Overview

What you get

Index Factory sits on top of Pons v2, the memecoin launchpad on Robinhood Chain (chain id 4663). A Pons launch gives you a fixed-supply token on a bonding curve. Once the curve raises enough of its quote asset, Pons moves the token into a Uniswap v4 pool with liquidity locked for good.

Pons pays the creator a share of every trade's fee. Index Factory changes one thing about that: at launch it points the creator's fee share at a vault contract instead of at your wallet, and the vault turns those fees into a tokenized stock of your choosing. The vault then pays that stock out to people who stake your token in it.

You still get everything a direct Pons launch gives you. You also get a token whose fee stream builds a stock position for its holders, with a routing that you cannot alter afterwards and neither can Index Factory.

The pieces

Your token. A standard Pons v2 memecoin. 1e27 supply (one billion tokens at 18 decimals). Trades on the Pons bonding curve first, then on Uniswap v4 after graduation. You trade it on ponsfamily.com, not on Index Factory.

The stock. One of the tokenized equities Robinhood issues on chain (NVDA, SPY, TSLA and so on). Each is an ERC-20 with 18 decimals. Index Factory only lets you pick stocks that have a Uniswap v3 pool against WETH with liquidity in it, because the vault has to be able to buy them. See Choosing a stock.

The vault (IndexVault). One per token, deployed in the same transaction as the launch. It has no owner and no withdrawal function. It receives the creator fees, converts them to stock when someone calls harvest(), sends 20% of that stock to IndexFactory as the app fee, and streams the rest to stakers.

The factory (IndexFactory). The contract you call to launch. It deploys the vault, calls Pons with the vault as fee recipient, runs your opening buy if you asked for one, and keeps a list of every token launched through it. Its owner can collect the app fees that vaults send it. The owner cannot touch launches, vaults, or fee routing.

Pons fee escrow. A Pons contract that holds fees until the recipient claims them. Fees accrue on the curve (or on the v4 hook after graduation), a sweep moves them into the escrow split between creator and protocol, and the vault claims its part during a harvest.

Where the money goes

A trader buys your token on the curve with 1 ETH.

1. The curve takes a 1% fee: 0.01 ETH.
2. Pons splits that 70/30. 0.007 ETH is the creator share, 0.003 ETH goes to the Pons protocol.
3. The creator share is credited to your vault in the Pons fee escrow.
4. If you set a vault tax at launch (up to 10%), that tax is charged on top and all of it goes to the vault.
5. Someone calls harvest(). The vault claims its ETH from the escrow and buys the stock on Uniswap v3.
6. Of the stock it bought, 20% goes to IndexFactory. 80% opens a seven-day stream to stakers.

Fees, worked through walks the same path with exact figures, including the stock-priced variant where step 5 has no swap.

Two ways to price a launch

Priced in ETH. The default. Traders buy and sell your token with ETH. Fees arrive as ETH. The vault swaps them into the stock at harvest, guarded against price manipulation by a TWAP check.

Priced in the stock. Available only for stocks Pons has approved as pair tokens (NVDA and SPY at the time of writing). Traders buy and sell your token with the stock itself. Fees arrive as the stock. The vault never swaps anything, and the harvest has no oracle, no router, and no slippage. The cost is that anyone trading your token on the curve needs to hold that stock token first.

The launch form greys out the stock option when Pons has not approved the stock you picked.

Why the fee route cannot change

Pons v2 pays creator fees to whatever address it holds as creatorFeeRecipient for the token. The only address allowed to change that is the current recipient. Index Factory sets the recipient to the vault, and the vault's bytecode contains no call to transferCreatorFeeRecipient. There is no admin function, no upgrade path, and no owner who could add one.

The one exception is a Pons policy, not code Index Factory controls: for a token Pons judges abandoned, the Pons owner can propose a new fee recipient behind a public three-day timelock. Risks and constraints covers how to watch for that.

Why rewards stream instead of paying out at once

harvest() is permissionless, so a caller picks its exact timing. If a harvest credited stakers on the spot, a large holder could stake, harvest, claim, and unstake inside one transaction and take the whole harvest from the people who had been staked all week. Each harvest instead opens a seven-day linear stream. A one-block round trip earns a few seconds' worth of that stream, which rounds to nothing. See Staking for the mechanics.

Glossary