FXDEX is a closed-loop utility. A public-chain issuance is not on the roadmap. If it is ever considered, all five criteria below must be publicly verified — no exceptions, no shortcuts, no "soft launches". Any 4/5 answer is a NO.
Any 4/5 is a NO. Overall percentage is informational only — mainnet activation requires 100% on every single criterion and an explicit public go-live decision.
What is done, what is still open, and when the next public update is expected.
| Criterion | Status | Next action | Next update |
|---|---|---|---|
1. Issuer sovereignty & freeze-surface disarmed | In progress | Publish list of 5 multisig signers and rotation policy. | 15 Sept 2026 |
2. Soroban-only locks, no claimable balances | Not met | Draft first Soroban lock contract (LP + vesting) and open public review. | 31 Oct 2026 |
3. Genuine external liquidity demand | Not met | First measurement will be scoped only after criteria 1, 2 and 4 are green. | 31 Jan 2027 |
4. Legal & regulatory clearance | Not met | Send formal RFP to two EU-licensed law firms for MiCA utility-token opinion. | 01 Dec 2026 |
5. Closed-loop track record & proof-of-recycle | In progress | Publish first monthly recycle report (40% treasury / 40% LP / 20% buy-back). | 31 Aug 2026 |
Dates are planned public review checkpoints, not commitments to reach 'met'. If a checkpoint slips, the delay is documented here — never silently.
The FXDEX issuer account must be signed personally by the owner in Stellar Laboratory (never by an AI agent or hosted key), and must have SET_OPTIONS clear_flags executed to permanently disable AUTH_REVOCABLE, AUTH_REQUIRED and AUTH_CLAWBACK. Master key weight set to 0, multisig 3-of-5 with published signers.
Evidence: Testnet issuer created & locked (master weight 0). Mainnet multisig signers not yet published.
All supply, LP and vesting locks live in audited Soroban smart contracts with public source code. Claimable balances are explicitly forbidden — they can be reclaimed by the sponsor and are not real locks.
Evidence: No Soroban contracts drafted or audited yet.
At least 500 unique external Stellar wallets (not @miha-owned, not internal accounts) have signed a formal trustline-request declaring intent to hold FXDEX for utility, published on-chain via data_entry. No airdrop-farming, no incentivised sign-ups.
Evidence: 0 / 500 external trustline-intent declarations. Closed-loop by design — no on-chain demand can exist yet.
Written MiCA utility-token opinion from an EU-licensed law firm, Slovenian FURS pre-ruling on tax treatment, and a signed 14-day public comment window on the issuance whitepaper with no unresolved objections from the founder circle.
Evidence: Internal LSIT & USDL doctrines published. MiCA opinion and FURS pre-ruling not requested yet.
At least 12 consecutive months of published fee-recycling settlements on /fxdex (40% treasury / 40% LP / 20% buy-back), zero freeze events on the internal ledger, and independent countersignature by the Tauranis arbiter on each monthly transparency report.
Evidence: Closed-loop running ~1 month. 11 more consecutive months of published recycle reports required.
A locked issuer with no real demand is a red flag on our own /trust/scam-watch checklist. Minting first and hoping for demand later is exactly the pattern we warn users about. Closed-loop is not a fallback — it is the safest default until the ecosystem earns the right to a public asset.
Public links to the doctrines, policies and on-chain / security checks that back every criterion above. Everything is versioned in the repository — no private PDFs, no marketing decks.
Missing something? Open an issue or contact us at trust@lovecoin.life — we add every legitimate audit or third-party review to this list.