The novel contribution required from LivingIP/Teleo is the intelligence layer — attributed knowledge graph, agent worldview formation, proposal generation, outcome-linked learning loop. All other capital vehicle functions (authority, duration, liquidity, fee routing, yield, leverage) can be composed from existing battle-tested internet finance primitives. This defines the build-vs-compose boundary and concentrates engineering effort on the source of competitive advantage.

The build-vs-compose boundary is the most consequential architectural decision for any platform. Building what can be composed wastes engineering effort and creates maintenance burden. Composing what should be built sacrifices competitive advantage. For agentic capital, the boundary is clear: every function except intelligence already exists as a battle-tested composable primitive on Solana. Capital authority exists (MetaDAO conditional markets). Liquidity exists (Jupiter aggregation, Meteora DLMM). Duration separation exists (DEX secondary trading). Fee routing exists (smart contract economics). Yield exists (UDSv, lending protocols). Leverage exists (GAMMs, perpetuals). What does not exist: a persistent AI intelligence that forms investment theses grounded in an attributed knowledge graph, generates capital allocation proposals, submits them to market governance, and learns from the outcomes to compound its judgment over time. This is the intelligence layer — the attributed knowledge graph that grounds reasoning, the worldview formation process that produces conviction, the proposal generation that translates conviction into action, and the outcome-linked learning loop that turns results into better judgment. Everything else is infrastructure. The intelligence layer is the moat.