00 / Stock-token liquidityPhase 1 · building

Liquiditythatknowswhenthemarketopens

Stock tokens trade around the clock. The stock behind them does not. OpenBell widens its pools overnight and re-centers them at the opening bell, so liquidity providers stop paying for the gap.

Launch appComing soon

See the contracts

Checking

--:--:--

Opens in--:--:--

Bin rangewidened

Reading the session clocksimulated bins

Market-hours mode/Dividend pass-through/Auto-managed vaults/Verified token list/Basket pools/Loss-protection fund/Proof dashboard/Hidden orders/Private swaps/Shielded LP positions/Private dividend claims/Viewing keys/Eligibility proofs/Balance proofs/Market-hours mode/Dividend pass-through/Auto-managed vaults/Verified token list/Basket pools/Loss-protection fund/Proof dashboard/Hidden orders/Private swaps/Shielded LP positions/Private dividend claims/Viewing keys/Eligibility proofs/Balance proofs/

01/Market-hours mode

The pool knows whichsession it is in.

One controller reads the market calendar and the oracle. When the closing bell rings it steps fees up and widens the bins. When the opening bell rings it re-centers before the stale quote can be taken.

Session state—

Checking…

Exchange time--:--:--

Opens in--:--:--

09:30–16:00
weekdays

Market holidays are not included yet, so a holiday still reads as open.

SettingMarket hoursAfter hours

Swap feeMarket hours0.05 – 0.30%After hours2× – 4×

Bin rangeMarket hoursConcentratedAfter hoursWidened

Re-centerMarket hoursContinuousAfter hoursQueued for the open

Oracle checkMarket hoursLiveAfter hoursStaleness guarded

Running the after-hours column — protection on.Proposed rates

02/The contracts

Sixteen contracts,four groups, five phases.

Custody contracts stay non-upgradeable. Everything else sits behind a timelock. Nothing is deployed — this is the specification, published before the code.

Core7

Earn4

Privacy5

16 listed · 0 deployed

ContractGroupJobPhaseState

PoolFactory.solGroupCoreDeploys DLMM and DAMM pools; only verified tokens get the badgePhase1Specified

DLMMPool.solGroupCoreBin-based concentrated liquidity, per-bin reserves and feesPhase1Specified

DAMMPool.solGroupCoreFull-range pool with a volatility-based dynamic feePhase1Specified

Router.solGroupCoreSplits swaps across DLMM and DAMM; slippage and deadline guardsPhase1Specified

MarketHoursController.solGroupCoreReads the calendar and oracle; sets after-hours fees and rangesPhase1Specified

OracleAdapter.solGroupCoreWraps the price feed with staleness and deviation checksPhase1Specified

TokenRegistry.solGroupCoreVerified token list and lookalike warningsPhase1Specified

DividendDistributor.solGroupEarnCaptures stock-token dividends and splits them to LP sharesPhase2Planned

AutoVault.solGroupEarnManaged LP vault; an approved keeper rebalances within set limitsPhase2Planned

BasketPool.solGroupEarnWeighted multi-stock pool with periodic rebalancingPhase2Planned

ProtectionFund.solGroupEarnHolds a fee slice; pays capped impermanent-loss claimsPhase2Planned

ShieldedVault.solGroupPrivacyCustody, deposits, withdrawals, pause, allowlist, screeningPhase3Planned

CommitmentTree.solGroupPrivacyIncremental Merkle tree with bounded root historyPhase3Planned

NullifierRegistry.solGroupPrivacyRecords spent notes so none is spent twicePhase3Planned

SealedOrderBook.solGroupPrivacyCommit–reveal hidden limit orders matched against poolsPhase3Planned

VerifierRegistry.solGroupPrivacyApproved verification keys per circuit versionPhase3–4Planned

No address to show — nothing has been deployed or audited

03/System overview

One route.Public and shielded.

A public swap and a shielded swap take the same path through the same pools. Only the proof step differs. This is the specified path, not a running system.

OpenBell / route diagramSpecification

Incoming_txSpec

Public and shielded intents enter the same queue.

