Teserra

An index fund is a list of companies and a set of weights. Tessera lets anyone publish one on Robinhood Chain.

Pick up to eight Robinhood Stock Tokens, set the weights, and launch them as one ERC-20 basket. Every share is backed by the real stock tokens in a vault anyone can read, and can be redeemed for them at any time. People who hold no stock tokens can still buy a basket with USDG through an open creation desk, where anyone holding the stocks fills the order, exactly how an ETF's authorised participants work.

The problem

Robinhood Stock Tokens are single names, but investors think in themes and indexes: "AI compute", "streaming", "the Robinhood five". Today the only way to hold a theme on chain is to buy and rebalance each token yourself. The basket products that exist elsewhere rely on an oracle to price creations, an admin key to run them, or both, which is the opposite of what tokenised equities promise.

What Tessera does

• Compose: pick stocks and weights; the factory checks the recipe once and deploys an immutable basket. No owner, no pause, no upgrade, no setter.

• Mint and redeem in kind: hand the vault the exact tokens the recipe names and receive shares; burn shares to take the tokens back pro rata. The contract never reads a price, so there is no oracle to manipulate.

• Buy with USDG: the creation desk escrows USDG for N shares. Anyone holding the stocks fills it; the vault mints straight to the buyer and the filler collects the USDG. Buyers can cancel any time; expired escrow can be returned by anyone.

• Creators earn: a creator fee of up to 1%, paid as newly created shares, so it never touches the vault.

• Live NAV: prices stream from Robinhood's Stock Token API; backing is read live from the vault and shown per stock.

• No wallet needed to try it: "Use a test wallet" makes a throwaway key in the browser and the project faucet sends test ETH, stock tokens and USDG.

Why it is safe

• Deposits round up, redemptions round down: the vault can never owe more than it holds (tested with odd-sized mints and chunked redemptions).

• Fee-on-transfer tokens are refused (ShortDeposit), so a token that skims cannot dilute holders.

• Creator fees are minted shares, so backing per share is unchanged by every mint.

• Robinhood Stock Tokens express splits and dividends through a multiplier rather than moving raw balances, so a raw-unit recipe passes corporate actions straight through to holders.

How it uses Robinhood Chain and Arbitrum

• Deployed on Robinhood Chain testnet (Arbitrum Orbit), Solidity 0.8.24, Hardhat.

• Baskets hold the official testnet Robinhood Stock Tokens: TSLA, AMZN, AMD, PLTR, NFLX.

• The creation desk settles in Paxos USDG (testnet 0x7E955252E15c84f5768B83c41a71F9eba181802F).

• NAV uses the Robinhood Stock Token API (/rhj/prices).

• Multicall3 reads keep the app to one RPC round trip per page.

Tech stack

Solidity 0.8.24 · OpenZeppelin 5 · Hardhat · Next.js 15 · React 19 · viem · Tailwind CSS 4 · Robinhood Stock Token API · Paxos USDG