(this), assets, shares);
+        vault.mint(shares, address(this));
+
+        assertEq(shareToken.totalSupply(), shares);
+        assertEq(vault.totalAssets(), assets);
+        assertEq(vault.convertToShares(assets), shares);
+        assertEq(vault.convertToAssets(shares), assets);
+
+        assertEq(vault.convertToAssets(5e17), 0, "half a fine share rounds to 0 coarse units");
+
+        vault.requestRedeem(shares, address(this), address(this));
+        _fulfillRedeem(assetId, address(this), assets, shares);
+
+        vault.withdraw(vault.maxWithdraw(address(this)), address(this), address(this));
+
+        assertEq(asset.balanceOf(address(this)), assets, "investor recovered all assets");
+        assertEq(shareToken.totalSupply(), 0, "all shares burned");
+        assertEq(asset.balanceOf(address(spoke.escrow(POOL_A))), 0, "escrow fully drained");
+    }
+
+    /// Dust: a fine-share redemption whose asset payout rounds to 0 must not revert or lock the position.
+    /// forge-config: default.isolate = true
+    function testZeroDecimalAssetDustPayout() public {
+        ERC20 asset = _newErc20("ZeroDec", "ZD", 0);
+        (AssetId assetId, AsyncVault vault) = _deployVault(POOL_A, asset);
+        IShareToken shareToken = IShareToken(vault.share());
+
+        _addMember(address(this));
+
+        uint128 assets = 100;
+        asset.mint(address(this), assets);
+        asset.approve(address(vault), assets);
+        vault.requestDeposit(assets, address(this), address(this));
+        uint128 shares = 100e18;
+        _fulfillDeposit(assetId, address(this), assets, shares);
+        vault.mint(shares, address(this));
+
+        uint256 escrowBefore = asset.balanceOf(address(spoke.escrow(POOL_A)));
+
+        // Redeem half a fine share: the hub fulfills 0 whole asset units for it (dust rounds down).
+        uint128 dustShares = 5e17;
+        vault.requestRedeem(dustShares, address(this), address(this));
+
+        // Fulfilling a 0-asset redemption must not revert.
+        _fulfillRedeem(assetId, address(this), 0, dustShares);
+
+        // The dust shares are burned (the documented rounding loss); nothing is claimable and no assets move.
+        assertEq(vault.maxWithdraw(address(this)), 0, "dust redemption yields 0 claimable assets");
+        assertEq(shareToken.totalSupply(), shares - dustShares, "dust shares burned on revoke");
+        assertEq(asset.balanceOf(address(this)), 0, "no assets paid for dust");
+        assertEq(asset.balanceOf(address(spoke.escrow(POOL_A))), escrowBefore, "escrowed assets untouched by dust");
+    }
+
+    /// Dust via partial claim: a nonzero redeem is fulfilled, then a PARTIAL claim whose asset payout rounds
+    /// down to 0 must not revert, must pay 0 assets, and must decay maxWithdraw/maxRedeem by the round-up asset
+    /// cost. The claimant loses exactly one asset unit (the documented rounding remainder, left in escrow).
+    /// forge-config: default.isolate = true
+    function testZeroDecimalAssetPartialDustClaim() public {
+        ERC20 asset = _newErc20("ZeroDec", "ZD", 0);
+        (AssetId assetId, AsyncVault vault) = _deployVault(POOL_A, asset);
+
+        _addMember(address(this));
+
+        uint128 assets = 100;
+        asset.mint(address(this), assets);
+        asset.approve(address(vault), assets);
+        vault.requestDeposit(assets, address(this), address(this));
+        uint128 shares = 100e18;
+        _fulfillDeposit(assetId, address(this), assets, shares);
+        vault.mint(shares, address(this));
+
+        // Fulfill the full redeem with a nonzero total (100 whole asset units for 100.0 shares, 1:1).
+        vault.requestRedeem(shares, address(this), address(this));
+        _fulfillRedeem(assetId, address(this), assets, shares);
+
+        // maxWithdraw is asset-denominated (source of truth); maxRedeem is derived from it at redeemPrice 1:1.
+        assertEq(vault.maxWithdraw(address(this)), assets, "claimable assets before dust");
+        assertEq(vault.maxRedeem(address(this)), shares, "claimable shares before dust");
+
+        // Claim by redeeming half a fine share: worth < 1 whole asset unit, so the payout rounds down to 0.
+        uint128 dustShares = 5e17;
+        uint256 paid = vault.redeem(dustShares, address(this), address(this));
+
+        // No revert; 0 assets paid; maxWithdraw decays by exactly the round-up cost of 1 asset unit; maxRedeem
+        // recomputes from the decayed maxWithdraw (so it drops by a full 1e18 shares, not just dustShares).
+        assertEq(paid, 0, "dust claim pays 0 assets");
+        assertEq(asset.balanceOf(address(this)), 0, "no assets received for dust claim");
+        assertEq(vault.maxWithdraw(address(this)), assets - 1, "maxWithdraw decays by one asset unit");
+        assertEq(vault.maxRedeem(address(this)), 99e18, "maxRedeem recomputes from decayed maxWithdraw at 1:1");
+
+        vault.withdraw(vault.maxWithdraw(address(this)), address(this), address(this));
+        assertEq(asset.balanceOf(address(this)), assets - 1, "investor recovers all but the 1-unit dust remainder");
+        assertEq(asset.balanceOf(address(spoke.escrow(POOL_A))), 1, "1-unit rounding remainder left in escrow");
+    }
+
+    /// 18-decimal asset into a pool denominated in a 0-decimal currency: the spoke must accept a 0-decimal
+    /// share class, and `pricePerShare` must use `10 ** 0 = 1` (convertToAssets(1)).
+    /// forge-config: default.isolate = true
+    function testZeroDecimalCurrencyPool() public {
+        // Register a 0-decimal asset to serve as the pool currency (same-chain: also registered on the hub).
+        ERC20 currency = _newErc20("ZeroCurrency", "ZC", 0);
+        AssetId currencyId = spoke.registerAsset{value: 0}(LOCAL_CENTRIFUGE_ID, address(currency), 0, address(this));
+
+        // Create a pool denominated in the 0-decimal currency.
+        PoolId poolB = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 2);
+        vm.prank(address(opsGuardian.opsSafe()));
+        opsGuardian.createPool(poolB, address(this), currencyId);
+        assertEq(hubRegistry.decimals(poolB), 0, "pool currency is 0-decimal");
+
+        // Deploy an 18-decimal investment asset vault into the 0-decimal-currency pool.
+        ERC20 asset = _newErc20("Asset", "A", 18);
+        (, AsyncVault vault) = _deployVault(poolB, asset);
+
+        // notifyShareClass carried decimals(poolB) = 0, so the spoke deployed a 0-decimal share token.
+        IShareToken shareToken = IShareToken(vault.share());
+        assertEq(shareToken.decimals(), 0, "share token inherits 0-decimal pool currency");
+
+        assertEq(vault.convertToAssets(1), 1e18, "one 0-dec share converts to 1e18 asset units");
+        assertEq(vault.pricePerShare(), 1e18, "pricePerShare uses 10**0 = 1 share unit");
+    }
+
     /// forge-config: default.isolate = true
     function testPriceWorksAfterRemovingVault() public {
         uint8 INVESTMENT_CURRENCY_DECIMALS = 6;
 
         ERC20 asset = _newErc20("Asset", "A", INVESTMENT_CURRENCY_DECIMALS);
-        (AssetId assetId, AsyncVault vault) = _deployVault(asset);
+        (AssetId assetId, AsyncVault vault) = _deployVault(POOL_A, asset);
 
         assertEq(vault.priceLastUpdated(), block.timestamp);
         assertEq(vault.pricePerShare(), 1e6);
 
         vm.prank(address(messageProcessor));
-        spoke.updatePricePoolPerShare(POOL_A, SC_1, D18.wrap(1.2e18), uint64(block.timestamp));
+        spokeHandler.updatePricePoolPerShare(POOL_A, SC_1, D18.wrap(1.2e18), uint64(block.timestamp));
 
         assertEq(vault.priceLastUpdated(), uint64(block.timestamp));
         assertEq(vault.pricePerShare(), 1.2e6);
 
         // Unlink vault — price reads should still work since they go through the share class
-        vm.prank(address(messageProcessor));
-        vaultRegistry.unlinkVault(POOL_A, SC_1, assetId, vault);
+        hub.updateVault{value: 0}(
+            POOL_A, SC_1, assetId, bytes32(bytes20(address(vault))), VaultUpdateKind.Unlink, bytes(""), 0, address(this)
+        );
 
         assertEq(vault.priceLastUpdated(), uint64(block.timestamp));
         assertEq(vault.pricePerShare(), 1.2e6);
diff --git a/test/integration/spoke/BaseTransferHook.t.sol b/test/integration/spoke/BaseTransferHook.t.sol
index a2466d084..b1744a5a9 100644
--- a/test/integration/spoke/BaseTransferHook.t.sol
+++ b/test/integration/spoke/BaseTransferHook.t.sol
@@ -2,25 +2,17 @@
 pragma solidity 0.8.28;
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
-import {ESCROW_HOOK_ID} from "../../../src/core/spoke/interfaces/ITransferHook.sol";
 
 import {ISafe} from "../../../src/admin/interfaces/ISafe.sol";
 
-import {FullRestrictions} from "../../../src/hooks/FullRestrictions.sol";
+import {FullRestrictions} from "../../../src/token/hooks/FullRestrictions.sol";
 
-import {DeployerInput, FullDeployer, noAdaptersInput, defaultTxLimits} from "../../../script/FullDeployer.s.sol";
+import {DeployerInput, FullDeployer, noAdaptersInput, defaultTxLimits} from "../../../script/deploy/FullDeployer.s.sol";
 
 import "forge-std/Test.sol";
 
 import {IntegrationConstants} from "../utils/IntegrationConstants.sol";
-
-contract MockPoolEscrow {
-    PoolId public immutable poolId;
-
-    constructor(PoolId poolId_) {
-        poolId = poolId_;
-    }
-}
+import {ESCROW_HOOK_ID} from "../../../src/token/interfaces/ITransferHook.sol";
 
 contract BaseTransferHookIntegrationTest is FullDeployer, Test {
     uint16 constant LOCAL_CENTRIFUGE_ID = IntegrationConstants.LOCAL_CENTRIFUGE_ID;
@@ -32,45 +24,45 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
     address public poolEscrow;
 
     function setUp() public {
-        super.deployFull(
+        address[] memory executors = new address[](1);
+        executors[0] = address(this);
+
+        // This contract is the namespace of its own namespace, and its own executor
+        super.deployFullBothPhases(
             DeployerInput({
                 centrifugeId: LOCAL_CENTRIFUGE_ID,
-                suffix: "",
+                deploymentId: "",
                 txLimits: defaultTxLimits(),
                 protocolSafe: ISafe(makeAddr("ProtocolSafe")),
                 opsSafe: ISafe(makeAddr("OpsSafe")),
+                root: address(0),
+                delay: 0,
                 adapters: noAdaptersInput()
             }),
-            address(this)
+            address(this),
+            executors
         );
 
-        MockPoolEscrow mockPoolEscrow = new MockPoolEscrow(TEST_POOL_ID);
-        poolEscrow = address(mockPoolEscrow);
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(bytes4(keccak256("escrow(uint64)")), TEST_POOL_ID),
-            abi.encode(poolEscrow)
-        );
+        vm.prank(address(spokeHandler));
+        poolEscrow = address(poolEscrowFactory.newEscrow(TEST_POOL_ID));
 
         vm.startPrank(address(protocolGuardian.safe()));
         correctHook = new FullRestrictions(
             address(root),
+            address(envoy),
+            address(spokeRegistry),
             address(spoke),
-            address(balanceSheet),
-            address(spoke),
+            address(spokeHandler),
             address(protocolGuardian.safe()),
-            address(poolEscrowFactory),
-            poolEscrow
+            address(poolEscrowFactory)
         );
         vm.stopPrank();
     }
 
     function testBalanceSheetBurns() public view {
-        assertTrue(
-            correctHook.isRedeemFulfillment(address(balanceSheet), address(0)), "balanceSheet burn is fulfillment"
-        );
+        assertTrue(correctHook.isRedeemFulfillment(address(spoke), address(0)), "balanceSheet burn is fulfillment");
         assertFalse(
-            correctHook.isRedeemClaimOrRevocation(address(balanceSheet), address(0)), "balanceSheet burn not revocation"
+            correctHook.isRedeemClaimOrRevocation(address(spoke), address(0)), "balanceSheet burn not revocation"
         );
     }
 
@@ -88,14 +80,14 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
     function testConfigurationValidation() public view {
         FullRestrictions deployed = fullRestrictionsHook;
 
-        assertEq(address(deployed.balanceSheet()), address(balanceSheet), "hook must use balanceSheet");
+        assertEq(address(deployed.spoke()), address(spoke), "hook must use balanceSheet");
         assertTrue(
-            address(deployed.balanceSheet()) != address(asyncRequestManager),
+            address(deployed.spoke()) != address(asyncRequestManager),
             "hook must not use asyncRequestManager as balanceSheet"
         );
 
         assertTrue(
-            deployed.isRedeemFulfillment(address(balanceSheet), address(0)),
+            deployed.isRedeemFulfillment(address(spoke), address(0)),
             "balanceSheet burns must be classified as fulfillments"
         );
         assertTrue(
@@ -104,8 +96,8 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
         );
 
         assertTrue(
-            correctHook.isRedeemFulfillment(address(balanceSheet), address(0))
-                == deployed.isRedeemFulfillment(address(balanceSheet), address(0)),
+            correctHook.isRedeemFulfillment(address(spoke), address(0))
+                == deployed.isRedeemFulfillment(address(spoke), address(0)),
             "correctHook and deployed hook must have identical classification"
         );
     }
@@ -120,9 +112,7 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
 
     function testRedeemFlow() public view {
         assertTrue(correctHook.isRedeemRequest(USER, ESCROW_HOOK_ID), "user to escrow is request");
-        assertTrue(
-            correctHook.isRedeemFulfillment(address(balanceSheet), address(0)), "balanceSheet burn is fulfillment"
-        );
+        assertTrue(correctHook.isRedeemFulfillment(address(spoke), address(0)), "balanceSheet burn is fulfillment");
         assertTrue(correctHook.isRedeemClaimOrRevocation(USER, address(0)), "user burn is redeem claim");
     }
 
@@ -140,7 +130,7 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
             "AsyncRequestManager to user is NOT a deposit claim (not from poolEscrow)"
         );
         assertTrue(
-            correctHook.isRedeemFulfillment(address(balanceSheet), address(0)), "balanceSheet burn classified correctly"
+            correctHook.isRedeemFulfillment(address(spoke), address(0)), "balanceSheet burn classified correctly"
         );
     }
 
@@ -153,18 +143,24 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
         assertTrue(correctHook.isDepositRequestOrIssuance(address(0), USER), "mint to user is direct issuance");
 
         assertTrue(correctHook.isRedeemRequest(USER, ESCROW_HOOK_ID), "redeem: user to escrow");
-        assertTrue(correctHook.isRedeemFulfillment(address(balanceSheet), address(0)), "redeem: balanceSheet burn");
+        assertTrue(correctHook.isRedeemFulfillment(address(spoke), address(0)), "redeem: balanceSheet burn");
 
         assertFalse(
-            correctHook.isDepositClaim(address(balanceSheet), address(asyncRequestManager)),
+            correctHook.isDepositClaim(address(spoke), address(asyncRequestManager)),
             "internal: balanceSheet to asyncRequestManager not a claim"
         );
     }
 
     function testCrosschainTransfers() public view {
-        assertTrue(correctHook.isCrosschainTransfer(address(spoke), address(0)), "spoke burn is crosschain");
-        assertFalse(correctHook.isRedeemFulfillment(address(spoke), address(0)), "spoke burn not fulfillment");
-        assertFalse(correctHook.isRedeemClaimOrRevocation(address(spoke), address(0)), "spoke burn not revocation");
+        assertTrue(
+            correctHook.isCrosschainTransfer(address(spokeHandler), address(0)), "spokeHandler burn is crosschain"
+        );
+        assertFalse(
+            correctHook.isRedeemFulfillment(address(spokeHandler), address(0)), "spokeHandler burn not fulfillment"
+        );
+        assertFalse(
+            correctHook.isRedeemClaimOrRevocation(address(spokeHandler), address(0)), "spokeHandler burn not revocation"
+        );
     }
 
     function testOtherContractBurns() public view {
@@ -183,14 +179,11 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
             );
         }
 
-        // Negative cases: burns from special contracts (balanceSheet and crosschainSource)
-        assertFalse(
-            correctHook.isRedeemClaimOrRevocation(address(balanceSheet), address(0)),
-            "balanceSheet burn is not revocation"
-        );
+        // Negative cases: burns from special contracts (spoke redemption source and crosschainSource)
+        assertFalse(correctHook.isRedeemClaimOrRevocation(address(spoke), address(0)), "spoke burn is not revocation");
         assertFalse(
-            correctHook.isRedeemClaimOrRevocation(address(spoke), address(0)),
-            "spoke (crosschainSource) burn is not revocation"
+            correctHook.isRedeemClaimOrRevocation(address(spokeHandler), address(0)),
+            "spokeHandler (crosschainSource) burn is not revocation"
         );
     }
 
@@ -208,8 +201,7 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
 
     function testInternalProtocolTransfers() public view {
         assertFalse(
-            correctHook.isDepositClaim(address(balanceSheet), address(vaultRouter)),
-            "balanceSheet to vaultRouter is internal"
+            correctHook.isDepositClaim(address(spoke), address(vaultRouter)), "balanceSheet to vaultRouter is internal"
         );
         assertFalse(
             correctHook.isDepositClaim(address(asyncRequestManager), address(vaultRouter)),
@@ -220,25 +212,22 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
             "vaultRouter to asyncRequestManager is internal"
         );
         assertTrue(
-            correctHook.isDepositClaim(poolEscrow, address(balanceSheet)),
-            "poolEscrow to balanceSheet is a deposit claim"
+            correctHook.isDepositClaim(poolEscrow, address(spoke)), "poolEscrow to balanceSheet is a deposit claim"
         );
 
-        assertFalse(
-            correctHook.isDepositClaim(address(balanceSheet), USER), "balanceSheet to user is NOT a deposit claim"
-        );
+        assertFalse(correctHook.isDepositClaim(address(spoke), USER), "balanceSheet to user is NOT a deposit claim");
         assertFalse(
             correctHook.isDepositClaim(address(vaultRouter), USER), "vaultRouter to user is NOT a deposit claim"
         );
 
-        assertFalse(correctHook.isDepositClaim(USER, address(balanceSheet)), "user to balanceSheet is not claim");
+        assertFalse(correctHook.isDepositClaim(USER, address(spoke)), "user to balanceSheet is not claim");
         assertFalse(
             correctHook.isDepositClaim(USER, address(asyncRequestManager)), "user to asyncRequestManager is not claim"
         );
         assertFalse(correctHook.isDepositClaim(USER, poolEscrow), "user to poolEscrow is not claim");
 
         assertFalse(
-            correctHook.isDepositFulfillment(address(0), address(balanceSheet)),
+            correctHook.isDepositFulfillment(address(0), address(spoke)),
             "mint to balanceSheet (endorsed but not poolEscrow) is NOT fulfillment"
         );
         assertFalse(
@@ -246,7 +235,7 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
             "mint to vaultRouter (endorsed but not poolEscrow) is NOT fulfillment"
         );
         assertTrue(
-            correctHook.isDepositRequestOrIssuance(address(0), address(balanceSheet)),
+            correctHook.isDepositRequestOrIssuance(address(0), address(spoke)),
             "mint to balanceSheet is direct issuance"
         );
         assertTrue(
@@ -256,14 +245,19 @@ contract BaseTransferHookIntegrationTest is FullDeployer, Test {
     }
 
     function testEndorsementVerification(address notEndorsed) public view {
+        // Every account the deployment endorses, or the fuzzer eventually offers one of them as the
+        // account that should not be endorsed
         vm.assume(
-            notEndorsed != address(balanceSheet) && notEndorsed != address(asyncRequestManager)
-                && notEndorsed != address(vaultRouter) && notEndorsed != poolEscrow
+            notEndorsed != address(spoke) && notEndorsed != address(asyncRequestManager)
+                && notEndorsed != address(vaultRouter) && notEndorsed != address(tokenBridge)
+                && notEndorsed != address(shareManager) && notEndorsed != poolEscrow
         );
 
-        assertTrue(root.endorsed(address(balanceSheet)), "balanceSheet must be endorsed");
+        assertTrue(root.endorsed(address(spoke)), "spoke must be endorsed");
         assertTrue(root.endorsed(address(asyncRequestManager)), "asyncRequestManager must be endorsed");
         assertTrue(root.endorsed(address(vaultRouter)), "vaultRouter must be endorsed");
+        assertTrue(root.endorsed(address(tokenBridge)), "tokenBridge must be endorsed");
+        assertTrue(root.endorsed(address(shareManager)), "shareManager must be endorsed");
 
         assertFalse(root.endorsed(poolEscrow));
         assertFalse(root.endorsed(notEndorsed));
diff --git a/test/integration/spoke/FreelyTransferable.t.sol b/test/integration/spoke/FreelyTransferable.t.sol
index 03187a138..b74a92858 100644
--- a/test/integration/spoke/FreelyTransferable.t.sol
+++ b/test/integration/spoke/FreelyTransferable.t.sol
@@ -3,12 +3,14 @@ pragma solidity 0.8.28;
 
 import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 
-import {FreelyTransferable} from "../../../src/hooks/FreelyTransferable.sol";
+import {FreelyTransferable} from "../../../src/token/hooks/FreelyTransferable.sol";
 
-import {AsyncVault, VaultBaseTest as BaseTest, IShareToken, VaultKind} from "../vaults/VaultBaseTest.sol";
+import {AsyncVault, VaultBaseTest as BaseTest} from "../vaults/VaultBaseTest.sol";
 
 import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract FreelyTransferableTest is BaseTest {
     using CastLib for *;
 
@@ -16,7 +18,7 @@ contract FreelyTransferableTest is BaseTest {
         amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
 
         (, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, 6, address(freelyTransferableHook), bytes16(bytes("1")), address(erc20), 0);
+            deployVault(asyncVaultFactory, 6, address(freelyTransferableHook), bytes16(bytes("1")), address(erc20), 0);
         AsyncVault vault = AsyncVault(vault_);
         FreelyTransferable hook = FreelyTransferable(freelyTransferableHook);
         IShareToken shareToken = IShareToken(address(vault.share()));
diff --git a/test/integration/spoke/FreezeOnly.t.sol b/test/integration/spoke/FreezeOnly.t.sol
index 5dde5e104..cc638fd9f 100644
--- a/test/integration/spoke/FreezeOnly.t.sol
+++ b/test/integration/spoke/FreezeOnly.t.sol
@@ -3,9 +3,10 @@ pragma solidity 0.8.28;
 
 import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 
-import {ITransferHook} from "../../../src/core/spoke/interfaces/ITransferHook.sol";
+import {AsyncVault, VaultBaseTest as BaseTest} from "../vaults/VaultBaseTest.sol";
 
-import {AsyncVault, VaultBaseTest as BaseTest, IShareToken, VaultKind} from "../vaults/VaultBaseTest.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {ITransferHook} from "../../../src/token/interfaces/ITransferHook.sol";
 
 contract FreezeOnlyTest is BaseTest {
     using CastLib for *;
@@ -14,7 +15,7 @@ contract FreezeOnlyTest is BaseTest {
         amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
 
         (, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, 6, address(freezeOnlyHook), bytes16(bytes("1")), address(erc20), 0);
+            deployVault(asyncVaultFactory, 6, address(freezeOnlyHook), bytes16(bytes("1")), address(erc20), 0);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
 
diff --git a/test/integration/spoke/RedemptionRestrictions.t.sol b/test/integration/spoke/RedemptionRestrictions.t.sol
index eecbdce6e..bc584ffcf 100644
--- a/test/integration/spoke/RedemptionRestrictions.t.sol
+++ b/test/integration/spoke/RedemptionRestrictions.t.sol
@@ -3,20 +3,23 @@ pragma solidity 0.8.28;
 
 import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 
-import {RedemptionRestrictions} from "../../../src/hooks/RedemptionRestrictions.sol";
+import {RedemptionRestrictions} from "../../../src/token/hooks/RedemptionRestrictions.sol";
 
-import {AsyncVault, VaultBaseTest as BaseTest, IShareToken, VaultKind} from "../vaults/VaultBaseTest.sol";
+import {AsyncVault, VaultBaseTest as BaseTest} from "../vaults/VaultBaseTest.sol";
 
 import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract RedemptionRestrictionsTest is BaseTest {
     using CastLib for *;
 
     function testRedemptionRestrictionsHook(uint256 amount) public {
         amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
 
-        (, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, 6, address(redemptionRestrictionsHook), bytes16(bytes("1")), address(erc20), 0);
+        (, address vault_, uint128 assetId) = deployVault(
+            asyncVaultFactory, 6, address(redemptionRestrictionsHook), bytes16(bytes("1")), address(erc20), 0
+        );
         AsyncVault vault = AsyncVault(vault_);
         RedemptionRestrictions hook = RedemptionRestrictions(redemptionRestrictionsHook);
         IShareToken shareToken = IShareToken(address(vault.share()));
diff --git a/test/integration/spoke/Spoke.t.sol b/test/integration/spoke/Spoke.t.sol
index 48ecd1286..259821850 100644
--- a/test/integration/spoke/Spoke.t.sol
+++ b/test/integration/spoke/Spoke.t.sol
@@ -6,18 +6,19 @@ import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
-import {ShareToken} from "../../../src/core/spoke/ShareToken.sol";
-import {IVault} from "../../../src/core/spoke/interfaces/IVault.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
-import {VaultDetails} from "../../../src/core/spoke/interfaces/IVaultRegistry.sol";
+import {ISpokeHandler} from "../../../src/core/spoke/interfaces/ISpokeHandler.sol";
+import {VaultDetails} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+import {VaultUpdateKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
 
-import {UpdateRestrictionMessageLib} from "../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {UpdateRestrictionMessageLib} from "../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import {AsyncVault} from "../../../src/vaults/AsyncVault.sol";
-import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 
+import {ShareToken} from "../../../src/token/ShareToken.sol";
 import {CentrifugeIntegrationTest} from "../Integration.t.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {IShareTokenRegistrar} from "../../../src/token/interfaces/IShareTokenRegistrar.sol";
 
 contract SpokeRestrictionTest is CentrifugeIntegrationTest {
     using CastLib for *;
@@ -42,13 +43,24 @@ contract SpokeRestrictionTest is CentrifugeIntegrationTest {
         // Push pool and share class to spoke
         hub.notifyPool{value: 0}(POOL_A, LOCAL_CENTRIFUGE_ID, address(this));
         hub.notifyShareClass{value: 0}(
-            POOL_A, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(fullRestrictionsHook))), address(this)
+            POOL_A, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(shareTokenRegistrar))), "", 0, address(this)
+        );
+
+        // Token deploys hookless (v3.1+); set the restriction hook via the registrar's Envoy path
+        hub.managerCall{value: 0}(
+            POOL_A,
+            LOCAL_CENTRIFUGE_ID,
+            address(shareTokenRegistrar).toBytes32(),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetHook), SC_1, address(fullRestrictionsHook)),
+            0,
+            0,
+            address(this)
         );
     }
 
     /// forge-config: default.isolate = true
     function testFreezeAndUnfreeze() public {
-        IShareToken shareToken = spoke.shareToken(POOL_A, SC_1);
+        IShareToken shareToken = IShareToken(address(spokeRegistry.shareToken(POOL_A, SC_1)));
         uint64 validUntil = uint64(block.timestamp + 7 days);
 
         hub.updateRestriction{value: 0}(
@@ -140,7 +152,9 @@ contract SpokeDeployVaultTest is CentrifugeIntegrationTest {
         hub.addShareClass(POOL_A, tokenName, tokenSymbol, bytes32(bytes8(POOL_A.raw())));
 
         hub.notifyPool{value: 0}(POOL_A, LOCAL_CENTRIFUGE_ID, address(this));
-        hub.notifyShareClass{value: 0}(POOL_A, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(0), address(this));
+        hub.notifyShareClass{value: 0}(
+            POOL_A, SC_1, LOCAL_CENTRIFUGE_ID, bytes32(bytes20(address(shareTokenRegistrar))), "", 0, address(this)
+        );
     }
 
     function _registerErc20Asset(uint8 decimals_) internal {
@@ -153,21 +167,19 @@ contract SpokeDeployVaultTest is CentrifugeIntegrationTest {
     }
 
     function _assertVaultSetup(address vaultAddress, bool isLinked) internal view {
-        IShareToken token_ = spoke.shareToken(POOL_A, SC_1);
-        address linkedVault = IShareToken(token_).vault(address(asset));
+        address token_ = address(spokeRegistry.shareToken(POOL_A, SC_1));
 
-        assertTrue(spoke.isPoolActive(POOL_A));
+        assertTrue(spokeRegistry.isPoolActive(POOL_A));
 
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(IBaseVault(vaultAddress));
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vaultAddress));
         assertEq(assetId.raw(), vaultDetails.assetId.raw(), "vault assetId mismatch");
         assertEq(address(asset), vaultDetails.asset, "vault asset mismatch");
         assertEq(uint256(0), vaultDetails.tokenId, "vault tokenId mismatch");
         assertEq(isLinked, vaultDetails.isLinked, "vault isLinked mismatch");
 
         if (isLinked) {
-            assertTrue(vaultRegistry.isLinked(IBaseVault(vaultAddress)));
+            assertTrue(spokeRegistry.isLinked(address(vaultAddress)));
 
-            assertEq(vaultAddress, linkedVault, "vault address mismatch");
             AsyncVault vault = AsyncVault(vaultAddress);
             assertEq(vault.asset(), address(asset), "asset mismatch");
             assertEq(vault.poolId().raw(), POOL_A.raw(), "poolId mismatch");
@@ -178,15 +190,16 @@ contract SpokeDeployVaultTest is CentrifugeIntegrationTest {
             assertEq(vault.wards(address(this)), 0);
             assertEq(asyncRequestManager.wards(vaultAddress), 1);
         } else {
-            assertFalse(vaultRegistry.isLinked(IBaseVault(vaultAddress)));
-            assertEq(linkedVault, address(0), "Share link to vault requires linkVault");
+            assertFalse(spokeRegistry.isLinked(address(vaultAddress)));
         }
     }
 
     function _assertShareSetup() internal view {
-        ShareToken shareToken = ShareToken(address(spoke.shareToken(POOL_A, SC_1)));
+        ShareToken shareToken = ShareToken(address(spokeRegistry.shareToken(POOL_A, SC_1)));
 
-        assertEq(shareToken.wards(address(spoke)), 1);
+        assertEq(shareToken.wards(address(shareTokenRegistrar)), 1);
+        assertEq(shareToken.wards(address(root)), 1);
+        assertEq(shareToken.wards(address(spoke)), 0);
         assertEq(shareToken.wards(address(this)), 0);
 
         assertEq(shareToken.name(), tokenName, "share class token name mismatch");
@@ -196,36 +209,151 @@ contract SpokeDeployVaultTest is CentrifugeIntegrationTest {
 
     /// forge-config: default.isolate = true
     function testDeployVaultWithoutLinkERC20(uint8 assetDecimals_) public {
-        assetDecimals_ = uint8(bound(assetDecimals_, 2, 18));
+        assetDecimals_ = uint8(bound(assetDecimals_, 0, 18));
         _setUpPoolAndShare();
         _registerErc20Asset(assetDecimals_);
 
         vm.prank(address(messageProcessor));
-        spoke.setRequestManager(POOL_A, asyncRequestManager);
+        spokeHandler.setRequestManager(POOL_A, asyncRequestManager);
 
+        // Deploy and link via SpokeHandler (the only entry point for factory calls), then unlink to reach
+        // the deployed-but-unlinked state (there is no standalone deploy-without-link operation).
+        vm.recordLogs();
         vm.prank(address(messageProcessor));
-        IVault vault = vaultRegistry.deployVault(POOL_A, SC_1, assetId, asyncVaultFactory);
+        spokeHandler.updateVault(
+            POOL_A, SC_1, assetId, address(asyncVaultFactory), VaultUpdateKind.DeployAndLink, bytes("")
+        );
+        address vaultAddr = _deployedVaultFromLogs();
 
-        _assertVaultSetup(address(vault), false);
+        vm.prank(address(messageProcessor));
+        spokeHandler.updateVault(POOL_A, SC_1, assetId, vaultAddr, VaultUpdateKind.Unlink, bytes(""));
+
+        _assertVaultSetup(vaultAddr, false);
         _assertShareSetup();
     }
 
     /// forge-config: default.isolate = true
     function testDeployVaultWithLinkERC20(uint8 assetDecimals_) public {
-        assetDecimals_ = uint8(bound(assetDecimals_, 2, 18));
+        assetDecimals_ = uint8(bound(assetDecimals_, 0, 18));
         _setUpPoolAndShare();
         _registerErc20Asset(assetDecimals_);
 
         vm.prank(address(messageProcessor));
-        spoke.setRequestManager(POOL_A, asyncRequestManager);
+        spokeHandler.setRequestManager(POOL_A, asyncRequestManager);
 
+        // Deploy and link via SpokeHandler (the only entry point for factory calls)
+        vm.recordLogs();
         vm.prank(address(messageProcessor));
-        IVault vault = vaultRegistry.deployVault(POOL_A, SC_1, assetId, asyncVaultFactory);
+        spokeHandler.updateVault(
+            POOL_A, SC_1, assetId, address(asyncVaultFactory), VaultUpdateKind.DeployAndLink, bytes("")
+        );
+        address vaultAddr = _deployedVaultFromLogs();
+
+        _assertVaultSetup(vaultAddr, true);
+        _assertShareSetup();
+    }
+
+    /// forge-config: default.isolate = true
+    function testDeployVaultForwardsPayload() public {
+        _setUpPoolAndShare();
+        _registerErc20Asset(6);
 
         vm.prank(address(messageProcessor));
-        vaultRegistry.linkVault(POOL_A, SC_1, assetId, vault);
+        spokeHandler.setRequestManager(POOL_A, asyncRequestManager);
 
-        _assertVaultSetup(address(vault), true);
-        _assertShareSetup();
+        RecordingVaultFactory recordingFactory = new RecordingVaultFactory();
+
+        // A >256-byte payload so the exact bytes (not just a small prefix) must be forwarded verbatim.
+        bytes memory payload = new bytes(300);
+        for (uint256 i; i < payload.length; i++) {
+            payload[i] = bytes1(uint8(i));
+        }
+
+        vm.prank(address(messageProcessor));
+        spokeHandler.updateVault(
+            POOL_A, SC_1, assetId, address(recordingFactory), VaultUpdateKind.DeployAndLink, payload
+        );
+
+        assertEq(recordingFactory.lastPayload(), payload, "factory did not receive the forwarded payload");
+    }
+}
+
+/// @dev Share tokens are deployed from a registrar shared by every pool, so the spoke re-checks that a
+///      salt carries the pool id it arrived under. Without it, a pool forging its own inbound message
+///      could deploy at another pool's deterministic token address and lock it out of that chain.
+contract SpokeShareClassSaltTest is CentrifugeIntegrationTest {
+    using CastLib for *;
+
+    PoolId victim;
+    PoolId attacker;
+
+    function setUp() public override {
+        super.setUp();
+        victim = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 1);
+        attacker = hubRegistry.poolId(LOCAL_CENTRIFUGE_ID, 2);
+
+        vm.startPrank(address(opsGuardian.opsSafe()));
+        opsGuardian.createPool(victim, address(this), USD_ID);
+        opsGuardian.createPool(attacker, address(this), USD_ID);
+        vm.stopPrank();
+
+        hub.notifyPool{value: 0}(victim, LOCAL_CENTRIFUGE_ID, address(this));
+        hub.notifyPool{value: 0}(attacker, LOCAL_CENTRIFUGE_ID, address(this));
+    }
+
+    function testCannotDeployAtAnotherPoolsAddress() public {
+        bytes32 victimSalt = bytes32(bytes8(victim.raw()));
+        ShareClassId victimScId = shareClassManager.previewNextShareClassId(victim);
+        hub.addShareClass(victim, "Victim Share", "VIC", victimSalt);
+
+        // The registrar's address depends only on decimals and salt, so a deploy with the victim's salt
+        // would land on the victim's address regardless of which pool it arrives under
+        address victimToken = shareTokenRegistrar.previewTokenAddress("Victim Share", "VIC", 18, victimSalt, "");
+        assertEq(victimToken, shareTokenRegistrar.previewTokenAddress("Attacker Share", "ATK", 18, victimSalt, ""));
+        assertEq(victimToken.code.length, 0, "not yet deployed");
+
+        // The attacker's own inbound path, carrying the victim's salt
+        vm.prank(address(messageProcessor));
+        vm.expectRevert(ISpokeHandler.InvalidSalt.selector);
+        spokeHandler.addShareClass(
+            attacker,
+            ShareClassId.wrap(bytes16(uint128(1))),
+            "Victim Share",
+            "VIC",
+            18,
+            victimSalt,
+            shareTokenRegistrar,
+            ""
+        );
+
+        // The victim still reaches its own deterministic address
+        hub.notifyShareClass{value: 0}(
+            victim, victimScId, LOCAL_CENTRIFUGE_ID, address(shareTokenRegistrar).toBytes32(), "", 0, address(this)
+        );
+        assertEq(address(spokeRegistry.shareToken(victim, victimScId)), victimToken);
+    }
+}
+
+/// @dev Minimal vault that satisfies the register/link checks for payload-forwarding tests.
+contract RecordingVault {
+    PoolId public immutable poolId;
+    ShareClassId public immutable scId;
+
+    constructor(PoolId poolId_, ShareClassId scId_) {
+        poolId = poolId_;
+        scId = scId_;
+    }
+}
+
+/// @dev Factory that records the deployment payload the spoke forwards to `newVault`.
+contract RecordingVaultFactory {
+    bytes public lastPayload;
+
+    function newVault(PoolId poolId, ShareClassId scId, address, uint256, address, bytes calldata payload)
+        external
+        returns (address)
+    {
+        lastPayload = payload;
+        return address(new RecordingVault(poolId, scId));
     }
 }
diff --git a/test/integration/utils/ChainConfigs.sol b/test/integration/utils/ChainConfigs.sol
deleted file mode 100644
index 885525297..000000000
--- a/test/integration/utils/ChainConfigs.sol
+++ /dev/null
@@ -1,147 +0,0 @@
-// SPDX-License-Identifier: AGPL-3.0-only
-pragma solidity 0.8.28;
-
-import {IntegrationConstants} from "./IntegrationConstants.sol";
-
-/// @title ChainConfigs
-/// @notice Centralized configuration for multi-chain fork testing
-/// @dev Follows MigrationV3_1.t.sol pattern: single ALCHEMY_API_KEY for all Alchemy chains, separate PLUME_API_KEY
-/// @dev Usage: string.concat("https://", config.alchemyNetworkId, "-mainnet.g.alchemy.com/v2/", vm.envString("ALCHEMY_API_KEY"))
-library ChainConfigs {
-    struct ChainConfig {
-        string name;
-        string alchemyNetworkId; // Network ID for Alchemy (e.g., "eth", "base", "arb"). Empty for non-Alchemy chains (Plume).
-        uint16 centrifugeId;
-        uint16 wormholeId;
-        string axelarId; // Empty string if not supported
-        uint32 layerZeroEid;
-        address usdc;
-        address poolAdmin;
-        address protocolSafe;
-        bool hasAxelar;
-        bool hasLayerZero;
-    }
-
-    /// @notice Returns configuration for all supported chains
-    function getAllChains() internal pure returns (ChainConfig[6] memory) {
-        return [
-            ChainConfig({
-                name: "Ethereum",
-                alchemyNetworkId: "eth",
-                centrifugeId: IntegrationConstants.ETH_CENTRIFUGE_ID,
-                wormholeId: IntegrationConstants.ETH_WORMHOLE_ID,
-                axelarId: IntegrationConstants.ETH_AXELAR_ID,
-                layerZeroEid: IntegrationConstants.ETH_LAYERZERO_EID,
-                usdc: IntegrationConstants.ETH_USDC,
-                poolAdmin: IntegrationConstants.ETH_DEFAULT_POOL_ADMIN,
-                protocolSafe: IntegrationConstants.ETH_ADMIN_SAFE,
-                hasAxelar: true,
-                hasLayerZero: true
-            }),
-            ChainConfig({
-                name: "Base",
-                alchemyNetworkId: "base",
-                centrifugeId: IntegrationConstants.BASE_CENTRIFUGE_ID,
-                wormholeId: IntegrationConstants.BASE_WORMHOLE_ID,
-                axelarId: IntegrationConstants.BASE_AXELAR_ID,
-                layerZeroEid: IntegrationConstants.BASE_LAYERZERO_EID,
-                usdc: IntegrationConstants.BASE_USDC,
-                poolAdmin: IntegrationConstants.ETH_DEFAULT_POOL_ADMIN,
-                protocolSafe: IntegrationConstants.BASE_ADMIN_SAFE,
-                hasAxelar: true,
-                hasLayerZero: true
-            }),
-            ChainConfig({
-                name: "Arbitrum",
-                alchemyNetworkId: "arb",
-                centrifugeId: IntegrationConstants.ARBITRUM_CENTRIFUGE_ID,
-                wormholeId: IntegrationConstants.ARBITRUM_WORMHOLE_ID,
-                axelarId: IntegrationConstants.ARBITRUM_AXELAR_ID,
-                layerZeroEid: IntegrationConstants.ARBITRUM_LAYERZERO_EID,
-                usdc: IntegrationConstants.ARBITRUM_USDC,
-                poolAdmin: IntegrationConstants.ETH_DEFAULT_POOL_ADMIN,
-                protocolSafe: IntegrationConstants.ARBITRUM_ADMIN_SAFE,
-                hasAxelar: true,
-                hasLayerZero: true
-            }),
-            ChainConfig({
-                name: "Avalanche",
-                alchemyNetworkId: "avax",
-                centrifugeId: IntegrationConstants.AVAX_CENTRIFUGE_ID,
-                wormholeId: IntegrationConstants.AVAX_WORMHOLE_ID,
-                axelarId: IntegrationConstants.AVAX_AXELAR_ID,
-                layerZeroEid: IntegrationConstants.AVAX_LAYERZERO_EID,
-                usdc: IntegrationConstants.AVAX_USDC,
-                poolAdmin: IntegrationConstants.ETH_DEFAULT_POOL_ADMIN,
-                protocolSafe: IntegrationConstants.AVAX_ADMIN_SAFE,
-                hasAxelar: true,
-                hasLayerZero: true
-            }),
-            ChainConfig({
-                name: "BNB",
-                alchemyNetworkId: "bnb",
-                centrifugeId: IntegrationConstants.BNB_CENTRIFUGE_ID,
-                wormholeId: IntegrationConstants.BNB_WORMHOLE_ID,
-                axelarId: IntegrationConstants.BNB_AXELAR_ID,
-                layerZeroEid: IntegrationConstants.BNB_LAYERZERO_EID,
-                usdc: IntegrationConstants.BNB_USDC,
-                poolAdmin: IntegrationConstants.ETH_DEFAULT_POOL_ADMIN,
-                protocolSafe: IntegrationConstants.BNB_ADMIN_SAFE,
-                hasAxelar: true,
-                hasLayerZero: true
-            }),
-            ChainConfig({
-                name: "Plume",
-                alchemyNetworkId: "", // Plume doesn't use Alchemy
-                centrifugeId: IntegrationConstants.PLUME_CENTRIFUGE_ID,
-                wormholeId: IntegrationConstants.PLUME_WORMHOLE_ID,
-                axelarId: "", // Plume doesn't support Axelar
-                layerZeroEid: 0, // Plume doesn't support LayerZero
-                usdc: IntegrationConstants.PLUME_PUSD, // pUSD instead of USDC until USDC exists
-                poolAdmin: IntegrationConstants.PLUME_POOL_ADMIN,
-                protocolSafe: IntegrationConstants.PLUME_ADMIN_SAFE,
-                hasAxelar: false,
-                hasLayerZero: false
-            })
-        ];
-    }
-
-    /// @notice Returns configuration for a specific chain by name
-    function getChainConfig(string memory chainName) internal pure returns (ChainConfig memory) {
-        ChainConfig[6] memory configs = getAllChains();
-        for (uint256 i = 0; i < configs.length; i++) {
-            if (keccak256(bytes(configs[i].name)) == keccak256(bytes(chainName))) {
-                return configs[i];
-            }
-        }
-        revert("Chain configuration not found");
-    }
-
-    /// @notice Returns configuration for a specific chain by centrifuge ID
-    function getChainConfigById(uint16 centrifugeId) internal pure returns (ChainConfig memory) {
-        ChainConfig[6] memory configs = getAllChains();
-        for (uint256 i = 0; i < configs.length; i++) {
-            if (configs[i].centrifugeId == centrifugeId) {
-                return configs[i];
-            }
-        }
-        revert("Chain configuration not found");
-    }
-
-    /// @notice Builds RPC URL for a chain using ALCHEMY_API_KEY or PLUME_API_KEY
-    function getRpcUrl(ChainConfig memory config, bool isMainnet) internal pure returns (string memory) {
-        // Alchemy-supported chains
-        if (bytes(config.alchemyNetworkId).length > 0) {
-            string memory env = isMainnet ? "-mainnet" : "-sepolia";
-            return string.concat("https://", config.alchemyNetworkId, env, ".g.alchemy.com/v2/{ALCHEMY_API_KEY}");
-        }
-
-        // Plume uses its own RPC (mainnet only)
-        if (config.centrifugeId == IntegrationConstants.PLUME_CENTRIFUGE_ID) {
-            require(isMainnet, "Plume testnet not supported");
-            return "https://rpc.plume.org/{PLUME_API_KEY}";
-        }
-
-        revert("Unsupported chain for RPC URL generation");
-    }
-}
diff --git a/test/integration/utils/IntegrationConstants.sol b/test/integration/utils/IntegrationConstants.sol
index 2609082df..21a1d6694 100644
--- a/test/integration/utils/IntegrationConstants.sol
+++ b/test/integration/utils/IntegrationConstants.sol
@@ -4,7 +4,8 @@ pragma solidity ^0.8.28;
 import {D18, d18} from "../../../src/misc/types/D18.sol";
 
 import {AccountId} from "../../../src/core/types/AccountId.sol";
-import {MAX_MESSAGE_COST} from "../../../src/core/messaging/interfaces/IGasService.sol";
+
+import {MAX_MESSAGE_COST} from "../../utils/GasConstants.sol";
 
 /// @title IntegrationConstants
 /// @notice Centralized constants for integration tests
@@ -34,245 +35,9 @@ library IntegrationConstants {
     uint256 constant INTEGRATION_DEFAULT_SUBSIDY = 1 ether;
     uint128 constant HOOK_GAS = 0 ether;
     uint128 constant EXTRA_GAS = 0;
-
-    // ======== Protocol Addresses (v3.0.1) ========
-
-    // Core system contracts
-    address constant ROOT = 0x7Ed48C31f2fdC40d37407cBaBf0870B2b688368f;
-    address constant GUARDIAN = 0xFEE13c017693a4706391D516ACAbF6789D5c3157; // v3.1: Will split into PROTOCOL_GUARDIAN + OPS_GUARDIAN
-    address constant GATEWAY = 0x51eA340B3fe9059B48f935D5A80e127d587B6f89;
-    address constant GAS_SERVICE = 0x295262f96186505Ce67c67B9d29e36ad1f9EAe88;
-    address constant TOKEN_RECOVERER = 0x94269dBaBA605b63321221679df1356be0c00E63;
-    address constant HUB_REGISTRY = 0x12044ef361Cc3446Cb7d36541C8411EE4e6f52cb;
-    address constant ACCOUNTING = 0xE999a426D92c30fEE4f074B3a53071A6e935419F;
-    address constant HOLDINGS = 0x0261FA29b3F2784AF17874428b58d971b6652C47;
-    address constant SHARE_CLASS_MANAGER = 0xe88e712d60bfd23048Dbc677FEb44E2145F2cDf4;
-    address constant HUB = 0x9c8454A506263549f07c80698E276e3622077098;
-    address constant HUB_HELPERS = 0xA30D9E76a80675A719d835a74d09683AD2CB71EE; // v3.1: REMOVED (functionality moved to Hub)
-    address constant IDENTITY_VALUATION = 0x3b8FaE903a6511f9707A2f45747a0de3B747711f;
-    address constant TOKEN_FACTORY = 0xC8eDca090b772C48BcE5Ae14Eb7dd517cd70A32C;
-    address constant BALANCE_SHEET = 0xBcC8D02d409e439D98453C0b1ffa398dFFb31fda;
-    address constant SPOKE = 0xd30Da1d7F964E5f6C2D9fE2AAA97517F6B23FA2B;
-    address constant CONTRACT_UPDATER = 0x8dD5a3d4e9ec54388dAd23B8a1f3B2159B2f2D85;
-    address constant ROUTER = 0xdbCcee499563D4AC2D3788DeD3acb14FB92B175D;
-    address constant GLOBAL_ESCROW = 0x43d51be0B6dE2199A2396bA604114d24383F91E9;
-    address constant ASYNC_VAULT_FACTORY = 0xb47E57b4D477FF80c42dB8B02CB5cb1a74b5D20a;
-    address constant SYNC_DEPOSIT_VAULT_FACTORY = 0x00E3c7EE9Bbc98B9Cb4Cc2c06fb211c1Bb199Ee5;
-    address constant ASYNC_REQUEST_MANAGER = 0xf06f89A1b6C601235729A689595571B7455Dd433;
-    address constant SYNC_MANAGER = 0x0D82d9fa76CFCd6F4cc59F053b2458665C6CE773;
-    address constant FREEZE_ONLY_HOOK = 0xBb7ABFB0E62dfb36e02CeeCDA59ADFD71f50c88e;
-    address constant FULL_RESTRICTIONS_HOOK = 0xa2C98F0F76Da0C97039688CA6280d082942d0b48;
-    address constant FREELY_TRANSFERABLE_HOOK = 0xbce8C1f411484C28a64f7A6e3fA63C56b6f3dDDE;
-    address constant REDEMPTION_RESTRICTIONS_HOOK = 0xf0C36EFD5F6465D18B9679ee1407a3FC9A2955dD;
-    address constant WORMHOLE_ADAPTER = 0x6b98679eEC5b5DE3A803Dc801B2f12aDdDCD39Ec;
-    address constant AXELAR_ADAPTER = 0x52271c9A29D0f97c350BBE32b3377CdD26026d0a;
-    address constant MESSAGE_PROCESSOR = 0xE994149c6D00Fe8708f843dc73973D1E7205530d;
-    address constant MESSAGE_DISPATCHER = 0x21AF0C29611CFAaFf9271C8a3F84F2bC31d59132;
-    address constant MULTI_ADAPTER = 0x457C91384C984b1659157160e8543adb12BC5317;
-    address constant POOL_ESCROW_FACTORY = 0xD166B3210edBeEdEa73c7b2e8aB64BDd30c980E9;
-
-    // V3.1 new contracts (placeholders - set via _loadContracts in ForkTestBase)
-    address constant HUB_HANDLER = address(0);
-    address constant VAULT_REGISTRY = address(0);
-    address constant BATCH_REQUEST_MANAGER = address(0);
-    address constant REFUND_ESCROW_FACTORY = address(0);
-    address constant PROTOCOL_GUARDIAN = address(0);
-    address constant OPS_GUARDIAN = address(0);
-    address constant QUEUE_MANAGER = address(0);
-    address constant ORACLE_VALUATION = address(0);
-    address constant NAV_MANAGER = address(0);
-    address constant SIMPLE_PRICE_MANAGER = address(0);
-    address constant LAYER_ZERO_ADAPTER = address(0);
-
-    // Admin safes (per chain)
-    address constant ETH_ADMIN_SAFE = 0xD9D30ab47c0f096b0AA67e9B8B1624504a63e7FD;
-    address constant BASE_ADMIN_SAFE = 0x8b83962fB9dB346a20c95D98d4E312f17f4C0d9b;
-    address constant ARBITRUM_ADMIN_SAFE = 0xa36caE0ACd40C6BbA61014282f6AE51c7807A433;
-    address constant AVAX_ADMIN_SAFE = 0xb6642fEd2221e177dD29581BB6d1959Bd1c54185;
-    address constant BNB_ADMIN_SAFE = 0x57066D897cB9cDef21b9Ecd7CecdD1d39b6eE445;
-    address constant PLUME_ADMIN_SAFE = 0x2d442069f78561F817d92c94924D5EaddA9C5767;
-
-    // Token addresses
-    address constant ETH_USDC = 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48;
-    address constant BASE_USDC = 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913;
-    address constant ARBITRUM_USDC = 0xaf88d065e77c8cC2239327C5EDb3A432268e5831;
-    address constant AVAX_USDC = 0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E;
-    address constant BNB_USDC = 0x8AC76a51cc950d9822D68b83fE1Ad97B32Cd580d;
-    address constant PLUME_USDC = 0x222365EF19F7947e5484218551B56bb3965Aa7aF;
-    address constant PLUME_PUSD = 0xdddD73F5Df1F0DC31373357beAC77545dC5A6f3F;
-
-    // Pool admins
-    address constant ETH_DEFAULT_POOL_ADMIN = 0x742d100011fFbC6e509E39DbcB0334159e86be1e;
-    address constant PLUME_POOL_ADMIN = 0xB3B442BFee81F9c2bE2c146A823cB54a2625DF98;
-
-    // Pool Escrows
-    address constant JTRSY_POOL_ESCROW = 0xB19Cdd566E5ee580E068ED099136d52906e2ca09;
-    address constant JAAA_POOL_ESCROW = 0xcf5C83A12E0bd55a8c02fc7802203BC23e3efB30;
-
-    // Pool IDs
-    uint64 constant JTRSY_POOL_ID = 281474976710662;
-    uint64 constant JAAA_POOL_ID = 281474976710663;
-    uint64 constant DEJTRSY_POOL_ID = 281474976710660;
-    uint64 constant DEJAAA_POOL_ID = 281474976710659;
-    uint64 constant DISTRICT_POOL_ID = 281474976710661;
-    uint64 constant ACRDX_POOL_ID = 281474976710664;
-    uint64 constant SPXA_POOL_ID = 281474976710665;
-    uint64 constant PLUME_TEST_POOL_ID = 1125899906842625;
-
-    uint128 constant JTRSY_SC_ID = 0x00010000000000060000000000000001;
-    uint128 constant JAAA_SC_ID = 0x00010000000000070000000000000001;
-    uint128 constant DEJTRSY_SC_ID = 0x00010000000000040000000000000001;
-    uint128 constant DEJAAA_SC_ID = 0x00010000000000030000000000000001;
-    uint128 constant DISTRICT_SC_ID = 0x00010000000000050000000000000001;
-    uint128 constant ACRDX_SC_ID = 0x00010000000000080000000000000001;
-    uint128 constant SPXA_SC_ID = 0x00010000000000090000000000000001;
-    uint128 constant PLUME_TEST_SC_ID = 0x00040000000000010000000000000001;
-
-    // ======== Vault Addresses (Organized by Chain) ========
-
-    // Ethereum (centrifugeId: 1)
-    address constant ETH_JTRSY_VAULT = 0xFE6920eB6C421f1179cA8c8d4170530CDBdfd77A;
-    address constant ETH_JAAA_VAULT = 0x4880799eE5200fC58DA299e965df644fBf46780B;
-    address constant ETH_DEJTRSY_USDC_VAULT = 0x18Ab9fC0B2e4Fef9e0e03c8EC63BA287a3238257;
-    address constant ETH_DEJTRSY_JTRSY_VAULT_A = 0x1AD3644A0834e7c9eD4aEc2660b0Ee2eA18A1f36;
-    address constant ETH_DEJTRSY_VAULT = 0xCF4C60066aAB54b3f750F94c2a06046d5466Ccf9;
-    address constant ETH_DEJAA_USDC_VAULT = 0x4865BC9701fBD1207A7B50e2aF442C7DAf154c9c;
-    address constant ETH_DEJAA_JAAA_VAULT_A = 0x559907981ed375b2D7eEa6108273D181216A10CC;
-    address constant ETH_DISTRICT_USDC_VAULT = 0x314d8AEb02bB5f6b86D2Ac1feF4c5Fc1771e6817;
-
-    // Base (centrifugeId: 2)
-    address constant BASE_ACRDX_USDC_VAULT = 0x096dc8CE2FB630b2728C9A088a04b13BBbB5b4f4;
-    address constant BASE_DEJAAA_USDC_VAULT = 0x9183DBE074a61cEBf82525C907458CabB984F9DA;
-    address constant BASE_DEJAAA_JAAA_VAULT = 0x2D38c58Cc7d4DdD6B4DaF7b3539902a7667F4519;
-    address constant BASE_JAAA_USDC_VAULT = 0x2AEf271F00A9d1b0DA8065D396f4E601dBD0Ef0b;
-    address constant BASE_SPXA_USDC_VAULT = 0x99E9092baE6D4394E54034Ecb1E45441678323B9;
-
-    // Arbitrum (centrifugeId: 3)
-    address constant ARBITRUM_JTRSY_USDC_VAULT = 0x04FFdBd63626942D5CaBf12120805465B7A17547;
-    address constant ARBITRUM_DEJAAA_USDC_VAULT = 0xe897E7F16e8F4ed568A62955b17744bCB3207d6E;
-
-    // Plume (centrifugeId: 4)
-    address constant PLUME_SYNC_DEPOSIT_VAULT = 0x374Bc3D556fBc9feC0b9537c259DCB7935f7E5bf;
-    address constant PLUME_ACRDX_USDC_VAULT = 0x354a9222571259457B2e98b2285B62e6a9bf4eD3;
-    address constant PLUME_JTRSY_USDC_VAULT = 0x818A3593340622c1D6A51B039e191F2f8C99A1F2; // listed as Linked in GraphQL on Plume
-
-    // Avalanche (centrifugeId: 5)
-    address constant AVAX_JAAA_USDC_VAULT = 0x1121F4e21eD8B9BC1BB9A2952cDD8639aC897784;
-    address constant AVAX_DEJTRSY_USDC_VAULT = 0x5b9b6070C517bE849ad79FC49d95e02084826F77;
-    address constant AVAX_DEJTRSY_JTRSY_VAULT = 0x04157759a9fe406d82a16BdEB20F9BeB9bBEb958;
-    address constant AVAX_JTRSY_USDC_VAULT = 0xFE6920eB6C421f1179cA8c8d4170530CDBdfd77A;
-    address constant AVAX_DEJAAA_USDC_VAULT = 0x498B6394b778A75eD9b0148e379778070B4621d2;
-    address constant AVAX_DEJAAA_VAULT = 0xCF4C60066aAB54b3f750F94c2a06046d5466Ccf9;
-
-    // BNB Chain (centrifugeId: 6)
-    address constant BNB_JTRSY_USDC_VAULT = 0x5aa84705a2CB2054ed303565336F188e6bfFbAF5;
-    address constant BNB_JAAA_USDC_VAULT = 0x9effaa5614c689fA12892379e097b3ACaD239961;
-
-    // ======== Share Token Addresses (Organized by Vault) ========
-
-    // JAAA
-    address constant ETH_JAAA_SHARE_TOKEN = 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64;
-    address constant BASE_JAAA_SHARE_TOKEN = 0x5a0F93D040De44e78F251b03c43be9CF317Dcf64;
-    address constant AVAX_JAAA_SHARE_TOKEN = 0x58F93d6b1EF2F44eC379Cb975657C132CBeD3B6b;
-    address constant BNB_JAAA_SHARE_TOKEN = 0x58F93d6b1EF2F44eC379Cb975657C132CBeD3B6b;
-
-    // JTRSY
-    address constant ETH_JTRSY_SHARE_TOKEN = 0x8c213ee79581Ff4984583C6a801e5263418C4b86;
-    address constant BASE_JTRSY_SHARE_TOKEN = 0x8c213ee79581Ff4984583C6a801e5263418C4b86;
-    address constant ARBITRUM_JTRSY_SHARE_TOKEN = 0x8c213ee79581Ff4984583C6a801e5263418C4b86;
-    address constant AVAX_JTRSY_SHARE_TOKEN = 0xa5d465251fBCc907f5Dd6bB2145488DFC6a2627b;
-    address constant BNB_JTRSY_SHARE_TOKEN = 0xa5d465251fBCc907f5Dd6bB2145488DFC6a2627b;
-    address constant PLUME_JTRSY_SHARE_TOKEN = 0xa5d465251fBCc907f5Dd6bB2145488DFC6a2627b;
-
-    // deJAAA
-    address constant ETH_DEJAAA_SHARE_TOKEN = 0xAAA0008C8CF3A7Dca931adaF04336A5D808C82Cc;
-    address constant BASE_DEJAAA_SHARE_TOKEN = 0xAAA0008C8CF3A7Dca931adaF04336A5D808C82Cc;
-    address constant ARBITRUM_DEJAAA_SHARE_TOKEN = 0xAAA0008C8CF3A7Dca931adaF04336A5D808C82Cc;
-    address constant AVAX_DEJAAA_SHARE_TOKEN = 0xAAA0008C8CF3A7Dca931adaF04336A5D808C82Cc;
-
-    // deJTRSY
-    address constant ETH_DEJTRSY_SHARE_TOKEN = 0xA6233014B9b7aaa74f38fa1977ffC7A89642dC72;
-    address constant BASE_DEJTRSY_SHARE_TOKEN = 0xA6233014B9b7aaa74f38fa1977ffC7A89642dC72;
-    address constant ARBITRUM_DEJTRSY_SHARE_TOKEN = 0xA6233014B9b7aaa74f38fa1977ffC7A89642dC72;
-    address constant AVAX_DEJTRSY_SHARE_TOKEN = 0xA6233014B9b7aaa74f38fa1977ffC7A89642dC72;
-
-    // DISTRICT
-    address constant ETH_DISTRICT_SHARE_TOKEN = 0x623587E3b66969D455c5A974Ca9596d66cb60034;
-
-    // ACRDX
-    address constant PLUME_ACRDX_SHARE_TOKEN = 0x9477724Bb54AD5417de8Baff29e59DF3fB4DA74f;
-
-    // SPXA
-    address constant BASE_SPXA_SHARE_TOKEN = 0x09B61343097c1f9b159a3ae7151298eFD10F0dB2;
-
-    // Plume Test Pool
-    address constant PLUME_TEST_SHARE_TOKEN = 0x888888A0FbbEAb50f830f7c3Cf3BE52923cddd4C;
-
-    // ======== CFG Token Contracts ========
-    address constant CFG = 0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94;
-    address constant WCFG = 0xc221b7E65FfC80DE234bbB6667aBDd46593D34F0;
-    address constant IOU_CFG = 0xACF3c07BeBd65d5f7d86bc0bc716026A0C523069;
-    address constant WCFG_MULTISIG = 0x3C9D25F2C76BFE63485AE25D524F7f02f2C03372;
-    address constant CHAINBRIDGE_ERC20_HANDLER = 0x84D1e77F472a4aA697359168C4aF4ADD4D2a71fa;
-
-    // ======== V2 Constants (Legacy) ========
-    address constant V2_ROOT = 0x0C1fDfd6a1331a875EA013F3897fc8a76ada5DfC;
-    address constant V2_GUARDIAN = 0x09ab10a9c3E6Eac1d18270a2322B6113F4C7f5E8;
-    address constant V2_INVESTOR = 0x491EDFB0B8b608044e227225C715981a30F3A44E;
-    address constant V2_INVESTMENT_MANAGER = 0x427A1ce127b1775e4Cbd4F58ad468B9F832eA7e9;
-    address constant V2_RESTRICTION_MANAGER = 0x4737C3f62Cc265e786b280153fC666cEA2fBc0c0;
-
-    // V2 Vault addresses per network
-    address constant ETH_V2_JTRSY_VAULT = 0x36036fFd9B1C6966ab23209E073c68Eb9A992f50;
-    address constant ETH_V2_JAAA_VAULT = 0xE9d1f733F406D4bbbDFac6D4CfCD2e13A6ee1d01;
-    address constant ARB_V2_JTRSY_VAULT = 0x16C796208c6E2d397Ec49D69D207a9cB7d072f04;
-    address constant BASE_V2_JTRSY_VAULT = 0xF9a6768034280745d7F303D3d8B7f2bF3Cc079eF;
-
-    // Legacy (backward compatibility)
-    address constant V2_JTRSY_VAULT = ETH_V2_JTRSY_VAULT;
-    address constant V2_JAAA_VAULT = ETH_V2_JAAA_VAULT;
-    uint256 constant V2_REQUEST_ID = 0;
-
-    // ======== Cross-Chain Adapter IDs ========
-
-    // Centrifuge Chain IDs
-    uint16 constant ETH_CENTRIFUGE_ID = 1;
-    uint16 constant BASE_CENTRIFUGE_ID = 2;
-    uint16 constant ARBITRUM_CENTRIFUGE_ID = 3;
-    uint16 constant PLUME_CENTRIFUGE_ID = 4;
-    uint16 constant AVAX_CENTRIFUGE_ID = 5;
-    uint16 constant BNB_CENTRIFUGE_ID = 6;
-
-    // Wormhole Chain IDs
-    uint16 constant ETH_WORMHOLE_ID = 2;
-    uint16 constant BASE_WORMHOLE_ID = 30;
-    uint16 constant ARBITRUM_WORMHOLE_ID = 23;
-    uint16 constant PLUME_WORMHOLE_ID = 55;
-    uint16 constant AVAX_WORMHOLE_ID = 6;
-    uint16 constant BNB_WORMHOLE_ID = 4;
-
-    // Axelar Chain IDs (strings)
-    string constant ETH_AXELAR_ID = "Ethereum";
-    string constant BASE_AXELAR_ID = "base";
-    string constant ARBITRUM_AXELAR_ID = "arbitrum";
-    string constant AVAX_AXELAR_ID = "Avalanche";
-    string constant BNB_AXELAR_ID = "binance";
-
-    // LayerZero Endpoint IDs (EIDs)
-    uint32 constant ETH_LAYERZERO_EID = 30101;
-    uint32 constant BASE_LAYERZERO_EID = 30184;
-    uint32 constant ARBITRUM_LAYERZERO_EID = 30110;
-    uint32 constant AVAX_LAYERZERO_EID = 30106;
-    uint32 constant BNB_LAYERZERO_EID = 30102;
-    // NOTE: Plume doesn't support LayerZero
-
-    // ======== RPC Endpoints (may have rate limits, no archive nodes, use for testing only) ========
-    string constant RPC_ETHEREUM = "https://ethereum-rpc.publicnode.com";
-    string constant RPC_BASE = "https://base-rpc.publicnode.com";
-    string constant RPC_ARBITRUM = "https://arbitrum-one-rpc.publicnode.com";
-    string constant RPC_AVALANCHE = "https://avalanche-c-chain-rpc.publicnode.com";
-    string constant RPC_BNB = "https://bsc-rpc.publicnode.com";
-    string constant RPC_PLUME = "https://rpc.plume.org";
+    /// @dev Extra gas shipped with ShareManager revoke manager calls, whose pull + approve + burn
+    ///      sequence exceeds the light fromHub targets the ManagerCallFromHub estimate started from.
+    uint128 constant SHARE_REVOKE_EXTRA_GAS = 300_000;
 
     // ======== Misc Constants ========
     uint256 constant PLACEHOLDER_REQUEST_ID = 0;
diff --git a/test/integration/utils/MessageBenchmarker.sol b/test/integration/utils/MessageBenchmarker.sol
index c7804790b..fc9eb9f34 100644
--- a/test/integration/utils/MessageBenchmarker.sol
+++ b/test/integration/utils/MessageBenchmarker.sol
@@ -5,8 +5,10 @@ import {IMessageHandler} from "../../../src/core/messaging/interfaces/IMessageHa
 import {MessageLib, MessageType, VaultUpdateKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
 
 import "forge-std/Test.sol";
+import {VmSafe} from "forge-std/Vm.sol";
 
 string constant FILE_PATH = "snapshots/MessageGasLimits.json";
+string constant COLD_FILE_PATH = "snapshots/MessageColdAccesses.json";
 
 contract MessageBenchmarker is IMessageHandler, Test {
     using MessageLib for *;
@@ -19,10 +21,16 @@ contract MessageBenchmarker is IMessageHandler, Test {
 
     /// @inheritdoc IMessageHandler
     function handle(uint16 centrifugeId, bytes calldata message) external {
-        _cleanFirstFileInteraction();
+        if (vm.envOr("BENCHMARK_COLD_ACCESSES", uint256(0)) == 1) {
+            _recordColdAccesses(centrifugeId, message);
+            return;
+        }
+
+        _cleanFirstFileInteraction(FILE_PATH);
 
         string memory json = vm.readFile(FILE_PATH);
-        string memory name = _getName(message);
+        // Strip the 2-byte session ID prefix that MultiAdapter prepends to outgoing messages
+        string memory name = _getName(message[2:]);
 
         uint256 prev = _getPreviousRegisteredValue(json, string.concat("$.", name));
         uint256 before = gasleft();
@@ -36,11 +44,74 @@ contract MessageBenchmarker is IMessageHandler, Test {
         vm.writeJson(vm.toString(higher), FILE_PATH, string.concat("$.", name));
     }
 
