How Stax works.

Stax lets you hold a diversified basket of tokenized stocks with one transaction, instead of buying and managing each position separately.

Deposit USDG (Global Dollar, the stablecoin that anchors Robinhood Chain's liquidity), and the vault automatically buys the underlying stock tokens in a basket's preset weights, then mints you a single token representing your share. Hold it, trade it, or send it to anyone — it's a standard ERC-20. Burn it anytime to redeem your share of the basket's value back in USDG.

Live now: Commodities, Retail Favorites, Mag 7, Mag 7 (Cap-Weighted). Each live basket is 1:1 backed by the underlying stock tokens the vault actually holds — you can verify this directly on-chain (see Security). More baskets are added as their tickers pass verification (see Baskets).

When you mint a basket token, here's exactly what happens:

1. Step 1
   You choose a basket and deposit

   Pick a basket, approve USDG, and enter a deposit amount. The vault pulls the USDG and measures exactly what arrived — it never trusts the nominal amount.

2. Step 2
   The vault checks the deposit cap

   If your deposit would push the basket past its cap, the transaction reverts before anything happens.

3. Step 3
   The vault reads a Chainlink price for each stock

   Every stock token on Robinhood Chain has a live Chainlink price feed. The vault reads each one and rejects any price that is stale — feeds that haven't updated within their expected window can't be used to price your deposit.

4. Step 4
   The vault sets a slippage floor from those prices

   Before swapping, it computes what your USDG should buy at oracle-fair value, and sets a minimum acceptable output on every swap. If the market can't deliver within a small tolerance of fair value — thin liquidity, a bad pool price, a manipulation attempt — the whole transaction reverts rather than filling at a bad price.

5. Step 5
   The vault buys the underlying stock tokens

   It buys each constituent in the basket's fixed weights through on-chain liquidity pools, and records exactly which tokens belong to this basket in its internal ledger.

6. Step 6
   You receive your basket token

   The vault mints a basket token to your wallet representing your proportional share of that basket's holdings, minus a 0.25% fee.

Worked example

If a deposit is too large for available liquidity

Tokenized stock markets are still young, and some tickers trade with thinner liquidity than others. If your deposit is large relative to the available liquidity for one of the basket's stocks, the mint will revert rather than complete at poor pricing. Sticking to reasonably sized transactions avoids this — very large single deposits are more likely to hit this limit.

Any wallet holding a basket token can redeem it — redemption isn't tied to the wallet that originally minted it. It's a standard, fully transferable token, so whoever holds it can burn it.

Redemption cannot be paused, gated, or blocked by anyone, including Stax. There is no admin function anywhere in the contract that can stop a redemption from going through — see Security for the full picture.

1. Step 1
   You choose how much to redeem

   Enter the amount of the basket token you want to burn.

2. Step 2
   The vault calculates your share

   It works out your proportional share of that basket's underlying holdings from its internal ledger — each basket's holdings are tracked separately, so redemptions from one basket can never touch another basket's backing.

3. Step 3
   The vault runs the same price checks

   Chainlink prices with staleness checks and oracle-derived slippage floors apply here too. Redemption involves selling on the open market, which carries its own price-manipulation risk — the same guardrails prevent the vault from selling into a bad print.

4. Step 4
   The vault sells the underlying

   It sells your share of the underlying stock tokens for USDG.

5. Step 5
   You receive USDG

   Proceeds land in your wallet, minus the 0.25% fee. Your basket token is burned.

Note: redemption always pays out in USDG — you do not receive the raw stock tokens directly. Your token's value floats with the basket's real performance the whole time you hold it, so you receive more than you deposited if the basket has appreciated, or less if it's depreciated — the same principle as any index fund.

Each basket is a fixed-weight collection of tokenized stocks, minted and redeemed through the same vault contract.

Weights are fixed at launch. A basket's composition doesn't rebalance or drift toward new tickers automatically — what you see today is what the basket holds until a future upgrade changes it, which would be a deliberate, disclosed action, not something that happens silently.

Why launch with a small lineup: every ticker in a live basket must pass a full round-trip verification — a real mint and a real redeem against live on-chain liquidity, at fair value, in both directions. Several planned baskets are held back because one or more of their tickers failed that bar. A basket only goes live when every leg passes. More baskets are added as new tickers verify — no redeploy needed, and each addition is announced.

