Only the tradeable float is on chain. The rest is locked, and you can see it.
Every tokenised stock claims a backing. Almost none publish how much of that backing is actually free to trade. Float fixes the denominator.
Why now
Robinhood Chain sends a larger fraction of its trading into tokens less than a day old than Solana or Base do — not a larger absolute number, a larger share. That is the number that decides whether a new launch gets seen, and it is the one Robinhood Chain wins.
Share of all DEX volume going into tokens under 24 hours old — 2.82× Solana, 5.14× Base. Measured on chain by hoodwindow.xyz for the hour beginning 31 Aug 2026, 12:00 UTC.
The gap
Sweeping every token on the Pons launchpad turns up eighteen whose description names tokenised stocks — a credit layer, a money market, an ETF builder, vaults, trading bots, a read-only desk, and a row of NFT games that mine or stack equities. They compete on what you can do with a wrapped share.
Not one of them competes on whether the wrapper is honest. Search the same descriptions for a share register and you get a single hit, on a token with no market cap. The supply question — how many shares are really behind this, and how many of them are free — is unoccupied.
How it works
A stock's free float is the part of it that can actually change hands — shares outstanding, less what is locked, restricted, or sitting with insiders. Float attests that number for each wrapped equity and makes it the hard ceiling on what a wrapper can mint.
Each wrapped stock posts its register on chain: shares outstanding, restricted, insider-held, and the free float that falls out of them. Signed and timestamped, so the claim has an author and a date rather than being a number in a document nobody reads.
The wrapper contract can only mint up to the attested float. Supply above the line is not discouraged by policy, it is rejected by the contract. The denominator every price is quoted against stops being a matter of trust.
Lockups expire, insiders sell, buybacks retire stock. Every change to the float is an on-chain event with its release date public from block one — so dilution arrives as a scheduled, visible thing instead of a surprise in the supply chart.
The register splits at the float line. Everything above it is mintable and trades; everything below it is locked, stays on chain, and stays visible. Dilution becomes an event with a date on it rather than a discovery.
Evidence
All 321 tokens that have graduated on Pons were classified by theme from their name and description. The same classifier was run over 3,027 launches sampled evenly across the full 339,000-launch history, and each theme scored on lift — its share of winners divided by its share of launches. That controls for a theme looking strong merely because everybody launches it.
Read that number honestly. Lift is evidence of a better prior, not a promise. The platform-wide base rate on Pons is about 2.8%, so 2.70× means roughly 7.6% — better odds than anything else measurable on this board, and still long odds. Anyone quoting the ~43% graduation rate visible inside the launchpad's ranked views is reading a number that only exists because those views surface winners by construction.
Settlement
Robinhood Chain is a USDG-native Arbitrum Orbit L2, chain id 4663, fully EVM equivalent. Attestations, mints and lockup releases are ordinary transactions on it — no custom opcodes, no sidecar, no trusted relayer standing between the register and the token.