How it works · Levpad

The pad launches coins and runs their curves. The desk runs each coin's portfolio and the house on the other side. FivexOracle, already live on Robinhood Chain, prices every stock leg. Everything below is a constant in the contracts, so it cannot be changed after deployment.

Launching

A launch writes the coin's name, symbol, description, image and link into the coin, and its basket into the desk: up to six stock tokens, a signed weight for each (negative means short, and the weights add up to 100%), and one leverage from 1x to 5x. The basket can never change. No ETH is needed. Any ETH sent with the launch buys the coin for the launcher in the same transaction.

Every coin has a fixed supply of one billion, held by the pad and sold along a constant product curve with a virtual reserve of 0.05 ETH. The curve never graduates and never migrates, so a seller is always payable.

Fees

Coin fee, set by the creator	1% to 5%
Creator fee, on top	1%
Of the coin fee: portfolio margin	60%
Of the coin fee: the house	30%
Of the coin fee: platform	10%
Sell within 15 seconds of receiving the coin	coin fee at 5%
Defend mode: price under 80% of its high	portfolio share burns, 6 hours

The 15 second rule reads when the seller last received the coin, from any source. Sending the coins to a fresh wallet counts as receiving them.

A round

The desk's touch(coin) runs everything, and anyone may call it. In order:

Collect. Waiting margin and house ETH come over from the pad and swap to USDG on the Uniswap v4 ETH/USDG pool, at no worse than 97% of that pool's own spot price.
Close. A round at least an hour old closes once every leg's anchor is within 0.5% of its pool's spot. After a day it closes whatever the gap. Each leg exits at the worse of mark and spot for the portfolio.
Open. With every leg fresh and within 0.5%, a round opens on a stake of whichever is smaller, the coin's margin or the house's free USDG. Notional is stake times leverage. Each leg enters at the worse of mark and spot.
Burn. 75% of a winning round swaps to ETH and goes to the pad, which buys the coin off its curve with no fee and burns everything it bought.

Shortest round	1 hour
Longest before a forced close	1 day
Mark vs spot gap to open or close on time	0.5%
Most a round can win or lose	its stake
Early close, at the marks	loss of 90% of stake
Paid to whoever closes it early	1% of stake
Profit bought back and burned	75%
Smallest stake	0.1 USDG

The house

The house is one pool of USDG shared by every coin. It fills from 30% of every coin fee and from every losing round, and pays every winning round. When a round opens, its stake is reserved out of the house, and a round can win at most its stake, so the house always holds what it could owe. A round can also lose at most its stake, so there is no bad debt in either direction. A portfolio only trades as large as the house can cover, which means early coins trade small and grow as the house fills.

Anyone may add USDG to the house. The owner may withdraw only the part that is not reserved.

Prices

Every leg reads FivexOracle's readLeg: a rate-limited anchor that anyone may move toward the pool's median spot by at most 1% every five minutes, plus the spot itself. A leg whose anchor is over an hour old, or more than 10% from spot, is not healthy, and no round opens on it. Because entries and exits both take the worse of mark and spot, a lagging anchor is something the portfolio pays for, never something anyone can trade against. That is why rounds wait until the two agree within 0.5%, and why each call nudges the anchors forward.

Stock tokens on Robinhood Chain reinvest dividends into their price, so the marks are total return marks.

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