木漏れ日 · $KOMO · Robinhood Chain
A token with a redeemable claim on tokenized equities.
A fixed share of each creator fee is converted into tokenized SPY and QQQ and held in a vault with no owner. Any holder may burn $KOMO, at any time, for a pro-rata share of everything the vault contains.
Most launch tokens are claims on attention and nothing else; when trading slows, nothing remains. Komorebi directs part of its own fee stream into tokenized equities, so every token carries a claim on assets whose value does not depend on the token.
The vault that holds those assets has no owner and no withdrawal function. I cannot move what is in it. The allocation is enforced by the contracts, and the full fee schedule is set out in the whitepaper.
— the creator
Example figures. Live numbers appear once the contracts are deployed.
Mechanism
Every step is executed on-chain by contracts that any address can call. No step depends on the creator.
Fee collection
Each swap pays a creator fee in ETH to the router contract, which records the basket's allocation as the funds arrive.
Conversion
The basket's ETH is exchanged for USDG, then for the equity furthest below its target weight. Each trade must clear within 3% of the Chainlink reference price or it reverts.
Custody and redemption
Assets leave the vault only through redemption. Burning $KOMO returns the burned fraction of supply, applied to every asset held, less a 2% exit fee.
Basket composition
Target weights are set at deployment and cannot be altered by any party.
Each purchase is allocated to the asset with the largest shortfall against its target, so the portfolio converges on its weights without ever selling. Dividends and splits are reflected in each stock token's multiplier and accrue to the vault without intervention. The complete fee schedule is in the whitepaper.
Locking
Half of each 2% exit fee is distributed to lockers in the assets redeemed, linearly over seven days and pro rata to weight. Weight is the locked amount multiplied by the term multiplier.
Early withdrawal is permitted. The penalty is 20% of principal at the start of the term and declines linearly to zero at maturity. Penalised tokens are burned, which raises backing per remaining token.
Permissions
The vault and the lock contract have no owner. The router, which holds fees until they are converted, does. The table below states the full extent of that authority.
No party can
- Withdraw stocks from the vault
- Take anyone's locked tokens
- Raise the creator share above its ceiling
- Change the basket's assets or target weights
- Stop holders from redeeming
The router owner can
- Replace a pool or price feed that has been migrated
- Pause purchasing, without affecting redemptions or locks
- Lower the creator share
- Recover unconverted fees held by the router
| Token | Published at launch |
| Basket vault | Published at launch |
| Lock | Published at launch |
| Router (fee collector) | Published at launch |
Risks
Consider each of these before acquiring or locking $KOMO.
Price and backing are independent
Backing accumulates gradually from fees. The market price can, and initially will, exceed the vault's value per token by a wide margin.
Accumulation depends on volume
The vault is funded only by trading fees. Lower volume means slower accumulation. The fee schedule is in the whitepaper.
Unaudited code
The contracts have an extensive test suite but no professional audit, and they cannot be modified after deployment.
Jurisdictional restrictions
Robinhood stock tokens are unavailable in the United States and restricted in several other jurisdictions. Confirm the rules that apply to you before redeeming.
Equity market exposure
The basket's value follows SPY and QQQ, including their declines. Stock tokens are issuer debt securities, not direct share ownership.
Irreversibility
Transactions cannot be reversed and lost keys cannot be recovered.
Questions
What does redemption return?
The fraction of total supply you burn, applied to every asset in the vault, less a 2% exit fee. Half of the fee remains in the vault and half is distributed to lockers. You receive the stock tokens themselves, not cash.
Can the creator withdraw from the vault?
No. The vault has no owner and no withdrawal function. Redemption is the only exit path.
How are fees allocated?
The allocation is enforced by the router contract and can be read on the block explorer. The whitepaper documents every parameter.
Does purchasing continue outside market hours?
Yes. Stock tokens trade continuously, but the Chainlink equity feeds update only during market sessions. While a feed is older than 26 hours, purchases continue with a reduced size limit until it refreshes.
Who executes conversions?
Any address. The caller receives 0.25% of each purchase as compensation for gas. The Keeper tab below performs it.
Application
Redeem, lock and claim. Every transaction is signed in your own wallet; this page never has access to your keys.
Claims accrued fees from the launchpad, converts the basket's ETH to USDG, then buys equities. Any address may run it and receives 0.25% of each purchase.