Smart Contract
A smart contract is code that holds assets and executes when conditions are met — a robot escrow that does exactly what you wrote, including the bugs.
Definition
Smart Contract refers to a robot escrow that does exactly what you wrote, including the bugs. Keep that definition fixed when comparing series, managers, or regimes — renaming the same tape does not create a new signal.
Why it matters
Crypto liquidity and leverage regimes can gap faster than traditional risk systems assume. When a robot escrow that does exactly what you wrote, including the bugs shifts, related hedges, limits, and narratives usually need an explicit update rather than a quiet assumption.
Case
Suppose a desk is positioned for the opposite of what smart contract is saying. If a robot escrow that does exactly what you wrote, including the bugs moves against that book, the first question is not “is the story clever?” but whether size, hedges, and stop logic still match the observation.
How to read it
Treat venue, leverage, and stablecoin plumbing as first-class risk — not afterthoughts. Prefer a short written null hypothesis for Smart Contract: what would falsify the current reading in the next window?