Building an open index economy

Mast started with diversified onchain vaults: one USDG deposit creates a portfolio share backed by the assets held inside that vault. The next part of the system is Mast Synthetic Indexes, which create price exposure to published baskets without requiring the index token to hold every component it tracks.

The larger goal is an open index layer on Robinhood Chain. Mast will define the first indexes and markets, while other builders will be able to use the resulting ERC-20 tokens in liquidity pools, portfolio products, analytics and new applications.

The system has three separate parts: the synthetic index token, the collateralised position that creates its supply, and the Mast Bearing NFT that can be attached to that position.

From portfolio ownership to synthetic exposure

Mast vault shares such as mBAL and mGRO represent proportional ownership of assets held inside a vault. Their NAV reflects the value of those assets after the vault's liabilities and fees.

A Mast Synthetic Index works differently. It is an ERC-20 token designed to follow the price of a disclosed reference basket. It does not give its holder ownership of, or a redemption right against, the assets in that basket.

The proposed launch composition of mMSI is:

• 50% SPY
• 20% QQQ
• 15% SGOV
• 10% SLV
• 5% USDG

Published price feeds calculate the value of this fixed launch basket. Holding mMSI gives exposure to that combined value through a separate onchain token. It does not mean that the holder owns SPY, QQQ, SGOV, SLV or the assets represented by them.

How synthetic supply is created

Synthetic tokens enter circulation when a user opens a position, deposits USDG and mints the index token against that collateral. Each position has its own onchain ID and remains the responsibility of the wallet that created it.

A position must begin with collateral worth at least three times its synthetic debt. Minting $100 of mMSI therefore requires at least $300 of accepted collateral. The minted mMSI can move to the user's wallet and, where liquidity exists, trade independently from the debt position.

To close the position, the user reacquires and burns the required amount of mMSI, repays the synthetic debt and withdraws the remaining collateral.

What a Mast Bearing is

Mast Bearings are a fixed collection of 1,111 ERC-721 NFTs built for Mast Synthetic Indexes. They are optional: anyone can open an index position without one. A holder can attach one Bearing to one active position to use that NFT inside the product.

An attached Bearing reduces that position's synthetic-index mint fee by 25%. This is a discount on the fee, not on the amount being minted. If a market charges a 0.35% mint fee, a Bearing reduces the effective fee to 0.2625%. The saving belongs only to the position using that NFT.

While attached, the Bearing is held by the market contract. It never counts as collateral and cannot be seized by a liquidator. Its owner can detach it while the position stays open, use it with another eligible position later, or receive it back automatically when the position closes or is liquidated.

The primary mint price is 0.07 ETH per Bearing, with a maximum of five per wallet and no team mint. The collection reports a 3% ERC-2981 royalty to compatible secondary marketplaces, although marketplaces may choose whether to enforce it.

Buying a Bearing gives ownership of the NFT and access to its published utility. It does not provide equity in Mast, ownership of an index, a claim on the risk reserve, or a proportional right to protocol or treasury revenue.

Official collection pages: Scatter and OpenSea. Collection contract on Robinhood Chain: 0x8a088044F2e14DDcDbed4CEb9b8181fF4DeC2ad0.

Where mint fees go

There are two different mint payments in this system. The Bearing mint price is the 0.07 ETH paid to create an NFT. The synthetic-index mint fee is the USDG fee paid when a position creates index tokens.

For eligible, identified receipts actually received by Mast and forwarded through the onchain fee allocator—including synthetic-index mint fees, Bearing mint proceeds and NFT royalties—the split is fixed at 75% to the community treasury and 25% to the protocol treasury.

The community allocation funds work that makes the index system more useful: index research, contract reviews, oracle infrastructure, liquidity programmes, integrations and contributor grants. Bearing holders will direct those priorities through Mast DAO votes.

The protocol allocation supports the continued operation and development of Mast. Neither treasury is a dividend pool: owning a Bearing does not let a holder withdraw a proportional share of either treasury.

One Bearing, multiple uses

Each of the 1,111 Bearings can move between compatible Mast positions. An owner can attach one to reduce a position's mint fee by 25%, detach it, and use it again. Each compatible index gives the same fixed collection another place to be used.

Each Bearing will also carry voting power in the Mast DAO. Holders will use that power to vote on community treasury priorities and future index themes. The collection remains capped at 1,111 as Mast develops the index system around it.

How the system manages risk

Every synthetic position has a visible collateral ratio. A position can be partially liquidated below 225%. At or below 150%, it can be fully liquidated. Liquidators repay synthetic debt and receive collateral with a fixed bonus.

Each market also has an isolated debt ceiling, allowing Mast to limit its total size while liquidity and market behaviour are being proven. Stale price feeds stop new minting rather than allowing a market to continue with incomplete data.

A capped USDG risk reserve can cover limited liquidation shortfalls. It is a loss buffer for the market, not a redemption pool or an unlimited company guarantee.

Built for other builders

Mast will define and launch the official indexes, but their use will extend beyond the Mast interface. Because each index is an ERC-20 token, other teams can build liquidity pools, strategies, portfolio products, analytics and other applications around it.

The complete technical and integration documentation will be published in mid-September 2026. It will cover index methodology, contracts, price feeds, collateral accounting, liquidations, fee routing and integration guidance.

The larger system

Mast vault shares provide ownership of diversified portfolios. Mast Synthetic Indexes provide price exposure to published baskets. Mast Bearings are optional NFTs that reduce the cost of creating synthetic supply and carry voting power in the Mast DAO.

As index usage grows, the community treasury can fund better infrastructure, deeper liquidity, new indexes and outside integrations. Each new integration gives Mast indexes another place to be used without requiring builders to create a separate version of the underlying market.

The goal is a family of transparent onchain indexes with defined rules, visible collateral and practical uses across Robinhood Chain, supported by a limited collection of functional NFTs with a clear role inside the product.