diff --git a/frontend/test-client/README.md b/frontend/test-client/README.md
index d58b0e85..277a6015 100644
--- a/frontend/test-client/README.md
+++ b/frontend/test-client/README.md
@@ -19,7 +19,9 @@ metadata, visible/durable disk images and CAS requests before cleanup.
 
 ## Workload and oracle
 
-Version 2 traces contain an editor-intent program and its compiled steps.
+Version 2 traces store the editor-intent program once. Replay compiles its steps
+and full-state checkpoints, avoiding repeated file contents in large artifacts.
+Older version 2 traces with compiled steps still replay from their program.
 `model.ts` independently interprets that intent into complete expected file sets:
 exact bytes, paths and persistent identity keys. It imports no production merge
 implementation and never adopts observed output as the expected state. Deleted
diff --git a/frontend/test-client/src/cli.ts b/frontend/test-client/src/cli.ts
index 1b8dbced..24683c6c 100644
--- a/frontend/test-client/src/cli.ts
+++ b/frontend/test-client/src/cli.ts
@@ -6,8 +6,12 @@ import { Logger } from "sync-client";
 import { ServerControl } from "../../deterministic-tests/src/server-control";
 import { ServerManager } from "../../deterministic-tests/src/server-manager";
 import { TestRunner } from "../../deterministic-tests/src/test-runner";
-import { generateTrace, traceTest, type Trace } from "./workload";
-import { compileProgram } from "./model";
+import {
+    generateTrace,
+    serializeTrace,
+    traceTest,
+    type Trace
+} from "./workload";
 import { minimizeProgram } from "./minimize";
 
 function integer(value: string, zero = false): number {
@@ -44,8 +48,7 @@ async function main(): Promise<void> {
         : fs.mkdtempSync(path.join(os.tmpdir(), "vault-link-fuzz-"));
     fs.mkdirSync(artifacts, { recursive: true });
     const tracePath = path.join(artifacts, `trace-${trace.seed}.json`);
-    if (trace.version === 2) trace.steps = compileProgram(trace.program!);
-    fs.writeFileSync(tracePath, JSON.stringify(trace, null, 2));
+    fs.writeFileSync(tracePath, serializeTrace(trace));
     console.log(`Replay: node ${__filename} --replay ${tracePath}`);
     const logger = new Logger();
     logger.onLogEmitted.add((line) => console.log(line.message));
@@ -72,7 +75,7 @@ async function main(): Promise<void> {
             JSON.stringify(result, null, 2)
         );
         if (!result.success) {
-            if (trace.program && !values["no-shrink"]) {
+            if (trace.version === 2 && !values["no-shrink"]) {
                 try {
                     const reduced = await minimizeProgram(
                         trace.program,
@@ -82,8 +85,7 @@ async function main(): Promise<void> {
                             await server.start();
                             const candidate = {
                                 ...trace,
-                                program,
-                                steps: compileProgram(program)
+                                program
                             };
                             const outcome = await new TestRunner(
                                 server,
@@ -104,17 +106,13 @@ async function main(): Promise<void> {
                     );
                     const minimized = {
                         ...trace,
-                        program: reduced.program,
-                        steps: compileProgram(reduced.program)
+                        program: reduced.program
                     };
                     const minimizedPath = path.join(
                         artifacts,
                         `minimized-${trace.seed}.json`
                     );
-                    fs.writeFileSync(
-                        minimizedPath,
-                        JSON.stringify(minimized, null, 2)
-                    );
+                    fs.writeFileSync(minimizedPath, serializeTrace(minimized));
                     console.log(
                         `Reduced in ${reduced.attempts} attempts: node ${__filename} --replay ${minimizedPath}`
                     );
diff --git a/frontend/test-client/src/stateful-workload.test.ts b/frontend/test-client/src/stateful-workload.test.ts
index 38e0630f..637b3c20 100644
--- a/frontend/test-client/src/stateful-workload.test.ts
+++ b/frontend/test-client/src/stateful-workload.test.ts
@@ -1,9 +1,42 @@
 import assert from "node:assert/strict";
 import { test } from "node:test";
-import { generateTrace, traceTest } from "./workload";
+import { generateTrace, serializeTrace, traceTest } from "./workload";
 import { compileProgram, type Program } from "./model";
 import { minimizeProgram } from "./minimize";
 
