Field investigation · Issue 01
The stock never entered the room.
Two books, JIT inventory, MMs dodge flow. The meme is a router. The RWA is a receipt.
Read the investigationLOADING MARKET REPLAY
Inside this investigation
Three ways into the storyLOADING MARKET REPLAY
Liquidity · Section 02
Two books, two jobs
TVL is large in the meme pair. Tradable dollar depth—and the peg mandate—live somewhere else.
LOADING MARKET REPLAY
Routing · Section 03
What a buy actually is
One real transaction shows dollars becoming HIMS, then HIMS becoming BONER across two pools.
LOADING MARKET REPLAY
Issuance · Section 08
Who got paid
Supply expands as the premium closes. The cash market has not opened yet.
Method
- Sources
- Robinhood Chain PoolManager events, token Transfer logs, StateView snapshots, and published HIMS cash-market data.
- Reconstruction
- Prices come from swaps. Liquidity ladders come from every position modification. Supply and mint timing come from transfers.
- Corrections
- Every chart is tied to a dated data snapshot. If a figure changes, the correction stays visible with the piece.
- Contact
- Questions, corrections, and data requests go to @pdotal on Telegram.