{
  "edition": "2026-09",
  "published": "2026-09-21",
  "dataAsOf": "2026-09-20",
  "snapshotHash": "sha256:672a72fe5a432ecbdfa8175ca0bfe75cc0a9b51d25b2296f18b0f7cc6b9e4c80",
  "houseWeights": {
    "asset": 0.3,
    "traction": 0.25,
    "transparency": 0.2,
    "compliance": 0.15,
    "durability": 0.1
  },
  "disclosures": [],
  "venues": [
    {
      "id": "long-xyz",
      "name": "Long.xyz",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Long.xyz lists tokenized equities with on-chain inventory backing and real secondary volume.",
      "scores": {
        "asset": 8,
        "traction": 8,
        "transparency": 6,
        "compliance": 6,
        "durability": 7
      },
      "fineness": 720,
      "band": "14k",
      "rank": 1,
      "rationale": {
        "asset": "Inventory of tokenized equities reconciles against custodian statements each settlement cycle.",
        "traction": "Leads the register on cumulative and daily volume with sustained weekly turnover.",
        "transparency": "Factory contract verified and docs public, but lock schedules stay partly off-chain.",
        "compliance": "EU prospectus route via licensed custodian, yet redemption rights remain limited.",
        "durability": "Live across multiple market shocks with steady operator funding and deep pools."
      },
      "pairing": {
        "assetType": "tokenized-equity",
        "custodian": "Robinhood Europe",
        "redeemable": false,
        "verifiability": "on-chain"
      },
      "metrics": {
        "cumulativeVolumeUsd": 3000000000,
        "dailyVolumeUsd": 151000000,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "coindesk-research",
          "airdropalert"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x1a2b3c4d5e6f708192a3b4c5d6e7f8091a2b3c4d",
          "verified": true
        }
      ],
      "links": {
        "site": "https://long.xyz",
        "docs": "https://docs.long.xyz"
      },
      "facts": [
        [
          "~20%",
          "of all tokenized stock TVL on the chain"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "pons",
      "name": "Pons",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Pons moves the highest daily flow in the register against thinner asset backing.",
      "scores": {
        "asset": 5,
        "traction": 10,
        "transparency": 8,
        "compliance": 5,
        "durability": 8
      },
      "fineness": 715,
      "band": "14k",
      "rank": 2,
      "rationale": {
        "asset": "Issuance references custodied equities but coverage reports lag new listings by weeks.",
        "traction": "Top daily volume venue with the densest pool activity in the observation window.",
        "transparency": "Verified contracts, public inventory snapshots, and a named operating entity.",
        "compliance": "Standard token disclaimers only, with no prospectus or license cited.",
        "durability": "Two years live with consistent uptime and steadily growing liquidity."
      },
      "pairing": {
        "assetType": "tokenized-equity",
        "custodian": "Robinhood Europe",
        "redeemable": false,
        "verifiability": "attestation"
      },
      "metrics": {
        "cumulativeVolumeUsd": 2400000000,
        "dailyVolumeUsd": 132000000,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "coindesk-research",
          "bitquery"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x2b3c4d5e6f708192a3b4c5d6e7f8091a2b3c4d5e",
          "verified": true
        }
      ],
      "links": {
        "site": "https://pons.markets",
        "docs": "https://docs.pons.markets"
      },
      "facts": [
        [
          "2.4B",
          "cumulative volume in USD across tracked pools"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "stonkfun",
      "name": "StonkFun",
      "chain": "solana",
      "resident": false,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "StonkFun is a Solana memecoin launcher whose only real asset exposure is an index pairing.",
      "scores": {
        "asset": 6,
        "traction": 7,
        "transparency": 6,
        "compliance": 4,
        "durability": 6
      },
      "fineness": 595,
      "band": "14k",
      "rank": 3,
      "rationale": {
        "asset": "Index pairing tracks listed equities without custody or redemption for holders.",
        "traction": "Strong launch cadence and fee flow, though volumes swing hard with sentiment.",
        "transparency": "Program code public and pools visible, while index method stays lightly documented.",
        "compliance": "Launcher disclaimers only, with no licensing statement for the tracked assets.",
        "durability": "Survived one full hype cycle with the operator still shipping weekly."
      },
      "pairing": {
        "assetType": "inventory-index",
        "custodian": "StonkFun Index Account",
        "redeemable": false,
        "verifiability": "public-inventory"
      },
      "metrics": {
        "cumulativeVolumeUsd": 890000000,
        "dailyVolumeUsd": 41000000,
        "fees24hUsd": 120000,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "defillama",
          "bitquery"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x3c4d5e6f708192a3b4c5d6e7f8091a2b3c4d5e6f",
          "verified": true
        }
      ],
      "links": {
        "site": "https://stonkfun.io",
        "docs": "https://docs.stonkfun.io"
      },
      "facts": [
        [
          "120k",
          "daily fees in USD at the cut date"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "pools-trade",
      "name": "Pools.trade",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Pools.trade runs audited index vaults with modest flow but strong disclosure.",
      "scores": {
        "asset": 3,
        "traction": 5,
        "transparency": 9,
        "compliance": 7,
        "durability": 9
      },
      "fineness": 590,
      "band": "14k",
      "rank": 4,
      "rationale": {
        "asset": "Vaults hold index positions rather than custodied securities, capping asset quality.",
        "traction": "Mid-tier volume with stable fee revenue from long-lived pools.",
        "transparency": "Verified contracts, published audits, and open vault accounting.",
        "compliance": "Clear risk disclosure and terms, though no securities license is claimed.",
        "durability": "Oldest venue in the set with uninterrupted operation and deep reserves."
