> 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/roadmap/phases.md). # What is live and what is next What runs today, what is capped, and the order in which the venue grows. Growth happens in phases, and what opens each gate is a published criterion rather than a date on a calendar. Caps go up and features ship once the record supports them. Read the dates below as targets and the gates as the actual commitments. ## Phase 0: testnet, now complete Everything ran on Robinhood Chain testnet against Robinhood's testnet Stock Tokens and faucet: vaults, RFQ, router, eligibility, explorer. That deployment stays in place as staging, and every release goes through it. See [Deployment](/architecture/deployment.md). ## Phase 1: guarded mainnet, running now * Tier A markets, being tokenized SPY, QQQ, AAPL, MSFT and NVDA, each quoted against USDG. * Anchor vaults on their launch parameters, under the per-market TVL and daily volume caps set in the [listing framework](/assets/listing-framework.md). * RFQ live with founding makers, and trader, LP and maker attestations being issued. * The trade explorer and the [execution quality](/transparency/execution-quality.md) dataset publishing from the first fill onward. **Gate to Phase 2:** two clean audits published, 60 days of execution-quality history with median `OPEN` fills inside their tier targets, and no band or withdrawal invariant events at all. ## Phase 2: more catalogue, higher caps * Tier B and C Stock Token markets arriving in batches as feeds land and bytecode reviews finish, because the long tail is the point. * Cap raises through the timelock, each citing whatever record has accumulated by then. * LP onboarding widening past the founding group, jurisdiction by jurisdiction as the [compliance](/compliance/model.md) work completes. * Portfolio surfaces finished off: cost basis, share-term display, LP analytics and CSV export. **Gate to Phase 3:** vaults holding two-sided performance across tiers through at least one high-volatility week and one long weekend, with nobody intervening by hand. ## Phase 3: infrastructure * The public [API and SDK](/architecture/api.md) out of beta, with aggregator and wallet integrations, and agentic order flow handled as a first-class integrator given where this chain is going. * Cross-chain listings beginning, following the [asset roadmap](/assets/asset-roadmap.md): treasuries first and gold after, over CCIP, each clearing the full listing checklist. * Execution algorithms for working size over time, meaning TWAP along the vault path. ## Phase 4: handing over governance Parameter control moves from the foundation multisig to the governance module, with the timelock, the published rationale and the [prohibitions](/transparency/governance.md) all carried across unchanged. Who proposes is what changes; what a proposal can do is not. ## What this roadmap deliberately omits Leverage, margin, perpetuals and lending. Other protocols can have the adjacent products. What this venue wants is to be where RWAs trade properly, and every phase above spends itself on that alone. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.useicaria.xyz/roadmap/phases.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.