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A rated token carries a score out of 100 for the market around it. Not the company, not the issuer’s reputation, not a forecast. The question the score answers is: if you held this, could you get out of it, and at what size.
Only tokens with a market are scored. Everything else is unrated with a stated reason, not scored as zero. A listing nobody ever funded is not a bad market, it is the absence of one.

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The four pillars

Each pillar is also expressed out of ten on the site, so you can see where a token lost its points rather than only the total.

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Liquidity, 40 points

The largest single pillar, because it is the one that decides whether you can leave. Zero points at a 5,000 dollar floor, full marks at 10 million, spaced logarithmically: the difference between 20k and 200k matters far more to somebody trying to exit than the difference between 5M and 10M.

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Real volume, 25 points

Turnover measured against the pool’s own contents, per day. Below about 1 percent the pool exists and nobody is using it. Ordinary two way trading across this index sits roughly between 5 percent and 5x, where the median pool turns over about half its contents a day. Past 10x the same money is going round in circles, and the score comes back down. Wash volume is penalised, not rewarded.

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Pools and perps, 20 points

One pool is one counterparty. The pillar counts how many venues quote the token and whether a perpetual exists on the same underlying, because a hedge is a way out even when the spot pool is thin.

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Pricing, 15 points

Whether there is an always on reference price while the US market is shut, and whether a second issuer’s price on the same company agrees with this one. A token nobody else prices is a token you are taking one source’s word on.

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The bands

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Why a token has no score

Correctly issued, and nothing is behind it. No pool above the floor. This is the majority of the index and it is the single most useful thing the index says.
Nothing published by a known issuer serves this token’s metadata. It may still be a real token; it is not a tokenized stock we can stand behind.
Both are statements about the market, not slurs about the token.

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The method is copyable on purpose

The weights are constants at the top of one file, the arithmetic is a few hundred lines, and all of it is public. Anyone can reproduce a score and disagree with it in specifics. That is the point. A rating nobody can check is a number you are asked to trust, and the whole premise here is that trust should not be required. What is hard to copy is not the formula; it is running it across every issuer every five minutes and keeping the record of what it said yesterday. See The record.