EXCESS RETURN vs SGOV·SINCE FIRST TRADE·BASIS POINTS
RF/SGOV·BLOCK not read yet·--:--:-- UTC
Not trading yet.
There is no pair, so there is no number. This field stays empty until the first trade prints. We are not putting a demonstration figure here.
pons lets you pick the asset you are quoted in. We picked SGOV, the 0-3 month Treasury bill, because it keeps score.
CA not deployed yet. Anyone handing you an $RF address right now is handing you somebody else’s token.
WHY SGOV
$RF is a token on Robinhood Chain, chain id 4663, launched through the pons launchpad and paired against SGOV, the iShares 0-3 Month Treasury Bond, Robinhood Token. Because the quote asset is a Treasury bill, the price chart reads as excess return over the risk-free rate, in basis points, and can be negative.
pons lets a launch choose what it is quoted in, from around 55 tokenized assets. In one measured 24 hour window of graduated launches, 71 chose native ETH, 30 chose USDG, 6 chose SPY and 2 chose SPCX. Everything else rounded to zero, including the Treasury bill. measured 2026-09-06
SGOV is the iShares 0-3 Month Treasury Bond, Robinhood Token, at 0x92FD66527192E3e61d4DDd13322Aa222DE86F9B5. Quote a token in it and the chart stops being a price and starts being a performance measurement, because the denominator is the number every desk calls the risk-free rate.
This is the most under-used control on the launchpad. No Solana launchpad has it, because no Solana launchpad has a tokenized T-bill to pair against.
The line on the chart is SGOV. Above it you are paid for the risk. Below it you are paying for it.
HOW THE NUMBER IS COMPUTED
One number. $RF quoted in SGOV, compared with the same quote at the first trade, expressed in basis points. 100 bps is 1 percent. The figure is read from the pair on chain at the block in the top rail. If the read fails, the field goes empty rather than showing you the last one.
It measures the pair, not your wallet. You did not enter at the first trade, so your own number is better or worse than this one and the page does not know which. If you want your figure, take your entry quote in SGOV and do the same subtraction.
- ABOVE 0
- beating a 0-3 month Treasury bill
- AT 0
- flat against it
- BELOW 0
- underperforming it
- BLANK FLAPS
- no read, or no trades yet
- DASHES
- the last read is stale
- 100 bps
- 1.00%
THE ASTERISK
The asterisk is not about $RF. It is about the asset $RF is measured against, and it is the most honest thing on this page.
read at block 55,530,245, chain 4663, 2026-09-06
The answer first. A token launched by pons, as read at block 55,530,245 on chain 4663, has no mint function, no pause, no blacklist, no delegatecall and no upgrade path. Fixed supply, no admin. What is left is standard: transfer, approve, transferFrom, and a burn the holder calls on their own balance. That is the 3,248-byte runtime we read on two live pons tokens, ORBIO and ROBIN.
The asset it is priced against is the opposite, and that is correct. SGOV, SPY and SPCX are 283-byte beacon proxies sharing a single beacon at 0xe10b6f6b275de231345c20d14ab812db62151b00, whose implementation is 0xb35490d6f9163de4f80d88dc75c3516eb64c5ae2. That implementation carries mint(address,uint256), burn(address,uint256), pause() and unpause(). The beacon itself carries upgradeTo(address), grantRole, revokeRole, pause() and unpause(). USDG does not share that beacon, so it is a different architecture and a different issuer.
This is what a regulated tokenized security is supposed to look like. An issuer has to be able to mint, burn and pause to mirror corporate actions, redemptions and legal orders. Read it as a dependency, not as a scandal, and not as an accusation against anyone. It is on this page because the joke in the name only works if we print the thing the name is hiding.
The practical consequence, stated plainly. The beacon that can pause SGOV can, in doing so, freeze the asset $RF is quoted against. If that happens the pair stops and this page shows NO READ. We cannot tell you the odds of it, because we did not enumerate who can call it.
What we did not check. These are gaps, not clean results.
- We did not enumerate who holds the beacon’s roles. The contract uses AccessControl rather than Ownable, so
owner()reverts and there is no single address to point at. Who can call those functions is unknown to us. - A PUSH4 selector scan does not prove a function is reachable, and finding no selector is not proof that a function is absent. It is a search, with the limits of a search.
- We read two pons tokens. We did not read the factory across every version it has shipped. A token launched from a different version could differ from the two we read.
- The block was an unfinalized head. Every present-tense claim above is provisional as of that block and can be stale by the time you read it.
- No domain, social handle or trademark check was run on the name RISK FREE, the string riskfree, or the ticker $RF.
What would change the conclusion. A role enumeration on the beacon. A second pons factory version with a different runtime. Any state change after block 55,530,245.
The due diligence standard we hold ourselves to has a list of phrases you are never permitted to write in a report. One of them is “risk-free”. We named the token after it and left the asterisk on.
WHAT A HOLDER CAN ACTUALLY DO
A promise is not a right. If somebody has to choose to honour it, it is a promise. Here is the split.