+    /// @dev Runs as its own pass, because vm.startStateDiffRecording perturbs gas metering badly enough
+    ///      (~25% under the real cost) that counts can never share a run with the gas benchmark.
+    function _recordColdAccesses(uint16 centrifugeId, bytes calldata message) internal {
+        _cleanFirstFileInteraction(COLD_FILE_PATH);
+
+        string memory name = _getName(message[2:]);
+
+        vm.startStateDiffRecording();
+        messageHandler.handle(centrifugeId, message);
+        (uint256 coldAccounts, uint256 coldSlots) = _countColdAccesses(vm.stopAndReturnStateDiff());
+
+        _writeMax(COLD_FILE_PATH, string.concat(name, "Slots"), coldSlots);
+        _writeMax(COLD_FILE_PATH, string.concat(name, "Accounts"), coldAccounts);
+    }
+
+    /// @dev Counts distinct accounts and (account, slot) pairs first touched while handling the message.
+    ///      In production each is a cold access; the gas benchmark runs warm and never pays for them.
+    ///      Reverted accesses are counted too, erring high.
+    function _countColdAccesses(VmSafe.AccountAccess[] memory accesses)
+        internal
+        pure
+        returns (uint256 coldAccounts, uint256 coldSlots)
+    {
+        uint256 slotCap;
+        for (uint256 i; i < accesses.length; i++) {
+            slotCap += accesses[i].storageAccesses.length;
+        }
+
+        address[] memory seenAccounts = new address[](accesses.length);
+        bytes32[] memory seenSlots = new bytes32[](slotCap);
+
+        for (uint256 i; i < accesses.length; i++) {
+            if (!_seenAccount(seenAccounts, coldAccounts, accesses[i].account)) {
+                seenAccounts[coldAccounts++] = accesses[i].account;
+            }
+
+            VmSafe.StorageAccess[] memory slots = accesses[i].storageAccesses;
+            for (uint256 j; j < slots.length; j++) {
+                bytes32 key = keccak256(abi.encodePacked(slots[j].account, slots[j].slot));
+                if (!_seenSlot(seenSlots, coldSlots, key)) seenSlots[coldSlots++] = key;
+            }
+        }
+    }
+
+    function _seenAccount(address[] memory seen, uint256 len, address value) internal pure returns (bool) {
+        for (uint256 i; i < len; i++) {
+            if (seen[i] == value) return true;
+        }
+        return false;
+    }
+
+    function _seenSlot(bytes32[] memory seen, uint256 len, bytes32 value) internal pure returns (bool) {
+        for (uint256 i; i < len; i++) {
+            if (seen[i] == value) return true;
+        }
+        return false;
+    }
+
+    function _writeMax(string memory path, string memory key, uint256 value) internal {
+        uint256 prev = _getPreviousRegisteredValue(vm.readFile(path), string.concat("$.", key));
+        uint256 higher = prev > value ? prev : value;
+        vm.writeJson(vm.toString(higher), path, string.concat("$.", key));
+    }
+
     function _getName(bytes calldata message) internal pure returns (string memory) {
         MessageType kind = message.messageType();
         if (kind == MessageType.ScheduleUpgrade) return "scheduleUpgrade";
         if (kind == MessageType.CancelUpgrade) return "cancelUpgrade";
-        if (kind == MessageType.RecoverTokens) return "recoverTokens";
         if (kind == MessageType.RegisterAsset) return "registerAsset";
         if (kind == MessageType.SetPoolAdapters) return "setPoolAdapters";
         if (kind == MessageType.Request) return "request";
@@ -49,11 +120,10 @@ contract MessageBenchmarker is IMessageHandler, Test {
         if (kind == MessageType.NotifyPricePoolPerShare) return "notifyPricePoolPerShare";
         if (kind == MessageType.NotifyPricePoolPerAsset) return "notifyPricePoolPerAsset";
         if (kind == MessageType.NotifyShareMetadata) return "notifyShareMetadata";
-        if (kind == MessageType.UpdateShareHook) return "updateShareHook";
         if (kind == MessageType.InitiateTransferShares) return "initiateTransferShares";
         if (kind == MessageType.ExecuteTransferShares) return "executeTransferShares";
         if (kind == MessageType.UpdateRestriction) return "updateRestriction";
-        if (kind == MessageType.TrustedContractUpdate) return "trustedContractUpdate";
+        if (kind == MessageType.ManagerCallFromHub) return "managerCallFromHub";
         if (kind == MessageType.RequestCallback) return "requestCallback";
         if (kind == MessageType.UpdateVault) {
             VaultUpdateKind vaultKind = VaultUpdateKind(message.deserializeUpdateVault().kind);
@@ -63,13 +133,13 @@ contract MessageBenchmarker is IMessageHandler, Test {
             revert("Cannot benchmark message"); // Unreachable
         }
         if (kind == MessageType.SetRequestManager) return "setRequestManager";
-        if (kind == MessageType.UpdateBalanceSheetManager) return "updateBalanceSheetManager";
-        if (kind == MessageType.UpdateHoldingAmount) return "updateHoldingAmount";
+        if (kind == MessageType.SetPolicy) return "setPolicy";
+        if (kind == MessageType.UpdateManager) return "updateManager";
+        if (kind == MessageType.UpdateAssets) return "updateAssets";
         if (kind == MessageType.UpdateShares) return "updateShares";
-        if (kind == MessageType.SetMaxAssetPriceAge) return "maxAssetPriceAge";
-        if (kind == MessageType.SetMaxSharePriceAge) return "maxSharePriceAge";
-        if (kind == MessageType.UpdateGatewayManager) return "updateGatewayManager";
-        if (kind == MessageType.UntrustedContractUpdate) return "untrustedContractUpdate";
+        if (kind == MessageType.ManagerCallFromSpoke) return "managerCallFromSpoke";
+        if (kind == MessageType.AuthorizeSpokeCall) return "authorizeSpokeCall";
+        if (kind == MessageType.UnauthorizeSpokeCall) return "unauthorizeSpokeCall";
         revert("Cannot benchmark message"); // Unreachable
     }
 
@@ -84,19 +154,19 @@ contract MessageBenchmarker is IMessageHandler, Test {
     /// Because the final results will be the higher ones,
     /// we need to clean all previous results (from previous runs) in case there are some new lower values
     /// Recommend to provide BENCHMARKING_RUN_ID as: BENCHMARKING_RUN_ID="$(date +%s)"
-    function _cleanFirstFileInteraction() internal {
+    function _cleanFirstFileInteraction(string memory path) internal {
         uint256 newRunId = vm.envUint("BENCHMARKING_RUN_ID");
 
-        string memory json = vm.readFile(FILE_PATH);
+        string memory json = vm.readFile(path);
         uint256 fileRunId = _getPreviousRegisteredValue(json, "$.BENCHMARKING_RUN_ID");
 
         if (fileRunId != newRunId) {
             string[] memory keys = vm.parseJsonKeys(json, "$");
             for (uint256 i; i < keys.length; i++) {
-                vm.writeJson("0", FILE_PATH, string.concat("$.", keys[i]));
+                vm.writeJson("0", path, string.concat("$.", keys[i]));
             }
 
-            vm.writeJson(vm.toString(newRunId), FILE_PATH, "$.BENCHMARKING_RUN_ID");
+            vm.writeJson(vm.toString(newRunId), path, "$.BENCHMARKING_RUN_ID");
         }
     }
 }
diff --git a/test/integration/utils/VMLabeling.sol b/test/integration/utils/VMLabeling.sol
deleted file mode 100644
index c09e01b7e..000000000
--- a/test/integration/utils/VMLabeling.sol
+++ /dev/null
@@ -1,179 +0,0 @@
-// SPDX-License-Identifier: AGPL-3.0-only
-pragma solidity ^0.8.28;
-
-import {IntegrationConstants} from "./IntegrationConstants.sol";
-
-import "forge-std/Test.sol";
-
-/// @title VMLabeling
-/// @notice Abstract contract that provides VM labeling for all integration test contracts
-abstract contract VMLabeling is Test {
-    /// @notice Sets up VM labels for all contracts to enable automatic name resolution in test outputs
-    function _setupVMLabels() internal virtual {
-        // Core system contracts
-        vm.label(IntegrationConstants.ROOT, "Root");
-        vm.label(IntegrationConstants.GUARDIAN, "Guardian");
-        vm.label(IntegrationConstants.GATEWAY, "Gateway");
-        vm.label(IntegrationConstants.GAS_SERVICE, "GasService");
-        vm.label(IntegrationConstants.TOKEN_RECOVERER, "TokenRecoverer");
-        vm.label(IntegrationConstants.HUB_REGISTRY, "HubRegistry");
-        vm.label(IntegrationConstants.ACCOUNTING, "Accounting");
-        vm.label(IntegrationConstants.HOLDINGS, "Holdings");
-        vm.label(IntegrationConstants.SHARE_CLASS_MANAGER, "ShareClassManager");
-        vm.label(IntegrationConstants.HUB, "Hub");
-        vm.label(IntegrationConstants.HUB_HELPERS, "HubHelpers");
-        vm.label(IntegrationConstants.IDENTITY_VALUATION, "IdentityValuation");
-        vm.label(IntegrationConstants.TOKEN_FACTORY, "TokenFactory");
-        vm.label(IntegrationConstants.BALANCE_SHEET, "BalanceSheet");
-        vm.label(IntegrationConstants.SPOKE, "Spoke");
-        vm.label(IntegrationConstants.CONTRACT_UPDATER, "ContractUpdater");
-        vm.label(IntegrationConstants.ROUTER, "Router");
-        vm.label(IntegrationConstants.GLOBAL_ESCROW, "GlobalEscrow");
-        vm.label(IntegrationConstants.ASYNC_VAULT_FACTORY, "AsyncVaultFactory");
-        vm.label(IntegrationConstants.SYNC_DEPOSIT_VAULT_FACTORY, "SyncDepositVaultFactory");
-        vm.label(IntegrationConstants.ASYNC_REQUEST_MANAGER, "AsyncRequestManager");
-        vm.label(IntegrationConstants.SYNC_MANAGER, "SyncManager");
-        vm.label(IntegrationConstants.FREEZE_ONLY_HOOK, "FreezeOnlyHook");
-        vm.label(IntegrationConstants.FULL_RESTRICTIONS_HOOK, "FullRestrictionsHook");
-        vm.label(IntegrationConstants.FREELY_TRANSFERABLE_HOOK, "FreelyTransferableHook");
-        vm.label(IntegrationConstants.REDEMPTION_RESTRICTIONS_HOOK, "RedemptionRestrictionsHook");
-        vm.label(IntegrationConstants.WORMHOLE_ADAPTER, "WormholeAdapter");
-        vm.label(IntegrationConstants.AXELAR_ADAPTER, "AxelarAdapter");
-        vm.label(IntegrationConstants.LAYER_ZERO_ADAPTER, "LayerZeroAdapter");
-        vm.label(IntegrationConstants.MESSAGE_PROCESSOR, "MessageProcessor");
-        vm.label(IntegrationConstants.MESSAGE_DISPATCHER, "MessageDispatcher");
-        vm.label(IntegrationConstants.MULTI_ADAPTER, "MultiAdapter");
-        vm.label(IntegrationConstants.POOL_ESCROW_FACTORY, "PoolEscrowFactory");
-
-        // V3.1 new contracts
-        vm.label(IntegrationConstants.HUB_HANDLER, "HubHandler");
-        vm.label(IntegrationConstants.VAULT_REGISTRY, "VaultRegistry");
-        vm.label(IntegrationConstants.BATCH_REQUEST_MANAGER, "BatchRequestManager");
-        vm.label(IntegrationConstants.REFUND_ESCROW_FACTORY, "RefundEscrowFactory");
-        vm.label(IntegrationConstants.PROTOCOL_GUARDIAN, "ProtocolGuardian");
-        vm.label(IntegrationConstants.OPS_GUARDIAN, "OpsGuardian");
-        vm.label(IntegrationConstants.QUEUE_MANAGER, "QueueManager");
-        vm.label(IntegrationConstants.ORACLE_VALUATION, "OracleValuation");
-        vm.label(IntegrationConstants.NAV_MANAGER, "NAVManager");
-        vm.label(IntegrationConstants.SIMPLE_PRICE_MANAGER, "SimplePriceManager");
-        vm.label(IntegrationConstants.ETH_ADMIN_SAFE, "EthAdminSafe");
-        vm.label(IntegrationConstants.BASE_ADMIN_SAFE, "BaseAdminSafe");
-        vm.label(IntegrationConstants.ARBITRUM_ADMIN_SAFE, "ArbitrumAdminSafe");
-        vm.label(IntegrationConstants.AVAX_ADMIN_SAFE, "AvaxAdminSafe");
-        vm.label(IntegrationConstants.BNB_ADMIN_SAFE, "BnbAdminSafe");
-        vm.label(IntegrationConstants.PLUME_ADMIN_SAFE, "PlumeAdminSafe");
-
-        // Vault addresses
-        // Ethereum
-        vm.label(IntegrationConstants.ETH_JAAA_VAULT, "EthJAAAVault");
-        vm.label(IntegrationConstants.ETH_JTRSY_VAULT, "EthJTRSYVault");
-        vm.label(IntegrationConstants.ETH_DEJAA_USDC_VAULT, "EthDeJAAAUsdcVault");
-        vm.label(IntegrationConstants.ETH_DEJTRSY_USDC_VAULT, "EthDeJTRSYUsdcVault");
-        vm.label(IntegrationConstants.ETH_DEJTRSY_JTRSY_VAULT_A, "EthDeJTRSYJTRSYVaultA");
-        vm.label(IntegrationConstants.ETH_DEJTRSY_VAULT, "EthDeJTRSYVault");
-        vm.label(IntegrationConstants.ETH_DEJAA_JAAA_VAULT_A, "EthDeJAAAJAAAVaultA");
-        vm.label(IntegrationConstants.ETH_DISTRICT_USDC_VAULT, "EthDistrictUsdcVault");
-
-        // Base
-        vm.label(IntegrationConstants.BASE_JAAA_USDC_VAULT, "BaseJAAAUsdcVault");
-        vm.label(IntegrationConstants.BASE_DEJAAA_USDC_VAULT, "BaseDeJAAAUsdcVault");
-        vm.label(IntegrationConstants.BASE_DEJAAA_JAAA_VAULT, "BaseDeJAAAJAAAVault");
-        vm.label(IntegrationConstants.BASE_SPXA_USDC_VAULT, "BaseSpxaUsdcVault");
-
-        // Arbitrum
-        vm.label(IntegrationConstants.ARBITRUM_JTRSY_USDC_VAULT, "ArbitrumJtrsyUsdcVault");
-        vm.label(IntegrationConstants.ARBITRUM_DEJAAA_USDC_VAULT, "ArbitrumDeJAAAUsdcVault");
-
-        // Avalanche
-        vm.label(IntegrationConstants.AVAX_JAAA_USDC_VAULT, "AvaxJAAAUsdcVault");
-        vm.label(IntegrationConstants.AVAX_DEJTRSY_USDC_VAULT, "AvaxDeJTRSYUsdcVault");
-        vm.label(IntegrationConstants.AVAX_DEJTRSY_JTRSY_VAULT, "AvaxDeJTRSYJTRSYVault");
-        vm.label(IntegrationConstants.AVAX_JTRSY_USDC_VAULT, "AvaxJTRSYUsdcVault");
-        vm.label(IntegrationConstants.AVAX_DEJAAA_USDC_VAULT, "AvaxDeJAAAUsdcVault");
-        vm.label(IntegrationConstants.AVAX_DEJAAA_VAULT, "AvaxDeJAAAVault");
-
-        // BNB
-        vm.label(IntegrationConstants.BNB_JTRSY_USDC_VAULT, "BnbJtrsyUsdcVault");
-        vm.label(IntegrationConstants.BNB_JAAA_USDC_VAULT, "BnbJaaaUsdcVault");
-
-        // Plume
-        vm.label(IntegrationConstants.PLUME_SYNC_DEPOSIT_VAULT, "PlumeSyncDepositVault");
-        vm.label(IntegrationConstants.PLUME_ACRDX_USDC_VAULT, "PlumeAcrdxUsdcVault");
-        vm.label(IntegrationConstants.PLUME_JTRSY_USDC_VAULT, "PlumeJtrsyUsdcVault");
-
-        // Share token addresses
-        // JAAA
-        vm.label(IntegrationConstants.ETH_JAAA_SHARE_TOKEN, "EthJAAAShareToken");
-        vm.label(IntegrationConstants.BASE_JAAA_SHARE_TOKEN, "BaseJAAAShareToken");
-        vm.label(IntegrationConstants.AVAX_JAAA_SHARE_TOKEN, "AvaxJAAAShareToken");
-        vm.label(IntegrationConstants.BNB_JAAA_SHARE_TOKEN, "BnbJAAAShareToken");
-
-        // JTRSY
-        vm.label(IntegrationConstants.ETH_JTRSY_SHARE_TOKEN, "EthJTRSYShareToken");
-        vm.label(IntegrationConstants.BASE_JTRSY_SHARE_TOKEN, "BaseJTRSYShareToken");
-        vm.label(IntegrationConstants.ARBITRUM_JTRSY_SHARE_TOKEN, "ArbitrumJTRSYShareToken");
-        vm.label(IntegrationConstants.AVAX_JTRSY_SHARE_TOKEN, "AvaxJTRSYShareToken");
-        vm.label(IntegrationConstants.BNB_JTRSY_SHARE_TOKEN, "BnbJTRSYShareToken");
-        vm.label(IntegrationConstants.PLUME_JTRSY_SHARE_TOKEN, "PlumeJTRSYShareToken");
-
-        // deJAAA
-        vm.label(IntegrationConstants.ETH_DEJAAA_SHARE_TOKEN, "EthDeJAAAShareToken");
-        vm.label(IntegrationConstants.BASE_DEJAAA_SHARE_TOKEN, "BaseDeJAAAShareToken");
-        vm.label(IntegrationConstants.ARBITRUM_DEJAAA_SHARE_TOKEN, "ArbitrumDeJAAAShareToken");
-        vm.label(IntegrationConstants.AVAX_DEJAAA_SHARE_TOKEN, "AvaxDeJAAAShareToken");
-
-        // deJTRSY
-        vm.label(IntegrationConstants.ETH_DEJTRSY_SHARE_TOKEN, "EthDeJTRSYShareToken");
-        vm.label(IntegrationConstants.BASE_DEJTRSY_SHARE_TOKEN, "BaseDeJTRSYShareToken");
-        vm.label(IntegrationConstants.ARBITRUM_DEJTRSY_SHARE_TOKEN, "ArbitrumDeJTRSYShareToken");
-        vm.label(IntegrationConstants.AVAX_DEJTRSY_SHARE_TOKEN, "AvaxDeJTRSYShareToken");
-
-        // DISTRICT
-        vm.label(IntegrationConstants.ETH_DISTRICT_SHARE_TOKEN, "EthDistrictShareToken");
-
-        // ACRDX
-        vm.label(IntegrationConstants.PLUME_ACRDX_SHARE_TOKEN, "PlumeAcrdxShareToken");
-
-        // TEST (Plume)
-        vm.label(IntegrationConstants.PLUME_TEST_SHARE_TOKEN, "PlumeTestShareToken");
-
-        // SPXA
-        vm.label(IntegrationConstants.BASE_SPXA_SHARE_TOKEN, "BaseSpxaShareToken");
-
-        // Token addresses
-        vm.label(IntegrationConstants.ETH_USDC, "EthUSDC");
-        vm.label(IntegrationConstants.BASE_USDC, "BaseUSDC");
-        vm.label(IntegrationConstants.ARBITRUM_USDC, "ArbitrumUSDC");
-        vm.label(IntegrationConstants.AVAX_USDC, "AvaxUSDC");
-        vm.label(IntegrationConstants.BNB_USDC, "BnbUSDC");
-        vm.label(IntegrationConstants.PLUME_PUSD, "PlumePUSD");
-
-        // Pool admin addresses
-        vm.label(IntegrationConstants.ETH_DEFAULT_POOL_ADMIN, "EthDefaultPoolAdmin");
-        vm.label(IntegrationConstants.PLUME_POOL_ADMIN, "PlumePoolAdmin");
-
-        // Pool escrow addresses
-        vm.label(IntegrationConstants.JTRSY_POOL_ESCROW, "JTRSYPoolEscrow");
-        vm.label(IntegrationConstants.JAAA_POOL_ESCROW, "JAAAPoolEscrow");
-
-        // CFG Governance contracts
-        vm.label(IntegrationConstants.CFG, "CFG");
-        vm.label(IntegrationConstants.WCFG, "WCFG");
-        vm.label(IntegrationConstants.IOU_CFG, "IouCFG");
-        vm.label(IntegrationConstants.WCFG_MULTISIG, "WCFGMultisig");
-        vm.label(IntegrationConstants.CHAINBRIDGE_ERC20_HANDLER, "ChainbridgeERC20Handler");
-
-        // V2 Legacy contracts
-        vm.label(IntegrationConstants.V2_ROOT, "V2Root");
-        vm.label(IntegrationConstants.V2_GUARDIAN, "V2Guardian");
-        vm.label(IntegrationConstants.V2_INVESTOR, "V2Investor");
-        vm.label(IntegrationConstants.V2_INVESTMENT_MANAGER, "V2InvestmentManager");
-        vm.label(IntegrationConstants.V2_RESTRICTION_MANAGER, "V2RestrictionManager");
-        vm.label(IntegrationConstants.V2_JTRSY_VAULT, "V2JTRSYVault");
-        vm.label(IntegrationConstants.V2_JAAA_VAULT, "V2JAAAVault");
-        vm.label(IntegrationConstants.ETH_V2_JTRSY_VAULT, "EthV2JTRSYVault");
-        vm.label(IntegrationConstants.ETH_V2_JAAA_VAULT, "EthV2JAAAVault");
-        vm.label(IntegrationConstants.ARB_V2_JTRSY_VAULT, "ArbV2JTRSYVault");
-        vm.label(IntegrationConstants.BASE_V2_JTRSY_VAULT, "BaseV2JTRSYVault");
-    }
-}
diff --git a/test/integration/vaults/AsyncRequestManager.t.sol b/test/integration/vaults/AsyncRequestManager.t.sol
index c40257604..4c90819db 100644
--- a/test/integration/vaults/AsyncRequestManager.t.sol
+++ b/test/integration/vaults/AsyncRequestManager.t.sol
@@ -2,19 +2,22 @@
 pragma solidity 0.8.28;
 pragma abicoder v2;
 
-import {VaultBaseTest as BaseTest, IShareToken, VaultKind} from "./VaultBaseTest.sol";
+import {VaultBaseTest as BaseTest} from "./VaultBaseTest.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 import {IAsyncVault} from "../../../src/vaults/interfaces/IAsyncVault.sol";
+import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
+
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
 
 contract AsyncRequestManagerTest is BaseTest {
     function testSuccess(uint128 depositAmount) public {
         depositAmount = uint128(bound(depositAmount, 2, MAX_UINT128 / 2));
 
-        (, address vaultAddress,) = deploySimpleVault(VaultKind.Async);
+        (, address vaultAddress,) = deploySimpleVault(asyncVaultFactory);
         IAsyncVault vault = IAsyncVault(vaultAddress);
 
-        uint128 assetId = spoke.assetToId(address(erc20), erc20TokenId).raw();
+        uint128 assetId = spokeRegistry.assetToId(address(erc20), erc20TokenId).raw();
 
         deposit(vaultAddress, investor, depositAmount, false);
 
@@ -67,10 +70,10 @@ contract AsyncRequestManagerTest is BaseTest {
     function testCancellations(uint128 depositAmount) public {
         depositAmount = uint128(bound(depositAmount, 100, MAX_UINT128 / 2));
 
-        (, address vaultAddress,) = deploySimpleVault(VaultKind.Async);
+        (, address vaultAddress,) = deploySimpleVault(asyncVaultFactory);
         IAsyncVault vault = IAsyncVault(vaultAddress);
 
-        uint128 assetId = spoke.assetToId(address(erc20), erc20TokenId).raw();
+        uint128 assetId = spokeRegistry.assetToId(address(erc20), erc20TokenId).raw();
 
         erc20.mint(investor, depositAmount);
         centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), investor, type(uint64).max);
@@ -151,3 +154,132 @@ contract AsyncRequestManagerTest is BaseTest {
         assertEq(IShareToken(vault.share()).balanceOf(investor) - shareBalanceBefore, cancelledShares);
     }
 }
+
+/// @dev Shares leave the pool escrow through a transfer the hook sees as `escrow -> receiver`, so the
+///      controller they belong to is not a party to it. Without an explicit check a frozen controller
+///      claims to any address that passes, while `maxMint` already reports 0 for them.
+contract AsyncRequestManagerFrozenClaimTest is BaseTest {
+    uint128 constant AMOUNT = 100e6;
+
+    address accomplice = makeAddr("accomplice");
+
+    function _fulfilledVault() internal returns (IAsyncVault vault) {
+        (, address vaultAddress,) = deploySimpleVault(asyncVaultFactory);
+        vault = IAsyncVault(vaultAddress);
+
+        deposit(vaultAddress, investor, AMOUNT, false);
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), accomplice, MAX_UINT64);
+    }
+
+    /// @dev A deposit request cancelled in full, so the refund is claimable and nothing was ever issued.
+    function _cancelledDepositVault() internal returns (IAsyncVault vault) {
+        (, address vaultAddress,) = deploySimpleVault(asyncVaultFactory);
+        vault = IAsyncVault(vaultAddress);
+
+        erc20.mint(investor, AMOUNT);
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), investor, MAX_UINT64);
+
+        vm.startPrank(investor);
+        erc20.approve(vaultAddress, AMOUNT);
+        vault.requestDeposit(AMOUNT, investor, investor);
+        vault.cancelDepositRequest(0, investor);
+        vm.stopPrank();
+
+        centrifugeChain.isFulfilledDepositRequest(
+            vault.poolId().raw(),
+            vault.scId().raw(),
+            bytes32(bytes20(investor)),
+            spokeRegistry.assetToId(address(erc20), erc20TokenId).raw(),
+            0,
+            0,
+            AMOUNT
+        );
+    }
+
+    function testFrozenControllerCannotMintToAnotherMember() public {
+        IAsyncVault vault = _fulfilledVault();
+        centrifugeChain.freeze(vault.poolId().raw(), vault.scId().raw(), investor);
+
+        assertEq(vault.maxMint(investor), 0);
+
+        vm.expectRevert(IAsyncRequestManager.TransferNotAllowed.selector);
+        vm.prank(investor);
+        vault.mint(AMOUNT, accomplice);
+    }
+
+    /// @dev Membership expiry blocks the same claim as a freeze; only the view path was reachable before.
+    function testExpiredMemberControllerCannotMintToAnotherMember() public {
+        IAsyncVault vault = _fulfilledVault();
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), investor, uint64(block.timestamp));
+        vm.warp(block.timestamp + 1);
+
+        assertEq(vault.maxMint(investor), 0);
+
+        vm.expectRevert(IAsyncRequestManager.TransferNotAllowed.selector);
+        vm.prank(investor);
+        vault.mint(AMOUNT, accomplice);
+    }
+
+    function testFrozenControllerCannotDepositToAnotherMember() public {
+        IAsyncVault vault = _fulfilledVault();
+        centrifugeChain.freeze(vault.poolId().raw(), vault.scId().raw(), investor);
+
+        vm.expectRevert(IAsyncRequestManager.TransferNotAllowed.selector);
+        vm.prank(investor);
+        vault.deposit(AMOUNT, accomplice);
+    }
+
+    function testFrozenControllerCannotClaimCancelledRedeem() public {
+        IAsyncVault vault = _fulfilledVault();
+        uint128 assetId = spokeRegistry.assetToId(address(erc20), erc20TokenId).raw();
+
+        vm.startPrank(investor);
+        vault.mint(AMOUNT, investor);
+        vault.requestRedeem(AMOUNT, investor, investor);
+        vault.cancelRedeemRequest(0, investor);
+        vm.stopPrank();
+
+        centrifugeChain.isFulfilledRedeemRequest(
+            vault.poolId().raw(), vault.scId().raw(), bytes32(bytes20(investor)), assetId, 0, 0, AMOUNT
+        );
+        centrifugeChain.freeze(vault.poolId().raw(), vault.scId().raw(), investor);
+
+        assertEq(vault.claimableCancelRedeemRequest(0, investor), 0);
+
+        vm.expectRevert(IAsyncRequestManager.TransferNotAllowed.selector);
+        vm.prank(investor);
+        vault.claimCancelRedeemRequest(0, accomplice, investor);
+    }
+
+    function testFrozenControllerCannotClaimCancelledDeposit() public {
+        IAsyncVault vault = _cancelledDepositVault();
+        centrifugeChain.freeze(vault.poolId().raw(), vault.scId().raw(), investor);
+
+        assertEq(vault.claimableCancelDepositRequest(0, investor), 0);
+
+        vm.expectRevert(IAsyncRequestManager.TransferNotAllowed.selector);
+        vm.prank(investor);
+        vault.claimCancelDepositRequest(0, investor, investor);
+    }
+
+    /// @dev The refund is in assets, but the write path gates it on the share token restrictions, so the
+    ///      view has to report the same for the claim not to revert on a non-zero value.
+    function testCancelledDepositRemainsClaimableWhileUnfrozen() public {
+        IAsyncVault vault = _cancelledDepositVault();
+
+        assertEq(vault.claimableCancelDepositRequest(0, investor), AMOUNT);
+
+        vm.prank(investor);
+        assertEq(vault.claimCancelDepositRequest(0, investor, investor), AMOUNT);
+    }
+
+    /// @dev An unfrozen controller still claims to a third party, so the check is not a blanket ban.
+    function testControllerCanStillMintToAnotherMember() public {
+        IAsyncVault vault = _fulfilledVault();
+
+        vm.prank(investor);
+        vault.mint(AMOUNT, accomplice);
+
+        assertEq(IShareToken(vault.share()).balanceOf(accomplice), AMOUNT);
+    }
+}
diff --git a/test/integration/vaults/AsyncVault.t.sol b/test/integration/vaults/AsyncVault.t.sol
index 8b0d7666c..159ee1bf6 100644
--- a/test/integration/vaults/AsyncVault.t.sol
+++ b/test/integration/vaults/AsyncVault.t.sol
@@ -1,7 +1,7 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {AsyncVault, VaultBaseTest as BaseTest, IShareToken, PoolId, ShareClassId, VaultKind} from "./VaultBaseTest.sol";
+import {AsyncVault, VaultBaseTest as BaseTest, PoolId, ShareClassId} from "./VaultBaseTest.sol";
 
 import {ERC20} from "../../../src/misc/ERC20.sol";
 import {MathLib} from "../../../src/misc/libraries/MathLib.sol";
@@ -14,14 +14,14 @@ contract AsyncVaultTest is BaseTest {
         vm.assume(nonWard != address(root) && nonWard != address(this) && nonWard != address(asyncRequestManager));
         vm.assume(assetId > 0);
 
-        (uint64 poolId, address vault_,) = deployVault(VaultKind.Async, erc20.decimals(), scId);
+        (uint64 poolId, address vault_,) = deployVault(asyncVaultFactory, erc20.decimals(), scId);
         AsyncVault vault = AsyncVault(vault_);
 
         // values set correctly
         assertEq(vault.asset(), address(erc20));
         assertEq(vault.scId().raw(), scId);
-        IShareToken token = spoke.shareToken(PoolId.wrap(poolId), ShareClassId.wrap(scId));
-        assertEq(address(vault.share()), address(token));
+        address token = address(spokeRegistry.shareToken(PoolId.wrap(poolId), ShareClassId.wrap(scId)));
+        assertEq(address(vault.share()), token);
 
         // permissions set correctly
         assertEq(vault.wards(address(root)), 1);
@@ -34,7 +34,7 @@ contract AsyncVaultTest is BaseTest {
     /// @dev requestRedeem is not checked because the share class token supply is already capped at uint128
     function testAssertUint128(uint256 amount) public {
         vm.assume(amount > MAX_UINT128); // amount has to overflow UINT128
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
 
         vm.expectRevert(MathLib.Uint128_Overflow.selector);
@@ -68,7 +68,7 @@ contract AsyncVaultTest is BaseTest {
         bytes16 scId = bytes16(bytes("6dec"));
 
         (uint64 poolId, address vaultAddr, uint128 assetId) =
-            deployVault(VaultKind.Async, 6, address(fullRestrictionsHook), scId, address(asset18), 0);
+            deployVault(asyncVaultFactory, 6, address(fullRestrictionsHook), scId, address(asset18), 0);
         AsyncVault vault = AsyncVault(vaultAddr);
 
         // At 1:1 price: 1 full share (1e6 units) costs 1 full 18-dec asset (1e18 units)
diff --git a/test/integration/vaults/Deposit.t.sol b/test/integration/vaults/Deposit.t.sol
index 441319762..e6f482434 100644
--- a/test/integration/vaults/Deposit.t.sol
+++ b/test/integration/vaults/Deposit.t.sol
@@ -6,11 +6,9 @@ import {
     AsyncVault,
     VaultBaseTest as BaseTest,
     ERC20,
-    IShareToken,
     MockAdapter,
     PoolId,
-    ShareClassId,
-    VaultKind
+    ShareClassId
 } from "./VaultBaseTest.sol";
 
 import {D18} from "../../../src/misc/types/D18.sol";
@@ -26,6 +24,8 @@ import {RequestMessageLib} from "../../../src/vaults/libraries/RequestMessageLib
 import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 import {RequestCallbackMessageLib} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract DepositTest is BaseTest {
     using MessageLib for *;
     using RequestMessageLib for *;
@@ -55,11 +55,13 @@ contract DepositTest is BaseTest {
 
     function _testDepositMint(uint256 amount, bool snap) internal {
         // If lower than 4 or odd, rounding down can lead to not receiving any tokens
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
 
         uint128 price = 2 * 10 ** 18;
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
         centrifugeChain.updatePricePoolPerShare(
@@ -113,7 +115,7 @@ contract DepositTest is BaseTest {
         vault.requestDeposit(amount, self, self);
 
         // ensure funds are locked in escrow
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertEq(erc20.balanceOf(self), 0);
         assertEq(vault.pendingDepositRequest(0, self), amount);
         assertEq(vault.claimableDepositRequest(0, self), 0);
@@ -136,7 +138,7 @@ contract DepositTest is BaseTest {
         assertEq(vault.pendingDepositRequest(0, self), 0);
         assertEq(vault.claimableDepositRequest(0, self), amount);
         // assert share class tokens minted
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), shares);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), shares);
 
         // check maxDeposit and maxMint are 0 for non-members
         centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), self, uint64(block.timestamp));
@@ -155,14 +157,14 @@ contract DepositTest is BaseTest {
         vault.deposit(amount / 2, self, self); // deposit half the amount
         // Allow 2 difference because of rounding
         assertApproxEqAbs(shareToken.balanceOf(self), shares / 2, 2);
-        assertApproxEqAbs(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), shares - shares / 2, 2);
+        assertApproxEqAbs(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), shares - shares / 2, 2);
         assertApproxEqAbs(vault.maxMint(self), shares - shares / 2, 2);
         assertApproxEqAbs(vault.maxDeposit(self), amount - amount / 2, 2);
 
         // mint the rest
         vault.mint(vault.maxMint(self), self);
         assertApproxEqAbs(shareToken.balanceOf(self), shares - vault.maxMint(self), 2);
-        assertTrue(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))) <= 1);
+        assertTrue(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))) <= 1);
         assertTrue(vault.maxMint(self) <= 1);
 
         // minting or depositing more should revert
@@ -181,7 +183,12 @@ contract DepositTest is BaseTest {
 
         ERC20 asset = _newErc20("Currency", "CR", INVESTMENT_CURRENCY_DECIMALS);
         (uint64 poolId, address vault_, uint128 assetId) = deployVault(
-            VaultKind.Async, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), bytes16(bytes("1")), address(asset), 0
+            asyncVaultFactory,
+            SHARE_TOKEN_DECIMALS,
+            address(fullRestrictionsHook),
+            bytes16(bytes("1")),
+            address(asset),
+            0
         );
         AsyncVault vault = AsyncVault(vault_);
         centrifugeChain.updatePricePoolPerShare(
@@ -224,7 +231,7 @@ contract DepositTest is BaseTest {
     //     tokenAmount = bound(tokenAmount, 1 * 10 ** 6, type(uint128).max / 10 ** 12);
 
     //     //Deploy a pool
-    //     AsyncVault vault = AsyncVault(deploySimpleVault(VaultKind.Async));
+    //     AsyncVault vault = AsyncVault(deploySimpleVault(asyncVaultFactory));
     //     IShareToken shareToken = IShareToken(address(vault.share()));
 
     //     root.relyContract(address(token), self);
@@ -286,7 +293,7 @@ contract DepositTest is BaseTest {
     //     tokenAmount = bound(tokenAmount, 1 * 10 ** 6, type(uint128).max / 10 ** 12);
 
     //     //Deploy a pool
-    //     AsyncVault vault = AsyncVault(deploySimpleVault(VaultKind.Async));
+    //     AsyncVault vault = AsyncVault(deploySimpleVault(asyncVaultFactory));
     //     IShareToken shareToken = IShareToken(address(vault.share()));
 
     //     root.relyContract(address(token), self);
@@ -332,11 +339,13 @@ contract DepositTest is BaseTest {
 
     function testDepositMintToReceiver(uint256 amount) public {
         // If lower than 4 or odd, rounding down can lead to not receiving any tokens
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
         vm.assume(amount % 2 == 0);
 
         uint128 price = 2 * 10 ** 18;
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         address receiver = makeAddr("receiver");
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
@@ -362,7 +371,7 @@ contract DepositTest is BaseTest {
         assertEq(vault.maxMint(self), shares); // max deposit
         assertEq(vault.maxDeposit(self), amount); // max deposit
         // assert share class tokens minted
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), shares);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), shares);
 
         // deposit to receiver should fail due to missing membership
         vm.expectPartialRevert(IERC7751.WrappedError.selector);
@@ -381,17 +390,19 @@ contract DepositTest is BaseTest {
 
         assertApproxEqAbs(shareToken.balanceOf(receiver), shares, 1);
         assertApproxEqAbs(shareToken.balanceOf(receiver), shares, 1);
-        assertApproxEqAbs(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0, 1);
-        assertApproxEqAbs(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount, 1);
+        assertApproxEqAbs(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0, 1);
+        assertApproxEqAbs(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount, 1);
     }
 
     function testDepositAsEndorsedOperator(uint256 amount) public {
         // If lower than 4 or odd, rounding down can lead to not receiving any tokens
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
         vm.assume(amount % 2 == 0);
 
         uint128 price = 2 * 10 ** 18;
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         address receiver = makeAddr("receiver");
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
@@ -417,7 +428,7 @@ contract DepositTest is BaseTest {
         assertEq(vault.maxMint(self), sharePayout); // max deposit
         assertEq(vault.maxDeposit(self), amount); // max deposit
         // assert share class tokens minted
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), sharePayout);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), sharePayout);
 
         centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), receiver, type(uint64).max); // add
         // receiver
@@ -442,8 +453,8 @@ contract DepositTest is BaseTest {
 
         assertApproxEqAbs(shareToken.balanceOf(receiver), sharePayout, 1);
         assertApproxEqAbs(shareToken.balanceOf(receiver), sharePayout, 1);
-        assertApproxEqAbs(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0, 1);
-        assertApproxEqAbs(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount, 1);
+        assertApproxEqAbs(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0, 1);
+        assertApproxEqAbs(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount, 1);
     }
 
     function testDepositAndRedeemPrecision() public {
@@ -452,7 +463,12 @@ contract DepositTest is BaseTest {
 
         ERC20 asset = _newErc20("Currency", "CR", INVESTMENT_CURRENCY_DECIMALS);
         (uint64 poolId, address vault_, uint128 assetId) = deployVault(
-            VaultKind.Async, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), bytes16(bytes("1")), address(asset), 0
+            asyncVaultFactory,
+            SHARE_TOKEN_DECIMALS,
+            address(fullRestrictionsHook),
+            bytes16(bytes("1")),
+            address(asset),
+            0
         );
         AsyncVault vault = AsyncVault(vault_);
         centrifugeChain.updatePricePoolPerShare(
@@ -505,7 +521,7 @@ contract DepositTest is BaseTest {
         assets = 115500000; // 115.5*10**6
 
         // mint interest into escrow
-        asset.mint(address(balanceSheet.escrow(vault.poolId())), assets - investmentAmount);
+        asset.mint(address(spoke.escrow(vault.poolId())), assets - investmentAmount);
 
         centrifugeChain.isFulfilledRedeemRequest(
             poolId, vault.scId().raw(), bytes32(bytes20(self)), assetId, assets, firstSharePayout + secondSharePayout, 0
@@ -519,7 +535,7 @@ contract DepositTest is BaseTest {
     function testDepositAndRedeemPrecisionWithInverseDecimals(bytes16 scId) public {
         ERC20 asset = _newErc20("Currency", "CR", 18);
         (uint64 poolId, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, 6, address(fullRestrictionsHook), scId, address(asset), 0);
+            deployVault(asyncVaultFactory, 6, address(fullRestrictionsHook), scId, address(asset), 0);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
         centrifugeChain.updatePricePoolPerShare(poolId, scId, 1000000000000000000000000000, uint64(block.timestamp));
@@ -568,7 +584,7 @@ contract DepositTest is BaseTest {
 
         // Adjust escrow for interest
         // NOTE: In reality, the FM would have allocate the interest;
-        asset.approve(address(balanceSheet.escrow(PoolId.wrap(poolId))), type(uint256).max);
+        asset.approve(address(spoke.escrow(PoolId.wrap(poolId))), type(uint256).max);
         _topUpEscrow(PoolId.wrap(poolId), ShareClassId.wrap(scId), asset, assets - investmentAmount);
 
         centrifugeChain.isFulfilledRedeemRequest(
@@ -591,7 +607,7 @@ contract DepositTest is BaseTest {
 
         ERC20 asset = _newErc20("Currency", "CR", INVESTMENT_CURRENCY_DECIMALS);
         (uint64 poolId, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), scId, address(asset), 0);
+            deployVault(asyncVaultFactory, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), scId, address(asset), 0);
         AsyncVault vault = AsyncVault(vault_);
 
         // price = (100*10**18) /  (99 * 10**18) = 101.010101 * 10**18
@@ -630,7 +646,7 @@ contract DepositTest is BaseTest {
 
         ERC20 asset = _newErc20("Currency", "CR", INVESTMENT_CURRENCY_DECIMALS);
         (uint64 poolId, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), scId, address(asset), 0);
+            deployVault(asyncVaultFactory, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), scId, address(asset), 0);
         AsyncVault vault = AsyncVault(vault_);
 
         // price = (100*10**18) /  (99 * 10**18) = 101.010101 * 10**18
@@ -666,7 +682,7 @@ contract DepositTest is BaseTest {
         amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
 
         uint128 price = 2 * 10 ** 18;
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
@@ -677,7 +693,7 @@ contract DepositTest is BaseTest {
 
         vault.requestDeposit(amount, self, self);
 
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertEq(erc20.balanceOf(address(self)), 0);
 
         // NOTE: Removed test for "cannot fulfill redeem if there is no pending request"
@@ -702,7 +718,7 @@ contract DepositTest is BaseTest {
         centrifugeChain.isFulfilledDepositRequest(
             vault.poolId().raw(), vault.scId().raw(), CastLib.toBytes32(self), assetId, 0, 0, amount.toUint128()
         );
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertEq(erc20.balanceOf(self), 0);
         assertEq(vault.claimableCancelDepositRequest(0, self), amount);
         assertEq(vault.pendingCancelDepositRequest(0, self), false);
@@ -721,7 +737,7 @@ contract DepositTest is BaseTest {
         asset.approve(address(vault), investmentAmount);
         asset.mint(self, investmentAmount);
         vault.requestDeposit(investmentAmount, self, self);
-        AssetId assetId = spoke.assetToId(address(asset), erc20TokenId); // retrieve assetId
+        AssetId assetId = spokeRegistry.assetToId(address(asset), erc20TokenId); // retrieve assetId
 
         // first trigger executed collectInvest of the first 50% at a price of 1.4
         uint128 assets = 50000000; // 50 * 10**6
@@ -752,10 +768,12 @@ contract DepositTest is BaseTest {
     }
 
     function testDepositAsInvestorDirectly(uint256 amount) public {
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
         vm.assume(amount % 2 == 0);
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
 
@@ -785,7 +803,7 @@ contract DepositTest is BaseTest {
 
     function _topUpEscrow(PoolId poolId, ShareClassId scId, ERC20 asset, uint256 assetAmount) internal {
         asset.mint(address(this), assetAmount);
-        asset.approve(address(balanceSheet), assetAmount);
-        balanceSheet.deposit(poolId, scId, address(asset), 0, assetAmount.toUint128());
+        asset.approve(address(spoke), assetAmount);
+        spoke.deposit(poolId, scId, address(asset), 0, assetAmount.toUint128());
     }
 }
diff --git a/test/integration/vaults/DepositRedeem.t.sol b/test/integration/vaults/DepositRedeem.t.sol
index f0cbccf8a..515339ea5 100644
--- a/test/integration/vaults/DepositRedeem.t.sol
+++ b/test/integration/vaults/DepositRedeem.t.sol
@@ -1,10 +1,12 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {AssetId, AsyncVault, VaultBaseTest as BaseTest, ERC20, IShareToken, VaultKind} from "./VaultBaseTest.sol";
+import {AssetId, AsyncVault, VaultBaseTest as BaseTest, ERC20} from "./VaultBaseTest.sol";
 
 import {D18} from "../../../src/misc/types/D18.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract DepositRedeem is BaseTest {
     function testPartialDepositAndRedeemExecutions(bytes16 scId) public {
         uint8 SHARE_TOKEN_DECIMALS = 18; // Like DAI
@@ -12,7 +14,7 @@ contract DepositRedeem is BaseTest {
 
         ERC20 asset = _newErc20("Currency", "CR", INVESTMENT_CURRENCY_DECIMALS);
         (uint64 poolId, address vault_, uint128 assetId) =
-            deployVault(VaultKind.Async, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), scId, address(asset), 0);
+            deployVault(asyncVaultFactory, SHARE_TOKEN_DECIMALS, address(fullRestrictionsHook), scId, address(asset), 0);
         AsyncVault vault = AsyncVault(vault_);
 
         centrifugeChain.updatePricePoolPerShare(poolId, scId, 1e18, uint64(block.timestamp));
@@ -38,7 +40,7 @@ contract DepositRedeem is BaseTest {
         vault.requestDeposit(investmentAmount, self, self);
 
         // first trigger executed collectInvest of the first 50% at a price of 1.4
-        AssetId assetId = spoke.assetToId(address(asset), erc20TokenId); // retrieve assetId
+        AssetId assetId = spokeRegistry.assetToId(address(asset), erc20TokenId); // retrieve assetId
         uint128 assets = 50000000; // 50 * 10**6
         uint128 firstSharePayout = 35714285714285714285; // 50 * 10**18 / 1.4, rounded down
         centrifugeChain.isFulfilledDepositRequest(
@@ -71,7 +73,7 @@ contract DepositRedeem is BaseTest {
 
         IShareToken shareToken = IShareToken(address(vault.share()));
 
-        AssetId assetId = spoke.assetToId(address(asset), erc20TokenId);
+        AssetId assetId = spokeRegistry.assetToId(address(asset), erc20TokenId);
         uint256 totalShares = shareToken.balanceOf(self);
         uint256 redeemAmount = 50000000000000000000;
         assertTrue(redeemAmount <= totalShares);
diff --git a/test/integration/vaults/Operator.t.sol b/test/integration/vaults/Operator.t.sol
index faae2ff35..a2a49bc36 100644
--- a/test/integration/vaults/Operator.t.sol
+++ b/test/integration/vaults/Operator.t.sol
@@ -1,21 +1,26 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {AsyncVault, VaultBaseTest as BaseTest, IShareToken, VaultKind} from "./VaultBaseTest.sol";
+import {AsyncVault, VaultBaseTest as BaseTest} from "./VaultBaseTest.sol";
 
 import {IERC20} from "../../../src/misc/interfaces/IERC20.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 import {IAsyncVault} from "../../../src/vaults/interfaces/IAsyncVault.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract OperatorTest is BaseTest {
     function testDepositAsOperator(uint256 amount) public {
         // If lower than 4 or odd, rounding down can lead to not receiving any tokens
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: across request->approve the gross asset-queue accumulator reaches
+        // 2x the deposit (noteDeposit +amount at request, unreserve +amount at approval) for a net +amount,
+        // so a single deposit near MAX_UINT128 overflows the uint128 accumulator.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
         vm.assume(amount % 2 == 0);
 
         uint128 price = 2 * 10 ** 18;
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         address investor = makeAddr("investor");
         address operator = makeAddr("operator");
         AsyncVault vault = AsyncVault(vault_);
@@ -78,7 +83,7 @@ contract OperatorTest is BaseTest {
         vm.assume(amount % 2 == 0);
 
         uint128 price = 2 * 10 ** 18;
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         (address controller, uint256 controllerPk) = makeAddrAndKey("controller");
         address operator = makeAddr("operator");
         AsyncVault vault = AsyncVault(vault_);
@@ -154,10 +159,14 @@ contract OperatorTest is BaseTest {
 
     function testRedeemAsOperator(uint256 amount) public {
         // If lower than 4 or odd, rounding down can lead to not receiving any tokens
-        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
+        // Bounded to MAX_UINT128 / 4: this test calls deposit() twice with `amount` (once to fund the redeem,
+        // once more after resetting the operator), and each deposit's request->approve lifecycle pushes the
+        // gross asset-queue deposits accumulator up by 2x the amount (noteDeposit +amount, then unreserve
+        // +amount again on approval), so two deposits reach 4x amount in the uint128 accumulator.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 4));
         vm.assume(amount % 2 == 0);
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         address investor = makeAddr("investor");
         address operator = makeAddr("operator");
         AsyncVault vault = AsyncVault(vault_);
@@ -211,7 +220,7 @@ contract OperatorTest is BaseTest {
         vm.assume(amount % 2 == 0);
 
         uint128 price = 2 * 10 ** 18;
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         (address controller, uint256 controllerPk) = makeAddrAndKey("controller");
         address operator = makeAddr("operator");
         AsyncVault vault = AsyncVault(vault_);
diff --git a/test/integration/vaults/Redeem.t.sol b/test/integration/vaults/Redeem.t.sol
index 78710b992..c93c054e9 100644
--- a/test/integration/vaults/Redeem.t.sol
+++ b/test/integration/vaults/Redeem.t.sol
@@ -1,16 +1,7 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {
-    AssetId,
-    AsyncVault,
-    VaultBaseTest as BaseTest,
-    ERC20,
-    IShareToken,
-    PoolId,
-    ShareClassId,
-    VaultKind
-} from "./VaultBaseTest.sol";
+import {AssetId, AsyncVault, VaultBaseTest as BaseTest, ERC20, PoolId, ShareClassId} from "./VaultBaseTest.sol";
 
 import {D18} from "../../../src/misc/types/D18.sol";
 import {IERC20} from "../../../src/misc/interfaces/IERC20.sol";
@@ -23,6 +14,8 @@ import {RequestMessageLib} from "../../../src/vaults/libraries/RequestMessageLib
 import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 import {RequestCallbackMessageLib} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract RedeemTest is BaseTest {
     using MessageLib for *;
     using RequestMessageLib for *;
@@ -32,7 +25,7 @@ contract RedeemTest is BaseTest {
     function testRedeem(uint256 amount) public {
         amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
 
@@ -46,7 +39,7 @@ contract RedeemTest is BaseTest {
         vault.requestRedeem(0, self, self);
 
         // will fail - investment asset not allowed
-        centrifugeChain.unlinkVault(vault.poolId().raw(), vault.scId().raw(), vault_);
+        centrifugeChain.unlinkVault(vault.poolId().raw(), vault.scId().raw(), address(vault_));
         vm.expectRevert(IAsyncRequestManager.VaultNotLinked.selector);
         vault.requestRedeem(amount, address(this), address(this));
 
@@ -56,9 +49,9 @@ contract RedeemTest is BaseTest {
         uint128 assets = uint128((amount * 10 ** 18) / defaultPrice);
 
         // success
-        centrifugeChain.linkVault(vault.poolId().raw(), vault.scId().raw(), vault_);
+        centrifugeChain.linkVault(vault.poolId().raw(), vault.scId().raw(), address(vault_));
         vault.requestRedeem(amount, address(this), address(this));
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertEq(vault.pendingRedeemRequest(0, self), amount);
         assertEq(vault.claimableRedeemRequest(0, self), 0);
 
@@ -76,7 +69,7 @@ contract RedeemTest is BaseTest {
         assertEq(vault.maxRedeem(self), amount); // max deposit
         assertEq(vault.pendingRedeemRequest(0, self), 0);
         assertEq(vault.claimableRedeemRequest(0, self), amount);
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0);
         assertEq(erc20.balanceOf(address(poolEscrowFactory.escrow(vault.poolId()))), assets);
 
         // can redeem to self
@@ -88,8 +81,8 @@ contract RedeemTest is BaseTest {
 
         assertEq(shareToken.balanceOf(self), 0);
 
-        assertTrue(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))) <= 1);
-        assertTrue(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))) <= 1);
+        assertTrue(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))) <= 1);
+        assertTrue(erc20.balanceOf(address(spoke.escrow(vault.poolId()))) <= 1);
 
         assertApproxEqAbs(erc20.balanceOf(self), (amount / 2), 1);
         assertApproxEqAbs(erc20.balanceOf(investor), (amount / 2), 1);
@@ -106,7 +99,7 @@ contract RedeemTest is BaseTest {
     function testWithdraw(uint256 amount) public {
         amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
 
@@ -116,7 +109,7 @@ contract RedeemTest is BaseTest {
         );
 
         vault.requestRedeem(amount, address(this), address(this));
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertGt(vault.pendingRedeemRequest(0, self), 0);
 
         // trigger executed collectRedeem
@@ -128,7 +121,7 @@ contract RedeemTest is BaseTest {
         // assert withdraw & redeem values adjusted
         assertEq(vault.maxWithdraw(self), assets); // max deposit
         assertEq(vault.maxRedeem(self), amount); // max deposit
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0);
         assertEq(erc20.balanceOf(address(poolEscrowFactory.escrow(vault.poolId()))), assets);
 
         // can redeem to self
@@ -154,7 +147,7 @@ contract RedeemTest is BaseTest {
         uint256 amount = redemption1 + redemption2;
         vm.assume(amountAssumption(amount));
 
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
 
@@ -174,9 +167,12 @@ contract RedeemTest is BaseTest {
     }
 
     function testCancelRedeemOrder(uint256 amount) public {
-        amount = uint128(bound(amount, 2, MAX_UINT128 / 2));
+        // Bounded to MAX_UINT128 / 4: `deposit()` below requests 2 * amount, and each deposit is
+        // queued twice (noteDeposit, then unreserve on approval) in the balance sheet's asset
+        // accounting, so the effective ceiling is MAX_UINT128 / 4 per unit of `amount`.
+        amount = uint128(bound(amount, 2, MAX_UINT128 / 4));
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
         deposit(vault_, self, amount * 2); // deposit funds first
@@ -193,7 +189,7 @@ contract RedeemTest is BaseTest {
         vault.cancelRedeemRequest(0, self);
         centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), self, type(uint64).max);
 
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertEq(shareToken.balanceOf(self), amount);
 
         // check message was send out to centchain
@@ -219,7 +215,7 @@ contract RedeemTest is BaseTest {
             vault.poolId().raw(), vault.scId().raw(), CastLib.toBytes32(self), assetId, 0, 0, uint128(amount)
         );
 
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         assertEq(shareToken.balanceOf(self), amount);
         assertEq(vault.claimableCancelRedeemRequest(0, self), amount);
         assertEq(vault.pendingCancelRedeemRequest(0, self), false);
@@ -229,7 +225,7 @@ contract RedeemTest is BaseTest {
     }
 
     function testPartialRedemptionExecutions() public {
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         IShareToken shareToken = IShareToken(address(vault.share()));
         PoolId poolId = vault.poolId();
@@ -293,7 +289,7 @@ contract RedeemTest is BaseTest {
     function partialRedeem(ShareClassId scId, AsyncVault vault, ERC20 asset) public {
         IShareToken shareToken = IShareToken(address(vault.share()));
 
-        AssetId assetId = spoke.assetToId(address(asset), erc20TokenId);
+        AssetId assetId = spokeRegistry.assetToId(address(asset), erc20TokenId);
         uint256 totalShares = shareToken.balanceOf(self);
         uint256 redeemAmount = 50000000000000000000;
         assertTrue(redeemAmount <= totalShares);
diff --git a/test/integration/vaults/SyncDeposit.t.sol b/test/integration/vaults/SyncDeposit.t.sol
index 59acfa523..b5bc877c0 100644
--- a/test/integration/vaults/SyncDeposit.t.sol
+++ b/test/integration/vaults/SyncDeposit.t.sol
@@ -1,15 +1,7 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {
-    AssetId,
-    VaultBaseTest as BaseTest,
-    IShareToken,
-    PoolId,
-    ShareClassId,
-    SyncDepositVault,
-    VaultKind
-} from "./VaultBaseTest.sol";
+import {AssetId, ERC20, VaultBaseTest as BaseTest, PoolId, ShareClassId, SyncDepositVault} from "./VaultBaseTest.sol";
 
 import {D18, d18} from "../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
@@ -25,16 +17,17 @@ import {
     IERC7887Redeem
 } from "../../../src/misc/interfaces/IERC7540.sol";
 
-import {IVault} from "../../../src/core/spoke/interfaces/IVault.sol";
+import {ISpoke} from "../../../src/core/spoke/interfaces/ISpoke.sol";
 import {MessageLib} from "../../../src/core/messaging/libraries/MessageLib.sol";
-import {IBalanceSheet} from "../../../src/core/spoke/interfaces/IBalanceSheet.sol";
-import {VaultDetails} from "../../../src/core/spoke/interfaces/IVaultRegistry.sol";
+import {VaultDetails} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 import {SyncDepositVault} from "../../../src/vaults/SyncDepositVault.sol";
 import {ISyncManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 import {IAsyncRedeemVault} from "../../../src/vaults/interfaces/IAsyncVault.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract SyncDepositTestHelper is BaseTest {
     using CastLib for *;
     using MessageLib for *;
@@ -44,7 +37,7 @@ contract SyncDepositTestHelper is BaseTest {
         internal
         returns (SyncDepositVault syncVault, uint128 assetId)
     {
-        (, address syncVault_, uint128 assetId_) = deploySimpleVault(VaultKind.SyncDepositAsyncRedeem);
+        (, address syncVault_, uint128 assetId_) = deploySimpleVault(syncDepositVaultFactory);
         assetId = assetId_;
         syncVault = SyncDepositVault(syncVault_);
 
@@ -56,21 +49,23 @@ contract SyncDepositTestHelper is BaseTest {
         );
     }
 
-    function _assertDepositEvents(SyncDepositVault vault, uint128 shares, D18 pricePoolPerShare, D18 pricePoolPerAsset)
-        internal
-    {
+    function _assertDepositEvents(SyncDepositVault vault, uint128 shares) internal {
         PoolId poolId = vault.poolId();
         ShareClassId scId = vault.scId();
         uint128 depositAssetAmount = vault.previewMint(shares).toUint128();
-        VaultDetails memory vaultDetails = vaultRegistry.vaultDetails(vault);
+        VaultDetails memory vaultDetails = spokeRegistry.vaultDetails(address(vault));
+        address syncDepositManager = address(vault.syncDepositManager());
 
         vm.expectEmit();
-        emit IBalanceSheet.Issue(poolId, scId, address(0), self, pricePoolPerShare, shares);
+        emit ISpoke.NoteDeposit(
+            poolId, scId, syncDepositManager, vault.asset(), vaultDetails.tokenId, depositAssetAmount
+        );
 
         vm.expectEmit();
-        emit IBalanceSheet.NoteDeposit(
-            poolId, scId, address(0), vault.asset(), vaultDetails.tokenId, depositAssetAmount, pricePoolPerAsset
-        );
+        emit ISpoke.Issue(poolId, scId, syncDepositManager, self, shares);
+
+        vm.expectEmit();
+        emit IERC7575.Deposit(self, self, depositAssetAmount, shares);
     }
 }
 
@@ -137,14 +132,8 @@ contract SyncDepositTest is SyncDepositTestHelper {
         (SyncDepositVault syncVault, uint128 assetId) = _deploySyncDepositVault(pricePoolPerShare, pricePoolPerAsset);
         IShareToken shareToken = IShareToken(address(syncVault.share()));
 
-        // Retrieve async vault
-        IVault asyncVault_ = vaultRegistry.vault(
-            syncVault.poolId(), syncVault.scId(), AssetId.wrap(assetId), syncVault.asyncRedeemManager()
-        );
-        assertNotEq(address(syncVault), address(0), "Failed to retrieve async vault");
-        IAsyncRedeemVault asyncVault = IAsyncRedeemVault(address(asyncVault_));
-
-        assertEq(address(syncVault), address(asyncVault));
+        // A SyncDepositVault is its own async-redeem vault (same contract).
+        IAsyncRedeemVault asyncVault = IAsyncRedeemVault(address(syncVault));
 
         // Will fail - user not member: can not send funds
         vm.expectRevert(ISyncManager.ExceedsMaxDeposit.selector);
@@ -186,7 +175,7 @@ contract SyncDepositTest is SyncDepositTestHelper {
         if (snap) {
             vm.startSnapshotGas("SyncDepositVault", "deposit");
         }
-        // _assertDepositEvents(syncVault, shares.toUint128(), pricePoolPerShare, pricePoolPerAsset);
+        _assertDepositEvents(syncVault, shares.toUint128());
         syncVault.deposit(amount, self);
         if (snap) {
             vm.stopSnapshotGas();
@@ -201,7 +190,7 @@ contract SyncDepositTest is SyncDepositTestHelper {
         asyncVault.requestRedeem(shareBalance, self, self);
         assertEq(asyncVault.pendingRedeemRequest(0, self), shareBalance);
 
-        vaultRegistry.unlinkVault(syncVault.poolId(), syncVault.scId(), AssetId.wrap(assetId), syncVault);
+        spokeRegistry.unlinkVault(syncVault.poolId(), syncVault.scId(), AssetId.wrap(assetId), address(syncVault));
         assertEq(syncVault.maxDeposit(address(this)), 0);
         assertEq(syncVault.maxMint(address(this)), 0);
 
@@ -212,6 +201,51 @@ contract SyncDepositTest is SyncDepositTestHelper {
         syncVault.mint(1, self);
     }
 
+    /// Covers the ERC-4626 `Deposit` event emitted by the `mint` path (sender/owner ordering).
+    function testSyncMintEmitsDepositEvent() public {
+        uint128 amount = 100;
+        erc20.mint(self, amount);
+
+        (SyncDepositVault syncVault,) = _deploySyncDepositVault(pricePoolPerShare, pricePoolPerAsset);
+        centrifugeChain.updateMember(syncVault.poolId().raw(), syncVault.scId().raw(), self, type(uint64).max);
+        erc20.approve(address(syncVault), amount);
+
+        uint256 shares = syncVault.previewDeposit(amount);
+        uint256 assets = syncVault.previewMint(shares);
+
+        vm.expectEmit();
+        emit IERC7575.Deposit(self, self, assets, shares);
+        syncVault.mint(shares, self);
+    }
+
+    /// Sync deposit of a 0-decimal asset into an 18-decimal share class (coarse asset, fine shares).
+    /// forge-config: default.isolate = true
+    function testSyncDepositZeroDecimalAsset() public {
+        ERC20 zeroDec = _newErc20("ZeroDec", "ZD", 0);
+
+        // deployVault registers the 0-decimal asset on the spoke and wires prices to 1:1.
+        (uint64 poolId, address vaultAddr, uint128 assetId) = deployVault(
+            syncDepositVaultFactory, 18, address(fullRestrictionsHook), bytes16(bytes("1")), address(zeroDec), 0
+        );
+        SyncDepositVault syncVault = SyncDepositVault(vaultAddr);
+        IShareToken shareToken = IShareToken(address(syncVault.share()));
+        assertEq(assetId != 0, true, "0-decimal asset registered on spoke");
+
+        centrifugeChain.updateMember(poolId, syncVault.scId().raw(), self, type(uint64).max);
+
+        uint128 amount = 100;
+        assertEq(syncVault.previewDeposit(amount), 100e18, "100 whole 0-dec units -> 100.0 fine shares");
+
+        zeroDec.mint(self, amount);
+        zeroDec.approve(address(syncVault), amount);
+        syncVault.deposit(amount, self);
+
+        assertEq(zeroDec.balanceOf(self), 0, "asset spent");
+        assertEq(shareToken.balanceOf(self), 100e18, "shares minted");
+        // pricePerShare = convertToAssets(10 ** 18 shares) = 1 whole 0-dec asset unit.
+        assertEq(syncVault.pricePerShare(), 1, "one fine share worth of assets is 1 whole 0-dec unit");
+    }
+
     // --- erc165 checks ---
     function testERC165SupportSyncDeposit(bytes4 unsupportedInterfaceId) public {
         bytes4 erc165 = 0x01ffc9a7;
diff --git a/test/integration/vaults/SyncManager.t.sol b/test/integration/vaults/SyncManager.t.sol
index dd2a78755..5c61e1ed1 100644
--- a/test/integration/vaults/SyncManager.t.sol
+++ b/test/integration/vaults/SyncManager.t.sol
@@ -1,14 +1,7 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {
-    AssetId,
-    VaultBaseTest as BaseTest,
-    PoolId,
-    ShareClassId,
-    SyncDepositVault,
-    VaultKind
-} from "./VaultBaseTest.sol";
+import {AssetId, VaultBaseTest as BaseTest, PoolId, ShareClassId, SyncDepositVault} from "./VaultBaseTest.sol";
 
 import {D18, d18} from "../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
@@ -17,6 +10,7 @@ import {MathLib} from "../../../src/misc/libraries/MathLib.sol";
 import {MessageLib} from "../../../src/core/messaging/libraries/MessageLib.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
+import {IBaseRequestManager} from "../../../src/vaults/interfaces/IBaseRequestManager.sol";
 import {ISyncManager, ISyncDepositValuation} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 
 contract SyncManagerBaseTest is BaseTest {
@@ -24,7 +18,7 @@ contract SyncManagerBaseTest is BaseTest {
         internal
         returns (SyncDepositVault syncVault, uint128 assetId)
     {
-        (, address syncVault_, uint128 assetId_) = deploySimpleVault(VaultKind.SyncDepositAsyncRedeem);
+        (, address syncVault_, uint128 assetId_) = deploySimpleVault(syncDepositVaultFactory);
         assetId = assetId_;
         syncVault = SyncDepositVault(syncVault_);
 
@@ -47,10 +41,32 @@ contract SyncManagerBaseTest is BaseTest {
 contract SyncManagerTest is SyncManagerBaseTest {
     using MessageLib for *;
 
+    // --- Administration ---
+    function testFile() public {
+        // fail: unrecognized param
+        vm.expectRevert(IBaseRequestManager.FileUnrecognizedParam.selector);
+        syncManager.file("random", self);
+
+        assertEq(address(syncManager.spoke()), address(spoke));
+        assertEq(address(syncManager.spokeRegistry()), address(spokeRegistry));
+
+        // success
+        syncManager.file("spoke", randomUser);
+        assertEq(address(syncManager.spoke()), randomUser);
+        syncManager.file("spokeRegistry", randomUser);
+        assertEq(address(syncManager.spokeRegistry()), randomUser);
+
+        // remove self from wards
+        syncManager.deny(self);
+        // auth fail
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        syncManager.file("spoke", randomUser);
+    }
+
     // --- Simple Errors ---
     function testMintUnlinkedVault() public {
         (SyncDepositVault vault, uint128 assetId) = _deploySyncDepositVault(d18(1), d18(1));
-        vaultRegistry.unlinkVault(vault.poolId(), vault.scId(), AssetId.wrap(assetId), vault);
+        spokeRegistry.unlinkVault(vault.poolId(), vault.scId(), AssetId.wrap(assetId), address(vault));
 
         vm.expectRevert(ISyncManager.ExceedsMaxMint.selector);
         syncManager.mint(vault, 1, address(0), address(0));
@@ -58,7 +74,7 @@ contract SyncManagerTest is SyncManagerBaseTest {
 
     function testDepositUnlinkedVault() public {
         (SyncDepositVault vault, uint128 assetId) = _deploySyncDepositVault(d18(1), d18(1));
-        vaultRegistry.unlinkVault(vault.poolId(), vault.scId(), AssetId.wrap(assetId), vault);
+        spokeRegistry.unlinkVault(vault.poolId(), vault.scId(), AssetId.wrap(assetId), address(vault));
 
         vm.expectRevert(ISyncManager.ExceedsMaxDeposit.selector);
         syncManager.deposit(vault, 1, address(0), address(0));
@@ -86,9 +102,9 @@ contract SyncManagerUnauthorizedTest is SyncManagerBaseTest {
         syncManager.setValuation(PoolId.wrap(0), ShareClassId.wrap(0), address(0));
     }
 
-    function testTrustedCallUnauthorized() public {
+    function testSetMaxReserveUnauthorized() public {
         _expectUnauthorized();
-        syncManager.trustedCall(PoolId.wrap(0), ShareClassId.wrap(0), bytes(""));
+        syncManager.setMaxReserve(PoolId.wrap(0), ShareClassId.wrap(0), address(0), 0, 0);
     }
 
     function _expectUnauthorized() internal {
@@ -97,71 +113,90 @@ contract SyncManagerUnauthorizedTest is SyncManagerBaseTest {
     }
 }
 
-contract SyncManagerTrustedCallTest is SyncManagerBaseTest {
+contract SyncManagerFromHubTest is SyncManagerBaseTest {
     using MessageLib for *;
 
+    function testFromHubNotEnvoy() public {
+        vm.prank(makeAddr("notEnvoy"));
+        vm.expectRevert(ISyncManager.NotEnvoy.selector);
+        syncManager.fromHub(PoolId.wrap(0), bytes(""));
+    }
+
     function testUnknownTrustedCall() public {
         PoolId testPool = PoolId.wrap(999);
         ShareClassId testSc = ShareClassId.wrap(bytes16("testsc"));
 
         // Create payload with invalid enum value (max enum value + 1)
-        bytes memory invalidPayload = abi.encode(uint8(255), bytes32(0));
+        bytes memory invalidPayload = abi.encode(testSc.raw(), uint8(255), bytes32(0));
 
+        vm.prank(address(envoy));
         vm.expectRevert(ISyncManager.UnknownTrustedCall.selector);
-        syncManager.trustedCall(testPool, testSc, invalidPayload);
+        syncManager.fromHub(testPool, invalidPayload);
     }
 
-    function testTrustedCallValuation() public {
+    function testFromHubValuation() public {
         (SyncDepositVault vault,) = _deploySyncDepositVault(d18(1), d18(1));
         address newValuation = makeAddr("newValuation");
 
-        bytes memory payload = abi.encode(uint8(ISyncManager.TrustedCall.Valuation), bytes32(bytes20(newValuation)));
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        bytes memory payload =
+            abi.encode(scId.raw(), uint8(ISyncManager.TrustedCall.Valuation), bytes32(bytes20(newValuation)));
 
         vm.expectEmit();
-        emit ISyncManager.SetValuation(vault.poolId(), vault.scId(), newValuation);
+        emit ISyncManager.SetValuation(poolId, scId, newValuation);
 
-        syncManager.trustedCall(vault.poolId(), vault.scId(), payload);
+        vm.prank(address(envoy));
+        syncManager.fromHub(poolId, payload);
 
-        assertEq(address(syncManager.valuation(vault.poolId(), vault.scId())), newValuation);
+        assertEq(address(syncManager.valuation(poolId, scId)), newValuation);
     }
 
-    function testTrustedCallValuationShareTokenDoesNotExist() public {
+    function testFromHubValuationShareTokenDoesNotExist() public {
         PoolId nonExistentPool = PoolId.wrap(999);
         ShareClassId nonExistentSc = ShareClassId.wrap(bytes16("nonexistent"));
         address newValuation = makeAddr("newValuation");
 
-        bytes memory payload = abi.encode(uint8(ISyncManager.TrustedCall.Valuation), bytes32(bytes20(newValuation)));
+        bytes memory payload =
+            abi.encode(nonExistentSc.raw(), uint8(ISyncManager.TrustedCall.Valuation), bytes32(bytes20(newValuation)));
 
+        vm.prank(address(envoy));
         vm.expectRevert(ISyncManager.ShareTokenDoesNotExist.selector);
-        syncManager.trustedCall(nonExistentPool, nonExistentSc, payload);
+        syncManager.fromHub(nonExistentPool, payload);
     }
 
-    function testTrustedCallMaxReserve() public {
+    function testFromHubMaxReserve() public {
         (SyncDepositVault vault, uint128 assetId) = _deploySyncDepositVault(d18(1), d18(1));
         uint128 newMaxReserve = 1_000_000e6;
 
-        (address asset, uint256 tokenId) = spoke.idToAsset(AssetId.wrap(assetId));
+        (address asset, uint256 tokenId) = spokeRegistry.idToAsset(AssetId.wrap(assetId));
 
