---
name: slvr-token
description: Full deep dive on SLVR (Slvr), the drand grid-lottery "gamified mining" protocol on Robinhood Chain, 31 Aug 2026 — verified fee routing, the 71-bettor concentration, the real quote-side depth, the single-key mint risk, peer table and three frames. Read before sizing SLVR or citing it from [[rh-chain-thesis]]. Supersedes the morning screen; three numbers in that screen were wrong and are corrected here.
sources: [cowork]
aliases: [slvr, S_L_V_R_FUN, SLVRdev, slvr.fun, grid lottery]
---

# SLVR / Robinhood Chain, deep dive 31 Aug 2026
Artifact: https://claude.ai/code/artifact/753259df-60d5-4e9f-b6c9-e46e0d0ab9f2
Token 0x791229E3EbD6CFdC3D8157f48722684173C29aD9. Surfaced by the rhfee bot. DefiLlama slug `slvr`, category "Gamified Mining". X @S_L_V_R_FUN (2,049), dev @SLVRdev (446, anon). Spot $30.25, mcap $656,652, ETH used $2,444.30.

## FOURTH CORRECTION, and it was my own headline number
- **0.06x cap/revenue was wrong-headed.** It annualised the single best day at the top of an 11-day spike. Honest bases: trailing 30d $5,267,278 annualised = **0.125x**; trailing 7d $7,148,056 = 0.092x; single day $10,515,285 = 0.062x. Use the 30d. Peers in the table are annualised off 24h, which flatters them, so SLVR's relative cheapness is the conservative reading.
- **The full revenue history, which the first screen never showed.** SLVR daily revenue: $24,602 on 10 Jul, peak **$478,314 on 19 Jul**, then a monotonic collapse to **$6,678 on 11 Aug (-98.6%)**, a failed bounce to $25,039 on 14 Aug that faded to $10,824 by 18 Aug, then a second leg from $13,056 on 20 Aug to $28,809 on 31 Aug. Today is the THIRD visit to this level in six weeks.
- **MinePea's curve for contrast, and it is a different shape**: peak $832,589 on 25 Jul, then a decline every single week with no second leg — 1,573 · 1,374 · 1,287 · 1,145 · 939 · 719 · 642. Monotonic decay to zero. SLVR has a double bottom; PEA never did.
- **The one reading that favours the bull case:** on 14 Aug price closed $42.22 on $25,039 of revenue; on 31 Aug it closed $31.10 on $28,809. A lower price on higher revenue than the last visit, and on the revenue/price ratio it is now cheaper than it was at the July top.
- [stated] Ben pushed back with "the revenue is dramatically reducing... they did 600k on one day and today 650" — he had merged SLVR with MinePea, but the challenge was still right about SLVR's own -98.6% collapse and exposed the peak-day annualisation. **Third time in four days his pushback has beaten my screen.** Revised verdict: $1,000-2,500 tracking position held only until the 7 Sep bettor-count check, not a position.

## THREE CORRECTIONS to the same-day morning screen
- **Aggregate liquidity is NOT $97,959.** That was DexScreener's two-sided `liquidity.usd`. Real quote-side depth summed across all ten pools is **$25,743**, a 3.8x overstatement, and the main v4 pool holds only 8.158 ETH ($19,941). Every net-buy and slippage figure I gave that morning was built on the wrong number.
- **It is NOT -57% off ATH, it is -96.2%.** The -57% came from the v4 pool 0x2944d4ea…, created 27 Jul, AFTER the top. The original V2 pair 0xe365b92239097Ed3322131411DbE15a5c4068eff runs from 9 Jul and gives ATH $796.53 on 19 Jul. joji confirmed the same thing publicly on 26 Aug ("this CA is a new pool that's why you don't see the previous run up to $5M+ mcap"). Exactly the daily-candle/original-pool trap in [[onchain-forensics]].
- **The "project overstates fees by 27%" call is downgraded to UNRESOLVED.** The dev's "$2.6 million paid out in ETH" (26 Aug) matches measured lifetime revenue of $2,710,799 well. The $4.32M "fees" card uses a wider denominator (jackpot + buyback + refining fees), so the gap is probably definitional, not dishonest.
- Also corrected: the buyback is NOT the trivial "$14k lifetime" the project's own card implied. It is running at **$7,258/day** right now.

