How Auren works

Overview

A launch is one transaction against the Pons factory at 0x7eD5…EC7e. It deploys an ERC-20 and a bonding curve, mints the whole supply to the curve, and trading starts at once. The curve is quoted in one asset — native ETH or one factory-approved ERC-20. A coin’s address is its identity; coin pages live at /coin/0x….

Every trade pays a fee, most of it booked to the creator-named creatorFeeRecipient. Pons accepts any address there, including a contract. That is Auren’s whole integration: no fork, no permission, nothing about Pons changes.

What is live, and what is not

Everything on this site is read from Robinhood Chain; nothing is simulated. What is not yet available is listed as such.

Launching

Pons offers one launch configuration today. These are its parameters, read live from the factory.

Read from 0x7eD5…EC7e.

The first 3 seconds

Every launch carries an anti-snipe tax that decays by 14 successive halvings across a 3-second window, read live from the factory. With the live configuration:

It is charged against chain time, not your clock, so a quote made inside the window can be a second stale. Addresses the factory exempts, including a creator-fee recipient that is not the deployer, pay none of it.

Uploaded logos

The logo field accepts a URL you host, an ipfs:// URI, or an upload — PNG, JPEG, WebP or GIF up to 2 MB, re-encoded to a WebP of at most 512 px on its longer edge with metadata dropped; an animated GIF keeps its first frame. Files are content-addressed by sha256 and served so the same picture always has the same address, which is written into the token at launch and can never be changed. An upload no coin has used within 24 hours is deleted.

Pair tokens and the allowlist

A curve is quoted in one asset, fixed at launch. Native ETH is always accepted; any other quote asset must be on the factory allowlist, which only the factory owner can change — neither Auren nor a creator can add to it.

• ›40 of the 194 verified Stock Tokens are approved as pair tokens. The rest can still be basket constituents; they just cannot quote a curve.
• ›Economics are per pair token. Each asset has its own virtual reserve and graduation threshold, sized to be worth roughly the same in dollars: NVDA is 16.64 / 41.6, USDG is 3,236 / 8,090.
• ›Decimals are not always 18. USDG has 6, CBBTC 8.
• ›An ERC-20-quoted buy needs an approval first and sends no ETH; a native buy sends exactly the amount in as ETH. Getting either wrong reverts.

The bonding curve

PonsV2BondingCurve is a constant-product curve against a virtual quote reserve. It is not upgradeable, not a proxy, and cannot be sent ETH outside a trade.

quoteReserve = phantomQuote + realQuoteReserve  (exact, verified on live curves)
k            = quoteReserve × tokenReserve      (invariant across every trade)
price        = quoteReserve / tokenReserve       (quote asset per whole token)
progress     = realQuoteReserve / graduationThreshold

• ›Fees come off the quote leg in both directions, so k is preserved.
• ›There is no on-chain quote function — prices are computed off the reserves with the contract’s arithmetic and simulated before you sign.
• ›A buy that overshoots is partially filled and refunded, not reverted: slippage is a price bound, not a quantity.
• ›Selling closes before graduation does.
• ›Progress in quote is not progress in tokens — 9.27% raised was 26.34% sold on one live curve.

Graduation

The curve never sells its whole supply. It reserves 28.5714% of supply, computed as supply × phantomQuote / (phantomQuote + threshold), so 71.4286% is all it can ever sell — sold out the instant raised hits 4.2 ETH.

At that point the factory takes the reserved allocation and splits it, permanently:

The pool is a Uniswap V4 position on the PoolManager 0x8366…0951 behind the Pons hook 0xE5e7…e044 at tick spacing 200. Neither the creator nor Auren owns the position: nobody can withdraw it, and there is no unlock date.

Auren does not read Uniswap V4 pool state, so a graduated coin’s page shows no curve and no price.

Fees

Read from the 5 most recent Pons launches, which all record the same split. The split is fixed per launch at creation.

Fees are never pushed to the recipient. They accrue as a claimable balance in the Pons fee escrow at 0xd3AF…Ac9e, which is how a contract such as the basket vault can collect its own fees with no operator and no permission.

The basket vault

A Auren coin names its vault as the Pons creatorFeeRecipient; fees accrue in the Pons escrow, a harvest claims them and swaps them into a weighted basket of Robinhood Chain Stock Tokens. All three vault generations do this; they differ in how the basket reaches holders.

Three generations, and how they distribute

All three are live and all keep working. MAG7 is on v1, MEMESTREET on v2, and new launches go to v3; every coin page states which generation its vault is.

1. v1
   Burn-to-redeem, and only that
   Send x coin to the vault and receive x / S of everything it holds, where S is the supply outside it. No claims, no dividends, and immutable. MAG7’s vault is v1 and always will be.
2. v2
   Paid your share, keeping your coin
   Holders claim a time-weighted share against a merkle proof. Claiming burns nothing and moves no coin. Burn-to-redeem remains underneath as a floor. MEMESTREET’s vault is v2.
3. v3
   The same claims, with USDG routes
   Everything v2 does, plus a leg may be priced and bought through a USDG pool as well as a WETH one.

Why burn-to-redeem is a floor and not a yield

A creator’s share is around 1.7% of volume on a typical launch: $10,000 of trading puts roughly $170 of stock behind a 1,000,000,000 supply, and burning 2% of supply returns about $3.40 while those tokens sell for far more (as shown under Fees). Redeeming only makes sense once backing per coin exceeds market price. Burn-to-redeem is a price floor, not a reward; v2 exists to fix that.