-        bytes memory payload = abi.encode(uint8(ISyncManager.TrustedCall.MaxReserve), assetId, newMaxReserve);
+        PoolId poolId = vault.poolId();
+        ShareClassId scId = vault.scId();
+        bytes memory payload =
+            abi.encode(scId.raw(), uint8(ISyncManager.TrustedCall.MaxReserve), assetId, newMaxReserve);
 
         vm.expectEmit();
-        emit ISyncManager.SetMaxReserve(vault.poolId(), vault.scId(), asset, tokenId, newMaxReserve);
+        emit ISyncManager.SetMaxReserve(poolId, scId, asset, tokenId, newMaxReserve);
 
-        syncManager.trustedCall(vault.poolId(), vault.scId(), payload);
+        vm.prank(address(envoy));
+        syncManager.fromHub(poolId, payload);
 
-        assertEq(syncManager.maxReserve(vault.poolId(), vault.scId(), asset, tokenId), newMaxReserve);
+        assertEq(syncManager.maxReserve(poolId, scId, asset, tokenId), newMaxReserve);
     }
 
-    function testTrustedCallMaxReserveShareTokenDoesNotExist() public {
+    function testFromHubMaxReserveShareTokenDoesNotExist() public {
         PoolId nonExistentPool = PoolId.wrap(999);
         ShareClassId nonExistentSc = ShareClassId.wrap(bytes16("nonexistent"));
         uint128 assetId = 1;
         uint128 newMaxReserve = 1_000_000e6;
 
-        bytes memory payload = abi.encode(uint8(ISyncManager.TrustedCall.MaxReserve), assetId, newMaxReserve);
+        bytes memory payload =
+            abi.encode(nonExistentSc.raw(), uint8(ISyncManager.TrustedCall.MaxReserve), assetId, newMaxReserve);
 
+        vm.prank(address(envoy));
         vm.expectRevert(ISyncManager.ShareTokenDoesNotExist.selector);
-        syncManager.trustedCall(nonExistentPool, nonExistentSc, payload);
+        syncManager.fromHub(nonExistentPool, payload);
     }
 }
 
@@ -188,7 +223,8 @@ contract SyncManagerUpdateValuation is SyncManagerBaseTest {
         uint128 assetId
     ) internal view {
         D18 poolPerShare = syncManager.pricePoolPerShare(syncVault.poolId(), syncVault.scId());
-        D18 poolPerAsset = spoke.pricePoolPerAsset(syncVault.poolId(), syncVault.scId(), AssetId.wrap(assetId), true);
+        D18 poolPerAsset =
+            spokeRegistry.pricePoolPerAsset(syncVault.poolId(), syncVault.scId(), AssetId.wrap(assetId), true);
 
         assertNotEq(prePoolPerShare.raw(), expectedPoolPerShare.raw(), "Price should be changed by valuation");
         assertEq(poolPerShare.raw(), expectedPoolPerShare.raw(), "poolPerShare mismatch");
diff --git a/test/integration/vaults/VaultBaseTest.sol b/test/integration/vaults/VaultBaseTest.sol
index b530eea8f..517b6dc96 100644
--- a/test/integration/vaults/VaultBaseTest.sol
+++ b/test/integration/vaults/VaultBaseTest.sol
@@ -10,30 +10,29 @@ import {IERC6909Fungible} from "../../../src/misc/interfaces/IERC6909.sol";
 
 import {MockAdapter} from "../../core/mocks/MockAdapter.sol";
 
-import {Spoke} from "../../../src/core/spoke/Spoke.sol";
 import {PoolId, newPoolId} from "../../../src/core/types/PoolId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+import {SpokeHandler} from "../../../src/core/spoke/SpokeHandler.sol";
 import {AssetId, newAssetId} from "../../../src/core/types/AssetId.sol";
-import {VaultKind} from "../../../src/core/spoke/interfaces/IVault.sol";
-import {VaultRegistry} from "../../../src/core/spoke/VaultRegistry.sol";
 import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
-import {VaultDetails} from "../../../src/core/spoke/interfaces/IVaultRegistry.sol";
 import {VaultUpdateKind} from "../../../src/core/messaging/libraries/MessageLib.sol";
-import {MAX_MESSAGE_COST} from "../../../src/core/messaging/interfaces/IGasService.sol";
 import {IVaultFactory} from "../../../src/core/spoke/factories/interfaces/IVaultFactory.sol";
+import {ISpokeRegistry, VaultDetails} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
-import {UpdateRestrictionMessageLib} from "../../../src/hooks/libraries/UpdateRestrictionMessageLib.sol";
+import {UpdateRestrictionMessageLib} from "../../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
 
 import {AsyncVault} from "../../../src/vaults/AsyncVault.sol";
 import {SyncManager} from "../../../src/vaults/SyncManager.sol";
-import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 import {SyncDepositVault} from "../../../src/vaults/SyncDepositVault.sol";
 import {RequestCallbackMessageLib} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
 
 import "forge-std/Test.sol";
 
+import {MAX_MESSAGE_COST} from "../../utils/GasConstants.sol";
+import {shareClassSalt} from "../../utils/ShareClassSalt.sol";
 import {CentrifugeIntegrationTest} from "../Integration.t.sol";
+import {ShareTokenRegistrar} from "../../../src/token/ShareTokenRegistrar.sol";
+import {IShareTokenRegistrar} from "../../../src/token/interfaces/IShareTokenRegistrar.sol";
 
 /// @dev Direct centrifuge chain simulator — calls spoke/vaultRegistry/syncManager directly as a ward
 ///      instead of routing through adapters.
@@ -42,18 +41,25 @@ contract MockCentrifugeChainDirect is Test {
     using UpdateRestrictionMessageLib for *;
     using RequestCallbackMessageLib for *;
 
-    Spoke public spoke;
-    VaultRegistry public vaultRegistry;
+    SpokeHandler public spokeHandler;
+    ISpokeRegistry public vaultRegistry;
     SyncManager public syncManager;
-
-    constructor(Spoke spoke_, VaultRegistry vaultRegistry_, SyncManager syncManager_) {
-        spoke = spoke_;
+    ShareTokenRegistrar public shareTokenRegistrar;
+
+    constructor(
+        SpokeHandler spokeHandler_,
+        ISpokeRegistry vaultRegistry_,
+        SyncManager syncManager_,
+        ShareTokenRegistrar shareTokenRegistrar_
+    ) {
+        spokeHandler = spokeHandler_;
         vaultRegistry = vaultRegistry_;
         syncManager = syncManager_;
+        shareTokenRegistrar = shareTokenRegistrar_;
     }
 
     function addPool(uint64 poolId) public {
-        spoke.addPool(PoolId.wrap(poolId));
+        spokeHandler.addPool(PoolId.wrap(poolId));
     }
 
     function addShareClass(
@@ -65,7 +71,22 @@ contract MockCentrifugeChainDirect is Test {
         bytes32 salt,
         address hook
     ) public {
-        spoke.addShareClass(PoolId.wrap(poolId), ShareClassId.wrap(scId), tokenName, tokenSymbol, decimals, salt, hook);
+        spokeHandler.addShareClass(
+            PoolId.wrap(poolId),
+            ShareClassId.wrap(scId),
+            tokenName,
+            tokenSymbol,
+            decimals,
+            salt,
+            shareTokenRegistrar,
+            ""
+        );
+        if (hook != address(0)) {
+            vm.prank(shareTokenRegistrar.envoy());
+            shareTokenRegistrar.fromHub(
+                PoolId.wrap(poolId), abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetHook), scId, hook)
+            );
+        }
     }
 
     function addShareClass(
@@ -76,11 +97,11 @@ contract MockCentrifugeChainDirect is Test {
         uint8 decimals,
         address hook
     ) public {
-        addShareClass(poolId, scId, tokenName, tokenSymbol, decimals, keccak256(abi.encodePacked(poolId, scId)), hook);
+        addShareClass(poolId, scId, tokenName, tokenSymbol, decimals, shareClassSalt(poolId, scId), hook);
     }
 
     function updateMember(uint64 poolId, bytes16 scId, address user, uint64 validUntil) public {
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             UpdateRestrictionMessageLib.UpdateRestrictionMember(user.toBytes32(), validUntil).serialize()
@@ -88,7 +109,7 @@ contract MockCentrifugeChainDirect is Test {
     }
 
     function freeze(uint64 poolId, bytes16 scId, address user) public {
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             UpdateRestrictionMessageLib.UpdateRestrictionFreeze(user.toBytes32()).serialize()
@@ -96,7 +117,7 @@ contract MockCentrifugeChainDirect is Test {
     }
 
     function unfreeze(uint64 poolId, bytes16 scId, address user) public {
-        spoke.updateRestriction(
+        spokeHandler.updateRestriction(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             UpdateRestrictionMessageLib.UpdateRestrictionUnfreeze(user.toBytes32()).serialize()
@@ -104,13 +125,13 @@ contract MockCentrifugeChainDirect is Test {
     }
 
     function updatePricePoolPerShare(uint64 poolId, bytes16 scId, uint128 price, uint64 computedAt) public {
-        spoke.updatePricePoolPerShare(PoolId.wrap(poolId), ShareClassId.wrap(scId), D18.wrap(price), computedAt);
+        spokeHandler.updatePricePoolPerShare(PoolId.wrap(poolId), ShareClassId.wrap(scId), D18.wrap(price), computedAt);
     }
 
     function updatePricePoolPerAsset(uint64 poolId, bytes16 scId, uint128 assetId, uint128 price, uint64 computedAt)
         public
     {
-        spoke.updatePricePoolPerAsset(
+        spokeHandler.updatePricePoolPerAsset(
             PoolId.wrap(poolId), ShareClassId.wrap(scId), AssetId.wrap(assetId), D18.wrap(price), computedAt
         );
     }
@@ -126,7 +147,7 @@ contract MockCentrifugeChainDirect is Test {
     ) public {
         isApprovedDeposits(poolId, scId, assetId, fulfilledAssetAmount, d18(1, 1));
         isIssuedShares(poolId, scId, assetId, fulfilledShareAmount, d18(1, 1));
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             AssetId.wrap(assetId),
@@ -142,7 +163,7 @@ contract MockCentrifugeChainDirect is Test {
     function isApprovedDeposits(uint64 poolId, bytes16 scId, uint128 assetId, uint128 assets, D18 pricePoolPerAsset)
         public
     {
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             AssetId.wrap(assetId),
@@ -155,7 +176,7 @@ contract MockCentrifugeChainDirect is Test {
     function isIssuedShares(uint64 poolId, bytes16 scId, uint128 assetId, uint128 shares, D18 pricePoolPerShare)
         public
     {
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             AssetId.wrap(assetId),
@@ -174,7 +195,7 @@ contract MockCentrifugeChainDirect is Test {
         uint128 cancelledShareAmount
     ) public {
         isRevokedShares(poolId, scId, assetId, fulfilledAssetAmount, fulfilledShareAmount, d18(1, 1));
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             AssetId.wrap(assetId),
@@ -195,7 +216,7 @@ contract MockCentrifugeChainDirect is Test {
         uint128 shareAmount,
         D18 pricePoolPerShare
     ) public {
-        spoke.requestCallback(
+        spokeHandler.requestCallback(
             PoolId.wrap(poolId),
             ShareClassId.wrap(scId),
             AssetId.wrap(assetId),
@@ -206,17 +227,29 @@ contract MockCentrifugeChainDirect is Test {
     }
 
     function linkVault(uint64 poolId, bytes16 scId, address vault) public {
-        VaultDetails memory vd = vaultRegistry.vaultDetails(IBaseVault(vault));
-        vaultRegistry.linkVault(PoolId.wrap(poolId), ShareClassId.wrap(scId), vd.assetId, IBaseVault(vault));
+        VaultDetails memory vd = vaultRegistry.vaultDetails(address(vault));
+        vaultRegistry.linkVault(PoolId.wrap(poolId), ShareClassId.wrap(scId), vd.assetId, address(vault));
+
+        vm.prank(shareTokenRegistrar.envoy());
+        shareTokenRegistrar.fromHub(
+            PoolId.wrap(poolId),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), scId, vd.assetId.raw(), vault)
+        );
     }
 
     function unlinkVault(uint64 poolId, bytes16 scId, address vault) public {
-        VaultDetails memory vd = vaultRegistry.vaultDetails(IBaseVault(vault));
-        vaultRegistry.unlinkVault(PoolId.wrap(poolId), ShareClassId.wrap(scId), vd.assetId, IBaseVault(vault));
+        VaultDetails memory vd = vaultRegistry.vaultDetails(address(vault));
+        vaultRegistry.unlinkVault(PoolId.wrap(poolId), ShareClassId.wrap(scId), vd.assetId, address(vault));
+
+        vm.prank(shareTokenRegistrar.envoy());
+        shareTokenRegistrar.fromHub(
+            PoolId.wrap(poolId),
+            abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), scId, vd.assetId.raw(), address(0))
+        );
     }
 
     function updateMaxReserve(uint64 poolId, bytes16 scId, address vault, uint128 maxReserve) public {
-        VaultDetails memory vd = vaultRegistry.vaultDetails(IBaseVault(vault));
+        VaultDetails memory vd = vaultRegistry.vaultDetails(address(vault));
         syncManager.setMaxReserve(PoolId.wrap(poolId), ShareClassId.wrap(scId), vd.asset, vd.tokenId, maxReserve);
     }
 }
@@ -274,12 +307,10 @@ contract VaultBaseTest is CentrifugeIntegrationTest {
         messageDispatcher.rely(address(this));
         messageProcessor.rely(address(this));
         poolEscrowFactory.rely(address(this));
-        tokenFactory.rely(address(this));
+        shareTokenRegistrar.rely(address(this));
         spoke.rely(address(this));
-        balanceSheet.rely(address(this));
-        contractUpdater.rely(address(this));
-        vaultRegistry.rely(address(this));
-        tokenRecoverer.rely(address(this));
+        spokeHandler.rely(address(this));
+        spokeRegistry.rely(address(this));
         refundEscrowFactory.rely(address(this));
         asyncVaultFactory.rely(address(this));
         asyncRequestManager.rely(address(this));
@@ -290,6 +321,7 @@ contract VaultBaseTest is CentrifugeIntegrationTest {
         fullRestrictionsHook.rely(address(this));
         freelyTransferableHook.rely(address(this));
         redemptionRestrictionsHook.rely(address(this));
+        tokenBridge.rely(address(this));
         vm.stopPrank();
 
         vm.prank(address(protocolGuardian));
@@ -309,26 +341,23 @@ contract VaultBaseTest is CentrifugeIntegrationTest {
         testAdapters.push(adapter3);
 
         // Route outgoing messages through mock adapters
-        multiAdapter.setAdapters(
-            OTHER_CHAIN_ID, PoolId.wrap(0), testAdapters, uint8(testAdapters.length), uint8(testAdapters.length)
-        );
-        multiAdapter.setAdapters(
-            OTHER_CHAIN_ID, POOL_A, testAdapters, uint8(testAdapters.length), uint8(testAdapters.length)
-        );
+        multiAdapter.setAdapters(OTHER_CHAIN_ID, PoolId.wrap(0), testAdapters, uint8(testAdapters.length), 1);
+        multiAdapter.setAdapters(OTHER_CHAIN_ID, POOL_A, testAdapters, uint8(testAdapters.length), 1);
 
         // Deploy direct chain simulator and give it auth on relevant contracts
-        centrifugeChain = new MockCentrifugeChainDirect(spoke, vaultRegistry, syncManager);
-        spoke.rely(address(centrifugeChain));
-        vaultRegistry.rely(address(centrifugeChain));
+        centrifugeChain = new MockCentrifugeChainDirect(spokeHandler, spokeRegistry, syncManager, shareTokenRegistrar);
+        spokeHandler.rely(address(centrifugeChain));
+        spokeRegistry.rely(address(centrifugeChain));
         syncManager.rely(address(centrifugeChain));
 
         // Deploy test assets
         erc20 = _newErc20("X's Dollar", "USDX", 6);
         erc6909 = new MockERC6909();
 
-        // Subsidy and balance sheet manager for POOL_A
+        // Subsidy and balance sheet manager for POOL_A (roles require the pool to be active)
         subsidyManager.deposit{value: 0.5 ether}(POOL_A);
-        balanceSheet.updateManager(POOL_A, address(this), true);
+        centrifugeChain.addPool(POOL_A.raw());
+        spokeRegistry.updateManager(POOL_A, address(this), true);
 
         // Prevent confusion with block.chainid
         vm.chainId(BLOCK_CHAIN_ID);
@@ -337,61 +366,73 @@ contract VaultBaseTest is CentrifugeIntegrationTest {
     // --- Helpers ---
 
     function deployVault(
-        VaultKind vaultKind,
+        IVaultFactory vaultFactory,
         uint8 shareTokenDecimals,
         address hook,
         bytes16 scId,
         address asset,
         uint256 assetTokenId
     ) public returns (uint64 poolId, address vaultAddress, uint128 assetId) {
-        try spoke.shareToken(POOL_A, ShareClassId.wrap(scId)) {}
-        catch {
-            if (spoke.pool(POOL_A) == 0) {
+        if (!spokeRegistry.hasShareClass(POOL_A, ShareClassId.wrap(scId))) {
+            if (!spokeRegistry.isPoolActive(POOL_A)) {
                 centrifugeChain.addPool(POOL_A.raw());
             }
             centrifugeChain.addShareClass(POOL_A.raw(), scId, "name", "symbol", shareTokenDecimals, hook);
             centrifugeChain.updatePricePoolPerShare(POOL_A.raw(), scId, uint128(10 ** 18), uint64(block.timestamp));
         }
 
-        try spoke.assetToId(asset, assetTokenId) {
-            assetId = spoke.assetToId(asset, assetTokenId).raw();
-        } catch {
+        AssetId existingAssetId = spokeRegistry.assetToId(asset, assetTokenId);
+        if (!existingAssetId.isNull()) {
+            assetId = existingAssetId.raw();
+        } else {
             assetId = spoke.registerAsset{value: DEFAULT_GAS}(OTHER_CHAIN_ID, asset, assetTokenId, address(this)).raw();
             centrifugeChain.updatePricePoolPerAsset(
                 POOL_A.raw(), scId, assetId, uint128(10 ** 18), uint64(block.timestamp)
             );
         }
 
-        if (address(spoke.requestManager(POOL_A)) == address(0)) {
-            spoke.setRequestManager(POOL_A, asyncRequestManager);
+        if (address(spokeRegistry.requestManager(POOL_A)) == address(0)) {
+            spokeRegistry.setRequestManager(POOL_A, asyncRequestManager);
         }
-        balanceSheet.updateManager(POOL_A, address(asyncRequestManager), true);
-        balanceSheet.updateManager(POOL_A, address(syncManager), true);
+        spokeRegistry.updateManager(POOL_A, address(asyncRequestManager), true);
+        spokeRegistry.updateManager(POOL_A, address(syncManager), true);
 
         syncManager.setMaxReserve(POOL_A, ShareClassId.wrap(scId), asset, 0, type(uint128).max);
 
-        IVaultFactory vaultFactory = _vaultKindToVaultFactory(vaultKind);
-        vaultRegistry.updateVault(
-            POOL_A, ShareClassId.wrap(scId), AssetId.wrap(assetId), address(vaultFactory), VaultUpdateKind.DeployAndLink
+        vm.recordLogs();
+        spokeHandler.updateVault(
+            POOL_A,
+            ShareClassId.wrap(scId),
+            AssetId.wrap(assetId),
+            address(vaultFactory),
+            VaultUpdateKind.DeployAndLink,
+            bytes("")
         );
 
-        vaultAddress = IShareToken(spoke.shareToken(POOL_A, ShareClassId.wrap(scId))).vault(asset);
+        vaultAddress = _deployedVaultFromLogs();
         poolId = POOL_A.raw();
+
+        if (assetTokenId == 0) {
+            vm.prank(shareTokenRegistrar.envoy());
+            shareTokenRegistrar.fromHub(
+                POOL_A, abi.encode(uint8(IShareTokenRegistrar.RegistrarCall.SetVault), scId, assetId, vaultAddress)
+            );
+        }
     }
 
-    function deployVault(VaultKind vaultKind, uint8 decimals, bytes16 scId)
+    function deployVault(IVaultFactory vaultFactory, uint8 decimals, bytes16 scId)
         public
         returns (uint64 poolId, address vaultAddress, uint128 assetId)
     {
-        return deployVault(vaultKind, decimals, address(fullRestrictionsHook), scId, address(erc20), erc20TokenId);
+        return deployVault(vaultFactory, decimals, address(fullRestrictionsHook), scId, address(erc20), erc20TokenId);
     }
 
-    function deploySimpleVault(VaultKind vaultKind)
+    function deploySimpleVault(IVaultFactory vaultFactory)
         public
         returns (uint64 poolId, address vaultAddress, uint128 assetId)
     {
         return deployVault(
-            vaultKind, 6, address(fullRestrictionsHook), bytes16(bytes("1")), address(erc20), erc20TokenId
+            vaultFactory, 6, address(fullRestrictionsHook), bytes16(bytes("1")), address(erc20), erc20TokenId
         );
     }
 
@@ -406,7 +447,7 @@ contract VaultBaseTest is CentrifugeIntegrationTest {
         vm.startPrank(_investor);
         erc20.approve(_vault, amount);
         vault.requestDeposit(amount, _investor, _investor);
-        uint128 assetId = spoke.assetToId(address(erc20), erc20TokenId).raw();
+        uint128 assetId = spokeRegistry.assetToId(address(erc20), erc20TokenId).raw();
         centrifugeChain.isFulfilledDepositRequest(
             vault.poolId().raw(),
             vault.scId().raw(),
@@ -446,16 +487,6 @@ contract VaultBaseTest is CentrifugeIntegrationTest {
         return randomnumber + 1;
     }
 
-    function _vaultKindToVaultFactory(VaultKind vaultKind) internal view returns (IVaultFactory vaultFactory) {
-        if (vaultKind == VaultKind.Async) {
-            vaultFactory = asyncVaultFactory;
-        } else if (vaultKind == VaultKind.SyncDepositAsyncRedeem) {
-            vaultFactory = syncDepositVaultFactory;
-        } else {
-            revert("VaultBaseTest/unsupported-vault-kind");
-        }
-    }
-
     function amountAssumption(uint256 amount) public pure returns (bool) {
         return (amount > 1 && amount < MAX_UINT128);
     }
diff --git a/test/integration/vaults/VaultRouter.t.sol b/test/integration/vaults/VaultRouter.t.sol
index e7dacaa33..e05d70be2 100644
--- a/test/integration/vaults/VaultRouter.t.sol
+++ b/test/integration/vaults/VaultRouter.t.sol
@@ -6,11 +6,9 @@ import {
     AsyncVault,
     VaultBaseTest as BaseTest,
     ERC20,
-    IShareToken,
     MockAdapter,
     PoolId,
-    SyncDepositVault,
-    VaultKind
+    SyncDepositVault
 } from "./VaultBaseTest.sol";
 
 import "../../../src/misc/interfaces/IERC7575.sol";
@@ -20,8 +18,8 @@ import {MathLib} from "../../../src/misc/libraries/MathLib.sol";
 import {IERC7751} from "../../../src/misc/interfaces/IERC7751.sol";
 import {IERC7540Deposit} from "../../../src/misc/interfaces/IERC7540.sol";
 
-import {ISpoke} from "../../../src/core/spoke/interfaces/ISpoke.sol";
 import {MessageLib} from "../../../src/core/messaging/libraries/MessageLib.sol";
+import {ISpokeRegistry} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {VaultRouter} from "../../../src/vaults/VaultRouter.sol";
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
@@ -29,6 +27,9 @@ import {IAsyncVault} from "../../../src/vaults/interfaces/IAsyncVault.sol";
 import {IVaultRouter} from "../../../src/vaults/interfaces/IVaultRouter.sol";
 import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManagers.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {IShareTokenRegistrar} from "../../../src/token/interfaces/IShareTokenRegistrar.sol";
+
 contract VaultRouterTest is BaseTest {
     using MessageLib for *;
     using MathLib for uint256;
@@ -49,9 +50,11 @@ contract VaultRouterTest is BaseTest {
 
     function _testCFGRouterDeposit(uint256 amount, bool snap) internal {
         // If lower than 4 or odd, rounding down can lead to not receiving any tokens
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2, since the balance sheet's queued deposit amount is
+        // accounted twice over the request/approve lifecycle (noteDeposit, then unreserve).
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
 
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
 
@@ -96,7 +99,7 @@ contract VaultRouterTest is BaseTest {
         assertEq(vault.maxMint(self), sharePayout);
         assertEq(vault.maxDeposit(self), amount);
         IShareToken shareToken = IShareToken(address(vault.share()));
-        assertEq(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), sharePayout);
+        assertEq(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), sharePayout);
 
         if (snap) {
             vm.startSnapshotGas("VaultRouter", "claimDeposit");
@@ -107,12 +110,12 @@ contract VaultRouterTest is BaseTest {
         }
         assertApproxEqAbs(shareToken.balanceOf(self), sharePayout, 1);
         assertApproxEqAbs(shareToken.balanceOf(self), sharePayout, 1);
-        assertApproxEqAbs(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0, 1);
+        assertApproxEqAbs(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0, 1);
         assertApproxEqAbs(erc20.balanceOf(address(poolEscrowFactory.escrow(vault.poolId()))), amount, 1);
     }
 
     function testEnableDisableVaults() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
 
@@ -151,10 +154,12 @@ contract VaultRouterTest is BaseTest {
     }
 
     function _testRouterRedeem(uint256 amount, bool snap) internal {
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposit that funds the redeem is queued twice
+        // (noteDeposit, then unreserve on approval) in the balance sheet's asset accounting.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
 
         // deposit
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
         erc20.mint(self, amount);
@@ -191,7 +196,7 @@ contract VaultRouterTest is BaseTest {
         }
         (uint128 assetPayout) = fulfillRedeemRequest(vault, assetId, sharePayout, self);
         assertApproxEqAbs(shareToken.balanceOf(self), 0, 1);
-        assertApproxEqAbs(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0, 1);
+        assertApproxEqAbs(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0, 1);
         assertApproxEqAbs(erc20.balanceOf(address(poolEscrowFactory.escrow(vault.poolId()))), assetPayout, 1);
         assertApproxEqAbs(erc20.balanceOf(self), 0, 1);
         vaultRouter.claimRedeem(vault, self, self);
@@ -200,9 +205,11 @@ contract VaultRouterTest is BaseTest {
     }
 
     function testRouterDepositIntoMultipleVaults(uint256 amount1, uint256 amount2) public {
-        amount1 = uint128(bound(amount1, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: each deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount1 = uint128(bound(amount1, 4, MAX_UINT128 / 2));
         vm.assume(amount1 % 2 == 0);
-        amount2 = uint128(bound(amount2, 4, MAX_UINT128));
+        amount2 = uint128(bound(amount2, 4, MAX_UINT128 / 2));
         vm.assume(amount2 % 2 == 0);
 
         (ERC20 erc20X, ERC20 erc20Y, AsyncVault vault1, AsyncVault vault2) = setUpMultipleVaults(amount1, amount2);
@@ -214,8 +221,8 @@ contract VaultRouterTest is BaseTest {
         vaultRouter.requestDeposit(vault2, amount2, self, self);
 
         // trigger - deposit order fulfillment
-        AssetId assetId1 = spoke.assetToId(address(erc20X), erc20TokenId);
-        AssetId assetId2 = spoke.assetToId(address(erc20Y), erc20TokenId);
+        AssetId assetId1 = spokeRegistry.assetToId(address(erc20X), erc20TokenId);
+        AssetId assetId2 = spokeRegistry.assetToId(address(erc20Y), erc20TokenId);
         (uint128 sharePayout1) = fulfillDepositRequest(vault1, assetId1.raw(), amount1, 0, self);
         (uint128 sharePayout2) = fulfillDepositRequest(vault2, assetId2.raw(), amount2, 0, self);
 
@@ -225,23 +232,25 @@ contract VaultRouterTest is BaseTest {
         assertEq(vault2.maxDeposit(self), amount2);
         IShareToken shareToken1 = IShareToken(address(vault1.share()));
         IShareToken shareToken2 = IShareToken(address(vault2.share()));
-        assertEq(shareToken1.balanceOf(address(balanceSheet.escrow(vault1.poolId()))), sharePayout1);
-        assertEq(shareToken2.balanceOf(address(balanceSheet.escrow(vault2.poolId()))), sharePayout2);
+        assertEq(shareToken1.balanceOf(address(spoke.escrow(vault1.poolId()))), sharePayout1);
+        assertEq(shareToken2.balanceOf(address(spoke.escrow(vault2.poolId()))), sharePayout2);
 
         vaultRouter.claimDeposit(vault1, self, self);
         vaultRouter.claimDeposit(vault2, self, self);
         assertApproxEqAbs(shareToken1.balanceOf(self), sharePayout1, 1);
         assertApproxEqAbs(shareToken2.balanceOf(self), sharePayout2, 1);
-        assertApproxEqAbs(shareToken1.balanceOf(address(balanceSheet.escrow(vault1.poolId()))), 0, 1);
-        assertApproxEqAbs(shareToken2.balanceOf(address(balanceSheet.escrow(vault2.poolId()))), 0, 1);
+        assertApproxEqAbs(shareToken1.balanceOf(address(spoke.escrow(vault1.poolId()))), 0, 1);
+        assertApproxEqAbs(shareToken2.balanceOf(address(spoke.escrow(vault2.poolId()))), 0, 1);
         assertApproxEqAbs(erc20X.balanceOf(address(poolEscrowFactory.escrow(vault1.poolId()))), amount1, 1);
         assertApproxEqAbs(erc20Y.balanceOf(address(poolEscrowFactory.escrow(vault2.poolId()))), amount2, 1);
     }
 
     function testRouterRedeemFromMultipleVaults(uint256 amount1, uint256 amount2) public {
-        amount1 = uint128(bound(amount1, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposits funding the redeems are each queued twice
+        // (noteDeposit, then unreserve on approval) in the balance sheet's asset accounting.
+        amount1 = uint128(bound(amount1, 4, MAX_UINT128 / 2));
         vm.assume(amount1 % 2 == 0);
-        amount2 = uint128(bound(amount2, 4, MAX_UINT128));
+        amount2 = uint128(bound(amount2, 4, MAX_UINT128 / 2));
         vm.assume(amount2 % 2 == 0);
 
         // deposit
@@ -252,8 +261,8 @@ contract VaultRouterTest is BaseTest {
         vaultRouter.requestDeposit(vault1, amount1, self, self);
         vaultRouter.requestDeposit(vault2, amount2, self, self);
 
-        AssetId assetId1 = spoke.assetToId(address(erc20X), erc20TokenId);
-        AssetId assetId2 = spoke.assetToId(address(erc20Y), erc20TokenId);
+        AssetId assetId1 = spokeRegistry.assetToId(address(erc20X), erc20TokenId);
+        AssetId assetId2 = spokeRegistry.assetToId(address(erc20Y), erc20TokenId);
         (uint128 sharePayout1) = fulfillDepositRequest(vault1, assetId1.raw(), amount1, 0, self);
         (uint128 sharePayout2) = fulfillDepositRequest(vault2, assetId2.raw(), amount2, 0, self);
         vaultRouter.claimDeposit(vault1, self, self);
@@ -289,11 +298,13 @@ contract VaultRouterTest is BaseTest {
     }
 
     function testMulticallingDepositClaimAndRequestRedeem(uint256 amount) public {
-        amount = uint128(bound(amount, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: the deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount = uint128(bound(amount, 4, MAX_UINT128 / 2));
         vm.assume(amount % 2 == 0);
 
         // deposit
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
         erc20.mint(self, amount);
@@ -312,19 +323,22 @@ contract VaultRouterTest is BaseTest {
         bytes[] memory calls = new bytes[](2);
         calls[0] = abi.encodeWithSelector(vaultRouter.claimDeposit.selector, vault_, self, self);
         calls[1] = abi.encodeWithSelector(vaultRouter.requestRedeem.selector, vault_, sharePayout, self, self, fuel);
-        vaultRouter.multicall{value: GAS}(calls);
+        // Subsidized requests need no attached value.
+        vaultRouter.multicall(calls);
 
         (uint128 assetPayout) = fulfillRedeemRequest(vault, assetId, sharePayout, self);
         assertApproxEqAbs(shareToken.balanceOf(self), 0, 1);
-        assertApproxEqAbs(shareToken.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0, 1);
+        assertApproxEqAbs(shareToken.balanceOf(address(spoke.escrow(vault.poolId()))), 0, 1);
         assertApproxEqAbs(erc20.balanceOf(address(poolEscrowFactory.escrow(vault.poolId()))), assetPayout, 1);
         assertApproxEqAbs(erc20.balanceOf(self), 0, 1);
     }
 
     function testMulticallingDepositIntoMultipleVaults(uint256 amount1, uint256 amount2) public {
-        amount1 = uint128(bound(amount1, 4, MAX_UINT128));
+        // Bounded to MAX_UINT128 / 2: each deposit is queued twice (noteDeposit, then unreserve
+        // on approval) in the balance sheet's asset accounting.
+        amount1 = uint128(bound(amount1, 4, MAX_UINT128 / 2));
         vm.assume(amount1 % 2 == 0);
-        amount2 = uint128(bound(amount2, 4, MAX_UINT128));
+        amount2 = uint128(bound(amount2, 4, MAX_UINT128 / 2));
         vm.assume(amount2 % 2 == 0);
 
         (ERC20 erc20X, ERC20 erc20Y, AsyncVault vault1, AsyncVault vault2) = setUpMultipleVaults(amount1, amount2);
@@ -335,11 +349,12 @@ contract VaultRouterTest is BaseTest {
         bytes[] memory calls = new bytes[](2);
         calls[0] = abi.encodeWithSelector(vaultRouter.requestDeposit.selector, vault1, amount1, self, self);
         calls[1] = abi.encodeWithSelector(vaultRouter.requestDeposit.selector, vault2, amount2, self, self);
-        vaultRouter.multicall{value: GAS}(calls);
+        // Subsidized requests need no attached value.
+        vaultRouter.multicall(calls);
 
         // trigger - deposit order fulfillment
-        AssetId assetId1 = spoke.assetToId(address(erc20X), erc20TokenId);
-        AssetId assetId2 = spoke.assetToId(address(erc20Y), erc20TokenId);
+        AssetId assetId1 = spokeRegistry.assetToId(address(erc20X), erc20TokenId);
+        AssetId assetId2 = spokeRegistry.assetToId(address(erc20Y), erc20TokenId);
         (uint128 sharePayout1) = fulfillDepositRequest(vault1, assetId1.raw(), amount1, 0, self);
         (uint128 sharePayout2) = fulfillDepositRequest(vault2, assetId2.raw(), amount2, 0, self);
 
@@ -349,15 +364,15 @@ contract VaultRouterTest is BaseTest {
         assertEq(vault2.maxDeposit(self), amount2);
         IShareToken shareToken1 = IShareToken(address(vault1.share()));
         IShareToken shareToken2 = IShareToken(address(vault2.share()));
-        assertEq(shareToken1.balanceOf(address(balanceSheet.escrow(vault1.poolId()))), sharePayout1);
-        assertEq(shareToken2.balanceOf(address(balanceSheet.escrow(vault2.poolId()))), sharePayout2);
+        assertEq(shareToken1.balanceOf(address(spoke.escrow(vault1.poolId()))), sharePayout1);
+        assertEq(shareToken2.balanceOf(address(spoke.escrow(vault2.poolId()))), sharePayout2);
     }
 
     function testMultipleTopUpScenarios(uint256 amount) public {
         amount = uint128(bound(amount, 4, MAX_UINT128));
         vm.assume(amount % 2 == 0);
 
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
 
@@ -367,7 +382,7 @@ contract VaultRouterTest is BaseTest {
         erc20.approve(vault_, amount);
         vaultRouter.enable(vault);
 
-        vm.expectRevert(ISpoke.UnknownVault.selector);
+        vm.expectRevert(ISpokeRegistry.UnknownVault.selector);
         vaultRouter.requestDeposit(IAsyncVault(makeAddr("maliciousVault")), amount, self, self);
 
         bytes[] memory calls = new bytes[](2);
@@ -375,7 +390,9 @@ contract VaultRouterTest is BaseTest {
         calls[1] = abi.encodeWithSelector(vaultRouter.requestDeposit.selector, vault_, amount / 2, self, self);
 
         assertEq(address(vaultRouter).balance, 0);
-        vaultRouter.multicall{value: GAS}(calls);
+        // Subsidized requests need no attached value, and none is stranded in the router afterwards.
+        vaultRouter.multicall(calls);
+        assertEq(address(vaultRouter).balance, 0);
     }
 
     // --- helpers ---
@@ -423,9 +440,9 @@ contract VaultRouterTest is BaseTest {
         vm.label(address(erc20X), "erc20X");
         vm.label(address(erc20Y), "erc20Y");
         (, address vault1_,) =
-            deployVault(VaultKind.Async, 6, address(fullRestrictionsHook), bytes16(bytes("1")), address(erc20X), 0);
+            deployVault(asyncVaultFactory, 6, address(fullRestrictionsHook), bytes16(bytes("1")), address(erc20X), 0);
         (, address vault2_,) =
-            deployVault(VaultKind.Async, 6, address(fullRestrictionsHook), bytes16(bytes("2")), address(erc20Y), 0);
+            deployVault(asyncVaultFactory, 6, address(fullRestrictionsHook), bytes16(bytes("2")), address(erc20Y), 0);
         vault1 = AsyncVault(vault1_);
         vault2 = AsyncVault(vault2_);
         vm.label(vault1_, "vault1");
@@ -477,22 +494,35 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
 
     function testInitialization() public {
         // redeploying within test to increase coverage
-        new VaultRouter(gateway, spoke, vaultRegistry, address(this));
+        new VaultRouter(spoke, spokeRegistry, address(this));
 
-        assertEq(address(vaultRouter.gateway()), address(gateway));
         assertEq(address(vaultRouter.spoke()), address(spoke));
     }
 
     function testGetVault() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
 
+        // Linking already points the ERC-7575 slot.
+        PoolId poolId = vault.poolId();
+        bytes memory payload =
+            abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, vault.scId().raw(), assetId, vault_);
+        vm.prank(shareTokenRegistrar.envoy());
+        shareTokenRegistrar.fromHub(poolId, payload);
+
         assertEq(vaultRouter.getVault(vault.poolId(), vault.scId(), address(erc20)), vault_);
     }
 
+    function testGetVaultReturnsZeroForUnpointedAsset() public {
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
+        AsyncVault vault = AsyncVault(vault_);
+
+        assertEq(vaultRouter.getVault(vault.poolId(), vault.scId(), makeAddr("otherAsset")), address(0));
+    }
+
     function testRequestDeposit() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
         uint256 amount = 100 * 10 ** 18;
@@ -505,11 +535,81 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
         vaultRouter.enable(vault);
 
         vaultRouter.requestDeposit(vault, amount, self, self);
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
+    }
+
+    function testMulticallRequestDepositRequiresNoPayment() public {
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
+        AsyncVault vault = AsyncVault(vault_);
+        uint256 amount = 100 * 10 ** 18;
+        erc20.mint(self, amount);
+        erc20.approve(address(vault_), amount);
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), self, type(uint64).max);
+
+        bytes[] memory calls = new bytes[](2);
+        calls[0] = abi.encodeWithSelector(vaultRouter.enable.selector, vault);
+        calls[1] = abi.encodeWithSelector(vaultRouter.requestDeposit.selector, vault, amount, self, self);
+
+        // No native tokens attached: the cross-chain request is paid by the pool subsidy through the
+        // request manager, so the pool's subsidy balance drops and the caller pays nothing.
+        uint256 subsidyBefore = address(refundEscrowFactory.get(vault.poolId())).balance;
+        vaultRouter.multicall(calls);
+
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
+        assertLt(address(refundEscrowFactory.get(vault.poolId())).balance, subsidyBefore);
+        assertEq(address(vaultRouter).balance, 0);
+    }
+
+    /// @dev The router uses a plain multicall (no gateway batching), so two paid cross-chain calls in one
+    ///      multicall each try to forward msg.value; the second fails closed on insufficient balance rather
+    ///      than reusing the value.
+    function testMulticallTwoCrosschainTransfersRevert() public {
+        (, address vault_,) = deploySimpleVault(syncDepositVaultFactory);
+        SyncDepositVault vault = SyncDepositVault(vault_);
+        uint256 assets = 100 * 10 ** 18;
+        erc20.mint(self, assets);
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), self, type(uint64).max);
+        erc20.approve(address(vaultRouter), assets);
+        uint256 shares = vault.previewDeposit(assets);
+
+        uint16 centrifugeId = 2;
+        centrifugeChain.updateMember(
+            vault.poolId().raw(), vault.scId().raw(), address(uint160(centrifugeId)), type(uint64).max
+        );
+        spokeRegistry.updateBridger(vault.poolId(), address(vaultRouter), true);
+
+        bytes[] memory calls = new bytes[](3);
+        calls[0] = abi.encodeWithSelector(vaultRouter.deposit.selector, vault, assets, address(vaultRouter), self);
+        calls[1] = abi.encodeWithSelector(
+            vaultRouter.crosschainTransferShares.selector,
+            vault,
+            shares / 2,
+            centrifugeId,
+            self.toBytes32(),
+            address(vaultRouter),
+            uint128(0),
+            uint128(0),
+            address(0)
+        );
+        calls[2] = abi.encodeWithSelector(
+            vaultRouter.crosschainTransferShares.selector,
+            vault,
+            shares / 2,
+            centrifugeId,
+            self.toBytes32(),
+            address(vaultRouter),
+            uint128(0),
+            uint128(0),
+            address(0)
+        );
+
+        // GAS covers one transfer; the second re-forwards msg.value with an empty router balance and reverts.
+        vm.expectRevert();
+        vaultRouter.multicall{value: GAS}(calls);
     }
 
     function testRouterSyncDeposit() public {
-        (uint64 poolId, address vault_,) = deploySimpleVault(VaultKind.SyncDepositAsyncRedeem);
+        (uint64 poolId, address vault_,) = deploySimpleVault(syncDepositVaultFactory);
         vm.label(vault_, "vault");
         SyncDepositVault vault = SyncDepositVault(vault_);
         uint256 amount = 100 * 10 ** 18;
@@ -522,11 +622,11 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
 
         erc20.approve(address(vaultRouter), amount);
         vaultRouter.deposit(vault, amount, self, self);
-        assertEq(erc20.balanceOf(address(balanceSheet.poolEscrowProvider().escrow(PoolId.wrap(poolId)))), amount);
+        assertEq(erc20.balanceOf(address(spoke.poolEscrowProvider().escrow(PoolId.wrap(poolId)))), amount);
     }
 
     function testRouterSyncDepositAndTransfer() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.SyncDepositAsyncRedeem);
+        (, address vault_,) = deploySimpleVault(syncDepositVaultFactory);
         vm.label(vault_, "vault");
         SyncDepositVault vault = SyncDepositVault(vault_);
         uint256 assets = 100 * 10 ** 18;
@@ -541,6 +641,9 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
             vault.poolId().raw(), vault.scId().raw(), address(uint160(centrifugeId)), type(uint64).max
         );
 
+        // The router forwards crosschainTransferShares, so it must hold the bridger role
+        spokeRegistry.updateBridger(vault.poolId(), address(vaultRouter), true);
+
         bytes[] memory calls = new bytes[](2);
         calls[0] = abi.encodeWithSelector(vaultRouter.deposit.selector, vault, assets, address(vaultRouter), self);
         calls[1] = abi.encodeWithSelector(
@@ -557,8 +660,50 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
         vaultRouter.multicall{value: GAS * 2}(calls);
     }
 
+    function testRequestDepositRouterCustody() public {
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
+        AsyncVault vault = AsyncVault(vault_);
+        uint256 amount = 100 * 10 ** 18;
+
+        // The router is endorsed (exempt from membership); only the controller needs to be a member.
+        erc20.mint(address(vaultRouter), amount);
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), self, type(uint64).max);
+
+        vaultRouter.requestDeposit(vault, amount, self, address(vaultRouter));
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
+    }
+
+    function testCrosschainTransferSharesFromOwner() public {
+        (, address vault_,) = deploySimpleVault(syncDepositVaultFactory);
+        SyncDepositVault vault = SyncDepositVault(vault_);
+        uint256 assets = 100 * 10 ** 18;
+
+        erc20.mint(self, assets);
+        centrifugeChain.updateMember(vault.poolId().raw(), vault.scId().raw(), self, type(uint64).max);
+        erc20.approve(vault_, assets);
+        uint256 shares = vault.deposit(assets, self);
+
+        uint16 centrifugeId = 2;
+        centrifugeChain.updateMember(
+            vault.poolId().raw(), vault.scId().raw(), address(uint160(centrifugeId)), type(uint64).max
+        );
+        spokeRegistry.updateBridger(vault.poolId(), address(vaultRouter), true);
+
+        IShareToken shareToken = IShareToken(address(vault.share()));
+        shareToken.approve(address(vaultRouter), shares);
+        uint256 supplyBefore = shareToken.totalSupply();
+
+        vaultRouter.crosschainTransferShares{value: GAS}(
+            vault, uint128(shares), centrifugeId, bytes32("receiver"), self, uint128(0), uint128(0), address(0)
+        );
+
+        assertEq(shareToken.balanceOf(self), 0, "owner shares moved out");
+        assertEq(shareToken.balanceOf(address(vaultRouter)), 0, "router retains no shares");
+        assertEq(shareToken.totalSupply(), supplyBefore - shares, "source shares burned");
+    }
+
     function testCancelDepositRequest() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
 
@@ -584,7 +729,7 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
     }
 
     function testClaimCancelDepositRequest() public {
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
 
@@ -596,11 +741,11 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
 
         vaultRouter.enable(vault);
         vaultRouter.requestDeposit(vault, amount, self, self);
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
 
         vaultRouter.cancelDepositRequest(vault);
         assertEq(vault.pendingCancelDepositRequest(0, self), true);
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
         centrifugeChain.isFulfilledDepositRequest(
             vault.poolId().raw(), vault.scId().raw(), self.toBytes32(), assetId, 0, 0, uint128(amount)
         );
@@ -615,13 +760,13 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
         vaultRouter.claimCancelDepositRequest(vault, nonMember, self);
 
         vaultRouter.claimCancelDepositRequest(vault, self, self);
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), 0);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), 0);
         assertEq(erc20.balanceOf(self), amount);
     }
 
     function testRequestRedeem() external {
         // Deposit first
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
         uint256 amount = 100 * 10 ** 18;
@@ -652,7 +797,7 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
 
     function testCancelRedeemRequest() public {
         // Deposit first
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
         uint256 amount = 100 * 10 ** 18;
@@ -687,7 +832,7 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
 
     function testClaimCancelRedeemRequest() public {
         // Deposit first
-        (, address vault_, uint128 assetId) = deploySimpleVault(VaultKind.Async);
+        (, address vault_, uint128 assetId) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
         uint256 amount = 100 * 10 ** 18;
@@ -732,7 +877,7 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
     }
 
     function testPermit() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
 
         bytes32 PERMIT_TYPEHASH =
@@ -761,7 +906,7 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
     }
 
     function testEnableAndDisable() public {
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         AsyncVault vault = AsyncVault(vault_);
         vm.label(vault_, "vault");
 
@@ -777,7 +922,7 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
 
     function testIfUserIsPermittedToExecuteRequests() public {
         uint256 amount = 100 * 10 ** 18;
-        (, address vault_,) = deploySimpleVault(VaultKind.Async);
+        (, address vault_,) = deploySimpleVault(asyncVaultFactory);
         vm.label(vault_, "vault");
         AsyncVault vault = AsyncVault(vault_);
 
@@ -799,6 +944,6 @@ contract VaultRouterMoreUnitaryTest is BaseTest {
         assertTrue(canUserExecute);
 
         vaultRouter.requestDeposit(vault, amount, self, self);
-        assertEq(erc20.balanceOf(address(balanceSheet.escrow(vault.poolId()))), amount);
+        assertEq(erc20.balanceOf(address(spoke.escrow(vault.poolId()))), amount);
     }
 }
diff --git a/test/managers/adapters/AdapterFailover.t.sol b/test/managers/adapters/AdapterFailover.t.sol
new file mode 100644
index 000000000..5f14cd2aa
--- /dev/null
+++ b/test/managers/adapters/AdapterFailover.t.sol
@@ -0,0 +1,236 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {IAdapter} from "../../../src/core/messaging/interfaces/IAdapter.sol";
+import {IMultiAdapter} from "../../../src/core/messaging/interfaces/IMultiAdapter.sol";
+
+import {AdapterFailover} from "../../../src/managers/adapters/AdapterFailover.sol";
+import {IAdapterFailover} from "../../../src/managers/adapters/interfaces/IAdapterFailover.sol";
+
+import "forge-std/Test.sol";
+
+contract AdapterFailoverTest is Test {
+    uint16 constant HUB_CENTRIFUGE_ID = 1;
+    PoolId constant POOL_A = PoolId.wrap(1);
+    uint64 constant TIMELOCK = 48 hours;
+
+    address multiAdapter = makeAddr("multiAdapter");
+    address envoy = makeAddr("envoy");
+    address outsider = makeAddr("outsider");
+    address steward = makeAddr("steward");
+
+    AdapterFailover adapterFailover;
+
+    IAdapter[] adapters;
+    uint8 threshold = 2;
+
+    function setUp() public {
+        adapterFailover = new AdapterFailover(envoy, IMultiAdapter(multiAdapter), TIMELOCK);
+
+        // executeFailover derives the next session id from the (mocked) MultiAdapter; keep it at 0 so target == 1.
+        vm.mockCall(
+            multiAdapter, abi.encodeWithSelector(IMultiAdapter.nextActiveSessionId.selector), abi.encode(uint16(1))
+        );
+
+        // Assign the test steward via the hub ManagerCall path.
+        vm.prank(envoy);
+        adapterFailover.fromHub(POOL_A, abi.encode(uint8(IAdapterFailover.HubCall.UpdateSteward), steward, true));
+
+        adapters.push(IAdapter(makeAddr("adapter1")));
+        adapters.push(IAdapter(makeAddr("adapter2")));
+        adapters.push(IAdapter(makeAddr("adapter3")));
+    }
+
+    function _initiate() internal {
+        vm.prank(steward);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function _cancelPayload() internal pure returns (bytes memory) {
+        return abi.encode(uint8(IAdapterFailover.HubCall.CancelFailover), HUB_CENTRIFUGE_ID);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // initiateFailover
+    //----------------------------------------------------------------------------------------------
+
+    function testInitiateFailoverArmsTimelock() public {
+        uint64 expectedAt = uint64(block.timestamp) + TIMELOCK;
+
+        vm.expectEmit();
+        emit IAdapterFailover.InitiateFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold, expectedAt);
+        vm.prank(steward);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+
+        (uint64 executableAt, bytes32 paramsHash) = adapterFailover.pendingFailover(HUB_CENTRIFUGE_ID, POOL_A);
+        assertEq(executableAt, expectedAt);
+        assertEq(paramsHash, keccak256(abi.encode(adapters, threshold)));
+    }
+
+    /// @dev Documents current behavior: initiateFailover does not require the existing pending proposal
+    ///      to be empty/cancelled first, so a steward can overwrite an in-flight proposal (legitimate or
+    ///      not) with new parameters, resetting the timelock clock. Pins this down so a future change to
+    ///      require cancellation first is a deliberate decision, not an untested behavior change.
+    function testInitiateFailoverOverwritesExistingPendingProposal() public {
+        _initiate();
+        (uint64 firstExecutableAt,) = adapterFailover.pendingFailover(HUB_CENTRIFUGE_ID, POOL_A);
+
+        vm.warp(block.timestamp + 1 hours);
+
+        IAdapter[] memory newAdapters = new IAdapter[](1);
+        newAdapters[0] = IAdapter(makeAddr("replacementAdapter"));
+        uint8 newThreshold = 1;
+
+        vm.prank(steward);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, POOL_A, newAdapters, newThreshold);
+
+        (uint64 secondExecutableAt, bytes32 paramsHash) = adapterFailover.pendingFailover(HUB_CENTRIFUGE_ID, POOL_A);
+        assertGt(secondExecutableAt, firstExecutableAt);
+        assertEq(paramsHash, keccak256(abi.encode(newAdapters, newThreshold)));
+    }
+
+    function testInitiateFailoverOnlySteward() public {
+        vm.prank(outsider);
+        vm.expectRevert(IAdapterFailover.NotSteward.selector);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function testInitiateFailoverRejectsZeroThreshold() public {
+        vm.prank(steward);
+        vm.expectRevert(IAdapterFailover.InvalidThreshold.selector);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, 0);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // executeFailover
+    //----------------------------------------------------------------------------------------------
+
+    function testExecuteFailoverInstallsSetAfterTimelock() public {
+        _initiate();
+        skip(TIMELOCK);
+
+        vm.expectCall(
+            multiAdapter,
+            abi.encodeWithSelector(
+                IMultiAdapter.setAdapters.selector, HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold, uint16(1)
+            )
+        );
+        vm.mockCall(multiAdapter, abi.encodeWithSelector(IMultiAdapter.setAdapters.selector), "");
+
+        vm.prank(outsider); // permissionless once armed + elapsed
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+
+        (uint64 executableAt,) = adapterFailover.pendingFailover(HUB_CENTRIFUGE_ID, POOL_A);
+        assertEq(executableAt, 0, "failover cleared");
+    }
+
+    function testExecuteFailoverRevertsBeforeTimelock() public {
+        _initiate();
+        skip(TIMELOCK - 1);
+
+        vm.expectRevert(IAdapterFailover.TimelockNotElapsed.selector);
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function testExecuteFailoverRevertsWithoutPending() public {
+        vm.expectRevert(IAdapterFailover.NoPendingFailover.selector);
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function testExecuteFailoverRevertsOnParamsMismatch() public {
+        _initiate();
+        skip(TIMELOCK);
+
+        vm.expectRevert(IAdapterFailover.ParamsMismatch.selector);
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold + 1);
+    }
+
+    function testExecuteFailoverRevertsAfterExpiry() public {
+        _initiate();
+        // Matured (>= executableAt) but past the one-timelock execution window.
+        skip(2 * TIMELOCK + 1);
+
+        vm.expectRevert(IAdapterFailover.FailoverExpired.selector);
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function testExecuteFailoverSucceedsAtWindowEnd() public {
+        _initiate();
+        skip(2 * TIMELOCK); // exactly executableAt + timelock, still valid
+
+        vm.mockCall(multiAdapter, abi.encodeWithSelector(IMultiAdapter.setAdapters.selector), "");
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // fromHub (hub operations via ManagerCall/Envoy)
+    //----------------------------------------------------------------------------------------------
+
+    function testFromHubVetoesPendingFailover() public {
+        _initiate();
+        skip(TIMELOCK);
+
+        vm.expectEmit();
+        emit IAdapterFailover.BlockFailover(HUB_CENTRIFUGE_ID, POOL_A);
+        vm.prank(envoy);
+        adapterFailover.fromHub(POOL_A, _cancelPayload());
+
+        // After a veto there is nothing to execute, even though the timelock has elapsed.
+        vm.expectRevert(IAdapterFailover.NoPendingFailover.selector);
+        adapterFailover.executeFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function testFromHubUpdatesSteward() public {
+        assertFalse(adapterFailover.steward(POOL_A, outsider));
+
+        vm.expectEmit();
+        emit IAdapterFailover.UpdateSteward(POOL_A, outsider, true);
+        vm.prank(envoy);
+        adapterFailover.fromHub(POOL_A, abi.encode(uint8(IAdapterFailover.HubCall.UpdateSteward), outsider, true));
+
+        assertTrue(adapterFailover.steward(POOL_A, outsider));
+
+        // The hub-assigned steward can now arm a failover for that pool.
+        vm.prank(outsider);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, POOL_A, adapters, threshold);
+    }
+
+    function testFromHubOnlyEnvoy() public {
+        vm.prank(outsider);
+        vm.expectRevert(IAdapterFailover.NotEnvoy.selector);
+        adapterFailover.fromHub(POOL_A, _cancelPayload());
+    }
+
+    function testFromHubRejectsValue() public {
+        vm.deal(envoy, 1 ether);
+        vm.prank(envoy);
+        vm.expectRevert(IAdapterFailover.UnexpectedValue.selector);
+        adapterFailover.fromHub{value: 1}(POOL_A, _cancelPayload());
+    }
+
+    //----------------------------------------------------------------------------------------------
+    // cancelFailover (steward path)
+    //----------------------------------------------------------------------------------------------
+
+    function testCancelFailoverOnlySteward() public {
+        _initiate();
+
+        vm.prank(outsider);
+        vm.expectRevert(IAdapterFailover.NotSteward.selector);
+        adapterFailover.cancelFailover(HUB_CENTRIFUGE_ID, POOL_A);
+
+        vm.prank(steward);
+        adapterFailover.cancelFailover(HUB_CENTRIFUGE_ID, POOL_A);
+        (uint64 executableAt,) = adapterFailover.pendingFailover(HUB_CENTRIFUGE_ID, POOL_A);
+        assertEq(executableAt, 0);
+    }
+
+    function testStewardIsScopedPerPool() public {
+        PoolId otherPool = PoolId.wrap(2);
+        // steward is only assigned to POOL_A, not otherPool.
+        vm.prank(steward);
+        vm.expectRevert(IAdapterFailover.NotSteward.selector);
+        adapterFailover.initiateFailover(HUB_CENTRIFUGE_ID, otherPool, adapters, threshold);
+    }
+}
diff --git a/test/managers/hub/unit/NAVManager.t.sol b/test/managers/hub/unit/NAVManager.t.sol
deleted file mode 100644
index d5cc44758..000000000
--- a/test/managers/hub/unit/NAVManager.t.sol
+++ /dev/null
@@ -1,632 +0,0 @@
-// SPDX-License-Identifier: MIT
-pragma solidity 0.8.28;
-
-import {d18} from "../../../../src/misc/types/D18.sol";
-
-import {Mock} from "../../../core/mocks/Mock.sol";
-import {MockValuation} from "../../../core/mocks/MockValuation.sol";
-
-import {PoolId} from "../../../../src/core/types/PoolId.sol";
-import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {AssetId, newAssetId} from "../../../../src/core/types/AssetId.sol";
-import {IHoldings} from "../../../../src/core/hub/interfaces/IHoldings.sol";
-import {IHub, AccountType} from "../../../../src/core/hub/interfaces/IHub.sol";
-import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
-import {IAccounting, JournalEntry} from "../../../../src/core/hub/interfaces/IAccounting.sol";
-import {AccountId, withCentrifugeId, withAssetId} from "../../../../src/core/types/AccountId.sol";
-
-import {NAVManager} from "../../../../src/managers/hub/NAVManager.sol";
-import {INAVManager, INAVHook} from "../../../../src/managers/hub/interfaces/INAVManager.sol";
-
-import "forge-std/Test.sol";
-
-contract IsContract {}
-
-contract NAVManagerTest is Test {
-    PoolId constant POOL_A = PoolId.wrap(1);
-    PoolId constant POOL_B = PoolId.wrap(2);
-    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("1"));
-    ShareClassId constant SC_2 = ShareClassId.wrap(bytes16("2"));
-    uint16 constant CENTRIFUGE_ID_1 = 1;
-    uint16 constant CENTRIFUGE_ID_2 = 2;
-
-    AssetId asset1 = newAssetId(1, 1);
-    AssetId asset2 = newAssetId(2, 1);
-
-    address hub = address(new IsContract());
-    address accounting = address(new IsContract());
-    address holdings = address(new IsContract());
-    address hubRegistry = address(new IsContract());
-    INAVHook navHook = INAVHook(address(new IsContract()));
-
-    address unauthorized = makeAddr("unauthorized");
-    address manager = makeAddr("manager");
-    address hubManager = makeAddr("hubManager");
-
-    NAVManager navManager;
-    MockValuation mockValuation;
-
-    function setUp() public virtual {
-        _setupMocks();
-        _deployManager();
-
-        mockValuation = new MockValuation(IHubRegistry(hubRegistry));
-        mockValuation.setPrice(POOL_A, SC_1, asset1, d18(1, 1));
-    }
-
-    function _setupMocks() internal {
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.accounting.selector), abi.encode(accounting));
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.holdings.selector), abi.encode(holdings));
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.hubRegistry.selector), abi.encode(hubRegistry));
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.createAccount.selector), abi.encode());
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.initializeHolding.selector), abi.encode());
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.initializeLiability.selector), abi.encode());
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValue.selector), abi.encode());
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValuation.selector), abi.encode());
-        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateJournal.selector), abi.encode());
-
-        vm.mockCall(holdings, abi.encodeWithSelector(IHoldings.snapshot.selector), abi.encode(false, uint64(0)));
-
-        vm.mockCall(accounting, abi.encodeWithSelector(IAccounting.accountValue.selector), abi.encode(true, uint128(0)));
-
-        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", asset1), abi.encode(6));
-        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", asset2), abi.encode(6));
-        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint64)", POOL_A), abi.encode(18));
-        vm.mockCall(hubRegistry, abi.encodeWithSelector(IHubRegistry.manager.selector), abi.encode(false));
-        vm.mockCall(
-            hubRegistry, abi.encodeWithSelector(IHubRegistry.manager.selector, POOL_A, hubManager), abi.encode(true)
-        );
-
-        vm.mockCall(address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector), abi.encode());
-        vm.mockCall(address(navHook), abi.encodeWithSelector(INAVHook.onTransfer.selector), abi.encode());
-    }
-
-    function _deployManager() internal {
-        navManager = new NAVManager(IHub(hub));
-
-        vm.prank(hubManager);
-        navManager.updateManager(POOL_A, manager, true);
-    }
-
-    function _mockAccountValue(AccountId accountId, uint128 value, bool isPositive) internal {
-        vm.mockCall(
-            address(accounting),
-            abi.encodeWithSelector(IAccounting.accountValue.selector, POOL_A, accountId),
-            abi.encode(isPositive, value)
-        );
-    }
-}
-
-contract NAVManagerConstructorTest is NAVManagerTest {
-    function testConstructor() public view {
-        assertEq(address(navManager.hub()), address(hub));
-        assertEq(address(navManager.holdings()), holdings);
-        assertEq(address(navManager.accounting()), address(accounting));
-    }
-}
-
-contract NAVManagerConfigureTest is NAVManagerTest {
-    function testSetNAVHookSuccess() public {
-        vm.expectEmit(true, false, false, true);
-        emit INAVManager.SetNavHook(POOL_A, address(navHook));
-
-        vm.prank(hubManager);
-        navManager.setNAVHook(POOL_A, navHook);
-
-        assertEq(address(navManager.navHook(POOL_A)), address(navHook));
-        assertEq(address(navManager.navHook(POOL_B)), address(0));
-    }
-
-    function testSetNAVHookUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.setNAVHook(POOL_A, navHook);
-    }
-
-    function testSetNAVHookToZeroAddress() public {
-        vm.prank(hubManager);
-        navManager.setNAVHook(POOL_A, INAVHook(address(0)));
-
-        assertEq(address(navManager.navHook(POOL_A)), address(0));
-    }
-
-    function testUpdateManagerSuccess() public {
-        address newManager = makeAddr("newManager");
-
-        vm.expectEmit(true, true, false, false);
-        emit INAVManager.UpdateManager(POOL_A, newManager, true);
-
-        vm.prank(hubManager);
-        navManager.updateManager(POOL_A, newManager, true);
-
-        assertTrue(navManager.manager(POOL_A, newManager));
-    }
-
-    function testUpdateManagerRemove() public {
-        address managerAddr = makeAddr("newManager");
-
-        vm.prank(hubManager);
-        navManager.updateManager(POOL_A, managerAddr, true);
-        assertTrue(navManager.manager(POOL_A, managerAddr));
-
-        vm.expectEmit(true, true, false, false);
-        emit INAVManager.UpdateManager(POOL_A, managerAddr, false);
-
-        vm.prank(hubManager);
-        navManager.updateManager(POOL_A, managerAddr, false);
-
-        assertFalse(navManager.manager(POOL_A, managerAddr));
-    }
-
-    function testUpdateManagerUnauthorized() public {
-        address managerAddr = makeAddr("newManager");
-
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.updateManager(POOL_A, managerAddr, true);
-    }
-
-    function testInitializeNetworkSuccess() public {
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(
-                IHub.createAccount.selector, POOL_A, navManager.equityAccount(CENTRIFUGE_ID_1), false
-            )
-        );
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(
-                IHub.createAccount.selector, POOL_A, navManager.liabilityAccount(CENTRIFUGE_ID_1), false
-            )
-        );
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, navManager.gainAccount(CENTRIFUGE_ID_1), false)
-        );
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, navManager.lossAccount(CENTRIFUGE_ID_1), true)
-        );
-
-        vm.expectEmit(true, false, false, true);
-        emit INAVManager.InitializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-
-        assertTrue(navManager.initialized(POOL_A, CENTRIFUGE_ID_1));
-    }
-
-    function testInitializeNetworkAlreadyInitialized() public {
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-
-        vm.expectRevert(INAVManager.AlreadyInitialized.selector);
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testInitializeNetworkUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-    }
-}
-
-contract NAVManagerHoldingInitializationTest is NAVManagerTest {
-    function setUp() public override {
-        super.setUp();
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testInitializeHoldingSuccess() public {
-        AccountId expectedAssetAccount = withAssetId(asset1, uint16(AccountType.Asset));
-
-        vm.expectCall(
-            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedAssetAccount, true)
-        );
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(
-                IHub.initializeHolding.selector,
-                POOL_A,
-                SC_1,
-                asset1,
-                mockValuation,
-                expectedAssetAccount,
-                navManager.equityAccount(CENTRIFUGE_ID_1),
-                navManager.gainAccount(CENTRIFUGE_ID_1),
-                navManager.lossAccount(CENTRIFUGE_ID_1)
-            )
-        );
-
-        vm.expectEmit(true, true, false, true);
-        emit INAVManager.InitializeHolding(POOL_A, SC_1, asset1);
-
-        vm.prank(manager);
-        navManager.initializeHolding(POOL_A, SC_1, asset1, mockValuation);
-
-        assertEq(navManager.assetAccount(asset1).raw(), expectedAssetAccount.raw());
-    }
-
-    function testInitializeHoldingNotInitialized() public {
-        vm.expectRevert(INAVManager.NotInitialized.selector);
-        vm.prank(manager);
-        navManager.initializeHolding(POOL_A, SC_1, AssetId.wrap(uint128(3) << 64 | 300), mockValuation);
-    }
-
-    function testInitializeHoldingSameAssetTwice() public {
-        vm.prank(manager);
-        navManager.initializeHolding(POOL_A, SC_1, asset1, mockValuation);
-
-        AccountId expectedAssetAccount = withAssetId(asset1, uint16(AccountType.Asset));
-
-        vm.expectCall(
-            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedAssetAccount, true)
-        );
-
-        vm.prank(manager);
-        navManager.initializeHolding(POOL_A, SC_2, asset1, mockValuation);
-
-        assertEq(navManager.assetAccount(asset1).raw(), expectedAssetAccount.raw());
-    }
-
-    function testInitializeHoldingUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.initializeHolding(POOL_A, SC_1, asset1, mockValuation);
-    }
-}
-
-contract NAVManagerLiabilityInitializationTest is NAVManagerTest {
-    function setUp() public override {
-        super.setUp();
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testInitializeLiabilitySuccess() public {
-        AccountId expectedExpenseAccount = withAssetId(asset1, uint16(AccountType.Expense));
-
-        vm.expectCall(
-            address(hub), abi.encodeWithSelector(IHub.createAccount.selector, POOL_A, expectedExpenseAccount, true)
-        );
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(
-                IHub.initializeLiability.selector,
-                POOL_A,
-                SC_1,
-                asset1,
-                mockValuation,
-                expectedExpenseAccount,
-                navManager.liabilityAccount(CENTRIFUGE_ID_1)
-            )
-        );
-
-        vm.expectEmit(true, true, false, true);
-        emit INAVManager.InitializeLiability(POOL_A, SC_1, asset1);
-
-        vm.prank(manager);
-        navManager.initializeLiability(POOL_A, SC_1, asset1, mockValuation);
-
-        assertEq(navManager.expenseAccount(asset1).raw(), expectedExpenseAccount.raw());
-    }
-
-    function testInitializeLiabilityNotInitialized() public {
-        vm.expectRevert(INAVManager.NotInitialized.selector);
-        vm.prank(manager);
-        navManager.initializeLiability(POOL_A, SC_1, asset2, mockValuation);
-    }
-
-    function testInitializeLiabilityUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.initializeLiability(POOL_A, SC_1, asset1, mockValuation);
-    }
-}
-
-contract NAVManagerOnSyncTest is NAVManagerTest {
-    function setUp() public override {
-        super.setUp();
-        vm.prank(hubManager);
-        navManager.setNAVHook(POOL_A, navHook);
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testOnSyncSuccess() public {
-        // Mock account values: equity=1000, gain=200, loss=100, liability=50
-        // NAV = 1000 + 200 - 100 - 50 = 1050
-        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 200, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 100, true);
-        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), 50, true);
-
-        vm.expectCall(
-            address(navHook), abi.encodeWithSelector(INAVHook.onUpdate.selector, POOL_A, SC_1, CENTRIFUGE_ID_1, 1050)
-        );
-
-        vm.expectEmit(true, true, false, true);
-        emit INAVManager.Sync(POOL_A, SC_1, CENTRIFUGE_ID_1, 1050);
-
-        vm.prank(holdings);
-        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
-    }
-
-    function testOnSyncNotAuthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
-    }
-
-    function testOnSyncNoNAVHook() public {
-        // Reset NAV hook to zero
-        vm.prank(hubManager);
-        navManager.setNAVHook(POOL_A, INAVHook(address(0)));
-
-        vm.expectRevert(INAVManager.InvalidNAVHook.selector);
-        vm.prank(holdings);
-        navManager.onSync(POOL_A, SC_1, CENTRIFUGE_ID_1);
-    }
-}
-
-contract NAVManagerNetAssetValueTest is NAVManagerTest {
-    function testNetAssetValueCalculation() public {
-        // Mock account values: equity=1000, gain=200, loss=100, liability=50
-        // Expected NAV = 1000 + 200 - 100 - 50 = 1050
-        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 1000, true);
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 200, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 100, true);
-        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), 50, true);
-
-        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
-        assertEq(nav, 1050);
-    }
-
-    function testNetAssetValueZero() public view {
-        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
-        assertEq(nav, 0);
-    }
-
-    function testNetAssetValueZeroWhenNegative() public {
-        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), 500, true);
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 100, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 50, true);
-        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), 600, true);
-
-        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
-        assertEq(nav, 0);
-    }
-
-    function testNetAssetValueWithUnexpectedSigns(
-        bool equityIsPositive,
-        bool gainIsPositive,
-        bool lossIsPositive,
-        bool liabilityIsPositive,
-        uint128 equityAmount,
-        uint128 gainAmount,
-        uint128 lossAmount,
-        uint128 liabilityAmount
-    ) public {
-        equityAmount = uint128(bound(equityAmount, 1, type(uint128).max / 4));
-        gainAmount = uint128(bound(gainAmount, 1, type(uint128).max / 4));
-        lossAmount = uint128(bound(lossAmount, 0, type(uint128).max / 4));
-        liabilityAmount = uint128(bound(liabilityAmount, 0, type(uint128).max / 4));
-
-        _mockAccountValue(navManager.equityAccount(CENTRIFUGE_ID_1), equityAmount, equityIsPositive);
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), gainAmount, gainIsPositive);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), lossAmount, lossIsPositive);
-        _mockAccountValue(navManager.liabilityAccount(CENTRIFUGE_ID_1), liabilityAmount, liabilityIsPositive);
-
-        uint128 nav = navManager.netAssetValue(POOL_A, CENTRIFUGE_ID_1);
-
-        // If all accounts have expected signs and equity+gain > loss+liability, NAV should be positive
-        if (equityIsPositive && gainIsPositive && lossIsPositive && liabilityIsPositive) {
-            if (equityAmount + gainAmount > lossAmount + liabilityAmount) {
-                assertGt(nav, 0);
-            }
-        }
-    }
-}
-
-contract NAVManagerUpdateHoldingTest is NAVManagerTest {
-    function testUpdateHoldingValue() public {
-        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_A, SC_1, asset1));
-
-        vm.prank(manager);
-        navManager.updateHoldingValue(POOL_A, SC_1, asset1);
-    }
-
-    function testUpdateHoldingValuation() public {
-        vm.expectCall(
-            address(hub),
-            abi.encodeWithSelector(IHub.updateHoldingValuation.selector, POOL_A, SC_1, asset1, mockValuation)
-        );
-        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_A, SC_1, asset1));
-
-        vm.prank(manager);
-        navManager.updateHoldingValuation(POOL_A, SC_1, asset1, mockValuation);
-    }
-
-    function testUpdateHoldingValuationUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.updateHoldingValuation(POOL_A, SC_1, asset1, mockValuation);
-    }
-}
-
-contract NAVManagerCloseGainLossTest is NAVManagerTest {
-    function setUp() public override {
-        super.setUp();
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testCloseGainLossSuccess() public {
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 100, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 50, true);
-
-        JournalEntry[] memory debits = new JournalEntry[](2);
-        debits[0] = JournalEntry({value: 100, accountId: navManager.gainAccount(CENTRIFUGE_ID_1)});
-        debits[1] = JournalEntry({value: 50, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
-
-        JournalEntry[] memory credits = new JournalEntry[](2);
-        credits[0] = JournalEntry({value: 100, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
-        credits[1] = JournalEntry({value: 50, accountId: navManager.lossAccount(CENTRIFUGE_ID_1)});
-
-        vm.expectCall(address(hub), abi.encodeCall(IHub.updateJournal, (POOL_A, debits, credits)));
-
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testCloseGainLossOnlyGain() public {
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 200, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 0, true);
-
-        JournalEntry[] memory debits = new JournalEntry[](1);
-        debits[0] = JournalEntry({value: 200, accountId: navManager.gainAccount(CENTRIFUGE_ID_1)});
-
-        JournalEntry[] memory credits = new JournalEntry[](1);
-        credits[0] = JournalEntry({value: 200, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
-
-        vm.expectCall(address(hub), abi.encodeCall(IHub.updateJournal, (POOL_A, debits, credits)));
-
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testCloseGainLossOnlyLoss() public {
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 0, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 150, true);
-
-        JournalEntry[] memory debits = new JournalEntry[](1);
-        debits[0] = JournalEntry({value: 150, accountId: navManager.equityAccount(CENTRIFUGE_ID_1)});
-
-        JournalEntry[] memory credits = new JournalEntry[](1);
-        credits[0] = JournalEntry({value: 150, accountId: navManager.lossAccount(CENTRIFUGE_ID_1)});
-
-        vm.expectCall(address(hub), abi.encodeCall(IHub.updateJournal, (POOL_A, debits, credits)));
-
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testCloseGainLossNoGainNoLoss() public {
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 0, true);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 0, true);
-
-        vm.expectCall(address(hub), abi.encodeWithSelector(IHub.updateJournal.selector), 0);
-
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testCloseGainLossNotInitialized() public {
-        vm.expectRevert(INAVManager.NotInitialized.selector);
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_2);
-    }
-
-    function testCloseGainLossUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
-    }
-
-    function testCloseGainLossInvalidStateOfAccounts(bool gainIsPositive, bool lossIsPositive) public {
-        vm.assume(!gainIsPositive || !lossIsPositive); // At least one account is negative
-        _mockAccountValue(navManager.gainAccount(CENTRIFUGE_ID_1), 100, gainIsPositive);
-        _mockAccountValue(navManager.lossAccount(CENTRIFUGE_ID_1), 50, lossIsPositive);
-
-        vm.expectRevert(INAVManager.InvalidStateOfAccounts.selector);
-        vm.prank(manager);
-        navManager.closeGainLoss(POOL_A, CENTRIFUGE_ID_1);
-    }
-}
-
-contract NAVManagerHelperFunctionsTest is NAVManagerTest {
-    function testEquityAccount() public view {
-        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(AccountType.Equity));
-        AccountId actual = navManager.equityAccount(CENTRIFUGE_ID_1);
-        assertEq(actual.raw(), expected.raw());
-    }
-
-    function testLiabilityAccount() public view {
-        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(AccountType.Liability));
-        AccountId actual = navManager.liabilityAccount(CENTRIFUGE_ID_1);
-        assertEq(actual.raw(), expected.raw());
-    }
-
-    function testGainAccount() public view {
-        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(AccountType.Gain));
-        AccountId actual = navManager.gainAccount(CENTRIFUGE_ID_1);
-        assertEq(actual.raw(), expected.raw());
-    }
-
-    function testLossAccount() public view {
-        AccountId expected = withCentrifugeId(CENTRIFUGE_ID_1, uint16(AccountType.Loss));
-        AccountId actual = navManager.lossAccount(CENTRIFUGE_ID_1);
-        assertEq(actual.raw(), expected.raw());
-    }
-
-    function testAssetAccount() public {
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-        vm.prank(manager);
-        navManager.initializeHolding(POOL_A, SC_1, asset1, mockValuation);
-
-        AccountId expected = withAssetId(asset1, uint16(AccountType.Asset));
-        AccountId actual = navManager.assetAccount(asset1);
-        assertEq(actual.raw(), expected.raw());
-    }
-
-    function testExpenseAccount() public {
-        vm.prank(manager);
-        navManager.initializeNetwork(POOL_A, CENTRIFUGE_ID_1);
-        vm.prank(manager);
-        navManager.initializeLiability(POOL_A, SC_1, asset1, mockValuation);
-
-        AccountId expected = withAssetId(asset1, uint16(AccountType.Expense));
-        AccountId actual = navManager.expenseAccount(asset1);
-        assertEq(actual.raw(), expected.raw());
-    }
-}
-
-contract NAVManagerOnTransferTest is NAVManagerTest {
-    function setUp() public override {
-        super.setUp();
-        vm.prank(hubManager);
-        navManager.setNAVHook(POOL_A, navHook);
-    }
-
-    function testOnTransferUnauthorized() public {
-        vm.expectRevert(INAVManager.NotAuthorized.selector);
-        vm.prank(unauthorized);
-        navManager.onTransfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
-    }
-
-    function testOnTransferNoNAVHook() public {
-        vm.prank(hubManager);
-        navManager.setNAVHook(POOL_A, INAVHook(address(0)));
-
-        vm.expectRevert(INAVManager.InvalidNAVHook.selector);
-        vm.prank(holdings);
-        navManager.onTransfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
-    }
-
-    function testOnTransferSuccess() public {
-        vm.expectCall(
-            address(navHook),
-            abi.encodeWithSelector(INAVHook.onTransfer.selector, POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1)
-        );
-
-        vm.expectEmit(true, true, true, true);
-        emit INAVManager.Transfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
-
-        vm.prank(holdings);
-        navManager.onTransfer(POOL_A, SC_1, CENTRIFUGE_ID_1, CENTRIFUGE_ID_2, 1);
-    }
-}
diff --git a/test/managers/hub/unit/Supervisor.t.sol b/test/managers/hub/unit/Supervisor.t.sol
new file mode 100644
index 000000000..c7d251e82
--- /dev/null
+++ b/test/managers/hub/unit/Supervisor.t.sol
@@ -0,0 +1,293 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {IHub} from "../../../../src/core/hub/interfaces/IHub.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {IHubRegistry} from "../../../../src/core/hub/interfaces/IHubRegistry.sol";
+import {IManagerCallFromSpoke} from "../../../../src/core/utils/interfaces/IManagerCall.sol";
+
+import {Supervisor, SupervisorFactory} from "../../../../src/managers/hub/Supervisor.sol";
+import {ISupervisor, ISupervisorFactory, TrustedCall} from "../../../../src/managers/hub/interfaces/ISupervisor.sol";
+
+import "forge-std/Test.sol";
+
+/// @dev Records the last cancelAuthorization the Supervisor routed through the registry.
+contract MockHubRegistry {
+    bytes public lastCancelled;
+
+    function cancelAuthorization(PoolId, address, bytes calldata data) external {
+        lastCancelled = data;
+    }
+}
+
+contract MockHub {
+    IHubRegistry public immutable hubRegistry;
+
+    constructor(IHubRegistry hubRegistry_) {
+        hubRegistry = hubRegistry_;
+    }
+
+    function cancelAuthorization(PoolId poolId, bytes calldata data) external {
+        hubRegistry.cancelAuthorization(poolId, msg.sender, data);
+    }
+}
+
+contract SupervisorTest is Test {
+    using CastLib for address;
+
+    PoolId constant POOL_A = PoolId.wrap(1);
+    ShareClassId constant SC_A = ShareClassId.wrap(bytes16(uint128(2)));
+
+    address immutable envoy = makeAddr("envoy");
+    address immutable sentinelA = makeAddr("sentinelA");
+    address immutable sentinelB = makeAddr("sentinelB");
+    address immutable outsider = makeAddr("outsider");
+
+    MockHubRegistry registry = new MockHubRegistry();
+    MockHub mockHub = new MockHub(IHubRegistry(address(registry)));
+    Supervisor supervisor;
+
+    bytes4 constant UPDATE_SHARE_PRICE_WITH_TIMESTAMP =
+        bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128,uint64)"));
+    bytes data = abi.encodeWithSelector(UPDATE_SHARE_PRICE_WITH_TIMESTAMP, POOL_A, SC_A, uint256(1e18), uint64(1));
+
+    function setUp() public {
+        supervisor = new Supervisor(IHub(address(mockHub)), POOL_A, envoy);
+    }
+
+    function _addSentinel(address s) internal {
+        vm.prank(envoy);
+        supervisor.fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, s));
+    }
+
+    function _removeSentinelCall(address s) internal view returns (bytes memory) {
+        bytes memory inner = abi.encode(TrustedCall.RemoveSentinel, s);
+        return abi.encodeWithSelector(
+            IHub.managerCall.selector,
+            POOL_A,
+            uint16(1),
+            address(supervisor).toBytes32(),
+            inner,
+            uint128(0),
+            uint256(0),
+            address(0)
+        );
+    }
+
+    // ─── cancelAuthorization ────────────────────────────────────────────────────
+
+    function testSentinelCanCancel() public {
+        _addSentinel(sentinelA);
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(data);
+        assertEq(registry.lastCancelled(), data);
+    }
+
+    function testNonSentinelCannotCancel() public {
+        vm.expectRevert(ISupervisor.NotSentinel.selector);
+        vm.prank(outsider);
+        supervisor.cancelAuthorization(data);
+    }
+
+    function testSentinelCannotCancelOwnRemovalWithMultipleSentinels() public {
+        _addSentinel(sentinelA);
+        _addSentinel(sentinelB);
+
+        vm.expectRevert(ISupervisor.CannotSelfCancel.selector);
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(_removeSentinelCall(sentinelA));
+    }
+
+    function testSentinelCanCancelOtherSentinelRemoval() public {
+        _addSentinel(sentinelA);
+        _addSentinel(sentinelB);
+
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(_removeSentinelCall(sentinelB));
+        assertEq(registry.lastCancelled(), _removeSentinelCall(sentinelB));
+    }
+
+    function testSoleSentinelCanCancelOwnRemoval() public {
+        _addSentinel(sentinelA); // only one sentinel -> guard skipped
+
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(_removeSentinelCall(sentinelA));
+        assertEq(registry.lastCancelled(), _removeSentinelCall(sentinelA));
+    }
+
+    function testSentinelCanCancelOtherTargetSharingRemoveSentinelShape() public {
+        _addSentinel(sentinelA);
+        _addSentinel(sentinelB);
+
+        // A managerCall targeting a different contract (e.g. AdapterFailover.UpdateSteward) can encode a
+        // payload with the same leading-word/address-at-44 shape as RemoveSentinel(sentinelA): first word
+        // 1, address at offset 44. Without pinning the target to this Supervisor, this would be
+        // misclassified as sentinelA's own removal and block the veto.
+        address other = makeAddr("adapterFailover");
+        bytes memory inner = abi.encode(uint8(1), sentinelA, true);
+        bytes memory call = abi.encodeWithSelector(
+            IHub.managerCall.selector, POOL_A, uint16(1), other.toBytes32(), inner, uint128(0), uint256(0), address(0)
+        );
+
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(call);
+        assertEq(registry.lastCancelled(), call);
+    }
+
+    function testSentinelVetoNotBlockedByMalformedPayload() public {
+        _addSentinel(sentinelA);
+        _addSentinel(sentinelB);
+
+        // A compromised manager could authorize an out-of-policy managerCall whose inner payload is
+        // shaped so a strict (TrustedCall, address) decode reverts (here: a 64-byte payload whose first
+        // word is out of enum range). The self-removal guard must tolerate it, not revert, or it would
+        // freeze the sentinel veto for exactly such calls.
+        bytes memory malformed = abi.encode(type(uint256).max, type(uint256).max);
+        bytes memory call = abi.encodeWithSelector(
+            IHub.managerCall.selector,
+            POOL_A,
+            uint16(1),
+            address(supervisor).toBytes32(),
+            malformed,
+            uint128(0),
+            uint256(0),
+            address(0)
+        );
+
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(call);
+        assertEq(registry.lastCancelled(), call);
+    }
+
+    function testSentinelVetoNotBlockedByTruncatedManagerCallArgs() public {
+        _addSentinel(sentinelA);
+        _addSentinel(sentinelB);
+
+        // A managerCall selector with fewer than the 224 static-encoded bytes of its args would revert an
+        // unguarded abi.decode. The self-removal guard must tolerate it, not revert, or it would freeze
+        // the sentinel veto for exactly such calls.
+        bytes memory call = abi.encodeWithSelector(IHub.managerCall.selector, POOL_A, uint16(1));
+
+        vm.prank(sentinelA);
+        supervisor.cancelAuthorization(call);
+        assertEq(registry.lastCancelled(), call);
+    }
+
+    // ─── sentinel management ────────────────────────────────────────────────────
+
+    function testAddSentinel() public {
+        vm.expectEmit();
+        emit ISupervisor.AddSentinel(sentinelA);
+        _addSentinel(sentinelA);
+
+        assertTrue(supervisor.sentinels(sentinelA));
+        assertEq(supervisor.sentinelCount(), 1);
+    }
+
+    function testAddSentinelAlreadySentinel() public {
+        _addSentinel(sentinelA);
+
+        vm.expectRevert(ISupervisor.AlreadySentinel.selector);
+        vm.prank(envoy);
+        supervisor.fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinelA));
+    }
+
+    /// @dev Documents the accepted bootstrap gap: the very first AddSentinel authorization for a freshly
+    ///      deployed Supervisor matures with no possible veto, since no sentinel exists yet to call
+    ///      cancelAuthorization. Reviewed this session and accepted as an operational deployment concern
+    ///      (seed the first sentinel promptly), not a code fix — this test pins the current behavior.
+    function testFirstAddSentinelHasNoVetoWindow() public {
+        assertEq(supervisor.sentinelCount(), 0);
+
+        // No sentinel exists, so cancelAuthorization would revert NotSentinel for anyone who tried.
+        vm.expectRevert(ISupervisor.NotSentinel.selector);
+        vm.prank(outsider);
+        supervisor.cancelAuthorization(_removeSentinelCall(sentinelA));
+
+        // The first AddSentinel still matures and executes normally.
+        _addSentinel(sentinelA);
+        assertTrue(supervisor.sentinels(sentinelA));
+        assertEq(supervisor.sentinelCount(), 1);
+    }
+
+    function testAddSentinelOnlyEnvoy() public {
+        vm.expectRevert(ISupervisor.NotEnvoy.selector);
+        supervisor.fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinelA));
+    }
+
+    function testFromHubRejectsValue() public {
+        vm.deal(envoy, 1 ether);
+        vm.expectRevert(ISupervisor.UnexpectedValue.selector);
+        vm.prank(envoy);
+        supervisor.fromHub{value: 1 ether}(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinelA));
+    }
+
+    function testAddSentinelZeroAddress() public {
+        vm.expectRevert(ISupervisor.ZeroAddress.selector);
+        vm.prank(envoy);
+        supervisor.fromHub(POOL_A, abi.encode(TrustedCall.AddSentinel, address(0)));
+    }
+
+    function testRemoveSentinel() public {
+        _addSentinel(sentinelA);
+        _addSentinel(sentinelB);
+
+        vm.expectEmit();
+        emit ISupervisor.RemoveSentinel(sentinelA);
+        vm.prank(envoy);
+        supervisor.fromHub(POOL_A, abi.encode(TrustedCall.RemoveSentinel, sentinelA));
+
+        assertFalse(supervisor.sentinels(sentinelA));
+        assertEq(supervisor.sentinelCount(), 1);
+    }
+
+    function testCannotRemoveLastSentinel() public {
+        _addSentinel(sentinelA);
+
+        vm.expectRevert(ISupervisor.LastSentinel.selector);
+        vm.prank(envoy);
+        supervisor.fromHub(POOL_A, abi.encode(TrustedCall.RemoveSentinel, sentinelA));
+    }
+
+    function testFromHubWrongPoolReverts() public {
+        // A managerCall from another pool routed at this Supervisor must be rejected.
+        vm.expectRevert(ISupervisor.NotPool.selector);
+        vm.prank(envoy);
+        supervisor.fromHub(PoolId.wrap(999), abi.encode(TrustedCall.AddSentinel, sentinelA));
+    }
+
+    /// @dev Direction boundary: the Supervisor is a hub-only target — it implements
+    ///      `IManagerCallFromHub.fromHub` ONLY, never `IManagerCallFromSpoke.fromSpoke`. So the untrusted
+    ///      spoke path (`Envoy.callFromSpoke` -> `target.fromSpoke`) can never reach it (nonexistent
+    ///      selector). Freezes the guarantee on the real contract; adding `fromSpoke` later trips this.
+    function testFromSpokeUnreachable() public {
+        vm.prank(envoy);
+        vm.expectRevert();
+        IManagerCallFromSpoke(address(supervisor))
+            .fromSpoke(POOL_A, abi.encode(TrustedCall.AddSentinel, sentinelA), 0, bytes32(0));
+    }
+
+    // ─── factory ────────────────────────────────────────────────────────────────
+
+    function testFactoryDeploys() public {
+        SupervisorFactory factory = new SupervisorFactory(IHub(address(mockHub)));
+
+        vm.expectEmit(true, false, false, false);
+        emit ISupervisorFactory.DeploySupervisor(POOL_A, address(0));
+        ISupervisor s = factory.newSupervisor(POOL_A, envoy);
+
+        assertEq(address(s.hub()), address(mockHub));
+        assertEq(s.envoy(), envoy);
+    }
+
+    function testFactoryPreviewMatchesDeploy() public {
+        SupervisorFactory factory = new SupervisorFactory(IHub(address(mockHub)));
+
+        address predicted = factory.previewSupervisor(POOL_A, envoy);
+        ISupervisor s = factory.newSupervisor(POOL_A, envoy);
+        assertEq(address(s), predicted);
+    }
+}
diff --git a/test/managers/spoke/OnchainPMTestBase.sol b/test/managers/spoke/OnchainPMTestBase.sol
index 281b36de9..8db10ac71 100644
--- a/test/managers/spoke/OnchainPMTestBase.sol
+++ b/test/managers/spoke/OnchainPMTestBase.sol
@@ -125,10 +125,10 @@ abstract contract OnchainPMTestBase is Test {
 
