---
name: ripe-protocol
description: Full screen of RIPE / Ripe Protocol on Robinhood Chain and Base, 1 Sep 2026 - the cross-chain CDP whose real market cap is ~72x what DexScreener prints. Read before any RIPE question and before screening any token that exists on more than one chain.
sources: [cowork]
aliases: [ripe, ripe-dao, ripe-finance, green-token]
---

# RIPE / Ripe Protocol

Screened 1 Sep 2026. Verdict **SELL / do not buy**. Score **13/100, all three gates fired, Tier Zero** under [[price-driver-model]].

## Identity
- RH chain token `0x4D3f37a965b21aB4122e92Dd41D2693E742c883b` | Base token `0x2a0a59d6b975828e781ecac125dba40d7ee5ddc0`
- Ripe Protocol, ripe.finance, @ripe_dao (2,919 followers). Portfolio-collateral CDP: any asset backs one loan, borrow the GREEN stablecoin.
- **NOT a new project.** Live on Base since 27 Jul 2025. ATH $42.92 on 9 Aug 2025, ATL $0.1379 on 29 Jul 2026. DefiLlama listed Feb 2026.
- RH leg is new: 97 verified Vyper contracts deployed 4-7 Aug 2026 by `0x2944Fb9511F2c703a3a3Bd88bb0F3b2d22A79237` and `0xEF3cB7750FF6158d9f9B27651BbBA2299096483B`. Announced live 27 Aug, meme farm opened 30 Aug, rewards started 31 Aug.

## THE TRAP THAT DEFINES THIS ROW: the printed market cap is wrong by ~72x
- DexScreener prints $671k (RH-chain supply only). CoinGecko prints $3.86M (stale 1.24M circulating).
- Measured `totalSupply()`: Base **10,241,168** + RH **210,706** = **10,451,874 RIPE minted**.
- At $4.62 the real cap is **~$48.3M**. Max supply **1,000,000,000**, so float is 1.05% and FDV is $4.83B.
- **STANDING RULE this produced: for any token deployed on more than one chain, sum `totalSupply()` across every chain before quoting a market cap. Never take a per-chain aggregator figure.**

## Usage, measured on chain not from DefiLlama
- RH collateral vault `0xabc93b41fb9b7f03f63d93e0e80e149f201d4b36`: **$558,808** (PONS $182,972, AI $191,690, INDEX $61,991, QUOTRON $44,896, CASHCAT $34,585, STONKBROKER $26,975, PRINTER $13,147)
- RH StabilityPool `0xe238b50d79d566aa59a2def4362a698edc3dc395`: 21,652 sGREEN
- RH RipeGov lock `0xfa767a19c0c2b80d5a8d5b88be67de153df1b2f2`: 83,442 RIPE
- **RH Endaoment `0x9f20f25f037046721a292b19a486932ef390eaf9`: ZERO tokens.** Every fee line in the design routes here. The toll booth is built, wired, and has never collected.
- Base lending TVL $7,329 (DefiLlama). No fee adapter exists for Ripe, so no measurable revenue anywhere.
- **GREEN outstanding both chains = 158,400** (Base `0xd1eac76497d06cf15475a5e3984d5bc03de7c707` 95,583 + RH `0x355bb7f0f6c730e4460d620420a300fa08ff82f3` 62,817). That is the entire loan book after 13 months.
- MC/TVL **82x** against a CDP sector band of 0.08x to 0.33x (LQTY 0.079x, ALCX 0.148x, INV 0.247x, SKY 0.287x, ENA 0.326x).

## The gates
- **Gate 1 unlock coverage: 153x against a 5x threshold.** RH Ledger `0x7e1d751d168f09761b88651a4c78c996354faeb1`: `ripeAvailForRewards()` 9,978,814 + `ripeAvailForBonds()` 1,000,000 = 10,978,814 RIPE of queued mint authority = **$50.7M**, against total nameable bid of **~$332,000** (RH pools $213,615 + Base pools ~$118,000). Base has its own budget on top, unmeasured, so 153x is the floor version.
- **Gate 2 named marginal buyer: none.** The farm pays rewards denominated in RIPE, which is the B1 trap: a token-denominated yield reward is a SELLER, scores zero. The RipeGov lock is a supply sink on already-emitted float, a listed anti-signal.
- **Gate 3 reserve test: fails by inspection.** Endaoment empty.
- Effective routing yield **0.04% at best, 0% realised**. Emission ratio **~2,850x** ($57M annualised emission / ~$20k estimated revenue). SUSHI was 1,227x and did -99.18%; MKR was 0x.
- Score: SUPPLY 8/40 (A1 0, A2 6, A3 2) | DEMAND 1/35 (B1 0, B2 0, B3 1) | RERATING 9/25 (C1 3, C2 0, C3 6) | +5 reflexivity, -10 post-delivery = **13/100**.

## Three frames
- Frame 1 fundamental anchor: $47k to $194k on $588k of measured TVL at sector multiples. The day-one exemption does NOT apply, the protocol has had 13 months.
- Frame 2 live-product floor: **$6M to $15M**. High end of the RH non-scam band (BOW $5.9M, ARROW $7.2M, INJOH $5.5M, HOOKR $12.8M) because the build quality is genuinely the best screened on this chain.
- Frame 3 narrative ceiling: **$4M to $37M** at sector multiples on $50M to $150M of TVL. Stretch with full RH attention premium $80M to $150M. At $48.3M the price is already inside the stretch case.

## Structure and risk
- Emissions running **~34,000 RIPE/day** into a $213k RH pool. Spot samples ranged 21,600 to 79,500/day; sample the Ledger counter twice, minutes apart.
- Concentration: `0x4ce5fb8d572917eb96724ea1866b505b2a6b0873` holds **8,955,762 RIPE = 87.45% of Base supply**. Governance Safe `0xe488a42D33b3Af5d3E5Cd5680938d8369716D1bf` holds 53,946 on RH (26.75% of RH float) and is also the Base `governance()` address.
- **CCIP burn/mint is live both directions**, so the RH pool is the exit venue for Base holders. Pools: RIPE `0xe51af1311832818a6d366081fc535ca56357a6ee`, GREEN `0x4b19f165bb1ce3f19bbe828d150706b9deeeec95`.
- Daily RSI14 **97.7**. Price +34.8x in 30 days from $0.141, and -89% off a 13-month-old ATH at the same time. **Ben's deep-drawdown rule does not rescue this: the drawdown reading is stale, the thing being bought is the vertical.**
- The one surviving empirical rule ("do not buy what is being sold") does NOT veto it: 7d imbalance +0.140 on transaction count (1,528 buys / 1,152 sells h24). Measured on count, not dollars. Recorded because it cuts against the verdict.
- Domain limit stated honestly: the gradient-boosted tail model and elite-wallet work were fit on RH tokens under $2M. At $48.3M, RIPE is outside that universe.

## Reversal triggers, in order of weight
1. Non-zero balance at Endaoment `0x9f20f25f037046721a292b19a486932ef390eaf9`, i.e. the toll booth actually collects.
2. GREEN outstanding clears **$5M** across both chains (32x from $158,400), dragging the emission ratio under 100x.
3. Price back into the $6M to $15M band, roughly **$0.57 to $1.44**, with the farm collateral still in the vault.

Watch daily: `ripeAvailForRewards()` on `0x7e1d751d168f09761b88651a4c78c996354faeb1` and `totalSupply()` on GREEN `0x355bb7f0f6c730e4460d620420a300fa08ff82f3`.