01
A curator posts weights
Inside the caps. The curator cannot move vault tokens. Stake is the only skin they post.
Bring the basket.
Take the share.
OPEN issues an index token only when you deposit the tokens in the current weights. Burn the share, take the basket back. The quote is for the tape. It never prints a share.
SEVN · illustrative NAV
weights locally
$1.0000
Share 1.0042 · gap +0.42%
- NVDA24.0%
- AAPL16.0%
- SPY18.0%
- MSFT14.0%
- GOOGL12.0%
- TSLA8.0%
- USDG8.0%
Robinhood ChainNVDA 140,471 holdersSPY $28.2M / dayNVDA $34.2M / dayUSDG $3.31B capAAPL 72,958 holdersMedian Pons graduate pool: $175 — too thin to list
Robinhood ChainNVDA 140,471 holdersSPY $28.2M / dayNVDA $34.2M / dayUSDG $3.31B capAAPL 72,958 holdersMedian Pons graduate pool: $175 — too thin to list
Market notes dated 2026-09-10 (GMGN + Dexscreener). Not OPEN vault figures.
Live on Robinhood Chain
Fees pay $OPEN stakers
Every create and redeem mints fee shares into the FeePot. Stake OPEN against a fund, then claim SEVN. Bring real NVDA, SPY, and USDG to the desk — create pulls the basket from your wallet.
$OPEN fee pot — claimable now
0SEVN
Pot 0 · claimed 0 · staked 0 OPEN · connect to see your cut
Live activity
Create / redeem fees notify the pot. Stakers claim SEVN.
- Listening for creates, fees, claims…
How a share exists
Four moves. If any of them can be skipped, the vault is not a basket. It is a promise.
02
You assemble the basket
Same units the vault publishes per share. Miss a line and create() reverts. There is no USDG shortcut.
03
The vault mints the share
After the transfers clear. Effects before interactions. Nobody mints against a printed price.
04
Trade or redeem
If the share trades away from NAV, someone else does the same trade in reverse and pockets the basket.
A share is created only if every unit in the current basket is transferred in. Miss the USDG sleeve and the mint dies. Pay in USDG at an oracle print and the vault can be drained. That path is not in the ABI.
The vault is a set of refusals
These are code paths, not slogans. Each one exists because the opposite failed a review.
Liquidity floor
If a pool cannot fill create and redeem for a normal ticket, it does not enter the basket. The Pons graduate median of $175 is the object lesson: that size never lists.
Weight caps
No line above maxWeightBps. Thin names have a separate budget. Otherwise you have a meme with extras.
Curator has no keys
They set weights inside the rules, after a delay. They cannot withdraw. Break the basket and the stake is cut for holders.
Rebalance in pieces
Batch auction or TWAP, with a slippage bound. A one-shot swap on a thin book is a gift to whoever sits in the mempool.
The desk
Example books
Full boardSEVN
$1.8M book
Seven Names
Large Robinhood Chain names plus a USDG sleeve. Built so a $100 ticket is one transfer, not six.
NAV $1.0000 · share $1.0042 · gap +0.42%
SCRN
$960K book
Screen Room
Hardware and software names that already trade on Robinhood Chain. No single line above the 35% cap.
NAV $1.0000 · share $0.9961 · gap -0.39%
SLEE
$3.1M book
Cash Sleeve
SPY with a large USDG buffer. For people who want the index names without running a 100% risk book.
NAV $1.0000 · share $1.0008 · gap +0.08%
ARCD
$420K book
Arcade Desk
GME with ballast. The meme is capped. The rest is SPY and USDG so create and redeem still clear.
NAV $1.0000 · share $1.0120 · gap +1.20%
Compose a basket, or read the mint that fails.
The constructor checks weights and liquidity before anyone talks about a ticker. The desk shows the revert when the basket is incomplete.