---
name: backed-token
description: Full screen of BACKED, the tokenized-stock reserve token on Robinhood Chain, 31 Aug 2026. Contract addresses, the measured vault reconciliation, the UNCX lock receipt, the claim audit and the three-frame verdict. Read before any further BACKED, DENAR or isBacked_ question.
sources: [cowork]
aliases: [backed, isbacked, backed-is, stockvault, denar-markets]
---

# BACKED screen, 31 Aug 2026

- [stated] Ben pasted the contract, backed.is and x.com/isBacked_ and asked "check this" on 31 Aug 2026.

## Addresses
- Token `0x7168563B0E70124f0C7c0cF2F13a8D1861BAf4A5` BackedToken, Robinhood Chain, verified, 1,859 bytes
- StockVault `0x49ef9869FC358B6E755C722Ea8514A574bd8ce8E` verified
- BackedFeeHook `0xCeD7AA50727f3cD251985b09a2080Db056a8C0cc` verified, FEE_BPS 300
- DoubleBackedVault `0xd46b7B848B40a5DA9398b2313d17f61236D02f3e` (the BACKEDD nested token)
- Deployer / vault owner, plain EOA no timelock `0x9ca5B125C8369df97642C012bE2B356c3165DCC7`
- Main pool `0x537217eb9534d5d606bff54f8b807df65ce48678877ee3151f92f26bb94c1243` ETH quoted, fee 10000 (1%), tickSpacing 200
- UNCX UniV4LiquidityLockerV3 `0x128A800cBc615cc110Bff16E475865c67631603A`
- Sister token DENAR `0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508` PonsV2LauncherToken, launched 30 Aug 2026 21:37 UTC

## The reconciliation that decided the screen
- Vault holds MSFT $25,742.55, NVDA $23,764.77, AMZN $23,386.20, TSLA $22,764.29, GOOGL $22,555.63, AAPL $22,326.42, META $22,115.20 plus 0.1327 ETH. NAV $162,980.
- Lifetime main-pool volume $5,258,217 x 3% = $157,747 implied tax. Measured NAV is 3.3% above that, the gap being stock appreciation.
- CONSEQUENCE: the reserve is 100% organic, no seed and no dev deposit, AND the other five advertised revenue sources have contributed nothing measurable. Their own figure agrees: "$20,000 processed by Baskets" at a 10% cut is $2,000, 1.2% of the vault.

## Verified facts
- Launched 17 Jul 2026 13:09 UTC. Supply fixed at 1B, now 944,145,814, so 5.585% redeemed and burned. MC equals FDV, no unlock overhang.
- Token bytecode scan: no mint, no owner, no pause, no blacklist, no setFee, no setMaxWallet. burn and burnFrom present. Immutable.
- LP LOCK CONFIRMED WITH A DATE, which prior screens kept leaving unresolved. locks(7) on the UNCX locker returns positionId 723660, PoolKey ETH/BACKED fee 10000 spacing 200 hook 0xCeD7AA50727f3cD251985b09a2080Db056a8C0cc, liquidity 44,288,090,057,785,988,378,217, unlockDate 1814369250 = 30 Jun 2027 15:27 UTC. Receipt NFT id 7 held by the deployer, who can withdraw on that date. "Nobody can touch it" is true for 303 days, not forever.
- StockVault has NO owner path to the accumulated stocks. Bounded exception: owner can addStock with an arbitrary token and hook, and the keeper's buyStocks spends balance/n through it, so the exposure is the un-swept ETH between sweeps, $325 at screen.

## Claim audit
- "Vault crossed $150,000" CONFIRMED, measured $162,980
- "5.6% of supply burnt" CONFIRMED
- "LP locked with UNCX" CONFIRMED with unlock 30 Jun 2027
- "5 revenue sources" MISLEADING, the reserve reconciles to the swap tax alone
- "Backed is not engaging in paid promo with KOLs" (29 Aug) CONTRADICTED IN PRACTICE 31 Aug: @Defi_Rocketeer, 165,243 followers, bio says "KOL Manager" and "PM:", posted the thread that coincided with the run, with 20+ pod replies from 5k to 422k follower accounts at zero likes and 2 to 27 views each
- Narrative owner @OhMyJack, 15,241 followers, author of the "64x gap vs INDEX" thread, holds $22,357 / 20.4M BACKED at a $281.1K MC average entry on fomo, undisclosed in the tweet
- "$NET is backed 1/21, $BACKED is backed 1/5" (fomo thesis) FALSE both numbers. BACKED is 1/6.5 measured. Defensible version: BACKED has no FDV gap, NET has a 9.5x one.
- PHISHING: every tweet returned by a contract-address search for six days is a "holder portal / claim portal / eligibility check" drainer carrying the correct CA, from 20+ accounts of 8 to 1,319 followers. There is no legitimate BACKED claim portal.
- TIER ONE COVERAGE ZERO: blknoiz06, theunipcs, pingucharts, CrashiusClay69, 0xkioto, metaversejoji, dontbuytops all return only generic uses of the word "backed".

## The finding that governs the valuation
- BACKED forked The Index's fee hook VERBATIM (stated in its own source comments) and deliberately removed the payout. INDEX distributes stocks to holders every 15 minutes. BACKED accumulates and makes the holder go and redeem.
- On this chain's measured 30-day medians that moves it from the +1,925% bucket to the +29% bucket. The 32x gap to INDEX at $34,002,425 is not an inefficiency, it is the price of the payout. This is exactly what the bull thesis gets wrong.
- Gate C answer: DefiLlama "Reserve Currency" has 136 protocols. OHM $295,074,777 is the only survivor, #2 Snowbank $34,596,944 is a dead 2021 fork, #3 is $624,931, the rest are zero. But OHM died from bonding, minting new supply to buy backing. BACKED structurally cannot do that: no mint selector exists and supply only decreases. That difference is the whole bull case.

## Method notes added this run
- Resolve a fee hook's beneficiary with eth_call on vault() rather than hunting the address list. Selector via pycryptodome keccak, pip install pycryptodome --break-system-packages.
- Reconciling a reserve against lifetime volume x the contract-read tax rate is the fastest way to prove a treasury is organic AND to disprove advertised side revenue in one step. Reuse this on every reserve token.
- UNCX lock detail comes from locks(tokenId) on the locker; the deployer's ERC-721 holdings are how you find the tokenId.
- fomo liquidity read $95K against a real $147,765 again. Never take liquidity from fomo.
- Blockscout v1 txlistinternal returned "Something went wrong" while v2 endpoints worked. Use v2.