getting started

Launch a token against anything. Cut it with leverage.

Cleave is a cut layer on Robinhood Chain. A token launched here sits on a Pons bonding curve, priced in a real asset the creator picks. On top of that curve, every market comes with a ladder of leveraged and cushioned claims built by dividing a reserve, never by borrowing. The fee from those cuts buys $CLEAVE on the open market.

What Cleave is

A token launched through Cleave gets a bonding curve on Pons and a market on Cleave. The curve holds the pair asset as its reserve, so a token paired with GLD is quoted in gold and a token paired with NVDA is quoted in NVIDIA stock. Fifty plus tokenized stocks, ETFs, commodities, ETH, cbBTC and USDG are available as pairs.

On top of that curve Cleave runs three tranches. Each tranche divides one token into a shield claim that targets a fixed fraction of every move and a probe claim that takes whatever the shield gives up. Shield plus probe always equals the token. That is the whole system.

Cleave does not compete with Pons as a launchpad. Pons already is the issuance venue on this chain. Cleave is the knife: it splits a coin that already has a curve. The protocol contracts are not deployed yet. Read concepts before you size anything, and do not send funds until the vault address is a contract.

What you choose

The pair. Dollar, crypto, a stock, an ETF, a commodity. The pair is the reserve, so the token moves with it.
The max leverage. 2×, 3×, 4× or 5×. The Deep probe is struck to land exactly on it at the opening price.
Name, ticker, image, links. The usual. Launch is free once the vault is live; Cleave pays the gas from its treasury.

What stays fixed

For any tranche, the price of the shield plus the price of the probe equals the price of the token. Nothing is borrowed to produce the probe. There is no lender, no funding rate and no liquidation price. A probe can be written to zero by arithmetic when the token falls far enough. After that the shield takes the whole move until the tranche restrikes.

one token = one unit of reserve, three ways to divide it Struck for a 3× market: Shallow ~1.67×, Mid ~2.33×, Deep 3×. The crimson share is the probe. Shield plus probe always equals one token.

How a market works

Launch a token. Pick a pair and a max leverage. Cleave submits the Pons launch and pays the gas.
Strike the tranches. At the opening price the Shallow, Mid and Deep tranches are struck so the Deep probe lands on your max leverage.
The market lists under New. It shows in Markets with price, 24h change, market cap, liquidity, curve progress and the leverage chip.
Traders pick an exposure. One control, seven rungs: three shields, the token, three probes. Amount in USDG, confirm.
Claims are priced by the split. Every quote recomputes shield and probe values from the live curve price. Nothing is estimated.
Sell any time. In full or in part. Settlement is the vault, not an internal ledger.

Connecting

Press Connect to open the account sheet. It asks your wallet for an address, switches it to Robinhood Chain (chain id 4663) and asks for one signature. Trading uses the wallet. There is no off-chain USDG balance to fund. Until the vault is deployed, Connect does nothing useful.

Rabby, MetaMask and Phantom all work. Robinhood Chain is added to the wallet automatically the first time you connect.

System components

Component	Responsibility	Boundary
Market	One token, one pair, one curve, three tranches.	Created at launch, never edited.
Reserve	The pair asset held by the bonding curve.	Only ever divided into claims.
Tranche	A shield target f and a strike weight w.	Restrikes when its probe hits zero.
Ladder	The seven rungs with live prices and elasticities.	Read only.
Ticket	The one control that buys or sells a rung.	Needs a vault. Closed today.
Pons	The bonding curve factory on Robinhood Chain.	Holds the token and reserve on chain.
Vault	Takes 1 token, mints 1 shield + 1 probe.	Not deployed. Protocol page is a stub.
$CLEAVE	The token the cut fee buys.	CA unpublished.

Next: core concepts, including the exact math behind D(P) and X(P).