Productive assets,
kept liquid.

The thesis

Robinhood Chain brings together assets that historically lived in separate worlds: memecoins, Stock Tokens, RWAs, native ecosystem assets and permissionless DeFi.

Liquid staking adds another dimension. It allows an asset to remain economically productive without removing its value from the rest of the ecosystem.

A productive position can be tokenized. That token can move. It can trade. It can become liquidity. It can become collateral. It can become the pairing asset for another market. It can become the base layer for products that do not exist yet.

This is the core POND thesis:

POND starts with PONS because the first goal is not to build every possible product at once. The first goal is to prove the staking layer cleanly.

V1: Liquid staking

V1 is deliberately simple.

PONS deposited into POND becomes a liquid staked position represented by stPONS.

One PONS deposited mints one stPONS. One stPONS redeemed returns one PONS. stPONS is non-rebasing and transferable.

The reserve invariant is:

V1 is one pool, one underlying asset and one liquid-staked token. That simplicity is intentional.

The V1 reward model

The PONS staking pool receives rewards generated by the underlying PONS position.

Those processed rewards follow a fixed economic rule:

100% of processed Pool #1 rewards
├── 80% → eligible stPONS holders
└── 20% → POND buyback allocation

The holder allocation is distributed proportionally to the eligible outstanding stPONS shares at that reward cycle.

If a wallet owns 10% of the eligible outstanding stPONS, it receives 10% of the 80% holder allocation for that cycle. If it owns 50%, it receives 50%.

Rewards accrue through a cumulative onchain reward-per-token index. POND does not need to loop through wallets or maintain an offchain snapshot database.

How Pool #1 rewards reach holders

The external Pool #1 reward source pays rewards in native ETH on Robinhood Chain.

The canonical reward destination is:

The processor receives native ETH. The keeper checks every 60 seconds, converts eligible ETH into PONS with a 5% maximum slippage guard, and sends the resulting PONS through the immutable 80/20 splitter.

native ETH rewards
        ↓
PondEthRewardProcessor
        ↓
ETH/WETH → PONS
        ↓
PondPoolRewardSplitter
        ├── 80% → PondRewardDistributor → PondRewardVault → eligible stPONS holders
        └── 20% → PondBuybackVault → POND buyback executor

Holder rewards accrue automatically onchain and become claimable in PONS. Users claim from the POND app rather than receiving a push transfer every cycle.

V2: Productive Liquidity Pools

V2 is where stPONS stops being purely something you hold and starts becoming infrastructure.

We call the planned model a PLP — Productive Liquidity Pool.

Users would buy DOG using stPONS. Users would sell DOG back into stPONS. The market itself would be denominated in a liquid-staked asset.

The underlying PONS represented by stPONS remains connected to its productive staking position while stPONS simultaneously acts as market infrastructure for DOG.

V2 is planned, not live today. Its final LP reward accounting and launch integration will be completed before production deployment.

Beyond PONS

PONS is the first underlying asset. It does not have to be the last.

DOG / stPONS
AI / stNVDA
BULL / stTSLA
MEME / stRWA

stPONS / stNVDA
stNVDA / stTSLA

The roadmap

Live V1 contracts

The staking core and the real native-ETH reward pipeline have both passed mainnet smoke tests.

V1 security principles

• Deposited PONS principal is separate from reward PONS.
• No admin function can withdraw staked PONS principal.
• Redemption does not depend on the keeper.
• The 80/20 splitter uses immutable destinations and allocations.
• The ETH processor enforces minimum-output slippage protection.
• Routine reward automation has no authority over staked principal.

Risks and non-goals

POND does not promise a fixed yield. Rewards depend on actual reward generation and successful processing.

ETH → PONS conversion introduces liquidity and execution-price risk. The configured 5% maximum slippage guard reduces but does not eliminate execution risk.

PLPs are a planned V2 design. Examples involving Stock Tokens and RWAs describe possible future design space, not currently live pools.

POND buybacks do not guarantee any POND token price outcome.