{
  "meta": {
    "family": "TWIN-Equities",
    "date": "23 Oct 2026",
    "iso": "2026-10-23",
    "version": "v1.1",
    "asOf": "Friday print. QQQon as-of 23 Oct 2026 (RWA.xyz).",
    "note": "Friday. Issuer mint live this session. No pause published. Holders 24,211 → 24,241. NAV $722 → $706. Basis is the blade. DEX up is not the rail.",
    "homeCondition": "Watch → issuer mint live. QQQon NAV $722 → $706. Basis is the blade."
  },
  "instruments": [
    {
      "id": "qqqon",
      "ticker": "QQQon",
      "name": "QQQon",
      "klass": "QQQon",
      "twin": "Listed Invesco QQQ Trust. Cash print is the blade.",
      "title": "Token = receipt against the wrapper. Not the ETF share. Not a shareholder.",
      "cash": "USDC via the Ondo issuer mint.",
      "clock": "Issuer mint. RWA.xyz stamps Instant. Published as 24/5 on the asset page. A 24/7 claim is not the weekend word until it is stamped as the primary. After this session the published 24/5 window is the question, not the answer.",
      "exit": "Primary is the Ondo issuer mint. Do not list a DEX, a CEX, or a secondary book as the exit.",
      "redemption": "Open",
      "redemptionNote": "Issuer mint live this session. Instant on the published rail. No pause published. A DEX being up is not the state.",
      "pledge": "Not scored. No published pledge window on this stamp.",
      "crowd": "Looked-up. 24,241 public holders on $34m (24,211 on 22 Oct). 3,224 addresses active in 30 days (3,245 on 22 Oct). Thirty names on. Not a short register.",
      "basis": "Path. Token NAV $706 ($722 on 21 Oct). No live cash-QQQ spread stamped. The blade moved. The spread is not on the page.",
      "line": "cash: USDC · exit: issuer mint · crowd: looked-up · basis: path",
      "status": "watch",
      "changed": [
        "Clock",
        "Exit",
        "Crowd",
        "Basis"
      ],
      "statusNote": "Watch → rail conducts. Basis is the blade. Crowd is not the weak channel.",
      "public": {
        "value": "$34m",
        "holders": "24,241",
        "active30d": "3,224",
        "source": "RWA.xyz as of 23 Oct 2026"
      }
    }
  ]
}