How it works

Overview

Every launch is an ordinary pons v2 token: the entire supply sits on a bonding curve, it trades from the first block, and when the curve sells out it graduates into a Uniswap v4 pool whose liquidity is locked for good. What is different is where the creator fee goes.

Each launch is paired with one asset from the catalogue: a tokenized treasury fund, allocated gold, a private-credit pool, a rental property. Every trade pays 2% to the platform treasury, and the treasury has exactly one purpose: buying that asset. The running total of everything bought is the reserve. Anyone who has launched a token earns a share of the yield the whole reserve pays, not only the asset they chose.

Fees are pooled, not kept per launch. Your token funds everyone's floor, and you get a share of the whole reserve's yield in return, rather than a private position you draw down alone.

Lifecycle

1. 01

   Launch

   Name the token, pick the asset, pay the launch fee. The supply is minted to a curve and the treasury is set as the fee recipient in the same transaction.

2. 02

   Trade

   2% of every buy and sell accrues as creator fee, in ETH. It sits on the launch's curve until swept.

3. 03

   Buy

   The keeper sweeps each curve into the fee escrow, claims the escrow to the treasury, swaps the ETH into the backed asset and writes down the units and the price.

4. 04

   Earn

   The reserve pays what its assets pay. Coupons, dividends, interest and rent are booked as they land and split across launchers and holders every hour.

The backing asset

The asset is chosen at creation and stored with the launch. It is a catalogue id such as ondo/ousg, checked against the live catalogue before the launch is recorded, so a token cannot claim an asset that does not exist or that the reserve cannot buy.

An asset enters the reserve when a token launches for it, and not before. The catalogue lists what can be bought on chain from a named issuer with a published NAV; the ones the reserve holds are the ones something funds. Several tokens can back the same asset, and all of them feed the same position.

What the reserve holds

Only tokens that represent a claim on something off chain, issued by a party that publishes what backs them. Four things have to be true for an asset to be listed.

Issuer

Named

A company or fund with a legal wrapper that says who owns the underlying and how a holder redeems.

NAV

Published

A price per unit the issuer posts on a schedule: daily for funds, on the fix for metals, quarterly for property.

Custody

Attested

Holdings confirmed by a custodian, auditor or registry on a stated cadence. The cadence is shown on every asset card.

Venue

On chain

The keeper must be able to buy it with ETH from the treasury wallet without a human in the loop.

Proof of reserves

The reserve page is the ledger, row by row. Every purchase cites the claim transaction it was paid from and the swap that bought the units. Every issuer attestation is recorded with its date, so a stale one is visible. NAV is read from the issuer's feed and shown with its age; the site never prices an asset itself.

What the reserve holds is verifiable on chain by anyone: the treasury address is public and the asset tokens sit in it. What the issuer holds behind those tokens is the issuer's claim, backed by their attestation, and that is the risk you take when you back it.

Daily reports

Once a day each token gets a short report written from its own rows in the ledger: fees so far, what they bought, what that is worth at today's NAV, what has been paid out, and the last day's trades. Curve tokens also get a call on whether the curve sells out in the next 24 hours, scored against the chain a day later. The report is a template filled from numbers; it cannot know anything the ledger does not.

The fee

Creator tax

2.00%

On every curve trade, paid to the treasury. Fixed by the platform, not a per-launch setting.

Curve fee

1.00%

The protocol's own fee on trades against the bonding curve.

Launch fee

read from chain

Paid once at creation to the factory. Shown on the launch page before you sign.

The tax is charged in ETH, never in the token itself, so nobody is billed in the thing they were trying to sell. Curves stop accruing at graduation; a graduated pool charges no creator fee.

The treasury

Every launch names the same treasury as its creator fee recipient. It is set in the launch transaction and cannot be changed afterwards. There are no per-token vaults because there is one reserve to fund.

The treasury is also the keeper's wallet, and that is forced by the protocol rather than chosen for convenience: the escrow credits whichever address a launch named and pays claim() to the caller, so only the owning wallet can collect. The treasury can hold fees, swap them into catalogue assets and pay yield out. It cannot mint, cannot reach locked liquidity, and cannot touch anyone's balance.

The keeper

Fees do not move on their own. Before graduation they sit on the curve until swept; the escrow holds them until claimed. The keeper walks every launch, sweeps what has accrued, claims the escrow once, then buys.

curve fees → sweepFees() → escrow → claim() → treasury → swap → reserve

Nothing is swept until it is worth more than the gas it costs. Each claim's ETH is converted at spot and the rate is written on the record. The purchase that follows is a separate row citing its own transaction, the units received and the NAV at that moment. If the issuer's venue is closed the claim is still recorded and the purchase runs on a later pass rather than at a guessed price.

The reserve ledger

The reserve is a ledger, not a balance. Every claim, purchase, yield receipt and distribution is a row, and every figure on the site is a sum over rows. A stored total would drift the first time two events settled at once.

nav        = Σ(units held × issuer NAV)
raised     = Σ(claims credited)
claimable  = Σ(yield received) − Σ(yield distributed)

Amounts are integer micro-USD; units are integers in the asset's own decimals. Rows carry the launch they belong to, so a token page can show its contribution, but the reserve is read across every row.

Fee modes

Every trade on a curve pays 2%. One percent always buys the backing asset for the reserve. At launch the creator chooses where the other percent goes: to their own wallet, or split across the token's holders pro rata every hour. The choice is fixed at launch and shown on the token page.

