How the machine actually works

1. 01 · $RHV trading volume on Robinhood Chain (4663) generates protocol / trading fees.
2. 02 · Fees accumulate in an operator treasury wallet. Target take is ~3–4%, configurable.
3. 03 · Worker wakes when the USD value clears BRIDGE_MIN_USD.
4. 04 · Relay quotes RH → Hyperliquid L1 (1337) USDC. HyperEVM 999 is display-only.
5. 05 · Treasury signs the deposit step. Worker polls /intents/status/v3 until success or fail.
6. 06 · On fill, operator deposits USDC into the configured Hyperliquid vault.
7. 07 · Ledger row + live site update. Tweet fires only after vault credit is confirmed.
8. 08 · Epochs: profit above HWM splits 90% holders / 10% team. Principal stays parked.

machineNavUsd =
    vaultEquityUsd          // Hyperliquid vault equity (settled)
  + treasuryRhUsd           // RH treasury, not yet bridged
  + inFlightUsd             // Relay quoted/submitted, not filled

• machineNav = vault equity (HL) + RH treasury + in-flight Relay
• pending / unconfirmed hops are in-flight, never counted as settled
• principal deposits raise HWM; vault PnL does not
• distributable = max(0, vault equity − HWM); 90% holders / 10% team

Valuation multiple = token mcap / machine NAV. Backing % = machine NAV / mcap. We show both, always. A high multiple with thin backing is a speculative token, not a reserve.

Confirmed vault deposits (bridged fees) raise both principal and HWM by the credited amount. That capital is not profit. Vault PnL — the known HL vault doing whatever it does — moves equity only.

An epoch may open only when vault equity > HWM. Profit = equity − HWM. Holders 90%, team 10%. After a committed epoch, HWM := then-current equity (peak lock). v1 does not withdraw from Hyperliquid; payouts are accounting records. A merkle distributor is designed as a v2 interface and stubbed here.

Observable: treasury balance (chain), Relay request status, vault equity (HL info API), this ledger.

Operator-promised: that the treasury key and the HL agent key will only be used for this pipeline; that epoch records will be honored; that team share hits NEXT_PUBLIC_TEAM_ADDRESS. Those keys can, in fact, move funds elsewhere. This is not a multisig and not a trustless vault. Treat it as custodial until it is upgraded.

• The Hyperliquid vault can lose money. NAV is not a floor.
• Relay can refund or fail. We fail closed — no silent success, no fake fill.
• Robinhood Chain, Relay, and Hyperliquid are external dependencies. Any one can halt the loop.
• $RHV holders cannot redeem vault USDC in v1. Equity share on /payout is informational.
• Tweets are a publication, not a settlement. The ledger is the settlement record.
• Mock mode will happily animate a tape with no keys. That is not mainnet.

Paste a tx hash, Relay requestId, or vault deposit id on /verify. If we cannot match a receipt, we say so. We do not invent fills.