Abstract · A foundation for every idea
Thesis turns an investment idea into an explainable research portfolio. Start with a view, connect it to businesses in a sourced asset catalog, assign weights, and review the reasoning. Make changes, save a copy, or publish a fixed version with a permanent link.
Thesis supports portfolio research, stock token trading, independent ETH reserve shares, and stock vaults. Stock trades deliver tokens to your wallet. ETH reserve shares redeem at a fixed ETH rate. Stock vault shares represent a proportional claim on stock tokens and cash held by a dedicated contract, valued using verified Chainlink feeds.
Research supports AI and curated themes, using a snapshot of 194 catalog assets. Portfolios contain 5–12 holdings with individual weights of 1%–50%, totaling 100%. These limits make allocations easier to inspect; they are not evidence of optimal investment performance.
This paper explains what each step produces, how users can verify it, and where the product’s limits remain. Thesis does not promise returns or price stability. Both share contracts are experimental and have not been independently audited. Verification identifies a matching deployment; it is not a safety audit.
| Experience | What you can do | What it means |
|---|---|---|
| Research | Generate, edit, analyze, save, and export a portfolio | An allocation and reasoning for your review; no trade is placed |
| Publish | Preserve a fixed version and its content hash | A permanent link within the site’s access settings |
| ETH reserve shares | Create a token, deposit ETH, and redeem shares | Native ETH reserves with fixed 1:1 redemption; no stock assets |
| Stock token trading | Get quotes, buy a portfolio, or sell one asset | Stock tokens are delivered to your own wallet |
| Stock vaults | Deploy, deposit ETH, redeem shares, and run a separate rebalance keeper | Actual stock token custody, USD NAV shares, and immutable rebalance limits |
01 · From a view to a portfolio
An idea such as “data center growth will increase demand for power and cooling” leaves important decisions open. Which businesses are directly exposed? How should capital be divided? What is only an indirect connection? What evidence would change the view? Thesis makes these decisions visible before a user chooses to trade.
Portfolio construction has four separate questions: whether the idea is understood, whether the asset identity is correct, whether the weights express the intended tradeoffs, and what the user actually receives. Research can help with the first three. The final question requires transaction records and actual balances.
The goal is a portfolio that is understandable, editable, and traceable. Each holding includes reasoning. Users can change the stocks and weights. The method and catalog snapshot identify how a version was created. A persuasive explanation is still something to check, not proof of a sound investment.
A portfolio can contain several companies exposed to the same demand cycle, funding conditions, or interest rates. Holding limits and concentration metrics do not establish diversification or suitability. The user remains responsible for assessing the thesis, valuation, time horizon, and ability to bear losses.
02 · Research, publishing, and ownership
The research flow takes an idea and a selected method, builds a proposed portfolio, and validates its tickers and weights. The resulting record contains a name, original thesis, theme, research note, and holdings with individual reasons. A budget breakdown multiplies the budget by each target weight; it is not a market quote.
Saving and publishing serve different purposes. A draft belongs to the current browser session. A saved portfolio remains in that browser and can be exported. Publishing stores a fixed version under the signed-in account, including the asset reference snapshot, publication date, and content hash. Later edits do not overwrite a published version.
Token creation starts from a publication. The publisher chooses the network, name, symbol, and deploying wallet. The wallet sends a contract creation transaction after user confirmation. Thesis verifies the transaction, deployed code, and configuration before associating the token with the publication.
Stock token trading is a separate path. Quotes bind the wallet, amount, routes, minimum outputs, and expiration. The user confirms a call to Uniswap’s router, and Thesis checks the receipt and assets received. This does not change an ETH reserve token into a stock fund.
A stock vault starts from a fixed publication whose 5–12 assets all have verified price feeds. Creation freezes the feeds, weights, routes, and rebalance rules in a new contract. Depositing ETH buys those assets into the vault and mints shares from actual added NAV. A separately operated keeper may execute eligible rebalances; deploying a vault does not start that process.
| Step | Input and output | User action |
|---|---|---|
| Research | Idea → stocks, weights, and reasoning | Review and edit |
| Save | Allocation → browser record or exported file | Keep a copy |
| Publish | Reviewed allocation → fixed version and link | Sign in and publish |
| Create token | Publication → verified reserve contract | Choose a network and confirm in wallet |
| Deposit or redeem | ETH ↔ fixed number of shares | Confirm each transaction |
| Trade | Quote → stock tokens or ETH in your wallet | Review the quote and confirm |
| Stock vault | Publication → asset custody and NAV shares | Deploy and deposit in your wallet; separately start the keeper |
Define a thesis
Select a research method
Asset identity and weight limits
Refine stocks and weights
Keep a portfolio copy
Research creates a portfolio you can review. It does not require a wallet signature or move assets.