     // ─── Policy/hash helpers ─────────────────────────────────────────────
 
-    function _setPolicy(IOnchainPM onchainPM, address who, bytes32 root, address contractUpdater) internal {
+    function _setPolicy(IOnchainPM onchainPM, address who, bytes32 root, address envoy) internal {
         bytes memory payload = abi.encode(who.toBytes32(), root);
-        vm.prank(contractUpdater);
-        onchainPM.trustedCall(POOL_A, SC_1, payload);
+        vm.prank(envoy);
+        onchainPM.fromHub(POOL_A, payload);
     }
 
     function _computeScriptHash(
diff --git a/test/managers/spoke/unit/AccountingToken.t.sol b/test/managers/spoke/unit/AccountingToken.t.sol
index 9b0f50435..e3f3273fb 100644
--- a/test/managers/spoke/unit/AccountingToken.t.sol
+++ b/test/managers/spoke/unit/AccountingToken.t.sol
@@ -19,7 +19,7 @@ contract AccountingTokenTest is Test {
     PoolId constant POOL_B = PoolId.wrap(2);
     ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
 
     AccountingToken token;
 
@@ -38,15 +38,15 @@ contract AccountingTokenTest is Test {
     }
 
     function setUp() public virtual {
-        token = new AccountingToken(contractUpdater);
+        token = new AccountingToken(envoy);
 
         tokenIdA = token.toTokenId(POOL_A, asset, false);
         tokenIdB = token.toTokenId(POOL_B, asset, false);
 
         // Register minters via trustedCall
-        vm.startPrank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(minterA), true));
-        token.trustedCall(POOL_B, SC_1, abi.encode(_toBytes32(minterB), true));
+        vm.startPrank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(minterA), true));
+        token.fromHub(POOL_B, abi.encode(_toBytes32(minterB), true));
         vm.stopPrank();
     }
 
@@ -61,7 +61,7 @@ contract AccountingTokenTest is Test {
 
 contract AccountingTokenConstructorTest is AccountingTokenTest {
     function testConstructor() public view {
-        assertEq(token.contractUpdater(), contractUpdater);
+        assertEq(token.envoy(), envoy);
     }
 }
 
@@ -116,17 +116,17 @@ contract AccountingTokenAccessControlTest is AccountingTokenTest {
 
 contract AccountingTokenTrustedCallTest is AccountingTokenTest {
     function testTrustedCallOnlyCallableByContractUpdater() public {
-        vm.expectRevert(IAccountingToken.NotAuthorized.selector);
+        vm.expectRevert(IAccountingToken.NotEnvoy.selector);
         vm.prank(user);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(user), true));
+        token.fromHub(POOL_A, abi.encode(_toBytes32(user), true));
     }
 
     function testTrustedCallEnablesMinter() public {
         address newMinter = makeAddr("newMinter");
         assertFalse(token.minters(POOL_A, newMinter));
 
-        vm.prank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(newMinter), true));
+        vm.prank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(newMinter), true));
 
         assertTrue(token.minters(POOL_A, newMinter));
     }
@@ -134,8 +134,8 @@ contract AccountingTokenTrustedCallTest is AccountingTokenTest {
     function testTrustedCallDisablesMinter() public {
         assertTrue(token.minters(POOL_A, minterA));
 
-        vm.prank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(minterA), false));
+        vm.prank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(minterA), false));
 
         assertFalse(token.minters(POOL_A, minterA));
     }
@@ -146,14 +146,14 @@ contract AccountingTokenTrustedCallTest is AccountingTokenTest {
         vm.expectEmit();
         emit IAccountingToken.UpdateMinter(POOL_A, newMinter, true);
 
-        vm.prank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(newMinter), true));
+        vm.prank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(newMinter), true));
     }
 
     function testDisabledMinterCannotMint() public {
         // Disable minterA
-        vm.prank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(minterA), false));
+        vm.prank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(minterA), false));
 
         vm.expectRevert(IAccountingToken.NotMinter.selector);
         vm.prank(minterA);
@@ -394,7 +394,7 @@ contract AccountingTokenMinterIntegrationTest is Test {
     PoolId constant POOL_A = PoolId.wrap(1);
     ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     AccountingToken token;
 
     function _toBytes32(address addr) internal pure returns (bytes32) {
@@ -402,7 +402,7 @@ contract AccountingTokenMinterIntegrationTest is Test {
     }
 
     function setUp() public {
-        token = new AccountingToken(contractUpdater);
+        token = new AccountingToken(envoy);
     }
 
     function testTrustedCallRegisteredMinterCanMint() public {
@@ -411,8 +411,8 @@ contract AccountingTokenMinterIntegrationTest is Test {
         uint256 tokenId = token.toTokenId(POOL_A, asset_, false);
         address user_ = makeAddr("user");
 
-        vm.prank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(minter), true));
+        vm.prank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(minter), true));
 
         vm.prank(minter);
         token.mint(user_, tokenId, 100e18, SC_1);
@@ -426,8 +426,8 @@ contract AccountingTokenMinterIntegrationTest is Test {
         uint256 tokenId = token.toTokenId(POOL_A, asset_, false);
         address user_ = makeAddr("user");
 
-        vm.prank(contractUpdater);
-        token.trustedCall(POOL_A, SC_1, abi.encode(_toBytes32(minter), true));
+        vm.prank(envoy);
+        token.fromHub(POOL_A, abi.encode(_toBytes32(minter), true));
 
         vm.prank(minter);
         token.mint(user_, tokenId, 100e18, SC_1);
diff --git a/test/managers/spoke/unit/CircuitBreakerGuard.t.sol b/test/managers/spoke/unit/CircuitBreakerGuard.t.sol
index 7e4bc7c47..3279a49d5 100644
--- a/test/managers/spoke/unit/CircuitBreakerGuard.t.sol
+++ b/test/managers/spoke/unit/CircuitBreakerGuard.t.sol
@@ -20,20 +20,20 @@ contract CircuitBreakerTallyTest is Test {
 
     function testSingleTallyWithinLimit() public {
         guard.tally(key, 500_000e6, MAX, WINDOW);
-        (uint128 total,) = guard.cumulative(address(this), key, WINDOW);
+        (uint128 total,) = guard.cumulative(address(this), key);
         assertEq(total, 500_000e6);
     }
 
     function testMultipleTalliesAccumulate() public {
         guard.tally(key, 300_000e6, MAX, WINDOW);
         guard.tally(key, 400_000e6, MAX, WINDOW);
-        (uint128 total,) = guard.cumulative(address(this), key, WINDOW);
+        (uint128 total,) = guard.cumulative(address(this), key);
         assertEq(total, 700_000e6);
     }
 
     function testTallyExactLimitPasses() public {
         guard.tally(key, MAX, MAX, WINDOW);
-        (uint128 total,) = guard.cumulative(address(this), key, WINDOW);
+        (uint128 total,) = guard.cumulative(address(this), key);
         assertEq(total, MAX);
     }
 
@@ -49,7 +49,7 @@ contract CircuitBreakerTallyTest is Test {
         guard.tally(key, 900_000e6, MAX, WINDOW);
         vm.warp(block.timestamp + WINDOW + 1);
         guard.tally(key, 900_000e6, MAX, WINDOW);
-        (uint128 total,) = guard.cumulative(address(this), key, WINDOW);
+        (uint128 total,) = guard.cumulative(address(this), key);
         assertEq(total, 900_000e6);
     }
 
@@ -66,8 +66,8 @@ contract CircuitBreakerTallyTest is Test {
         bytes32 keyB = keccak256("bridge-weth");
         guard.tally(key, 900_000e6, MAX, WINDOW);
         guard.tally(keyB, 900_000e6, MAX, WINDOW);
-        (uint128 totalA,) = guard.cumulative(address(this), key, WINDOW);
-        (uint128 totalB,) = guard.cumulative(address(this), keyB, WINDOW);
+        (uint128 totalA,) = guard.cumulative(address(this), key);
+        (uint128 totalB,) = guard.cumulative(address(this), keyB);
         assertEq(totalA, 900_000e6);
         assertEq(totalB, 900_000e6);
     }
@@ -76,8 +76,8 @@ contract CircuitBreakerTallyTest is Test {
         guard.tally(key, 900_000e6, MAX, WINDOW);
         vm.prank(makeAddr("other"));
         guard.tally(key, 900_000e6, MAX, WINDOW);
-        (uint128 totalThis,) = guard.cumulative(address(this), key, WINDOW);
-        (uint128 totalOther,) = guard.cumulative(makeAddr("other"), key, WINDOW);
+        (uint128 totalThis,) = guard.cumulative(address(this), key);
+        (uint128 totalOther,) = guard.cumulative(makeAddr("other"), key);
         assertEq(totalThis, 900_000e6);
         assertEq(totalOther, 900_000e6);
     }
@@ -92,7 +92,7 @@ contract CircuitBreakerTallyTest is Test {
             guard.tally(key, b, max, WINDOW);
         } else {
             guard.tally(key, b, max, WINDOW);
-            (uint128 total,) = guard.cumulative(address(this), key, WINDOW);
+            (uint128 total,) = guard.cumulative(address(this), key);
             assertEq(total, uint256(a) + uint256(b));
         }
     }
@@ -108,7 +108,7 @@ contract CircuitBreakerTallyTest is Test {
         // Next block: 1 second elapsed > 0, window resets
         vm.warp(block.timestamp + 1);
         guard.tally(key, MAX, MAX, 0);
-        (uint128 total,) = guard.cumulative(address(this), key, 0);
+        (uint128 total,) = guard.cumulative(address(this), key);
         assertEq(total, MAX);
     }
 
@@ -118,6 +118,25 @@ contract CircuitBreakerTallyTest is Test {
         vm.expectRevert();
         guard.tally(key, amount, type(uint256).max, WINDOW);
     }
+
+    function testTallyPersistsAcrossWindowChange() public {
+        // Fill half the limit under window W.
+        guard.tally(key, 600_000e6, MAX, WINDOW);
+
+        // Caller changes rateWindow to W/2 (simulates SetRateLimit). The tally must persist —
+        // the new window key must NOT give a fresh zero-total slot.
+        uint256 newWindow = WINDOW / 2;
+        guard.tally(key, 300_000e6, MAX, newWindow);
+
+        (uint128 total,) = guard.cumulative(address(this), key);
+        assertEq(total, 900_000e6);
+
+        // And the combined limit is still enforced.
+        vm.expectRevert(
+            abi.encodeWithSelector(ICircuitBreakerGuard.ExceedsCumulativeLimit.selector, key, 200_000e6, MAX, newWindow)
+        );
+        guard.tally(key, 200_000e6, MAX, newWindow);
+    }
 }
 
 // ─── Delta Tests ────────────────────────────────────────────────────────────
@@ -137,7 +156,7 @@ contract CircuitBreakerDeltaTest is Test {
 
     function testFirstCallAnchorsToCurrentValue() public {
         guard.delta(key, 1000, 1040, MAX_BPS, WINDOW);
-        (uint128 anchor, uint64 windowStart) = guard.refs(address(this), key, WINDOW);
+        (uint128 anchor, uint64 windowStart) = guard.refs(address(this), key);
         assertEq(anchor, 1000);
         assertEq(windowStart, block.timestamp);
     }
@@ -147,7 +166,7 @@ contract CircuitBreakerDeltaTest is Test {
 
         // Second call within window — currentValue is ignored, anchor stays 1000
         guard.delta(key, 9999, 1049, MAX_BPS, WINDOW);
-        (uint128 anchor,) = guard.refs(address(this), key, WINDOW);
+        (uint128 anchor,) = guard.refs(address(this), key);
         assertEq(anchor, 1000);
     }
 
@@ -182,7 +201,7 @@ contract CircuitBreakerDeltaTest is Test {
 
         // New window — anchors to currentValue (2000), not old anchor
         guard.delta(key, 2000, 2090, MAX_BPS, WINDOW);
-        (uint128 anchor,) = guard.refs(address(this), key, WINDOW);
+        (uint128 anchor,) = guard.refs(address(this), key);
         assertEq(anchor, 2000);
     }
 
@@ -215,8 +234,8 @@ contract CircuitBreakerDeltaTest is Test {
         guard.delta(key, 1000, 1050, MAX_BPS, WINDOW);
         guard.delta(keyB, 5000, 5250, MAX_BPS, WINDOW);
 
-        (uint128 anchorA,) = guard.refs(address(this), key, WINDOW);
-        (uint128 anchorB,) = guard.refs(address(this), keyB, WINDOW);
+        (uint128 anchorA,) = guard.refs(address(this), key);
+        (uint128 anchorB,) = guard.refs(address(this), keyB);
         assertEq(anchorA, 1000);
         assertEq(anchorB, 5000);
     }
@@ -226,8 +245,8 @@ contract CircuitBreakerDeltaTest is Test {
         vm.prank(makeAddr("other"));
         guard.delta(key, 2000, 2100, MAX_BPS, WINDOW);
 
-        (uint128 anchorThis,) = guard.refs(address(this), key, WINDOW);
-        (uint128 anchorOther,) = guard.refs(makeAddr("other"), key, WINDOW);
+        (uint128 anchorThis,) = guard.refs(address(this), key);
+        (uint128 anchorOther,) = guard.refs(makeAddr("other"), key);
         assertEq(anchorThis, 1000);
         assertEq(anchorOther, 2000);
     }
@@ -256,15 +275,32 @@ contract CircuitBreakerDeltaTest is Test {
         // window=0: anchor resets on every new block (1 second elapsed > 0)
         vm.warp(1_000_000);
         guard.delta(key, 1000, 1000, MAX_BPS, 0);
-        (uint128 anchor1,) = guard.refs(address(this), key, 0);
+        (uint128 anchor1,) = guard.refs(address(this), key);
         assertEq(anchor1, 1000);
 
         vm.warp(block.timestamp + 1);
         guard.delta(key, 2000, 2000, MAX_BPS, 0);
-        (uint128 anchor2,) = guard.refs(address(this), key, 0);
+        (uint128 anchor2,) = guard.refs(address(this), key);
         assertEq(anchor2, 2000);
     }
 
+    function testDeltaAnchorPersistsAcrossWindowChange() public {
+        guard.delta(key, 1000, 1000, MAX_BPS, WINDOW);
+        (uint128 anchor,) = guard.refs(address(this), key);
+        assertEq(anchor, 1000);
+
+        // Window change: anchor persists, not reset to currentValue
+        uint256 newWindow = WINDOW * 2;
+        guard.delta(key, 1049, 1049, MAX_BPS, newWindow); // currentValue 4.9% above anchor — still within 5%
+        (uint128 anchorAfter,) = guard.refs(address(this), key);
+        assertEq(anchorAfter, 1000);
+
+        vm.expectRevert(
+            abi.encodeWithSelector(ICircuitBreakerGuard.ExceedsDeltaLimit.selector, key, 1049, 1051, MAX_BPS, newWindow)
+        );
+        guard.delta(key, 1049, 1051, MAX_BPS, newWindow); // 5.1% from anchor 1000 — blocked
+    }
+
     function testFuzzDelta(uint128 currentValue, uint128 newValue, uint16 maxDeltaBps) public {
         vm.assume(currentValue > 0);
         vm.warp(1_000_000); // ensure windowStart=0 triggers new window
@@ -279,7 +315,7 @@ contract CircuitBreakerDeltaTest is Test {
             guard.delta(key, currentValue, newValue, maxDeltaBps, WINDOW);
         } else {
             guard.delta(key, currentValue, newValue, maxDeltaBps, WINDOW);
-            (uint128 anchor,) = guard.refs(address(this), key, WINDOW);
+            (uint128 anchor,) = guard.refs(address(this), key);
             assertEq(anchor, currentValue);
         }
     }
diff --git a/test/managers/spoke/unit/OnOffRamp.t.sol b/test/managers/spoke/unit/OnOffRamp.t.sol
index ef5e540eb..01661aed4 100644
--- a/test/managers/spoke/unit/OnOffRamp.t.sol
+++ b/test/managers/spoke/unit/OnOffRamp.t.sol
@@ -13,7 +13,7 @@ import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IBalanceSheet, WithdrawMode} from "../../../../src/core/spoke/interfaces/IBalanceSheet.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {OnOffRampFactory} from "../../../../src/managers/spoke/OnOffRamp.sol";
 import {IOnOffRamp} from "../../../../src/managers/spoke/interfaces/IOnOffRamp.sol";
@@ -28,8 +28,8 @@ contract IsContract {}
 contract OnOffRampTest is Test {
     using CastLib for *;
 
-    IBalanceSheet balanceSheet = IBalanceSheet(address(new IsContract()));
     ISpoke spoke = ISpoke(address(new IsContract()));
+    ISpokeRegistry spokeRegistry = ISpokeRegistry(address(new IsContract()));
     IERC20 erc20 = IERC20(address(new IsContract()));
     IAccountingToken accountingToken = IAccountingToken(address(new IsContract()));
 
@@ -41,11 +41,10 @@ contract OnOffRampTest is Test {
     uint128 constant DEFAULT_ASSET_ID = 100;
     uint256 constant ERC20_TOKEN_ID = 0;
 
-    // Selector for the withdraw function with WithdrawMode
-    bytes4 constant WITHDRAW_SELECTOR =
-        bytes4(keccak256("withdraw(uint64,bytes16,address,uint256,address,uint128,uint8)"));
+    // Selector for the BalanceSheet withdraw function
+    bytes4 constant WITHDRAW_SELECTOR = bytes4(keccak256("withdraw(uint64,bytes16,address,uint256,address,uint128)"));
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     address relayer = makeAddr("relayer");
     address receiver = makeAddr("receiver");
 
@@ -58,13 +57,13 @@ contract OnOffRampTest is Test {
     }
 
     function _setupMocks() internal {
-        // Mock balanceSheet.spoke() to return our spoke mock
-        vm.mockCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.spoke.selector), abi.encode(spoke));
+        // Mock spoke.spoke() to return our spoke mock
+        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.spokeRegistry.selector), abi.encode(spokeRegistry));
 
-        // Mock spoke.idToAsset() to return asset address and tokenId
+        // Mock spokeRegistry.idToAsset() to return asset address and tokenId
         vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.idToAsset.selector, ASSET_ID),
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), ASSET_ID),
             abi.encode(address(erc20), ERC20_TOKEN_ID)
         );
 
@@ -87,13 +86,13 @@ contract OnOffRampTest is Test {
     }
 
     function _deployManager() internal {
-        factory = new OnOffRampFactory(contractUpdater, balanceSheet, accountingToken);
+        factory = new OnOffRampFactory(envoy, spoke, accountingToken);
 
-        // Mock balanceSheet.spoke().shareToken() to prevent revert during deployment
+        // Mock spoke.spokeRegistry().hasShareClass() so the factory's existence check passes
         vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.shareToken.selector, POOL_A, SC_1),
-            abi.encode(address(new IsContract()))
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.hasShareClass.selector, POOL_A, SC_1),
+            abi.encode(true)
         );
 
         manager = factory.newManager(POOL_A, SC_1);
@@ -103,20 +102,19 @@ contract OnOffRampTest is Test {
     }
 
     function _mockBalanceSheetDeposit(uint128 amount, bool shouldRevert, bytes memory revertData) internal {
-        bytes memory callData = abi.encodeWithSelector(
-            IBalanceSheet.deposit.selector, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, amount
-        );
+        bytes memory callData =
+            abi.encodeWithSelector(ISpoke.deposit.selector, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, amount);
 
         if (shouldRevert) {
-            vm.mockCallRevert(address(balanceSheet), callData, revertData);
+            vm.mockCallRevert(address(spoke), callData, revertData);
         } else {
-            vm.mockCall(address(balanceSheet), callData, abi.encode());
+            vm.mockCall(address(spoke), callData, abi.encode());
         }
 
         // Mock the accounting token deposit to BalanceSheet (liability token)
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.deposit.selector, POOL_A, SC_1, address(accountingToken)),
+            address(spoke),
+            abi.encodeWithSelector(ISpoke.deposit.selector, POOL_A, SC_1, address(accountingToken)),
             abi.encode()
         );
     }
@@ -124,64 +122,52 @@ contract OnOffRampTest is Test {
     function _mockBalanceSheetWithdraw(uint128 amount, address receiver_, bool shouldRevert, bytes memory revertData)
         internal
     {
-        bytes memory callData = abi.encodeWithSelector(
-            WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver_, amount, WithdrawMode.Full
-        );
+        bytes memory callData =
+            abi.encodeWithSelector(WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver_, amount);
 
         if (shouldRevert) {
-            vm.mockCallRevert(address(balanceSheet), callData, revertData);
+            vm.mockCallRevert(address(spoke), callData, revertData);
         } else {
-            vm.mockCall(address(balanceSheet), callData, abi.encode());
+            vm.mockCall(address(spoke), callData, abi.encode());
         }
 
         // Mock the accounting token deposit to BalanceSheet (non-liability token)
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.deposit.selector, POOL_A, SC_1, address(accountingToken)),
+            address(spoke),
+            abi.encodeWithSelector(ISpoke.deposit.selector, POOL_A, SC_1, address(accountingToken)),
             abi.encode()
         );
     }
 
     function _mockManagerPermissions(bool isManager) internal {
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.manager.selector, POOL_A, address(manager)),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.manager.selector, POOL_A, address(manager)),
             abi.encode(isManager)
         );
-
-        // Also mock updateManager to not revert when called using function signature since not in interface
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSignature("updateManager(uint64,address,bool)", POOL_A.raw(), address(manager), isManager),
-            abi.encode()
-        );
     }
 
     function _enableOnramp() internal {
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_A, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
     }
 
     function _enableRelayer(address relayer_) internal {
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_A, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Relayer), relayer_.toBytes32(), true));
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Relayer), relayer_.toBytes32(), true));
     }
 
     function _enableOfframp(address receiver_) internal {
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), DEFAULT_ASSET_ID, receiver_.toBytes32(), true)
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), DEFAULT_ASSET_ID, receiver_.toBytes32(), true)
         );
     }
 
     function _disableOfframp(address receiver_) internal {
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), DEFAULT_ASSET_ID, receiver_.toBytes32(), false)
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), DEFAULT_ASSET_ID, receiver_.toBytes32(), false)
         );
     }
 }
@@ -190,57 +176,51 @@ contract OnOffRampUpdateContractFailureTests is OnOffRampTest {
     using CastLib for *;
 
     function testInvalidSource(address notContractUpdater) public {
-        vm.assume(notContractUpdater != contractUpdater);
+        vm.assume(notContractUpdater != envoy);
 
-        vm.expectRevert(IOnOffRamp.NotContractUpdater.selector);
+        vm.expectRevert(IOnOffRamp.NotEnvoy.selector);
         vm.prank(notContractUpdater);
-        manager.trustedCall(POOL_A, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
     }
 
     function testInvalidPool() public {
         vm.expectRevert(IOnOffRamp.InvalidPoolId.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_B, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
-    }
-
-    function testInvalidShareClass() public {
-        ShareClassId wrongScId = ShareClassId.wrap(bytes16("wrong_sc"));
-
-        vm.expectRevert(IOnOffRamp.InvalidShareClassId.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_A, wrongScId, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
+        vm.prank(envoy);
+        manager.fromHub(POOL_B, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
     }
 
     function testERC6909NotSupportedOnramp() public {
-        // Mock spoke.idToAsset() to return non-zero tokenId
+        // Mock spokeRegistry.idToAsset() to return non-zero tokenId
         vm.mockCall(
-            address(spoke), abi.encodeWithSelector(ISpoke.idToAsset.selector, ASSET_ID), abi.encode(address(erc20), 1)
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), ASSET_ID),
+            abi.encode(address(erc20), 1)
         );
 
         vm.expectRevert(IOnOffRamp.ERC6909NotSupported.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_A, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, true));
     }
 
     function testERC6909NotSupportedOfframp() public {
-        // Mock spoke.idToAsset() to return non-zero tokenId for offramp
+        // Mock spokeRegistry.idToAsset() to return non-zero tokenId for offramp
         vm.mockCall(
-            address(spoke), abi.encodeWithSelector(ISpoke.idToAsset.selector, ASSET_ID), abi.encode(address(erc20), 1)
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), ASSET_ID),
+            abi.encode(address(erc20), 1)
         );
 
         vm.expectRevert(IOnOffRamp.ERC6909NotSupported.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), DEFAULT_ASSET_ID, receiver.toBytes32(), true)
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Offramp), DEFAULT_ASSET_ID, receiver.toBytes32(), true)
         );
     }
 
     function testUnknownTrustedCall() public {
         vm.expectRevert(IOnOffRamp.UnknownTrustedCall.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_A, SC_1, abi.encode(uint8(99), DEFAULT_ASSET_ID, bytes32(""), true));
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, abi.encode(uint8(99), DEFAULT_ASSET_ID, bytes32(""), true));
     }
 }
 
@@ -250,7 +230,7 @@ contract OnOffRampDepositFailureTests is OnOffRampTest {
         manager.deposit(address(erc20), ERC20_TOKEN_ID, amount, address(manager));
     }
 
-    function testNotBalanceSheetManager(uint128 amount) public {
+    function testNotManager(uint128 amount) public {
         _enableOnramp();
         _mockManagerPermissions(false);
         _mockBalanceSheetDeposit(amount, true, abi.encodeWithSelector(IAuth.NotAuthorized.selector));
@@ -289,8 +269,8 @@ contract OnOffRampDepositSuccessTests is OnOffRampTest {
 
         // Expect balance sheet deposit to be called with correct parameters
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.deposit.selector, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, amount)
+            address(spoke),
+            abi.encodeWithSelector(ISpoke.deposit.selector, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, amount)
         );
 
         manager.deposit(address(erc20), ERC20_TOKEN_ID, amount, address(manager));
@@ -299,8 +279,8 @@ contract OnOffRampDepositSuccessTests is OnOffRampTest {
     function testOnrampDisable() public {
         _enableOnramp();
 
-        vm.prank(contractUpdater);
-        manager.trustedCall(POOL_A, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, false));
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Onramp), DEFAULT_ASSET_ID, false));
 
         vm.expectRevert(IOnOffRamp.NotAllowedOnrampAsset.selector);
         manager.deposit(address(erc20), ERC20_TOKEN_ID, 100, address(manager));
@@ -344,7 +324,7 @@ contract OnOffRampWithdrawFailureTests is OnOffRampTest {
         manager.withdraw(address(erc20), ERC20_TOKEN_ID, amount, receiver);
     }
 
-    function testNotBalanceSheetManager(uint128 amount) public {
+    function testNotManager(uint128 amount) public {
         _enableRelayer(relayer);
         _enableOfframp(receiver);
         _mockManagerPermissions(false);
@@ -381,10 +361,8 @@ contract OnOffRampWithdrawSuccessTests is OnOffRampTest {
 
         // Expect balance sheet withdraw to be called with correct parameters
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount, WithdrawMode.Full
-            )
+            address(spoke),
+            abi.encodeWithSelector(WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount)
         );
 
         vm.prank(relayer);
@@ -399,9 +377,9 @@ contract OnOffRampTrustedWithdrawFailureTests is OnOffRampTest {
         amount = uint128(bound(amount, 1, type(uint128).max));
 
         vm.expectRevert(IOnOffRamp.InvalidOfframpDestination.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A, SC_1, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, bytes32(0))
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, bytes32(0))
         );
     }
 
@@ -410,11 +388,9 @@ contract OnOffRampTrustedWithdrawFailureTests is OnOffRampTest {
 
         // Don't enable offramp for receiver
         vm.expectRevert(IOnOffRamp.InvalidOfframpDestination.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
@@ -426,26 +402,22 @@ contract OnOffRampTrustedWithdrawFailureTests is OnOffRampTest {
         _disableOfframp(receiver);
 
         vm.expectRevert(IOnOffRamp.InvalidOfframpDestination.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
     function testWithdrawTrustedCallNotContractUpdater(uint128 amount, address notContractUpdater) public {
-        vm.assume(notContractUpdater != contractUpdater);
+        vm.assume(notContractUpdater != envoy);
         amount = uint128(bound(amount, 1, type(uint128).max));
 
         _enableOfframp(receiver);
 
-        vm.expectRevert(IOnOffRamp.NotContractUpdater.selector);
+        vm.expectRevert(IOnOffRamp.NotEnvoy.selector);
         vm.prank(notContractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
@@ -455,30 +427,13 @@ contract OnOffRampTrustedWithdrawFailureTests is OnOffRampTest {
         _enableOfframp(receiver);
 
         vm.expectRevert(IOnOffRamp.InvalidPoolId.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_B,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_B, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
-    function testWithdrawTrustedCallInvalidShareClassId(uint128 amount) public {
-        amount = uint128(bound(amount, 1, type(uint128).max));
-        ShareClassId wrongScId = ShareClassId.wrap(bytes16("wrong_sc"));
-
-        _enableOfframp(receiver);
-
-        vm.expectRevert(IOnOffRamp.InvalidShareClassId.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            wrongScId,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
-        );
-    }
-
-    function testWithdrawTrustedCallNotBalanceSheetManager(uint128 amount) public {
+    function testWithdrawTrustedCallNotManager(uint128 amount) public {
         amount = uint128(bound(amount, 1, type(uint128).max));
 
         _enableOfframp(receiver);
@@ -486,11 +441,9 @@ contract OnOffRampTrustedWithdrawFailureTests is OnOffRampTest {
         _mockBalanceSheetWithdraw(amount, receiver, true, abi.encodeWithSelector(IAuth.NotAuthorized.selector));
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
@@ -502,11 +455,9 @@ contract OnOffRampTrustedWithdrawFailureTests is OnOffRampTest {
         _mockBalanceSheetWithdraw(amount, receiver, true, abi.encodeWithSelector(IEscrow.InsufficientBalance.selector));
 
         vm.expectRevert(IEscrow.InsufficientBalance.selector);
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 }
@@ -523,17 +474,13 @@ contract OnOffRampTrustedWithdrawSuccessTests is OnOffRampTest {
 
         // Expect balance sheet withdraw to be called with correct parameters
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount, WithdrawMode.Full
-            )
+            address(spoke),
+            abi.encodeWithSelector(WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount)
         );
 
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
@@ -550,33 +497,25 @@ contract OnOffRampTrustedWithdrawSuccessTests is OnOffRampTest {
         // First withdrawal to receiver
         _mockBalanceSheetWithdraw(amount1, receiver, false, "");
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount1, WithdrawMode.Full
-            )
+            address(spoke),
+            abi.encodeWithSelector(WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount1)
         );
 
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount1, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount1, receiver.toBytes32())
         );
 
         // Second withdrawal to receiver2
         _mockBalanceSheetWithdraw(amount2, receiver2, false, "");
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver2, amount2, WithdrawMode.Full
-            )
+            address(spoke),
+            abi.encodeWithSelector(WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver2, amount2)
         );
 
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount2, receiver2.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount2, receiver2.toBytes32())
         );
     }
 
@@ -589,11 +528,9 @@ contract OnOffRampTrustedWithdrawSuccessTests is OnOffRampTest {
         _mockBalanceSheetWithdraw(amount, receiver, false, "");
 
         // Should succeed without enabling relayer (since this is a trusted call)
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 
@@ -606,17 +543,13 @@ contract OnOffRampTrustedWithdrawSuccessTests is OnOffRampTest {
 
         // Should allow zero amount withdrawal
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount, WithdrawMode.Full
-            )
+            address(spoke),
+            abi.encodeWithSelector(WITHDRAW_SELECTOR, POOL_A, SC_1, address(erc20), ERC20_TOKEN_ID, receiver, amount)
         );
 
-        vm.prank(contractUpdater);
-        manager.trustedCall(
-            POOL_A,
-            SC_1,
-            abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
+        vm.prank(envoy);
+        manager.fromHub(
+            POOL_A, abi.encode(uint8(IOnOffRamp.TrustedCall.Withdraw), DEFAULT_ASSET_ID, amount, receiver.toBytes32())
         );
     }
 }
diff --git a/test/managers/spoke/unit/OnchainPM.t.sol b/test/managers/spoke/unit/OnchainPM.t.sol
index f43eb9f36..a1407f9a8 100644
--- a/test/managers/spoke/unit/OnchainPM.t.sol
+++ b/test/managers/spoke/unit/OnchainPM.t.sol
@@ -6,8 +6,8 @@ import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
 import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
-import {IBalanceSheet} from "../../../../src/core/spoke/interfaces/IBalanceSheet.sol";
-import {ITrustedContractUpdate} from "../../../../src/core/utils/interfaces/IContractUpdate.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+import {IManagerCallFromHub} from "../../../../src/core/utils/interfaces/IManagerCall.sol";
 
 import {IOnchainPM} from "../../../../src/managers/spoke/interfaces/IOnchainPM.sol";
 import {IOnchainPMFactory} from "../../../../src/managers/spoke/interfaces/IOnchainPMFactory.sol";
@@ -21,7 +21,7 @@ import {WeirollTarget, OnchainPMTestBase} from "../OnchainPMTestBase.sol";
 contract OnchainPMTest is OnchainPMTestBase {
     using CastLib for *;
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     address strategist = makeAddr("strategist");
     address unauthorized = makeAddr("unauthorized");
     IGateway gateway = IGateway(makeAddr("gateway"));
@@ -30,23 +30,22 @@ contract OnchainPMTest is OnchainPMTestBase {
     WeirollTarget target;
 
     function setUp() public virtual {
-        executor = IOnchainPM(
-            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, contractUpdater, address(gateway)))
-        );
+        executor =
+            IOnchainPM(deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, envoy, address(gateway))));
         target = new WeirollTarget();
     }
 
     // ─── Convenience wrappers ─────────────────────────────────────────────
 
     function _setPolicy(address who, bytes32 root) internal {
-        _setPolicy(executor, who, root, contractUpdater);
+        _setPolicy(executor, who, root, envoy);
     }
 
     // ─── Constructor / receive tests ─────────────────────────────────────
 
     function testConstructor() public view {
         assertEq(executor.poolId().raw(), POOL_A.raw());
-        assertEq(executor.contractUpdater(), contractUpdater);
+        assertEq(executor.envoy(), envoy);
     }
 
     function testReceiveEther() public {
@@ -57,9 +56,9 @@ contract OnchainPMTest is OnchainPMTestBase {
     }
 }
 
-// ─── TrustedCall Failures ─────────────────────────────────────────────────────
+// ─── FromHub Failures ─────────────────────────────────────────────────────
 
-contract OnchainPMTrustedCallFailureTests is OnchainPMTest {
+contract OnchainPMFromHubFailureTests is OnchainPMTest {
     using CastLib for *;
 
     function testInvalidPoolId() public {
@@ -67,39 +66,49 @@ contract OnchainPMTrustedCallFailureTests is OnchainPMTest {
         bytes memory payload = abi.encode(strategist.toBytes32(), rootHash);
 
         vm.expectRevert(IOnchainPM.InvalidPoolId.selector);
-        vm.prank(contractUpdater);
-        executor.trustedCall(POOL_B, SC_1, payload);
+        vm.prank(envoy);
+        executor.fromHub(POOL_B, payload);
     }
 
-    function testNotAuthorized() public {
+    function testNotEnvoy() public {
         bytes32 rootHash = keccak256("root");
         bytes memory payload = abi.encode(strategist.toBytes32(), rootHash);
 
-        vm.expectRevert(IOnchainPM.NotAuthorized.selector);
+        vm.expectRevert(IOnchainPM.NotEnvoy.selector);
         vm.prank(unauthorized);
-        executor.trustedCall(POOL_A, SC_1, payload);
+        executor.fromHub(POOL_A, payload);
+    }
+
+    function testUnexpectedValue() public {
+        bytes32 rootHash = keccak256("root");
+        bytes memory payload = abi.encode(strategist.toBytes32(), rootHash);
+
+        vm.deal(envoy, 1 ether);
+        vm.expectRevert(IOnchainPM.UnexpectedValue.selector);
+        vm.prank(envoy);
+        executor.fromHub{value: 1}(POOL_A, payload);
     }
 }
 
-// ─── TrustedCall Successes ────────────────────────────────────────────────────
+// ─── FromHub Successes ────────────────────────────────────────────────────
 
-contract OnchainPMTrustedCallSuccessTests is OnchainPMTest {
+contract OnchainPMFromHubSuccessTests is OnchainPMTest {
     using CastLib for *;
 
-    function testTrustedCallPolicySuccess() public {
+    function testFromHubPolicySuccess() public {
         bytes32 rootHash = keccak256("root");
         bytes memory payload = abi.encode(strategist.toBytes32(), rootHash);
 
         vm.expectEmit();
         emit IOnchainPM.UpdatePolicy(strategist, bytes32(0), rootHash);
 
-        vm.prank(contractUpdater);
-        executor.trustedCall(POOL_A, SC_1, payload);
+        vm.prank(envoy);
+        executor.fromHub(POOL_A, payload);
 
         assertEq(executor.policy(strategist), rootHash);
     }
 
-    function testTrustedCallPolicyUpdate() public {
+    function testFromHubPolicyUpdate() public {
         bytes32 oldRoot = keccak256("oldRoot");
         bytes32 newRoot = keccak256("newRoot");
 
@@ -113,7 +122,7 @@ contract OnchainPMTrustedCallSuccessTests is OnchainPMTest {
         assertEq(executor.policy(strategist), newRoot);
     }
 
-    function testTrustedCallMultipleStrategists() public {
+    function testFromHubMultipleStrategists() public {
         address strategist1 = makeAddr("strategist1");
         address strategist2 = makeAddr("strategist2");
         bytes32 root1 = keccak256("root1");
@@ -126,7 +135,7 @@ contract OnchainPMTrustedCallSuccessTests is OnchainPMTest {
         assertEq(executor.policy(strategist2), root2);
     }
 
-    function testTrustedCallClearPolicy() public {
+    function testFromHubClearPolicy() public {
         bytes32 rootHash = keccak256("root");
         _setPolicy(strategist, rootHash);
 
@@ -365,12 +374,12 @@ contract OnchainPMExecuteTests is OnchainPMTest {
         assertEq(address(target).balance, 1 ether);
     }
 
-    function testSelfCallTrustedCallReverts() public {
-        // A weiroll command targeting the OnchainPM's own trustedCall should revert
-        // because msg.sender is the OnchainPM itself, not the contractUpdater
+    function testSelfCallFromHubReverts() public {
+        // A weiroll command targeting the OnchainPM's own fromHub should revert
+        // because msg.sender is the OnchainPM itself, not the envoy
         bytes32[] memory commands = new bytes32[](1);
         commands[0] = _buildCommand(
-            ITrustedContractUpdate.trustedCall.selector,
+            IManagerCallFromHub.fromHub.selector,
             uint8(FLAG_CT_CALL) | 0x20, // FLAG_DATA
             bytes6(uint48(0x00FFFFFFFFFF)), // state[0] is raw calldata
             0xff,
@@ -379,13 +388,13 @@ contract OnchainPMExecuteTests is OnchainPMTest {
 
         bytes memory payload = abi.encode(bytes32(uint256(uint160(strategist))), keccak256("malicious"));
         bytes[] memory state = new bytes[](1);
-        state[0] = abi.encodeWithSelector(ITrustedContractUpdate.trustedCall.selector, POOL_A, SC_1, payload);
+        state[0] = abi.encodeWithSelector(IManagerCallFromHub.fromHub.selector, POOL_A, payload);
         uint128 bitmap = 0;
 
         bytes32 scriptHash = _computeScriptHash(commands, state, bitmap, NO_CALLBACKS);
         _setPolicy(strategist, scriptHash);
 
-        vm.expectRevert(); // NotAuthorized (wrapped by VM.ExecutionFailed)
+        vm.expectRevert(); // NotEnvoy (wrapped by VM.ExecutionFailed)
         vm.prank(strategist);
         executor.execute(commands, state, bitmap, NO_CALLBACKS, new bytes32[](0));
     }
@@ -1100,16 +1109,15 @@ contract ReentrantStrategist {
 
 contract OnchainPMReentrancyTests is OnchainPMTestBase {
     IGateway gateway = IGateway(makeAddr("gateway"));
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
 
     IOnchainPM executor;
     WeirollTarget target;
     ReentrantStrategist strategist;
 
     function setUp() public {
-        executor = IOnchainPM(
-            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, contractUpdater, address(gateway)))
-        );
+        executor =
+            IOnchainPM(deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, envoy, address(gateway))));
         target = new WeirollTarget();
         strategist = new ReentrantStrategist();
     }
@@ -1138,7 +1146,7 @@ contract OnchainPMReentrancyTests is OnchainPMTestBase {
 
         // Build merkle tree with both leaves
         bytes32 root = _merkleRoot2(leafA, leafB);
-        _setPolicy(executor, address(strategist), root, contractUpdater);
+        _setPolicy(executor, address(strategist), root, envoy);
 
         bytes32[] memory proofA = new bytes32[](1);
         proofA[0] = leafB;
@@ -1180,11 +1188,11 @@ contract OnchainPMInvalidBitmapTests is OnchainPMTest {
 
 contract ETHRefundRejecter {
     IOnchainPM public executor;
-    address public contractUpdater;
+    address public envoy;
 
-    constructor(IOnchainPM executor_, address contractUpdater_) {
+    constructor(IOnchainPM executor_, address envoy_) {
         executor = executor_;
-        contractUpdater = contractUpdater_;
+        envoy = envoy_;
     }
 
     function trigger(bytes32[] calldata commands, bytes[] calldata state, uint128 bitmap, bytes32[] calldata proof)
@@ -1199,16 +1207,15 @@ contract ETHRefundRejecter {
 
 contract OnchainPMETHRefundFailedTests is OnchainPMTestBase {
     IGateway gateway = IGateway(makeAddr("gateway"));
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
 
     IOnchainPM executor;
     ETHRefundRejecter rejecter;
 
     function setUp() public {
-        executor = IOnchainPM(
-            deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, contractUpdater, address(gateway)))
-        );
-        rejecter = new ETHRefundRejecter(executor, contractUpdater);
+        executor =
+            IOnchainPM(deployCode("out-ir/OnchainPM.sol/OnchainPM.json", abi.encode(POOL_A, envoy, address(gateway))));
+        rejecter = new ETHRefundRejecter(executor, envoy);
     }
 
     function testETHRefundFailedReverts() public {
@@ -1217,7 +1224,7 @@ contract OnchainPMETHRefundFailedTests is OnchainPMTestBase {
         uint128 bitmap = 0;
 
         bytes32 scriptHash = _computeScriptHash(commands, state, bitmap);
-        _setPolicy(executor, address(rejecter), scriptHash, contractUpdater);
+        _setPolicy(executor, address(rejecter), scriptHash, envoy);
 
         vm.deal(address(rejecter), 1 ether);
         // Rejecter sends ETH but can't receive refund
@@ -1232,52 +1239,63 @@ contract OnchainPMFactoryTest is Test {
     PoolId constant POOL_A = PoolId.wrap(1);
     PoolId constant POOL_B = PoolId.wrap(2);
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     IGateway gateway = IGateway(makeAddr("gateway"));
-    IBalanceSheet balanceSheet;
     ISpoke spoke;
+    ISpokeRegistry spokeRegistry;
     IOnchainPMFactory factory;
 
     function setUp() public virtual {
-        balanceSheet = IBalanceSheet(makeAddr("balanceSheet"));
         spoke = ISpoke(makeAddr("spoke"));
+        spokeRegistry = ISpokeRegistry(makeAddr("spokeRegistry"));
 
-        vm.mockCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.spoke.selector), abi.encode(spoke));
+        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.spokeRegistry.selector), abi.encode(spokeRegistry));
 
         factory = IOnchainPMFactory(
             deployCode(
-                "out-ir/OnchainPM.sol/OnchainPMFactory.json",
-                abi.encode(contractUpdater, address(balanceSheet), address(gateway))
+                "out-ir/OnchainPM.sol/OnchainPMFactory.json", abi.encode(envoy, address(spoke), address(gateway))
             )
         );
     }
 
     function testConstructor() public view {
-        assertEq(factory.contractUpdater(), contractUpdater);
-        assertEq(address(factory.balanceSheet()), address(balanceSheet));
+        assertEq(factory.envoy(), envoy);
+        assertEq(address(factory.spoke()), address(spoke));
         assertEq(address(factory.gateway()), address(gateway));
     }
 }
 
 contract OnchainPMFactoryDeployTest is OnchainPMFactoryTest {
     function testNewOnchainPMSuccess() public {
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.isPoolActive.selector, POOL_A), abi.encode(true));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.isPoolActive.selector, POOL_A),
+            abi.encode(true)
+        );
 
         IOnchainPM exec = factory.newOnchainPM(POOL_A);
 
         assertEq(exec.poolId().raw(), POOL_A.raw());
-        assertEq(exec.contractUpdater(), contractUpdater);
+        assertEq(exec.envoy(), envoy);
     }
 
     function testNewOnchainPMInvalidPoolId() public {
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.isPoolActive.selector, POOL_B), abi.encode(false));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.isPoolActive.selector, POOL_B),
+            abi.encode(false)
+        );
 
         vm.expectRevert(IOnchainPMFactory.InvalidPoolId.selector);
         factory.newOnchainPM(POOL_B);
     }
 
     function testNewOnchainPMAlreadyDeployedReverts() public {
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.isPoolActive.selector, POOL_A), abi.encode(true));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.isPoolActive.selector, POOL_A),
+            abi.encode(true)
+        );
 
         factory.newOnchainPM(POOL_A);
 
@@ -1287,7 +1305,11 @@ contract OnchainPMFactoryDeployTest is OnchainPMFactoryTest {
     }
 
     function testNewOnchainPMEventEmission() public {
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.isPoolActive.selector, POOL_A), abi.encode(true));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.isPoolActive.selector, POOL_A),
+            abi.encode(true)
+        );
 
         vm.recordLogs();
         IOnchainPM exec = factory.newOnchainPM(POOL_A);
@@ -1300,7 +1322,11 @@ contract OnchainPMFactoryDeployTest is OnchainPMFactoryTest {
     }
 
     function testGetAddressMatchesDeploy() public {
-        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.isPoolActive.selector, POOL_A), abi.encode(true));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.isPoolActive.selector, POOL_A),
+            abi.encode(true)
+        );
 
         address predicted = factory.getAddress(POOL_A);
         IOnchainPM deployed = factory.newOnchainPM(POOL_A);
diff --git a/test/managers/spoke/unit/QueueManager.t.sol b/test/managers/spoke/unit/QueueManager.t.sol
index 5f015a9c1..4756028ee 100644
--- a/test/managers/spoke/unit/QueueManager.t.sol
+++ b/test/managers/spoke/unit/QueueManager.t.sol
@@ -5,9 +5,10 @@ import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
 
 import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
+import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
 import {IGateway} from "../../../../src/core/messaging/interfaces/IGateway.sol";
-import {IBalanceSheet} from "../../../../src/core/spoke/interfaces/IBalanceSheet.sol";
+import {ISnapshotQueue} from "../../../../src/core/spoke/interfaces/ISnapshotQueue.sol";
 import {IBatchedMulticall} from "../../../../src/core/utils/interfaces/IBatchedMulticall.sol";
 
 import {QueueManager} from "../../../../src/managers/spoke/QueueManager.sol";
@@ -47,12 +48,11 @@ contract QueueManagerTest is Test {
     uint128 constant DEFAULT_EXTRA_GAS = 1000;
     uint128 constant DEFAULT_AMOUNT = 100_000_000;
 
-    address balanceSheet = address(new IsContract());
+    address spoke = address(new IsContract());
     address gateway = address(new MockGateway());
 
-    address contractUpdater = makeAddr("contractUpdater");
+    address envoy = makeAddr("envoy");
     address unauthorized = makeAddr("unauthorized");
-    address auth = makeAddr("auth");
 
     QueueManager queueManager;
 
@@ -63,21 +63,20 @@ contract QueueManagerTest is Test {
 
     function _setupMocks() internal {
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBatchedMulticall.gateway.selector),
-            abi.encode(IGateway(gateway))
+            address(spoke), abi.encodeWithSelector(IBatchedMulticall.gateway.selector), abi.encode(IGateway(gateway))
         );
-        vm.mockCall(balanceSheet, abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector), abi.encode(0));
-        vm.mockCall(balanceSheet, abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector), abi.encode(0));
-        vm.mockCall(balanceSheet, abi.encodeWithSelector(IBalanceSheet.queuedAssets.selector), abi.encode(0, 0));
         vm.mockCall(
-            balanceSheet, abi.encodeWithSelector(IBalanceSheet.queuedShares.selector), abi.encode(0, false, 0, 0)
+            address(spoke), abi.encodeWithSelector(ISpoke.snapshotQueue.selector), abi.encode(ISnapshotQueue(spoke))
         );
+        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector), abi.encode(0));
+        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.submitQueuedShares.selector), abi.encode(0));
+        vm.mockCall(spoke, abi.encodeWithSelector(ISnapshotQueue.queuedAssets.selector), abi.encode(0, 0));
+        vm.mockCall(spoke, abi.encodeWithSelector(ISnapshotQueue.queuedShares.selector), abi.encode(0, false, 0, 0));
         vm.mockCall(gateway, abi.encodeWithSelector(IGateway.lockCallback.selector), abi.encode(address(this)));
     }
 
     function _deployManager() internal {
-        queueManager = new QueueManager(contractUpdater, IBalanceSheet(address(balanceSheet)), auth);
+        queueManager = new QueueManager(envoy, ISpoke(address(spoke)));
     }
 
     function _mockQueuedShares(
@@ -88,8 +87,8 @@ contract QueueManagerTest is Test {
         uint32 queuedAssetCounter
     ) internal {
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.queuedShares.selector, poolId, scId),
+            address(spoke),
+            abi.encodeWithSelector(ISnapshotQueue.queuedShares.selector, poolId, scId),
             abi.encode(delta, isPositive, queuedAssetCounter, 0)
         );
     }
@@ -98,41 +97,40 @@ contract QueueManagerTest is Test {
         internal
     {
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.queuedAssets.selector, poolId, scId, assetId),
+            address(spoke),
+            abi.encodeWithSelector(ISnapshotQueue.queuedAssets.selector, poolId, scId, assetId),
             abi.encode(deposits, withdrawals)
         );
     }
 
     function _expectSubmitAssets(PoolId poolId, ShareClassId scId, AssetId assetId) internal {
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector, poolId, scId, assetId, 0, address(0))
+            address(spoke),
+            abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector, poolId, scId, assetId, 0, address(0))
         );
     }
 
     function _expectSubmitShares(PoolId poolId, ShareClassId scId) internal {
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector, poolId, scId, 0, address(0))
+            address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedShares.selector, poolId, scId, 0, address(0))
         );
     }
 }
 
 contract QueueManagerConstructorTest is QueueManagerTest {
     function testConstructor() public view {
-        assertEq(queueManager.contractUpdater(), contractUpdater);
-        assertEq(address(queueManager.balanceSheet()), address(balanceSheet));
+        assertEq(queueManager.envoy(), envoy);
+        assertEq(address(queueManager.spoke()), address(spoke));
     }
 }
 
 contract QueueManagerUpdateContractFailureTests is QueueManagerTest {
     function testInvalidUpdater(address notContractUpdater) public {
-        vm.assume(notContractUpdater != contractUpdater);
+        vm.assume(notContractUpdater != envoy);
 
-        vm.expectRevert(IQueueManager.NotContractUpdater.selector);
+        vm.expectRevert(IQueueManager.NotEnvoy.selector);
         vm.prank(notContractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(DEFAULT_MIN_DELAY, uint64(0)));
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), DEFAULT_MIN_DELAY, uint64(0)));
     }
 }
 
@@ -141,8 +139,8 @@ contract QueueManagerUpdateContractSuccessTests is QueueManagerTest {
         vm.expectEmit();
         emit IQueueManager.UpdateQueueConfig(POOL_A, SC_1, DEFAULT_MIN_DELAY, DEFAULT_EXTRA_GAS);
 
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(DEFAULT_MIN_DELAY, DEFAULT_EXTRA_GAS));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), DEFAULT_MIN_DELAY, DEFAULT_EXTRA_GAS));
 
