> For the complete documentation index, see [llms.txt](https://docs.useicaria.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.useicaria.xyz/assets/listing-framework.md).

# Listing framework

What an asset has to prove before its market opens, and the tier system that sets its parameters from there.

Listing is a checklist, not an opinion. An asset either clears the bar for a tier or it does not; the evidence goes out with the listing, and the parameters follow from the tier without anyone deciding them.

## What every listing must clear

Tier makes no difference to these. All of them apply to every market:

| Requirement                                                                   | Why                                                                                                                          |
| ----------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------- |
| A live Chainlink Data Feed on chain 4663 for that exact token                 | Anchor pricing has to value the thing in the vault, never a wrapper and never a rate computed from one                       |
| Data Streams coverage carrying market status, or an equivalent session signal | The [regime engine](/protocol/trading-regimes.md) cannot run without an authoritative session source                         |
| A regulated issuer with published terms and one-for-one backing               | Claims on real assets get listed; synthetics do not                                                                          |
| A bytecode review of the token as deployed                                    | Pause, freeze, blacklist and forced-transfer roles get found beforehand rather than afterwards, and the finding is published |
| ERC-20 with standard semantics                                                | Nothing fee-on-transfer, and no rebasing beyond ERC-8056-style multipliers the feed already carries                          |

Miss any single requirement and the asset gets no tier at all. There is no override.

## Tiers

Tier decides every market parameter. Opening values:

| Parameter                         | Tier A      | Tier B      | Tier C     |
| --------------------------------- | ----------- | ----------- | ---------- |
| Base half-spread                  | 10 bps      | 20 bps      | 40 bps     |
| Max skew term                     | 15 bps      | 25 bps      | 50 bps     |
| Oracle band                       | 75 bps      | 150 bps     | 300 bps    |
| Regular clip                      | 50,000 USDG | 20,000 USDG | 5,000 USDG |
| Daily volume cap (guarded launch) | 2M USDG     | 750K USDG   | 200K USDG  |
| Vault TVL cap (guarded launch)    | 5M USDG     | 2M USDG     | 500K USDG  |

Three things feed the assignment: how liquid the underlying is (average daily volume and the usual spread on its primary market), how frequently the feed refreshes, and how the token is spread across addresses on-chain. Each market publishes its assignment together with the evidence behind it, and moving a market between tiers is a timelocked parameter change like any other.

* **Tier A**: index ETFs and mega-caps such as SPY, QQQ, AAPL, MSFT and NVDA, with deep underlying books and frequent feed updates.
* **Tier B**: liquid single names that sit outside the mega-cap group.
* **Tier C**: everything in the long tail. Wider underlying spreads and slower feeds are priced through a wider band and spread instead of being used as grounds for exclusion, because serving the tail properly is one of the things the venue is for. Caps keep that exposure honest.

## Delisting

A market retires once its asset stops meeting the requirements: the feed goes away, the issuer winds the token down, or a bytecode change introduces a control that disqualifies it. Retirement runs through the timelock, goes out with its reasoning attached, and leaves the vault open for withdrawals only. See [Corporate actions and dividends](/protocol/corporate-actions.md).

## Bringing on a new asset class

The same checklist governs tokenized treasuries and gold, each with a single addition. NAV-type assets need a feed consistent with NAV and trade inside a tight band around it, while anything bridged needs the bridge review described in the [Asset roadmap](/assets/asset-roadmap.md).


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