SEXTANT
Verniers turn a tokenised equity into a plain ERC-20 you can move, trade or post as collateral. Leave in kind at a price the contract does not need — or in USDG, at the observation it names.
The Sun you can see at sunset has already set.
The problem
Liquidity without giving up yield
A position in a tokenised equity earns nothing while it sits, and everything you might want to do with that capital means selling it first.
Before
A position you can only sit on
- ×The equity sits in your wallet doing nothing.
- ×Selling it to do anything else means giving up the exposure.
- ×Every vault that would hold it for you marks its value against a pool price.
- ×And a pool price is a rate for a trade of zero size, one transaction from being something else.
After
A share token that keeps the exposure
- ✓Deposit once, hold a Vernier: a plain ERC-20 any wallet understands.
- ✓Send it, sell it or post it — the exposure follows the token.
- ✓Leave in kind at any block, at a price the contract does not need.
- ✓Or leave in USDG, and the contract names the observation it used.
Core features
Three rails for tokenised markets
Verniers, an honest exit, and order flow that commits before it reveals — over the 51 equities actually trading on Robinhood Chain.
Verniers
Deposit into an Arc and receive an ERC-20 that represents your slice of it. A vernier is the sliding scale that lets you read a coarse instrument finely — which is what a share token does to a position.
- Tracked accounting, verifiable on chain
- Share price computed from what the Arc holds, not from a feed
- Transferable, so the exposure follows the holder
Two exits
In kind pays your share of what the Arc holds, pro rata. It is a ratio of two integers and no price appears in it anywhere. Into USDG needs a number, and the Arc uses the worse of its last two observations.
- Neither exit can be halted, ever
- The convenience exit refuses rather than marking its way out
- Both are properties, executed on chain by every build
Horizon
Order flow that commits before it reveals, so a trade is not sitting in a public mempool for a bot to read. Named for the thing that is not where geometry puts it — so the page states what it cannot hide.
- Commitment first, reveal second
- Halted by Stow; neither exit is
- What it does not do is written down
Live on Robinhood Chain
The markets, read from the chain
Not a list. Every pool below was found in the chain's own Uniswap V3 swaps and then read back: tokens, decimals, fee, liquidity and price.
| ticker | company | price | pool fee | swaps seen | pool |
|---|---|---|---|---|---|
| GLD | SPDR Gold Trust | 407.16 USDG | 0.3% | 349 | 0x7a6a…97ec |
| AMC | AMC Entertainment | 2.6943 USDG | 0.3% | 261 | 0xaa34…64d5 |
| SPCX | Space Exploration Technologies Corp. Class A Common Stock | 148.44 USDG | 0.05% | 182 | 0xc612…0029 |
| LLY | Eli Lilly | 1,155.05 USDG | 0.05% | 55 | 0xf212…324a |
| NVDA | NVIDIA | 233.33 USDG | 0.05% | 54 | 0xd4eb…14a3 |
| SPY | SPDR S&P 500 ETF Trust | 773.47 USDG | 0.01% | 42 | 0x3845…df4e |
| AAPL | Apple | 324.81 USDG | 0.05% | 36 | 0xaae0…2d6d |
| DJT | Trump Media & Technology Group | 9.4945 USDG | 1% | 31 | 0x31a8…1ae5 |
| GME | GameStop | 19.40 USDG | 0.05% | 29 | 0xe2b4…b126 |
| AMZN | Amazon | 258.12 USDG | 0.3% | 27 | 0x8ac9…79ef |
How it works
Four steps, and one of them is an observation
Deposit
Send the asset to an Arc and it mints Verniers. The position is valued at the higher of the Arc's last two marks, so the base already inside is never undervalued against new money arriving.
Refuses a deposit that would mint zero shares. Halted by Stow.
Hold
A Vernier is an ordinary ERC-20. No lockup, no queue, no epoch, no whitelist. Transferring one moves the claim and moves no price — which is a property, executed every build.
Sight
Anyone may take a new observation. The Vernier refuses one taken in the same block as the mark it would replace — which is what makes the worse-of-two rule mean anything — and one that moved further in a single step than its band allows. A pool that trades all day does not jump twenty per cent between two blocks, and if it does, that is an incident rather than a price.
The Dip is charged here, on the gain since the last Sight, capped in code. This is a performance fee on a number the Arc cannot verify, which is exactly the practice this site's own thesis makes suspect — hence the cap, and hence the cap being a property.
Fix
Leave in kind — your share of each pot, no price involved — or into one asset at the worse of the last two marks. Stow cannot halt either.
Security
Twenty properties, executed — then broken on purpose
Every build compiles contracts/Arc.sol, runs its properties on this chain's own EVM through an eth_call state override, and then compiles copies with one deliberate defect each. A suite that passes is evidence of nothing until you have watched it bite.
properties, all held on the last build, on a public node with no key and no deployment.
sabotages that must be caught, and were — the report names which property caught each.
steps of the app's own calldata, run against real GLD, real USDG and a real pool.
keys anywhere in this repository. The only write path is your own wallet.
What is real
Every part of this, and what it is
Measured on chain
Read from Robinhood Chain with no key, no proxy and no vendor. The market list is discovered from the chain's own swap logs and every row of it is read back before it is offered.
- ✓the tradeable markets
- ✓each pool's price and depth
- ✓which factory deployed each pool
- ✓what a token really is
Computed here
A model in this repository, run in your tab, checked against published values by every build.
- ✓refraction
- ✓the dip of the horizon
- ✓the flattened disc
- ✓the dispersion that makes the green flash
Executed on an EVM
The Solidity in contracts/ is compiled and its properties are run on a real Ethereum node through an eth_call state override, then sabotaged copies must each be caught. The app's own calldata is run the same way against real tokens and a real pool on live Robinhood Chain.
- ✓the Arc's accounting
- ✓the fee cap
- ✓the owner surface
- ✓every transaction /app sends
Working, and yours to run
Real contracts on Robinhood Chain, signed by your own wallet. Nothing here holds a key, and every write is simulated from your address first. What exists on chain is whatever anyone has deployed — which may be nothing, and the app says so rather than drawing an empty vault.
- ✓deploying a Vernier
- ✓deposit, Sight and both exits
- ✓the market list
- ✓reading any Vernier anyone deployed
Not built
These have no contract behind them in this repository and no page pretends otherwise.
- ✓a lending market to borrow against a Vernier
- ✓a solver network behind Horizon
- ✓a token