diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 0000000..dfa87e5
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,65 @@
+# Changelog
+
+All notable changes to pxpipe are documented here. This project adheres to
+[Semantic Versioning](https://semver.org/) (pre-1.0: minor = features /
+behavioral changes, patch = fixes).
+
+## 0.3.0 — 2026-06-17
+
+Render-sizing overhaul, dashboard transparency, honest savings accounting, and a
+multi-agent code review with five confirmed fixes. Reviewed at extra-high recall
+(10 finder angles → verify → sweep).
+
+### Changed
+- **Render page ceiling raised to ~1932×1932.** Fable 5 / Opus 4.8 accept images
+  up to 2576 px long edge / 4784 visual tokens, but a request with >20 images
+  (pxpipe always sends many) is held to the stricter ≤2000 px/side rule — so the
+  real ceiling is ~1932×1932 (1928×1928 = 69×69 = 4761 tokens). `MAX_HEIGHT_PX`
+  1568→1932; dense tool/history pages now `DENSE_CONTENT_COLS=384` /
+  `DENSE_CONTENT_CHARS_PER_IMAGE=92160` (1928×1928 full page) — fewer image
+  blocks at the same OCR-validated 5×8 cell. The static slab is unchanged
+  (313 cols / 1573×1280). Pages never trip a server-side downscale.
+- **Opus is OFF by default.** Production scope defaults to **Fable-5 only**;
+  Opus 4.8/4.7 are opt-in (they read imaged content at a measurable tax — see
+  FINDINGS.md). Opt in via `PXPIPE_MODELS` or the dashboard chips.
+- **Honest savings accounting.** Per-turn/session savings are the real
+  `baseline_eff − actual_eff` with **no ≥0 floor** — a net-losing turn (e.g. a
+  cache_create-heavy image rewrite) now reports the real loss instead of a
+  fabricated 0. (Dashboard renders negatives explicitly.)
+
+### Added
+- **Dashboard "how your context works" panel** — per-request token flow
+  (as-text → real) + the exact-char breakdown of what became images + a gallery
+  of every rendered page, reached via a **"view"** link on each recent-requests
+  row.
+- **Flexible "compress models" chips** — the toggle set is the union of a model
+  catalog (Fable 5, Opus 4.8/4.7, Sonnet 4.6, Haiku 4.5), the `PXPIPE_MODELS`
+  env scope, and the currently-active scope, so any env-enabled model stays
+  toggleable (off ↔ on). Runtime-only override of the compress scope.
+- **Demos** — `demo/cost-ab/` (cost A/B on a real coding task) and
+  `demo/effective-context/` (recall-at-scale needle test), each with a model
+  arg: defaults to Fable, `a.sh opus` to override. Plus `eval/ab/` token-savings
+  scripts.
+
+### Fixed (from the code review)
+- **Tool_result over-truncation (regression):** the paging/break-even gate and
+  `truncateForBudget` predicted against the slab geometry (313 cols / 159 rows)
+  while the dense renderer emits 384 cols / 240 rows — so large tool_results
+  were truncated far earlier than the 10-image cap required, silently dropping
+  output that would have rendered. The gate, paging budget, and image-count
+  estimate now price the same page the renderer produces.
+- **Garbled session headline:** a net-losing session showed "-7% fewer tokens";
+  now phrased honestly as "N% more tokens".
+- **Context-map "view" mis-resolution:** `contextHistory` capped at 30 while the
+  recent table showed 50 rows, so older rows' "view" links silently showed the
+  *latest* request's breakdown. Caps aligned; an evicted/unrecorded request now
+  shows an explicit "no longer available" message instead of wrong data.
+- **Multi-col token cap:** the multi-col width ceiling now respects the 4784
+  visual-token limit at full page height (was bounded only by the 2000 px side
+  limit, which could produce a 4968-token page that the API rejects).
+- **Doc/code contradictions:** `baseline.ts` and caller comments no longer claim
+  a ≥0 clamp the code intentionally doesn't apply.
+
+### Docs
+- Rewrote `docs/RENDER_SIZING.md` and updated `docs/TRANSFORM_INFO.md`,
+  `README.md`, and in-code comments for the new ceiling and limits.
diff --git a/package.json b/package.json
index b3db8d8..fd95068 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "pxpipe-proxy",
-  "version": "0.2.1",
+  "version": "0.3.0",
   "description": "Token-saving proxy for Claude Code: renders bulky context (system prompt, tool docs, old history) as dense PNGs to cut input tokens. Runs on Node and Cloudflare Workers.",
   "type": "module",
   "bin": {