HEDGEHOGS DOCS

3,333 pixel hedgehog fund managers on Robinhood Chain. Each NFT's token-bound wallet is a real, fractionalized micro hedge fund holding tokenized stocks and whitelisted memecoins. The art is a live on-chain render of the fund's P&L.

Three actors, one loop. Managers hold the NFT, set the strategy, and earn fees. Shareholders hold a fund's quills for exposure to its book, with unilateral exit. $HEDGE sits in the middle of every trade and burns on every fee. Capital migrates continuously from bad managers to good ones — that's the whole thesis, rendered as a token flow.

01 · THE TBF PRIMITIVE

A Token-Bound Fund composes four standards into one primitive. The rule that makes it safe: everything exotic lives in the account layer; the NFT contract stays a boring ERC-721 that marketplaces, indexers and lenders never need special-case.

interface ITokenBoundFund /* is IERC6551Account, IERC4626 */ {
    function manager() external view returns (address);        // always the current NFT holder
    function trade(address tokenIn, address tokenOut, uint256 amountIn, uint256 minOut) external; // manager only — oracle whitelist, adapter-only routing, 10% slippage band, Blue Chip 40% cap
    function setStrategyNote(string calldata) external; // unenforced label
    function nav() external view returns (uint256);            // NAVOracle-priced, in ETH (memecoin TWAP: roadmap)
    function mandate() external view returns (uint8);          // 0 BlueChip, 1 Balanced, 2 Degen
    // deposit() / redeem() / withdraw() inherited from ERC-4626
}

02 · COLLECTION & TRAITS

• 3,333 live hogs, hard cap. Liquidated hogs burn; re-mints open with fresh token IDs (burned IDs are never reused — avoids marketplace metadata-cache issues). Total-minted can exceed 3,333; live supply never does.
• Chain: Robinhood Chain mainnet — Arbitrum Orbit L2, ETH gas, ~100ms blocks, Chainlink + Uniswap native.
• One contract, one collection page — single slug, floor, traits, links on OpenSea et al.

MANDATES (SEALED UNTIL REVEAL, ENFORCED ON-CHAIN)

Assignment is commit-reveal (blockhash, 2-L1-block delay); VRF is the mainnet roadmap upgrade. Each mandate is also a Top Hog Pool cohort — a third of the weekly competition pot per tier.

Every hog opens with its 50% ETH vault seed — the manager builds the book — plus a cosmetic trait table, fixed at reveal (see The art).

03 · MINT & CAPITALIZATION

Mint = IPO. The mint price is split 50% into the hog's own vault / 42.5% into protocol-owned liquidity & market seeding / 7.5% to the team. The 50% sits in the hog's vault as its ETH seed — the manager positions it via free-form trades; the 42.5% accrues in the liquidityTreasury, which seeds each hog's quill/$HEDGE market: deposit ETH into the fund at NAV → receive quills → pair with $HEDGE at NAV parity → addLiquidity (protocol-owned liquidity). The minter receives the NFT plus 100% of the hog's genesis quills — 1,000,000 per hog — sole shareholder and sole manager on day one.

HOW QUILLS ACTUALLY WORK

• Quills are % claims on the vault. NAV-per-quill = vault value ÷ quill supply.
• Pool buys ≠ deposits. Buying quills on the $HEDGE pair moves price but adds nothing to the vault. Depositing via ERC-4626 mints new quills at NAV — that's what grows AUM.
• Arbitrage welds them together. Price above NAV → arbs deposit at NAV and sell into the pool, converting buying pressure into real AUM. Price below NAV → arbs buy cheap and redeem, shrinking the fund. The vault is an open-end fund wearing a tradeable wrapper; price stays pinned to NAV both ways.
• Two exits, always open: sell on the hog's quill market (fast, price impact, vault untouched, pays the 3% engine) or redeem() (pro-rata in-kind, any time, minus a 0.5% exit fee in quills routed to buy-and-burn — pricing the vault door so the taxed market is the cheaper speculation path).
• The seat and the equity travel together. Selling the hog sweeps the seller's entire quill balance to the buyer in the same transaction — buying a hog buys the manager seat plus the seller's remaining stake (check the holder's quill balance before bidding; quills they sold earlier are gone). Plus 5% of every manager fee is restaked into the hog — skin in the game by construction.

AFTER MINT

• Open deposits (post-mintout). Anyone can deposit() into any hog and receive quills priced at current NAV — entries can't dilute existing holders' value. 0.5% of every buy-in peels off to the buy-and-burn router (the token flywheel works the vault door in BOTH directions), and deposits unlock collection-wide at mintout via a one-way latch. Exits are never gated.
• Secondary. Quills trade on their $HEDGE pair; the liquidityTreasury seeds initial LP (treasury-seeded, live on all 7 hogs). redeem() pins price to NAV from below, NAV-priced deposit() pins it from above.
• Allowlist. Burn-to-claim at the forge: burning approved incumbent-community tokens grants sealed claims.

