Jump Protocol
| Chain | Robinhood |
Tokenized equities as first-class assets |
| Quote asset | USDG |
Unified raise and refund ledger |
| Fixed FDV | 6,942 |
USDG, identical for every project |
| Per-address cap | 2% |
138.84 USDG counted, maximum |
Fixed-price and continuous bonding-curve launches share one failure mode: the clearing price is discovered after capital has already been committed. That lets fast actors extract value from slower ones through pure ordering — front-running the first block, sniping the first tick.
A batch auction removes the incentive. All participation is collected over a window, then a single allocation and a single implied price are computed simultaneously for every participant, from the aggregate demand observed at the close. Your allocation depends on how much you deposited relative to everyone else. Nothing else.
The Four Guarantees
| Property | Guarantee |
|---|---|
| Single Unit of Account | Deposit ETH, USDG, or Stock Tokens — everything is normalized to USDG at deposit time, and every downstream computation happens in one unit. |
| Hard Per-Address Cap | No address is counted for more than 2% of FDV, or holds more than 2% of total supply, regardless of capital deployed. |
| All or Nothing | The round either fully clears or fully refunds. No partial fill of the round, no target reduction, no top-up. |
| Exact Conservation | Integer rounding is resolved by a deterministic largest-remainder procedure, so token and currency totals balance exactly on-chain. |
What PvE Actually Means Here
A participant's outcome is a deterministic function of two things: how much they deposited, and how much everyone else deposited. It is evaluated exactly once, after the window closes.
It is never a function of who else was in the same block, who paid more gas, or who reacted fastest to on-chain information. The environment — the fixed clearing rule — is the only counterparty. There is no mechanism by which one participant's outcome can be improved at another participant's direct expense.
Where to Start
For Participants — What happens between depositing and claiming, step by step.
For Creators — Supply splits, your Stock Token, and how your round can fail.
The Batch Auction — The mechanism itself — sizing, clearing, waterfilling, settlement.
Specification of record
The auction subsystem is specified formally in the whitepaper, and every property it claims is enforced as a release-blocking invariant. Deployed addresses are listed on Contracts & Addresses.