How Nest works

A launch is one transaction against the Pons factory at 0x7eD598BcEf8bd9Edd8C97A195C6d13f40801EC7e. It deploys an ERC-20 and a PonsV2BondingCurve, mints the whole supply to the curve, and starts trading immediately. The curve is quoted in exactly one asset — native ETH, or one ERC-20 the factory owner has approved. The coin has no slug and no registry entry; its address is its identity, which is why every coin page here is /coin/0x….

Every trade pays a fee, and the majority of that fee is booked to an address the creator names at launch: creatorFeeRecipient. Pons treats it as an arbitrary address, so it can be a contract. That is the whole of Nest's integration surface — no fork, no permission, nothing about Pons needs to change.

This build reads Robinhood Chain directly. Nothing on any page is simulated. But several things a launchpad normally shows have no honest source on this chain yet, and they are marked absent rather than filled in.

Pons offers exactly one launch configuration today, and these are its parameters. They are read from the factory when this page renders.

The first 3 seconds

Every launch carries an anti-snipe tax that decays by 14 successive halvings across a 3-second window: bps = startBps >> (elapsed × 14 / window). The start rate and the window are read live (9900 bps over 3 s at block 53,644,199); the 14 halvings are a constant in the curve's own bytecode with no getter, verified bit-exact against six real SnipeTaxCharged events. With the live configuration that is:

It is charged against the including block's timestamp, not your clock, so a quote made during those three seconds can be one second stale. Addresses the factory exempts — including a creator-fee recipient that is not the deployer — pay none of it.

A curve is quoted in one asset, fixed at launch. address(0) means native ETH and is always accepted. Any other quote asset must be on the factory's approvedPairTokens list, which only the factory owner can change — Nest cannot add to it and neither can a creator.

• 40 of the 194 verified Stock Tokens are approved as pair tokens, checked on chain at block 53279343. The rest can still be basket constituents; they simply cannot quote a curve.
• Economics are per pair token. factory.pairTokenEconomics(token) returns that asset's own virtual reserve and graduation threshold — NVDA is 16.64 / 41.6, USDG is 3,236 / 8,090 — sized so a launch is worth roughly the same in dollars whichever asset quotes it. The threshold carried in the launch event is the authoritative one for that coin.
• Decimals are not always 18. USDG is 6 and CBBTC is 8. Every amount on a curve page is scaled by the quote asset's own decimals, read from the token.
• An ERC-20-quoted buy needs an approval first and must send zero ETH; a native buy must send msg.value exactly equal to the amount in. Getting either wrong reverts.

PonsV2BondingCurve is a constant-product curve against a virtual quote reserve. It is not upgradeable, is not a proxy, and has no receive(), so a native-quoted curve physically cannot be donated ETH.

quoteReserve = phantomQuote + realQuoteReserve      (exact, verified on live curves)
k            = quoteReserve × tokenReserve          (invariant across every trade)
price        = quoteReserve / tokenReserve          (quote asset per whole token)
progress     = realQuoteReserve / graduationThreshold

• Fees come off the quote leg, in both directions. They are subtracted before the swap, which is why k is preserved exactly — measured after 660 buys and 180 sells on one curve, it had grown only by integer rounding.
• There is no on-chain quote function. No getAmountOut, no quoteBuy. Every price you are shown before a trade is computed off getReserves() with the contract's exact integer arithmetic, including the fee, the creator tax and the snipe tax, and is checked against a simulation of the real call before you sign.
• A buy that overshoots is partially filled and refunded, not reverted. Slippage is then enforced as a price bound rather than a quantity, so a minimum-out set for the full amount still holds on the graduating trade.
• Selling closes before graduation does. The curve reverts a sell the moment the sellable allocation is exhausted — before the graduated flag is even set.
• Progress in quote is not progress in tokens. Both hit 0% and 100% together, but in between they diverge sharply because the curve is a hyperbola: 9.27% raised was 26.34% sold on one live curve. Nest shows the quote figure, because that is the one the protocol thresholds on.

The curve never sells its whole supply. reservedTokens — 28.5714% of supply with the live configuration, which is exactly supply × phantomQuote / (phantomQuote + threshold) — is a floor it will not go below. So 71.4286% of supply is what the curve can ever sell, and it sells out at the same instant the raised amount reaches 4.2 ETH.

At that point the factory takes the reserved allocation and splits it, permanently:

The pool is a Uniswap V4 position on the PoolManager at 0x8366a39CC670B4001A1121B8F6A443A643e40951, behind the Pons hook at 0xE5e702641Ea86F4ae6cC3cDaeD2B886f976Be044, at tick spacing 200. The position is not owned by the creator and not by Nest: nobody can withdraw it, and there is no timelock to wait out because there is no unlock. The static LP fee on the pool is zero — the hook is what charges post-graduation trades.

