PNG TRADING DOCS

01 · overviewA market for PNG editions

Anyone can create a collection of numbered PNG editions on a bonding curve. Every buy and sell pays a 5% fee into that collection’s perp pool. When the pool reaches its target, Long and Short positions open on the same curve price.

Everything runs in two contracts on Robinhood Chain: a factory and one market per collection, cloned from a single implementation. Trades are sent from your wallet in real ETH. There is no server that holds funds and no admin key.

Chain

Robinhood Chain mainnet, chain id 4663

Editions

ERC-721 tokens minted by the curve

Custody

the market contract itself: curve reserve, perp pool and open margins

Owner or upgrades

none

Audit

not audited yet

02 · termsName, art, limit, price

Pick a name, a symbol, an artwork, an edition limit and a starting price, then sign one transaction. The page shows the first edition cost, the curve ceiling, when perps open and what size can trade at opening before you launch.

├── editions              10 to 10,000
├── starting price        0.000001 to 1 ETH
├── step                  ceil(start ÷ editions)
├── price of edition k    start + step × k
├── ceiling               start + step × editions
├── principal             editions × start + step × editions × (editions − 1) ÷ 2
├── opening target        ¼ to all of 5% of the principal, minimum by default

Terms cannot change after launch.

03 · curveMint and burn

Buy 1–20 editions at a time. Each one minted raises the curve price by one step. Selling burns editions you own, lowers the price and pays you the curve amount minus 5%. The page sends a little extra ETH on buys in case the price moved; the contract refunds anything above the exact cost in the same transaction.

├── buy n                 cum(supply + n) − cum(supply), plus 5%
├── sell n                cum(supply) − cum(supply − n), minus 5%
├── fee                   5% rounded up, all of it into the perp pool
├── redemption reserve    always equals cum(supply)

04 · activationFees fill the pool

The pool counts real fees from buys and sells. The trade that reaches the target opens perps in the same transaction; they stay open afterwards. Example from the JPEG Trading docs, reproduced by the contract tests to the wei: 1,000 editions starting at 0.05 with the minimum target open after 323 one-at-a-time buys, buyers spend 19.6876575 ETH and the pool holds 0.9375075 ETH.

05 · positions1–3× on the curve price

Choose a side, collateral and leverage. Long gains when the curve price rises, Short when it falls. You do not need to own editions.

├── size               collateral × leverage
├── quantity           size ÷ entry price
├── reserved profit    quantity × (ceiling − entry) for Long, quantity × (entry − start) for Short
├── exposure cap       start × 0.025 ÷ step editions, shared by both sides
├── max collateral     100 ETH per position
├── expiry             none

An order is rejected if its reserved profit exceeds the free pool plus its opening fee, or if it would push total quantity above the exposure cap.

06 · settlementClose, or be liquidated

├── P/L                  quantity × price move, in your favour or against
├── equity               collateral + P/L − borrow, not below zero
├── payout on close      equity − closing fee
├── liquidatable         equity ≤ 5% of size
├── who can liquidate    anyone, from the positions table
├── liquidator reward    up to 0.5% of size, from the payout
├── pool                 receives collateral − payout, so trader losses add to it and profits come out of it

07 · costsWhat a trade costs

PNG buy or sell

5% of the curve amount, to the perp pool

Open a position

0.1% of size

Close a position

0.1% of current size, limited to equity

Borrow

0.05% of size per day, by the second, taken at settlement

Protocol or creator fees

none

08 · onchainTwo contracts

PngFactory creates collections as EIP-1167 clones of PngMarket, so every market runs the same code. PngMarket holds the curve, the pool and positions, and is the ERC-721 contract for its editions. Solvency is checked in the test suite after every step: the contract balance always equals curve reserve + pool + open margins.

Compiler

solc 0.8.28, optimizer 200, via IR

Tests

155+ checks against the reference engine, including the JPEG docs example and a liquidation

Source

contracts/src in the site repository

09 · tokenThe token

PNG Trading is a token on Robinhood Chain, launched through Pons. There is one contract, it lives in config.js on GitHub, and the site reads it from there.

Chain

Robinhood Chain, EVM

Launchpad

Pons

Ticker

$PNG

10 · questionsQuestions