How your share is computed

Auren doesn’t control the coin’s contract, so it can’t track rewards on chain, and a claim-time balance check could be gamed by buying just before claiming. Entitlement is computed off chain from public transfer history and committed as a merkle root.

• ›Weight is an integral, not a snapshot — the sum of balance × time held. Holding half as much for twice as long pays the same, and a buy and sell in the same instant earns nothing.
• ›Epochs are disjoint — a later root can only add, never subtract.
• ›Protocol addresses earn nothing, and forfeit it to you — the curve, vault, graduated pool, Pons hook, locker, escrow, factory, Permit2, Multicall3 and the burn address are dropped from the denominator. On MAG7 the curve alone holds over 91%.
• ›Leaves are cumulative — one proof settles every epoch since last claim; replaying an old proof pays zero.
• ›Amounts are floored — rounded down to whole base units; the odd wei stays in the vault.

The trust model and its limit

A published root is an attack surface: a malicious one could try to assign the whole vault to one address. Three things bound that; the fourth is what remains possible.

1. 01
   One address publishes
   The publisher is fixed at vault creation. The creator may rotate it, but that grants no new power.
2. 02
   The cap bounds a bad root
   Publishing a root closes the epoch and raises the collective payout ceiling by exactly what was bought; the coin itself is never distributed.
3. 03
   24 hours before it pays
   One root in flight at a time — public and checkable for a full day.
4. 04
   What a bad root can still do
   Misallocate assets harvested since the previous root, plus uncollected older entitlements. The harm is bounded and slow, not impossible.

An entitlement nobody collects stays set aside forever; redeemers cannot take it and nobody can sweep it.

Anyone can check a root

Nothing on chain can tell whether a root is correct; only re-deriving it can. The repository ships the generator as a script that takes nothing from Auren on trust: it reads the coin’s transfer history and the vault’s events from the public chain, rebuilds the tree, and asks the deployed contract whether it agrees.

If it prints ROOT MATCHES, the distribution follows the rules above. If it does not, do not claim, and say so publicly: there are 24 hours before that root can pay anyone.

Harvesting pays for itself

A v1 harvest is permissionless but unpaid, so in practice only we call it. A v2 harvest pays the caller a bounty out of the harvested ETH, taken before the creator’s split and the basket purchase. Each swap’s minimum output is still set by the vault from the pool’s time-weighted average price, so opening the call does not open it to sandwiching.

Constants of AurenVaultV2 and AurenVaultV3, fixed at compile time and exposed as public getters on every vault.

Redemption, and how it avoids paying twice

A v2 redemption divides only the unencumbered balance: holdings minus the open epoch’s harvest and minus every assigned entitlement nobody has collected. Otherwise a large holder could redeem a slice of an epoch’s harvest and then claim a share of it too, leaving the last claimants short. Redeeming never dilutes the holders who stay and never touches anyone’s outstanding claim.

Auren’s own basket rules — 2 to 8 constituents each between 2% and 75% — are rules of this interface. Beyond 1 to 8 legs and weights summing to 100%, no contract enforces them.

Risks

• ›Most launches go to zero. Hundreds of Pons coins launch every hour on this chain and the overwhelming majority never graduate. You can lose everything.
• ›The first 3 seconds are taxed at up to 99%.
• ›A creator tax of up to 10.00% applies to both legs, on top of the 1.00% base fee.
• ›Tokenized stocks are not stocks. Issuer, custody and transfer-restriction risk apply, and they may not be available in your jurisdiction.
• ›A basket concentrates you in whatever its weights say. A 75% single-name basket behaves like that single name.
• ›A new vault is empty, and may stay empty. Do not price a coin as though its basket were already bought.
• ›A coin launched anywhere else on Pons has no vault at all.
• ›The vault contracts are final. No owner, no pause, no upgrade path.
• ›Smart-contract risk applies to Pons V2, to Uniswap V4 and its hook, to the Stock Token contracts, and to the Auren vault.

FAQ

Is the coin quoted in the basket?

No. A curve is quoted in one pair asset — native ETH or one factory-approved ERC-20 — and a basket cannot be a pair token. The basket is what the creator fees buy, not what the coin trades against.

Can I redeem a coin for the stocks today?

Only a Auren-launched coin, and only once its vault has harvested creator fees into the basket. A coin launched elsewhere on Pons has no vault at all.

Why does a Stock Token show a change over 28 hours instead of 24?

Chainlink equity feeds go quiet outside market hours, so the last two rounds can span more than a day. In one reading AAPL spanned 27.95 h, MSFT 29.38 h and SPY 42.13 h.

Is the total supply always 1 billion?

Yes for the only launch config today. The token is burnable, so live supply can drift below a billion, but nothing mints past it.

Can the creator pull the liquidity after graduation?

No. The position is created by the factory and locked through the Pons hook and locker, with no unlock date. Neither the creator nor Auren owns it.

Where do the coin logos come from?

The creator’s on-chain logo via an IPFS gateway. Stock Token marks are keyed by ticker from a pinned map, since a wrong company is worse than no logo; Robinhood’s address-keyed CDN comes last, and the fallback is a monogram from the address.