SPILL01What this is
On 28 January 2021, at 3:30 in the morning Pacific time, a clearinghouse asked Robinhood for a three billion dollar deposit. Robinhood could not pay it before the market opened, so it switched off the buy button on GameStop and a handful of other shares. Three days later Elon Musk asked Vlad Tenev to spill the beans about it, live, and Vlad explained the whole thing.
$SPILL rebuilds that clearinghouse as something you can be on the winning side of. You lock $SPILL in, and on a fixed clock the trading fees the token earns get shared out to everyone who locked, paid in GME, the tokenised GameStop share. Every rule below is written into a contract that nobody, including us, can pause, change or empty.
It is a memecoin. The story is the product and the mechanism is the receipt. We are not promising you a return, and section 09 lists everything we are deliberately not claiming.
02Where the money comes from
$SPILL trades on Pons, a launchpad on Robinhood Chain, against GME. Every trade pays two fees, both in GME:
| Fee | Size | Who gets it |
|---|---|---|
| Pons platform fee | 1% | 30% stays with Pons, 70% comes here |
| Creator fee | 1% | All of it comes here |
A buyer pays 2% in total, and 1.7% of the traded amount arrives at this contract. At a million dollars of daily volume that is about seventeen thousand dollars a day flowing in, in GME.
03Where it goes
When a payout is released, whatever GME has built up since the last one is split by fixed percentages that are written into the contract as constants. They cannot be changed by anybody, ever.
| Share | Goes to | What it does |
|---|---|---|
| 0.5% | Whoever pressed the button | Comes off the top, before the three shares below. It pays the network fee for releasing the payout and makes sure somebody always does |
| 70% | Everyone who locked in | Shared by how much you locked, dripping out over the next four hours |
| 20% | The reserve | Builds the floor you can always cash out against |
| 10% | Running costs | Ours, for the site, the keeper and the work. Taken monthly and announced |
The three shares below the bounty are percentages of what is left after it, so the real numbers are a touch under the headline ones: 69.65%, 19.9% and 9.95% of the gross.
At a million dollars of daily volume that works out to roughly $11,800 a day to members, $3,380 into the reserve and $1,690 to us.
If nobody has locked anything in when a payout lands, the members' 70% is not lost and does not go to us. It goes into the reserve, which raises the floor for everybody.
04The clock
Payouts are released on a fixed grid anchored to 3:30 in the morning Pacific time, the minute the deposit demand landed in 2021.
05Your two options
Both take $SPILL from you, but what happens to your tokens is completely different.
| Lock it in | Hand it back | |
|---|---|---|
| Your $SPILL | Locked, returned to you later | Destroyed for good |
| You get | GME dripping in, for as long as it stays locked | One payment of GME, your share of the reserve |
| Reversible | Yes: ask to unlock, wait a day, take it out | No, never |
| Effect on everyone else | None | Fewer $SPILL exist, so the floor rises for those who stay |
| Do it if | You plan to hold | The market is paying less than the reserve would |
Locking in
The first time takes two taps: one to give the contract permission to move your $SPILL, one to lock it. After that it is one. Only locked $SPILL earns. Tokens sitting in your wallet earn nothing, no matter how many you hold.
Leaving
Ask to unlock, wait 24 hours, take it out. That amount stops earning the moment you ask. The wait is deliberate: it is a nod to the settlement delay that caused the whole story, and it stops anyone from grabbing a payout and dumping a minute later. You can cancel and put it back at any point during the wait.
Promising to stay
Optional, and most people should skip it. It exists so anyone holding a large amount, the creator included, can prove they are not going anywhere.
Picking a date does two things. First, everything you have locked here freezes until that date, not only the amount you added at the time you made the promise. You cannot unlock any of it early, not by asking us and not through any function that exists. You can push the date further out later, never pull it closer, and the longest allowed is four years.
Second, you can additionally choose to send your share of every payout to the reserve for the whole period instead of pocketing it. That option only works alongside a date, and it cannot be switched off until the date passes. GME you had already earned before making the promise stays yours and is still claimable.
| Just lock it | Promise a date | Promise + give the share | |
|---|---|---|---|
| Unlock whenever | Yes, ask and wait a day | Not until the date | Not until the date |
| Earns for you | Yes | Yes | No, it goes to the reserve |
| Claim GME any time | Yes | Yes | Only what you earned before the promise |
| Add more later | Yes | Yes, and it is frozen too | Yes, and it is frozen too |
| Change your mind | Yes | No | No |
Two things a promise does not block: if you had already asked to unlock something before making it, that amount still comes out when its day is up, and $SPILL sitting loose in your wallet can still be handed back for GME as normal.
06The floor, and why it cannot run out
The reserve holds GME. Anyone can hand $SPILL back and take their share of it. The amount is not a price we set, it is a share:
Because it is a share and not a fixed price, the reserve cannot be run on. Hand back a tenth of all the $SPILL there is and you receive a tenth of the reserve. The reserve shrinks by a tenth and so does the supply, so what stands behind each remaining token is exactly what it was before:
| Handed back | $SPILL left | Reserve left | Backing per token |
|---|---|---|---|
| 0% | 1,000M | 400 GME | 0.0000004000 |
| 10% | 900M | 360 GME | 0.0000004000 |
| 50% | 500M | 200 GME | 0.0000004000 |
| 90% | 100M | 40 GME | 0.0000004000 |
| 100% | 0 | 0 GME | paid out to the last token, owing nobody |
Two roundings both go in the reserve's favour: payouts round down, and the divisor counts every $SPILL in existence including tokens still sitting unsold in the trading pool. Two tests in the repository assert this behaviour directly.
