GET /api/indexer-race — First-Impairment Invisible Proof

Use this endpoint to retrieve the captured evidence that Orma’s core thesis rests on: when a previously-healthy vault is impaired for the first time, the transaction’s PreviousFields for the Vault node is entirely empty. Any indexer or oracle that detects losses by diffing metadata will see no change on that vault, while AssetsTotal / sharesOutstanding continues to report par. The correct NAV diverges by 19.61% and the metadata diff is {}.

Parameters

This endpoint takes no parameters. The response is served from demo/indexer-race.json if present, falling back to fixtures/indexer-race.json.

Request

curl -s http://localhost:8787/api/indexer-race

Response

{
  "serverTime": "2026-09-12T22:20:22Z",
  "ledgerIndex": 5263343,
  "capturedAt": "2026-09-12T21:07:56Z",
  "capturedDuring": "XRPL Lending Protocol Hackathon, Paris, 12-13 September 2026",
  "network": "devnet",
  "label": "Meridian Trade Finance I",
  "buildVersion": "3.4.0-rc5",
  "transactionHash": "075FE6D2E0F29919AF477A2A8F581A680805A006138BB967D8434611E49229C3",
  "transactionResult": "tesSUCCESS",
  "finding": "The first impairment of a previously-healthy vault is invisible to metadata diffing.",
  "why": "LossUnrealized was 0 (the type default) so rippled omits it from PreviousFields. Under cash-basis accounting impairment changes nothing else on the Vault, so PreviousFields is entirely {} while FinalFields carries a non-zero LossUnrealized.",
  "vaultId": "864C5A2DDCED78C6198B0703169D533B747A56E5F9398D832033F79E37E8C835",
  "loanBrokerId": "41BD2EA81CD03ED9EAC612BFFC6179AC742120FC4A5E0DD1D3E4DCE7DB5B2F38",
  "loanId": "60C170A9F1096E7200196E2DBC5849A5D8991C2F630123E77FF359B68F2B4188",
  "vaultNode": {
    "previousFields": {},
    "finalFields": {
      "AssetsTotal": "51000000",
      "AssetsAvailable": "41000000",
      "LossUnrealized": "10000000"
    },
    "healthyBefore": {
      "AssetsTotal": "51000000",
      "AssetsAvailable": "41000000",
      "LossUnrealized": "0"
    },
    "sharesOutstanding": "51000000"
  },
  "loanNode": {
    "previousFields": { "Flags": 0 },
    "finalFieldsFlags": 131072
  },
  "readings": {
    "naive":   { "formula": "AssetsTotal / sharesOutstanding", "value": "1.000000" },
    "correct": { "formula": "(AssetsTotal - LossUnrealized) / sharesOutstanding", "value": "0.803922" },
    "divergenceBps": 1961
  },
  "verdict": "PreviousFields is empty. An indexer diffing metadata sees no change on this vault."
}

Response Fields

string

ISO 8601 timestamp of the transaction that produced this capture.

string

One-sentence statement of the finding.

string

Explanation of the XRPL ledger behaviour that causes the finding.

object

The AffectedNodes entry for the Vault object from the transaction metadata.

Show vaultNode fields

object

The fields that changed, as rippled records them. Empty ({}) on the first impairment of a healthy vault, because LossUnrealized was zero — its type default — and rippled omits fields equal to the type default from PreviousFields.

object

The vault’s field values after the transaction. LossUnrealized is present here with its new non-zero value.

object

Orma’s reconstruction of the vault’s state before the impairment, filling in LossUnrealized: "0" where rippled omitted it.

object

The AffectedNodes entry for the Loan object. The flags field (previousFields.Flags: 0 → finalFieldsFlags: 131072) is the only signal in the transaction metadata that something changed — and it is on a different object than the vault.

object

Both NAV computations at the moment of impairment.

Show readings fields

object

The NAV formula and result for AssetsTotal / sharesOutstanding.

object

The NAV formula and result for (AssetsTotal - LossUnrealized) / sharesOutstanding.

number

Basis-point gap between naive and correct readings at this moment.

string

Plain-English conclusion: "PreviousFields is empty. An indexer diffing metadata sees no change on this vault."

Orma re-reads full ledger state every 4 seconds and never diffs PreviousFields — this capture explains why. Test loan flags by bit mask, not by equality: use Flags & 0x20000 rather than Flags === 131072. A loan can carry more than one flag, and an equality test will stop matching the day it does.

Overview

Vaults

Share Tokens

Diagnostics

GET /api/indexer-race — First-Impairment Invisible Proof

Parameters

Request

Response

Response Fields

​Parameters

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Parameters

Request

Response

Response Fields