How Backed works

Overview

Coins launch on Pons, the bonding curve protocol on Robinhood Chain. Backed sits on top of it and changes one thing: where the creator fee goes.

1. Anyone launches a coin. Each trade of it pays a 5% creator fee.
2. Part of that fee goes to the coin's creator. The rest goes to the fund, together with the fees of $BACKED, the main coin.
3. At the top of every hour the fund buys the ten coins with the most buying in that hour and sends the coins to the Basket, where they stay for good.

The more the pad trades, the more buying pressure every active coin gets back.

Where fees go

Every trade on Pons pays two fees: 1% to Pons, and the creator fee, which is fixed at 5% for every coin launched here.

Each coin has its own fee vault, a small contract that is the coin's fee recipient on Pons. Anyone can call feed() on a vault: it collects the coin's fees and splits them as above in one transaction. The keeper does this every few minutes, so nobody has to.

One detail of Pons: it releases a coin's creator fees once about 0.002 ETH has built up. A coin with very little trading keeps its fees waiting on its curve until it reaches that amount.

The hourly support

At the top of every hour the fund spends what it holds. The ranking that decides who gets it follows fixed rules:

• Coins are ranked by ETH spent buying them since the last support. Sells do not count.
• A coin needs at least 3 different buyers in the hour to enter the ranking.
• Buys made by the coin's own creator, and buys made by the fund itself, do not count.
• The top 10 coins share the fund in proportion to their volume.
• No coin gets more than 30% of the fund in one hour. What a capped coin cannot take goes to the others.
• The smallest buy the fund makes is 0.0002 ETH. A share under that is given to the other coins instead.
• Anything not spent stays in the fund for the next hour.

The board shows this ranking live while the hour runs, and Past cycles lists every support with the transaction that made it.

The Basket

Coins the fund buys are sent straight to the Basket. The Basket is a contract with no owner and no functions at all, so nothing that lands there can ever be moved or sold. It works as a permanent lock.

The Basket page shows what is locked, coin by coin.

Launching a coin

Go to Launch, pick a name, a ticker and an image, and sign one transaction.

• Cost: 0.0005 ETH, the Pons launch fee, plus an optional first buy.
• The coin is a standard Pons coin with a bonding curve. It is tradable from the first block.
• You, the launching wallet, receive 20% of its creator fees for as long as it trades.
• Name, ticker, image and fee split are written at launch and cannot be changed afterwards.

Your own buys never count for the hourly ranking of your coin.

Buying and selling

While a coin is on its curve you can buy it on its page here or on Pons. When the curve fills, Pons moves the coin to its own Uniswap v4 pool and it trades there. The fund keeps buying it through the pool.

To trade you need a wallet on Robinhood Chain with some ETH. The Connect button lists the wallets that work and adds the network to yours if it is missing.

$BACKED

$BACKED is the main coin of the pad. It trades like any other coin, but its fees are split three ways: 20% to its creator, 60% to the fund that backs every coin, and 20% buys $BACKED itself and locks it in the Basket.

$BACKED is never one of the coins the fund buys. Its support comes from its own buyback. See the $BACKED page for its numbers.

Contracts

Everything runs on Robinhood Chain (chain id 4663). The contracts cannot be upgraded.

Each coin's own fee vault is linked on its page under On chain.

Who can do what

Plainly, so you know what you are trusting:

• The keeper is a wallet run by the team. Each hour it reads the buys from the chain, works out the ranking with the rules above and tells the fund which coins to buy and in what share.
• The fund contract limits the keeper: only coins launched on this pad, at most 10 per hour, at most 30% each, and only once per hour. The keeper cannot send the fund's ETH anywhere else.
• The owner can replace the keeper wallet. The owner cannot withdraw from the fund or the Basket either. No one can.
• Anyone can check a past hour: the buys are public events on chain and the result of each support is on the Past cycles page.

What the contract does not enforce is the ranking itself: it trusts the keeper to report the hour honestly. A keeper that picked the wrong coins would be visible to everyone, but the contract would not stop it.

Risks

• Coins launched here are memecoins. Their price can go to zero and most do. Being backed is buying pressure from fees, not a guarantee of price or value.
• The contracts have been tested against the live chain but have not been audited by a third party.
• The contracts cannot be changed. A bug cannot be patched in place.
• The hourly buy is a public transaction and can be traded around by others.
• Anyone can launch any coin. A name or image does not mean a coin is official or endorsed.

Nothing on this site is financial advice. Read the terms before you use it.

Questions