up.

The timed veUP lock supplies pool-allocation votes and shares of actual trading fees and funded voting incentives. No rebase is included.

The permanent veUP lock supplies pool-allocation votes and shares of actual trading fees and funded voting incentives. No rebase is included.

An eligible normal veUP holder selects the native Compounder. Shared attachment and custody enable its particular reward realization and strategy voting. Other native vault destinations are alternatives; separate free rewards require sponsor funding.

An eligible normal veUP holder selects the native SPY Vault. Shared attachment and custody enable its particular reward realization and strategy voting. Other native vault destinations are alternatives; separate free rewards require sponsor funding.

An eligible normal veUP holder selects the native MAG7 Vault. Shared attachment and custody enable its particular reward realization and strategy voting. Other native vault destinations are alternatives; separate free rewards require sponsor funding.

An eligible normal veUP holder selects the native UP Vault. Shared attachment and custody enable its particular reward realization and strategy voting. Other native vault destinations are alternatives; separate free rewards require sponsor funding.

A payer settles a native incentive budget in whitelisted UP.

UP is the liquid ERC-20 of up., a ve(3,3) exchange on Robinhood Chain. Native veUP locks supply pool-allocation votes and fee/incentive eligibility; first-party managed vaults compound rewards or distribute UP and Stock Tokens. The pinned deployment disables rebases and caps gauge emissions.

Valuation interpretation

UP valuation compares whole token supply, locked principal and veUP voting power valued at the liquid UP price with gross fee and incentive funding. Realized claims require an eligible veUP position and recorded pool votes. Protocol and managed custody are included; downstream vault payouts and compounding can overlap upstream receipts. The 7d, 30d, 90d and 180d ratios annualize with factors 52, 12, 4 and 2. Before a complete year, the annualized funding estimate scales by elapsed age since July 10, 2026; observed-year and annualized amounts have separate availability conditions.

Trading-fee and voting-incentive funding remain distinct economic mechanisms, but the valuation query publishes their combined NotifyReward amount. Funding can reach protocol or managed custody. Vault payouts and compounding overlap upstream receipts and may include incentives or supplements, so they are not added to upstream funding. Rebases are disabled in the retained September 18, 2026 snapshot. Complete protocol revenue, net end-holder income and separately measured attribution legs remain unestablished.

$UP token design insights

At Robinhood Chain block 66,369,919 on 2026-09-18, UP has two alternative normal lock forms, binding gauge-allocation voting, completed-epoch fee and incentive claims, four native managed strategies and native UP incentive settlement. All seven VCM instances reuse existing catalog identities.

Lock, vote and collect

Timed veUP decays over a week-rounded term up to four years; permanence fixes full power but leaving permanence starts a fresh four-year term. Recorded votes persist, share each pool reward ledger and allocate emissions subject to active caps. The configured Safe holds administrative authority. Fee claims pay pool assets; sponsor incentive claims depend on funding. Neither is an unconditional liquid-UP dividend.

Native managed choices

A selected parent takes over voting and makes the child nontransferable. Withdrawal restores principal and any locked rewards into a fresh four-year lock. The Compounder credits locked UP. SPY and MAG7 fund liquid Stock Token claims that survive exit. UP Vault funds liquid UP claims but requires continuous deposit and settlement before exit; withdrawing forfeits unclaimed rewards. Separate FreeManagedReward funding is callable even where historical uptake is zero.