/ A NEW RESERVETRADITIONAL ASSETS. A DIFFERENT FOUNDATION.
Coming soon 
Real assets at the foundation.
A shared reserve at the centre.
A different way to hold conviction.
STOA is building towards bringing the treasury, bonding, and staking mechanics of OHM to an equity-backed reserve. The ambition is simple: make the assets, the issuance, and the exit understandable.
Every new bond should bring more value than the claims it creates.
A treasury grows stronger when asset value entering the reserve covers the backing of the tokens leaving it.
STOA explores an OHM-style treasury holding tokenized equities. The reserve can rise and fall with its assets. The protocol token represents exposure to the reserve; it is not direct ownership of the underlying company shares.
Deposit an accepted asset in exchange for vested tokens. A bond should only open when the value entering the treasury covers the backing of every new token issued. Discounts alone do not make a bond sustainable.
Staking distributes newly issued tokens across stakers. Those emissions are not investment income. The useful question is whether the value of your claim grows after dilution, fees, and changes in the reserve.
The design includes pro-rata, in-kind redemption with a retention fee. Available assets, issuer restrictions, and redemption limits determine what can actually leave the treasury.
Every figure below is computed with the same maths as the Solidity — the emission curve, the accretion gate, the redemption floor, the eligibility caps and the mint gate. Nothing is deployed, so these are previews, not live chain reads.
A step function is gameable at every boundary. At 1.3× the original jumped four-fold — an 11.6% to 55.1% annual swing from an infinitesimal move in premium, with about 1,095 windows a year at each of five boundaries. Interpolating between the same published anchors keeps the table intact and makes manipulation pay only in proportion to the distance moved.
Emissions are dilution, not income. They are shown muted throughout this site, never as a headline yield — the compounded figure rises as holders unstake, because the same mint divides among fewer stakers.
A discount to market price can issue tokens below backing, diluting every existing holder. With backing at $10 and a market price of $10.50, an 8% discount issues at $9.66 — a $100,000 bond mints about 10,352 claims and takes backing from $10.0000 to $9.9681. Vesting postpones availability, not dilution. The contract refuses it.
Refused: short by $4,037.27. At a 8% discount this bond needs a premium of at least 1.09×.
Illustrates the gate only. Capacity limits, the per-interval payout cap, the debt-ratio auction price and vesting are modelled in the contracts, not here.
Burn tokens for a pro-rata slice of the treasury, in kind, minus retention. The payout is computed on raw quantities, not valuations — so a stale or paused price feed cannot block an exit. A floor nobody can test is not a floor.
$31.25 stays behind, which raises backing per token for everyone who stayed. Exits are accretive.
Redemption pays 99.75% of backing, so the no-arbitrage floor sits below backing, not at it. Adding gas, slippage and the cost of liquidating a basket of thin equity tokens, the arbitrage-free band is roughly 0.8% to 4.6% below backing.
The token can trade inside that band. A premium below 1.00 is a normal operating state, not a fault. In-kind redemption protects the treasury and widens this band, because it pushes liquidation cost onto the arbitrageur.
The original protocol’s rewards were a fixed fraction of supply while backing came only from bonds — so when bond demand slowed, supply inflated against a static treasury. Here a rebase that excess reserves cannot fund simply shrinks. Backing is never spent to pay a rebase.
Above the floor, so emissions can fire — bounded by excess reserves, with the keeper bounty paid from inside the same cap. An unadvanced epoch is worse than an unpaid staker.
The original specification said assets were “capped” with “tighter caps” elsewhere and gave no numbers, which is not implementable — and these caps are the only thing standing between a whitelist and a single-name treasury. Caps are on market value and enforced on deposit.
| Tier | Tier cap | Per name | Max discount |
|---|---|---|---|
| Liquidity pairValued at the balanced point, so the token cannot inflate its own backing. | 15% | 15% | 10% |
| Broad indexDiversified and liquid — the safest thing the treasury can hold. | — | — | 8% |
| Mega-capConcentration risk. Capped per name as well as per tier. | 40% | 10% | 5% |
| Other listedWhitelisted only. Higher volatility, longer review to add. | 20% | 5% | 3% |
| StablecoinBuffer. Cash does not appreciate, which is the mistake this corrects. | 15% | 15% | 2% |
A cap can be breached with no deposits at all, purely by prices moving. Because dividends arrive as a multiplier rather than cash, there is no cash sleeve drifting upward to cure — the affected facility simply closes until weights recover.
Bonding, staking, and protocol-owned liquidity. STOA takes inspiration from those mechanics and designs the reserve around tokenized stocks.
Olympus has used dollar-denominated reserves such as DAI and sDAI. Dollar assets can lose purchasing power to inflation; any yield they earn can offset some or all of that loss.
Our thesis: tokenized equities could let the reserve participate in business growth. That creates a different potential source of long-term value, alongside the protocol mechanics.
This is a design thesis, not a promise of better returns. Stocks can fall, backing can shrink, and tokenization adds issuer and liquidity risks. OHM was treasury-backed, not fixed to the dollar.
Diversified and liquid — the safest thing the treasury can hold, and the only tier with no ceiling. Max bond discount 8%.
These features are coming soon. Explore the concept previews; deposits, staking, and redemptions are not available yet.
Tokenized equities held in the treasury. On Robinhood Chain these are tokenized debt securities issued by Robinhood Assets (Jersey) Limited, giving exposure to the named equities — they are not shares and confer no legal or beneficial interest in the underlying companies. The treasury carries issuer credit risk, and the 1:1 backing claim rests on an unnamed custodian.
No, and the design does not claim one. No code path reduces a holder’s pro-rata claim on the treasury, but the market value of that claim moves with the assets, and emissions dilute it. Equities fall; backing per token falls with them. Redemption also pays (1 − retention) of backing, so the no-arbitrage floor sits roughly 4–8% below backing once gas, slippage and the cost of liquidating a basket are counted. A premium below 1.00 is a normal operating state, not a fault.
No. The contracts are written and tested — 118 tests across five suites, including around 100,000 fuzz runs on the economic invariants — but they are unaudited and undeployed. The panels in Mechanics compute with the same maths as the Solidity, locally. Nothing on this site submits a transaction or reads a deployed contract.
Two sources, shown separately and never combined. Earned is dividend accrual and treasury appreciation — on Robinhood Chain dividends arrive as a corporate-action multiplier already reflected in the price feed, not as cash. Printed is new supply issued to stakers, which is dilution, not income. Emissions are capped by an invariant rather than a schedule: a rebase that excess reserves cannot fund simply shrinks, so backing is never spent to pay one. No APY is promised, and the compounded emission figure is deliberately not a headline — it rises as holders unstake, which looks bullish exactly when it should not.
A gate in the contract, not a policy. Every purchase must satisfy V ≥ M × B — value entering covers tokens minted times backing per token — plus a 0.5% buffer for valuation uncertainty. A discount to market price can issue below backing: at $10 backing and a $10.50 price, an 8% discount issues at $9.66 and dilutes every existing holder. That bond is refused. Vesting postpones availability, not dilution.