Permissionless Backed LST Admission with Net Transfer Accounting

Permissionless financial interfaces must distinguish removing discretionary admission from removing checks on backing and user outcomes. This paper examines a fork of Sanctum S that admits supported liquid staking tokens without a curator signature, computes supported stake-pool values inside the controller, and accounts for Token-2022 transfer fees using net reserve credits and net user receipts. The study retrospectively inspects pinned source and preserved local verification records from 11 September 2026. The record reports 63 default-feature regression tests and eleven tests executing the compiled permissionless controller in ProgramTest. The latter cover admission, fee-account creation and transfer-fee-aware swaps and liquidity operations. In a synthetic one-to-one stake-pool fixture with a 0.5 percent transfer fee, depositing 1,000,000 atoms credits 995,000 liquidity shares and redemption returns 990,025 atoms. A failed net-output minimum restores balances. The controller was undeployed in the recorded verification and had no accepted aggregator integration. Initial setup, fee administration and upgrade authority remained privileged. The evidence supports a bounded implementation of public admission and net accounting, not complete decentralization, production safety, principal protection or demonstrated financial inclusion. Preparation of this report was assisted by Codex. The research programme is directed toward human agency, financial inclusion, and evidence-based accountability. Intended social benefits are distinguished from measured technical results in the manuscript. The manuscript and newly authored analysis are offered under CC BY 4.0. Any supplied source files retain the license terms stated in the supplement; the record license does not replace third-party source licenses.