         (uint64 minDelay, uint64 lastSync, uint128 extraGasLimit) = queueManager.scQueueState(POOL_A, SC_1);
         assertEq(minDelay, DEFAULT_MIN_DELAY);
@@ -151,11 +149,11 @@ contract QueueManagerUpdateContractSuccessTests is QueueManagerTest {
     }
 
     function testUpdateMultipleShareClasses() public {
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(uint64(1000), uint64(500)));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), uint64(1000), uint64(500)));
 
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_2, abi.encode(uint64(2000), uint64(1000)));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_2.raw(), uint64(2000), uint64(1000)));
 
         (uint64 minDelay1,, uint128 extraGasLimit1) = queueManager.scQueueState(POOL_A, SC_1);
         (uint64 minDelay2,, uint128 extraGasLimit2) = queueManager.scQueueState(POOL_A, SC_2);
@@ -169,8 +167,8 @@ contract QueueManagerUpdateContractSuccessTests is QueueManagerTest {
 
 contract QueueManagerSyncFailureTests is QueueManagerTest {
     function testMinDelayNotElapsed() public {
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(DEFAULT_MIN_DELAY, uint64(0)));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), DEFAULT_MIN_DELAY, uint64(0)));
 
         _mockQueuedShares(POOL_A, SC_1, 100, true, 0);
         _mockQueuedAssets(POOL_A, SC_1, ASSET_1, 100, 0);
@@ -189,8 +187,8 @@ contract QueueManagerSyncFailureTests is QueueManagerTest {
         AssetId[] memory assetIds = new AssetId[](1);
         assetIds[0] = ASSET_1;
 
-        vm.expectCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector), 0);
-        vm.expectCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector), 0);
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector), 0);
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedShares.selector), 0);
         queueManager.sync{value: 0.1 ether}(POOL_A, SC_1, assetIds, address(this));
     }
 
@@ -205,8 +203,8 @@ contract QueueManagerSyncFailureTests is QueueManagerTest {
         assetIds[0] = ASSET_2;
         assetIds[1] = ASSET_3;
 
-        vm.expectCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector), 0);
-        vm.expectCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector), 0);
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector), 0);
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedShares.selector), 0);
         queueManager.sync{value: 0.1 ether}(POOL_A, SC_1, assetIds, address(this));
     }
 }
@@ -249,13 +247,11 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
         _expectSubmitAssets(POOL_A, SC_1, ASSET_2);
         // Expect submitQueuedAssets not to be called for ASSET_3
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_3, 0),
-            0
+            address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_3, 0), 0
         );
 
         // Expect submitQueuedShares not to be called
-        vm.expectCall(address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector), 0);
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedShares.selector), 0);
 
         queueManager.sync{value: 0.1 ether}(POOL_A, SC_1, assetIds, address(this));
 
@@ -297,8 +293,8 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
 
     /// forge-config: default.isolate = true
     function testSyncWithZeroMinDelay() public {
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(uint8(0), uint64(0), uint64(0)));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), uint64(0), uint64(0)));
 
         _mockQueuedShares(POOL_A, SC_1, 100, true, 0);
         _mockQueuedAssets(POOL_A, SC_1, ASSET_1, 100, 0);
@@ -314,8 +310,8 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
 
     /// forge-config: default.isolate = true
     function testMinDelayElapsedAfterTime() public {
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(uint8(0), DEFAULT_MIN_DELAY, uint64(0)));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), DEFAULT_MIN_DELAY, uint64(0)));
 
         _mockQueuedShares(POOL_A, SC_1, 100, true, 0);
         _mockQueuedAssets(POOL_A, SC_1, ASSET_1, 100, 0);
@@ -334,8 +330,8 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
     function testSyncWithExtraGasLimit(uint128 extraGasLimit) public {
         extraGasLimit = uint128(bound(extraGasLimit, 0, 50_000_000));
 
-        vm.prank(contractUpdater);
-        queueManager.trustedCall(POOL_A, SC_1, abi.encode(uint64(0), uint64(extraGasLimit)));
+        vm.prank(envoy);
+        queueManager.fromHub(POOL_A, abi.encode(SC_1.raw(), uint64(0), uint64(extraGasLimit)));
 
         _mockQueuedShares(POOL_A, SC_1, 100, true, 0);
         _mockQueuedAssets(POOL_A, SC_1, ASSET_1, 100, 0);
@@ -344,12 +340,11 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
         assetIds[0] = ASSET_1;
 
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_1, extraGasLimit)
+            address(spoke),
+            abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_1, extraGasLimit)
         );
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector, POOL_A, SC_1, extraGasLimit)
+            address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedShares.selector, POOL_A, SC_1, extraGasLimit)
         );
 
         queueManager.sync{value: 0.1 ether}(POOL_A, SC_1, assetIds, address(this));
@@ -365,9 +360,7 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
         assetIds[1] = ASSET_1;
 
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_1, 0),
-            1
+            address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_1, 0), 1
         );
 
         queueManager.sync{value: 0.1 ether}(POOL_A, SC_1, assetIds, address(this));
@@ -389,19 +382,13 @@ contract QueueManagerSyncSuccessTests is QueueManagerTest {
 
         // No calls for non-queued assets
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_2, 0),
-            0
+            address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_2, 0), 0
         );
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_3, 0),
-            0
+            address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedAssets.selector, POOL_A, SC_1, ASSET_3, 0), 0
         );
 
-        vm.expectCall(
-            address(balanceSheet), abi.encodeWithSelector(IBalanceSheet.submitQueuedShares.selector, POOL_A, SC_1, 0)
-        );
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.submitQueuedShares.selector, POOL_A, SC_1, 0));
 
         queueManager.sync{value: 0.1 ether}(POOL_A, SC_1, assetIds, address(this));
 
diff --git a/test/managers/spoke/unit/ShareManager.t.sol b/test/managers/spoke/unit/ShareManager.t.sol
new file mode 100644
index 000000000..fe2569999
--- /dev/null
+++ b/test/managers/spoke/unit/ShareManager.t.sol
@@ -0,0 +1,119 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {IERC20} from "../../../../src/misc/interfaces/IERC20.sol";
+import {CastLib} from "../../../../src/misc/libraries/CastLib.sol";
+
+import {PoolId} from "../../../../src/core/types/PoolId.sol";
+import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
+import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+
+import {ShareManager} from "../../../../src/managers/spoke/ShareManager.sol";
+import {IShareManager} from "../../../../src/managers/spoke/interfaces/IShareManager.sol";
+
+import "forge-std/Test.sol";
+
+// Need it to overpass a mockCall issue: https://github.com/foundry-rs/foundry/issues/10703
+contract IsContract {}
+
+contract ShareManagerTest is Test {
+    ISpoke spoke = ISpoke(address(new IsContract()));
+    IERC20 share = IERC20(address(new IsContract()));
+    ISpokeRegistry spokeRegistry = ISpokeRegistry(address(new IsContract()));
+
+    PoolId constant POOL_A = PoolId.wrap(1);
+    ShareClassId constant SC_1 = ShareClassId.wrap(bytes16("sc1"));
+
+    address envoy = makeAddr("envoy");
+    address investor = makeAddr("investor");
+
+    ShareManager manager;
+
+    function setUp() public virtual {
+        vm.mockCall(
+            address(spokeRegistry), abi.encodeWithSelector(ISpokeRegistry.shareToken.selector), abi.encode(share)
+        );
+        vm.mockCall(address(share), abi.encodeWithSelector(IERC20.approve.selector), abi.encode(true));
+        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.issue.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.revoke.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(ISpoke.transferSharesFrom.selector), abi.encode());
+
+        manager = new ShareManager(envoy, spoke, spokeRegistry);
+    }
+
+    function _payload(IShareManager.ManagerCall kind, ShareClassId scId, address account, uint128 shares)
+        internal
+        pure
+        returns (bytes memory)
+    {
+        return abi.encode(uint8(kind), scId, CastLib.toBytes32(account), shares);
+    }
+}
+
+contract ShareManagerFromHubFailureTests is ShareManagerTest {
+    function testInvalidSource(address notEnvoy, uint128 shares) public {
+        vm.assume(notEnvoy != envoy);
+
+        vm.expectRevert(IShareManager.NotEnvoy.selector);
+        vm.prank(notEnvoy);
+        manager.fromHub(POOL_A, _payload(IShareManager.ManagerCall.Issue, SC_1, investor, shares));
+    }
+
+    function testUnexpectedValue(uint128 shares) public {
+        vm.deal(envoy, 1 ether);
+
+        vm.expectRevert(IShareManager.UnexpectedValue.selector);
+        vm.prank(envoy);
+        manager.fromHub{value: 1}(POOL_A, _payload(IShareManager.ManagerCall.Issue, SC_1, investor, shares));
+    }
+
+    function testUnknownManagerCall() public {
+        vm.expectRevert(IShareManager.UnknownManagerCall.selector);
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, abi.encode(uint8(99), SC_1, CastLib.toBytes32(investor), uint128(1)));
+    }
+
+    function testEmptyAmount(uint8 kind) public {
+        vm.assume(kind <= uint8(type(IShareManager.ManagerCall).max));
+
+        vm.expectRevert(IShareManager.EmptyAmount.selector);
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, _payload(IShareManager.ManagerCall(kind), SC_1, investor, 0));
+    }
+}
+
+contract ShareManagerIssueTests is ShareManagerTest {
+    function testIssue(uint64 poolId, uint128 shares) public {
+        shares = uint128(bound(shares, 1, type(uint128).max));
+
+        vm.expectEmit();
+        emit IShareManager.Issue(PoolId.wrap(poolId), SC_1, investor, shares);
+        vm.expectCall(
+            address(spoke), abi.encodeWithSelector(ISpoke.issue.selector, PoolId.wrap(poolId), SC_1, investor, shares)
+        );
+
+        vm.prank(envoy);
+        manager.fromHub(PoolId.wrap(poolId), _payload(IShareManager.ManagerCall.Issue, SC_1, investor, shares));
+    }
+}
+
+contract ShareManagerRevokeTests is ShareManagerTest {
+    function testRevoke(uint128 shares) public {
+        shares = uint128(bound(shares, 1, type(uint128).max));
+
+        vm.expectEmit();
+        emit IShareManager.Revoke(POOL_A, SC_1, investor, shares);
+        vm.expectCall(
+            address(spoke),
+            abi.encodeWithSelector(
+                ISpoke.transferSharesFrom.selector, POOL_A, SC_1, investor, investor, address(manager), uint256(shares)
+            )
+        );
+        vm.expectCall(address(share), abi.encodeWithSelector(IERC20.approve.selector, address(spoke), uint256(shares)));
+        vm.expectCall(address(spoke), abi.encodeWithSelector(ISpoke.revoke.selector, POOL_A, SC_1, shares));
+
+        vm.prank(envoy);
+        manager.fromHub(POOL_A, _payload(IShareManager.ManagerCall.Revoke, SC_1, investor, shares));
+    }
+}
diff --git a/test/managers/spoke/unit/SlippageGuard.t.sol b/test/managers/spoke/unit/SlippageGuard.t.sol
index ee48ec726..6c3c1a1ed 100644
--- a/test/managers/spoke/unit/SlippageGuard.t.sol
+++ b/test/managers/spoke/unit/SlippageGuard.t.sol
@@ -8,7 +8,7 @@ import {PoolId} from "../../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../../src/core/types/AssetId.sol";
 import {ISpoke} from "../../../../src/core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../../src/core/types/ShareClassId.sol";
-import {IBalanceSheet} from "../../../../src/core/spoke/interfaces/IBalanceSheet.sol";
+import {ISpokeRegistry} from "../../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {SlippageGuard} from "../../../../src/managers/spoke/guards/SlippageGuard.sol";
 import {IOnchainPMFactory} from "../../../../src/managers/spoke/interfaces/IOnchainPMFactory.sol";
@@ -26,8 +26,8 @@ contract SlippageGuardTest is Test {
     D18 constant PRICE_ONE = D18.wrap(1e18);
 
     address spoke = makeAddr("spoke");
-    address balanceSheet = makeAddr("balanceSheet");
-    address contractUpdater = makeAddr("contractUpdater");
+    address spokeRegistry = makeAddr("spokeRegistry");
+    address envoy = makeAddr("envoy");
     address onchainPMFactory = makeAddr("onchainPMFactory");
     address shareToken = makeAddr("shareToken");
     address assetA = makeAddr("assetA");
@@ -37,9 +37,7 @@ contract SlippageGuardTest is Test {
 
     function setUp() public virtual {
         _setupMocks();
-        guard = new SlippageGuard(
-            ISpoke(spoke), IBalanceSheet(balanceSheet), contractUpdater, IOnchainPMFactory(onchainPMFactory)
-        );
+        guard = new SlippageGuard(ISpoke(spoke), envoy, IOnchainPMFactory(onchainPMFactory));
         vm.mockCall(
             onchainPMFactory,
             abi.encodeWithSelector(IOnchainPMFactory.getAddress.selector, POOL_A),
@@ -48,35 +46,47 @@ contract SlippageGuardTest is Test {
     }
 
     function _setupMocks() internal {
-        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.shareToken.selector, POOL_A, SC_1), abi.encode(shareToken));
+        vm.mockCall(spoke, abi.encodeWithSelector(ISpoke.spokeRegistry.selector), abi.encode(spokeRegistry));
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareToken.selector, POOL_A, SC_1),
+            abi.encode(shareToken)
+        );
+        vm.mockCall(
+            spokeRegistry, abi.encodeWithSelector(ISpokeRegistry.hasShareClass.selector, POOL_A, SC_1), abi.encode(true)
+        );
         vm.mockCall(shareToken, abi.encodeWithSignature("decimals()"), abi.encode(uint8(18)));
 
         vm.mockCall(assetA, abi.encodeWithSignature("decimals()"), abi.encode(uint8(18)));
         vm.mockCall(assetB, abi.encodeWithSignature("decimals()"), abi.encode(uint8(18)));
 
         vm.mockCall(
-            spoke, abi.encodeWithSelector(ISpoke.assetToId.selector, assetA, uint256(0)), abi.encode(ASSET_ID_1)
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), assetA, uint256(0)),
+            abi.encode(ASSET_ID_1)
         );
         vm.mockCall(
-            spoke, abi.encodeWithSelector(ISpoke.assetToId.selector, assetB, uint256(0)), abi.encode(ASSET_ID_2)
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), assetB, uint256(0)),
+            abi.encode(ASSET_ID_2)
         );
 
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
             abi.encode(PRICE_ONE)
         );
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_2, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_2, true),
             abi.encode(PRICE_ONE)
         );
     }
 
     function _mockBalance(address asset, uint256 tokenId, uint128 available) internal {
         vm.mockCall(
-            balanceSheet,
-            abi.encodeWithSelector(IBalanceSheet.availableBalanceOf.selector, POOL_A, SC_1, asset, tokenId),
+            spoke,
+            abi.encodeWithSelector(ISpoke.availableBalanceOf.selector, POOL_A, SC_1, asset, tokenId),
             abi.encode(available)
         );
     }
@@ -307,9 +317,9 @@ contract SlippageGuardStalePriceTest is SlippageGuardTest {
 
         // Price call for assetA reverts (stale)
         vm.mockCallRevert(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
-            abi.encodeWithSelector(ISpoke.InvalidPrice.selector)
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
+            abi.encodeWithSelector(ISpokeRegistry.InvalidPrice.selector)
         );
 
         vm.expectRevert();
@@ -350,26 +360,26 @@ contract SlippageGuardTrustedCallTest is SlippageGuardTest {
         vm.expectEmit();
         emit ISlippageGuard.SetConfig(POOL_A, SC_1, maxPeriodLoss, periodDuration);
 
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(maxPeriodLoss, periodDuration));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), maxPeriodLoss, periodDuration));
 
         (uint128 storedLoss, uint32 storedDuration) = guard.config(POOL_A, SC_1);
         assertEq(storedLoss, maxPeriodLoss);
         assertEq(storedDuration, periodDuration);
     }
 
-    function testSetConfigNotAuthorized() public {
-        vm.expectRevert(ISlippageGuard.NotAuthorized.selector);
+    function testSetConfigNotEnvoy() public {
+        vm.expectRevert(ISlippageGuard.NotEnvoy.selector);
         vm.prank(makeAddr("random"));
-        guard.trustedCall(POOL_A, SC_1, abi.encode(uint128(500e18), uint32(1 days)));
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), uint128(500e18), uint32(1 days)));
     }
 
     function testSetConfigOverwrite() public {
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(uint128(500e18), uint32(1 days)));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), uint128(500e18), uint32(1 days)));
 
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(uint128(200e18), uint32(2 days)));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), uint128(200e18), uint32(2 days)));
 
         (uint128 storedLoss, uint32 storedDuration) = guard.config(POOL_A, SC_1);
         assertEq(storedLoss, 200e18);
@@ -387,8 +397,8 @@ contract SlippageGuardPeriodLossTest is SlippageGuardTest {
         super.setUp();
 
         // Configure period: 500e18 max loss over 1 day
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(MAX_PERIOD_LOSS, uint32(1 days)));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), MAX_PERIOD_LOSS, uint32(1 days)));
     }
 
     function _doSwapWithLoss(uint128 preBalance, uint128 postBalance) internal {
@@ -463,8 +473,8 @@ contract SlippageGuardPeriodLossTest is SlippageGuardTest {
         assertEq(lossBefore, 90e18);
 
         // Tighten the config to 50e18 — period state must NOT be wiped
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(uint128(50e18), uint32(1 days)));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), uint128(50e18), uint32(1 days)));
 
         (uint128 lossAfter, uint48 startAfter) = guard.period(POOL_A, SC_1);
         assertEq(lossAfter, lossBefore, "cumulativeLoss must be preserved across config change");
@@ -482,8 +492,8 @@ contract SlippageGuardPeriodLossTest is SlippageGuardTest {
 
     function testPeriodDisabledWhenZeroDuration() public {
         // Override config with zero duration (disabled)
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(uint128(500e18), uint32(0)));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), uint128(500e18), uint32(0)));
 
         // Even with large loss, no PeriodLossExceeded because tracking is disabled
         _doSwapWithLoss(1000e18, 900e18);
@@ -509,11 +519,13 @@ contract SlippageGuardERC6909Test is SlippageGuardTest {
             abi.encode(uint8(18))
         );
         vm.mockCall(
-            spoke, abi.encodeWithSelector(ISpoke.assetToId.selector, erc6909, erc6909TokenId), abi.encode(ASSET_ID_3)
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("assetToId(address,uint256,bool)")), erc6909, erc6909TokenId),
+            abi.encode(ASSET_ID_3)
         );
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_3, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_3, true),
             abi.encode(PRICE_ONE)
         );
     }
@@ -587,8 +599,8 @@ contract SlippageGuardERC6909Test is SlippageGuardTest {
             abi.encode(erc6909Decimals)
         );
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_3, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_3, true),
             abi.encode(priceTwo)
         );
 
@@ -607,8 +619,8 @@ contract SlippageGuardERC6909Test is SlippageGuardTest {
     }
 
     function testERC6909PeriodLossTracking() public {
-        vm.prank(contractUpdater);
-        guard.trustedCall(POOL_A, SC_1, abi.encode(uint128(500e18), uint32(1 days)));
+        vm.prank(envoy);
+        guard.fromHub(POOL_A, abi.encode(SC_1.raw(), uint128(500e18), uint32(1 days)));
 
         // Script with ERC6909 loss
         _mockBalance(erc6909, erc6909TokenId, 1000e18);
@@ -631,8 +643,7 @@ contract SlippageGuardERC6909Test is SlippageGuardTest {
 contract SlippageGuardConstructorTest is SlippageGuardTest {
     function testConstructor() public view {
         assertEq(address(guard.spoke()), spoke);
-        assertEq(address(guard.balanceSheet()), balanceSheet);
-        assertEq(guard.contractUpdater(), contractUpdater);
+        assertEq(guard.envoy(), envoy);
     }
 }
 
@@ -644,8 +655,8 @@ contract SlippageGuardZeroPriceTest is SlippageGuardTest {
     function testWithdrawalWithZeroPriceReverts() public {
         // Override assetA price to zero
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
             abi.encode(PRICE_ZERO)
         );
 
@@ -662,8 +673,8 @@ contract SlippageGuardZeroPriceTest is SlippageGuardTest {
     function testDepositWithZeroPriceReverts() public {
         // Override assetA price to zero
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
             abi.encode(PRICE_ZERO)
         );
 
@@ -680,8 +691,8 @@ contract SlippageGuardZeroPriceTest is SlippageGuardTest {
     function testNoChangeWithZeroPriceSucceeds() public {
         // Override assetA price to zero
         vm.mockCall(
-            spoke,
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID_1, true),
             abi.encode(PRICE_ZERO)
         );
 
diff --git a/test/messaging/MessageDispatcher.t.sol b/test/messaging/MessageDispatcher.t.sol
index 86c8b35b5..fa1709461 100644
--- a/test/messaging/MessageDispatcher.t.sol
+++ b/test/messaging/MessageDispatcher.t.sol
@@ -3,16 +3,19 @@ pragma solidity ^0.8.28;
 
 import {D18} from "../../src/misc/types/D18.sol";
 import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+import {SafeTransferLib} from "../../src/misc/libraries/SafeTransferLib.sol";
 
 import {PoolId} from "../../src/core/types/PoolId.sol";
 import {AssetId} from "../../src/core/types/AssetId.sol";
+import {IEnvoy} from "../../src/core/utils/interfaces/IEnvoy.sol";
 import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
 import {IGateway} from "../../src/core/messaging/interfaces/IGateway.sol";
 import {MessageDispatcher} from "../../src/core/messaging/MessageDispatcher.sol";
-import {VaultUpdateKind} from "../../src/core/messaging/libraries/MessageLib.sol";
 import {IScheduleAuth} from "../../src/core/messaging/interfaces/IScheduleAuth.sol";
-import {ISpokeMessageSender} from "../../src/core/messaging/interfaces/IGatewaySenders.sol";
 import {IMessageDispatcher} from "../../src/core/messaging/interfaces/IMessageDispatcher.sol";
+import {ISpokeGatewayHandler} from "../../src/core/messaging/interfaces/IGatewayHandlers.sol";
+import {VaultUpdateKind, ManagerKind} from "../../src/core/messaging/libraries/MessageLib.sol";
+import {ISpokeMessageSender, ShareClassMetadata} from "../../src/core/messaging/interfaces/IGatewaySenders.sol";
 
 import "forge-std/Test.sol";
 
@@ -48,13 +51,20 @@ contract TestAuthChecks is TestCommon {
         dispatcher.sendNotifyPool(REMOTE_CHAIN, POOL_A, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendNotifyShareClass(REMOTE_CHAIN, POOL_A, SC_A, "name", "SYM", 18, bytes32(0), bytes32(0), REFUND);
+        dispatcher.sendNotifyShareClass(
+            REMOTE_CHAIN,
+            POOL_A,
+            SC_A,
+            ShareClassMetadata("name", "SYM", 18),
+            bytes32(0),
+            bytes32(0),
+            EMPTY_BYTES,
+            0,
+            REFUND
+        );
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendNotifyShareMetadata(REMOTE_CHAIN, POOL_A, SC_A, "name", "SYM", REFUND);
-
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendUpdateShareHook(REMOTE_CHAIN, POOL_A, SC_A, bytes32(0), REFUND);
+        dispatcher.sendNotifyShareMetadata(REMOTE_CHAIN, POOL_A, SC_A, "name", "SYM", 0, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         dispatcher.sendNotifyPricePoolPerShare(REMOTE_CHAIN, POOL_A, SC_A, D18.wrap(1e18), 0, REFUND);
@@ -66,22 +76,18 @@ contract TestAuthChecks is TestCommon {
         dispatcher.sendUpdateRestriction(REMOTE_CHAIN, POOL_A, SC_A, EMPTY_BYTES, 0, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendTrustedContractUpdate(REMOTE_CHAIN, POOL_A, SC_A, bytes32(0), EMPTY_BYTES, 0, REFUND);
+        dispatcher.sendManagerCallFromHub(LOCAL_CHAIN, POOL_A, makeAddr("target"), EMPTY_BYTES, 0, 0, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendUpdateVault(POOL_A, SC_A, ASSET_A, bytes32(0), VaultUpdateKind.DeployAndLink, 0, REFUND);
+        dispatcher.sendUpdateVault(
+            POOL_A, SC_A, ASSET_A, bytes32(0), VaultUpdateKind.DeployAndLink, bytes(""), 0, REFUND
+        );
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         dispatcher.sendSetRequestManager(REMOTE_CHAIN, POOL_A, bytes32(0), REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendUpdateBalanceSheetManager(REMOTE_CHAIN, POOL_A, bytes32(0), true, REFUND);
-
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendSetMaxAssetPriceAge(POOL_A, SC_A, ASSET_A, 0, REFUND);
-
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendSetMaxSharePriceAge(REMOTE_CHAIN, POOL_A, SC_A, 0, REFUND);
+        dispatcher.sendUpdateManager(REMOTE_CHAIN, POOL_A, ManagerKind.Spoke, bytes32(0), true, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         dispatcher.sendScheduleUpgrade(REMOTE_CHAIN, bytes32(0), REFUND);
@@ -90,10 +96,7 @@ contract TestAuthChecks is TestCommon {
         dispatcher.sendCancelUpgrade(REMOTE_CHAIN, bytes32(0), REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendRecoverTokens(REMOTE_CHAIN, bytes32(0), bytes32(0), 0, bytes32(0), 0, REFUND);
-
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendInitiateTransferShares(REMOTE_CHAIN, POOL_A, SC_A, bytes32(0), 0, 0, 0, REFUND);
+        dispatcher.sendInitiateTransferShares(REMOTE_CHAIN, POOL_A, SC_A, bytes32(0), bytes32(0), 0, 0, 0, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         dispatcher.sendExecuteTransferShares(LOCAL_CHAIN, REMOTE_CHAIN, POOL_A, SC_A, bytes32(0), 0, 0, REFUND);
@@ -111,22 +114,91 @@ contract TestAuthChecks is TestCommon {
         dispatcher.sendRequest(POOL_A, SC_A, ASSET_A, EMPTY_BYTES, 0, false, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendUntrustedContractUpdate(POOL_A, SC_A, bytes32(0), EMPTY_BYTES, bytes32(0), 0, REFUND);
+        dispatcher.sendManagerCallFromSpoke(POOL_A, bytes32(0), EMPTY_BYTES, bytes32(0), 0, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
         dispatcher.sendRequestCallback(POOL_A, SC_A, ASSET_A, EMPTY_BYTES, 0, false, REFUND);
 
         bytes32[] memory adapters;
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendSetPoolAdapters(REMOTE_CHAIN, POOL_A, adapters, 0, 0, REFUND);
+        dispatcher.sendSetPoolAdapters(REMOTE_CHAIN, POOL_A, adapters, 0, 1, REFUND);
 
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        dispatcher.sendUpdateGatewayManager(REMOTE_CHAIN, POOL_A, bytes32(0), true, REFUND);
+        dispatcher.sendUpdateManager(REMOTE_CHAIN, POOL_A, ManagerKind.Adapter, bytes32(0), true, REFUND);
 
         vm.stopPrank();
     }
 }
 
+contract TestSendManagerCall is TestCommon {
+    address immutable mcDispatcher = makeAddr("envoy");
+    address immutable target = makeAddr("managerCallTarget");
+
+    function testLocalBranchForwardsFullValue() public {
+        vm.prank(AUTH);
+        dispatcher.file("envoy", mcDispatcher);
+
+        bytes memory payload = hex"1234";
+        // The hub direction carries no origin args (already authorized at the Hub).
+        // `Hub.managerCall` guarantees `value == msg.value` on the local branch, so the whole balance is
+        // forwarded to `callFromHub` and the dispatcher keeps no remainder.
+        bytes memory expectedCall = abi.encodeWithSelector(IEnvoy.callFromHub.selector, POOL_A, target, payload);
+        vm.mockCall(mcDispatcher, expectedCall, "");
+        vm.expectCall(mcDispatcher, 0.5 ether, expectedCall);
+
+        vm.deal(AUTH, 1 ether);
+        vm.prank(AUTH);
+        dispatcher.sendManagerCallFromHub{value: 0.5 ether}(LOCAL_CHAIN, POOL_A, target, payload, 0, 0.5 ether, REFUND);
+
+        assertEq(REFUND.balance, 0, "no refund leg");
+    }
+
+    function testRemoteBranchSendsManagerCall() public {
+        vm.mockCall(address(gateway), abi.encodeWithSelector(IGateway.send.selector), "");
+        vm.expectCall(address(gateway), abi.encodeWithSelector(IGateway.send.selector));
+
+        vm.prank(AUTH);
+        dispatcher.sendManagerCallFromHub(REMOTE_CHAIN, POOL_A, target, hex"1234", 0, 0, REFUND);
+    }
+
+    function testLocalBranchRefundsExcessValue() public {
+        vm.prank(AUTH);
+        dispatcher.file("envoy", mcDispatcher);
+
+        bytes memory payload = hex"1234";
+        vm.mockCall(mcDispatcher, abi.encodeWithSelector(IEnvoy.callFromHub.selector, POOL_A, target, payload), "");
+
+        vm.deal(AUTH, 1 ether);
+        vm.prank(AUTH);
+        dispatcher.sendManagerCallFromHub{value: 1 ether}(LOCAL_CHAIN, POOL_A, target, payload, 0, 0.5 ether, REFUND);
+
+        assertEq(REFUND.balance, 0.5 ether, "excess value refunded");
+    }
+
+    function testLocalBranchRevertsIfRefundFails() public {
+        vm.prank(AUTH);
+        dispatcher.file("envoy", mcDispatcher);
+
+        bytes memory payload = hex"1234";
+        vm.mockCall(mcDispatcher, abi.encodeWithSelector(IEnvoy.callFromHub.selector, POOL_A, target, payload), "");
+
+        address rejectingRefund = address(new RejectsAllETH());
+        vm.deal(AUTH, 1 ether);
+        vm.prank(AUTH);
+        vm.expectRevert(SafeTransferLib.SafeTransferEthFailed.selector);
+        dispatcher.sendManagerCallFromHub{value: 1 ether}(
+            LOCAL_CHAIN, POOL_A, target, payload, 0, 0.5 ether, rejectingRefund
+        );
+    }
+}
+
+/// @dev Rejects any ETH sent to it, even a zero-value call.
+contract RejectsAllETH {
+    fallback() external payable {
+        revert("always reverts");
+    }
+}
+
 contract TestFile is TestCommon {
     function testErrNotAuthorized() public {
         vm.prank(address(ANY));
@@ -156,43 +228,45 @@ contract TestFile is TestCommon {
         assertEq(address(dispatcher.hubHandler()), address(23));
     }
 
-    function testFileSpoke() public {
+    function testFileSpokeHandler() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IMessageDispatcher.File("spoke", address(23));
-        dispatcher.file("spoke", address(23));
-        assertEq(address(dispatcher.spoke()), address(23));
+        emit IMessageDispatcher.File("spokeHandler", address(23));
+        dispatcher.file("spokeHandler", address(23));
+        assertEq(address(dispatcher.spokeHandler()), address(23));
     }
 
-    function testFileBalanceSheet() public {
+    function testFileEnvoy() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IMessageDispatcher.File("balanceSheet", address(23));
-        dispatcher.file("balanceSheet", address(23));
-        assertEq(address(dispatcher.balanceSheet()), address(23));
+        emit IMessageDispatcher.File("envoy", address(23));
+        dispatcher.file("envoy", address(23));
+        assertEq(address(dispatcher.envoy()), address(23));
     }
+}
 
-    function testFileVaultRegistry() public {
-        vm.prank(address(AUTH));
-        vm.expectEmit();
-        emit IMessageDispatcher.File("vaultRegistry", address(23));
-        dispatcher.file("vaultRegistry", address(23));
-        assertEq(address(dispatcher.vaultRegistry()), address(23));
-    }
+contract TestSendUpdateManagerLocal is TestCommon {
+    address immutable spokeHandler = makeAddr("spokeHandler");
+    address immutable who = makeAddr("who");
 
-    function testFileContractUpdater() public {
-        vm.prank(address(AUTH));
-        vm.expectEmit();
-        emit IMessageDispatcher.File("contractUpdater", address(23));
-        dispatcher.file("contractUpdater", address(23));
-        assertEq(address(dispatcher.contractUpdater()), address(23));
+    function testLocalGatewayBranch() public {
+        vm.mockCall(address(gateway), abi.encodeWithSelector(IGateway.updateManager.selector), "");
+        vm.expectCall(address(gateway), abi.encodeWithSelector(IGateway.updateManager.selector, POOL_A, who, true));
+
+        vm.prank(AUTH);
+        dispatcher.sendUpdateManager(LOCAL_CHAIN, POOL_A, ManagerKind.Gateway, bytes32(bytes20(who)), true, REFUND);
     }
 
-    function testFileTokenRecoverer() public {
-        vm.prank(address(AUTH));
-        vm.expectEmit();
-        emit IMessageDispatcher.File("tokenRecoverer", address(23));
-        dispatcher.file("tokenRecoverer", address(23));
-        assertEq(address(dispatcher.tokenRecoverer()), address(23));
+    function testLocalBridgerBranch() public {
+        vm.prank(AUTH);
+        dispatcher.file("spokeHandler", spokeHandler);
+
+        vm.mockCall(spokeHandler, abi.encodeWithSelector(ISpokeGatewayHandler.updateBridger.selector), "");
+        vm.expectCall(
+            spokeHandler, abi.encodeWithSelector(ISpokeGatewayHandler.updateBridger.selector, POOL_A, who, true)
+        );
+
+        vm.prank(AUTH);
+        dispatcher.sendUpdateManager(LOCAL_CHAIN, POOL_A, ManagerKind.Bridger, bytes32(bytes20(who)), true, REFUND);
     }
 }
diff --git a/test/messaging/MessageProcessor.t.sol b/test/messaging/MessageProcessor.t.sol
index 3d32afb5e..e0a207823 100644
--- a/test/messaging/MessageProcessor.t.sol
+++ b/test/messaging/MessageProcessor.t.sol
@@ -3,9 +3,15 @@ pragma solidity ^0.8.28;
 
 import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
 
+import {newAssetId} from "../../src/core/types/AssetId.sol";
+import {PoolId, newPoolId} from "../../src/core/types/PoolId.sol";
+import {IGateway} from "../../src/core/messaging/interfaces/IGateway.sol";
 import {MessageProcessor} from "../../src/core/messaging/MessageProcessor.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
 import {IScheduleAuth} from "../../src/core/messaging/interfaces/IScheduleAuth.sol";
+import {MessageLib, ManagerKind} from "../../src/core/messaging/libraries/MessageLib.sol";
 import {IMessageProcessor} from "../../src/core/messaging/interfaces/IMessageProcessor.sol";
+import {ISpokeGatewayHandler} from "../../src/core/messaging/interfaces/IGatewayHandlers.sol";
 
 import "forge-std/Test.sol";
 
@@ -34,11 +40,222 @@ contract TestAuthChecks is TestCommon {
     }
 }
 
+/// @dev Source-chain classification now lives entirely in MessageLib.messageSourceCentrifugeId, enforced
+///      by Gateway before a message ever reaches MessageProcessor (see Gateway.t.sol for the enforcement
+///      tests). This checks that classification against real, `serialize()`d messages of every type -
+///      MessageLib.t.sol's exhaustive test covers the same logic against a synthetic buffer, so this
+///      additionally guards against a mismatch between the two encodings.
+contract TestMessageSourceClassification is Test {
+    using MessageLib for *;
+
+    uint16 constant HOME_CHAIN = 1;
+    uint16 constant FOREIGN_CHAIN = 2;
+
+    /// @param name        Message type name, surfaced when a row fails.
+    /// @param message     A valid serialized message of that type.
+    /// @param validSource Chain the message is legitimately accepted from, or 0 if unrestricted.
+    struct Case {
+        string name;
+        bytes message;
+        uint16 validSource;
+    }
+
+    PoolId poolId = newPoolId(HOME_CHAIN, 42);
+
+    /// @dev One row per pool-dependent message type (plus SetPoolAdapters, the only Hub->spoke message
+    ///      ordered before NotifyPool).
+    function _cases() internal view returns (Case[] memory cases) {
+        uint64 p = poolId.raw();
+
+        cases = new Case[](20);
+
+        // Hub->spoke: only valid coming from the pool's home chain.
+        cases[0] = Case(
+            "SetPoolAdapters",
+            MessageLib.SetPoolAdapters({poolId: p, threshold: 0, targetSessionId: 1, adapterList: new bytes32[](0)})
+                .serialize(),
+            HOME_CHAIN
+        );
+        cases[1] = Case("NotifyPool", MessageLib.NotifyPool({poolId: p}).serialize(), HOME_CHAIN);
+        cases[2] = Case(
+            "NotifyShareClass",
+            MessageLib.NotifyShareClass({
+                    poolId: p,
+                    scId: bytes16("sc"),
+                    name: "name",
+                    symbol: bytes32("SYM"),
+                    decimals: 6,
+                    salt: bytes32("salt"),
+                    registrar: bytes32("registrar"),
+                    extraGasLimit: 0,
+                    payload: ""
+                }).serialize(),
+            HOME_CHAIN
+        );
+        cases[3] = Case(
+            "NotifyPricePoolPerShare",
+            MessageLib.NotifyPricePoolPerShare({poolId: p, scId: bytes16("sc"), price: 1, timestamp: 0}).serialize(),
+            HOME_CHAIN
+        );
+        cases[4] = Case(
+            "NotifyPricePoolPerAsset",
+            MessageLib.NotifyPricePoolPerAsset({poolId: p, scId: bytes16("sc"), assetId: 1, price: 1, timestamp: 0})
+                .serialize(),
+            HOME_CHAIN
+        );
+        cases[5] = Case(
+            "NotifyShareMetadata",
+            MessageLib.NotifyShareMetadata({
+                    poolId: p, scId: bytes16("sc"), name: "name", symbol: bytes32("SYM"), extraGasLimit: 0
+                }).serialize(),
+            HOME_CHAIN
+        );
+        cases[6] = Case(
+            "ExecuteTransferShares",
+            MessageLib.ExecuteTransferShares({
+                    poolId: p, scId: bytes16("sc"), receiver: bytes32("receiver"), amount: 1, extraGasLimit: 0
+                }).serialize(),
+            HOME_CHAIN
+        );
+        cases[7] = Case(
+            "UpdateRestriction",
+            MessageLib.UpdateRestriction({poolId: p, scId: bytes16("sc"), extraGasLimit: 0, payload: bytes("")})
+                .serialize(),
+            HOME_CHAIN
+        );
+        cases[8] = Case(
+            "UpdateVault",
+            MessageLib.UpdateVault({
+                    poolId: p,
+                    scId: bytes16("sc"),
+                    assetId: 1,
+                    vaultOrFactory: bytes32("vault"),
+                    kind: 0,
+                    extraGasLimit: 0,
+                    payload: bytes("")
+                }).serialize(),
+            HOME_CHAIN
+        );
+        cases[9] = Case(
+            "RequestCallback",
+            MessageLib.RequestCallback({
+                    poolId: p, scId: bytes16("sc"), assetId: 1, extraGasLimit: 0, payload: bytes("")
+                }).serialize(),
+            HOME_CHAIN
+        );
+        cases[10] = Case(
+            "SetRequestManager",
+            MessageLib.SetRequestManager({poolId: p, manager: bytes32("manager")}).serialize(),
+            HOME_CHAIN
+        );
+        cases[11] = Case(
+            "ManagerCall",
+            MessageLib.ManagerCallFromHub({poolId: p, target: bytes32("target"), extraGasLimit: 0, payload: bytes("")})
+                .serialize(),
+            HOME_CHAIN
+        );
+        cases[12] = Case(
+            "UpdateManager",
+            MessageLib.UpdateManager({
+                    poolId: p, kind: uint8(ManagerKind.Adapter), who: bytes32("manager"), canManage: true
+                }).serialize(),
+            HOME_CHAIN
+        );
+
+        // Spoke->hub (the exclusion list in messageSourceCentrifugeId): unrestricted (0), except
+        // UpdateHoldingAmount/Request which carry their own asset-origin check.
+        cases[13] = Case(
+            "InitiateTransferShares",
+            MessageLib.InitiateTransferShares({
+                    poolId: p,
+                    scId: bytes16("sc"),
+                    centrifugeId: HOME_CHAIN,
+                    receiver: bytes32("receiver"),
+                    amount: 1,
+                    remoteExtraGasLimit: 0,
+                    extraGasLimit: 0,
+                    sender: bytes32("sender")
+                }).serialize(),
+            0
+        );
+        cases[14] = Case(
+            "UpdateHoldingAmount",
+            MessageLib.UpdateAssets({
+                    poolId: p,
+                    scId: bytes16("sc"),
+                    assetId: newAssetId(FOREIGN_CHAIN, 0).raw(),
+                    amount: 1,
+                    timestamp: 0,
+                    isIncrease: true,
+                    isSnapshot: false,
+                    nonce: 0,
+                    extraGasLimit: 0
+                }).serialize(),
+            FOREIGN_CHAIN
+        );
+        cases[15] = Case(
+            "UpdateShares",
+            MessageLib.UpdateShares({
+                    poolId: p,
+                    scId: bytes16("sc"),
+                    shares: 1,
+                    timestamp: 0,
+                    isIssuance: true,
+                    isSnapshot: false,
+                    nonce: 0,
+                    extraGasLimit: 0
+                }).serialize(),
+            0
+        );
+        cases[16] = Case(
+            "Request",
+            MessageLib.Request({
+                    poolId: p,
+                    scId: bytes16("sc"),
+                    assetId: newAssetId(FOREIGN_CHAIN, 0).raw(),
+                    extraGasLimit: 0,
+                    payload: bytes("")
+                }).serialize(),
+            FOREIGN_CHAIN
+        );
+        cases[17] = Case(
+            "ManagerCallFromSpoke",
+            MessageLib.ManagerCallFromSpoke({
+                    poolId: p,
+                    target: bytes32("target"),
+                    sender: bytes32("sender"),
+                    extraGasLimit: 0,
+                    payload: bytes("")
+                }).serialize(),
+            0
+        );
+
+        // Mainnet-only messages: must come from centrifugeId=1.
+        cases[18] = Case(
+            "ScheduleUpgrade",
+            MessageLib.ScheduleUpgrade({target: bytes32(bytes20(address(1)))}).serialize(),
+            HOME_CHAIN
+        );
+        cases[19] = Case(
+            "CancelUpgrade", MessageLib.CancelUpgrade({target: bytes32(bytes20(address(1)))}).serialize(), HOME_CHAIN
+        );
+    }
+
+    function testMessageSourceCentrifugeIdPerMessageType() public view {
+        Case[] memory cases = _cases();
+
+        for (uint256 i; i < cases.length; i++) {
+            Case memory c = cases[i];
+            assertEq(c.message.messageSourceCentrifugeId(), c.validSource, c.name);
+        }
+    }
+}
+
 contract TestFile is TestCommon {
     function testErrNotAuthorized() public {
         vm.prank(address(ANY));
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        processor.file("gateway", address(0));
+        processor.file("multiAdapter", address(0));
     }
 
     function testErrFileUnrecognizedParam() public {
@@ -47,14 +264,6 @@ contract TestFile is TestCommon {
         processor.file("unknown", address(0));
     }
 
-    function testFileGateway() public {
-        vm.prank(address(AUTH));
-        vm.expectEmit();
-        emit IMessageProcessor.File("gateway", address(23));
-        processor.file("gateway", address(23));
-        assertEq(address(processor.gateway()), address(23));
-    }
-
     function testFileMultiAdapter() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
@@ -71,43 +280,123 @@ contract TestFile is TestCommon {
         assertEq(address(processor.hubHandler()), address(23));
     }
 
-    function testFileSpoke() public {
+    function testFileGateway() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IMessageProcessor.File("spoke", address(23));
-        processor.file("spoke", address(23));
-        assertEq(address(processor.spoke()), address(23));
+        emit IMessageProcessor.File("gateway", address(23));
+        processor.file("gateway", address(23));
+        assertEq(address(processor.gateway()), address(23));
     }
 
-    function testFileBalanceSheet() public {
+    function testFileSpokeHandler() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IMessageProcessor.File("balanceSheet", address(23));
-        processor.file("balanceSheet", address(23));
-        assertEq(address(processor.balanceSheet()), address(23));
+        emit IMessageProcessor.File("spokeHandler", address(23));
+        processor.file("spokeHandler", address(23));
+        assertEq(address(processor.spokeHandler()), address(23));
     }
 
-    function testFileVaultRegistry() public {
+    function testFileEnvoy() public {
         vm.prank(address(AUTH));
         vm.expectEmit();
-        emit IMessageProcessor.File("vaultRegistry", address(23));
-        processor.file("vaultRegistry", address(23));
-        assertEq(address(processor.vaultRegistry()), address(23));
+        emit IMessageProcessor.File("envoy", address(23));
+        processor.file("envoy", address(23));
+        assertEq(address(processor.envoy()), address(23));
     }
+}
 
-    function testFileContractUpdater() public {
-        vm.prank(address(AUTH));
-        vm.expectEmit();
-        emit IMessageProcessor.File("contractUpdater", address(23));
-        processor.file("contractUpdater", address(23));
-        assertEq(address(processor.contractUpdater()), address(23));
+/// @dev Source/self-origin classification now lives in Gateway, enforced before a message ever reaches
+///      MessageProcessor - see Gateway.t.sol. This only checks MessageProcessor's own dispatch to
+///      MultiAdapter.setAdapters.
+contract TestHandleSetPoolAdapters is TestCommon {
+    using MessageLib for *;
+
+    uint16 constant HUB_ID = 1;
+    address multiAdapter = makeAddr("multiAdapter");
+    PoolId poolId = newPoolId(HUB_ID, 1);
+
+    function _message() internal returns (bytes memory) {
+        bytes32[] memory adapters = new bytes32[](1);
+        adapters[0] = bytes32(bytes20(makeAddr("adapter")));
+        return MessageLib.SetPoolAdapters({
+                poolId: poolId.raw(), threshold: 1, targetSessionId: 1, adapterList: adapters
+            }).serialize();
     }
 
-    function testFileTokenRecoverer() public {
-        vm.prank(address(AUTH));
-        vm.expectEmit();
-        emit IMessageProcessor.File("tokenRecoverer", address(23));
-        processor.file("tokenRecoverer", address(23));
-        assertEq(address(processor.tokenRecoverer()), address(23));
+    function testDispatchesToMultiAdapter() public {
+        vm.prank(AUTH);
+        processor.file("multiAdapter", multiAdapter);
+
+        vm.mockCall(multiAdapter, abi.encodeWithSelector(IMultiAdapter.setAdapters.selector), "");
+
+        vm.expectCall(multiAdapter, abi.encodeWithSelector(IMultiAdapter.setAdapters.selector));
+        vm.prank(AUTH);
+        processor.handle(HUB_ID, _message());
+    }
+}
+
+contract TestHandleUpdateManager is TestCommon {
+    using MessageLib for *;
+
+    uint16 constant HUB_ID = 1;
+    address multiAdapter = makeAddr("multiAdapter");
+    address gateway = makeAddr("gateway");
+    address spokeHandler = makeAddr("spokeHandler");
+    PoolId poolId = newPoolId(HUB_ID, 1);
+    address who = makeAddr("who");
+
+    function _wireTargets() internal {
+        vm.startPrank(AUTH);
+        processor.file("multiAdapter", multiAdapter);
+        processor.file("gateway", gateway);
+        processor.file("spokeHandler", spokeHandler);
+        vm.stopPrank();
+    }
+
+    function _message(ManagerKind kind) internal view returns (bytes memory) {
+        return MessageLib.UpdateManager({
+                poolId: poolId.raw(), kind: uint8(kind), who: bytes32(bytes20(who)), canManage: true
+            }).serialize();
+    }
+
+    function testDispatchesToMultiAdapter() public {
+        _wireTargets();
+        vm.mockCall(multiAdapter, abi.encodeWithSelector(IMultiAdapter.updateManager.selector), "");
+        vm.expectCall(multiAdapter, abi.encodeWithSelector(IMultiAdapter.updateManager.selector, poolId, who, true));
+        vm.prank(AUTH);
+        processor.handle(HUB_ID, _message(ManagerKind.Adapter));
+    }
+
+    /// @dev Regression: this is the escalation path where a compromised/colluding adapter quorum for a
+    ///      pool can forge Gateway-manager status, which per IGateway.updateManager's own NatSpec warning
+    ///      is equivalent to hub-level authority over that pool.
+    function testDispatchesToGateway() public {
+        _wireTargets();
+        vm.mockCall(gateway, abi.encodeWithSelector(IGateway.updateManager.selector), "");
+        vm.expectCall(gateway, abi.encodeWithSelector(IGateway.updateManager.selector, poolId, who, true));
+        vm.prank(AUTH);
+        processor.handle(HUB_ID, _message(ManagerKind.Gateway));
+    }
+
+    function testDispatchesToSpokeBridger() public {
+        _wireTargets();
+        vm.mockCall(spokeHandler, abi.encodeWithSelector(ISpokeGatewayHandler.updateBridger.selector), "");
+        vm.expectCall(
+            spokeHandler, abi.encodeWithSelector(ISpokeGatewayHandler.updateBridger.selector, poolId, who, true)
+        );
+        vm.prank(AUTH);
+        processor.handle(HUB_ID, _message(ManagerKind.Bridger));
+    }
+}
+
+contract TestHandleInvalidMessage is TestCommon {
+    uint16 constant HUB_ID = 1;
+
+    function testRevertsOnUnhandledMessageType() public {
+        bytes memory message = abi.encodePacked(uint8(0));
+
+        vm.prank(AUTH);
+        vm.expectRevert(abi.encodeWithSelector(IMessageProcessor.InvalidMessage.selector, uint8(0)));
+        processor.handle(HUB_ID, message);
     }
 }
diff --git a/test/misc/unit/Multicall.t.sol b/test/misc/unit/Multicall.t.sol
index fefa01be6..b396e5b92 100644
--- a/test/misc/unit/Multicall.t.sol
+++ b/test/misc/unit/Multicall.t.sol
@@ -31,6 +31,10 @@ contract MulticallImpl is Multicall {
         value += value_;
     }
 
+    function addPayable(uint256 value_) external payable protected {
+        value += value_;
+    }
+
     function err() external protected {
         revert("error");
     }
@@ -102,4 +106,28 @@ contract MulticallTest is Test {
         vm.expectRevert(ReentrancyProtection.UnauthorizedSender.selector);
         multicall.multicall(calls);
     }
+
+    /// @dev Each call in a batch is a delegatecall, which does not carry its own value: the EVM's
+    ///      CALLVALUE stays whatever the outer multicall() call received for every delegatecall in the
+    ///      loop. A non-payable function's compiler-generated entry check reads CALLVALUE, so batching it
+    ///      alongside a payable call that actually attaches value reverts, even though each call is fine
+    ///      invoked on its own.
+    function testErrCannotMixPayableAndNonPayableWithValue() public {
+        bytes[] memory calls = new bytes[](2);
+        calls[0] = abi.encodeWithSelector(multicall.add.selector, 2);
+        calls[1] = abi.encodeWithSelector(multicall.addPayable.selector, 3);
+
+        vm.expectRevert(IMulticall.CallFailedWithEmptyRevert.selector);
+        multicall.multicall{value: 1}(calls);
+    }
+
+    function testMixPayableAndNonPayableSucceedsWithZeroValue() public {
+        bytes[] memory calls = new bytes[](2);
+        calls[0] = abi.encodeWithSelector(multicall.add.selector, 2);
+        calls[1] = abi.encodeWithSelector(multicall.addPayable.selector, 3);
+
+        multicall.multicall(calls);
+
+        assertEq(multicall.value(), 5);
+    }
 }
diff --git a/test/misc/unit/libraries/ArrayLib.t.sol b/test/misc/unit/libraries/ArrayLib.t.sol
index 3c574d6c6..3ef0ab17f 100644
--- a/test/misc/unit/libraries/ArrayLib.t.sol
+++ b/test/misc/unit/libraries/ArrayLib.t.sol
@@ -28,23 +28,11 @@ contract ArrayLibTest is Test {
             vm.assume(initialArray[i] > type(int16).min);
         }
         storedArray = initialArray;
-        storedArray.decreaseFirstNValues(valuesToDecrease, valuesToDecrease);
+        storedArray.decreaseFirstNValues(valuesToDecrease);
 
         assertEq(uint8(int8(_sum(initialArray) - _sum(storedArray))), valuesToDecrease);
     }
 
-    function testDecreaseFirstNValuesButNotBelowZeroAfterIndex(uint8 valuesToDecrease, uint8 numValuesLowerZeroIndex)
-        public
-    {
-        valuesToDecrease = uint8(bound(valuesToDecrease, 0, 8));
-        numValuesLowerZeroIndex = uint8(bound(numValuesLowerZeroIndex, 0, valuesToDecrease));
-
-        int16[8] memory initialArray = storedArray;
-        storedArray.decreaseFirstNValues(valuesToDecrease, numValuesLowerZeroIndex);
-
-        assertEq(uint8(int8(_sum(initialArray) - _sum(storedArray))), numValuesLowerZeroIndex);
-    }
-
     function _sum(int16[8] memory arr) internal pure returns (int256 count) {
         for (uint256 i; i < arr.length; i++) {
             count += int256(arr[i]);
diff --git a/test/misc/unit/libraries/D18.t.sol b/test/misc/unit/libraries/D18.t.sol
index 806b9767c..036f39915 100644
--- a/test/misc/unit/libraries/D18.t.sol
+++ b/test/misc/unit/libraries/D18.t.sol
@@ -16,7 +16,8 @@ import {
     raw,
     reciprocal,
     reciprocalMulUint128,
-    reciprocalMulUint256
+    reciprocalMulUint256,
+    withinDeviation
 } from "../../../../src/misc/types/D18.sol";
 
 import "forge-std/Test.sol";
@@ -178,6 +179,46 @@ contract D18Test is Test {
         assertEq(d18(0).isNotZero(), false);
         assertEq(d18(123).isNotZero(), true);
     }
+
+    function testWithinDeviationAdd() public pure {
+        assertTrue(d18(1e18 + 1e16).withinDeviation(d18(1e18), 1e16));
+        assertFalse(d18(1e18 + 1e16 + 1).withinDeviation(d18(1e18), 1e16));
+    }
+
+    function testWithinDeviationSub() public pure {
+        assertTrue(d18(1e18 - 1e16).withinDeviation(d18(1e18), 1e16));
+        assertFalse(d18(1e18 - 1e16 - 1).withinDeviation(d18(1e18), 1e16));
+    }
+
+    function testWithinDeviationEqual() public pure {
+        assertTrue(d18(1e18).withinDeviation(d18(1e18), 0));
+        assertFalse(d18(1e18 + 1).withinDeviation(d18(1e18), 0));
+        assertFalse(d18(1e18 - 1).withinDeviation(d18(1e18), 0));
+    }
+
+    /// @dev Fuzz the full uint128 range against an independent reference to pin precision:
+    ///      predicate = |value - reference| * 1e18 <= maxDeviation * reference.
+    ///      NOTE: Avoiding MathLib here so the two paths are independent.
+    /// forge-config: default.fuzz.runs = 100000
+    function testFuzzWithinDeviationMatchesExactReference(uint128 maxDeviation, uint128 value, uint128 reference_)
+        public
+        pure
+    {
+        uint256 delta = value > reference_ ? uint256(value) - reference_ : uint256(reference_) - value;
+        assertEq(
+            d18(value).withinDeviation(d18(reference_), maxDeviation),
+            delta * 1e18 <= uint256(maxDeviation) * uint256(reference_)
+        );
+    }
+
+    function testWithinDeviationPrecisionFloor() public pure {
+        // ref=1 (D18 precision floor). Old ceil formula rounded fractional allowed up to 1,
+        // admitting prices 0 and 2 at any nonzero deviation. Cross-multiply fix rejects them.
+        assertFalse(d18(0).withinDeviation(d18(1), 1e16)); // 100% below — rejected
+        assertFalse(d18(2).withinDeviation(d18(1), 1e16)); // 100% above — rejected
+        assertFalse(d18(3).withinDeviation(d18(1), 1e16)); // 200% above — rejected
+        assertTrue(d18(1).withinDeviation(d18(1), 1e16)); // exact match — accepted
+    }
 }
 
 contract D18ReciprocalTest is Test {
diff --git a/test/misc/unit/libraries/MathLib.t.sol b/test/misc/unit/libraries/MathLib.t.sol
index 1f845c6ea..71aef1c19 100644
--- a/test/misc/unit/libraries/MathLib.t.sol
+++ b/test/misc/unit/libraries/MathLib.t.sol
@@ -19,6 +19,14 @@ contract MathLibTest is Test {
         assertEq(result, expected, "Incorrect rpow calculation");
     }
 
+    function testRpowZeroBaseZeroExp() public pure {
+        assertEq(MathLib.rpow(0, 0, 5), 5, "0^0 should return base");
+    }
+
+    function testRpowZeroBasePositiveExp() public pure {
+        assertEq(MathLib.rpow(0, 3, 10 ** 27), 0, "0^n (n>0) should be 0");
+    }
+
     function testMulDivDown(uint256 x, uint256 y, uint256 denominator) public pure {
         // Ignore cases where x * y overflows or denominator is 0.
         unchecked {
@@ -151,4 +159,16 @@ contract MathLibTest is Test {
         y = uint256(bound(y, 0, x - 1));
         assertEq(MathLib.max(x, y), x);
     }
+
+    function testAbsDiff() public pure {
+        assertEq(MathLib.absDiff(0, 0), 0);
+        assertEq(MathLib.absDiff(5, 5), 0);
+        assertEq(MathLib.absDiff(7, 3), 4);
+        assertEq(MathLib.absDiff(3, 7), 4);
+    }
+
+    function testFuzzAbsDiff(uint256 a, uint256 b) public pure {
+        assertEq(MathLib.absDiff(a, b), MathLib.absDiff(b, a));
+        assertEq(MathLib.absDiff(a, b), a > b ? a - b : b - a);
+    }
 }
diff --git a/test/misc/unit/libraries/PricingLib.t.sol b/test/misc/unit/libraries/PricingLib.t.sol
index 0e4c6c050..a738df5ce 100644
--- a/test/misc/unit/libraries/PricingLib.t.sol
+++ b/test/misc/unit/libraries/PricingLib.t.sol
@@ -13,7 +13,7 @@ contract PricingLibBaseTest is Test {
     using PricingLib for *;
     using MathLib for uint256;
 
-    uint8 constant MIN_ASSET_DECIMALS = 2;
+    uint8 constant MIN_ASSET_DECIMALS = 0;
     uint8 constant MAX_ASSET_DECIMALS = 18;
     uint8 constant POOL_DECIMALS = 18;
     uint8 constant SHARE_DECIMALS = POOL_DECIMALS;
@@ -21,6 +21,9 @@ contract PricingLibBaseTest is Test {
     uint128 constant MAX_PRICE_POOL_PER_ASSET = 1e30;
     uint128 constant MAX_PRICE_POOL_PER_SHARE = 1e30;
     uint128 constant MAX_AMOUNT = 1e24;
+    // Round-trip fuzz price ceiling: keeps the 18-normalized numerator < uint256.max even with a
+    // uint128.max intermediate, so full-uint128 amounts can be fuzzed without spurious MulDiv overflow.
+    uint128 constant ROUNDTRIP_MAX_PRICE = 1e20;
 }
 
 contract ConvertWithPriceTest is PricingLibBaseTest {
@@ -319,7 +322,10 @@ contract ConvertWithPricesTest is PricingLibBaseTest {
                 bound(
                     priceNumerator_,
                     0,
-                    10 ** baseDecimals * 1e28 / (10 ** quoteDecimals * (baseAmount + 1)) * priceDenominator.raw()
+                    // uint256 cast: at MIN_ASSET_DECIMALS=0 the bound above lets baseAmount reach
+                    // uint128.max, so (baseAmount + 1) would overflow in uint128 arithmetic.
+                    10 ** baseDecimals * 1e28 / (10 ** quoteDecimals * (uint256(baseAmount) + 1))
+                        * priceDenominator.raw()
                 )
             )
         );
@@ -497,7 +503,18 @@ contract AssetToShareAmountTest is PricingLibBaseTest {
             shareAmount, POOL_DECIMALS, assetDecimals, pricePoolPerShare, pricePoolPerAsset, MathLib.Rounding.Down
         );
 
-        assertApproxEqAbs(assetRoundTrip, assetAmount, 1e20, "Asset->Share->Asset roundtrip target precision excess");
+        // Loss is bounded by the value of one share-ulp expressed in asset units (rounded up) + one asset-ulp,
+        // rather than a fixed constant that would embed a decimals>=2 assumption.
+        uint256 oneShareUlpInAssets = MathLib.mulDiv(
+            pricePoolPerShare.raw(),
+            uint256(10 ** assetDecimals),
+            uint256(10 ** POOL_DECIMALS) * pricePoolPerAsset.raw(),
+            MathLib.Rounding.Up
+        );
+        assertLe(assetRoundTrip, assetAmount, "round-trip must not gain assets");
+        assertApproxEqAbs(
+            assetRoundTrip, assetAmount, oneShareUlpInAssets + 1, "Asset->Share->Asset roundtrip precision excess"
+        );
     }
 }
 
@@ -520,8 +537,10 @@ contract ShareToAssetToShareTest is PricingLibBaseTest {
                 bound(
                     pricePoolPerShare_,
                     MIN_PRICE,
+                    // uint256 cast: at MIN_ASSET_DECIMALS=0 the bound above lets shareAmount reach
+                    // uint128.max, so (shareAmount + 1) would overflow in uint128 arithmetic.
                     (10 ** 18 * pricePoolPerAsset.raw() * uint256(type(uint128).max))
-                        / (10 ** assetDecimals * (shareAmount + 1))
+                        / (10 ** assetDecimals * (uint256(shareAmount) + 1))
                 )
             )
         );
@@ -532,7 +551,20 @@ contract ShareToAssetToShareTest is PricingLibBaseTest {
         uint256 shareRoundTrip = PricingLib.assetToShareAmount(
             assetAmount, assetDecimals, POOL_DECIMALS, pricePoolPerAsset, pricePoolPerShare, MathLib.Rounding.Down
         );
-        assertApproxEqAbs(shareRoundTrip, shareAmount, 1e36, "Share->Asset->Share roundtrip target precision excess");
+
+        // Loss is bounded by the value of one asset-ulp expressed in shares (rounded up) + one share-ulp.
+        // A fixed tolerance embeds a decimals>=2 assumption: at assetDecimals=0 a single coarse asset unit
+        // can be worth up to ~1e37 shares, far above the old 1e36 constant.
+        uint256 oneAssetUlpInShares = MathLib.mulDiv(
+            pricePoolPerAsset.raw(),
+            uint256(10 ** POOL_DECIMALS),
+            uint256(10 ** assetDecimals) * pricePoolPerShare.raw(),
+            MathLib.Rounding.Up
+        );
+        assertLe(shareRoundTrip, shareAmount, "round-trip must not gain shares");
+        assertApproxEqAbs(
+            shareRoundTrip, shareAmount, oneAssetUlpInShares + 1, "Share->Asset->Share roundtrip precision excess"
+        );
     }
 
     function testShareToAssetAmount(
@@ -549,8 +581,10 @@ contract ShareToAssetToShareTest is PricingLibBaseTest {
                 bound(
                     pricePoolPerShare_,
                     MIN_PRICE,
+                    // uint256 cast: at MIN_ASSET_DECIMALS=0 the bound above lets shareAmount reach
+                    // uint128.max, so (shareAmount + 1) would overflow in uint128 arithmetic.
                     (10 ** 18 * pricePoolPerAsset.raw() * uint256(type(uint128).max))
-                        / (10 ** assetDecimals * (shareAmount + 1))
+                        / (10 ** assetDecimals * (uint256(shareAmount) + 1))
                 )
             )
         );
@@ -827,4 +861,265 @@ contract MaxConvertibleAssetAmountTest is PricingLibBaseTest {
             shareToken_, asset_, tokenId_, maxShares, poolPerShare, poolPerAsset
         );
     }
+
+    // Numerator scale factor `10 ** assetDecimals` collapses to 1 at assetDecimals = 0.
+    function testMaxConvertibleZeroDecimalAsset() public {
+        vm.mockCall(asset, abi.encodeWithSelector(IERC20Metadata.decimals.selector), abi.encode(uint8(0)));
+
+        // maxShares * 10^0 * poolPerShare / (10^18 * poolPerAsset), equal prices.
+        uint256 maxAssets =
+            PricingLib.maxConvertibleAssetAmount(shareToken, asset, tokenId, type(uint128).max, d18(1, 1), d18(1, 1));
+        assertEq(maxAssets, uint256(type(uint128).max) / 1e18, "assetDecimals=0 collapses scale factor to 1");
+
+        // Converting the reported max back to shares must not overflow uint128.
+        uint128 shares = PricingLib.assetToShareAmount(
+            shareToken, asset, tokenId, uint128(maxAssets), d18(1, 1), d18(1, 1), MathLib.Rounding.Down
+        );
+        assertLe(shares, type(uint128).max, "round-trip of max assets must not overflow");
+    }
+}
+
+/// @dev Explicit 0-decimal conversions in both directions, plus zero-rounding and no-gain round-trip properties.
+contract ZeroDecimalsConversionTest is PricingLibBaseTest {
+    using PricingLib for *;
+    using MathLib for uint256;
+
+    // 0-dec base into 18-dec quote: 1 whole base unit at price 1.0 is 1e18 in fine units.
+    function testConvertWithPriceZeroDecBaseToFineQuote() public pure {
+        assertEq(PricingLib.convertWithPrice(5, 0, 18, d18(1e18), MathLib.Rounding.Down), 5e18);
+        // Extreme-high price 1e30: 1 unit -> 1e30 (1e12 fine tokens).
+        assertEq(PricingLib.convertWithPrice(1, 0, 18, d18(1e30), MathLib.Rounding.Down), 1e30);
+        // Extreme-low price 1 (1e-18): 1 unit -> 1 (smallest fine unit).
+        assertEq(PricingLib.convertWithPrice(1, 0, 18, d18(1), MathLib.Rounding.Down), 1);
+    }
+
+    // 18-dec base into 0-dec quote: 5.0 in fine units at price 1.0 is 5 whole quote units.
+    function testConvertWithPriceFineBaseToZeroDecQuote() public pure {
+        assertEq(PricingLib.convertWithPrice(5e18, 18, 0, d18(1e18), MathLib.Rounding.Down), 5);
+        // Sub-unit fine amount rounds down to 0 whole quote units.
+        assertEq(PricingLib.convertWithPrice(5e17, 18, 0, d18(1e18), MathLib.Rounding.Down), 0);
+        // ...and up to 1.
+        assertEq(PricingLib.convertWithPrice(5e17, 18, 0, d18(1e18), MathLib.Rounding.Up), 1);
+    }
+
+    function testConvertWithReciprocalPriceZeroDec() public pure {
+        // 0-dec base -> 18-dec quote, basePerQuote = 1.0.
+        assertEq(PricingLib.convertWithReciprocalPrice(5, 0, 18, d18(1e18), MathLib.Rounding.Down), 5e18);
+        // 18-dec base -> 0-dec quote, basePerQuote = 1.0.
+        assertEq(PricingLib.convertWithReciprocalPrice(5e18, 18, 0, d18(1e18), MathLib.Rounding.Down), 5);
+    }
+
+    function testConvertWithPricesZeroDec() public pure {
+        // 0-dec base -> 18-dec quote, num == denom == 1.0.
+        assertEq(PricingLib.convertWithPrices(5, 0, 18, d18(1e18), d18(1e18), MathLib.Rounding.Down), 5e18);
+        // 18-dec base -> 0-dec quote.
+        assertEq(PricingLib.convertWithPrices(5e18, 18, 0, d18(1e18), d18(1e18), MathLib.Rounding.Down), 5);
+    }
+
+    // Small fine share amounts convert to 0 whole units of a 0-decimal asset without reverting.
+    function testZeroRoundingToZeroDecimalAsset() public pure {
+        assertEq(
+            PricingLib.shareToAssetAmount(5e17, 18, 0, d18(1e18), d18(1e18), MathLib.Rounding.Down),
+            0,
+            "half a fine unit rounds to 0 whole asset units"
+        );
+        assertEq(
+            PricingLib.shareToAssetAmount(1e18, 18, 0, d18(1e18), d18(1e18), MathLib.Rounding.Down),
+            1,
+            "one fine unit converts to 1 whole asset unit"
+        );
+    }
+
+    // Payout into a 0-decimal asset is monotonic in the share amount (no dips as amount grows).
+    function testZeroDecimalAssetMonotonic(uint128 shareAmount_) public pure {
+        uint128 shareAmount = uint128(bound(shareAmount_, 0, 1e30));
+        uint128 lower = PricingLib.shareToAssetAmount(shareAmount, 18, 0, d18(1e18), d18(1e18), MathLib.Rounding.Down);
+        uint128 higher =
+            PricingLib.shareToAssetAmount(shareAmount + 1e18, 18, 0, d18(1e18), d18(1e18), MathLib.Rounding.Down);
+        assertGe(higher, lower, "payout must be monotonic in share amount");
+    }
+
+    // Round-down asset -> share -> asset over the full [0,18] x [0,18] decimal grid and full price range.
+    // Asserts no value is gained, and the loss is bounded by one intermediate-ulp (in asset units) + one
+    // asset-ulp. Only inputs that would genuinely overflow uint128 inside the conversions are rejected.
+    function testAssetShareRoundTripNoGain(
+        uint128 assetAmount_,
+        uint8 assetDecimals_,
+        uint8 shareDecimals_,
+        uint128 pricePoolPerAsset_,
+        uint128 pricePoolPerShare_
+    ) public pure {
+        uint8 assetDecimals = uint8(bound(assetDecimals_, 0, 18));
+        uint8 shareDecimals = uint8(bound(shareDecimals_, 0, 18));
+        uint128 assetAmount = uint128(bound(assetAmount_, 0, type(uint128).max));
+        // Prices bounded to 1e20 (D18 price 100): with the max 1e18 decimal scaling and a derived
+        // intermediate up to uint128.max, the normalized numerator stays < uint256.max, so neither
+        // conversion can MulDiv-overflow. Amounts still span the full uint128 range.
+        D18 pricePoolPerAsset = d18(uint128(bound(pricePoolPerAsset_, MIN_PRICE, ROUNDTRIP_MAX_PRICE)));
+        D18 pricePoolPerShare = d18(uint128(bound(pricePoolPerShare_, MIN_PRICE, ROUNDTRIP_MAX_PRICE)));
+
+        // asset -> share result mirrors convertWithPrices; reject inputs whose result would overflow uint128.
+        vm.assume(
+            MathLib.mulDiv(
+                pricePoolPerAsset.raw(),
+                uint256(10 ** shareDecimals) * assetAmount,
+                uint256(10 ** assetDecimals) * pricePoolPerShare.raw(),
+                MathLib.Rounding.Down
+            ) <= type(uint128).max
+        );
+        uint128 shareAmount = PricingLib.assetToShareAmount(
+            assetAmount, assetDecimals, shareDecimals, pricePoolPerAsset, pricePoolPerShare, MathLib.Rounding.Down
+        );
+
+        // share -> asset result likewise.
+        vm.assume(
+            MathLib.mulDiv(
+                pricePoolPerShare.raw(),
+                uint256(10 ** assetDecimals) * shareAmount,
+                uint256(10 ** shareDecimals) * pricePoolPerAsset.raw(),
+                MathLib.Rounding.Down
+            ) <= type(uint128).max
+        );
+        uint128 assetRoundTrip = PricingLib.shareToAssetAmount(
+            shareAmount, shareDecimals, assetDecimals, pricePoolPerShare, pricePoolPerAsset, MathLib.Rounding.Down
+        );
+
+        // Value of one share-ulp expressed in asset units, rounded up (computed in uint256; the value itself
+        // can exceed uint128 when the price ratio is extreme, which is exactly when the loss is large).
+        uint256 oneShareUlpInAssets = MathLib.mulDiv(
+            pricePoolPerShare.raw(),
+            uint256(10 ** assetDecimals),
+            uint256(10 ** shareDecimals) * pricePoolPerAsset.raw(),
+            MathLib.Rounding.Up
+        );
+
+        assertLe(assetRoundTrip, assetAmount, "round-down asset->share->asset must never gain value");
+        assertLe(
+            uint256(assetAmount) - assetRoundTrip,
+            oneShareUlpInAssets + 1,
+            "round-trip loss within one intermediate-ulp + one target-ulp"
+        );
+    }
+
+    // Symmetric no-gain + tight-loss property for the reverse round-trip.
+    function testShareAssetRoundTripNoGain(
+        uint128 shareAmount_,
+        uint8 assetDecimals_,
+        uint8 shareDecimals_,
+        uint128 pricePoolPerAsset_,
+        uint128 pricePoolPerShare_
+    ) public pure {
+        uint8 assetDecimals = uint8(bound(assetDecimals_, 0, 18));
+        uint8 shareDecimals = uint8(bound(shareDecimals_, 0, 18));
+        uint128 shareAmount = uint128(bound(shareAmount_, 0, type(uint128).max));
+        // See testAssetShareRoundTripNoGain for why prices are capped at ROUNDTRIP_MAX_PRICE.
+        D18 pricePoolPerAsset = d18(uint128(bound(pricePoolPerAsset_, MIN_PRICE, ROUNDTRIP_MAX_PRICE)));
+        D18 pricePoolPerShare = d18(uint128(bound(pricePoolPerShare_, MIN_PRICE, ROUNDTRIP_MAX_PRICE)));
+
+        vm.assume(
+            MathLib.mulDiv(
+                pricePoolPerShare.raw(),
+                uint256(10 ** assetDecimals) * shareAmount,
+                uint256(10 ** shareDecimals) * pricePoolPerAsset.raw(),
+                MathLib.Rounding.Down
+            ) <= type(uint128).max
+        );
+        uint128 assetAmount = PricingLib.shareToAssetAmount(
+            shareAmount, shareDecimals, assetDecimals, pricePoolPerShare, pricePoolPerAsset, MathLib.Rounding.Down
+        );
+
+        vm.assume(
+            MathLib.mulDiv(
+                pricePoolPerAsset.raw(),
+                uint256(10 ** shareDecimals) * assetAmount,
+                uint256(10 ** assetDecimals) * pricePoolPerShare.raw(),
+                MathLib.Rounding.Down
+            ) <= type(uint128).max
+        );
+        uint128 shareRoundTrip = PricingLib.assetToShareAmount(
+            assetAmount, assetDecimals, shareDecimals, pricePoolPerAsset, pricePoolPerShare, MathLib.Rounding.Down
+        );
+
+        // Value of one asset-ulp expressed in share units, rounded up.
+        uint256 oneAssetUlpInShares = MathLib.mulDiv(
+            pricePoolPerAsset.raw(),
+            uint256(10 ** shareDecimals),
+            uint256(10 ** assetDecimals) * pricePoolPerShare.raw(),
+            MathLib.Rounding.Up
+        );
+
+        assertLe(shareRoundTrip, shareAmount, "round-down share->asset->share must never gain value");
+        assertLe(
+            uint256(shareAmount) - shareRoundTrip,
+            oneAssetUlpInShares + 1,
+            "round-trip loss within one intermediate-ulp + one target-ulp"
+        );
+    }
+}
+
+/// @dev calculatePriceAssetPerShare with 0-decimal assets/shares, including the toUint128 overflow boundary.
+contract ZeroDecimalsCalcPriceTest is Test {
+    using PricingLib for *;
+    using MathLib for uint256;
+
+    address asset = makeAddr("Asset");
+    address shareToken = makeAddr("ShareToken");
+
+    function _mockDecimals(uint8 assetDecimals, uint8 shareDecimals) internal {
+        vm.mockCall(asset, abi.encodeWithSelector(IERC20Metadata.decimals.selector), abi.encode(assetDecimals));
+        vm.mockCall(shareToken, abi.encodeWithSelector(IERC20Metadata.decimals.selector), abi.encode(shareDecimals));
+    }
+
+    // 1 whole asset unit / 1 whole share unit (both 0-dec) is the identity price 1e18.
+    function testZeroDecimalIdentityCorner() public {
+        _mockDecimals(0, 0);
+        D18 price = PricingLib.calculatePriceAssetPerShare(shareToken, 1, asset, 0, 1, MathLib.Rounding.Down);
+        assertEq(price.raw(), 1e18);
+    }
+
+    // 1 whole (0-dec) asset per 1 fine (18-dec) share => 1e36 asset-per-share in 18-dec price units.
+    function testZeroDecimalAssetFineShareCorner() public {
+        _mockDecimals(0, 18);
+        D18 price = PricingLib.calculatePriceAssetPerShare(shareToken, 1, asset, 0, 1, MathLib.Rounding.Down);
+        assertEq(price.raw(), 1e36);
+    }
+
+    // With 0-dec asset and 0-dec share and shares = 1, price raw = assets * 1e18, so the toUint128 cast
+    // reverts once assets exceeds type(uint128).max / 1e18. Pin the boundary so it is documented.
+    function testZeroDecimalPriceOverflowBoundary() public {
+        _mockDecimals(0, 0);
+        uint128 maxAssets = uint128(uint256(type(uint128).max) / 1e18);
+
+        D18 price = PricingLib.calculatePriceAssetPerShare(shareToken, 1, asset, 0, maxAssets, MathLib.Rounding.Down);
+        assertEq(price.raw(), uint256(maxAssets) * 1e18);
+
+        vm.expectRevert(); // MathLib.toUint128 overflow
+        this.calculatePriceAssetPerShare_(shareToken, 1, asset, 0, maxAssets + 1, MathLib.Rounding.Down);
+    }
+
+    // The same overflow class predates this change and scales with the coarse decimal: with a 2-decimal
+    // asset and 0-decimal share, price raw = assets * 1e16 / shares, so with shares = 1 the toUint128 cast
+    // reverts once assets exceeds type(uint128).max / 1e16 (a lower asset threshold than the 0-dec case).
+    function testTwoDecimalPriceOverflowBoundary() public {
+        _mockDecimals(2, 0);
+        uint128 maxAssets = uint128(uint256(type(uint128).max) / 1e16);
+
+        D18 price = PricingLib.calculatePriceAssetPerShare(shareToken, 1, asset, 0, maxAssets, MathLib.Rounding.Down);
+        assertEq(price.raw(), uint256(maxAssets) * 1e16);
+
+        vm.expectRevert(); // MathLib.toUint128 overflow
+        this.calculatePriceAssetPerShare_(shareToken, 1, asset, 0, maxAssets + 1, MathLib.Rounding.Down);
+    }
+
+    // External wrapper so vm.expectRevert can observe the toUint128 revert.
+    function calculatePriceAssetPerShare_(
+        address shareToken_,
+        uint128 shares,
+        address asset_,
+        uint256 tokenId,
+        uint128 assets,
+        MathLib.Rounding rounding
+    ) external view returns (D18) {
+        return PricingLib.calculatePriceAssetPerShare(shareToken_, shares, asset_, tokenId, assets, rounding);
+    }
 }
diff --git a/test/misc/unit/libraries/SafeTransferLib.t.sol b/test/misc/unit/libraries/SafeTransferLib.t.sol
index 7ddf7d984..816d10e0c 100644
--- a/test/misc/unit/libraries/SafeTransferLib.t.sol
+++ b/test/misc/unit/libraries/SafeTransferLib.t.sol
@@ -59,6 +59,13 @@ contract ERC20WithBooleanAlwaysFalse {
     }
 }
 
