Fees in. Equities out. Every hour.
Switch turns 1.8% of every swap into the strongest tokenized equity on the board and pushes it straight into holder balances. One round an hour, decided by a published formula. Nothing to claim. No key that can redirect it.
You hold $SWTCH
That is the entire action. Nothing to stake, nothing to lock, nothing to sign up for.
Every swap pays a fee
Once an hour that fee buys the strongest tokenized equity on the board — Apple, Nvidia, whichever performed best.
It arrives in your wallet
Pushed straight to you, split by how long you held. You never claim, never sign, never pay the gas.
- Round budget
- $0
- Acquired
- 0.000
- Exec vs oracle
- +0.00%
- Batches
- —
- Pushed
- 0%
- Merkle root
- 0x…
- Gas paid by
- Protocol
Illustrative interface — figures are generated for demonstration, not live market data.
Rounds a day, every day, on the hour
Of swap volume converted into equities
Claim transactions, ever
Immutable contracts, zero admin keys
Illustrative candidate universe — instruments qualify per round against the eligibility rules below.
Three ways reward tokens quietly take it back
Every on-chain reward mechanism leaks value somewhere. Usually in the denomination, the claim, or the person holding the keys. Switch is built by removing all three rather than balancing them.
Yield paid in the thing you already hold
A reward denominated in the protocol's own token is funded by the next buyer. Nominal APR can be set arbitrarily high because the unit is minted at will — and the emission pushes the price down exactly as fast as it pushes the rate up. The two are not independent variables.
A claim that costs more than it returns
Gas is roughly constant regardless of position size, so the threshold to claim is regressive: trivially cleared by whales, routinely unmet by everyone else. The unclaimed remainder accrues to whoever was large enough to bother. Passive income, with a fee on inattention.
A treasury that decides on your behalf
Any address that can direct purchases can redirect them. A multisig lowers the odds of misuse without removing the capability, mandates get renegotiated precisely when holders can least afford to exit, and a judgement call can never be independently checked.
Six steps, on the hour,
without you
The same sequence runs every hour, forever, whether anyone is watching or not. Steps 1 through 4 are enforced by immutable bytecode. Steps 3 and 5 are computed off chain from public inputs and committed on chain, so any third party can recompute them and prove a mismatch.
Fee accrual
Every swap routed through the pool contributes 3% in WETH at execution, inside the Uniswap v4 hook. 60% of it lands in this round's purchase budget.
SwitchHook → budgetClose of hour
The budget seals at the hour boundary. Fees that arrive one second later belong to the next round, not this one.
B(t) fixed at hh:00:00 UTCScoring
Every instrument in the eligible set is scored on the hour that just closed. Highest composite wins. Ties resolve deterministically, never randomly.
w(t) = argmax Sⁱ(t)Acquisition
The entire budget buys the winner, subject to a hard slippage bound against the oracle. A bounded-out fill rolls the budget forward instead of overpaying.
P_exec ≤ P_oracle · (1+ε)Allocation & commitment
The acquired quantity is divided pro rata by time‑weighted balance. The Merkle root is committed on chain alongside the round's complete score table.
root(t) → SwitchRewardsPush settlement
Allocations are pushed to holder addresses in batches, gas paid from the operations share. The holder signs nothing and does nothing.
transfer → holderThe Switchboard answers one question with arithmetic
Four raw metrics per instrument, each converted to a cross-sectional z‑score across the eligible set and winsorised at ±3 so a single outlier can't own a round. No cross-round state enters the calculation, which is what makes every round reproducible from one hour of public data.
Momentum and buy pressure together carry 0.75 — this is a trend follower, not a value screen. Volume at 0.15 breaks ties between instruments with similar price action. Volatility enters negatively, so the engine takes the calmer of two equivalent movers rather than chasing the most violent one.
w(t) = argmax i ∈ E(t) Sⁱ(t)
| Live oracle | A Chainlink feed updated within its declared heartbeat. A stale feed drops the instrument for that round rather than being extrapolated. |
| Realised volume | Quote‑side volume over the hour of at least V_min, excluding instruments too thin to absorb the budget. |
| Quotable depth | The budget must represent no more than δ_max of quotable liquidity at the acquisition bound. |
Score floor
If the best score falls below S_min, the round buys nothing and the budget rolls forward. The protocol declines to buy the best of a uniformly bad set.
Repeat cap
An instrument that has won k consecutive rounds sits out one round and the budget goes to the runner‑up — making breadth structural rather than a lucky consequence of market conditions.
Ties resolve on highest ẑ(m), then highest ẑ(p), then ascending token address. No term in S references the protocol's own token, treasury balance, or prior winners — the engine cannot be steered by anyone's position, including the team's.
Paid by the minute, not by the snapshot
A snapshot at the hour boundary is trivially gameable: buy a large balance seconds before the close, collect a full hour's allocation, exit immediately. The attack costs one round trip of slippage and pays an entire hour of fees.
So allocation runs on time‑weighted balance, reconstructed from transfer events. There is no threshold to tune and no heuristic to evade — the reward is simply proportional to time held, which makes the attack unprofitable by construction rather than by detection.
aⱼ = ⌊ Q · B̄ⱼ / Σ B̄ₕ ⌋
Same round, same balance at the close. An address held for six minutes of a sixty‑minute round earns one tenth the weight of an address held throughout.
No claim transaction
The protocol pays gas from the operations share and transfers the asset to you. Nothing expires, nothing strands as dust in a distributor.
