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DESIGN PAPER

Punch Design Paper — the formal model for Robinhood Punch: Core Pool, dKLP, and KLP.

Read the paper →
Punch logoPUNCH
Punch Protocol · Issue No. 001

Every perp DEX rewards the winner. Punch remembers everyone else.

Lose toearn.

Onchain memecoins go perp.

Punch weights eligible terminal outcomes through class-local schedules bounded by finite PUNCH budgets and a strict non-profitable-manufacture condition.

Read idea one ↓Read idea two ↓
Robinhood Punch · Design paperFlow EVM · KLP live
The protocol hero
Punch logo
WHAM!
Built for the outcome
nobody else rewards
WINTerminal profit
LOSSTerminal loss
LIQLiquidation
LOSE-TO-EARN★ONCHAIN MEMES GO PERP★ROBINHOOD: MODULAR CLASSES★FLOW EVM: KLP LIVE★ONE PUNCH TOKEN★LIQUIDATIONS PAY THE MOST★CLASS-LOCAL REWARD WEIGHTS★FROTH.MEME → FROTHSWAP → PUNCH MARKETS★PUNCH20 GRADUATED · LP BURNED★1B HARD CAP. ZERO INFLATION★50% OF FEES TO KLP★THE PERP DEX THAT PAYS YOU WHEN YOU LOSE★LOSE-TO-EARN★ONCHAIN MEMES GO PERP★ROBINHOOD: MODULAR CLASSES★FLOW EVM: KLP LIVE★ONE PUNCH TOKEN★LIQUIDATIONS PAY THE MOST★CLASS-LOCAL REWARD WEIGHTS★FROTH.MEME → FROTHSWAP → PUNCH MARKETS★PUNCH20 GRADUATED · LP BURNED★1B HARD CAP. ZERO INFLATION★50% OF FEES TO KLP★THE PERP DEX THAT PAYS YOU WHEN YOU LOSE★
Inside this issue

TWO IDEAS.
TWO CHAINS.

Robinhood Punch is the design paper: Core Pool, modular vaults, and meme-to-perp expansion. Flow EVM hosts the live KLP venue today. Outcome-weighted rewards connect the thesis; each chain keeps its own solvency domain.

IDEA A01

LOSE TO EARN.

Eligible terminal outcomes can earn PUNCH through class-local weights. Every rail remains finitely budgeted, and the anti-manufacture bound keeps the loss economically real.

OOF!
IDEA B02

MEMES GO PERP.

On Robinhood Chain, an onchain memecoin can launch in public, build permanent spot depth, season through paid activity, and earn eligibility for an isolated perp market.

SEND IT!

The chain-domain map

ONE TOKEN. SEPARATE RISK.

Cross-chain, not cross-contaminated
DESIGN PAPERCHAIN 4663

ROBINHOOD PUNCH

CORE POOL · dKLP · KLP

The modular architecture: one shared position engine with class-isolated counterparties—a permanent Core Pool plus independent dKLP and KLP vaults.

KLP LIVECHAIN 747

FLOW EVM

LIVE BASKET-BACKED KLP

Punch is live here today with a multi-asset GMX v1 KLP, oracle-priced execution, and chain-local fees.

Open the protocol map →
Chapter 01 · Outcome-weighted rewards

THE PAYOFF
FLIPS.

SAME VOLUME. DIFFERENT OUTCOME. BIGGER RATE.

Punch turns the part of the trade normally left empty into a deterministic token reward, without pretending the loss did not happen.

The whole mechanismELIGIBLE VOLUME × OUTCOME MULTIPLIER = PUNCH
  1. 1WINNING CLOSE
    WIN

    BASELINE.

    An eligible profitable close uses its counterparty class's configured outcome weight.

    NICE!
  2. 2REALIZED LOSS
    LOSS

    WEIGHTED.

    An eligible losing close may receive a larger weight because it adds counterparty cash.

    OOF!
  3. 3LIQUIDATION
    LIQ

    BOUNDED.

    An eligible liquidation may use a distinct weight while the trader's economic loss stays real.

    K.O.!

Bounded by design

CAPPED. THROTTLED. FINITE.

Every schedule is bracketed by account, class-epoch, class lifetime, protocol-user, and global limits. One class cannot borrow another class's budget, and reward exhaustion cannot block trade settlement.

TVL BRACKETSEPOCH CAPLIFETIME CAPNO TOP-UPS
Inspect the reward math →
Chapter 02 · Onchain memes

Robinhood Chain / the market-formation pipeline

FROM
COIN TO
CONTRACT.

