How an OTCPADS desk works
Each desk carries a vault of its own. Assets accumulate there round after round, and the balance answers to the desk rather than to whoever minted it.
01 — What you get
Minting burns OTCPADS and issues an NFT whose token id the vault address is derived from. The burn happens in the same transaction, before the NFT exists — a transaction that fails anywhere fails everywhere, so there is no version of this where somebody gets a desk without the supply going down.
Without the vault this would be an image. The vault holds real assets, its address answers to the NFT instead of to your wallet, and that is precisely why a sale needs no unwinding — the balance was never held against you in the first place.
02 — Where the stock lives
The rotation buys Robinhood Stock Tokens on the open market, on the chain that issues them. What a round buys and the vault it lands in never leave the same network — nothing is bridged here, and nothing is a wrapper standing in for something held elsewhere.
A desk needs nothing opened or funded before it can be credited. What it is owed is recorded from the moment it is minted and keeps accruing whether anything has been delivered into its vault yet or not.
03 — What a round does
The moment the pot clears its threshold it is spent — all of it — on whichever asset is next in the rotation. What it bought is split equally across every desk. Not proportionally, not weighted by how long you have held: one desk, one share.
A round is one transaction however many desks exist, because it writes a single number rather than paying five thousand accounts. Your share is the difference between that number and where your desk last stood. Delivering it into the vaults happens afterwards, and anybody can trigger it.
04 — Where the money comes from
Everything the protocol spends passes through one account — the pot. It is filled by the mint surcharge and by the creator fees of tokens launched here.
The deposit funds none of this. It is destroyed, it goes nowhere, and nobody receives it.
05 — Selling a desk
Selling a desk is selling the NFT. The vault is derived from the NFT and every instruction checks ownership against it, so transferring the token transfers everything the desk owns — its accounts, its assets, and anything a round has credited but not yet delivered.
Which also means it never stops working. A listed desk is still live and still paid by every round while it sits on the market.
06 — What rests on trust
Swaps out of the pot run on-chain, against public liquidity, in the same transaction that settles the round. What the keeper decides is when a round fires and which route it takes.
So the keeper is trusted on timing, not on custody. That is the one place where this is not trustless, and the answer to it is not a claim — it is that every transaction it produces is published on the history page for anyone to check.
The keeper's authority is deliberately narrow: it can settle rounds and deliver, and it has no path that lets it withdraw from the pot. If its key leaked, that is the limit of the damage.
07 — What the assets can do
The rotation holds Robinhood Stock Tokens, and their issuer keeps real powers: minting and redeeming them is restricted to authorised participants, and what the tokens track is an exposure the issuer defines rather than shares you hold directly.
An issuer that later charges a fee on transfers would quietly break the books, so delivery reads the balance the vault actually received rather than the amount requested, and advances the stamp by that. A fee would cost holders value, but it cannot make the ledger drift.