---
name: sluice-rh
description: Forensic screen of SLUICE / Sluice on Robinhood Chain, 30 Aug 2026 — an auto-compounding Uniswap LP vault whose token has no mechanical link to the protocol, with real TVL of about $800, the dev's completed exit, the X and FOMO claims checked, and the three-frame valuation. Read before touching SLUICE or comparing any RH-chain liquidity token to DELTA.
sources: [cowork]
aliases: [sluice, sluice.live, sluice_rh]
---

# SLUICE / Sluice, Robinhood Chain — screened 30 Aug 2026 14:15 UTC

Token 0xb48d34dd8b53324cb8525461c8e548522db885ec. Companion to [[rh-chain-infrastructure]], [[twofold-two]], [[rh-chain-thesis]].
- [stated] Ben pasted the contract and asked for analysis, immediately after the TWO / Twofold screen and the agreement of the three-frame valuation format.

## STATE
Price about $0.00103 to $0.00118 · mcap $1.0M to $1.2M (DexScreener $1.18M, FOMO $1.0M, GeckoTerminal $962k) · aggregate liquidity $108,610 (FOMO says $45.1K, wrong as always) · 24h vol $600k · +919% to +1,189% 24h · 907 holders · token minted **28 Aug 2026 09:00:57 UTC**, 2 days old · **ATH $0.0015881 set in the 13:00 UTC hour, now about 35% below it** · launchpad = **Pons**.

## WHAT THE PRODUCT IS, and it is genuinely good engineering
Auto-compounding liquidity vault on top of existing Uniswap v3 pools, plus a newer v4 hook. Site's words: "Deposit into a Uniswap V3 pool that already exists. Sluice holds the position, collects the fees it earns, and puts them back to work. No claim button, nothing to babysit." Depositors get ERC-6909 shares. Pools pair Pons tokens with WETH at the 1% tier. There is an "agents" layer of independent programs moving liquidity between pools.
Real backend at https://api.sluice.live with /api/pools, /api/hook-pools, /api/agents, /api/positions/{addr}, /api/live (SSE). Source **verified on Sourcify**, exact_match, 39 files, solc 0.8.26. That is better hygiene than most of this chain.

## THE DECISIVE NUMBER: REAL TVL IS ABOUT $800
Measured with positionLiquidity(pool) plus slot0() on each pool, ETH at $2,474.77.
- v3 vault total **0.0622 ETH = $153.81** (AI pool $30.69, HMM pool $123.12, PONS pool dust).
- v4 hook about **0.26 ETH = $645**, and its only Deposit event ever was **0.1 ETH sent by the governor himself** (tx 0x1d447f73cfcd54dd6f7f8ee66990afa2455ea14446ab27f2dbcb403fa8fccfed).
- **97 pools registered, exactly 2 have any depositor** (HMM 1 holder, AI 3 holders). Vault owns 0.0026% of the AI pool and 0.0117% of the HMM pool.
- Lifetime `Compounded` events: **5**. Total fees ever compounded: **0.000126071 ETH, about $0.31**. `CompoundSkipped` fired 51 times. `FeesClaimed` has **never** been emitted.
- protocolFeeBps() = 100 (1%), treasury() = the governor EOA. Lifetime protocol revenue about **$0.003**.
- Agents `sieve` 0xc815a72184b377a2bf90e170f8093d05ac86a384 and `drift` 0xf304ba6f23a467553ed82bb4e39e30ef7c9e026d, each funded 0.01 ETH, feesWei 0, realisedPnl 0; sieve has 158 ticks, 16 acted, **73 failed**.
- Not on DefiLlama at all. Here the Llama-understates trap does not apply: at $154 there is nothing to miss.
- To the site's credit it **headlines no TVL number**. The reverse trap applies instead: its pool pages show the third-party pool sizes (234 and 212 WETH) which are not Sluice's.

## THE CENTRAL CONTRADICTION, this is the finding
- **The SLUICE token is never mentioned anywhere on sluice.live or in any of its 23 JS bundles.** Grepping the contract address across every chunk: zero hits. No /token, /tokenomics, /whitepaper, /roadmap page exists.
- The only reward language on the site is a denial. FAQ verbatim: **"Do I have to claim anything? No. Fees are compounded into the position, which increases what each share is worth. There is no reward token and nothing to harvest."**
- **But the X bio and the FOMO listing both claim it.** @sluice_rh bio: "Dynamic liquidity infrastructure for Robinhood. Auto-compounding pools, adaptive fees, and onchain liquidity. CA: 0xb48d34dd8b53324cb8525461c8e548522db885ec". FOMO About: "$SLUICE powers the programmable liquidity layer for Robinhood Chain, built on Uniswap V4 hooks."
- On chain the ONLY link between token and protocol is a **shared deployer EOA**. Full log sweep of the token from block 48,170,000 to 50,063,996: **32,176 logs, exactly two types, 27,165 Transfer and 5,011 Approval.** No dividend, buyback or burn event has ever existed. Bytecode has no owner(), mint, setFee, claim, distribute or reflect selector.

