GEARS

NVDA2X.

Built to hold $2 of NVDA exposure for every $1 you hold. One Robinhood Chain token, hedged on Lighter perps, with its NAV reported on chain.

Not liveOpens from $GEARS fees.

Read Oct 11, 11:18:22 UTC, block 85,792,308, Robinhood Chain 4663

Right now

NAV per tokenn/aNo NAV before the first report
Pool pricen/aNo pool yet
Last reportn/aOnce live, a new report replaces each one before it expires
NVDA on Lighter$230.42-1.67% over the week, about -3.35% at 2x

How it is held

Once NVDA 2X opens, its vault on Robinhood Chain holds USDG. A GEARS operator account on Lighter holds a NVDA perp position worth about 2 times the vault's value. When NVDA moves 5%, the position moves about 10%, and so does NVDA 2X.

The keeper holds leverage between 1.99x and 2.01x: past that, it trades the perp back to 2.00x. It never places an order that would take exposure past 2.05x. Three reporter keys sign the Lighter account's value; the vault takes it as NAV with two of three, and refuses an old one. All three keys are run by the same operator.

New NVDA 2X tokens are issued from GEARS's own product capital into the NVDA 2X pool on Robinhood Chain, against USDG. A holder can ask the vault to redeem at NAV: the request settles at the next fresh report, once the vault has the USDG back from Lighter. Before NVDA 2X opens there is no pool and nothing to trade.

Before it opens

  1. 01

    $GEARS launches on Pons

    This site shows the coin's address once the chain confirms it.
  2. 02

    Capital assigned

    A share of the $GEARS creator tax, collected by the gearbox treasury, becomes this product's budget.
  3. 03

    Position opened on Lighter

    The budget is bridged to a Lighter account that holds the NVDA perp at 2x.
  4. 04

    First NAV on chain

    Three reporter keys sign the account's value; two of three make the NAV.
  5. 05

    Admitted

    The product registry admits the vault. Only then does this page say Live.

Risks

  • Leverage cuts both ways

    A 5% fall in NVDA is about a 10% fall in NVDA 2X. Funding, trading fees and slippage on Lighter come out of the vault.

  • The pool is small

    The first pool is small. A small trade can move its price far from NAV. Compare the pool price with NAV above before you trade.

  • Operator and venue

    The position sits in an operator account on Lighter, outside Robinhood Chain. If the operator, the keeper or Lighter stops, the NAV goes stale and redemptions wait.

The full list is in the docs.

Addresses

NVDA 2X's contracts are not deployed yet. Their addresses appear here once they are, read from this site's deployment record.