+/// @dev Rejects any ETH sent to it, even a zero-value call.
+contract RejectsAllETH {
+    fallback() external payable {
+        revert("always reverts");
+    }
+}
+
 /// @author Modified from
 /// https://github.com/morpho-org/morpho-blue/blob/main/test/forge/libraries/SafeTransferLibTest.sol
 contract SafeTransferLibTest is Test {
@@ -131,4 +138,34 @@ contract SafeTransferLibTest is Test {
     function safeApprove(address token, address spender, uint256 amount) external {
         SafeTransferLib.safeApprove(token, spender, amount);
     }
+
+    function testSafeTransferETH(uint256 amount) public {
+        amount = bound(amount, 0, 100 ether);
+        vm.deal(address(this), amount);
+        address to = makeAddr("recipient");
+
+        SafeTransferLib.safeTransferETH(to, amount);
+
+        assertEq(to.balance, amount);
+    }
+
+    function testSafeTransferETHSkipsCallWhenZero() public {
+        // A zero-value transfer must not attempt the low-level call at all, even to a destination
+        // that reverts unconditionally on any call.
+        address to = address(new RejectsAllETH());
+
+        SafeTransferLib.safeTransferETH(to, 0);
+    }
+
+    function testSafeTransferETHRevertsOnFailure() public {
+        vm.deal(address(this), 1 ether);
+        address to = address(new RejectsAllETH());
+
+        vm.expectRevert(SafeTransferLib.SafeTransferEthFailed.selector);
+        this.safeTransferETH(to, 1 ether);
+    }
+
+    function safeTransferETH(address to, uint256 value) external {
+        SafeTransferLib.safeTransferETH(to, value);
+    }
 }
diff --git a/test/policies/StdHubPolicy.t.sol b/test/policies/StdHubPolicy.t.sol
new file mode 100644
index 000000000..b4d577c31
--- /dev/null
+++ b/test/policies/StdHubPolicy.t.sol
@@ -0,0 +1,1366 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {D18} from "../../src/misc/types/D18.sol";
+import {IAuth} from "../../src/misc/interfaces/IAuth.sol";
+import {CastLib} from "../../src/misc/libraries/CastLib.sol";
+
+import {PoolId} from "../../src/core/types/PoolId.sol";
+import {AssetId} from "../../src/core/types/AssetId.sol";
+import {HubRegistry} from "../../src/core/hub/HubRegistry.sol";
+import {ShareClassId} from "../../src/core/types/ShareClassId.sol";
+import {IPolicy} from "../../src/core/utils/interfaces/IPolicy.sol";
+import {IHub, ManagerKind} from "../../src/core/hub/interfaces/IHub.sol";
+import {IAdapter} from "../../src/core/messaging/interfaces/IAdapter.sol";
+import {IHubRegistry} from "../../src/core/hub/interfaces/IHubRegistry.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
+import {IShareClassManager} from "../../src/core/hub/interfaces/IShareClassManager.sol";
+import {ILocalCentrifugeId} from "../../src/core/messaging/interfaces/IGatewaySenders.sol";
+
+import {UpdateRestrictionType} from "../../src/token/hooks/libraries/UpdateRestrictionMessageLib.sol";
+
+import {ManagerAction} from "../../src/vaults/interfaces/IBatchRequestManager.sol";
+
+import "forge-std/Test.sol";
+
+import {IStdHubPolicy} from "../../src/policies/hub/interfaces/IStdHubPolicy.sol";
+import {StdHubPolicy, StdHubPolicyFactory} from "../../src/policies/hub/StdHubPolicy.sol";
+
+contract StdHubPolicyTest is Test {
+    PoolId constant POOL_A = PoolId.wrap(1);
+    ShareClassId constant SC_A = ShareClassId.wrap(bytes16(uint128(2)));
+
+    // Selectors for the two updateSharePrice overloads (disambiguated; UPDATE_SHARE_PRICE_WITH_TIMESTAMP is ambiguous).
+    bytes4 constant UPDATE_SHARE_PRICE_WITH_TIMESTAMP =
+        bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128,uint64)"));
+    bytes4 constant UPDATE_SHARE_PRICE = bytes4(keccak256("updateSharePrice(uint64,bytes16,uint128)"));
+
+    uint48 constant DELAY = 1 days;
+    uint48 constant EXPIRY = 7 days;
+    uint48 constant ESCALATION = 7 days;
+    uint128 constant RATE = 1e15; // per second
+    uint128 constant CAP = 5e17; // absolute per-update
+    uint16 constant LOCAL_CENTRIFUGE_ID = 1;
+
+    IHub immutable hub = IHub(makeAddr("Hub"));
+    address immutable sender = makeAddr("Sender");
+    IShareClassManager immutable scm = IShareClassManager(makeAddr("ShareClassManager"));
+    IMultiAdapter immutable multiAdapter = IMultiAdapter(makeAddr("MultiAdapter"));
+    address immutable supervisor = makeAddr("supervisor");
+    address immutable brm = makeAddr("BRM");
+    address immutable hook = makeAddr("bridgingHook");
+    address immutable manager = makeAddr("manager");
+    address immutable outsider = makeAddr("outsider");
+    address immutable who = makeAddr("who");
+
+    // The authorization ledger lives in a real HubRegistry, which the policy classifies for.
+    StdHubPolicy policy;
+    HubRegistry hubRegistry;
+    StdHubPolicyFactory factory;
+
+    function setUp() public {
+        hubRegistry = new HubRegistry(address(this));
+        vm.mockCall(address(hub), abi.encodeWithSelector(IHub.hubRegistry.selector), abi.encode(hubRegistry));
+        vm.mockCall(address(hub), abi.encodeWithSelector(IHub.sender.selector), abi.encode(sender));
+        vm.mockCall(
+            address(sender),
+            abi.encodeWithSelector(ILocalCentrifugeId.localCentrifugeId.selector),
+            abi.encode(LOCAL_CENTRIFUGE_ID)
+        );
+        factory = new StdHubPolicyFactory(hub, multiAdapter, scm);
+        policy = StdHubPolicy(address(factory.newHubPolicy(_config(CAP, RATE, false, address(0), address(0)))));
+
+        // Register the pool (manager becomes a manager; outsider is not) and install the policy.
+        hubRegistry.registerAsset(AssetId.wrap(1), 6);
+        hubRegistry.registerPool(POOL_A, manager, AssetId.wrap(1));
+        hubRegistry.setPolicy(POOL_A, policy);
+
+        // Baseline on-chain price = 1.0 for the share-price tests.
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(1e18), uint64(0))
+        );
+    }
+
+    function _config(uint128 cap, uint128 rate, bool onchain, address nav, address price)
+        internal
+        view
+        returns (IStdHubPolicy.Config memory)
+    {
+        return _config(cap, rate, onchain, nav, price, type(uint128).max, new IStdHubPolicy.Entry[](0));
+    }
+
+    function _config(
+        uint128 cap,
+        uint128 rate,
+        bool onchain,
+        address nav,
+        address price,
+        IStdHubPolicy.Entry[] memory allowlist
+    ) internal view returns (IStdHubPolicy.Config memory) {
+        return _config(cap, rate, onchain, nav, price, type(uint128).max, allowlist);
+    }
+
+    function _config(uint128 cap, uint128 rate, bool onchain, address nav, address price, uint128 maxDeviation)
+        internal
+        view
+        returns (IStdHubPolicy.Config memory)
+    {
+        return _config(cap, rate, onchain, nav, price, maxDeviation, new IStdHubPolicy.Entry[](0));
+    }
+
+    function _config(
+        uint128 cap,
+        uint128 rate,
+        bool onchain,
+        address nav,
+        address price,
+        uint128 maxDeviation,
+        IStdHubPolicy.Entry[] memory allowlist
+    ) internal view returns (IStdHubPolicy.Config memory) {
+        return IStdHubPolicy.Config({
+            delay: DELAY,
+            expiry: EXPIRY,
+            escalation: ESCALATION,
+            maxAbsolutePriceDelta: cap,
+            thresholdPerSecond: rate,
+            maxBrmPriceDeviation: maxDeviation,
+            onchainAccounting: onchain,
+            navManager: nav,
+            simplePriceManager: price,
+            requestManager: brm,
+            bridgingHook: hook,
+            oracleValuation: address(0),
+            allowlist: allowlist
+        });
+    }
+
+    function _authId(bytes memory d) internal view returns (bytes32) {
+        return hubRegistry.authId(POOL_A, d);
+    }
+
+    /// @dev Authorize `data` as a manager and return the classified delay (validAfter - now).
+    function _delayOf(bytes memory d) internal returns (uint48) {
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+        return hubRegistry.authorizedAfter(_authId(d)) - uint48(block.timestamp);
+    }
+
+    function _setPolicyCall(address policy_) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(IHub.setPolicy.selector, POOL_A, policy_);
+    }
+
+    /// @dev Manual price update (pool manager supplies explicit computedAt).
+    function _priceCallWithTimestamp(uint128 raw) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(UPDATE_SHARE_PRICE_WITH_TIMESTAMP, POOL_A, SC_A, D18.wrap(raw), uint64(0));
+    }
+
+    /// @dev Automated price update (SimplePriceManager, no computedAt in calldata).
+    function _priceCall(uint128 raw) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(UPDATE_SHARE_PRICE, POOL_A, SC_A, D18.wrap(raw));
+    }
+
+    /// @dev Reflect the Hub's write, which lands right after enforce and is what the policy reads back
+    ///      as the committed price on the next call.
+    function _mockCommittedPrice(uint128 raw) internal {
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(raw), uint64(block.timestamp))
+        );
+    }
+
+    /// @dev Establish an executed baseline at `raw`: enforce it against an unset committed price so the
+    ///      anchor lands, then commit it so later deltas measure from `raw`.
+    function _baseline(uint128 raw) internal {
+        _baseline(policy, manager, raw);
+    }
+
+    function _baseline(StdHubPolicy policy_, address caller_, uint128 raw) internal {
+        _mockCommittedPrice(0);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, caller_, _priceCallWithTimestamp(raw));
+        _mockCommittedPrice(raw);
+    }
+
+    /// @dev {_baseline} through the SimplePriceManager path on a specific policy.
+    function _baselineOnchain(StdHubPolicy policy_, uint128 raw) internal {
+        _mockCommittedPrice(0);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(raw));
+        _mockCommittedPrice(raw);
+    }
+
+    // ─── authorize flow (out-of-policy driven by the setPolicy selector) ───────
+
+    function testAuthorizeStoresValidAfter() public {
+        bytes memory d = _setPolicyCall(address(this));
+        vm.expectEmit();
+        emit IHubRegistry.AuthorizationScheduled(POOL_A, manager, _authId(d), uint48(block.timestamp) + ESCALATION, d);
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+        assertEq(hubRegistry.authorizedAfter(_authId(d)), block.timestamp + ESCALATION);
+    }
+
+    function testAuthorizeNotAuthorized() public {
+        // authorize is ward-only; the manager check lives in Hub.initiateAuthorization.
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        vm.prank(outsider);
+        hubRegistry.initiateAuthorization(POOL_A, manager, _setPolicyCall(address(this)));
+    }
+
+    function testReauthorizePendingReverts() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        // Re-authorizing a pending auth reverts rather than silently resetting its maturity clock.
+        vm.expectRevert(IHubRegistry.AlreadyAuthorized.selector);
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+    }
+
+    function testReauthorizeExpiredReverts() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        // Past maturity + expiry the auth is dead but enforce never cleared it, so re-authorizing
+        // still reverts — it must be cancelled first.
+        skip(ESCALATION + EXPIRY + 1);
+        vm.expectRevert(IHubRegistry.AlreadyAuthorized.selector);
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+    }
+
+    function testCancelThenReauthorize() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        hubRegistry.cancelAuthorization(POOL_A, manager, d);
+
+        // Once cancelled, the same call can be authorized again.
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+        assertEq(hubRegistry.authorizedAfter(_authId(d)), block.timestamp + ESCALATION);
+    }
+
+    function testAuthorizeInPolicyReverts() public {
+        // An in-policy call has nothing to authorize; banking it would let a manager fire it later
+        // once the same calldata drifts out of policy.
+        bytes memory d = abi.encodeWithSelector(IHub.notifyPool.selector, POOL_A, uint16(1), address(0));
+        vm.expectRevert(IHubRegistry.InPolicy.selector);
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+    }
+
+    function testCancelAuthorization() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        vm.expectEmit();
+        emit IHubRegistry.AuthorizationCanceled(POOL_A, manager, _authId(d));
+        hubRegistry.cancelAuthorization(POOL_A, manager, d);
+        assertEq(hubRegistry.authorizedAfter(_authId(d)), 0);
+    }
+
+    function testCancelNotAuthorized() public {
+        // cancelAuthorization is ward-only; the manager check lives in Hub.cancelAuthorization.
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        vm.prank(outsider);
+        hubRegistry.cancelAuthorization(POOL_A, manager, _setPolicyCall(address(this)));
+    }
+
+    function testCancelNoAuthorizationReverts() public {
+        // Cancelling a call that was never authorized fails loud rather than emitting a no-op event.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        hubRegistry.cancelAuthorization(POOL_A, manager, _setPolicyCall(address(this)));
+    }
+
+    function testEnforceNotEnforcer() public {
+        vm.expectRevert(IPolicy.NotEnforcer.selector);
+        vm.prank(outsider);
+        policy.enforce(POOL_A, manager, _setPolicyCall(address(this)));
+    }
+
+    function testEnforceInPolicyIsNoop() public {
+        // Unknown selector -> in policy, no authorization required.
+        bytes memory d = abi.encodeWithSelector(IHub.notifyPool.selector, POOL_A, uint16(1), address(0));
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, d);
+    }
+
+    function testEnforceOutOfPolicyWithoutAuthReverts() public {
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _setPolicyCall(address(this)));
+    }
+
+    function testEnforceOutOfPolicyNotMaturedReverts() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        skip(ESCALATION - 1);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, d);
+    }
+
+    function testEnforceOutOfPolicyMaturedConsumes() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        skip(ESCALATION);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, d);
+        assertEq(hubRegistry.authorizedAfter(_authId(d)), 0);
+
+        // Single-shot: a second out-of-policy call reverts.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, d);
+    }
+
+    function testEnforceOutOfPolicyExpiredReverts() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        // Matured but the execution window has closed: fails closed, the auth is no longer valid.
+        skip(ESCALATION + EXPIRY + 1);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, d);
+    }
+
+    function testEnforceOutOfPolicyAtExpiryBoundaryConsumes() public {
+        bytes memory d = _setPolicyCall(address(this));
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        // The last instant of the window is still valid (inclusive upper bound).
+        skip(ESCALATION + EXPIRY);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, d);
+        assertEq(hubRegistry.authorizedAfter(_authId(d)), 0);
+    }
+
+    function testAuthorizationMatchesExactCalldata() public {
+        hubRegistry.initiateAuthorization(POOL_A, manager, _setPolicyCall(address(0xA)));
+        skip(ESCALATION);
+
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _setPolicyCall(address(0xB)));
+    }
+
+    // ─── policy rules ────────────────────────────────────────────────────────────
+
+    function testGrantHubManagerNeedsAuthorization() public {
+        assertEq(_delayOf(abi.encodeWithSelector(IHub.updateHubManager.selector, POOL_A, who, true)), DELAY);
+    }
+
+    function testRevokeHubManagerNeedsAuthorization() public {
+        // Revoking a hub manager is out of policy too, so the Supervisor can't be removed instantly.
+        assertEq(_delayOf(abi.encodeWithSelector(IHub.updateHubManager.selector, POOL_A, who, false)), DELAY);
+    }
+
+    function testSetPolicyNeedsAuthorization() public {
+        assertEq(_delayOf(_setPolicyCall(address(this))), ESCALATION);
+    }
+
+    // ─── restriction guard ────────────────────────────────────────────────────
+
+    function _restrictionCall(bytes memory update) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(
+            IHub.updateRestriction.selector, POOL_A, SC_A, LOCAL_CENTRIFUGE_ID, update, uint128(0), address(0)
+        );
+    }
+
+    function testFreezeRestrictionInPolicy() public view {
+        // A canonical Freeze is strictly tightening, so it runs instantly (delay 0).
+        bytes memory freeze = abi.encodePacked(uint8(UpdateRestrictionType.Freeze), bytes32(bytes20(who)));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _restrictionCall(freeze)), 0);
+    }
+
+    function testUnfreezeRestrictionNeedsAuthorization() public view {
+        bytes memory unfreeze = abi.encodePacked(uint8(UpdateRestrictionType.Unfreeze), bytes32(bytes20(who)));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _restrictionCall(unfreeze)), DELAY);
+    }
+
+    function testMemberRestrictionNeedsAuthorization() public view {
+        bytes memory member =
+            abi.encodePacked(uint8(UpdateRestrictionType.Member), bytes32(bytes20(who)), uint64(1 days));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _restrictionCall(member)), DELAY);
+    }
+
+    function testMalformedRestrictionNeedsAuthorization() public view {
+        // Too short (only the type byte) fails closed to delay.
+        bytes memory short = abi.encodePacked(uint8(UpdateRestrictionType.Freeze));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _restrictionCall(short)), DELAY);
+
+        // Canonical 33-byte length but an out-of-range type byte also fails closed to delay (no revert).
+        bytes memory badType = abi.encodePacked(uint8(0xff), bytes32(bytes20(who)));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _restrictionCall(badType)), DELAY);
+    }
+
+    function testFreezeWithTrailingBytesNeedsAuthorization() public view {
+        // A Freeze with one trailing byte is not the canonical 33-byte shape, so it stays out of policy.
+        bytes memory freezePlus = abi.encodePacked(uint8(UpdateRestrictionType.Freeze), bytes32(bytes20(who)), uint8(0));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _restrictionCall(freezePlus)), DELAY);
+    }
+
+    // ─── constructor timelock validation ─────────────────────────────────
+
+    function _timelockConfig(uint48 delay_, uint48 expiry_, uint48 escalation_)
+        internal
+        view
+        returns (IStdHubPolicy.Config memory c)
+    {
+        c = _config(CAP, RATE, false, address(0), address(0));
+        c.delay = delay_;
+        c.expiry = expiry_;
+        c.escalation = escalation_;
+    }
+
+    function testConstructorRejectsZeroDelay() public {
+        vm.expectRevert(IStdHubPolicy.InvalidConfig.selector);
+        new StdHubPolicy(hub, multiAdapter, scm, _timelockConfig(0, EXPIRY, ESCALATION));
+    }
+
+    function testConstructorRejectsZeroExpiry() public {
+        vm.expectRevert(IStdHubPolicy.InvalidConfig.selector);
+        new StdHubPolicy(hub, multiAdapter, scm, _timelockConfig(DELAY, 0, ESCALATION));
+    }
+
+    function testConstructorRejectsEscalationEqualToDelay() public {
+        vm.expectRevert(IStdHubPolicy.InvalidConfig.selector);
+        new StdHubPolicy(hub, multiAdapter, scm, _timelockConfig(DELAY, EXPIRY, DELAY));
+    }
+
+    function testConstructorRejectsEscalationBelowDelay() public {
+        vm.expectRevert(IStdHubPolicy.InvalidConfig.selector);
+        new StdHubPolicy(hub, multiAdapter, scm, _timelockConfig(DELAY, EXPIRY, DELAY - 1));
+    }
+
+    // ─── share-price guard ─────────────────────────────────────────────────────────
+
+    function testFirstPriceUpdateInPolicyAndCommits() public {
+        // No baseline yet -> in policy; enforce commits the baseline timestamp.
+        _baseline(1e18);
+        assertEq(policy.lastPriceUpdate(POOL_A, SC_A), block.timestamp);
+    }
+
+    function testSmallPriceUpdateInPolicy() public {
+        _baseline(1e18);
+        skip(100);
+
+        // Tiny move, well under rate and cap.
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18 + 1e10));
+    }
+
+    function testRateLimitedPriceUpdateNeedsAuthorization() public {
+        _baseline(1e18); // baseline at T0
+        skip(1); // 1 second later
+
+        // delta 2e15 over 1s exceeds RATE (1e15/s); below CAP. Out of policy.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18 + 2e15));
+    }
+
+    function testAbsoluteCapHoldsAfterLongWait() public {
+        _baseline(1e18);
+        skip(1e9); // huge elapsed -> rate would pass
+
+        // delta 1e18 >= CAP (5e17): a single jump this large is out of policy regardless of time.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(2e18));
+    }
+
+    function testAbsoluteCapBoundaryExactlyAtCapIsOutOfPolicy() public {
+        _baseline(1e18);
+        skip(1000); // large enough that RATE alone would not trigger at this delta
+
+        // delta == CAP exactly: the >= comparison must still classify this as out of policy.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18 + CAP));
+    }
+
+    function testAbsoluteCapBoundaryJustUnderCapIsInPolicy() public {
+        _baseline(1e18);
+        skip(1000); // keeps delta/elapsed well under RATE too
+
+        // delta == CAP - 1: strictly below the cap, must stay in policy.
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18 + CAP - 1));
+    }
+
+    function testRateBoundaryExactlyAtThresholdIsOutOfPolicy() public {
+        _baseline(1e18);
+        skip(100);
+
+        // delta / elapsed == RATE exactly, and delta stays well under CAP so only the rate branch
+        // can be responsible for classifying this out of policy.
+        uint256 delta = uint256(RATE) * 100;
+        assertLt(delta, CAP);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(uint128(1e18 + delta)));
+    }
+
+    function testRateBoundaryJustUnderThresholdIsInPolicy() public {
+        _baseline(1e18);
+        skip(100);
+
+        // delta / elapsed just under RATE: must stay in policy.
+        uint256 delta = uint256(RATE) * 100 - 1;
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(uint128(1e18 + delta)));
+    }
+
+    function testAuthorizeDoesNotMoveBaseline() public {
+        _baseline(1e18); // baseline at T0
+        uint64 t0 = policy.lastPriceUpdate(POOL_A, SC_A);
+
+        skip(50);
+        // Authorizing an out-of-policy price jump must NOT advance the baseline.
+        hubRegistry.initiateAuthorization(POOL_A, manager, _priceCallWithTimestamp(2e18));
+        assertEq(policy.lastPriceUpdate(POOL_A, SC_A), t0);
+    }
+
+    function testSameBlockPriceUpdateNeedsAuthorization() public {
+        _baseline(1e18); // baseline committed this block
+
+        // A second update in the SAME block has zero elapsed time: out of policy even though the
+        // move is tiny. This closes the chunk-many-sub-threshold-updates-in-one-tx bypass.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18 + 1e10));
+    }
+
+    function testNoOpPriceUpdateDoesNotMoveBaseline() public {
+        _baseline(1e18);
+        uint64 t0 = policy.lastPriceUpdate(POOL_A, SC_A);
+        skip(100);
+
+        // Re-committing the committed price is not a move, so the baseline stays where the last actual
+        // move put it: a permissionless no-op recompute cannot shrink the rate guard's window.
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18));
+        assertEq(policy.lastPriceUpdate(POOL_A, SC_A), t0);
+    }
+
+    function testNoOpPriceUpdateInPolicySameBlock() public {
+        _baseline(1e18);
+
+        // Unlike a same-block *move*, a same-block re-commit has no delta to rate-bound and must stay in
+        // policy: otherwise a no-op sync landing in the block of a real move reverts the whole message.
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18));
+        assertEq(policy.authorizationDelay(POOL_A, manager, _priceCallWithTimestamp(1e18)), 0);
+    }
+
+    function testZeroFirstPriceUpdateAnchorsBaseline() public {
+        // A fresh share class reads back price 0, so committing a computed 0 PPS is a no-op against the
+        // uninitialized slot. It is still the executed first update, so it must anchor the baseline.
+        _mockCommittedPrice(0);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(0));
+        assertEq(policy.lastPriceUpdate(POOL_A, SC_A), block.timestamp);
+
+        // With the baseline armed the move off zero is bounded like any other. Skip past the same-block
+        // rule so it is the absolute cap (delta 100e18 >= CAP) doing the classifying, not `elapsed == 0`.
+        skip(1e9);
+        bytes memory recovery = _priceCallWithTimestamp(100e18);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, recovery);
+
+        // Being guarded is not a dead end: the pool recovers off zero through authorize -> mature -> execute,
+        // and that executed move re-anchors the baseline.
+        hubRegistry.initiateAuthorization(POOL_A, manager, recovery);
+        skip(DELAY);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, recovery);
+        assertEq(policy.lastPriceUpdate(POOL_A, SC_A), block.timestamp);
+    }
+
+    function testFirstPriceUpdateOnFreshPolicyAnchorsEvenOnNoOp() public {
+        // A replacement policy starts with no baseline while the pool's committed price survives in the
+        // share class manager. Its first executed update can be a no-op recommit; it must still anchor, so
+        // the next real move is guarded instead of inheriting the unguarded first-update slot. Deployed
+        // directly rather than through the factory so it is a second instance of the very same config.
+        StdHubPolicy fresh = new StdHubPolicy(hub, multiAdapter, scm, _config(CAP, RATE, false, address(0), address(0)));
+        hubRegistry.setPolicy(POOL_A, fresh);
+        _mockCommittedPrice(1e18);
+
+        vm.prank(address(hub));
+        fresh.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18));
+        assertEq(fresh.lastPriceUpdate(POOL_A, SC_A), block.timestamp);
+
+        // delta 1e18 >= CAP (5e17): out of policy despite the generous elapsed time.
+        skip(1e9);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        fresh.enforce(POOL_A, manager, _priceCallWithTimestamp(2e18));
+    }
+
+    function testRateGuardMeasuresFromLastActualMove() public {
+        _baseline(1e18);
+        skip(100);
+
+        // Spam no-op recomputes right before the real move lands.
+        for (uint256 i; i < 5; i++) {
+            vm.prank(address(hub));
+            policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18));
+        }
+
+        // The move is still measured over the full 100s since the last actual move, so it stays in policy.
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(uint128(1e18 + uint256(RATE) * 100 - 1)));
+    }
+
+    function testPriceGuardDisabled() public {
+        policy = StdHubPolicy(address(factory.newHubPolicy(_config(0, 0, false, address(0), address(0)))));
+
+        // Establish a baseline, then a huge same-block jump: with both guards off everything is in policy.
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(1e18));
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _priceCallWithTimestamp(100e18));
+    }
+
+    // ─── managerCall classification ───────────────────────────────────────────────
+
+    function _managerCall(bytes32 target, bytes memory inner) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(
+            IHub.managerCall.selector, POOL_A, LOCAL_CENTRIFUGE_ID, target, inner, uint128(0), uint256(0), address(0)
+        );
+    }
+
+    function testManagerCallToRequestManagerInPolicy() public {
+        // managerCall targeting the configured request manager (BRM) is in policy: routine keeper ops run
+        // synchronously, no authorization needed. The opaque payload is not inspected (target is pinned).
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _managerCall(bytes32(bytes20(brm)), abi.encode(uint8(1), bytes16(0))));
+    }
+
+    function testManagerCallToRequestManagerOnRemoteChainDelayed() public {
+        // Target pins (BRM, bridging hook, forwarder) are local addresses with no cross-chain guarantee
+        // (CREATE3 determinism is not a security invariant). A remote-dispatched managerCall must fall
+        // through to delay even if the target byte-matches a local pin.
+        bytes memory d = abi.encodeWithSelector(
+            IHub.managerCall.selector,
+            POOL_A,
+            LOCAL_CENTRIFUGE_ID + 1,
+            bytes32(bytes20(brm)),
+            abi.encode(uint8(1), bytes16(0)),
+            uint128(0),
+            uint256(0),
+            address(0)
+        );
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    function testManagerCallToOtherTargetDenyByDefault() public {
+        // Any other target (Supervisor, NAVManager, OracleValuation, unknown) falls to deny-by-default:
+        // out of policy, standard delay + sentinel veto. Pinning the target defeats the ABI collision where
+        // a Supervisor RemoveSentinel (kind byte 1) is disguised as a BRM ApproveDeposits (also kind 1).
+        assertEq(
+            _delayOf(_managerCall(bytes32(bytes20(supervisor)), abi.encode(uint8(1), makeAddr("attacker")))), DELAY
+        );
+    }
+
+    function testManagerCallUnknownTargetDenyByDefault() public {
+        // An unpinned target (anything other than the BRM or bridging hook) is out of policy: deny-by-default.
+        assertEq(_delayOf(_managerCall(bytes32(bytes20(makeAddr("unknown"))), bytes(""))), DELAY);
+    }
+
+    function testManagerCallShortPayloadFailsClosed() public view {
+        // A managerCall payload shorter than 224 bytes (the static ABI encoding of its 7 parameters)
+        // must not revert during classify/authorize — it fails closed as out-of-policy (delay).
+        bytes memory shortPayload = abi.encodePacked(IHub.managerCall.selector, new bytes(100)); // 4 + 100 = 104 bytes, well under 224
+        assertEq(policy.authorizationDelay(POOL_A, manager, shortPayload), DELAY);
+    }
+
+    function testManagerCallTruncatedDynamicTailReverts() public {
+        // A payload >= 224 bytes (past the length guard) can still revert on abi.decode: 224 only covers
+        // the static head, but a validly-encoded call needs a further word for the dynamic `inner` bytes'
+        // length (256 minimum). A payload truncated to 234 bytes has a head pointing past its own end, so
+        // decode reverts. This is safe rather than a re-run of the malformed-payload DoS: classify() runs
+        // inside authorize(), so the revert only aborts that authorize() call - nothing is stored, so there
+        // is nothing later for {Supervisor._checkNotSelfRemoval} to freeze via a revert on cancellation.
+        bytes memory full = _managerCall(bytes32(bytes20(makeAddr("someTarget"))), abi.encode(uint256(1), bytes32(0)));
+        bytes memory truncated = new bytes(234);
+        for (uint256 i; i < 234; i++) {
+            truncated[i] = full[i];
+        }
+        vm.expectRevert();
+        this.classifyExternal(truncated);
+    }
+
+    function classifyExternal(bytes calldata data) external view {
+        policy.authorizationDelay(POOL_A, manager, data);
+    }
+
+    function testManagerCallToBridgingHookSetPausedInPolicy() public {
+        // SetPaused (kind 0) to the configured bridging hook is instant — no authorization needed.
+        bytes memory inner = abi.encode(uint8(0), bytes16("sc1"), true);
+        vm.prank(address(hub));
+        policy.enforce(POOL_A, manager, _managerCall(bytes32(bytes20(hook)), inner));
+    }
+
+    function testManagerCallToBridgingHookSetRateLimitDelayed() public {
+        // SetRateLimit (kind 1) to the bridging hook is still out of policy — needs authorization.
+        bytes memory inner = abi.encode(uint8(1), bytes16("sc1"), uint16(2), uint128(5000e18), uint32(3600));
+        assertEq(_delayOf(_managerCall(bytes32(bytes20(hook)), inner)), DELAY);
+    }
+
+    function testManagerCallToBridgingHookNotConfiguredDelayed() public {
+        // When bridgingHook is address(0), a SetPaused payload to any target is still delayed.
+        IStdHubPolicy.Config memory cfg = _config(CAP, RATE, false, address(0), address(0));
+        cfg.bridgingHook = address(0);
+        StdHubPolicy noHook = new StdHubPolicy(hub, multiAdapter, scm, cfg);
+        hubRegistry.setPolicy(POOL_A, noHook);
+        bytes memory inner = abi.encode(uint8(0), bytes16("sc1"), true);
+        assertEq(_delayOf(_managerCall(bytes32(bytes20(hook)), inner)), DELAY);
+        hubRegistry.setPolicy(POOL_A, policy);
+    }
+
+    // ─── BRM price-deviation guard ─────────────────────────────────────────────────
+
+    uint128 constant DEVIATION = 1e16; // 1%
+    AssetId constant ASSET = AssetId.wrap(7);
+
+    /// @dev A BRM issue/revoke inner payload carrying `pricePoolPerShare` at word 4 (offset 144).
+    function _brmShareAction(ManagerAction kind, uint128 price) internal pure returns (bytes memory) {
+        return abi.encode(uint8(kind), ShareClassId.unwrap(SC_A), uint128(0), uint32(0), price, uint128(0), address(0));
+    }
+
+    /// @dev A BRM approve deposits/redeems inner payload carrying `pricePoolPerAsset` at word 5 (offset 176).
+    function _brmApproveAction(ManagerAction kind, uint128 price) internal pure returns (bytes memory) {
+        return abi.encode(
+            uint8(kind), ShareClassId.unwrap(SC_A), AssetId.unwrap(ASSET), uint32(0), uint128(0), price, address(0)
+        );
+    }
+
+    /// @dev Classify a BRM-targeted managerCall through a policy carrying `maxDev`.
+    function _classifyBrm(uint128 maxDev, bytes memory inner) internal returns (uint48) {
+        // Fresh factory per call: this helper classifies many throwaway policies whose configs may
+        // repeat, and a shared factory's deterministic CREATE2 address would collide on a repeat.
+        IStdHubPolicy policy_ = new StdHubPolicyFactory(hub, multiAdapter, scm)
+            .newHubPolicy(_config(CAP, RATE, false, address(0), address(0), maxDev));
+        return policy_.authorizationDelay(POOL_A, manager, _managerCall(bytes32(bytes20(brm)), inner));
+    }
+
+    function _mockAssetPrice(uint128 raw) internal {
+        vm.mockCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.pricePoolPerAsset.selector, POOL_A, SC_A, ASSET),
+            abi.encode(D18.wrap(raw))
+        );
+    }
+
+    function testBrmIssueWithinBoundInPolicy() public {
+        // Main share price = 1e18 (setUp). A move under 1% is in policy.
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.IssueShares, 1e18 + 5e15)), 0);
+    }
+
+    function testBrmIssueBeyondBoundDelayed() public {
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.IssueShares, 1e18 + 2e16)), DELAY);
+    }
+
+    function testBrmRevokeWithinBoundInPolicy() public {
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.RevokeShares, 1e18 - 5e15)), 0);
+    }
+
+    function testBrmRevokeBeyondBoundDelayed() public {
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.RevokeShares, 1e18 - 2e16)), DELAY);
+    }
+
+    function testBrmApproveDepositsWithinBoundInPolicy() public {
+        _mockAssetPrice(1e18);
+        assertEq(_classifyBrm(DEVIATION, _brmApproveAction(ManagerAction.ApproveDeposits, 1e18 + 5e15)), 0);
+    }
+
+    function testBrmApproveDepositsBeyondBoundDelayed() public {
+        _mockAssetPrice(1e18);
+        assertEq(_classifyBrm(DEVIATION, _brmApproveAction(ManagerAction.ApproveDeposits, 1e18 + 2e16)), DELAY);
+    }
+
+    function testBrmApproveRedeemsWithinBoundInPolicy() public {
+        _mockAssetPrice(1e18);
+        assertEq(_classifyBrm(DEVIATION, _brmApproveAction(ManagerAction.ApproveRedeems, 1e18 - 5e15)), 0);
+    }
+
+    function testBrmApproveRedeemsBeyondBoundDelayed() public {
+        _mockAssetPrice(1e18);
+        assertEq(_classifyBrm(DEVIATION, _brmApproveAction(ManagerAction.ApproveRedeems, 1e18 + 2e16)), DELAY);
+    }
+
+    function testBrmExactMatchBoundDeRwa() public {
+        // maxBrmPriceDeviation == 0: exact match is in policy, any nonzero delta is out (deRWA semantics).
+        assertEq(_classifyBrm(0, _brmShareAction(ManagerAction.IssueShares, 1e18)), 0);
+        assertEq(_classifyBrm(0, _brmShareAction(ManagerAction.IssueShares, 1e18 + 1)), DELAY);
+    }
+
+    function testBrmMainSharePriceZeroDelayed() public {
+        // No committed share price (reference reads 0): fails closed — requires a timelock authorization.
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(0), uint64(0))
+        );
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.IssueShares, 5e18)), DELAY);
+    }
+
+    function testBrmMainSharePriceZeroRevokeDelayed() public {
+        // Same guard applies to RevokeShares.
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(0), uint64(0))
+        );
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.RevokeShares, 5e18)), DELAY);
+    }
+
+    function testBrmMainAssetPriceZeroDelayed() public {
+        // A zero asset price from the oracle also fails closed.
+        vm.mockCall(
+            address(hub),
+            abi.encodeWithSelector(IHub.pricePoolPerAsset.selector, POOL_A, SC_A, ASSET),
+            abi.encode(D18.wrap(0))
+        );
+        assertEq(_classifyBrm(DEVIATION, _brmApproveAction(ManagerAction.ApproveDeposits, 1e18)), DELAY);
+    }
+
+    function testBrmApproveAssetPriceRevertBubblesUp() public {
+        // A reverting oracle bubbles up: a manager must not approve against a broken price source.
+        IStdHubPolicy policy_ = factory.newHubPolicy(_config(CAP, RATE, false, address(0), address(0), DEVIATION));
+        vm.mockCallRevert(
+            address(hub), abi.encodeWithSelector(IHub.pricePoolPerAsset.selector, POOL_A, SC_A, ASSET), "PriceNotSet"
+        );
+        bytes memory call = _managerCall(bytes32(bytes20(brm)), _brmApproveAction(ManagerAction.ApproveDeposits, 1e18));
+        vm.expectRevert();
+        policy_.authorizationDelay(POOL_A, manager, call);
+    }
+
+    function testBrmGuardDisabledAnyPriceInPolicy() public {
+        // maxBrmPriceDeviation == type(uint128).max disables the guard: any price is in policy.
+        assertEq(_classifyBrm(type(uint128).max, _brmShareAction(ManagerAction.IssueShares, 100e18)), 0);
+    }
+
+    /// @dev A BRM force-cancel inner payload (no price field).
+    function _brmForceCancel(ManagerAction kind) internal pure returns (bytes memory) {
+        return abi.encode(uint8(kind), ShareClassId.unwrap(SC_A), bytes32(0), AssetId.unwrap(ASSET), address(0));
+    }
+
+    function testBrmForceCancelDepositNoPriceInPolicy() public {
+        // Force-cancels carry no price field: in policy regardless of the bound.
+        assertEq(_classifyBrm(DEVIATION, _brmForceCancel(ManagerAction.ForceCancelDepositRequest)), 0);
+    }
+
+    function testBrmForceCancelRedeemNoPriceInPolicy() public {
+        assertEq(_classifyBrm(DEVIATION, _brmForceCancel(ManagerAction.ForceCancelRedeemRequest)), 0);
+    }
+
+    function testBrmUnknownActionKindDelayed() public {
+        // A kind outside the known ManagerAction set (price-bearing or force-cancel) fails closed to
+        // delay rather than being waved through in-policy - deny-by-default, not deny-by-exception.
+        bytes memory inner = abi.encode(uint8(99), bytes16(0));
+        assertEq(_classifyBrm(DEVIATION, inner), DELAY);
+    }
+
+    function testBrmMalformedShortPayloadDelayed() public {
+        // A price-bearing kind whose payload is too short to hold the price word fails closed -> delay.
+        bytes memory inner = abi.encode(uint8(ManagerAction.IssueShares), ShareClassId.unwrap(SC_A));
+        assertEq(_classifyBrm(DEVIATION, inner), DELAY);
+    }
+
+    function testBrmIssueDustReferenceZeroPriceDelayed() public {
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(1), uint64(0))
+        );
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.IssueShares, 0)), DELAY);
+    }
+
+    function testBrmIssueDustReferenceTwoPriceDelayed() public {
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(1), uint64(0))
+        );
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.IssueShares, 2)), DELAY);
+    }
+
+    function testBrmIssueDustReferenceExactMatchInPolicy() public {
+        // price=1 == ref=1: delta=0, always passes.
+        vm.mockCall(
+            address(scm),
+            abi.encodeWithSelector(IShareClassManager.pricePoolPerShare.selector, POOL_A, SC_A),
+            abi.encode(D18.wrap(1), uint64(0))
+        );
+        assertEq(_classifyBrm(DEVIATION, _brmShareAction(ManagerAction.IssueShares, 1)), 0);
+    }
+
+    // ─── managerCall payload robustness ───────────────────────────────────────────
+
+    function testManagerCallLargeFirstWordIsDelayedNotReverting() public {
+        // An inner payload whose first word exceeds 255 (e.g. a target whose payload starts with a
+        // uint256/address) must NOT revert during classification; it falls to deny-by-default.
+        bytes memory inner = abi.encode(uint256(type(uint256).max));
+        assertEq(_delayOf(_managerCall(bytes32(bytes20(makeAddr("target"))), inner)), DELAY);
+    }
+
+    // ─── request manager / adapters manager / share hook ──────────────────────────
+
+    function testSetRequestManagerNeedsAuthorization() public {
+        bytes memory d = abi.encodeWithSelector(
+            IHub.setRequestManager.selector, POOL_A, uint16(1), address(0), bytes32(0), address(0)
+        );
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    function testUpdateVaultNeedsAuthorization() public {
+        // Every vault update (deploy/link/unlink) is timelocked.
+        bytes memory d = abi.encodeWithSelector(IHub.updateVault.selector, POOL_A, SC_A, uint8(0));
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    function testUpdateCurrencyNeedsAuthorization() public {
+        // Changing the pool currency is a structural config change and is timelocked.
+        bytes memory d = abi.encodeWithSelector(IHub.updateCurrency.selector, POOL_A, AssetId.wrap(1));
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    function _managerCall(ManagerKind kind, bytes32 who_, bool canManage) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(IHub.updateManager.selector, POOL_A, uint16(1), kind, who_, canManage, address(0));
+    }
+
+    function testGrantAdaptersManagerNeedsAuthorization() public {
+        assertEq(_delayOf(_managerCall(ManagerKind.Adapter, bytes32(bytes20(who)), true)), DELAY);
+    }
+
+    function testRevokeAdaptersManagerNeedsAuthorization() public {
+        assertEq(_delayOf(_managerCall(ManagerKind.Adapter, bytes32(bytes20(who)), false)), DELAY);
+    }
+
+    // ─── balance-sheet manager classification ─────────────────────────────────────
+
+    function testGrantSpokeManagerNeedsAuthorization() public {
+        assertEq(_delayOf(_managerCall(ManagerKind.Spoke, bytes32(bytes20(who)), true)), DELAY);
+    }
+
+    function testRevokeSpokeManagerNeedsAuthorization() public {
+        assertEq(_delayOf(_managerCall(ManagerKind.Spoke, bytes32(bytes20(who)), false)), DELAY);
+    }
+
+    // ─── setAdapters classification ───────────────────────────────────────────────
+
+    function _setAdaptersCall(IAdapter[] memory local, bytes32[] memory remote) internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(
+            IHub.setAdapters.selector, POOL_A, uint16(1), local, remote, uint8(0), uint8(0), address(0)
+        );
+    }
+
+    function testSetAdaptersAlwaysOutOfPolicy() public {
+        // setAdapters is always `delay`, regardless of which local/remote adapters are proposed: neither
+        // is validated on-chain (see {StdHubPolicy._authorizationDelay}), so a sentinel reviewing the pending
+        // authorization is the only safeguard.
+        IAdapter[] memory local = new IAdapter[](1);
+        local[0] = IAdapter(makeAddr("adapter"));
+        bytes32[] memory remote = new bytes32[](1);
+        remote[0] = CastLib.toBytes32(makeAddr("foreignAdapter"));
+        assertEq(_delayOf(_setAdaptersCall(local, remote)), DELAY);
+    }
+
+    // ─── deny-by-default ──────────────────────────────────────────────────────────
+
+    function testUnknownSelectorOutOfPolicy() public {
+        // A selector the policy doesn't classify (e.g. a Hub method added later) falls through to
+        // the deny-by-default branch: out of policy, so it can't run unguarded.
+        bytes memory d = abi.encodeWithSelector(bytes4(0xdeadbeef), POOL_A);
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    // ─── on-chain accounting ──────────────────────────────────────────────────────
+
+    address constant NAV = address(0xA1);
+    address constant PRICE = address(0xB2);
+
+    function _onchainPolicy() internal returns (StdHubPolicy) {
+        return StdHubPolicy(address(factory.newHubPolicy(_config(CAP, RATE, true, NAV, PRICE))));
+    }
+
+    function testOnchainAccountingNavManagerInPolicy() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        // The NAVManager drives accounting synchronously (in policy, no revert).
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, NAV, abi.encodeWithSelector(IHub.updateJournal.selector, POOL_A));
+    }
+
+    function testOnchainAccountingBlocksOtherCallers() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        // Any other caller is blocked outright — can't touch accounting, can't even authorize it.
+        vm.prank(address(hub));
+        vm.expectRevert(IStdHubPolicy.OnchainAccountingOnly.selector);
+        policy_.enforce(POOL_A, manager, abi.encodeWithSelector(IHub.updateJournal.selector, POOL_A));
+    }
+
+    function testOnchainAccountingSharePriceOnlyFromPriceManager() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        // Share price comes only from the SimplePriceManager.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(2e18));
+
+        vm.prank(address(hub));
+        vm.expectRevert(IStdHubPolicy.OnchainAccountingOnly.selector);
+        policy_.enforce(POOL_A, manager, _priceCall(2e18));
+    }
+
+    function testOnchainAccountingSnapshotHookMustBeNavManager() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        // The snapshot hook may only point at the NAVManager.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, manager, abi.encodeWithSelector(IHub.setSnapshotHook.selector, POOL_A, NAV));
+
+        vm.prank(address(hub));
+        vm.expectRevert(IStdHubPolicy.OnchainAccountingOnly.selector);
+        policy_.enforce(POOL_A, manager, abi.encodeWithSelector(IHub.setSnapshotHook.selector, POOL_A, address(0xBAD)));
+    }
+
+    function testOnchainPriceManagerFirstUpdateInPolicy() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        // No baseline yet -> first update from SimplePriceManager is in policy regardless of the price.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(100e18));
+        assertEq(policy_.lastPriceUpdate(POOL_A, SC_A), block.timestamp);
+    }
+
+    function testOnchainPriceManagerSmallUpdateInPolicy() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        _baselineOnchain(policy_, 1e18);
+        skip(100);
+
+        // Tiny move, well under rate and cap.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(1e18 + 1e10));
+    }
+
+    function testOnchainPriceManagerRateLimitedNeedsAuthorization() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+        _baselineOnchain(policy_, 1e18); // baseline at T0
+        skip(1); // 1 second later
+
+        // delta 2e15 over 1s exceeds RATE (1e15/s); below CAP. Out of policy.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(1e18 + 2e15));
+    }
+
+    function testOnchainPriceManagerCapExceededNeedsAuthorization() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+        _baselineOnchain(policy_, 1e18);
+        skip(1e9); // huge elapsed -> rate would pass
+
+        // delta 1e18 >= CAP (5e17): out of policy regardless of elapsed time.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(2e18));
+    }
+
+    function testOnchainPriceManagerSameBlockNeedsAuthorization() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+        _baselineOnchain(policy_, 1e18); // baseline committed this block
+
+        // A second update in the same block has zero elapsed: out of policy.
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(1e18 + 1e10));
+    }
+
+    function testOnchainPriceManagerNoOpDoesNotMoveBaseline() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+        _baselineOnchain(policy_, 1e18);
+        uint64 t0 = policy_.lastPriceUpdate(POOL_A, SC_A);
+        skip(100);
+
+        // The SimplePriceManager re-commits the same price on every sync where NAV and issuance moved
+        // proportionally, and anyone can drive those syncs: they must not touch the baseline.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(1e18));
+        assertEq(policy_.lastPriceUpdate(POOL_A, SC_A), t0);
+
+        // A real move a second later is still bounded over the full 101s.
+        skip(1);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(uint128(1e18 + uint256(RATE) * 101 - 1)));
+    }
+
+    function testOnchainPriceManagerZeroFirstUpdateAnchorsBaseline() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+
+        // Zero NAV against nonzero issuance makes the SimplePriceManager compute a 0 PPS, matching the
+        // fresh share class's uninitialized price. The executed update must still anchor the baseline.
+        _mockCommittedPrice(0);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(0));
+        assertEq(policy_.lastPriceUpdate(POOL_A, SC_A), block.timestamp);
+
+        // Recovering off zero is a 100e18 move in the same block: out of policy, needs an authorization.
+        _mockCommittedPrice(0);
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(100e18));
+    }
+
+    function testOnchainPriceManagerOutOfPolicyCanBePreauthorized() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+        address spm = policy_.simplePriceManager();
+        _baselineOnchain(policy_, 1e18);
+        skip(1);
+
+        // Pool manager pre-authorizes using the no-timestamp calldata. Since computedAt is absent,
+        // the authorization id is stable and matches whatever block SimplePriceManager executes in.
+        bytes memory d = _priceCall(1e18 + 2e15);
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+
+        skip(DELAY);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, spm, d);
+    }
+
+    function testOnchainPriceManagerPreauthorizationBlocksNonPriceManager() public {
+        StdHubPolicy policy_ = _onchainPolicy();
+        hubRegistry.setPolicy(POOL_A, policy_);
+        _baselineOnchain(policy_, 1e18);
+        skip(1);
+
+        bytes memory d = _priceCall(1e18 + 2e15);
+        hubRegistry.initiateAuthorization(POOL_A, manager, d);
+        skip(DELAY);
+
+        // Even with a valid pre-authorization, a non-SimplePriceManager caller is blocked at enforce.
+        vm.expectRevert(IStdHubPolicy.OnchainAccountingOnly.selector);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, manager, d);
+    }
+
+    function testOnchainPriceManagerGuardDisabled() public {
+        StdHubPolicy policy_ = StdHubPolicy(address(factory.newHubPolicy(_config(0, 0, true, NAV, PRICE))));
+
+        // With both guards off, SimplePriceManager can make any same-block jump.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(1e18));
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, PRICE, _priceCall(100e18));
+    }
+
+    function testAccountingSelectorTimelockedWhenFlagOff() public {
+        // With on-chain accounting off, manual accounting is out of policy (timelocked), not instant.
+        assertEq(_delayOf(abi.encodeWithSelector(IHub.updateJournal.selector, POOL_A)), DELAY);
+        assertEq(_delayOf(abi.encodeWithSelector(IHub.createAccount.selector, POOL_A)), DELAY);
+    }
+
+    // ─── oracle valuation ─────────────────────────────────────────────────────────
+
+    address constant ORACLE = address(0xD4);
+
+    function _oraclePolicy(bool onchain) internal returns (StdHubPolicy) {
+        IStdHubPolicy.Config memory cfg =
+            _config(CAP, RATE, onchain, onchain ? NAV : address(0), onchain ? PRICE : address(0));
+        cfg.oracleValuation = ORACLE;
+        return StdHubPolicy(address(factory.newHubPolicy(cfg)));
+    }
+
+    function _updateHoldingValueCall() internal pure returns (bytes memory) {
+        return abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_A, SC_A, AssetId.wrap(1));
+    }
+
+    function testOracleValuationUpdateHoldingValueInPolicy() public {
+        StdHubPolicy policy_ = _oraclePolicy(false);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, ORACLE, _updateHoldingValueCall());
+    }
+
+    function testOracleValuationUpdateHoldingValueInPolicyOnchainMode() public {
+        StdHubPolicy policy_ = _oraclePolicy(true);
+        hubRegistry.setPolicy(POOL_A, policy_);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, ORACLE, _updateHoldingValueCall());
+    }
+
+    function testOracleValuationOtherSelectorStillDelayed() public {
+        StdHubPolicy policy_ = _oraclePolicy(false);
+        hubRegistry.setPolicy(POOL_A, policy_);
+        hubRegistry.updateManager(POOL_A, ORACLE, true);
+        assertEq(
+            _delayOf(
+                abi.encodeWithSelector(IHub.updateHoldingValuation.selector, POOL_A, SC_A, AssetId.wrap(1), address(0))
+            ),
+            DELAY
+        );
+    }
+
+    function testOracleValuationNotConfiguredUpdateHoldingValueDelayed() public {
+        assertEq(_delayOf(_updateHoldingValueCall()), DELAY);
+    }
+
+    function testOracleValuationStoredOnPolicy() public {
+        StdHubPolicy policy_ = _oraclePolicy(false);
+        assertEq(policy_.oracleValuation(), ORACLE);
+    }
+
+    // ─── share class lifecycle ────────────────────────────────────────────────────
+
+    function testAddShareClassTimelocked() public {
+        bytes memory d = abi.encodeWithSelector(IHub.addShareClass.selector, POOL_A, "n", "s", bytes32(0));
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    /// @dev DELAY rather than ESCALATION pins it to the flat out-of-policy group.
+    function testNotifyShareClassTimelocked() public {
+        bytes memory d = abi.encodeWithSelector(
+            IHub.notifyShareClass.selector,
+            POOL_A,
+            SC_A,
+            LOCAL_CENTRIFUGE_ID,
+            bytes32(bytes20(who)),
+            bytes(""),
+            uint128(0),
+            address(0)
+        );
+        assertEq(_delayOf(d), DELAY);
+    }
+
+    /// @dev Pinned so a refactor of the in-policy block cannot sweep the remaining notifications out and
+    ///      strand every keeper. Truncated args are enough: none of the six inspects its payload.
+    function testNotifyAndMetadataSelectorsRemainInPolicy() public view {
+        bytes4[6] memory selectors = [
+            IHub.notifyPool.selector,
+            IHub.notifyShareMetadata.selector,
+            IHub.notifySharePrice.selector,
+            IHub.notifyAssetPrice.selector,
+            IHub.setPoolMetadata.selector,
+            IHub.updateShareClassMetadata.selector
+        ];
+
+        for (uint256 i; i < selectors.length; i++) {
+            bytes memory d = abi.encodeWithSelector(selectors[i], POOL_A);
+            assertEq(policy.authorizationDelay(POOL_A, manager, d), 0, "in policy");
+        }
+    }
+
+    // ─── per-caller selector allowlist ─────────────────────────────────────────────
+
+    address constant KEEPER = address(0xC3);
+
+    /// @dev Policy confining KEEPER to the given selectors; KEEPER is also a registered manager.
+    function _allowlistPolicy(bytes4[] memory selectors) internal returns (StdHubPolicy) {
+        IStdHubPolicy.Entry[] memory wl = new IStdHubPolicy.Entry[](1);
+        wl[0] = IStdHubPolicy.Entry({poolId: POOL_A, caller: KEEPER, selectors: selectors});
+        StdHubPolicy policy_ =
+            StdHubPolicy(address(factory.newHubPolicy(_config(CAP, RATE, false, address(0), address(0), wl))));
+        // KEEPER is a registered manager, and policy_ is installed so the registry classifies/consumes through it.
+        hubRegistry.updateManager(POOL_A, KEEPER, true);
+        hubRegistry.setPolicy(POOL_A, policy_);
+        return policy_;
+    }
+
+    function _selectors(bytes4 a) internal pure returns (bytes4[] memory s) {
+        s = new bytes4[](1);
+        s[0] = a;
+    }
+
+    function testAllowlistConfigStored() public {
+        StdHubPolicy policy_ = _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        assertTrue(policy_.restricted(POOL_A, KEEPER));
+        assertTrue(policy_.allowed(POOL_A, KEEPER, UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        assertFalse(policy_.allowed(POOL_A, KEEPER, IHub.notifyPool.selector));
+        // An address with no entry is unrestricted.
+        assertFalse(policy_.restricted(POOL_A, manager));
+    }
+
+    function testAllowlistedCallerCanCallAllowedSelector() public {
+        StdHubPolicy policy_ = _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        // First price update has no baseline -> in policy; the confinement check passes.
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, KEEPER, _priceCallWithTimestamp(1e18));
+    }
+
+    function testAllowlistedCallerBlockedFromOtherSelector() public {
+        StdHubPolicy policy_ = _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        // notifyPool is normally in policy for anyone, but KEEPER is confined to updateSharePrice.
+        vm.prank(address(hub));
+        vm.expectRevert(IStdHubPolicy.CallerNotAllowed.selector);
+        policy_.enforce(POOL_A, KEEPER, abi.encodeWithSelector(IHub.notifyPool.selector, POOL_A, uint16(1), address(0)));
+    }
+
+    function testAllowlistedCallerCannotAuthorizeOtherSelector() public {
+        _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        // Confinement also blocks authorize: KEEPER can't even queue an out-of-policy call outside its set.
+        vm.expectRevert(IStdHubPolicy.CallerNotAllowed.selector);
+        hubRegistry.initiateAuthorization(POOL_A, KEEPER, _setPolicyCall(address(this)));
+    }
+
+    function testAllowlistComposesWithValueGuard() public {
+        StdHubPolicy policy_ = _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        // Allowed selector still flows through the price guard: establish a baseline...
+        _baseline(policy_, KEEPER, 1e18);
+        skip(1);
+
+        // ...then a jump over the rate is out of policy (Unauthorized), not blocked by confinement.
+        vm.prank(address(hub));
+        vm.expectRevert(IHubRegistry.Unauthorized.selector);
+        policy_.enforce(POOL_A, KEEPER, _priceCallWithTimestamp(1e18 + 2e15));
+
+        // KEEPER may authorize it (it is within its selector set) and run it after the delay.
+        hubRegistry.initiateAuthorization(POOL_A, KEEPER, _priceCallWithTimestamp(1e18 + 2e15));
+        skip(DELAY);
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, KEEPER, _priceCallWithTimestamp(1e18 + 2e15));
+    }
+
+    function testAllowlistMultipleSelectors() public {
+        bytes4[] memory sels = new bytes4[](2);
+        sels[0] = IHub.notifySharePrice.selector;
+        sels[1] = IHub.notifyAssetPrice.selector;
+        StdHubPolicy policy_ = _allowlistPolicy(sels);
+
+        // Both listed notify selectors are allowed (and in policy by default).
+        vm.prank(address(hub));
+        policy_.enforce(POOL_A, KEEPER, abi.encodeWithSelector(IHub.notifySharePrice.selector, POOL_A, SC_A, uint16(1)));
+        vm.prank(address(hub));
+        policy_.enforce(
+            POOL_A, KEEPER, abi.encodeWithSelector(IHub.notifyAssetPrice.selector, POOL_A, SC_A, uint128(0))
+        );
+
+        // A third, unlisted selector is blocked.
+        vm.prank(address(hub));
+        vm.expectRevert(IStdHubPolicy.CallerNotAllowed.selector);
+        policy_.enforce(POOL_A, KEEPER, _priceCallWithTimestamp(1e18));
+    }
+
+    function testUnrestrictedCallerUnaffectedByAllowlist() public {
+        StdHubPolicy policy_ = _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        // `manager` has no allowlist entry, so it follows normal policy: notifyPool stays in policy.
+        vm.prank(address(hub));
+        policy_.enforce(
+            POOL_A, manager, abi.encodeWithSelector(IHub.notifyPool.selector, POOL_A, uint16(1), address(0))
+        );
+    }
+
+    function testAllowlistIsPerPool() public {
+        // KEEPER is confined in POOL_A but has no entry for another pool, so it is unconfined there.
+        StdHubPolicy policy_ = _allowlistPolicy(_selectors(UPDATE_SHARE_PRICE_WITH_TIMESTAMP));
+        PoolId poolB = PoolId.wrap(2);
+        assertFalse(policy_.restricted(poolB, KEEPER));
+
+        // A selector blocked for KEEPER in POOL_A (notifyPool) is in policy for KEEPER in POOL_B.
+        vm.prank(address(hub));
+        policy_.enforce(poolB, KEEPER, abi.encodeWithSelector(IHub.notifyPool.selector, poolB, uint16(1), address(0)));
+    }
+}
diff --git a/test/policies/StdHubPolicyFactory.t.sol b/test/policies/StdHubPolicyFactory.t.sol
new file mode 100644
index 000000000..84c85f9a6
--- /dev/null
+++ b/test/policies/StdHubPolicyFactory.t.sol
@@ -0,0 +1,91 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.28;
+
+import {IHub} from "../../src/core/hub/interfaces/IHub.sol";
+import {IMultiAdapter} from "../../src/core/messaging/interfaces/IMultiAdapter.sol";
+import {IShareClassManager} from "../../src/core/hub/interfaces/IShareClassManager.sol";
+
+import "forge-std/Test.sol";
+
+import {StdHubPolicyFactory} from "../../src/policies/hub/StdHubPolicy.sol";
+import {IStdHubPolicy, IStdHubPolicyFactory} from "../../src/policies/hub/interfaces/IStdHubPolicy.sol";
+
+contract StdHubPolicyFactoryTest is Test {
+    uint48 constant DELAY = 1 days;
+    uint48 constant EXPIRY = 7 days;
+    uint48 constant ESCALATION = 7 days;
+
+    IHub immutable hub = IHub(makeAddr("Hub"));
+    IShareClassManager immutable scm = IShareClassManager(makeAddr("ShareClassManager"));
+    IMultiAdapter immutable multiAdapter = IMultiAdapter(makeAddr("MultiAdapter"));
+    address immutable hubRegistry = makeAddr("HubRegistry");
+    address immutable brm = makeAddr("BRM");
+
+    StdHubPolicyFactory factory;
+
+    function setUp() public {
+        vm.mockCall(address(hub), abi.encodeWithSelector(IHub.hubRegistry.selector), abi.encode(hubRegistry));
+        factory = new StdHubPolicyFactory(hub, multiAdapter, scm);
+    }
+
+    function _config(uint128 maxDeviation) internal view returns (IStdHubPolicy.Config memory) {
+        return IStdHubPolicy.Config({
+            delay: DELAY,
+            expiry: EXPIRY,
+            escalation: ESCALATION,
+            maxAbsolutePriceDelta: 0,
+            thresholdPerSecond: 0,
+            maxBrmPriceDeviation: maxDeviation,
+            onchainAccounting: false,
+            navManager: address(0),
+            simplePriceManager: address(0),
+            requestManager: brm,
+            bridgingHook: address(0),
+            oracleValuation: address(0),
+            allowlist: new IStdHubPolicy.Entry[](0)
+        });
+    }
+
+    function testFactoryStoresDeps() public view {
+        assertEq(address(factory.hub()), address(hub));
+        assertEq(address(factory.multiAdapter()), address(multiAdapter));
+        assertEq(address(factory.shareClassManager()), address(scm));
+    }
+
+    function testFactoryDeploys() public {
+        address predicted = factory.previewHubPolicy(_config(type(uint128).max));
+
+        vm.expectEmit();
+        emit IStdHubPolicyFactory.DeployHubPolicy(predicted);
+        IStdHubPolicy policy = factory.newHubPolicy(_config(type(uint128).max));
+
+        assertEq(address(policy.hub()), address(hub));
+        assertEq(address(policy.multiAdapter()), address(multiAdapter));
+        assertEq(address(policy.shareClassManager()), address(scm));
+        assertEq(address(policy.hubRegistry()), hubRegistry);
+
+        assertEq(policy.delay(), DELAY);
+        assertEq(policy.expiry(), EXPIRY);
+        assertEq(policy.escalation(), ESCALATION);
+        assertEq(policy.maxBrmPriceDeviation(), type(uint128).max);
+        assertEq(policy.requestManager(), brm);
+    }
+
+    function testFactoryPreviewMatchesDeploy() public {
+        IStdHubPolicy.Config memory config = _config(type(uint128).max);
+        address predicted = factory.previewHubPolicy(config);
+        IStdHubPolicy policy = factory.newHubPolicy(config);
+        assertEq(address(policy), predicted);
+    }
+
+    function testFactoryPreviewDiffersByConfig() public view {
+        // Distinct policies map to distinct deterministic addresses.
+        assertTrue(factory.previewHubPolicy(_config(type(uint128).max)) != factory.previewHubPolicy(_config(1e16)));
+    }
+
+    function testFactoryRedeployIdenticalConfigReverts() public {
+        factory.newHubPolicy(_config(type(uint128).max));
+        vm.expectRevert();
+        factory.newHubPolicy(_config(type(uint128).max));
+    }
+}
diff --git a/test/core/spoke/unit/ShareToken.t.sol b/test/token/unit/ShareToken.t.sol
similarity index 92%
rename from test/core/spoke/unit/ShareToken.t.sol
rename to test/token/unit/ShareToken.t.sol
index 4306223af..717cb276d 100644
--- a/test/core/spoke/unit/ShareToken.t.sol
+++ b/test/token/unit/ShareToken.t.sol
@@ -1,20 +1,21 @@
 // SPDX-License-Identifier: BUSL-1.1
 pragma solidity 0.8.28;
 
