HOHM

HOHM is a token whose supply expands and contracts against a treasury of real reserves. It is not pegged to a dollar and it is not trying to be. The design goal is simpler: every HOHM in circulation should be backed by assets the protocol actually holds, and that backing should grow over time.

Three things happen continuously. People buy HOHM from the protocol's own liquidity position, and the USDG they pay lands in the treasury. People bond USDG into the treasury directly, in exchange for discounted HOHM delivered over time. And people stake HOHM, receiving newly minted tokens paid for out of the treasury's surplus.

The reserve asset is USDG (Global Dollar), the stablecoin issued through the Global Dollar Network and the only stablecoin listed in Robinhood's own protocol documentation for this chain. It has six decimals, which the contracts account for explicitly everywhere.

There is one asset, held in three forms. You can move between them at any time, at no cost beyond gas.

The index is the conversion rate. It starts at 1.0 and only ever goes up. If the index reads 3.4, then one gHOHM is worth 3.4 HOHM, and someone who staked at launch now holds 3.4× the tokens they started with.

There was no presale, no team allocation and no vesting cliff. The entire genesis supply of 100 HOHM was minted once, into a single Uniswap V4 position, and the minting key was handed to the treasury immediately afterwards. From that moment the treasury is the only contract on Earth that can create HOHM, and it can only do so against reserves it already holds.

That position is single-sided. All of it sits in a price band running from $7,500 up to $150,000, and it contains only HOHM. Not a single USDG was required to open the market. In practice it is a ladder of sell orders. Buyers walk up it, and every token sold is paid for in USDG that accumulates inside the position, which the protocol owns.

The consequence worth understanding: because there is no protocol liquidity below the launch price, the protocol never sells into a decline. And because the supply is fixed at genesis while every dollar of proceeds is retained, if the whole ladder were bought out the backing per token would end up roughly equal to the average price it sold at.

Stake HOHM and you receive sHOHM. Every 8 hours, three times a day, the protocol closes an epoch, mints the epoch's reward, and spreads it across every staker in proportion to what they hold. Nobody has to claim anything; balances simply grow.

A rebase does not move tokens between accounts. Internally, balances are stored in a fixed private unit and a rebase only changes the divisor used to display them. That is why a supply increase for a hundred thousand holders costs the same gas as one.

On APY. The figure shown on this site is the current per-epoch reward rate compounded across a year. It is a projection of today's policy setting, not a promise, and it changes whenever the reward rate changes. A high number reflects a high emission rate, which is dilution for anyone not staking and only a real gain for stakers if backing keeps up.

Rewards are minted strictly out of excess reserves: treasury value beyond what is needed to back circulating supply. If the treasury cannot cover a reward, the protocol pays what it can and carries on. Staking, unstaking and bond redemption never stop working because a reward was underfunded.

This is the question worth asking of any protocol paying a four-digit APY, so here is the answer without any decoration.

Value enters in exactly three ways: someone buys HOHM from the protocol's liquidity position, someone bonds USDG into the treasury, or someone trades in the pool and pays the 1% fee. That is the entire list. Nothing here lends, farms, or earns a return anywhere else and sends it back.

Staking rewards are not paid out of that revenue. They are newly minted tokens. The treasury must hold a dollar of reserves per token in circulation before it will create more, which is what stops emissions from running ahead of the money that has actually arrived, but the tokens themselves are new supply, not income.

So what does staking actually do for you? Take a hundred people holding one token each:

Staking does not make you money. It stops you losing your share. That is worth saying plainly, because the headline APY invites the opposite reading. The reward for staking is defensive: it keeps you level while the supply expands around you.

You are actually better off, in dollars, only when backing per token rises, and that happens for one reason: money coming in faster than the protocol is emitting. Which is why the dashboard puts backing and premium next to the APY instead of underneath it.

A bond sells HOHM below market price in exchange for USDG, delivered over a vesting term rather than immediately. You take on time risk; the protocol gets reserves it owns permanently.

The price is not fixed. It is set by debt: every purchase raises outstanding bond debt and pushes the price up, while time decays that debt and pulls it back down. A market nobody is buying gets cheaper until somebody does. Each market also carries a hard price floor set when it opens, so a quiet market cannot decay toward giving tokens away.

Your payout is staked the moment you buy, and the note is denominated in gHOHM. You therefore keep earning rebases for the entire vesting period instead of waiting idle. When it matures, claiming delivers sHOHM, already staked and still compounding.

One structural guarantee: a bond can never mint more HOHM than the reserve value it brings in. The contract rejects the purchase otherwise.

The treasury values every reserve asset in HOHM units, where one unit represents one dollar of backing. Excess reserves is what remains after setting aside enough to back every circulating token 1:1, and it is the only budget staking rewards can be paid from.

Backing per token, treasury value divided by supply, is the number to watch. It is the honest measure of what stands behind each token, and it is almost always far below the market price. The ratio between the two is shown on this site as the premium. A premium of 20× means the market is paying twenty times what the treasury currently holds per token.

Trading fees from the protocol's Uniswap position are swept into the treasury as reserves, which means the protocol earns from its own volume.

There are four roles, all readable on chain from a single authority contract.

Treasury permission changes run through a timelock. Granting a new minter or a new depositor sits in a public queue for two days before it can execute, so holders can see it coming. Revoking a permission is instant. Taking power away is never delayed.

Staking and unstaking cannot be paused by anyone. That is deliberate: whatever else goes wrong, the exit stays open. What can be stopped, instantly, is emissions (the reward rate), any bond market, and minting altogether.

Governance is a single key, not a multisig. Whoever holds it can point the minting role at another contract and can move the Uniswap position out of the protocol's liquidity contract. There is no code that prevents this, and no timelock in front of it. If you are sizing a position here, size it against that fact rather than against the contracts.

This section is deliberately blunt. Read it before putting money in.