tKalshi
T-Kalshi · Private company
What you own
- Claim depth
- rung 1 of 4 — unsecured claim on the issuer
- Legal form
- Structured note
§
confirmedIn return for a Stablecoin Loan, the relevant Issuer will issue to that User an amount of Stablecoin Loan…
terms.tessera.pe ·Terms and Conditions, s. 2.1(b) 'Lending'· read - What the holder owns
- An unsecured stablecoin-loan participation right against one named Panama issuer entity, repayable only out…
§
confirmedThe obligations of that Issuer in respect of that Stablecoin Loan are limited to the Liquidity Event Proceeds…
terms.tessera.pe ·Terms and Conditions, s. 2.2(a)(iii)…· read - Issuing entity
- Tessera Works Foundation ("TWF"), a Panama foundation registered at folio 25063391, registered office Ricardo…
§
confirmedEach Issuer is a dedicated issuing subsidiary of Tessera Works Foundation, registered in Panama at folio…
terms.tessera.pe ·Disclosures (Date last updated: 28 August…· read - Jurisdiction
- Panama (foundation and per-token issuer entities); Cayman Islands (SPC…
§
confirmedPrivate equity exposure backing the live markets (T-SpaceX, T-Kalshi, and T-OpenAI) is held in segregated…
docs.tessera.pe ·section 'Proof-of-Reserve (PoR)' -> how the…· read - Governing law
- Singapore law, "without giving effect to its principles or rules of…
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confirmed10.1 These Terms shall be governed in all respects, including as to validity, interpretation and effect, by…
terms.tessera.pe ·Terms and Conditions, s. 10 'Governing Law and…· read - Regulatory status
- Unlicensed and structured to sit outside securities regulation. Docs: "The product carries a non-security…
§
confirmedT-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by…
docs.tessera.pe ·page disclaimer hint block· read - Redemption
- yes — Any holder during the Redemption Period, whether the original lender or a… · rails: Holder burns the T-Tokens to the Tessera smart contracts to claim the… · fees: 0% on acquisition; 0.2% (20 bps) on sells and transfers, enforced on-chain…
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confirmedSubject to these Terms (including the remaining provisions of this Section 2.2), a User holding Stablecoin…
terms.tessera.pe ·Terms and Conditions, s. 2.2(a) 'Redemption'· readconfirmedTWF and the relevant Issuer may require a User to provide such information as that Issuer may require in…
terms.tessera.pe ·Terms and Conditions, s. 2.1(d) 'Lending'· readcontradicted-correctedwhich Redemption Amount shall be denominated in USDC or USDT as the relevant Issuer may determine in its sole…
terms.tessera.pe ·Terms and Conditions, s. 2.2(a) 'Redemption'· readconfirmed"extension":"transferFeeConfig","state":{"newerTransferFee":{"epoch":987,"maximumFee":18446744073709551615,"tr…
api.mainnet-beta.solana.com ·rpc:getAccountInfo oPAiAikWTaFj9RYoRFD35ccfwhnMc…· read - Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism freeze-authority
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confirmed* transfer freely to anyone
docs.tessera.pe ·section on what you can do with T-Tokens· readconfirmedAnyone can participate permissionlessly with a wallet and as little as one dollar and no KYC required.
docs.tessera.pe ·section 'Opportunities', bullet 'Access becomes…· readconfirmedAccordingly, Excluded Persons (as defined below) should not access and/or use Tessera
terms.tessera.pe ·Terms and Conditions, highlighted preamble…· readconfirmedTessera's on-chain state is monitored continuously by … an established on-chain security vendor, so threats…
docs.tessera.pe ·docs, Threat Monitoring & Response, "Real-Time…· read - Dividends
- none
§
confirmed**What T-Tokens are not:** T-Tokens are not equity. Holders have no ownership, voting, or dividend rights in…
docs.tessera.pe ·section 'What T-Tokens are not'· read - Voting
- none
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confirmed**What T-Tokens are not:** T-Tokens are not equity. Holders have no ownership, voting, or dividend rights in…
docs.tessera.pe ·section 'What T-Tokens are not'· read - Ledger maturity
- Level 3 · score 4
Reference & premium
- Reference source
- issuer-mark
- Reference price
- $413.80
- On-chain price (Jupiter)
- $446.15
- Premium
- +7.82%
- How the reference is derived
- tessera mark price, self-published by the issuer; no publish time in that…
After-hours premium
No session split yet — this needs a full session of tape on both sides of the underlying market's open.
