Docs/Protocol/The Reserve
Holdings by stage
Seven stock tokens across the supply chain's stages, and how a rotation sets their targets.
- Stock tokens
- 7
- Stages
- 5
- Stage cap
- 50%
- Priced by
- Chainlink
#What the Reserve buys
The Reserve buys Robinhood Stock Tokens of chip companies. A stock token is eligible only with a live Chainlink price feed. Seven are listed, each under its stage of the chip supply chain.
| Stock token | Stage | Token | Chainlink feed |
|---|---|---|---|
| NVDA | Design | 0xd0601C·0D9EEC | 0x379EC4·8E9F15 |
| AMD | Design | 0x86923f·023fdC | 0x943A29·A22C72 |
| MU | Memory | 0xfF080c·2d4afD | 0x425EEF·a6d596 |
| SNDK | Memory | 0xB90A19·446400 | 0xfb133F·7109A3 |
| TSM | Fab | 0x58FfE4·09e7AA | 0x874cF9·41Fc2F |
| INTC | Fab | 0xc72b96·C39681 | 0x3f390C·1D1913 |
| ASML | Equipment | 0x47F93d·60dAEA | 0xB41061·70f87D |
Power has no stock token, so its weight is held in Design. AVGO, AMAT, LRCX and KLAC have stock tokens but no Chainlink feed; each becomes eligible once Chainlink publishes one.
ETH the keeper has not yet spent is valued at the Chainlink ETH/USD feed, 0x78F355·E8d3A9.
Adding an asset
The owner can add an eligible asset and can never remove one. A new listing waits 24 hours in public before the keeper can buy it.
| Rule | Value |
|---|---|
| Queue | The owner calls addAsset with the token, its feed and its stage |
| Delay | 24 hours; then listAsset completes the listing |
| Cancel | cancelAsset drops a queued listing before it completes |
| Token | 18 decimals, never $KYZN or WETH |
| Removal | None: a listed asset stays listed |
| Most assets | 16 |
#Stages and weights
Until the first rotation executes, the Reserve buys NVDA and AMD, half each: Design holds the whole target. From then on, purchases follow the stage weights of the latest rotation that has executed.
A stage’s weight is shared equally among its listed stock tokens. Power’s weight is added to Design’s.
target = Reserve value × stage weight ÷ stock tokens in the stage
- Reserve value
- ETH and every holding at its last Chainlink price, claims excluded
- Stage weight
- From the latest executed rotation; Design includes Power
- Stock tokens in the stage
- 2 in Design, Memory and Fab; 1 in Equipment
- Design 20% and Power 10%
- NVDA 15%, AMD 15%
- Memory 40%
- MU 20%, SNDK 20%
- Fab 20%
- TSM 10%, INTC 10%
- Equipment 10%
- ASML 10%
Example weights. Each purchase goes to the stock token furthest below its target.
Each month’s weights come from the Scheduler’s memo (Rulebook v1). A rotation changes the targets, and new purchases follow them. The Reserve does not sell to reach a new target.
The 50% stage cap
No rotation gives a stage more than 50%, or Design and Power together more than 50%: the weight registry refuses it. Prices can still lift a stage’s holdings above half the Reserve’s value.
From the first rotation on, the keeper then sells that stage’s largest holding back toward the cap. It is the only sale the Reserve makes.
| Sale rule | Value |
|---|---|
| When | After the first rotation executes, while the stage holds more than 50% of the Reserve’s value |
| How much | At most the excess over 50%, and at most 1 ETH of value per sale |
| Bounds | The purchase window, fresh feeds and the 98.5% price bound (How the Reserve buys) |
| Claimed tokens | Never sold: a sale uses only the balance above open claims |