How Forq works.

The idea

A share of stock is really two things held together: what the share is worth at some date, and the dividends it pays until then. Forq pulls those apart for Robinhood Stock Tokens on Robinhood Chain, so each can be priced, traded and held on its own.

Robinhood Stock Tokens pay dividends by raising an ERC-8056 multiplier rather than by sending cash. A token with a multiplier of 1.01 is worth 1% more stock than it was. Forq reads that multiplier and sends every dividend rise to whoever holds Flow.

Base and Flow

Each series is one stock and one maturity date, for example SPY · MAR27. Depositing the stock into its vault mints the same number of Base and Flow tokens.

• Base redeems at maturity for the stock you would have held without any dividends reinvested. It trades below the stock and climbs toward it, which is a fixed rate you can lock in.
• Flow earns every dividend the issuer declares until maturity, streamed by balance and claimable any time as the stock. Its price is the market's view of those dividends.
• Minting uses the live dividend rate, so a late depositor never takes dividends that were paid before they arrived.
• One Base plus one Flow always merges back into the stock, free, in every state of the series.

The ledger

Every stock has one Forq ledger. It checkpoints the multiplier and classifies each change into one of two bands that cannot overlap:

• Dividend: a rise of up to 3%. It moves the dividend index, and Flow earns it.
• Split: a change of 20% or more that matches a clean ratio. It moves the split factor and leaves both halves whole.
• Anything between goes to a guardian, whose decision only takes effect after a public timelock. Until then new splits and pool swaps pause, and merging pays the conservative rate. Waiting never pays less.

A keeper checkpoints the ledgers as changes land. Anyone can call the same functions. See the live state on the ledger page.

The v4 hook

Base and Flow trade against their own stock in Uniswap v4 pools on Robinhood Chain's pool manager. Every Forq pool runs through one hook contract that knows the series behind it:

• Canonical pools. The hook only lets a pool open once per token, paired with its own stock, with a dynamic fee and the canonical tick spacing, so liquidity never fragments.
• Decaying Base fee. Base pools start at 0.30% and slide linearly to 0.05% at maturity as Base converges on the share.
• Ex-date Flow fee. Flow pools charge 1%, rising to 3% when the ledger has a multiplier change scheduled within one day.
• Par guard. A swap that would price Base above what it redeems for reverts inside the hook, so no one can buy Base for more than it can ever be worth.
• Circuit breaker. While a multiplier change is being classified, swaps pause instead of trading on a stale rate.
• Built-in oracle. Each pool records its tick after every swap into a ring buffer, giving a time-weighted price any contract can read.

Zaps and rollover

The Forq router does multi-step actions in one transaction, and reverts the whole thing if any minimum you set is not met.

• Zap in: ETH buys the stock on Uniswap v3, it is split, and you keep both halves, only Flow (Base sold), or only Base (Flow sold).
• Zap out: merge a pair and receive ETH.
• Rollover: merge out of one series and split into a later one on the same stock.

Liquidity

Add liquidity to any Base or Flow pool from the app. Positions are full range, held for your wallet inside the pool manager under a key only your address can move. Swap fees accrue to the position and come out with it.

Lending oracle

Forq ships a Morpho-compatible oracle for Base. It reads the hook's time-weighted price, caps it at what Base redeems for, uses the exact redemption value after settlement, and refuses to answer while the ledger is unsynced or the price feed is stale.

Maturity

After the maturity date anyone can settle the series. Settlement fixes the final dividend index and refuses while a change is still being classified. Then Base redeems for its share of stock, and Flow redeems to collect the last of its dividends. Merging stays open throughout.

Fees

Protocol fees are capped in the factory contract: at most 1% on splits and 20% of dividends.

$FORQ

$FORQ launches on Pons, the launchpad on Robinhood Chain. The official address is shown on the home and trade pages the moment it exists, found automatically from the chain. It trades on this site on its curve and, after it graduates, in its Uniswap v4 pool through the Forq router. $FORQ is not a share and not a claim on protocol revenue.

Contracts

Risks

• Smart contracts can have bugs. Use amounts you can afford to lose.
• Flow depends on the issuer continuing to declare dividends through the multiplier. If they stop, Flow earns nothing more.
• Base and Flow prices move with the stock and with demand. Selling before maturity can realise a loss.
• Robinhood Stock Tokens have their own issuer terms, transfer restrictions and availability limits, which apply to anything built on them.