Q markLiquidPublic Surface

Controlled market surface

Markets

Liquid may look like a swap venue later, but it behaves as a controlled liquidity machine. Pools are for supported assets, route-bound wrappers, settlement services, and stack utility, not permissionless listing or fake volume.

Market status

Liquid market movement remains closed until Liquid-owned evidence explicitly opens a route. The public page can describe the machine without pretending the machine is open for use.

Market statePublic market closed
Open markets0
Gate ladderService promotion gated
SettlementAcknowledgement gates tracked
RiskCadence, quarantine, and refusal gates rooted
BoundaryLiquidity is not backing

Pool classes

Pool class matters. A ticker, demand spike, wallet request, or public comment does not create a Liquid pool.

Stack utility pools

Markets needed for ordinary stack movement, payment, wrapper motion, settlement acceleration, or operational liquidity.

Supported market pools

Assets already admitted to Liquid's supported-asset set, with source identity, route, risk, and settlement posture pinned.

Bridge-admitted pools

Assets delivered through Bridge law with route receipts and a clear in-stack representation. Liquid may move the representation; Bridge owns border meaning.

Refused pools

Unsupported assets, unclear wrappers, quarantined assets, or assets whose backing and route of origin are not known well enough for Liquid settlement.

Candidate rails

These are policy candidates and service-liquidity rails, not live pool listings. Every asset still needs source, denom, route, quarantine, and pool-class binding.

Stack-local

MALI, QUAD, stQUAD, BIGHT, and OBOL are stack-native surfaces that may support ordinary stack utility once law and routes are explicit.

Cosmos service rails

ATOM, OSMO, USDC, STRD, DYDX, AKT, TIA, LAVA, AXL, NTRN, INJ, and RUJI can be considered where service work, payment, relayer funding, or settlement support needs them.

Boundary-cleared assets

BTC, ETH, SOL, SUI, JTO, LINK, MKR, ONDO, PENDLE, USDe, PAXG, PAX, and KAG belong behind source-chain clearance or explicit chain law before Liquid treats an in-stack representation as tradable.

Payment rails

RPC and stack services already make several Cosmos assets operationally relevant. Liquid can keep those rails visible without calling them open markets.

What opens a market

A market opens from evidence, not from attention.

1. Source routeRoute-bound source evidence proves the path is constrained before movement is treated as available. 2. Wrapper meaningWrapper posture preserves source identity, backing condition, redemption condition, risk class, and failure mode. 3. Risk statusRisk, quarantine, cadence, and refusal labels must stay visible beside market status. 4. Sustained windowThe production-profile window has to execute before throughput or service-promotion language becomes available. 5. Public receiptPublic JSON must show the route, source, blocker, and market-open flags without exposing private procedure.

Market refusals

These refusals keep Liquid from becoming a loose exchange page by accident.

  • No permissionless pool creation. Demand alone does not create a supported asset or route.
  • No fake volume. Circular incentives, self-trading loops, and emissions pretending to be revenue are refused.
  • No reserve backstop claim. Liquid depth, wrappers, or route activity do not create Core custody, Core worth, or Core redemption.
  • No untraceable wrapper. A wrapper that cannot show source, risk, backing or custody condition, and failure mode is not market-ready.
  • No market-open inference. Public pages, crawlers, summaries, charts, or registry metadata do not open Liquid markets.