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SEAT — Litepaper

The SEAT litepaper: desks, accounting, sessions, components, roadmap.

3 min readSource: docs/litepaper.md (opens in a new tab)

SEAT is a protocol for USDG-denominated copy-trading desks on Robinhood Chain. A desk mirrors the trades of an opted-in leader across a small set of authoritatively verified, official Stock Tokens (initially NVDA, AAPL, SPY). Depositors receive seat shares representing a pro-rata claim on desk equity (NAV), computed from USDG cash plus the USDG value of held Stock Tokens.

This document describes the concept. It makes no guarantees of returns and is not investment advice. See risk.md and not-affiliated.md.

Status

Phase 0 is shipped (paper copy, deterministic risk, no funds move).

Phase 1 is shipped on Robinhood testnet 46630: factory + cash vault deploy, USDG deposit/redeem in the blotter, keeper bound to vault.leader(), honest fill tape (source=fixture|chain). A $50k-capped mainnet desk is wired in code (cited MAG7 + SwapRouter02); it is not broadcast unless CONFIRM_MAINNET=I_UNDERSTAND.

Phase 2 code is shipped: 1B $SEAT (no mint), 70/20/10 fees, stake-to-list, extra desks, 12-month LP locker. TGE on 4663 still needs CONFIRM_MAINNET and CONFIRM_SEAT_TGE. See phase-2.md. SEAT is not affiliated with Robinhood Markets.

Do not deposit on mainnet (4663) until a capped vault address is recorded from a real DeployMainnet or DeployPhase2 broadcast.

Phase 0 — Paper Copy

Phase 0 exists to prove the mechanism without real money:

  • The keeper observes hypothetical leader fills and produces copy signals.
  • The risk module accepts/rejects/sizes each signal deterministically.
  • Execution is paper only — no router is configured and no funds move.
  • Every decision is explainable (why a fill was copied, resized, or skipped).

Phase 1 — Testnet desks

Phase 1 wires the cash vault to testnet:

  • DeskFactory.createDesk(leader) on 46630 (optional in the deploy script).
  • Depositors approve USDG and mint seat shares; redeem is instant when cash is available, otherwise queued.
  • The app reads NAV, shares, cash, and leader from the vault. Deposit/redeem are enabled when connected on 46630 or 4663 with a real vault address (4663 also enforces the $50k deposit cap).
  • The keeper does not pick a leader. It reads vault.leader() (or an explicit LEADER_ADDRESS fallback).
  • Fill tape rows are labeled source=fixture or source=chain. Fixtures are never labeled live.
  • Live execution fails closed on 46630 (no router). On 4663 it requires ExactInputRouter02 + isTradeEligible(symbol, 4663).

Accounting

  • Accounting asset: USDG (6 decimals).
  • Gas asset: ETH.
  • NAV = USDG cash + Σ(token UI balance × oracle price) − liabilities.
  • Seat NAV = desk equity ÷ outstanding seat shares.
  • Token balances use the authoritative balanceOfUI() supported-balance interface, never raw ERC-20 balanceOf().
  • Phase 1 vaults are cash-only, so NAV equals USDG cash.

Sessions

Copy sizing depends on the market session. After-hours size is strictly smaller than cash-session size. When the session or price is uncertain, the system fails closed (does not trade).

Components

ComponentRole
DeskFactoryOne DeskVault per leader
DeskVaultHolds USDG + Stock Tokens, issues seat shares
RiskModuleCaps, session clock, drawdown halt, skip rules
SwapAdapterRestricted swap surface (no arbitrary calldata)
FeeModuleHigh-water performance fee + AUM accrual; 70/20/10 split on Phase 2
SeatTokenFixed 1B $SEAT, no mint — TGE via guarded DeployPhase2
StakingPoolStake $SEAT, claim USDG from desk fees
LpLocker12-month lock of a Uniswap v3 position NFT

Roadmap (non-binding)

  1. Phase 0 — paper copy, deterministic risk, full test coverage. Shipped.
  2. Phase 1 — testnet deposits/redeems, blotter on real 46630 data. Shipped. Capped mainnet desk ($50k MAG7) is wired; broadcast is guarded.
  3. Phase 2 — extra desks + $SEAT (1B, no mint), 70/20/10, stake-to-list, 12-month LP lock. Code shipped; TGE needs dual CONFIRM. See phase-2.md.
  4. Later — buyback-and-burn, vesting, merkle airdrop, ungated AUM, Phase 3 tools.