> For the complete documentation index, see [llms.txt](https://docs.aqua.network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.aqua.network/governance/asset-registry.md). # Asset Registry ## Overview The [Asset Registry](https://aqua.network/asset-registry/) is an on-chain governance-managed registry that determines which assets are eligible to receive [AQUA emissions](/voting-and-rewards/aquarius-amm-rewards.md) and protocol-level [pool incentives](/for-projects/pool-incentives.md) on Aquarius. The registry exists to improve the quality and safety of incentivized markets by ensuring that AQUA emissions are directed only toward assets that have been reviewed and approved by AQUA governance. Asset eligibility is managed entirely through governance. Governance can approve new assets, revoke existing approvals, and determine which assets are eligible to participate in Aquarius incentive programs. *** ### Why the Asset Registry exists Aquarius distributes AQUA emissions to liquidity providers based on governance voting. This helps to: * Improve the quality of incentivized markets * Reduce the risk of malicious or fraudulent assets receiving emissions * Protect liquidity providers from avoidable risks * Ensure AQUA emissions are allocated to assets that have demonstrated community support and transparency *** ### How it works
Asset registry page
The Asset Registry maintains a list of approved assets. An asset becomes eligible only after a successful governance approval vote. For a liquidity pool to receive AQUA emissions or [Pool Incentives](/for-projects/pool-incentives.md): * Every asset in the pool must be approved in the Asset Registry * Partial eligibility is not supported * If a pool contains a single non-approved asset, the pool is not eligible for incentives This rule applies to all pool types, including: * Volatile pools * Stable pools * Multi-asset pools *** ### Default eligible assets To ensure continuity for core ecosystem markets, the following assets are automatically eligible and do not require governance approval: **XLM, AQUA, USDC**. These assets are considered foundational ecosystem assets and form the initial set of approved assets within the registry. All other assets must complete the governance approval process before becoming eligible. *** ### Asset approval process New assets are proposed through an **asset listing proposal**, created directly in the [Asset Registry](https://aqua.network/asset-registry/) section of the app. Identify the asset by its Stellar code and issuer, or by its Soroban contract address — the asset's existence is verified on-chain when the proposal is submitted. The application form requires: * Issuer information * Token description * Holder distribution * Liquidity * Trading volume * Audit information * Stellar asset flags * Related projects * Community references * Existing Aquarius traction * Issuer commitments Asset proposals follow the same lifecycle, [fees](/user-guides/how-to-use-aquarius-governance.md#fees-and-rewards), and quorum as general governance proposals, and vote in the same [weekly voting slots](/user-guides/how-to-use-aquarius-governance.md#proposal-queue-and-voting-slots). One difference: the creator reward for approved proposals does not apply — an approved asset proposal earns no reward, while the creation and publication fees still apply. One proposal per asset at a time: while a proposal for an asset is pending or voting, a new one for the same asset is rejected. Approval requires a successful governance vote. Once approved, the asset is added to the Asset Registry and becomes eligible for AQUA emissions and Pool Incentives. *** ### Asset revocation Governance may remove an asset from the Asset Registry through an **asset delisting proposal**, created the same way from the Asset Registry section. A delisting proposal requires only the motivation text — the listing application fields do not apply. Revocation may be considered when: * New risks emerge * Project circumstances change * The issuer acts maliciously * Governance determines the asset no longer meets community standards When an asset is revoked: * The asset is removed from the registry * Pools containing the asset become ineligible for emissions * The change takes effect at the start of the next reward epoch *** ### Governance signaling The introduction of the Asset Registry does not change how governance signaling works. AQUA holders may continue voting for any market on Aquarius, including markets that contain non-approved assets. Votes for non-approved assets remain: * Visible * Counted * Tracked by the protocol However, voting alone does not activate AQUA emissions. A market only becomes emission-eligible when all assets in the market are approved in the Asset Registry. This allows governance voting to continue serving as a discovery and signaling mechanism while maintaining eligibility safeguards. *** ### Pool Incentives Pool Incentives allow projects and third parties to provide additional rewards to liquidity providers. To align incentive programs with governance standards, Pool Incentives follow the same eligibility rules as AQUA emissions. A pool may receive Pool Incentives only if all assets in the pool are approved in the Asset Registry. This creates a consistent incentive framework across the protocol. *** ### External incentives and bribes External incentives remain permissionless. Projects may continue to: * Offer bribes * Commit future incentives * Encourage governance participation However, external incentives do not affect asset eligibility. Receiving bribes or governance votes does not automatically grant access to AQUA emissions. Eligibility is determined exclusively through Asset Registry approval. *** ### Registry transparency Aquarius surfaces [Asset Registry](https://aqua.network/asset-registry/) information directly in the user interface. Users can view: * Asset approval status * Governance voting activity * Market eligibility status * AQUA emission eligibility * Pool Incentive eligibility This provides a transparent view of how governance decisions affect incentives across the protocol.