The Firm — Litepaper v6

Our Mission

We aim to become the largest stock picking tournament in the world, powered by the magic of the EVM and Uniswap v4 Hooks on Robinhood Chain.

Initially our 6% buy/sell fee is at the higher end of reflection tokens to seed the concept with believers in our vision. This will stimulate large reflections to early holders with huge bonus pools. Our reflection fee is variable and The Firm is scalable.

The first Genesis collection of Traders will also reflect this idea with larger salary weights and benefits compared to later collections.

As we develop the product and scale up The Firm, the fee will be lowered incrementally allowing us to offer the same or higher reflections and bonuses (in nominal dollar value) while simultaneously making the token more appealing to later entrants and liquidity providers to encourage more market making. This also means it will be exponentially cheaper to exit the longer you hold. The eventual goal is to have the same fee structure as an index ETF as we create an entirely new way for people to interact with real world assets and tokenized markets.

Salaries for staked Genesis Traders are going to create initial yields that border on ‘2020 DeFi Summer’ levels. This is to asymmetrically benefit early members of The Firm. This will moderate over time as The Firm grows and the CASH market cap increases. We will gradually normalize to a target inline with US Treasuries.

At its base the current iteration of The Firm is very straightforward; A customizable reflection token that pits holders against the benchmark and each other for huge performance bonuses. As we roll out future planned features like Lending, Stock Gachapon, ‘Floors’ and some things we can’t tip yet, the need to have the above plan to scale will become apparent.

Genesis Traders and early CASH holders will enjoy the juiced benefits of overweighted seasons. A live, gamefied airdrop that pays you to hold.

Later generations will enjoy a dynamic cutting edge financial product with the same fees as an ETF, a yield that matches USTs, and a weekly “lotto” in the form of Performance Bonuses that could change their lives overnight.

We want to be a gateway to the benefits of tokenized stocks on Robinhood Chain for the masses. No KYC, automatic dividend reinvestment, 24/7/365 Trading.

What The Firm is

The Firm is a stock-picking game built around $CASH, a token whose trading fees buy real tokenized stocks for its holders.

• Holders receive a stream of stocks.
• Players mint Trader NFTs, join the Firm, pick portfolios and compete against a Benchmark.
• Active Traders earn a salary in $CASH; winners earn Performance Bonuses in tokenized stocks.

$CASH: the printer

• Fees. Every buy and sell of $CASH in the official CASH/USDG Uniswap v4 pool pays a 6% fee at launch. Management can lower it step by step over time toward index-ETF-level fees (see Our Mission). The pool also charges its own normal 0.3% LP fee, which is separate. The fee is taken in USDG.
• The fees buy stock for holders. A small share of the accrued fees pays the keeper's gas. Everything else is the printer's budget.
• Print cycles. A cycle can start when a fixed interval has passed since the last cycle (currently 15 minutes), or when the accrued fees reach a threshold (currently 1,500 USDG). Both values are fixed at deployment. In each cycle the protocol buys the aggregate of all portfolios through the chain's Uniswap v3/v4 pools.
• Delivery. Like a reflection token, your share of each purchase is credited to you on-chain over the 15 minutes after it is made, in proportion to your weight over that time. The keeper sends you stock automatically as soon as what you've been credited is worth a minimum of $0.50.
• Eligibility to receive stock. Hold at least 10,000 $CASH. The pool, the protocol's own accounts and excluded addresses don't earn reflections. The Reservoir, the Burnback Machine and team vesting do.
• Holder rules.
  • Your print weight follows your exact $CASH balance in the same block: buy, sell, send or receive.
  • Desks only (anti-spam): a Desk gets one instant update per 15 minutes; further changes within those 15 minutes count from the end of them, at the lowest balance held.
  • $CASH you receive counts at once, unless it comes from a Desk making a second change within the same 15 minutes (then it counts from the end of those 15 minutes). The same $CASH never earns in two places.
• Wallets. $CASH can be held and moved by regular wallets (EOAs) and the protocol's own contracts. Safes and other multisig wallets cannot hold $CASH. Use a regular wallet. Simple7702 smart accounts (the standard EIP-7702 delegations) need no approval. Other smart-account types work only after governance approves their reviewed code through the timelock (each such wallet is then approved for 90 days at a time); if that code ever changes, those accounts stop working until it is approved again.
• Buying and selling in apps. $CASH can be bought and sold in any app that routes through the official Uniswap pool. The 6% fee applies to every trade. It is charged inside the pool's hook, in USDG, whichever app or route you use, and other pools cannot take $CASH. A spender you have approved can move your $CASH only to sell it through the official pool, and $CASH leaves the pool only as the output of a fee-paying buy. Governance keeps a list of trusted routers. As a brake, it can switch the pool, through the timelock, to accept outside trades only from that list, besides its own buy and sell functions (off at launch).

