The RWA swap venue on Robinhood Chain
Real-world assets, traded properly.
Swap tokenized stocks against USDG at prices anchored to the live Chainlink mid. The spread and fee are itemised on every ticket, and every fill settles on-chain where anyone can check it.
- NVDAx176.4010bps
- SPYx645.2010bps
- AAPLx232.1510bps
- MSFTx512.3010bps
- QQQx585.6510bps
- TSLAx342.8020bps
- Chainlink mid176.40 USDG
- Spread · 10.0 bps9.99 USDG
- Protocol fee · 2.0 bps2.00 USDG
- 14:32:08BUY SPYx11.9
- 14:31:44SELL NVDAx12.3
- 14:30:59BUY NVDAx9.6
- 14:30:12BUY AAPLx12.0
- 14:28:51BUY QQQx11.8
- 14:27:36SELL MSFTx8.9
The live app, one click away · chain ID 4663
- NVDAx176.40±10 bps · tier A
- SPYx645.20±10 bps · tier A
- AAPLx232.15±10 bps · tier A
- MSFTx512.30±10 bps · tier A
- QQQx585.65±10 bps · tier A
- TSLAx342.80±20 bps · tier B
- AMZNx228.45±20 bps · tier B
- PLTRx148.30±40 bps · tier C
- ● anchored to Chainlink · itemised to the basis point
Pricing
One formula, published in full
Every quote on ZircoFi is the same arithmetic over public state. Anyone can reproduce any price from on-chain inputs, which is the point: a venue whose pricing survives being understood.
The guarded Chainlink price. Zero, stale or implausible rounds halt the market instead of pricing it.
The tier's half-spread, 10 bps for Tier A, times the session multiplier: ×1.0 open, ×1.5 extended, ×3.0 closed.
A vault off its 50/50 inventory target quotes tighter on the side that rebalances it, up to ±15 bps.
2 bps, shown as its own line on the ticket and recorded in the fill event. Never inside the curve.
Bounded by a hard band: nothing settles more than 75 bps from the mid, whatever goes wrong upstream.
The chain re-derives it
The router recomputes the vault quote from oracle and vault state inside your transaction, so a front end cannot route you to a worse price than the formula's.
Makers must beat it
Signed RFQ quotes from attested makers settle only when they pay you more than the vault. Losing costs them nothing, which keeps them quoting.
Worse means revert
Your slippage bound and deadline travel with the signature. If state moves past them before inclusion, the swap reverts rather than fills.
Sessions
A venue that knows what time it is
Equity markets are open about 32 hours a week. Stock Tokens trade around the clock. Every market on ZircoFi carries a regime that prices the difference, read from the oracle's own market status, never from a hard-coded calendar.
Why the weekend trades at all
Refusing to quote on weekends recreates market hours on a 24/7 chain. Quoting weekend trades at weekday spreads makes LPs the free counterparty to every Monday gap. ZircoFi takes the honest middle: weekend liquidity exists, costs more, comes in smaller size, and the ticket says exactly how much more. If your trade can wait for the open, waiting is cheaper, and the venue tells you so.
When quoting stops entirely
- Feed older than the session's staleness boundclears on a fresh oracle round
- Corporate action: the feed reports oraclePaused()clears on the feed resuming
- A single round moves more than 25%clears on timelocked review, published
- Sequencer outage, plus one hour of recovery graceclears on the grace expiring
A halt stops pricing and nothing else. LP withdrawals always work.
The venue
Two venues behind one router
Standard size fills instantly against oracle-anchored vaults. Block size goes to professional makers through signed quotes. The router settles whichever pays you more, exactly, on-chain.
Routing
Token-to-token swaps run as two legs through USDG inside the same transaction. If either leg cannot clear inside its market's guards, both revert.
The hard bound
The Tier A oracle band. No fill settles further from the guarded mid, from a vault or a maker, under any parameters.
The whole fee
Itemised on the ticket, recorded in the fill event. Plus 10% of the vault's realised spread. Nothing hidden inside a curve.
Three seats
- TradersSwap 24/7 at itemised prices, with the session on the face of the ticket.
- Liquidity providersFund a vault, earn the spread. Withdrawal is in kind and works in every state.
- Market makersQuote for free off-chain, win only by beating the vault, settle atomically.
Custody
None. Ever.
Assets sit in your wallet or in LP-owned vaults. Settlement is atomic; there is nothing at the venue to lose.
Exits
Withdrawal is an invariant
Pro-rata, in kind, in every vault state: halted, paused, even with an expired attestation. Not a permission.
Positioning
Generic AMMs price RWAs like memecoins
Constant-product pools are the right tool for crypto-native pairs and the wrong one for assets whose authoritative price lives on an exchange. The 2025 launch dislocations, where thin pools quoted tokenized stocks at large premiums, were this difference playing out in public.
A generic pool
- Price discovered from the pool's own reserves
- Saturday quoted as if it were Tuesday
- LPs arbitraged on every reference-price move
- Splits break the pool or force a migration
- Size walks the curve and pays for it
- Fees folded invisibly into the curve
ZircoFi
- Price anchored to the Chainlink mid, bounded by a hard band
- Closed sessions widen spreads and shrink clips, on the ticket
- LPs earn the spread; skew pays the market to rebalance them
- Corporate actions halt the market and resume on the adjusted feed
- Size goes to competing makers through signed RFQ quotes
- Fees itemised on the quote and recorded in the fill event
Complementary, not adversarial: arbitrageurs keeping generic pools in line with anchored quotes are welcome flow, and skew pricing pays them to rebalance the vaults while they do it.