## SUPPLY AND THE DEV EXIT
- 1,000,000,000 fixed, supply reconciles exactly, zero address at minus supply. GoPlus clean: is_open_source 1, is_mintable 0, is_proxy 0, no tax, no blacklist, no pause, creator_percent 0.000000, creator_balance 0.
- **The dev has already sold its entire allocation.** The Pons curve sent 10,000,000 SLUICE (1.0%) to governor 0x65c0F179829BeDC255Fdee81A94dA2A5B624F504 at mint; the governor moved all 10M to fresh EOA **0x331b5185ce36163442bb484cb9ff7d5a75de911c** at block 48360384, which sold it into the v4 pool in five 2,000,000 chunks (blocks 48364340, 48369583, 48371250, 48398979, 48437681) for about **0.794 ETH, roughly $1,970**. That wallet's balance is now zero.
- Pons LaunchLocker 0x267444d099b10fb5ed7c3cc7b7c767adca574952 holds **8.163%**; unlock schedule NOT read, open item.
- PoolManager holds 42,646,718 SLUICE = 4.265%. Top 10 non-infra holders 19.71%, FOMO reports top-10 26.57%.
- **895 to 907 holders, 2,665 addresses ever received, 1,772 fully exited = 66.5% exit ratio in two days.**

## GOVERNANCE
Governor = treasury = deployer = **one anonymous plain EOA** 0x65c0F179829BeDC255Fdee81A94dA2A5B624F504, eth_getCode empty, **not a multisig, not a timelock**. The docs say so themselves: the key "can replace the contract's code, in one transaction, with no timelock." Cross-chain probe: Ethereum nonce 0, Base nonce 1 and 0.000193 ETH, Arbitrum nonce 0. No prior operator history. No GitHub anywhere. No backers.
**Important scoping: that upgrade key is a risk to VAULT DEPOSITORS, not to token holders.** The SLUICE ERC-20 is not upgradeable and has no admin.
**Audit: none, and none planned.** FAQ: "No external audit has been performed... There is no external audit of these contracts and none is planned."

## CONTRACTS
Token 0xb48d34dd8b53324cb8525461c8e548522db885ec · Vault proxy 0x4F290248e9F7B32aE004907E3dbb107a460BEfa7 · Vault impl current 0x85cf5cC82313aF2b6957f7a45639D55F5e37b30D · Vault impl previous 0xdBfd69d9f90f233CbEaD358FFA9780e235BCDfa0 · Governor/treasury/deployer 0x65c0F179829BeDC255Fdee81A94dA2A5B624F504 · v4 hook 0x8AAEe3e71576Ad4B8F20DB1613b13D712CE69aE0 · session-key router 0x280F3e920d522946d4E21ec24eb4177Ad73eb0Bf (zero logs ever) · position builder v3 0x503EA15c4f2436fC60Aed61D2Db1Bbe9126B1d5d · position builder v4 0x3379d4f1f09B384955939be363e9b07f28Cac3F7 · launch curve 0x351c4813f2a121ce5f28bbe9ae80bb8c4dbed76f · launch factory 0xe33e9e479df8802cb0866d5d05258bec4cf62948 · main SLUICE/WETH v4 pool id 0x10cb519f09f4bc8fc92a653498ee9b6bb279a24286d55b56cdd38a48ed92b90b · hook pool id 0xcf7e2dc33dd98c6cd019ea203b7638ed58c6344455b6d59fc858db27e4fbb2a5.

## DEPTH, measured properly
Read via PoolManager.extsload at keccak256(poolId . 6): sqrtPriceX96 115842085694091856991748915958094, liquidity 29277002188455995595728, virtual reserves about **20.0 ETH (~$49,500) and 42.8M SLUICE**. Cross-checks against DexScreener (21.70 WETH / 39.5M base) and against the Transfer sweep (PoolManager holds 42,646,718 SLUICE). Roughly 4.1 ETH (~$10,300) of net buying for a 2x, upper bound.

## CLAIMS CHECKED
**FOMO, 143 theses, and the DELTA framing dominates again**
- BitmanTW ($8,814 position, #59 on the FOMO all-time leaderboard at +$533k): "thesis is simple: better version of DELTA. Dynamic liquidity infra for RH".
- pixelcrashers: "u missed delta at 24m. this is better".
- frenchiela ($15,486): "picks and shovels bet on Robinhood Chain. Automated liquidity, compounding fees, built to benefit as onchain volume grows. Same reason infra plays like Delta get interesting early."
- sweetAnDsour91 ($14,250): "fade at your own peril... 90% of the work is done".
- **None of the 143 theses mentions that the token has no link to the vault, or that the vault holds $800.**
**X**: thin and bot-heavy. @GH2012Telefe posts a Nansen-style "score 77, $41K liquidity, spotted at $81K, smart money wallets spotted". @ithearc1 "Could it be the next 100x #100X". @baklavaxyz "New ATH soon". Views run 27 to 236, i.e. no reach. @sluice_rh has 360 followers and 31 posts, joined Aug 2026; 41 minutes before the screen it posted "Sluice is becoming more than a place to LP. It's a programmable liquidity layer for Robinhood Chain: Uniswap V4 hook pools, auto-compounding, adaptive fees, permissionless pool infrastructure, autonomous liquidity agents, verifiable onchain performance."

## SAME DRAINER CAMPAIGN AS TWO
@claudiomart1212 posting "portal live for $SLUICE, holders can check rn" with the correct CA, linking **crypto.cryptoloc.lol**, image branded "robindrop / Claim SLUICE / Robinhood". **Identical template and identical domain to the TWO campaign.** This is one operator rotating across whatever is pumping on Robinhood Chain. **Standing rule: any "claim portal" or "robindrop" post on an RH-chain token is a drainer. Warn on sight.**

## THREE-FRAME VALUATION as delivered
- Frame 1 fundamental anchor **$17k to $45k** (sector band 5.7x to 55x MC/TVL on ~$800 of TVL; it trades near 1,300x).
- Frame 2 live-product floor **$1.7M to $3.0M** (WTH $2.77M, WIRE $1.97M, VAULT $1.73M, LUTE $1.71M). SLUICE at $1.0M to $1.2M is the only RH infra token screened so far that sits BELOW this band.
- Frame 3 narrative ceiling **$10M to $12.6M** (HOOKR $12.6M on $221,719 of TVL and $2,348 of lifetime revenue proves narrative alone reaches it).