Swap Overview

Swap is Note Systems’ automated market for tokenised stocks and ETFs against USDG on Robinhood Chain. A verified reference print anchors each market; the engine’s inventory state moves its price. The engine is called S-DAMM.

Testnet The current deployment is on Robinhood Chain testnet, chain id 46630. These pages explain the mechanism, not a mainnet availability announcement. Indicative or simulated app values are not firm executable quotes.

Who It Is For

• Traders: exchange a supported Stock Token and USDG, with the reference, quote costs and available depth visible before review.
• Stock holders: provide Regular or Continuous stock inventory as a claim in the deposited stock.
• USDG holders: choose the Senior USDG Vault or the junior, loss-bearing Backstop.
• Builders: read the same market state and coverage constraints rather than infer depth from a paired reserve balance.

The Market

The State Book is one algebraic pricing curve. Its displacement is zero when the engine is flat, positive when it needs stock and negative when it holds a surplus. The reference, confidence, spread and inventory displacement have separate roles. See How Pricing Works.

Executable depth is limited by deliverable inventory, reference conditions and allocated risk capital. A displayed curve is not a collection of resting orders, and its mathematical extent is not a commitment to fill any size. See Risk and Coverage.

Standalone Capital

Stock inventory and the Senior USDG Vault provide senior assets. The Backstop and the Engine Reserve support inventory risk. The protocol treasury receives a share of fees; it is neither the engine’s counterparty nor a source of committed support. See the loss waterfall.

What It Is Not

• Not a paired reserve-ratio pool or a hook attached to one.
• Not an autocallable note, COUPON leg or SHIELD leg. Those instruments have their own series lifecycle.
• Not a deposit guarantee. A claim in the deposited asset can still be impaired, and an exit may queue.
• Not an assurance of fills throughout a closure. Lower confidence, exhausted capital, unavailable inventory or a safety gate can restrict execution.

Stock Tokens retain their issuer, transfer and eligibility restrictions. Review Issuer Risk and Regulatory Risk before participating.

Next Steps

Open Swap, read How Pricing Works, or compare the three liquidity instruments. Definitions are collected in the Swap glossary addendum.