How Pleb works.

The Street

A coin on the Street is an ordinary Pons coin. It trades on its Pons bonding curve and, once it graduates, on its Pons pool (Uniswap v4), and its creator stays its creator on Pons. The Stock Tokens it pays out are bought on Uniswap v3 pools, with USDG in the middle. One thing is different: its creator fee recipient is a CoinVault, a small contract that belongs to that coin alone.

• Pons charges 1% on every trade and pays 70% of it, 0.70% of volume, to the coin's fee recipient: the vault.
• A creator can add a creator tax of up to 10% on buys and sells. It all goes to the vault too, and is split the same way.
• Trades against: a coin can trade against ETH or against a Stock Token. A coin that trades against NVDA earns its fees in NVDA and pays its holders in NVDA with no swap.
• Pays in: one stock, or a basket of up to 10. Each conversion buys the next asset in the basket, in turn.

There are two ways on. Launch through the Street's launcher, one transaction with an optional first buy. Or launch on Pons yourself with the coin's predicted vault as its fee recipient, then register it. The second path keeps working even if Pons stops accepting launches from contracts. A creator who already receives a Pons coin's fees can also point them at a Street vault and register it.

Where every fee goes

The split is copied into each vault when it is created and can never change for that coin. Harvesting is open to anyone and splits on chain.

• 67.5% holders. Buys the coin's pays-in stock for everyone holding the coin.
• 10% the Hat. Buys Stock Tokens for the Plebs, the same amount each.
• 10% the Sweep. Buys $PLEBS off the market and burns it.
• 5% the $PLEBS Cut. ETH to $PLEBS token holders every 12 hours. (Plebs are paid by the Hat instead, every time it fills, with no timer.)
• 5% protocol. Servers, the indexer, audits.
• 2.5% keeper gas. Pays for pushing payouts into holders' wallets.

For a coin quoted in a stock, holders keep their 67.5% in that stock. The other 32.5% is parked and swapped to ETH by the keeper in a separate step, under a Chainlink price floor, so nobody can sandwich the harvest.

$PLEBS is a coin too. Its own fees are split 50% to the Hat and 50% to the Sweep by a fixed contract. The protocol takes none of it.

Getting paid

• Once a vault holds 0.003 ETH for holders, the keeper converts it into the next pays-in stock through Uniswap, never below the oracle floor.
• The keeper snapshots holders, leaves out supply that cannot sell (the curve, the pool, the locker, the protocol's own contracts, the dead address) and posts a running record of what each wallet is owed (a Merkle root). Its totals can never exceed what the vault actually bought.
• The keeper then pushes payouts in batches of up to 120 wallets. Anyone can also claim their own share at any time, from the coin page.
• A payout that fails, for example to a blocked address, is skipped and stays claimable. It never blocks anyone else.
• If a basket stock cannot be bought for 7 days, anyone can release the pending amount to holders in the asset the coin earned.

The Hat

The Hat is the Plebs contract itself. It takes ETH from any product, tagged with where it came from:

• 10% of every Street fee,
• 50% of $PLEBS's own fees,
• 90% of every mint surcharge,
• and anything else sent to it, in ETH or straight in an enabled Stock Token. Other products may be added later.

When the Hat holds 0.005 ETH and at least one Pleb exists, the keeper makes a Hat buy: it spends up to 0.5 ETH of the Hat on the next Stock Token in the lineup and credits every Pleb exactly the same amount. The remainder of the division rolls into the next buy. The lineup moves on one Stock Token per buy. It holds up to 16, and every one ever used is tracked, 32 at most.

A new Pleb only shares in buys made after it exists. It is stamped with the running credit of every Stock Token, and any Hat ETH not spent yet is banked into the Books of the Plebs that already exist before the new one mints.

The Book

A Pleb's Book is what it has been credited and not yet claimed, per stock. The owner, or anyone they approve, claims it whenever they like. The Book is keyed to the Pleb, not the wallet, so it travels with the NFT. Sell a Pleb and the buyer can claim what is in the Book, so claim first if you want it. Resales carry a 5% royalty.

On-chain Plebs and the reveal

999 Plebs, never more, Pleb #001 to Pleb #999. Minting costs 0.02 ETH, 90% into the Hat and 10% to the protocol. Each mint also burns 100,000 $PLEBS. There is no free mint, no team allocation and no withdraw function.

The art is 32 by 32 pixel 16-bit portraits, stored fully on chain: every image and every trait sits in contract storage, and the Plebs contract renders each token's image, traits and live Book in its own tokenURI. No server or IPFS pin is involved.

In short: Your Pleb's art is drawn from a future block and shows about a minute after you mint. Nobody can pick a grail. There are 9 one-of-one grails among the 999.

The Sweep

The Sweep buys $PLEBS on its curve, or on its pool once it graduates, and burns everything it holds in the same transaction. It spends at most 0.05 ETH per sweep and sweeps at most every 5 minutes. The contract picks the route itself from the Pons launch record; the keeper cannot choose it. Minting a Pleb burns $PLEBS too, without buying anything.

The $PLEBS Cut

The Cut is for $PLEBS holders; Plebs are paid through the Hat instead. 5% of every Street fee goes to the Cut contract in ETH. Every 12 hours the keeper snapshots $PLEBS holders, keeps those holding at least $20 of it (priced from a median of recent samples, so one trade cannot move the line), and pays them in proportion to their balance through a cumulative root capped by what the Cut received. Locked supply is left out of the division.

Risks

• Pons can redirect fees. The Pons owner can redirect any coin's creator fees to another address after a 3-day timelock, and has done so for other coins. The site watches for it and shows an alert, but cannot stop it. Pons can also stop contracts from launching; the register path still works.
• Stock Tokens are Regulation S securities. They are not offered to US persons and are restricted in other places, including Canada, the United Kingdom and Switzerland. Check what applies to you before you hold one.
• The issuer is in control. The Stock Token issuer can pause a token, block an address (a Pleb contract included) or burn tokens from any address. Payouts skip a failing asset and keep the rest going, but a blocked asset can stop paying.
• Markets move. Payouts depend on trading. They can be small or zero. Stock swaps only run while the stock session is open and the price feed is fresh; on weekends they wait.
• Smart contract risk. The contracts are tested against a fork of Robinhood Chain but can still have bugs.
• Not Robinhood. Pleb is built on Robinhood Chain and is not affiliated with, endorsed by or sponsored by Robinhood Markets, Inc. or its affiliates.

More detail

For builders and the careful. Each section opens on a tap.

Questions go to the terms first, then to the team on X.