A bearer certificate is an instrument that belongs to whoever holds the paper. These ones hold something back: each certificate is its own wallet, and every fee the collection earns is printed into it as a liquidity position paired against a tokenised stock.
Nobody claims. Nobody distributes. The paper simply gets heavier — and the engraving on its face is drawn from the balance sheet underneath it.
No jargon, no diagram. If you read nothing else on this site, read this.
Three things arrive in one transaction, and they are worth separating, because most collections only give you the first.
The artwork is generated on-chain from the certificate's own numbers: guilloché density, stamp count, seal, ageing. Two certificates with identical balances would look identical — which never happens, because no two wallets are ever identical.
ERC-6551 gives every certificate a real address on Robinhood Chain. It can hold ETH, $BEARER, tokenised stock and LP. You do not own a claim on a treasury somewhere — you own the account, and it moves with the token when you sell.
Fees are converted into a $BEARER/SPCX liquidity position registered to your certificate, plus a vault holding in your house's tokenised stock. It earns swap fees continuously, and those fees are swept back in. The number on the face is the position, priced live.
One contract does all of the work, and it has no owner keys over your assets. Pick a house below to watch how it routes a fee through the press.
sweep() once pending fees pass 0.02 ETH. The caller keeps 0.25% as a gas tip, so the press never stalls waiting on a team.Your house is drawn at subscription and never changes. It sets the ink, the crest, what the vault holds, and how the Registrar divides every fee between buying, liquidity and reserve.
Terms, house odds, contract addresses and the state of the issue.
Next →Every certificate issued, with its plate and its position, live.
Next →Sign one certificate over into another and burn the donor.
Next →Anatomy, the live plate, the arithmetic, the risks, the questions.
One thousand plates. No allocations, no unlocks, no treasury. When the press stops, whatever it printed is already inside the certificates.
Read the terms of issueOne thousand certificates at a flat price, drawn to a house at random. Everything you pay goes into the press — the same press that fills the certificate you are buying.
Flat for everyone. No allowlist price, no bonding curve, no Dutch auction — the only thing that changes is how many are left.
Maximum 10 per transaction. There is no cap per wallet — the cap is the issue.
One transaction. Your house is drawn inside it, and the account for each certificate is deployed in the same call.
Read from the contract. Every subscription lands in the Registrar as pending fees against the serial it struck.
The house is drawn in the mint transaction from the block hash and your address. It is written once and can never be changed — not by you, not by the Registrar.
Subscribing is one transaction. This is everything it sets in motion, in order.
A token ID is minted to your wallet and a house is drawn. The serial and the house are fixed from this moment.
An ERC-6551 account is deployed for that token ID. It is the certificate's own address, and it belongs to whoever holds the token.
The 0.02 ETH is credited to the Registrar as pending fees against your serial. On the plate it shows as coupon teeth along the top edge.
When pending fees clear the threshold, the Registrar splits them by your house rule — and the teeth become a position, a vault holding and a stamp.
Deployed and verified on Robinhood Chain. Anything claiming to be BEARER that is not in this list is not BEARER.
Chain: Robinhood Chain · Pair venue: Uniswap v4 hook pool via Pons v2 · Standard: ERC-721 + ERC-6551
Every certificate ever struck, in the order it was struck, each plate drawn from its own account at the moment you loaded this page. Gaps in the serials are certificates that were endorsed away and burned.
Plates are drawn from each account at load. Serial gaps are certificates that were endorsed away and burned.
The plate above is rendered from the balances in the table beside it. Change one balance and the engraving changes with it — there is no stored image to fall out of date.
Meridian & Co.
A bearer instrument can be signed over. Endorse one certificate to another and everything the donor held — position, vault, stamps, age — moves across. The donor is overprinted CANCELLED and burned. Supply only ever falls.
The surviving certificate keeps its own house, ink and serial. It does not inherit the donor's split — only the donor's assets, stamps and age.
The protocol charges nothing to endorse. What it costs you is a serial number: it leaves the issue permanently, and the gap in the registry is the receipt.
Two positions become one heavier plate that is easier to price and to sell. It creates no new value — it moves the same value onto fewer pieces of paper.
The long version: how to read a plate, how the engraving is generated, what the compounding actually adds up to, the terms of issue, and everything that can go wrong.
