How a launch goes from its first trade to a pool nobody can pull, where the fees on every trade go, and how a project's developer gets paid.
Five stages, the same for every launch.
Launch a token linked to a software project's GitHub repository. Developers verify through GitHub to launch their own. Anyone else can start a community launch: at least 50% of its creator fee is held for the developer, and it doesn't imply their endorsement.
One transaction, with a 0.0005 ETH launch fee. You can make the first buy in it, before anyone else can trade. Pair it with a coin such as ETH, USDG or cbBTC, or one of 192 Robinhood Stock Tokens. The project, its repository and any paid product it names can't be changed later.
Every launch has the same fixed supply. Anyone who wants tokens has to buy them, the launcher included.
91.8% at most ever circulates
Why 8.2% is locked: the pool opens at the curve's final price, so the last buyer on the curve isn't undercut. Pooling those tokens too would open it lower, so they're locked where nobody can withdraw them.
Until it graduates, a launch trades with its bonding curve: a contract that sets the price by formula. Each buy raises the price and each sell lowers it. You pay, and are paid, in the one asset the launch trades against, such as ETH.
You trade with the contract itself, so there's no waiting for a buyer or seller. In a launch's first few seconds, every buyer but the launcher pays a steep extra fee that falls away fast, so bots can't buy the curve out the moment it opens: check the quote before you buy. The docs give its exact terms.
When the curve reaches its target, the launch graduates: what it raised and the tokens set aside for the pool move into a Uniswap V4 pool. Trading carries on there, in the same pair, from the curve's final price.
An ETH pair graduates when its curve holds 4.2 ETH after fees. Fees come out of every buy, so buyers spend a little more in all: 4.2857 ETH at the 1% minimum creator fee, up to 4.7191 ETH at the 10% maximum, and 4.2424 ETH for $REAFUND, which has none. Other pairs' targets are on Create, and each token's page shows how close it is.
The pool's liquidity is locked in a contract with no way to withdraw it. Nobody can pull it: not the launcher, not the REA.fund team.
Trading carries on in the pool, with the same two fees at the same rates. The lock keeps the liquidity in place, but it doesn't stop holders selling: the price can still fall.
Every trade pays the 1% trade fee, plus the creator fee its launcher set. $REAFUND has no creator fee.
On every buy and sell, on the curve and in the pool after graduation.
The launcher picks the rate, fixed at launch and paid on top of the trade fee. What it earns depends on trading: a launch isn't promised any income.
A sell pays the same two fees, taken from what it returns. The example leaves out gas, the extra fee in a launch's first seconds, and the refund when a buy is bigger than what's left on the curve. Launching costs a one-off 0.0005 ETH launch fee, also to the treasury.
Each launch picks one asset and keeps it for good. You buy with it, sell for it, and its pool pairs with it after graduation.
176 stocks and 16 ETFs.
Give the rivalry a pair: an open-source challenger can trade against the Stock Token of the company it's taking on, like a free image editor against Adobe. It's a market around the rivalry, not a short on the stock.
Create lists every pair a launch can pick, with its graduation target.
A Robinhood Stock Token is Robinhood's token for a listed stock or fund, but it isn't the share itself. Robinhood's rules decide who can hold and move one, and Robinhood can pause transfers, block an address or burn tokens. A launch paired with a Stock Token is bound by all of that too.
REA.fund's own token. It launches first, with the same supply and curve as every other launch.
$REAFUND
When someone else launches a token for your repository, your part of its creator fee is held until you claim it.
Sign in with the GitHub account that owns the repository, or as an owner of its organisation. Admins and maintainers can't claim for the owner.
Choose the wallet that receives the fees held for you.
After 3 days of public notice, claim what's been held so far. Later fees go to the same wallet. You can also authorize one launch, marking it Developer-authorized, or opt out so new launches can't name your repository.
Claiming isn't an endorsement: it only settles who receives the developer's part. Authorizing a launch is a separate choice.
Verify and claimEach token's page shows its fee rates, fixed in its contracts at launch. The treasury carries out the $REAFUND buyback on chain from its multisig, where anyone can check it.
The docs list every contract and its address, what the contract owner and a Stock Token's issuer can and can't do to a launch, and the extra fee in a launch's first seconds.
Tokens are speculative and can lose all their value. Working software doesn't guarantee a valuable token. Read the FAQ.