Depth, volume, activity
- Liquidity
- $172.3k
- Volume 24 h
- $196.9k
- Organic share
- 3.8% of $7.4k
- Flow 24 h
- 6,295 trades · 295 traders · 21.3 per trader
- Venues
- 1 DEX pair(s) · 1 exchange market(s)
- Last trade seen
- on Meteora
- Holders
- 2,661
- Market cap
- $695.1k
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 69.6% / 81.7% / 86.9%
- Top 1 / 5 / 20, raw
- 69.6% / 87.8% / 95.1%
- Distinct owners in the top 20
- 20
- Frozen accounts in the top 20
- 0
- Supply
- 1,557.90
| Owner | Share |
|---|---|
CGYxcq…suff | 69.61% |
EXvTtx…h7YW issuer-authority | 8.20% |
G13wvp…MS4P | 3.65% |
CMgRAG…nQXW | 3.35% |
52Y1fg…cp5U | 2.96% |
Control surface & key governance
- Clawback
- no
- Freeze authority
7n2PNc…Et8o- Pausable
- no
- Allowlist
- no
- Transfer fee
- 20 bps
- Transfer hook
- no
- Mint authority
- Hot key
§
confirmed"mintAuthority":"EXvTtxurWBUNNCtLojaN8ZBJFNJPZFSH3szoih9hh7YW"
api.mainnet-beta.solana.com ·rpc:getAccountInfo oPAiAikWTaFj9RYoRFD35ccfwhnMc…· read - Freeze authority held by
- Hot key
§
confirmed{"blockTime":1780820372,"confirmationStatus":"finalized","err":null,"memo":null,"signature":"21DUPxVvQRCf8fT6R…
api.mainnet-beta.solana.com ·rpc:getSignaturesForAddress 7n2PNcDXVDMK2m8dyV9c…· read - Permanent delegate
- Unknown
§
confirmed"extension":"transferFeeConfig"
api.mainnet-beta.solana.com ·rpc:getAccountInfo oPAiAikWTaFj9RYoRFD35ccfwhnMc…· read - Rebase authority
- None
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confirmed["transferFeeConfig","metadataPointer","tokenMetadata"]
api.mainnet-beta.solana.com ·rpc:getAccountInfo oPAiAikWTaFj9RYoRFD35ccfwhnMc…· read - Evidence
- stocks/findings.md (Multisig evidence, 2026-09-16): the freeze key 7n2PNcDXVDMK2m8dyV9cVPNY7p4jM4ZMHv7TzfibEt8…
Verification
- Strength
- 4 of 5 — on-chain PoR
- Type
- Chainlink por
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confirmedAudited asset counts feed into Chainlink's decentralized oracle network, which validates data across multiple…
docs.tessera.pe ·section 'Proof-of-Reserve (PoR)'· read - Agent
- Chainlink SmartData (DataLink) decentralised oracle network, fed by…
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confirmedAll auditors involved in signing off on the attestations of the proof of reserve, which will be shown on this…
docs.tessera.pe ·Tessera Dashboard, transparency panel· read - Frequency
- Chainlink feeds readable on-chain in real time (published on Solana); the…
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confirmedThe feeds themselves are readable on-chain in real time. The attestation behind them — the independently…
docs.tessera.pe ·section 'Proof-of-Reserve (PoR)'· read - Machine-readable
- yes
- Evidence
- docs.tessera.pe/technicals/proof-of-reserve-por
Venues
DEX pools
| Pool | Price | Liquidity | Vol 24 h |
|---|---|---|---|
| meteora USDC bin step 80 · base fee 0.01% (dynamic 0.000%) · fees 24 h $12.95 | $446.24 | $654.5k | $156.9k |
Exchange markets
| Market | Price | Vol 24 h | Last trade |
|---|---|---|---|
| Meteora EPJFWDD5AUFQSSQEM2QN1XZYBAPC8G4WEGGKZWYTDT1V | $445.87 | $170.7k |
Issuer API
The issuer's own numbers, not an independent price, and read at the issuerApi time in the footer — which can be hours older than the rest of this card, so a trading status here may disagree with the reference section above.
