Two Tokens, One Stock: The Weekend Arbitrage Nobody Ran
Originally published on xroot.dev.
Robinhood Chain now has two tokens for NVIDIA, two for Tesla and two for nine other stocks and ETFs: one issued by Robinhood, one by Ondo. Since 26 October, eleven Uniswap v4 pools let anyone swap one for the other at a fixed rate.
Ondo’s announcement on 27 October gave a reason the pairing matters. Robinhood’s tokens cannot be minted or redeemed on weekends, so their price can drift. An eligible trader could buy a discounted Robinhood token, swap it for the Ondo token, then bridge and redeem that one, which works on weekends. We read the chain from the pools’ launch to the end of 3 November (UTC): every swap, deposit and bridge mint, plus the Robinhood tokens’ main markets for comparison. The pools held their rate to within a basis point. On the first weekend no one ran the trade, and the discount it needs was not there.
- * *
Two issuers, one ratio per stock
The two tokens are not the same instrument. Robinhood Stock Tokens are debt securities of Robinhood Assets (Jersey) Limited, minted and burned only by an authorised participant between Monday 02:00 and Saturday 02:00 CET. Ondo’s tokens are issued by Ondo Global Markets (BVI) Limited and minted and redeemed by eligible users on Ethereum, BNB Chain and Solana, and over the weekend for all eleven paired tickers. Neither is open to US persons.
Each issuer also folds dividends and corporate actions into its own shares-per-token figure, so the pools do not trade at one for one. Each stores a reference rate, in Ondo tokens per Robinhood token:
SPCX, MSTR, CRCL, TSLA — 1.00000
NVDA — 0.99906
GOOGL · META — 0.99774 · 0.99772
AAPL · QQQ — 0.99720 · 0.99663
SPY — 0.99232
GME — 0.98315
Where the numbers can be checked, they are exact. Ondo’s share-multiplier oracle on Ethereum answers for three of these tokens: SPYon, QQQon and TSLAon. For each of those, the pool’s reference equals Robinhood’s multiplier divided by Ondo’s, to six decimal places. For the other eight the oracle returned “asset not found”.
Ondo listed four more tokens on the chain without a Robinhood counterpart. One of them changed a day later: Robinhood minted its first BMNR token on 28 October at 14:05 UTC. By 3 November there was still no StablePair pool for it.
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How a StablePair pool holds the rate
The pools run on Uniswap’s StablePair hook, a dynamic-fee hook for two assets meant to hold a known price. Its reference is not an oracle. It is a number stored per pool when the pool is created, and it changes only when an account with the config-manager role calls updateFeeConfig. Around that number the hook sets every swap’s fee:
Inside a ±0.005% band — all buys one price, all sells another
Round trip inside the band — 1 basis point
Outside, toward the reference — decaying fee, ×0.99 per block
Outside, away from the reference — no fee
All eleven pools use the same settings, and no reference changed through 3 November. You can read any pool’s reference yourself:
# feeConfig(bytes32 poolId) on the hook: returns k, optimalFeeE6,
# targetMultiplier, referenceSqrtPriceX96. Pool below: NVDA / NVDAon.
curl -s https://rpc.mainnet.chain.robinhood.com -H 'content-type: application/json' \
-d '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{
"to":"0xd061f665d1c4816787fceaa168fa66c59d3abcc0",
"data":"0xb9629a414c71fa93d5a448afc030cfec54e1779ed1d2498c905569ee817eb5cadcbdc6fb"
},"latest"]}'
# rate = (referenceSqrtPriceX96 / 2^96)^2 = 0.99906 NVDAon per NVDA
- * *
One account set up all eleven
Everything happened on Monday 26 October, in about an hour:
12:27–12:34 UTC — Ondo tokens bridged in to one address
12:47:52 — hook deployed, all roles to that address
12:51:41–12:58:14 — eleven pools initialized
13:00–13:34 — one deposit per pool, about $517,000
The address, 0x9d9210ea…4c0e4, is an ordinary account, not a contract. It received the bridged Ondo tokens, holds the hook’s admin, pool-initializer and config-manager roles, created every pool and seeded each with roughly equal value of both tokens, about $42,000 to $54,000 per pool. At the end of 3 November the pools held between 87.4% (GOOGLon) and 100.0% (GMEon) of each Ondo token’s supply on the chain.
