Builder-deployed marketsPermissionless creation of synthetic exposuresConstraint: Regulated access and real-asset clearing
New venues78LiveIndependent market-formation observatory
Track how new markets come into being.
Follow attempts to make illiquid assets, scarce resources, and ideas legible, financeable, and genuinely tradeable—from first standard to final settlement.
Prototype observatory
Market formation index
IndexMarketCategoryReadinessStage
Tokenized public equitiesPortable digital claims on listed sharesConstraint: Legal ownership and registry integration
Real assets72LiveGPU compute contractsForward access to scarce computing capacityConstraint: Standard units, delivery, and benchmark quality
Compute & data66EmergingPrivate SaaS secondariesContinuous reference pricing for private sharesConstraint: Disclosure, transfer restrictions, and fragmented supply
Private assets58EmergingTokenized real estateFractional ownership and secondary liquidityConstraint: Trust, servicing, securities law, and local title
Real assets54EmergingSynthesized exotic optionsCustom payoffs assembled from clearable primitivesConstraint: Reliable marks, hedging cost, and legal wrapper
Derivatives46ProposedResearch and thesis marketsFinanceable research with contributor attributionConstraint: Validation quality and non-speculative incentives
Knowledge36ProposedInstant FX settlementAtomic movement of currency and ownershipConstraint: Netting economics, legal finality, and adoption chains
Settlement34ProposedPrototype only: readiness scores and stages are illustrative, not investment assessments.
Formation stack
A market is more than a listing.
Legibility
Can the asset, claim, or resource be understood and measured?
Standardisation
Can many participants trade identical or offsettable units?
Trust
Are disclosure, validation, and ownership credible?
Price discovery
Can participants form a reliable, observable mark?
Liquidity
Can buyers and sellers enter, exit, and size positions?
Clearing
Can risk be margined, netted, and mutualised safely?
Settlement
Can cash and ownership move with reliable finality?
Regulation
Who may issue, access, operate, and enforce the market?