How Clubhouse works

There are no dues and no donations. Trading volume on the club coin is the only fuel: a fixed part of every trade goes to the venue, the platform and a CLUB buyback, and the rest — the club flow — belongs to the founder until the first Club Pass is minted, then to the club's reward pot forever after. Anyone can move money along the loop (Route, Clock In) because every step settles to the club, never to the caller.

Everything described here is on-chain on Robinhood Chain. The Clubhouse interface reads contract state and prepares transactions; it never holds funds, keys or reward entitlements. Where a figure below is set per club or adjustable by the platform, the text says so — the club page and Studio always show the live value.

The three fixed slices (0.3% venue, 0.1% platform, 0.2% CLUB buyback) are constants in the factory and are written into each club's fee router at launch, so a later platform change cannot touch an existing club. The tier is the creator's choice: the launch wizard offers 1%, 5% and 10% on both venues, giving a club flow of 0.4%, 4.4% and 9.4% of volume respectively.

On Pons the tiers are built differently but land in the same place: every Pons coin carries a 1% base pool fee, of which Pons keeps its protocol share (30%) and the club gets the rest; the 5% and 10% tiers add a creator tax on top that Pons pays to the club in full. The platform and buyback slices are the same fixed constants, and the wizard shows the resulting club flow read live from Pons' config and policy.

A collection has a fixed total supply (up to 10,000) and up to 8 mint phases in order. Each phase sets a start and end, a price in ETH, a per-wallet limit, a cumulative supply cap, and optionally an allowlist. Phases never overlap, caps only rise, and the last cap must equal the total supply. A single transaction can mint up to 50 passes.

Allowlists are Merkle roots. Each entry pairs a wallet with an allowance; if the allowance is lower than the phase's wallet limit, the allowance wins. Proofs are generated when the creator uploads the list and are served to the mint page only when they match the root currently on-chain.

What a mint costs: price × quantity, paid to the creator's proceeds balance, plus a platform service fee per pass (currently 0.0005 ETH for new clubs; the value is stored in the collection at launch and cannot change for that club).

TBA: a creator whose mint has not started may move the whole schedule to a provisional date 30 days out and label it "TBA" in Studio; the real date is set later by editing the phase. A phase that is live keeps its start time; a phase that has ended can no longer be edited. The creator may also freeze the schedule, which makes every remaining term immutable.

Finalizing: once the collection sells out or the last phase ends, anyone can finalize the mint. Finalizing fixes the eligible supply for rewards and unlocks Clock In. The creator may close an under-performing mint early (unless the schedule is frozen). If the last phase ends with zero passes minted, the collection is cancelled and any pre-reward ETH in the vault is refunded to the club owner.

The first mint is a one-way door: it settles the founder's pre-mint fees and switches the fee router to the reward vault permanently.

Every Club Pass has a token-bound account (ERC-6551) derived from the canonical registry, the collection address and the pass number. The address is known before it exists on-chain and never changes; the account is deployed the first time a claim is delivered to it (or by the portfolio, if you send from it earlier). Reward claims can only ever be delivered here — a claim never has a "recipient" field.

Owner-controlled means exactly one thing: the wallet that currently owns the pass is the only signer the account accepts. That wallet can send ETH, send stock tokens or call any contract from the account. Nobody else — not the creator, not the platform — can move what is inside.

Transfers carry the account. Selling or transferring a pass hands over control of its account with everything in it, plus the pass's activation, boost level and any unclaimed round shares. Assets do not move to the new owner's wallet; they stay in the same account, now under the new owner's control. The collection refuses a transfer of a pass into its own account, which would lock both forever.

Collections implement ERC-2981 with a royalty of up to 10%, editable by the club owner. Newer collections can additionally turn on royalty enforcement: while it is on, only allowlisted marketplace contracts may be approved as operators. Direct wallet-to-wallet transfers are never filtered.

Passes show a placeholder image until the creator reveals the collection by setting a base URI; token metadata is then baseURI/<id>.json. After a reveal the creator may freeze metadata, which makes the artwork permanent.

A round is one Clock In: the ETH converted, the stocks bought and how much of each, the snapshot block (the block before the Clock In), the number of participating passes and their total weight. Once written, a round never changes. Basket changes, later activations and later boosts affect the next round only.

A pass's share of each stock in a round is amount × weight ÷ totalWeight, capped by what is left in that leg. When every participant of a round has claimed, any rounding dust is released back to the vault's free balance for future rounds.

Weights are read at the snapshot block, not at claim time. In an Equal club every minted pass weighs 1×. In a Boost club every pass starts at 1× and boosted passes weigh more. In an Activation club only passes that were active at the snapshot participate — an inactive pass has zero weight and zero share.

This is why a pass activated (or boosted) after a round was opened has no share in that round: the round's participant set and total weight were fixed one block before Clock In. It joins every round opened after its activation lands.