Where the fees go

• Shadow Treasury. It processes the fees earned by the Firm's own pool liquidity. About half of that value is re-added as permanent liquidity (USDG plus matching $CASH); the rest buys $CASH for the Burnback Machine. The pool position can only ever grow: the hook has no removal path.
• Keeper gas reserve. The keeper-gas share above is held in USDG in a reserve that can only top up the Firm's authorised keeper keys.
• The Burnback Machine receives every in-game fee: seat activations and promotions. Its $CASH is permanently locked. Of the stock it earns, 50% is sold to buy back $CASH (which stays locked in the Burnback Machine starting the entire flywheel over again) and 50% goes to the Firm treasury. Each buy-back is sized to what the pool can absorb within 1% above the one-hour average price, and several can run at once. It waits rather than buying right after the price has been pushed up, and never buys in the same block as the Shadow Treasury.
• Firm Treasury. Receives the other half of the Burnback Machine's stock. It will never be withdrawn by the team. Management will use it only for initiatives that benefit members of the Firm and $CASH holders, in the form of unannounced features and rewards we have planned.

Genesis supply §3

Total supply: 1,000,000,000 $CASH, all allocated at genesis.

• Reservoir income. The Reservoir's stock prints are split 90% to the Performance Bonus pools and 10% to the Firm's team wallet for operating expenditures, paid in kind as stock.
• Team vesting. 50M $CASH. Nothing is released before the end of month 6. After that it vests in 24 equal monthly releases, the first at the end of month 6 and the last at the end of month 29. The schedule is fixed at deployment.
• Team income, disclosed. The team's vesting balance earns stock prints like any holder's, whatever its size.

Portfolios and the Benchmark §4

• The Benchmark (House8) is the default portfolio and the yardstick for alpha. It holds eight names at 12.5% each: AAPL PLTR AMZN LLY GOOGL MSFT SPCX TSLA. Governance can change it through the timelock; a change takes effect at the next week's open and never re-scores the past.
• CASH Holders who aren't Firm members print the Benchmark.
• Members. Each activated Trader can have its own portfolio of 4 to 8 names, equal-weighted, from the catalogue: 90 registered assets at launch, of which 84 are tradeable (tokenized stocks, ETFs and ETH). Governance can enable more later, up to a permanent maximum of 768. Assets nobody holds in a cycle cost almost nothing to carry. Your wallet (your Desk) prints the aggregate of your Traders' portfolios. A Trader with no portfolio set prints the Benchmark share.
• Changes. You can confirm a new portfolio once per Trader per week. It takes effect at the next week's open, for both printing and scoring. A week is always scored on the portfolio that was in force at that week's open.

Traders, the Desk and ranks

The Genesis Traders

8,888 Traders at a flat 0.025 ETH each. There's no per-wallet mint cap. One transaction can mint, stake, activate and set a first portfolio.

Launch. Paid and whitelist mints open together at launch on Friday, October 23. Mint, stake, activate and set your portfolio over the launch weekend; week 1 opens Monday, October 26 at 09:30 ET.

