Robinhood Chain、 http://Fables.fi Brief research with PROLOGUE One sentence conclusion Robinhood Chain is a compliant Ethereum L2 launched by Robinhood; http://Fables.fi It is a third-party dynamic rate DEX deployed on the chain; PROLOGUE is a tradable token issued by the Fables team in advance, with plans to exchange it for the Fables governance coin 'FABLES' in the future. However, the exchange contract, snapshot, and final terms have not yet been announced. When the exchange is smoothly executed without considering lock up and risk discount, the theoretical total value of PROLOGUE=FABLES fully diluted valuation (FDV) x 2.5%, which is between 5-7 million Whether it's LP or not 1. Robinhood Chain The Robinhood Chain mainnet will be launched in July 2026 and is based on Arbitrarum Nitro's EVM L2. It uses ETH to pay for gas and relies on Ethereum for data and settlement security. Its core direction is: -Tokenization of real assets such as stocks and ETFs; -Introduce Robinhood users and liquidity onto the chain; -Provide EVM environment for DeFi, RWA, and third-party applications. It should be noted that Robinhood Stock Tokens are not the real stocks of the underlying companies, but rather tokenized debt securities issued by Robinhood related entities, and holders do not directly acquire shareholder rights of the corresponding companies. Robinhood Chain allows third-party deployment of contracts, but it is not a fully decentralized public chain: Sequencer performs sanction address screening, validators currently use licensing, and protocol upgrades are managed by the Security Council. Reference: [Main Network Launch Announcement] (https://(((robinhood. com))/us/en/newsroom/robinhood acceptances global expansion robinhood chain mainnet stock tokens agentic trading/) | [Technical Document]（ https://docs. (((robinhood. com))/main/) | [Governance Mechanism]（ https://docs. ((((robinhood.com))))/chain/governance/)｜[Stock Tokens]( https://docs. ((((robinhood.com))))/chain/stock-tokens/) two http://Fables.fi Fables is an unmanaged DEX on Robinhood Chain, based on Uniswap v4 Hook. It will adjust transaction fees based on traded assets and market conditions: stock/RWA pools can switch rates based on US stock trading hours, after hours, and weekends, while Crypto pools can use fixed or dynamic rates. The current market includes NVDA/USDG, SPY/USDG, TSLA/USDG, AAPL/USDG, GLD/USDG, and ETH/USDG. Fables already has real contracts, liquidity, and trading volume, but the agreement is still in its early stages of launch, and data growth is also incentivized by point based activities. The Fables website terms indicate that the operating entity is the Alphix Association in Zug, Switzerland. Its predecessor Alphix was also developing Uniswap v4 dynamic rate hooks, so Fables is more like a continuation of Alphix for Robinhood Chain and tokenized stock markets. As of the time of research, we have not yet seen a Fables exclusive third-party audit report that clearly lists the audit institution, code version, audit scope, and list of issues. Reference: [Fables document]（ https://www.fables.fi/docs ）| [Safety Instructions]（ https://www.fables.fi/docs/security ）| [Legal Terms]（ https://www.fables.fi/terms )｜[DefiLlama](https://(defillama.com)/protocol/fables)｜[Alphix Core](https://(github.com)/alphixfi/alphix-core) 3. The relationship between PROLOGUE and Fables PROLOGUE is achieved through http://Pools.trade The ERC-20 issued has a fixed total of 1 billion pieces. On chain metadata clearly states that it plans to exchange governance currency 'FABLES' at Fables TGE. The currently announced plan is: -FABLES program total quantity: 1 billion pieces; -Reserve 25 million FABLES for PROLOGUE holders; -Corresponding to 2.5% of the total FABLES amount; -If all 1 billion PROLOGUE are eligible, the exchange rate is' 40 PROLOGUE=1 FABLES'; -If PROLOGUE locked in permanent liquidity is not eligible, the final ratio may be less than 40:1. Prologue/ETH itself is http://Pools.trade The created regular Uniswap v4 pool does not use Fables Hooks and cannot be stored as Fables LP positions. The connection between the two mainly comes from future exchange commitments, and the creator fee generated by PROLOGUE transactions can be converted into USDG by Fables treasure and then allocated to eligible Fables LPs. There are currently no official exchange contracts, final snapshot blocks, complete eligibility criteria, exchange windows, or unlocking arrangements. Therefore, PROLOGUE should be understood as a future exchange equity with execution risk, rather than an already effective FABLES governance currency. Reference: [ROLOGUE Document]（ https://www.fables.fi/docs/prologue )｜[Tokenomics]( https://www.fables.fi/docs/tokenomics )｜[Creator Fees]( https://www.fables.fi/docs/creator-fees )｜[ http://Pools.trade Mechanism]（ https://blog.uniswap.org/pools-trade-a-new-way-to-launch-on-robinhood-chain ) 4. The difference between points and PROLOGUE PROLOGUE is a token that has been issued and can be traded; Fables Points are activity points counted off chain. The official only stated that the points may be used for future community distribution and did not promise a fixed exchange rate. In the FABLES scheme, Community Distribution accounts for a maximum of 12% of the total, but this does not mean that 12% will be fully credited to this round of points, nor does it mean that all points will be unlocked in TGE. If the valuation assumes that the final points will be distributed to 2.5% -5% of the total FABLES, then: PROLOGUE redemption pool: 2.5% FABLES Point allocation assumption: 2.5% -5% FABLES Total value of points pool/PROLOGUE redemption pool value=1-2 times This relative relationship is correct when assumed, but 2.5% -5% is not the officially confirmed range for point allocation. 5. PROLOGUE valuation method When the exchange is successfully executed without considering lock up and risk discount: PROLOGUE theoretical total value=FABLES fully diluted valuation (FDV) x 2.5% |Assuming the theoretical value of FABLES FDV | PROLOGUE| |50 million US dollars | 1.25 million US dollars| |100 million US dollars | 2.5 million US dollars| |150 million US dollars | 3.75 million US dollars| |200 million US dollars | 5 million US dollars| |250 million US dollars | 6.25 million US dollars| Due to Fables' short launch time, lack of protocol revenue, and uncertain TGE and redemption rules, the current price of PROLOGUE actually includes both Robinhood Chain/RWA narrative premium and future coin issuance expectations. 6. Main risks The final tokenomics, TGE time, and unlocking schedule of FABLES may change. Currently, PROLOGUE redemption relies on document commitments and there is no executable redemption contract. 3. Points do not equal the determined token debt, and 12% of community points does not equal the share of points in this round. 4. Fables has a short running time, and TVL and trading volume may be significantly affected by point incentives. 5. Lack of a complete, independent, and verifiable Fables exclusive security audit. Robinhood Chain has centralized assumptions such as license validators, address screening, and governance committees.