## Verified fee routing — the thesis, read in code and measured on chain
- SlvrGridLottery 0xa1e5213505772b195fd7ae3b4a6b27b58cf72a3d. `protocolFeeBps` 1200. Its own comment and the live values agree: **12% of every wager — 2% jackpot, 2% buyback-and-burn, 8% to veSLVR stakers in native ETH. Winners keep 88%.**
- `MIN_STAKER_FEE_BPS` 5000 and `MAX_JACKPOT_FEE_BPS` 5000 are hard floors in code: the owner can never route less than half the protocol fee to stakers. `MAX_BUYBACK_FEE_BPS` 400.
- **The team takes ZERO of the volume fee.** Its cut is 8% of SLVR emissions plus 4% to a growth fund, minted alongside each emission, not skimmed from ETH.
- MEASURED, 24h to 31 Aug 08:41 UTC: 960 `RewardDistributed` events totalling **11.9965 ETH = $29,323** to stakers; 1,433 `RewardClaimed` totalling 7.8187 ETH = $19,111 across 236 unique claimers. DefiLlama's reported $28,809 "revenue" is this number, so the headline figure is real and independently reproducible.
- Staking contract SlvrVoteEscrowStaking 0xaf68598ebd245dc3cb92ff16e9ba1814dd137200 holds 21.19 ETH, `totalRewardsOwed` 21.2162 ETH, `unallocated` 0, `totalWeight` 147,669.49.
- Yield: 11.9965 ETH / 147,669 weight = 8.124e-5 ETH per weight per day. Permanent locks get the 4.0x multiplier (`MMAX` 2.5e18, `P` 2.0e18 → 1 + 1.5x2 = 4.0), so 1 SLVR permanently locked earns ~$0.794/day against a $30.25 price: **~2.6%/day, ~958% APR simple, 38-day payback, principal never returns**. Consistent with the project's own "~790% APR" on liSLVR.

## Supply: a burn-heavy circular emission model
- `MAX_SUPPLY` 500,000. Total supply 21,048.64. **Headroom 478,951 SLVR, 22.8x, worth $14.5M at spot.** DexScreener's "FDV = mcap" is wrong for this token.
- Emission is hub-governed and FIXED: SlvrHub 0x55fc0daab486e46fbf1d60787420c0311d9dd57f `emissionRatePerSec` = exactly **960 SLVR/day**, plus TEAM_BPS 800 and GROWTH_BPS 400 → 1,075.20 SLVR/day total mint. Measured over 24h: 2,880 mint events, exactly 960.00 / 76.80 / 38.40. Adding more games to the hub SHARES that stream rather than adding to it, which is a genuinely good design choice.
- Burns 24h: 594.84 SLVR across 1,355 events, **every single one from SlvrVoteEscrow 0xd9b8FBD61033145c5496132153CE675756313B71**. A permanent lock calls `ERC20Burnable(SLVR).burn(received)` — the principal is destroyed and the ve NFT keeps the weight forever, non-withdrawable.
- Net supply change +480.36 SLVR/day = +2.28%/day. Roughly 46,000 of the ~67,000 SLVR ever minted has been burned.
- Fee/emission test (the [[alandale-lute]] test): emissions $32,525/day gross vs staker fees $29,323/day = 0.90x gross, but against NET dilution of $14,531/day it is **2.02x**. Structurally the opposite of LUTE, which had no burn sink and rising emissions.
- Buyback verified: 239.92 SLVR/day bought from the pool in 377 TWAP legs and sent to SlvrGraveyard 0xF32Fc533511783b2707A08eEA22A9f4E59996100 = **$7,258/day of real ETH-funded bid**; 1,085.32 SLVR over 7d; graveyard balance 2,612.22 SLVR ($79,020). **That bid is 28% of the entire quote-side depth every day** and is what has carried the 869-to-125 buy/sell ratio.

