Choose an open Polymarket outcome, such as the Yes side of “Will X happen?”, then name your coin and launch it. Launching is free apart from Robinhood Chain gas, and you can make the first buy yourself.
Creators earn 0.7% of every trade, forever.
02
Trade the odds
Every coin trades against a pToken: a 1:1 claim on a real outcome share Polypad holds on Polymarket. So its price moves with buying and selling and with the live odds. Coins start on a bonding curve at about $2.4k market cap.
1% per trade: 70% to the creator, 30% to Polypad.
03
Graduate, then resolve
At about $6k raised the curve sells out and the coin moves into a Uniswap v4 pool in the same transaction, liquidity locked. Sells always work; buys pause from the market’s end date until it resolves. If the outcome wins its pToken is worth $1 and trading carries on both ways. If it loses, the backing is worth $0 and only sells remain.
Pay and receive USDG, with a 0.25% conversion spread.
Put a coin on your conviction
Launching takes one transaction and costs only gas. The curve, the graduation into Uniswap v4 and the fee split are set up for you, and the coin follows the market, whichever way it breaks.
Every share behind a coin is a real Polymarket share, bought by the desk and checkable on chain.
Every Polypad coin trades against pTokens, and every pToken stands for one real share of a Polymarket outcome. This page explains who holds those shares, how they are kept in step with the coins, and how you can check it yourself.
Each Polymarket outcome that has a Polypad coin has one pToken on Robinhood Chain: an ERC-20 with 6 decimals, where 1 pToken is 1 share. It is named after its outcome (for example “Polypad YES · Spain wins the World Cup”, pYES-SPAIN) and its positionId() is the outcome’s Polymarket token id.
Only the Polypad exchange can create or destroy pTokens. It mints them when someone pays USDG in, at a price signed from the live Polymarket book, and burns them when someone sells them for USDG.
Once the market resolves, a pToken is worth exactly its payout: $1 if the outcome happened, $0 if not.
Polypad runs a trading desk: an account on Polymarket whose job is to hold exactly as many real shares of each outcome as there are pTokens of it.
Someone buys a coin. The exchange mints new pTokens, so there are now more pTokens than shares held.
The desk sees the gap within seconds and buys the missing shares on Polymarket at the best ask, one price level at a time: the buyer was already charged the worst level their trade reached, so the shares are paid for.
When someone sells, pTokens are burned and the desk sells the shares it no longer needs, never below 1¢ under the midpoint.
The desk reports how many shares it holds to the exchange contract, on chain.
In practice a gap closes a few seconds after the trade that opened it. Polymarket’s smallest order is 5 shares, so very small trades (a few dollars) add up until there is enough for one order. Every order the desk places carries Polypad’s Polymarket builder code.
Polypad’s half of each coin fee is paid in pTokens to the exchange, which burns them. Supply falls, the desk sells the matching shares, and the dollars go to the float. So fees never leave pTokens without shares behind them.
Sellers are paid in USDG on Robinhood Chain, straight from the exchange contract’s float, so a sale never waits for the desk to trade. Polypad keeps the float and the desk’s cash on Polymarket in balance, moving dollars between them through Polymarket’s bridge (about 30 seconds a trip):
When the float runs high and the desk needs cash to buy shares, dollars go from the float to the desk.
When sellers draw the float down, the desk’s cash comes back to it.
If a sale ever needs more than the float holds, it still goes through: the difference is recorded on chain as owed to the seller and paid automatically, oldest first, as the float refills. See If the exchange is short of dollars.
The contracts enforce a lot, but not everything. Be clear about which part is which:
Enforced on chain: pTokens are minted only against USDG at a price Polypad signed from the live book, and burned on every sale; coin curves, pools and fees work as written and cannot be changed for an existing coin; graduated liquidity is locked for good.
Held by Polypad: the real shares sit in Polypad’s desk account on Polymarket, not in a smart contract, and the float is refilled by Polypad. A pToken is a claim on the exchange, and its value depends on Polypad holding the shares and paying out. You can watch that it does (above), but you cannot yet redeem a pToken for the Polymarket share itself. A vault with open redemption is planned.
Between a buy and the desk’s fill, usually a few seconds, the newest pTokens are not yet backed. If the desk is offline, buys pause until it is back; sales keep working from the float.
Every coin on an outcome is backed by the same pool of shares. The backing is per outcome, not per coin: a coin’s value comes from the shares in its curve or pool, and those are claims on the shares the desk holds.