Explore each path. A research allocation is an input to trading, not proof of a completed purchase.
03 · From an idea to candidate assets
Ideas may contain 4–500 characters. AI research interprets the idea and its constraints against the fixed asset catalog, then proposes 5–12 holdings. Names, themes, notes, and holding explanations are generated in English. The original user input remains part of the portfolio record.
The curated method matches an idea to one of 11 themes: power, nuclear energy, computing, space, robotics, cybersecurity, digital finance, quantum computing, defense, healthcare, and memory. Keyword matching selects the starting theme; its score is not an investment confidence measure.
If no theme matches, 5–12 recognized tickers can create an equally weighted custom portfolio. When a theme matches, review the resulting list rather than assuming every ticker in the input was included. Equal weighting is a starting point for editing.
Curated theme matching cannot reliably interpret exclusions, negation, or short positions. It asks the user to describe a positive theme and then edit the holdings. AI is instructed to respect exclusions and decline ideas that cannot be expressed with the available catalog.
AI output is validated for known tickers, duplicates, holding count, weight limits, and a 100% total. The model cannot choose contract addresses or initiate transactions. These checks validate the portfolio’s format; users must still review the business connections and assumptions. If AI is unavailable, curated themes remain a separate option.
“AI’s next frontier
is power and cooling.”
Start with a change you believe in. Research connects that idea to relevant businesses.
Select a step to explore the curated power portfolio.
04 · Asset identity and availability
The research catalog is a snapshot of Robinhood’s asset API retrieved on September 6, 2026 at 16:28:39 UTC. It contains 194 distinct tickers with mainnet addresses and ACTIVE status at retrieval. That count describes this snapshot, not a permanent market universe. Robinhood Stock Token APIs
An asset is identified by its network and contract address. Names, tickers, and logos help recognition but are not sufficient to establish identity. The stock token catalog references Robinhood Chain mainnet, chain ID 4663. Reserve token creation defaults to testnet, chain ID 46630, with mainnet selectable. Networks have separate contracts, balances, and transactions. Both use ETH for network fees. Network configuration
A reserve contract preserves the stock addresses and weights as research references. It does not call or hold those stock tokens. A mainnet stock address recorded in a testnet reserve contract is still only a reference; it does not establish the presence of that stock token on testnet.
Catalog membership is not a trading guarantee. Before quoting, Thesis checks the current asset status, decimals, mainnet address, share multiplier, pending adjustments, and reference price freshness. It then checks available V3 liquidity and price impact. An asset without a valid quote cannot enter a new trade.
Robinhood describes Stock Tokens as tokenized debt securities issued by RHJ that provide economic exposure to underlying securities without granting legal or beneficial ownership of those securities. Thesis ETH reserve shares are a separate product and provide neither stock token holdings nor shareholder rights. Catalog references do not imply endorsement. About Stock Tokens
The stock vault feed directory contains 35 stock token feeds and ETH/USD, verified on September 10, 2026. Creation checks feed identity, freshness, issuer oracle pause status, and buy and return routes against the vault price limits. A supported feed is not a guarantee that a trade can execute now or later. Chainlink Robinhood tokenized equity feeds
05 · Token quantities and corporate actions
A stock token quantity is not always the same as the equivalent number of underlying shares. Corporate actions can change the conversion relationship. Quantities, token decimals, the current multiplier, and the units of a reference price must be considered together.
Thesis converts the official currentMultiplier from its 18-decimal representation before using it. The official underlying bid and ask are converted into per-token reference prices. Once a price includes the multiplier, applying the multiplier again would double-count the adjustment.
For illustration, 8 token units with a multiplier of 1.25 represent an underlying-equivalent quantity of 10. At an underlying price of $40, the value is $400. If the quoted per-token price is already $50, multiply 8 by $50 directly. These numbers explain units and are not market prices.
Trading pauses when a pending multiplier adjustment is detected or current asset data is inconsistent. Reference prices remain informational; the actual onchain quote and receipt determine the token amounts exchanged. ETH reserve share redemption does not depend on stock multipliers or prices. Building with Stock Tokens
06 · Weights and allocation rules
Research weights use integer basis points. One basis point is 0.01%; 100 basis points equal 1%. Each portfolio has 5–12 holdings, each weighted from 100 to 5,000 basis points, with a total of exactly 10,000.
