> For the complete documentation index, see [llms.txt](https://docs.miragefi.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.miragefi.org/roadmap/phases.md).

# What is live and what is next

What is live, what is capped, and the order in which the venue expands.

The venue grows in phases, and each gate between phases is a published criterion rather than a date. Caps rise and features ship when the record justifies them. The dates below are targets; the gates are the commitments.

## Phase 0: testnet (complete)

The full protocol ran on Robinhood Chain testnet against Robinhood's testnet Stock Tokens and faucet: vaults, RFQ, router, eligibility, explorer. That testnet deployment remains as staging, and every release passes through it. See [Deployment](/architecture/deployment.md).

## Phase 1: guarded mainnet (live)

* Tier A markets: tokenized SPY, QQQ, AAPL, MSFT, NVDA, each against USDG.
* Anchor vaults on launch parameters, with per-market TVL and daily volume caps as set in the [listing framework](/assets/listing-framework.md).
* RFQ running with founding makers; trader, LP and maker attestations being issued.
* The trade explorer and the [execution quality](/transparency/execution-quality.md) dataset publishing from the very first fill.

**Gate to Phase 2:** two clean audits published, 60 days of execution-quality history with median `OPEN` fills inside tier targets, and zero band or withdrawal invariant events.

## Phase 2: catalogue and caps

* Tier B and C Stock Token markets added in batches as feeds and bytecode reviews are completed: the long tail is the point.
* Cap raises via the timelock, each one citing the record accumulated so far.
* LP onboarding opened beyond the founding group, jurisdiction by jurisdiction as the [compliance](/compliance/model.md) work lands.
* Portfolio surfaces finished: cost basis, share-term display, LP analytics, CSV export.

**Gate to Phase 3:** sustained two-sided vault performance across tiers through at least one high-volatility week and one long weekend, with no manual intervention.

## Phase 3: infrastructure

* The public [API and SDK](/architecture/api.md) leave beta; aggregator and wallet integrations; agentic order flow treated as a first-class integrator, given where the chain is heading.
* Cross-chain listings start, following the [asset roadmap](/assets/asset-roadmap.md): tokenized treasuries first, then gold, over CCIP, each passing the full listing checklist.
* Execution algorithms for working large orders over time (TWAP along the vault path).

## Phase 4: governance handover

Parameter control passes from the foundation multisig to the governance module, keeping the timelock, the published rationale and the [prohibitions](/transparency/governance.md) intact. What changes is who proposes, not what a proposal can do.

## What is deliberately not on this roadmap

Leverage, margin, perpetuals or lending. Adjacent products belong to other protocols; the venue's ambition is to be the place where RWAs trade properly, and every phase of the roadmap is spent on exactly that.


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