Launch a token and trade it with leverage

01 · Getting started

What Reva is

Every market on Reva holds one token in a reserve and divides that reserve into claims.

A market is built around one token. The reserve behind the market is the token itself, held one for one. Against that reserve Reva issues two claims per tranche: a defensive claim, named with an f in front of the ticker, that targets a fixed fraction of every move in the token, and a turbo claim, named with an x, that takes whatever movement the defensive claim gives up. The token itself stays available as the plain 1× exposure.

Nothing is borrowed to produce the turbo side. There is no lender, no funding rate, and no liquidation price. The turbo claim is leveraged because the defensive claim has agreed to take less, and the reserve is only ever divided, never multiplied. The trade-off is that a turbo claim can be written down to zero when the token falls far enough. That happens by arithmetic, not by a forced close.

Underlying

A token launched on Pons, paired with ETH or a Robinhood stock token

Defensive side

An f claim with a 0.2×, 0.3× or 0.45× target

Turbo side

An x claim whose sensitivity sits above 1× and moves with the buffer

Cash asset

USDG for quotes, trades and balances

Chain

Robinhood Chain, chain id 4663

A defensive claim is not a stablecoin. It still loses value when the token falls. It takes a smaller share of the move for as long as the tranche has a buffer behind it. The turbo claim loses value faster because it absorbs the first loss.

What you choose

You choose which part of a token's movement you want to own. Holding a defensive claim means accepting a smaller share of gains in exchange for a smaller share of losses. Holding a turbo claim means taking everything the defensive holders left behind, including the first loss when the token falls. Holding the token itself means keeping the plain exposure. None of these choices changes the token underneath the market.

What stays fixed

The reserve is the accounting anchor. For any tranche the price of the defensive claim plus the price of the turbo claim always equals the price of the token. Prices move, the split between the two claims moves, and ownership changes hands, but the pair together always represents one unit of the reserve. This invariant is what makes the leverage honest: it is not created, it is redistributed.

How a market works

A launch creates the token; Reva builds the claims on top of it.

1. Launch a token. Create a fixed-supply token on Pons from the Create page. Name, ticker, artwork, story, links, a pair asset and a maximum leverage are all set before you sign.
2. Reva strikes the tranches. At the opening price Reva sizes three tranches, Defensive, Steady and Balanced, so that the most leveraged turbo claim lands exactly on the maximum leverage you chose.
3. The market lists. The token appears on Explore under New with its ticker, price, chart and leverage. Its page shows the full ladder of claims from most protected to most leveraged.
4. Traders pick an exposure. The ticket on the market page has one control for exposure. Every step is a claim: 0.2×, 0.3× and 0.45× on the defensive side, 1× for the token, and the turbo steps above it.
5. Claims are priced by the split. As the token moves, the defensive claim follows its target fraction and the turbo claim takes the rest. Their prices are recomputed from the invariant at every quote.
6. Sell any time. A position in any claim can be sold back in full or in part at the claim's current price. The buffer, the leverage and the write-off point are shown before you confirm.

The tranche identity stays attached to each claim. A defensive claim from the Steady tranche is a different asset from a defensive claim from the Balanced tranche, with a different target and a different buffer behind it. The ladder on a market page lists every one of them so the choice is explicit.

Connecting

Press Connect in the top bar to open the account sheet. Trading claims uses the account's USDG balance, which is shown on the Connect button once you are in. Holdings, Activity and the trade ticket all read from that account. Disconnecting from the menu hides the account until you connect again; it does not close positions.

Launching a token is different. A launch is a transaction on Robinhood Chain, so the launch review asks for an Ethereum wallet, checks that it is on Robinhood Chain, and hands the transaction to the wallet to sign. Only the launch itself needs the wallet.

System components

A launch passes through these parts in a fixed order. The token is created on Pons. Reva strikes its tranches at the opening price. The market lists on Explore. The ladder and the ticket let traders take a claim. The invariant keeps every claim priced against the reserve. Holdings and Activity keep the record.

