[Token]

FREY: what the token does

A weekly burn of the protocol fee, access to what is capped in the product, and a fixed reserve that pays the reward programmes. Nothing here is a statement about price.

Product docs
FREY token0x6104cF1E60521D3914a7855Ae6b315d1b4aAa2f5
Buy on PONS.family

This is the FREY of this protocol: check the address here before you buy.

What FREY is

FREY is the token of the Freyday protocol. It is launched on PONS.family, the token launchpad of Robinhood Chain, with a fixed supply of 1,000,000,000 and no mint function.

The protocol works without it: options are priced, sold and settled in USDG whether or not anyone holds FREY. The token does three things, and each can be checked on-chain:

  • It burns with every ticket live. The protocol fee (10% of every option premium) buys FREY on the market and sends it to the burn address every week after settlement. All of it, not a share. Supply only goes down.
  • It keeps traders in the game live. A ticket that expires worthless returns part of its premium in FREY, and holders vote on parameters within on-chain limits.
  • It will unlock what is capped in the product next. Seats in the capped vault, a discount on the protocol fee paid in FREY that burns, the right to add a ticker.

When it starts. The vault opens on Friday, September 18, 2026. The protocol fee and the rewards start with the first tickets sold. The utilities marked LIVE start with the vault; voting on Snapshot works from the token launch.

What FREY is not. It is not a claim on the vault’s USDG, on premiums or on payouts. The protocol fee is not distributed to holders; it buys and burns tokens. FREY does not govern the settlement rule, the 30% payout cap or the protocol keys.

Supply

  • Total supply1,000,000,000 FREY, minted once into the launch curve; no mint function.
  • LaunchpadPONS.family, quoted in ETH.
  • Team allocationNone. The launchpad gives the creator nothing, and the reserve the protocol owner buys (up to 5% on the curve in the launch transaction, at the curve’s opening price, with the owner’s own ETH) pays the reward programmes only (see Reserve).
  • LiquidityAfter the curve fills, liquidity moves to a Uniswap v4 pool and is locked permanently; neither the team nor PONS can withdraw it.
  • Burn address0x000000000000000000000000000000000000dEaD. The burned total is its balance.

Friday Burn

The protocol fee (10% of every option premium, in USDG) goes to the burn, whole. From the day the burn contract becomes the market’s treasury, the market sends the fee straight to it; nothing is split off on the way.

Every week, after the market settles and withdrawals are processed, the keeper will spend the whole balance of the burn contract on FREY and send the tokens to the burn address. The first burn spends everything the contract has received since it became the treasury. The transaction, the USDG spent, the FREY burned and the average price will be listed on this page. If an exchange holiday moves expiry to Thursday, the burn follows the settlement.

The burn starts with the pool. The burn contract buys FREY in the Uniswap v4 pool that is created when the launch curve fills. Until that pool exists, the fee collects in the burn contract and is burned whole on the first Friday after the pool appears. Rakeback and referral rewards for the weeks before that burn are valued at its average price.

What sets the size of the burn

The burn is the protocol fee collected that week: it follows how many tickets are sold and the vault caps in force. Other ways to burn FREY are planned and listed under Utilities with their status. This page will show every burn week by week.

Where the 100% comes from. The market’s treasury address is set by the protocol owner and is visible on-chain. It will point at the BuybackBurner contract, whose one function is to buy FREY and send it to the burn address; it has no way to send USDG anywhere else. The contract is deployed (see Contracts) and becomes the treasury before the vault opens; until then the treasury is the protocol owner’s address, and no fee is collected because no tickets are sold. Any change of the treasury address is an on-chain event and is announced in advance.

Utilities

Burns

Friday Burn

live

The whole protocol fee buys FREY every week after settlement and sends it to the burn address. See Friday Burn.

Pay the fee in FREY, 50% off

next

The protocol fee (10% of the premium) will be payable in FREY at half price, valued at the last Friday Burn’s average price. The 90% that goes to liquidity providers stays untouched: the discount comes out of the protocol’s share only. The FREY you pay will be burned in the same transaction.

Listing bond

next

25 more Robinhood Chain stock tokens have a Chainlink feed but are not listed. Anyone will be able to propose one by burning 1,000,000 FREY (0.1% of supply). The protocol will list it within 14 days (with the volatility floor and caps that protect the vault) or publicly decline with a reason. The bond is not refunded.

Custom target

later

Burning FREY will list a strike outside the standard ±10% ladder, up to the protocol’s ±20% limit: the far targets where the multiple reaches 100x.

Signed ticket

later

Burning a small amount will put a signature line or a style on the shareable card of a ticket.

Access

LP seat tiers

next

The vault is capped at 25,000 USDG and 5,000 USDG per address, so there are five seats at the cap. Staking FREY will raise your personal cap: tier 1 doubles it to 10,000 USDG, tier 2 quadruples it to 20,000 USDG, always within the vault cap. Stake thresholds will be set before that release and listed here. Unstaking will take 7 days.

Rakeback on losing tickets

live

A ticket that expires worthless returns 10% of its premium in FREY, valued at that Friday’s burn price. Claims open weekly and never expire. Paid from the rakeback reserve (15,000,000 FREY) while it lasts; the remaining balance will be shown here.

Referrals

live

Bind a referrer once, before your first purchase. The referrer receives 20% of the protocol fee you pay, in FREY at the Friday burn price. Paid from the referral reserve (10,000,000 FREY) while it lasts.

