How Double Backed works

$BACKEDD is a fixed-supply token that sits on a growing vault of $BACKED on Robinhood Chain. Every trade of BACKEDD pays a 3% tax; that tax is used to buy more BACKED into the vault, where it stays as backing. Because BACKED accumulates instead of being paid out, the token appreciates and its floor — the amount each token can be redeemed for — only rises.

The one idea: a price can fall to zero; a redeemable claim on BACKED can't. And BACKED itself is a redeemable claim on real tokenized equities. $BACKEDD is double backed.

A plain ERC-20 with supply fixed at 1,000,000,000 at launch. There is no mint function — supply can only ever decrease, when someone redeems and their tokens are burned. Fewer tokens against the same or larger reserve means every remaining token is more backed.

$BACKEDD trades primarily on a Uniswap v4 BACKEDD/ETH pool, with additional pairs against $BACKED and major tokenized stocks.

Uniswap v4 hooks take a 3% fee on every buy and every sell of $BACKEDD, and forward it straight to the vault.

• BACKEDD/ETH pools — fee taken in native ETH via the ETH fee hook (beforeSwap / afterSwap, same pattern as Backed / The Index).
• Non-ETH pairs (BACKEDD/BACKED, BACKEDD/STOCK, etc.) — fee taken in the non-BACKEDD token via the multi-token fee hook, then converted toward ETH / BACKED by the keeper.

100% of the tax goes to the vault (no LP-deepening split).

The vault is the reserve. It holds tax proceeds (ETH and other tokens) until a keeper converts them and buys $BACKED — then holds that BACKED permanently. Nothing is distributed to holders; value accrues to the vault, and therefore to every $BACKEDD.

No rug surface. There is no owner or keeper path to withdraw BACKED, ETH, or other tokens. The only way value leaves the vault is a holder's own redemption. The owner cannot drain the reserve — it's enforced in code, not promised.

A keeper turns tax balances into $BACKED through on-chain Uniswap v4 swaps:

• convert() — swap non-BACKED tax tokens (never BACKED or ETH as input) toward ETH or intermediate assets the vault can use.
• buyBacked() — spend pending ETH for $BACKED on the BACKED/ETH pool. That BACKED stays in the vault as backing.

The keeper only supplies slippage floors (minOut). It can grief a single swap within that floor and nothing more — never withdraw, never redirect the reserve off pro-rata.

Anyone can call redeem(amount): it burns your BACKEDD and sends your pro-rata slice of the vault — held BACKED plus any pending ETH — in-kind. No oracle, no permission, any block.

A 5% redemption fee (adjustable, but capped at 10%) stays in the vault. That makes every exit accretive: when someone leaves, backing per token for everyone who stays goes up. The floor is monotonic — it only climbs.

Prefer a different recipient? Use redeemTo(amount, to).

Live balances and a redeem UI: Open the vault →

Redeemability pins the market price to the backing by arbitrage. If $BACKEDD ever trades below its floor, buying it and immediately redeeming for BACKED (and then, if desired, redeeming BACKED for equities) is the force that closes the gap.

The floor isn't a promise or a peg — it's the balance of BACKED (and pending ETH) the contract will hand you on demand. Two forces push value up: the volume engine (every trade's tax buys more BACKED) and the market engine (BACKED's own stock basket can appreciate). Supply only shrinks. The floor only rises.