OCM v1

Oldschool Classification Matrix (OCM) — Methodology

Institutional-Grade Real-World Asset Intelligence
Built on Transparency, Precision, and No Compromise

Last Updated: December 5, 2025 · v1.0 Launch Edition

"In a market where every basis point matters, we built the infrastructure to measure what others overlook: the true spread between tokenized reality and on-chain fiction."

1. Introduction

Why OCM Exists

The tokenization of real-world assets represents the largest capital migration in blockchain history. Yet the market lacks a unified framework to answer fundamental questions:

What is the real price of a tokenized treasury vs. its NAV?
How liquid is a private credit token when you need to exit?
What confidence level should you assign to a $50M daily volume claim?

Traditional finance has Bloomberg Terminals, TRACE bonds, and decades of standardized reporting. Tokenized RWAs have... scattered Discord announcements and opaque APIs.

We built the Oldschool Classification Matrix (OCM) to fix that.

Our Philosophy: No Compromise

We follow three non-negotiable principles:

1. Radical Transparency

• All data sources are internally tracked and documented
• Analyst-verified data is clearly labeled (not hidden)
• Stale data triggers visual warnings (not aspirational freshness)

2. Methodological Rigor

• Discounts are gated by liquidity metrics (not marketing pressure)
• Price confidence is calculated objectively (not editorially assigned)
• NAV age is always disclosed (not swept under "stable value" claims)

3. Institutional Standards

• We measure latency in milliseconds (not "real-time" hand-waving)
• We track venue count and order book depth (not just CoinGecko price)
• We distinguish between par + accrued interest (par+AI), daily NAV, and proxy medians (not "current value")

2. The Oldschool Classification Matrix (OCM)

Why Four Categories?

Not all RWAs behave the same. A BlackRock money market fund trades differently than a Paxos gold token, which trades differently than a RealT property share. Forcing them into a single "RWA price" methodology would obscure critical differences.

We segment assets into four categories based on two axes:

🟩

Fixed Income

Money markets & short-duration treasuries

BUIDL · STBT · OUSG

🟦

Stable NAV / Funds

Official fund NAV (daily/weekly)

MAPLE · SCOPE · CRDT

🟨

Dynamic Peg

Live spread vs. spot reference

PAXG · XAUT

🟥

Illiquid / Periodic

Discount to last appraisal/NAV

COURTYARD · REALT

OCM = Liquidity Profile × Baseline Mechanism

(continuous market ↔ periodic/appraisal) × (par+AI, fund NAV, spot reference, last appraisal/NAV)

Read OCM Glossary View Assets by OCM

3. Price Confidence Methodology

The Problem: "High Volume" Claims Without Evidence

Many RWA projects claim "deep liquidity" or "high trading volume" without providing actual order book depth, number of venues, or time period for volume calculation.

We calculate Price Confidence using three objective metrics:

Our confidence scoring evaluates three dimensions: 30-day trading volume (liquidity depth), order book depth (execution quality), and venue count (market resilience). High confidence requires institutional-grade metrics across all three dimensions. Medium confidence accepts lower thresholds but still validates meaningful liquidity. Anything below these standards receives low confidence.

Confidence	Volume (30d)	Depth	Venues	Reasoning
High	≥ $1M	≥ $100k	≥ 2	Institutional-grade liquidity
Med	≥ $100k	≥ $20k	Any	Retail-accessible
Low	< $100k	< $20k	Any	Thin liquidity; price indicative

Why Low Confidence Hides Discounts: A "discount" based on a single $500 trade on a low-volume DEX is noise, not signal. We don't pollute institutional dashboards with statistically meaningless spreads.

4. Data Infrastructure

Primary Sources

Each asset in the Oldschool Classification Matrix (OCM) has specific data providers for baseline and price information:

Asset	Baseline Method	Price Method	Frequency
BUIDL	par_value (Issuer)	Primary-only	Daily
STBT	Institutional NAV	Primary-only	Daily
OUSG	Institutional NAV	Primary-only	Daily
MAPLE	Institutional NAV	Primary-only	Daily
SCOPE	Institutional NAV	Primary-only	Daily
CRDT	Institutional NAV	Primary-only	Daily
PAXG	Commodity Reference	Market Aggregation	Hourly
XAUT	Commodity Reference	Market Aggregation	Hourly
COURTYARD	Analyst Verified	Proxy Signals (listings aggregation)	Periodic
REALT	Analyst Verified	Proxy Signals (listings aggregation)	Periodic

Analyst Verified Data (indicated by discrete labels) are used when APIs fail, require institutional access, or change format.

