A slip is a stack of separate price bets tied into one ticket. Each is easy on its own. Together they are hard, and that is what the multiplier is paying for.
A tier is what each leg pays. The engine then works backwards: it measures the asset’s own volatility and puts the target where the chance of touching it is worth exactly that payout.
A calm equity needs a fraction of a percent where a memecoin needs several, and both pay the same, because both are equally likely to get there.
Each leg is priced as the probability of touching its barrier at least once inside the window, measured from that asset’s realised hourly volatility. That is a first-passage problem, not a coin flip — pricing a touch as if it were a close underprices every leg by roughly half.
Multiplying the legs together is the naive answer and it is wrong. Assets that move together make a slip far easier than the product suggests, so a book that prices them as independent gets drained on one market-wide green candle. We measure how each pair actually moves and join the legs on that.
Two things follow, and both are enforced rather than promised. Adding a leg can never lower your multiplier, because requiring more things to happen cannot make a slip more likely. And the same slip always quotes the same number, because a quote is a pure function of your legs, tier and clock — there is nothing to gain by refreshing.
Tokenized equities settle from the Chainlink aggregator deployed on Robinhood Chain. Those feeds run on market hours, so a weekend deadline waits for Monday’s print rather than resolving against Friday.
Memecoins are Pons tokens that have graduated their bonding curve into a Uniswap V4 pool, priced from that pool. Graduation is the listing gate: about 537 tokens a day clear it out of roughly 25,900 launches, and each one had real capital pushed through the curve to get there. A token that has not traded since graduating is not listed at all, because a price that never moved is not a measurement.
Balances are play money while we find out what people want to trade. Nothing to deposit, nothing to withdraw. Connecting a wallet identifies you and puts you on the right chain; it does not move funds.