02 · Core concepts

How the claims are priced

One reserve, two claims, one invariant. The terms the app uses: the reserve, the defensive and turbo claims, tranches, where the leverage comes from, the buffer and its bands, and the fees.

Pons launches

Pons is a no-code launchpad on Robinhood Chain. A launch creates a fixed-supply token and a bonding curve denominated in a pair asset, in a single transaction. The token trades on the curve until it reaches its graduation target, then moves to a Uniswap V4 pool with its liquidity locked. Reva reads Pons launches, lists them as markets and builds the claim ladder on top of each one.

The largest tokens already launched on Robinhood Chain are listed on Reva as well, with their contract and pool linked from the market page. Any token you launch from the Create page joins the same list.

Pair assets

A Pons curve is priced in one asset. Reva lets you pick that asset from the assets Pons approves, which include ETH and Robinhood stock tokens such as NVDA, TSLA, AAPL and MSFT. Pairing a token with a stock token means its curve is quoted in that stock token. It does not peg the token to the stock's price and it does not give the token any claim on the company.

You can select more than one asset in the picker. The first asset you choose denominates the Pons curve. Any others become additional Reva markets for the same token, each with its own ladder. The header of the picker says which is which as you choose.

The reserve and the invariant

Per unit of the token, at any instant, the defensive claim's price plus the turbo claim's price equals the token's price. This is the whole model. Nothing is created; the reserve is only divided. Holding matched f and x of the same tranche is economically the same as holding the token.

Reserve price

P, the token's price in USDG

Defensive price

f, the price of one defensive claim

Turbo price

x, the price of one turbo claim, equal to P minus f

Invariant

f + x = P, always

The defensive claim

Each tranche has a target, written as beta. A defensive claim with beta 0.2 targets a fifth of the token's percentage move, up and down. If the token rises 10%, the claim rises about 2%. If the token falls 10%, the claim falls about 2%. The claim keeps following its target as long as the tranche still has a buffer behind it.

The defensive claim's price is set from where the tranche was struck. At the strike, the defensive claim is priced as the token price less the buffer. From then on it grows or shrinks by beta times the token's move from the strike price. The app shows this as the 0.2×, 0.3× and 0.45× steps on the ladder.

The turbo claim

Because the invariant must hold, whatever move the defensive claim does not take lands on the turbo claim. The turbo claim's own return is its share of the move divided by its own price, which is why it is leveraged. The thinner the turbo claim is relative to the defensive claim, the harder every move hits it.

The turbo claim can be written down. If the token falls far enough that the defensive claim's target price reaches the whole reserve, the turbo claim is worth nothing. The market page shows that price for every turbo claim as the write-off price, along with how far below the current price it sits.

Tranches

Tranches do not interact. Each is its own pair of claims against the same underlying. A market with a leverage of 3× lists six claims plus the token: three defensive claims at 0.2×, 0.3× and 0.45×, and three turbo claims whose leverage climbs toward 3×. A market launched at Spot has no tranches and lists only the token.

Where the leverage comes from

Let b be the buffer, the turbo claim's share of the reserve. The turbo claim's sensitivity to the token is 1 + (1 − beta) × (1 / b − 1). At a 30% buffer and beta 0.2 that is about 2.9×. At a 20% buffer it is 4.2×. At a 10% buffer it is 8.2×. As the buffer thins, leverage rises, and it rises faster the thinner the buffer gets.

A creator does not set the leverage directly. The creator sets a maximum, and Reva sizes each tranche's buffer so the widest tranche's turbo claim lands on that number at the opening price, the others a little under it. After that the leverage of every turbo claim moves with the token. A holder who bought a 2.4× claim and did nothing can find themselves holding 4× after a fall, without placing another trade. That is why every surface that shows a turbo claim also shows its buffer.

The buffer and risk bands

Reva groups buffers into four bands and prints the band next to every turbo claim: Healthy at 30% and above, Caution from 20%, Stability from 10%, and Emergency below that. The band is a reading of the current split, not a prediction. It tells you how much room the turbo side has before the token's next fall reaches the write-off point.