When a user changes one weight, that value is fixed and the other holdings share the remainder. The algorithm respects each holding’s minimum and maximum. It resolves rounding in integer basis points so the result totals exactly 100%.
The editor accepts percentage weights with up to two decimal places. Removing a stock must leave at least five holdings; adding a stock cannot exceed twelve or duplicate an existing ticker. These constraints describe the product format and do not validate an investment strategy.
Concentration uses HHI = Σ(wᵢ / 10,000)². Effective holdings equal 1 / HHI. Six equal positions have an effective holding count of six. These measures describe weight concentration only; they exclude correlations, volatility, and returns.
6.1 Allocation mechanics
The algorithm first checks that the amount to distribute can fit every minimum and maximum, and that scores are finite and nonnegative. It reserves the minimum for each holding, then allocates the remainder proportionally. If all scores are zero, it uses equal proportions.
Any holding that would exceed its cap is capped first. The remainder is recalculated across the other holdings. Once no cap is exceeded, ideal allocations are rounded down, then leftover basis points are assigned in descending order of fractional remainder. Ties use the original holding order.
6.2 A reproducible calculation
An equal allocation across six holdings produces four weights of 16.67% and two of 16.66%, totaling 100%. Fixing one at 25% leaves 75% for the remaining five. Their starting proportions and the weight limits determine the final allocation.
The interactive figure below always calculates from the same baseline, allowing adjustments to be compared without depending on previous slider movements.
6.3 A starting point, not an optimum
Curated and equal-weight allocations make tradeoffs visible. They are not optimized against historical returns, a risk model, or current valuations. Users can revise them after reviewing the thesis and holdings.
Explore how allocation works. The weights are not a recommendation; each adjustment starts from the same baseline for comparison.
07 · Reasoning and research sources
A holding’s explanation should describe its connection to the thesis and the assumptions that need checking. A statement that a company sells relevant equipment is different from a claim about current orders, market share, or future returns.
Curated portfolios use human-written theme frameworks. Custom portfolios begin with user-selected tickers. AI portfolios record the model and catalog snapshot alongside the output. These methods remain identifiable rather than being presented as interchangeable evidence.
AI research does not browse the web for current facts. It can misunderstand constraints or provide incomplete, outdated, or incorrect business reasoning. Review the company’s own disclosures and the current situation before acting.
Catalog validation confirms recognized tickers and configured addresses. Publication hashes identify a fixed record. Transaction verification checks an onchain operation. None of these alone proves the author’s identity, research quality, or investment performance.
Local and imported files can be edited. Published versions preserve the submitted content, while the original research remains the user’s responsibility. A successful generation or valid allocation is not a backtest or an audited performance record.
08 · Drafts, revisions, and publications
A portfolio begins with an idea or curated theme. The detail page shows the thesis, holdings, reasoning, and concentration. The editor changes the name, stocks, and weights while preserving the original input.
Drafts remain in the current tab’s session. Saving keeps the portfolio in the same browser and makes it available to other tabs on the same site. Clearing browser data can remove both saved portfolios and revision history. Export important work to keep an independent copy.
Saving a curated portfolio creates your own portfolio identity. Later saves update that local portfolio and record actual changes. The history keeps up to 20 recent revisions per portfolio, including name, thesis, added or removed stocks, and changed weights.
Publishing requires a signed-in account. The service validates the allocation again and preserves its stocks, weights, research content, asset addresses, and catalog timestamp. It assigns a publication date, content hash, and permanent link. The publication remains subject to the site’s access settings.
Editing a publication creates a new version; it does not rewrite the original. Publishing by itself does not create a blockchain transaction, buy stocks, or issue shares. The publisher can proceed to token creation from the published page.
An export contains research information and relevant source records. It is a backup and review aid, not proof of a trade. Removing a browser copy does not remove a published version or onchain data.
| Record | Where it is kept | What it preserves |
|---|---|---|
| Draft | Current browser tab | Unsaved research allocation |
| Saved portfolio | Current browser | Allocation and recent revisions |
| Export | A file you keep | Research, asset references, and available history |
| Publication | Your site account | Fixed content, hashes, and publication date |
| Onchain record | Selected blockchain | Contract configuration, transactions, and balances |
Explore your portfolio
Your draft remains available when you refresh this tab. Save, publish, or export it before closing the tab or clearing browsing data.
Saved revisions, publications, and onchain receipts each record a different step. Publishing does not send a blockchain transaction.
