USDC / OBOL, Uniswap v4
The floor and the market.
The floor is what one token redeems for right now: the vault divided by the supply. The market is what one token trades for on the pool.
Preview state. These are not readings.
obol.trade is not deployed. The numbers on this page describe how the interface behaves and what it will show. They do not come from a chain, because there is no contract to read.
Floor
0.028800
USDC per token
Market
0.041300
USDC per token
Missing 412,900.000000 USDC to close the gap
Last floor increase: +0.000003 USDC per token. The floor has never decreased.
Protocol state
| R, USDC in the vault | 951,321.600000 | USDC |
| S, OBOL supply | 33,032,000 | OBOL |
| V, total ever paid into the vault | 1,080,000.000000 | USDC |
| F, floor per token (R/S) | 0.028800 | USDC |
| P, market price on the pool | 0.041300 | USDC |
| P − F, market premium per token | 0.012500 | USDC |
| Coverage (F/P) | 6973 | bps |
| Missing to close the gap (P×S − R) | 412,900.000000 | USDC |
| Genesis supply minted | 40,000,000 | OBOL |
| Burned by redemption | 6,968,000 | OBOL |
| Paid out to redeemers (V − R) | 128,678.400000 | USDC |
| Cumulative swap volume | 75,000,000 | USDC |
| Current fee step | 2 | 120 bps |
| Read at | none | no chain |
V equals R plus everything ever paid out to redeemers: 951,321.600000 + 128,678.400000 = 1,080,000.000000. This is an accounting identity, not a reconciliation. It cannot drift.
Redeem
Burn OBOL, receive your pro-rata share of the vault
0.000000OBOL
You would receive 0.000000 USDCRate 0.028800 USDC per token. No fee. No delay.
Unavailable. The vault contract does not exist yet.
Buy
Swap USDC for OBOL on the pool
0.000000USDC
Hook fee 120 bps, 100% of it goes to the vault.Pool fee 0 bps.
Unavailable. The pool does not exist yet.
Sell
Swap OBOL for USDC on the pool
0.000000OBOL
Hook fee 120 bps, 100% of it goes to the vault.If the pool price is below 0.028800, redeem instead. It pays more and charges nothing.
Unavailable. The pool does not exist yet.
Fee steps
| Step | Total ever paid into vault (USDC) | Fee (bps) | Fee (%) | Volume in this step (USDC) | Fees produced (USDC) |
|---|---|---|---|---|---|
| 0 | 0 to 199,999.999999 | 200 | 2.00% | 10,000,000 | 200,000 |
| 1 | 200,000 to 599,999.999999 | 160 | 1.60% | 25,000,000 | 400,000 |
| 2now | 600,000 to 1,199,999.999999 | 120 | 1.20% | 50,000,000 | 600,000 |
| 3 | 1,200,000 to 1,999,999.999999 | 80 | 0.80% | 100,000,000 | 800,000 |
| 4 | 2,000,000 and above | 40 | 0.40% | unbounded | none |
MAX_FEE_BPS = 200. The contract cannot charge more than this in either direction, ever. There is no admin key that can change the table.
Invariants
I01A swap is never reverted by the hook
I02R/S never decreases
I03Redemption pays exactly pro rata
I04V never decreases
I05The fee step never goes back up
I06The fee never exceeds 200 bps, in either direction
I07No rounding ever decreases R/S
I08Every path is a fixed number of operations
I09No value ever leaves to a team address
I10Redemption is always open
I11The vault never pays out more than it holds
I12No write depends on the caller's address
These are properties of the specification. They will be properties of deployed code only once there is deployed code.