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When deciding on delisting, Orderly comprehensively considers the following four aspects. Additionally, projects that fail to meet the absolute minimum threshold outlined below will be subject to direct delisting, irrespective of their performance in other metrics.

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Direct Delisting Threshold

Trading Volume Floor: Any project whose monthly trading volume consistently falls below the absolute threshold of $20 million will be directly delisted. This threshold serves as a fundamental indicator of a project’s minimum viable market presence and liquidity.

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Evaluation Metrics

The following four aspects are used for comprehensive evaluation and scoring: 1. Trading Volume Orderly sets a benchmark value for the monthly trading volume of a project. This benchmark is one of the important indicators for evaluating a project’s market activity and user engagement. If a project’s monthly trading volume meets or exceeds this benchmark, it receives a full score. If the monthly trading volume falls below this standard, the score is adjusted proportionally to reflect the project’s market appeal and user transaction frequency. In a highly competitive market, monthly trading volume provides an intuitive and real-time reflection, helping us gain deeper insights into the project’s sustainability. 2. Number of Trading Users Based on the set benchmark for the monthly number of trading users, Orderly believes this metric directly reflects the project’s active community and user engagement. If the number of users meets or exceeds this benchmark, it receives a full score. If the number falls below this standard, the score is adjusted proportionally. This metric is crucial as it not only reflects users’ trust in the project but also hints at the project’s competitiveness and prospects in the market. Additionally, active user participation may lead to higher brand recognition and network effects, which are vital for the platform’s long-term development. 3. FTT (Number of New Users) Orderly sets a monthly FTT benchmark value, representing the circulation and demand intensity of the project’s token in the market. If the monthly FTT meets or exceeds this benchmark, it receives a full score. If it falls below this standard, the score is calculated proportionally based on the actual value. The level of FTT reflects users’ recognition of the project and their motivation to participate, making it an undeniably important metric. By monitoring changes in FTT, Orderly can better assess the project’s potential value and its significance within the ecosystem. 4. CMC/Coingecko Ranking Orderly scores projects based on their ranking on CMC or Coingecko. This ranking can be seen as a general market recognition of the project’s value. Specifically, projects within certain ranking ranges receive different scores. Projects with superior rankings receive higher scores. Additionally, Orderly may apply manual score adjustments in special cases. For example, early-stage projects promoted under specific business strategies or ecosystems may receive additional points. This approach allows us to identify and incorporate promising early-stage opportunities into our ecosystem.

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Additional Reference Metrics

Open Interest (OI): This is an important reference metric reflecting the total number of outstanding contracts in the market at a specific point in time. High OI typically indicates strong interest and market participation in the contract, enabling Orderly to gauge market sentiment and investor activity. Target Market Demand: Analyzing the specific demands of the project’s target market helps Orderly assess its future growth potential and competitive landscape. Project Development Dynamics: Regularly tracking the project’s technical improvements, community activities, partnerships, and other developments provides valuable information for the overall evaluation.

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Evaluation Notes

The specific numerical values and scoring calculation methods for each evaluation criterion have been hidden to protect Orderly’s strategies and competitive advantages. Please note that the above criteria may be adjusted based on market changes and business needs to maintain the timeliness and accuracy of the evaluation.