Trade
Swap through v2 and v3 pools with one quote. Every trade pays a small fee to the pool it crosses, and 100% of protocol fees are earmarked for the voters who govern the market.
Crypto markets, tokenized equities, one venue
Every listed market settles on Robinhood Chain and plugs into the same flywheel.
- ETH
- USDG
- AAPL
- HOOD
- TSLA
- NVDA
- SPY
- UP
Four ways in, one way up
Traders pay fees, liquidity providers earn rewards, and long-term lockers decide where those rewards go.
Provide
Deposit into the pool that fits the pair (stable, volatile, or a v3 range), then stake the position in its gauge. Staked liquidity earns UP emissions each epoch in place of trading fees, sized by the votes the pool attracts.
Lock
Lock UP for one week to four years and receive veUP, an NFT that carries your voting power. Power scales linearly with time locked, and permanent locks hold full weight without a countdown.
Vote and earn
Point your veUP at the gauges you want funded before each 7-day epoch flips. Your vote sets next epoch's UP emissions and pays you the pool's trading fees plus any incentives, pro rata to your share of the vote.
Real numbers, updated live
Protocol totals across every pool, and the countdown to the next 7-day epoch.
Total value locked
$681k
Volume (all time)
$18.6m
Fees (all time)
$91.8k
Epoch flips in
6d 14h
Two ways to provide
Full-range simplicity or ranged precision: every pool can carry a gauge and compete for emissions.
v2 pools
Paired, full-range liquidity in two curves. Volatile pools use a constant product and charge a 0.3% fee, the right fit for uncorrelated pairs. Stable pools use a curve shaped for assets that should trade near parity, at a lower fee. Deposit both tokens, receive an LP token, stake it in the pool’s gauge.
Liquidity spread across every price.
| Pool type | Swap fee |
|---|---|
| Volatile | 0.30% |
| Stable | 0.05% |
v3 pools
Place liquidity inside a price range you choose and earn fees only while the market trades there. Tighter ranges do more work per dollar; wider ranges need less tending. Five tick spacings cover everything from pegged stables to new listings.
Liquidity focused where trading happens.
| Tick spacing | Base fee |
|---|---|
| 1 | 0.01% |
| 10 | 0.05% |
| 50 | 0.05% |
| 60 | 0.30% |
| 100 | 0.05% |
| 200 | 0.30% |
| 2000 | 1.00% |
Fees that price the moment
Swap fees are live values, not constants. When volatility and volume pick up, a pool’s fee climbs from its base toward its cap; when markets calm, it settles back to stay cheap for routine flow.
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Read live, every swap
No pool hardcodes its fee. Each swap asks the fee module for the current rate at execution, so pricing policy can improve without migrating a single position.
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Base to cap with volatility
Every dynamic pool carries a base fee and a fee cap. Turbulence lifts the fee toward the cap to pay liquidity for the risk it is carrying; calm brings it back down to the base to win routine flow.
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Bounded by design
The factory accepts nothing above 10% from any fee module and falls back to the pool's listed rate if a module ever misbehaves. v2 pools keep fixed rates under a 3% hard ceiling.
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Turbulence feeds the flywheel
Fees from staked liquidity flow to voters, and fee value sets gauge caps. A volatile hour pays voters more and lifts the pool's emission ceiling at the next distribution.
One market day
Calm morning, violent noon, calm close. The fee tracks the tape: flat at its base while the market drifts, climbing toward the cap while it whips, and back down when the storm passes.
The fee rises with the market’s turbulence and settles with it.
Emissions go where they earn
Gauge caps tie each pool’s emissions to the trading fees it really produces. Votes decide the split, fees set the ceiling, and anything past the cap burns instead of diluting the protocol.
Pay for performance
Three pools, one epoch. The busy pool earns headroom, the steady pool sits near its cap, and the votes parked on the idle pool burn away above the dashed line rather than draining the markets doing the work.
Emissions above a pool’s cap are burned, never redistributed.
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Fees set the ceiling
A gauge can receive at most a governance-set multiple of the WETH value of the trading fees its pool produced. Votes decide how emissions are split; real trading decides how much a pool can hold.
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Excess burns
Emissions voted past the cap are burned, not redistributed. Idle pools cannot drain active markets, and every burned token means less supply growth and less dilution for holders.
