The rules of LOWpad.

What LOWpad is

A launchpad that opens on Robinhood Chain first, with other chains to follow. Anyone launches a token; the token gets one pool on Uniswap v4, and a rule attached to that pool for good. The rule is short: every trade pays 1%, and once the token is large enough a part of that 1% goes to ten seats on the token instead of going to LOWpad.

There is no staking, no lock, no vote and no list to join. A seat is something a wallet holds because of what it bought, and loses because of what it let go.

The fee

Every trade on a token launched here pays 1% of its size, on a buy and on a sale alike, in the quote asset. It is taken inside the swap. It is the same for every wallet at every moment, and no function changes it.

That 1% is the whole cost of LOWpad. There is no second fee on top of it and none hidden in the price.

Market cap

A token's market cap is its supply times the price of its own pool. Every token is quoted against USDG, the chain's dollar stable, so the figure is already in dollars and nothing has to be read from outside: no feed, no keeper, nothing off chain.

It is read once per trade, as the trade opens, before the trade moves the price. A trade therefore cannot choose its own step by its own size: a buy that carries the token over a threshold changes what the next trade pays, not what it pays itself.

The ladder

The market cap puts the token on one of four steps, and the step says how the 1% is cut.

The ladder works both ways. A token that falls back under a threshold is back on the step below at the next trade, and climbs again when it climbs again. There is no memory of the highest step reached.

The ten

Ten seats on every token, in two fives. They are not ten equal parts.

• Seats 1 to 5, the top five. Together they receive half of the ten's part, shared in proportion to what each has in the token.
• Seats 6 to 10, the early five. Each receives a tenth of the ten's part.
• An empty seat pays nobody. Its part stays with LOWpad. It is not handed to the other seats.

The two fives are independent. One wallet can hold a top seat and an early seat at once, and then nine wallets hold the ten seats. The seats are read as they stood before the trade.

The top five

The pool keeps one number per wallet: what that wallet paid for the tokens it still holds. The top five are the five largest of those numbers, read at every trade.

• A buy adds its size to the wallet's count.
• A sale takes away the same proportion of the count as it takes of the wallet's tokens. Sell a third of what you hold and a third of your count goes with it.
• A transfer out does the same as a sale. A transfer in adds nothing: tokens received from another wallet count for nothing.

Because the half is shared in proportion to the counts, cutting one large wallet into five smaller ones wins nothing: the five together receive what the one received.

The early five

The window. A token's first five minutes, counted on the chain's own clock from the block of its launch. Every wallet that buys during them is in the hat, with a weight equal to what it put in during the window.

The draw. Once, when the window ends. Five different wallets are drawn; at each draw a wallet's chance is its part of what the wallets still in the hat put in. A thousand dust wallets therefore weigh what their dust weighs. If fewer than five wallets bought in the window, the remaining seats stay empty for good.

Holding the seat. An early seat pays for as long as its wallet still holds at least the tokens it bought during the window. The moment it holds less, by a sale or by a transfer, the seat is empty, and it is never filled again.

Until the draw, all five early seats are empty: during the first five minutes only the top five are paid, and the early half stays with LOWpad.

One trade, worked through

A token stands at 132 000 of market cap, so it is on the third step: 0.5% of each trade goes to the ten. A wallet buys for 2 000 USDG. The fee is 20.00: 10.00 for the ten, 10.00 for LOWpad. The top five have 6 000, 4 000, 2 500, 1 500 and 1 000 still in, and seat 9 is empty because its wallet let go.

Credits are rounded down and the fee is rounded up, so the cent that the five shares leave behind goes to LOWpad and never the other way.

Collecting

A seat is credited in the trade that pays it, and nothing is sent to it. What a wallet is owed waits for it in the pool, in USDG, and the wallet collects it with one call, whenever it likes, by itself. No address can collect for another or redirect what another is owed.

Nothing is pushed for a reason: a payment sent in the middle of somebody else's swap could fail and take the swap down with it. A credit cannot.

What LOWpad keeps

What is left of the 1% after the ten's part: 1.0% under 50k, 0.7% from 50k, 0.5% from 100k, 0.2% from 500k. To that are added the parts of empty seats and the dust of rounding.

LOWpad's part only goes down as a token grows. The larger a token launched here becomes, the less of its trading LOWpad keeps.

Launching a token

A launch takes a name, a ticker and a picture. Every token is the same contract: no mint, no owner, no switch to pause it, and it tells the pool about every transfer so that the counts of article 06 stay true.

The launch opens the token's pool against USDG with the rule of this page inside it from the first block, and starts the five minutes of article 07. The supply, the opening price, what a launch costs and what happens to the pool's liquidity are set at deploy.

The wallet that launches a token has no right on it. It is paid nothing as a creator. If it buys, it is a buyer like any other.

What the contracts enforce

Seven things that stay true whatever the market does. If any one of them can be broken, the contracts do not ship.

What can go wrong

Written here rather than left for somebody to find.

• It pays size. The top five are the largest wallets, by design, and they share their half by size. One large wallet can take most of it. That is what this rule does.
• The creator can sit in the ten. Whoever launches a token can buy it in its first block, and is then an early buyer and probably a large one. The rule cannot tell a creator from a buyer, and shutting one address out would only move them to another.
• The first five minutes belong to the fast. Bots buy in the first blocks. Weighting the draw by amount keeps dust wallets out, but one buyer behind several wallets of real size can be drawn more than once, and the rule cannot see that they are one.
• The draw needs a number nobody chooses. Not the creator, not a buyer, not whoever orders the blocks. On this chain the usual source is not available as such. It is the first gate of article 15.
• A threshold can be pushed. A seat holder can buy to carry the token over a threshold and raise the ten's part. They pay the fee and the price impact to do it, and the part falls back when the market cap does.
• Seats can be traded around. A wallet can buy to take a top seat just before a burst of volume and sell after it. It pays 1% in and 1% out, and its count leaves with its tokens.
• A token can go to nothing. Most launches, anywhere, lose most of their value. A seat is a part of the fees of the trades that happen: no trades, nothing. Nothing on this pad holds a price up.
• How this is read by a regulator. A rule that shares trading fees with holders is exactly what counsel has to read before a word of copy is published. It is a gate, not a footnote.

Parameters and venue

Until LOWpad opens, the list of tokens on the first page is read live from Robinhood Chain's explorer: real tokens, none of them launched here. A token can be filled in on the Create page, and the page asks for a wallet, but nothing is created, signed or spent before launch.

Before anything opens

The gates, in order. None of them is passed yet.

• The draw's source, proven to be a number that neither the creator, nor a buyer, nor whoever orders the blocks can choose or see in advance.
• The real buyer. Inside a Uniswap v4 hook the caller is a router and not the buyer, so the counts of article 06 need LOWpad's own router to hand the hook the wallet that is really trading.
• The five largest, kept at a bounded cost, so that a token with a hundred thousand holders does not make a trade more expensive than a token with ten.
• Credits that cannot fail a swap: nothing is ever sent inside a trade, and a seat's wallet that reverts on receipt blocks nobody.
• Transfers that cut the count, proven on every path a token can leave a wallet by.
• Rounding: fees up, credits down, dust to LOWpad, to the unit.
• A legal opinion on sharing trading fees with wallets that hold a token, read before a word of this is published as an offer of anything.

Questions