Fables

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Fables is a dynamic-fee DEX built on Uniswap v4 and live on Robinhood Chain.

Hooks made AMMs programmable, but technical innovation alone does not attract liquidity. Hooked pools face barriers around trust, routing and fragmented liquidity. Without sufficient depth, even an efficient pool struggles to compete with a deeper incumbent.

We launched seven weeks ago with that in mind, focusing on an expanding asset class with a clear need for better markets: tokenised equities.

These assets trade onchain around the clock, but their underlying markets do not. A fixed fee treats a quiet weekend and a volatile market open identically, forcing a compromise between competitive execution and adequate compensation for LPs. Fables adapts fees to trading hours, volatility and trade direction, allowing each market to respond to the conditions of the asset it serves.

That gave LPs a concrete reason to move: better pool economics in markets where liquidity was still taking shape and incumbents had not yet built a decisive advantage in depth. From that initial LP base, we began attracting deeper liquidity across other asset types.

Today, Fables has approximately $46M in TVL, $2.34B in cumulative gross trading volume and $4.53M in swap fees across 57 registered markets, including the deepest ETH/USDG pool on Robinhood Chain. In our internal comparison, that pool generated approximately 28% more swap fees per $1M of liquidity than the next-best comparable pool, giving us an early benchmark for dynamic fees in the chain’s most established market.

Next steps

Our next step is to help new markets and hook designs attract liquidity through ve(3,3), giving them the depth they need to demonstrate efficiency gains over established pools.

With ve(3,3), LPs will earn FABLES emissions, lockers will direct those emissions and earn pool fees and partner incentives, and projects can support their markets through voting incentives or their own veFABLES position.

This lets us bring new partner markets and selected hook designs to the LP base, routing and incentive system we’ve already built, giving them a stronger starting point to attract meaningful depth.

Tiến độ hackathon

During the buildathon, we expanded Fables across four areas: - Zap Mode: Single-asset deposits, simpler rebalancing and withdrawals, with the required swaps handled within the transaction. Route comparison, simulation and slippage protection let LPs manage positions without preparing both assets themselves. - Stable markets: Peg-aware fee configurations, with pricing and accounting adapted to stablecoin pairs, including aUSD/frxUSD and eUSD/frxUSD. - Hook-compatible rewards: Fables hooks pool liquidity and track individual LP ownership through ERC-6909 receipts. Our custom Merkl integration attributes rewards to those LPs rather than the hook contract. It now supports seven live partner-funded campaigns across four pools, offering approximately $3,800 in weekly incentives at current token prices. Separately, our own distributor has made 20,600 USDG in Creator Fee Rewards and partner incentives available to 5,395 wallets since launch. - Market expansion: We registered 19 additional pools on 29 September, bringing the registry to 57 markets. Improvements to shared-hook indexing and market-data loading support the expanded pool set. Alongside development, we expanded partnerships with Frax, Arrow, Saffron, EARN and own.money, coordinated partner-funded incentives and pool launches, and published product updates and educational content.

Trạng thái huy động vốn

Bootstrapped - no external funding raised