Behind each token is a leveraged loop on a lending market: wstETH/WETH on Aave on Ethereum, the quote against USDG on Morpho on Robinhood Chain, and the stock against USDC on Morpho for Ethereum's stock pairs. When the quote moves, the token moves harder, about its leverage times.

Leverage is set once at creation and locked: 2x or 3x. Buy with ETH to get the token, sell any time to get ETH back. There is no margin to post and no position to manage.

A pair launches on a bonding curve, not a live pool. The token trades on an x·y=k curve where price rises as ETH comes in. There is no leverage and no pool yet.

Selling on the curve returns ETH from the raised pool at the same math, so early buyers are never trapped. Once the raise target is met, anyone can migrate: the raised ETH becomes the pair's on-chain liquidity and the leveraged TOKEN/ETH pair opens.

The pair opens at the curve's average price, so the tokens you bought are worth exactly what you paid. Nothing jumps. From there the raised ETH does two jobs at once.

The protocol owns one liquidity position and re-centers it on every trade, so the chart is a real Uniswap chart. Selling draws ETH straight from that pool, so a normal exit never waits on Aave. Buying adds ETH; the part the pool does not need is levered on Aave in the same transaction. You never post margin or manage a position. The pool runs the loop and keeps it healthy.

Every token stays fully backed at all times. What shifts is the mix: the levered backing grows with buy volume and with staking yield, while the ETH sitting visibly in the pool is deepest right after launch and is topped back up as people buy.

The curve charges nothing. Every migrated pair charges a flat 1%:

The fee is taken on the output, both sides, and never forces a delever. The protocol lane, once claimed, has one use: the flywheel.

Anyone can launch a pair in a few clicks. Set the supply, the curve supply, the raise target, the start price, and the leverage the pair takes after migrate. Your browser mines the pool address, then you send one transaction.

You earn 0.5% of every trade on your pair, forever, claimable any time. Any token can run several pairs at different leverages side by side.

Project links (X, website, Telegram) are optional at creation. They are listed on the explorer and the pair page after review by Risk Foundation.

Create a pair >

On Robinhood Chain a pair can be quoted in a tokenized stock instead of ETH. Buy with the stock or with plain ETH, which the site routes through USDG into the stock. Sell back to the stock or to ETH. The engine holds the stock on Morpho and borrows USDG against it, so the token moves harder than the stock.

On Ethereum a pair can be quoted in TSLAon, Ondo's tokenized Tesla share. Buy and sell in TSLAon. The engine holds it on Morpho and borrows USDC against it. When that market lacks USDC, the engine draws it from a Morpho vault through Morpho's Public Allocator, at no cost. Its lever trades on the Uniswap v3 TSLAon/USDC pool, from $1,000 to $10,000 at a time, and waits while that pool trades 1.5% above the oracle or while borrowing costs more than 25% a year.

Ondo can pause TSLAon or block an address. A pause stops trading on the pair until it lifts. A block on one of the pair's contracts freezes its reserves until Ondo removes it. Nothing on-chain can prevent either.

Stock prices only move while the market is open. If the feed is older than 100 hours, the pair stops levering: buys beyond the pool's own liquidity wait for a fresh price. Curve trades, in-pool trades and sells stay open.

The protocol fees claimed to the flywheel contract serve one purpose: buying ELA on the ELA pool and burning it. The contract lives on Ethereum, has no owner and no setting, and nothing can leave it except into that pool.

Anyone can call drop() once the gap has passed; the ELA bought is burned in the same transaction. The size is capped, not secret: the next eligible block is public and the slice can be computed. Safety rests on the cap. A drop moves the price by about 1% while a round trip on the pool costs 2% in fees, so front-running a drop loses.

What reaches the contract: each pair's protocol lane, net of the pair's solvency retention (0.3% of output on a 2x pair), once the protocol key claims it to the contract. On Robinhood Chain, fees are claimed, sold for ETH, bridged to Ethereum, then sent to it. On the next network ELA supports, every pair is born with the contract as its fee owner, with no hand in between.

A builder code turns any front end into a launchpad on ELA, paid from the pairs it brings.

The split, on each migrated trade's output, for a code at 30% of the creator lane:

The builder's part comes out of the creator lane only. The protocol lane and the retention do not move. The pad rounds the builder's part down on each claim.

When the engine must delever to pay a lane, which costs the lane, only the pair's creator can claim it.

Register a code >The builder kit (SDK and guide) is not published yet.