Most of the value in financial infrastructure sits in the finance, not the infrastructure. Especially in the age of AI, code is a commodity. The moat is pricing and managing risk. Most of DeFi is the inverse, with maximally permissionless systems that take no view on risk or delegate it to curators. This week, because an oracle was configured to price collateral based on the pool, a ~$320K trade in a thin PT pool led to ~$36M in liquidations. On Loopscale, oracle configuration is the responsibility of the infrastructure itself. For PTs, the pool price is excluded by design. A PT is a fixed claim on one unit of underlying at maturity, so we mark it at the underlying's first-party oracle price, discounted for time to expiry at a governed rate. By doing so, there is no pool or price to manipulate. As code gets cheaper, the infrastructure that endures will be the infrastructure that owns its risk decisions.