Every pool gets a regent. The LPs get the rent.
One seat per Stock Token pool: trade first, fee-free. Auctioned every session, rent paid to the LPs. A Uniswap v4 hook on Robinhood Chain.
Not deployed, not audited, no token. The preview runs on simulated market data and never moves funds.
Live NYSE session clock
Reading the clock
- Next session in
- --:--:--
- Next opening bell in
- --:--:--
- OPEN
- DAY
- POST
- NIGHT
- WEEKEND
Times in ET. Computed in your browser from the NYSE calendar, holidays and early closes included.
The problem
LPs lose money at 09:30. Every day. On schedule.
Take a Stock Token pool such as $NVDA/USDG on Uniswap v4. At 9:30 ET the stock opens at a new price. The pool is still quoting the old one. The first bot to trade pockets the gap.
That loss has a name, LVR (loss-versus-rebalancing). On a first-come-first-served sequencer with ~100 ms blocks it is a pure latency race: all the value goes to the fastest bot, none to LPs. The same thing happens after earnings, on halt resumptions and on Monday opens.
In crypto this leak is continuous and unpredictable. For equities it is scheduled. And anything scheduled can be sold in advance.
What does one gap cost the LPs?
- Full-range formula
- $1,748
- Concentration multiple
- 10.4×
- Taken from LPs at the bell
- $18,141
Today: the fastest bot keeps 100%. LPs keep 0%.
With a seat: bidders compete for that value in advance, and the winning bid is paid to LPs as rent.
profit = V · (√r − 1)² / 2, r = 1.060. Illustrative arithmetic, not a forecast: what bidders actually pay is set by the auction and can be zero.
How it works
Sell the first trade. Pay the rent to the pool.
STEP 1 / 5
The seat is auctioned before every session
One seat per pool, sold per NYSE-calendar session: OPEN, DAY, POST, NIGHT, WEEKEND. It is an open ascending auction in USDG, so everyone sees the standing bid.
- Minimum raise +5%
- A bid in the last 60 s extends the auction by 60 s
- Hard close 2 min before the session
- Reserve: 50% of the median of the last 10 winning bids
STEP 2 / 5
The winner pays upfront
The full amount is escrowed before the session starts. LPs know their income in advance. There is nothing to collect later, so there is nothing to default on.
- No credit
- No default
- No liquidation
STEP 3 / 5
The rent streams to LPs, second by second
The escrow is streamed to in-range LPs through Uniswap v4 donate() for the whole session. The protocol keeps 10% of the winning bid; the rest is rent.
- 90% of the bid to in-range LPs
- Anti-JIT: liquidity removed less than 30 min after being added forfeits its accrued rent to the pool
STEP 4 / 5
The regent gets the bell window
For the first 20 seconds of OPEN, and of any halt resumption, only the regent can swap. The gap that used to go to the fastest bot now goes to whoever paid the LPs for it.
- Swaps at 0% LP fee through a registered executor
- Sets the fee for everyone else, inside capped bounds
- Collects those swap fees
STEP 5 / 5
Rights come with duties
During DAY, when the Chainlink feed is fresh and the market is open, the pool price must stay within ±max(current fee, 0.30%) of the oracle. More than 60 s outside the band is a breach.
- Bond slashed per breach-second: 50% to LPs, 10% to whoever called poke(), 40% burned
- No duties off-hours: there is no reference price, and the protocol does not pretend otherwise
The seat
Seat rights. Seat duties.
Modelled on the exchange designated market maker: privileges in exchange for obligations, with a bond that enforces them.
What the regent gets
Trade first, at 0% LP fee
The regent swaps fee-free through a registered executor contract.
Set the fee for everyone else
Inside capped bounds: DAY 0.05%–0.50%, OPEN up to 1.00%, NIGHT and WEEKEND up to 2.00%.
Collect the swap fees
Fees paid by other traders during the session go to the regent. LPs were already paid, upfront, by the rent.
The bell window
The first 20 seconds of OPEN, and of any halt resumption: only the regent can swap.
What the regent owes
Keep the pool on the oracle
During DAY, with a fresh Chainlink tokenized-equity feed and market status open, pool price must stay within ±max(current fee, 0.30%) of the oracle.
60 s of grace, then breach
More than 60 s outside the band is a breach. Anyone can call poke() to enforce it.
