Your token, backed by any currency.

The dollar is the unit everything else is priced in, so USDp sits 1:1 with USDG, a dollar token. Every other currency token follows its real exchange rate, published on chain and kept by its own peg.

When you launch a token here, you pick one. From then on your token and that currency token share one pool: buyers pay with it, your price and market cap show in it, the reserve behind your token is made of it, and your share of every trade arrives in it. A creator who launched against EURp earns euros.

A channel is a pool with one liquidity provider: the channel itself. It keeps two ranges either side of the live rate: an ask of currency tokens just above it, and a bid of USDG just below it. Buy, and you fill on the ask. Sell, and you fill on the bid. Either way you trade within a fraction of a percent of the real exchange rate.

When the rate moves, the keeper moves both sides with it. The pool address stays the same, so the token is always tradeable at one address.

liquidity provider

the channel

ask

currency tokens, 0.10% to 0.30% above the rate

bid

USDG, 0.10% to 0.30% below the rate

repriced

by the keeper as the rate moves

pool address

always the same

Every rate on Pips is written on chain by a keeper: a small script that reads a live rates table, spots what moved, and pushes it into QuoteFeed, the on-chain feed every channel reads. Every push is a public transaction, and the quotes page lists each one with its time and hash.

The keeper checks rates every minute and writes when a currency has moved, or when a rate is due a routine refresh. Everything that moved goes into one batched transaction, which is what makes twenty-five currencies cheap to keep current.

A launch is a single transaction. The form asks for seven things, and the chain does the rest:

• Name and ticker. What shows in launches and in wallets. Each name-and-ticker pair is yours alone on Pips.
• One line about it. Optional, stored on chain with the token.
• An image. Optional. Paste a link, or upload a file and it is stored on chain inside the token itself, so it lives with the token for good.
• A website and an X link. Optional, stored on chain alongside the image.
• The currency it’s quoted in. Any listed currency token.
• Your cut of the supply. 0 to 10% of the billion, sent to your wallet before the market opens. Everything else goes in the pool for people to buy.
• The opening market cap. The same for every launch. The form shows it, and the opening price it implies in your currency, so you see exactly what you are signing.

You bring no capital. The pool opens holding your tokens, priced so the whole billion is worth $4,000. The first currency tokens in the market come from buyers, and from then on the reserve behind your token grows with every buy.

A currency token’s own dollar price is read live from its channel. At launch the app takes that number and sets your opening price so that all 1,000,000,000 tokens together are worth $4,000, whether one unit of your currency is worth a dollar and change or a fraction of a cent. Every launch starts on the same footing, and a token quoted in yen opens at a price with several more digits in it than one quoted in pounds, for the same reason a coffee does.

After that, your token’s price and market cap are quoted in the currency token from the first trade on: so many EURp per token, so many EURp of market cap. The dollar figure next to it is the same number times the currency’s live rate. Both can move: your token against the currency, and the currency against the dollar.

Buying a token here means paying currency tokens into its pool. Selling brings them back out. The pool charges no liquidity fee; instead every trade, buy or sell, pays 1% in the currency token.

The creator’s half is paid by the pool in the same transaction as the trade: nothing to claim, no dashboard to visit. The dashboard simply shows what has arrived, in the currency each token is quoted in.

6.1Getting out

Selling is a plain swap: your token back into the currency token, in the same block you sign. The currency token then trades against USDG in its own channel, so a position can be walked all the way back to dollars in two swaps, and you can stop at the currency if that is what you wanted.

Under all of this sits Uniswap v4’s audited infrastructure and the chain’s own token factory and launcher. Pips’ own contracts are small, source-verified on the chain explorer, and open for anyone to read.

token supply

1,000,000,000, minted once

quoted in

any listed currency token, 25 as shipped

opening market cap

$4,000, every launch

creator keep

0 to 10% of supply

liquidity fee

0%

trade tax

1% per trade, in the currency token

tax split

50 / 50 creator / launchpad, automatic

liquidity lock

permanent

peg geometry

spread 10 ticks, width 20, within 0.3% of the rate

reprice threshold

0.10% move

dollar token

USDp, pinned 1:1 to USDG

chain

Robinhood Chain

The rate is the currency’s USD reference as last published by the keeper, and the time is how long ago that was.

Every currency’s own token and channel address is in appendix B and on the quotes page. The whole set is source-verified on the explorer, and the ten contracts below are the entire protocol.