09 · Your data and wallet
Browsing themes and editing research do not require a wallet. Saving a portfolio stores it in your browser. Publishing uses your signed-in site identity and preserves the submitted research on the service.
When you use AI research, your original idea and the public stock catalog are sent to Alibaba Cloud Model Studio in the Beijing region. The research request does not include your site identity, wallet address, private keys, transaction history, or balances. Avoid putting confidential information in a prompt. Curated theme matching does not send the idea to the AI service.
The service records usage and active requests to manage availability. AI availability may change, and a failed request may need to be retried later. Curated research remains available independently.
Connecting a wallet provides its address and current network. Creating tokens, approving assets, buying, selling, depositing, and redeeming each require a separate wallet confirmation. Thesis does not receive private keys or sign transactions on the user’s behalf.
Trading uses the wallet and account associated with the quote. Pending and completed trade records remain with the signed-in account so an interrupted operation can be recovered. Browser storage may also retain pending transaction details.
Published research and onchain metadata have different visibility. Site access settings control the website and its APIs; they do not make blockchain data private. Contract names, symbols, publication references, addresses, and weights can be publicly read on the selected network.
A reserve contract records a publication reference and research allocation. Consider whether you want that information onchain before confirming creation. Blockchain records cannot be removed by deleting a browser copy.
10 · ETH reserves and stock vaults
ThesisReserveToken is an independent ERC-20 share contract backed by native ETH. The name, symbol, creator, publication hash, stock address references, and research weights are set at creation. Those stocks are metadata; the contract does not purchase, custody, or rebalance them.
The contract starts with zero shares and a zero ETH deposit. Creation requires a network fee. Shares are minted only when ETH is deposited. ETH and the share token both use 18 decimals, so one full share corresponds to one ETH.
The reserve has no administrator, upgrade mechanism, management fee, pause switch, arbitrary execution, or issuer withdrawal right. The creator field records who deployed it and grants no special control over funds. These constraints do not eliminate smart contract or network risk.
10.1 Deposit, transfer, and redeem
Deposit through the contract’s deposit function to receive shares in the connected wallet. A deposit mints exactly the number of minimum share units corresponding to the wei sent. It does not purchase any stock tokens.
Shares can be transferred using standard ERC-20 transfers and approvals. The holder can redeem by burning their own shares and receiving the corresponding ETH. No account can redeem another holder’s shares merely because it published or created the token.
Redemption sends ETH back to the calling wallet. If the receiver rejects ETH, the transaction reverts, including the share burn. A reverted transaction may still consume a network fee. Ordinary direct ETH transfers are rejected; use the deposit function.
10.2 Surplus ETH
Some blockchain mechanisms can force ETH into a contract without minting shares. The amount above the ETH corresponding to issued shares is displayed separately as surplus.
Surplus does not increase the minting or redemption rate and cannot be withdrawn by an administrator or distributed to holders. Sending extra ETH does not create a claim to more shares or a dividend. Such funds may be permanently inaccessible.
10.3 Stock custody and NAV shares
ThesisBasketVault is a separate, non-upgradeable ERC-20 share contract on Robinhood mainnet. It holds 5–12 configured stock tokens plus ETH and WETH cash. The creator cannot withdraw assets, mint unbacked shares, change weights or feeds, or set arbitrary trading calls. Existing ETH reserves and wallet holdings are never migrated automatically.
Total NAV is the sum of each configured token balance multiplied by its per-token USD price, plus ETH and WETH valued by ETH/USD. Chainlink Robinhood feeds already include the issuer multiplier; it is not applied again. Values and shares use 18 decimals. Invalid, stale, incomplete, future-dated, or nonpositive rounds and issuer oracle pauses stop NAV-dependent operations.
A deposit wraps the submitted ETH, buys the entire basket atomically, and mints shares only after all assets arrive. Added NAV is measured using actual balance changes with the same price snapshot before and after the swaps. Trading costs belong to the deposit that incurred them. Each swap must return at least 97% of its oracle-valued output, and the caller supplies a nonzero minimum share amount.
Share units minted equal added USD value × (existing share units + 1,000,000) / (existing USD value + 1,000,000), rounded down. USD values here use 18-decimal integer units. The equal virtual USD and share amounts reduce donation and rounding attacks. NAV per share is (NAV + virtual USD) / (supply + virtual shares). A small residual can remain after all real shares are redeemed.
