Overview

Hash.fun is a token launchpad on Robinhood Chain. Every market launched on it is quoted in a unit of Bitcoin's production economy rather than in a stablecoin, and the holders of every market are paid trading fees in that same unit.

The three parts

Mining coins are ERC-20 tokens, one per unit. One HASH is one petahash per second of SHA-256 hashing for one day. One BLOCK is the subsidy plus fees of a single Bitcoin block. One S21 is one Antminer S21 Pro. There are seven coins in the catalogue. Each is held at its reference price by a single-sided Uniswap V3 pool that the protocol reprices as the feed moves.

Markets are Uniswap v4 pools. Anyone can launch one from a single form and a single transaction. The market pairs a new token with a fixed supply of 1,000,000,000 against a mining coin of the creator's choice, opens at a $5,000 market cap, and holds its entire supply as concentrated liquidity from the block that creates it. The two liquidity positions belong to the launchpad contract, which has no function to withdraw them.

Rewards are paid automatically. Every swap in a market pays a fee of 1% to 3%, set once by the creator. Every 15 minutes the keeper collects those fees and the treasury splits them: 40% to the market's token holders in the pair coin, 30% to buy and burn $POW, and 30% to the protocol. Holders receive the coin in their wallets and claim nothing.

How a trade moves

A buyer pays in ETH, USDG, or a mining coin. The router converts ETH to USDG in the WETH/USDG pool, converts USDG to the market's pair coin in that coin's peg pool, and swaps the coin for the market token in the v4 pool, all in one transaction. A sale takes the same path in reverse. Because the market is priced in the pair coin, its price in coin moves only when someone trades it, and its price in dollars moves with the coin as well.

What backs a mining coin

A mining coin is synthetic. The protocol mints coin into the ask side of the peg pool at the feed price, and the bid side holds only the dollars that buyers have paid in. Nothing is hedged and nothing is redeemable. HASH is not backed by hashrate, S21 is not backed by machines, and BTC on Hash.fun is not backed by bitcoin. A mining coin is a position on the unit it tracks, and it can be sold only while the bid holds dollars. Risks sets this out in full and should be read before trading.

Chain

Hash.fun is deployed on Robinhood Chain, chain ID 4663, an Arbitrum Orbit chain that uses ETH for gas. The USD stable is USDG, the Paxos Global Dollar. Contract addresses are listed in Contracts.