The mechanics.
Tested in rehearsal.

What passed

17 issuance and transfer checks; 28 trading and liquidity checks. All transactions below were validated on XRPL Testnet, including expected rejected transactions.

21 billion test TSO issued; 1 billion allocated to the founder test account. Holder balances and issuer liabilities reconciled. Founder tokens remain unvested, and the issuer can still issue more tokens and exercise freeze controls.

The experimental pool started with 50 test XRP and 50,000 test TSO, charging a 0.3% trading fee. This ratio is not a launch price or valuation.

• 100 test TSO purchase: 0.100502 test XRP; average execution price 0.502% above the pool spot price immediately before that trade, including the pool fee.
• 1,000 test TSO purchase: 1.027634 test XRP; average execution price 2.352% above the pool spot price immediately before that trade, including the pool fee.

Purchases were sequential, so each starts from a different pool state. Network transaction fees are excluded from the comparison.

All LP liquidity was withdrawn: approximately 51.078136 test XRP and 48948.011871 test TSO returned to the provider. The pool was removed. Total XRP across the four accounts reconciled exactly after 0.200108 test XRP in network fees; TSO reconciled within 0.0001 TSO rounding tolerance.

Rejected cases included a missing trust line, insufficient TSO balance, and a purchase with an insufficient maximum spend. No real XRP or customer funds were used.

Issuance & transfer evidence

1. Enable Default Ripple with zero transfer fee — tesSUCCESS · validated ledger 20919755. View Testnet transaction ↗
2. Trust line: distribution — tesSUCCESS · validated ledger 20919757. View Testnet transaction ↗
3. Trust line: founder — tesSUCCESS · validated ledger 20919759. View Testnet transaction ↗
4. Issue 21 billion test TSO — tesSUCCESS · validated ledger 20919761. View Testnet transaction ↗
5. Allocate 1 billion founder test TSO — tesSUCCESS · validated ledger 20919763. View Testnet transaction ↗
6. Reject transfer without recipient trust line — tecPATH_DRY · validated ledger 20919765. View Testnet transaction ↗
7. Trust line: sample buyer — tesSUCCESS · validated ledger 20919767. View Testnet transaction ↗
8. Send 1000 test TSO to sample buyer — tesSUCCESS · validated ledger 20919769. View Testnet transaction ↗
9. Return 250 test TSO — tesSUCCESS · validated ledger 20919771. View Testnet transaction ↗
10. Reject spending 1000 from a 750 balance — tecPATH_PARTIAL · validated ledger 20919773. View Testnet transaction ↗

Trading & liquidity evidence

1. Maker sells 100 TSO for 0.1 XRP — tesSUCCESS · validated ledger 20920028. View Testnet transaction ↗
2. Buyer fills 100 TSO offer — tesSUCCESS · validated ledger 20920030. View Testnet transaction ↗
3. Maker bids 0.04 XRP for 40 TSO — tesSUCCESS · validated ledger 20920033. View Testnet transaction ↗
4. Buyer sells 40 TSO back — tesSUCCESS · validated ledger 20920035. View Testnet transaction ↗
5. Create 50 XRP / 50000 TSO pool with 0.3% fee — tesSUCCESS · validated ledger 20920038. View Testnet transaction ↗
6. Small pool buy — tesSUCCESS · validated ledger 20920041. View Testnet transaction ↗
7. Larger pool buy — tesSUCCESS · validated ledger 20920045. View Testnet transaction ↗
8. Sell test TSO for exact 0.05 XRP — tesSUCCESS · validated ledger 20920049. View Testnet transaction ↗
9. Reject buy with insufficient SendMax — tecPATH_PARTIAL · validated ledger 20920052. View Testnet transaction ↗
10. Withdraw all LP liquidity — tesSUCCESS · validated ledger 20920055. View Testnet transaction ↗

Escrow and issuer-control research

A separate disposable CTL token demonstrated timed release, expiry refunds and transfers after issuer signing was disabled. Read the results and limitations ↗. These controls have not been applied to TSO.

Still to complete

Enforced supply controls, founder vesting, production signing and recovery, independent technical review, legal and payment arrangements, and Mainnet readiness. USDT integration was not tested. The temporary Testnet pool is no longer live; test networks can reset.