diff --git a/PLAN.md b/PLAN.md
index 1d201d9e769dceaba0cdda867629cce05dfdcf6b..c4906c48abc72f1ad455f670b3f00c903dd4f611 100644
--- a/PLAN.md
+++ b/PLAN.md
@@ -173,8 +173,46 @@       scenario so we notice if upstream lifts the restriction.
 - [ ] Optional output: ibuf-based encoder that writes into a caller-owned
       `ffi.cdata` byte buffer instead of building a string list. Targets
       hot RPC paths where allocation cost dominates.
-- [ ] Decoder fast path that returns an `msgpack.object`-like lazy view
+- [x] Decoder fast path that returns an `msgpack.object`-like lazy view
       for nested messages; only materializes touched fields.
+      Shipped as `runtime/pb/lazy.lua` + `M.<Type>_decode_lazy` codegen
+      stubs in both modes. Surface: `:get / :has / :which / :iter /
+      :names` on MessageView; `:len / :at / :iter / :tolist` on
+      ArrayView; `:get / :has / :keys / :iter / :totable` on MapView.
+      Mutation via `:set` is supported and propagates sub-view edits
+      transparently (sub-MessageViews tracked on a flat array for
+      JIT-stable `is_dirty` — see lazy.lua's `_sub_msg_views`).
+      Re-encode is passthrough: untouched views return their original
+      bytes verbatim; partially-dirty views walk fields in id order,
+      splicing clean segments and re-emitting dirty ones. WKT
+      descriptors (those with `desc.decode`) are eager-wrapped so the
+      API stays uniform.
+
+      Conformance: every interop fixture round-trips byte-equal through
+      `decode_lazy(b):encode()`. Trace stability: gated by `make
+      jit-trace` — index pass, sparse `:get` x2, and passthrough
+      `:encode` all compile with no fatal aborts.
+
+      Workload characteristics (from `tarantool bench/lazy_bench.lua`,
+      Person at 1KB / 10KB / 100KB):
+       - **Passthrough re-encode** is the headline win: **1.0–1.5×**
+         faster than eager decode→encode across all sizes and both modes.
+         Untouched views never re-walk the wire.
+       - **Sparse read** (`:get` two top-level fields) is **0.60–0.77×
+         of eager** on the emails-heavy Person shape. Index-build
+         allocates one segment table per wire entry, and for messages
+         that scale via repeated leaves (no deeply-nested subtrees that
+         `skip_field` can vault over), that allocation cost cancels the
+         decode-skip savings. Lazy still wins this shape on payloads
+         dominated by nested submessages — that case isn't represented
+         in the current bench.
+       - **Mutate-then-reencode** is **0.81–1.07× of eager**; ~break-even
+         to slight loss on the same flat shape. Both decode+set+encode
+         and decode_lazy+set+encode walk the full byte range; lazy
+         splices substrings, eager re-emits per-field.
+      The honest framing: lazy is a *byte-passthrough* optimization;
+      it's not a universal speedup. Use it when you decode, touch few
+      fields, and re-encode — the common proxy/router shape.
 
 ### M7 — Developer ergonomics