> 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/roadmap/phases.md).

# What is live and what is next

The venue expands in phases, and each phase gate is a published criterion rather than a date: caps rise and features ship when the record supports them. Dates below are targets; the gates are the commitments.

## Phase 0: testnet (complete)

Full protocol on Robinhood Chain testnet against Robinhood's testnet Stock Tokens and faucet: vaults, RFQ, router, eligibility, explorer. The testnet deployment persists as staging; every release passes through it. See [Deployment](/architecture/deployment.md).

## Phase 1: guarded mainnet (live)

* Tier A markets: tokenized SPY, QQQ, AAPL, MSFT, NVDA against USDG.
* Anchor vaults with launch parameters, TVL and daily volume caps per the [listing framework](/assets/listing-framework.md).
* RFQ live with founding makers; trader, LP and maker attestations issuing.
* Trade explorer and the [execution quality](/transparency/execution-quality.md) dataset publishing from the first fill.

**Gate to Phase 2:** two clean audits published, 60 days of execution-quality history with median `OPEN` fills inside tier targets, and no band or withdrawal invariant events.

## Phase 2: catalogue and caps

* Tier B and C Stock Token markets in batches, as feeds and bytecode reviews complete: the long tail is the point.
* Cap raises through the timelock, each citing the accumulated record.
* Public LP onboarding beyond the founding group, per-jurisdiction as the [compliance](/compliance/model.md) work lands.
* Portfolio surfaces complete: cost basis, share-term display, LP analytics, CSV export.

**Gate to Phase 3:** sustained two-sided vault performance across tiers through at least one high-volatility week and one long weekend, without manual intervention.

## Phase 3: infrastructure

* Public [API and SDK](/architecture/api.md) out of beta; aggregator and wallet integrations; agentic order flow, given the chain's direction, treated as a first-class integrator.
* Cross-chain listings begin per the [asset roadmap](/assets/asset-roadmap.md): tokenized treasuries, then gold, via CCIP, each through the full listing checklist.
* Execution algorithms for working large orders over time (TWAP against the vault path).

## Phase 4: governance handover

The governance module takes over parameter control from the foundation multisig, preserving the timelock, the published rationale and the [prohibitions](/transparency/governance.md). No token; the handover changes who proposes, not what proposing can do.

## What is deliberately not on this roadmap

Leverage, margin, perpetuals, lending, or a protocol token. Adjacent products are other protocols' jobs; the venue's ambition is to be the place where RWAs trade properly, and the roadmap spends every phase on exactly that.


---

# 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.zircofi.com/roadmap/phases.md?ask=<question>&goal=<endgoal>
```

`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.