A pawnshop for NFTs.

A pawnshop takes an object worth something, holds it, and gives the owner value against it. The owner can come back for it, and if they never do, someone else can buy it. Pawn does this for NFTs, with a market where the ticket would be.

You lock an NFT in a vault. Pawn launches a token for it through Pons, the largest launchpad on Robinhood Chain, paired with a Robinhood Stock Token you pick. Traders buy and sell that token. The creator fees Pons pays out on every trade flow to the vault, and most of them are yours. At any time, anyone can pay the reserve price to take the NFT out of the vault. When that happens, you and the token holders split the proceeds.

Pawn builds the vault, the fee routing and the redemption. The curve, the pool and the trading are Pons and Uniswap, which already exist, are already audited, and already have the traders.

1. 1

   Lock

   You transfer an NFT into a vault contract that exists for that one NFT, on the chain the NFT lives on. You set the reserve price, the stock pair, and the token's name.

2. 2

   Launch

   The vault calls Pons and launches the token: 1,000,000,000 supply, all of it on Pons’s bonding curve, priced in the Stock Token you chose. The vault is set as the creator, so the fees come to it.

3. 3

   Trade

   Buyers purchase from the curve; the price rises as it fills. When the curve reaches Pons's graduation target, the token moves into a Uniswap pool whose liquidity is locked for good. From then on it trades anywhere Uniswap trades.

4. 4

   Earn

   Pons charges a fee on every trade and pays the creator's share into escrow. The vault claims it and splits it: most to you, a cut to Pawn. Fees keep flowing for as long as the token trades.

5. 5

   Redeem

   Anyone, including you, can pay the reserve price in the Stock Token to take the NFT. The vault splits the payment between you and the token holders, who send in their tokens to collect their share.

What you need

An NFT on Robinhood Chain, Ethereum or Solana, in a wallet you control, and enough ETH on Robinhood Chain for gas, the Pons launch fee and Pawn’s lock fee. How each chain connects to the token is covered in the chains section below.

What you choose

1. 1

   The pair

   Which Robinhood Stock Token your token trades against, from the list Pons has approved: HOOD, NVDA, AAPL and others. This is fixed at launch.

2. 2

   The reserve price

   What someone must pay, in the paired Stock Token, to take the NFT out of the vault. It defaults to the collection floor at the moment you lock. Raise it if your piece is worth more than the floor. It can never be lowered.

3. 3

   The redemption split

   How a redemption payment is divided between you and the token holders. Default 50% to you, 50% to holders. A higher holder share makes the token better backed and the launch easier to sell; a higher owner share keeps more of the NFT’s value with you.

4. 4

   Name and symbol

   The token's name and ticker on Pons. The NFT's image and metadata are attached automatically, and the vault address is published with the launch so anyone can verify what is inside.

What you receive

No tokens. Pons mints the entire supply to the curve and the vault takes no allocation, so there is nothing for an owner to dump. What you get instead is your share of the creator fees on every trade, forever, and your share of the reserve when someone redeems. You can also buy on the curve like anyone else; Pawn registers your wallet as exempt from Pons’s opening snipe tax, so if you want to be first in, you can be.

What you give up

Custody of the NFT, until someone redeems it. There is no owner-only withdrawal. If you want the NFT back, you pay the reserve like anyone else, and your own share of that payment comes straight back to you, so reclaiming your NFT costs you the holders’ share.

The token is an ordinary Pons v2 launch. Pawn deploys no token contract, no curve and no pool of its own; it calls Pons’s factory with the vault as creator. That is deliberate. Pons already has the audited curve, the locked-liquidity graduation, and the traders, and a second launchpad would have none of those on day one.

Before graduation

Buyers purchase from the curve with the paired Stock Token, and can sell back to it at any time. Early buyers pay less. Pons charges a trading fee and a small extra tax on the first trades after launch, which fades as the token ages; the owner’s wallet is exempt from that tax.

Graduation

When the curve raises Pons’s target for its launch settings, the token graduates into a Uniswap pool with the raised Stock Tokens on one side and the held-back tokens on the other. The liquidity is locked permanently. Every launch on the same settings graduates into a pool of the same size at the same price.

After graduation

The token trades on Uniswap, on Pons, and on any aggregator that reads Robinhood Chain. Its page on Pawn shows the market’s implied value of the NFT, token price times supply, next to the reserve. When implied value is above the reserve, the market thinks the NFT is worth more than it costs to redeem. When it is below, redeeming pays holders more than selling, which is the pressure that keeps the two close.

Pawn earns from trading, not from locking. The lock fee covers gas and deters spam; the business is a cut of the creator fees Pons pays out. These are the parameters at launch, fixed per token at creation.

On one token with $10,000,000 of lifetime volume, total fees are about $100,000. Pons keeps about $30,000, the owner receives about $49,000, and Pawn about $21,000. These figures assume Pons’s published split and are illustrative, not a forecast of any token’s volume.

$PAWN is the protocol token. It does three things, all of them built from mechanics the protocol already has, and none of them is a claim on any vault or a payment to holders.