The hook is an upgradeable proxy, and Uniswap’s hook list records it that way. So the key behind that one address can change any pool’s exchange rate and replace the hook’s code. That says nothing about intent, but anyone providing liquidity or quoting a price off these pools is trusting that key.
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The first week, swap by swap
Dollar figures below use each Robinhood token’s last price before Friday’s 4pm close on its busiest USDG pool:
Swaps, all eleven pools — 232, from 127 senders
Volume — about $47,800
Same tokens, main v3 USDG pools — about $99.4 million
Share through the pegged pools — 0.05%
Swaps within 1 bp of the reference — 179 of 232
Most swaps executed at the edge of the band, exactly as the design intends. Two pools moved further. In GOOGL, one 17-token trade on 28 October pushed the price 7.1 basis points below the reference, and two trades minutes later pulled it back. On 29 and 30 October a run of one-way trades took it 5.5 basis points below again. While it was out of the band, trades pushing further paid no fee and trades pushing back paid 1 to 1.8 basis points. The pool ended the week 4.1 basis points below.
GME is the week’s largest trade, and it ran the other way from the announcement’s example. At 05:30 UTC on Wednesday 28 October, one address bridged 838.3 GMEon onto the chain. Four minutes later it swapped 837.9 of them for 851.1 of Robinhood’s GME tokens, a $20,600 trade at prices 13.6 basis points worse than the reference. That emptied the pool’s Robinhood side from 940 tokens to 89 and left its price 26.2 basis points from the reference. Only one later trade, of 0.11 tokens, pushed back, so the gap stayed open through the end of the week: a 25-basis-point edge for anyone holding Robinhood GME tokens who had a use for GMEon.
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The weekend
Robinhood’s window closed at 01:00 UTC on Saturday 31 October and reopened at 01:00 UTC on Monday 2 November, after Europe had left summer time. That is 48 of the 203 hours we observed. In the pegged pools:
Weekend swaps — 16 of 232
Robinhood → Ondo token — $2,222
…swapped straight back (QQQ) — $2,019
Net, mostly one CRCL trade — about $200
Ondo tokens bridged in or out — none
The announcement’s trade ends with a bridge and a redemption. Not a single Ondo token was minted or burned on Robinhood Chain over the weekend. In fact none was after 09:47 UTC on 28 October.
The likely reason is that the discount never opened. The Robinhood tokens’ busiest USDG markets are Uniswap v3 pools, and the busiest one for each token carried $99.4 million between them in the same week. Over the weekend their volume fell to 3.0% of the week’s total, in 24% of its hours. Excluding trades under $10, whose prices are rounding noise, here is where each token traded relative to its Friday 4pm price:
NVDA — avg −0.13% · low −1.13%
META — avg −0.14% · low −0.79%
GME — avg −0.22% · low −0.94%
AAPL — avg −0.09% · low −0.49%
TSLA · SPY — avg +0.05% · +0.14%
QQQ · CRCL — avg +0.54% · +0.53%
GOOGL · SPCX — avg +1.06% · +1.79%
MSTR — avg +2.29% · high +3.26%
In 8 of the 11, the weekend average sat between Friday’s close and the first hour of Monday’s session: the market pricing weekend news before the open. NVDA, META and GME averaged 0.13% to 0.22% below Friday. That is before the v3 pool’s own fee, the bridge and Ondo’s off-hours spread, which its docs say can be wider. The loop had nothing to capture.
- * *
What would make the two tokens diverge
Two limits matter when a real gap does open. The first is capacity. The pools hold almost every Ondo token on the chain, so the trade can only take what a pool holds, roughly $21,000 to $27,000 of Ondo tokens per stock at launch. GME shows what happens next: one trade empties a side and the pool stops correcting.
The second is the stored rate. The hook does not know when either issuer’s shares-per-token figure changes, for example on an ex-dividend date. Until the config manager updates the reference, the pool keeps quoting the old ratio. Because the hook charges nothing to swaps that move the price away from the reference, the pool can be traded to the new ratio for free, and its liquidity providers absorb the difference.
The token pages for both issuers’ contracts on this chain are in our Robinhood Chain token list, and reading the chain directly covers the RPC and explorer used here.