-import {ERC20} from "../../../../src/misc/ERC20.sol";
-import "../../../../src/misc/interfaces/IERC7540.sol";
-import {IAuth} from "../../../../src/misc/interfaces/IAuth.sol";
-import {IERC20} from "../../../../src/misc/interfaces/IERC20.sol";
-import {IERC165, IERC7575Share} from "../../../../src/misc/interfaces/IERC7575.sol";
+import {ERC20} from "../../../src/misc/ERC20.sol";
+import "../../../src/misc/interfaces/IERC7540.sol";
+import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+import {IERC20} from "../../../src/misc/interfaces/IERC20.sol";
+import {IERC165, IERC7575Share} from "../../../src/misc/interfaces/IERC7575.sol";
 
-import {ShareToken} from "../../../../src/core/spoke/ShareToken.sol";
-import {ITransferHook} from "../../../../src/core/spoke/interfaces/ITransferHook.sol";
-
-import {MockRoot} from "../../mocks/MockRoot.sol";
-import {MockFullRestrictions} from "../mocks/MockFullRestrictions.sol";
+import {MockRoot} from "../../core/mocks/MockRoot.sol";
+import {MockPoolEscrowProvider} from "../../core/mocks/MockPoolEscrowProvider.sol";
+import {MockFullRestrictions} from "../../core/spoke/mocks/MockFullRestrictions.sol";
 
 import "forge-std/Test.sol";
 
+import {ShareToken} from "../../../src/token/ShareToken.sol";
+import {ITransferHook} from "../../../src/token/interfaces/ITransferHook.sol";
+
 interface ERC20Like {
     function balanceOf(address) external view returns (uint256);
 }
@@ -38,12 +39,12 @@ contract ShareTokenTest is Test {
 
         fullRestrictionsHook = new MockFullRestrictions(
             address(new MockRoot()),
+            makeAddr("envoy"),
             spoke,
-            makeAddr("balanceSheet"),
+            makeAddr("spoke"),
             makeAddr("crosschainSource"),
             address(this),
-            makeAddr("poolEscrowProvider"),
-            address(0) // Multi-pool mode
+            address(new MockPoolEscrowProvider())
         );
         token.file("hook", address(fullRestrictionsHook));
     }
diff --git a/test/token/unit/ShareTokenRegistrar.t.sol b/test/token/unit/ShareTokenRegistrar.t.sol
new file mode 100644
index 000000000..1abbfa148
--- /dev/null
+++ b/test/token/unit/ShareTokenRegistrar.t.sol
@@ -0,0 +1,510 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {AssetId} from "../../../src/core/types/AssetId.sol";
+import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+import {VaultDetails, ISpokeRegistry} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
+
+import {Root} from "../../../src/admin/Root.sol";
+
+import "forge-std/Test.sol";
+
+import {ShareToken} from "../../../src/token/ShareToken.sol";
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+import {ITransferHook} from "../../../src/token/interfaces/ITransferHook.sol";
+import {ShareTokenRegistrar} from "../../../src/token/ShareTokenRegistrar.sol";
+import {IShareTokenRegistrar} from "../../../src/token/interfaces/IShareTokenRegistrar.sol";
+
+contract ShareTokenRegistrarTest is Test {
+    string constant NAME = "Test Share";
+    string constant SYMBOL = "TSH";
+    uint8 constant DECIMALS = 6;
+    bytes32 constant SALT = bytes32(uint256(42));
+
+    address root = address(new Root(48 hours, address(this)));
+    address envoy = makeAddr("envoy");
+    address spokeRegistry = makeAddr("spokeRegistry");
+    ShareTokenRegistrar registrar = new ShareTokenRegistrar(root, address(this));
+
+    function setUp() public {
+        registrar.file("envoy", envoy);
+    }
+
+    function _newToken() internal returns (address) {
+        return registrar.newToken(NAME, SYMBOL, DECIMALS, SALT, "");
+    }
+
+    /// @dev Set `hook` on `token` via the envoy SetHook path (hooks are no longer set through a direct method).
+    function _setHook(address token, address hook) internal {
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        registrar.file("spokeRegistry", spokeRegistry);
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+        vm.prank(envoy);
+        registrar.fromHub(poolId, abi.encode(IShareTokenRegistrar.RegistrarCall.SetHook, scId.raw(), hook));
+    }
+
+    function testShareShouldBeDeterministic(
+        string memory name,
+        string memory symbol,
+        bytes32 registrarSalt,
+        bytes32 tokenSalt,
+        uint8 decimals
+    ) public {
+        decimals = uint8(bound(decimals, 0, 18));
+        ShareTokenRegistrar registrar_ = new ShareTokenRegistrar{salt: registrarSalt}(root, address(this));
+
+        address predictedAddress = address(
+            uint160(
+                uint256(
+                    keccak256(
+                        abi.encodePacked(
+                            bytes1(0xff),
+                            address(registrar_),
+                            tokenSalt,
+                            keccak256(abi.encodePacked(type(ShareToken).creationCode, abi.encode(decimals)))
+                        )
+                    )
+                )
+            )
+        );
+
+        address token = registrar_.newToken(name, symbol, decimals, tokenSalt, "");
+
+        assertEq(token, predictedAddress);
+        assertEq(registrar_.previewTokenAddress(name, symbol, decimals, tokenSalt, ""), token);
+    }
+
+    function testNewTokenWards() public {
+        address token = _newToken();
+
+        assertEq(IAuth(token).wards(root), 1);
+        assertEq(IAuth(token).wards(address(registrar)), 1);
+    }
+
+    /// @dev Cross-pool isolation regression: a token is only operable by the registrar that deployed it.
+    ///      A foreign registrar (e.g. one a different pool chose) cannot mint another registrar's token,
+    ///      so pointing a share class at a foreign token cannot grant control over it.
+    function testForeignRegistrarCannotOperateToken() public {
+        address token = _newToken();
+        ShareTokenRegistrar foreignRegistrar = new ShareTokenRegistrar(root, address(this));
+
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        foreignRegistrar.mint(token, makeAddr("receiver"), 100);
+
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        foreignRegistrar.authTransferFrom(token, address(this), address(this), makeAddr("to"), 100);
+    }
+
+    function testNewTokenNotAuthorized() public {
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.newToken(NAME, SYMBOL, DECIMALS, SALT, "");
+    }
+
+    function testMint() public {
+        address token = _newToken();
+        address receiver = makeAddr("receiver");
+
+        registrar.mint(token, receiver, 100);
+        assertEq(IShareToken(token).balanceOf(receiver), 100);
+
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.mint(token, receiver, 100);
+    }
+
+    function testBurnPullsToCallerBeforeBurning() public {
+        address token = _newToken();
+        address owner = makeAddr("owner");
+
+        registrar.mint(token, owner, 100);
+
+        // The calling contract grants the registrar an allowance for the pulled-then-burned amount
+        IShareToken(token).approve(address(registrar), 60);
+        registrar.burn(token, owner, 60);
+
+        assertEq(IShareToken(token).balanceOf(owner), 40);
+        assertEq(IShareToken(token).balanceOf(address(this)), 0);
+        assertEq(IShareToken(token).totalSupply(), 40);
+
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.burn(token, owner, 40);
+    }
+
+    function testAuthTransferFrom() public {
+        address token = _newToken();
+        address from = makeAddr("from");
+        address to = makeAddr("to");
+
+        registrar.mint(token, from, 100);
+        registrar.authTransferFrom(token, from, from, to, 70);
+
+        assertEq(IShareToken(token).balanceOf(from), 30);
+        assertEq(IShareToken(token).balanceOf(to), 70);
+
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.authTransferFrom(token, from, from, to, 30);
+    }
+
+    function testSetMetadata() public {
+        address token = _newToken();
+
+        registrar.updateMetadata(token, "New Name", SYMBOL);
+        assertEq(IShareToken(token).name(), "New Name");
+        assertEq(IShareToken(token).symbol(), SYMBOL);
+
+        vm.expectRevert(IShareTokenRegistrar.OldMetadata.selector);
+        registrar.updateMetadata(token, "New Name", SYMBOL);
+
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.updateMetadata(token, "Other", SYMBOL);
+    }
+
+    function testFromHubSetHook() public {
+        address token = _newToken();
+        address hook = makeAddr("hook");
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+
+        bytes memory payload = abi.encode(IShareTokenRegistrar.RegistrarCall.SetHook, scId.raw(), hook);
+
+        vm.prank(envoy);
+        registrar.fromHub(poolId, payload);
+        assertEq(IShareToken(token).hook(), hook);
+
+        // Setting the same hook again reverts
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.OldHook.selector);
+        registrar.fromHub(poolId, payload);
+
+        // Only the envoy may drive fromHub
+        vm.expectRevert(IShareTokenRegistrar.NotEnvoy.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testUpdateRestriction() public {
+        address token = _newToken();
+        address hook = makeAddr("hook");
+        bytes memory update = hex"0102";
+
+        vm.expectRevert(IShareTokenRegistrar.InvalidHook.selector);
+        registrar.updateRestriction(token, update);
+
+        _setHook(token, hook);
+
+        vm.mockCall(hook, abi.encodeWithSelector(ITransferHook.updateRestriction.selector, token, update), "");
+        vm.expectCall(hook, abi.encodeWithSelector(ITransferHook.updateRestriction.selector, token, update));
+        registrar.updateRestriction(token, update);
+
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.updateRestriction(token, update);
+    }
+
+    function testFromHubSetVault() public {
+        address token = _newToken();
+        address asset = makeAddr("asset");
+        address vault = makeAddr("vault");
+
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        AssetId assetId = AssetId.wrap(3);
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), assetId),
+            abi.encode(asset, uint256(0))
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.vaultDetails.selector, vault),
+            abi.encode(
+                VaultDetails({poolId: poolId, scId: scId, assetId: assetId, asset: asset, tokenId: 0, isLinked: true})
+            )
+        );
+
+        bytes memory payload = abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, scId.raw(), assetId.raw(), vault);
+
+        vm.prank(envoy);
+        registrar.fromHub(poolId, payload);
+        assertEq(IShareToken(token).vault(asset), vault);
+
+        // Only the envoy may drive fromHub
+        vm.expectRevert(IShareTokenRegistrar.NotEnvoy.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testFromHubSetVaultClearsWithAddressZero() public {
+        address token = _newToken();
+        address asset = makeAddr("asset");
+        address vault = makeAddr("vault");
+
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        AssetId assetId = AssetId.wrap(3);
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), assetId),
+            abi.encode(asset, uint256(0))
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.vaultDetails.selector, vault),
+            abi.encode(
+                VaultDetails({poolId: poolId, scId: scId, assetId: assetId, asset: asset, tokenId: 0, isLinked: true})
+            )
+        );
+
+        vm.prank(envoy);
+        registrar.fromHub(
+            poolId, abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, scId.raw(), assetId.raw(), vault)
+        );
+        assertEq(IShareToken(token).vault(asset), vault);
+
+        vm.prank(envoy);
+        registrar.fromHub(
+            poolId, abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, scId.raw(), assetId.raw(), address(0))
+        );
+        assertEq(IShareToken(token).vault(asset), address(0));
+    }
+
+    function testFromHubRejectsVaultMismatch() public {
+        address token = _newToken();
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        AssetId assetId = AssetId.wrap(3);
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), assetId),
+            abi.encode(makeAddr("asset"), uint256(0))
+        );
+        // The requested vault is not linked in the registry
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.vaultDetails.selector, makeAddr("vault")),
+            abi.encode(
+                VaultDetails({
+                    poolId: poolId, scId: scId, assetId: assetId, asset: makeAddr("asset"), tokenId: 0, isLinked: false
+                })
+            )
+        );
+
+        bytes memory payload =
+            abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, scId.raw(), assetId.raw(), makeAddr("vault"));
+
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.VaultMismatch.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testFromHubRejectsForeignRegistrar() public {
+        address token = _newToken();
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        AssetId assetId = AssetId.wrap(3);
+
+        // The share class is served by a different registrar, so this registrar must refuse.
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, makeAddr("otherRegistrar"))
+        );
+
+        bytes memory payload =
+            abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, scId.raw(), assetId.raw(), makeAddr("vault"));
+
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.NotRegistrar.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testFromHubRejectsNonZeroTokenId() public {
+        address token = _newToken();
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        AssetId assetId = AssetId.wrap(3);
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), assetId),
+            abi.encode(makeAddr("asset"), uint256(1))
+        );
+
+        bytes memory payload =
+            abi.encode(IShareTokenRegistrar.RegistrarCall.SetVault, scId.raw(), assetId.raw(), makeAddr("vault"));
+
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.NonZeroTokenId.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testFromHubUpdateWardRely() public {
+        address token = _newToken();
+        address ward = makeAddr("ward");
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+
+        bytes memory payload = abi.encode(IShareTokenRegistrar.RegistrarCall.UpdateWard, scId.raw(), ward, true);
+
+        vm.prank(envoy);
+        registrar.fromHub(poolId, payload);
+        assertEq(IAuth(token).wards(ward), 1);
+    }
+
+    function testFromHubUpdateWardDeny() public {
+        address token = _newToken();
+        address ward = makeAddr("ward");
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+
+        vm.startPrank(envoy);
+        registrar.fromHub(poolId, abi.encode(IShareTokenRegistrar.RegistrarCall.UpdateWard, scId.raw(), ward, true));
+        registrar.fromHub(poolId, abi.encode(IShareTokenRegistrar.RegistrarCall.UpdateWard, scId.raw(), ward, false));
+        vm.stopPrank();
+
+        assertEq(IAuth(token).wards(ward), 0);
+    }
+
+    function testFromHubUpdateWardCannotDenySelf() public {
+        address token = _newToken();
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+
+        bytes memory payload =
+            abi.encode(IShareTokenRegistrar.RegistrarCall.UpdateWard, scId.raw(), address(registrar), false);
+
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.CannotDenySelf.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testFromHubRejectsValue() public {
+        registrar.file("spokeRegistry", spokeRegistry);
+        vm.deal(envoy, 1 ether);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        bytes memory payload = abi.encode(IShareTokenRegistrar.RegistrarCall.SetHook, scId.raw(), makeAddr("hook"));
+
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.UnexpectedValue.selector);
+        registrar.fromHub{value: 1}(poolId, payload);
+    }
+
+    function testFromHubUnknownCall() public {
+        address token = _newToken();
+        registrar.file("spokeRegistry", spokeRegistry);
+
+        PoolId poolId = PoolId.wrap(1);
+        ShareClassId scId = ShareClassId.wrap(bytes16(uint128(2)));
+        vm.mockCall(
+            spokeRegistry,
+            abi.encodeWithSelector(ISpokeRegistry.shareTokenAndRegistrar.selector, poolId, scId),
+            abi.encode(token, address(registrar))
+        );
+
+        bytes memory payload = abi.encode(uint8(99), scId.raw());
+
+        vm.prank(envoy);
+        vm.expectRevert(IShareTokenRegistrar.UnknownRegistrarCall.selector);
+        registrar.fromHub(poolId, payload);
+    }
+
+    function testFile() public {
+        address newEnvoy = makeAddr("newEnvoy");
+
+        vm.expectEmit();
+        emit IShareTokenRegistrar.File("envoy", newEnvoy);
+        registrar.file("envoy", newEnvoy);
+        assertEq(registrar.envoy(), newEnvoy);
+
+        vm.expectEmit();
+        emit IShareTokenRegistrar.File("spokeRegistry", spokeRegistry);
+        registrar.file("spokeRegistry", spokeRegistry);
+        assertEq(address(registrar.spokeRegistry()), spokeRegistry);
+    }
+
+    function testFileUnrecognizedParam() public {
+        vm.expectRevert(IShareTokenRegistrar.FileUnrecognizedParam.selector);
+        registrar.file("unknown", makeAddr("data"));
+    }
+
+    function testFileNotAuthorized() public {
+        vm.prank(makeAddr("notAuthorized"));
+        vm.expectRevert(IAuth.NotAuthorized.selector);
+        registrar.file("spokeRegistry", spokeRegistry);
+    }
+}
diff --git a/test/utils/GasConstants.sol b/test/utils/GasConstants.sol
new file mode 100644
index 000000000..2ac9c3dc2
--- /dev/null
+++ b/test/utils/GasConstants.sol
@@ -0,0 +1,8 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity >=0.5.0;
+
+/// @dev Reference for the most expensive message, used to fund test sends and to bound the gas limits.
+///      Not enforced anywhere in the protocol, which is why it lives here rather than in src.
+///      Sits above UpdateVault DeployAndLink to Monad, the most expensive message on the most expensive
+///      chain, which needs ~3.47M once its cold-access surcharge is applied.
+uint128 constant MAX_MESSAGE_COST = 4_000_000;
diff --git a/test/utils/ShareClassSalt.sol b/test/utils/ShareClassSalt.sol
new file mode 100644
index 000000000..2f51b312b
--- /dev/null
+++ b/test/utils/ShareClassSalt.sol
@@ -0,0 +1,10 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity >=0.8.0;
+
+/// @dev Builds a share class salt the way the protocol requires: its first 8 bytes are the pool id, so
+///      pools cannot collide inside a shared registrar's CREATE2 namespace. `ShareClassManager` enforces
+///      this on the hub and `SpokeHandler` re-checks it on the spoke, so tests reaching the spoke directly
+///      (bypassing the hub) must build their salts here rather than hashing freely.
+function shareClassSalt(uint64 poolId, bytes16 scId) pure returns (bytes32) {
+    return bytes32((uint256(poolId) << 192) | (uint256(keccak256(abi.encodePacked(poolId, scId))) >> 64));
+}
diff --git a/test/valuations/unit/IdentityValuation.t.sol b/test/valuations/unit/IdentityValuation.t.sol
index 5a3aa4a73..6e29caec1 100644
--- a/test/valuations/unit/IdentityValuation.t.sol
+++ b/test/valuations/unit/IdentityValuation.t.sol
@@ -40,6 +40,36 @@ contract TestIdentityValuation is Test {
     }
 }
 
+contract TestIdentityValuationZeroDecimals is Test {
+    AssetId constant C0 = AssetId.wrap(100); // decimals mocked to 0
+    PoolId constant POOL_C0 = PoolId.wrap(200); // currency decimals mocked to 0
+
+    address hubRegistry = makeAddr("hubRegistry");
+    IdentityValuation valuation = new IdentityValuation(IHubRegistry(hubRegistry));
+
+    function setUp() public {
+        vm.mockCall(address(hubRegistry), abi.encodeWithSignature("decimals(uint128)", C0), abi.encode(0));
+        vm.mockCall(address(hubRegistry), abi.encodeWithSignature("decimals(uint128)", C18), abi.encode(18));
+        vm.mockCall(address(hubRegistry), abi.encodeWithSignature("decimals(uint64)", POOL_C0), abi.encode(0));
+        vm.mockCall(address(hubRegistry), abi.encodeWithSignature("decimals(uint64)", POOL_B), abi.encode(18));
+    }
+
+    // 0-decimal asset into a 0-decimal pool: convertWithPrice takes the equal-decimals branch (no scaling).
+    function testZeroDecAssetZeroDecPool() public view {
+        assertEq(valuation.getQuote(POOL_C0, SC_1, C0, 100), 100);
+    }
+
+    // 0-decimal asset into an 18-decimal pool: 1 whole unit becomes 1e18 fine units, exponent-safe.
+    function testZeroDecAssetFinePool() public view {
+        assertEq(valuation.getQuote(POOL_B, SC_1, C0, 1), 1e18);
+    }
+
+    // 18-decimal asset into a 0-decimal pool: 1.0 fine unit rounds to 1 whole unit.
+    function testFineAssetZeroDecPool() public view {
+        assertEq(valuation.getQuote(POOL_C0, SC_1, C18, 1e18), 1);
+    }
+}
+
 contract TestIdentityValuationGetPrice is Test {
     address hubRegistry = makeAddr("hubRegistry");
     IdentityValuation valuation = new IdentityValuation(IHubRegistry(hubRegistry));
diff --git a/test/valuations/unit/OracleValuation.t.sol b/test/valuations/unit/OracleValuation.t.sol
index 95c92f724..7367e7cbb 100644
--- a/test/valuations/unit/OracleValuation.t.sol
+++ b/test/valuations/unit/OracleValuation.t.sol
@@ -5,9 +5,9 @@ import {D18, d18} from "../../../src/misc/types/D18.sol";
 import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
-import {AssetId} from "../../../src/core/types/AssetId.sol";
 import {IHub} from "../../../src/core/hub/interfaces/IHub.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+import {AssetId, newAssetId} from "../../../src/core/types/AssetId.sol";
 import {IHubRegistry} from "../../../src/core/hub/interfaces/IHubRegistry.sol";
 
 import {OracleValuation} from "../../../src/valuations/OracleValuation.sol";
@@ -32,11 +32,10 @@ contract OracleValuationTest is Test {
 
     address hub = address(new IsContract());
     address hubRegistry = address(new IsContract());
-    address contractUpdater = address(new IsContract());
-    address poolManager = makeAddr("poolManager");
+    address envoy = makeAddr("envoy");
     address feeder = makeAddr("feeder");
     address notFeeder = makeAddr("notFeeder");
-    address notManager = makeAddr("notManager");
+    address notDispatcher = makeAddr("notDispatcher");
 
     OracleValuation valuation;
 
@@ -46,17 +45,6 @@ contract OracleValuationTest is Test {
     }
 
     function _setupMocks() internal {
-        // Mock hubRegistry.manager() calls
-        vm.mockCall(
-            hubRegistry, abi.encodeWithSelector(IHubRegistry.manager.selector, POOL_A, poolManager), abi.encode(true)
-        );
-        vm.mockCall(
-            hubRegistry, abi.encodeWithSelector(IHubRegistry.manager.selector, POOL_B, poolManager), abi.encode(true)
-        );
-        vm.mockCall(
-            hubRegistry, abi.encodeWithSelector(IHubRegistry.manager.selector, POOL_A, notManager), abi.encode(false)
-        );
-
         // Mock hubRegistry.decimals() calls using function signatures
         vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", C6), abi.encode(6));
         vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", C18), abi.encode(18));
@@ -71,12 +59,17 @@ contract OracleValuationTest is Test {
     }
 
     function _deployValuation() internal {
-        valuation = new OracleValuation(IHub(hub), IHubRegistry(hubRegistry), contractUpdater);
+        valuation = new OracleValuation(IHub(hub), IHubRegistry(hubRegistry), envoy);
+    }
+
+    /// @dev Drives feeder management through `fromHub` as the Envoy would.
+    function _updateFeeder(PoolId poolId, uint16 centrifugeId, bytes32 feeder_, bool canFeed) internal {
+        vm.prank(envoy);
+        valuation.fromHub(poolId, abi.encode(centrifugeId, feeder_, canFeed));
     }
 
     function _enableFeeder(PoolId poolId, address feeder_) internal {
-        vm.prank(poolManager);
-        valuation.updateFeeder(poolId, 0, feeder_.toBytes32(), true);
+        _updateFeeder(poolId, 0, feeder_.toBytes32(), true);
     }
 
     function _setPrice(PoolId poolId, ShareClassId scId, AssetId assetId, D18 price) internal {
@@ -89,7 +82,7 @@ contract OracleValuationConstructorTests is OracleValuationTest {
     function testConstructorSetsImmutables() public view {
         assertEq(address(valuation.hub()), hub);
         assertEq(address(valuation.hubRegistry()), hubRegistry);
-        assertEq(valuation.contractUpdater(), contractUpdater);
+        assertEq(valuation.envoy(), envoy);
     }
 }
 
@@ -98,37 +91,39 @@ contract OracleValuationUpdateFeederTests is OracleValuationTest {
         vm.expectEmit(true, true, true, true);
         emit IOracleValuation.UpdateFeeder(POOL_A, 0, feeder.toBytes32(), true);
 
-        vm.prank(poolManager);
-        valuation.updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
+        _updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
 
         assertTrue(valuation.feeder(POOL_A, 0, feeder.toBytes32()));
     }
 
     function testUpdateFeederDisable() public {
         // First enable
-        vm.prank(poolManager);
-        valuation.updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
+        _updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
         assertTrue(valuation.feeder(POOL_A, 0, feeder.toBytes32()));
 
         // Then disable
-        vm.prank(poolManager);
-        valuation.updateFeeder(POOL_A, 0, feeder.toBytes32(), false);
+        _updateFeeder(POOL_A, 0, feeder.toBytes32(), false);
         assertFalse(valuation.feeder(POOL_A, 0, feeder.toBytes32()));
     }
 
-    function testUpdateFeederNotHubManager() public {
-        vm.expectRevert(IOracleValuation.NotHubManager.selector);
-        vm.prank(notManager);
-        valuation.updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
+    function testFromHubNotDispatcher() public {
+        vm.expectRevert(IOracleValuation.NotEnvoy.selector);
+        vm.prank(notDispatcher);
+        valuation.fromHub(POOL_A, abi.encode(uint16(0), feeder.toBytes32(), true));
+    }
+
+    function testFromHubUnexpectedValue() public {
+        vm.deal(envoy, 1 ether);
+        vm.expectRevert(IOracleValuation.UnexpectedValue.selector);
+        vm.prank(envoy);
+        valuation.fromHub{value: 1}(POOL_A, abi.encode(uint16(0), feeder.toBytes32(), true));
     }
 
     function testUpdateFeederMultipleFeeders() public {
         address feeder2 = makeAddr("feeder2");
 
-        vm.startPrank(poolManager);
-        valuation.updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
-        valuation.updateFeeder(POOL_A, 0, feeder2.toBytes32(), true);
-        vm.stopPrank();
+        _updateFeeder(POOL_A, 0, feeder.toBytes32(), true);
+        _updateFeeder(POOL_A, 0, feeder2.toBytes32(), true);
 
         assertTrue(valuation.feeder(POOL_A, 0, feeder.toBytes32()));
         assertTrue(valuation.feeder(POOL_A, 0, feeder2.toBytes32()));
@@ -149,7 +144,7 @@ contract OracleValuationSetPriceTests is OracleValuationTest {
 
         _setPrice(POOL_A, SC_1, C6, price);
 
-        (D18 storedValue, bool isValid) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedValue, bool isValid,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
         assertEq(storedValue.raw(), price.raw());
         assertTrue(isValid);
     }
@@ -162,7 +157,7 @@ contract OracleValuationSetPriceTests is OracleValuationTest {
 
         _setPrice(POOL_A, SC_1, C6, zeroPrice);
 
-        (D18 storedValue, bool isValid) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedValue, bool isValid,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
         assertEq(storedValue.raw(), 0);
         assertTrue(isValid); // Should be valid even with zero price
     }
@@ -181,13 +176,13 @@ contract OracleValuationSetPriceTests is OracleValuationTest {
 
         // Set first price
         _setPrice(POOL_A, SC_1, C6, price1);
-        (D18 storedValue1, bool isValid1) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedValue1, bool isValid1,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
         assertEq(storedValue1.raw(), price1.raw());
         assertTrue(isValid1);
 
         // Update with second price
         _setPrice(POOL_A, SC_1, C6, price2);
-        (D18 storedValue2, bool isValid2) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedValue2, bool isValid2,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
         assertEq(storedValue2.raw(), price2.raw());
         assertTrue(isValid2);
     }
@@ -287,6 +282,40 @@ contract OracleValuationGetQuoteTests is OracleValuationTest {
     }
 }
 
+contract OracleValuationZeroDecimalsTests is OracleValuationTest {
+    AssetId constant C0 = AssetId.wrap(100); // decimals mocked to 0
+    PoolId constant POOL_C0 = PoolId.wrap(200); // currency decimals mocked to 0
+
+    function setUp() public override {
+        super.setUp();
+        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint128)", C0), abi.encode(0));
+        vm.mockCall(hubRegistry, abi.encodeWithSignature("decimals(uint64)", POOL_C0), abi.encode(0));
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_C0, SC_1, C0), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_B, SC_1, C0), abi.encode());
+        vm.mockCall(hub, abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_C0, SC_1, C18), abi.encode());
+        _enableFeeder(POOL_C0, feeder);
+        _enableFeeder(POOL_B, feeder);
+    }
+
+    // 0-decimal asset into a 0-decimal pool: equal-decimals branch, price applied with no scaling.
+    function testGetQuoteZeroDecAssetZeroDecPool() public {
+        _setPrice(POOL_C0, SC_1, C0, d18(1.5e18));
+        assertEq(valuation.getQuote(POOL_C0, SC_1, C0, 100), 150);
+    }
+
+    // 0-decimal asset into an 18-decimal pool: 1 whole unit becomes 1e18 fine units, exponent-safe.
+    function testGetQuoteZeroDecAssetFinePool() public {
+        _setPrice(POOL_B, SC_1, C0, d18(1e18));
+        assertEq(valuation.getQuote(POOL_B, SC_1, C0, 1), 1e18);
+    }
+
+    // 18-decimal asset into a 0-decimal pool: 1.0 fine unit rounds to 1 whole unit.
+    function testGetQuoteFineAssetZeroDecPool() public {
+        _setPrice(POOL_C0, SC_1, C18, d18(1e18));
+        assertEq(valuation.getQuote(POOL_C0, SC_1, C18, 1e18), 1);
+    }
+}
+
 contract OracleValuationMultiAssetTests is OracleValuationTest {
     function setUp() public override {
         super.setUp();
@@ -302,8 +331,8 @@ contract OracleValuationMultiAssetTests is OracleValuationTest {
         _setPrice(POOL_A, SC_1, C18, priceC18);
 
         // Verify both prices are stored correctly
-        (D18 storedPriceC6, bool isValidC6) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
-        (D18 storedPriceC18, bool isValidC18) = valuation.pricePoolPerAsset(POOL_A, SC_1, C18);
+        (D18 storedPriceC6, bool isValidC6,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedPriceC18, bool isValidC18,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C18);
 
         assertEq(storedPriceC6.raw(), priceC6.raw());
         assertTrue(isValidC6);
@@ -320,8 +349,8 @@ contract OracleValuationMultiAssetTests is OracleValuationTest {
         _setPrice(POOL_A, SC_2, C6, priceSC2);
 
         // Verify both prices are stored correctly
-        (D18 storedPriceSC1, bool isValidSC1) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
-        (D18 storedPriceSC2, bool isValidSC2) = valuation.pricePoolPerAsset(POOL_A, SC_2, C6);
+        (D18 storedPriceSC1, bool isValidSC1,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedPriceSC2, bool isValidSC2,) = valuation.pricePoolPerAsset(POOL_A, SC_2, C6);
 
         assertEq(storedPriceSC1.raw(), priceSC1.raw());
         assertTrue(isValidSC1);
@@ -340,8 +369,8 @@ contract OracleValuationMultiAssetTests is OracleValuationTest {
         _setPrice(POOL_B, SC_1, C6, pricePoolB);
 
         // Verify both prices are stored correctly
-        (D18 storedPriceA, bool isValidA) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
-        (D18 storedPriceB, bool isValidB) = valuation.pricePoolPerAsset(POOL_B, SC_1, C6);
+        (D18 storedPriceA, bool isValidA,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedPriceB, bool isValidB,) = valuation.pricePoolPerAsset(POOL_B, SC_1, C6);
 
         assertEq(storedPriceA.raw(), pricePoolA.raw());
         assertTrue(isValidA);
@@ -364,7 +393,7 @@ contract OracleValuationEdgeCaseTests is OracleValuationTest {
 
         _setPrice(POOL_A, SC_1, C6, maxPrice);
 
-        (D18 storedValue, bool isValid) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedValue, bool isValid,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
         assertEq(storedValue.raw(), maxPrice.raw());
         assertTrue(isValid);
     }
@@ -374,10 +403,8 @@ contract OracleValuationEdgeCaseTests is OracleValuationTest {
         address feeder3 = makeAddr("feeder3");
 
         // Enable multiple feeders
-        vm.startPrank(poolManager);
-        valuation.updateFeeder(POOL_A, 0, feeder2.toBytes32(), true);
-        valuation.updateFeeder(POOL_A, 0, feeder3.toBytes32(), true);
-        vm.stopPrank();
+        _updateFeeder(POOL_A, 0, feeder2.toBytes32(), true);
+        _updateFeeder(POOL_A, 0, feeder3.toBytes32(), true);
 
         // All feeders should be able to set prices
         D18 price1 = d18(1.0e18);
@@ -394,9 +421,9 @@ contract OracleValuationEdgeCaseTests is OracleValuationTest {
         valuation.setPrice(POOL_A, SC_2, C6, price3);
 
         // Verify all prices were set
-        (D18 storedPrice1,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
-        (D18 storedPrice2,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C18);
-        (D18 storedPrice3,) = valuation.pricePoolPerAsset(POOL_A, SC_2, C6);
+        (D18 storedPrice1,,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedPrice2,,) = valuation.pricePoolPerAsset(POOL_A, SC_1, C18);
+        (D18 storedPrice3,,) = valuation.pricePoolPerAsset(POOL_A, SC_2, C6);
 
         assertEq(storedPrice1.raw(), price1.raw());
         assertEq(storedPrice2.raw(), price2.raw());
@@ -404,56 +431,140 @@ contract OracleValuationEdgeCaseTests is OracleValuationTest {
     }
 }
 
-contract OracleValuationUntrustedCallTests is OracleValuationTest {
+contract OracleValuationFromSpokeTests is OracleValuationTest {
     using CastLib for *;
 
     uint16 constant REMOTE_CENTRIFUGE_ID = 5;
     address remoteFeeder = makeAddr("remoteFeeder");
+    AssetId remoteAsset = newAssetId(REMOTE_CENTRIFUGE_ID, 1);
 
     function setUp() public override {
         super.setUp();
-        // Register remote feeder
-        vm.prank(poolManager);
-        valuation.updateFeeder(POOL_A, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32(), true);
+        vm.mockCall(
+            hub, abi.encodeWithSelector(IHub.updateHoldingValue.selector, POOL_A, SC_1, remoteAsset), abi.encode()
+        );
+        _updateFeeder(POOL_A, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32(), true);
     }
 
-    function testUntrustedCallSuccess() public {
+    /// @dev Direction boundary: `fromSpoke` only performs feeder-validated price updates; feeder management
+    ///      is reachable via `fromHub` (hub-supervised) exclusively. `fromSpoke` never touches the feeder
+    ///      mapping, so a spoke actor cannot self-grant as a feeder even though the selector now exists.
+    function testFromSpokeCannotManageFeeders() public {
+        bytes32 spokeActor = makeAddr("spokeActor").toBytes32();
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), AssetId.unwrap(C6), uint128(1e18), uint64(block.timestamp));
+
+        // A non-feeder spoke actor cannot use fromSpoke (it is not registered as a feeder).
+        vm.prank(envoy);
+        vm.expectRevert(IOracleValuation.NotFeeder.selector);
+        valuation.fromSpoke(POOL_A, payload, REMOTE_CENTRIFUGE_ID, spokeActor);
+
+        // The feeder mapping is untouched: fromSpoke has no path to grant feeder status.
+        assertEq(valuation.feeder(POOL_A, REMOTE_CENTRIFUGE_ID, spokeActor), false);
+    }
+
+    function testFromSpokeUnexpectedValue() public {
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), AssetId.unwrap(C6), uint128(1e18), uint64(block.timestamp));
+
+        vm.deal(envoy, 1 ether);
+        vm.expectRevert(IOracleValuation.UnexpectedValue.selector);
+        vm.prank(envoy);
+        valuation.fromSpoke{value: 1}(POOL_A, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+    }
+
+    function testFromSpokeSuccess() public {
         D18 price = d18(1.5e18);
-        bytes memory payload = abi.encode(AssetId.unwrap(C6), price.raw());
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), remoteAsset.raw(), price.raw(), uint64(block.timestamp));
 
         vm.expectEmit(true, true, true, true);
-        emit IOracleValuation.UpdatePrice(POOL_A, SC_1, C6, price);
+        emit IOracleValuation.UpdatePrice(POOL_A, SC_1, remoteAsset, price);
 
-        vm.prank(contractUpdater);
-        valuation.untrustedCall(POOL_A, SC_1, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
 
-        (D18 storedValue, bool isValid) = valuation.pricePoolPerAsset(POOL_A, SC_1, C6);
+        (D18 storedValue, bool isValid,) = valuation.pricePoolPerAsset(POOL_A, SC_1, remoteAsset);
         assertEq(storedValue.raw(), price.raw());
         assertTrue(isValid);
     }
 
-    function testUntrustedCallNotContractUpdater() public {
-        bytes memory payload = abi.encode(AssetId.unwrap(C6), uint128(1e18));
+    function testFromSpokeNotEnvoy() public {
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), AssetId.unwrap(C6), uint128(1e18), uint64(block.timestamp));
 
-        vm.expectRevert(IOracleValuation.NotAuthorized.selector);
+        vm.expectRevert(IOracleValuation.NotEnvoy.selector);
         vm.prank(makeAddr("random"));
-        valuation.untrustedCall(POOL_A, SC_1, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+        valuation.fromSpoke(POOL_A, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
     }
 
-    function testUntrustedCallNotFeeder() public {
-        bytes memory payload = abi.encode(AssetId.unwrap(C6), uint128(1e18));
+    function testFromSpokeNotFeeder() public {
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), AssetId.unwrap(C6), uint128(1e18), uint64(block.timestamp));
 
         vm.expectRevert(IOracleValuation.NotFeeder.selector);
-        vm.prank(contractUpdater);
-        valuation.untrustedCall(POOL_A, SC_1, payload, REMOTE_CENTRIFUGE_ID, notFeeder.toBytes32());
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, payload, REMOTE_CENTRIFUGE_ID, notFeeder.toBytes32());
     }
 
-    function testUntrustedCallWrongCentrifugeId() public {
-        bytes memory payload = abi.encode(AssetId.unwrap(C6), uint128(1e18));
+    function testFromSpokeWrongCentrifugeId() public {
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), AssetId.unwrap(C6), uint128(1e18), uint64(block.timestamp));
 
         // Feeder is registered for REMOTE_CENTRIFUGE_ID, not 999
         vm.expectRevert(IOracleValuation.NotFeeder.selector);
-        vm.prank(contractUpdater);
-        valuation.untrustedCall(POOL_A, SC_1, payload, 999, remoteFeeder.toBytes32());
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, payload, 999, remoteFeeder.toBytes32());
+    }
+
+    function testFromSpokeStaleReplayRejected() public {
+        uint64 t0 = uint64(block.timestamp);
+        bytes memory stalePayload = abi.encode(ShareClassId.unwrap(SC_1), remoteAsset.raw(), uint128(1.5e18), t0);
+
+        // A newer message commits a price, advancing updatedAt past t0.
+        skip(10);
+        bytes memory newerPayload =
+            abi.encode(ShareClassId.unwrap(SC_1), remoteAsset.raw(), uint128(2e18), uint64(block.timestamp));
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, newerPayload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+
+        vm.expectRevert(IOracleValuation.StalePrice.selector);
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, stalePayload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+    }
+
+    function testFromSpokeLocalSetPriceBlocksStaleReplay() public {
+        uint64 t0 = uint64(block.timestamp);
+        bytes memory stalePayload = abi.encode(ShareClassId.unwrap(SC_1), remoteAsset.raw(), uint128(1.5e18), t0);
+
+        // A local setPrice (hub-side feeder) advances updatedAt past t0.
+        skip(10);
+        _enableFeeder(POOL_A, feeder);
+        vm.prank(feeder);
+        valuation.setPrice(POOL_A, SC_1, remoteAsset, d18(2e18));
+
+        vm.expectRevert(IOracleValuation.StalePrice.selector);
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, stalePayload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+    }
+
+    function testFromSpokeUpdatedAtStoredOnSuccess() public {
+        uint64 t = uint64(block.timestamp);
+        bytes memory payload = abi.encode(ShareClassId.unwrap(SC_1), remoteAsset.raw(), uint128(1e18), t);
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
+
+        (,, uint64 updatedAt) = valuation.pricePoolPerAsset(POOL_A, SC_1, remoteAsset);
+        assertEq(updatedAt, t);
+    }
+
+    function testFromSpokeNetworkMismatch() public {
+        // C6 = AssetId.wrap(6) embeds centrifugeId 0, which doesn't match REMOTE_CENTRIFUGE_ID = 5.
+        bytes memory payload =
+            abi.encode(ShareClassId.unwrap(SC_1), AssetId.unwrap(C6), uint128(1e18), uint64(block.timestamp));
+
+        vm.expectRevert(IOracleValuation.NetworkMismatch.selector);
+        vm.prank(envoy);
+        valuation.fromSpoke(POOL_A, payload, REMOTE_CENTRIFUGE_ID, remoteFeeder.toBytes32());
     }
 }
diff --git a/test/vaults/unit/AsyncRequestManager.t.sol b/test/vaults/unit/AsyncRequestManager.t.sol
index 83819da78..c1c238fb1 100644
--- a/test/vaults/unit/AsyncRequestManager.t.sol
+++ b/test/vaults/unit/AsyncRequestManager.t.sol
@@ -5,30 +5,32 @@ import {D18, d18} from "../../../src/misc/types/D18.sol";
 import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
 import {CastLib} from "../../../src/misc/libraries/CastLib.sol";
 import {MathLib} from "../../../src/misc/libraries/MathLib.sol";
-import {IERC7575} from "../../../src/misc/interfaces/IERC7575.sol";
-import {IERC20Metadata} from "../../../src/misc/interfaces/IERC20.sol";
+import {IERC20, IERC20Metadata} from "../../../src/misc/interfaces/IERC20.sol";
+import {IERC7575, IERC7575Share} from "../../../src/misc/interfaces/IERC7575.sol";
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {ISpoke} from "../../../src/core/spoke/interfaces/ISpoke.sol";
-import {IVault} from "../../../src/core/spoke/interfaces/IVault.sol";
 import {PricingLib} from "../../../src/core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
 import {AssetId, newAssetId} from "../../../src/core/types/AssetId.sol";
 import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
 import {IPoolEscrow} from "../../../src/core/spoke/interfaces/IPoolEscrow.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
-import {IBalanceSheet, WithdrawMode} from "../../../src/core/spoke/interfaces/IBalanceSheet.sol";
-import {VaultDetails, IVaultRegistry} from "../../../src/core/spoke/interfaces/IVaultRegistry.sol";
+import {ISpokeRequestManager} from "../../../src/core/spoke/interfaces/ISpokeRequestManager.sol";
+import {VaultDetails, ISpokeRegistry} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
 import {IAsyncVault} from "../../../src/vaults/interfaces/IAsyncVault.sol";
 import {AsyncRequestManager} from "../../../src/vaults/AsyncRequestManager.sol";
 import {IBaseRequestManager} from "../../../src/vaults/interfaces/IBaseRequestManager.sol";
-import {RequestCallbackMessageLib} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
 import {IAsyncRequestManager, REASON_DEPOSIT, REASON_REDEEM} from "../../../src/vaults/interfaces/IVaultManagers.sol";
+import {
+    RequestCallbackMessageLib,
+    RequestCallbackType
+} from "../../../src/vaults/libraries/RequestCallbackMessageLib.sol";
 
 import "forge-std/Test.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
 import {ISubsidyManager} from "../../../src/utils/interfaces/ISubsidyManager.sol";
 
 contract IsContract {}
@@ -58,8 +60,7 @@ contract AsyncRequestManagerTest is Test {
     address immutable CONTROLLER = makeAddr("CONTROLLER");
 
     ISpoke spoke = ISpoke(address(new IsContract()));
-    IBalanceSheet balanceSheet = IBalanceSheet(address(new IsContract()));
-    IVaultRegistry vaultRegistry = IVaultRegistry(address(new IsContract()));
+    ISpokeRegistry spokeRegistry = ISpokeRegistry(address(new IsContract()));
     ISubsidyManager subsidyManager = ISubsidyManager(address(new IsContract()));
     IShareToken shareToken = IShareToken(address(new IsContract()));
     IPoolEscrow poolEscrow = IPoolEscrow(address(new IsContract()));
@@ -76,10 +77,6 @@ contract AsyncRequestManagerTest is Test {
     uint128 constant SHARES = 2000e18;
     D18 immutable PRICE = d18(0.5e18); // 0.5 assets per share
 
-    // Explicit selector for withdraw with WithdrawMode enum
-    bytes4 constant WITHDRAW_SELECTOR =
-        bytes4(keccak256("withdraw(uint64,bytes16,address,uint256,address,uint128,uint8)"));
-
     AsyncRequestManager manager;
 
     function setUp() public virtual {
@@ -90,8 +87,7 @@ contract AsyncRequestManagerTest is Test {
 
         vm.startPrank(AUTH);
         manager.file("spoke", address(spoke));
-        manager.file("balanceSheet", address(balanceSheet));
-        manager.file("vaultRegistry", address(vaultRegistry));
+        manager.file("spokeRegistry", address(spokeRegistry));
         vm.stopPrank();
 
         _setupMocks();
@@ -99,41 +95,45 @@ contract AsyncRequestManagerTest is Test {
 
     function _setupMocks() internal {
         vm.mockCall(
-            address(spoke), abi.encodeWithSelector(spoke.shareToken.selector, POOL_A, SC_1), abi.encode(shareToken)
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.shareToken.selector, POOL_A, SC_1),
+            abi.encode(shareToken)
         );
         vm.mockCall(
-            address(spoke), abi.encodeWithSelector(spoke.idToAsset.selector, ASSET_ID), abi.encode(asset, TOKEN_ID)
+            address(spokeRegistry),
+            abi.encodeWithSelector(bytes4(keccak256("idToAsset(uint128,bool)")), ASSET_ID),
+            abi.encode(asset, TOKEN_ID)
         );
         vm.mockCall(
-            address(spoke), abi.encodeWithSelector(spoke.pricesPoolPer.selector), abi.encode(d18(1e18), d18(1e18))
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector),
+            abi.encode(d18(1e18))
         );
-
         vm.mockCall(
-            address(balanceSheet), abi.encodeWithSelector(balanceSheet.escrow.selector, POOL_A), abi.encode(poolEscrow)
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerShare.selector),
+            abi.encode(d18(1e18))
         );
-        vm.mockCall(address(balanceSheet), abi.encodeWithSelector(balanceSheet.gateway.selector), abi.encode(gateway));
+
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.escrow.selector, POOL_A), abi.encode(poolEscrow));
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.gateway.selector), abi.encode(gateway));
 
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, asyncVault),
             abi.encode(true)
         );
-        VaultDetails memory vd = VaultDetails(ASSET_ID, asset, TOKEN_ID, true);
+        VaultDetails memory vd = VaultDetails(POOL_A, SC_1, ASSET_ID, asset, TOKEN_ID, true);
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.vaultDetails.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.vaultDetails.selector, asyncVault),
             abi.encode(vd)
         );
+        vm.mockCall(address(asyncVault), abi.encodeWithSelector(IERC7575.share.selector), abi.encode(shareToken));
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.vault.selector, POOL_A, SC_1, ASSET_ID, manager),
-            abi.encode(asyncVault)
+            address(shareToken), abi.encodeWithSelector(IERC7575Share.vault.selector, asset), abi.encode(asyncVault)
         );
 
-        vm.mockCall(address(asyncVault), abi.encodeWithSelector(IVault.poolId.selector), abi.encode(POOL_A));
-        vm.mockCall(address(asyncVault), abi.encodeWithSelector(IVault.scId.selector), abi.encode(SC_1));
-        vm.mockCall(address(asyncVault), abi.encodeWithSelector(IERC7575.share.selector), abi.encode(shareToken));
-
         vm.mockCall(address(asyncVault), abi.encodeWithSelector(asyncVault.onDepositClaimable.selector), abi.encode());
         vm.mockCall(address(asyncVault), abi.encodeWithSelector(asyncVault.onRedeemClaimable.selector), abi.encode());
         vm.mockCall(
@@ -146,6 +146,7 @@ contract AsyncRequestManagerTest is Test {
         vm.mockCall(
             address(shareToken), abi.encodeWithSelector(shareToken.checkTransferRestriction.selector), abi.encode(true)
         );
+        vm.mockCall(address(shareToken), abi.encodeWithSelector(IERC20.approve.selector), abi.encode(true));
         vm.mockCall(asset, abi.encodeWithSelector(IERC20Metadata.decimals.selector), abi.encode(uint8(6)));
         vm.mockCall(
             address(shareToken), abi.encodeWithSelector(IERC20Metadata.decimals.selector), abi.encode(uint8(18))
@@ -153,11 +154,14 @@ contract AsyncRequestManagerTest is Test {
 
         vm.mockCall(address(poolEscrow), abi.encodeWithSelector(poolEscrow.authTransferTo.selector), abi.encode());
 
-        vm.mockCall(
-            address(balanceSheet), abi.encodeWithSelector(balanceSheet.escrow.selector, POOL_A), abi.encode(poolEscrow)
-        );
-        vm.mockCall(address(balanceSheet), abi.encodeWithSelector(balanceSheet.reserve.selector), abi.encode());
-        vm.mockCall(address(balanceSheet), abi.encodeWithSelector(balanceSheet.unreserve.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.noteDeposit.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.reserve.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.unreserve.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.issue.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.revoke.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.transferSharesFrom.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.withdrawShares.selector), abi.encode());
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.withdrawReserved.selector), abi.encode());
     }
 
     function testConstructor() public view {
@@ -175,22 +179,19 @@ contract AsyncRequestManagerTestFile is AsyncRequestManagerTest {
     function testErrNotAuthorized() public {
         vm.prank(ANY);
         vm.expectRevert(IAuth.NotAuthorized.selector);
-        manager.file("spoke", address(1));
+        manager.file("spokeRegistry", address(1));
     }
 
     function testFile() public {
         vm.startPrank(AUTH);
 
         vm.expectEmit();
-        emit IBaseRequestManager.File("spoke", address(11));
-        manager.file("spoke", address(11));
-        assertEq(address(manager.spoke()), address(11));
+        emit IBaseRequestManager.File("spokeRegistry", address(11));
+        manager.file("spokeRegistry", address(11));
+        assertEq(address(manager.spokeRegistry()), address(11));
 
-        manager.file("vaultRegistry", address(22));
-        assertEq(address(manager.vaultRegistry()), address(22));
-
-        manager.file("balanceSheet", address(33));
-        assertEq(address(manager.balanceSheet()), address(33));
+        manager.file("spoke", address(33));
+        assertEq(address(manager.spoke()), address(33));
 
         manager.file("subsidyManager", address(44));
         assertEq(address(manager.subsidyManager()), address(44));
@@ -208,8 +209,8 @@ contract AsyncRequestManagerTestRequestDeposit is AsyncRequestManagerTest {
 
     function testErrVaultNotLinked() public {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, asyncVault),
             abi.encode(false)
         );
 
@@ -254,10 +255,14 @@ contract AsyncRequestManagerTestRequestDeposit is AsyncRequestManagerTest {
     function testRequestDeposit() public {
         vm.mockCall(address(gateway), abi.encodeWithSelector(gateway.isBatching.selector), abi.encode(true));
         vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.request.selector), abi.encode());
+
+        vm.expectCall(
+            address(spoke), abi.encodeWithSelector(spoke.noteDeposit.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS)
+        );
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.reserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_DEPOSIT
+                spoke.reserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_DEPOSIT
             )
         );
 
@@ -277,8 +282,8 @@ contract AsyncRequestManagerTestRequestRedeem is AsyncRequestManagerTest {
 
     function testErrVaultNotLinked() public {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, asyncVault),
             abi.encode(false)
         );
 
@@ -310,7 +315,16 @@ contract AsyncRequestManagerTestRequestRedeem is AsyncRequestManagerTest {
         vm.prank(AUTH);
         manager.requestRedeem(asyncVault, SHARES, CONTROLLER, USER, address(0), false);
 
-        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.pricesPoolPer.selector), abi.encode(d18(1), d18(1)));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector),
+            abi.encode(d18(1))
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerShare.selector),
+            abi.encode(d18(1))
+        );
 
         vm.prank(AUTH);
         manager.cancelRedeemRequest(asyncVault, CONTROLLER, address(0));
@@ -324,45 +338,32 @@ contract AsyncRequestManagerTestRequestRedeem is AsyncRequestManagerTest {
         vm.mockCall(address(gateway), abi.encodeWithSelector(gateway.isBatching.selector), abi.encode(true));
         vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.request.selector), abi.encode());
 
+        vm.expectCall(
+            address(spoke),
+            abi.encodeWithSelector(
+                spoke.transferSharesFrom.selector, POOL_A, SC_1, address(0), USER, address(poolEscrow), SHARES
+            )
+        );
+
         vm.prank(AUTH);
         manager.requestRedeem(asyncVault, SHARES, CONTROLLER, USER, address(0), false);
 
         assertEq(manager.pendingRedeemRequest(asyncVault, CONTROLLER), SHARES);
     }
 
-    function testRequestRedeemWithTransfer() public {
+    /// @dev The `transfer` flag is deprecated: shares are transferred to the pool escrow regardless of its value.
+    function testRequestRedeemTransferFlagIgnored() public {
         vm.mockCall(address(gateway), abi.encodeWithSelector(gateway.isBatching.selector), abi.encode(true));
         vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.request.selector), abi.encode());
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                balanceSheet.transferSharesFrom.selector, POOL_A, SC_1, address(0), USER, address(poolEscrow), SHARES
-            ),
-            abi.encode()
-        );
 
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.reserve.selector,
-                POOL_A,
-                SC_1,
-                address(shareToken),
-                uint256(0),
-                SHARES,
-                address(manager),
-                REASON_REDEEM
+                spoke.transferSharesFrom.selector, POOL_A, SC_1, address(0), USER, address(poolEscrow), SHARES
             )
         );
 
         vm.prank(AUTH);
-        vm.expectCall(
-            address(balanceSheet),
-            0,
-            abi.encodeWithSelector(
-                balanceSheet.transferSharesFrom.selector, POOL_A, SC_1, address(0), USER, address(poolEscrow), SHARES
-            )
-        );
         manager.requestRedeem(asyncVault, SHARES, CONTROLLER, USER, address(0), true);
 
         assertEq(manager.pendingRedeemRequest(asyncVault, CONTROLLER), SHARES);
@@ -378,8 +379,8 @@ contract AsyncRequestManagerTestCancelDepositRequest is AsyncRequestManagerTest
 
     function testErrVaultNotLinked() public {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, asyncVault),
             abi.encode(false)
         );
 
@@ -432,8 +433,8 @@ contract AsyncRequestManagerTestCancelRedeemRequest is AsyncRequestManagerTest {
 
     function testErrVaultNotLinked() public {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, asyncVault),
             abi.encode(false)
         );
 
@@ -471,7 +472,16 @@ contract AsyncRequestManagerTestCancelRedeemRequest is AsyncRequestManagerTest {
         vm.prank(AUTH);
         manager.requestRedeem(asyncVault, SHARES, CONTROLLER, USER, address(0), false);
 
-        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.pricesPoolPer.selector), abi.encode(d18(1), d18(1)));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector),
+            abi.encode(d18(1))
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerShare.selector),
+            abi.encode(d18(1))
+        );
 
         vm.prank(AUTH);
         manager.cancelRedeemRequest(asyncVault, CONTROLLER, address(0));
@@ -488,7 +498,16 @@ contract AsyncRequestManagerTestCancelRedeemRequest is AsyncRequestManagerTest {
         vm.prank(AUTH);
         manager.requestRedeem(asyncVault, SHARES, CONTROLLER, USER, address(0), false);
 
-        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.pricesPoolPer.selector), abi.encode(d18(1), d18(1)));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector),
+            abi.encode(d18(1))
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerShare.selector),
+            abi.encode(d18(1))
+        );
 
         vm.prank(AUTH);
         manager.cancelRedeemRequest(asyncVault, CONTROLLER, address(0));
@@ -508,28 +527,10 @@ contract AsyncRequestManagerTestApprovedDeposits is AsyncRequestManagerTest {
     }
 
     function testApprovedDeposits() public {
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.overridePricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID, PRICE),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSignature(
-                "noteDeposit(uint64,bytes16,address,uint256,uint128)", POOL_A, SC_1, asset, TOKEN_ID, ASSETS
-            ),
-            abi.encode(PRICE)
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.resetPricePoolPerAsset.selector, POOL_A, SC_1, ASSET_ID),
-            abi.encode()
-        );
-
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.unreserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_DEPOSIT
+                spoke.unreserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_DEPOSIT
             )
         );
 
@@ -551,34 +552,8 @@ contract AsyncRequestManagerTestIssuedShares is AsyncRequestManagerTest {
     }
 
     function testIssuedShares() public {
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.overridePricePoolPerShare.selector, POOL_A, SC_1, PRICE),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.issue.selector, POOL_A, SC_1, address(poolEscrow), SHARES),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.resetPricePoolPerShare.selector, POOL_A, SC_1),
-            abi.encode()
-        );
-
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                balanceSheet.reserve.selector,
-                POOL_A,
-                SC_1,
-                address(shareToken),
-                uint256(0),
-                SHARES,
-                address(manager),
-                REASON_DEPOSIT
-            )
+            address(spoke), abi.encodeWithSelector(spoke.issue.selector, POOL_A, SC_1, address(poolEscrow), SHARES)
         );
 
         bytes memory payload =
@@ -599,84 +574,25 @@ contract AsyncRequestManagerTestRevokedShares is AsyncRequestManagerTest {
     }
 
     function testRevokedShares() public {
-        vm.mockCall(
-            address(spoke), abi.encodeWithSelector(spoke.idToAsset.selector, ASSET_ID), abi.encode(asset, TOKEN_ID)
-        );
-        vm.mockCall(
-            address(spoke), abi.encodeWithSelector(spoke.shareToken.selector, POOL_A, SC_1), abi.encode(shareToken)
-        );
-
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                balanceSheet.reserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_REDEEM
-            ),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSignature(
-                "noteWithdraw(uint64,bytes16,address,uint256,uint128)", POOL_A, SC_1, asset, TOKEN_ID, ASSETS
-            ),
-            abi.encode(PRICE)
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.overridePricePoolPerShare.selector, POOL_A, SC_1, PRICE),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.revoke.selector, POOL_A, SC_1, SHARES),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(balanceSheet.resetPricePoolPerShare.selector, POOL_A, SC_1),
-            abi.encode()
-        );
-        vm.mockCall(
-            address(balanceSheet), abi.encodeWithSelector(balanceSheet.escrow.selector, POOL_A), abi.encode(poolEscrow)
-        );
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                balanceSheet.transferSharesFrom.selector,
-                POOL_A,
-                SC_1,
-                address(poolEscrow),
-                address(poolEscrow),
-                address(manager),
-                SHARES
-            ),
-            abi.encode()
-        );
-
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.reserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_REDEEM
+                spoke.reserve.selector, POOL_A, SC_1, asset, TOKEN_ID, ASSETS, address(manager), REASON_REDEEM
             )
         );
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.unreserve.selector,
+                spoke.transferSharesFrom.selector,
                 POOL_A,
                 SC_1,
-                address(shareToken),
-                uint256(0),
-                SHARES,
+                address(poolEscrow),
+                address(poolEscrow),
                 address(manager),
-                REASON_REDEEM
-            )
-        );
-        vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSignature(
-                "noteWithdraw(uint64,bytes16,address,uint256,uint128)", POOL_A, SC_1, asset, TOKEN_ID, ASSETS
+                SHARES
             )
         );
+        vm.expectCall(address(spoke), abi.encodeWithSelector(spoke.revoke.selector, POOL_A, SC_1, SHARES));
 
         bytes memory payload = RequestCallbackMessageLib.serialize(
             RequestCallbackMessageLib.RevokedShares(ASSETS, SHARES, uint128(PRICE.raw()))
@@ -746,12 +662,19 @@ contract AsyncRequestManagerTestFulfillDepositRequest is AsyncRequestManagerTest
         assertEq(manager.claimableCancelDepositRequest(IBaseVault(address(asyncVault)), USER), cancelledAmount);
         assertFalse(manager.pendingCancelDepositRequest(IBaseVault(address(asyncVault)), USER));
 
-        vm.mockCall(
-            address(balanceSheet),
+        vm.expectCall(
+            address(spoke),
             abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, asset, TOKEN_ID, USER, cancelledAmount, WithdrawMode.TransferOnly
-            ),
-            abi.encode()
+                spoke.withdrawReserved.selector,
+                POOL_A,
+                SC_1,
+                asset,
+                TOKEN_ID,
+                USER,
+                cancelledAmount,
+                address(manager),
+                REASON_DEPOSIT
+            )
         );
 
         vm.prank(AUTH);
@@ -810,33 +733,20 @@ contract AsyncRequestManagerTestFulfillDepositRequest is AsyncRequestManagerTest
         vm.prank(AUTH);
         manager.callback(POOL_A, SC_1, ASSET_ID, payload);
 
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, asset, TOKEN_ID, RECEIVER, cancelledAmount, WithdrawMode.TransferOnly
-            ),
-            abi.encode()
-        );
-
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.unreserve.selector,
+                spoke.withdrawReserved.selector,
                 POOL_A,
                 SC_1,
                 asset,
                 TOKEN_ID,
+                RECEIVER,
                 cancelledAmount,
                 address(manager),
                 REASON_DEPOSIT
             )
         );
-        vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR, POOL_A, SC_1, asset, TOKEN_ID, RECEIVER, cancelledAmount, WithdrawMode.TransferOnly
-            )
-        );
 
         vm.prank(AUTH);
         uint256 claimed = manager.claimCancelDepositRequest(IBaseVault(address(asyncVault)), RECEIVER, USER);
@@ -897,7 +807,16 @@ contract AsyncRequestManagerTestFulfillRedeemRequest is AsyncRequestManagerTest
         vm.prank(AUTH);
         manager.requestRedeem(IBaseVault(address(asyncVault)), SHARES, USER, USER, address(0), false);
 
-        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.pricesPoolPer.selector), abi.encode(d18(1), d18(1)));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector),
+            abi.encode(d18(1))
+        );
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerShare.selector),
+            abi.encode(d18(1))
+        );
 
         vm.prank(AUTH);
         manager.cancelRedeemRequest(IBaseVault(address(asyncVault)), USER, address(0));
@@ -944,33 +863,8 @@ contract AsyncRequestManagerTestDeposit is AsyncRequestManagerTest {
     function testDeposit() public {
         _setupFulfilledDepositRequest(ASSETS, SHARES);
 
-        vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                WITHDRAW_SELECTOR,
-                POOL_A,
-                SC_1,
-                address(shareToken),
-                uint256(0),
-                RECEIVER,
-                SHARES,
-                WithdrawMode.TransferOnly
-            ),
-            abi.encode()
-        );
-
         vm.expectCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(
-                balanceSheet.unreserve.selector,
-                POOL_A,
-                SC_1,
-                address(shareToken),
-                uint256(0),
-                SHARES,
-                address(manager),
-                REASON_DEPOSIT
-            )
+            address(spoke), abi.encodeWithSelector(spoke.withdrawShares.selector, POOL_A, SC_1, RECEIVER, SHARES)
         );
 
         vm.prank(AUTH);
@@ -990,8 +884,8 @@ contract AsyncRequestManagerTestDeposit is AsyncRequestManagerTest {
 
     function testErrVaultNotLinked() public {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, asyncVault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, asyncVault),
             abi.encode(false)
         );
 
@@ -1019,48 +913,145 @@ contract AsyncRequestManagerTestMint is AsyncRequestManagerTest {
     function testMint() public {
         _setupFulfilledDepositRequest(ASSETS, SHARES);
 
-        vm.mockCall(
-            address(balanceSheet),
+        vm.expectCall(
+            address(spoke), abi.encodeWithSelector(spoke.withdrawShares.selector, POOL_A, SC_1, RECEIVER, SHARES)
+        );
+
+        vm.prank(AUTH);
+        uint256 assets = manager.mint(IBaseVault(address(asyncVault)), SHARES, RECEIVER, CONTROLLER);
+
+        assertGt(assets, 0);
+        assertEq(manager.maxMint(IBaseVault(address(asyncVault)), CONTROLLER), 0);
+    }
+
+    function testErrExceedsDepositLimits() public {
+        _setupFulfilledDepositRequest(ASSETS, SHARES);
+
+        vm.prank(AUTH);
+        vm.expectRevert(IAsyncRequestManager.ExceedsDepositLimits.selector);
+        manager.mint(IBaseVault(address(asyncVault)), SHARES + 1, RECEIVER, CONTROLLER);
+    }
+}
+
+contract AsyncRequestManagerTestRedeem is AsyncRequestManagerTest {
+    function _setupFulfilledRedeemRequest(uint128 shares, uint128 assets) internal {
+        vm.mockCall(address(gateway), abi.encodeWithSelector(gateway.isBatching.selector), abi.encode(true));
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.request.selector), abi.encode());
+
+        vm.prank(AUTH);
+        manager.requestRedeem(IBaseVault(address(asyncVault)), shares, CONTROLLER, CONTROLLER, address(0), false);
+
+        bytes memory payload = RequestCallbackMessageLib.serialize(
+            RequestCallbackMessageLib.FulfilledRedeemRequest(CastLib.toBytes32(CONTROLLER), assets, shares, 0)
+        );
+        vm.prank(AUTH);
+        manager.callback(POOL_A, SC_1, ASSET_ID, payload);
+    }
+
+    function testRedeem() public {
+        _setupFulfilledRedeemRequest(SHARES, ASSETS);
+
+        vm.expectCall(
+            address(spoke),
             abi.encodeWithSelector(
-                WITHDRAW_SELECTOR,
+                spoke.withdrawReserved.selector,
                 POOL_A,
                 SC_1,
-                address(shareToken),
-                uint256(0),
-                RECEIVER,
-                SHARES,
-                WithdrawMode.TransferOnly
-            ),
-            abi.encode()
+                asset,
+                TOKEN_ID,
+                CONTROLLER,
+                ASSETS,
+                address(manager),
+                REASON_REDEEM
+            )
+        );
+
+        vm.prank(AUTH);
+        uint256 assets = manager.redeem(IBaseVault(address(asyncVault)), SHARES, CONTROLLER, CONTROLLER);
+
+        assertEq(assets, ASSETS);
+        assertEq(manager.maxWithdraw(IBaseVault(address(asyncVault)), CONTROLLER), 0);
+    }
+
+    function testErrExceedsMaxRedeem() public {
+        _setupFulfilledRedeemRequest(SHARES, ASSETS);
+
+        vm.prank(AUTH);
+        vm.expectRevert(IAsyncRequestManager.ExceedsMaxRedeem.selector);
+        manager.redeem(IBaseVault(address(asyncVault)), SHARES + 1, CONTROLLER, CONTROLLER);
+    }
+}
+
+contract AsyncRequestManagerTestWithdraw is AsyncRequestManagerTest {
+    function _setupFulfilledRedeemRequest(uint128 shares, uint128 assets) internal {
+        vm.mockCall(address(gateway), abi.encodeWithSelector(gateway.isBatching.selector), abi.encode(true));
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.request.selector), abi.encode());
+
+        vm.prank(AUTH);
+        manager.requestRedeem(IBaseVault(address(asyncVault)), shares, CONTROLLER, CONTROLLER, address(0), false);
+
+        bytes memory payload = RequestCallbackMessageLib.serialize(
+            RequestCallbackMessageLib.FulfilledRedeemRequest(CastLib.toBytes32(CONTROLLER), assets, shares, 0)
         );
+        vm.prank(AUTH);
+        manager.callback(POOL_A, SC_1, ASSET_ID, payload);
+    }
+
+    function testWithdraw() public {
+        _setupFulfilledRedeemRequest(SHARES, ASSETS);
 
         vm.expectCall(
-            address(balanceSheet),
+            address(spoke),
             abi.encodeWithSelector(
-                balanceSheet.unreserve.selector,
+                spoke.withdrawReserved.selector,
                 POOL_A,
                 SC_1,
-                address(shareToken),
-                uint256(0),
-                SHARES,
+                asset,
+                TOKEN_ID,
+                CONTROLLER,
+                ASSETS,
                 address(manager),
-                REASON_DEPOSIT
+                REASON_REDEEM
             )
         );
 
         vm.prank(AUTH);
-        uint256 assets = manager.mint(IBaseVault(address(asyncVault)), SHARES, RECEIVER, CONTROLLER);
+        uint256 shares = manager.withdraw(IBaseVault(address(asyncVault)), ASSETS, CONTROLLER, CONTROLLER);
 
-        assertGt(assets, 0);
-        assertEq(manager.maxMint(IBaseVault(address(asyncVault)), CONTROLLER), 0);
+        assertGt(shares, 0);
+        assertEq(manager.maxWithdraw(IBaseVault(address(asyncVault)), CONTROLLER), 0);
     }
+}
 
-    function testErrExceedsDepositLimits() public {
-        _setupFulfilledDepositRequest(ASSETS, SHARES);
+contract AsyncRequestManagerTestClaimCancelRedeemRequest is AsyncRequestManagerTest {
+    function testClaimCancelRedeemRequest() public {
+        uint128 cancelledShares = 50e18;
+
+        vm.mockCall(address(gateway), abi.encodeWithSelector(gateway.isBatching.selector), abi.encode(true));
+        vm.mockCall(address(spoke), abi.encodeWithSelector(spoke.request.selector), abi.encode());
 
         vm.prank(AUTH);
-        vm.expectRevert(IAsyncRequestManager.ExceedsDepositLimits.selector);
-        manager.mint(IBaseVault(address(asyncVault)), SHARES + 1, RECEIVER, CONTROLLER);
+        manager.requestRedeem(
+            IBaseVault(address(asyncVault)), cancelledShares, CONTROLLER, CONTROLLER, address(0), false
+        );
+
+        vm.prank(AUTH);
+        manager.cancelRedeemRequest(IBaseVault(address(asyncVault)), CONTROLLER, address(0));
+
+        bytes memory payload = RequestCallbackMessageLib.serialize(
+            RequestCallbackMessageLib.FulfilledRedeemRequest(CastLib.toBytes32(CONTROLLER), 0, 0, cancelledShares)
+        );
+        vm.prank(AUTH);
+        manager.callback(POOL_A, SC_1, ASSET_ID, payload);
+
+        vm.expectCall(
+            address(spoke),
+            abi.encodeWithSelector(spoke.withdrawShares.selector, POOL_A, SC_1, RECEIVER, cancelledShares)
+        );
+
+        vm.prank(AUTH);
+        uint256 claimed = manager.claimCancelRedeemRequest(IBaseVault(address(asyncVault)), RECEIVER, CONTROLLER);
+        assertEq(claimed, cancelledShares);
     }
 }
 
@@ -1069,7 +1060,7 @@ contract AsyncRequestManagerTestPriceCalculations is AsyncRequestManagerTest {
         AsyncRequestManagerHarness harness = new AsyncRequestManagerHarness(subsidyManager, AUTH);
 
         vm.prank(AUTH);
-        harness.file("vaultRegistry", address(vaultRegistry));
+        harness.file("spokeRegistry", address(spokeRegistry));
 
