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

# Listing framework

Listing is a checklist, not a judgement call. An asset either meets the criteria for a tier or it does not, the evidence is published with the listing, and the parameters follow from the tier mechanically.

## Requirements for any listing

Every market, regardless of tier, requires all of the following:

| Requirement                                                               | Why                                                                                                              |
| ------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- |
| Chainlink Data Feed live on chain 4663 for the exact token                | Anchor pricing prices the token in the vault, never a wrapper or a derived rate                                  |
| Data Streams coverage with market status, or an equivalent session signal | The [regime engine](/protocol/trading-regimes.md) needs an authoritative session source                          |
| Regulated issuer with published terms and 1:1 backing                     | The venue lists claims on real assets, not synthetics                                                            |
| Bytecode review of the deployed token                                     | Pause, freeze, blacklist and forced-transfer roles are found before listing, not after; the finding is published |
| ERC-20 with standard semantics                                            | No fee-on-transfer, no rebasing outside ERC-8056-style multipliers reflected in the feed                         |

An asset that fails any requirement is not listed at any tier. There is no discretionary override.

## Tiers

The tier sets every market parameter. Initial 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  |

Tier assignment weighs the underlying's liquidity (average daily volume, typical spread on the primary market), the feed's update cadence, and the token's on-chain distribution. Assignments and the evidence behind them are published per market; reassignment is a timelocked parameter change like any other.

* **Tier A**: index ETFs and mega-caps (SPY, QQQ, AAPL, MSFT, NVDA). Deep underlying books, dense feed updates.
* **Tier B**: liquid single names outside the mega-caps.
* **Tier C**: the long tail. Wide underlying spreads and sparser updates are priced through the wider band and spread rather than excluded outright, because serving the long tail properly is a design goal; caps keep the exposure honest.

## Delisting

A market retires when its asset no longer meets the listing requirements: the feed is discontinued, the issuer winds the token down, or a bytecode-level change introduces a disqualifying control. Retirement is timelocked, published with its rationale, and moves the vault to withdrawals-only. See [Corporate actions and dividends](/protocol/corporate-actions.md).

## Adding new asset classes

Tokenized treasuries and gold follow the same checklist with one addition each: NAV-type assets require a NAV-consistent feed and trade within a tight band around it, and bridged assets require the bridge review described in the [Asset roadmap](/assets/asset-roadmap.md).


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