Token strategy

Here the vault collects another ERC-20, its target, and buys it straight from the people who hold it, one bag per sale. It deals in bags of a fixed size, pays a price that rises by the second, marks every bag up for resale, and burns the strategy token with what each resale brings in.

The price the vault offers for a bag rises for as long as nobody sells it one.
A holder hands the vault a bag and is paid in ETH within the same transaction.
The vault offers that bag for sale at 1.2 times what it paid.
When the bag sells, all of its price is spent on buying the strategy token for the dead address.

Bid, shelf and burn follow the NFT strategy rules. What changes is the thing being bought and who sells it.

The bag

A bag is one thousandth of the target's total supply, measured when the vault is created and never adjusted. A target minted at a billion tokens has bags of a million.

Selling a bag to the vault

Holders sell to the vault directly, from the shelf panel on the strategy page; no listing is needed. Holding one full bag is the only requirement. The wallet first allows the vault to take one bag, if it has not before, then signs the sale. The vault draws one bag, checks that what landed matches a bag to the unit, and pays the seller the bid right away, inside that one transaction. The seller sets the lowest price they will take, so if the bid dropped in the meantime the sale fails rather than filling lower.

Tokens that skim a fee off transfers, or whose balances drift by rounding when moved, never deliver a whole bag. The vault rejects every such sale, which means a strategy on one of those tokens will not buy at all.

The shelf

Bags are numbered from 1 as they arrive and offered at 1.2 times their cost. A buyer pays that price and receives the full bag in one go. Shelf bags are the cheaper route once the target has risen far enough that the same amount costs more on the open market.

Nothing ever burns the target token. Bags leave the shelf intact with their buyers; the strategy token is the only thing that ends up at the dead address.

Example

Made-up figures. Both tickers are invented.

$MOSS was minted at 1,000,000,000 tokens, so one bag for the $MOSSSTR strategy is 1,000,000 $MOSS.
The vault has 1.5 ETH in its treasury and a bid growth of 0.2 ETH an hour. A million $MOSS trades for about 0.6 ETH elsewhere, and three hours after its previous purchase the vault's bid reaches that figure.
A holder sells one bag: 1,000,000 $MOSS leaves their wallet and 0.6 ETH arrives, in a single transaction.
The vault offers bag #1 at 0.72 ETH.
$MOSS gains 40%, so a million of it now costs about 0.84 ETH elsewhere. Someone buys bag #1 from the vault for 0.72 ETH instead.
$MOSSSTR already trades in its pool, deep enough for one pass to spend up to 0.6 ETH. The first pass burns 0.6 ETH at once; the budget refills at about 0.6 ETH an hour, so the last 0.12 ETH goes about 12 minutes later. About 0.0036 ETH goes to the callers.

Launching one

Any wallet can start a token strategy on any ERC-20 on Robinhood Chain, and a token can have any number of them, bidding for the same holders' bags. An NFT collection cannot be the target: the wizard says “This contract is an NFT collection, not an ERC-20 token. Pick an NFT strategy for a collection.” If the token contract names the launcher as its owner, the strategy page warns in red: “The launcher owns this token's contract and can change it.” Such a launcher may be able to mint new tokens and sell them to the vault a bag at a time. The launcher's 10% goes to the launching wallet. See launching a strategy.

When it goes quiet

The target drops below the shelf prices: Bags stay unsold and no burning happens. The multisig can lower the markup.
A bag costs more than the ceiling allows: Holders will not sell under the going rate, which leaves the treasury growing with nothing to buy.
No single holder has a whole bag: Only a wallet holding a thousandth of the supply can sell. Until one does, the bid sits unused.
The token stops trading: Rewards stop arriving. The vault goes on bidding with what it has.