On-chain metadata. The collection is named The Firm (symbol FIRM), and each NFT is named Trader #<id>. Each Trader's Rank attribute is a number: 0 Intern, 1 Associate, 2 Vice President, 3 Managing Director, 4 Partner. The NFT evolves with each rank.

Joining the Firm

• Stake your Trader(s). Up to 10 staked Traders per Desk (wallet). A staked Trader is locked and can't be transferred; unstake it to sell.
• Activate each staked Trader. This requires holding at least 10,000 $CASH and paying the seat's activation fee in $CASH (table below).
• Salary starts at activation. You compete from the next week's open.

All fees are fixed $CASH amounts, not dollar amounts. They go to the Burnback Machine, and governance can change them through the timelock (§10).

Unstaking ends that stake. Re-staking later means paying the activation fee again, and your tenure starts over. Your rank stays with the NFT.

Ranks and salary weight

Promotions

You promote one rank at a time by paying the promotion fee once you qualify.

• Counted weeks carry across seasons. Alpha doesn't: every week your Trader has been staked and counted, in any season, adds up. Alpha for a promotion counts only the current season, so one bad season never holds you back for good. Unstaking ends that stake and its progress.
• Final prices. Every counted week must have final prices.
• The 10,000 $CASH rule. A week in which you held less than 10,000 $CASH at the close is not counted. It never blocks a promotion, and its result counts only if it was worse than the Benchmark, so it can never raise your performance.
• Rank ceiling. A Trader's rank is capped by its edition's ceiling. Only Genesis Traders can reach MD or Partner.

Salary

• Budget per season. Season 1 pays 100,000,000 $CASH over its 10 weeks.
• How it's shared. The budget streams continuously to all activated Traders in proportion to rank weight. A promotion counts from the moment it happens.
• Vesting and claiming. Salary accrued during a week vests at that week's close. You can claim your vested salary at any time while you hold at least 10,000 $CASH; a claim pays the full vested amount. Unclaimed salary stays yours.

Performance Bonuses: four horizons

Funding

• Split. At launch, half of the Performance Bonus Pool's stock income is shared equally by the Weekly, Monthly and Season pools. Season 1 has no Quarterly pool; Quarterly starts in Season 2. The other half goes to the unannounced pools (Floors and Gacha) and builds up through Season 1 until those features are announced. Management will adjust the fee rate and these ratios for Season 2.
• Accrual. Income is credited every week to the current week, month, quarter and season, so the longer pools build progressively.
• Rollover. In the unlikely case that nobody qualified for a period, its pool rolls into the next period of the same horizon.

Seasons

• Season 1: 10 weeks, from Monday, October 26 to Thursday, December 31, the last trading day of 2026. Periods follow game weeks, not calendar months. Its cumulative pool is paid as the Season Prize.
• Season to season. Seasons follow each other directly: the next season's week 1 opens on the Monday after the season's last close, and salary keeps streaming over that weekend like any other.

What each horizon ranks

Full periods only. If you join mid-month, you can win the remaining weeks' Weekly pools but not that month (or quarter, or season). You're eligible from the next full period.

Alpha

Alpha is compounded: over the period, (product of your portfolio's weekly growth) − (product of the Benchmark's weekly growth), in percentage points. Your portfolio's weekly growth is the equal-weighted average of your names' close / open for that week. Prices are close to close: official US-market closing prices from live finance data sources (cross-checked against a second source), and each week's opening price is the official close of the last trading day before it. The Firm's price publisher posts them on-chain with each price's provenance recorded.

Qualifying for a week

A week counts for you only if all of these hold:

• your Trader was activated before the week opened and stayed staked through the close;
• you held at least 10,000 $CASH at that week's close;
• the week's prices are final.

To qualify for a bonus your alpha for the period must be positive.

