HOW IT WORKS

A token here is two things at once. It is an ordinary pons v2 launch — a bonding curve holding the entire supply, tradeable from the first block, graduating into a pool with permanently locked liquidity — and it is a claim on a reference: the market capitalisation of a specific public company.

The company is chosen once, at launch, and written into the launch transaction. It cannot be changed afterwards by the creator, by us, or by anyone holding the token. Every surface that shows the token shows the company beside it.

1. 01ChoosePick one of the 500 and name the token. The pairing is recorded on chain and in our index at the moment of creation.
2. 02TradeThe full supply is minted to a bonding curve. Anyone can buy or sell immediately; the curve always takes the other side.
3. 03TrackThe reference price for the company is published continuously, and the market prices the token against it.
4. 04GraduateWhen the curve sells out, everything it collected seeds a Uniswap v4 pool and that liquidity is locked permanently.

The peg is a price relationship, not a redemption right. A token pegged to a company has a target price derived from that company's market capitalisation, and the market is expected to trade around it.

The target is computed from three inputs, two of which never change:

The ratio exists for a practical reason. A company worth five hundred billion dollars, pegged one-to-one against a one-billion-token supply, implies five hundred dollars a token — a price nobody can trade in meaningful size. The ratio scales the peg down to something usable while preserving the relationship: if the company doubles, the target doubles, whatever the ratio is.

The target price has to reach the chain somehow, and equity market caps do not exist on chain. That job belongs to the oracle: a contract holding one record per token, written by a permissioned reporter and readable by anyone.

Reads are bounded by age. Past a maximum staleness the oracle reports the target as unavailable rather than returning its last known value. That distinction matters more than it sounds: a feed that dies quietly and keeps serving a stale number will pin a live market to a price that stopped being true hours ago, and everything downstream will believe it.

Company market capitalisations are pulled on a schedule and republished, rather than fetched when someone loads a page. Two reasons: a page read should never wait on a third-party API, and every reader should see the same number at the same moment.

1. 01CollectMarket caps for all 500 are pulled from a market data provider on a fixed interval.
2. 02StoreEach is written against its company with the time it was observed, so staleness is always measurable.
3. 03CacheThe set is cached and served from memory, so a page read costs nothing and never blocks.
4. 04PublishPer-token targets are computed from the cap and the token's fixed ratio, and written to the oracle.

Equity markets close; this one does not. Outside trading hours the reference holds at the last published close and is marked as such. The token keeps trading — its own market never stops — but the target it is trading against is not moving, and that is a normal state rather than a fault.

Publishing a target does not make a market obey it. Convergence is the part that gives the peg teeth, and it is worth being precise about how it works, because the obvious answer is the wrong one.

The obvious answer is a rebase: adjust everyone's balance so the price lands on target. Rebasing is rejected here. It rewrites balances underneath every pool, contract and integration holding the token, and it turns a price problem into an accounting problem for everyone who ever touched it.

Instead the gap is made visible and capital is pointed at it.

The fee vault is the capital that leans against that gap. Two per cent of every trade accrues to an address belonging to that token alone, and it is deployed against the premium: buying into the token's own market when it trades under target, and selling into the pool when it trades over. Volume funds the correction, and the correction is strongest exactly when there is most trading to fund it.

The list is the 500 largest companies in America by market capitalisation. It is built rather than licensed: the universe of listed US companies comes from the SEC, filtered to operating companies and ranked by size, and each entry carries its ticker, its industry classification and the domain its brand mark is keyed on.

It is rebuilt on a schedule, so the ranking reflects what companies are actually worth rather than what they were worth when the list was first assembled. A token's peg is unaffected by reranking — it is pegged to a company, not to a rank.

Two tokens may be pegged to the same company. Nothing is reserved, and being first confers no claim.

1. 01CreateYou choose the company, set a name, ticker, image and links, and pay the launch fee. The entire supply is minted straight to a bonding curve. Nobody, including you, is holding a bag set aside beforehand.
2. 02Trade the curveAnyone can buy and sell immediately. Price rises as people buy and falls as they sell, and the curve always takes the other side, so there is never a wait for liquidity.
3. 03GraduateOnce the curve sells out, everything it collected seeds a Uniswap v4 pool and that liquidity is locked permanently. There is no unlock and no privileged wallet that can reach it.
4. 04TrackThe token trades in its pool against the published target for the life of the token.

A bonding curve is a vending machine. It holds the whole supply from the moment of launch and will always sell you tokens and always buy them back. The price is worked out from how much of the supply has been bought so far, not set by anyone, and not negotiated.

This is why a token is tradeable in its first block with nobody providing liquidity. It is also why early buys are cheaper than late ones: the price is a function of how much has already been sold, so the curve climbs as supply leaves it.

A portion of the supply is held back from the curve and reserved for the pool the token graduates into. That reserved amount is what seeds real liquidity at graduation, and it is set by the launch configuration rather than by the creator.

When the curve has sold its sellable supply, the launch graduates. Everything the curve collected, together with the reserved supply, seeds a Uniswap v4 pool, and the liquidity position is locked permanently.

Permanently means what it says. There is no timelock that expires, no multisig that can withdraw it and no admin function that can move it. The tokens and the pair asset backing that pool stay there for as long as the chain exists.

Fees are always charged in the asset the token trades against, never in the token itself, so you are never handed a bill denominated in something you were trying to sell.

The creator fee is the same 2% for every token on the platform. It is not a setting. A per-launch choice only ever produced tokens that were quietly worse to trade than their neighbours, and a single rate means the peg mechanics are funded identically everywhere.

Every launch derives its own fee vault, and that vault is set as the token's fee recipient in the launch transaction itself. Fees from a token accrue only to that token's vault, so one token's trading volume can never fund another's peg.

The address has to be known before the token exists, because the fee recipient can only be set at creation and never afterwards. Each vault is derived deterministically from a single secret we hold, combined with a public value recorded alongside the launch. That public value reveals nothing on its own — only the secret can turn it into a key, and the secret never leaves the server.

Creator fees do not arrive in the vault by themselves. They accumulate in the pons fee escrow and have to be claimed, and the keeper is the process that claims them: it walks every launch on a fixed schedule, collects whatever has accrued, and records the claim.

Before graduation, fees behave differently than most people expect. The escrow is not credited on every trade — the fee sits on the launch's own curve until graduation moves it. So a token can have genuinely earned fees that nothing can collect yet. Those are shown separately rather than counted as zero.

Everything runs on the pons v2 contracts on Robinhood Chain, chain id 4663. Each launch gets its own token and curve, which you should resolve from the factory rather than hardcoding.

• The peg can break. Nothing forces a market to a price. A token can trade well above or below its target for as long as people keep it there.
• The reference can fail. The feed depends on a third-party provider. If it stops, the target goes stale and is reported as unavailable rather than wrong.
• The company is not involved. It has no relationship with the token, has not endorsed it, and holds no obligation to anyone who buys it.
• Anyone can create a token with any name, including one that impersonates a real project. Names are not unique and are not verified. Check the contract address, which is the only identifier that cannot be copied.
• Graduating is not a quality signal. It only means the curve sold out.
• A token paired against another asset carries that asset's risk on top of its own. If the pairing asset falls, your position falls with it.
• Transactions are signed by your own wallet and are irreversible.