Tokenized stocks, tied to the real price
Swap Stock Tokens for USDG at quotes moored to the Chainlink price. The spread, the market session and the fee are on the ticket before you sign.
One formula, applied to every quote
Every price is the same arithmetic on public data. Anyone can rebuild it from the chain, and the contract rebuilds it again inside your transaction.
Mid
The Chainlink price. If the feed is stale, zero or jumps implausibly, the market stops quoting instead of guessing.
Spread
Set by the market's tier: 10 bps for the most liquid names, then 20 and 40 bps. Wider when US markets are closed.
Skew
When a vault holds too much of one side, it prices the other side slightly better, up to 15 bps, so trades rebalance it.
Fee
2 bps, always on its own line. Never folded into the price.
Priced for market hours
Stock Tokens trade 24/7, but the shares behind them only trade on US hours. When the market is shut, LPs carry the risk of a gap at the next open, so spreads widen and sizes shrink.
Open
Regular US hours. Tightest spread, full trade size.
Extended
Pre-market and after-hours. Wider spread, 75% of the size.
Closed
Overnight and all weekend. Still quoting at half size, and the ticket tells you waiting for the open is cheaper.
How a swap fills
One router in front of two sources of liquidity. Whichever pays you more is the one that settles.
The vault quotes
Each market has an LP-funded vault quoting both sides around the mid.
Makers can beat it
Large orders go to market makers as signed quotes. They only win if they pay you more.
The chain re-checks
The router recomputes the price on-chain, so no website can route you to a worse one.
Settle or revert
One transaction. If the price passed your limit or deadline, it reverts and you keep your funds.
Provide liquidity, keep the spread
Fund a market's vault and earn the spread on every fill against it. Quotes follow the oracle, so arbitrage bots can't drain the vault every time the stock moves.
Income from the spread
No emissions, no points. The protocol keeps 10% of realised spread.
Withdraw any time
Exits work in every state, even while trading is halted or paused.
No custody
Assets sit in your wallet or in LP-owned vaults. Nothing in between to lose.
When quoting pauses
A halt only stops pricing. Withdrawals keep working.
Price feed goes stale
Resumes on the next fresh oracle update.
Split or corporate action
Resumes when the feed returns on the adjusted price.
One update moves over 25%
Resumes after a public, timelocked review.
Sequencer goes down
Resumes one hour after the chain recovers.
Stocks aren't memecoins
A constant-product pool prices whatever sits in its reserves. That works for crypto pairs, and breaks for assets whose real price is set on an exchange.
| Unanchored pool | Mooring | |
|---|---|---|
| Price | Whatever the reserves say | The Chainlink mid, within 75 bps for Tier A |
| Weekends | Saturday priced like a Tuesday | Wider spread and smaller size, shown up front |
| LPs | Picked off whenever the stock moves | Earn the spread, rebalanced by skew |
| Splits | Pool breaks or has to migrate | Pauses, then resumes on the adjusted feed |
| Big orders | Slide down the curve | Sent to competing makers |
| Fees | Hidden in the curve | Their own line on the ticket |
Questions
Something else on your mind? Ask us on X.
Is Mooring an exchange?
No. It's a swap venue that never takes custody. Vaults and market makers supply the quotes, every swap settles in one transaction on Robinhood Chain, and there's no account to top up.
Why is the spread wider at night?
Because the real market is closed. LPs carry the risk of a price gap at the next open, so overnight and weekend quotes use a ×3 spread and smaller sizes. The ticket shows the session before you sign.
Do I own the actual shares?
No. A Stock Token tracks the share and is issued by Robinhood's token issuer, not by Mooring. Read the issuer's terms to understand what you hold.
Where does LP income come from?
From the spread on fills against your vault, minus a 10% protocol share. No emissions. The real risks, inventory and weekend gaps, are priced into the spread.
Can anyone change the prices?
No one can change a quote. Parameters like spreads and caps only change through a public timelock, with the reason published first.
When does it open?
Markets open one by one on Robinhood Chain, starting with Tier A names under size caps. Follow @mooringswap for each opening.
Get notified when markets open
Each market opens one at a time. We announce every one on X.