How Daze works
A token whose price has a floor made of real stocks. Every part is on-chain and verifiable. This page walks the whole machine, end to end.
Overview
$DAZE is a fixed-supply token that sits on a growing vault of tokenized real stocks (AAPL, NVDA, TSLA…) on Robinhood Chain. Every trade of the token pays a 3% ETH tax; that ETH buys more stock into the vault, where it stays as backing. Because the stock accumulates instead of being paid out, the token appreciates and its floor — the amount each token can be redeemed for — only rises.
The token
A plain ERC-20 with a supply fixed at 1,000,000,000 at launch. There is no mint function — supply can only ever decrease, when someone redeems and their tokens are burned. Fewer tokens against the same or larger reserve means every remaining token is more backed.
The token trades on a single Uniswap v4 DAZE/ETH pool, so liquidity and attention stay in one place.
The 3% tax
A Uniswap v4 hook takes a 3% fee in native ETH on every buy and every sell of $DAZE, and forwards it straight to the vault. It's taken on the specified side in beforeSwap and the unspecified side in afterSwap, so both directions pay. This is the same fee-taking mechanism The Index runs in production — 100% of it goes to the vault (no LP-deepening split).
The vault
The vault is the reserve. It holds the ETH tax until a keeper converts it to stock, then holds the stock — permanently. Nothing is ever distributed to holders; value accrues to the vault, and therefore to the token.
No rug surface. There is no owner or keeper path to withdraw stocks or ETH. The only way value leaves the vault is a holder's own redemption. The owner cannot drain the reserve — it's enforced in code, not promised.
Buying the backing
A keeper turns pending ETH into stock every cycle, through two routes:
- Rialto (primary). Tokenized stocks trade best on , Robinhood Chain's tokenized-stock venue. The vault sells native ETH for stock using the API's calldata — no approval, no signature.
- Uniswap v4 (fallback). If Rialto has no quote, the vault buys each stock on its ETH pool directly.
The keeper only supplies slippage floors (minOut). It can never inject the router — that's resolved on-chain from Rialto's registry — and the vault credits only the measured stock it received. A compromised keeper can grief a single buy within its own minOut and nothing more.
Redemption & the floor
Anyone can call redeem(amount): it burns your tokens and sends you your pro-rata slice of the entire vault — every stock plus any pending ETH — in-kind. No oracle, no permission, any block.
A 5% redemption fee stays in the vault. That makes every exit accretive: when someone leaves, the backing per token for everyone who stays goes up. The floor is monotonic — it only climbs.
Why it can't go to zero
Redeemability pins the market price to the backing by arbitrage. If $DAZE ever trades below its floor, buying it and immediately redeeming is risk-free profit — so buyers close the gap. The floor isn't a promise or a peg; it's the balance of real equities the contract will hand you on demand.
Two forces push the price up: the volume engine (every trade's tax buys more backing, even in a flat market) and the market engine (the stocks themselves appreciate). Supply only shrinks. The floor only rises.
Other products
Two more things run on Robinhood Chain under the same brand and the same wallet — connect once and each one recognises you. Neither is wired into the $DAZE contracts above.
- Prediction markets. Binary questions settled in native ETH: back a side, and if it wins you take your stake back plus a pro-rata slice of the losing pot. 3% on every buy, trading closes 30 minutes before a market ends, and each position mints its own non-transferable YES/NO token.
- Perps. A perpetual-futures terminal on Lighter's Robinhood Chain deployment — equities listed and pre-IPO, ETFs and crypto, margined in USDG. Its own repo and its own deploy.
The fees both earn are used to buy tokenized stock into the vault, so activity on either one lifts the floor under $DAZE.
Trust model
- No fund extraction. Owner and keeper cannot withdraw stocks or ETH; the only exit is redemption.
- Bounded keeper. Keeper supplies only minOuts; the router is on-chain-resolved; buys are measured by real balance delta and capped by maxSpendPerBuy.
- Capped fee. The redemption fee can never be set above 10%.
- Sequencer. Robinhood Chain has no public mempool, so there's no MEV sandwiching; the sequencer operator remains a trust assumption.
- Not yet audited. The hook mirrors The Index's production code; the vault is new code with unit + fork tests. Treat it accordingly.
Contracts
All live on Robinhood Chain (chain 4663). Click any address to verify it on the Blockscout explorer.
| Contract | Role | Address |
|---|---|---|
| DazeToken ($DAZE) | Fixed-supply ERC-20, burned on redeem | 0x7168563B0E70124f0C7c0cF2F13a8D1861BAf4A5 |
| StockVault | Holds the reserve, buys stock (Rialto/v4), handles redemption | 0x49EF9869FC358b6E755C722eA8514A574Bd8CE8e |
| DazeFeeHook | Uniswap v4 hook — 3% ETH tax → vault | 0xCeD7AA50727f3cD251985b09a2080Db056a8C0cc |
| Router | Buy/sell entrypoint into the DAZE/ETH pool | 0xd6486D8115f8602e19fb00349143D40Ed4113360 |
| Uniswap v4 PoolManager | Shared v4 singleton that holds pool state | 0x8366a39CC670B4001A1121B8F6A443A643e40951 |
| USDG | USD stablecoin used as the ETH/USD price reference | 0x5fc5360d0400a0fd4f2af552add042d716f1d168 |
| DazeMarkets | Prediction markets — separate product, not wired to the vault | 0x3ef6b6553d8E8A5F4C3Edc9C72bc98B5503deFE2 |
Reads on this site go through the public RPC rpc.mainnet.chain.robinhood.com. Prices come from DexScreener, with the on-chain pools as fallback.
FAQ
Do I earn dividends?
No — and that's the point. Instead of paying stock out, Daze keeps it in the vault so the token itself appreciates. You realize the gain by selling or redeeming.
Are these real shares?
They're tokenized stocks on Robinhood Chain — real exposure, but not brokerage shares; no voting rights or dividends.
What if everyone redeems?
Then the vault unwinds fairly — everyone takes their pro-rata share. The 5% fee cushions and rewards whoever stays. It's an orderly exit, not a failure.
Can the team run off with the reserve?
No. There is no withdraw path for stocks or ETH. The only way out is your own redemption.