Payouts

• Everyone with positive alpha is paid.
• The payout tables. Shares follow tournament-style payout tables set only by the number of places paid (everyone who beats the Benchmark). 1 paid: 100%. 2: 65 / 35. 3: 50 / 30 / 20. With 10 or more paid, 1st starts at 26% and slides to a floor of 15% (never lower), and later places pay in flat bands. Ties are split equally: Traders with the same score share the combined payout of the places they occupy (for example, three Traders tied for 5th each get the average of the 5th, 6th and 7th payouts, shown as T-5th). Shares add up to 100%, to within rounding (a microscopic rounding remainder stays unassigned in the pool and is never paid to anyone).
• Settlement. After a period closes, the ranking is computed twice, independently, off-chain from on-chain data, and published as a Merkle root bound to a hash of the exact inputs. It is final as soon as 2 of 3 independent approvers (who recompute it themselves) have signed it. There is no waiting period, and a final result cannot be changed. Each winner claims with a proof (the Firm's claim helpers can batch this), and prizes pay only the current owner of the Trader that earned them.
• Leaving. Leave mid-week and you forfeit that week. Leave before a period's last close and you forfeit that period.

The 10,000 $CASH rule, in one place

Holding at least 10,000 $CASH is required to:

• receive stock prints
• activate a Trader
• claim salary
• have a week count toward bonuses and promotions

For bonuses and promotions it's checked at each weekly close.

Future editions

Management will add later Trader editions as the project scales up to accommodate more players. Only The Genesis Collection will ever be able to rank above VP and enjoy the benefits both announced and unannounced.

Governance

• Governed values. Owner-tunable values change only through the CashTimelock: a Safe multisig proposes, every change waits at least 2 days, and every step (scheduled, executed, cancelled) is published as an on-chain event, so pending changes are visible before they take effect.
• What Management can change. The full list of governed values (each one's setter, bounds and when a change takes effect) is published with the verified contracts and on the Governance page. Highlights: seat and promotion fees (immediately); the fee rate, up to the 10% ceiling (immediately); the keeper-gas share, its weekly ceiling and the keeper top-up amount (within their hard caps; from the next week); the keeper key set (at most 4 keys, never empty); the Benchmark (from next week); adding or disabling catalogue assets; trading routes; the trusted-router list and the router brake; approved smart-account types; protocol (print-excluded) accounts; registering and funding each next season (calendar, salary budget, bonus vaults).
• Fixed at deployment: the 768-asset maximum, the 10% fee ceiling, the keeper-gas hard caps (2%, 25,000 USDG per 7 days, a 5,000 USDG top-up), at most 4 keeper keys, the 2-day timelock delay, the season carry batch sizes, the 10,000 $CASH rule, the genesis supply and splits, the mint supply and price, team vesting, and the print interval and threshold.
• Operational roles (these hold keys but can't change parameters): the keeper (print cycles, deliveries and routine maintenance; a replaceable set of keeper keys, one active plus spares, rotated only through the timelock, so a lost key never stops printing), the price publisher (weekly opening and closing prices), the ranking publisher (proposes bonus roots), the ranking approvers (three independent keys; every result needs 2 of their 3 signatures), and the corrector, the Safe multisig (can correct prices, and can post prices and rankings itself if the publisher keys are ever lost).
• Permissionless actions: keeping the ledger current, recording weekly qualification and advancing seasons. These are bounded and idempotent.
• Trust assumptions to know: rankings are computed off-chain against on-chain inputs and need 2-of-3 independent approval; prices come from the publisher's data source; some trading routes use oracles that sample prices over time, keeping the purchase-price guard current.

Roadmap

• Season 1.5: a Gachapon and Morpho-based native lending (planned).
• Season 2: Floors (teams of 10 Traders competing as one, with a separate competition) and the OE1 Trader edition (planned).

The Firm is experimental software that interacts with volatile digital assets and tokenized instruments, whose availability varies by jurisdiction. Stock Tokens are tokenized debt securities issued by third parties. They are not equity shares. Nothing here is financial advice. Participation involves the risk of total loss. The dog is not a registered broker-dealer. It's nothing personal.