How a collateral earns its belt
One asset, one oracle, one cap. The five gates every listing passes before it can back a loan.
Nothing is listed on reputation
A collateral arrives at white belt whatever it is. Ticker, market cap and narrative buy nothing. The rank is set by what we can verify about pricing it and by what happens when we try to sell it in a hurry.
The five gates
Every listing runs the same sequence. First a price: at least one feed we did not build, with a fallback that disagrees independently. Second a venue: real depth on a market that is not us, measured at the size the cap would allow. Third a drawdown test: we walk the price down and check the liquidation engine clears the book without touching another market. Fourth a cap: sized so a full liquidation is a fraction of daily volume, not a multiple of it. Fifth an owner: a named curator who answers for the parameters.
Promotion is slow on purpose
Moving from white to green takes a quarter without an oracle gap. Green to brown takes a second independent feed and a clean drawdown test at the higher cap. Brown to black takes a record, not a thesis. Demotion is not slow, it takes one incident.
What you can check
Each market publishes its belt, LLTV, cap, oracle addresses and curator on chain. If a parameter on this site does not match the contract, the contract is right and we have a bug to fix.