STONX: 2 weeks after launch
STONX generated $46.4M of volume and $21.6K of voter fees in two weeks. The next step is automating Ekubo, Inc.'s voting strategy.
STONX went live on Robinhood Chain on July 31. Ekubo, Inc. built Ve33 and STONX, then proposed that the Ekubo DAO fund the USDG side of a DAO-owned STONX/USDG position.
This report covers exactly two weeks: 13:18 UTC on July 31 through 13:18 UTC on August 14. At the cutoff, Ekubo, Inc. held 99.1% of the STONX stake, so the fee and emission allocations were mostly its decisions.
The first two weeks
| Metric | Result |
|---|---|
| Swaps | 240,361 |
| Volume | $46.43M |
| TVL at the cutoff | $1.07M |
| Fees accrued to voters | $21,577 |
| STONX emitted | 46,708 |
| Accrued by the DAO LP position | 4,202 (9.0% of emissions) |
| STONX net of the DAO LP position | 42,506 |
| Value of emitted STONX | $46,708 at the $1 launch price |
| Emitted value per $1 of fees | $2.16 |
| STONX staked | 343,944 |
| Ekubo, Inc. stake | 340,971 (99.1%) |
| Stake outside Ekubo, Inc. | 2,973 across 29 addresses |
| Pools with active vote weight | 27 of 39 |
ETH/USDG produced $38.25M, or 82.4% of total volume. August 10 and 11 produced 24.7% of total volume but only 10.7% of voter fees. ETH/USDG’s low fee explains most of that difference.
The effective fees at the cutoff ranged from 0.50 basis points on ETH/USDG to 82.09 basis points on SNDK/USDG:
| Pool | Vote weight | Effective fee |
|---|---|---|
| ETH/USDG | 26.0% | 0.50 bps |
| SPCX/USDG | 12.1% | 18.45 bps |
| STONX/USDG | 9.4% | 20.16 bps |
| NVDA/USDG | 9.1% | 8.97 bps |
| GME/USDG | 7.6% | 17.81 bps |
| SNDK/USDG | 5.4% | 82.09 bps |
| MU/USDG | 4.3% | 72.24 bps |
| INTC/USDG | 3.8% | 51.51 bps |
The first two weeks used 14.0% of the 333,333 STONX schedule. The DAO-owned STONX/USDG position accrued 4,201.83 STONX, or 9.0% of emissions. It claimed no rewards during the period, so the full amount remained claimable at the cutoff. Emissions net of that position were 42,505.95 STONX, or $1.97 per $1 of voter fees at the $1 launch price.
Automating the voting strategy
Ekubo, Inc. must manage 24 voting positions across a system with 27 active pools. The strategy in development optimizes voter fees captured by the voting wallet per dollar of STONX emissions leaving DAO control, without reducing total chain fee revenue.
| August 15 strategy baseline | Result |
|---|---|
| Gross emissions | 3,346.5 STONX/day |
| Seven-day chain fees | ~$943/day |
| Voting-wallet fee capture | ~$931/day |
| Public emissions | ~$2,994/day at the August 15 STONX price |
| Fee capture / public emissions | 0.31 |
| Modeled ratio at the 60% weight limit | 0.62 under the more favorable 87.9% DAO liquidity-share measurement |
Vote weight alone cannot make fee capture exceed public emissions.
The agent therefore operates under fixed constraints:
| Decision | Constraint |
|---|---|
| Eligible pools | Stock, ETF, commodity, ETH and STONX markets; no company weight to memecoin pools |
| Weight changes | At most 5 percentage points per run; no active pool reduced to zero |
| Fee changes | One pool per run, with a maximum 2× change |
| Evidence | Compare the same trading hours; prefer multi-day medians; take no action on conflicting data |
| Execution | Validate indexed state onchain and simulate every transaction |
| Wallet authority | Voting, claiming and fee-preserving compounding may run unattended; withdrawals and transfers may not |
| Action | Result |
|---|---|
| ETH/USDG fee test | 0.50 → 1.00 bps; no second change while the revenue effect remained unresolved within historical variability |
| Position consolidation | 47 voting NFTs reduced to 24 with stake conserved; the next run held at 24 |
| Recurring execution | The third consolidation cost about $0.35 and required no manual approval |
| Fee conversion | About $817 of accumulated fee assets converted into 828 STONX across six swaps |
In the same overnight window, ETH/USDG’s share at the new fee was 0.991%, versus a 1.407%–3.528% range across six old-fee readings. Because the old readings varied by 2.5 times, the agent held for a higher-volume comparison.
This work also produced a self-custody wallet for agents. The agent prepares and simulates actions; the wallet enforces the permitted call set. The product is almost ready to ship.
The agents, strategy prompt and run logs are planned for a public repository. Each run records its inputs, reasoning and transactions, and the strategy will accept pull requests. A short preview is available on X.
The November decision
The funded emission rate reaches zero on November 8; any new schedule requires another DAO decision. That decision should use three measurements: fee capture after emissions end, stock-token markets’ share of volume and fees, and voting power outside Ekubo, Inc. The current baseline is $46.43M of volume, $21,577 of voter fees and 0.9% outside stake. Automation improves execution and measurement, not participation.
Methodology
Swap counts and volume come from Ekubo Core’s compact logs, priced from the USDG or ETH leg. Voter fees come from PoolFeesAccounted; stakes from StakeChanged joined to NFT ownership; effective fees from the last VoteWeightApplied per pool; and emissions from the onchain Q32 rate. DAO-position rewards come from a historical Multicall3 eth_call at block 36,282,403 that accumulated rewards in simulation before reading the position; reward-claim events confirm that the position made no claims before the cutoff.
The underlying event streams are public on Dune. Live queries include daily volume and swaps, voter fees, headline metrics, pool data and stake over time. Dollar values use hourly Robinhood Chain prices, so volume, fees and TVL are estimates rather than accounting figures.