Whitepaper v0.9, September 2026
Robinhood Chain has, in six weeks, produced the things a yield market needs and never had before on one chain: tokenized stocks with real depth (NVDA alone turns over more than $100M a day on chain), a dollar stablecoin doing $2B a day (USDG), a live isolated money market lending USDG against those stocks (Longbow), protocols that pay stock dividends to token holders (Index), and liquidity vaults earning swap fees on stock pairs (Delta, TwoFold). Every one of these pays a yield that moves every day.
Quiver splits those yields into two tradable pieces. A Principal Token (PT) that gives a fixed return to a known date, and a Yield Token (YT) that gives whatever the source actually pays until then. Someone who wants 8% on their USDG, guaranteed, buys PT. Someone who thinks NVDA borrowing demand will spike next month buys YT. The market between them prices the yield of Robinhood Chain in public, for the first time.
Quiver is built on the shape of Pendle, the protocol that made yield trading a $5B category on Ethereum, adapted to the assets that only exist here: the first yield market where the underlying is a tokenized stock's dividend or the interest paid to borrow against it.
Yield on this chain is real, but it is unpriced.
| Yield source live today | What pays | Shape |
|---|---|---|
| Longbow (Morpho Blue markets) | Interest from borrowers who post NVDA, HIMS and other stock tokens as collateral for USDG | ERC-4626 vault shares |
| Index | Protocol fees converted to tokenized stocks and paid to holders, $1.5M distributed | Claimable stock rewards |
| Delta, TwoFold | Uniswap swap fees on stock/USDG and stock/ETH pools, TwoFold adds a lending leg through a v4 DualPool hook | Staked LP positions |
| Pons creator fees | 70% of the 1% curve fee plus creator tax on every launchpad trade, claimable from the fee escrow | Claimable ETH |
None of these tell you what they will pay next month. A USDG supplier on Longbow earns whatever borrowers happen to pay. An Index holder gets whatever fees happen to flow. That uncertainty is a product waiting to exist: some people want to lock the rate, others want to bet on it. Pendle proved the demand on Ethereum with liquid staking and restaking yields. Robinhood Chain's yields are stranger and more interesting, because behind them sit stocks that report earnings, pay dividends, and gap on Monday mornings.
The chain's own data says infrastructure wins here. In our indexer, launchpads and stock-related infrastructure capture the top spots by volume, and 86% of live volume comes from projects with an explicitly Robinhood-native identity. Quiver is Robinhood-native infrastructure by construction: it only makes sense on the chain where tokenized stocks are liquid.
Every yield source is wrapped into a Standardized Yield token, a thin ERC-20 that grows in value as the source accrues. An SY adapter knows how to deposit into the source, how to read its exchange rate, and how to redeem. Adapters at launch:
Depositing 1 SY into a Quiver market with maturity T mints 1 PT-T and 1 YT-T.
PT plus YT always equals the underlying. Anyone can recombine and redeem at any time.
PT trades against the underlying in a Uniswap v4 pool per market. At launch these are plain concentrated-liquidity pools with ranges set around the implied rate; a dedicated yield AMM with time-decaying curvature follows once volume justifies it. YT is priced by construction: YT = underlying minus PT, so the interface quotes YT by routing through the PT pool and the mint/redeem path. One pool per market keeps liquidity in one place.
Every PT pool shows an implied APY, the fixed rate you get if you buy PT now and hold to maturity. That single number is the product: the first published forward yield curve of Robinhood Chain.
Markets launch with 30-day and 90-day maturities on a rolling calendar. Short maturities suit a young chain where rates move fast and let the protocol prove redemption at scale before offering longer dates.
Index converts protocol fees into tokenized stock and pays them out. Wrapped as SY, split into PT and YT, the YT is a claim on a stream of stock dividends over a fixed window. That is a dividend future on a tokenized equity, tradable by anyone with a wallet, on a chain that trades 24 hours a day. No such instrument exists on chain anywhere.
The Pons launchpad has produced over 120,000 launches since 23 August. Creator fees and snipe tax are a real cash flow, and our own launches have claimed them from the fee escrow. SY-pFEE pools those fees across curated launches, and the PT/YT split lets a launcher sell the next 30 days of fees for cash today, or a trader buy them. For launchers this is an entirely new way to fund a project: sell your future fees, keep your tokens.
Yield trading on a six-week-old chain needs honesty about the sources. Every market carries a published risk score computed from on-chain data: source TVL and its concentration, days live, utilization, liquidation history where relevant, and for fee vaults the launcher's pattern. The scores are produced by the same indexer that already tracks every launch and trade on the chain, and they are shown next to the implied APY so that a 40% fixed rate on a fragile source reads as what it is.
Which sources get a market is decided by QUIVER holders who lock tokens for voting weight, in the Convex and Aerodrome tradition. Yield sources that want a market can direct incentives to their gauge. This turns listing into an economy instead of a committee, and gives every protocol on the chain a reason to hold and lock QUIVER.
Quiver's operator runs the deepest public dataset on Robinhood Chain's launch economy: every Pons launch, trade, exemption, snipe tax and graduation since the v2 factory went live, plus a map of the 767 sniper bots that buy inside three seconds of a launch and the wallet-linking heuristics that expose coordinated launch teams. That data is what makes SY-pFEE priceable and what feeds the risk scores. It is also the reason Quiver can launch with an honest yield curve rather than a marketing number.
Fixed supply of 1,000,000,000 QUIVER, launched on the Pons launchpad, quoted in ETH.
| Allocation | Share | Terms |
|---|---|---|
| Public, on the Pons curve and Uniswap | 85% | Available to anyone from the first block |
| Team and development | 8% | Bought at launch from published wallets, 12-month linear unlock, no sales before month 3 |
| Liquidity and market seeding | 5% | Seeds the first PT pools and the QUIVER/ETH pool |
| Community incentives and gauges | 2% | Streamed through gauges over the first year |
Creator tax at launch is 1%, routed to the treasury to fund the audit. The launch wallets, their addresses and their unlock schedule are published before the launch and enforced by a vesting contract after the first market goes live. There is no presale and no private round.
Phase 0, now. Whitepaper, brand, community, this page. Fork deployment of the core: SY adapter for Longbow vault shares, PT/YT minting and redemption, a PT/USDG v4 pool, implied APY on the interface. Public demo on the fork.
Phase 1, Q4 2026. Mainnet beta with two markets, SY-lbUSDG at 30 and 90 days, capped deposits, our own capital first. External review of the core contracts before caps are raised. Risk scores live.
Phase 2, Q1 2027. Dividend futures: SY-dINDEX markets. Launch-fee yield: SY-pFEE with the first curated launches. Gauges and QUIVER locking.
Phase 3, Q2 2027. Dedicated yield AMM. Longer maturities. Adapters for Delta and TwoFold. Integrations: PT accepted as collateral on Longbow, closing the loop.
Each phase ships only when the previous one has redeemed at maturity without incident.
Quiver is independent and is not affiliated with Robinhood Markets, Inc., Pendle, Longbow, Index, Delta or TwoFold. Yield sources are named as integrations, not endorsements.