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Copy file name to clipboardExpand all lines: src/content/data-feeds/llms-full.txt
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- Consider pausing markets during corporate action windows
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- Implement maximum price change limits with manual review for extreme moves
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#### Pause confirmation for corporate actions
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*This section contains information for asset issuers that provide Chainlink with pause state for tokenized equity feeds.*
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Some asset issuers use pause-based workflows for large corporate actions such as stock splits or reverse splits. In these workflows, **the feed freezes at the last known good token value during the pause window**. Before signaling that the feed can be unpaused, the asset issuer should verify that the post-corporate-action equity price and the new issuer multiplier are aligned so the next published token value remains continuous.
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The underlying equity leg for this check should be the same Data Streams 24/5 US equity input that the feed uses for tokenized equity feed calculation. See the official list of the [24/5 equity streams](/data-streams/rwa-streams?show24x5=true\&page=1), and [learn more about how market data is sourced for tokenized equity feed calculation](/data-feeds/tokenized-equity-feeds#how-is-market-data-sourced-for-tokenized-equity-feed-calculation).
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For each tokenized equity feed, use the stream and time segment configured for that product (the value the feed pipeline would read as the stock leg for the current window), *not* an ad hoc quote from a different venue.
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1. Take the new multiplier that is staged for go-live after the corporate action.
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2. Read the current equity market price from that same Data Streams 24/5 input, for the appropriate session (regular, pre-market, post-market, or overnight), the same way the feed prices that window.
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3. Multiply: `new multiplier` × that current equity price. That product is the implied token value the feed would publish if it unpaused *now*.
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4. Compare that implied value to the token price at freeze: the last good, frozen feed value from when the pause took effect. They should match, or be treated as aligned only within the asset issuer's defined tolerance, because correct coordination means the post-corporate-action stock price and the new multiplier should combine to the same onchain token price as at the freeze, preserving continuity.
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- **If that equality holds** within the asset issuer's tolerance, the issuer can signal that the feed is ready to unpause according to the applicable release process and any other release gates.
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- **If it does not hold**, the equity input and the new multiplier are not yet consistent with each other after the corporate action, so unpausing the feed would jump or misstate the level for integrators. The feed should remain paused until the stock leg, multiplier, or both are reconciled and the check passes.
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### Market closures and halts not explicitly flagged
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Tokenized equity feeds do not explicitly flag:
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The token price remains continuous at $200 throughout the event, even though the underlying equity market price dropped from $200 to $20.
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<Aside type="note">
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When the `SyntheticSharesOracle` contract returns `paused = true`, the Ondo Finance Global Markets (GM) feed freezes at the last known good
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When the `SyntheticSharesOracle` contract returns `paused = true`, the Chainlink feed freezes at the last known good
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price. Integrators should be aware that during pause windows:
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- The feed will not update until manually unpaused
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- The pause duration depends on when Ondo confirms the corporate action has been correctly applied
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- A minimum pause duration (at least 10 minutes) is enforced to prevent premature unpausing
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</Aside>
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### Verification before unpausing
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Before an Ondo Finance Global Markets (GM) feed is unpaused after a large corporate action, Ondo verifies that the post-corporate-action equity price and staged `sValue` are aligned so the next published value remains continuous.
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**Where the equity price comes from:** the underlying equity leg is the same Data Streams 24/5 US equity input the DON already uses in the [Total Return Value](#total-return-value-calculation) formula. See the official list of the [24/5 equity streams](/data-streams/rwa-streams?show24x5=true\&page=1), and [learn more about how market data is sourced for tokenized equity feed calculation](/data-feeds/tokenized-equity-feeds#how-is-market-data-sourced-for-tokenized-equity-feed-calculation).
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For each Ondo Finance Global Markets (GM) tokenized equity feed, this check uses the stream and time segment configured for that product (the value the feed pipeline would read as the stock leg for the current window), *not* an ad hoc quote from a different venue.
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1. Take the new `sValue` that is staged for go-live (the post–corporate-action multiplier).
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2. Read the current equity market price from that same Data Streams 24/5 input, for the appropriate session (regular, pre-market, post-market, or overnight), the same way the feed prices that window.