The buffer is the number to watch. Leverage and the write-off price are both functions of it. A turbo claim in Caution is already moving harder than it did when it was struck, and a further fall pushes it toward Stability and then Emergency.

Fees

Claim trades

0.3% of the amount on every buy and sell of a claim or the token on a market page.

Pons trades

5% Reva fee on each buy and sell on the Pons curve, on top of the Pons base fee shown at launch.

Launch

The Pons launch fee, read live at review, plus the network fee your wallet quotes.

The ticket shows the fee before you confirm and the review modal repeats it. Holdings values every position net of nothing: it shows what the claims are worth now, and the fee is taken when you sell.

Buybacks

90% of all protocol and native fees from trading a token launched on Reva go towards buybacks of that token. The remaining share covers Pons's own protocol cut and Reva's operating costs. The launch review states this before you sign, and the same line appears on the Create page preview.

03 · Launching

Launch a token

The Create page takes a name, a ticker, artwork, a story, optional links, a pair asset and a maximum leverage, then hands one transaction to your wallet.

Before you launch

• Name and ticker cannot be changed after the transaction. The ticker is 2 to 10 letters or digits and starts with a letter.
• Artwork and the story are stored onchain with the token. The image is resized to 96 pixels square and must fit in 4 KB.
• The supply is fixed by Pons and shown in the review. All of it goes to the curve; there is no creator allocation.
• You need a wallet on Robinhood Chain with enough ETH for the launch fee and gas.

Name, ticker, artwork, story

The artwork tile sits at the start of the row. Click it to choose a PNG, JPG or WebP under 1 MB; Reva fits it to a square and shows it on the tile and on the preview card at the right. Next to it is the name, up to 32 characters, and the ticker field with a dollar sign in front of it. The ticker is uppercased as you type.

The second box holds the story: up to 240 characters that appear on the market page and on Pons. It is optional but it is what people read before they buy.

Links

Open the Links row to add a website, an X handle and a Telegram. They are appended to the onchain description and the row's header counts how many you have added. Leave it closed to launch without any.

Pair assets

The picker lists every Pons-approved asset with its logo: ETH and the Robinhood stock tokens. It is a multi-select. The first asset you tick denominates the Pons curve, which is the market that trades onchain. Each further asset you tick becomes an extra Reva market for the same token, with its own ladder, so a token can be listed against ETH and against NVDA at once. You cannot untick the last one.

Pairing with a stock token is a quote, not a peg. A curve priced in NVDA rises and falls in NVDA terms. It does not track NVDA's price and it gives holders no claim on the company.

Leverage

Choose Spot, 1.5×, 2×, 2.5× or 3×. At launch Reva strikes the three tranches so the widest tranche's turbo claim lands exactly on your choice at the opening price. The preview card at the right shows the resulting claims as you move the control: three defensive steps, the token, and the turbo steps up to your maximum. Spot launches with no tranches, so the market lists only the token.

The number you choose is published with the listing. Everyone who opens the market sees the same maximum, the same tranches and the same ladder, and the leverage shows on the token's card on Explore.

Review and sign

1. Connect a wallet. The review asks for an Ethereum wallet. If it is on another network, the button offers to switch it to Robinhood Chain.
2. Get launch terms. Reva reads the current supply, the launch fee and the base swap fee from Pons and estimates gas. The rows in the review fill in.
3. Launch. Press Launch and approve once in the wallet. The wallet shows the final fee. Do not submit the transaction twice.
4. Confirm. Reva waits for the chain to confirm the launch, verifies the deployed code, and records the token. A link to the market appears in the review.

If the page is closed while a launch is pending, the review remembers the transaction in your browser. Open the review again and press Check pending launch to pick it up where it left off.

After launch

The new market appears on Explore under New, with a New tag beside its name for its first two weeks, and sorts to the top of the tab. Its card shows the price, the change, a chart, the liquidity, the volume and the leverage. Its page carries the full ladder, the payoff chart, the ticket, and the contract and launch transaction links. The listing is shared, so other visitors see the market as soon as it confirms.

Pons mechanics

Supply

Fixed at launch, read from the Pons configuration, all of it on the curve.

