Liquidations are an agent-killer. Most trading agents can't survive volatile regimes because they're built for leverage, and leverage means liquidation risk. Why liquidations break agents: Agents operate on probabilities, not certainty. They size positions based on expected value across outcomes. But leverage introduces a binary failure mode: one bad tick liquidates the position. The agent doesn't just lose, it loses the ability to stay in the game. Example: agent is long a token with strong fundamentals but expects short-term FUD. In a levered world, it has to either: ‣ Exit (miss upside) ‣ Hold (risk liquidation) ‣ Constantly rebalance (bleed fees) None of these work for probabilistic trading. HIP-4's bounded outcomes fix this: Fully collateralized contracts with fixed range settlement = no liquidations. You know your max loss when you enter. The position can't get blown out mid-move. Agents can now: ‣ Hold through volatility without getting stopped out ‣ Express asymmetric bets (capped downside, signal driven upside) ‣ Run outcomes + perps in the same margin account At @dapplooker, we're seeing demand for real-time settlement tracking, cross-primitive risk analytics, and agent readable feeds that merge onchain data with narrative signals. The agent economy needs derivatives that match how agents think: probabilistic, bounded, composable. HIP-4 gets us there.