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Whitepaper

The full Pinarc whitepaper (design document; see What's live today for Phase 1 scope).

Note. The whitepaper describes the complete Pinarc design. The What's live today table lists which parts are in the Phase 1 contracts.

The permissionless USDG launchpad on Robinhood Chain: launch, raise, lock, and trade tokens in one place.

Table of Contents

1. Abstract
2. Introduction
3. Why Robinhood Chain
4. Platform Overview
5. Launch Modes
6. Accountability Layer
7. Launch Protection
8. Graduation and Liquidity
9. Post-Launch Toolkit
10. Trading and Discovery
11. Cross-Chain Access
12. The $PINA Token
13. Fee Model
14. Lifecycle of a Launch
15. Glossary
16. Disclaimer

1. Abstract

Pinarc is a permissionless token launchpad built natively on Robinhood Chain, Robinhood's Arbitrum-based Layer 2, where its users and tokenized assets are coming on-chain. Anyone can launch a token in seconds, with no KYC, no approvals, and no code. Every launch is priced and settled in USDG, the Global Dollar stablecoin native to the Robinhood ecosystem.

Creators choose how to launch: an instant bonding curve, a scheduled fair launch, a fixed-price presale, or a Dutch auction. Pinarc handles the rest: it migrates liquidity to Uniswap on Robinhood Chain, locks LP, enforces vesting, and distributes tokens.

What sets Pinarc apart is accountability built into the contracts, with no need for trust. Creators can post bonds, raised funds unlock by milestones, a USDG floor reserve backs every graduated token, and holders can take over any abandoned project.

$PINA powers the platform. Stakers get free launches, access to premium launch modes, fee discounts, priority allocations, and a share of platform growth. Fair, sniper-proof launch mechanics and a full post-launch toolkit make Pinarc the place where tokens on Robinhood Chain start and keep growing.

2. Introduction

2.1 The state of token launches

Token launchpads have made it trivial to create a token, but they have done little to make launches fair or accountable. The typical launch today suffers from a predictable set of failures:

• Sniping. Bots and bundled wallets buy in the first block, capturing the cheapest supply before any organic buyer can act.
• Rugs and abandonment. Creators raise funds, sell into their own community, and disappear. Nothing in the contract prevents it, and nothing protects the holders left behind.
• Volatile quote assets. Launches denominated in a volatile native token such as ETH expose buyers to two risks at once: the new token and the asset it is priced in.
• Fragmented tooling. Vesting, LP locking, airdrops, and fund escrow live in separate products with separate trust assumptions. Most launches skip them entirely.
• No memory. A creator who rugged last week can launch again tomorrow with a clean slate.

2.2 The Pinarc approach

Pinarc treats a token launch as a full lifecycle rather than a single transaction. The platform is designed around four principles:

1. Permissionless. No KYC, no approvals, no code. Anyone can launch.
2. Stable settlement. Every price, raise, fee, and reward is denominated in USDG, a fully reserved US-dollar stablecoin.
3. Accountability by contract. Bonds, escrow, floor reserves, vesting, and community takeover are enforced on-chain, not by promises.
4. One place for everything. Launch, raise, lock, and trade without leaving the platform.

3. Why Robinhood Chain

Robinhood Chain is the Layer 2 built by Robinhood on Arbitrum technology to bring its users, tokenized stocks, and other real-world assets on-chain. Building natively on it gives Pinarc properties that are hard to replicate elsewhere:

• The users are already there. Robinhood is onboarding a retail audience that has never touched a bridge or a seed phrase. A launchpad on the chain those users land on is a launchpad in front of them, not one they have to travel to.
• A dollar stablecoin native to the ecosystem. USDG, the Global Dollar issued by Paxos and backed by Robinhood as a founding member of the Global Dollar Network, is the natural unit of account on the chain. Pricing and settling every launch in USDG removes quote-asset volatility from the launch equation: a buyer knows exactly what they are paying, and a creator knows exactly what they are raising.
• Real-world assets as neighbours. Tokenized stocks and other RWAs live on the same chain, so a token launched on Pinarc trades in the same venues, wallets, and portfolios as those assets, and future launch modes can gate rounds by holdings of them.
• Ethereum security, Arbitrum tooling. The chain inherits Ethereum settlement through the Arbitrum stack, uses standard EVM tooling, and is served by Uniswap for post-graduation liquidity. Graduated tokens migrate their liquidity there, keeping the full lifecycle of a token on one chain.
• Cheap, fast blocks. Sub-second confirmations and low fees make batch auctions, per-block anti-sniper limits, and frequent small trades practical.

