> ## Documentation Index
> Fetch the complete documentation index at: https://docs.melt.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Listing Lifecycle

> Four-phase process from proposal to public trading

## Philosophy

Melt enforces a strict governance and operational framework for all supported assets. Unlike permissionless bridges, Melt curates every listing.

> We do not list everything. We list what matters.

Community suggestions are considered, but final authority belongs exclusively to the Core Team under a Safety-First framework.

## The Four Phases

### Phase 1: Proposal & Evaluation

Selection criteria:

* **Liquidity Check** — excludes low-volume assets that threaten peg stability
* **Bridge Security** — requires compatibility with Lock & Mint security standards
* **Strategic Fit** — prioritizes assets that generate volume and revenue

### Phase 2: Technical Deployment (HIP-1)

Following approval, technical onboarding begins on HyperCore:

* **Ticker Auction** — Melt participates in Hyperliquid's HIP-1 auction mechanism for official spot tickers (e.g., `QQQ`, `TSLA`)
* **Contract Configuration** — token parameters (decimals, display name, maximum supply caps) are configured to match underlying asset specifications

### Phase 3: Liquidity Bootstrapping

Before retail access, professional entities seed the order book:

* Designated Market Makers (DMMs) deposit underlying collateral into Melt Bridge via the Direct Mint interface
* DMMs populate the Hyperliquid order book with dense bid/ask limit orders
* The objective: Block 1 of public trading provides spreads and depth comparable to centralized exchanges

### Phase 4: Public Bridge Activation

Once liquidity metrics thresholds are met (spread tightness and depth), Smart Buy and Direct Mint contracts are activated for the general public.