Svalin Index
Is the price real?
A price is just a quote. Svalin grades every NEAR token Ref Finance prices by one question: how much of a $1,000 sale would be lost to price movement, given the real money in its trading pools?
The $189 million account that wasn't.
Someone sent root.near about 3,900 of a nameless token quoted at $48,447 each. Read at face value, the account was worth $189 million. Nothing stood behind that price, so a wallet tool that trusts quotes, or an AI agent reading one, sees a fortune. With Svalin's pool check the account is worth about $109,000.
How liquidity grades work
Real backing is the money a token's trading pools actually hold in tokens Svalin trusts, such as NEAR and USDC. Selling a token can never take out more than that, so a price cannot be propped up without real money.
New money has to stay put before it counts, so a pool added this morning cannot lift a grade today.
Exit prices turn that backing into dollars. Open any token to see what selling $1K, $10K or $100K of it would actually fetch, how much can be sold close to the quoted price, and the most its whole supply could fetch. Wallets, lenders and agents can get the same numbers, at any sale size, from the API.
Market cap is the quoted price times total supply, so a token with no backing can claim any number. Top 10 own is the share held by the largest holders, leaving out exchange pools and bridges. Holders with a + is a lower bound, and a token marked Test token says so in its own on-chain name.
Grades describe how sellable a token is, not whether its project is good, and they are not financial advice. The index is rebuilt every few hours and each edition is kept in the public svalin-index repository.
The same check runs inside every Svalin wallet report, so a junk token cannot make a wallet look rich, and a token's liquidity grade sets how much it adds to the wallet's portfolio risk. Scan a wallet.
A $1,000 sale loses