- Sector
- Prediction Markets
- Holders the issuer counts
- 2,605
- Mark price
- $413.80
- Mark valuation
- $14.00B
Trust chain
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Colour — who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure, not the source’s words
- asserted — written down, nobody has checked since
- unknown — nothing found for the fields this link rests on
Line — how it was checked
- onchain — read off the ledger
- attested — a third party vouches for it
- self-reported — only the issuer says so
- none — not verifiable from where we stand
Ownership of the underlyingdocumented · attested
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=structured-note…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.holder=none - no charge, pledge or lien over…
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityunverifiedbankruptcyRemoteunverified
Issuance and redemptiondocumented · onchain
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Any holder during the Redemption…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railscontradicted-correctedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumunverified
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=none…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmed
Voting and information rightsdocumented · attested
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=Everything hinges on a…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · onchain
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=platform-mark…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · self-reported
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Unlicensed and structured to…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
The fields behind each grade, with their values, on the issuer panel
What if…
23 documented9 inferred2 unknown4 n/a
The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Nothing is recovered and nobody helps. There is no lost-token, replacement or reissuance clause in any Tessera document, the mints carry no permanent delegate…
documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?
No recourse from Tessera. The Terms disclaim responsibility for anything you do with a third party, including wallet and oracle providers, cap total liability…
inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
Whoever ends up with your keys ends up with the claim; nobody else can get it. No Tessera document mentions death, an estate, probate, heirs or a beneficiary…
inferredA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
A court can order it and Tessera cannot execute it. No clause in the Terms addresses court orders, seizure, attachment or a receiver, and on-chain the issuer's…
documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?
You keep the tokens and can still sell them — nothing sits in the transfer path — but you are in breach from that moment: the eligibility representations are…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Your tokens are not seized — there is no clawback and no burn power over a holder's balance — but you can be cut off in three ways: the issuer may refuse to…
Wallet or venue
inferredThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
The question barely arises: there is no custodial venue in this structure. T-Tokens are ordinary Token-2022 mints held in self-custody wallets (the docs…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
No venue can delist you out of your own wallet, because none of them holds the token. What can disappear is the market: liquidity is a Meteora pool plus…
Token program and keys
documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?
Your token account can be frozen, and accounts have been: on 2026-06-07 the freeze authority froze two separate T-SpaceX token accounts and thawed each within…
n/aThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?
This cannot happen on these three mints. None of them carries the permanentDelegate extension, so there is no delegate that can move your tokens, and a…
documentedThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?
A compromised mint authority is the real exposure: it could issue T-Tokens with no underlying exposure behind them, diluting every holder's share of the same…
documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?
Upgrades are unilateral: one Fireblocks wallet holds the upgrade authority for the Token and Referral programs, the Terms make the smart contracts modifiable…
n/aThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
There is no multiplier or supply adjustment to get wrong. None of the three mints carries the scaledUiAmountConfig extension, so no holder balance can be…
Token issuer
inferredThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?
You are an unsecured creditor of a Panama shell whose own claim is one layer further out, and nothing is ring-fenced for you. The Terms give you no proprietary…
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
There is no wind-down mechanism at all: no notice period, no early redemption, no unclaimed-asset regime and no successor. Support for redemption itself may be…
documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
Your counterparty can be swapped without asking you, and it already has been: the Disclosures record a Notice of Novation of Issuer substituting SPX Tessera…
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
You bear it in full, pro rata, and there is no remedy against anyone. The Issuer owes only the Liquidity Event Proceeds it actually receives, with recourse…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
There is nothing to refuse until three conditions the issuer side controls are all met: a Liquidity Event, receipt of the proceeds in full, and a Redemption…
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Unilaterally, with no notice period and no exit. Changes bind you when you next use Tessera, and continued use alone counts as agreement — there is no holder…
Tokenization provider
inferredThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?
There is no separate provider to fail. TWF developed, deployed, maintains and may modify the smart contracts, owns every Issuer, and is the only party that can…
Transfer agent
n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
There is no transfer agent and no share register in this structure, so nothing can lapse. The claim is a contractual loan participation embodied in the token…
Security agent or trustee
n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
There is no security agent or trustee, because there is no security. The docs state twice that the loan to the Issuer "is not collateralised by the underlying…
Custodian or prime broker
unknownThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?
