How Skewgate works

What Skewgate does

Skewgate is a leverage layer for existing pons tokens on Robinhood Chain. pons creates the token and its spot market; Skewgate creates a separately funded long/short pool for that same token. Public markets are not deployed or enabled.

The local implementation includes existing-token market creation, paired deposits, LP shares, cash-settled positions, profit reservations, holding fees and permissionless liquidation. Tests are not an audit. The development price reporter is not a production oracle.

Robinhood Chain deployment

Skewgate targets Robinhood Chain, an Ethereum-compatible L2. Mainnet uses chain ID 4663; testnet uses 46630. Both use ETH for gas. The official network documentation lists public RPCs and infrastructure providers. Public RPCs are rate-limited; production applications should use a dedicated provider.

Market transactions require a configured factory, pool, quote asset and verified price source on the selected chain. It never asks for a private key. You need your own compatible EVM wallet and enough ETH on that network to pay the gas shown in the wallet. Testnet ETH has no monetary value.

Choosing a chain does not deploy any contracts. The public leverage interface remains disabled until a reviewed deployment is configured. Skewgate is an independent project, not an official Robinhood product.

Market release checklist

1. Define the launch token, quote asset, initial paired liquidity and distribution of unseeded supply.
2. Establish a credible price source for that market. A creator-entered price is suitable for demonstration, not trustless leveraged trading.
3. Complete and test collateral segregation, reserved payout backing, liquidation, LP valuation, fees, circuit breakers and adverse price-gap behavior.
4. Run the full launch, deposit, trade, liquidation and withdrawal lifecycle on Robinhood testnet, including multiple traders and price-feed failures.
5. Obtain independent contract review, verify deployed source, configure monitoring and liquidation operations, then publish the exact token, pool, factory and oracle addresses.

No step is satisfied by deploying a standalone token. The public leverage launch stays disabled until the connected market deployment is ready.

Official contract address

The official Skewgate CA is not available yet. After launch, the confirmed Robinhood Chain address will appear in the official CA section, with a Copy official CA button. That button stays disabled until the address is published.

Follow @Skewgate on X for announcements. A market token, visitor-created token, or matching name is not automatically the official project token. Always compare the full address and chain.

Create a leverage market

1. Launch or select a token on pons. Keep its original contract address; Skewgate does not mint a replacement.
2. The listing authority verifies token provenance, asset behavior and a suitable price feed, then approves that token/oracle pair. This is a reviewed listing gate, not automated pons verification.
3. Anyone holding an approved token and the factory's quote asset can supply initial paired liquidity and call createMarket.
4. The factory creates a separate pool and credits LP shares to the creator. One pool per token is permitted in each factory. Later LP deposits expand capacity.

pons spot liquidity remains in its own contracts; it cannot be counted as Skewgate backing. A matching ticker or a self-reported pool address is not proof of pons provenance. Pons V1/V2 have different trading systems; compatibility and price feeds must be reviewed per version. See pons's published contracts. Skewgate is independent and not endorsed by pons.

Liquidity & LP shares

LPs supply the existing base token plus the factory's quote asset. Initial shares are the square root of the raw-unit deposit product. Later shares use the smaller base-proportional or quote-NAV-proportional amount. Unbalanced deposits donate excess value; use the displayed ratio and minimum-share protection.

Quote NAV equals quote reserves plus segregated trader collateral minus the current net settlement value of all open positions. LP valuation therefore accounts for unrealized trader gains and losses. Quote assets settle trades; base assets remain paired LP inventory and retain their own market risk.

Withdrawals use proportional base reserves and quote NAV, but revert if cash is unavailable or the remaining reserves would violate reserved-profit backing or directional capacity. LP shares are internal records, not transferable ERC-20 tokens.

Trading and holding fees and realized trader losses benefit LP reserves. Trader profits reduce them. This is variable risk-bearing return, not guaranteed yield or a claim on pons spot fees.

Weighted capacity

Total capacity = quote reserve × 80%
Long capacity = total capacity × long weight
Short capacity = total capacity × (1 − long weight)
Available capacity = max(0, side capacity − side open interest)

The default allocation is 50/50. Only the immutable pool owner can change the long weight, within 10–90%. Rebalancing reverts when existing open interest exceeds a proposed side's capacity.

Example: 100,000 quote tokens create an 80,000 notional budget. At 65/35, the long limit is 52,000 and the short limit is 28,000. A proportional deposit of another 10,000 quote tokens adds 5,200 long and 2,800 short capacity.