Stax charges a flat 0.25% fee on every mint and every redeem. There's no management fee and no performance fee.

Where the fee goes

The team takes zero of the fee. Every fee is split three ways, enforced by the contract — these are the exact, immutable constants from the verified source, not a description of intent:

uint256 public constant FEE_BPS = 25;                    // 0.25%
uint256 public constant FEE_BURN_SHARE_BPS = 5000;        // 50%
uint256 public constant FEE_REWARDS_SHARE_BPS = 3000;     // 30%
uint256 public constant FEE_TREASURY_SHARE_BPS = 2000;    // 20%

• 50% — buy-and-burn. Used to buy STAX on the open market and permanently burn it once STAX is live. Until launch, this share accrues.
• 30% — rewards pool. Funds real payouts to users — see Rewards, Leaderboard & Staking for exactly how this gets distributed.
• 20% — treasury. Funds protocol operations like liquidity bootstrapping.

The team's upside comes from holding STAX, not from skimming fees — which means the team only wins if the token and the protocol do. There is no team-share constant in the contract because there is no team share.

Market execution costs

Separate from the protocol fee, the vault's swaps pay real market costs — liquidity pool fees and slippage on each underlying stock token. These vary by basket and market conditions, and they're disclosed on the mint page before you transact rather than hidden inside the quote. Tickers whose pools are too expensive to trade at fair value are excluded from baskets entirely rather than passed through to you.

The round-trip cost figure shown on the mint page is the two 0.25% protocol fees (mint + redeem) plus these real execution costs, combined — it will always be higher than 0.5% alone, and the gap between them is genuine market cost, not a hidden markup.

The 30% rewards-pool share of every fee (see Fees) is split three ways, across three real, different ways to earn:

The full, live leaderboard — including today's real rankings across all three — is on the leaderboard page.

Staking — how it boosts your share

Staking is never required to earn. A real floor of the pool is unconditional:

For the staking-boosted 90%, the more STAX you stake, the larger your share within your rank — but with real, deliberate diminishing returns, not an unlimited multiplier. The design bounds the staking boost between 1x and 3x: a small stake gets you close to 1x, a large stake approaches 3x, and each additional increment of STAX staked buys progressively less boost than the one before it. This is a deliberate design choice — the goal is real incentive to stake, not a system where the single largest holder can dominate every reward category.

This is the locked, planned design — not yet deployed code. The staking contract doesn't exist yet (see Current Status below), so there's nothing on-chain to verify for this specific mechanism today. Everything else on this page you can check yourself; this is disclosed honestly as a plan, not dressed up as something already live.

Current status: rankings are live, payouts and staking are not yet

The leaderboard itself is real and live today — real wallets, real on-chain data, auto-updating. What isn't live yet is the actual payout mechanism: a real staking and claim contract that pays these rewards out on-chain. That's deliberately sequenced after STAX launches, since the mechanism needs a real STAX token to reference. Until then, rewards accrue in the pool (see Fees) — real, growing, and not going anywhere — but nothing is yet claimable, and there is nothing to stake.

Nothing above should be read as a promise of a specific return. Full mechanism details are disclosed again, in full, once staking is actually live.

STAX is Stax's platform token — it is not an index token, and it has no direct claim on any basket's holdings. You don't need to hold STAX to mint or redeem baskets. STAX has not launched yet. The official announcement will come from Stax's own channels — treat any token claiming to be STAX before then as fake.

What STAX will be backed by

Nothing directly — it will be a standard token with a fixed supply. Its value is intended to come from the buy-and-burn mechanism above (funded by half of protocol fees), plus ordinary market trading activity.

Planned utility (not live yet)

• Governance — STAX holders will be able to vote on which new basket gets added next
• Fee discounts — staking STAX may reduce the 0.25% mint/redeem fee
• Staking rewards — staking STAX boosts your share of the rewards pool, up to a bounded 3x. Full detail in Rewards, Leaderboard & Staking
• Early access — staked holders may get first access to new basket launches

These features are on the roadmap, not available at launch. Nothing above should be read as a promise of future returns — STAX is a governance and utility token, not an investment contract.