RouterSpec

ROUTEDLMM · bin step 0.20%SPEC

ROUTEDAMM · dynamic feeSPEC

ROUTESplit DLMM → DAMMSPEC

GUARDSlippage + deadlineSPEC

GUARDOracle stalenessSPEC

GUARDLookalike token blockSPEC

Session guardMarket hours

MAX INMIN OUTDEADLINEPRICE IMPACTBIN RANGEFEE TIER

Proof + settlePhase 3–4

Note commitment—

Nullifier check—

Verify proof—

Settle—

Simulated sequence. Circuits are not written yet.

Public + shielded intentsRoute / splitSession guardProof + settle

04/The problem

The gap at the openis paid for by LPs.

Overnight the token keeps trading and the stock does not. At the bell the pool is briefly quoting a price that no longer exists.

Illustration of the mechanism. Not historical data.

1Overnight, nothing moves
The stock token keeps trading. The stock behind it is shut. The pool price sits exactly where the closing bell left it.
2The bell rings
The real stock reopens somewhere else. For a moment the pool is still quoting last night's price.
3A plain pool gets picked off
Whoever already knows the new price trades against the stale one first. The LP sells cheap and buys dear, and eats the difference.
4OpenBell re-centers
Overnight, fees step up and bins widen. At the open, the pool re-centers on the oracle price before the stale quote can be taken.

LP position through the open

Plain poolPicked off

OpenBellHeld

Relative, illustrative. Real figures go live with the protocol.

06/Privacy

Private by choice,provable on demand.

Privacy here is a setting, not a separate product. Flip to shielded and your trade sizes stop being public. Hand an auditor a viewing key and they see everything.

Stock token → stableDLMM · 3 bins

1,250.00

Stable → stock tokenDAMM · full range

480.50

LP positionbins 7–11

9,400.00

Every size and route above is readable by anyone.

How a shielded trade works

DepositFunds enter the vault. This transaction is public — we never pretend otherwise.
Private noteYour browser creates a note commitment and keeps the secret. It never leaves your device.
ProofTo spend, your browser proves you own an unspent note. A nullifier makes sure it is spent only once.
WithdrawFunds leave to any address. Which deposit funded it stays inside the anonymity set.

07/Viewing keys

One key. One reader.Everything else stays shut.

A viewing key is read-only and scoped to whoever you hand it to. Your accountant, an auditor or an exchange sees your full history. Nobody else sees a thing.

Anyone onchain

Sealed

Your accountant

Sealed

Another trader

Sealed

A data scraper

Sealed

Illustration. A viewing key is read-only — it cannot move funds, and it can be issued per reader.

08/What it does

Seven for trading,seven for privacy.

Private swaps route through the same public pools, so the liquidity is never split in two.

Market-hours mode

Core

Fees rise and bin ranges widen the moment the closing bell rings. At the open, pools re-center on the oracle price. Nobody gets to trade yesterday's price against your liquidity.

Dividend pass-through

Core

Dividends paid on stock tokens sitting in a pool are collected and split by LP share. You earn trading fees and the dividend, not one instead of the other.

Auto-managed vaults

An agent keeps your liquidity in range and rebalances bins as price moves. Deposit once. No bin management, no watching charts.

Verified token list

Official stock tokens carry a badge. Swap toward a lookalike contract and the app stops you first. Copycat tickers are common; falling for one shouldn't be.

Basket pools

One deposit spreads liquidity across a weighted group of stocks. Index-shaped exposure that still collects fees on every swap through it.

Loss-protection fund

A slice of every fee builds a fund that partly repays LPs hit hardest by impermanent loss. Capped, funded by trading, not by promises.

Proof dashboard

TVL, volume, fees and dividends read straight off the chain. One place to check whether anything here is actually being used.

09/Fees

Every rate, publishedbefore a line is deployed.

These are starting proposals to tune after testnet, not live rates. Nothing here can be charged yet because nothing is deployed.