10.4 Redeem ETH or the underlying tokens
Both exits burn only the caller’s own shares. For each asset, the redeemable amount is balance × shares burned / (total supply + 1,000,000), rounded down. Target weights do not replace actual balances. The interface previews token quantities or ETH proceeds and sets minima 0.5% below that simulation.
ETH redemption sells the proportional stock amounts through the fixed routes, unwraps WETH, and transfers the actual proceeds to the receiver. It requires fresh prices, liquidity, and the caller’s minimum ETH return. In-kind redemption returns the proportional stock tokens and WETH without using price feeds or the DEX; it remains callable while prices are unavailable or rebalancing is paused.
If a transfer, a minimum output, or the ETH receiver fails, the transaction reverts including the share burn. Issuer restrictions can still prevent token transfers, including in-kind exits. The vault does not perform Robinhood primary-market redemption for underlying securities.
The native ETH reserve and this multi-asset vault do not claim ERC-4626 compatibility, which specifies a single underlying ERC-20 asset. Their interfaces and risks must be reviewed separately. ERC-4626, OpenZeppelin vault guidance
10.5 Automatic rebalancing
The immutable plan compares actual USD weights to fixed target weights. At least a 5 percentage point deviation is required. Each action moves value from the largest excess position to the largest shortfall. The amount is the minimum of that excess, the shortfall, and 20% of total NAV. Cash has a zero target. Executions must be at least one hour apart.
Anyone may call rebalance, but no caller can choose the assets, size, route, or recipient. Each swap has a 3% oracle loss limit. The entire rebalance may reduce NAV by at most 1%, must reduce total absolute weight error, and cannot increase the largest percentage point deviation. A failed check reverts the whole action. The creator can enable or pause rebalancing without disabling in-kind exits.
A downloadable keeper checks the contract every 60 seconds by default. It verifies the network, recent chain head, deployed code, immutable configuration, and creator before reading the plan and simulating the action. It defaults to read-only operation. Continuous execution requires a separately started process and a dedicated gas wallet. An enabled onchain rule is not evidence that a keeper is online.
The exported defaults cap a transaction at 3,000,000 gas, the gas price at 1 gwei, and the UTC daily gas budget at 0.001 ETH. The keeper reserves the nonce and fee in a durable journal before sending, verifies canonical receipts, and pauses on an unknown broadcast result. It never tops up its wallet or requests stock approvals. The user must fund and start the independent signer through their own environment.
The deployed feed maximum ages follow their verified heartbeat, currently up to 24 hours. Prices can lag the underlying market, particularly outside trading hours. Robinhood is not currently listed with a Chainlink Sequencer Uptime Feed; this configuration therefore has no independent sequencer outage or restart grace check. It relies on feed validity, chain-head freshness in the service and keeper, and execution limits. The contract has no borrowing or liquidation feature. L2 Sequencer Uptime Feeds
11 · Quotes, transactions, and verification
Thesis provides separate paths for ETH reserves, wallet stock token trades, and stock vault operations. Stock trades and vault swaps use Uniswap V3 SwapRouter02 on Robinhood mainnet, chain ID 4663. Wallet purchases deliver stock tokens to the quoted wallet. Vault deposits deliver them to the vault and mint NAV shares to the wallet.
A research budget is a calculation from target weights. A trading quote is a time-limited estimate from onchain liquidity. A reserve balance is a reading at a specific block. These values have different meanings and should not be treated as interchangeable.
11.1 Verifying token creation
The publisher chooses a network, deploying wallet, name, and symbol. Names support 1–64 UTF-8 bytes without control characters. Symbols use 2–12 uppercase letters or numbers and start with a letter. The contract parameters come from the fixed publication.
After wallet confirmation, Thesis checks the transaction sender, network, zero initial deposit, creation data, receipt, contract address, runtime code, and stored configuration. At least two block confirmations are required, and the receipt’s block must remain on the canonical chain.
Only a matching deployment is associated with the publication as verified. A submitted hash or an address alone is insufficient. Confirmations reduce some uncertainty but do not guarantee irreversible finality or independently audited safety.
11.2 Reserve balances and recovery
Deposit and redemption previews use the fixed ETH exchange rate. Network fees are estimated separately, and balances are read again after confirmation. A wallet rejection, pending transaction, reverted transaction, and confirmed transaction are distinct outcomes.
Reserve readings include the block number, ETH balance, share supply, surplus, and optionally the selected wallet’s balances. If reserve ETH is below the issued share amount, normal previews are suspended while the network and contract data are checked.
If a transaction result is uncertain, recover the original hash before sending again. Repeating a deposit can send funds twice, and repeating creation can deploy another independent contract. An unavailable status is not evidence that nothing was broadcast.