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3. Multiply: `new sValue` × that current equity price. That product is the implied token (total return) value the feed would publish if it unpaused *now*.
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4. Compare that implied value to the **token price at freeze** (the last good, frozen feed value from when the pause took effect). They should match, or be treated as aligned only within whatever tolerance Ondo defines, because correct coordination means the post–corporate-action stock price and the new `sValue` should combine to the same onchain token price as at the freeze, preserving continuity.
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- **If that equality holds** (within Ondo's tolerance), the feed can be unpaused according to the applicable release process and any other release gates.
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- **If it does not hold**, the equity input and the new `sValue` are not yet consistent with each other after the corporate action, so unpausing the feed would jump or misstate the level for integrators. The feed remains paused until the stock leg, `sValue`, or both are reconciled and the check passes.
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## Example scenarios
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**Normal operation**
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Primary mint and redeem for Ondo Finance Global Markets (GM) tokenized equities can be permissioned, but once the tokens are onchain, anyone can hold them and anyone can liquidate positions that use the feed.
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Ondo Finance Global Markets (GM) feeds have [SVR](/data-feeds/svr-feeds) enabled even when the primary market is not public to all participants. The liquidator set includes teams that can also access primary mint and redeem when they need to. Permissioned mint and redeem concerns the primary market; tokens can still circulate onchain and positions that use the feed can still be liquidated outside that path.
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Most Ondo Finance Global Markets (GM) feeds have [SVR](/data-feeds/svr-feeds) enabled even when the primary market is not public to all participants. The liquidator set includes teams that can also access primary mint and redeem when they need to. Permissioned mint and redeem concerns the primary market; tokens can still circulate onchain and positions that use the feed can still be liquidated outside that path.
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For Oracle Extractable Value (OEV) and how SVR relates to standard feeds, use [SVR Feeds](/data-feeds/svr-feeds)—especially [Understanding MEV and OEV](/data-feeds/svr-feeds#understanding-mev-and-oev). To read answers from contracts, follow [Using Data Feeds](/data-feeds/using-data-feeds) and point at the SVR-enabled proxy address for your feed.
Copy file name to clipboardExpand all lines: src/content/data-feeds/tokenized-equity-feeds/index.mdx
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- Consider pausing markets during corporate action windows
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- Implement maximum price change limits with manual review for extreme moves
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#### Pause confirmation for corporate actions
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_This section contains information for asset issuers that provide Chainlink with pause state for tokenized equity feeds._
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Some asset issuers use pause-based workflows for large corporate actions such as stock splits or reverse splits. In these workflows, **the feed freezes at the last known good token value during the pause window**. Before signaling that the feed can be unpaused, the asset issuer should verify that the post-corporate-action equity price and the new issuer multiplier are aligned so the next published token value remains continuous.
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The underlying equity leg for this check should be the same Data Streams 24/5 US equity input that the feed uses for tokenized equity feed calculation. See the official list of the [24/5 equity streams](/data-streams/rwa-streams?show24x5=true&page=1), and [learn more about how market data is sourced for tokenized equity feed calculation](/data-feeds/tokenized-equity-feeds#how-is-market-data-sourced-for-tokenized-equity-feed-calculation).
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For each tokenized equity feed, use the stream and time segment configured for that product (the value the feed pipeline would read as the stock leg for the current window), _not_ an ad hoc quote from a different venue.
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1. Take the new multiplier that is staged for go-live after the corporate action.
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1. Read the current equity market price from that same Data Streams 24/5 input, for the appropriate session (regular, pre-market, post-market, or overnight), the same way the feed prices that window.
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1. Multiply: `new multiplier` × that current equity price. That product is the implied token value the feed would publish if it unpaused _now_.
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1. Compare that implied value to the token price at freeze: the last good, frozen feed value from when the pause took effect. They should match, or be treated as aligned only within the asset issuer's defined tolerance, because correct coordination means the post-corporate-action stock price and the new multiplier should combine to the same onchain token price as at the freeze, preserving continuity.
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-**If that equality holds** within the asset issuer's tolerance, the issuer can signal that the feed is ready to unpause according to the applicable release process and any other release gates.
