diff --git a/scripts/harb-evaluator/scenarios/passive-confidence/no-dilution.spec.ts b/scripts/harb-evaluator/scenarios/passive-confidence/no-dilution.spec.ts
new file mode 100644
index 0000000..c563977
--- /dev/null
+++ b/scripts/harb-evaluator/scenarios/passive-confidence/no-dilution.spec.ts
@@ -0,0 +1,140 @@
+/**
+ * Holdout scenario: passive-confidence / no-dilution
+ *
+ * Verifies that a passive holder's balance is not diluted when a new buyer enters.
+ * Two wallets buy KRK sequentially. The first buyer's balance must remain exactly
+ * the same after the second buyer purchases. The second buyer should receive fewer
+ * tokens per ETH due to price impact from the AMM curve.
+ *
+ * Uses Anvil accounts 4 and 5 (distinct from e2e tests which use account 0).
+ */
+import { expect, test } from '@playwright/test';
+import { Wallet } from 'ethers';
+import { createWalletContext } from '../../../../tests/setup/wallet-provider';
+import { getStackConfig } from '../../../../tests/setup/stack';
+import { connectWallet, getKrkBalance } from '../../helpers/wallet';
+import { buyKrk } from '../../helpers/swap';
+
+// Anvil account 4
+const PK_A = '0x47e179ec197488593b187f80a00eb0da91f1b9d0b13f8733639f19c30a34926a';
+const ADDRESS_A = new Wallet(PK_A).address; // 0x15d34AAf54267DB7D7c367839AAf71A00a2C6A65
+
+// Anvil account 5
+const PK_B = '0x8b3a350cf5c34c9194ca85829a2df0ec3153be0318b5e2d3348e872092edffba';
+const ADDRESS_B = new Wallet(PK_B).address; // 0x9965507D1a55bcC2695C58ba16FB37d819B0A4dc
+
+test('passive holders are not diluted', async ({ browser }) => {
+  const config = getStackConfig();
+
+  // ── 0. Verify both accounts start with 0 KRK ──────────────────────────
+  const krkInitialA = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
+  const krkInitialB = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_B);
+  
+  console.log(`[TEST] Wallet A initial KRK: ${krkInitialA}`);
+  console.log(`[TEST] Wallet B initial KRK: ${krkInitialB}`);
+  
+  expect(krkInitialA).toBe(0n);
+  expect(krkInitialB).toBe(0n);
+  console.log('[TEST] ✅ Both wallets start with 0 KRK');
+
+  // ── 1. Wallet A buys 1 ETH worth of KRK ────────────────────────────────
+  console.log('[TEST] Creating wallet context for Wallet A...');
+  const ctxA = await createWalletContext(browser, {
+    privateKey: PK_A,
+    rpcUrl: config.rpcUrl,
+  });
+  const pageA = await ctxA.newPage();
+
+  pageA.on('console', msg => console.log(`[BROWSER A] ${msg.type()}: ${msg.text()}`));
+  pageA.on('pageerror', err => console.log(`[BROWSER ERROR A] ${err.message}`));
+
+  try {
+    console.log('[TEST] Loading web app for Wallet A...');
+    await pageA.goto(`${config.webAppUrl}/app/`, { waitUntil: 'domcontentloaded' });
+    await expect(pageA.locator('.navbar-title').first()).toBeVisible({ timeout: 30_000 });
+
+    console.log('[TEST] Connecting Wallet A...');
+    await connectWallet(pageA);
+
+    console.log('[TEST] Wallet A buying 1 ETH of KRK...');
+    await buyKrk(pageA, '1');
+
+    const krkBalanceA = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
+    console.log(`[TEST] Wallet A KRK balance after buy: ${krkBalanceA}`);
+    expect(krkBalanceA).toBeGreaterThan(0n);
+    console.log('[TEST] ✅ Wallet A received KRK');
+
+    // ── 2. Record A's balance and close context ───────────────────────────
+    const krkAfterFirstBuy = krkBalanceA;
+    console.log(`[TEST] Recorded Wallet A balance: ${krkAfterFirstBuy}`);
