How Karat works

Karat is a launchpad on Robinhood Chain where every token is paired against a tokenised real asset instead of a bare coin. The pool's own trading fees are paid to holders in that asset, and holders claim them themselves.

The pool, from the first block

There is no bonding curve contract and no migration. The launch transaction deploys the token, opens its Uniswap v4 pool at a fixed $5,000 valuation denominated in the pair asset, and mints the entire supply into that pool as two single-sided positions: 725M on the curve, between the opening tick and the cap roughly 7x above it, and 275M on the reserve, from the cap to the end of the usable range.

Both positions belong to the launchpad contract, which exposes no function that decreases a position. The liquidity is locked by construction, not by a locker with a date on it. "Graduation" is simply the price clearing the cap and trading continuing on the reserve: an event, not a transfer of state.

Fees

The creator picks a fee between 1% and 3%, charged on every trade: in the pair asset when someone buys, in the token when someone sells. Anyone can call collectPoolFees, at any time, for any pool.

• 70% to the token's holder ledger, minus whatever the creator redirected to themselves, at most 15 points.
• 30% to the protocol treasury.
• The token side is burned. Every sell shrinks the supply.

How holders are paid

The holders' share is transferred to the token contract and credited through a reward-per-share counter. Every transfer carries a correction, so a balance that moves mid-period is accounted for exactly: arriving late earns nothing from the past, and leaving keeps what was already earned.

Three addresses are excluded once and for all, at construction: the v4 PoolManager (in v4 every pool's tokens sit in the singleton, so that is what "the pool" means), the launchpad and the treasury. They neither earn nor dilute. There is no function to change that set.

There is no keeper in the payout path. No epoch, no snapshot, no minimum, no service that can go down. withdrawableRewardOf is what you are owed and claimRewards sends it. Anyone may push someone else's rewards to them, and the reward always goes to the holder.

The launch tax and the buy cap

For the first 60 seconds the fee starts at 50% and decays linearly to the creator's fee, so sniping the first block mostly pays the market. For the first five minutes no single buy may take more than 1% of the supply.

The creator's opening buy is exempt from the tax, since it happens inside the launch transaction before a market exists. It is not exempt from the cap. Without that, a creator could take any share they liked at the opening valuation while everybody else was held to 1%. That would be an allocation in all but name, and Karat says it has none.

Pair assets and depth

An asset is listed only if it carries real depth on chain. The figures below were measured from live Uniswap v4 pools on September 26, 2026; they are first-order estimates that overstate when liquidity thins out next to the current price, and they are refreshed by re-running the scan in the repository.

A token climbing to the top of its curve absorbs roughly $9,600 of its pair asset. Where that is more than the asset's pool can supply without moving, the launch page says so before you commit. Gold is the thinnest of the assets we list and we list it anyway, clearly marked, because it is the one the product is about.

What the owner cannot do

The hook is bound to the launchpad exactly once. Changes to the treasury, the owner and the asset whitelist wait 48 hours on chain before anyone can apply them, and the queued proposal commits to its exact arguments. The only immediate controls are a pause on new launches and the opening valuation of future launches. Neither can touch a live pool, a position, a reward ledger or anybody's balance. The tokens themselves have no admin functions at all.

Risks

GLD, USO, NVDA, SPY and the rest are tokens issued by third parties that track the price of an ETF or a share. They are not the thing they track. Holding GLD is not holding gold: no physical delivery, no right of redemption against any metal or fund, no shareholder rights, no dividend. If the issuer fails or stops honouring the peg, the token can become worthless whatever gold does. Karat does not merely route trades in these assets. It distributes them to holders, so this risk reaches everyone who claims.

Nothing here is a forecast. We show no yield, no annualised rate, no estimate and no simulator, because none of it would be knowable. Rewards come from trading fees that may never be charged. At the start the amounts are pennies, and we show them as pennies.

Market hours. The assets these tokens track trade on markets that close. Outside those hours and at weekends, spreads widen and prices gap.

The contracts are not audited beyond the test suite and the adversarial tests in the repository.

Anyone can launch here. A listing is not an endorsement and says nothing about a creator's intentions.

Nothing on this site is investment advice.

Contracts

Robinhood Chain, chain id 4663.

• Launchpad: 0xd57759fc069ff9f8901042e3df8f13708c0d9e6f
• Hook: 0x78af3e194cbfb6e04c35d7247685becd47ab20c0
• Lens: 0x5498dd767f2a5ebd206d88f1ac2b647112f1845f
• Router: 0x5b03ca37137feb729a9e4427c5683998b4ab09e3
• Uniswap v4 PoolManager: 0x8366a39CC670B4001A1121B8F6A443A643e40951