SN120 market…

Reason

best of king and challenger each duel

Margin (σ)

paired z vs king · dashed = 2σ dethrone threshold

Margin (abs)

mean(Reason_c − Reason_k) per duel · dashed = δ = 0.002 crown floor

Registration price

tmc burn history

Reign

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duel queue

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history

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fails

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intake

reveal → decision · not the duel queue
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audits

post-crown exploit review · policy, not consensus
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