11.3 Reference prices and available routes
Official underlying USD bid and ask prices are adjusted by the current share multiplier to produce per-token reference prices. Quotes reject stale or invalid data, paused assets, mismatched deployments, and pending multiplier adjustments. Reference prices are not an execution promise.
At a fixed block, route selection compares direct WETH pairs and two-step routes through USDG across V3 pool fees of 0.01%, 0.05%, 0.3%, and 1%. Among valid candidates, it chooses the greatest expected output. This does not cover every venue or guarantee the best market-wide price. Uniswap V3 deployments
Routes with no liquidity, failed quotes, excessive estimated gas, or more than 5% impact relative to the pool price are excluded. Pool price impact does not establish fair value relative to the underlying security. If any portfolio asset has no valid route, the whole purchase is stopped without silently removing that asset.
11.4 Portfolio purchases and approvals
A portfolio purchase divides the entered ETH by integer weights, assigning any rounding remainder to the last holding. Every leg has its own minimum output. All swaps run in one router transaction, so failure of one leg reverts the whole purchase. Network fees may still be charged.
Quotes remain valid for 90 seconds, with an onchain deadline 180 seconds after quote creation. The interface offers slippage settings from 0.25% to 3%. Before sending, Thesis rechecks the wallet, network, prices, and balances, and checks the complete transaction. Prices can still move before execution.
Selling supports one stock token at a time. Thesis requests approval only for the entered amount to the fixed Uniswap router. Check the final allowance in your wallet. Approval is a separate transaction; after it confirms, a valid quote and another wallet confirmation are needed to sell.
Purchase and sale recipients are fixed to the quoted wallet. The trading interface does not accept an arbitrary recipient or router. Buying with native ETH does not require a stock token approval.
11.5 Pending transactions and received assets
A quote is reserved before the wallet opens, preventing duplicate sends from competing pages. A wallet with an unresolved trade must recover or verify that trade before creating another quote. If broadcast status is unknown, sending remains paused until the original transaction is found or the user confirms that nothing was broadcast.
Verification compares the transaction’s account, router, ETH amount, and call data with the saved quote. After at least two confirmations, it checks receipt events and net asset movements. Purchases must deliver the expected tokens above each minimum; sales must debit the exact input and unwrap sufficient ETH.
A sped-up or canceled transaction must match the original sender and nonce. A confirmed replacement updates the record. Failed or canceled trades require a fresh quote. Network delays can leave a broadcast transaction temporarily invisible, so absence from a data provider is not a reason to send again.
Trading currently supports standard EOA wallets without contract code. Contract wallets and EIP-7702 delegated accounts are not supported by the current received-asset verification flow.
11.6 Stock vault transaction verification
A vault preview binds the exact creator or holder wallet, nonce, target, calldata, amount, output minima, and deadline. It expires after 90 seconds; deposit and redemption deadlines are 180 seconds from preview creation. Before opening the wallet, the service repeats the contract identity checks, checks available ETH, and simulates the exact transaction.
Deployment verification checks full constructor data, the derived creation address, deployed runtime, creator, and the hash of every immutable configuration field. Deposits must emit the matching share mint event and deliver every configured stock token. Redemptions must emit the matching burn and return event. Gas and actual settlement are read from the canonical receipt.
A wallet request whose broadcast result is unknown remains reserved for recovery. Confirmed replacements must use the same sender and nonce. The keeper has its own durable transaction journal; website activity only lists transactions saved for the signed-in site account. The vault’s last rebalance time remains readable onchain regardless of who called it.
12 · Identity and control
A site account determines who can publish and manage a publication. The contract creator is the wallet that sent the creation transaction. Share ownership follows onchain balances. These are separate identities: signing in does not give access to another wallet’s shares, and being the creator does not grant reserve withdrawal powers.
Publication does not require an additional wallet message signature. A published thesis should therefore not be described as wallet-signed research. Content hashes identify versions; they do not prove real-world authorship, investment quality, or contract safety.
The reserve’s fixed configuration cannot be edited after deployment. There is no administrator to change names, weights, the ETH rate, or the publication reference; mint unbacked shares; withdraw surplus; or redeem for someone else.
This also limits recovery. Incorrect metadata cannot be repaired in the same contract, lost keys cannot be restored by an administrator, and the implementation cannot be upgraded. A new contract requires a separate decision by the user.
The website, publication service, and blockchain data providers remain dependencies. Site access controls do not add access restrictions to a public blockchain contract. Anyone with its address can interact according to its onchain rules.