Spot reference providers may rotate (e.g., Metals-API / LBMA feeds); we always cite the active source inline.

4.2 Internal Source Mapping

Internally, each asset is mapped to canonical sources based on method. Our data infrastructure prioritizes official disclosures and institutional feeds in the following order:

Dynamic Peg (spot)

price_source_url (Oracle/Methodology)
baseline_source_url (Fallback)

Fixed Income / Stable NAV (par_ai / daily_nav)

nav_source_url (Official NAV reports)
baseline_source_url (Fallback)

Illiquid (last_appraisal)

appraisal_source_url (Appraisal reports)
nav_source_url (NAV if available)
baseline_source_url (Fallback)

Data Quality: Empty strings are normalized to null to prevent rendering of placeholder boxes when URLs are not available.

4.3 Illiquid Assets: Proxy Signals Visibility

On the OCM dossier page, Proxy Market Signals for illiquid assets are:

Always visible (no toggle/collapse)
Display floor, median, and listings count
Include update timestamp and data freshness indicators
Show filter criteria (e.g., "5k–50k ask range")

This ensures full transparency in the research dossier view, making proxy market intelligence immediately accessible without user interaction.

5. Staleness Detection

Why Staleness Matters

In fast-moving markets, stale data creates false signals. A 6-hour-old token price paired with a fresh spot reference produces a meaningless "spread." We enforce strict staleness thresholds and hide discounts when data quality degrades.

Data Type	Threshold	Visual Indicator	Impact
Price (Dynamic Peg)	> 2 hours	"Data Stale" warning	Spread/discount hidden
Price/Spot Pair Sync	> 2 hours diff	"Data Stale" warning	Spread/discount hidden
Baseline (Fixed Income / Stable NAV / Dynamic Peg)	> 3 days	"Baseline >3d" warning	Displayed with warning
NAV Age (Illiquid)	Variable bands	Color-coded badges	Visual age indicator

Illiquid/Periodic assets use NAV-Age badges instead of Baseline >3d.

NAV Age Color Bands (Illiquid Assets)

0–30d

Fresh (green)

31–90d

Recent (yellow)

91–180d

Aging (orange)

>180d

Stale (red)

Critical Rule: Spread Hiding on Staleness

When price/spot pair staleness exceeds 2 hours, we hide the spread/discount entirely and display "Data Stale" instead. Displaying a stale spread misleads users into thinking it's current market reality. We also hide the spread if either endpoint is missing or the spot/token timestamps are not both present.

5.5 "Awaiting Snapshot" Badge Logic

The "Awaiting snapshot" badge indicates missing data, using category-aware logic to prevent false positives:

Fixed Income / Stable NAV (par_ai / daily_nav)

Badge shown ONLY if both baseline_as_of AND nav_source_url are missing.

Rationale: NAV assets need either a timestamp OR a source document

Dynamic Peg (spot)

Badge NEVER shown (uses live price feeds).

Rationale: Spot assets don't have "snapshots" — they're continuous. Spread is hidden via "Data Stale" warning when price exceeds staleness threshold.

Illiquid (last_appraisal)

Badge shown if baseline_as_of is missing.

Exception: Badge is hidden if Proxy Signals are visible (redundant).

Rationale: Either NAV date OR proxy market data constitutes "snapshot"

Impact: This prevents false positives (e.g., showing "Awaiting snapshot" on Dynamic Peg assets with live prices or Illiquid assets with visible proxy market intelligence).

6. Limitations & Disclaimers

What This Data Is

✓Market intelligence for informed decisions
✓Transparency layer for hidden metrics
✓Institutional-grade analysis tool

What This Data Is Not

✗Financial advice or recommendations
✗Real-time tick-by-tick pricing
✗Guaranteed accuracy (APIs can fail)

Legal Disclaimer

Not Financial Advice: This site provides data aggregation and analysis tools for informational purposes only. Nothing on this site constitutes investment advice, financial advice, trading advice, or recommendations to buy, sell, or hold any security or asset.

Data Accuracy: While we strive for accuracy, we cannot guarantee that all data is current, complete, or error-free. Third-party APIs may provide incorrect or stale data. Users should independently verify all information before relying on it for financial decisions.

No Warranty: This service is provided "as is" without warranties of any kind, express or implied, including but not limited to merchantability, fitness for a particular purpose, or non-infringement.

Explore the Data

See the Oldschool Classification Matrix in action with live RWA asset data

Explore the Matrix