How it works

A Kevia basket is an ERC-20 token backed 1:1 by a group of stock tokens. Here's the machinery behind it.

1. Mint & redeem

You deposit USDG (or the underlying stock tokens directly). A router buys each constituent by its target weight and mints you one basket token, priced at its net asset value. Redeeming does the reverse: burn the basket, get the underlying value back. This 1:1 mint/redeem is what keeps the market price glued to fair value.

mint(kAI, 1000 USDG)
 → buy NVDA 28% · AMD 16% · CRWV 14% · PLTR 16% · TSM 14% · MSFT 12%
 → mint kAI at NAV
 → send kAI to you

2. Chainlink NAV pricing

Each constituent has a live Chainlink price feed. The basket's NAV is just the weighted sum of those prices. Arbitrageurs mint or redeem whenever the pool price drifts from NAV, so the token tracks the real basket value closely.

3. Concentrated liquidity

Instead of 24 half-dead pools, all trading flows through one deep Uniswap v4 pool per basket. A v4 hook can quote against NAV and widen fees when prices move fast, so liquidity providers don't get picked off.

4. Real yield underneath

Collateral that isn't doing anything,cash buffers, treasury-bill tokens (SGOV), idle USDG,earns yield through Morpho lending (~7% on USDG) and T-bills. That yield flows back to holders and stakers.

5. Leverage & 24/7

Because baskets are composable collateral, you can borrow against them on Morpho to lever a position up to ~3×. And unlike the real stock market, all of this runs around the clock,that's the core unlock of Robinhood Chain.