4. Platform Overview

Pinarc is organized into five layers that map to the life of a token:

Each layer is available to any token launched on Pinarc. Several premium modes and tools are unlocked by staking $PINA (see Section 12).

5. Launch Modes

Creators pick the mode that fits their project. All modes are priced and settled in USDG.

5.1 Instant bonding curve

The default mode. A token is created and immediately tradable on a bonding curve with USDG pricing. As buyers enter, the price rises along the curve. When the curve reaches its graduation threshold, Pinarc automatically migrates the liquidity to Uniswap on Robinhood Chain and locks or burns the LP.

Default curve parameters (set platform-wide, snapshotted by each launch at creation):

Bonding curve launches are free for creators who stake $PINA; non-holders pay a small USDG launch fee.

5.2 Fixed-price presale

A presale at a fixed USDG price with a soft cap and a hard cap. If the soft cap is not reached by the end of the sale, buyers are automatically refunded in USDG. Presale allocations can be subject to contract-enforced vesting (see Section 6.5) and are claimed through the claim portal.

5.3 Dutch auction

The price starts high and drops over time until the sale sells out. This produces fair price discovery: buyers who want certainty pay earlier at a higher price, and buyers who wait accept the risk that the sale sells out before the price reaches their target.

5.4 Scheduled fair launch

A launch announced ahead of time with a countdown page. During the first minutes after the countdown ends, every wallet is subject to the same equal max-buy, so no single participant can absorb the early supply.

5.5 Whitelist and allowlist rounds

Any launch mode can be gated by an allowlist round. Allowlists can be built from:

• a CSV upload of wallet addresses,
• a token-holder snapshot of an existing token (including tokenized stocks and other assets on Robinhood Chain), or
• NFT ownership of a specified collection.

$PINA stakers receive priority allocation in whitelist rounds, presales, and Dutch auctions.

5.6 Launch simulator

Before a token goes live, the launch simulator previews curve pricing, price impact at different buy sizes, and the market cap at graduation. Creators can tune their parameters and see the outcome before committing.

6. Accountability Layer

Accountability on Pinarc is enforced by contracts, not by reputation alone. The following mechanisms are available on every launch and are visible on every token page.

6.1 Creator bond

Creators can stake funds at launch as a bond. The bond is paid out to holders if the creator:

• sells vested tokens early, or
• abandons the project.

Bonds can be posted in USDG or in $PINA. Bonds posted in $PINA receive a 20% discount relative to USDG bonds. A bond, when posted, is at least 100 USDG and stays locked until 30 days after graduation. A slashed bond is deposited into the token's floor reserve, so it is paid out to holders pro-rata through floor redemptions rather than to the platform.

6.2 Milestone-based fund release

For raises that use milestone mode, raised USDG is held in escrow rather than sent to the creator at once. Funds are released in tranches, each unlocked only after a holder vote confirms that the corresponding milestone has been met. If the community is not satisfied, the tranche stays locked.

6.3 USDG floor reserve

A configurable share of each raise, from 0% up to 20%, is set aside as an on-chain floor reserve. The reserve acts as a buyback floor for the token: it is USDG that stands behind the token after graduation, providing a hard lower bound that is visible and verifiable on-chain. Any holder can burn tokens at any time after graduation and redeem reserve ÷ total supply per token; because burning shrinks the supply, the floor price never falls when someone redeems.

6.4 Community takeover (CTO)

When a creator goes inactive, holders can vote to take over the project. A successful CTO vote transfers control of:

• token metadata (logo, description),
• social links, and
• the creator fee share.

