The law of Chime.

01 What Chime is

$CHIME is a token with one pool on Uniswap v4, on Robinhood Chain, and one rule attached to that pool by a hook of our own. The contract lays out a melody: an ordered list of prices. When a trade takes the price through the next one, the note is struck, and the pool buys $CHIME with part of a reserve and sends what it bought to the dead address.

That is the whole product. There is no staking, no lock, no vote, no queue and no allowlist. Nothing is ever paid to anyone, which is the shortest way to say what Chime is: a pool that spends its own toll buying itself and destroying what it buys, one note at a time, in an order everybody can read in advance.

02 The phrase

A phrase is an ordered list of prices. It is laid out from exactly two numbers: the phrase number, and the price of the pool at the moment the phrase opened. There is no randomness in it and no input from any address. Same inputs, same melody, forever, and the function that lays it out is published so that anybody can compute the whole phrase before its first note is struck.

• The number of notes in the first phrase is set at deploy. Each phrase after it is one note longer, up to a maximum set at deploy.
• The spacing of the notes, in price, is set at deploy.
• A phrase can go up, come down and go up again. Direction is part of the melody.

The site draws each note as a tube reaching down to the height of its price and rings each one at the pitch its height gives it, so the phrase is visible before it is heard and audible as the market plays it. That is a reading of the contract, not a part of it: the contract holds prices.

03 The live note

Exactly one note is live at a time: the first one in the phrase that has not been struck. The notes after it are inert. The price can pass any of them, in either direction, as many times as it likes, and nothing happens. Only the live note counts, and it counts however the price arrives at it, from above or from below.

04 The strike

When a trade moves the price to or through the live note, the note is struck inside that same transaction:

1. A fixed share of the reserve, set at deploy, buys $CHIME on the pool.
2. What it bought goes to the dead address. Nothing comes back.
3. The note after it becomes live.

If the same trade runs far enough to reach the next note as well, that one is struck too, in order, in the same transaction, bounded by a maximum per trade set at deploy. A trade that jumps clean over three notes strikes them in sequence.

05 The completion

When the last note of a phrase is struck, the phrase completes in that same transaction: the whole remaining reserve buys $CHIME and goes to the dead address, the phrase counter goes up by one, and a new phrase is laid out around the price the pool is at, one note longer than the last, up to the maximum.

The reserve starts the next phrase at zero and fills again from the toll. Completing a phrase pays the trade that completed it nothing.

06 The reserve

A toll on every trade, set at deploy, accrues to the reserve in the quote asset. The toll is the same for everybody at every moment and does not depend on the direction of the trade or on how close the price is to the live note.

The reserve has exactly two ways out, a strike and a completion, and both end at the dead address. There is no owner, no withdrawal function, no sweep, no expiry, no address with a claim on it and no destination that can be set.

Because a strike burns a share of the reserve rather than a fixed amount, a market that hovers between two notes fills the reserve and makes the next strike larger. The size of the next burn is never a surprise, because the reserve is public.

07 The invariants

Six things that stay true whatever the market does. If any one of them can be broken, the contracts do not ship.

08 What can go wrong

Written here rather than left for somebody to find.

Anyone can play the tune themselves

The melody is public, so anybody can walk the price through it with their own trades. It costs them the toll and the price impact of every move, and what it produces is a burn that belongs to nobody. Playing the tune yourself is allowed, expensive and public. There is nothing to extract.

A phrase can stall

If the next note sits far from where the market wants to be, the phrase waits and the reserve grows. This is the honest failure state, and the spacing of the notes is the number that decides how often it happens. The site shows the live note's price and the reserve, so a stalled phrase is visible for what it is.

Supply destruction does not set a price

Burning does not promise anything about the price of $CHIME, and this page will never say that it does. What the rule offers is that every burn lives at a price anybody can read in advance, not that it works.

The arithmetic

Deciding whether a price path crossed a specific price, in both directions, including the case where it lands exactly on it, is the class of integer reasoning that has killed protocols before. It is the first gate of article 11 and the hardest one.

09 The chain and the pool

• Robinhood Chain (4663), one $CHIME pool created on the Uniswap v4 PoolManager, with a hook of our own attached to it.
• The hook works in afterSwap: it compares the price before and after against the live note, strikes what the path crossed up to the cap, buys and sends to the dead address, and lays out the next phrase if the list is finished.
• The phrase is computed from two numbers rather than stored as a list, so it costs one storage word and a pure function, and anyone can compute the same melody from the same two numbers and check it against the contract.
• The protocol's liquidity position is held in a locker with no withdrawal function. It is not a promise not to pull it; there is no function to pull it with.
• The hook is verified on the chain's explorer at launch. What is written here and what is on the explorer are the same thing, or this page is wrong and should be reported.

10 The numbers

Every number the rule needs is fixed at deployment and published here, in this table, before anything opens. Until then each one reads set at deploy, because inventing a figure now would be inventing a figure.

The working model on the home page runs the rule on its own numbers so that the shape of it can be seen and heard. They are not these numbers and they are not a forecast of them.

11 Before anything opens

In this order. A gate that does not pass stops the launch rather than moving down the list.

1. The crossing arithmetic and its rounding, proven exact in both directions and on the case where the price lands exactly on a note. This one comes before everything else.
2. The strike path proven unable to make a trade fail: a buy that cannot execute accrues instead of throwing, and the note still counts.
3. The melody function proven identical between the contract and the site, on a fuzzed range of opening prices and phrase numbers.
4. The cap proven to bound the work, fuzzed on a fork of the chain with single trades crossing many notes and with phrases at the maximum length.
5. The pool created, the hook verified on the explorer, the liquidity locked and readable on chain.
6. A legal opinion on a token whose only mechanism is buying and burning itself with its own toll. It is lighter than most because nothing is distributed, and that is the argument.
7. The name and the ticker through the scanners.

12 Addresses and risk

$CHIME is not an offer of anything and it is not a claim on anything. It may lose all of its value. The burn does not promise a price and this page does not say that it will. Nothing on this site is advice. Not available where prohibited by law.