Logs

A log is a vault that holds one token and issues its own token in return: the log token. Log tokens use the ch prefix. Wrap ETH, get chETH.

Backing#

Each log token is backed by the tokens the log holds. 15% of fees is burned as log tokens, so the same pile of tokens is shared by fewer log tokens, and each one is backed by a little more.

Backing is measured in the underlying token, not in dollars, and nothing in a log's rules lets it fall. If ETH drops, chETH drops with it; it's still backed by at least as much ETH as before.

Why a log token's price moves on its own#

Log tokens trade in their own pool against the paired token selected when the log was created. When the underlying token moves, the log token's pool price lags behind. That gap is an opportunity: traders wrap or unwrap to buy low and sell high, and every move pays fees. The bigger and more frequent the swings, the more fees.

The gap#

Each log's page shows the gap: how far the log token trades from its backing, valued at the wrapped token's market price. Arbitrage only pays once the gap is bigger than the fees on a round trip. The log-side fees total according to its Stable or Volatile fee set. The paired token's own route can add another cost, so the profitable gap may be wider than the log-side fees alone. Inside that band, nothing happens. Outside it, traders step in, and fees flow.

Which logs you see#

Anyone can deploy a log contract. Public logs that pass the standard checks can appear as Unverified; the team can tag reviewed logs Verified. A log on a token or pair that stops trading earns nothing.

If a log wraps a tokenized stock: tokenized stocks on Robinhood Chain have transfer rules set by their issuer. A log holding them depends on those rules.

Every log page names its paired token. Farmers deposit that asset alongside the log token.