Had a great chat with Joshua on Telegram.

In terms of the change in distribution, he opted to open up the early stage sale after most private interest wouldn't accept a vesting period (wanted to be able to dump day 1). This was deemed unacceptable, so they opted to open the presale to a broader audience.

He pointed to Maker DAO as an example of arbitrage helping to maintain price stability - a compelling example that counters my concerns of quick injection/removal of liquidity (and associated S-EURO issuance/burn). Unlike Tether, liquidity injection would be slower, but arbitrage should help keep prices stable.

For an outflow of S-EURO in a crypto boom causing high fees, and this being a disincentive to prospective asset tokenizers, he mentioned work on bots not mentioned in the white paper that would help vault holders mitigate risk.

For the risk of TST becoming centralized with asset holders and potentially leading to DAO manipulation, he pointed to a number of perks available to TST holders (remuneration for participation, airdrops of vault fees, access to liquidated assets, etc), as well as a constant demand for TST by Vault Holders who benefit from paying fees in TST and spending it on automation bots.

Overall I'm much more comfortable with the project.. Still a massive undertaking with ample risk, but in good hands from what I can tell.