satohood

A bonding curve whose reserve is a real asset.

Draft — not yet deployed. Figures dated 6 September 2026.

Summary

satohood is an ERC-20 token on Robinhood Chain. It is issued by a contract, not by a company. To acquire it you send NVDA — the tokenized NVIDIA stock token — to a bonding curve, and the curve mints you satohood at a price set by a formula. To exit you burn satohood back through the same curve and receive NVDA from the reserve.

There is no premine, no team allocation, no admin key, no upgrade path, and no way for anyone to withdraw the reserve. The only exit from the reserve is a burn.

One thing is taken: 0.19% of volume goes to the founder. This is stated here, on the site, and is visible on-chain. Everything else the fee mechanism collects stays locked in the reserve.

The difference this token is trying to make

A bonding curve's reserve has always come from inside the chain. satohood's does not. It is an instrument whose value is set by a company's earnings, by a market that closes at four in the afternoon and does not open on Sundays, by decisions made in Santa Clara. The curve is a piece of pure mathematics; what sits beneath it is not.

That is the whole design. A contract with no operator, holding an asset that has one.

Bitcoin's question was whether money could exist without an issuer. Answering it required a closed system: the coin, the ledger, the work and the value all lived inside the same box, and nothing outside had to be true. That closure was the achievement, and it has also been the ceiling. Fifteen years on, the largest assets on every chain are still assets whose meaning is internal to the chain.

Tokenized equity opens the box. It brings onto the chain an asset whose value is set by revenue and earnings and a market that closes at four in the afternoon — an external issuer's economic reality, inside an otherwise self-contained system.

satohood is what happens when an issuance mechanism with no operator is pointed at an asset that has one. The contract inherits the properties of code: deterministic, unowned, unstoppable. The reserve inherits the properties of the world: it can be paused, it can be upgraded, it depends on a company continuing to exist.

You cannot remove trust from a system. You can only move it and make it legible. A curve with an ETH reserve asks you to trust nothing beyond the EVM. This one asks you to trust exactly two things you can name: that NVIDIA keeps being a company, and that Robinhood keeps honouring an instrument it issued. Those are not small assumptions. They are, however, assumptions you can evaluate, which is more than most tokens offer.

We are not going to pretend this is only an advantage. The section on risk below is longer than the section on mechanics, and that ordering is deliberate.

Why not simply trade NVDA

Robinhood Chain already has NVDA markets: Uniswap pools, RFQ through aggregators, a proprietary AMM, an orderbook on Lighter. Every one of them does the same thing, which is move existing NVDA from one holder to another. Supply is fixed and only ownership changes. Price is whatever somebody will pay.

satohood does not trade. It issues. There is no counterparty: you deposit NVDA into a reserve and a contract creates a new unit against it, at a price nobody quoted.

What that changes:

No counterparty is required to exit. An AMM pool needs liquidity providers and an orderbook needs a bidder. The curve always quotes, and it cannot run out of inventory until the reserve does.

Price is a function of history, not of order flow. In a pool, price is the current balance of the pool. On the curve, price is set by how much NVDA entered before you. The same position cannot be bought twice.

Supply is not managed by anyone. Robinhood decides how much NVDA exists. Nobody decides how much satohood exists; the formula does, and issuance halts on its own when it stops being economic.

The reserve cannot be pulled. Liquidity providers can withdraw from a pool whenever they like. The only exit from this reserve is a burn.

And the honest counterpoint: if what you want is exposure to NVIDIA's share price, buy NVDA. It is simpler, deeper, more liquid, and it tracks the thing you actually want. You do not need satohood.

satohood is not a wrapper for NVDA, not a leveraged NVDA position, and not a claim on NVIDIA itself. It is a claim on a quantity of NVDA that the curve determines, redeemable only by burning.

That quantity is denominated in NVDA, so NVDA's dollar price passes through one for one, and the curve's movement multiplies on top:

total return = curve return × NVDA return

A tenfold rise in the curve alongside a 50% rise in NVDA leaves a $100 position at $255, not at $1,000. The same arithmetic runs in reverse.

What the reserve actually is

Precision matters here, because the loose version of this sentence is false.

The reserve does not hold NVIDIA shares. It holds NVDA, a token on Robinhood Chain. According to Robinhood's own documentation, Stock Tokens are tokenised debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to the underlying security but grant no legal or beneficial rights in it, and no rights against the issuer of the underlying. There are no voting rights. A holder is not a shareholder.

Mechanically, NVDA is a standard ERC-20 with 18 decimals, at:

0xd0601CE157Db5bdC3162BbaC2a2C8aF5320D9EEC

A token with a matching ticker at any other address is not the Robinhood Stock Token. On Robinhood Chain this is not a hypothetical: dozens of contracts answer to stock symbols that are not theirs. Verify the address, not the name.