This lets a community keep a project alive even when its original creator has left. $PINA stakers carry voting weight in CTO votes.

6.5 Contract-enforced vesting

Vesting for team, marketing, and presale buyers is enforced by contract with a cliff followed by linear release. Team allocations of up to 10% of supply are moved to the vesting vault at launch, never to a wallet. Vested allocations cannot be moved before their schedule allows, and a creator who attempts to sell vested tokens early forfeits their bond.

6.6 On-chain creator reputation

Every creator has an on-chain reputation score derived from their history on Pinarc: past launches, rugs, graduations, and vesting behavior. The score is shown on every token page so buyers can judge a creator by their track record rather than their marketing.

Creators who stake $PINA receive a "Staked Creator" badge and a higher reputation score, scaled by the amount staked.

6.7 Dev buy disclosure

The amount the creator bought at launch is shown on the token page in real time. Buyers always know how much of the supply sits with the creator.

7. Launch Protection

Sniper protection is built into the launch mechanics rather than bolted on afterward.

7.1 Opening batch auction

Every buy in the first 30 seconds of a launch is collected into a single batch and filled at the same clearing price. Commitments are capped at 5% of the graduation raise per wallet (620 USDG with the defaults). Being first in the block gives no advantage: a bot that lands in the opening batch pays the same price as everyone else in it.

7.2 Anti-sniper limits

For 120 seconds after the opening batch closes, the contract enforces:

• a max wallet limit of 1% of supply (10,000,000 tokens),
• a max transaction limit of 0.5% of supply (5,000,000 tokens), and
• a trading cooldown of 10 seconds between buys from the same wallet.

Sells are never limited. The limits are lifted when the window ends.

7.3 Bundle and sniper detector

Pinarc flags wallets that are funded from the same source and buy in the same block. Flagged clusters are displayed on the token page so that organic buyers can see coordinated activity. $PINA holders get access to an advanced bundle detector with wallet tracking and deeper launch analytics.

7.4 Equal max-buy in fair launches

In scheduled fair launches, every wallet is subject to the same maximum buy during the first minutes (see Section 5.4).

8. Graduation and Liquidity

8.1 Automatic graduation

When a bonding curve reaches its graduation threshold (12,400 USDG raised), Pinarc automatically migrates the liquidity to Uniswap on Robinhood Chain in the same transaction that sells the last curve token. The creator does not need to take any action. A 2% graduation fee is taken from the raise, the floor share is set aside, and the remaining USDG is paired with the 200,000,000 reserved tokens; with a 10% floor that is ≈ 10,900 USDG of initial DEX liquidity. Graduation fees are reduced for tokens launched by $PINA stakers.

8.2 LP lock or burn with certificate

On graduation, the LP tokens are either locked for a set period or burned, according to the creator's launch settings. A lock certificate is displayed on the token page so anyone can verify that the liquidity cannot be pulled.

8.3 Standalone token and LP locker

The locker is also available as a standalone tool for any token on Robinhood Chain, not only those launched on Pinarc. Creators and communities can lock tokens or LP with custom unlock dates and receive the same verifiable certificate.

9. Post-Launch Toolkit

A token's life does not end at graduation. Pinarc includes the tools that projects usually assemble from multiple providers.

9.1 Automatic buyback-and-burn

A configurable share of the creator's trading fees is used to automatically buy back and burn the token.

9.2 Holder rewards

A share of trading fees can be distributed to token holders in USDG.

9.3 Creator fee share

Creators earn a USDG fee share from every trade on the bonding curve.

9.4 Referral links

Users who bring buyers into a launch through a referral link earn a USDG commission. $PINA stakers earn higher referral commission rates.

9.5 Claim portal

Presale buyers and vested recipients claim their tokens and unlocks through a single claim portal.

9.6 Multisender

Airdrops to thousands of wallets can be sent in one transaction.

9.7 Creator dashboard

After launch, creators manage their project from one dashboard:

• update socials, logo, and description;
• manage token and LP locks;
• manage vesting schedules;
• manage bonds and milestone releases.