A graduated curve is empty: token reserve zero, quote reserve back to the virtual amount alone. It stops being a price source entirely at that moment, which is why a graduated coin's page shows no curve and no price. Nest does not read Uniswap V4 pool state, so the price of a graduated coin renders as “—” with that reason, not as a stale last-curve price. Reading it would mean querying the V4 StateView and converting a tick, which this deployment has not built; until it does, the honest output is the dash.

Read from getLaunchFeePolicy() on the 5 most recent Pons launches, which all record the same split. There is no factory-level getter for it: the policy is snapshotted per launch at creation, so the split your coin gets is fixed when it launches and is not readable before then.

Fees are never transferred to the recipient. They accrue as a claimable balance in the V2FeeEscrow at 0xd3AFEB2a57f70eF218Aa82451c51B2fb0416Ac9e, and claim() pays whoever calls it. A contract named as the creator-fee recipient can therefore pull its own fees with no operator and no permission — which is exactly how the basket vault is designed to be funded.

The design, and the reason it needs no cooperation from Pons:

1. 01
   Named at launch

   The vault's address is passed as creatorFeeRecipient in the launch parameters. Pons accepts any address, contract or not.

2. 02
   Funded by the escrow

   Fees accrue to that address in the V2FeeEscrow as a claimable balance. The vault calls claim() itself — no operator, no signature.

3. 03
   Untaxed

   Because the recipient is not the deployer, the factory exempts it from the anti-snipe tax automatically.

4. 04
   Converted to the basket

   Claimed ETH or pair tokens are swapped into the constituents at their chosen weights, and held.

5. 05
   Redeemable pro-rata

   Coin holders burn to claim their share of the constituents. No admin key, no rebalancing, no discretion.

6. 06
   Weights are set once

   There is no mechanism to change them afterwards, so a name that runs simply becomes a larger share of the vault.

Nest's own basket rules — 2 to 8 constituents, each between 2% and 75% — are product rules in this interface. No contract enforces them.

• Most launches go to zero. Pons launches land at a rate of hundreds per hour on this chain and the overwhelming majority never reach the graduation threshold. You can lose everything.
• The first 3 seconds are taxed at up to 99%. Buying into a launch that is seconds old can cost almost the entire input.
• A creator tax of up to 10.00% applies to both legs, on top of the 1.00% base fee. Check the coin's own figures before a round trip — they are per launch and immutable.
• Tokenized stocks are not stocks. They carry issuer, custody and transfer-restriction risk on top of ordinary market risk, and may not be available in your jurisdiction.
• A basket concentrates you in whatever its weights say. A 75% single-name basket behaves like that single name.
• The vault does not exist. Any coin launched through Nest today is a plain Pons coin. Do not price one as though a basket were backing it.
• Smart-contract risk applies to Pons V2, to Uniswap V4 and its hook, to the Stock Token contracts, and — when it ships — to the vault.
• Price history here starts when our indexer did. This chain's public RPC keeps no archive state, so no chart on this site can show more than we have recorded. Every chart says what window it covers; none of them extrapolate.

Is the coin quoted in the basket?

No. Pons quotes a curve in exactly one asset — native ETH or a single approved ERC-20 — and a basket cannot be a pair token. The basket is what the creator's fees are meant to be converted into, which is a completely separate flow from trading the coin.

Can I redeem a coin for the stocks today?

Only for a coin launched through Nest, and only once its vault has harvested some fees. redeem() sends your coin to the vault and returns that exact fraction of everything it holds. A coin launched anywhere else on Pons has no vault and nothing to redeem.

Why do some coins show no price change?

Because there is nothing honest to show. A change needs two prices separated by a known interval, and this chain's RPC cannot be queried for a past price. The chart and the change figures only go back as far as our own indexer has been running, and each says so.

Why does a Stock Token show a change over 28 hours instead of 24?

Chainlink equity feeds publish on a heartbeat and go quiet outside market hours, so two consecutive rounds are almost never exactly a day apart — measured live, AAPL spanned 27.95 h, MSFT 29.38 h and SPY 42.13 h in a single reading. Every one of those is printed with the hours it really covers. Nothing in this app rounds a window to '24h' to make it look tidier.

Is the total supply always 1 billion?

Yes for launch configuration 0, which is the only one Pons offers today: 1,000,000,000 tokens mint to the curve at creation. The token is burnable, so the live total supply can drift below it — the curve's own launchSupply is the figure that matters for pricing.

Can the creator pull the liquidity after graduation?

No. The position is created by the factory and locked through the Pons hook and locker. Neither the creator nor Nest holds it, and there is no unlock date.

Where do the coin logos come from?

A coin's mark is the creator's own on-chain logo() value, through an IPFS gateway when it is an ipfs:// URI. A Stock Token's mark is looked up by TICKER, not by address: the official address-keyed Robinhood CDN answers 200 for all 194 tokens but serves one byte-identical generic feather for every one of them, so it sits last in the chain as a real-but-generic image. Ticker lookup is why the chain is pinned rather than open-ended — a stale ticker map can name the wrong company, which is worse than no logo — and anything unresolved falls back to a monogram derived from the address.