The rulebook
This is the whole rule. Nine standards are scored. A token is on the board when it passed all nine on the last hourly read, and off the board when it did not. Every standard below states its threshold, the read that decides it, why it is scored at all, and what a failure means for a person about to trade. Nothing on this page is a judgment about a project, its team or its worth.
The nine scored standards
Thresholds below are the live values the board is reading with, served at /api/config. The key in small capitals is the key the API returns for that standard.
1. mint
No new supply after you buy
- Threshold
- No mint path in the deployed bytecode, or a mint path whose owner has been renounced to the dead address.
- Read
- A selector scan of the code returned by eth_getCode for the common mint entry points, plus a call to owner().
- Why
- Supply that can be printed after you buy dilutes you at a moment you do not choose.
- A failure
- Someone can create tokens and sell them into the same pool you bought from.
2. controls
No pause and no blacklist
- Threshold
- No pause, unpause, blacklist or address freeze selector in the bytecode, or ownership renounced to the dead address.
- Read
- The same selector scan of the deployed code, plus owner() to see whether anyone can still call those paths.
- Why
- A token that can freeze one address can stop that address selling while everyone else keeps trading.
- A failure
- The holder of the owner key can stop your wallet from transferring or trading the token.
3. upgradeable
The code cannot be swapped under the holder
- Threshold
- The EIP 1967 implementation slot is empty, so the contract is not a proxy pointing at code that can be replaced.
- Read
- eth_getStorageAt on slot 0x360894a13ba1a3210667c828492db98dca3e2076cc3735a920a3ca505d382bbc.
- Why
- If the code can be replaced, every other read on this page has a shelf life of one transaction.
- A failure
- The code you read today is not necessarily the code that runs when you sell.
4. pool
An honest primary pool
- Threshold
- The primary pool fee is at or under 2 percent and its hook is either absent or one the router recognises.
- Read
- The Uniswap v4 pool manager's Initialize log for the fee, the tick spacing and the hook address, and StateView for the pool's live state.
- Why
- Pools at twenty or eighty percent sit beside real ones and catch routers that pick a pool by its name. An unknown hook can take a cut or refuse a sell.
- A failure
- The cheapest looking route into the token is not an honest one, so the board will not call the token listed.
5. liquidity
Enough in the pool for a price to mean something
- Threshold
- At least 25,000 dollars in the primary pool.
- Read
- DexScreener pairs matched to the primary pool id, falling back to the Realedger launch screen when no tracker carries the pool yet.
- Why
- Under that figure one ordinary sale moves the price by a large fraction of itself.
- A failure
- The token still trades, but the printed price is a thin number that a single order can move.
6. top10
The float is not in ten hands
- Threshold
- Under 30 percent of supply in the ten largest wallets, with pool addresses and dead addresses excluded from the count.
- Read
- The Blockscout holders list for the token against totalSupply().
- Why
- Concentration is the plainest available measure of how much of the float sits behind one decision.
- A failure
- A small number of wallets hold more than the pool could absorb if they sold.
7. depth
The quote holds at a real size
- Threshold
- A 1,000 dollar buy pays under 5 percent more per token than a small one.
- Read
- The Uniswap V4Quoter on the routed path at two sizes, comparing the price per token at each.
- Why
- Liquidity is a number in a pool. Depth is the price you actually get.
- A failure
- The price on the screen and the price your order fills at are not the same number.
8. age
Old enough to have a history
- Threshold
- At least 14 days since the first pool for the token was initialised.
- Read
- The timestamp of the block carrying the first Initialize log for any pool holding the token.
- Why
- Most of what goes wrong with a new token goes wrong in its first days.
- A failure
- The token may be perfectly fine. There is not yet enough chain history for a read to say so.
9. buyers
More than one wallet is trading it
- Threshold
- At least 20 distinct buyers in 24 hours.
- Read
- The GeckoTerminal trade sample carried by the Realedger launch screen, counted by distinct buying address.
- Why
- Volume can be one wallet trading with itself all afternoon. A count of distinct buyers is harder to manufacture.
- A failure
- Either almost nobody is buying, or a very small set of wallets is passing the token between them.
10. The four lines that are shown and never scored
These appear on a token's page because they are useful. None of them can move a token on or off the board, and two of them are simply repeated back from the apply form without verification.
- tax_signals
- Fee switch selectors found in the bytecode, such as an exclude from fee or a set fee entry point. It says a fee path exists in the code. It is a signal, not a measurement of a fee being charged, so it is never scored.
- traps
- Pools that hold the token beside the routed one and are never routed through, usually because of an absurd fee or an unknown hook. Counted and listed so you can see them.
- team
- A team wallet stated through the apply form. Stated by a person, not verified by a read.
- texas
- A Texas tie stated through the apply form. Also stated, also not verified, and worth nothing towards the score.
What happens when a standard fails
The board reads every token it tracks once an hour. The procedure after a failed read is fixed and it is the same for every token.
- The first read that fails a scored standard puts the token on notice. It stays on the board for one more read. The notice is written to the public log with the standard that failed and its number.
- If the next read fails a scored standard as well, the token comes off the board. That delisting is written to the log with the standard and the number that caused it.
- A later read where all nine scored standards pass again restores the token to the board, and the restoration is written to the log too.
- A delisted token keeps its page and stays tradable here. Every failed standard is printed in red above the swap button, with the read that decided it.
Every notice, delisting and restoration is public in the log. Nothing is removed from that log. If the board ever takes a token off for a reason that is not one of the nine standards, it will say so on that line, in those words.
What the rulebook does not do
- It does not price a token, forecast one, or call one good. Nine reads passing is nine reads passing.
- It does not call any token a security, and the board is not a securities exchange. A badge on this site is not an endorsement by anyone.
- It does not stop you trading anything. The off board lane routes any token with a pool, with the failures shown first.
- It does not read a team, a roadmap, a lock or an audit. Those are claims. The standards are reads.
The tokenized stocks and funds on the Texas Board are outside the rulebook entirely. They are displayed and routed. They are never listed, never scored and never on the board.