The whole protocol, written down.
Obit Circle Rebate is a fixed-emission staking protocol on Robinhood Chain. This page explains what the contracts do, how the numbers are derived, and what can go wrong. Nothing here is a promise. It is a description of a machine.
Overview
There are two tokens. $OBITs is the liquid token you buy on the open market. sOBITs is what you hold while staked, minted one for one when you deposit and burned one for one when you leave.
Every eight minutes an epoch closes. At each close, the protocol mints new $OBITs into the staking pool and moves the index up by a fixed step. Because sOBITs balances are read through the index, every staked wallet grows in place. Nobody claims, nobody restakes, nobody signs anything.
Bonds are the only way reserves enter the treasury. A bonder sells ETH or USDC to the protocol and receives $OBITs at a discount, vested over five days. The treasury is what backs circulating supply.
Epochs and the index
Epochs are aligned to UTC midnight and close every 480 seconds, so there are exactly 180 per day and 65,700 per year. The epoch clock on the home page counts down to the next boundary using the same arithmetic the contract uses.
The index starts at 1.00000 at genesis. At every close it is multiplied by one plus the rebate rate. A staked balance is stored as a fixed number of "gons" and displayed as gons times the index, which is why nothing has to be sent to you for your balance to change.
indexn+1 = indexn × (1 + 0.000056875)
balance = gons × index
// after one day
index180 ≈ 1.0103 (+1.03%)
If an epoch is missed, for example the keeper transaction fails, the next successful close applies every missed step at once. Time is not lost, it is caught up.
Staking
- Approve the staking contract to move your $OBITs.
- Stake any amount. The contract takes $OBITs and mints the same amount of sOBITs to your wallet.
- Wait. From the next epoch close onward, your sOBITs balance grows at the fixed rate.
- Unstake any amount at any time. sOBITs are burned and $OBITs are returned one for one at the current index. There is no lockup and no cooldown.
Rewards start at the next close, not at the moment you stake. A deposit one second before a close earns a full epoch; a deposit one second after waits eight minutes. Over 180 epochs a day the difference is noise.
Until the staking contract deploys, the stake page routes deposits to a team-operated vault. That is a custodial arrangement and it is labelled as one on the page.
The rebate math
The APY is fixed, so the per-epoch rate is derived from it, not the other way round. With 65,700 epochs a year and compounding every epoch:
= ln(41.96) / 65,700
= 0.000056875 per epoch
(1 + rate)180 = 1.0103 one day, +1.03%
(1 + rate)5,400 = 1.36 30 days
(1 + rate)65,700 = 42.0 one year, 4,096% APY
Every figure on the site comes from this one rate. If the epoch length ever changes, the rate is recomputed from the same formula so the APY stays fixed and the page never contradicts itself.
The rebate mints tokens, not dollars. A 42x token count in a year says nothing about price. If the market cap is flat, each token is worth one forty-second of what it was. The mechanism rewards holding a share of supply, and only that.
Bonds and the treasury
A bond is a swap with the protocol instead of the pool. You send ETH or USDC to the treasury and receive $OBITs below the market price, delivered linearly over five days. The discount is the price of your patience and the reserves are what the discount buys.
| Field | Behaviour |
|---|---|
| Accepted assets | ETH and USDC on Robinhood Chain. |
| Vesting | Five days, linear. Claim any vested portion at any time. |
| Discount | Set by a bond control variable that rises with demand and decays with time, so heavy bonding gets a smaller discount. |
| Backing per token | Treasury reserves divided by circulating $OBITs, published at every epoch close from the ledger. |
| Outflows | Bonds are the only way tokens leave the treasury. There is no discretionary spend function. |
Backing is whatever has settled, nothing more. The number is never marketed up and it starts at zero, because the treasury starts empty.
Token and allocation
One billion $OBITs are minted at genesis. After that, the rebate is the only mint. There is no owner mint function and no admin key that can change the supply schedule.
| Allocation | Share | Terms |
|---|---|---|
| Liquidity and public market | 58% | Open pool on pools.trade at launch, no private round. |
| Staking rewards reserve | 15% | Seeds the staking pool before bonds fill the treasury. |
| Team | 12% | 12 month linear vest through Sablier. |
| Airdrop | 10% | Snapshot holders, claimed one for one. |
| Ecosystem | 5% | Integrations, audit, market making. |
Contracts pre-launch
All contracts deploy on Robinhood Chain, chain id 4663, and are verified on the explorer the day they go live. Addresses are published here and on the home page at launch.
| Contract | Address |
|---|---|
| $OBITs token | announced at launch |
| sOBITs staked token | announced at launch |
| Staking | announced at launch |
| Treasury and bonds | after the custody audit |
The staking contract exposes two write functions, stake(uint256) and withdraw(uint256). The rebate is triggered by a keeper calling rebase() once per epoch; anyone can call it, the keeper only guarantees that someone does.
Risks
- Coordination risk. Rebate protocols work while most holders stay staked. When enough of them sell, the price falls faster than balances grow. Historically most of these protocols have gone to zero.
- Contract risk. Code can have bugs. A custody audit is scheduled before bonds accept a deposit, and it has not happened yet.
- Custody risk. Until the staking contract deploys, staking is a transfer to a team-operated vault. You are trusting people, not code, for that period.
- Liquidity risk. The pool is the only exit. Large exits move the price.
- Chain risk. Robinhood Chain is new. Sequencer or RPC downtime pauses everything, including epoch closes, which are caught up afterwards.
Obit Circle Rebate is independent and unaffiliated with Robinhood Markets and with OlympusDAO. Nothing on this site is investment advice. Size accordingly.