NOTE PROTOCOLTHE MARKET, MADE ELASTIC.
PUBLIC ISSUANCEWINDOW No. 001 · AT PAR
← The experiment
06 / THE ISSUANCE

ONE rSPY FOR EVERY SPY YOUR DEPOSIT BUYS

Mint rSPY at par

One public window. Deposit USDG, receive rSPY at the oracle price of one SPY. No allocation, no discount, no lockup.

Date to be announcedPREVIEW FIGURES · CONTRACT NOT CONNECTED
Issuance window opens inDATE TO BE ANNOUNCED
—DAYS
—HOURS
—MINUTES
—SECONDS
SPY ORACLE
648.20 USDG24h TWAP · 1 rSPY = 1 SPY
USDG DEPOSITED
2,418,930no cap · single window
rSPY TO ISSUE
3,731.76deposits ÷ oracle
DEPOSIT / 01USDG → rSPY

Deposit

YOU RECEIVE0.0000 rSPY
RATE1 rSPY = 648.20 USDG
ISSUANCE FEENone · at par

rSPY is minted once the window closes, at the closing oracle price. The quote above uses the current 24-hour TWAP and will drift with it.

Issuance rules

IMMUTABLE ONCE THE WINDOW OPENS
Price
Par. 1 rSPY for 1 SPY at the 24-hour TWAP oracle at close
Cap
None. Issuance equals total deposits ÷ oracle price
Allocation
None. No pre-sale, no team tokens, no discount tiers
Liquidity
100% of deposits paired with rSPY, protocol-owned and locked

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.

THE ISSUANCE

Deposit USDG