+test("seed 1329 at 500 iterations serializes a compact, complete replay", () => {
+    const trace = generateTrace(1329, 500);
+    const serialized = serializeTrace(trace);
+    assert.equal(serialized, JSON.stringify(trace, null, 2));
+    assert(
+        serialized.length < 10_000_000,
+        "Trace should store editor intent once"
+    );
+    const replay: unknown = JSON.parse(serialized);
+    assert.deepEqual(replay, trace);
+    const { steps } = traceTest(replay);
+    assert.equal(steps.length, 11883);
+    assert.equal(
+        steps.filter((step) => step.type === "assert-documents").length,
+        720
+    );
+});
+
+test("older version 2 traces discard compiled steps when saved and replay from intent", () => {
+    const trace = generateTrace(0, 1);
+    const expected = traceTest(trace);
+    const oldTrace = { ...trace, steps: expected.steps };
+    const serialized = serializeTrace(oldTrace);
+    assert.equal(serialized, serializeTrace(trace));
+    assert.deepEqual(traceTest(JSON.parse(serialized)), expected);
+    assert.equal(
+        oldTrace.steps,
+        expected.steps,
+        "Saving must not mutate the trace"
+    );
+    assert.deepEqual(traceTest({ ...oldTrace, steps: [] }), expected);
+});
+
 test("stateful programs replay primitive batches, crash boundaries, byte domains and conflict histories", () => {
     const seen = new Set<string>();
     let large = false,
@@ -19,9 +52,8 @@ test("stateful programs replay primitive batches, crash boundaries, byte domains
             traceTest(trace),
             traceTest(JSON.parse(JSON.stringify(trace)))
         );
-        assert(trace.program);
         large ||= trace.program.initial.length >= 70;
-        for (const step of trace.steps) seen.add(step.type);
+        for (const step of traceTest(trace).steps) seen.add(step.type);
         for (const epoch of trace.program.epochs) {
             assert(epoch.actions.length);
             for (let i = 0; i < epoch.actions.length; i++) {
@@ -123,7 +155,7 @@ test("shrinking retains the failing editor intent and regenerates a complete ind
 
 test("shrinking rejects dependency-invalid histories and different failure mechanisms", async () => {
     const trace = generateTrace(0, 1);
-    const original = trace.program!;
+    const original = trace.program;
     const reduced = await minimizeProgram(
         original,
         "Byte mismatch at a.md",
diff --git a/frontend/test-client/src/stateful-workload.ts b/frontend/test-client/src/stateful-workload.ts
index ee562a27..3e9abd34 100644
--- a/frontend/test-client/src/stateful-workload.ts
+++ b/frontend/test-client/src/stateful-workload.ts
@@ -1,13 +1,12 @@
 import { Random } from "../../test-support/random";
 import {
-    compileProgram,
     ReferenceModel,
     type Content,
     type Epoch,
     type Mutation,
     type Program
 } from "./model";
-import type { Trace } from "./workload";
+import type { StatefulTrace } from "./workload";
 
 const words = [
     "alpha",
@@ -42,7 +41,10 @@ export function randomContent(random: Random): Content {
 
 /** Random primitive histories share a persistent model, including conflict
  * copies. Only checkpoints settle the system; each epoch composes 2–12 edits. */
-export function generateStatefulTrace(seed: number, iterations: number): Trace {
+export function generateStatefulTrace(
+    seed: number,
+    iterations: number
+): StatefulTrace {
     const random = new Random(seed);
     const clients = 3;
     const model = new ReferenceModel();
@@ -475,7 +477,6 @@ export function generateStatefulTrace(seed: number, iterations: number): Trace {
         seed,
         iterations,
         clients,
-        program,
-        steps: compileProgram(program)
+        program
     };
 }
diff --git a/frontend/test-client/src/workload.test.ts b/frontend/test-client/src/workload.test.ts
index 4663756f..ce4d64fc 100644
--- a/frontend/test-client/src/workload.test.ts
+++ b/frontend/test-client/src/workload.test.ts
@@ -1,14 +1,19 @@
 import { test } from "node:test";
 import assert from "node:assert/strict";
-import { generateLegacyTrace as generateTrace, traceTest } from "./workload";
+import {
+    generateLegacyTrace as generateTrace,
+    serializeTrace,
+    traceTest
+} from "./workload";
 
