QRLI · the asset score

Score an asset.

Pick a tracked tokenized RWA. The six components light up with the current measurement — spread, exit cost, off-hours, fragmentation, collateral readiness, maker quality. Each one is a question a buyer needs answered before they list, lend against, or fund the market.

Pick an asset.

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Spread · to reference
—
How expensive is the visible market today?
Exit cost · ladder by size
—
What does a holder actually receive at $10k / $50k / $250k?
Off-hours premium
—
Does the asset break outside normal hedging hours?
Fragmentation
—
Where is the real exit path?
Collateral readiness
—
Can a lending protocol actually liquidate this?
Maker quality
—
Who delivered the spread, and at what fill quality?

Spread + exit are derived from the live Solana shadow pipeline. The qualitative cells (off-hours, fragmentation, collateral) use canonical archetype policy and will replace with measured Pulse data as it lands. Maker quality leads with our bootstrap maker until external dealers join.

Deep methodology — what each component means, how it's measured, what it doesn't claim. Open if you're an analyst, lender, or maker integrator.

Definition

QRLI is not an investable benchmark, credit rating, or asset-quality rating. It is an execution-readiness framework for tokenized real-world assets — the score asks whether a specific asset, on a specific chain and venue set, can be used by a holder, protocol, wallet, liquidator, or sponsor without discovering the true cost only at trade time.

Components

ComponentDefinition
SpreadQuoted and effective spread versus an approved fair-value reference.
Exit CostExecutable route output by size, including fees and slippage.
Time-Liquidity PremiumSpread and exit-cost degradation by session, weekend, and stale-reference window.
FragmentationLiquidity split across wrappers, chains, venues, bridges, and issuer constraints.
Collateral ReadinessOracle freshness, liquidation route, transfer constraints, and degradation triggers.
Maker QualityDealer quote tightness, uptime, fill quality, and no-pay conditions.

Data model

QRLI is stored by asset epoch, not as a one-off article. A minimal record contains: asset_id, reference_price, exit_cost_bps_by_size, route_confidence, off_hours_premium_bps, collateral_readiness_state, sponsor_gap_bps, maker_quality_epoch.

Product uses

  1. Readiness sprint: should this asset be listed, routed, or accepted as collateral?
  2. Sponsored market: is there a measurable gap worth funding, and what no-pay conditions should apply?
  3. Route-quality signal: should a wallet, venue, or liquidator warn, route, or pause?
  4. Public Pulse: which market-quality problems are visible enough to publish?

Caveats

Not a rating. QRLI doesn't say the asset is safe, valuable, compliant, or suitable for any investor. It measures execution readiness.

Not an investable index. No one should treat QRLI as a tradeable benchmark, portfolio signal, or recommendation.

Not always public. Issuer-specific readiness data can be private first when publication would expose unfinished routes, restricted assets, or unverified transfer constraints.

Sources

  1. RWA.xyz
    RWA data catalog and API overview.
    docs.rwa.xyz/api/overview
  2. Pyth
    Price feeds and Solana push feed docs.
    docs.pyth.network
  3. Chainlink SmartData
    NAV, reserves, proof-of-reserves, and asset data infrastructure.
    chain.link/smartdata
  4. CoinGecko
    RWA Report 2026 — market-size and asset-class context.
    coingecko.com/research/publications/rwa-report-2026
Use QRLI

Use the methodology for an asset, route, or market.

Start with a readiness sprint, sponsor-market design, or route-quality review.