Two ways to pair against stocks, and what SHROOM actually does
Measured 11 Sep 2026 from shroomnetwork.com/api/pools, which is public and unauthenticated.
SHROOM is hub-and-spoke, not a basket
The belief it "paired against multiple stocks" is right; the mechanism is not what we assumed. SHROOM is a hub token with one ordinary two-asset pool per counterparty, not a wrapper holding several stocks.
| Pools | 320, every one Uniswap v4 |
| TVL | ~$6.3M total |
| Distinct assets | 74 — ~30 stock and ETF tokens (AAPL NVDA TSLA MSFT META GOOGL AMZN QQQ SPY SOXX GLD USO …), the rest memecoins and stables |
| Liquidity | Protocol-owned. Most stock pools show lpCount = 1 |
| Per stock pool | ~$115k–145k TVL, earning ~$32k in 30 days |
It is a liquidity hub built out over time, not something a launchpad produced at graduation. That distinction is the useful part -- and the model is ruled out for us twice over: protocol-owned liquidity is not sustainable, and it cannot serve as a graduation mechanism regardless.
Their stock pools charge a 20% LP fee (feeTierBps 200000), and the USDG pools run 0.56%–5%.
Fee tiers across the set run from 0 to 90%+, and one pool carries 8388608 — 0x800000, v4's
dynamic fee flag. So: enormous spreads on the equity legs, presumably because the assets are
thin on chain and move while the market is shut. Worth remembering before assuming 0.3% is normal
for this asset class.
The two topologies, and which one we need
| Basket wrapper (D14) | Hub-and-spoke (SHROOM) | |
|---|---|---|
| Pools per launch | one | one per stock |
| Weights | fixed units, set once | liquidity allocated per pool, adjustable |
| Who holds the stock | the wrapper contract | the v4 PoolManager |
| Allowlisting, if restricted | every basket contract | the PoolManager, once, for all of v4 |
| Price of the meme token | one canonical pool | N pools, kept together by arbitrage |
| Fits our graduation | yes, unchanged | no |
The last row decides it. Our curve closes at price P and the pool must open at P; with N pools
the raise and the LP allocation would have to split N ways, and the raise is denominated in one
asset — seeding an AAPL pool needs AAPL. Getting N different assets at graduation means N swaps
against pools that must already exist.
So: the basket wrapper is the graduation mechanism, and hub-and-spoke is a separate, later product — which is exactly what SHROOM is. Do not conflate them.
Except par does it at launch, and the reason is instructive
par ships multi-market launches: one token against one to five quote assets at once, supply
split equally, every pool opening at the same market cap, arbitrage holding them together
(notes/references/par.md).
It is cheap for them because a one-sided launch has no raise to split — only supply, which divides trivially. Our curve accumulates a raise denominated in a single asset, so seeding five pools means arriving at graduation holding five assets. That is the whole difference, and it is worth being precise about it rather than concluding "multi-market is impossible": it is impossible for a curve that raises in one asset. A curve that raises in a basket could redeem it at graduation and seed N pools from the constituents.
Dividends — the question we cannot answer ourselves
In both topologies a contract ends up holding the rToken: the wrapper in one, the PoolManager in the other. So a dividend lands somewhere that cannot claim or forward it without plumbing, and the plumbing would be a keeper.
Three possible issuer designs, and only one is painless:
| issuer behaviour | consequence for us |
|---|---|
| Total return — dividends accrue into the token's value, nothing is distributed | Nothing to build. What we want |
| Rebase — holder balances grow | Breaks v4. The singleton's balance changes out of band and the surplus is unaccounted, claimable by whoever settles first |
| Separate distribution to holders of record | A contract receives it and has no way to split it among pool LPs without a keeper |
This is the issuer's design, not ours. It is question 7 in
notes/references/reality-rtokens.md and we should not build around a guess.
par.family
A pons fork on Robinhood Chain whose pitch is that any token on the chain can be the quote
asset — pons's approved-asset list, unrestricted. It confirms the quote asset can simply be a
launch parameter with no curation at all, which is the far end of the axis from pons's approved
set. No public docs site; docs.par.family does not resolve.