Listing and adapters

A symbol trades once its adapter is ratified.

Listing is not a committee decision. A symbol becomes tradable once a price adapter for it exists and has been ratified.

propose → bond → shadow (90 days resolving in public,
                     nothing depending on it)
        → ratify → live → earn

Adapters are bonded and slashable on proven misresolution, and forkable: anyone may propose a competing adapter for the same source, operators choose between them, and the better specification wins on disagreement rate. This is closer to open source package maintenance than to governance.

Why this makes the claim real

An exchange that says it lists any stock is making a claim about adapter coverage, not about ambition. The constraint is how much of the economy someone has written an adapter for, and adapter authorship is open precisely because no core team can cover release calendars, revision policies and corporate action quirks across every asset class.

Corporate actions

The unglamorous hard part. Every price claim stores its adjustment policy at commitment time, so the rule cannot be chosen after the outcome is known. Most naive designs break here.