      },
      "pairing": {
        "assetType": "inventory-index",
        "custodian": "Pools Vault Operator",
        "redeemable": true,
        "verifiability": "on-chain"
      },
      "metrics": {
        "cumulativeVolumeUsd": 120000000,
        "dailyVolumeUsd": 2800000,
        "fees24hUsd": 9500,
        "tvlUsd": 45000000,
        "asOf": "2026-09-20",
        "sourceIds": [
          "defillama",
          "explorer"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x4d5e6f708192a3b4c5d6e7f8091a2b3c4d5e6f70",
          "verified": true
        }
      ],
      "links": {
        "site": "https://pools.trade",
        "docs": "https://docs.pools.trade"
      },
      "facts": [
        [
          "45M",
          "vault TVL in USD at the cut date"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "flap",
      "name": "Flap",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Flap pairs solid equity backing with thin trading activity and early-stage disclosure.",
      "scores": {
        "asset": 8,
        "traction": 4,
        "transparency": 6,
        "compliance": 4,
        "durability": 6
      },
      "fineness": 580,
      "band": "9k",
      "rank": 5,
      "rationale": {
        "asset": "Tokenized equities map to custodied inventory with regular reconciliation notes.",
        "traction": "Low daily turnover with volume concentrated in a handful of listings.",
        "transparency": "Verified factory and public docs, but pool-level reporting stays sparse.",
        "compliance": "Generic terms only, with licensing and prospectus status undisclosed.",
        "durability": "One year live with steady operation and no recorded security incident."
      },
      "pairing": {
        "assetType": "tokenized-equity",
        "custodian": "Robinhood Europe",
        "redeemable": false,
        "verifiability": "attestation"
      },
      "metrics": {
        "cumulativeVolumeUsd": 310000000,
        "dailyVolumeUsd": 8400000,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "bitquery",
          "airdropalert"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x5e6f708192a3b4c5d6e7f8091a2b3c4d5e6f7081",
          "verified": true
        }
      ],
      "links": {
        "site": "https://flap.trade",
        "docs": "https://docs.flap.trade"
      },
      "facts": [
        [
          "310M",
          "cumulative volume in USD across tracked pools"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "pair",
      "name": "PAIR",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "PAIR tokenizes collectibles into redeemable vault shares with light trading volume.",
      "scores": {
        "asset": 7,
        "traction": 3,
        "transparency": 7,
        "compliance": 5,
        "durability": 4
      },
      "fineness": 540,
      "band": "9k",
      "rank": 6,
      "rationale": {
        "asset": "Vaulted collectibles carry appraisals and redemption mechanics for share holders.",
        "traction": "Thin secondary flow with most activity clustered around new vault openings.",
        "transparency": "Verified contracts and published vault lists, though appraisals are infrequent.",
        "compliance": "Sale terms published with collector-grade disclosure, no financial license cited.",
        "durability": "Young venue with short operating history and narrow liquidity buffers."
      },
      "pairing": {
        "assetType": "collectible",
        "custodian": "PAIR Vault",
        "redeemable": true,
        "verifiability": "public-inventory"
      },
      "metrics": {
        "cumulativeVolumeUsd": 96000000,
        "dailyVolumeUsd": 1900000,
        "fees24hUsd": null,
        "tvlUsd": 12000000,
        "asOf": "2026-09-20",
        "sourceIds": [
          "defillama",
          "docs-venue"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x6f708192a3b4c5d6e7f8091a2b3c4d5e6f708192",
          "verified": true
        }
      ],
      "links": {
        "site": "https://pair.market",
        "docs": "https://docs.pair.market"
      },
      "facts": [
        [
          "12M",
          "vault TVL in USD at the cut date"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "bankr",
      "name": "Bankr",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Bankr publishes a live launcher but no verifiable volume or backing evidence.",
      "scores": {
        "asset": 4,
        "traction": 4,
        "transparency": 6,
        "compliance": 4,
        "durability": 5
      },
      "fineness": 450,
      "band": "9k",
      "rank": 7,
      "rationale": {
        "asset": "Launches reference synthetic exposure without custody or redemption proof.",
        "traction": "No verifiable volume series, only self-reported launch counts.",
        "transparency": "Factory verified with docs online, but pool accounting stays closed.",
        "compliance": "Standard launcher terms with no regulatory statement on listed assets.",
        "durability": "Operating for over a year with modest but continuous launch cadence."
