How Abra will work

Pons is the launchpad on Robinhood Chain that Abra builds on. It is non-custodial — your wallet submits the transaction — and every launch is a fixed supply of 1,000,000,000 tokens. In Pons v2 the coin trades on an ETH bonding curve: the whole supply is minted to the curve, the price rises with buys and falls with sells, and a 1% fee is charged on every trade.

When the curve reaches 4.2 ETH it graduates: the reserves move into a full-range Uniswap v4 position that stays locked. Trading continues there and the fee keeps flowing — now charged by the Pons hook instead of the curve. The creator’s share of that fee accrues in ETH, and it is the raw material for everything that follows.

At launch, one setting decides whether a coin is an Abra pair or an ordinary meme coin: where its creator fees go. For a pair, the fee recipient is set so the keeper can claim them and route them into the companion stablecoin’s vault.

The companion gets its own name, ticker and artwork, and one decision that cannot be undone: the backing asset, chosen from the protocol-approved list. USDG — the Paxos-issued Global Dollar — is the default. GLD and the Robinhood Stock Tokens are the alternatives, 26 assets in total.

Three contracts will be deployed for each pair: the stablecoin (an ERC-20 with 6 decimals that only its vault can mint), the vault that holds the backing asset, and the gateway that converts ETH into it. The chosen asset becomes the pair’s permanent reserve — it cannot be swapped for another later.

A USDG-backed stablecoin targets one US dollar, because USDG is a dollar stablecoin issued and redeemed by Paxos. One backed by another approved asset tracks that asset instead and is not a dollar: a TSLA-backed companion moves with the token it holds. Abra’s own pair will be $ABRA and $, “the stablecoin”, backed by USDG.

Every trade on the coin pays the Pons fee, and the creator’s share of it accrues in ETH. Those fees are first swept into the Pons fee escrow — from the curve before graduation, from the pool hook after it — and only then can they be claimed.

Abra’s keeper will run every 10 minutes: claim whatever the escrow holds for the pair, convert the ETH into USDG on the Uniswap v3 WETH/USDG pool (0.01% fee), deposit the USDG into the vault, and let the vault mint the same number of units of the stablecoin. Claim, convert, deposit, mint — ordinary public transactions, readable on the explorer.

Because the vault mints only against deposits, reserve and supply move together: every unit in circulation exists because a unit of the backing asset was deposited for it. Anyone minting directly through the gateway adds to the reserve exactly the same way.