FeeProposedPaid by

Swap fee · market hoursSet per pool by bin step

Proposed0.05 – 0.30%Paid byTrader

Swap fee · after hoursMultiple of the market-hours rate

Proposed2× – 4×Paid byTrader

Private swap surchargeOn top of the swap fee

Proposed+0.05%Paid byTrader

Shielded vault withdrawal—

Proposed0.10%Paid byVault user

Auto-vault performanceOf fees the vault earns

Proposed10%Paid byVault depositor

Dividend pass-throughPaid through in full

Proposed0%Paid by—

Proposals · not live rates

Where a swap fee goes

Liquidity providers80%

Protocol treasury15%

Loss-protection fund5%

Before the token exists the protocol share funds audits and the oracle. After launch it splits between buyback-and-burn and stakers.

10/Roadmap

Five phases,each opened by a gate.

No dates. A phase starts when its gate is cleared, not when a calendar says so. The token comes last, after the product has real users.

PHASE 01Building
Core pools
Gate:A live, reliable stock-price oracle on Robinhood Chain
- DLMM bin pools and DAMM full-range pools
- Router that splits a swap across both
- Market-hours controller and opening-bell re-center
- Verified token registry with lookalike warnings
PHASE 02Next
Earn layer
Gate:Confirmed how dividends reach onchain holders
- Dividend capture and distribution by LP share
- Auto-managed vaults with a range-limited keeper
- Basket pools
- Loss-protection fund
PHASE 03
Shielded vault
Gate:Legal review cleared and circuit audit scoped
- Note commitments, Merkle tree, nullifiers
- Private swaps and shielded LP
- Deposit screening at entry
- Viewing keys from day one
PHASE 04
Proofs and orders
Gate:Circuit audit passed
- Sealed limit orders matched against pools
- Eligibility and balance-threshold proofs
- Verifier registry with versioned keys
PHASE 05
Token
Gate:Real users and real volume on mainnet
- Fixed supply, no mint function
- Staking against protocol fee revenue
- Buyback and burn
- Governance over pools, fees and listings

11/Honest disclosure

What the vault hides,and what it does not.

Privacy tools are easy to oversell. This is the whole picture. Your deposit, your withdrawal address and the timing of both stay public — what breaks is the link between them.

What is visible in public pools compared with the shielded vault
Information	Public pools	Shielded vault
Your deposit transaction and sender	Visible	Visible
Withdrawal recipient	Visible	Visible
Timing of each transaction	Visible	Visible
Which deposit funded a withdrawal	Visible	Hidden in the anonymity set
Individual swap size and route	Visible	Hidden
Order price and size before it fills	Not offered	Hidden
The vault's total pool position	Visible	Visible
Your full history	Visible	Only to a viewing-key holder

Screened at entry

Deposits from sanctioned or flagged wallets are blocked before they reach the vault.

Keys from day one

Viewing keys and eligibility proofs ship with the vault, not in a later release.

Small set, said plainly

Early on the anonymity set is small. The app shows its size rather than hiding it.

Liquiditythatknowswhenthemarketopens

The pool knows whichsession it is in.

Sixteen contracts,four groups, five phases.

One route.Public and shielded.

The gap at the openis paid for by LPs.

1Overnight, nothing moves

2The bell rings

3A plain pool gets picked off

4OpenBell re-centers

Private by choice,provable on demand.

One key. One reader.Everything else stays shut.

Seven for trading,seven for privacy.

Market-hours mode

Dividend pass-through

Auto-managed vaults

Verified token list

Basket pools

Loss-protection fund

Proof dashboard

Every rate, publishedbefore a line is deployed.

Five phases,each opened by a gate.

Core pools

Earn layer

Shielded vault

Proofs and orders

Token

What the vault hides,and what it does not.

Screened at entry

Keys from day one

Small set, said plainly

Sixteen contracts,four groups, five phases.

One route.Public and shielded.

The gap at the openis paid for by LPs.

1Overnight, nothing moves

2The bell rings

3A plain pool gets picked off

4OpenBell re-centers

Private by choice,provable on demand.

One key. One reader.Everything else stays shut.

Seven for trading,seven for privacy.

Market-hours mode

Dividend pass-through

Auto-managed vaults

Verified token list

Basket pools

Loss-protection fund

Proof dashboard

Every rate, publishedbefore a line is deployed.

Five phases,each opened by a gate.

Core pools

Earn layer

Shielded vault

Proofs and orders

Token

What the vault hides,and what it does not.

Screened at entry

Keys from day one

Small set, said plainly