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VM.Initialize now runs enforceRealAssetsOnly before marking initialized: fail-closed over the consensus-supplied network identity (never operator- spoofable). Refuses synthetic flags on a value net, value activation with no legal consensus mode, a wrong-net/Liquidity manifest, value with no real assets, bad allowed-kinds. Config gains the real-assets fields (manifest path + SHA-256 pin, synthetic flags, consensus mode, caps/halt). Renames HONEST_VALIDATOR_LAUNCH -> HONEST_VALIDATOR_LABELED across the registry (value qualified by what it IS — labeled CFT parity — not when it runs). Adds cmd/dex-assets-validate (CI proves every manifest entry real against the target net RPC) + the validate-asset-manifests workflow. dexvm tests + registry gate tests green.