- * *
What this does not show
This is one week and one weekend. Dollar values come from on-chain USDG prices, not from the stock market, and there is no on-chain fair value for a stock on a Saturday. We could check the reference rate against both issuers for only three of the eleven pools, because Ondo’s oracle did not answer for the other eight. Those eight are reported as configured. Block times were interpolated between samples taken every 2,500 blocks, which is accurate to about ten seconds. We name addresses, not the people or companies behind them.
- * *
Two Tokens, One Stock: Questions People Actually Ask
What is the difference between NVDAon and Robinhood’s NVDA token?
They are issued by different companies under different terms. Robinhood Stock Tokens are debt securities issued by Robinhood Assets (Jersey) Limited, minted and redeemed only by an authorised participant during a weekday window. Ondo Stocks are issued by Ondo Global Markets (BVI) Limited and can be minted and redeemed by eligible users on Ethereum, BNB Chain and Solana, including on weekends for the eleven tickers paired on Robinhood Chain. Neither is offered to US persons.
Can Robinhood stock tokens be redeemed on weekends?
No. Robinhood’s tokenization window runs from Monday 02:00 to Saturday 02:00 CET; outside it, no tokens are minted or burned. The tokens still trade on chain over the weekend, but their supply cannot change until Monday.
Why is the exchange rate between the two tokens not exactly 1?
Each issuer adjusts its own shares-per-token figure for dividends and corporate actions, so one Ondo token and one Robinhood token for the same stock can represent slightly different amounts of it. Each pool stores a reference rate set when it was created: 1.0 for SPCX, MSTR, CRCL and TSLA, and between 0.98315 (GME) and 0.99906 (NVDA) Ondo tokens per Robinhood token for the other seven.
Did Robinhood stock tokens trade at a discount on the weekend of 31 October?
Not by enough to matter. On each token’s busiest USDG pool, excluding trades under $10, weekend prices stayed within 1.13% below and 3.26% above Friday’s 4pm price. In 8 of 11 tokens the weekend average sat between Friday’s close and Monday’s first hour, which is the market pricing weekend news. The other three averaged 0.13% to 0.22% below Friday.
Who sets the StablePair reference price?
Whoever holds the hook’s config-manager role can change any pool’s reference with updateFeeConfig. On Robinhood Chain all three of the hook’s roles, including the right to upgrade its code, were granted to one ordinary account when it was deployed, and no reference changed through 3 November 2026.
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The one-line version
Eleven pools pin Ondo and Robinhood tokens for the same stock to a rate one account set and can change. In their first week they carried 0.05% of those tokens’ trading, and the weekend discount they were built to absorb never appeared.
Sources: Ondo’s 27 October announcement, off-hours trading and eligibility docs; Robinhood’s Stock Tokens docs; Uniswap’s StablePair specification at commit fa163e5c and hook-list entry. Pool, swap, deposit, transfer and role events were read from rpc.mainnet.chain.robinhood.com, from the Ondo tokens’ arrival on 26 October to block 105,464,942 (3 November, 23:59:59 UTC). Ondo’s multipliers were read from its oracle on Ethereum.
Uniswap v4 Hooks Explained — And What We Built for OnChain Revenue Sharing
Uniswap v4 introduced one of the most significant architectural changes in DeFi: hooks. If you've heard the term but aren't sure what it means in practice, this post breaks it down — and shows a real hook we built and got merged into the official Uniswap hook registry.
What Are Uniswap v4 Hooks?
In previous versions of Uniswap, the protocol was essentially closed. You could create pools, add liquidity, and swap tokens, but you couldn't customize what happened during those operations. The logic was fixed.
V4 changes that with hooks — external smart contracts that "hook into" the lifecycle of pool operations. Think of them like middleware for a DEX.
Every major pool action in v4 has a before and after stage:
- beforeSwap / afterSwap — runs before or after a token swap
- beforeAddLiquidity / afterAddLiquidity — runs when liquidity is added
- beforeRemoveLiquidity / afterRemoveLiquidity — runs when liquidity is removed
- beforeInitialize / afterInitialize — runs when a pool is first created
When a pool is created, the pool creator specifies a hook contract address. From that point on, every operation on that pool calls the relevant hook functions. The hook can run custom logic, modify behavior, collect fees, enforce rules — whatever the contract is designed to do.
The key insight: hooks don't modify the Uniswap core protocol. They're external contracts that the protocol calls at defined points. This means anyone can write a hook, and pool creators choose which hook (if any) to attach to their pool.