CAN, WITHOUT ANYONE’S PERMISSION
Transfer. Approve and transferFrom. Burn your own balance, or a balance you have been approved for. Sell into the pool, at whatever the pool will pay you at that moment.
CANNOT
Vote. Direct anything. Redeem for SGOV, or for a Treasury bill, or for anything else. Claim a share of revenue: creator take on this launch is set to zero, so there is no fee stream to route to anybody, including us.
THE EMPTY SHELF
There is no treasury to show you, no team allocation schedule, no partner list, no audit, and no roadmap dates. Not because they are secret. Because they do not exist yet, and a page that invents them is the thing this page is against.
Everything on this site is either a live read, a rule of the launchpad, or a sentence about what we did not check.
THE TERMS
Launchpad rules, not our claims. They apply to every token pons launches.
- LAUNCH FEE
- 0.0005 ETH
- GRADUATION
- when the curve raises 4.2 ETH
- LIQUIDITY
- locked
- TRADE FEE
- 1.00%
- CREATOR TAKE
- 0% of that fee
- SNIPE PROTECTION
- 99% tax in the launch second, decaying to 0 over 3 seconds
- SNIPE EXEMPTIONS
- none
- QUOTE ASSET
- SGOV, 0x92FD66527192E3e61d4DDd13322Aa222DE86F9B5
- CHAIN
- Robinhood Chain, id 4663
ON CREATOR TAKE Creator take is set to 0. There is no fee stream to us, and no fee stream to holders either, because there is nothing to route. You do not have to believe that sentence, the setting is on chain.
ON SNIPE PROTECTION The first 3 seconds of trading are taxed at up to 99% by the launchpad, to make sniping unprofitable. We took no exemption from it. If you are early enough to be annoyed by that, you are early enough to wait.
OPEN ITEM We have not confirmed whether the 4.2 ETH graduation threshold is denominated in ETH or in the chosen quote asset. With an SGOV pair that materially changes how much capital the curve needs. Until we have confirmed it on /launchpad/create, this row says 4.2 ETH because that is how the launchpad states it, and this note stays on the page.
THE BASE RATE
What usually happens to a token on this launchpad. Published here, on the page that wants you to buy one.
- TOKENS LAUNCHED, ALL TIME
- 4,228,127
- GRADUATED
- 921 (0.022%)
- MEDIAN GRADUATED MARKET CAP
- $31k
- UNDER $50k AT EVERY AGE BUCKET
- ~65% of graduates
- OLDER THAN 72h AND ABOVE $2M
- 18 tokens
- GRADUATIONS IN A 24h WINDOW
- 154
Measured 2026-09-06. These are figures about pons, not about $RF, and they are not live. They were true at one reading and nobody is refreshing them for you.
Graduation is a threshold, not an achievement. 154 tokens cleared it in one measured 24 hour window and plenty of them cleared it on the creator’s own first buy, at zero hours to graduation. Read a graduation as a receipt for 4.2 ETH, and nothing else.
Two kinds of token on this chain are still alive after day seven. Chain-native lore, which is 212 tokens doing $116.6M in 24 hours. And a real mechanism with a story about where value flows, which is where Longbow sits at $8.2M and Pare at $6.9M. $RF has no lore. What it has is a denominator, and whether that counts as a mechanism is a question you get to answer by not buying it.
If that table put you off, it did its job. We would rather lose you here than have you find it out later.
DESK NOTES
Why would I hold something that tells me I am losing?
Because it tells you. Every other page on this chain shows a green line against a numeraire that can fall faster than the token, and calls that a gain. Priced in a Treasury bill, you find out.
Do I earn the SGOV yield?
No. SGOV’s yield accrues to whoever holds SGOV, which is not you. You are measured against a Treasury bill, you are not paid like one. Anyone quoting you an APY on $RF is making it up.
Can the team mint more $RF?
We found no mint function in the 3,248-byte pons runtime we read, at block 55,530,245, within the search described in THE ASTERISK. That is a true sentence and it is narrower than “no”. We did not read every factory version pons has shipped.
So is SGOV safe?
Not our sentence to write. What we can say is what the code allows: the shared implementation behind SGOV carries mint, burn, pause and unpause, and the beacon carries upgradeTo and role grants. That is expected for a regulated tokenized security. Who holds those roles is a gap we did not close.
What happens to the number if SGOV is paused?
The pair stops, and so does the reading. The page will show NO READ rather than a stale figure. We cannot tell you the odds of that, because we did not enumerate who can call it.
Is SGOV a thin pair to trade against?
Yes, and we picked it anyway. Almost nothing on this launchpad is quoted in SGOV, so the book is thinner than an ETH or USDG pair, your slippage will be worse, and you may need to hold SGOV before you can buy at all. That is a real cost of the idea and it belongs here rather than in a footnote.
Is this financial advice?
No, and it is not a forecast. It is a measurement of a trading pair, published whether or not it flatters anyone.
Why is the whole site one number?
Because a second number would let you pick the one you liked.