THE $PEPTIDES PAPER

BACKGROUND: A STOCK WITH A CHAIN-SIZED FLOAT

Robinhood issues tokenized equities on its own L2. Per the issuer, each token carries economic exposure to one share of the underlying. It is not a share: no dividend, no vote, no registered ownership, no claim on the company. Tokens are created when exposure moves on-chain and destroyed when it moves off, which makes supply elastic and issuer-controlled, but not instantaneous. Supply responds to demand through an arbitrage loop, and that loop takes time to close. Everything below turns on how much time.

The result is a float that is tiny in absolute terms and, unlike the equity itself, visible in full. Every token is enumerable. Every pool holding one is readable. As of 1 Sep 2026:

This float has already been dislocated once. On 18 July 2026 on-chain LLY printed $50,502 against a reference price near $1,100, a roughly 43× premium. It did not hold. By 29 August the same token traded at $947, below the official price, because minting had overshot the demand that caused it.

The two prints point in opposite directions. The float is small enough to dislocate violently, and the issuer's mint is fast enough to crush the dislocation within weeks. Any design that depends on holding a corner has to beat the second fact. This one does not try.

THE MECHANISM

$PEPTIDES has exactly one design decision in it. The pool is PEPTIDES / LLY rather than PEPTIDES / USDC. The quote asset, meaning whatever accumulates on the other side of every buy, is a tokenized equity.

A buyer does not need to hold LLY, want LLY, or know what LLY is. Aggregators route any input asset through whatever intermediate legs the path requires. The buyer sends USDG or ETH; somewhere in the middle of that transaction, LLY is sourced from the open market and deposited into the $PEPTIDES pool, where it stays until someone sells.

Nobody buys the stock for the fridge. They buy the coin, and the coin is made of stock.

Three consequences follow, in order:

1. The pool accumulates equity exposure. Its LLY reserve is a running total of net demand for the memecoin, denominated in shares.
2. Sourcing that LLY has a price. It has to come out of the ~30 LLY pools that hold the float. Buying it there lifts on-chain LLY above the NYSE reference, which is a measurable premium.
3. The premium calls the issuer. When on-chain price exceeds off-chain price by more than the cost of moving exposure across, minting new LLY and selling it into the premium becomes profitable. Minting is how the premium closes.

Steps one and two are the scoreboard. Step three produces the only number here that cannot be taken back.

THE ARITHMETIC

The first consequence in Section 2 is an identity that falls out of constant-product market making, not a model or a projection. It is the one part of a memecoin nobody has to take on faith, so here is the derivation.

3.1Every buy deposits its full value

Let a pool hold reserves P of PEPTIDES and L of LLY, with invariant k = P · L. A buyer sends ΔL of LLY and receives ΔP of PEPTIDES such that the invariant is preserved:

So over any interval, the pool's LLY balance is:

LLY in the fridge is cumulative net $PEPTIDES buying, expressed in shares of Eli Lilly. It cannot be inflated by wash trading (a wash trade is a buy and a sell, which nets to the fee), and it cannot be faked by a treasury announcement, because the balance is read from the chain on a 30-second interval by anyone who cares to check.

3.2What the crowd does versus what a treasury does

The pool fills at a rate set by net buy skew, not by gross volume. At a 10% net skew, meaning ten cents of every traded dollar is net accumulation, the fridge gains roughly:

Against a float of a few hundred tokens, either figure out-accumulates any sane treasury budget inside a week. The crowd does the work. The treasury's job is the first few percent and the screenshot.

WHY A CORNER IS NOT THE GOAL

The obvious reading of Section 3 is that a sufficiently popular memecoin ends up holding most of the on-chain LLY float, the premium goes vertical, and something dramatic happens. That reading is wrong, for three reasons we would rather publish than hide.

4.1The denominator grows while you buy

Percentage-of-float is a self-defeating statistic. Buying widens the premium; the premium makes minting profitable; minting enlarges the denominator you were trying to capture. The float grew 5.9× in 48 hours at a premium of roughly 1%. A push large enough to open a real premium calls forth supply proportionally faster. A number that reads "25% of the float" on the day you buy it reads considerably less than that a week later, without anyone selling anything.

4.2Most of the float is not for sale, it is inventory

About 80% of on-chain LLY sits as liquidity-provider inventory in arbitrage pools. That inventory is not a holder base with a price target; it is market-making stock that will be sold into any premium instantly and re-minted behind it. Buying it does not remove it from circulation so much as rent it, expensively, for as long as the premium lasts.

4.3What can't be undone

Strip out everything reversible and one number survives: LLY minted on-chain since launch. A mint is exposure that moved from an off-chain ledger to a public one. The issuer can mint more, arbitrageurs can sell into the premium, and the pool's share of float can sawtooth all the way back down. None of that un-mints a token. None of it is under our control either, which is why the project hangs on that number instead of on the fridge percentage.