Curve

A bonding curve priced in the pair asset. Buys move the price up the curve; sells move it down.

Graduation

When the curve collects its target amount of the pair asset, the token moves to a Uniswap V4 pool.

Liquidity

Locked in the Uniswap V4 locker at graduation.

Fees

The Pons base fee per swap plus the 5% Reva fee on each buy and sell.

Opening tax

Pons applies an anti-sniping tax in the first moments after launch.

04 · Trading

Find a market and take an exposure

Explore lists every market. A market page shows the price, the chart, the ladder of claims and a ticket.

Explore

The page starts on the New tab, which lists markets launched in the last fourteen days, newest first. All markets shows everything. Watchlist shows markets you have starred. My launches shows markets you created. The search field in the toolbar filters by name, ticker or pair, the pair select narrows to one pair asset, and the sort select orders by volume, liquidity, 24h change or age, with the arrow beside it flipping direction.

Each card is one market: artwork, name, ticker and pair, the price and 24h change, a sparkline of the last day, and three figures underneath: liquidity, 24h volume and the market's leverage. The whole card is a link. The star in the corner adds the market to your watchlist without opening it.

Reading a market page

Header

Artwork, name, ticker, pair and the market's leverage. Watch, Contract and copy-link buttons on the right.

Price

The current price in USDG and the 24h change.

Chart

Line or Candles, with ranges from a day to the token's full history.

Stats

Market cap, liquidity, 24h volume, leverage, pair, where it launched, the launch date and the fee.

Tabs

Exposure, Trades, Holders and Info.

Ticket

Buy or Sell, the exposure strip, the amount and the outcome, in the column on the right.

The chart

Line draws the closing prices as a single path with a soft fill beneath. Candles draws every bar as a body and a wick, green when the bar closed up and red when it closed down, and shows the bar's time, open, high, low and close under the pointer. For listed tokens the ranges are 1D and 2D on hourly bars, 1W and 1M on daily bars, and All for the token's full history. The axis under the chart prints real dates and hours from the bars.

Exposures and the payoff chart

A strip runs from the most protected claim to the most leveraged one. Each step shows the claim's current sensitivity, 0.2× up to the market's maximum, and the claim's name. Pick a step and the panel below shows that claim: its name and tranche, its price, and a payoff chart of what 100 dollars in the claim is worth as the token moves from 50% down to 50% up, drawn over the token's own line. For a turbo claim the region where it is written to zero is shaded, and the buffer bar and the write-off price sit under the chart.

The strip and the ticket are the same control. Picking a step in either one selects it in both, so you can read the payoff and then buy without moving your eyes far.

Choosing an exposure

On the Buy side the ticket shows the same strip, and under it a line naming the claim you have picked, its tranche, its sensitivity and, for a turbo claim, its buffer. The 1× step is the token itself. Steps below it are defensive claims; steps above it are turbo claims. The maximum is the number the creator chose at launch.

Placing an order

1. Pick Buy. The tabs at the top of the ticket switch between Buy and Sell.
2. Pick an exposure. Choose a step on the strip or a step in the Exposure tab.
3. Enter an amount in USDG. Type it, use the $100, $500 and $1,000 presets, or press the balance to use all of it. The minimum is 1 USDG.
4. Read the outcome. The receive well shows how many units of the claim you get and the price per unit, net of the 0.3% fee.
5. Review and confirm. The button opens a review with the total, the fee and the price. Confirm to place the order. The position appears in Holdings at once.

Selling

On the Sell side the ticket lists your positions in that market by claim. Pick one, then choose 25%, 50%, 75% or Max. The well shows the value being sold and the USDG you receive after the fee. Selling the whole position removes it from Holdings; selling part of it leaves the rest at the same entry price.

Trades, holders and info

Trades

The recent tape: side, claim and its sensitivity, amount in USDG and units, price, wallet and age.

Holders

The largest holders with their share of supply and its value, the liquidity pool first.

Info

Contract and pool links, pair, where and when the token launched, supply, leverage, the tranches and the fee.

