> ## Documentation Index
> Fetch the complete documentation index at: https://stonkpile.xyz/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# The rating

> Four pillars, fixed weights, published arithmetic. What the score measures and what it refuses to measure.

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.

> [!NOTE]
>
> 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.

## The four pillars

| Pillar | Points | What it asks |
| - | - | - |
| **Liquidity** | 40 | How much is actually in the pools behind it |
| **Real volume** | 25 | Is it being traded, and by people rather than by a loop |
| **Pools & perps** | 20 | How many ways out exist |
| **Pricing** | 15 | Can it be priced when the US market is shut, and do issuers agree |

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.

### 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.

### 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.

### 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.

### 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.

## The bands

| | Band | Score | What it means |
| - | - | - | - |
| **A** | Prime | 80 and up | Deep, traded, priceable, more than one way out |
| **B** | Sound | 62 to 79 | A real market missing one or two things |
| **C** | Thin | 42 to 61 | Fine in small size, not much more |
| **D** | Fragile | under 42 | One pool, barely traded, or volume that is not real |

## Why a token has no score

> [accordion] no\_market
>
> 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.

> [accordion] unverified
>
> 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.

## 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](https://github.com/DimiMili/stonkpile). 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](https://stonkpile.xyz/docs/concepts/record.md).


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