Every mark on the face is a number from the wallet. Tap a marker on the plate — or a line in the index — to see what it is reporting.
This is not a picture of a wallet, it is a rendering of one. Move the numbers and the engraving is redrawn exactly as the contract would draw it.
A certificate grows from two inputs: new fees swept in, and the swap fees its own position earns. Set your assumptions — this model is illustrative, and it is the same one you should stress with pessimistic numbers before you subscribe.
Model, not a forecast. It follows the volume path you set above and assumes no price change in $BEARER or the reserve stock — the second of which is certainly false. Impermanent loss is not modelled, and the first 90 days matter more than the rest.
Plain terms, published before the press starts. Nothing here can be changed after deployment except where the row says so.
| Term | Value | Note |
|---|---|---|
| Issue size | 1,000 | Hard cap in the contract. Falls over time through endorsement; never rises. |
| Subscription price | 0.02 ETH | Flat. No tiers, no allowlist pricing, no Dutch auction. |
| Proceeds routing | 100% → Registrar | Split across all subscribed certificates by house rule. No team cut at mint. |
| Team allocation | 0 | The deployer subscribes on the same terms as everyone else, or not at all. |
| Secondary royalty | 5% | Also routed to the Registrar. Selling your certificate stuffs everyone else's. |
| $BEARER creator tax | 1% | Set at launch on Pons v2 and permanently redirected to the Registrar contract. |
| Pair | $BEARER / SPCX | Uniswap-v4 hook pool on Robinhood Chain. The vault holds each house's own stock. |
| Sweep threshold | 0.02 ETH | Adjustable by the Registrar within a hard 0.005–0.1 ETH band, to keep gas sane. |
| Endorsement fee | 0 | Gas only. The protocol does not tax burning supply. |
Read this part twice. A mechanism that compounds also compounds mistakes.
Your position sits in a two-sided pool. If $BEARER moves hard against SPCX, the position is worth less than holding either side. The engraving will happily draw a beautiful certificate over a losing position.
1,000 subscriptions at 0.02 ETH is a small pool. Early depth is shallow, slippage is high, and the fee flywheel only starts to matter with sustained volume that may never arrive.
The vault holds a wrapped instrument on Robinhood Chain with its own issuer, redemption and market-hours behaviour. It carries counterparty and liquidity risk that plain ETH does not.
ERC-6551 accounts, a v4 hook pool and an autonomous router are three moving parts. Audit status is published before subscription opens; unaudited is a reason to pass, not a detail.
You cannot pull liquidity out of a certificate. The only exit is selling the certificate itself, at whatever the market pays — which can be well below the position value printed on it.
No yield is promised, no entity is obliged to you, and nothing here is advice. Assume you can lose the entire subscription.
No. The registry, every certificate page, the mechanism and the models are read-only and work with no wallet at all. Connecting is asked for in exactly three places: subscribing, seeing which certificates are yours, and endorsing one into another.
Two ways. Subscribe to the issue directly while serials remain — flat price, house drawn at random. Or buy a struck certificate on the secondary market, where you can read its exact position off the plate before you bid.
Into the Registrar, in ETH. It sits as pending fees against your certificate until a sweep. On sweep, your house rule splits it: part buys $BEARER on the open market and holds it in your certificate's vault, part is paired into the $BEARER/SPCX pool as liquidity registered to your token ID, part is swapped into your house's stock and parked in the same vault.
Then the ETH stays as pending fees inside each certificate and nothing is bought. The face shows pending fees as coupon teeth on the border rather than as a position — it is visibly an unstuffed certificate, and no one can pretend otherwise.
There is no function that moves assets from a certificate's account to anywhere except that certificate's owner, and ownership follows the NFT. The Registrar can change the sweep threshold inside a fixed band and nothing else.
Because on this chain it is possible, and it changes what the instrument is. A certificate paired against SPCX with a vault of NVDA is not another ETH-beta bag — its behaviour is tied to something outside crypto, which is the whole reason Robinhood Chain exists.
The generator is. tokenURI returns an SVG built at read time from the account's live balances, so the plate you see is always the current state of the wallet, not a snapshot pinned somewhere.
Yes — that is the point of printing it on the face. Position, vault, stamp count and house are all visible on the plate and verifiable on the explorer against the account address in the microtext line.