Whitelisting Requirements

The requirements for whitelisting a token on the Bancor Network are covered by our documentation.

Whitelisting Requirements

Transparency

  1. The token contract needs to be verified on Etherscan.

  2. The token contract should have an audit from a known security auditor or explain why it wasn’t audited (for example, if it’s a standard token from the OpenZeppelin library).

  3. The project should have a publicly visible test suite with decent test coverage.

Administrative Risk

Administrative privileges over the protocol (ownership, upgradability, emergency powers, etc.) should be restricted:

  1. They should not be owned by EOA.

  2. They can be governed by multisigs.

  3. They can enforce timelock or similar restrictions.

Protocols that don’t comply with this should provide an explanation why.

Technical

  1. The token contract should not be upgradable.

  2. Only the token holders themselves can burn their tokens. It shouldn’t be possible for any other account (including owners/admins) to burn tokens.

  3. Minting of new tokens should be restricted and conform to the whitepaper and the security audit.

  4. Rebasing tokens or tokens with elastic supply aren’t currently supported.

  5. Tokens that apply transfer fees aren’t currently supported. Please note that tokens that have the fee mechanism in place but haven’t activated it yet are exempt.

  6. Token transfers shouldn’t be pausable unless a reasonable explanation is provided.

Economic Requirements

  1. The token should be fairly distributed (e.g., it can’t be concentrated in a few addresses).
4 Likes