The Merkle root is for proof, not for claiming
Each round commits a tree over
(address, amount)
leaves and the complete score table. That second part is what lets a third party
verify the winner was actually the winner — not merely that the payout matched a root
someone published.
Rounding goes nowhere
Allocations floor to the smallest representable unit. The remainder is not retained, redirected, or swept to any address — it carries into the next round's distributable quantity and nets to roughly zero over time.
Protocol addresses are excluded
The pool, the lock contract and the distributor hold no claim on distributions. Including them would route a share of every round back to protocol‑controlled addresses — the exact leak this design exists to close.
One 3% fee. Three destinations compiled into bytecode
Capture happens inside the v4 hook at swap execution, denominated in WETH. There is no collection transaction, no accrual anyone has to remember to sweep, and no window where captured fees sit in an address a person controls.
| Share | Of swap | Destination and constraint |
|---|---|---|
| 60% | 1.80% | Hourly acquisition budget. Funds the round's purchase of the winning instrument. Cannot be redirected; unspent budget rolls forward and is never swept. |
| 30% | 0.90% | Protocol‑owned liquidity. Paired and deposited to SwitchLock under a rolling 60‑day lock with no early‑withdrawal path. Deeper POL lowers price impact, which supports larger trades, which grows the fee base. |
| 10% | 0.30% | Operations. Infrastructure, the scoring worker, and gas for every push distribution. This is what makes settlement free at the point of receipt. |
1,000,000,000, fixed. No mint function exists.
1.5% of supply, enforced on transfer — so no address can receive more than roughly 1.5% of any hourly distribution. A fairness mechanism as much as a concentration limit.
None. Wallet‑to‑wallet transfers are untaxed; the 3% applies only to pool swaps.
None. No owner, no pauser, no blacklist, no proxy, no implementation pointer.
| SwitchToken | ERC‑20. Fixed supply, 1.5% max wallet on transfer. No mint, burn authority, pause, or blacklist. |
| SwitchHook | Uniswap v4 hook. Captures 3% of each swap in WETH and splits it across three immutable destinations. |
| SwitchLock | Holds protocol‑owned liquidity under a rolling 60‑day lock. No early‑withdrawal path exists. |
| SwitchRewards | Merkle distributor. Accepts the hourly root and pushes the round's allocation to holders in batches. |
Redirecting fees would require deploying a different contract and convincing the market to trade against it — visible, permissionlessly detectable, and requiring no trust in the original deployment.
Distribution scales with volume, not with a promise
There is no target APR, because there is no mechanism capable of targeting one. Move the slider: everything below is arithmetic on B(t) = 0.018 · Vol(t), not a projection of what volume will be.
1.8% — hourly buy budget
1.8% — across a full day
0.9% — to locked liquidity
0.3% — operations and gas
Multiplication, not a forecast — the volume is the one you picked. Quiet hours produce small budgets.
Enforced by code, or not at all
Most protocols ask you to trust everything at once. Switch separates what the bytecode enforces from what still depends on us, so you always know which one you are looking at.
Fee capture and splitting, the wallet cap, the liquidity lock, supply integrity. Enforced by immutable bytecode with no privileged caller.
Winner selection. The worker computes it, but the inputs and the function are public — any third party can recompute every historical round and prove a mismatch.
Liveness. If the worker halts, rounds do not execute and budgets accumulate unspent. Funds are not at risk, but distribution pauses. This is the protocol's principal centralisation surface, and Phase 3 is aimed squarely at it.
Chainlink price feeds and the underlying tokenized‑equity issuers. Switch does not custody, back, or guarantee the assets it distributes, and inherits the liveness and solvency assumptions of both in full.
A momentum‑weighted rule buys strength, and will therefore buy local tops — visibly, on the record. The score floor bounds the worst case per round without eliminating it. The engine optimises for a reproducible rule, not for risk‑adjusted return.
From the first line of code to the first round
Milestones for the Switchboard, push settlement, and the public round log.
Foundation
Launch the Switch site and grow the community. Independent audit of all four contracts, published in full. Deployment, liquidity seeding, and the first lock — with the ticker and every destination address published before launch.
Rounds & the public log
The first hourly rounds run on Robinhood Chain. Every round is published with its complete score table: all eligible instruments, all four components, the winner, the quantity acquired, and the Merkle root. Permanent and machine‑readable.
Open verification
An open‑source client that rebuilds any historical round from public inputs and diffs it against what the protocol actually did. Verification stops being a claim and becomes a command anyone can run.
Distributed workers
Multiple independent workers computing the same deterministic output, with settlement requiring agreement between them. Because the function is deterministic, agreement is a comparison rather than a consensus problem — and the last centralisation point closes.
Straight answers
Including the ones that aren't flattering.
Do I have to stake, lock, or claim anything?
What exactly do I receive?
Can the team change the weights or redirect the fees?
What happens in an hour where everything is down?
S_min, the round buys
nothing and the budget rolls into the next round. The same happens if the slippage bound
P_exec ≤ P_oracle · (1+ε) can't be met, or if a market‑wide
feed outage empties the eligible set. A rolled budget is recoverable; an overpaid fill is not.Could I buy right before the hour and collect a full round?
What's the single biggest risk?
What APR should I expect?
0.018 × Vol(t) divided across holders by time‑weighted
balance. Quiet weeks pay little. The economics section lets you run the arithmetic at any
volume you like — that's arithmetic on an assumption you chose, not a forecast.Most protocols pay you in their own token, and ask you to claim it.
Switch pays in assets it did not create, and delivers them while you do nothing.