How VANTU works

Overview

A launch is one transaction against the Pons factory at 0x7eD598BcEf8bd9Edd8C97A195C6d13f40801EC7e. It deploys an ERC-20 and a bonding curve, mints the whole supply to the curve, and trading starts at once. The curve is quoted in one asset: native ETH, or one ERC-20 the factory owner has approved. A coin's address is its identity; coin pages live at /coin/0x….

Every trade pays a fee, and most of it is booked to an address the creator names at launch, the creatorFeeRecipient. Pons accepts any address there, including a contract. That is the whole integration: no fork, no permission, nothing about Pons changes.

What is live, and what is not

Everything on this site is read from Robinhood Chain; nothing is simulated. What is not yet available is listed as such.

Launching

Pons offers one launch configuration today. These are its parameters, read live from the factory.

The first 3 seconds

Every launch carries an anti-snipe tax that decays by 14 successive halvings across a 3-second window, read live from the factory. With the live configuration: 99.00% at launch, 6.18% after one second, 0.19% after two, 0.00% after three.

It is charged against chain time, not your clock, so a quote made inside the window can be a second stale. Addresses the factory exempts, including a creator-fee recipient that is not the deployer, pay none of it.

Uploaded logos

The logo field takes a URL you host, an ipfs:// URI, or an upload: PNG, JPEG, WebP or GIF up to 2 MB, re-encoded to a WebP of at most 512 px on its longer edge with metadata dropped; an animated GIF keeps its first frame. The file is stored under the hash of its bytes, so the same picture always has the same address. That address is written into the token at launch and, like the website and every other identity field, can never be changed. An upload no coin has used within 24 hours is deleted.

Pair tokens and the allowlist

A curve is quoted in one asset, fixed at launch. Native ETH is always accepted. Any other quote asset must be on the factory's allowlist, which only the factory owner can change; neither VANTU nor a creator can add to it. Of the 194 verified Stock Tokens, 53 are approved as pair tokens. The rest can still be basket constituents; they just cannot quote a curve.

• Economics are per pair token. Each asset has its own virtual reserve and graduation threshold, sized so a launch is worth roughly the same in dollars whichever asset quotes it: NVDA is 16.64 / 41.6, USDG is 3,236 / 8,090. Each coin's own threshold is fixed at launch.
• Decimals are not always 18. USDG has 6 and CBBTC 8; every amount on a coin page is scaled by the quote asset's own decimals.
• An ERC-20-quoted buy needs an approval first and sends no ETH; a native buy sends exactly the amount in as ETH. Getting either wrong reverts.

The bonding curve

PonsV2BondingCurve is a constant-product curve against a virtual quote reserve. It is not upgradeable, not a proxy, and cannot be sent ETH outside a trade.

quoteReserve = phantomQuote + realQuoteReserve      (exact, verified on live curves)
k            = quoteReserve × tokenReserve          (invariant across every trade)
price        = quoteReserve / tokenReserve          (quote asset per whole token)
progress     = realQuoteReserve / graduationThreshold

• Fees come off the quote leg, in both directions. They are subtracted before the swap, so k is preserved exactly, up to integer rounding.
• There is no on-chain quote function. Every price shown before a trade is computed from the curve's reserves with the contract's exact arithmetic, fees and taxes included, and checked against a simulation before you sign.
• A buy that overshoots is partially filled and refunded, not reverted. Slippage is enforced as a price bound rather than a quantity.
• Selling closes before graduation does. The curve rejects a sell the moment the sellable allocation is exhausted, before the graduated flag is set.
• Progress in quote is not progress in tokens. Both hit 0% and 100% together, but between them they diverge because the curve is a hyperbola: 9.27% raised was 26.34% sold on one live curve. VANTU shows the quote figure, the one the protocol graduates on.

Graduation

The curve never sells its whole supply. With the live configuration it reserves 28.5714% of supply, computed as supply × phantomQuote / (phantomQuote + threshold), and will not go below that floor. So 71.4286% of supply is all it can ever sell, and that sells out at the instant the raised amount reaches 4.2 ETH.