## THE DISQUALIFIER-GRADE NUMBER: 71 bettors
- 24h: 12,426 `BetPlaced` events, 149.96 ETH wagered = **$366,539, from 71 unique addresses.** Top 1 = 14.3%, top 5 = 50.3%, top 10 = 76.9%. Largest single bettor 0x22055b5799d9b98e002b28f15fb2acb08ed5eee7 at $52,504/day.
- Wash hypothesis DISPROVED: the top 10 bettors wagered $281,830 and claimed only $1,853 of staker rewards, a 1% rebate. They are genuine losers to a 12% house edge, not fee farmers. 236 unique claimers vs 71 bettors — the house side and the player side are different populations, which is the right side to be on.
- **But the trend is the kill shot.** Rolling 6h windows: T-14d $47,293 / 28 bettors · T-7d $50,942 / 33 · T-3d $45,611 / 28 · T-0d $94,562 / 33. Wager doubled; **unique bettors did not move**. The 12-day revenue ramp is ~30 wallets betting bigger, not new customers arriving.
- At a 12% edge those 71 wallets lose ~$44,000/day in expectation. Nothing about that is durable.

## Ownership and powers — the single largest risk
- All contracts verified, no proxies, real Foundry + OpenZeppelin tree with custom libraries. Randomness is a genuine `DrandRandomnessProvider` 0x1f3b0992fabcf77d4df7baa416b9185e464d58f3, beacon pinned after betting closes with a 6s safety buffer. Not a blockhash hack.
- Tax is 2% buy / 2% sell, **DECREASE-ONLY** in code (`LAUNCH_TAX_BPS` 200 is the all-time maximum). No pause, no blacklist. Round trip 4%.
- `MINTER_ROLE` is held ONLY by the hub. **But `DEFAULT_ADMIN_ROLE` is held by a single EOA, 0x11111972fe1b7e52d36609bcaf8702c65b025b46 (nonce 430, 16.87 ETH), which is also `owner()` of the token, the lottery and the hub, and is also `teamWallet`.** That one key can grant itself MINTER_ROLE and mint the full 478,951 SLVR headroom. No multisig, no timelock, no audit (`audits: 0`).
- FOUNDER SIGNAL, strongly positive: over 7 days SlvrTeamVesting sent 523.92 SLVR ($15,849) and SlvrGrowthFund sent 261.96 SLVR ($7,924) — **both to the VoteEscrow, i.e. permanently locked and burned, not sold.** The team EOA moved zero SLVR. They are taking the ETH stream instead of exit liquidity.
- Ship cadence is high: liSLVR liquid-lock wrapper announced 20 Aug and live 27 Aug, wstliSLVR auto-compounding wrapper, dashboards. The lottery contract itself was redeployed ~14 Aug (`firstRoundId` 33345, GENESIS_TIME 2026-07-10 00:39:24 UTC).

## Peer table, measured 31 Aug (cap / annualised 24h revenue)
ORE Protocol (Solana) $34.33M / 0.99x · Fake World Assets (Ethereum) $14.27M / 6.12x · GODL (Solana) $1.95M / 0.35x · **SLVR $0.66M / 0.06x** · ZINC $273k / 6.51x · BidGrid $139k / 0.04x · MineBean (Base) $128k / 0.23x · StockRip (RH) $543k / 2.06x · MinePea (RH) $1.8k / 0.01x. No token: Sat Rush, ClaimRush, Ape Church, death.fun, and on RH itself ROAR and Fake Wall Street.
- **SLVR is #2 in the category globally on 24h revenue behind only ORE**, and 12x the next-biggest Robinhood Chain peer. It owns the slot on this chain.
- The category as a whole trades at a deep discount to revenue, so 0.06x is not unique mispricing — and the three cheapest names (MinePea 0.01x, BidGrid 0.04x, MineBean 0.23x) are cheap because their revenue is dying. **The market's discount is a prediction and on this evidence it is usually right.**
- **THE COMP THAT MATTERS: MinePea.** loshmi (48.3k) posted on 25 Jul that PEA "generated over $600k revenue in less than 24 hours". Today PEA does $650/24h and is -100% off ATH. @0xErv: "The second the token slipped, the flywheel broke." That is SLVR's exact failure mode, already run to completion on its nearest peer, in five weeks.

