Capital.
Intelligently

A vault on Robinhood Chain whose share is a plain ERC-20. Every CARTHA trade pays a fee, the fee buys CARTHA, and the CARTHA goes into the vault. Your balance of vCARTHA never changes. What each unit redeems for does.

Deposit CARTHA Read the contracts

CARTHA per vCARTHA, read from the vault

1.0000000

Nothing harvested yet Last harvest none yet 0 ETH harvested into 0 CARTHA so far

Reading the chain

CARTHA

Connect a wallet to see what you hold.

Deposits mint vCARTHA at the current ratio. Redemptions burn vCARTHA for CARTHA at that block's ratio. Both settle in the block they are sent. There is no fee on either side and nothing to claim in between.

No CARTHA yet? Buy it on pons Read this before you deposit

Your position

vCARTHA heldConnect a wallet
Redeems for
Share of the vault
CARTHA in wallet
NetworkRobinhood Chain

The vault

CARTHA in the vaultReading
vCARTHA in circulation
CARTHA per vCARTHA
ExitRedeem, same block
QueueNone
ContractNot deployed yet

CARTHA in the vault

0held for vCARTHA holders

ETH harvested

0bought into the vault so far

Harvests

0each one a step up

CARTHA per vCARTHA

1.0000from 1.0000 at launch

Open the vault

Every CARTHA trade pays a fee. The fee buys CARTHA. The CARTHA goes into the vault. No vCARTHA is minted for it, so each unit redeems for more than it did a block ago. Your balance never moves. What it redeems for does.

What happens to a fee

Nothing here is new. It is an ERC-4626 vault, the standard every lending market and aggregator already knows, pointed at a token that earns its own yield from trading.

carthaRobinhood Chain

pons launchpad

Buy CARTHA

Paid0.50 ETH

Received1,000,000 CARTHA

Fee on the trade4%, in ETH

Curve progress38%

CARTHA vault

Deposit

You deposit1,000,000 CARTHA

You receive1,000,000 vCARTHA

Ratio1.0000000

SettlesSame block

Every trade, buys and sells

Fees, in ETH

Buy 0.31 ETH+0.0124 ETH

Sell 0.12 ETH+0.0048 ETH

Buy 1.02 ETH+0.0408 ETH

Sell 0.44 ETH+0.0176 ETH

Owed to the harvester0.0756 ETH

harvest(), anyone can call it

Harvest

ETH spent0.0756 ETH

CARTHA bought71,120 CARTHA

Sent tothe vault

vCARTHA minted0

Ratio1.0000000

CARTHA vault

Redeem

You burn1,000,000 vCARTHA

You receive1,004,731 CARTHA

QueueNone

Exit feeNone

01
Buy CARTHA on pons.
It is an ordinary fixed-supply token. Nothing about the token itself is special, and that is the point.
02
Deposit it here for vCARTHA.
vCARTHA is an ordinary ERC-20 too. Send it, pool it, post it somewhere else. Nothing about it is special either.
03
Every trade on pons pays a fee in ETH.
Buys and sells, on the curve and in the pool. pons keeps a cut of it. The rest is owed to a contract with no owner. Anyone can call its harvest function. It claims the ETH, buys CARTHA and sends the CARTHA to the vault.
04
No vCARTHA is minted for it.
So each unit of vCARTHA now redeems for more CARTHA than it did a block ago. That is the whole mechanism.
05
Redeem when you like.
Burn vCARTHA, take CARTHA at that block's ratio. Same block, no queue, no exit fee.

What trading does to the ratio

The ratio is set by volume, not by us. Move the sliders to see the mechanism at a size you find plausible. Buybacks are shared among vCARTHA holders only, so the fewer people deposit, the faster the ratio moves for those who do.

CARTHA traded per day, in ETH

3 ETH

CARTHA market value, in ETH

80 ETH

Share of supply sitting in the vault

40%

1.0000CARTHA per vCARTHA after 180 days, from 1.0000

0 ETH a day into the vault

Day 0Day 90Day 180

Move over the line to read a day.

Illustrative. Assumes the price and the deposit share stay flat, which they will not, and ignores the price impact of the buybacks themselves. Not a forecast and not a rate.

What never happens

When a market declines a yield-bearing token, it is rarely because of the yield. It is because the token does something unusual, and unusual means custom code and an untested liquidation path. So the list that matters is the list of things vCARTHA does not do.

No claim step

There is nothing to collect and nothing to forget. The yield is already inside the number.

No rebase

Your wallet shows the same vCARTHA balance a year from now. Every cached balance stays correct.

No epochs, no queue, no exit fee

Deposit and redeem settle in the block they are sent.

No receipt NFT

vCARTHA is fungible, so it can be priced, pooled and moved like anything else.

No transfer hooks

Nothing fires when a contract takes custody of it.

No owner

No pause, no upgrade, no fee switch, no admin key. Neither on the vault nor on the contract that receives the fees.

The ratio only turns one way

The vault holds CARTHA and nothing else. It never provides liquidity, never lends, never sells. Harvest can only add CARTHA. Redeem can only remove CARTHA in exact proportion to the vCARTHA it burns, and rounding always favours the vault. So CARTHA per vCARTHA cannot go down, in any block, for any reason. It is a property of the code, checked by a fuzz test in the repository, not a promise.

What moves it

A harvestCARTHA enters the vault, no vCARTHA is minted, the ratio steps up.
Nothing elseThat is the entire list.

What cannot move it

Deposits and redemptionsBoth move CARTHA and vCARTHA together. A whale entering does not dilute you.
An admin callThere is no setter, because there is no admin.
The CARTHA priceThe ratio is CARTHA per vCARTHA. What CARTHA is worth in ETH is a separate question, and the market answers it.