Both are paid from the treasury in ETH. The amount owed to a token is half of the creator tax its curve has accrued, read from CurveBuy and CurveSell logs, minus what has already been paid; every payout is a transaction with a hash on the token page. Shares smaller than the gas to send them wait for a later run.

Who earns

Two ways in. Launch a token, and that wallet earns a share of the reserve's yield permanently, regardless of what happens to the token afterwards. Or hold the platform token: a wallet with enough $REWA earns the same stream without launching, for as long as it holds.

Holding also sets the weight of a wallet in each distribution. Everyone who launched gets the base weight. Holders get more, larger holders more still. Sell the token and the weight drops back on the next run; there is nothing to claim and nothing to stake.

Launcher

1×

Launched at least one token. Permanent share of the yield stream, base weight.

Holder

3×

250,000+ $REWA on the wallet. A share without launching.

Holder+

10×

2,000,000+ $REWA. Same rights, larger weight.

Balances are read from chain at every run. Thresholds and weights may be tuned as the reserve grows; changes are announced on the audit page first. Access is proven by signature, not by a claimed address, with one signed message per request, valid for ten minutes.

How yield is distributed

Yield is booked when it lands, never estimated. A fund's daily dividend, a pool's interest, a property's rent: each arrives as tokens or stablecoin in the treasury and becomes a row with the transaction that delivered it. Gold and commodities pay nothing and are booked as nothing.

share(w) = weight(w) / Σ weight × Σ(yield received since last run)

Every hour the keeper splits whatever has landed since the last run across eligible wallets by weight, in the asset it arrived in, and writes a distribution row per wallet. Shares below gas are carried forward, not lost. The unrealised gain on NAV is not yield: it is shown, but only a sale would realise it, and the reserve does not sell.

The API

Everything the site shows you can read from code. Mint a key on the keys page and point any HTTP client at https://rewapad.ink/api/v1.

GET /api/v1/reserve, Authorization: Bearer rwa_sk_…

Reads

Free

reserve, assets, tokens, attestations and yield are open to any key at 60 calls a minute.

Claim

Signed

POST /claim pays a wallet's carried-forward share now instead of at the next hourly run. Needs a wallet signature; the wallet pays gas.

Amounts

Integer micro-USD

What the ledger stores is what the API returns. Round on your side.

Keys

Hashed

Stored as SHA-256 and shown once. A lost key cannot be recovered: revoke it and mint another.

The bonding curve

A launch holds its whole supply on a curve from creation. The curve always sells and always buys back, at a price set by how much has been bought so far. You never wait for a counterparty. Large orders move the price more than small ones, as on any thin market.

Every launch opens with a buy tax that starts near 99% and decays to nothing within five seconds, so being first is not a strategy. Selling is never taxed by it, and the launching wallet is exempt.

The reserve is not the curve. What the fees have bought sits in the treasury and is never used to defend a price. It is a floor in the sense that it exists and pays, not a promise that the token trades above it.

Graduation

When the curve sells out, everything it collected seeds a Uniswap v4 pool together with the share of supply reserved for that purpose from day one. The position is locked permanently: no unlock, no expiring timelock, no privileged wallet. The function to withdraw does not exist.

Curve fees stop at graduation, so a graduated token stops adding to the reserve. What it already bought stays, and keeps paying.

Contracts

Everything runs on pons v2 on Robinhood Chain, chain id 4663. Each launch's curve and token are created per launch and should be resolved from the factory rather than hardcoded.

Rewa registry

0xe6f485…21ede5Launches through the factory and records the backing asset and fee mode in the same transaction. Holds no funds.

Factory

0x7eD598…01EC7eDeploys every launch and drives graduation.

Launch router

0xe33E9E…F62948Launch and first buy in one transaction.

Fee escrow

0xd3AFEB…16Ac9eHolds claimable balances until claimed.

Hook

0xE5e702…6Be044Accrues and distributes fees after graduation.

Launch locker

0x267444…574952Permanently holds each graduated pool position.

Status

Two parts of the path are not automated, and it is better to say so than let someone find out.

Purchases are made by the treasury, not a contract. The keeper sweeps and claims on its own and books every claim at spot. Turning that ETH into the backed asset goes through the issuer's venue, and for most issuers through a wallet that has passed their onboarding, so it is a step a person runs; each purchase is then booked with its transaction. Until it is, the claim shows on the reserve page as unbought.

Yield is booked when the issuer pays it. Accrual on the site is an estimate from the stated rate. Only what has actually landed in the treasury is distributed.

Risks

Launch tokens are volatile and can lose all value. Anyone can create a launch with any title, symbol and image, including ones that imitate an existing project. Titles and symbols are not unique and not verified.

Token address

The only identifier

A title or image can be copied. An address cannot.

The floor

Not a price

The reserve exists and pays. It is never used to buy the token, so the token can trade below what its fees bought.

Issuer

Third party

Every asset is a claim on someone else's custody, oracle and redemption terms. An issuer can gate, freeze or fail.

NAV

The issuer's number

Published on their schedule. Between publications the reserve is marked at the last one.

Graduation

Not a quality signal

It means the curve sold out, nothing more.

Audits

pons v2 is unaudited

Use amounts you can afford to lose.

Transactions are submitted by your own wallet and may be irreversible. Nothing here takes custody of your tokens or funds; the reserve holds fees already paid, not your balance.

FAQ