UNSTOX

Overview

How UNSTOX Works

A trade is described once, as an outcome. Everything between that description and the resulting balance is the execution layer’s problem, not the user’s.

Protocol

Stock Tokens

UNSTOX trades Robinhood Stock Tokens — blockchain-based assets that provide tokenized economic exposure to a supported underlying asset.

A Stock Token is not the underlying share. Holding one gives economic exposure to that asset through the token itself; it does not, on its own, make the holder a direct owner of the underlying equity, and rights attached to the underlying asset are governed by the issuer, not by UNSTOX.

UNSTOX does not issue Stock Tokens, custody the underlying assets or operate the chain they settle on. UNSTOX is the execution interface: it reads the available token universe, quotes a trade against it and submits the resulting intent.

Role in UNSTOX

• Robinhood Stock Tokens→Asset layer
• Robinhood Chain→Settlement layer
• NEAR Intents→Intent / execution layer
• UNSTOX→User-facing execution interface

Protocol

NEAR Intents

Trading onchain usually means answering a series of questions that have nothing to do with the trade itself:

• which chain you are on
• where liquidity exists
• which bridge to use
• which execution venue to use
• how to route the transaction

An intent changes this model. Instead of specifying every execution step, the user specifies the desired result, and execution infrastructure competes to fulfil it.

Input

10,000 USDG

Desired output

NVDA Stock Token

Destination

0x8D2A…4F19

The execution infrastructure then attempts to fulfil that intent. UNSTOX keeps this machinery out of the interface: the user sees an amount, a Stock Token, a destination and a quote.

Protocol

Ghost Mode

Confidential execution for UNSTOX trades.

Ghost Mode is the privacy-focused execution mode of UNSTOX. Its goal is to reduce the public exposure of order information while that order is being executed.

Ghost Mode is designed to protect information about an order during execution, such as:

• the requested asset
• the trade direction
• the trade size
• routing information
• execution parameters

The distinction that matters is between order privacy and blockchain privacy. Ghost Mode addresses the first. Final settlement happens on a blockchain and may be publicly visible: the destination address, the resulting balance and the transfer itself remain observable on the destination chain.

Protocol

Settlement

Execution and settlement are separate concepts. The intent determines the desired outcome; execution is the work of finding a route that satisfies it. Settlement is what happens once that work succeeds: the resulting Stock Token is delivered to the destination address.

A trade that is quoted but never executed settles nothing. A trade that executes settles exactly once, on the destination chain, where it becomes publicly observable.

1. Execution↓
2. Confidential intent↓
3. Settlement↓
4. Stock Token↓
5. Destination wallet

Trading

Executing a Trade

A trade in UNSTOX is four decisions and one confirmation.

You pay

10,000 USDG

You receive

≈ 45.19 NVDA

Destination

0x8D2A…4F19

Ghost Mode

Enabled

1. 01The user enters the desired tradeInput asset, amount, Stock Token.
2. 02UNSTOX generates an execution quotePriced against the live bid/ask of the selected Stock Token.
3. 03Fees, price impact and minimum received are displayedBefore anything is signed, under Execution details.
4. 04The user selects a settlement destinationConnected wallet, a fresh destination or a custom address.
5. 05The user confirms the intentThe confirmation screen restates what is being signed.
6. 06The execution layer attempts to fulfil the intentSigning, routing, execution and settlement are reported as they progress.
7. 07The Stock Token settles to the destination addressThe execution is then visible in the user’s history.

Trading

Fees

UNSTOX charges 0.25% per successful trade.

The fee is taken from the input amount. What remains is the amount routed to execution.

Trade size

10,000 USDG

UNSTOX fee

25 USDG

Amount available for execution

9,975 USDG

The protocol fee is not the only cost of a trade. It is charged by UNSTOX; the following are separate, are not part of the 0.25%, and are shown independently in the interface:

• Network costs — the cost of the settlement transaction on the destination chain.
• Price impact — the effect of the trade size on the execution price.
• Slippage — the deviation tolerated between quote and execution.

Trading

Slippage & Price Impact

Price impact

The difference caused by executing against available liquidity. Larger trades consume more of the book and may experience greater price impact. It is a property of the trade size and of the market, not a fee.

Slippage tolerance

The maximum execution deviation the user is willing to accept. It sets the floor on what a trade may return, expressed as the minimum received.

Expected output

82.14 NVDA

Slippage

0.50%

Minimum received

81.73 NVDA

If execution cannot satisfy the conditions the user defined, the intent should not be considered successfully fulfilled according to those conditions.

Privacy

Confidential Execution

Confidential execution is the mechanism Ghost Mode is built on. The principle is that an order should not have to be published in order to be filled.

In a public execution model, an order is broadcast before it settles: it sits in a mempool, an order book or a routing layer where anyone can read it, and can be observed, copied or traded against while it waits. Confidential execution is the attempt to close that window — the intent is expressed, matched and fulfilled without publishing its details first.

What this is intended to cover:

• the order is not publicly broadcast while it waits to be filled
• routing is handled without exposing the trade to the public execution path
• execution parameters are not published ahead of settlement

What it does not cover: the settlement transaction itself, which is public by design.

Privacy

Destination Addresses

Settlement has to land somewhere. UNSTOX lets the user decide where, with three modes.

• Connected wallet→Settles to the wallet currently connected
• Fresh destination→Settles to a new destination address
• Custom address→Settles to another compatible address

Connected wallet

The resulting Stock Token settles to the wallet currently connected to UNSTOX.

Fresh destination

The user can choose a new destination address for settlement rather than reusing the wallet that initiated the trade.

Custom address

The user can provide another compatible destination address. UNSTOX validates the format before allowing execution; it cannot validate that the address is one the user controls.

Privacy

Privacy Model

UNSTOX provides execution privacy, not absolute blockchain anonymity.

The clearest way to read the model is as two phases with different properties. Everything before settlement is what Ghost Mode addresses; everything after settlement is public record.

This distinction is the whole privacy model. UNSTOX reduces what is exposed while a trade is being executed. It does not remove the trade from the chain it settles on, and no part of the product should be read as making activity untraceable.

Reference

Architecture

UNSTOX is deliberately thin. It owns the interface and the quote the user agrees to; everything underneath belongs to infrastructure it does not operate.

Reference

Contracts

UNSTOX protocol contracts will be listed here as they are deployed.

Reference

Risks & Limitations

UNSTOX depends on markets, infrastructure and third parties. These are the limitations worth understanding before using it.

Execution risk

Quotes and available routes may change before execution.

Liquidity risk

Stock Token liquidity may vary between assets, and thinner markets carry wider spreads and greater price impact.

Smart contract risk

Onchain systems introduce smart contract and infrastructure risk.

Market risk

The value of Stock Tokens can move with their underlying exposure.

Settlement transparency

Final blockchain settlement may be publicly visible.

Third-party infrastructure

UNSTOX depends on external blockchain and execution infrastructure, and on data published by third parties.