07Who can do what
There is exactly one privileged wallet. This is its complete list of abilities. There is nothing else and no hidden switch.
| It can | Limits |
|---|---|
| Change its own address | Affects only where the 10% running share is sent |
| Nudge the payout clock | By at most one hour, at most once every 90 days, never into the past. This exists for daylight saving |
| Propose sending future fees elsewhere | Takes effect only after seven days of public notice, expires if unused, and cannot touch anything already locked, streaming or in the reserve |
What nobody can do
- Pause the contract. There is no pause function.
- Upgrade or change the rules. It is not upgradeable and the percentages are fixed constants.
- Withdraw your locked $SPILL, your unclaimed GME, or the reserve. No function exists that moves them anywhere except to you.
- Stop you leaving. Claiming, unlocking and cashing out are buttons only you can press.
08Check it yourself
Every figure on the site is read from the chain and refreshes every 30 seconds. Here is how to reproduce it without trusting the page.
Seven fakes exist. Check the address, not the ticker
For anyone reading the contract
The source is verified on the explorer, so you can read it there rather than trusting a copy. The values behind the site's numbers:
| On the site | Read from |
|---|---|
| GME paid to members, all time | totalSpilled, and the Spilled event log |
| The reserve | reserve |
| What 1M $SPILL is backed by | backingPerToken |
| Locked in, by everyone | totalCollateral |
| Your position and what you can claim | collateralOf, earned, pendingCloseOf |
| Next payout, and how often | nextSpillAt, spillInterval, anchor |
| Waiting to be paid out | escrowed plus freeBalance |
| What you would get for handing back | previewRedeem |
| The creator's promise | vowUntil and vowToReserve on the launch wallet |
The split percentages are public constants: MEMBERS_BPS 7000, RESERVE_BPS 2000, OPS_BPS 1000, BOUNTY_BPS 50. The schedule is LAUNCH_INTERVAL 1 hour for LAUNCH_WINDOW 24 hours, then SPILL_INTERVAL 4 hours, with STREAM_DURATION 4 hours and CLOSE_DELAY 24 hours.
09What we do not claim
- This is not a dividend and not a yield product. It is trading fees being shared out. If nobody trades, there is nothing to share, and there is no floor under how small a payout can be.
- $SPILL gives you nothing in any company. No shares, no ownership, no voting, no claim on GameStop, Robinhood or anyone else.
- We have no connection to Robinhood, GameStop, Elon Musk or Vlad Tenev and do not speak for them. We quote things they said in public and link to the originals.
- GME is Robinhood's token, not ours. Robinhood can pause it, restrict transfers, or burn balances by administrative action. If that happens, the reserve and payouts are affected and we cannot prevent it. This risk sits under every GME-paired token on this chain.
- It has not been audited. It has a test suite, a test run against a copy of the real chain with the real GME token, and an automated security scan with nothing serious found. That is not the same as a professional audit.
- Payouts depend on fees actually being collected by the launchpad before a release. We run a keeper to make sure that happens, but we do not control the launchpad.
- The clock is a fixed 24 hour rhythm, not business days, and does not follow daylight saving on its own.
- The launch wallet bought a position and sells most of it. Bought in the launch transaction itself, on the same curve and at the same price as anyone buying in the same second, with no exemption from the anti-snipe window. 1% of the supply is locked here for a year with its share of every payout going to the reserve; the rest is sold to pay for hosting, the domain, promotion and paid listings. We do not publish a price or a date for those sales, because naming one only tells people when to sell ahead of it. The address is on the home page and every figure beside it is read from the chain, so you can watch the wallet rather than take our word.
Read the terms and the risk disclosure before you put money anywhere near this.
10Plain words
11Questions
Do I have to do anything to earn?
Yes, one thing: lock your $SPILL in. Tokens sitting in your wallet earn nothing. Once locked, your GME grows every second and you can take it whenever you like.
Can you take my tokens?
No. There is no pause button, no way to change the rules later, and no emergency function to move your money. Every way out is a button only you can press. Section 07 is the complete list of what our wallet can do.
I ticked the optional promise box. What exactly did I agree to?
That every $SPILL you have locked in this contract, including anything you add afterwards, cannot be unlocked until the date you chose. Nobody can shorten it: not you, not us, and no function exists to try. If you also ticked the second box, your share of every payout in that period goes to the reserve rather than to you, and that too only ends when the date passes. If you are not certain you want that, use the plain lock instead. It earns exactly the same.
What happens if I lose interest and forget about it?
Nothing bad. There is no deadline to claim, nothing expires, and your locked $SPILL keeps earning until you ask for it back. Come back in a year and it will all be there.
Is handing back the same as selling?
No. Selling means swapping with somebody on the open market, where the price moves against you and a big sell drags it down for everyone. Handing back has no other side, no price impact and no slippage, and pays an exact known amount. It usually pays much less than selling. See section 06.
What if the reserve cannot cover everyone?
It always can, because you only ever receive your share, never a fixed amount. Section 06 has the arithmetic.
Why GME and not a stablecoin?
Because GME is the point. It is the share the buy button was switched off for, and you get paid in it. The flip side is real: GME's own price changes what your payout is worth, and Robinhood can restrict it.
What do I need before I start?
A browser wallet, the Robinhood Chain network added to it, a little ETH for network fees, and some GME to buy $SPILL with. The home page walks through all four.
What does it cost to use?
We charge nothing for locking, claiming, unlocking or handing back. You pay the network's own fee on each action, which on Robinhood Chain is very small. Trading $SPILL costs 2%, and 1.7% of that comes back to be paid out.
Has this been audited?
No, and we would rather say so than dress it up. See section 09.
Who is behind it?
Both wallets are published in section 08 with their live state, and the creator's promise is something the chain answers rather than something we say. That is deliberately all the identity there is.