Why Hooks Matter
Before v4, if you wanted custom behavior on a DEX — say, distributing a portion of swap fees to a list of stakeholders — you had two options: fork the entire protocol, or build a wrapper contract that interacted with the pool externally. Both were messy.
Hooks make this native. Some real use cases:
- Dynamic fees — adjust swap fees based on volatility, time of day, or pool utilization
- On-chain limit orders — execute trades when price hits a target
- TWAP (time-weighted average price) orders — spread large trades over time
- Custom access control — restrict who can trade in a pool (KYC pools, DAO-gated pools)
- Revenue distribution — automatically route a share of pool activity to stakeholders
That last one is what we built.
BatchDistributeHook: What It Does
Our hook lets pool operators push-distribute ERC-20 tokens or native currency (ETH) to up to 200 recipients in a single transaction through the Spraay batch contract on Base.
The use case: a pool generates fees or revenue, and the operator wants to distribute those funds to a list of stakeholders — liquidity providers, DAO members, team wallets, community funds, whatever the arrangement is.
Without a hook, the operator would need to manually collect fees, calculate shares, and send individual transactions to each recipient. With BatchDistributeHook, they call the distribution function and the Spraay batch contract handles the rest: one on-chain transaction, all recipients paid, all amounts verifiable.
The hook interacts with Spraay's batch contract on Base at 0xb9c1ab7bd023c784c19b8e9f10ce9cded9ff9010. This is the same contract that powers all of Spraay's batch payment infrastructure — the same one our e-commerce plugins, robot fleet payments, and gateway all settle through.
How It Works
The flow is straightforward:
1. A pool is created with BatchDistributeHook as its hook contract
2. The pool operates normally — swaps, liquidity, everything works as expected
3. When the operator wants to distribute accumulated tokens, they call the hook's distribute function
4. The hook approves the Spraay batch contract to spend the specified token amount
5. The batch contract executes a single transaction that transfers tokens to all recipients
6. Each recipient's share is settled on-chain, verifiable by anyone
The operator defines the recipient list and amounts. The hook handles the approval and contract interaction. The batch contract handles the multi-send efficiently.
Up to 200 recipients per batch means this scales to meaningful distribution sizes without needing multiple transactions.
Merged Into the Uniswap Hook Registry
Uniswap maintains an official hook registry — a curated list of hooks that developers have built for the v4 ecosystem. Getting listed means the hook has been reviewed and meets the registry's standards.
Our BatchDistributeHook was merged into the Uniswap hooklist as PR #10617 in October 2026, listed as "Add BatchDistributeHook hook on base." It's now part of the official v4 hook ecosystem.
This matters because it puts Spraay's batch payment infrastructure directly into the Uniswap developer surface. Anyone browsing the hook registry looking for distribution solutions finds our hook, and through it, the batch contract that powers the rest of our protocol.
The Bigger Picture
Hooks are still early. Most v4 pools are running without hooks, and the ecosystem of available hooks is still growing. But the architecture is powerful: it turns Uniswap from a fixed protocol into a programmable platform.
For us, BatchDistributeHook is a proof point. The same batch contract that settles robot fleet payments and e-commerce vendor payouts can also settle DeFi revenue distribution — all through one on-chain primitive. That's the advantage of building infrastructure instead of applications: the same settlement layer works across use cases.
If you're building on Uniswap v4 and need batch distribution, the hook is on the registry. If you're building anything that needs to pay multiple recipients on Base in one transaction, the Spraay batch contract is open and documented.
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Spraay Protocol is multi-chain batch payment infrastructure built by Plagtech. BatchDistributeHook is listed on the Uniswap v4 hook registry. Learn more at spraay.app.
