SKHOOD Protocol Documentation — Robinhood Chain

SKHOOD is a token launchpad built on Robinhood Chain. Like any bonding-curve launchpad, anyone can launch a token that starts trading immediately, with price determined by a curve rather than an order book.

What's different is what each token is paired with. Instead of pairing against a plain currency like ETH or USDC, every SKHOOD token launches paired with a leveraged synthetic position on a real underlying asset. Right now that means every token launches backed by pHOOD3x, a token that represents a 3x leveraged long position on Robinhood's own tokenized stock (HOOD).

That means a SKHOOD token's price reflects two things at once: normal buying and selling on the curve, and the real-time performance of the leveraged asset backing it.

A regular bonding-curve token only moves when someone trades it. A SKHOOD token moves for two independent reasons:

In practice: if HOOD moves 10% in the market, a token paired with pHOOD3x moves roughly 30% from that alone, with zero buys or sells needed. The reverse is also true if HOOD moves down. This isn't a bug or a side effect, it's the actual mechanism, every SKHOOD token carries real market exposure to its underlying asset from the moment it launches.

There's no margin, no borrowing, and no liquidation risk for holders. The leverage lives inside the backing asset (pHOOD3x) itself, not as debt taken on by the token or its buyers. Holding a SKHOOD token means holding exposure to the curve's trading activity plus the backing asset's leveraged performance, nothing more.

Launching takes a single on-chain transaction. When you launch, you set:

• Name, symbol, and image — your token's identity. The image is pinned to IPFS for permanence.
• Description and socials — optional links (Twitter, Telegram, website) shown on your token's page.
• Creator fee — an optional percentage (0-10%) you earn on every trade against your token's curve, on top of the fixed protocol fee. This accumulates and is claimed by the creator whenever they choose, it isn't paid out per-trade.
• Optional dev buy — you can buy some of your own supply in the same transaction that launches the token, so it isn't sitting at zero volume the moment it goes live.

A SKHOOD token's USD price is calculated as:

Where:

• spotPrice is the token's price on its own bonding curve, denominated in the paired asset (pHOOD3x). This is the part that moves from ordinary buying and selling, exactly like a normal bonding-curve token.
• NAV is the current net asset value of one unit of the paired asset (pHOOD3x), read directly from its contract. This reflects HOOD's real-world price, amplified by the position's leverage (currently 3x).

Because these two values are independent, a token's price can move even with zero trades, purely because the underlying market moved. For example: HOOD rises 10% in the market → pHOOD3x's NAV rises roughly 30% → every SKHOOD token paired with it also rises roughly 30%, before accounting for any trading activity on top of that.

This works in both directions. A token's underlying market move can just as easily push its price down as up, independent of anything happening on the curve itself.

Every SKHOOD token has a graduation target, measured in the paired asset (pHOOD3x), not in USD. As people buy on the curve, the paired-asset reserve backing the token accumulates. Once that reserve reaches the token's graduation target, the token graduates.

On graduation, the accumulated liquidity migrates from the bonding curve into a Uniswap v4 pool, which is permanently locked. From that point on, the token trades on that pool like any standard liquidity-pool asset, instead of through the bonding curve.

Because the graduation target is measured in the paired asset rather than in USD, market moves in the underlying (HOOD) don't help or hurt a token's progress toward graduating, only actual trading volume on the curve does. Before graduation, trading only happens through SKHOOD's own router and curve; there is no separate market for a token until it graduates.

Every trade on a SKHOOD curve carries two fee components:

There is no additional fee for buying or selling beyond these two, and no separate fee for graduating.