Slashed per breach-second
The regent's $RGNT bond pays: 50% to LPs, 10% to whoever called poke(), 40% burned.
No duties off-hours
Outside regular hours there is no reference price, and the protocol does not pretend otherwise.
Fail-safe. Unsold session, or reserve not met: the pool behaves like a normal v4 pool with a default fee paid to LPs, and no bell window. A regent who does nothing has simply wasted his bid. The worst case is the status quo.
Who it is for
Three sides, one seat.
For LPs
Get paid for the gap instead of paying for it
- Rent is paid upfront and streamed per second. You know the session's income before it starts.
- The value of the 9:30 gap is competed away in an auction whose proceeds go to you, not to the fastest bot.
- Anti-JIT: liquidity that leaves within 30 min of arriving forfeits its accrued rent back to the pool.
- No promise of yield: rent is whatever bidders pay, and an unsold session pays none.
For market makers
Buy the first trade. Stop racing for it
- Replace a latency arms race with a price: bid what the session is worth to you.
- Fee-free execution, the 20 s bell window, and the swap fees of the session.
- No bond, no bid: a $RGNT bond sized by pool tier backs your DAY duties.
- Permissionless. One honest bidder is enough to keep an auction competitive.
For traders
A pool that tracks the real price
- During DAY the regent is bonded to keep the pool within ±max(fee, 0.30%) of the oracle.
- Fees are bounded by session: never above 0.50% in DAY.
- For 20 seconds after the bell, swaps from anyone but the regent are rejected. After that, trade as on any v4 pool.
- If no one holds the seat, it is just a normal v4 pool.
The token
NOT LIVE — no contract address yet$RGNT: no bond, no bid.
$RGNT is not live. There is no contract address yet. Anything claiming to be $RGNT today is not from this project.
A bond, not a ticket
Bidders must lock a $RGNT bond sized by pool tier. It is what gets slashed when a regent breaches its DAY duties.
Where the protocol cut goes
The protocol takes 10% of every winning bid:
stakers are paid in USDG · 20% treasury
Stakers govern the numbers
Fee bounds, bell window length, pool tiers and the holiday calendar are set by $RGNT stakers.
The contract address, when there is one, will be announced on X and published here. No price, no chart and no buy button will ever appear on this site.
Prior art
Standing on the am-AMM.
The idea of auctioning the arbitrage right and paying the rent to LPs is not ours. It comes from the am-AMM paper by Adams, Moallemi, Reynolds and Robinson (2024).
What is new in Regent
- Session-based auctions: on the equity calendar, where the leak is scheduled.
- The bell window: an exclusive first trade at the open and at halt resumptions.
- Upfront payment: escrowed before the session: no credit, no default, no liquidation.
- Oracle-bound DMM duties: a bonded obligation to track the reference price during DAY.
Is Regent live?
No. Nothing is deployed. This site is a preview with simulated market data. No contracts, no funds, no token.
Is there a token I can buy?
No. $RGNT is not live and has no contract address. This site will never show a price, a chart or a buy button.
What exactly is being auctioned?
The seat: for one pool and one session, the right to swap at 0% LP fee, to set the fee for everyone else inside capped bounds, to collect those fees, and to trade alone during the 20 s bell window.
How much will LPs earn?
Nobody knows, and nobody should tell you otherwise. Rent is whatever bidders pay in each auction. It can be zero: an unsold session pays no rent and the pool runs as a normal v4 pool.
What if the regent does nothing?
Then he wasted his bid, which LPs already received. During DAY his bond is slashed if the price leaves the band for more than 60 s. The worst case for the pool is the status quo.
Can bidders collude to keep bids low?
Auctions are permissionless, so one honest bidder is enough to break a cartel, and the reserve price (50% of the median of the last 10 winning bids) puts a floor under every sale.
Can I add Regent to an existing pool?
No. Uniswap v4 hooks are fixed at pool creation, so Regent pools are new pools that have to attract liquidity. The pitch to LPs is rent paid in advance.
Is the idea original?
The core idea, auctioning the arbitrage right and paying rent to LPs, comes from the am-AMM paper (Adams, Moallemi, Reynolds, Robinson, 2024). Regent adds session auctions on the equity calendar, the bell window, upfront payment and oracle-bound duties. Read more.