A stock vault creator has one additional control: enabling or pausing its fixed rebalance rules. This does not confer ownership of other holders’ assets or the ability to disable in-kind redemption. Keepers may execute only the plan selected by the contract and pay gas from their own wallets.
| Role | Control | Limit |
|---|---|---|
| Publisher | Publishes research and prepares its token | Does not own another user’s shares |
| Creator | Deploys a reserve or stock vault; stock vault creator may pause rebalancing | No asset withdrawal, arbitrary trading, or upgrade privilege |
| Share holder | Transfers or redeems their own shares | Cannot change fixed weights or redeem another holder’s shares |
| Thesis service | Stores publications and verifies associated transactions | Cannot sign wallet transactions |
| Wallet owner | Approves and sends transactions | Must review the network, amount, and recipient |
| Keeper | Calls the eligible deterministic rebalance and pays gas | Cannot select trades or withdraw vault assets |
13 · Costs and fees
The current ETH reserve contract charges no deposit, redemption, management, or creator fee. Deposited wei and minimum share units exchange 1:1. The creator does not receive automatic shares as the reserve grows and cannot withdraw surplus as revenue.
Users pay network fees for creation, deposits, redemptions, approvals, and transfers. A zero initial ETH deposit does not mean a contract creation transaction has no cost. Review the final network fee in your wallet.
Stock token trading includes AMM pool fees, bid–ask differences, slippage, and network fees. A token approval before selling may require an additional network fee. Thesis currently adds no separate trading service fee. Pool fees are reflected in the quoted output.
Stock vaults charge no management, creator, deposit, or redemption fee. Deposits and ETH redemptions incur pool trading costs; in-kind exits incur token transfer gas. Rebalancing incurs pool costs borne by the portfolio, subject to the onchain NAV loss cap. The separate keeper pays its own network fees and receives no automatic reimbursement or reward.
A fixed ETH redemption rate does not preserve a fixed dollar value. ETH price movements and transaction costs affect the value a user measures in other currencies.
Any future fees would need clear terms describing their basis, timing, recipient, and effect on proceeds. They cannot be added to an existing non-upgradeable reserve contract merely by changing the website. Reserve shares do not include a promise of a platform token, airdrop, or business revenue.
14 · Risks and limitations
Research can be incomplete or wrong. Business relevance may be weak, demand may not translate into profit, and prices may already reflect expectations. Multiple holdings can share funding, interest-rate, regulatory, or industry risks. Concentration metrics do not model correlations.
Neither share contract has been independently audited. Standard components, validation, reentrancy protection, and deployment checks address specific failure modes; they do not establish that funds are risk-free. A verified address identifies a matching deployment, not an audit conclusion.
Users remain exposed to ETH volatility, contract defects, compromised wallets, incorrect addresses, network interruptions, and inaccurate blockchain data. A recipient that rejects ETH can cause redemption to revert. Insufficient network fees can prevent a transaction, and the absence of an administrator limits recovery options.
Publications depend on account access and service availability. A fixed version is not a guarantee against data loss or service interruption. Keep independent copies of important research and transaction records. Site privacy does not hide onchain metadata.
Trading depends on Robinhood asset contracts, Uniswap V3, WETH, USDG, the wallet, and blockchain data providers. Valid addresses and code checks do not guarantee third-party safety. Pool prices can diverge from underlying markets, particularly during market closures or changing liquidity. Stablecoins can lose their peg.
Pool impact does not establish fair value. Stock vaults add Chainlink prices and issuer oracle-pause checks, but feeds, token issuers, and liquidity providers remain external dependencies. Feed latency, oracle errors, market closures, transfer restrictions, and the lack of a Robinhood sequencer uptime feed can interrupt operations or cause losses. In-kind redemption avoids the price and DEX dependencies but cannot bypass issuer transfer restrictions.
