Methodology & sources
What exists today
Caplet is an independent project developing a risk-capital concept for tokenized equity lending on Robinhood Chain
The accounting model uses hypothetical USD inputs and does not accept production deposits or offer live coverage
No production underwriting or oracle integration is represented / View the testnet fixtures
- Target network
- Robinhood Chain mainnet — chain ID 4663
- Caplet contracts
- Testnet fixtures only / No production underwriting
- Capital and feeds
- No funded production product or production oracle integration
- Calculation
- Local, deterministic and hypothetical
Network details checked on 25 October 2026
Official network configuration
Three clocks to keep separate
Robinhood’s documentation distinguishes the primary tokenization window from secondary-market trading — holders may continue trading onchain outside the primary mint and burn window
The documented primary order window runs from Monday 02:00 to Saturday 02:00 CET or CEST, subject to daylight-saving schedules — that window is not a guarantee of secondary-market liquidity
Stock reference feeds are documented as updating 24/5, while per-asset trading capabilities, executable liquidity and feed freshness need to be assessed separately
The homepage ribbons illustrate that timing mismatch — their shape is not a price series, liquidity measurement or risk forecast
The accounting model
All scenarios use hypothetical USD amounts — money is rounded to cents before arithmetic
The protocol buffer is assumed to absorb loss before the backstop in this model only — final product terms and the actual order of loss allocation remain undecided
- Liquidation shortfall
- Maximum of debt plus liquidation costs minus gross liquidation proceeds, and zero
- Protocol buffer used
- The smaller of the shortfall and the assumed protocol buffer
- Residual shortfall
- The liquidation shortfall minus the protocol buffer used
- Backstop payment
- When eligibility is assumed, the smallest of the residual shortfall, available backstop capital and the coverage limit — otherwise zero
- Remaining loss
- The residual shortfall minus the backstop payment
- Remaining capital
- The available backstop capital minus the backstop payment
The model does not estimate event likelihood, set premiums, predict prices, model correlated defaults or determine legal or contractual eligibility
How the recovery study works
The recovery study changes gross liquidation proceeds while holding debt, costs, the protocol buffer, capital, coverage limit and eligibility fixed
The horizontal axis runs from zero to the larger of the assumed proceeds or debt plus costs, capped at the input maximum of one billion USD — for an all-zero scenario the display uses a one-dollar axis
The chart includes the exact accounting breakpoints within its range — the slider previews a recovery amount and only changes your main scenario when you choose Use these proceeds
Each point represents a separate hypothetical liquidation with the same starting capital — the chart does not model repeated claims, replenish funds or imply that one pool can make every displayed payment
Pinning a comparison captures the current assumptions in this tab — the comparison shows all six monetary inputs, eligibility and the resulting allocation, with changes calculated as current minus pinned
Positive and negative changes describe arithmetic differences — neither direction is an investment recommendation or a measure of risk quality
What an integration would need
Eligible markets, capital sourcing, claim triggers, verification, pricing, fees, withdrawal timing, audits, legal classification and operating jurisdictions must be resolved before a funded product can launch
A technical integration would also need per-feed timestamp, heartbeat, decimals and sequencer checks, handling of corporate-action pauses, and tests of actual executable liquidity — the accounting simulator performs none of those checks
A change in an asset price does not itself establish that any protection is payable
Your assumptions and files
The model works in your browser without requesting a wallet or contacting a financial service
Remember on this device stores only the scenario assumptions in browser storage — turning it off removes that saved scenario
Scenario links encode numeric assumptions and the eligibility assumption — project names, integration notes and pinned comparisons are not included
A link can be read by anyone who receives it and may remain in browser history — use hypothetical inputs that you are comfortable sharing
Scenario JSON files preserve the inputs and a short scenario label — the importer checks the supported file version, a 64 KB size limit and valid USD assumptions before replacing your inputs
The pinned comparison is kept only in the current tab — export its CSV before leaving if you want to keep it
Exports, printable reports and integration briefs are generated locally — nothing is submitted or sent to a Caplet team
Independence and availability
Caplet is independent of Robinhood Markets and its affiliates — no partnership or endorsement is represented
Robinhood Stock Tokens are tokenized debt securities providing economic exposure to underlying securities — asset eligibility and regional restrictions apply, including restrictions on US persons
English-language availability does not establish eligibility to access an asset or a future product — consult the applicable official terms
Official Stock Token characteristics and restrictions
Any future Caplet product would require its own defined terms and eligibility assessment