> For the complete documentation index, see [llms.txt](https://realmtrade.gitbook.io/realm-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://realmtrade.gitbook.io/realm-documentation/basics/crowdfund-pairs.md).

# Crowdfund Pairs

Crowdfund Pairs let the Realm community bring new stock markets onchain.

If a stock is not yet available as a trading pair on Realm, users can contribute USDG toward launching it. Once the funding goal is reached, Realm uses the capital to take on exposure to the stock and seed its liquidity pool on Robinhood Chain. Contributors own that liquidity, and earn from the pool's trading tax.

### How it works

1. Anyone starts a round for a stock, with a funding goal, a funding period (2 to 7 days) and a lock duration (30 to 60 days).
2. Users contribute USDG, or ETH which is swapped to USDG on the way in.
3. Until the goal is reached, contributions can be withdrawn, in full or in part, at any time.
4. When the goal is reached, contributions lock. The round stays open for a short fill window (12 hours on current rounds), during which it can still take contributions beyond the goal.
5. Realm takes the raise, buys exposure to the stock and mints the matching stock token on Robinhood Chain.
6. The stock token and USDG are deposited as one Uniswap V4 liquidity position, which is handed to the round's contract.
7. Trading opens on Realm, and the lock starts.

Starting a round does not make its creator the operator: every round is run by Realm.

### How the funds are allocated

The whole raise becomes the pool:

* Half buys exposure to the stock, which backs the stock tokens minted on Robinhood Chain.
* Half stays in USDG as the quote side of the pool.

The stock exposure is held off-chain by Realm's operator, as a spot position or a hedged position on an external venue such as Lighter. The stock token is priced at net asset value when minted, and ordinary holders trade it in its pool. Only Realm's own wallets can mint or redeem it directly.

### Example: a $30,000 crowdfund

If the community contributes $30,000:

* $15,000 buys exposure to the stock.
* An equivalent value of STOCK is minted on Robinhood Chain.
* The STOCK and the remaining $15,000 in USDG are deposited as one liquidity position.
* The USDG/STOCK pool opens for trading on Realm.

### Keeping the price aligned

A keeper compares the price of the stock on Realm with its price on the external market. When the two drift apart, it mints or redeems the stock token and trades against the Realm pool to close the gap.

### Contributor rewards

Contributors earn in two ways.

**The liquidity itself.** The position belongs to the contributors, pro rata to what they put in. When the lock ends, each contributor claims their slice and receives both tokens, STOCK and USDG. Like any liquidity position, its mix moves with the price: if the stock rises, a slice comes back heavier in USDG than the stock alone would have been.

**The trading tax.** Every buy and sell of the stock in its pool pays a tax:

* **1% per side** while the lock lasts
* **0.5% per side** once it ends, applied automatically on schedule

Contributors receive **80% of the tax from the first trade**, split pro rata by contribution, for as long as the pool trades. The remaining 20% goes to the operator. Taxes collect in Realm's hook until someone settles them to the round, which anyone can do.

The pool also has a separate Uniswap LP fee (0.2% on current rounds). That fee goes to the operator, not to contributors.

{% hint style="info" %}
These are the terms of the current crowdfund factory. Each round's page shows its own terms, which are fixed when the round starts.
{% endhint %}

### Exits

* **During funding:** withdraw any amount at any time.
* **After the goal is reached:** contributions are locked. If Realm cancels the round before taking the raise, everyone is refunded pro rata. If Realm hasn't taken the raise by the round's deadline, anyone can trigger the same refund.
* **After the lock ends:** claim your slice of the liquidity position.

### Trust

Once Realm takes the raise, contributors rely on the operator rather than on code. The operator can return the money and reopen refunds before seeding the pool, but nothing forces it to. After the pool is live, the operator can still move the liquidity position, retune the tax within a 5% cap, and change the contributor split for fees not yet settled. Each round's page states this before you contribute.

### The full flow

1. Anyone starts a round for a stock.
2. Users contribute USDG or ETH, freely withdrawable until the goal is reached.
3. The goal is reached, contributions lock, and a short fill window follows.
4. Realm takes the raise and buys exposure to the stock.
5. The stock token is minted on Robinhood Chain.
6. The stock token and USDG are seeded as one liquidity position, owned by the contributors.
7. The USDG/STOCK pool opens on Realm.
8. A keeper keeps the price aligned with the external market.
9. Contributors receive 80% of the trading tax from the first trade.
10. When the lock ends, contributors claim their slice of the liquidity.

Crowdfund Pairs give Realm users a direct role in deciding which stock markets come onchain next. The community funds and owns the initial market, the protocol handles the backing, and contributors share in the activity they helped create.