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Rules in the open
A new gauge gets a 7-day grace period before any cap binds, and every cap change is an explicit onchain action, public before it shapes an epoch.
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A dial for growth
Caps scale with fees on their own, and a single pool's multiple can be widened when volatility picks up and liquidity needs to lead demand, then tightened back as the market normalizes. Discipline everywhere, investment where it earns.
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Emits only what growth needs
The caps compare value to value. When UP trades high, the same emission is worth more, meets the caps sooner, and more of it burns. Issuance tightens when dilution would cost holders most and loosens when liquidity needs buying.
The difference from earlier deployments
The first ve(3,3) exchanges paid emissions for votes alone, so voting your own quiet pool was the winning strategy and the token inflated to fund it. Caps close that loop: the same vote that used to extract value now destroys its own reward.
| Earlier ve(3,3) deployments | up. |
|---|---|
| Votes alone set every payout | Real economic activity caps every payout |
| Over-voted emissions pay out in full | Over-voted emissions burn |
| Farming a dead pool is profitable | Farming a dead pool wastes the vote |
| Inflation equals the schedule | Inflation runs at or below the schedule |
The case for locking UP
Locking turns UP into veUP: an NFT that votes on where emissions go and collects what the protocol earns. Built as a public good for Robinhood Chain, with no venture allocation ahead of its users.
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Fee share
100% of protocol trading fees route to voters, paid in the tokens each pool earned.
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Incentives
Anyone can add incentives to a gauge. They are divided among that pool's voters by vote weight.
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Permanent locks
Switch a lock to permanent to hold maximum voting power with no expiry, and switch back to a dated lock whenever you choose.
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No one ahead of you
There is no venture allocation and no early tranche waiting to unlock. 87.5% of the genesis supply starts locked as veUP, and the foundation earns fees beside every other locker rather than selling around them.
Locking 100 UP
Voting power is linear in both amount and duration: veUP = UP × lock time ÷ 4 years.
| Lock duration | Voting power |
|---|---|
| 4 years | 100 veUP |
| 2 years | 50 veUP |
| 1 year | 25 veUP |
| 6 months | 12.5 veUP |
| 1 week | 0.48 veUP |
An airdrop every epoch
The 200,000,000 UP community distribution is not a launch event. It pays out epoch after epoch to the people aligned with the protocol, for as long as the allocation lasts. A snapshot rewards who you were; an airdrop every epoch rewards who you keep being.
One snapshot against every epoch
A one-time drop pays for what an address did before the snapshot, and it is gone in days. A drop every epoch pays for staying aligned: this epoch, the next one, for as long as the allocation lasts. There is no exit event to farm toward.
One-shot drops spike and fade. This airdrop keeps arriving, epoch after epoch.
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Lockers and voters
Weight to locked positions and epoch vote participation. The people with the longest commitment come first.
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Liquidity providers
Depth in the pools the protocol needs most, rewarded on top of the gauge emissions those pools already earn.
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Traders
Real flow through the protocol's markets. Volume that pays fees is alignment too.
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Builders and partners
Protocols, wallets, frontends, and communities that route flow to the protocol or build on top of it.
On the shoulders of giants
The core is inherited from the most battle-tested designs in the category. The changes are aimed precisely at the pitfalls those deployments proved, and nowhere else.
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Proven foundations
The ve(3,3) core descends from the Velodrome line, and the v3 liquidity engine from Uniswap: designs that have cleared years of adversarial use at scale. up. starts from code the market has already tried to break.
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Meaningful departures
Where those deployments showed their limits, the design changes. Gauge caps burn emissions that trading cannot justify, and dynamic fees price volatility instead of averaging it. The economics are rebuilt where they failed elsewhere, not where they worked.
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Changes that stay in their lane
Every departure ships as a bounded module beside the proven core, not a rewrite of it. Fee modules answer behind hard ceilings with automatic fallbacks, and cap settings are explicit, public onchain actions. The battle-tested engine stays battle-tested.
Bounded by construction
The departures attach beside the engine, never inside it. Guarded calls, hard ceilings, and automatic fallbacks stand between every module and the core that earned the trust.
New behavior docks as bounded modules; the core stays untouched.
Markets that pay their owners
Connect a wallet and take your first position in under a minute.