The mechanics, in plain words

What pairing with a stock means

Every pool has two sides. On this chain the other side is almost always ETH or USDG, so a coin's chart is a coin/ETH chart. Pairing with a stock means opening a pool whose other side is a tokenized equity, an official Robinhood stock token whose issuer keeps it at the share price. The coin's chart is now denominated in that stock: holders buy in with NVDA rather than ETH, and the pool's value moves with both. It gives holders no claim on the company. It is a quote-asset choice.

What happens on chain

You sign one transaction (two if the coin needs an approval). For an existing coin, pair pulls the pool's share of your coin, anything you lock on the ladder, and any anchor stock. For a new one, launch mints a billion coins to the vault and pulls your opening buy. Either way the request sits in the vault until the operator opens it with open, sending its own stock in. The vault initialises a Uniswap v4 pool at the price the two amounts imply, mints a full-range position to itself, runs the opening buy if there is one, and locks what that buy landed. The vault has no function that removes liquidity. That is the lock; there is no separate locker to trust.

A request the operator will not open is refused with refuse, and everything sent comes back. The operator refuses a pool whose opening price would sit more than 20% from where the coin already trades, because arbitrage would empty one side into the other within minutes.

Before graduation

The pool's 1% fee accrues to the position. Anyone can call harvest: the stock side of the fees repays the site's seed to the treasury first, never more than was put in, and everything after that, both sides, is added back to the position. Uniswap v4 fees do not deepen a pool on their own the way a constant-product pool's do, so the vault does it explicitly. Nothing leaves.

Graduation

Anyone can call look, at most once every fifteen minutes. A look reads the market cap and the depth from the pools themselves: the stock's dollar price from its USDG pool, the coin's price in the stock from the pair's pool, the circulating supply less what is burned and what is still locked. When cap is at least $35k and depth at least $10k on three looks in a row, the coin graduates. One-way. A wick on a single look resets the streak and pays nothing.

Rounds

After graduation, anyone can call sweep once the creator's interval has passed (six hours by default, between fifteen minutes and seven days). It collects the fees, sells the coin side into the stock through the pair's own pool, capped at 1.5% of the pool's coin reserve per round with the rest carried, splits the stock between holders and the team, buys the team's burn slice from the pool and takes it straight to the dead address, and sends the holders' share to the pots contract as a new pot. Every swap in a round must return at least 95% of spot or the round reverts, which is what makes a permissionless round safe to leave open.

The team's share is not sent. It waits in a ledger the creator pulls from with withdraw, so a wallet the stock has blocked cannot stop a round from paying everyone else.

Who gets what: the worker

A pot's total is on chain before anyone has said how it is split. The worker then snapshots the coin's holders at the block the pot was cut, weights each by balance times an OG multiplier, and posts a Merkle root with setRoot. A root can only divide the pot; it cannot grow it, move it, or point it anywhere but at holders' own addresses. The worker then pushes every claim with claimMany, and the split file is published on this site so anyone can verify or self-claim.

The OG multiplier. A wallet that kept at least half its bag through a round adds one to its streak; each streak point is worth 10% more weight, up to double. Sell most of it and the streak resets. Everyone holding at the first round after graduation starts with a streak of three.

The excluded. The vault, the pots, the pool, the zap, the dead address, the creator and the treasury are never paid from a round.

The ladder

Coins locked at the open go out rung by rung. A rung is reached when the market cap holds at or above its line on three looks in a row. The vault moves that rung's coins into a pot; the worker splits it by tokens held times seconds held since the previous rung, each wallet counted up to 2% of the supply by default, so a whale earns no more than a wallet that size. For a launch the lock is whatever the creator's opening buy landed, on a six-rung default ladder: $35k 10%, $100k 10%, $250k 15%, $500k 15%, $1M 20%, $2M 30%. For a revived coin it is whatever the creator chose to lock, on the ladder they set.

Anchors

A creator can add their own stock to the pool at the open. It buys no coins, it never comes back to anyone, and it makes the open fairer: a $1k first buy into a $500 pool takes most of the coins, into a $5k pool it takes a tenth. The seed the site is repaid stays what the site put in.

Community takeovers

A coin whose creator is gone can be paired by anyone who holds it. The operator marks it a takeover at the open: the holders' share is at least 80% and the adopter's only reward is the team share. It is labelled as one wherever it appears.

The seed

You never fund the stock side, there is no deposit and no fee. The site puts its own stock behind the pool, keeps the position's fee rights, and is repaid from the stock side of the fees until the seed is back or the coin graduates, whichever is first. The site takes nothing from a round.

What this does not do

It does not hand anyone the ability to pull the pool. It does not create, issue or redeem the stock tokens. It does not give holders a shareholding or a vote. It adds no fee to a swap; the pool's 1% is the only fee. A stock token can pause or block addresses, and a pool holding one inherits that; the vault is written so that a blocked recipient never stops anyone else being paid.

Before you pair

Handing the coin over is one-way once the pool opens. Check that your coin's market is where you think it is; the site refuses a pool more than 20% from it. Revoke any mint authority first if you want the pool to be credible. And understand the stock: it is Robinhood's token, with Robinhood's rules.