---
name: alandale-lute
description: Full deep dive on Alandale (LUTE), the ve(3,3) DEX on Robinhood Chain — verified fee machine, the 67% liquid multisig overhang, valuation bracket, early wallets, and the two checkable metrics that resolve it. Read before sizing LUTE or citing anything about it from [[rh-chain-thesis]].
sources: [cowork]
aliases: [lute, alandale, alandale-xyz]
---

# Alandale / LUTE deep dive, 30 Aug 2026
Token 0xD1e861CC5Eee7eA88649206b74504D78CCD7AEeA on Robinhood Chain. Screened at $5k-15k size, weeks-to-months horizon.
Artifact: https://claude.ai/code/artifact/5665fb33-f293-4a21-ab98-7c9a8f4adb91 · Companion to [[rh-chain-thesis]]

## Two corrections to the earlier same-day call in [[rh-chain-thesis]]
- **$1,627,062 is the FDV, not the market cap.** DexScreener circ cap is $172,146, a 9.45x gap. "mcap = FDV, no UP style float trap" was wrong; the 0.95x cap/revenue was computed on FDV.
- **"Only ve(3,3) venue on the chain" is Alandale's own blog claim and it is false.** up v3 is a ve(3,3) with veUP locks and gauges, 33x bigger on 30d revenue ($653,393 vs $19,649) and 16x on 30d volume. Alandale knew: they replied 11 Aug "unlike UP, we're focusing on RWA".

## Supply and ownership, verified by eth_call
- Total supply 530,452,250. Two Safes hold 355,314,746 (67.0%) as LIQUID ERC-20, not locked and not vested: 0xfb863C4D47C1B40E305976622D619e36628056b4 (224,000,767) and 0x04254Ef870cc5381e1d1Ea51dd2C4359DBf55164 (131,313,979). The docs claim the treasury is locked into veLUTE. On-chain it is not.
- VotingEscrow 0xc1a79e3A7b04c3f21C6409a78Ab58A8C822bE7dC holds 108,712,431 (20.49%), 99.76% of it in permanent non-decaying locks. Airdrop contract 0x8f90745342622be6ABbC575Cc250Af9179cabe6f holds 24,830,674 unclaimed; GaugeRewarder 0x8A76f49e091F21C896122B4879541930322b799D holds 14,778,202.
- 27 veNFTs, 108,687,204 voting power. #3 governance Safe 0xBB468D7Dfc93AAf6b624031531c5D3Aac0257800 = 69.96%. #2 investor Safe 0xcea7E977e731FCc81998e2Baa9dF5bb9a435BE88 = 23.00%. The other 23 NFTs hold 927,292 LUTE combined, about $2,843.
- Voter 0x4cF1c47B95031cd2bb1D102021d8Ede60392971C totalWeightsPerEpoch for the 27 Aug epoch = 76,356,355, i.e. only the team voted, so ~99.6% of the fee stream accrues to one Safe. Its vote split: LUTE/WETH 12.63%, TSLA/WETH 10.11%, CASHCAT/USDG 4.25%, SPY/USDG 4.23%, AI/WETH 1.68%.
- That Safe has claimed only ~$2,740 so far ($1,643 LUTE, $1,026 NET). Most of last week's fees become claimable at the 3 Sep epoch flip.

## The machine, and the sharpest number in the screen
- Minter 0x782355E7771A9Aa0834de4Ae981DCF3b7aeC11e6: weekly() = 10,302,250 LUTE = $31,597 at spot; inflationRate 1.5%/epoch, decayRate 1%, teamRate 5% (capped), active_period 27 Aug.
- Weekly fees $33,075 ($4,725/day). Fee/emission ratio 1.05x. **Emission-parity price is $0.003210 and spot is $0.003067, so LUTE trades at 96% of its own flywheel equilibrium.**
- Revenue comes from arbitrage and aggregator routing (KyberSwap added it 20 Aug) across thin CL pools, so it does NOT scale with the token price. At a 10x the protocol would pay $45,140/day of emissions to harvest $4,725/day of fees. That is the structural cap on the multiple.
- Emissions run ~101%/yr and RISE 1.5% per epoch to epoch 12 on 29 Oct 2026 (peak ~11.78M/week) before decaying from 5 Nov.

## Fee routing verified in code, not docs
PairFactory.protocolFee() = 10000 and FeesVaultFactory defaultDistributionConfig = [10000, [], []]. 100% of swap fees to voters; LPs earn zero fees and are paid only in LUTE emissions. DefiLlama confirms numerically: reported revenue equals reported fees every single day. Caveat: it is mutable config on upgradeable proxies admin'd by the same 3-of-5 Safe.

## The volume is real, and it is rented
- DefiLlama $5,721,173 vs GeckoTerminal $5,621,374 = 1.8% apart from two independent indexers. Not an adapter artefact.
- 900-trade tape: 406 unique addresses, top 3 = 8.1% of volume, 83.3% one-directional, zero same-block round trips, zero multi-pool route double-counts. **Wash hypothesis disproved.**
- 35 pools, TVL $680,853, turnover 8.26x. AI/WETH is $20,147 TVL doing $1,833,312/day = 91x its own size at an $86 average trade. The step change was pool creation not adoption: AI, PONS, NET and TENDIES pools all deployed 26 Aug 19:47-20:16 UTC; STONKBROKER and QUOTRON pools opened 30 Aug and did ~$100k each same day.
- **32.2% of volume is genuine tokenised-equity pairs** (TSLA/WETH $1.16M, SPY/USDG $390k, TSLA/USDG $108k, RDDT, GME, NVDA, SPCX, AAPL, GOOGL). The RWA positioning is not just a story.