A claim delivers one pass's unclaimed share of one round to the pass's account, deploying the account if this is its first delivery. Anyone may pay the gas for a claim; the destination is fixed. Each stock leg is tracked separately, so if one stock's transfer fails (for example a paused token) the other legs are still delivered and the failed leg stays claimable.

The club page picks the path for you. On newer vaults it asks the vault for the open rounds and sweeps them in windows of 120; on legacy vaults (clubs created before the sweep existed) it claims round by round in chained batches of 20. Legacy claiming pays a transfer per stock per round, roughly 84k gas per round — a long backlog means several wallet confirmations, which the page walks you through.

Base weight is 1× (10,000 basis points in the contracts). It is what every pass in an Equal or Boost club has for free, and what an activated pass has in an Activation club.

Activation burns a fixed amount of the club coin — the activation cost, set by the creator at launch — once per pass. It is permanent, belongs to the pass number, and follows the pass when it is transferred. Until a pass is activated it has zero weight and earns nothing.

Boost levels are a ladder of up to 4 steps, each with a cumulative coin cost and a multiplier strictly above the previous one, up to 5×. Moving up pays only the difference between the target and current cumulative cost. Boosts can only climb — there is no downgrade and no refund — and, like activation, they belong to the pass. In an Activation + Boost club a pass must be active before it can boost.

The burn is real: the manager pulls the approved coins, calls the token's burn and verifies that total supply fell by exactly that amount inside the same transaction. Batch versions exist for holders with several passes.

The stock basket is 1–5 tokens from the factory's approved list (today AAPL, AMZN, NVDA, GOOGL, TSLA, USO, SPY). The creator can change it at any time from Studio; the change applies from the next Clock In, and every earlier round keeps the stocks it bought.

0.2% of every club coin's trading volume is booked by that club's fee router as the buyback slice and forwarded, on each Route, to the buyback burner. The burner accepts deposits only from fee routers the factory registered.

executeBuyback is permissionless. When the burner holds at least the minimum (currently 0.001 ETH), anyone can run it. One run spends the balance up to the per-run cap (currently 0.04 ETH), swaps ETH for CLUB on the Uniswap v4 pool, requires at least the factory-set minimum CLUB-per-ETH, and burns every token it bought inside the same transaction — verifying that CLUB's total supply fell by exactly that amount.

ETH in the burner can never be withdrawn. The contract has no owner, no recipient parameter and no withdraw function. Its only outflow is a swap whose output is burned. The factory owner can adjust the minimum, cap and price floor, and can pause execution; a pause stops runs, not deposits.

Until the first pass is minted, the club flow is yours: press Route and then Claim creator fees on the club page to withdraw it. The first mint checkpoints whatever has accrued (still yours to claim) and switches everything after it to the reward vault, permanently.

Mint proceeds — the price paid for passes — are separate. They accrue in the collection and you can withdraw them from Studio at any time.

In Studio you can edit an upcoming phase freely and a live phase's price, limits, cap and end (its start is fixed once it begins); ended phases are history. Newer collections can also add a future phase or remove one that has not started. You can set the whole schedule to TBA before it starts, and you can freeze it — after which nothing about the schedule can change, including closing early.

Allowlists: upload a wallet list (optionally with per-wallet allowances). The backend builds the Merkle root and pins the proof file to IPFS; you submit the root in the phase update; the mint page uses only the proof set that matches the root on-chain.

Ending it: anyone can finalize once the last phase ends or the collection sells out. You can close early while the schedule is unfrozen and at least one pass exists. Finalizing fixes the eligible supply and unlocks Clock In.

Your coin's public page lives on its venue (for letscash.fun: www.letscash.fun/token/…), linked from the club page. Clubhouse itself never custodies the coin's liquidity.

My Clubs lists every Club Pass your wallet holds across all clubs. For each pass you see its account address, the ETH and stocks inside the account, its reward weight (Base, a boost level, or "Inactive · 0×"), and what is claimable — shares waiting in the vault across open rounds, priced above zero.

Stale snapshot notice. The page is served from a short-lived cache. If the backend cannot refresh in time you will see "Showing a cached snapshot from ~Ns ago — refresh for live data". Nothing is wrong on-chain; press refresh, which bypasses the cache.

"Not activated" appears on passes in Activation clubs that have not burned the activation cost yet. Such a pass earns nothing from any round; activate it on the club page and it joins the next round.

Claiming happens on the club page, in Your seat. Enter or select up to 20 of your passes; the page finds every open round they are eligible for and sends the fewest transactions the vault allows — one sweep per pass on newer vaults, batches of 20 round claims on legacy vaults. Rounds before a pass was activated are skipped automatically.

On the club page, activation and boost purchases ask you to approve the club coin, then burn it. The club page shows the live activation cost and level ladder. Burns are permanent and stay with the pass.

Each club's own contracts — its collection, fee router, reward vault and (if any) boost manager — are clones created by the factory. Their addresses are shown on the club page and in Studio. Implementation addresses above change with upgrades; new implementations reach new clubs only, and the factory proxy is the stable entry point.