Two confirmations do not guarantee finality. Reorganizations or data provider issues can leave transactions pending verification. A reverted transaction may still consume fees. Testnet activity uses assets without monetary value and does not establish safety for mainnet funds.
| Situation | Product response | Remaining risk |
|---|---|---|
| Browser storage unavailable | Keep the editor available and offer export | Unsaved browser data may be lost |
| Wallet rejected the request | Do not mark the transaction complete | The user must still check wallet activity |
| Pending or unavailable transaction status | Preserve the record and recover the original hash | Sending again can duplicate an operation |
| Contract or transaction mismatch | Do not mark the operation verified | A similarly named third-party token may still mislead |
| Redemption receiver rejects ETH | Revert the transaction and share burn | Network fees may still apply |
| Extra ETH reaches the reserve | Show it separately as surplus | It cannot be redeemed or withdrawn |
| No valid route for a holding | Stop the whole portfolio purchase | Liquidity and prices may remain unavailable |
| Lost wallet key or contract defect | No administrator recovery or upgrade | Losses can be irreversible |
| Vault prices are stale or paused | Stop deposits, ETH redemption, and rebalance; retain in-kind exit | Issuer transfer restrictions can still block an exit |
| Keeper is offline or lacks gas | No automatic transaction is sent; the onchain plan remains readable | Portfolio weights can continue to drift |
15 · What comes next
Thesis supports AI and curated research, editable allocations, concentration analysis, browser revisions, exports, fixed publications, ETH reserve creation and redemption, V3 stock token trading, and stock vaults with actual custody, NAV shares, and a downloadable automatic rebalance keeper.
Research improvements may include broader theme coverage, refreshed catalogs, clearer version histories, and source-linked information retrieval. Research quality and investment performance need separate evaluation. AI research does not require authority over funds.
Operational priorities include reliable transaction recovery, consistent asset and balance verification, and independent security review. An unfinished review will not be presented as completed.
Stock vaults require a separate deployment and user-confirmed deposit. Automated operation additionally requires an online, funded keeper. Existing ETH reserves retain their fixed redemption rules and are not upgraded or migrated automatically.
Independent contract audits, broader price-feed coverage, additional routes, hosted keeper operations, issuer primary-market minting and redemption, and V4 or UniswapX aggregation are not delivered by this version. Future directions are not delivery-date or performance commitments.
| Area | Current experience | Potential extension |
|---|---|---|
| Research | AI and curated portfolios | Broader coverage and source-linked research |
| Publishing | Fixed versions and content hashes | More tools for comparing research versions |
| ETH reserves | Independent contracts with fixed redemption | Continued verification and independent review |
| Trading | V3 stock token purchases and sales | Broader route and market coverage |
| Stock vaults | Actual token custody, NAV shares, and an independent keeper | Independent review, broader feeds, and additional routes |
Research, trading, ETH reserves, and stock vaults
Source-linked research and broader market coverage
Independent review, additional feeds, and routes
16 · Terms and sources
This paper describes the product as revised on September 10, 2026. Actual contract instances must be checked against the selected network and verified transaction records. It does not supply an investment track record or an independent audit conclusion.
Assets and networks: Robinhood network configuration, Stock Tokens, and asset and price APIs. These sources describe asset identity and data conventions, not an endorsement of Thesis.
Corporate actions and pricing: Building with Stock Tokens and Oracles and Price Feeds. ETH reserve shares do not depend on these prices for redemption.
Wallets and interfaces: Ethereum wallets, ERC-20, JSON-RPC, and OpenZeppelin ReentrancyGuard. Standard interfaces and components do not replace review of the complete product.
Trading: Uniswap V3 Robinhood Chain deployments and SwapRouter02 source. Catalog membership does not guarantee liquidity.
Vault accounting: ERC-4626, OpenZeppelin vault guidance, and Chainlink Robinhood feeds. Thesis uses separate native ETH and multi-asset interfaces rather than claiming ERC-4626 compatibility.
| Term | Meaning in Thesis |
|---|---|
| Thesis | A written view about a change and its effects |
| Research portfolio | An editable list of stocks, target weights, and reasoning |
| Basis point (bp) | One hundredth of a percent; 100 bp = 1% |
| Catalog snapshot | Asset identities and addresses captured at a stated time |
| Publication | A fixed research version preserved under a site account |
| Content hash | A fingerprint of research content and asset references |
| Publication hash | A reference binding a publication identity to its content hash |
| Creator | The deploying wallet; a stock vault creator may pause fixed rebalance rules |
| Reserve share | An 18-decimal ERC-20 unit with fixed ETH redemption |
| Surplus | ETH above the issued share amount, without a withdrawal right |
| Multiplier | The conversion from token quantity to underlying-equivalent quantity |
| NAV | USD value of configured stock tokens and cash in the stock vault, using verified feeds |
| Quote | A time-limited estimate of an onchain swap |
| Receipt | Evidence of transaction execution; finite confirmations are not absolute finality |
| Stock vault share | An 18-decimal ERC-20 claim on proportional stock vault assets |
| Keeper | An independent process that submits eligible onchain rebalance calls and pays its own gas |