How Tranche works.

Fixed campaign terms for pooled financing of a commercial x402 service.

A campaign is a dedicated contract that holds the launch budget, records backer contributions and receives the service’s payment asset. Backer positions are nontransferable. The operator is fixed. There is no upgrade administrator, discretionary fee switch or administrator sweep.

Funding and activation

The target, funding deadline, backer revenue percentage, operator, service URL, terms hash and any bond are fixed at creation. Funding must exactly reach the target; excess contributions revert. Contributions are locked during funding.

When the target is reached, only the operator can activate, before the activation deadline (funding deadline plus two days). Activation transfers the whole launch budget to the operator. That budget may be spent and is not a repayable deposit. Activation is not onchain proof that a useful service exists.

Anyone can mark an expired unfunded campaign failed, or a funded campaign whose activation deadline was missed. Each backer then claims their own USDG refund. There is no unilateral refund after activation and no service-performance dispute resolver.

Review the offchain terms supplied by the operator and compare their exact text to the public terms hash before funding. A hash proves content identity, not the truth of a commercial promise.

Revenue accounting

The x402 service must advertise the campaign contract as its payment recipient. Only received tokens can be distributed. The gateway validates an exact payment, settles it and returns the result with a receipt. The campaign does not observe HTTP calls, customer identities or offchain costs.

Received means current token balance plus amounts already paid out, after the funding budget is released. Claims and repeated syncs cannot manufacture new revenue. Direct donations or unintended sends of the payment token also count as receipts; they are not proof of customer demand. Rounding dust stays in the campaign for future entitlement calculations.

The operator receives the remainder and pays operating costs from their revenue and launch budget. No discretionary cost deduction is applied to the backer pool. Gross receipts are not net profit. Revenue sharing continues for receipts reaching this immutable receiver; there is no guaranteed receipt period, principal redemption or minimum income.

Stock Token operator bond

A supported Stock Token can be deposited by the operator at creation. The factory escrows the full advertised raw amount before publishing the campaign. No oracle or collateral dollar valuation is used.

• Funding target missed: bond returns to the operator.
• Funding target reached but activation missed: backers may claim bond pro rata to capital.
• Activated: bond remains locked for the disclosed period, then returns to the operator.

No automatic slashing for poor quality, low revenue or downtime. An operator can activate without delivering a viable business. The bond is not principal insurance. Token price changes, corporate actions, transfer restrictions and issuer controls affect its value and accessibility. Small rounding residues may remain locked.

Operator responsibilities

Operate and secure the endpoint, publish accurate terms, route accepted payments to the immutable receiver, pay model/hosting/facilitation costs and keep an idempotent request journal. The operator can spend the released launch budget and can divert customers to other endpoints; the contract cannot force all business income through it. Backers must evaluate that trust risk.

Only a tested settlement path is production-ready. A facilitator claiming chain support is not an SLA. Failed settlement must not be counted as a paid request. A timeout after broadcast must be reconciled, not blindly retried with a new authorization.

Risks

Unaudited contracts; complete capital loss; zero demand; costs above income; operator misconduct or failure; facilitator/RPC/hosting outages; stolen payment authorizations; issuer restrictions, freezes or token declines; lack of early exit; rounding and stranded accidental transfers. No guaranteed yield, profit or repayment. Funding a revenue-sharing service may involve legal obligations; no regulatory approval is claimed.

Contracts and network

Robinhood Chain mainnet. Wallet network enforcement remains active.

Factory: 0xbdf6992be9d7a7406385f28dd8974d41f8aa79a1

Each campaign is an independent immutable deployment. Check its address and numeric terms, not just a service name or logo. Project-token information is separate from product contracts.