04 · FEES

The high-water mark means no fee is ever earned twice on the same gains and none on recovering losses. The NFT is a productive asset: its floor is a market on discounted future manager earnings.

ANTI-FEE-FARMING GUARDRAILS

The attack: pump a thin memecoin the vault holds, spike NAV past the high-water mark, crystallize fees on fake gains. All three mitigations are required:

• Tiered whitelist — memecoins need minimum pool liquidity + token age; Blue Chip's 40% single-token cap applies on-chain (Balanced and Degen trade uncapped).
• TWAP pricing (roadmap) — staleness/heartbeat guards and real TWAP for memecoins ship before mainnet; today the whitelist and weekly crystallization are the live walls.
• Weekly crystallization — NAV round-trips inside the window earn nothing.

05 · $HEDGE

Fixed supply. No emissions. No ve, no lock-ups, no gauges. Three jobs:

• Base pair — enforced by the market factory. Every mint auto-deploys that hog's quill/$HEDGE CPAMM (0.3% fee) registered as a taxed pair. The pool starts empty; the liquidityTreasury seeds it — deposit at NAV → pair with $HEDGE at NAV parity → addLiquidity — treasury-seeded, proven live on all 7 live hogs.
• Fee sink. The protocol's 20% fee slice market-buys $HEDGE and burns it.
• The 3% engine. Swap tax on DEX pairs, 2.5 / 0.5: 1% feeds the Hog Drip (every fund, daily), 1% feeds the Top Hog Pool (best performers per mandate cohort, weekly, a third of the pool each), 0.5% streams to levelled hogs as Upgrade Emissions, 0.5% to the team. Liquidity bootstrap: the 30% mint slice funds the liquidityTreasury that seeds every hog's quill/$HEDGE market.

SUPPLY (DEFAULTS, TUNABLE)

Total: 1,000,000,000 $HEDGE. LPs earn swap fees only — good hogs attract volume; no emissions faucet.

06 · SHAREHOLDER RIGHTS

• redeem() — burn quills, receive pro-rata underlying in kind, any time, no permission (minus the 0.5% exit fee in quills, routed to buy-and-burn). Nobody is ever trapped; bad managers bleed AUM and their fee base with it.

WHY HOLD QUILLS

• Real underlying — stock tokens, enforceable via redeem().
• Dividends — Stock Tokens pass through equity economics; dividends drip into NAV. (Verify exact pass-through mechanics on mainnet before marketing.)
• Manager alpha — net of a 10% fee with HWM, with one-transaction exit the day they lose it.
• LP yield — quill/$HEDGE pools earn swap fees.

07 · STRATEGY LAYER

• Free-form manager trading: trade(tokenIn, tokenOut, amountIn, minOut), behind three on-chain walls — per-mandate oracle whitelist, adapter-only routing through the real Uniswap v4 adapter (MockDex survives only for clean-room unit deploys), and Blue Chip's concentration cap. No preset strategies; setStrategyNote is an unenforced label.
• Mandate enforcement: every trade() is checked against the hog's per-mandate oracle whitelist on-chain.
• Slippage wall: every fill must land within 10% of the oracle's mid price, and adverse fills draw down a weekly budget of 2% of NAV — the shareholder floor a manager can't waive, and a repeat-trade drain dies on its first cycle. The terminal additionally quotes the oracle-fair fill and sends a 5% minOut.
• Concentration cap (Blue Chip only): no single position above 40% of NAV — scoring management, not lottery tickets. Balanced and Degen trade uncapped: Balanced runs on the curated whitelist, uncapped concentration is Degen's brand.
• Roadmap — the agentic slot: plug an AI trading agent as the strategy executor. Robinhood Chain's ~100ms blocks make continuous rebalancing viable.

08 · THE ART

Art is a deterministic 48x48 layered pixel composite — base + 9 trait categories (137 traits, 10 one-of-one legendaries) — finalized at reveal as f(collectionSeed, tokenId, mandate) and static from then on: performance never changes the render. Mandate marks (like Degen laser eyes) are ordinary traits locked at reveal. ERC-4906 MetadataUpdate fires once, at reveal, so marketplaces refresh from the sealed placeholder to the final art.

09 · MARKETPLACE SAFETY (THE ERC-404 QUESTION)

Hedgehogs uses 404's economics, never its mechanism. Real ERC-404 fuses NFT + token in one nonstandard contract — marketplace special-casing, broken royalties, NFTs vanishing on token transfers. Here the 721 is never split, wrapped, or auto-burned by token transfers; quills are separate ERC-20s issued by vaults.

The 404-flavored piece is liquidate-and-re-roll: hold 100% of a hog's quills → vault pays out in-kind → NFT burns → a fresh-ID mint slot opens with a new sealed basket. Re-roll gambling with a hard NAV floor, on a standard skeleton. From a marketplace's point of view this is a boring ERC-721 with a burn mechanic and dynamic metadata — full collection page, floor, and links, guaranteed by construction.

10 · PARAMETER TABLE (V0.1 DEFAULTS)