Part IV: The state of it

13. What is deployed

Solana. One key owns all of it, which is acceptable for a run of this size and must not survive past it.

External: USDG 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168, v4 PoolManager 0x8366a39CC670B4001A1121B8F6A443A643e40951. Owner and deployer: 0x4C9fE79EcA3B34b95944449EF126fAd3fe5a9061.

Five launches have run end to end, each a meme quoted in the fSHARE it settles in, with eight Uniswap v4 pools carrying real two-sided liquidity. The most recent graduated with zero burn and 23.4% of supply into its pool.

The genesis set

Thirty-six markets, chosen by market capitalisation from the companies with no token on Solana. The symbol is always f + ticker: fSAMSUNG, fTENCENT, fLVMH. The ERC-20 name is the company plus a suffix, so fNINTENDO is "Nintendo Co Ltd (Float)". "fSHARE" is the noun for the asset class and is never a symbol.

Backing route is per market, not a claim about the system. share-backed means the market's reserve is the ordinary share itself, held in custody and converted from whatever units the statement uses. ReserveBook.gated is set per market rather than globally, so a route changes with a single call and without a redeploy or a migration.

Every ADR ratio above was derived from live prices, not from a depositary fact sheet, for the reason section 6.2 gives at length: a published sheet put NTDOY at 1:8 where the price relationship said 1:0.25, and shipping that would have run Nintendo at a quarter reserve with every on-chain view agreeing with itself. Twelve of them landed exactly on a standard depositary ratio. It is the same number setCustodyUnit takes, so the price side and the custody side use one verified constant rather than two.

Two names were excluded deliberately, and it is worth saying rather than leaving a gap. SMIC (0981.HK) and China Mobile (0941.HK) are prohibited holdings for US persons under the NS-CMIC executive order, and their US lines were delisted under it, which is why their quotes come back empty. Every other wall in this set is plumbing, and plumbing can be crossed once and reused. That one is permission, and no custody engineering crosses it.

Confirming a market is real

The addresses below are here so the claim can be checked rather than believed. Resolve them yourself rather than trusting this page:

Registry.addrs("LISTINGS")   ->  the Listings contract
Listings.allAssetIds()       ->  every market that exists
Listings.listings(assetId)   ->  its token, status and parameters
token.symbol() / token.name()

All thirty-six are listed. fNINTENDO is a separate market that predates the set, at 0xE609DA2f8A8d85AF4AE7Ec500724D91F69Eeb93c, and it is the only one with a live oracle feed of its own history.

fNINTENDO predates the genesis set and is the only market with a live oracle feed today. Listing of the rest is in progress, so treat the table above as a snapshot and allAssetIds() as the answer.

Two markets currently rest on a single price source. Both posters carry all thirty-six, but EODHD's plan covers neither the Tadawul listing nor the KIOXIA line, so fARAMCO and fKIOXIA are priced by the Yahoo poster alone. They are in the median and they are fresh, and they have no second vendor behind them, which is a different risk from the other thirty-four and is worth knowing before it matters rather than after.

Four names carry a terser ERC-20 name than the rest. fARAMCO, fSAMSUNG, fTENCENT and fROCHE were listed before the naming was settled, so they read "Samsung (Float)" where the later ones read "Samsung Electronics (Float)". The symbols are correct and consistent throughout, so nothing above is wrong; it is the display name only.

Three further assets exist on this Listings, fNTDO, fNTDO2 and fNTDO3. They are internal test lines carrying a fixed price, not markets, and they are excluded from the launchpad for the same reason they are named here rather than listed above.

reserveValue lives on the Desk, not on ReserveBook, and it is worth knowing why it exists at all. It is a term in the Desk's solvency line:

equity = availableLiquidity + reserveValue - liability

Deliberately not stated as an invariant: that nothing is trading. Halted is the designed birth state for a curve-funded market and it goes Live on its first buy, funded by that buy, so a market changing status is the system working rather than a change of plan. Read the reserve, not the status.

Live parameters

285 unit and integration tests, plus fork tests against live chain state.