Changing the allocation changes trading limits, not token ownership or separate physical reserve balances. Both sides use the same quote reserve. New positions also reserve their maximum gross profit. Existing open interest can temporarily exceed a recalculated directional limit after settlement; new positions and withdrawals must still pass their checks.

The chamber water indicates unused capacity fraction. Particle routing follows the confirmed weight, while stirring is a visual interaction. Clicking a chamber stages a trade direction; it does not submit a transaction.

Positions, fees & settlement

Traders post quote collateral for 1–10× cash-settled exposure. No base tokens are borrowed or sold by this implementation. Notional equals gross collateral multiplied by leverage.

Long PnL follows the price change; short PnL follows its inverse. Gross profit is capped at notional. Net payout cannot fall below zero. Fees reduce payout and cannot create trader debt beyond posted collateral.

Anyone can liquidate an unhealthy position at a valid price. The reward comes from that position's remaining payout; the balance goes to its trader. A price gap may leave no keeper reward. Liquidations require an actual caller—no automatic keeper service has been deployed.

Reservations prevent one winner using another position's maximum profit backing. Collateral is accounted separately from LP reserves. This accounting bound does not make manipulable prices, toxic assets or unaudited code safe.

Contracts & permissions

MarketFactory creates pools for existing tokens; it never mints tokens. Its immutable owner approves immutable token/oracle listings. Anyone may deploy an approved, not-yet-created market with their own seed liquidity.

ScalePool tracks LP shares, collateral, open interest, maximum-profit reservations and position settlement. Its creator can adjust directional weights within 10–90% subject to open interest, and pause new positions/deposits. Pausing does not disable closing, liquidation or withdrawals. The owner cannot freely withdraw other users' balances.

ScaleOracle is a local reporter-controlled feed with a one-hour freshness limit. It is a test component, not a production pons oracle. ScaleFactory and LaunchToken remain legacy test code and are no longer the site’s market-creation path.

Known limitations

• No deployed, verified pons price adapter or automatic provenance validator. A creator-controlled or easily manipulated spot price cannot safely secure leverage.
• No public Skewgate factory/pool deployment, automated keeper service, independent security audit or mainnet end-to-end verification.
• The development oracle rejects prices older than one hour. Stale prices can block settlement and LP NAV operations until refreshed; production outage recovery is unresolved.
• Maximum gross profit is capped at position notional. These are capped, cash-settled positions, not uncapped perpetual futures.
• Holding fees are paid to LPs; there is no long-to-short funding-rate mechanism or insurance fund.
• A pool supports at most 128 simultaneous positions to bound NAV computation. Production gas profiling and adversarial testing remain required.
• Transfer-tax, rebasing and otherwise nonstandard assets are not supported. Exact incoming balances are checked, but token review is still required.
• LP losses, oracle manipulation, gaps, liquidity constraints and contract defects remain possible. Do not deposit real funds into the development contracts.

Install on your phone

Open the HTTPS website. On browsers supporting an install prompt, select Install app. On iPhone, use Safari's Share menu and Add to Home Screen. The app shell can be cached, but chain data and transactions require an online connection and a compatible wallet. Installing the app does not deploy contracts or provide a wallet.

Developer reference

Run npm install, then npm run demo for the local chain and web app. Use npm test for contract tests and npm run test:e2e for the browser transaction flow. The local signer uses publicly known development accounts; they are test accounts only.

Pool methods: previewDeposit(base, quote), addLiquidity(base, quote, minShares), previewRedeem(shares), removeLiquidity(shares, minBase, minQuote), openPosition(isLong, collateral, leverage), closePosition(id), liquidate(id), previewPosition(id), quoteNav() and owner-only setCapacityWeight(longWeightBps).

Read baseReserve, quoteReserve, totalShares, sharesOf, longCapacity, shortCapacity, both open-interest values, positions and getPositionIds. Closed IDs remain in the historical ID list; their position records are cleared.

Events include LaunchCreated, LiquidityAdded, LiquidityRemoved, PositionOpened, PositionClosed, PositionLiquidated and CapacityWeightUpdated. Token and price amounts in the current demo use 18 decimals; weight and fee basis points use 10,000 as the denominator.

node scripts/build-web.mjs creates the public preview bundle. It deliberately omits local RPC configuration and credentials. Deployment scripts are preparation utilities, not a production-ready integration. Robinhood Chain is the selected network. A live release still needs a verified market price source, completed risk-engine integration, public-network testing and a reviewed deployment.

Troubleshooting