The uSPY vault holds a fully backed long on the S&P 500 perp on Robinhood Chain and mints certificates against it, one token's worth of exposure plus USDG margin behind every certificate in circulation.
Vault
CertVault (factory-deployed)
Delta target
1.0, checked each attested batch
Chain
Robinhood Chain
The S&P 500 is the default long-term allocation in public markets, and on Robinhood Chain it trades only as a leveraged perp. Holding it means funding, margin and a liquidation price on what should be the simplest position in a portfolio.
Broad market beta is something you hold for years. On chain it was locked inside an instrument built to be traded by the hour.
Deployed on mainnet 4663Price, supply, buffer and delta drift are read from the vault, the certificate and the oracle on the dashboard, each one shown with the age of the attestation it rests on. No figure for this vault is published here, because nothing on this page reads the chain.
Full solvency viewThe results
Backing ratio target, enforced in the vault's solvency math at each attestation
Conditions that can refuse a redemption — forceExit is gated on nothing. Every redemption is queued and paid by claim, never refused.
Deposit USDG and it is held in escrow while the hedge is opened on the venue; uSPY is issued to your wallet at the fill price once the venue confirms it, usually within a minute. Burn uSPY and the vault closes that hedge on chain in the same transaction; the USDG comes back from the venue within minutes and you claim it. The vault's solvency math is proven on-chain at every attestation and published with the age of that proof, so none of this requires trusting us.
The vault opens an equivalent long on the S&P 500 perp the moment you deposit. Delta target 1.0, enforced by a band check on each attested batch and rebalanced permissionlessly: rebalance() is callable by anyone.
Funding is paid on the venue every hour, into and out of the vault's margin account there. Positive funding adds to what backs the vault; sustained negative funding draws it down. A holding-fee pass-through is designed but not deployed, so nothing charges holders for funding today: it shows up in the vault's backing, which the dashboard publishes live.