Corporate actions

NVDA implements ERC-8056, the Scaled UI Amount extension. On a split or a reinvested dividend, the contract's uiMultiplier() changes. Raw balances and totalSupply() do not. Stock tokens are not rebasing tokens.

This matters for us more than it looks. The curve accounts in raw NVDA units. When the multiplier moves, the reserve's raw balance is untouched, and the relationship between satohood supply and reserve units is unchanged. A holder's claim on raw NVDA is unaffected by corporate actions; what changes is how many underlying shares each raw unit represents, which is a matter for the display layer, not the curve.

Issuance

The contract is the issuer. There is no treasury, no foundation allocation, no insider round, no seed liquidity. The reserve starts empty and is filled entirely by mints.

Minting deposits NVDA into the reserve. Burning redeems against it. The reserve grows when net mints exceed net burns. No party can withdraw from it under any condition — the function does not exist.

Issuance runs through a single Uniswap v4 hook, set as the only minter at deployment and locked there.

Curve mathematics

Let n be cumulative NVDA deposited into the curve.

Supply at position n:

q(n) = K · (1 − e^(−n/S))        K = 21,000,000    S = 500 NVDA

Marginal price at position n:

p(n) = (S / K) · e^(n/S)

p(n) is the marginal price at the curve's current coordinate, not the average price of a trade. A trade of any size moves along the curve, so the amount it pays or receives is the integral over the interval it covers, given by the two formulas below.

NVDA required to mint b satohood from current supply q:

Δn_mint(q, b) = S · ln((K − q) / (K − q − b))

NVDA returned for burning b satohood from current supply q:

Δn_burn(q, b) = S · ln((K − q + b) / (K − q))

Both hold for q < K and, for minting, q + b < K.

At genesis the marginal rate is K/S = 42,000 satohood per NVDA and the marginal price is S/K = 0.0000238 NVDA per satohood. Each subsequent NVDA of inflow buys fewer tokens than the last, without step or discontinuity. Because q only increases with n, every mint moves the system to a new state; the same curve position cannot be bought twice without an intervening burn.

K is 21,000,000. The number is a convention borrowed from Bitcoin by way of sato, not a claim of equivalence to either; it is a ceiling the curve approaches and never touches.

The curve is asymptotic to 21,000,000 and never reaches it. At roughly 2,302 cumulative NVDA it has already reached 99% of that ceiling, a supply near 20.79 million. Issuance beyond that point remains mathematically possible but becomes increasingly impractical, since each further token costs more than the last by an exponential margin.

Rounding. All arithmetic is fixed-point and computed on-chain. Every rounding step resolves in favour of the reserve: the NVDA required to mint rounds up, the NVDA returned on burn rounds down. The precise library, precision and test vectors will be published with the verified source.

The contract reads no price. The curve is denominated in NVDA and dollars never enter the calculation, so there is no oracle here and no oracle risk. Dollar figures on the site are display only, read from the on-chain NVDA price, which trades around the clock.

Constraints

Single-mint cap: 5 NVDA. One percent of S. No single transaction can take a meaningful share of early supply.

Same-block burn reverts, conditionally. Burning in the same block as your last mint reverts. The check is keyed on an account read from the swap's hook data, which the router fills in with the caller's address. A caller who goes to the PoolManager directly rather than through the router supplies that field themselves and can therefore pass one address on the mint and another on the burn, which defeats the check. This is a real limitation and we would rather state it than let someone find it.

The consequence is small. A curve round trip pays the 0.4% fee twice and loses on rounding in both directions, so it is unprofitable whether or not the check fires. The check was a second line of defence, not the load-bearing one. The same field also lets a caller write somebody else's address onto a mint, which blocks that account from burning for the rest of the block and puts the wrong address in the event log. Neither reaches the reserve.

Slippage bounds. Every mint and burn call takes a caller-supplied bound — a maximum NVDA in for a mint, a minimum NVDA out for a burn — and reverts if the executed amount falls outside it. The curve is deterministic, but the state it executes against is whatever the previous transaction left, so the bound is what protects you when several transactions land in the same block.

No launch multiplier. sato applied a random multiplier to mints in its first hundred blocks as a tax on bots tuned to the deployment block. That mechanism depends on block randomness which does not exist in a usable form on an Arbitrum Orbit chain. Rather than ship a version that silently does nothing, we omit it. The contract is deterministic from block one. Early mints are therefore genuinely first-come.