## X read
- 39 posts / 23 unique authors over 14d, 0% from the project's own account, ~15% low-follower filler, one live phishing strand ("claim portal / eligibility checker" with the correct CA, from 5-230 follower accounts since 25 Aug). 59.4 mentions per $1M of cap versus StockRip's 73.7, so it is not an over-promoted name.
- **The community calls it a ponzi openly and approvingly** — VikingXBT (36.7k) "the only good and sustainable mining ponzi on Robinhood to date, everything else lives on rented time", eth_exy (74.2k), loshmi (48.3k), PhantomBP_giga (10.2k), pabloxrobin (3.2k). Nobody is pretending otherwise, which is itself informative.
- Tier one: metaversejoji (264,444) is a self-declared forever holder who burned ~$40k of tokens for perpetual ETH, and posted the CA for DD on 26 Aug. dontbuytops (14,045) logged "$SLVR > 252x (banger)" in July. Both are July-era; no fresh tier-one coverage since 26 Aug.

## Exit depth at Ben's REAL size (voids the lowcap-screen $500 premise, per [[ben-positions]])
Total quote side across all pools **$25,743**. Constant-product upper bound, plus 4% round-trip tax on top:
$500 ~1.9% each way · $2,500 ~9% in / ~10% out · $5,000 ~16% in / ~19% out · $10,000 ~28% in / ~39% out · $30,000 not executable, larger than the entire bid side.
Net buy to move it: 2x $10,663 · 3x $18,845 · 5x $31,821 · 10x $55,664. Cheap to pump, impossible to exit size. **Max sane position is $2,000 to $3,000.**

## Three frames
- **Frame 1, fundamental anchor, $2.5M to $10.6M.** Annualised measured staker revenue $10.70M at the category band 0.23x (MineBean) to 0.99x (ORE). Floor reference only: the denominator is three weeks old and its nearest peer's identical denominator went to zero in five weeks.
- **Frame 2, live-product floor, $1.7M to $2.8M.** RH chain pays this for a live, shipped, non-scam product before usage proves out (LUTE $1.71M FDV, WTH $2.77M, WIRE $1.97M, VAULT $1.73M). SLVR at $657k sits BELOW that band while being the only one of them with real revenue. Cheap on this frame: 2.6x to 4.3x.
- **Frame 3, narrative ceiling, $5.3M to $10.7M, i.e. 8x to 16x.** ORE at $34.33M is the ceiling, and ORE's valuation is BACKED, not narrative: $2.65M of 30d revenue, $986k liquidity, $446k daily volume, 0.99x. So SLVR cannot reach it on story alone — it has to hold $29k/day for months and be re-rated.

## What changes the verdict
- CONFIRMATION: **unique daily bettors breaking above ~60 in a 6h window** (not wager, bettors). That is the only number that separates adoption from five whales.
- CONFIRMATION 2: staker distributions holding above $25,000/day through 7 Sep.
- DISQUALIFIER: the top-5 bettor share rising above ~65%, or any grant of MINTER_ROLE to an address other than the hub.
- DISQUALIFIER 2: SLVR leaving SlvrTeamVesting or SlvrGrowthFund to anything other than 0xd9b8FBD61033145c5496132153CE675756313B71.

## Method notes worth reusing
- DexScreener `liquidity.usd` is two-sided and overstated real exit depth here by 3.8x. Sum `liquidity.quote` across every pool instead, converting each quote symbol to USD.
- Sampling ATH from the deepest pool is wrong when the deepest pool post-dates the top. Sort pools by `pairCreatedAt` and read daily candles from the OLDEST.
- Blockscout v1 `txlistinternal` returned zero legs on all four busy SLVR contracts. Reading the contract's own events over RPC (`RewardDistributed`, `BetPlaced`, `BuybackFunded`) worked and is the better route on this chain.
- The Robinhood RPC 429s under sustained load; wrap eth_call in a backoff retry, and cap eth_getLogs concurrency at 6 with recursive range-halving.