How yield reaches you

Every launchpad token that pays its holders picks one of these shapes. The shape decides what you can do with the position while it earns.

Shape	Claim step	Your balance	Plain ERC-20	Priced by one view call	Compounds on its own
Reflection taxA cut of every trade is pushed to holders	Sometimes	Changes	No, transfers carry logic	No	No
Stake to claim ETHLock the token, collect fees by hand	Yes	Fixed	The receipt usually cannot move	No	No
Rebasing shareThe balance itself grows	None	Changes	Cached balances break	Partly	Yes
vCARTHAPrice-accruing vault share	None	Never changes	Yes	Yes	Yes

This is about what the position can do, not about safety. A reviewed reflection token is still a better risk than an unreviewed vault. See the status board below.

Harvest ledger

Every harvest, read from the harvester contract. Newest first.

Harvests, newest first
When	ETH spent	CARTHA bought	CARTHA per vCARTHA after	Block
Reading the chain

Where this stands

The unflattering version, kept current. You would find all of it in diligence anyway.

Security review

An independent security review of the contracts was completed on 31 August 2026, at commit 6b1ae81, before the rename from STILL to Cartha; the rename changed names, not logic, and the diff is public. The report is deliberately unattributed: by its own terms it names no firm, is not an audit by Hashlock or anyone else, and must not be represented as one. The Hashlock audit remains scheduled, and this page will say audited only when their report exists.

Critical

High

Medium

Open

Low

1 open, 1 acknowledged

Quality

Open

M-01. Harvests can be sandwiched, within bounds. harvest is permissionless and the caller supplies the slippage floor, so a hostile caller can land a fee buy at a worse price. The immutable per-call cap and cooldown bound what a sandwich can take, and the keeper quotes before sending. Open, and disclosed here on purpose.
L-01. The inflation defence is a deploy-time seed. The first-depositor defence depends on the seed deposit to the dead address. The deploy script now refuses to run without it.
L-02. Fee ETH can wait in two pons phases. In the swept and rescued phases the harvester holds ETH it cannot spend. Acknowledged; it is the same fact as "some fees wait on pons" below.
Q-01 to Q-04. Packed ledger fields under extreme parameters, cap enforcement living in harvest rather than the pool callback, constructor addresses taken as given, and a ledger that grows one entry per harvest. All display or defence-in-depth items; none touches funds.

Read the full report, PDF

Read this before you deposit

The contracts are not audited. Neither the vault nor the harvester has been reviewed by a third party. Size any deposit as if the code could be wrong. pons v2, which CARTHA trades on, publishes its own audit status in its documentation.
pons can redirect creator fees. pons v2 has a community takeover mechanism, behind a three day timelock, that can point a launch's creator fees at a new address. It exists for abandoned tokens. We cannot switch it off. If it were ever used on CARTHA, fees would stop reaching the vault and the ratio would stop rising. It would be public for three days before it took effect.
Some fees wait on pons. After graduation, fees that need converting from CARTHA back to ETH are swept by pons' operator, not by us. Until a sweep happens that ETH is earned but not yet harvestable.
Each harvest is itself a trade. Buying CARTHA on pons pays the same fee as any other buy. Part of every harvest goes back to pons and, through the creator tax, back into the next harvest.
Nothing accepts vCARTHA as collateral today. Every integration claim on this page describes what a plain ERC-20 with a view-function price makes possible, not a market you can open.
Ratio up is not value up. CARTHA per vCARTHA rises. CARTHA per ETH does whatever the market decides.

Questions

Where does the yield come from?

From CARTHA's own trading on pons. Every buy and sell pays a fee in ETH. That fee is owed to a contract with no owner, which buys CARTHA and sends it to the vault.

What is the rate?

There is no rate to quote. The number that matters is CARTHA per vCARTHA, and it is at the top of this page, read from the vault. It rises when people trade and stops when they do not. If you want a realised figure, read the ratio at two blocks and divide.

Why deposit instead of just holding CARTHA?

Holding CARTHA gives you the token. Holding vCARTHA gives you the token plus every harvest since you deposited, and it is still a token you can move. The buybacks happen either way; only vCARTHA holders receive them.

Can the ratio go down?

Not in CARTHA terms. The vault never sells, never lends, never provides liquidity. In ETH terms, CARTHA does whatever the market decides.

Who can pause it?

Nobody. There is no pause, no owner, no upgrade path. The vault is stock OpenZeppelin ERC-4626 with a name; the harvester has no privileged role either. Check the verified source.

Is it audited?

Not yet. The status board above says exactly where that stands. Size any deposit as if the code could be wrong.

Read the contracts

Everything on this page is a view call. There is no API, no indexer and no backend in the trust path. If the site goes away the vault does not notice.

Source, tests and the deploy script: github.com/bretdevs/cartha

Price it like this

The share price is a pure view function on the vault. Multiply by whatever CARTHA price your risk team already trusts.

uint256 carthaPerShare = vault.convertToAssets(1e18);
return carthaPerShare * carthaPriceInEth / 1e18;

Listing checklist

Price sourceconvertToAssets(1e18) times your CARTHA price. No new feed to commission.
Liquidation pathredeem() to CARTHA in the same transaction, then CARTHA to ETH on pons.
Supply capSet one. Conservative beats not at all.
Reward handlingNone. There is no second token to route.
UpgradeabilityNone. See the status board rather than taking our word.
What we provideAddresses, ABIs, the repository with tests and a fork harness, and a reply on X.

If you run risk or integrations

We are asking for a design review, not a listing. No one should list unaudited code, and we are not going to pretend otherwise. But if the mechanic is understood now, the day an audit report exists the conversation is short. Talk to us on X.

Capital.Intelligently allocated_