Mentions
Two Tokens, One Stock: The Weekend Arbitrage Nobody Ran Originally published on xroot.dev. Robinhood Chain now has two tokens for NVIDIA, two for Tesla and two for nine other stocks and ETFs: one issued by Robinhood, one by Ondo. Since 26 October, eleven Uniswap v4 pools let anyone swap one for the other at a fixed rate. Ondo’s announcement on 27 October gave a reason the pairing matters. Robinhood’s tokens cannot be minted or redeemed on weekends, so their price can drift. An eligible trader could buy a discounted Robinhood token, swap it for the Ondo token, then bridge and redeem that one, which works on weekends. We read the chain from the pools’ launch to the end of 3 November (UTC): every swap, deposit and bridge mint, plus the Robinhood tokens’ main markets for comparison. The pools held their rate to within a basis point. On the first weekend no one ran the trade, and the discount it needs was not there. - * * Two issuers, one ratio per stock The two tokens are not the same instrument. Robinhood Stock Tokens are debt securities of Robinhood Assets (Jersey) Limited, minted and burned only by an authorised participant between Monday 02:00 and Saturday 02:00 CET. Ondo’s tokens are issued by Ondo Global Markets (BVI) Limited and minted and redeemed by eligible users on Ethereum, BNB Chain and Solana, and over the weekend for all eleven paired tickers. Neither is open to US persons. Each issuer also folds dividends and corporate actions into its own shares-per-token figure, so the pools do not trade at one for one. Each stores a reference rate, in Ondo tokens per Robinhood token: SPCX, MSTR, CRCL, TSLA — 1.00000 NVDA — 0.99906 GOOGL · META — 0.99774 · 0.99772 AAPL · QQQ — 0.99720 · 0.99663 SPY — 0.99232 GME — 0.98315 Where the numbers can be checked, they are exact. Ondo’s share-multiplier oracle on Ethereum answers for three of these tokens: SPYon, QQQon and TSLAon. For each of those, the pool’s reference equals Robinhood’s multiplier divided by Ondo’s, to six decimal places. For the other eight the oracle returned “asset not found”. Ondo listed four more tokens on the chain without a Robinhood counterpart. One of them changed a day later: Robinhood minted its first BMNR token on 28 October at 14:05 UTC. By 3 November there was still no StablePair pool for it. - * * How a StablePair pool holds the rate The pools run on Uniswap’s StablePair hook, a dynamic-fee hook for two assets meant to hold a known price. Its reference is not an oracle. It is a number stored per pool when the pool is created, and it changes only when an account with the config-manager role calls updateFeeConfig. Around that number the hook sets every swap’s fee: Inside a ±0.005% band — all buys one price, all sells another Round trip inside the band — 1 basis point Outside, toward the reference — decaying fee, ×0.99 per block Outside, away from the reference — no fee All eleven pools use the same settings, and no reference changed through 3 November. You can read any pool’s reference yourself: # feeConfig(bytes32 poolId) on the hook: returns k, optimalFeeE6, # targetMultiplier, referenceSqrtPriceX96. Pool below: NVDA / NVDAon. curl -s https://rpc.mainnet.chain.robinhood.com -H 'content-type: application/json' \ -d '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{ "to":"0xd061f665d1c4816787fceaa168fa66c59d3abcc0", "data":"0xb9629a414c71fa93d5a448afc030cfec54e1779ed1d2498c905569ee817eb5cadcbdc6fb" },"latest"]}' # rate = (referenceSqrtPriceX96 / 2^96)^2 = 0.99906 NVDAon per NVDA - * * One account set up all eleven Everything happened on Monday 26 October, in about an hour: 12:27–12:34 UTC — Ondo tokens bridged in to one address 12:47:52 — hook deployed, all roles to that address 12:51:41–12:58:14 — eleven pools initialized 13:00–13:34 — one deposit per pool, about $517,000 The address, 0x9d9210ea…4c0e4, is an ordinary account, not a contract. It received the bridged Ondo tokens, holds the hook’s admin, pool-initializer and config-manager roles, created every pool and seeded each with roughly equal value of both tokens, about $42,000 to $54,000 per pool. At the end of 3 November the pools held between 87.4% (GOOGLon) and 100.0% (GMEon) of each Ondo token’s supply on the chain. The hook is an upgradeable proxy, and Uniswap’s hook list records it that way. So the key behind that one address can change any pool’s exchange rate and replace the hook’s code. That says nothing about intent, but anyone providing liquidity or quoting a price off these pools is trusting that key. - * * The first week, swap by swap Dollar figures below use each Robinhood token’s last price before Friday’s 4pm close on its busiest USDG pool: Swaps, all eleven pools — 232, from 127 senders Volume — about $47,800 Same tokens, main v3 USDG pools — about $99.4 million Share through the pegged pools — 0.05% Swaps within 1 bp of the reference — 179 of 232 Most swaps executed at the edge of the band, exactly as the design intends. Two pools moved further. In GOOGL, one 17-token trade on 28 October pushed the price 7.1 basis points below the reference, and two trades minutes later pulled it back. On 29 and 30 October a run of one-way trades took it 5.5 basis points below again. While it was out of the band, trades pushing further paid no fee and trades pushing back paid 1 to 1.8 basis points. The pool ended the week 4.1 basis points below. GME is the week’s largest trade, and it ran the other way from the announcement’s example. At 05:30 UTC on Wednesday 28 October, one address bridged 838.3 GMEon onto the chain. Four minutes later it swapped 837.9 of them for 851.1 of Robinhood’s GME tokens, a $20,600 trade at prices 13.6 basis points worse than the reference. That emptied the pool’s Robinhood side from 940 tokens to 89 and left its price 26.2 basis points from the reference. Only one later trade, of 0.11 tokens, pushed back, so the gap stayed open through the end of the week: a 25-basis-point edge for anyone holding Robinhood GME tokens who had a use for GMEon. - * * The weekend Robinhood’s window closed at 01:00 UTC on Saturday 31 October and reopened at 01:00 UTC on Monday 2 November, after Europe had left summer time. That is 48 of the 203 hours we observed. In the pegged pools: Weekend swaps — 16 of 232 Robinhood → Ondo token — $2,222 …swapped straight back (QQQ) — $2,019 Net, mostly one CRCL trade — about $200 Ondo tokens bridged in or out — none The announcement’s trade ends with a bridge and a redemption. Not a single Ondo token was minted or burned on Robinhood Chain over the weekend. In fact none was after 09:47 UTC on 28 October. The likely reason is that the discount never opened. The Robinhood tokens’ busiest USDG markets are Uniswap v3 pools, and the busiest one for each token carried $99.4 million between them in the same week. Over the weekend their volume fell to 3.0% of the week’s total, in 24% of its hours. Excluding trades under $10, whose prices are rounding noise, here is where each token traded relative to its Friday 4pm price: NVDA — avg −0.13% · low −1.13% META — avg −0.14% · low −0.79% GME — avg −0.22% · low −0.94% AAPL — avg −0.09% · low −0.49% TSLA · SPY — avg +0.05% · +0.14% QQQ · CRCL — avg +0.54% · +0.53% GOOGL · SPCX — avg +1.06% · +1.79% MSTR — avg +2.29% · high +3.26% In 8 of the 11, the weekend average sat between Friday’s close and the first hour of Monday’s session: the market pricing weekend news before the open. NVDA, META and GME averaged 0.13% to 0.22% below Friday. That is before the v3 pool’s own fee, the bridge and Ondo’s off-hours spread, which its docs say can be wider. The loop had nothing to capture. - * * What would make the two tokens diverge Two limits matter when a real gap does open. The first is capacity. The pools hold almost every Ondo token on the chain, so the trade can only take what a pool holds, roughly $21,000 to $27,000 of Ondo tokens per stock at launch. GME shows what happens next: one trade empties a side and the pool stops correcting. The second is the stored rate. The hook does not know when either issuer’s shares-per-token figure changes, for example on an ex-dividend date. Until the config manager updates the reference, the pool keeps quoting the old ratio. Because the hook charges nothing to swaps that move the price away from the reference, the pool can be traded to the new ratio for free, and its liquidity providers absorb the difference. The token pages for both issuers’ contracts on this chain are in our Robinhood Chain token list, and reading the chain directly covers the RPC and explorer used here. - * * What this does not show This is one week and one weekend. Dollar values come from on-chain USDG prices, not from the stock market, and there is no on-chain fair value for a stock on a Saturday. We could check the reference rate against both issuers for only three of the eleven pools, because Ondo’s oracle did not answer for the other eight. Those eight are reported as configured. Block times were interpolated between samples taken every 2,500 blocks, which is accurate to about ten seconds. We name addresses, not the people or companies behind them. - * * Two Tokens, One Stock: Questions People Actually Ask What is the difference between NVDAon and Robinhood’s NVDA token? They are issued by different companies under different terms. Robinhood Stock Tokens are debt securities issued by Robinhood Assets (Jersey) Limited, minted and redeemed only by an authorised participant during a weekday window. Ondo Stocks are issued by Ondo Global Markets (BVI) Limited and can