Robinhood Chain · chain 4663
Nobody's deposit pays
for the launch. The
interest on it does.
People park USDG behind a coin. It sits in spUSDG earning, and when the earnings reach the creator's target the coin launches with those earnings as its liquidity. The parked money is never touched, and it can leave in any block.
Live from the chain
Every vault the factory has opened.
Read straight from the contract at the current block. A vault mints its coin only once it has earned the target, so most of these do not have one yet.
Reading the chain
Fetching pools from the factory.
The core flow
How a vault turns into a coin.
Four of these take one transaction each. The third one takes months, which is the whole point: the liquidity is being earned rather than collected.
Someone opens a vault
A creator names the coin it will mint, picks how much liquidity it needs and by when, and splits the supply. They put in nothing.
People park money
Anyone sends USDG. It goes into spUSDG in the same transaction and starts earning before the block closes.
It sits there and earns
This is the slow part. Only the earnings count toward the target, and the parked money can leave whenever its owner wants.
The vault mints the coin
Once the earnings hit the target, any address can fire it. One call sells the earnings for ETH, mints the coin and opens a Uniswap v4 pool against that ETH.
Everyone gets paid
Money back, coins in proportion to how much was parked and for how long, and a cut of the pool's trading fees for as long as it trades.
What the factory deploys
Where your deposit actually sits.
In spUSDG, under a contract with no owner and no upgrade path, in a slot that records what you put in. The launch reads a different number, and no code path connects the two.
Principal is separated from yield in storage
The pool tracks what each depositor put in and what the vault position is worth. The launch can only ever spend the difference. There is no code path that reaches principal, which is why withdrawal never depends on the launch succeeding.
Allocation is deposit size times seconds held
Because every deposit earns at the same rate in the same vault, that weight is exactly the share of interest a depositor contributed. Ten times the capital held for one day of a six month run comes to under 6% of the total.
A missed target returns more than it took
Past the deadline anyone can cancel. Accrued interest is distributed on the same weights the allocation would have used, and principal comes out alongside it. In the fork suite a $1,000,000 depositor on a cancelled pool withdrew $1,028,678.
Measured, not modelled
Numbers from the test suite.
Six of the 36 tests run against live Robinhood Chain state, using the real spUSDG vault and the real Uniswap v4 singleton. These are their outputs.
What spUSDG actually paid: $35,000 on $1,000,000 across a simulated year.
Interest thrown off by $1.5m over five months, which funds the whole launch.
Capital tied up per dollar of launch liquidity. This is the cost of the design.
Returned to a $1,000,000 depositor whose launch was cancelled.
Risk
What can go wrong.
One vault holds everything
spUSDG is the only USDG vault on this chain still accepting deposits. steakUSDG holds $454m and ethenaUSDG $23m, but both return zero from maxDeposit and cannot take capital. Every pool therefore routes through spUSDG, and a cap, pause or failure there hits all of them at once.
The rate is variable
3.50% is what spUSDG paid during testing, not a promise. A lower rate means a longer wait, and any date this site projects will be wrong.
Creators can cancel
A creator can cancel at any point, including immediately before the target is hit. Depositors get principal and interest back but lose the allocation they waited for.
Depth equals the raise
A $21,000 raise opens a $21,000 pool. In testing a $5,000 buy moved that market about 25%. Creators should size the target against the depth they need on day one.
Unaudited
36 tests pass and the factory is deployed, but no third party has reviewed the code.