INTERPRETED / Seiche / source-grounded explanation
Seiche's funding composite is 45, classified EROSION. Its internal plumbing-versus-price gap, called the Tell, is +27.
THE SPECIALIST SAYS
The composite reads 45, regime EROSION. The Tell reads +27. Every number below is checkable on the board.
IN PLAIN ENGLISH
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
evidence-backed desk finding
Picture the market funding system as plumbing. Seiche watches pressure, buffers, and dates when several pipes may tighten together. A stress label describes that system; it does not predict a crash.
Published before the structured analytical-story contract.