Polaris runs on the Sepolia testnet, and every figure this explorer shows is a testnet figure: the pETH, USDp and GOLDp here are test tokens, the ETH/USD and gold prices come from the protocol's own testnet medianisers, and none of it is money. What the explorer states about the protocol's shape is real, though. A position is a CDP NFT in one of two markets — USDp tracks the dollar, GOLDp tracks gold — and both mint against a single collateral, pETH, the protocol's bonding-curve wrapper of ETH; a transfer of the NFT moves custody of the position without opening or closing anything, and the card names the current holder from the last such transfer. Interest is algorithmic: the market sets a primary rate on nearly every touch and adds a utilisation-driven secondary rate, so no holder ever chose a rate and no event carries one as a choice — the rate in force at each touch is stated as a fact of the row instead. A CDP's debt also moves without the holder acting: interest is charged into it at each touch, stability-pool rewards are credited against it, and the PSM's mints and redemptions are shared across every CDP as a pro-rata adjustment to both collateral and debt — every such leg is stated on the event that carried it and summed on the position's economics. Two things the protocol has are not shown yet: the reserve loans against fpETH, which the index captures but no page renders, and the stability-pool deposits, which are positions of their own kind. Since 6 September 2026 every CDP touch's own block is also read for the market's own price feed — a Sepolia lane's previewPrice() at the end of that block, the same six-call read the protocol's own mint math uses — so an ordinary row states pETH's price at its own block as a footnote, matching the PSM's own mint logs exactly except on the rare block where another user's bonding-curve write landed after the touch. The listing states a collateral ratio as an approximation, marked with a ≈: each row's last stated collateral and debt priced at the market's own feed as of one read of the market board taken when the page loaded, never a read per CDP — a CDP's own page states the contract's own getICR instead, which also carries the interest and PSM share that settle only at the next touch. Since 11 September 2026 an open CDP's page also states the window between its own last touch and the chain head, split into the only two things that can have moved it: the market's own feed, against the collateral the CDP stated at that touch, and the protocol's own pending legs — interest, the stability gain, the pETH reward and the CDP's share of every PSM mint and redemption since — valued at the feed now. The two add up to the whole change in the CDP's equity at the feed, and they can be stated as facts rather than as a choice precisely because the holder did nothing inside that window: a CDP's stated collateral and debt do not move between its own touches, so there is no basis to pick and nothing to call a profit. A wider window would need a price for the holder's own deposits, which is a decision rather than a fact, and no surface here makes it. A search that names a holder states that wallet's own CDPs at a glance above the cards — how many it holds open, closed and liquidated, all the pETH they hold and what their debts come to in one unit, and which of them sits closest to its market's minimum — and never a ratio for the wallet, because liquidation happens per CDP and an average of several would read as safety no CDP has.