Search

A sheet drops from the top of the page. Type a name, a ticker or a pair; the rows filter as you type and the arrow keys walk them. Enter opens the highlighted market. Escape closes the sheet. With nothing typed the sheet lists the most traded markets.

05 · Holdings and activity

Your balance, your claims, your history

Holdings shows what your account is worth and every claim it holds. Activity keeps the record of launches, buys and sells. The account sheet behind the Connect button holds the balance and the disconnect.

Holdings

Total balance

Available USDG plus the current value of every position, with the unrealised return beside it and a bar showing the cash share.

Available

USDG not in a position. This is what the ticket can spend.

In positions

The value of all claims at their current prices, and how many positions are open.

Every position is a claim. A row shows the market, the claim and its sensitivity, what you paid, what it is worth now and the return. The filter above the list narrows to Defensive claims, Core positions in the token itself, or Turbo claims. A row is a link to the market, where the Sell side of the ticket lists that position.

How a position is valued

A buy converts USDG into units of a claim at the claim's price at that moment, after the fee. From then on the position is worth its units times the claim's current price, which Reva recomputes from the token price and the tranche's split at every quote. A defensive position moves by roughly its target fraction of the token's move. A turbo position moves by more than the token, and by more still as the buffer thins. A core position moves with the token.

The return on a turbo position can reach minus 100%. When the token falls to the tranche's write-off price the turbo claim is worth nothing. Holdings shows the position at zero; it does not go negative and there is nothing to repay.

Activity

Each row shows a glyph for the side, what happened and to which claim, the pair and the claim's sensitivity, the time, and the amount. The tabs filter to Buys, Sells or Launches, and the search field filters by ticker. Rows are links to their markets. The same list appears at the foot of a market page for that market alone.

Account

Once connected the button shows the available USDG. The sheet shows the balance and a Disconnect. Disconnecting hides the account; connecting again brings the same balance and positions back. The menu at the far right of the top bar holds Docs, Follow on X, Activity and the dark mode switch.

06 · Reference

Worked example, risks, questions, terms

A full example of a tranche through a rise and a fall, notes on market hours and gaps, the risks that matter, the questions people ask, and every term used in these pages.

Worked example

A creator launches MOON with a maximum leverage of 3×. At the opening price of 1.00 USDG per MOON, Reva sizes the Defensive tranche with beta 0.2 so its turbo claim lands on 3×. That means a buffer of about 29%: the turbo claim starts at 0.29 and the defensive claim at 0.71, and together they equal the token.

MOON rises 10%, to 1.10. The defensive claim takes a fifth of that: 0.71 becomes 0.724. The turbo claim takes the rest: 1.10 minus 0.724 is 0.376, a rise of about 30%. Three times the move, as promised. The buffer has grown to 34% and the turbo claim's leverage has eased to about 2.5×.

MOON falls 10%, to 0.90. The defensive claim gives up a fifth: 0.71 becomes 0.696. The turbo claim absorbs the rest: 0.90 minus 0.696 is 0.204, a fall of about 30%. The buffer has thinned to 23% and the turbo claim now moves at about 3.7×. A holder who did nothing is now more leveraged than when they bought.

Where the turbo claim reaches zero. Solving for the price at which the defensive claim's target consumes the whole reserve gives about 0.67, a fall of 33% from the strike. The market page prints this as the write-off price for that claim. Below it the defensive claim carries the remaining loss.

Market hours and gaps

A token paired with ETH trades around the clock. A token paired with a Robinhood stock token is quoted in an asset whose own price follows equity market hours, so its USDG price can gap when the stock reopens. Charts on Reva use hourly bars for the short ranges and daily bars beyond a week, and a gap shows as a step between two bars rather than a smooth line.

