Specimen 02 · Tokenized stocks · 79% graduate
The tape never closes. So price the gap.
The venue behind a tokenized stock is shut 118 hours a week. Most tokens keep trading and quietly pretend the last print is still true. Tickr widens a published band instead, and charges funding to whoever pushes against it.
Closed is a state. It should look like one.
A tokenized equity that trades around the clock has a problem nobody on the board has bothered to solve: for most of the week there is no venue to price against. The usual answer is to keep quoting the last print and hope nothing happens over the weekend.
Something always happens over the weekend. When it does, the token gaps at the open and the people who were long the illusion pay for it.
Tickr makes the uncertainty a visible, tradable number. The closing auction print is the anchor. Around it sits a band that widens the longer the venue stays shut and the wilder the session was. Trade inside the band freely; push the tape away from the anchor and you pay funding to the side that did not. At the open the band collapses onto the first print and funding settles.
The band
Four rules, all of them published before you trade against them.
Anchor
The closing auction print, written once when the venue shuts. It does not move while the market is closed, and nothing in the system can nudge it.
Widening
Band half-width grows with the square root of hours since the close, scaled by the session's realized volatility. Both inputs are on chain.
Funding
Every 8 minutes, the distance from the tape to the anchor sets a funding rate. Longs pay shorts above the anchor, shorts pay longs below it.
Reconvergence
At the open the band collapses to the first real print. Accrued funding settles in USDG in the same transaction.
Four steps, in this order, every time
The venue shuts
The closing print is written on chain as the anchor. The clock starts.
The band opens
Half-width grows with time and volatility. It is a published formula, not a quote.
Funding accrues
Every 8 minutes the tape's distance from the anchor is charged to whoever caused it.
The open settles it
The first real print collapses the band and clears the funding book in USDG.
Band width and funding, hour by hour
A worked example on the published formula. The inputs here are yours, not a live feed.
Tickr settles on Robinhood Chain.
Tickr runs on the USDG-native L2, an Arbitrum Orbit rollup, chain id 4663, fully EVM. Funding settles in the same unit the chain charges gas in, so nothing has to be wrapped on the way out.
The band, in motion
A live render of the mechanism, drawn in the browser at sixty frames a second. Nothing is pre-recorded and nothing is loaded from anywhere.
What this actually runs on
Three pieces, and none of them are ours: the rollup, the unit it settles in, and the venue the liquidity sits in.
Robinhood Chain
An Arbitrum Orbit rollup, chain id 4663, EVM equivalent throughout. Testnet is 46646 and runs the same bytecode.
USDG, natively
The chain settles and charges gas in USDG, eighteen decimals. Nothing here has to be wrapped on the way in or out.
Uniswap v4 pools
Liquidity lives in ordinary v4 pools on the same chain, so any router, wallet or explorer can read the market without a special integration.
The values you need before you point a wallet at it
Click any value to copy it. These are the live Robinhood Chain values, not placeholders.
Ordinary machinery, unusual wiring
Nothing exotic holds this together. The interesting part is the rule, not the infrastructure under it.
Square root of time
Half-width grows with the root of hours shut, so a long weekend is wide but not absurd.
Every 8 minutes
Short enough to bite, long enough that gas is not the strategy.
None
The tape does not stop. It gets wider and more expensive to push.
Reject, don't liquidate
Orders that widen a breach are rejected. Nobody is closed out for it.
USDG
Funding and reconvergence both clear in the chain's own unit.
Robinhood Chain
USDG-native Arbitrum Orbit rollup, chain id 4663, EVM equivalent.
Six things that stay true at every setting
Properties of how this is built, including the inconvenient ones.
The anchor never moves while shut
It is written once at the close and read until the open. No path exists to edit it.
The band only widens with time
Between two prints it is monotonic. It cannot be tightened to squeeze a position.
Funding is symmetric
Whatever one side pays, the other side receives. The protocol does not take the middle.
A breach rejects, it never liquidates
The worst thing an outsized order can do is fail.
Reconvergence is unconditional
The first real print collapses the band, whatever it does to open positions.
No position is force-closed by the clock
Time widens the band. It never closes a book entry on your behalf.
What the token does, and what it does not
- It routes the funding skim to holders in USDG and votes the volatility scaler.
- It is not margin, not collateral, and not a backstop for the funding book.
- The ticker has not been announced. Nothing trading under a Tickr name is this.
It is a claim, not collateral
Nothing in this system is written against the token, and no position anywhere depends on its price. That is deliberate: a token that backstops the mechanism fails exactly when the mechanism is needed.
Contract address
This is the only address. Anything else circulating under this name is not ours. Check it against the explorer.
Four phases, no dates
Each phase ships when the one before it has been live long enough to be boring.
Distribution
- Fair launch, no presale
- Band formula published in full
- Testnet tape with synthetic closes
- Funding math open sourced
Live tape
- First name quoted around the clock
- Public funding history
- Reconvergence at every open
- Band monitor page
Depth
- More than one name
- Holder-voted volatility scaler
- Per-name band parameters
- Funding routed to holders
Openness
- Anyone can list a name with a bond
- Third-party anchor mirrors
- Full parameter governance
- Contracts frozen
The ones people actually ask
Including the ones with answers you may not like.
What if the anchor print is wrong?
The band is wrong with it, and the open corrects both violently. Tickr does not fix a bad closing print — it stops the token from pretending the closing print is still live 40 hours later.
Why funding instead of just halting?
Halting is the failure the board is already full of: a token that stops when you most want out. Funding lets you trade the whole weekend and makes the far side of the band expensive rather than closed.
Can I get liquidated by the band?
No. There is no liquidation path. An order that would widen a breach is rejected, which is a failed transaction and nothing worse.
Who pays the funding?
The side that pushed the tape away from the anchor pays the side that did not, in USDG. The protocol is not a counterparty.
Is there a contract address yet?
Yes. It is 0x50f38e45f36dde978d77a36ef113263a4d95dbfb, published on this page and verifiable on the explorer.
Where does the 79% come from?
The Pons specimen sample: 954 tokens, 33 with a tokenized-stock or RWA mechanic in the description, 79% of which graduated. It describes the category, not this project.
See what the weekend is actually worth.
Leave an address and you get the band formula, the funding schedule, and the first name when it is quoted.
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