How Tessera works on Robinhood Chain
An ETF holds shares of companies and issues units against them. Tessera does the same thing on chain with Robinhood Stock Tokens, with every rule enforced by three small Solidity contracts.
The recipe is fixed
A basket is a list of stock tokens and how many raw units of each back one share. The factory checks it once (one to eight distinct stocks, weights adding to exactly 100%, a creator fee of at most 1%) and deploys a contract with no setter, no owner, no pause and no upgrade path.
Shares are created in kind
To mint, you hand the vault the exact units the recipe names and receive the shares. The contract never reads a price, so a stale or manipulated feed cannot mis-price a mint or a redemption.
Rounding always favours holders
Deposits round up and withdrawals round down. Rounding dust stays in the vault, so it can never owe more than it holds. The test suite hammers this with odd-sized mints and redemptions.
Corporate actions pass straight through
Robinhood Stock Tokens reflect splits and dividends through a multiplier on the token, not by moving raw balances. A raw-unit recipe is untouched by them, and whatever accrues to the token accrues to every share.
Creators earn in shares
A creator's fee is a slice of each mint, paid as newly created shares. It never comes out of the vault, so backing per share is identical before and after.
Cash creations through USDG
The creation desk lets someone with only USDG buy a basket. They escrow USDG; anyone holding the stocks fills the order, the vault mints the shares to the buyer, and the filler is paid. The buyer can cancel for a full refund at any time, and anyone can return expired escrow.
Contracts on Robinhood Chain testnet
- Factory 0xaeF91E3De7a4b96063EB6Fe89890dc8339aB7676
- Creation desk 0x932550712d105590c3da4bCBF036dAc4e45394fA