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01Getting started
Kvorix runs tokenized stock vaults on Robinhood Chain. You deposit USDG into the vault for a stock, receive ERC-4626 vault shares, and the vault puts that capital to work as Uniswap V4 liquidity for the stock.
- Get USDG on Robinhood Chain. You can use the Swap page in the app if you hold another token there.
- Open the app and connect a wallet.
- Pick a vault and deposit USDG while US markets are open. The market clock in the app shows whether they are.
- Track your shares in Portfolio. Withdraw cash during market hours or redeem in kind any time.
The Kvorix contracts are not deployed yet. Until they are, every vault in the app shows Launching soon and no figures are shown.
02Vaults
There is one vault per stock or ETF. Each vault is an ERC-4626 vault that takes USDG as its asset. Your shares (for example kvAAPL) represent a proportional slice of everything the vault holds.
- Holdings. The vault holds USDG plus the Robinhood Stock Token for its market.
- Liquidity. It provides Uniswap V4 liquidity for the pair.
- Fees. Trading fees from that liquidity are harvested into the vault and split as described in Fees.
- Pricing. Stock prices come from Chainlink stock feeds.
Markets
Each vault only accepts the canonical Robinhood Stock Token for its ticker. Their addresses are listed under Contracts.
03Deposits and withdrawals
| Action | When | Spread |
|---|---|---|
| Deposit (USDG in) | US markets open and a fresh Chainlink price | 0.5% |
| Cash withdrawal (USDG out) | US markets open and a fresh Chainlink price | 0.5% |
| Redeem in kind (USDG + stock out) | Any time | None |
Market hours
Deposits and cash withdrawals are open while US markets are open and the Chainlink price is fresh. Outside those hours they are closed; the market clock in the app shows the NYSE session and a countdown to the next open or close.
The spread
Deposits and cash withdrawals use a 0.5% spread. The spread is not a fee to Kvorix: it stays in the vault with existing holders.
Redeem in kind
Redeeming in kind pays out your proportional share of the vault's USDG and Stock Token directly. It works at any hour, needs no price, and has no spread, so you can always leave.
Deposit caps
Deposit caps start low, at 25k USDG in total per vault, and rise over time.
04Fees
Trading fees earned by each vault's Uniswap V4 liquidity are harvested into the vault and split:
- 70% depositors. Stays in the vault, adding to the value behind every share.
- 20% $KVORX buyback reserve. Buys $KVORX on the open market and burns it. See $KVORX and buyback.
- 10% protocol. Funds what we build.
Fees depend on trading volume and can be low or zero. The value of your shares also moves with the stock price. Kvorix does not promise any return.
05Lending
The lending market lets you borrow USDG against your vault shares without selling them. It starts with META vault shares as collateral.
| Maximum loan-to-value | 60% |
| Liquidation threshold | 75% |
| Liquidation bonus | 5% |
You can borrow up to 60% of your collateral's value. If the stock falls and your loan reaches 75% of the collateral value, the position can be liquidated, and the liquidator receives a 5% bonus paid from your collateral. Keep a buffer.
06Swap
The Swap page compares quotes across aggregators (KyberSwap, 0x, Odos) for tokens on Robinhood Chain, so you can get USDG or Stock Tokens at the best quote available. Check the amount you will receive before you sign.
07$KVORX and buyback
$KVORX is the protocol token. 20% of every harvest goes to the buyback reserve, which buys $KVORX on the open market and burns it in the same transaction. The reserve's USDG can only leave as burned $KVORX.
$KVORX launching on @ponsdotfamily (ponsfamily.com). No address is published yet. Any address claiming to be $KVORX before it appears here is not ours.
Nothing has been burned yet. Every burn will be posted with its transaction, and the burn tracker reads the reserve on-chain.
08Safety and limits
DeFi and tokenized stocks carry risk. Only use funds you can afford to lose. Nothing here is financial advice.
| Rule | Limit |
|---|---|
| Timelock on admin changes | 2 days |
| Guardian | Can pause deposits, never withdrawals |
| Operator swap slippage vs Chainlink | 0.3% |
| Operator swap size | 10k USDG per trade |
| Operator swap volume | 50k USDG per 24h |
| Deposit caps (start low, rise over time) | 25k USDG per vault |
| Deposits and cash withdrawals | Market hours with a fresh Chainlink price |
| Redeem in kind | Always available |
09Contracts
All addresses are on Robinhood Chain. Verify an address here before interacting with it.
| $KVORX token | Published at launch |
| Vault factory | Published at deployment |
| Lending market | Published at deployment |
| Buyback reserve | Published at deployment |
| Oracle | Published at deployment |
| Swap router | Published at deployment |
| Vaults | Published at deployment |
| USDG (asset) | 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168 |
Robinhood Stock Tokens
Canonical token addresses from Robinhood Chain's asset registry. A token with a matching ticker at a different address is not a Robinhood Stock Token.
10Risks
- Smart contract risk. A bug in the contracts could lose some or all deposits.
- Market risk. Vaults hold stock. If the stock falls, your shares are worth less.
- Liquidity-provision risk. Providing liquidity changes the vault's mix of USDG and stock as prices move, which can leave it worse off than simply holding.
- Oracle and market-hours risk. If Chainlink prices are stale or markets are closed, deposits and cash withdrawals stop. Redeem in kind still works.
- Liquidation risk. Borrowing against shares can lead to liquidation at 75% LTV, with a 5% bonus to the liquidator.
- Token and chain risk. Robinhood Stock Tokens, USDG and Robinhood Chain are run by third parties and carry their own risks.
- $KVORX risk. Buybacks depend on fees actually being earned. $KVORX's price can fall to zero.
DeFi and tokenized stocks carry risk. Only use funds you can afford to lose. Nothing here is financial advice.