Module event 

On-chain events (sol_log_data via Steel event! / .log()).

Event contract

Event	Trigger	Observer
Deposited	Deposit ix	Indexer credits user’s off-chain USDC balance
Paid	AdminPayout ix	Bot confirms payout in DB
Initialized	Initialize ix	One-time setup confirmation

Settlement outcome (UP/DOWN) is derived off-chain by the bot via Pyth Hermes.

Structs

Deposited

Emitted by Deposit. Indexer credits user’s off-chain balance by amount µUSDC.

FeesRouted

Emitted by AdminRouteFees. Records DBC / DAMM v2 fee routing into the treasury.

Initialized

Emitted by Initialize.

Paid

Emitted by AdminPayout. Bot confirms the payout was delivered.