whitepaper

01Paired with perp positions

pLev launches tokens whose markets are paired with perpetual positions. Every pool here has two sides: the new token on one, and a perp token on the other. A perp token wraps a live, leveraged trading position into an ordinary token; Arcus runs the positions, and holding the token is holding the position. Three of them back every market on pLev:

The pairing is total. Buyers pay with the perp token. Price and market cap are quoted in it. The pool’s reserves are made of it. The protocol’s 1% fee is collected in it. Cash-outs redeem through it. There is no plain-currency path anywhere in the system: to touch a token launched here is to touch a leveraged position.

Everything else in this document exists to protect that pairing. The fixed billion supply, the one-transaction launch, the locked pool, the flat fee: none of it is the product. The product is a market where a new token and a live position share one chart, permanently.

02Two engines, one chart

A token on an ordinary launchpad has one engine: demand. People buy, the price goes up; people sell, it goes down; nobody trades, nothing happens. A paired token has two.

• Engine one: demand for the token. Buyers spend perp tokens to pull your token out of the pool. This moves the price in perp terms, exactly as on any market.
• Engine two: the position itself. The backing is a 3x position that moves with HOOD or BTC around the clock. It rises and falls whether or not a single person trades your token.

Concretely: suppose your token trades quietly all week, its perp-term price parked at launch level, its reserves holding pBTC3x. BTC climbs 5%. The 3x position behind your market is now worth roughly 15% more, so the value sitting under your token grew 15% with zero volume. Pick sBTC3x and the engine runs the other way: your market’s backing gains when BTC falls. Leverage cuts both directions, and a bad week for the underlying is a bad week for the backing; the point is not that the second engine only goes up, it is that your market is never idle.

This also changes what the locked reserve is. On an ordinary launchpad, locked liquidity is money frozen in place. Here the reserve is working capital: a leveraged position that keeps trading its underlying market while it backs yours.

03Launching a paired token

A launch is one transaction, and the biggest decision in it is the pairing: which live position sits on the other side of your market forever. You fill in three things:

• The backing perp. pHOOD3x, pBTC3x, or sBTC3x. This is the currency your token trades in, the asset its reserves are made of, and the second engine under its chart. It cannot be changed later.
• Name and symbol. Each combination can only ever be used once on pLev.
• Your keep. 0 to 10% of the supply, sent straight to your wallet.

The starting price is not one of them. Every token opens at a market cap of $15,000: the app reads the backing perp’s live dollar value and sets the opening price so all 1,000,000,000 tokens together are worth exactly that. Every launch starts on the same footing, whatever perp it is paired with.

The system then does everything in one go: it takes the 0.002 ETH fee, creates all 1,000,000,000 tokens (no more can ever be minted), sends your keep to you, places the rest into the new pool at the $15,000 opening price, and hands the pool’s ownership certificate to the lock vault.

you ── one signature + 0.002 ETH ──► pLev
        │ creates 1,000,000,000 tokens, once
        │ sends your keep to you (0 to 10%)
        │ opens the pool at a $15,000 market cap, paired with your chosen perp
        ▼
     lock vault: holds the pairing forever, no way out

If any step cannot happen exactly as promised, the whole launch cancels itself, including the fee. There is no half-launched state.

Notice what the creator never provides: capital. The pool opens holding only tokens, priced at the standard $15,000 open. The first perp tokens in the market come from buyers, on their own terms, and from that moment the position accumulates behind the token with every buy.

04Trading against a position

Every trade on pLev has the position on the other side. Buying pushes perp tokens into the pool, deepening the position that backs the token. Selling pulls perp tokens out of it. There is no other counterparty and no other currency.

Every buy and every sell pays a flat 1% fee, always taken in the backing perp token, never in the launched token itself. The fee splits automatically in the same moment the trade happens: half to the launchpad, and half to the wallet that created the token. So everyone this protocol pays, it pays in perp positions.

A creator’s market pays them for as long as it trades: half of every fee, in the backing perp, delivered by the pool itself with no claiming and no dashboard. The split is baked into the pool at launch and cannot be redirected. And it does not reward fake activity: trading against your own token costs 1% and returns only half of it, so every wash trade burns 0.5% of its size.

05Cashing out through it

The pairing is not just how money enters a market, it is how money leaves one. Perp tokens redeem to USDG, a dollar-pegged token, through Arcus. So selling has two paths: trade in the pool like any other swap, or cash out straight through the position itself to USDG.

The catch: the perp tokens the market holds in reserve cannot be turned into USDG instantly. Arcus processes each conversion in roughly 30 to 65 seconds. So a cash-out happens in two steps, but you only act once:

1. You press sell, once. Your tokens immediately leave circulation, a payout request is queued with Arcus, and the minimum amount you agreed to receive is written down. Prices shown to everyone else update instantly, as if your sale had already finished, so no one can trade against a stale number.
2. About a minute later, the sale completes on its own. A watcher service called the keeper finishes the job: if the payout meets your minimum, your USDG is delivered. If it comes in below your minimum, everything is undone instead. Your tokens come back, exactly as if the sale never happened.

you press sell ──► tokens leave circulation, payout queued with Arcus
                        ┆ roughly 30 to 65 seconds
Arcus completes ──► does the payout meet your minimum?
                        yes ──► USDG arrives in your wallet
                        no  ──► your tokens come back, sale undone

Three parts make this work:

• The CurveVault, the contract that holds the market’s reserves and keeps the record of every pending sale.
• The Arcus vault, the system that converts perp tokens into USDG.
• The keeper, the watcher that completes or refunds each sale the moment Arcus finishes.

You never sign twice and you never babysit the wait. While a sale is pending, the CurveVault holds your claim and can only do two things with it: pay you, or give your tokens back. The keeper decides when that happens, never where the money goes.

06The pairing can't be broken

• The position is locked, not promised. The vault holding each pool has no withdraw function. The code that could pull the position out from under a token does not exist, so a rug is not merely forbidden, it is impossible. Whatever the backing is worth, it is there.
• At least 90% of every token is in the pool. The creator can keep at most 10% of the supply, so the overwhelming share of every token sits in the locked market from day one. A creator dump is capped by construction, and the exact number a creator kept is public on every token’s page.
• No admin keys. After setup, nobody can change the fee, the rules, or the wallets. Not the creators, not the developers. Changing anything would mean deploying a whole new launchpad, and every existing token and pool would stay exactly as it is.
• No side doors. Technical gates make it impossible to launch around the front door, skip the fee, or set up a token’s pool with different rules before the real launch does.

07The machinery

pLev reuses Uniswap’s audited building blocks (Uniswap v4, its Liquidity Launcher, and its token factory) and adds four small contracts of its own, live on Robinhood Chain since block 48,688,970. Each one keeps a different part of the pairing honest:

None of the four has an owner or an off switch, and everything a launch needs happens inside a single transaction. All four are source-verified on Blockscout, so the code behind each address is public and readable; full addresses are in Appendix B. If you can read Solidity, the contracts in contracts/src/ are short and are the final word on all of this.

AAppendix A: Key numbers

BAppendix B: Addresses

For readers who want to verify things themselves. First, pLev’s own four contracts, live on Robinhood Chain (chain id 4663) since block 48,688,970, each source-verified on Blockscout:

The Uniswap infrastructure the launchpad builds on:

The three perp tokens that back every market:

Chain endpoints: RPC rpc.mainnet.chain.robinhood.com · explorer robinhoodchain.blockscout.com. None of the pLev contracts has an owner or an upgrade path, so every address on this page is final.