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-**If it does not hold**, the equity input and the new multiplier are not yet consistent with each other after the corporate action, so unpausing the feed would jump or misstate the level for integrators. The feed should remain paused until the stock leg, multiplier, or both are reconciled and the check passes.
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### Market closures and halts not explicitly flagged
Copy file name to clipboardExpand all lines: src/content/data-feeds/tokenized-equity-feeds/ondo.mdx
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The token price remains continuous at $200 throughout the event, even though the underlying equity market price dropped from $200 to $20.
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<Asidetype="note">
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When the `SyntheticSharesOracle` contract returns `paused = true`, the Ondo Finance Global Markets (GM) feed freezes at the last known good
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When the `SyntheticSharesOracle` contract returns `paused = true`, the Chainlink feed freezes at the last known good
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price. Integrators should be aware that during pause windows:
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- The feed will not update until manually unpaused
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</Aside>
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### Verification before unpausing
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Before an Ondo Finance Global Markets (GM) feed is unpaused after a large corporate action, Ondo verifies that the post-corporate-action equity price and staged `sValue` are aligned so the next published value remains continuous.
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**Where the equity price comes from:** the underlying equity leg is the same Data Streams 24/5 US equity input the DON already uses in the [Total Return Value](#total-return-value-calculation) formula. See the official list of the [24/5 equity streams](/data-streams/rwa-streams?show24x5=true&page=1), and [learn more about how market data is sourced for tokenized equity feed calculation](/data-feeds/tokenized-equity-feeds#how-is-market-data-sourced-for-tokenized-equity-feed-calculation).
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For each Ondo Finance Global Markets (GM) tokenized equity feed, this check uses the stream and time segment configured for that product (the value the feed pipeline would read as the stock leg for the current window), _not_ an ad hoc quote from a different venue.
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1. Take the new `sValue` that is staged for go-live (the post–corporate-action multiplier).
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1. Read the current equity market price from that same Data Streams 24/5 input, for the appropriate session (regular, pre-market, post-market, or overnight), the same way the feed prices that window.
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1. Multiply: `new sValue` × that current equity price. That product is the implied token (total return) value the feed would publish if it unpaused _now_.
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1. Compare that implied value to the **token price at freeze** (the last good, frozen feed value from when the pause took effect). They should match, or be treated as aligned only within whatever tolerance Ondo defines, because correct coordination means the post–corporate-action stock price and the new `sValue` should combine to the same onchain token price as at the freeze, preserving continuity.
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-**If that equality holds** (within Ondo's tolerance), the feed can be unpaused according to the applicable release process and any other release gates.
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-**If it does not hold**, the equity input and the new `sValue` are not yet consistent with each other after the corporate action, so unpausing the feed would jump or misstate the level for integrators. The feed remains paused until the stock leg, `sValue`, or both are reconciled and the check passes.
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## Example scenarios
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**Normal operation**
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Primary mint and redeem for Ondo Finance Global Markets (GM) tokenized equities can be permissioned, but once the tokens are onchain, anyone can hold them and anyone can liquidate positions that use the feed.
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Ondo Finance Global Markets (GM) feeds have [SVR](/data-feeds/svr-feeds) enabled even when the primary market is not public to all participants. The liquidator set includes teams that can also access primary mint and redeem when they need to. Permissioned mint and redeem concerns the primary market; tokens can still circulate onchain and positions that use the feed can still be liquidated outside that path.
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Most Ondo Finance Global Markets (GM) feeds have [SVR](/data-feeds/svr-feeds) enabled even when the primary market is not public to all participants. The liquidator set includes teams that can also access primary mint and redeem when they need to. Permissioned mint and redeem concerns the primary market; tokens can still circulate onchain and positions that use the feed can still be liquidated outside that path.
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For Oracle Extractable Value (OEV) and how SVR relates to standard feeds, use [SVR Feeds](/data-feeds/svr-feeds)—especially [Understanding MEV and OEV](/data-feeds/svr-feeds#understanding-mev-and-oev). To read answers from contracts, follow [Using Data Feeds](/data-feeds/using-data-feeds) and point at the SVR-enabled proxy address for your feed.
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