Punch does not list a meme because it is loud. It waits for a public market to prove durable liquidity and real price history. We chose froth.meme + FrothSwap to create that raw material.

Visit froth.meme ↗
LaunchpadFroth mascotBOND!
Perp marketPunch logoPERP!
Froth forms the market.
Punch bounds the leverage.

The four-panel origin story

LAUNCH → LIQUIDITY → LEVERAGE

No vibes-only listings
  1. 01FROTH.MEME

    LAUNCH.

    One public ETH curve handles distribution and price discovery from block one.

    PUBLIC CURVE
  2. 028 ETH

    GRADUATE.

    The reserve atomically seeds a token/WETH FrothSwap pair. The LP is burned forever.

    LP BURNED
  3. 03FROTHSWAP

    SEASON.

    Real swaps build reserves, cumulative price history, fee history, and costly-to-fake activity.

    FEES PAID
  4. 04PUNCH

    GO PERP.

    A graduate that clears the published gate can enter a capped, class-isolated Core Pool market. Any LP class requires separate evidence and activation.

    LEVERAGE ON

Why FrothSwap is the missing piece

ORACLE-GRADE
RAW MATERIAL.

Not oracle magic. Better inputs: permanent liquidity, standardized pairs, cumulative reserve history, and activity that costs real money.

∞

PERMANENT BASELINE

THE FLOOR CAN'T LEAVE.

Graduation LP goes to the burn address. The creator cannot pull it later, and swaps on the pair cannot be paused.

W

STANDARD MARKET SHAPE

TOKEN / WETH. EVERY TIME.

Each graduate is a standard no-tax ERC-20 paired against WETH, with reserves and cumulative prices exposed onchain.

$

ECONOMIC SIGNAL

ACTIVITY HAS A COST.

Every swap pays LP fees plus immutable creator, bid-wall, and FROTH buy-and-burn routes. Wash volume is not free.

✓

PUNCH RISK GATE

DEPTH BEFORE LEVERAGE.

Punch waits for locked depth and paid-fee history, then wraps the price with independent checks and hard market limits.

Price rail

FROTHSWAP TWAP

+

Independent check

LIVE ASSET FACTS

If priceability or source health fails, risk-increasing actions pause. Open-interest ceilings, adverse execution bounds, and class-local profit limits keep leverage sized to the evidence and settlement capacity underneath.

Special insert · PUNCH20

THE PUBLIC
VOUCHER.

PUNCH20 was born in the Froth: a public path into PUNCH before TGE, with its own permanent post-bond market.

Froth mascotFROTH!

The entire deal

FOUR TERMS. NO FINE PRINT.

Punch × Froth
  1. 01

    PUBLIC CURVE

    No presale. No private price. One public curve on froth.meme, and it filled.

  2. 02

    GRADUATED

    Bonded out: the reserve seeded PUNCH20/WETH on FrothSwap and the LP was burned.

  3. 03

    5% OF PUNCH

    PUNCH20 vouchers reserve 50M PUNCH for public participants.

  4. 04

    20 : 1 FOREVER

    At TGE, burn 20 PUNCH20 for 1 PUNCH. Redemption never closes.

Trade PUNCH20 →

PUNCH20 is a burn-to-redeem voucher, not a claim on protocol revenue.

CA: 0xf6A4B3A27467bE2c9F4b237e5F9b7d90EEb1592B

Chapter 03 · The flywheel

EVERY HIT
FEEDS THE LOOP.

Volume can create fees, source-bound junior fees can reach a FIFO-subordinate buyback rail, and PUNCH donations can increase sPUNCH backing without minting shares. Counterparty classes keep separate settlement and reward budgets throughout.

The alignment

TRADER ↔ LP ↔ STAKER

Adversaries inside the trade become stakeholders outside it.

KEEP IT SPINNING!
Back page · Token file

THE NUMBERS
HIT HARD.

One billion PUNCH. No inflation. A public voucher path through PUNCH20, and a majority of supply reserved for protocol users.

01
0B

HARD CAP

Forever. No inflation.

02
0.0%

USER EMISSIONS

Protocol-user allocation.

03
0

OUTCOMES

Win, loss, and liquidation weights remain class-local.

04
0

CHAIN DOMAINS

Shared PUNCH supply; isolated counterparty risk.

05
50/30/20

FEE SPLIT

KLP / protocol ops / sPUNCH.

06
20:1

PUNCH20 REDEEM

Burn 20. Receive 1 PUNCH.

Public access

PUNCH20 GRADUATED. LP BURNED.

Trade PUNCH20 →