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Weekend order queue

The market closes Friday. We cross Monday.

Curfew is a weekend order queue for Stock Tokens on Robinhood Chain. You queue while the real market is closed and get filled at the official opening print.

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Instrument
Stock Tokens
Quote asset
USDG
Chain
Robinhood Chain
Price
Official opening print
Fee
0.20% on routed only
Cancellation
Free until the open
Market
—
Next opening bell
--:--:--
Next print
—

01The problem

Trading a stock while its market is closed.

Tokenized stocks trade around the clock. The stocks they track do not.

01

No verifiable weekend price

From Friday 16:00 ET to Monday 09:30 ET there is no exchange print for a stock. Whatever a tokenized version trades at on-chain over the weekend is a number with nothing behind it to check.

02

Thin weekend liquidity

Weekend pools are small. A modest order moves the quote, and the quote it moves to is the one you get. The spread you pay is paid to whoever happened to be there.

03

The Monday gap

When the real market opens, the token snaps to the opening print. Buyers who paid Sunday's number find out Monday morning what it was actually worth. The gap goes one way or the other; either way it was avoidable.

02How it works

A queue that waits for the real price.

Five steps. No price is chosen by anyone until the exchange publishes one.

  1. Step 1: The market closes. The vaults open.

    Friday 16:00 ET, or any holiday close. One vault per ticker: $NVDA, $AAPL, $TSLA and the rest of the governed list.

  2. Step 2: Deposit. Don't pick a price.

    Buyers deposit USDG. Sellers deposit Stock Tokens. There is no price to choose because there is no price yet. You receive a transferable ERC-20 queue ticket.

  3. Step 3: Your ticket trades while you wait.

    During the closure the ticket is freely tradable. Changing your mind does not mean cancelling; it can mean selling your place in the queue.

  4. Step 4: Monday 09:30 ET. One print, one cross.

    The oracle publishes the official opening print. Buyers and sellers cross internally at that single price. Only the imbalance is routed to the on-chain pool.

  5. Step 5: Pro-rata. Cancellable. Reversible on failure.

    Fills are distributed pro-rata. Cancel for free any time before the open. If a ticker is halted or the feed is stale, everything rolls to the next print and capital is returned.

03What it is not

A queue, not a product.

The ticket is a queue receipt. It does not pay anything, promise anything, or do anything except hold your place until the print.

No leverage
You deposit what you trade. Nothing is borrowed on your behalf.
No margin calls
There is no margin, so there is nothing to call.
No liquidations
A ticket cannot be liquidated. It is either crossed, cancelled, or returned.
No custody
Deposits sit in a vault contract with three exits: cancel, cross, or automatic return. No admin key can withdraw them.
No protocol price
Curfew never invents, estimates or adjusts a price. It relays the official opening print through an oracle and settles at that.

04Fees

Charged only on what gets routed.

If your order crosses with someone on the other side, it is free.

ItemFeeNote
Crossed portion0.00%Matched against the other side of the vault.
Routed portion0.20%The imbalance sent to the on-chain pool at the print.
Cancellation0.00%Any time before the open. Full deposit returned.
Rolled print0.00%Halted ticker or stale feed. Capital returned.
Ticket transfer0.00%Standard ERC-20 transfer; only network gas.

Fee split: 50% buy&burn $CRFW / 30% rebate to crossers / 20% treasury

05$CRFW

The protocol token.

Four facts. Supply, where fees go, what staking does, and what governance can and cannot touch.

Supply

1,000,000,000

Fixed at genesis. No emissions schedule, no inflation.

Fee split

  • 50%Buy & burn $CRFW
  • 30%Rebate to crossers
  • 20%Treasury

Staking

  • Allocation priority on imbalanced crosses. When one side of a vault is larger than the other, staked participants are matched ahead of unstaked ones within the crossed portion.
  • A share of the 30% crosser rebate, proportional to stake.

Governance

  • The ticker list: which Stock Tokens get a vault.
  • The market calendar: holidays, early closes, and how a halted ticker rolls.

Governance cannot set a price, override the oracle, pause withdrawals, or touch user deposits.

06FAQ

Questions people ask first.