10. Trading and Discovery

10.1 Live trading terminal

Every token page includes a live terminal with a price chart, trade feed, holder list, and top-holder percentage.

10.2 Limit orders on the bonding curve

Buyers can set USDG entry and exit prices on the bonding curve before graduation. Orders execute automatically when the curve reaches the target price.

10.3 Trending and discovery feed

The feed ranks tokens by volume, unique buyers, and curve progress, with filters for new, graduating, and graduated tokens. Creators can pay $PINA for boosted placement.

10.4 Watchlist and notifications

Users can follow tokens and receive browser push notifications for new launches, graduations, and unlocks on the tokens they watch.

11. Cross-Chain Access

Buyers do not need to already hold USDG on Robinhood Chain. Stablecoins bridged from Ethereum and Arbitrum through the Robinhood Chain bridge can be swapped to USDG and deposited into a launch in one flow, and Robinhood app users who already hold USDG can join a launch directly. This widens the buyer base of every launch to wherever dollar stablecoins already circulate.

12. The $PINA Token

$PINA is the native token of the Pinarc platform. Its utility falls into four groups: creator utility, participant utility, value accrual, and governance.

12.1 Creator utility (staking)

12.2 Participant utility (holders and traders)

12.3 Value accrual

• Buyback-and-burn. A fixed share of platform fees is used to buy back and burn $PINA.
• Platform revenue share. Part of Pinarc's USDG fees is distributed to $PINA stakers.

12.4 Governance

$PINA stakers vote on platform parameters, including:

• fee levels,
• graduation thresholds, and
• graduation DEX selection.

Stakers also carry voting weight in CTO votes and milestone votes for disputed or abandoned projects.

12.5 Token parameters

The circulating supply at TGE is 15% (liquidity, airdrop, and the first tranche of community incentives). Remaining allocations and the emission schedules will be published in the token launch announcement.

13. Fee Model

All platform fees are denominated in USDG unless stated otherwise. Gas on Robinhood Chain is paid in ETH.

Where the platform's 60% share of trading fees goes:

Fee levels, the graduation threshold, and the shares above are governance parameters; see Section 12.4.

14. Lifecycle of a Launch

The following walks through a typical launch to show how the layers fit together.

1. Prepare. The creator opens the launch simulator, sets curve parameters, floor reserve share, vesting schedule, and LP lock period, and previews the graduation market cap.
2. Stake and bond. The creator stakes $PINA to unlock a free launch and a chosen premium mode, then posts a creator bond in $PINA or USDG.
3. Gate (optional). An allowlist round is configured from a CSV, a holder snapshot, or NFT ownership.
4. Launch. The token goes live. The 30-second opening batch fills every early buy at one clearing price; anti-sniper limits and the bundle detector run for the next 120 seconds. Dev buys are disclosed in real time.
5. Trade. Buyers trade on the bonding curve with USDG, set limit orders, and follow the token on their watchlist. Buyers on other chains bridge stablecoins in through the Robinhood Chain bridge.
6. Graduate. The curve hits 12,400 USDG raised. Liquidity migrates to Uniswap on Robinhood Chain, LP is locked or burned, and a lock certificate appears on the token page. The floor reserve is set aside in USDG.
7. Grow. Trading fees flow to the creator, to holders as USDG rewards, and to buyback-and-burn. Referrers earn commissions. The creator manages locks, vesting, and milestones from the dashboard; milestone tranches unlock after holder votes.
8. Protect. If the creator sells vested tokens early or goes inactive, the bond is paid out to holders and the community can vote to take over the project.

15. Glossary

16. Disclaimer

This document describes the intended design and functionality of the Pinarc platform and the $PINA token. It is provided for informational purposes only and does not constitute financial, investment, legal, or tax advice, nor an offer or solicitation to buy or sell any token or security. Features, parameters, and timelines described here may change as the platform develops. Participation in token launches carries risk, including the potential loss of all funds. Users should conduct their own research and consult qualified professionals before participating.