+  } finally {
+    await ctxA.close();
+    console.log('[TEST] Closed Wallet A context');
+  }
+
+  // Re-query A's balance after closing context to ensure we have the final value
+  const krkAfterFirstBuy = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
+  console.log(`[TEST] Wallet A final balance after first buy: ${krkAfterFirstBuy}`);
+
+  // ── 3. Wallet B buys 5 ETH worth of KRK ────────────────────────────────
+  console.log('[TEST] Creating wallet context for Wallet B...');
+  const ctxB = await createWalletContext(browser, {
+    privateKey: PK_B,
+    rpcUrl: config.rpcUrl,
+  });
+  const pageB = await ctxB.newPage();
+
+  pageB.on('console', msg => console.log(`[BROWSER B] ${msg.type()}: ${msg.text()}`));
+  pageB.on('pageerror', err => console.log(`[BROWSER ERROR B] ${err.message}`));
+
+  try {
+    console.log('[TEST] Loading web app for Wallet B...');
+    await pageB.goto(`${config.webAppUrl}/app/`, { waitUntil: 'domcontentloaded' });
+    await expect(pageB.locator('.navbar-title').first()).toBeVisible({ timeout: 30_000 });
+
+    console.log('[TEST] Connecting Wallet B...');
+    await connectWallet(pageB);
+
+    console.log('[TEST] Wallet B buying 5 ETH of KRK...');
+    await buyKrk(pageB, '5');
+
+    const krkBalanceB = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_B);
+    console.log(`[TEST] Wallet B KRK balance after buy: ${krkBalanceB}`);
+    expect(krkBalanceB).toBeGreaterThan(0n);
+    console.log('[TEST] ✅ Wallet B received KRK');
+  } finally {
+    await ctxB.close();
+    console.log('[TEST] Closed Wallet B context');
+  }
+
+  // ── 4. Verify A's balance unchanged (no dilution) ──────────────────────
+  const krkBalanceAFinal = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
+  console.log(`[TEST] Wallet A balance after Wallet B buy: ${krkBalanceAFinal}`);
+  console.log(`[TEST] Expected: ${krkAfterFirstBuy}`);
+  
+  expect(krkBalanceAFinal).toBe(krkAfterFirstBuy);
+  console.log('[TEST] ✅ Wallet A balance unchanged — no dilution');
+
+  // ── 5. Verify B got fewer tokens per ETH due to price impact ───────────
+  const krkBalanceBFinal = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_B);
+  
+  const tokensPerEthA = krkAfterFirstBuy / 1n; // Bought with 1 ETH
+  const tokensPerEthB = krkBalanceBFinal / 5n; // Bought with 5 ETH
+  
+  console.log(`[TEST] Wallet A tokens per ETH: ${tokensPerEthA}`);
+  console.log(`[TEST] Wallet B tokens per ETH: ${tokensPerEthB}`);
+  
+  expect(tokensPerEthB).toBeLessThan(tokensPerEthA);
+  console.log('[TEST] ✅ Wallet B got fewer tokens per ETH (price impact verified)');
+
+  // ── Summary ─────────────────────────────────────────────────────────────
+  console.log('');
+  console.log('═══════════════════════════════════════════════════════════');
+  console.log('  PASSIVE CONFIDENCE: NO DILUTION TEST RESULTS');
+  console.log('═══════════════════════════════════════════════════════════');
+  console.log(`  Wallet A (1 ETH):   ${krkAfterFirstBuy} KRK (${tokensPerEthA} per ETH)`);
+  console.log(`  Wallet B (5 ETH):   ${krkBalanceBFinal} KRK (${tokensPerEthB} per ETH)`);
+  console.log(`  A's balance after:  ${krkBalanceAFinal} KRK (unchanged ✓)`);
+  console.log(`  Price impact:       ${((1n - tokensPerEthB * 10000n / tokensPerEthA) / 100n)}% worse for B`);
+  console.log('═══════════════════════════════════════════════════════════');
+});