         // Zero shares
         assert(harness.calculatePriceAssetPerShare(asyncVault, 0, 1).isZero());
@@ -1080,6 +1071,19 @@ contract AsyncRequestManagerTestPriceCalculations is AsyncRequestManagerTest {
         // Non-zero assets and shares
         assertGt(harness.calculatePriceAssetPerShare(asyncVault, 100, 50).raw(), 0);
     }
+
+    function testPriceLastUpdatedErrUnknownVault() public {
+        address unknownVault = makeAddr("unknownVault");
+        // A vault with no registered details (zero asset) must be rejected, not silently read as 0.
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.vaultDetails.selector, unknownVault),
+            abi.encode(VaultDetails(POOL_A, SC_1, ASSET_ID, address(0), TOKEN_ID, false))
+        );
+
+        vm.expectRevert(ISpokeRegistry.UnknownVault.selector);
+        manager.priceLastUpdated(IBaseVault(unknownVault));
+    }
 }
 
 contract AsyncRequestManagerTestPoolEscrow is AsyncRequestManagerTest {
@@ -1087,11 +1091,15 @@ contract AsyncRequestManagerTestPoolEscrow is AsyncRequestManagerTest {
         IBaseVault mockVault = IBaseVault(makeAddr("mockVault"));
 
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, IVault(mockVault)),
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.isLinked.selector, address(mockVault)),
             abi.encode(true)
         );
-        vm.mockCall(address(mockVault), abi.encodeWithSelector(mockVault.poolId.selector), abi.encode(POOL_A));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(spokeRegistry.vaultDetails.selector, address(mockVault)),
+            abi.encode(VaultDetails(POOL_A, SC_1, ASSET_ID, asset, TOKEN_ID, true))
+        );
 
         vm.prank(address(mockVault));
         assertEq(address(manager.globalEscrow()), address(poolEscrow));
@@ -1099,9 +1107,7 @@ contract AsyncRequestManagerTestPoolEscrow is AsyncRequestManagerTest {
 
     function testGlobalEscrowRevertsForNonVault() public {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(vaultRegistry.isLinked.selector, IVault(ANY)),
-            abi.encode(false)
+            address(spokeRegistry), abi.encodeWithSelector(spokeRegistry.isLinked.selector, ANY), abi.encode(false)
         );
 
         vm.prank(ANY);
@@ -1109,3 +1115,13 @@ contract AsyncRequestManagerTestPoolEscrow is AsyncRequestManagerTest {
         manager.globalEscrow();
     }
 }
+
+contract AsyncRequestManagerTestCallback is AsyncRequestManagerTest {
+    function testErrUnknownRequestCallbackType() public {
+        bytes memory payload = abi.encodePacked(uint8(RequestCallbackType.Invalid));
+
+        vm.prank(AUTH);
+        vm.expectRevert(ISpokeRequestManager.UnknownRequestCallbackType.selector);
+        manager.callback(POOL_A, SC_1, ASSET_ID, payload);
+    }
+}
diff --git a/test/vaults/unit/AsyncVault.t.sol b/test/vaults/unit/AsyncVault.t.sol
index 2906a1373..cae032afa 100644
--- a/test/vaults/unit/AsyncVault.t.sol
+++ b/test/vaults/unit/AsyncVault.t.sol
@@ -15,7 +15,6 @@ import {
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
 
 import {AsyncVault} from "../../../src/vaults/AsyncVault.sol";
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
@@ -23,6 +22,8 @@ import {IAsyncRequestManager} from "../../../src/vaults/interfaces/IVaultManager
 
 import "forge-std/Test.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract MockShareToken {
     function decimals() external pure returns (uint8) {
         return 18;
diff --git a/test/vaults/unit/BatchRequestManager.t.sol b/test/vaults/unit/BatchRequestManager.t.sol
index 73bd57360..bba651877 100644
--- a/test/vaults/unit/BatchRequestManager.t.sol
+++ b/test/vaults/unit/BatchRequestManager.t.sol
@@ -9,11 +9,13 @@ import {IERC165} from "../../../src/misc/interfaces/IERC165.sol";
 
 import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
+import {RequestId} from "../../../src/core/types/RequestId.sol";
 import {PricingLib} from "../../../src/core/libraries/PricingLib.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
 import {IGateway} from "../../../src/core/messaging/interfaces/IGateway.sol";
 import {IHubRegistry} from "../../../src/core/hub/interfaces/IHubRegistry.sol";
 import {IHubRequestManagerCallback} from "../../../src/core/hub/interfaces/IHubRequestManagerCallback.sol";
+import {IManagerCallFromHub, IManagerCallFromSpoke} from "../../../src/core/utils/interfaces/IManagerCall.sol";
 import {
     IHubRequestManager,
     IHubRequestManagerNotifications
@@ -31,6 +33,8 @@ import {
 
 import "forge-std/Test.sol";
 
+import {BatchRequestManagerCallLib} from "../utils/BatchRequestManagerCallLib.sol";
+
 uint16 constant CHAIN_ID = 1;
 uint64 constant POOL_ID = 42;
 uint32 constant SC_ID_INDEX = 1;
@@ -78,8 +82,8 @@ contract HubRegistryMock {
 }
 
 contract BatchRequestManagerHarness is BatchRequestManager {
-    constructor(IHubRegistry hubRegistry_, IGateway gateway_, address deployer)
-        BatchRequestManager(hubRegistry_, gateway_, deployer)
+    constructor(IHubRegistry hubRegistry_, IGateway gateway_, address envoy_, address deployer)
+        BatchRequestManager(hubRegistry_, gateway_, envoy_, deployer)
     {}
 
     function claimDeposit(PoolId poolId, ShareClassId scId_, bytes32 investor, AssetId depositAssetId)
@@ -137,8 +141,10 @@ abstract contract BatchRequestManagerBaseTest is Test {
 
     function setUp() public virtual {
         hubRegistryMock = new HubRegistryMock();
+        // Pass MANAGER as the envoy so existing `vm.prank(MANAGER)` flows through `managerCall` keep working;
+        // the envoy gate replaced the ward gate on `managerCall`.
         batchRequestManager =
-            new BatchRequestManagerHarness(IHubRegistry(address(hubRegistryMock)), gateway, address(this));
+            new BatchRequestManagerHarness(IHubRegistry(address(hubRegistryMock)), gateway, MANAGER, address(this));
 
         vm.mockCall(
             address(hub),
@@ -148,6 +154,9 @@ abstract contract BatchRequestManagerBaseTest is Test {
         );
         batchRequestManager.file("hub", address(hub));
         hubRegistryMock.updateManager(poolId, MANAGER, true);
+        // `managerCall` is envoy-gated (MANAGER is the envoy here). Ward MANAGER too so the existing
+        // `vm.startPrank(MANAGER)` blocks authorize the other auth-gated entry points (request/file/setEpochIds).
+        batchRequestManager.rely(MANAGER);
         vm.deal(MANAGER, 1 ether);
 
         assertEq(IHubRegistry(address(hubRegistryMock)).decimals(poolId), DECIMALS_POOL);
@@ -350,12 +359,100 @@ abstract contract BatchRequestManagerBaseTest is Test {
         return batchRequestManager.nowRevokeEpoch(poolId, scId, assetId);
     }
 
+    // --- Manager-action helpers: encode + route through the ward-gated trustedCall (post-refactor) ---
+
+    function _callApproveDeposits(
+        uint256 value,
+        PoolId poolId_,
+        ShareClassId scId_,
+        AssetId assetId,
+        uint32 epoch,
+        uint128 approvedAssetAmount,
+        D18 price,
+        address refund
+    ) internal {
+        batchRequestManager.fromHub{value: value}(
+            poolId_,
+            BatchRequestManagerCallLib.approveDeposits(scId_, assetId, epoch, approvedAssetAmount, price, refund)
+        );
+    }
+
+    function _callApproveRedeems(
+        uint256 value,
+        PoolId poolId_,
+        ShareClassId scId_,
+        AssetId assetId,
+        uint32 epoch,
+        uint128 approvedShareAmount,
+        D18 price
+    ) internal {
+        batchRequestManager.fromHub{value: value}(
+            poolId_, BatchRequestManagerCallLib.approveRedeems(scId_, assetId, epoch, approvedShareAmount, price)
+        );
+    }
+
+    function _callIssueShares(
+        uint256 value,
+        PoolId poolId_,
+        ShareClassId scId_,
+        AssetId assetId,
+        uint32 epoch,
+        D18 price,
+        uint128 extraGasLimit,
+        address refund
+    ) internal {
+        batchRequestManager.fromHub{value: value}(
+            poolId_, BatchRequestManagerCallLib.issueShares(scId_, assetId, epoch, price, extraGasLimit, refund)
+        );
+    }
+
+    function _callRevokeShares(
+        uint256 value,
+        PoolId poolId_,
+        ShareClassId scId_,
+        AssetId assetId,
+        uint32 epoch,
+        D18 price,
+        uint128 extraGasLimit,
+        address refund
+    ) internal {
+        batchRequestManager.fromHub{value: value}(
+            poolId_, BatchRequestManagerCallLib.revokeShares(scId_, assetId, epoch, price, extraGasLimit, refund)
+        );
+    }
+
+    function _callForceCancelDepositRequest(
+        uint256 value,
+        PoolId poolId_,
+        ShareClassId scId_,
+        bytes32 investor_,
+        AssetId assetId,
+        address refund
+    ) internal {
+        batchRequestManager.fromHub{value: value}(
+            poolId_, BatchRequestManagerCallLib.forceCancelDepositRequest(scId_, investor_, assetId, refund)
+        );
+    }
+
+    function _callForceCancelRedeemRequest(
+        uint256 value,
+        PoolId poolId_,
+        ShareClassId scId_,
+        bytes32 investor_,
+        AssetId assetId,
+        address refund
+    ) internal {
+        batchRequestManager.fromHub{value: value}(
+            poolId_, BatchRequestManagerCallLib.forceCancelRedeemRequest(scId_, investor_, assetId, refund)
+        );
+    }
+
     /// @dev Helper function for deposit and approval - direct calls
     function _depositAndApprove(uint128 depositAmount, uint128 approvedAmount) internal {
         batchRequestManager.requestDeposit(poolId, scId, depositAmount, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedAmount, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAmount, _pricePoolPerAsset(USDC), REFUND
         );
         vm.stopPrank();
     }
@@ -370,8 +467,8 @@ abstract contract BatchRequestManagerBaseTest is Test {
         approvedPool = _intoPoolAmount(USDC, approvedAmountUsdc);
         batchRequestManager.requestDeposit(poolId, scId, depositAmountUsdc, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedAmountUsdc, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAmountUsdc, _pricePoolPerAsset(USDC), REFUND
         );
         vm.stopPrank();
     }
@@ -386,9 +483,7 @@ abstract contract BatchRequestManagerBaseTest is Test {
     {
         batchRequestManager.requestRedeem(poolId, scId, redeemShares, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
         vm.stopPrank();
     }
 
@@ -403,9 +498,7 @@ abstract contract BatchRequestManagerBaseTest is Test {
         approvedPool = poolPerShare.mulUint128(approvedShares, MathLib.Rounding.Down);
         batchRequestManager.requestRedeem(poolId, scId, redeemShares, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
         vm.stopPrank();
     }
 }
@@ -430,8 +523,8 @@ contract BatchRequestManagerSimpleTest is BatchRequestManagerBaseTest {
 
         // After approve but before issue, maxDepositClaims should return 0 (uses issue epoch, not deposit)
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
         );
         assertEq(
             batchRequestManager.maxDepositClaims(poolId, scId, investor, USDC),
@@ -441,9 +534,7 @@ contract BatchRequestManagerSimpleTest is BatchRequestManagerBaseTest {
 
         // After issuing shares, maxDepositClaims should return 1
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
         assertEq(batchRequestManager.maxDepositClaims(poolId, scId, investor, USDC), 1, "Should be 1 after issue");
     }
 
@@ -455,8 +546,8 @@ contract BatchRequestManagerSimpleTest is BatchRequestManagerBaseTest {
 
         // After approve but before revoke, maxRedeemClaims should return 0 (uses revoke epoch, not redeem)
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC)
+        _callApproveRedeems(
+            0, poolId, scId, USDC, _nowRedeem(USDC), MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC)
         );
         assertEq(
             batchRequestManager.maxRedeemClaims(poolId, scId, investor, USDC),
@@ -466,9 +557,7 @@ contract BatchRequestManagerSimpleTest is BatchRequestManagerBaseTest {
 
         // After revoking shares, maxRedeemClaims should return 1
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
         assertEq(batchRequestManager.maxRedeemClaims(poolId, scId, investor, USDC), 1, "Should be 1 after revoke");
     }
 
@@ -478,13 +567,11 @@ contract BatchRequestManagerSimpleTest is BatchRequestManagerBaseTest {
 
         for (uint256 i = 0; i < epochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveDeposits{value: COST}(
-                poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
+            _callApproveDeposits(
+                COST, poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
             );
             vm.startPrank(MANAGER);
-            batchRequestManager.issueShares{value: COST}(
-                poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-            );
+            _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
         }
 
         assertEq(
@@ -498,13 +585,11 @@ contract BatchRequestManagerSimpleTest is BatchRequestManagerBaseTest {
 
         for (uint256 i = 0; i < epochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveRedeems(
-                poolId, scId, USDC, _nowRedeem(USDC), MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC)
+            _callApproveRedeems(
+                0, poolId, scId, USDC, _nowRedeem(USDC), MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC)
             );
             vm.startPrank(MANAGER);
-            batchRequestManager.revokeShares{value: COST}(
-                poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-            );
+            _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
         }
 
         assertEq(
@@ -598,8 +683,8 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
             poolId, scId, USDC, _nowDeposit(USDC), expectedPoolAmount, approvedUsdc, expectedPendingAfter
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedUsdc, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedUsdc, _pricePoolPerAsset(USDC), REFUND
         );
 
         (uint128 eventPoolAmount, uint128 eventAssetAmount, uint128 eventPending) = _extractApproveDepositsEvent();
@@ -640,11 +725,12 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
         assertEq(_nowDeposit(OTHER_STABLE), 1);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedUsdc, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedUsdc, _pricePoolPerAsset(USDC), REFUND
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
+        _callApproveDeposits(
+            COST,
             poolId,
             scId,
             OTHER_STABLE,
@@ -672,9 +758,7 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
 
         vm.recordLogs();
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
 
         (uint128 actualIssuedShares, D18 eventNav,) = _extractIssueSharesEvent();
         assertEq(actualIssuedShares, expectedIssuedShares, "Issued shares mismatch");
@@ -693,12 +777,10 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
         batchRequestManager.requestDeposit(poolId, scId, 1, investor, USDC);
         batchRequestManager.requestDeposit(poolId, scId, 10, bytes32("investorOther"), USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(poolId, scId, USDC, _nowDeposit(USDC), 1, d18(1), REFUND);
+        _callApproveDeposits(COST, poolId, scId, USDC, _nowDeposit(USDC), 1, d18(1), REFUND);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
 
         // With ceiling rounding: paymentAssetAmount = ceil(1 * 1 / 11) = 1
         // User's pending is reduced by 1, but they get 0 shares (floor for share calc)
@@ -720,9 +802,7 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
 
         D18 pricePoolPerShare = d18(11, 10);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
 
         uint128 expectedShares = _calcSharesIssued(USDC, approvedAmountUsdc, pricePoolPerShare);
 
@@ -762,9 +842,7 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
         batchRequestManager.claimDeposit(poolId, scId, investor, USDC);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
 
         uint128 expectedShares = _calcSharesIssued(USDC, approvedAmountUsdc, pricePoolPerShare);
 
@@ -794,12 +872,19 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
     function testForceCancelDepositRequestZeroPending() public {
         batchRequestManager.cancelDepositRequest(poolId, scId, investor, USDC);
 
+        uint256 refundBalBefore = REFUND.balance;
+
         vm.expectEmit();
         emit IBatchRequestManager.UpdateDepositRequest(poolId, scId, USDC, 1, investor, 0, 0, 0, false);
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelDepositRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelDepositRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
+        // Nothing was cancelled, so no callback fired and no downstream gateway refund ran. The forwarded
+        // value must be returned to `refund` rather than stranded in the manager.
+        assertEq(REFUND.balance - refundBalBefore, COST, "unused value must refund to REFUND");
+        assertEq(address(batchRequestManager).balance, 0, "no value may strand in the manager");
+
         assertEq(
             batchRequestManager.allowForceDepositCancel(poolId, scId, USDC, investor),
             true,
@@ -831,7 +916,7 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
         vm.expectEmit();
         emit IBatchRequestManager.UpdateDepositRequest(poolId, scId, USDC, _nowDeposit(USDC), investor, 0, 0, 0, false);
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelDepositRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelDepositRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
         (uint128 pendingAfter,) = batchRequestManager.depositRequest(poolId, scId, USDC, investor);
@@ -917,37 +1002,41 @@ contract BatchRequestManagerDepositsNonTransientTest is BatchRequestManagerBaseT
     function testNotifyDepositNoCancellation() public {
         _depositAndApproveWithFuzzBounds(MIN_REQUEST_AMOUNT_USDC, MIN_REQUEST_AMOUNT_USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
-        batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, investor, 10, REFUND);
+        batchRequestManager.notifyDeposit{value: COST}(
+            poolId, scId, USDC, RequestId.wrap(uint256(investor)), 10, REFUND
+        );
         _assertDepositRequestEq(USDC, investor, UserOrder(0, 2));
     }
 
     function testNotifyDepositWithQueuedCancellation() public {
         _depositAndApprove(MIN_REQUEST_AMOUNT_USDC, MIN_REQUEST_AMOUNT_USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         // Queue
         batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, investor, USDC);
         batchRequestManager.cancelDepositRequest(poolId, scId, investor, USDC);
 
-        batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, investor, 10, REFUND);
+        batchRequestManager.notifyDeposit{value: COST}(
+            poolId, scId, USDC, RequestId.wrap(uint256(investor)), 10, REFUND
+        );
         _assertDepositRequestEq(USDC, investor, UserOrder(0, 2));
     }
 
     function testNotifyDepositZeroMaxClaims() public {
         _depositAndApproveWithFuzzBounds(MIN_REQUEST_AMOUNT_USDC, MIN_REQUEST_AMOUNT_USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         (uint128 initialPending, uint32 initialLastUpdate) =
             batchRequestManager.depositRequest(poolId, scId, USDC, investor);
 
-        batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, investor, 0, REFUND);
+        batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, RequestId.wrap(uint256(investor)), 0, REFUND);
 
         (uint128 finalPending, uint32 finalLastUpdate) =
             batchRequestManager.depositRequest(poolId, scId, USDC, investor);
@@ -1025,9 +1114,7 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
             poolId, scId, USDC, _nowRedeem(USDC), approvedShares, redeems - approvedShares
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
         vm.stopPrank();
 
         assertEq(batchRequestManager.pendingRedeem(poolId, scId, USDC), redeems - approvedShares);
@@ -1049,9 +1136,7 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
 
         vm.recordLogs();
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
 
         (uint128 revokedShares, uint128 payoutAsset, uint128 payoutPool, D18 eventNav,) = _extractRevokeSharesEvent();
 
@@ -1077,12 +1162,10 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
         batchRequestManager.requestRedeem(poolId, scId, 1, investor, USDC);
         batchRequestManager.requestRedeem(poolId, scId, 10, bytes32("investorOther"), USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, _nowRedeem(USDC), 1, d18(1));
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), 1, d18(1));
 
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
 
         // With ceiling rounding: paymentShareAmount = ceil(1 * 1 / 11) = 1
         // User's pending is reduced by 1, but they get 0 assets (floor for asset calc)
@@ -1098,17 +1181,13 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
 
         batchRequestManager.requestRedeem(poolId, scId, redeemShares, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
 
         vm.expectRevert(IBatchRequestManager.RevocationRequired.selector);
         batchRequestManager.claimRedeem(poolId, scId, investor, USDC);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
 
         uint128 expectedAssetAmount =
             _intoAssetAmount(USDC, pricePoolPerShare.mulUint128(approvedShares, MathLib.Rounding.Down));
@@ -1142,7 +1221,7 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
         vm.expectEmit();
         emit IBatchRequestManager.UpdateRedeemRequest(poolId, scId, USDC, 1, investor, 0, 0, 0, false);
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelRedeemRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelRedeemRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
         assertEq(
@@ -1179,7 +1258,7 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
         vm.expectEmit();
         emit IBatchRequestManager.UpdateRedeemRequest(poolId, scId, USDC, _nowRedeem(USDC), investor, 0, 0, 0, false);
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelRedeemRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelRedeemRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
         (uint128 pendingAfter,) = batchRequestManager.redeemRequest(poolId, scId, USDC, investor);
@@ -1261,36 +1340,36 @@ contract BatchRequestManagerRedeemsNonTransientTest is BatchRequestManagerBaseTe
     function testNotifyRedeemNoCancellation() public {
         _redeemAndApproveWithFuzzBounds(MIN_REQUEST_AMOUNT_SHARES, MIN_REQUEST_AMOUNT_SHARES, 1);
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
-        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, investor, 10, REFUND);
+        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, RequestId.wrap(uint256(investor)), 10, REFUND);
         _assertRedeemRequestEq(USDC, investor, UserOrder(0, 2));
     }
 
     function testNotifyRedeemWithQueuedCancellation() public {
         _redeemAndApprove(MIN_REQUEST_AMOUNT_SHARES, MIN_REQUEST_AMOUNT_SHARES, 1);
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         // Queue
         batchRequestManager.requestRedeem(poolId, scId, MIN_REQUEST_AMOUNT_SHARES, investor, USDC);
         batchRequestManager.cancelRedeemRequest(poolId, scId, investor, USDC);
 
-        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, investor, 10, REFUND);
+        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, RequestId.wrap(uint256(investor)), 10, REFUND);
         _assertRedeemRequestEq(USDC, investor, UserOrder(0, 2));
     }
 
     function testNotifyRedeemZeroMaxClaims() public {
         _redeemAndApproveWithFuzzBounds(MIN_REQUEST_AMOUNT_SHARES, MIN_REQUEST_AMOUNT_SHARES, 1);
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         (uint128 initialPending, uint32 initialLastUpdate) =
             batchRequestManager.redeemRequest(poolId, scId, USDC, investor);
-        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, investor, 0, REFUND);
+        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, RequestId.wrap(uint256(investor)), 0, REFUND);
 
         (uint128 finalPending, uint32 finalLastUpdate) = batchRequestManager.redeemRequest(poolId, scId, USDC, investor);
         assertEq(finalPending, initialPending);
@@ -1315,8 +1394,8 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
         _assertDepositRequestEq(USDC, investor, UserOrder(depositAmountUsdc, epochId));
         assertEq(batchRequestManager.pendingDeposit(poolId, scId, USDC), depositAmountUsdc);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), depositAmountUsdc, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), depositAmountUsdc, _pricePoolPerAsset(USDC), REFUND
         );
         vm.stopPrank();
         epochId = 2;
@@ -1344,9 +1423,7 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
 
         // Issue shares + claim -> expect queued to move to pending
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
         vm.expectEmit();
         emit IBatchRequestManager.ClaimDeposit(
             poolId, scId, 1, investor, USDC, depositAmountUsdc, 0, claimedShares, block.timestamp.toUint64()
@@ -1375,8 +1452,8 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
         // Initial deposit request
         batchRequestManager.requestDeposit(poolId, scId, depositAmountUsdc, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedAssetAmount, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAssetAmount, _pricePoolPerAsset(USDC), REFUND
         );
         vm.stopPrank();
 
@@ -1399,9 +1476,7 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
 
         // Issue shares + claim -> expect cancel fulfillment
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
         vm.expectEmit();
         emit IBatchRequestManager.ClaimDeposit(
             poolId,
@@ -1440,8 +1515,8 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
         // Initial deposit request
         batchRequestManager.requestDeposit(poolId, scId, depositAmountUsdc, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedAssetAmount, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAssetAmount, _pricePoolPerAsset(USDC), REFUND
         );
         vm.stopPrank();
         epochId = 2;
@@ -1456,9 +1531,7 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
 
         // Issue shares + claim -> expect cancel fulfillment
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
         vm.expectEmit();
         emit IBatchRequestManager.ClaimDeposit(
             poolId,
@@ -1495,20 +1568,18 @@ contract BatchRequestManagerQueuedDepositsTest is BatchRequestManagerBaseTest {
 
         batchRequestManager.requestDeposit(poolId, scId, depositAmount, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedAmount, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAmount, _pricePoolPerAsset(USDC), REFUND
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1, 1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1, 1), SHARE_HOOK_GAS, REFUND);
 
         vm.expectEmit();
         emit IBatchRequestManager.UpdateDepositRequest(
             poolId, scId, USDC, _nowDeposit(USDC), investor, depositAmount, queuedCancelAmount, 0, true
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelDepositRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelDepositRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
         uint128 expectedQueuedCancel = queuedCancelAmount;
@@ -1560,7 +1631,7 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
         _assertRedeemRequestEq(USDC, investor, UserOrder(redeemShares, epochId));
         assertEq(batchRequestManager.pendingRedeem(poolId, scId, USDC), redeemShares);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, _nowRedeem(USDC), redeemShares, _pricePoolPerAsset(USDC));
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), redeemShares, _pricePoolPerAsset(USDC));
         vm.stopPrank();
         assertEq(batchRequestManager.pendingRedeem(poolId, scId, USDC), 0);
         epochId = 2;
@@ -1588,9 +1659,7 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
 
         // Revoke shares + claim -> expect queued to move to pending
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
         pendingShareAmount = queuedAmount;
         vm.expectEmit();
         emit IBatchRequestManager.ClaimRedeem(
@@ -1621,9 +1690,7 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
         // Initial redeem request
         batchRequestManager.requestRedeem(poolId, scId, redeemShares, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
         vm.stopPrank();
         epochId = 2;
 
@@ -1645,9 +1712,7 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
 
         // Revoke shares + claim -> expect cancel fulfillment
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
         vm.expectEmit();
         emit IBatchRequestManager.ClaimRedeem(
             poolId,
@@ -1686,9 +1751,7 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
         // Initial redeem request
         batchRequestManager.requestRedeem(poolId, scId, redeemShares, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
         vm.stopPrank();
         epochId = 2;
 
@@ -1702,9 +1765,7 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
 
         // Revoke shares + claim -> expect cancel fulfillment
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
         vm.expectEmit();
         emit IBatchRequestManager.ClaimRedeem(
             poolId,
@@ -1741,20 +1802,16 @@ contract BatchRequestManagerQueuedRedeemsTest is BatchRequestManagerBaseTest {
         // Submit a redeem request, which will be applied since pending is zero
         batchRequestManager.requestRedeem(poolId, scId, redeemAmount, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedAmount, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedAmount, _pricePoolPerAsset(USDC));
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), d18(1, 1), SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(1, 1), SHARE_HOOK_GAS, REFUND);
 
         vm.expectEmit();
         emit IBatchRequestManager.UpdateRedeemRequest(
             poolId, scId, USDC, _nowRedeem(USDC), investor, redeemAmount, queuedCancelAmount, 0, true
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelRedeemRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelRedeemRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
         // Track expected queued cancellation amount
@@ -1804,13 +1861,11 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve a few epochs
         for (uint256 i = 0; i < skippedEpochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveDeposits{value: COST}(
-                poolId, scId, USDC, _nowDeposit(USDC), approvedAmountUsdc, _pricePoolPerAsset(USDC), REFUND
+            _callApproveDeposits(
+                COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAmountUsdc, _pricePoolPerAsset(USDC), REFUND
             );
             vm.startPrank(MANAGER);
-            batchRequestManager.issueShares{value: COST}(
-                poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-            );
+            _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
         }
 
         // With ceiling rounding: first claim consumes the entire 1 wei pending
@@ -1841,13 +1896,9 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve one epoch with full payout and a few subsequent ones without payout
         batchRequestManager.requestDeposit(poolId, scId, depositAmountUsdc, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), depositAmountUsdc, nonZeroPrice, REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, _nowDeposit(USDC), depositAmountUsdc, nonZeroPrice, REFUND);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         // Request deposit with another investors to enable approvals after first epoch
@@ -1856,13 +1907,9 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve more epochs which should all be skipped when investor claims first epoch
         for (uint256 i = 0; i < skippedEpochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveDeposits{value: COST}(
-                poolId, scId, USDC, _nowDeposit(USDC), 1, nonZeroPrice, REFUND
-            );
+            _callApproveDeposits(COST, poolId, scId, USDC, _nowDeposit(USDC), 1, nonZeroPrice, REFUND);
             vm.startPrank(MANAGER);
-            batchRequestManager.issueShares{value: COST}(
-                poolId, scId, USDC, _nowIssue(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND
-            );
+            _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND);
         }
 
         // Expect only single claim to be required
@@ -1895,15 +1942,13 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve + issue shares for each epoch
         for (uint256 i = 0; i < epochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveDeposits{value: COST}(
-                poolId, scId, USDC, _nowDeposit(USDC), epochApprovedAmountUsdc, _pricePoolPerAsset(USDC), REFUND
+            _callApproveDeposits(
+                COST, poolId, scId, USDC, _nowDeposit(USDC), epochApprovedAmountUsdc, _pricePoolPerAsset(USDC), REFUND
             );
 
             uint128 issuedShares = _calcSharesIssued(USDC, epochApprovedAmountUsdc, poolPerShare);
             vm.startPrank(MANAGER);
-            batchRequestManager.issueShares{value: COST}(
-                poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-            );
+            _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
             totalShares += issuedShares;
         }
 
@@ -1942,13 +1987,9 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve a few epochs
         for (uint256 i = 0; i < skippedEpochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveRedeems(
-                poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC)
-            );
+            _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedShares, _pricePoolPerAsset(USDC));
             vm.startPrank(MANAGER);
-            batchRequestManager.revokeShares{value: COST}(
-                poolId, scId, USDC, _nowRevoke(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND
-            );
+            _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), pricePoolPerShare, SHARE_HOOK_GAS, REFUND);
         }
 
         // With ceiling rounding: first claim consumes the entire 1 share pending
@@ -1979,11 +2020,9 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Other investor should eat up the single approved asset amount
         batchRequestManager.requestRedeem(poolId, scId, redeemShares, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, _nowRedeem(USDC), redeemShares, nonZeroPrice);
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), redeemShares, nonZeroPrice);
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         // Request redeem with another investors to enable approvals after first epoch
@@ -1992,11 +2031,9 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve more epochs which should all be skipped when investor claims first epoch
         for (uint256 i = 0; i < skippedEpochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveRedeems(poolId, scId, USDC, _nowRedeem(USDC), 1, nonZeroPrice);
+            _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), 1, nonZeroPrice);
             vm.startPrank(MANAGER);
-            batchRequestManager.revokeShares{value: COST}(
-                poolId, scId, USDC, _nowRevoke(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND
-            );
+            _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), nonZeroPrice, SHARE_HOOK_GAS, REFUND);
         }
 
         // Expect only single claim to be required
@@ -2027,16 +2064,12 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         // Approve + revoke shares for each epoch
         for (uint256 i = 0; i < epochs; i++) {
             vm.startPrank(MANAGER);
-            batchRequestManager.approveRedeems(
-                poolId, scId, USDC, _nowRedeem(USDC), epochApprovedShares, _pricePoolPerAsset(USDC)
-            );
+            _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), epochApprovedShares, _pricePoolPerAsset(USDC));
 
             uint128 revokedAssetAmount =
                 _intoAssetAmount(USDC, poolPerShare.mulUint128(epochApprovedShares, MathLib.Rounding.Down));
             vm.startPrank(MANAGER);
-            batchRequestManager.revokeShares{value: COST}(
-                poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND
-            );
+            _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), poolPerShare, SHARE_HOOK_GAS, REFUND);
             totalAssets += revokedAssetAmount;
         }
 
@@ -2073,13 +2106,11 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
 
         // Test normal calculation: lastEpoch - userOrder.lastUpdate + 1
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         assertEq(batchRequestManager.maxDepositClaims(poolId, scId, investor, USDC), 1, "Should have 1 claimable epoch");
@@ -2088,13 +2119,11 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         for (uint256 i = 0; i < 3; i++) {
             batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, bytes32(uint256(i + 100)), USDC);
             vm.startPrank(MANAGER);
-            batchRequestManager.approveDeposits{value: COST}(
-                poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
+            _callApproveDeposits(
+                COST, poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
             );
             vm.startPrank(MANAGER);
-            batchRequestManager.issueShares{value: COST}(
-                poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-            );
+            _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
             vm.stopPrank();
         }
 
@@ -2124,9 +2153,7 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
 
         // Move to epoch 2 by approving
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), amount, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, _nowDeposit(USDC), amount, _pricePoolPerAsset(USDC), REFUND);
         vm.stopPrank();
         assertEq(_nowDeposit(USDC), 2, "Should be epoch 2");
 
@@ -2140,9 +2167,7 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         bytes32 otherInvestor = bytes32("laggingInvestor");
         batchRequestManager.requestDeposit(poolId, scId, amount, otherInvestor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), amount, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, _nowDeposit(USDC), amount, _pricePoolPerAsset(USDC), REFUND);
         vm.stopPrank();
         assertEq(_nowDeposit(USDC), 3, "Should be epoch 3");
 
@@ -2179,22 +2204,20 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
         batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, investor, USDC);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelDepositRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelDepositRequest(COST, poolId, scId, investor, USDC, REFUND);
         vm.stopPrank();
 
         batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC / 2, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), MIN_REQUEST_AMOUNT_USDC / 2, _pricePoolPerAsset(USDC), REFUND
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
 
         // This should queue the cancellation
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelDepositRequest(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelDepositRequest(0, poolId, scId, investor, USDC, REFUND);
     }
 
     /// @dev Tests claiming at exact epoch boundaries
@@ -2203,13 +2226,9 @@ contract BatchRequestManagerMultiEpochTest is BatchRequestManagerBaseTest {
 
         batchRequestManager.requestDeposit(poolId, scId, amount, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), amount, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, _nowDeposit(USDC), amount, _pricePoolPerAsset(USDC), REFUND);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
 
         assertEq(batchRequestManager.maxDepositClaims(poolId, scId, investor, USDC), 1, "Should have 1 claim");
         (,,, bool canClaimAgain) = batchRequestManager.claimDeposit(poolId, scId, investor, USDC);
@@ -2278,42 +2297,77 @@ contract BatchRequestManagerAuthTest is BatchRequestManagerBaseTest {
         batchRequestManager.cancelRedeemRequest(poolId, scId, investor, USDC);
     }
 
+    // The manager actions below route through the envoy-gated `managerCall`, so a non-envoy caller reverts
+    // with `NotEnvoy` (not the ward `NotAuthorized` of the directly-warded entry points above).
     function testApproveDepositsUnauthorized() public {
         vm.prank(unauthorized);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
-        );
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        _callApproveDeposits(COST, poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND);
     }
 
     function testApproveRedeemsUnauthorized() public {
         vm.prank(unauthorized);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        _callApproveRedeems(0, poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
     }
 
     function testIssueSharesUnauthorized() public {
         vm.prank(unauthorized);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
     }
 
     function testRevokeSharesUnauthorized() public {
         vm.prank(unauthorized);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
     }
 
     function testForceCancelDepositRequestUnauthorized() public {
         vm.prank(unauthorized);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        batchRequestManager.forceCancelDepositRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        _callForceCancelDepositRequest(COST, poolId, scId, investor, USDC, REFUND);
     }
 
     function testForceCancelRedeemRequestUnauthorized() public {
         vm.prank(unauthorized);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        batchRequestManager.forceCancelRedeemRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        _callForceCancelRedeemRequest(COST, poolId, scId, investor, USDC, REFUND);
+    }
+
+    /// @dev Direct check on the entry point: `managerCall` is envoy-gated, so any caller other than the
+    ///      Envoy reverts with `NotEnvoy` before any payload decode. The per-action tests above exercise this
+    ///      via the call helpers (pranked as the envoy/MANAGER); this asserts it against `managerCall` itself.
+    function testFromHubUnauthorized() public {
+        bytes memory payload = BatchRequestManagerCallLib.approveDeposits(
+            scId, USDC, 1, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
+        );
+        vm.prank(unauthorized);
+        vm.expectRevert(IBatchRequestManager.NotEnvoy.selector);
+        batchRequestManager.fromHub(poolId, payload);
+    }
+
+    /// @dev `approveRedeems` sends no message and has no refund path, so any forwarded value would strand in
+    ///      the manager. It must reject value rather than trap it.
+    function testApproveRedeemsRejectsValue() public {
+        bytes memory payload = BatchRequestManagerCallLib.approveRedeems(scId, USDC, 1, 1, _pricePoolPerAsset(USDC));
+        vm.prank(MANAGER);
+        vm.expectRevert(IBatchRequestManager.UnexpectedValue.selector);
+        batchRequestManager.fromHub{value: COST}(poolId, payload);
+    }
+
+    /// @dev Direction boundary: the BRM is a hub-only target — it implements `IManagerCallFromHub.fromHub`
+    ///      ONLY, never `IManagerCallFromSpoke.fromSpoke`. So the untrusted spoke path
+    ///      (`Envoy.callFromSpoke` -> `target.fromSpoke`) can never reach it: the `fromSpoke` selector does
+    ///      not exist and the call reverts. This freezes that guarantee on the real contract, so any future
+    ///      change that adds `fromSpoke` (re-opening the policy-bypass) trips this test.
+    function testFromSpokeUnreachable() public {
+        bytes memory payload = BatchRequestManagerCallLib.approveDeposits(
+            scId, USDC, 1, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
+        );
+        vm.prank(MANAGER); // the envoy here; even the authorized caller cannot reach a nonexistent selector
+        vm.expectRevert();
+        IManagerCallFromSpoke(address(batchRequestManager)).fromSpoke(poolId, payload, 0, bytes32(0));
     }
 }
 
@@ -2328,9 +2382,7 @@ contract BatchRequestManagerErrorTest is BatchRequestManagerBaseTest {
     function testApproveDepositsEpochNotInSequence() public {
         vm.expectRevert(abi.encodeWithSelector(IBatchRequestManager.EpochNotInSequence.selector, 2, 1));
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND);
     }
 
     function testApproveDepositsInsufficientPending() public {
@@ -2340,8 +2392,8 @@ contract BatchRequestManagerErrorTest is BatchRequestManagerBaseTest {
 
         vm.expectRevert(IBatchRequestManager.InsufficientPending.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, currentEpoch, pendingAmount + 1, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, currentEpoch, pendingAmount + 1, _pricePoolPerAsset(USDC), REFUND
         );
     }
 
@@ -2351,15 +2403,13 @@ contract BatchRequestManagerErrorTest is BatchRequestManagerBaseTest {
         uint32 currentEpoch = _nowDeposit(USDC);
         vm.expectRevert(IBatchRequestManager.ZeroApprovalAmount.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, currentEpoch, 0, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, currentEpoch, 0, _pricePoolPerAsset(USDC), REFUND);
     }
 
     function testApproveRedeemsEpochNotInSequence() public {
         vm.expectRevert(abi.encodeWithSelector(IBatchRequestManager.EpochNotInSequence.selector, 2, 1));
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
+        _callApproveRedeems(0, poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
     }
 
     function testApproveRedeemsInsufficientPending() public {
@@ -2370,9 +2420,7 @@ contract BatchRequestManagerErrorTest is BatchRequestManagerBaseTest {
 
         vm.expectRevert(IBatchRequestManager.InsufficientPending.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, currentEpoch, pendingShares + 1, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, currentEpoch, pendingShares + 1, _pricePoolPerAsset(USDC));
     }
 
     function testApproveRedeemsZeroAmount() public {
@@ -2382,59 +2430,55 @@ contract BatchRequestManagerErrorTest is BatchRequestManagerBaseTest {
 
         vm.expectRevert(IBatchRequestManager.ZeroApprovalAmount.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, currentEpoch, 0, _pricePoolPerAsset(USDC));
+        _callApproveRedeems(0, poolId, scId, USDC, currentEpoch, 0, _pricePoolPerAsset(USDC));
     }
 
     function testIssueSharesEpochNotFound() public {
         vm.expectRevert(IBatchRequestManager.EpochNotFound.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
     }
 
     function testIssueSharesEpochNotInSequence() public {
         batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, bytes32("investor2"), USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND
-        );
+        _callApproveDeposits(COST, poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_USDC, _pricePoolPerAsset(USDC), REFUND);
 
         // Current issue epoch is 2, test issuing epoch 1
         vm.expectRevert(abi.encodeWithSelector(IBatchRequestManager.EpochNotInSequence.selector, 1, 2));
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callIssueShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
     }
 
     function testRevokeSharesEpochNotFound() public {
         vm.expectRevert(IBatchRequestManager.EpochNotFound.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
     }
 
     function testRevokeSharesEpochNotInSequence() public {
         batchRequestManager.requestRedeem(poolId, scId, MIN_REQUEST_AMOUNT_SHARES, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
+        _callApproveRedeems(0, poolId, scId, USDC, 1, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         batchRequestManager.requestRedeem(poolId, scId, MIN_REQUEST_AMOUNT_SHARES, bytes32("investor2"), USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
+        _callApproveRedeems(0, poolId, scId, USDC, 2, MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC));
 
         // Current revoke epoch is 2, test revoking epoch 1
         vm.expectRevert(abi.encodeWithSelector(IBatchRequestManager.EpochNotInSequence.selector, 1, 2));
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
+        _callRevokeShares(COST, poolId, scId, USDC, 1, d18(1), SHARE_HOOK_GAS, REFUND);
     }
 
     function testClaimDepositNoOrderFound() public {
@@ -2467,13 +2511,13 @@ contract BatchRequestManagerErrorTest is BatchRequestManagerBaseTest {
     function testForceCancelDepositNotInitialized() public {
         vm.expectRevert(IBatchRequestManager.CancellationInitializationRequired.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelDepositRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelDepositRequest(COST, poolId, scId, investor, USDC, REFUND);
     }
 
     function testForceCancelRedeemNotInitialized() public {
         vm.expectRevert(IBatchRequestManager.CancellationInitializationRequired.selector);
         vm.startPrank(MANAGER);
-        batchRequestManager.forceCancelRedeemRequest{value: COST}(poolId, scId, investor, USDC, REFUND);
+        _callForceCancelRedeemRequest(COST, poolId, scId, investor, USDC, REFUND);
     }
 }
 
@@ -2485,9 +2529,7 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
         vm.expectEmit();
         emit IBatchRequestManager.IssueShares(poolId, scId, USDC, 1, d18(0), d18(0), 0);
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(0), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(0), SHARE_HOOK_GAS, REFUND);
 
         (,, uint128 approvedPoolAmount,, D18 pricePoolPerShare, uint64 issuedAt) =
             batchRequestManager.epochInvestAmounts(poolId, scId, USDC, 1);
@@ -2499,8 +2541,8 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
     function testRevokeSharesZeroNav() public {
         batchRequestManager.requestRedeem(poolId, scId, MIN_REQUEST_AMOUNT_SHARES, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC)
+        _callApproveRedeems(
+            0, poolId, scId, USDC, _nowRedeem(USDC), MIN_REQUEST_AMOUNT_SHARES, _pricePoolPerAsset(USDC)
         );
 
         // Revoke shares with zero NAV
@@ -2517,9 +2559,7 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
             0 // Zero payout
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), d18(0), SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(0), SHARE_HOOK_GAS, REFUND);
 
         (,,, D18 pricePoolPerShare, uint128 payoutAssetAmount, uint64 revokedAt) =
             batchRequestManager.epochRedeemAmounts(poolId, scId, USDC, 1);
@@ -2532,7 +2572,8 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
     function testIssueSharesZeroPrice() public {
         batchRequestManager.requestDeposit(poolId, scId, MIN_REQUEST_AMOUNT_USDC, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
+        _callApproveDeposits(
+            COST,
             poolId,
             scId,
             USDC,
@@ -2554,9 +2595,7 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
             0 // d18(0) from zero price calculation
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
 
         (,,, D18 pricePoolPerAsset, D18 pricePoolPerShare, uint64 issuedAt) =
             batchRequestManager.epochInvestAmounts(poolId, scId, USDC, 1);
@@ -2569,7 +2608,8 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
     function testRevokeSharesZeroPrice() public {
         batchRequestManager.requestRedeem(poolId, scId, MIN_REQUEST_AMOUNT_SHARES, investor, USDC);
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
+        _callApproveRedeems(
+            0,
             poolId,
             scId,
             USDC,
@@ -2592,9 +2632,7 @@ contract BatchRequestManagerZeroAmountTest is BatchRequestManagerBaseTest {
             1 // Pool payout = NAV * shares = 1 * 1e18 = 1
         );
         vm.startPrank(MANAGER);
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(1), SHARE_HOOK_GAS, REFUND);
 
         (,, D18 pricePoolPerAsset,, uint128 payoutAssetAmount, uint64 revokedAt) =
             batchRequestManager.epochRedeemAmounts(poolId, scId, USDC, 1);
@@ -2619,7 +2657,8 @@ contract BatchRequestManagerRoundingEdgeCasesDeposit is BatchRequestManagerBaseT
         returns (uint128 issuedShares)
     {
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
+        _callApproveDeposits(
+            COST,
             poolId,
             scId,
             OTHER_STABLE,
@@ -2631,9 +2670,7 @@ contract BatchRequestManagerRoundingEdgeCasesDeposit is BatchRequestManagerBaseT
 
         vm.recordLogs();
         vm.startPrank(MANAGER);
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, OTHER_STABLE, _nowIssue(OTHER_STABLE), navPerShare, 0, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, OTHER_STABLE, _nowIssue(OTHER_STABLE), navPerShare, 0, REFUND);
 
         (issuedShares,,) = _extractIssueSharesEvent();
         (,,,, D18 storedNav, uint64 issuedAt) =
@@ -2881,13 +2918,11 @@ contract BatchRequestManagerTotalPendingUnderflowProtection is BatchRequestManag
         assertEq(batchRequestManager.pendingDeposit(poolId, scId, USDC), totalDeposit);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.approveDeposits{value: COST}(
-            poolId, scId, USDC, _nowDeposit(USDC), approvedAmount, _pricePoolPerAsset(USDC), REFUND
+        _callApproveDeposits(
+            COST, poolId, scId, USDC, _nowDeposit(USDC), approvedAmount, _pricePoolPerAsset(USDC), REFUND
         );
         assertEq(batchRequestManager.pendingDeposit(poolId, scId, USDC), 1, "Total pending should be 1 after approval");
-        batchRequestManager.issueShares{value: COST}(
-            poolId, scId, USDC, _nowIssue(USDC), d18(1e18), SHARE_HOOK_GAS, REFUND
-        );
+        _callIssueShares(COST, poolId, scId, USDC, _nowIssue(USDC), d18(1e18), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         // All users queue cancellations
@@ -2896,7 +2931,7 @@ contract BatchRequestManagerTotalPendingUnderflowProtection is BatchRequestManag
         }
 
         // First user claims/notifies - with ceiling rounding, their pending becomes 0 (lost 1 wei)
-        batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, invs[0], 10, REFUND);
+        batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, RequestId.wrap(uint256(invs[0])), 10, REFUND);
 
         // With ceiling rounding: each user loses their 1 wei pending entirely
         // First user's paymentAmount = ceil(1 × (N-1) / N) = 1 -> pending becomes 0
@@ -2913,7 +2948,9 @@ contract BatchRequestManagerTotalPendingUnderflowProtection is BatchRequestManag
 
         // Claiming for all remaining users
         for (uint8 i = 1; i < numUsers; i++) {
-            batchRequestManager.notifyDeposit{value: COST}(poolId, scId, USDC, invs[i], 10, REFUND);
+            batchRequestManager.notifyDeposit{value: COST}(
+                poolId, scId, USDC, RequestId.wrap(uint256(invs[i])), 10, REFUND
+            );
         }
         assertEq(_sumUserPendingDeposit(invs, USDC), 0, "All users pending cleared");
         // Orphan dust remains - this is bounded by number of users, not approval amount
@@ -2940,13 +2977,9 @@ contract BatchRequestManagerTotalPendingUnderflowProtection is BatchRequestManag
         assertEq(batchRequestManager.pendingRedeem(poolId, scId, USDC), totalRedeem);
 
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, USDC, _nowRedeem(USDC), approvedAmount, _pricePoolPerAsset(USDC)
-        );
+        _callApproveRedeems(0, poolId, scId, USDC, _nowRedeem(USDC), approvedAmount, _pricePoolPerAsset(USDC));
         assertEq(batchRequestManager.pendingRedeem(poolId, scId, USDC), 1, "Total pending should be 1 after approval");
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, USDC, _nowRevoke(USDC), d18(1e18), SHARE_HOOK_GAS, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, USDC, _nowRevoke(USDC), d18(1e18), SHARE_HOOK_GAS, REFUND);
         vm.stopPrank();
 
         for (uint8 i = 0; i < numUsers; i++) {
@@ -2954,7 +2987,7 @@ contract BatchRequestManagerTotalPendingUnderflowProtection is BatchRequestManag
         }
 
         // First user claims/notifies - with ceiling rounding, their pending becomes 0 (lost 1 wei)
-        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, invs[0], 10, REFUND);
+        batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, RequestId.wrap(uint256(invs[0])), 10, REFUND);
 
         // With ceiling rounding: each user loses their 1 wei pending entirely
         // First user's paymentAmount = ceil(1 × (N-1) / N) = 1 → pending becomes 0
@@ -2971,7 +3004,9 @@ contract BatchRequestManagerTotalPendingUnderflowProtection is BatchRequestManag
 
         // Claiming for all remaining users
         for (uint8 i = 1; i < numUsers; i++) {
-            batchRequestManager.notifyRedeem{value: COST}(poolId, scId, USDC, invs[i], 10, REFUND);
+            batchRequestManager.notifyRedeem{value: COST}(
+                poolId, scId, USDC, RequestId.wrap(uint256(invs[i])), 10, REFUND
+            );
         }
         assertEq(_sumUserPendingRedeem(invs, USDC), 0, "All users pending cleared");
         // Orphan dust remains - this is bounded by number of users, not approval amount
@@ -2998,15 +3033,13 @@ contract BatchRequestManagerRoundingEdgeCasesRedeem is BatchRequestManagerBaseTe
         returns (uint128 actualAssetPayout)
     {
         vm.startPrank(MANAGER);
-        batchRequestManager.approveRedeems(
-            poolId, scId, OTHER_STABLE, _nowRedeem(OTHER_STABLE), approvedShares, _pricePoolPerAsset(OTHER_STABLE)
+        _callApproveRedeems(
+            0, poolId, scId, OTHER_STABLE, _nowRedeem(OTHER_STABLE), approvedShares, _pricePoolPerAsset(OTHER_STABLE)
         );
 
         // Record logs and revoke shares
         vm.recordLogs();
-        batchRequestManager.revokeShares{value: COST}(
-            poolId, scId, OTHER_STABLE, _nowRevoke(OTHER_STABLE), navPerShare, 0, REFUND
-        );
+        _callRevokeShares(COST, poolId, scId, OTHER_STABLE, _nowRevoke(OTHER_STABLE), navPerShare, 0, REFUND);
         vm.stopPrank();
 
         // Extract payout from event
@@ -3195,24 +3228,25 @@ contract BatchRequestManagerERC165Support is BatchRequestManagerBaseTest {
     function testERC165SupportBRM(bytes4 unsupportedInterfaceId) public view {
         bytes4 erc165 = 0x01ffc9a7;
         bytes4 hubRequestManager = 0x2f6c33bf;
-        bytes4 hubRequestManagerNotifications = 0x3a2d9da4;
-        bytes4 batchRequestManagerID = 0x5cdb8e3c;
+        bytes4 hubRequestManagerNotifications = 0x30736186;
+        bytes4 batchRequestManagerID = type(IBatchRequestManager).interfaceId;
+        bytes4 fromHub = type(IManagerCallFromHub).interfaceId;
 
         vm.assume(
             unsupportedInterfaceId != erc165 && unsupportedInterfaceId != hubRequestManager
                 && unsupportedInterfaceId != hubRequestManagerNotifications
-                && unsupportedInterfaceId != batchRequestManagerID
+                && unsupportedInterfaceId != batchRequestManagerID && unsupportedInterfaceId != fromHub
         );
 
         assertEq(type(IERC165).interfaceId, erc165);
         assertEq(type(IHubRequestManager).interfaceId, hubRequestManager);
         assertEq(type(IHubRequestManagerNotifications).interfaceId, hubRequestManagerNotifications);
-        assertEq(type(IBatchRequestManager).interfaceId, batchRequestManagerID);
 
         assertEq(batchRequestManager.supportsInterface(erc165), true);
         assertEq(batchRequestManager.supportsInterface(hubRequestManager), true);
         assertEq(batchRequestManager.supportsInterface(hubRequestManagerNotifications), true);
         assertEq(batchRequestManager.supportsInterface(batchRequestManagerID), true);
+        assertEq(batchRequestManager.supportsInterface(fromHub), true);
 
         assertEq(batchRequestManager.supportsInterface(unsupportedInterfaceId), false);
     }
diff --git a/test/vaults/unit/SubsidyManager.t.sol b/test/vaults/unit/SubsidyManager.t.sol
index c88e39e73..97eefb94f 100644
--- a/test/vaults/unit/SubsidyManager.t.sol
+++ b/test/vaults/unit/SubsidyManager.t.sol
@@ -17,6 +17,7 @@ contract IsContract {}
 contract SubsidyManagerTest is Test {
     address immutable AUTH = makeAddr("AUTH");
     address immutable ANY = makeAddr("ANY");
+    address immutable ENVOY = makeAddr("ENVOY");
     uint256 constant SUBSIDY_AMOUNT = 1 ether;
     address immutable RECEIVER = makeAddr("RECEIVER");
 
@@ -31,6 +32,8 @@ contract SubsidyManagerTest is Test {
     function setUp() public virtual {
         vm.deal(ANY, 1 ether);
         vm.deal(address(refundEscrow), 1 ether);
+        vm.prank(AUTH);
+        subsidyManager.file("envoy", ENVOY);
     }
 
     function testConstructor() public view {
@@ -121,16 +124,21 @@ contract SubsidyManagerTestWithdrawSubsidy is SubsidyManagerTest {
         subsidyManager.withdrawAll(POOL_A, RECEIVER);
     }
 
-    function testErrRefundEscrowNotDeployed() public {
+    function testWithdrawAllNoEscrowReturnsZero() public {
+        // get() returns the deterministic escrow address even before deployment (no code yet).
+        address undeployed = makeAddr("undeployedEscrow");
         vm.mockCall(
             address(refundEscrowFactory),
             abi.encodeWithSelector(refundEscrowFactory.get.selector, POOL_A),
-            abi.encode(address(0))
+            abi.encode(undeployed)
         );
 
+        // Returns zero funds instead of reverting, so the caller's message goes out unpaid.
         vm.prank(AUTH);
-        vm.expectRevert(ISubsidyManager.RefundEscrowNotDeployed.selector);
-        subsidyManager.withdrawAll(POOL_A, RECEIVER);
+        (address refund, uint256 value) = subsidyManager.withdrawAll(POOL_A, RECEIVER);
+
+        assertEq(refund, undeployed);
+        assertEq(value, 0);
     }
 
     function testWithdrawSubsidy() public {
@@ -153,13 +161,20 @@ contract SubsidyManagerTestWithdrawSubsidy is SubsidyManagerTest {
     }
 }
 
-contract SubsidyManagerTestTrustedCall is SubsidyManagerTest {
+contract SubsidyManagerTestFromHub is SubsidyManagerTest {
     using CastLib for *;
 
-    function testErrNotAuthorized() public {
+    function testErrNotEnvoy() public {
         vm.prank(ANY);
-        vm.expectRevert(IAuth.NotAuthorized.selector);
-        subsidyManager.trustedCall(POOL_A, SC_PLACEHOLDER, "");
+        vm.expectRevert(ISubsidyManager.NotEnvoy.selector);
+        subsidyManager.fromHub(POOL_A, "");
+    }
+
+    function testErrUnexpectedValue() public {
+        vm.deal(ENVOY, 1 ether);
+        vm.prank(ENVOY);
+        vm.expectRevert(ISubsidyManager.UnexpectedValue.selector);
+        subsidyManager.fromHub{value: 1}(POOL_A, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
     }
 
     function testErrRefundEscrowNotDeployed() public {
@@ -169,9 +184,9 @@ contract SubsidyManagerTestTrustedCall is SubsidyManagerTest {
             abi.encode(address(0))
         );
 
-        vm.prank(AUTH);
+        vm.prank(ENVOY);
         vm.expectRevert(ISubsidyManager.RefundEscrowNotDeployed.selector);
-        subsidyManager.trustedCall(POOL_A, SC_PLACEHOLDER, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
+        subsidyManager.fromHub(POOL_A, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
     }
 
     function testErrNotEnoughToWithdraw() public {
@@ -182,9 +197,9 @@ contract SubsidyManagerTestTrustedCall is SubsidyManagerTest {
             abi.encode(emptyRefund)
         );
 
-        vm.prank(AUTH);
+        vm.prank(ENVOY);
         vm.expectRevert(ISubsidyManager.NotEnoughToWithdraw.selector);
-        subsidyManager.trustedCall(POOL_A, SC_PLACEHOLDER, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
+        subsidyManager.fromHub(POOL_A, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
     }
 
     function testWithdrawSubsidy() public {
@@ -199,9 +214,9 @@ contract SubsidyManagerTestTrustedCall is SubsidyManagerTest {
             abi.encode()
         );
 
-        vm.prank(AUTH);
+        vm.prank(ENVOY);
         vm.expectEmit();
         emit ISubsidyManager.WithdrawSubsidy(POOL_A, RECEIVER, SUBSIDY_AMOUNT);
-        subsidyManager.trustedCall(POOL_A, SC_PLACEHOLDER, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
+        subsidyManager.fromHub(POOL_A, abi.encode(RECEIVER.toBytes32(), SUBSIDY_AMOUNT));
     }
 }
diff --git a/test/vaults/unit/SyncManager.t.sol b/test/vaults/unit/SyncManager.t.sol
index ac6f686f7..80348b00b 100644
--- a/test/vaults/unit/SyncManager.t.sol
+++ b/test/vaults/unit/SyncManager.t.sol
@@ -9,9 +9,7 @@ import {PoolId} from "../../../src/core/types/PoolId.sol";
 import {AssetId} from "../../../src/core/types/AssetId.sol";
 import {ISpoke} from "../../../src/core/spoke/interfaces/ISpoke.sol";
 import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
-import {IShareToken} from "../../../src/core/spoke/interfaces/IShareToken.sol";
-import {IBalanceSheet} from "../../../src/core/spoke/interfaces/IBalanceSheet.sol";
-import {VaultDetails, IVaultRegistry} from "../../../src/core/spoke/interfaces/IVaultRegistry.sol";
+import {VaultDetails, ISpokeRegistry} from "../../../src/core/spoke/interfaces/ISpokeRegistry.sol";
 
 import {SyncManager} from "../../../src/vaults/SyncManager.sol";
 import {IBaseVault} from "../../../src/vaults/interfaces/IBaseVault.sol";
@@ -19,6 +17,8 @@ import {IBaseRequestManager} from "../../../src/vaults/interfaces/IBaseRequestMa
 
 import "forge-std/Test.sol";
 
+import {IShareToken} from "../../../src/token/interfaces/IShareToken.sol";
+
 contract IsContract {}
 
 abstract contract SyncManagerBaseTest is Test {
@@ -28,8 +28,7 @@ abstract contract SyncManagerBaseTest is Test {
     address immutable USER = makeAddr("USER");
 
     ISpoke spoke = ISpoke(address(new IsContract()));
-    IBalanceSheet balanceSheet = IBalanceSheet(address(new IsContract()));
-    IVaultRegistry vaultRegistry = IVaultRegistry(address(new IsContract()));
+    ISpokeRegistry spokeRegistry = ISpokeRegistry(address(new IsContract()));
     IShareToken shareToken = IShareToken(address(new IsContract()));
     IBaseVault vault = IBaseVault(address(new IsContract()));
 
@@ -46,9 +45,8 @@ abstract contract SyncManagerBaseTest is Test {
         syncManager = new SyncManager(AUTH);
 
         vm.startPrank(AUTH);
+        syncManager.file("spokeRegistry", address(spokeRegistry));
         syncManager.file("spoke", address(spoke));
-        syncManager.file("vaultRegistry", address(vaultRegistry));
-        syncManager.file("balanceSheet", address(balanceSheet));
         vm.stopPrank();
 
         vm.mockCall(address(vault), abi.encodeWithSignature("poolId()"), abi.encode(POOL_ID));
@@ -61,11 +59,13 @@ abstract contract SyncManagerBaseTest is Test {
     //----------------------------------------------------------------------------------------------
 
     function _setupVaultDetails(uint8 assetDecimals, uint8 shareDecimals) internal {
-        VaultDetails memory details = VaultDetails({assetId: ASSET_ID, asset: asset, tokenId: TOKEN_ID, isLinked: true});
+        VaultDetails memory details = VaultDetails({
+            poolId: POOL_ID, scId: SC_ID, assetId: ASSET_ID, asset: asset, tokenId: TOKEN_ID, isLinked: true
+        });
 
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(IVaultRegistry.vaultDetails.selector, vault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.vaultDetails.selector, vault),
             abi.encode(details)
         );
 
@@ -78,14 +78,14 @@ abstract contract SyncManagerBaseTest is Test {
 
     function _setupPrices(D18 poolPerShare, D18 poolPerAsset) internal {
         vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.pricePoolPerShare.selector, POOL_ID, SC_ID, true),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerShare.selector, POOL_ID, SC_ID, true),
             abi.encode(poolPerShare)
         );
 
         vm.mockCall(
-            address(spoke),
-            abi.encodeWithSelector(ISpoke.pricePoolPerAsset.selector, POOL_ID, SC_ID, ASSET_ID, true),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.pricePoolPerAsset.selector, POOL_ID, SC_ID, ASSET_ID, true),
             abi.encode(poolPerAsset)
         );
     }
@@ -96,16 +96,16 @@ abstract contract SyncManagerBaseTest is Test {
         vm.stopPrank();
 
         vm.mockCall(
-            address(balanceSheet),
-            abi.encodeWithSelector(IBalanceSheet.availableBalanceOf.selector, POOL_ID, SC_ID, asset, TOKEN_ID),
+            address(spoke),
+            abi.encodeWithSelector(ISpoke.availableBalanceOf.selector, POOL_ID, SC_ID, asset, TOKEN_ID),
             abi.encode(availableBalance)
         );
     }
 
     function _setupLinkedVault(bool isLinked) internal {
         vm.mockCall(
-            address(vaultRegistry),
-            abi.encodeWithSelector(IVaultRegistry.isLinked.selector, vault),
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.isLinked.selector, vault),
             abi.encode(isLinked)
         );
     }
@@ -128,16 +128,13 @@ contract SyncManagerAdminTest is SyncManagerBaseTest {
         syncManager.file("random", address(0));
 
         address newSpoke = makeAddr("newSpoke");
-        address newBalanceSheet = makeAddr("newBalanceSheet");
-        address newVaultRegistry = makeAddr("newVaultRegistry");
+        address newSpokeRegistry = makeAddr("newSpokeRegistry");
 
         vm.startPrank(AUTH);
         syncManager.file("spoke", newSpoke);
         assertEq(address(syncManager.spoke()), newSpoke);
-        syncManager.file("balanceSheet", newBalanceSheet);
-        assertEq(address(syncManager.balanceSheet()), newBalanceSheet);
-        syncManager.file("vaultRegistry", newVaultRegistry);
-        assertEq(address(syncManager.vaultRegistry()), newVaultRegistry);
+        syncManager.file("spokeRegistry", newSpokeRegistry);
+        assertEq(address(syncManager.spokeRegistry()), newSpokeRegistry);
         vm.stopPrank();
     }
 }
@@ -449,3 +446,27 @@ contract SyncManagerMaxDepositMintConsistencyTest is SyncManagerBaseTest {
         }
     }
 }
+
+contract SyncManagerUnknownVaultTest is SyncManagerBaseTest {
+    /// @dev A vault whose details resolve to a zero asset (unregistered) must be rejected, not read as 0.
+    function _unregisteredVault() internal returns (IBaseVault unregistered) {
+        unregistered = IBaseVault(address(new IsContract()));
+        vm.mockCall(
+            address(spokeRegistry),
+            abi.encodeWithSelector(ISpokeRegistry.vaultDetails.selector, unregistered),
+            abi.encode(VaultDetails(POOL_ID, SC_ID, ASSET_ID, address(0), TOKEN_ID, false))
+        );
+    }
+
+    function testConvertToSharesErrUnknownVault() public {
+        IBaseVault unregistered = _unregisteredVault();
+        vm.expectRevert(ISpokeRegistry.UnknownVault.selector);
+        syncManager.convertToShares(unregistered, 1e18);
+    }
+
+    function testMaxDepositErrUnknownVault() public {
+        IBaseVault unregistered = _unregisteredVault();
+        vm.expectRevert(ISpokeRegistry.UnknownVault.selector);
+        syncManager.maxDeposit(unregistered, USER);
+    }
+}
diff --git a/test/vaults/unit/VaultFactory.t.sol b/test/vaults/unit/VaultFactory.t.sol
new file mode 100644
index 000000000..edd6c3146
--- /dev/null
+++ b/test/vaults/unit/VaultFactory.t.sol
@@ -0,0 +1,63 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {IAuth} from "../../../src/misc/interfaces/IAuth.sol";
+
+import {PoolId} from "../../../src/core/types/PoolId.sol";
+import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+
+import {AsyncVaultFactory} from "../../../src/vaults/factories/AsyncVaultFactory.sol";
+import {SyncDepositVaultFactory} from "../../../src/vaults/factories/SyncDepositVaultFactory.sol";
+import {
+    IAsyncRequestManager,
+    ISyncDepositManager,
+    IAsyncRedeemManager
+} from "../../../src/vaults/interfaces/IVaultManagers.sol";
+
+import "forge-std/Test.sol";
+
+/// @dev Minimal share token: the vault constructor only reads `decimals()`.
+contract Token {
+    function decimals() external pure returns (uint8) {
+        return 18;
+    }
+}
+
+/// @dev Empty contract so `vm.mockCall` (for manager `rely`) has code to target.
+contract Stub {}
+
+contract VaultFactoryTest is Test {
+    PoolId poolId = PoolId.wrap(1);
+    ShareClassId scId = ShareClassId.wrap(bytes16("sc1"));
+    address asset = makeAddr("asset");
+    address root = makeAddr("root");
+    address token = address(new Token());
+
+    function testAsyncFactoryGetVaultMatchesDeploy() public {
+        address manager = address(new Stub());
+        vm.mockCall(manager, abi.encodeWithSelector(IAuth.rely.selector), "");
+        AsyncVaultFactory factory = new AsyncVaultFactory(root, IAsyncRequestManager(manager), address(this));
+
+        address predicted = factory.getVault(poolId, scId, asset, 0, token, "");
+
+        address deployed = factory.newVault(poolId, scId, asset, 0, token, "");
+
+        assertEq(deployed, predicted, "prediction must match deployment");
+    }
+
+    function testSyncFactoryGetVaultMatchesDeploy() public {
+        address syncManager = address(new Stub());
+        address asyncRedeem = address(new Stub());
+        vm.mockCall(syncManager, abi.encodeWithSelector(IAuth.rely.selector), "");
+        vm.mockCall(asyncRedeem, abi.encodeWithSelector(IAuth.rely.selector), "");
+        SyncDepositVaultFactory factory = new SyncDepositVaultFactory(
+            root, ISyncDepositManager(syncManager), IAsyncRedeemManager(asyncRedeem), address(this)
+        );
+
+        address predicted = factory.getVault(poolId, scId, asset, 0, token, "");
+
+        address deployed = factory.newVault(poolId, scId, asset, 0, token, "");
+
+        assertEq(deployed, predicted, "prediction must match deployment");
+    }
+}
diff --git a/test/vaults/utils/BatchRequestManagerCallLib.sol b/test/vaults/utils/BatchRequestManagerCallLib.sol
new file mode 100644
index 000000000..8445d118f
--- /dev/null
+++ b/test/vaults/utils/BatchRequestManagerCallLib.sol
@@ -0,0 +1,88 @@
+// SPDX-License-Identifier: BUSL-1.1
+pragma solidity 0.8.28;
+
+import {D18} from "../../../src/misc/types/D18.sol";
+
+import {AssetId} from "../../../src/core/types/AssetId.sol";
+import {ShareClassId} from "../../../src/core/types/ShareClassId.sol";
+
+import {ManagerAction} from "../../../src/vaults/interfaces/IBatchRequestManager.sol";
+
+/// @notice Test helper encoding `BatchRequestManager.fromHub` payloads. Mirrors the per-action
+///         `abi.decode` order in `BatchRequestManager.fromHub`. Single source of truth for the
+///         wire format shared by unit, integration, recon, and script call sites.
+/// @dev    Payload layout: `abi.encode(uint8 kind, bytes16 scId, ...action args)`. `scId` is folded
+///         into the payload (prepend-once, after the action tag) since `fromHub` drops it from the
+///         signature.
+library BatchRequestManagerCallLib {
+    function approveDeposits(
+        ShareClassId scId,
+        AssetId assetId,
+        uint32 epoch,
+        uint128 approvedAssetAmount,
+        D18 price,
+        address refund
+    ) internal pure returns (bytes memory) {
+        return abi.encode(
+            uint8(ManagerAction.ApproveDeposits),
+            scId.raw(),
+            assetId.raw(),
+            epoch,
+            approvedAssetAmount,
+            price.raw(),
+            refund
+        );
+    }
+
+    function approveRedeems(ShareClassId scId, AssetId assetId, uint32 epoch, uint128 approvedShareAmount, D18 price)
+        internal
+        pure
+        returns (bytes memory)
+    {
+        return abi.encode(
+            uint8(ManagerAction.ApproveRedeems), scId.raw(), assetId.raw(), epoch, approvedShareAmount, price.raw()
+        );
+    }
+
+    function issueShares(
+        ShareClassId scId,
+        AssetId assetId,
+        uint32 epoch,
+        D18 price,
+        uint128 extraGasLimit,
+        address refund
+    ) internal pure returns (bytes memory) {
+        return abi.encode(
+            uint8(ManagerAction.IssueShares), scId.raw(), assetId.raw(), epoch, price.raw(), extraGasLimit, refund
+        );
+    }
+
+    function revokeShares(
+        ShareClassId scId,
+        AssetId assetId,
+        uint32 epoch,
+        D18 price,
+        uint128 extraGasLimit,
+        address refund
+    ) internal pure returns (bytes memory) {
+        return abi.encode(
+            uint8(ManagerAction.RevokeShares), scId.raw(), assetId.raw(), epoch, price.raw(), extraGasLimit, refund
+        );
+    }
+
+    function forceCancelDepositRequest(ShareClassId scId, bytes32 investor, AssetId assetId, address refund)
+        internal
+        pure
+        returns (bytes memory)
+    {
+        return abi.encode(uint8(ManagerAction.ForceCancelDepositRequest), scId.raw(), investor, assetId.raw(), refund);
+    }
+
+    function forceCancelRedeemRequest(ShareClassId scId, bytes32 investor, AssetId assetId, address refund)
+        internal
+        pure
+        returns (bytes memory)
+    {
+        return abi.encode(uint8(ManagerAction.ForceCancelRedeemRequest), scId.raw(), investor, assetId.raw(), refund);
+    }
+}