How Subway works

Two vaults per pair, a share token you can hold, and a price that never comes from the pool.

Tokenized stocks are the first on-chain asset with a real reference price, yet they trade in pools designed for assets that have none. Every price move on Nasdaq is discovered on-chain by an arbitrageur trading against a stale quote, and the liquidity provider pays for it.

Subway pools a pair into a vault, quotes a concentrated range around the external fair price, and mints a fungible share against it.

Two vaults per pair

The base vault LPs a Robinhood Stock Token against USDG on Uniswap and is unhedged. Deposits and withdrawals are immediate — no epoch, no queue, and no keeper anywhere in the path. This is the vault that ships.

A pooled vault is what makes the share a product. It mints a token you can post as collateral or wrap; per-user vaults cannot produce that.

The wrapper holds shares

The hedged share wraps the base vault, shorts the delta on Lighter, and mints at a conservative floor NAV with a redemption queue. Wrapping closes no LP position — the hedged vault holds your base-vault shares and shorts against them, so moving between the two is a wrap or an unwrap, never an exit and re-entry.

See the two share tokens for what each one pays you, and what is built for why the hedged side is not reachable on chain.

Priced at the feed

A pool tick is something an attacker can move with capital. A share price built on one is a share price they can print. Every price this system quotes comes from the feed, never from the pool tick, and range is always shown against the feed marker.

Redemption from the base vault is the one place that reads no price at all: you are paid a pro-rata slice of the tokens the vault holds, so a stale feed cannot trap you.

No operator custody

The hedge is held in a Lighter account the vault contract itself owns. Secure withdrawals land only at the L1 owner, which is the contract, and the keeper's key is trade-only by construction. The keeper changes the shape of the position — range, hedge size, margin within a cap — and can never change its destination.