Risk notes

• Leverage climbs while you hold. A turbo claim's leverage is a function of the buffer. Every fall thins the buffer and raises the leverage, so a position bought at 2.4× can be running at 5× after a bad day without another trade.
• A turbo claim can be written to zero. When the token reaches the tranche's write-off price the turbo claim is worth nothing. There is no margin call and no way to top it up. The write-off price is shown on the market page and in the Exposure tab.
• A defensive claim still loses. It takes a smaller share of a fall, not none of it, and below the write-off point it carries the loss the turbo side can no longer absorb.
• New tokens are thin. A market minutes after launch has little liquidity and a short history. Prices can move a lot on small trades and the chart has few bars to read.
• Stock-token pairs can gap. A curve quoted in a stock token inherits that stock's opening moves. The token's USDG price can jump at the open without any trade in the token itself.
• A launch is final. Name, ticker, supply and pair cannot be changed after the transaction. Read the review before signing.

FAQ

What is a claim?

A claim is one side of a tranche's split of the token. The defensive claim feels a fixed fraction of every move; the turbo claim feels the rest. Each is bought and sold like a token of its own.

Is leverage a loan?

No. Nothing is borrowed. The turbo claim is leveraged because the defensive claim in the same tranche has agreed to take less of the move.

Why does the leverage number change?

Because it depends on the buffer, which moves with the token. The number on the ladder is the claim's sensitivity right now.

What does the creator's leverage do?

It sets where the ladder tops out at launch. Reva sizes the tranches so the widest turbo claim starts at that number. Everyone sees the same maximum.

Can I launch at Spot?

Yes. A Spot launch has no tranches, so its market lists only the token.

Which asset should I pair with?

ETH is the default and the most liquid. A stock token quotes the curve in that stock, which some communities want; it does not peg the token to the stock.

Can I pair with more than one asset?

Yes. Tick several in the picker. The first denominates the Pons curve; the others become extra Reva markets for the same token.

Where do I see my positions?

Holdings lists every claim you hold with its cost, value and return. The Sell side of a market's ticket lists the positions in that market.

What are the fees?

0.3% on every buy and sell of a claim or the token on a market page. On the Pons curve, 5% to Reva on each buy and sell plus the Pons base fee.

Where do the fees go?

90% of all protocol and native fees from trading a token go towards buybacks of that token.

What does the New tag mean?

The market launched within the last fourteen days. The New tab on Explore lists only those markets.

Why does a token have a number after its ticker?

Two tokens cannot share a ticker on Reva. If a ticker is already listed, a later launch with the same ticker is numbered, for example AI2.

What happens at graduation?

When a Pons curve collects its target amount of the pair asset, the token moves to a Uniswap V4 pool and its liquidity is locked there.

Does connecting sign anything?

No. Connecting opens the account. Only a launch sends a transaction, and only the wallet you connect in the launch review signs it.

Glossary

Buffer

The turbo claim's share of the reserve. Leverage and the write-off price both follow it.

Band

A reading of the buffer: Healthy at 30% and above, Caution from 20%, Stability from 10%, Emergency below.

Beta

A tranche's defensive target: the fraction of the token's move the defensive claim takes.

Claim

One side of a tranche's split. Defensive claims are named with an f, turbo claims with an x.

Core

The token itself, the 1× step on the ladder.

Defensive claim

The claim that targets beta times the token's move.

Exposure

The step you pick on the ladder: a claim or the token, expressed as a multiple of the token's move.

Graduation

The point at which a Pons curve has collected its target and the token moves to Uniswap V4.

Invariant

Defensive price plus turbo price equals the token price, for every tranche, always.

Ladder

Every claim of a market in order from most protected to most leveraged.

Leverage

A turbo claim's sensitivity to the token. Set at launch by the creator's maximum, then moving with the buffer.

Pair asset

The asset a Pons curve is priced in: ETH or a Robinhood stock token.

Pons

The launchpad on Robinhood Chain that creates the token and its bonding curve.

Position

Units of one claim held by your account, valued at the claim's current price.

Reserve

The token backing a tranche's claims, one for one.

Strike

The price at which a tranche's split was set: the opening price of the market.

Tranche

One split of the reserve at one beta. Reva strikes Defensive, Steady and Balanced.

Turbo claim

The claim that takes whatever move the defensive claim gives up.

USDG

The cash asset for quotes, trades and balances on Reva.

Write-off price

The token price at which a tranche's turbo claim is worth zero.