The Stabull Team is proposing formally outlining the listing and delisting criteria for the DEX. The vote is at Snapshot with 5 days for discussion, ahead of a 3 day voting period.
Summary
This proposal formalises how assets are listed on Stabull and how pools are managed over time. It confirms Stabull as a curated DEX, where listings are reviewed and maintained against clear standards. It also defines when a pool may be frozen and how the protocol responds when assets no longer meet requirements.
Motivation
To date, Stabull has applied internal standards when listing assets and managing pools, but these have not been formally defined in governance.
In practice, the team has already had to act in situations such as issuer shutdowns, regulatory changes, liquidity moving between chains, and assets remaining live on-chain but no longer viable.
For example, regulated stablecoins may enter or exit sandbox environments, causing issuance to pause or change. This creates uncertainty around whether pools should remain active.
Without clear rules, these decisions rely on judgement alone. This proposal creates a consistent framework for how listings and pool states are handled.
Proposal
Governance adopts a Listing and Pool Lifecycle Framework.
Scope: Global, applies across all supported chains.
Curated Model
Stabull remains permissionless to use, but listings are curated. Assets must meet defined criteria and are reviewed by the protocol team before being listed.
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Listing Criteria
Assets must meet the following to be eligible: -
Issuer transparency: A known issuer or clearly defined governance structure
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Reserve transparency: Clear proof of backing at all times (>100%), via audits or on-chain collateral
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Smart contract security: Must pass recognised third-party security checks
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Legal risk: Must not expose the protocol or contributors to legal/regulatory risk
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On-chain activity: Sufficient supply, holders, and real usage
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Design constraints: No algorithmic stablecoins or tokens with transaction taxes
Meeting these criteria makes an asset eligible, but final approval remains with the protocol team.
Pool States (Protocol Level)
Pools have two states within the smart contracts:
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Active: Swaps, deposits, and withdrawals are enabled
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Frozen: Swaps and deposits are disabled, withdrawals remain available
Freezing is used when an asset no longer meets listing standards or creates risk. A frozen pool is closed to swaps and new liquidity additions, although LP’s will be able to withdraw assets at any time proportionally to the ratio of tokens at the time of freezing.
The protocol state is separate from the dApp. Pools may also be hidden or removed from the interface independently.
Conditions for Freezing or Deprecation
Pools may be frozen (and/or removed from the app) if situations such as those outlined below arise:
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Issuer failure, shutdown, or regulatory issues
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Loss of reserve transparency
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Smart contract vulnerabilities
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Chain migration or loss of support
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Supply or liquidity falling below viable levels
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Sustained loss of peg to underlying collateral
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Any situation that could mislead users or create avoidable risk
Operational Authority
The protocol team may:
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Freeze pools
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Remove pools from the app interface
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Disable incentives
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Provide guidance to LPs
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Coordinate wind-downs
LPs remain responsible for managing and withdrawing their own liquidity. The protocol cannot move funds on their behalf.
Rationale
Listings and pool management require ongoing monitoring and fast decisions. Governance cannot react to every situation in real time.
Governance should define the rules, while the protocol team applies them in practice. This ensures consistency while allowing timely action when risks arise.
This proposal formalises what is already happening and makes it transparent.
Expected Impact
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Clear and consistent listing standards
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More predictable handling of failing or changing assets
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Reduced legal and reputational risk
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Better transparency for LPs and issuers
Trade-off: some assets may not be listed, or may be removed if they no longer meet standards.
Out of Scope
This proposal does not change:
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asset listings
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execution logic
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oracle configuration
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operational control
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Risks
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Relies on protocol team judgement within defined rules
Some edge cases may not be fully covered
Potential disagreements on specific listing or freezing decisions
Implementation
The framework becomes protocol policy immediately after approval.
The team will:
Apply the rules to all new listings
Review existing pools against the framework and use judgement to determine if they remain or stay
Freeze or update pools where required
Review
Governance will review the framework after 3 months and update it if needed.