Stratton Market, explained simply.

Stratton Market turns real penny stocks into tokens, lets anyone launch a meme against one, and uses a market maker to keep the token price close to the real share price.

A stock-token is called a TICKERx. A share of Kartoon Studios becomes TOONx.

The loop

One token equals one real share. The SPV (a company that only holds shares) buys the share, then mints the token against it. Minting needs no USDG.

Only the SPV / market maker mints and redeems, exactly like an ETF's authorized participant. You never mint or redeem yourself: you buy and sell TICKERx on the open pool, and the market maker keeps that price glued to the real share.

Action	Who	What happens
Mint	SPV / MM only	The SPV holds the share and mints one TICKERx against it.
Redeem	SPV / MM only	The SPV burns tokens and sells the shares, closing its arbitrage.
Trade	Anyone	Buy or sell TICKERx on its pool. This never touches custody.

Backing rule

There can never be more tokens than shares held.

token supply <= shares in custody

Anyone launches a meme. It is priced in an approved stock-token, not in ETH. It sells on a bonding curve, so the price rises as more people buy.

Setting	Value
Sold on the curve	80%
Kept for the pool	20%
Trade fee	1%

Graduation

When the curve sells out, the liquidity moves into a real Uniswap v4 pool and is locked for good.

A market maker closes any gap between the token price and the real share price.

If the token is	The market maker	Price then
Too expensive	Mints new tokens and sells them	Goes down
Too cheap	Buys tokens and redeems them	Goes up

The profit from selling when the token is expensive pays for the next batch of real shares. That is how the system funds itself. It runs on market hours, so it is not instant.

STRATTON is the token of the launchpad. Fixed supply of 1,000,000,000. The contract has no owner and no mint function, so no more can ever be created.

Where protocol revenue goes

Most of what the protocol earns is used to buy STRATTON on the open market and burn it.

Share	Goes to
75%	Buyback and burn
20%	Operations
5%	Protocol-owned liquidity

The 20% is stated openly rather than folded into the buyback number, so the buyback figure means what it says.

What counts as protocol revenue

Three things, and only these three:

Stream	Amount
Launch fee	0.0005 ETH per launch
Trading fee on the curve	The protocol's 30% of the 1% fee
Pool fee after graduation	The protocol's 30% of the 1% fee

Listing a new penny stock

New stocks are not added by us picking them. They are won at auction.

Once a week, one auction decides which penny stock gets tokenized next, and who gets to name its ticker.

What is won	The right to have the next penny stock tokenized, and to choose its ticker
Paid in	ETH
Format	Sealed bids. Everyone commits a hidden bid, then reveals it. The highest bid wins and pays the second-highest price.

Sealed bids rather than a countdown, because on this chain transactions are ordered as they arrive and gas cannot buy priority. A descending price would be a race between bots rather than a way to find a real price.

Where the winning bid goes

The proceeds do not sit in a treasury. They go to the market maker, which uses them to buy the real shares of the stock that was chosen, put those shares into custody, and seed the new pool.

A new stock therefore arrives backed one for one and with real depth from its first day, paid for by the person who wanted it listed.

Rules

The winner must launch within a set window or the slot passes to the next bidder.

Every stock must still clear the same checks as the ones already listed: enough float, enough daily volume, and a custodian willing to hold it. Winning the auction buys the slot, not an exemption.

If an auction draws no bids two weeks running, it pauses for a month rather than pretending to run.

Launching a memecoin against a stock that is already live stays open to everyone, free. The auction is only about adding new stocks.

Contracts on mainnet

Contract	Address
Launchpad	0x4F03a75d8bF7CC4ea5b2e5bF12a05AbF2918cA49
Graduation migrator	0xac1a3a1354eB441Abb21FB9157d1c742E1De30d3
Liquidity locker	0xa1965Bc617094D021edd392D19Df20eee47f1b27
Memecoin buyback	0xD969f9ce986Dc7Eb381B4Ccb88871d92F2565D49
STRATTON buyback	0x80624b86e0DB389b0aB90310eb8020Da4290Ffc6
CEX blocklist	0x67d76de0feC8B0471a6f290b53dE0073A5FfA5aB
DSSx stock-token	0xe99d4365A5dA0F7A3919Fc1Fe37EcE79BdB16eDa
STRATTON token	0xb7eaeCc89d3e2f9Fd597D61726aE824900dB8360
Issuance controller	0x9Be740d68f690Fe1fCF9eECD527B3802FE8Eb735
Stock-token factory	0xAfD1ae9399E173fc4c512887Eb17bC85cfBb97DD
Reserve registry	0xD9ee090adbEf9CF79B0e2FCF75139dBe9D75EACE

Chain: Robinhood Chain (an Ethereum L3), id 4663. Explorer: robinhoodchain.blockscout.com.

Every contract above is source-verified on Sourcify with a full match, not a partial one, so the source you read is provably the source that was compiled and deployed. Look any of them up at sourcify.dev/#/lookup/<address>, or query sourcify.dev/server/v2/contract/4663/<address>.

FAQ

Question	Answer
Is this a security?	No. Not an offer of securities or advice.
Do I need USDG to mint?	No. The SPV mints against the share it holds.
Can the liquidity be rugged?	No. Graduated liquidity is locked forever.
What chain is it on?	Robinhood Chain, an Ethereum L3.