be minted and redeemed by eligible users on Ethereum, BNB Chain and Solana, including on weekends for the eleven tickers paired on Robinhood Chain. Neither is offered to US persons. Can Robinhood stock tokens be redeemed on weekends? No. Robinhood’s tokenization window runs from Monday 02:00 to Saturday 02:00 CET; outside it, no tokens are minted or burned. The tokens still trade on chain over the weekend, but their supply cannot change until Monday. Why is the exchange rate between the two tokens not exactly 1? Each issuer adjusts its own shares-per-token figure for dividends and corporate actions, so one Ondo token and one Robinhood token for the same stock can represent slightly different amounts of it. Each pool stores a reference rate set when it was created: 1.0 for SPCX, MSTR, CRCL and TSLA, and between 0.98315 (GME) and 0.99906 (NVDA) Ondo tokens per Robinhood token for the other seven. Did Robinhood stock tokens trade at a discount on the weekend of 31 October? Not by enough to matter. On each token’s busiest USDG pool, excluding trades under $10, weekend prices stayed within 1.13% below and 3.26% above Friday’s 4pm price. In 8 of 11 tokens the weekend average sat between Friday’s close and Monday’s first hour, which is the market pricing weekend news. The other three averaged 0.13% to 0.22% below Friday. Who sets the StablePair reference price? Whoever holds the hook’s config-manager role can change any pool’s reference with updateFeeConfig. On Robinhood Chain all three of the hook’s roles, including the right to upgrade its code, were granted to one ordinary account when it was deployed, and no reference changed through 3 November 2026. - * * The one-line version Eleven pools pin Ondo and Robinhood tokens for the same stock to a rate one account set and can change. In their first week they carried 0.05% of those tokens’ trading, and the weekend discount they were built to absorb never appeared. Sources: Ondo’s 27 October announcement, off-hours trading and eligibility docs; Robinhood’s Stock Tokens docs; Uniswap’s StablePair specification at commit fa163e5c and hook-list entry. Pool, swap, deposit, transfer and role events were read from rpc.mainnet.chain.robinhood.com, from the Ondo tokens’ arrival on 26 October to block 105,464,942 (3 November, 23:59:59 UTC). Ondo’s multipliers were read from its oracle on Ethereum.
Uniswap v4 Hooks Explained — And What We Built for OnChain Revenue Sharing Uniswap v4 introduced one of the most significant architectural changes in DeFi: hooks. If you've heard the term but aren't sure what it means in practice, this post breaks it down — and shows a real hook we built and got merged into the official Uniswap hook registry. What Are Uniswap v4 Hooks? In previous versions of Uniswap, the protocol was essentially closed. You could create pools, add liquidity, and swap tokens, but you couldn't customize what happened during those operations. The logic was fixed. V4 changes that with hooks — external smart contracts that "hook into" the lifecycle of pool operations. Think of them like middleware for a DEX. Every major pool action in v4 has a before and after stage: - beforeSwap / afterSwap — runs before or after a token swap - beforeAddLiquidity / afterAddLiquidity — runs when liquidity is added - beforeRemoveLiquidity / afterRemoveLiquidity — runs when liquidity is removed - beforeInitialize / afterInitialize — runs when a pool is first created When a pool is created, the pool creator specifies a hook contract address. From that point on, every operation on that pool calls the relevant hook functions. The hook can run custom logic, modify behavior, collect fees, enforce rules — whatever the contract is designed to do. The key insight: hooks don't modify the Uniswap core protocol. They're external contracts that the protocol calls at defined points. This means anyone can write a hook, and pool creators choose which hook (if any) to attach to their pool. Why Hooks Matter Before v4, if you wanted custom behavior on a DEX — say, distributing a portion of swap fees to a list of stakeholders — you had two options: fork the entire protocol, or build a wrapper contract that interacted with the pool externally. Both were messy. Hooks make this native. Some real use cases: - Dynamic fees — adjust swap fees based on volatility, time of day, or pool utilization - On-chain limit orders — execute trades when price hits a target - TWAP (time-weighted average price) orders — spread large trades over time - Custom access control — restrict who can trade in a pool (KYC pools, DAO-gated pools) - Revenue distribution — automatically route a share of pool activity to stakeholders That last one is what we built. BatchDistributeHook: What It Does Our hook lets pool operators