The Stellar Futurenet Explorer

Transitive pricing was shipped INERT in v0.46.0. Verified on r1 after that deploy: all four binaries on v0.46.0, and CAUP7NFA… still served no price_usd. applyAssetRowToDetail early-returns on sql.ErrNoRows, and a Soroban-native contract asset has no classic_assets row *by definition* — that table requires a G-issuer. The whole premise of transitive pricing is "the catalogue cannot reach this asset", so the one branch the feature had to survive was the one the fill sat behind. Both arms now route through a shared fillTransitivePrice, with a regression test proven red against the shipped bug.

Soroban-native assets are priceable through one substance-gated hop. The catalogue prices the long tail through exactly two hard-coded shapes (direct_usd, asset_vs_xlm), both built on classic_assets, which is structurally classic-only (issuer_g_strkey NOT NULL) — so no Soroban contract asset could reach either, however deep its market. CAUP7NFA… traded $71.8k over 6,418 trades in 7 days and served no price. Now price(A) = vwap(A/hop) × price(hop), with both legs independently substance-gated: a two-hop price inherits its weakest leg, and an ungated intermediate could reprice everything quoted against it. Served last (never overriding an observed price) and marked price_basis: "transitive".

ECB standby for the fiat-FX feed. massive is a paid feed and was the only series in stellarindex_external_fx_last_quote_unix, so a lapse or a 429 broke every fiat-quoted pair once the 7-day forex-snap lookback expired. ECB is free, keyless and authoritative; rates are rebased onto USD (usdRate(X) = eurRate(X) / eurRate(USD)). fx_quotes.source and the metric label follow the feed that actually served.