LP bootstrap

live

For 52 weeks from the vault opening on September 18, 2026, vault depositors receive about 384,615 FREY per week in proportion to their shares at the Friday clean point, on top of premiums. Paid from the LP reserve (20,000,000 FREY).

Governance

live

Token votes on which tickers to list next, on volatility floors within the on-chain bounds, and on what happens to unspent reserves. See Governance.

Early access

later

Stakers will get new tickers and new expiries (daily, earnings night) 24 hours before everyone else.

How it fits together

Buy a ticket → 10% is the protocol fee → all of it is burned on Friday. The ticket loses → 10% of the premium comes back as FREY. With the next contract release, that FREY will pay the fee on the next ticket at half price and be burned too: one losing ticket will burn the token twice, and the trader is still here. In the same release, liquidity providers will stake for a seat in the vault, and listing a ticker will burn a bond.

Reserve

The launchpad gives the creator nothing. The protocol owner buys up to 5% of supply (50,000,000 FREY) in the launch transaction, at the curve’s opening price, with the owner’s own ETH, and publishes the transaction. If less than 5% is bought, the programmes below keep their proportions. The reserve is a fixed amount: the protocol fee is never routed into it, it is burned whole. It stays in the owner’s reserve wallet until it is funded into the MerkleDistributor contract, which keeps a separate public balance for each of the four programmes and pays all of them:

  • LP bootstrap20,000,000 FREY
    Weekly, pro rata to vault shares at the clean point52 weeks from the vault opening
  • Rakeback15,000,000 FREY
    10% of a losing ticket’s premium, at the Friday burn priceUntil spent
  • Referrals10,000,000 FREY
    20% of the referred trader’s protocol fee, at the Friday burn priceUntil spent
  • Practice Week and future campaigns5,000,000 FREY
    Prizes of Practice Week (September 14–18, 2026) and later practice weeks, by their published rulesUntil spent

When a programme is spent it ends. The team may top it up from its own funds; the protocol fee never goes to rewards: it is burned, whole.

Governance

Votes run on Snapshot; the protocol owner executes the result. Voting weight is the FREY balance; once staking ships, it is the staked balance.

What is voted on: which feed-covered tickers to list next; volatility floors, within the bounds enforced on-chain; the use of unspent reserves.

What is not voted on: the settlement rule (last Chainlink round at or before expiry), the 30% payout cap, the treasury address, the keys and their limits. Those change only with an audit and a new contract version.

A multisig and a timelock for execution are planned with the audit.

Risks

  • FREY gives no rights to protocol assets. No share of the vault, no share of revenue. If the protocol stops, buybacks stop.
  • The treasury is an address set by the owner. It will be the BuybackBurner contract, whose one function is to buy and burn; that is what “100%” rests on. Until the owner sets it, before the vault opens, the treasury is the owner’s address. Any change is an on-chain event, announced in advance; the history of burns is on-chain too.
  • The burn begins with the pool. Until the launch curve fills and its Uniswap v4 pool exists, the fee collects in the burn contract and is burned whole on the first Friday after the pool appears.
  • The burn tracks the protocol fee. Today the fee is the whole burn, so it follows how many tickets are sold and the vault caps in force. The other burns on this page arrive with later versions of the contracts.
  • The reserve is concentrated. Up to 5% of supply is bought by the protocol owner at launch. The addresses and the programme balances are public; the concentration is real.
  • The pool is not ours. Liquidity lives in a Uniswap v4 pool created by PONS with its hook contract, locked permanently. We depend on that code.
  • Nothing here is a price statement. Supply goes down by construction; what the market does with that is not something the protocol controls or predicts.
  • Jurisdiction. Freyday is open outside the United States, like the stock tokens themselves. Taxes are the holder’s responsibility.

Contracts

The burn and reward contracts are deployed on Robinhood Chain (chain ID 4663). Check every address on robinhoodchain.blockscout.com.

FAQ

Does holding FREY pay me a share of revenue?
No. The protocol fee buys and burns tokens; nothing is distributed to holders. The utilities are access, discounts and rewards from a fixed reserve.
Can the team mint more?
No. The token has no mint function; the whole supply was created once into the launch curve.
Does the team get tokens?
No. The launchpad gives the creator nothing, and the reserve the owner buys pays the four reward programmes only.
Where does the reserve come from?
It is bought on the launch curve with the protocol owner’s own ETH, in the launch transaction, at the opening price. The transaction is public.
Is the buyback guaranteed?
The market will send the whole protocol fee to a contract whose one function is to buy and burn, and the keeper will run it every week once the FREY pool exists. The treasury address can be changed by the owner (every change is an on-chain event announced in advance), and the buyback stops if the protocol stops. Every burn will be an on-chain transaction listed here.
Why burn instead of paying holders?
A burn needs no claim, no snapshot and no promise of income; it is a transfer to an address nobody controls, and anyone can verify it.
What happens when a reserve programme runs out?
That programme stops paying. The team may top it up from its own funds; the protocol fee is never redirected to it.
Does the fee discount cost liquidity providers anything?
No. Their 90% of the premium is unchanged; the discount comes out of the protocol’s 10%.
Why is listing a ticker not fully permissionless?
Every ticker needs a volatility floor and exposure caps that protect the vault. The bond makes proposing permissionless and guarantees an answer within 14 days; fully permissionless listing comes with an on-chain volatility oracle.
Which FREY is the real one?
The one whose address is in Contracts. Launchpads fill with copies of any name; check the address, not the ticker.
When does the token launch?
FREY has launched on PONS.family. Its address is at the top of this page.