Sameness is a test, not a brand.

Issuers will put a familiar name on a token. Venues will list it next to a dollar price. Social posts will treat the suffix as a formality. None of that is a test.

Here is the test we use on this desk.

Check 1 — the sentence in the document

Read the sentence that begins “the holder is entitled to.” If that sentence gives you the listed share, with the voting, the dividend, and the insolvency place of a shareholder, you may be looking at an entitlement product. If it gives you a claim on an issuer, a note, a fund unit, or a right to redeem through a gate, you are looking at a wrapper or a vehicle.

Two honest products. One dishonest headline.

Our glossary already keeps “backed versus synthetic,” “equity token,” and “NAV.” Use those words. Do not invent warmer ones.

Check 2 — the box

Someone has to hold the thing the token names, or hold cash against a redeemable claim, or admit they hold neither. Attestations, administrator reports, and proof-of-reserve style letters are how Check 2 is done in public. Silence is also an answer.

A wrapper can be 1:1 in the box and still not pass Check 1. That is allowed. What is not allowed is skipping the box and pointing at the chart.

Check 3 — the marks agree

A cash last print, an issuer NAV, a wrapper last trade, and two oracle vendors should be able to sit in one row without humiliating each other.

When they cannot, write down why.

• One feed is stale.
• One feed is looking at a different venue.
• The cash session is closed and the wrapper is still talking.
• The token is multi-share and nobody divided.

“Multi-oracle consensus” on this site is that row, with a stale flag, not a vibe.

Check 4 — the premium in basis points

Premium (and discount) is:

(token_price − NAV) / NAV

printed in basis points, not in slogans.

A token at 100.08 against a NAV of 100.00 is +8 bps, not “up a little.” A token at 108 against 100 is +800 bps, which is a different species. If your eyes cannot tell +8 bps from +0.80% from +8.00%, the panel is wrong. Ours are required to carry a unit on every number.

Off-hours, a fat premium can be a forecast of the next open. During hours, a fat premium that survives an open mint window is either friction or a broken box. A fat discount with an open redeem window is the same sentence in reverse.

Phantom spreads

A dashboard can show venue A 40 bps through venue B. That is not yet money. Subtract fees, gas-as-bps, the mint/redeem spread, and whether the cash name is even open. If the edge dies in that subtraction, it was a screenshot. We keep that verdict on the private desk. The public directory will at least not pretend a closed window is a market.

What you can see without paying

/asset — the directory with premium in bps and the share-structure footnotes.

/data — which names are the day’s outliers.

/glossary — the words.

The Office adds the heatmap, the oracle row, the Agent that will run “is this token the stock?” as a chip and mount the panels. Three Office panels stay free. The test above does not require the paid room. The paid room is for running the test on many names at once without rebuilding the page.