Why Robinhood Chain
Built where the assets already live
Robinhood Chain is the only network where a regulated broker issues tokenized equities as ordinary ERC-20s, with Chainlink feeds, permissionless deployment and the broker's own distribution behind them. That is the exact combination an oracle-anchored venue needs, and no other chain has it.
- Plain ERC-20 stocks mean no issuer allowlisting stands between a wallet and a swap.
- The oracle carries the session flag the regime engine runs on, from the same source that prices the fill.
- Sub-cent transactions keep small swaps economic and quotes fresh at a hundred milliseconds.
Datasheet
mainnet · 1 Jul 2026- Network
- Robinhood Chain · ID 4663
- Stack
- Arbitrum Nitro, EVM-equivalent
- Settlement
- Ethereum, blob data availability
- Block time
- ~250 ms · 100 ms preconfirms
- Median transaction
- ~$0.001, gas in ETH
- Assets
- 2,000+ Stock Tokens, ERC-20
- Issuer
- Robinhood Assets (Jersey) Ltd, 1:1 backed
- Corporate actions
- ERC-8056 uiMultiplier()
- Oracles
- Chainlink Feeds + Streams with market status
- Quote asset
- USDG (Paxos), MiCA-regulated, native
- Accounts
- ERC-4337 + EIP-7702, sponsored first swap
- Explorer
- Blockscout, every fill linked
The ledger
Eight promises, each with a verification path
Transparency claims are cheap; commitments are checkable. If any entry below ever fails verification, that is an incident, handled as one, with a public post-mortem.
- 01
Every fill is itemised on-chain
The fill event carries mid, spread, skew and fee, matching the ticket.
check: any fill on Blockscout against its receipt
- 02
No fill outside the band
A contract invariant, not a policy, on the vault path and RFQ alike.
check: the public invariant suite
- 03
Execution quality, unfiltered
Every fill's distance from the mid, published live and downloadable raw.
check: recompute it from chain events
- 04
No payment for order flow
The router settles the best verifiable price, per fill, on-chain.
check: re-derive any fill's venue comparison
- 05
No custody, ever
Atomic settlement; vault inventory belongs to LPs, not the venue.
check: the audits attest there is no such function
- 06
Withdrawals unconditional
In every vault state, with every pause active. Exits cannot be gated.
check: halt-state withdrawals in the explorer
- 07
Timelocked, published changes
Every parameter change is scheduled with its rationale before it executes.
check: the governance log, complete from block one
- 08
Open source, verified bytecode
The deployed code is the audited code, asserted in CI on every release.
check: reproduce the build against the tag
Questions
Asked, answered, on the record
The short versions live here. The long versions, with the maths and the failure modes, live in the documentation.
Is ZircoFi an exchange?
It is a non-custodial swap venue: quotes come from oracle-anchored vaults and competing makers, settlement is atomic on Robinhood Chain, and your assets never sit with the venue. There is no order book and no account to fund.
Why is the spread wider tonight than this afternoon?
The underlying market is closed. Closed-session quotes carry a x3 spread multiplier and smaller clips because liquidity providers bear the gap to the next open. The ticket's regime badge always shows the multiplier in force, before you sign.
Do I own Apple shares after buying tokenized AAPL?
No. You hold a Stock Token: an ERC-20 debt security issued by Robinhood Assets (Jersey) Ltd that tracks the share, with dividends accruing into the token through its ERC-8056 multiplier. The disclosure at your first swap spells out the difference.
What do liquidity providers actually earn?
The realised spread on their vault's fills, minus the protocol's 10% share, accruing into value per share. No emissions and no points. It is not impermanent loss in the AMM sense: anchored vaults do not bleed to reference-price arbitrage, and the real risks, inventory and weekend gaps, are stated plainly and charged for.
Who sets the prices?
A formula over public state: the guarded Chainlink mid, the tier half-spread times the session multiplier, the inventory skew, and an itemised fee. Nobody at ZircoFi can touch an individual quote or fill, and parameters change only through a timelock with a published rationale.
Is there a token or an airdrop?
There is no protocol token and none is planned. The venue's economics are a small itemised toll on real activity, which scales with exactly the thing the venue exists to maximise.
What comes after Stock Tokens?
The guarded launch runs Tier A equity markets with visible caps. Next: the long tail of Stock Tokens as feeds and reviews complete, then tokenized treasuries and gold through the same listing checklist, then the public API and SDK, then the governance handover. Each phase opens on evidence from the last.
Can I integrate ZircoFi into my app?
Yes. The router is a public contract with a stable interface, eligibility follows your users' wallets rather than your app, and the quote API and TypeScript SDK ship with the infrastructure phase of the roadmap. There is no partner tier; the reference front end has no privileged path.
The flight path · each phase opens on evidence from the last
The market is open.
Verified traders can be swapping in minutes. LPs fund vaults and earn the spread. Makers quote for free. Every fill lands on Robinhood Chain.
Every asset · every hour · every fill on-chain