 test("concrete traces replay all choices and retain preservation assertions with delayed events", () => {
     const trace = generateTrace(42, 12);
+    assert.equal(serializeTrace(trace), JSON.stringify(trace, null, 2));
     assert.deepEqual(trace, generateTrace(42, 12));
     assert.notDeepEqual(trace, generateTrace(43, 12));
     assert.deepEqual(
         traceTest(trace),
-        traceTest(JSON.parse(JSON.stringify(trace)))
+        traceTest(JSON.parse(serializeTrace(trace)))
     );
     assert.equal(
         trace.steps.filter((step) => step.type === "assert-markers").length,
diff --git a/frontend/test-client/src/workload.ts b/frontend/test-client/src/workload.ts
index 7aecf9d8..fdb47eef 100644
--- a/frontend/test-client/src/workload.ts
+++ b/frontend/test-client/src/workload.ts
@@ -7,23 +7,48 @@ import type {
 } from "../../deterministic-tests/src/test-definition";
 import { Random } from "../../test-support/random";
 
-export interface Trace {
-    version: 1 | 2;
-    program?: Program;
+interface TraceMetadata {
     seed: number;
     iterations: number;
+}
+
+export interface LegacyTrace extends TraceMetadata {
+    version: 1;
     /** Old traces omit this and retain their original two-client behavior. */
     clients?: number;
     steps: TestStep[];
 }
 
+export interface StatefulTrace extends TraceMetadata {
+    version: 2;
+    clients: number;
+    program: Program;
+    /** Older artifacts included these; replay always compiles the program. */
+    steps?: TestStep[];
+}
+
+export type Trace = LegacyTrace | StatefulTrace;
+
+/** Full-state checkpoints can exceed V8's string limit on long campaigns.
+ * Persist their source program once, including when rewriting old artifacts. */
+export function serializeTrace(trace: Trace): string {
+    return JSON.stringify(
+        trace.version === 2 ? { ...trace, steps: undefined } : trace,
+        null,
+        2
+    );
+}
+
 type Document = ExpectedDocument & { content: string };
 
 /** Concrete actions and independent expected states are serialized together.
  * Every round checks the whole history, including earlier bytes and UUIDs.
  * A shuffled cycle covers nine actions; most revisit existing documents.
  */
-export function generateLegacyTrace(seed: number, iterations: number): Trace {
+export function generateLegacyTrace(
+    seed: number,
+    iterations: number
+): LegacyTrace {
     const random = new Random(seed);
     const clients = 2 + random.int(2);
     const steps: TestStep[] = [];
@@ -297,12 +322,13 @@ export function generateLegacyTrace(seed: number, iterations: number): Trace {
 }
 
 export function traceTest(trace: Trace): TestDefinition {
+    const program = trace.version === 2 ? trace.program : undefined;
     if (
         ![1, 2].includes(trace.version) ||
         (trace.version === 1 &&
             (!Array.isArray(trace.steps) || !trace.steps.length)) ||
         (trace.version === 2 &&
-            (!trace.program || trace.clients !== trace.program.clients)) ||
+            (!program || trace.clients !== program.clients)) ||
         (trace.clients !== undefined &&
             (!Number.isInteger(trace.clients) || trace.clients < 2))
     )
@@ -310,8 +336,7 @@ export function traceTest(trace: Trace): TestDefinition {
     return {
         clients: trace.clients ?? 2,
         description: `Seed ${trace.seed}; ${trace.iterations} generated rounds`,
-        steps:
-            trace.version === 2 ? compileProgram(trace.program!) : trace.steps
+        steps: trace.version === 2 ? compileProgram(trace.program) : trace.steps
     };
 }