push-distribute ERC-20 tokens or native currency (ETH) to up to 200 recipients in a single transaction through the Spraay batch contract on Base. The use case: a pool generates fees or revenue, and the operator wants to distribute those funds to a list of stakeholders — liquidity providers, DAO members, team wallets, community funds, whatever the arrangement is. Without a hook, the operator would need to manually collect fees, calculate shares, and send individual transactions to each recipient. With BatchDistributeHook, they call the distribution function and the Spraay batch contract handles the rest: one on-chain transaction, all recipients paid, all amounts verifiable. The hook interacts with Spraay's batch contract on Base at 0xb9c1ab7bd023c784c19b8e9f10ce9cded9ff9010. This is the same contract that powers all of Spraay's batch payment infrastructure — the same one our e-commerce plugins, robot fleet payments, and gateway all settle through. How It Works The flow is straightforward: 1. A pool is created with BatchDistributeHook as its hook contract 2. The pool operates normally — swaps, liquidity, everything works as expected 3. When the operator wants to distribute accumulated tokens, they call the hook's distribute function 4. The hook approves the Spraay batch contract to spend the specified token amount 5. The batch contract executes a single transaction that transfers tokens to all recipients 6. Each recipient's share is settled on-chain, verifiable by anyone The operator defines the recipient list and amounts. The hook handles the approval and contract interaction. The batch contract handles the multi-send efficiently. Up to 200 recipients per batch means this scales to meaningful distribution sizes without needing multiple transactions. Merged Into the Uniswap Hook Registry Uniswap maintains an official hook registry — a curated list of hooks that developers have built for the v4 ecosystem. Getting listed means the hook has been reviewed and meets the registry's standards. Our BatchDistributeHook was merged into the Uniswap hooklist as PR #10617 in October 2026, listed as "Add BatchDistributeHook hook on base." It's now part of the official v4 hook ecosystem. This matters because it puts Spraay's batch payment infrastructure directly into the Uniswap developer surface. Anyone browsing the hook registry looking for distribution solutions finds our hook, and through it, the batch contract that powers the rest of our protocol. The Bigger Picture Hooks are still early. Most v4 pools are running without hooks, and the ecosystem of available hooks is still growing. But the architecture is powerful: it turns Uniswap from a fixed protocol into a programmable platform. For us, BatchDistributeHook is a proof point. The same batch contract that settles robot fleet payments and e-commerce vendor payouts can also settle DeFi revenue distribution — all through one on-chain primitive. That's the advantage of building infrastructure instead of applications: the same settlement layer works across use cases. If you're building on Uniswap v4 and need batch distribution, the hook is on the registry. If you're building anything that needs to pay multiple recipients on Base in one transaction, the Spraay batch contract is open and documented. --- Spraay Protocol is multi-chain batch payment infrastructure built by Plagtech. BatchDistributeHook is listed on the Uniswap v4 hook registry. Learn more at spraay.app.
@0x94305 @0xmons Is this the surprising part? github.com/Uniswap/v4-hooks-public/blob/main/docs…
@Avenoxai DeFi zaten opensource bro kimseden korkusu yok adamların aave/aave-v4 Uniswap/v4-core
clz - opcode to return number of leading 0s in a bit Before clz Binary search to find most and least significant bits With clz msb = 255 - clz(x) lsb = 255 - clz(x & -x) What's x & -x? See code comment Code github.com/t4sk/notes/blob/main/foundry/src/Bit.s… Binary examples github.com/Uniswap/v3-core/blob/main/contracts/li… t.co
If you are building on top of Uniswap Must see github.com/Uniswap/v4-core/blob/main/src/librarie…
$STONKCOIN dev update ▲ what got done: ▲ Uniswap reviewed and merged our StockHook into their official hook registry: fixed fees, not upgradeable, open to every swapper hooklist#10528 ▲ the "impersonator" wallet warning is gone from Uniswap and MetaMask ▲ DexScreener token info verified ▲ in review: routing in the Uniswap app. until then trade in the game's Trade tab or on KyberSwap the network: ▲ 104 players, hashrate up from 113 to 146 KH/s in a day ▲ 216,000 $STONKCOIN mined a day, halving in 41 days ▲ 497,100 $STONKCOIN burned so far ▲ 3.59 $NVDA paid to holders. stake $STONKCOIN in nodes to boost your share up to +50% play: stonkcoin.tech CA: 0xA37d551f2a768aF49ec5a1df68eFBFaC91971bD3