For LPs

If you provide liquidity to a Stock Token pool today, you are paid in swap fees and you lose money at known timestamps: the open, earnings, halt resumptions, Monday mornings. Regent is a design that sells those moments in advance and pays you the proceeds. This page says what would change for you, what would not, and what nobody is promising.

What changes for an LP#

You are paid rent, upfront. Before each session the seat is auctioned in USDG. The winner escrows the full bid before the session starts. The protocol takes 10%, and the remaining 90% streams second by second to in-range LPs through Uniswap v4 donate() for the whole session. There is no credit and no default: the money is in escrow before the regent gets anything. See Rent streaming and anti-JIT.

You know your income before the session starts. The auction hard-closes 2 min before the session. At that moment the rent per second for the pool is a known number. It does not depend on volume, on volatility or on the regent's behaviour.

The gap is competed away in your favour. In a plain pool the opening gap goes to the fastest bot for free. Here the right to trade first is sold in an open ascending auction. Bidders who expect a large gap bid more, and what they bid goes to you. The latency race becomes a price, and you are on the receiving side of it. The arithmetic of the gap is on The problem.

You do not receive swap fees during a sold session. This is the other side of the trade, and it should be clear: the regent collects the swap fees for the session he paid for. You exchanged an uncertain fee income for a fixed rent. See Seat rights.

The two conditions on rent#

In range. Rent streams to in-range liquidity only, in proportion to each position's share of it. A position whose range the price has left earns no rent until the price comes back, the same way it earns no swap fees in a normal pool.

Anti-JIT. Liquidity removed less than 30 min after being added forfeits its accrued rent back to the pool, where it is shared among the LPs who stayed. Without this rule someone could add a large position seconds before a session, collect most of the stream, and leave. In the preview model, topping up an existing position restarts its 30 min clock. If you provide liquidity for longer than that, the rule never touches you.

What does not change#

• Price risk. You hold a pair of assets, a Stock Token and USDG. When the stock moves, your position is rebalanced against you, as in any AMM. Rent does not remove impermanent loss.
• LVR during the session. The regent trades against your liquidity at 0% fee, at the bell and during the session. That loss is real. It is exactly what the regent paid for. Whether the rent covers it depends on how competitive the auction was, and nobody can tell you that in advance.
• Smart contract risk. A hook adds code between you and the pool. Contracts, once deployed, carry risk of total loss and require an independent audit before any real deposits. No audit exists because no contracts exist.
• Your position is yours. The regent has no access to LP funds and cannot block withdrawals. The only thing a withdrawal can cost you is the accrued rent of a position younger than the anti-JIT minimum.

Regent pools are new pools#

In Uniswap v4 a pool's hook is fixed when the pool is created. An existing $NVDA/USDG pool cannot be upgraded to a Regent pool. A Regent pool is a new pool, starting with no liquidity, and it has to attract LPs away from wherever they are now.

The pitch to those LPs is rent paid in advance, and the pitch has a circular weakness that should be stated: seats on a thin pool are worth little, so early rent is likely to be small, so early liquidity has little reason to come. Nothing in the design solves this by decree. See Edge cases and attack surface.

Reading an auction result#

Every settled auction gives an LP one number to work from: the winning bid. The rest is arithmetic.

rent per second   = winning bid x LP_SHARE / session length in seconds
your rent         = rent per second x your share of in-range liquidity x seconds in range

An illustrative example. The OPEN session runs from 09:30 to 10:00 ET, which is 1,800 seconds. Suppose the seat sells for $2,000 in USDG.

These figures are illustrative. They are not a forecast of any auction.

Two things are worth reading besides the amount. The session type matters: an OPEN seat covers thirty minutes and a WEEKEND seat covers more than two days, so compare rent per second, not totals. And the reserve for future auctions is 50% of the median of the last 10 winning bids for that session type, so a run of results tells you where the floor for the next one sits. See The seat auction.

Your share of slashing#

During DAY the regent must keep the pool price within ±max(current fee, 0.30%) of the Chainlink oracle. More than 60 s outside the band is a breach, and his $RGNT bond is slashed for every breach-second. Of each slash, 50% goes to LPs, 10% to whoever called poke(), and 40% is burned.

You can be the one who calls poke(). It is permissionless, and the caller's share is paid for exactly that. Treat slashing as compensation for a stale price, not as income. It comes out of a $RGNT bond, the token is not live and has no price, and a well-run seat produces no slashing at all. See Seat duties and slashing.

What we do not promise#

• No yield promise. There is no APR on this site and there will not be one. Rent is the outcome of an auction, not a rate.
• Rent can be zero. If nobody bids, there is no rent.
• Unsold sessions pay only the default fee. The pool then behaves like a normal v4 pool with a default fee paid to LPs and no bell window. The gap still goes to the fastest bot. See Fail-safe behavior.
• Rent may not cover your losses. A single bidder facing no competition can win a valuable seat at the reserve. The design relies on one honest competing bidder being enough; it cannot conjure one.
• No off-hours price duty. At night and over weekends there is no reference price and the regent has no duties.
• No affiliation. Regent is an independent project, not affiliated with or endorsed by Robinhood, Uniswap, Chainlink, NYSE or any issuer.

The preview has an LP view that shows rent streaming into a simulated position, with simulated market data and paper balances. Nothing there moves funds. The full list of risks is on Risks and disclaimers.