TAPE2
Overview
TAPE2 is a market for 7-day call options on Robinhood Chain memecoins. The price of every option is computed by the chain from the pool's own Uniswap v3 observation ring, and every option is settled in the coin itself. There is no oracle, no price feed, and no house.
The problem it solves
A memecoin like CASHCAT or PONS has no price feed. Nobody publishes a reference price for it, so nobody could price an option on it, and so there were none. Holders had no way to earn a premium on what they hold, and buyers had no way to take a small, capped bet on a move.
What the pool already keeps
Every Uniswap v3 pool keeps a ring of observations. In every block in which the pool is swapped, minted or burned, it writes one entry with the block time, the cumulative tick and the cumulative seconds per liquidity. The ring can hold up to 65,535 entries. The CASHCAT/WETH pool on Robinhood Chain holds 20,000, and the oldest entry on 2026-10-15 was written on 2026-09-21.
That ring is a record of the coin's own price path, written by the pool, on chain, with no one in charge of it. TAPE2 calls it the tape.
What TAPE2 does with the tape
- A writer locks coins in the contract and names a strike and an expiry of at most 7 days.
- The contract reads the pool's
observe()over four windows (24 hours, 7 days, 21 days and the last 6 hours) and receives the cumulative ticks straight from the pool's ring. - From each window it computes the log returns, their standard deviation, and annualizes it. The highest of the four, plus 20 points of volatility, is the sigma it prices with.
- It prices the call with Black-Scholes using the 30-minute TWAP (or spot if higher), the strike, the time to expiry and that sigma. The writer may ask up to double this price, never less.
- A buyer pays the premium in WETH and holds the ticket. Before expiry the holder can pay the strike in WETH and receive the locked coins. After expiry the writer takes the coins back and keeps the premium either way.
Settlement is physical. The contract never needs to know the price at expiry, so there is no price to argue about and no feed to attack at the moment it matters.
The fee and the burn
One percent of every premium is the protocol fee. Half of the fee buys TAPE2 on its pool and burns it, through a crank that anyone can call. The other half goes to the treasury address set at deployment. There is no admin function in the contract; every parameter is a constant or set once at deployment.
Measured on Robinhood Chain, 2026-10-15
| Fact | Value |
|---|---|
| Chain id | 4663 |
| Block time | about 0.1 s |
| CASHCAT/WETH pool | 0xA70fc67C9F69da90B63a0e4C05D229954574E313 |
| PONS/WETH pool | 0x10CC6BD38112cAc182db90B6a71d8Bb5939526bA |
| Observation ring, both pools | 20,000 entries |
One observe() with 145 to 253 times | 1.1 to 1.4 s |
| CASHCAT realized vol, 24h / 7d / 21d | 152% / 124% / 125% |
| PONS realized vol, 24h / 7d / 21d | 139% / 135% / 117% |
| 7-day at-the-money call from the 7-day vol alone, CASHCAT | 6.9% of spot |
| 7-day at-the-money call from the 7-day vol alone, PONS | 7.4% of spot |
| The contract's sigma at those vols (highest window plus 20 points), CASHCAT | 172% |
| 7-day at-the-money call by the contract's rule, CASHCAT | about 9.5% of spot |
These numbers move with the tape. The site reads them live; the pricing recipe shows how to reproduce any of them with one call.
What is live today
Nothing is deployed yet. The site reads the two pools from mainnet so every number you see is real; the app runs in preview against those reads, with transaction buttons that open at launch. No contract address or token address appears anywhere until then.