Stax's vault contract is built around a few core protections against the most realistic attack vectors for this kind of design — economic/oracle manipulation and reentrancy, not just access control.

Built into the contract

• Chainlink oracle pricing with strict staleness checks on both mint and redeem — every price used to value a deposit or redemption comes from a live Chainlink feed, and prices past their expected update window are rejected outright
• Oracle-derived slippage floors — every swap must deliver within a small tolerance of oracle-fair value, or the whole transaction reverts. This is the main defense against manipulated pools, thin liquidity, and sandwich attacks: the vault refuses to trade at a bad price rather than passing the loss to you
• Per-basket internal ledger — every basket's holdings are tracked separately inside the vault, so baskets sharing a ticker can never double-count or drain each other's backing
• Reentrancy guards on every function that moves funds, with checks-effects-interactions ordering throughout
• A deposit cap per basket — bounds the maximum possible loss regardless of what an attacker finds
• No admin function capable of draining user funds or blocking redemption, and no upgradability — the deployed contract can't be silently changed. This means redemption is unconditional: nobody, including Stax, can pause it, gate it, or stop you from getting your funds out.

Verify it yourself

Every claim above is checkable on-chain in under a minute. Here's how to confirm one of the most important ones — the deposit cap that bounds worst-case exposure — directly from the verified source, not from this page:

Review process — what has actually been done

• Multi-model AI code review across multiple adversarial rounds
• Static analysis via Slither
• Invariant fuzz testing — 512,000-call campaigns verifying the vault's core solvency invariant held with zero violations
• Fork testing against real mainnet state — every live basket's full mint and redeem executed against the actual on-chain liquidity before going live, not just against test mocks
• Contract verified on the block explorer (Blockscout and Sourcify) — you can read the exact deployed source yourself

Current status: Stax has not undergone a professional audit or independent human security review. That is the single most important open item in the security posture, and it's disclosed here plainly rather than implied otherwise anywhere on this site. Deposit caps are kept conservative until it happens.

User-created baskets (in development, not live)

A separate contract will let anyone build a basket from Stax's already-vetted tickers, with weights they choose. It's been written and put through adversarial review — two issues were found and fixed. It has not yet completed the same verification the live vault has: a real invariant fuzzing campaign and an independent bug-bounty period are still pending, and the factory contract isn't deployed. It goes live only after those finish. Until then, basket creation is gated off on the site.

Using Stax carries real risk. This section exists so you're making an informed decision, not a sales pitch.

• Smart contract risk. Stax's contracts are unaudited by a professional firm. Bugs, exploits, or unforeseen interactions could result in partial or total loss of deposited funds.
• Stablecoin issuer risk. The vault's deposit and payout currency is USDG, issued by Paxos. Like other regulated stablecoins, USDG's issuer retains the ability to pause the token and freeze specific addresses. This is part of the vault's trust surface: an issuer-level action on USDG would affect deposits and redemptions.
• Oracle and market risk. Pricing depends on Chainlink feeds and on-chain liquidity for tokenized stocks, which are newer and less liquid than traditional markets. Stock feeds also stop updating when US markets are closed, while pools keep trading — mints and redemptions during those windows may fail or execute at worse prices.
• Underlying asset risk. Basket tokens hold real tokenized stock tokens, which themselves carry counterparty and custody risk tied to whoever issues them — Stax does not control or guarantee those tokens.
• Liquidity risk. Large mints or redemptions may fail or be limited by available liquidity in the underlying markets. Buy-side and sell-side liquidity can also differ — a token that's easy to buy is not automatically easy to sell.
• No investor protections. Stax is not a broker-dealer, is not FDIC or SIPC insured, and depositing into Stax is not the same as buying shares through a regulated brokerage.
• Regulatory risk. The regulatory treatment of tokenized stocks and DeFi products is still developing and may change.

This is not investment advice. Nothing on this site is a recommendation to buy, sell, or hold any asset.

If any of this is unclear, don't deposit until it is.

The vault is verified on Blockscout and Sourcify — you can read the exact deployed source on-chain. Every address below links directly to its verified source.

Always verify contract addresses from this page or the official Stax repository before interacting. Do not trust addresses shared in DMs, tweets, or unofficial channels.