      },
      "pairing": {
        "assetType": "synthetic",
        "custodian": null,
        "redeemable": false,
        "verifiability": "none"
      },
      "metrics": {
        "cumulativeVolumeUsd": null,
        "dailyVolumeUsd": null,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "docs-venue"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x708192a3b4c5d6e7f8091a2b3c4d5e6f708192a3",
          "verified": true
        }
      ],
      "links": {
        "site": "https://bankr.bot",
        "docs": "https://docs.bankr.bot"
      },
      "facts": [
        [
          "not published",
          "verifiable volume at the cut date"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "cardpad",
      "name": "Cardpad",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Cardpad documents its collectible vaults well while trading almost nothing.",
      "scores": {
        "asset": 3,
        "traction": 2,
        "transparency": 9,
        "compliance": 5,
        "durability": 3
      },
      "fineness": 425,
      "band": "9k",
      "rank": 8,
      "rationale": {
        "asset": "Vault contents listed with photos and appraisals, but coverage is uneven.",
        "traction": "No verifiable secondary volume across the observation window.",
        "transparency": "Exemplary docs, verified contracts, and a named team behind the vaults.",
        "compliance": "Collector sale terms published, without any financial license reference.",
        "durability": "Recent launch with limited history and shallow reserves."
      },
      "pairing": {
        "assetType": "collectible",
        "custodian": "Cardpad Vault",
        "redeemable": false,
        "verifiability": "attestation"
      },
      "metrics": {
        "cumulativeVolumeUsd": null,
        "dailyVolumeUsd": null,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "docs-venue",
          "explorer"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x8192a3b4c5d6e7f8091a2b3c4d5e6f708192a3b4",
          "verified": true
        }
      ],
      "links": {
        "site": "https://cardpad.io",
        "docs": "https://docs.cardpad.io"
      },
      "facts": [
        [
          "not published",
          "verifiable volume at the cut date"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "factory-new",
      "name": "Factory New",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "Factory New ships launch tooling with no backing claim and no measurable market.",
      "scores": {
        "asset": 4,
        "traction": 2,
        "transparency": 6,
        "compliance": 2,
        "durability": 2
      },
      "fineness": 340,
      "band": "below-hallmark",
      "rank": 9,
      "rationale": {
        "asset": "No backing claim beyond launch mechanics, so asset quality scores on tooling alone.",
        "traction": "No verifiable volume and only a handful of test runs on record.",
        "transparency": "Factory verified and code readable, with docs limited to launch guides.",
        "compliance": "No terms covering asset listings and no entity willing to stand behind them.",
        "durability": "Weeks old with single-operator dependency and no track record."
      },
      "pairing": {
        "assetType": "none",
        "custodian": null,
        "redeemable": false,
        "verifiability": "none"
      },
      "metrics": {
        "cumulativeVolumeUsd": null,
        "dailyVolumeUsd": null,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "explorer"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0x92a3b4c5d6e7f8091a2b3c4d5e6f708192a3b4c5",
          "verified": true
        }
      ],
      "links": {
        "site": "https://factorynew.xyz",
        "docs": null
      },
      "facts": [
        [
          "not published",
          "verifiable volume at the cut date"
        ]
      ],
      "struckDate": null
    },
    {
      "id": "csl",
      "name": "CSL",
      "chain": "robinhood-chain",
      "resident": true,
      "status": "active",
      "admittedEdition": "2026-09",
      "thesis": "CSL is a thin prelaunch listing with a deployed factory but no market yet.",
      "scores": {
        "asset": 2,
        "traction": 1,
        "transparency": 5,
        "compliance": 1,
        "durability": 2
      },
      "fineness": 220,
      "band": "below-hallmark",
      "rank": 10,
      "rationale": {
        "asset": "No backing inventory shown, only a placeholder token with no claim attached.",
        "traction": "No launches completed and no volume series to evaluate.",
        "transparency": "Factory verified with a holding page, full docs still pending.",
        "compliance": "No terms, no entity, and no disclosure of any kind.",
        "durability": "Prelaunch with no operating history and unclear funding."
      },
      "pairing": {
        "assetType": "none",
        "custodian": null,
        "redeemable": false,
        "verifiability": "none"
      },
      "metrics": {
        "cumulativeVolumeUsd": null,
        "dailyVolumeUsd": null,
        "fees24hUsd": null,
        "tvlUsd": null,
        "asOf": "2026-09-20",
        "sourceIds": [
          "docs-venue"
        ]
      },
      "contracts": [
        {
          "label": "factory",
          "address": "0xa3b4c5d6e7f8091a2b3c4d5e6f708192a3b4c5d6",
          "verified": true
        }
      ],
      "links": {
        "site": "https://csl.markets",
        "docs": null
      },
      "facts": [
        [
          "not published",
          "verifiable volume at the cut date"
        ]
      ],
      "struckDate": null
    }
  ],
  "corrections": []
}