A refrigerator full of tokenized stock cannot move a trillion-dollar company. The fridge knows this. The fridge is cold anyway.

The full ambition is to be a joke about GLP-1 vials that measurably increased the amount of Eli Lilly exposure living on a public blockchain, and published the receipt live on a website. Nothing beyond that is claimed, promised, or projected anywhere in this document.

TOKEN & DISTRIBUTION

5.1Distribution

100% of supply was placed into the liquidity pool at launch by the launcher contract, in a single transaction. There was no presale, no private round, no allocation held off-chain, and no vesting contract. Every PEPTIDES in existence had to be bought out of the pool at the prevailing price, by someone, including anything the team holds.

5.2Fees

The launch venue charges 1% on trades executed through its app, of which half accrues to the creator and is paid in LLY, the quote asset rather than the memecoin. That accruing LLY is the project treasury, it is on-theme by accident, and it is published live on the site as THE STASH. At $1M of daily volume it accrues on the order of $5K/day; at $200K/day, on the order of $1K/day. There is no separate token tax, no reflection mechanic, and no buyback promise.

MEASUREMENT

A mechanism nobody can check is a story. The dashboard at peptidesrh.com is the actual product of this paper: every claim above resolves to a number that is re-read from primary sources every 30 seconds.

6.1Sources

6.2Two implementation notes

V4 custody. Uniswap V4 holds every pool's balances inside a single PoolManager contract. A naive balanceOf against a pool address returns nothing meaningful; custody has to be read from the pool's own accounting. Any third party auditing the fridge number should be aware of this before concluding it is wrong.

The mint baseline. RPC nodes serve no historical state and cap getLogs at roughly 20,000 blocks, so "LLY minted since launch" cannot be recomputed from genesis on demand. The launch-time float was snapshotted instead: 435.676 LLY at 2026-09-02T08:33:53Z, derived by taking the 10:00Z supply and subtracting the 115.91 minted after the launch block per mint logs. The counter runs forward from there.

6.3Failure behaviour

The dashboard reports one of four states (prelaunch, indexing, live, degraded) and every figure carries its source's status. When a source fails, the page says a source failed. It does not silently serve the last good number, because a stale number on a scoreboard about accumulation is indistinguishable from a lie.

TREASURY POLICY

Two rules, both verifiable by strangers.

1. One disclosed address. All treasury activity happens from a single address published on the site and read live from the chain. Treasury positions are marked to market in public. Dust and airdropped tokens are ignored.
2. No silent distribution. Treasury $PEPTIDES is not sold without a posted notice first.

The second rule is enforced by the mechanism more than by our virtue. Selling treasury $PEPTIDES drains LLY out of the pool, so the same scoreboard that makes accumulation legible makes distribution legible, on the same 30-second refresh, to the same audience. There is no version of this design where the team quietly exits a stat it spent its marketing budget building.

Treasury buys are made in the memecoin, not in LLY directly. Buying LLY into a wallet removes it from the arbitrage pools but never appears in the fridge; buying $PEPTIDES removes the same LLY and deposits it into the pool, where it is counted. The choice is made for measurability, and it is disclosed here because undisclosed buying is the version worth being suspicious of.

RISKS

This is a memecoin. The base rate for total loss is high and nothing below reduces it. The generic crypto risks all apply. These are the ones particular to pairing a memecoin against a tokenized equity.

WHAT THIS IS NOT

• Not a security, an investment, or a claim on anything. $PEPTIDES confers no ownership, no revenue share, no governance, and no expectation of profit from the efforts of others. There is no business behind it. There is a refrigerator.
• Not affiliated with Eli Lilly and Company, Robinhood Markets, or any pharmaceutical, brokerage, or healthcare business. No endorsement is claimed or implied. References to LLY are references to a publicly traded ticker and to a tokenized instrument tracking it.
• Not medical information. The cast are cartoon vials. Several of the compounds depicted are research chemicals not approved for human use. Nothing on this site or in this document is a dosage, a protocol, a health claim, or advice of any kind, and nothing here should be read as suggesting anyone obtain or use any substance.
• Not financial advice, and not a solicitation. No price target is offered anywhere in this document, and none should be inferred from any figure in it.
• Not a roadmap. There are no deliverables, no milestones, and no commitments. Features described in Section 6 exist today; nothing is promised for tomorrow.

REFERENCE DATA

10.1Glossary

10.2Document history

All market figures in this paper are dated snapshots, not live values. For live values, read the scoreboard, which is the same data refreshed every 30 seconds with its sources labelled.