The fee

A 0.4% fee is taken on each side of every mint and every burn. Concretely:

Mint:  gross NVDA in  →  0.4% withheld  →  net 99.6% credited to the curve
Burn:  gross NVDA out →  0.4% withheld  →  net 99.6% paid to the burner

The curve's coordinate n advances only by net amounts. The withheld portion splits:

0.19% to the founder. Accrued in a separate balance, withdrawable only by 0x54f268D57d07117380Ef615C47792C881B479f49. The rate and the address are immutable; neither can be changed later.
0.21% retained in the hook, permanently. Not a treasury. It cannot be withdrawn, governed, voted on or redirected by anyone, including us.

The retained portion is not a revenue line, it is friction. Without it a mint-and-burn round trip through the curve costs almost nothing and bots will cycle it. It also grows the reserve relative to supply, which works in favour of whoever burns later.

The two balances are separate in storage. The founder's accrued fee is never counted as reserve, and a withdrawal cannot touch reserve funds. This is the single most important safety property in the contract and it is worth stating plainly: a design that mixes the two would let the founder's withdrawals eat into the money that backs other people's exits.

Deprecation

Mint price grows exponentially. Every mint raises the cost of the next one.

The contract has no stop condition. It does not observe any market and will mint at the curve price for as long as someone pays it. What happens in practice is that the curve's marginal price rises past whatever the secondary market will pay for satohood, at which point minting stops being economic and people stop doing it. Nobody decides this and nobody enforces it; it is a consequence, not a rule.

Burns continue to redeem against the reserve regardless. The curve moves from active issuance into dormancy. The reserve persists.

Trading regimes

Bootstrap. The curve is the only venue. Each buyer mints against the contract, each seller burns against it. Supply expansion and price discovery happen together.

Mature. If a secondary AMM pool accumulates depth, it becomes the primary trading venue and the curve's role narrows: canonical issuer when minting is profitable, bid of last resort when nobody is bidding on secondary. The curve continues to mint only when secondary exceeds the curve's marginal price — the same condition under which mining is profitable in Bitcoin.

Choosing between them. The burn quote and the secondary quote answer different questions. The curve answers what the inverse formula owes at the current position. The secondary answers what someone will pay right now. When secondary bids are thin or the pool is skewed, the curve's algorithmic bid may be the better exit; the curve always quotes and never runs out of inventory until the reserve does. When liquidity providers post tight quotes, secondary will usually beat the curve, since fixed-point drift between the forward and inverse curve puts the burn price structurally below the mint price even on a back-to-back trade.

Routing

The bonding curve is a Uniswap v4 pool with a hook attached. Any secondary satohood market is a separate pool with no hook. A trade routes through the curve only when the curve's pool key is selected.

Burning means swapping satohood into NVDA through the curve pool, which decrements total supply against the inverse curve and pays out from the reserve. Any caller that swaps through the curve pool burns. Any caller that swaps through a secondary pool does not; that trade leaves total supply and the reserve untouched.

satohood.org routes directly to the curve pool, unconditionally. No quote shopping, no fallback. You pay the curve price exactly.

Minting requires NVDA. The router does not accept USDG, ETH or anything else and will not swap on your behalf. This is a deliberate limitation. A router that converted for you would be a router with a dependency on someone else's liquidity pool, and that dependency would become our failure mode. Acquire NVDA first, through any venue you like, then mint.

Risks

Three layers, one of which is ours

It helps to see the stack as three layers with different guarantees.

Layer 3   satohood contract       immutable, unowned — this is what we control
Layer 2   NVDA Stock Token         pausable, upgradeable, issuer-controlled
Layer 1   Robinhood Chain          sequencer, bridge, protocol upgrades

satohood's immutability is a statement about Layer 3 only. A change at Layer 2 — pause, upgrade, redemption rules, corporate-action handling — reaches the reserve without our involvement. A change at Layer 1 — sequencing, availability, bridge security — reaches everything. Every transaction on this contract requires the chain's sequencer to be running; Robinhood offers no uptime guarantee for it. The sections below are the failure modes at each layer.

The reserve asset has an operator

satohood's contract cannot be changed by anyone. The asset in its reserve can.

From the deployed Stock Token source, the contract inherits access control and pausability and carries a paused flag enforced by an onlyNotPaused modifier. Robinhood-issued tokens use the OpenZeppelin beacon proxy pattern, so every stock token shares a single upgradeable implementation. Separately, Robinhood Chain performs compliance screening inside the sequencer: each transaction is simulated before sequencing and rejected if it violates configured rules, with addresses hashed and compared against a restricted list.

Concretely: if NVDA is paused, both minting and burning revert. Nothing is stolen and nothing leaks — the reserve sits in the hook as raw NVDA and no one can remove it — but nobody can exit for the duration. If the shared implementation is upgraded, the rules governing the reserve asset change without our involvement or consent.

We consider this unlikely and we cannot rule it out. Anyone who is not comfortable with a reserve that has an issuer should not use this contract.

