Buying, minting & redeeming

There are four ways into a fund after launch and two ways out. All of them settle onchain against the fund's contracts or its pool.

Buying and selling in the pool

Each fund has its own fund-token/USDG pool on Uniswap v4, opened through Hookr's hook, which is on Uniswap's approved list on Robinhood Chain. You can trade it in the Own app, the Uniswap app, Rabby, or any router that routes Uniswap v4.

• Every trade pays the pool's tax (set per fund, paid in USDG) and a small LP fee. The tax goes to the fund's curators, after Hookr's share. The fund page shows the exact rates.
• When buyers push the price above NAV, the keeper sells newly issued tokens into the pool. That adds supply into demand and pays stakers part of the premium. See pool issuance.
• Pool buyers get plain, unlocked tokens. Stake them to earn yield.

Direct mint and the Premium Boost

A direct mint creates new fund tokens from the fund itself, at the pool price. You bring a slice of every asset the fund holds; the mint zap does this from one token (USDG or any basket token) in a single transaction. The price is the higher of the pool price and the keeper's price, and never below NAV, so a mint never dilutes holders.

What makes it different from a pool buy:

• Your tokens are staked and locked for the fund's mint lock (a few days, set per fund). During the lock you can't transfer or unstake them, but you can always redeem at NAV.
• You get a Premium Boost. When you mint above NAV you pay a premium. 75% of that premium comes back to you as extra staked tokens, paid out at 75% a year of what you paid, as long as you stay staked. The other 25% stays in the fund as backing, raising NAV for every holder.
• Leaving early forfeits the rest. Selling, transferring or unstaking scales the unpaid boost down to what you still hold. The unpaid part is burned, which raises NAV for everyone else.

Worked example

The fund's NAV is $1.00 and the pool trades at $2.00. You mint with $2,000.

After six months staked you hold about 1,740 tokens plus whatever tier yield they earned. At NAV that is $1,740 against the $2,000 you paid; at the pool price it is $3,480. The boost makes a premium entry cheaper to hold, and it pays faster the higher the premium: a mint at 10x NAV is paid out in about 11 months.

Boost tokens are fund tokens: they rise and fall with the fund like any other.

Mint at NAV

Mint at NAV prices the same basket slice at NAV, with the same 1% fund fee. The tokens are staked and locked for good: they earn tier yield and a share of the Premium Pot, but they can never be transferred, unstaked or sold in the pool. The only way out is a redeem at NAV. It is for holders who want the basket and its yield without the premium.

Redeem

A redeem burns your fund tokens and pays you a pro-rata slice of everything the fund holds: every basket token, the fund's USDG, and the USDG side of its pool position. Pass through the redeem zap to receive USDG in one transaction instead.

• Redemption needs no oracle and cannot be paused.
• You can redeem staked tokens directly, including launch tokens and minted tokens that are still locked.
• If one basket token can't be transferred (paused by its issuer, for example), you can redeem and leave that token out. Its slice stays in the fund for the remaining holders.
• The 1% fund fee applies.

Fees

There is no separate protocol fee. Own earns as a curator of every fund; see Curators & the basket.