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Take overdots in this question to mean differentiation with respect to the orbiting particle's proper time $\tau$. Write $\mu =GM/c^2$, $x=r/\mu$ and $\ell =hc/(GM)$, with $h$ the specific angular momentum. Then the dimensionless timelike effective potential isThe last term is the relativistic correction to the Newtonian centrifugal-plus-gravitational potential. At large $r$ the two agree. Newtonian angular momentum gives an infinite inner centrifugal barrier for nonzero $h$; the relativistic correction lowers that barrier and permits plunge. The exterior problem starts at $r=2\mu$, where $U=-c^2/2$; extrapolating the potential towards $r=0$ is not a static exterior description.

Circular orbits obeyThere are two extrema when $h^2>12(GM/c{)}^2$: an inner maximum representing an unstable circular orbit and an outer minimum representing a stable one. At equality they merge at $r=6\mu$; below it neither exists. More explicitly, evaluate the curvature at a circular orbit:Timelike circular orbits require $r>3\mu$. They are radially stable for $r>6\mu$, so the marginally stable inner limit is $r_{\mathrm{ISCO}}=6GM/c^2$. The Newtonian potential instead has one stable minimum at $r=h^2/(GM)$, without an innermost stable circular orbit.

For the Schwarzschild circular-orbit local speed in the question, $\gamma$ is the Lorentz factor relative to a local Schwarzschild static observer, not $dt/d\tau$. That observer's clock obeys $dT=\sqrt{1-2\mu /r}dt$. Since the particle passes with local speed $v$, $rd\varphi /d\tau =\gamma v$. Circular normalization givesThus $v=c/2$ at the innermost stable circular orbit. Using Schwarzschild time in place of the local clock would give a different speed.

For the conserved particle energy measured at infinity, substitute $h^2$ in the circular energy equation. Setting $y=\mu /r$ givesTake the positive root for a future-directed exterior orbit. It approaches $m{c}^2-GMm/(2r)$ at large radius. The marginally bound circular Schwarzschild orbit solves $k=1$, giving $y(4y-1)=0$ and hence $r_{\mathrm{mb}}=4GM/c^2$ at finite radius. It is unstable; strictly bound circular orbits have $r>4\mu$, with $E<m{c}^2$. The phrase smallest bound orbit here denotes this marginal circular limit, not a prohibition on a bound-energy trajectory plunging below it.

At the innermost stable circular orbit,A radiatively efficient thin disc with a zero-torque inner boundary condition can therefore release about 5.7% of the accreted rest energy before the plunge. energy advection, stress at the inner edge and photon capture can alter the escaping luminosity, so this is a model efficiency rather than a universal emitted fraction.

For the Kerr ISCO spin limits of an equatorial prograde disc around a rapidly rotating Kerr black hole, the innermost stable circular orbit moves inward and its specific energy decreases. In the ideal extremal limit its Boyer-Lindquist radius tends to $\mu$, $E/(m{c}^2)\to 1/\sqrt{3}$, and the corresponding binding-energy efficiency tends to 42.3%. Retrograde rotation has the opposite trend: the extremal limit is $r_{\mathrm{ISCO}}=9\mu$, $E/(m{c}^2)=5/(3\sqrt{3})$, giving about 3.8%. The prograde limiting coordinate radius does not identify a massive orbit with the null horizon generator.^[ref]

Finally $\dot{t}=k/(1-2\mu /r)=1/\sqrt{1-3\mu /r}$. Dividing $\dot{\varphi }=h/r^2$ by this givesIts algebraic form is exactly Newtonian, but $r$ is the Schwarzschild spacetime areal radius and $t$ Schwarzschild time, normalized at infinity. Local clock rates, orbit stability and binding energy remain relativistic. With $G{M}_{\odot }\simeq 1.3271\times 10^{20}{\mathrm{m}}^3{\mathrm{s}}^{-2}$,The marginally bound circular-orbit frequency is about $0.404\mathrm{kHz}$. These Schwarzschild ISCO orbital frequencies and marginally bound frequencies are rotation frequencies per distant stationary observer's time, as intended by using $d\varphi /dt$. A static observer at finite radius $r_o$ instead divides both frequencies by $\sqrt{1-2\mu /r_o}$, leaving their ratio unchanged. Identifying an observed quasi-periodic oscillation with the innermost stable circular orbit orbital frequency is an additional astrophysical assumption.