Market states

The blockchain is always open. The market is not.

Vadium should operate a market-state machine that controls whether users can increase risk based on price freshness, underlying market state and execution liquidity.

State	New borrowing	Collateral withdrawal	Repay / top up	Liquidation / buy-in
Active	Allowed	Allowed if healthy	Always allowed	Allowed with fresh price + execution
Restricted	Reduced or disabled	Restricted	Always allowed	RFQ-first / conservative
Closed / stale	Disabled	Disabled	Always allowed	Normally paused unless a safe route exists
Recovery	Disabled initially	Disabled initially	Always allowed	Reopens before new risk