The two share tokens
xAMC is equity beta plus fees. hAMC is the same position with the delta hedged, minted at a floor.
Each pair issues one share token per vault. The x prefix is the unhedged base vault, the h
prefix is the hedged wrapper.
xAMC — the unhedged share
You hold equity beta. The share tracks the stock one-for-one, plus the fees the range earns, minus what arbitrageurs take when the pool lags the feed. If the stock falls 20%, this falls roughly 20%. Hedging removes direction; it does not remove impermanent loss.
Redemption pays both tokens, as a pro-rata slice of what the vault holds — idle balances, the range's pending fees, and your share of the LP principal. That split moves with the pool.
Fees earned by the range are swept into the vault before your slice is measured, so you are paid your share of them and no more. Redeeming early does not hand you the range's whole fee balance.
hAMC — the hedged share
The wrapper shorts the LP's delta on Lighter and leaves a dollar-denominated yield. Redemption queues: your slot settles at the epoch NAV, after the keeper reduces the hedge pro rata and the Lighter withdrawal matures. A Lighter secure withdrawal is not instant, so the queue is real waiting, not a UI delay.
Floor NAV and attested NAV
Two NAVs exist because only one of them is provable on-chain.
| NAV | What it contains |
|---|---|
| Floor | Idle balances + xShare value at the feed + margin × (1 − haircut). Unsettled hedge PnL counts as zero. |
| Attested | The floor, plus hedge equity inside Lighter's rollup. Display only. |
Robinhood Chain cannot read Lighter's rollup, so unsettled hedge PnL counts as zero in the floor. The floor can be too low, never too high, and the attested figure is display only.
You mint at the floor, so you give up the unprovable part of the vault. That is exactly what makes deposit-time manipulation pointless: there is nothing to inflate that the contract will sell you.