Jurisdiction

Stock Tokens may not be offered, sold or delivered within the United States or to US persons, and are restricted in other jurisdictions including Canada, the United Kingdom and Switzerland. The chain itself is permissionless; the stock-token product is not. satohood is a contract, not an offer, and we do not sell anything — but the asset in the reserve carries these restrictions and users are responsible for their own eligibility. Nothing here is investment, legal or tax advice.

The float ceiling

The mathematics permit a reserve far larger than this market can supply. As of 6 September 2026 the entire circulating supply of tokenized NVDA was 65,877 tokens, a market capitalisation near $15.2 million, against 24-hour volume of roughly $29.1 million and pool liquidity around $9.9 million. The curve's theoretical range of 2,302 cumulative NVDA is about 3.5% of that entire float.

In other words, the binding constraint on this contract is not the formula. It is how much tokenized NVDA exists. That number will grow or it will not, and we do not control it.

Ordinary risks

Smart contract risk. No audit has been performed. The contract is small and unowned, which limits the damage a bug can do but does not eliminate it. Fixed-point arithmetic drift makes the burn price structurally lower than the mint price. Early positions are more exposed than later ones. This is not a company, there is no support channel, and nobody is coming to make you whole.

Invariants

The following hold for the life of the contract. They are the properties an auditor should check first.

totalSupply() increases only through the curve's mint path.
totalSupply() decreases only through the curve's burn path.
NVDA leaves the reserve only as consideration for a valid burn.
The founder's accrued fee is never counted as reserve and has no code path to it.
The retained protocol fee is never counted as reserve and has no code path out of the hook.
Curve parameters (K, S, mint cap, fee rate, fee address) are immutable after deployment.
No address can pause, upgrade, or withdraw reserve assets. There is no owner(), no AccessControl, no proxy.
The curve reads no external price.
A change in NVDA's uiMultiplier() does not change the curve coordinate n or any reserve unit.
Secondary-market trades do not change satohood's total supply or the reserve.

What this contract does not guarantee

That the curve will move at all. NVDA's price passes through, but everything above that depends on other people minting.
That satohood can always be sold at a secondary-market price. There may be no secondary market.
That NVDA remains transferable, unpaused, or unchanged. That is the issuer's decision.
That Robinhood Assets (Jersey) Limited remains solvent or continues to honour the instrument.
That Robinhood Chain remains available.
That the reserve confers any right in NVIDIA shares. It does not.
That you are eligible to hold NVDA in your jurisdiction.
That the contract is bug-free. It is unaudited.

What we hold

No premine. No team allocation. No admin role. No pause function. No upgrade path. No withdrawal function touching the reserve.

The founder's parameters — S, K, the mint cap, the fee split — are set at deployment and are immutable. They are readable on-chain and cannot be changed by anybody, including whoever deployed the contract.

The one thing the founder takes is the 0.19% fee, at the address disclosed above.

If everyone who shipped this disappeared tonight, the contract would run tomorrow under the same rules at the same prices — for as long as the reserve asset keeps behaving as it does today. That last clause is the honest limit of the claim, and it is the difference between this token and a token whose reserve is ETH.

Relationship to sato

satohood applies sato's curve mechanism to NVDA. Its code was written independently and is not derived from sato's code. It has no affiliation with, permission from, or endorsement by sato.

The mathematics are published and the idea of a bonding curve is nobody's property. The implementation here is our own, because it had to be: an ERC-20 reserve, an Orbit chain without usable block randomness, and a disclosed fee are three reasons a copy would not have worked even if we had wanted one.

Impersonation

satohood has no team, no company, no investors and no funding. One person wrote it, and that person cannot change it either. From the moment of deployment the founder holds no more authority over this contract than anybody else: it cannot be paused, upgraded or reparameterised, and the reserve cannot be touched. What remains is withdrawing from the fee address, which cannot reach the reserve.

satohood has no social accounts, no community channel, no support line and no moderators. Anything claiming to speak for satohood is not speaking for satohood. The answers to your questions are in this document and in the contract.

Addresses

token:      0x477d9bADD17d4c1ba73912c0aBd46B3c3A95a436
hook:       0x03DD7baF4B3B2c8588488AF1d4456bfa86ecA888
router:     0xDFba3F26a8B077C4582B01E10F238d982A899D12
reserve:    0xd0601CE157Db5bdC3162BbaC2a2C8aF5320D9EEC   (NVDA)
fee:        0x54f268D57d07117380Ef615C47792C881B479f49
manager:    0x8366a39CC670B4001A1121B8F6A443A643e40951
chain:      Robinhood Chain, chain ID 4663

The curve hook and the token are verified on Blockscout, exact match. Read the source there rather than taking any of this on trust; the fee address and every curve parameter are visible in the constructor arguments.