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REGENT

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Overview

Start here · 01 / 19Preview · not deployed

Overview

What Regent is, in one page.

Regent is one seat per Stock Token pool: trade first, fee-free. The seat is auctioned every session and the rent is paid to the LPs. It is a planned Uniswap v4 hook on Robinhood Chain.

The tagline says the same thing in fewer words: every pool gets a regent, the LPs get the rent.

Vocabulary#

Three words carry the whole design. The docs use them consistently.

TermMeaning
The seatWhat is auctioned: the right to trade first and fee-free in one pool for one session.
The regentWhoever wins the seat for that session.
The rentWhat LPs receive: the winning bid, streamed to them over the session.

The problem in three sentences#

LPs in Stock Token pools, for example $NVDA/USDG on Uniswap v4, lose money at known timestamps. At 09:30 ET the stock opens at a new price, the pool still quotes the old one, and the first bot to trade pockets the gap; this is loss-versus-rebalancing, or LVR. On a first-come-first-served sequencer with ~100 ms blocks that is a pure latency race, so all the value goes to the fastest bot and none to the LPs.

The full argument, the formula and a worked example are in The problem: LVR at the bell.

The mechanism in five points#

  1. One seat per pool, sold per session. The trading week is cut into five NYSE-calendar sessions: OPEN, DAY, POST, NIGHT and WEEKEND. Before each session the seat goes to an open ascending (English) auction in USDG, with a +5% minimum raise, a 60 s anti-snipe window and a hard close 2 min before the session starts.
  2. The winner pays upfront. The full bid is escrowed. 10% is the protocol cut and 90% streams second by second to in-range LPs through Uniswap v4 donate(). No credit, no default, no liquidation.
  3. Seat rights. The regent swaps at 0% LP fee through a registered executor contract, sets the swap fee for everyone else inside capped bounds, collects those fees, and gets the bell window: for the first 20 seconds of OPEN and of any halt resumption, only the regent can swap.
  4. Seat duties. During DAY, while the Chainlink tokenized-equity feed is fresh and the market is open, the pool price must stay within a band around the oracle. More than 60 s outside the band is a breach, and the regent's $RGNT bond is slashed per breach-second.
  5. Fail-safe. If the seat is unsold, the pool behaves like a normal v4 pool with a default fee paid to LPs and no bell window. A regent who does nothing simply wasted the bid. The worst case is the status quo.
Auctionbefore the session1Upfront paymentescrowed in full2Rent streamper second to LPs3Seat rightsfee-free, fee, bell4DutiesDAY: track the oracle5next session
The loop repeats for every session of every pool. If the seat is unsold, the pool simply runs as a plain v4 pool.

Each point has its own page. Start with How Regent works for the mechanism end to end.

Who it is for#

  • LPs in Stock Token pools. The leak at the bell is sold in advance and the proceeds stream to them. Rent depends on auctions and can be zero. See For LPs.
  • Market makers and arbitrageurs. The seat replaces a latency race with a price. Whoever values the session most buys it and knows the cost before the bell. See For market makers.
  • Traders. Outside the bell window, swaps work as in any v4 pool, at a fee the regent sets inside capped bounds.
  • $RGNT stakers, once the token exists. Stakers are planned to govern fee bounds, the bell window length, bond tiers and the holiday calendar. See The $RGNT token.

Status#

Regent is in preview.

  • Nothing is deployed. The seven planned contracts are described in Architecture and contracts as draft interfaces.
  • The token is not live. There is no contract address, no price and nothing to buy.
  • The preview runs on simulated market data with paper balances. Nothing you sign there spends anything.
  • Several values the simulator needs are not part of the design yet. They are labeled as preview assumptions wherever they appear and are expected to change.
  • Contracts, once deployed, would carry risk of total loss and would require an independent audit before any real deposits. See Risks and disclaimers.

Regent is an independent project. It is not affiliated with or endorsed by Robinhood, Uniswap, Chainlink, NYSE or any issuer. Stock Tokens are not available to US persons. Nothing here is financial advice.

Credit#

The idea of auctioning the arbitrage right and paying the rent to LPs comes from the am-AMM paper (Adams, Moallemi, Reynolds, Robinson, 2024). Regent adds four things to it: session-based auctions on the equity calendar, the bell window, upfront payment, and oracle-bound duties in the style of a designated market maker. The details and the differences are in Prior art and what is new.

Where to go next#