75 bps
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.
guarded mainnet · 8 markets
Tokenized stocks,
priced like the real thing.
Swap Stock Tokens against USDG at prices anchored to the live Chainlink mid. The spread and the fee are separate lines on every ticket, and every fill settles on-chain where anyone can check it.
Swap · quoteopen ×1.0
MarketNVDAx / USDG
You pay
10,000USDG
You receive
56.6214NVDAx
- Chainlink mid
- 176.40 USDG
- Spread · 10.0 bps
- 9.99 USDG
- Skew
- +0 bps
- Protocol fee · 2.0 bps
- 2.00 USDG
Bounded 75 bps from mid · settles atomically
Half-spread
10 bps
Tier A, open session
Protocol fee
2 bps
Its own line, every ticket
Oracle band
75 bps
No fill settles outside it
Settlement
Atomic
Robinhood Chain · 4663
Listed markets: NVDAx, tier A; SPYx, tier A; AAPLx, tier A; MSFTx, tier A; QQQx, tier A; TSLAx, tier B; AMZNx, tier B; PLTRx, tier C.
01 · pricing
One formula, published in full
Every quote on Icaria is the same arithmetic over public state. Anyone can reproduce any price from on-chain inputs.
mid
The guarded Chainlink price. Zero, stale or implausible rounds halt the market instead of pricing it.
176.40 USDG+spread × regime
The tier's half-spread, 10 bps for Tier A, times the session multiplier: ×1.0 open, ×1.5 extended, ×3.0 closed.
10.0 bps × 1.0±skew
A vault off its 50/50 inventory target quotes tighter on the side that rebalances it, up to ±15 bps.
+0 bps+fee
Shown as its own line on the ticket and recorded in the fill event. Never inside the curve.
2.0 bps=your price
Bounded by a hard band: nothing settles more than 75 bps from the mid, whatever goes wrong upstream.
176.61- Guarantee 01
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.
- Guarantee 02
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.
- Guarantee 03
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.
02 · 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 carries a regime that prices the difference, read from the oracle's own market status.
- Open×1.0 spread · full clip
- Extended×1.5 spread · ×0.75 clip
- Closed×3.0 spread · ×0.5 clip
Saturday and Sunday are closed all day: quoting continues at ×3.0 in half the clip, and the ticket says so. Refusing to quote would recreate market hours on a 24/7 chain; quoting weekend trades at weekday spreads would make LPs the free counterparty to every Monday gap. If your trade can wait for the open, waiting is cheaper, and the venue tells you.
When quoting stops entirely
- 01Feed older than the session's staleness boundclears on a fresh oracle round
- 02Corporate action: the feed reports oraclePaused()clears on the feed resuming
- 03A single round moves more than 25%clears on timelocked review, published
- 04Sequencer outage, plus one hour of recovery graceclears on the grace expiring
A halt stops pricing and nothing else. LP withdrawals always work.
03 · venue
Two venues behind one router
Standard size fills against oracle-anchored vaults. Block size goes to professional makers through signed quotes. The router settles whichever pays you more.
Anchor vaults
Quote both sides of every market around the guarded Chainlink mid, with the spread set by tier, session and inventory. Standard size fills here, instantly.
A formula price you can recompute, and LP revenue that is the market's real cost of immediacy rather than the residue after arbitrage.
RFQ makers
Attested market makers receive block-size requests off-chain and answer with signed quotes. They pay nothing to quote and win only by beating the vault.
Size that would walk a curve goes to competition instead, settled atomically against the maker's own wallet through a standing Permit2 allowance.
The router
One entry point. Checks eligibility, checks the band, prices the vault path and any RFQ quote, and settles whichever pays you more.
Token-to-token swaps run as two legs through USDG in the same transaction. If either leg cannot clear inside its guards, both revert.
2 bps
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.
None
Custody
Assets sit in your wallet or in LP-owned vaults. Settlement is atomic; there is nothing at the venue to lose.
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, halted or paused, even with an expired attestation.
- Market makersQuote for free off-chain, win only by beating the vault, settle atomically.
04 · compare
Generic pools price RWAs like memecoins
Constant-product pools suit crypto-native pairs and fail 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.
| Property | A generic pool | Icaria |
|---|---|---|
| Price | Discovered from the pool's own reserves | Anchored to the Chainlink mid, bounded by a hard band |
| Weekends | Saturday quoted as if it were Tuesday | Closed sessions widen spreads and shrink clips, on the ticket |
| LP returns | Arbitraged on every reference-price move | The spread; skew pays the market to rebalance them |
| Splits | Break the pool or force a migration | Halt the market, resume on the adjusted feed |
| Size | Walks the curve and pays for it | Goes to competing makers through signed RFQ quotes |
| Fees | Folded invisibly into the curve | 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.
05 · 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.
- 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
- 01
Plain ERC-20 stocks mean no issuer allowlisting stands between a wallet and a swap.
- 02
The oracle carries the session flag the regime engine runs on, from the same source that prices the fill.
- 03
Sub-cent transactions keep small swaps economic and quotes fresh at a hundred milliseconds.
06 · ledger
Eight promises, each with a verification path
Transparency claims are cheap; commitments are checkable. If any entry here 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.
verify: 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.
verify: the public invariant suite
- 03
Execution quality, unfiltered
Every fill's distance from the mid, published live and downloadable raw.
verify: recompute it from chain events
- 04
No payment for order flow
The router settles the best verifiable price, per fill, on-chain.
verify: re-derive any fill's venue comparison
- 05
No custody, ever
Atomic settlement; vault inventory belongs to LPs, not the venue.
verify: the audits attest there is no such function
- 06
Withdrawals unconditional
In every vault state, with every pause active. Exits cannot be gated.
verify: halt-state withdrawals in the explorer
- 07
Timelocked, published changes
Every parameter change is scheduled with its rationale before it executes.
verify: 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.
verify: reproduce the build against the tag
07 · faq
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 Icaria 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 ×3 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 Icaria can touch an individual quote or fill, and parameters change only through a timelock with a published rationale.
- 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 Icaria 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 route · each phase opens on evidence from the last
01
Testnet
02
Guarded mainnet
03
Catalogue and caps
04
API and cross-chain
05
Governance
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.