Mechanics Roles Economics Contracts Invariants Risks
Robinhood Chain Spec v1.0

One token.
Two real yield streams.

ETH from the trading tax and USDG from Morpho lending - pushed to $BASIS holders every epoch. No mint-on-deposit. No NAV on the token.

How it works
  • 1 hepoch
  • 0mint / burn
  • 2streams
  • pushno claim
contracts not deployed
ETH stream tax → escrow
escrow this epoch —
  • no trades yet
Keeper permissionless
  • escrow ≥ gas + fee
  • epoch time elapsed
  • any address may call
USDG stream Morpho vault
vault share price —
accrued since last harvest —
holders · stakers weight = balance + ve-boost —
01

Just hold and trade the token. Get paid in real assets.

scroll

ETH stream

Every $BASIS transfer pays a tax in ETH. It accrues in escrow for one epoch, then gets distributed by weight.

3.1

USDG stream

Treasury sits in a Morpho vault on Robinhood Chain - the same rails that power Robinhood Earn.

3.2

Core without Arcus

No delta-neutral positions, no shorts, no NAV minting. One vault, one asset, rate set by the market.

core
what it is not
  • mint-on-deposit
  • NAV on the token itself
  • synthetics or raw leverage
  • claiming - push only
02

How the two streams work

  1. 01

    Every transfer pays a tax

    In ETH - so distribution never sells $BASIS.

  2. 02

    ETH accrues in escrow

    One epoch is one hour. Nothing is paid out early.

  3. 03

    Any keeper closes the epoch

    Only once the balance covers settlement cost (gas + keeper fee).

  4. 04

    Push payout in one transaction

    reward-wedge by weight balance + ve-boost. Trader rebate and keeper fee - same tx.

    rewardtrader-rebatekeeper-feeprotocollaunchpad
  1. 01

    Manager deposits USDG into the vault

    Multisig, one vault, one asset. Custody model borrowed from Talon Finance.

  2. 02

    Vault share appreciates vs USDG

    Interest is set by the Morpho market. No rotations, no rebalancing.

  3. 03

    Once per epoch - harvest

    EpochKeeper redeems exactly the shares accrued since last epoch. Principal is never touched.

  4. 04

    payout → holders, retained → vault

    Always sums to 100% of the harvest. Retained compounds the principal.

    payout-wedgeretained-wedge
03

Everyone gets their own way to earn

01

Holder

Holds above the threshold → share of ETH and USDG every epoch.

by weight
02

Staker

Locks into veBASIS for a term → weight = balance + boost, decaying to unlock.

+ ve-boost
03

Trader

Pays tax on the trade → part of it comes back as a ETH rebate.

rebate
04

Keeper

Closes the epoch → keeper fee in ETH in the same transaction. Permissionless.

fee
05

Manager

Multisig. Runs the USDG position in the Morpho vault.

custody
04

Where every collected wei goes

reward rebate keeper protocol launchpad
100% of epoch taxone pot

ETH - trading tax

fixed at deploy
reward-wedgex.xx%holders / stakers by weight
trader-rebater.rr%traders who generated tax this epoch
keeper-feek.kk%whoever closed the epoch
protocoly.yy%operating costs
launchpadz.zz%launchpad commission
Σ wedges= 100% of epoch tax

USDG - Morpho vault yield

only what accrued since last epoch
w.ww% payout-wedge
  • payout-wedgepushed to holders in USDG
  • retained-wedge100% − payout → back into the vault
principaluntouched

Bar widths are illustrative. Exact rates (x.xx / r.rr / k.kk / y.yy / z.zz / w.ww) are still being calibrated - see spec §5, §8.

05

Four contracts. One core.

BasisToken

ERC-20 $BASIS. Transfer tax, ETH escrow, push of reward-wedge and rebate.

anyone · tradeEpochKeeper · payout
TreasuryVault

Holds USDG, deposits / redeems Morpho vault shares, pushes payout-wedge.

Manager · depositEpochKeeper · harvest
VeBasisLock

Tracks locks, computes current ve-boost, blocks transfer of the locked portion.

holder · lock / unlock
EpochKeeper

Closes the epoch, harvests, runs both push payouts, pays the caller's keeper fee.

permissionless · any address
06

Nine things that cannot happen

  1. 01

    $BASIS is never minted or burned - only the fixed issuance at deploy.

  2. 02

    A ETH epoch doesn't close until escrow covers settlement, keeper fee included.

  3. 03

    payout-wedge + retained-wedge = 100% of the harvested yield.

  4. 04

    A holder below the threshold only skips the current epoch - never loses the token.

  5. 05

    Payout comes only from yield actually accrued. Principal is untouchable.

  6. 06

    $BASIS locked in veBASIS cannot be transferred before the unlock date.

  7. 07

    ve-boost decays monotonically to zero and never grows without a new lock.

  8. 08

    reward + rebate + keeper-fee + protocol + launchpad = 100% of epoch tax.

  9. 09

    A harvest never pulls more from the vault than accrued since last epoch.

07

Risks and calibration

Smart-contract risk of Morpho and the chosen vaultcurator - TBD

Pick a vault with history and a curator (e.g. Steakhouse). The protocol doesn't control their code.

High utilization - instant principal withdrawal is limitedredeem cap - TBD

Keep part of treasury in a more liquid vault, or cap redemptions per epoch.

APY floats and can compress to zero-

No guarantees to holders. Rate = market rate.

Dust holders, splitting below the threshold0.01% of supply

Gate by % of supply, as in pTokens Index - not by a fixed token count.

Nobody runs a keeperk.kk% ≈ gas × multiplier

The call is permissionless; the fee covers gas with margin.

ve-boost too large / too long≤ N× · lock ≤ M

Cap the max boost and lock term so plain holders' share isn't diluted away.

Initial treasury capitalizationseed from launch liquidity

Needs a seed at launch - source and size to be decided.

optional · off §9

Amplify requires Arcus

Flag a share of future epochs → instead of ETH/USDG it buys a leveraged Arcus pToken. Applies only at the next epoch boundary. Settings live in a Position NFT.

ETH stream USDG stream requires Arcus
  • OracleAdapter
  • PositionNFT
  • AmplifyRouter

Open questions

§8 · 7
  • Ticker $BASIS - fallback $CARRY, collision not checked
  • Which Morpho vault / curator backs the treasury
  • Size of payout / retained (w.ww%)
  • Source and size of the initial seed
  • Max lock term and the shape of the boost curve
  • Exact r.rr% and k.kk%
  • Standalone project or part of the existing stack

Hold. Trade. Get paid.

Every detail lives in the v1.0 spec.