1. 1

   Priority at every launch

   Pons exempts up to 32 addresses from the opening snipe tax on each launch. One goes to the owner. The other 31 go to $PAWN stakers, by a draw weighted by stake and seeded by the launch transaction, so every new vault is a reason to be staked before it opens.

2. 2

   A better split for owners

   Pawn’s cut of the creator fee is 30%. An owner whose stake is at or above the threshold shown on the lock page pays 15% on every vault they own, for as long as the stake stays in place.

3. 3

   Buyback and burn

   80% of everything the protocol earns, fee cuts and lock fees alike, buys $PAWN on the open market every week and burns it. The remaining 20% funds the protocol. Lock fees paid in $PAWN skip the market and burn directly.

Staking

A stake counts toward priority and the discount 24 hours after it is placed, and unstaking takes 7 days, so neither can be captured by staking for a single launch. Staked $PAWN is never lent, moved or at risk; it sits in the staking contract until you take it out.

Redemption is what makes the token a claim on something. Without it a token could trade at any price regardless of what the vault holds. With it, the vault has a price, and so does every token.

1. 1

   Anyone pays the reserve

   Any address sends the reserve price, in the paired Stock Token, to the vault. The vault releases the NFT to that address. This is atomic and needs no vote.

2. 2

   The owner is paid

   The owner's share of the payment, per the split chosen at launch, goes to the owner's wallet immediately.

3. 3

   Holders redeem

   The holders’ share stays in the vault. Any holder sends tokens to the vault and receives a pro rata share: 1% of supply collects 1% of the holders’ pool. There is no deadline.

4. 4

   The market unwinds

   Tokens still in the Uniswap pool are redeemable the same way, so the pool's price converges on the redemption value. Trading continues, but the token now represents a fixed amount of Stock Token rather than an NFT.

Who sets the reserve

The owner, at lock, and it is fixed from then on. Too low invites an early redemption at a price the market thinks is cheap. Too high makes the holders’ claim weaker relative to the token’s price. The default, the collection floor, is a reasonable starting point for a common piece; rare pieces should lock higher.

The vault lives where the NFT lives. The token always lives on Robinhood Chain, because that is where Pons and the Stock Tokens are. When those are the same chain, everything is one transaction. When they are not, the two sides talk to each other through a message.

1. 1

   Robinhood Chain

   Lock, launch and redeem happen atomically in one place. Robinhood Punks and every other native collection qualify.

2. 2

   Ethereum

   The vault sits on Ethereum mainnet and holds the NFT there. Locking sends a message to Robinhood Chain that launches the token; a redemption paid on Robinhood Chain sends a message back that releases the NFT. Messaging runs over LayerZero on both chains.

3. 3

   Solana

   Same shape, with a Solana vault program holding the NFT and the same messages in both directions. Mad Lads and every other Solana collection qualify.

Every Pawn token is paired with a Robinhood Stock Token instead of ETH. The pool holds the NFT token on one side and, for example, HOOD on the other. Buying the token means selling HOOD into the pool; selling it means taking HOOD out. Fees and redemption payments arrive in the same Stock Token.

This is a deliberate choice. Stock-paired pools are the most active markets on Robinhood Chain, and pairing an NFT with a stock gives the token a second story: a punk that trades against Nvidia is a different object from a punk that trades against ETH. The owner picks the pair from the list Pons has approved, and that choice is part of the launch.

What a Stock Token is

Robinhood Stock Tokens track the price of a listed stock or ETF. They are issued by a Robinhood entity, provide economic exposure rather than shareholder rights, and can trade away from the underlying stock’s exchange price, especially outside market hours. Pawn does not issue, custody or price Stock Tokens; it only holds the ones the vault receives.

Read this before you lock or buy. Nothing on this page guarantees a price, a return, liquidity, a fee stream or a buyer.

1. 1

   The token can go to zero

   Between launch and redemption, the token's price is set by trading and can fall below any level, including below what the holders' share of the reserve implies. Redemption creates pressure toward that value; it does not enforce a floor.

2. 2

   A redemption can happen at any time

   Once someone pays the reserve, the NFT is gone from the vault and the token becomes a claim on the holders' share of the payment. If you paid more per token than that share is worth, the difference is your loss.

3. 3

   Pawn does not control the market

   The curve, the graduation, the pool and the fee split are Pons and Uniswap contracts. Pawn cannot pause them, change them or reverse a trade. If Pons changes its parameters, existing tokens keep theirs and new launches take the new ones.

4. 4

   The pair moves too

   Your token is priced in a Stock Token. If the stock falls, so does the value of the pool on that side, independent of anything the NFT did.

5. 5

   Contracts and messages can fail

   The vault is onchain code; its audit is published on this site. Cross-chain locks add a messaging layer, which is a second contract that can fail. Do not interact with a vault that is not listed on this site.

Tokens backed by an asset and traded by the public may be treated as securities in some jurisdictions. You are responsible for knowing whether you can use Pawn where you live.