Own a fixed share
of SPY
rSPY is an elastic-supply Note measured against one SPY Stock Token. SPY sets the measure. Rebase moves the supply. Trade builds the reserve.
On Robinhood ChainScroll to explore the experiment.
How it works
Trade and earn real SPY
For every trade, Note Hook buys back SPY with the trading fee and transfers it directly to the treasury. Your assets are backed with more SPY for every trade.
The Note Hook
Note Hook is a rebase-native market engine built with Uniswap v4 hooks and v2-style reserve accounting.
Every trade in the pool pays a fee. The protocol converts 100% of collected trading fees into SPY Stock Tokens and adds them to the protocol-controlled reserve.
Fees rise on a square curve during the hour before each daily Rebase, when the market is most sensitive to manipulation. They return to the base rate during the fifteen minutes after Rebase and can never exceed the immutable maximum.
Parameters
- Peg target
- 1 rSPY = 1 tokenized SPY, based on the oracle price
- Oracle
- 24-hour time-weighted average of the pool (TWAP)
- Rebase
- Daily, 02:00 UTC
- Response
- Sigmoid, ported from Ampleforth mainnet: +5.0% and −7.7% daily limits, growth 45
- Pool liquidity
- 100% protocol-owned and locked
- Base fee
- 1%
- Maximum fee
- 3.00%
- Fee ramp
- Square curve over the 60 minutes before rebase; linear return over 15 minutes after
- Fee split
- 100% converted to SPY and added to the reserve
- Issuance
- Single public window at par. No allocation, no discount, no lockup, no team tokens
Why Robinhood Chain
01Stocks, on-chain.
For four centuries a share of stock has been the most widely held financial instrument in the world, and for four centuries it has lived inside a broker. Robinhood Chain changes its form: tokenized SPY is an ERC-20, held in your own wallet, traded at 3 a.m. on a Sunday, and composable with any contract that can read a balance. The oldest asset in public markets has become a primitive.
02A stock as the unit of account.
Every protocol before this one has been denominated in a currency. Note Protocol is denominated in a stock. The reserve is SPY. The pool is priced in SPY. The target is one SPY. Rebase does not chase a dollar; it chases a share. Nothing in the system needs to know what a dollar is worth.
03Why SPY.
SPY is five hundred companies and their cash flows, priced continuously by the deepest market on earth. As a reference it is neither a policy nor a promise. It is the closest thing public markets have to a neutral measure of value, and it now exists on the same chain as this contract.
04Why elastic.
Ampleforth showed in 2019 that a supply can absorb demand so that a unit can hold its meaning. It aimed that idea at the dollar. We aim it at a share of stock — the first time an elastic unit has been quoted directly against an on-chain equity, in the venue where the equity trades, with the reserve held in the equity itself.
Not available to persons in the United States, Canada, the United Kingdom or Switzerland, following the eligibility of Robinhood’s stock tokens. rSPY is an experiment in monetary mechanics. It is not an investment, and nobody involved expects it to be one.