The pool is a Uniswap V4 position on the PoolManager at 0x8366a39CC670B4001A1121B8F6A443A643e40951, behind the Pons hook at 0xE5e702641Ea86F4ae6cC3cDaeD2B886f976Be044, at tick spacing 200. Neither the creator nor VANTU owns the position: nobody can withdraw it, and there is no unlock date. The pool's static LP fee is zero; the hook charges post-graduation trades. VANTU does not read Uniswap V4 pool state, so a graduated coin's page shows no curve and no price.

Fees

Fees are never pushed to the recipient. They accrue as a claimable balance in the Pons fee escrow at 0xd3AFEB2a57f70eF218Aa82451c51B2fb0416Ac9e, which is how a contract such as the basket vault can collect its own fees with no operator and no permission.

The basket vault

Deployed and final. A launch through VANTU creates a vault in the same transaction. The contracts have no owner, pause or upgrade path: nothing can be fixed, paused or recovered after the fact. A new vault holds nothing until the coin has earned creator fees and someone harvests them.

Three generations, and how they distribute

All three are live and all keep working. Every coin page states which generation its vault is.

• v1 — burn-to-redeem, and only that. Send x coin to the vault and receive x / S of everything it holds, where S is the supply outside it. No claims, no dividends, and immutable, so none can be added later.
• v2 — paid your share, keeping your coin. Holders claim their time-weighted share of the harvested stocks against a merkle proof. Claiming burns nothing and moves no coin. Burn-to-redeem remains underneath as a floor.
• v3 — the same claims, with USDG routes. Everything v2 does, and a leg may be priced and bought through a USDG pool as well as a WETH one, so a basket can hold Stock Tokens that have no WETH pool.

Why burn-to-redeem is a floor and not a yield

A creator's share of a trade — the 1.00% base fee split shown under Fees plus any creator tax — is around 1.7% of volume on a typical launch: $10,000 of trading puts roughly $170 of stock behind a 1,000,000,000 supply, and burning 2% of supply returns about $3.40 while those tokens sell for far more. Redeeming only makes sense once backing per coin exceeds market price. Burn-to-redeem is a price floor, not a reward; v2 exists to fix that.

How your share is computed

VANTU does not control the coin's contract, so it cannot track rewards on chain, and a balance check at claim time could be gamed by buying just before claiming. Entitlement is therefore computed off chain from the coin's public transfer history and committed as a merkle root. Weight is an integral, not a snapshot: your weight for an epoch is the sum of balance × time held. Epochs are disjoint, leaves are cumulative, and amounts are floored to whole base units so leaves can never sum past what the vault authorised.

The trust model and its limit

• One address publishes. The root publisher is fixed at vault creation. The coin's creator may rotate it, but that grants no new power.
• The cap bounds a bad root. The vault counts what it bought during the open epoch; publishing a root closes the epoch and raises what all roots may collectively pay out by exactly that amount. The coin itself is never distributed.
• 24 hours before it pays. A root pays nothing for 24 hours, and only one may be in flight at a time.
• What a bad root can still do. Misallocate the assets harvested since the previous root, plus whatever earlier holders never collected. The harm is bounded and slow, not impossible.

Nothing on chain can tell whether a root is correct; only re-deriving it can. The generator ships as a script that takes nothing on trust: it reads the coin's transfer history and the vault's events from the public chain, rebuilds the tree, and asks the deployed contract whether it agrees.

node scripts/verify-epoch.mjs --vault 0xVAULT --epoch 3

If it prints ROOT MATCHES, the distribution follows the rules above. If it does not, do not claim, and say so publicly: there are 24 hours before that root can pay anyone.

Bitcoin, staked ETH, Zcash: the majors

A basket can hold any token on Robinhood Chain that has a Uniswap V3 pool against WETH or USDG, because that pool is both where a vault buys and where it reads its price floor. None of the majors is issued on this chain, so each one arrives through a bridge, and each needs a pool before a vault can buy it. Both steps are permissionless.

