Launch fees should buy something.
A token launches. Its creator fees go somewhere. Almost always that somewhere is a wallet, and the people who bought the token get a chart and a promise.
ARREARS points them at a vault instead. Fees arrive in the pool's quote asset, anyone can crank a keeper, and the keeper buys a fixed basket of tokenised equities at target weights and deposits it. The vault mints receipt shares against what it actually holds.
Those shares go to the launch token's holders each epoch, by Merkle root, weighted by how long they held rather than by who happened to be holding at a snapshot. A snapshot rewards whoever was awake at the right block. Time-weighting rewards holding, which is the thing being claimed.
A share redeems for a pro-rata slice of every leg, in kind. Not a swap into the basket's value — the legs themselves, transferred out.
The part that matters.
Redemption cannot be stopped.
It reads no price, no weight and no oracle. There is no fee, no lockup, no allowlist and no pause. Every feed in the basket can be stale, paused and outside its price band at once, and redemption still pays out correctly. That is not a promise about our intentions — it is a property of a function that never calls an oracle.
Nothing here has an owner.
No admin key, no upgrade path, no proxy, no migration, no pause switch. Not “the keys will be burned later”. The functions that would be needed do not exist in the bytecode, and the bytecode is verified.
The basket is fixed before it holds anything.
Tokens, feeds, weights, price bands and staleness bounds are all set at construction. There is no add, no reweight, no re-point. The single permitted change is retiring a leg whose feed has gone quiet, behind a 96-hour timelock, and a retired leg still pays out on redemption forever.
It is allowed to fail loudly.
If a feed goes stale or a price leaves its band, the vault refuses to state a NAV and deposits stop. That is the design, not an outage. The alternative — carrying on with a price it cannot trust — is how baskets get drained. Redemption is unaffected throughout.
What it will hold.
Three Robinhood stock tokens in equal weight — NVDA, AAPL and TSLA at 3333, 3333 and 3334 basis points. Priced by Chainlink, each leg inside an immutable band roughly 400× wide, because a band exists to catch a broken feed and not a market move.
Written in the future tense on purpose. Nothing is deployed at the time of writing. The moment it is, the addresses appear on the docs page and every figure on this site is read from the chain rather than from us.
Not live yet
Nothing is owed to anyone yet.
No token has launched, so no fees have been collected, no basket has been bought and no epoch has been distributed. When that changes, this page becomes a ledger of exactly what this wallet can claim, read from the distributor contract in your own browser.