$CPN — the Coupon protocol token
Fixed supply. Real yield behind it.
CPN doesn't pay gas and it isn't emitted to subsidize APY. It exists to route vault revenue back to the people who use and govern the protocol.
Supply & allocation
1,000,000,000 CPN, minted once at launch. No further issuance is possible — the contract has no mint function after deployment.
What CPN actually does
Every mechanic below is tied to real vault activity — none of it depends on new token emissions to function.
Fee discount
Vaults charge a 10% performance fee on premium collected. Staking CPN reduces that fee on a sliding scale, down to 5% for the top staking tier.
Buyback & burn
Half of every performance fee collected is used to buy CPN on the open market and burn it. Vault volume up means CPN supply down — a mechanic common across Robinhood Chain protocols.
Governance
CPN holders vote on which Stock Tokens get a new vault, and on adjusting strike-selection bands (e.g. 8% vs. 12% out-of-the-money) for existing ones.
Vault boost
Staking CPN alongside a deposit grants up to a 1.15x multiplier on that vault's APY, funded from the treasury allocation rather than new emissions.
Vesting & unlocks
Every non-circulating allocation follows a public, on-chain vesting contract — nothing unlocks by discretion.
Community emissions by year
Front-loaded to bootstrap TVL early, tapering as vault revenue takes over as the main yield source.
How this fits into Robinhood Chain
CPN is a governance and fee-discount token — it is never used for gas. These are the actual chain properties the vaults are built around.
Gas stays in ETH
Robinhood Chain is an Arbitrum-based L2 that uses ETH as its native gas token. Vault deposits, withdrawals, and settlements all pay gas in ETH — CPN never touches the fee market, so its price has no effect on transaction cost.
Fair sequencing
The chain orders transactions strictly by arrival time at the sequencer, not by gas price. That matters for a covered-call strategy specifically: a strike-selling transaction can't be front-run by someone simply paying more gas.
Blob data availability
Transaction data settles to Ethereum via blobs rather than full calldata, keeping vault settlement costs low even when the network is busy — important for a strategy that transacts every single week.
Dividend-aware accounting
Stock Tokens implement ERC-8056's uiMultiplier() to reflect dividends and splits without changing a holder's raw token balance. Vault accounting reads this multiplier directly, so a dividend or split during a vault's holding period is priced in automatically rather than silently desyncing your claim.