The bridge. Robinhood Chain is an Arbitrum rollup on Ethereum, and its canonical bridge takes any Ethereum ERC-20. The address a token gets here is fixed by the bridge's router before the first deposit. Bitcoin comes as Coinbase's cbBTC or BitGo's WBTC, staked ETH as Lido's wstETH (ether.fi's weETH arrives through LayerZero instead), XRP as Hex Trust's wXRP. ETH itself cannot be a leg: it is what a harvest spends.

The pool. Once the token is here, someone creates its WETH pool and puts liquidity in it. The script reads the Chainlink price of the token and of ETH, initialises the pool at that price (or refuses if an existing pool is more than two percent off), raises the pool's observation cardinality so the vault's thirty-minute floor can exist, and mints one position around the price.

node scripts/seed-pool.mjs --token 0xTOKEN --quote WETH --fee 3000 --token-amount 0.05 --quote-amount 1.6
node scripts/pool-status.mjs --token 0xTOKEN

Three honest limits: a small pool is a small market, so the price floor protects less than it does on a deep one; Wrapped ZEC and wXRP have no Chainlink feed here, so their pools are priced by whoever seeds them; and the on-chain amounts are tiny today, so the first baskets to hold a major will be buying from liquidity VANTU or a creator provided.

Risks

• Most launches go to zero. Hundreds of Pons coins launch every hour on this chain and the overwhelming majority never graduate. You can lose everything.
• The first 3 seconds are taxed at up to 99%. Buying into a launch that is seconds old can cost almost the entire input.
• A creator tax of up to 10.00% applies to both legs, on top of the 1.00% base fee. Check the coin's own figures before a round trip; they are set per launch and immutable.
• Tokenized stocks are not stocks. They carry issuer, custody and transfer-restriction risk on top of ordinary market risk, and may not be available in your jurisdiction.
• A basket concentrates you in whatever its weights say. A 75% single-name basket behaves like that single name.
• A new vault is empty, and may stay empty. A coin that never trades never funds its basket. Do not price a coin as though its basket were already bought.
• A coin launched anywhere else on Pons has no vault at all. Only a launch made through VANTU names one as its creator-fee recipient.
• The vault contracts are final. No owner, no pause, no upgrade path.
• Smart-contract risk applies to Pons V2, to Uniswap V4 and its hook, to the Stock Token contracts, and to the vault.

FAQ

Is the coin quoted in the basket?

No. A curve is quoted in one asset, native ETH or an approved ERC-20; a basket cannot be a pair token. The basket is what the creator's fees are converted into, separate from trading the coin.

Can I redeem a coin for the stocks today?

Only a coin launched through VANTU, and only once its vault has harvested fees. Redeeming sends your coin to the vault and returns that fraction of everything it holds; on a v2 vault you can also claim your share without burning. Other Pons coins have no vault.

Why does a Stock Token show a change over 28 hours instead of 24?

Chainlink equity feeds go quiet outside market hours, so two consecutive rounds are rarely exactly a day apart: in one reading AAPL spanned 27.95 h, MSFT 29.38 h and SPY 42.13 h. Each change is labelled with the hours it really covers rather than rounded to 24h.

Is the total supply always 1 billion?

Yes for the only launch configuration Pons offers today: 1,000,000,000 tokens mint to the curve at creation. The token is burnable, so live total supply can drift below that; the curve prices against the launch supply.

Can the creator pull the liquidity after graduation?

No. The position is created by the factory and locked through the Pons hook and locker. Neither the creator nor VANTU holds it, and there is no unlock date.

Where do the coin logos come from?

A coin's mark is the creator's own on-chain logo, through an IPFS gateway for an ipfs:// URI. A Stock Token's mark is looked up by ticker from a pinned map, since a wrong company is worse than no logo. Anything unresolved falls back to a monogram derived from the address.