## Token PMF is zero
75 holders. Largest non-contract holder owns $2,066. All four LUTE pools traded $3,807 in 24h across 47 trades. LunarCrush $LUTE: 1 mention, 1 creator, 1 interaction; the topic feed is phishing claim-portal spam on netlify domains using the real CA. X @alandalexyz opened 23 Jul, ~250 followers; Telegram 155; the site's Discord invite is expired. Not listed on Robinhood's official ecosystem page and no Robinhood-affiliated account has ever engaged.

## What it is built from
Fork of Fenix Finance (Solidly -> Thena -> Chronos) plus Algebra Integral, stated in their own disclaimer and confirmed from verified source: Fenix's typos survive (VeLuteSplitMerklAidropUpgradeable.sol, SingelTokenBuybackUpgradeable.sol) and the tree still contains WHypeAirdrop.sol authored by Aegas, the agency that built Fenix, so it was built from a Nest Exchange working tree rather than the public audit snapshot. **No audit of its own.** GitHub Alandale-xyz/alandale-contracts is one repo, one commit, no LICENSE. Deployer 0xfaa6365e8cefF2aA50426B02DbfE102a7e9891f3 and all five Safe signers have zero Ethereum mainnet history. Name is Alan-a-Dale, the minstrel of Robin Hood's band, confirmed in their own footer.

## Entry mechanics at Ben's size
Aggregate liquidity $149,638 across four pools. Net buy for 10x = $161,779 (2x $30,991, 3x $54,771, 5x $92,481, 50x $454,230). Slippage $5k ~12.9%, $10k ~24.9%, $15k ~36.1%, $30k ~64.1% (constant-product upper bound; Algebra CL means real impact inside the range is lower with a cliff at the edge). Overhang ratio 15x at spot, 46x at a 10x, so the team caps any move by selling 1.5% of its bag.

## Valuation bracket
Comps: Aerodrome $54.75M annualised revenue / $476,994,359 cap = 8.7x; Velodrome $3.52M / $28,524,950 = 8.1x; up v3 (same chain) $7.95M / $6,559,771 = 0.82x. Warning comp is Ramses: $1.31M annualised revenue at a $153,060 FDV.
- Bull, 4-day run rate $1,724,625 annualised at 8.1-8.7x = $13.97M to $15.00M implied cap = 8.9x FDV, 84x circ cap.
- Bear, full 30d $239,063 annualised at 8.4x = $2,008,128, i.e. already fairly priced at a $1,627,062 FDV.
- 81% of all 30-day revenue arrived in the last 7 days, 24% in the last 24h. There is no second data point yet.

## Early wallets: there is one buyer
Full tape across the three real LUTE pools 29 Aug 14:22 to 30 Aug 07:18 = 40 trades, 13 wallets, $3,331 of buys, $375 of sells.
- 0x564B3A3CF630D7B3b35ae78E47Feb074bcE2B06e is 60% of the entire bid: $1,995 across 17 trades from 30 Aug 01:48, sold nothing, largest non-contract holder at 673,795 LUTE, 1,550 txs. Book: USDG $50,781, CASHCAT $34,758, **UP $3,871**, LUTE $2,054, plus MSFT/AAPL/AMZN/GOOGL/META/TSLA/SPCX/ORCL. Owns roughly twice as much of the competitor.
- 0xAafbeAC1eCE74FbcF9020F7b21256BF7dF723a66 (318,871 LUTE) has zero transactions — it received them.
- Only meaningful community lockers: 0x9130c9b30e6b316e8add397144b1c408532a9dc5 (3.62% of votes, holds $4,216 SPY) and 0x84491003593b0804c825b0cc9a72fed1d88c0745 (2.56%, holds $180).
- **Zero overlap with any wallet in [[copytrade-targets]] or [[rh-early-cohort-overlap]].**

## What changes the verdict
- METRIC: api.llama.fi/summary/fees/alandale-v3?dataType=dailyRevenue holding above $4,000/day through 13 Sep.
- DISQUALIFIER: any outbound LUTE from either treasury Safe to anything other than the VotingEscrow.
- CONFIRMATION: those two Safes locking their balances into veLUTE, which the docs already claim has happened.

## Method notes
- robinhoodchain.blockscout.com needs a browser User-Agent or Cloudflare returns a JS challenge page.
- GeckoTerminal has TWO dex ids for this protocol: alandale-cl (34 pools) and alandale (1 legacy). DefiLlama slug is alandale-v3, module alandale.
- The DefiLlama adapter reads raw Swap logs from Algebra factory 0x16494A80E08Bcb9285D87b67149d7b01774D82F8, uses addOneToken so it does not double-count sides, and reads no ve(3,3) internal transfers.