We could not establish who holds the underlying exposure, so we cannot say what happens if they fail. No share custodian, prime broker, nominee, depositary or…
unknownThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
Nothing permits it and nothing forbids it. Neither the Terms, the Disclosures nor the docs mention securities lending, rehypothecation, pledging or encumbrance…
Attestor or oracle
documentedThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
Nobody is liable to you. The Terms disclaim responsibility for oracle providers outright and cap total liability at the transaction fees you paid in the…
Underlying company
documentedThe company is acquired or merged, for cash or for shares. What do I receive, and when?
A cash acquisition is the clean path: the Issuer divests all interests in the investment, the proceeds reach it, TWF must announce a Redemption Start Date…
inferredThe company is delisted or goes private. Does the token terminate, and at what value?
Nothing happens to your token. It has no maturity, no termination trigger and no valuation event other than the Issuer's own divestment, so a delisting or a…
inferredThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
You take no part in any shareholder recovery — you are not on the cap table and hold no interest in the shares — and the token does not so much go to zero as…
inferredA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?
Nothing is mirrored, and on this structure nothing needs to be: your entitlement is a fixed proportion of a loan series, not a share count, so a split, reverse…
documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?
You get nothing and there is no claims procedure, and the structural reason is sharper than the disclaimer: the Redemption Amount is defined only as a share of…
documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
Nobody in the chain withholds for you and nobody reports for you, as far as any document says. The Terms put the entire tax position on the holder and disclaim…
documentedFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
If the event happens you receive your principal share of the stablecoins the Issuer actually receives — but only inside a 90-day window that TWF alone opens…
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
You cannot vote and no document says who does. T-Tokens are not equity: holders have no ownership, voting or dividend rights in the underlying company and do…
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
No price applies to the thing that matters. Redemption is not priced off any market: the Redemption Amount is your principal share of the stablecoins the…
Law, regulator and courts
inferredA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?
No Tessera document says what happens, and there is nothing to revoke: the product is unlicensed and rests on an unpublished Singapore non-security opinion…
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
The risk is assigned to you and nothing follows from it. You warrant that your use is lawful where you are, and you acknowledge the substantial uncertainty…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
You arbitrate, alone, in Singapore: SIAC rules, a sole arbitrator appointed by the SIAC President, English language, Singapore substantive law with…
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
Tessera may simply stop working and the loss is yours. The dangerous interaction is the redemption window: it is a hard wall-clock period — 10am Panama time on…
Sources
- https://terms.tessera.pe/terms-and-conditions
- https://terms.tessera.pe/privacy-policy
- https://docs.tessera.pe/features/trade
- https://docs.tessera.pe/features/redemption · archived copy
- https://docs.tessera.pe/technicals/threat-monitoring
- https://api.mainnet-beta.solana.com
- https://docs.tessera.pe/overview/how-do-tessera-token-work · archived copy
- https://docs.tessera.pe/technicals/proof-of-reserve-por · archived copy
Full answers, with the quotes, the notes and where we looked, on the issuer panel
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | warning | 7.82 | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: issuer-mark · reference price: 414 · age seconds: — · market open: — · usd price: 446 | on-chain price is 7.82 % above the issuer-mark price |
| Pool liquidity | good | 172000 | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: 172000 · dex pairs: 1 | $172288 of reported liquidity across 1 DEX pair |
| Organic flow | caution | 3.75 | ≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warning | organic share pct: 3.75 · trades per trader: 21.3 · trades24: 6300 | 3.75 % organic share and 21.34 trades per trader over 6295 trades |
| Failed swaps | not measured | — | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: — · pools counted: 0 · signatures seen: — · failed tx: — | no swap pool was sampled for this mint |
| Holder concentration | warning | 69.6 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 69.6 · top5 share pct excluding labels: 81.7 · top20 share pct excluding labels: 86.9 · top1 share pct: 69.6 · excluded: issuer-authority/8.2 · distinct owners top20: 20 | the largest unlabelled wallet holds 69.61 % of supply, 1 labelled account set aside |
| Reserve verification | good | 4 | strength ≥ 3 good · strength 1–2 caution · strength 0 warning | custody type: chainlink-por · machine readable: yes · verification label: on-chain PoR | verification strength 4/5 — on-chain PoR, machine-readable |
| Authority keys | caution | — | a multisig or a program good · a hot key caution | mint: hot-key · freeze: hot-key · delegate: unknown · rebase: none | mint, freeze authority held by a hot key |
| Trading pause | not measured | — | not paused good · paused warning | control paused: — · issuer api paused: — | neither the mint nor an issuer API reports a pause state |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 1 | only 1 venue price this token, so there is no spread to measure |