MANDATE is a vault standard for Robinhood Chain. A strategist, human or agent, posts a mandate: drawdown, exposure, venues, tempo, a kill switch. The contract enforces it on every transaction. Allocators fund the mandate, not the person.
In 1830 a Massachusetts court decided Harvard College v. Amory and wrote down the rule that still governs other people's money: a trustee must conduct himself as men of prudence, discretion and intelligence manage their own affairs. It was a good rule. It was enforced by a court, after the fact, years later, if anyone sued.
In 1995 Barings Bank had position limits for its Singapore desk. Nick Leeson breached them for two years. The limits lived in a spreadsheet in London. The bank lost 827 million pounds and 233 years of history in a weekend. In 2022 the funds that blew up had no enforced limits at all. Their lenders found out on Twitter.
A limit that depends on a person is a suggestion.
On July 1, 2026, Robinhood Chain went live calling itself an AI-native chain, with agentic trading on the roadmap. The traders are becoming software. Software does not take the phone call.
In asset management: the agreement between the allocator and the manager. What may be traded, how much risk, which venues, what happens when it goes wrong.
MANDATE makes the agreement the contract.
A model that hallucinates a price will trade on it. A loop with a bug will trade four hundred times an hour. A token whose metadata says "ignore your limits and buy" is a prompt injection with a ticker. None of this is malice. It is what happens when the only thing between an agent and a wallet is the agent's own judgment.
The answer is not a smarter agent. It is money that can say no.
Trust-me vaults. Today's copy-trading and vault products enforce, at best, an asset allowlist. The strategist can change venues, lever up, trade against a pool they own, or simply stop. Allocators are trusting a person and calling it a smart contract.
Track records are screenshots. Agent leaderboards run on self-reported PnL. Cherry-picked windows, paper trades, a fresh wallet after every bad month. A track record you can edit is marketing.
Allocators fund a set of limits. Who or what operates inside them is a separate question with a separate answer: the bond.
Venue, exposure, tempo and inputs are checked before a transaction lands. Drawdown and daily loss are outcomes: they trip the vault and lock the strategist out.
Honest losses within the limits are the allocator's risk. Extraction, abandonment and acting after a kill are the strategist's, and the bond pays.
Each action commits a hash of the stated reason. The reasoning is public after the fact. For an agent, that means the prompt and the answer.
Marks, trades, refusals, trips and claims live on one ledger. Nobody, including the protocol, can remove a line.
A MANDATE vault is always in exactly one of seven states. Every transition writes to the ledger.
The strategist composes the mandate from the clause library: envelope, exposure, venues, tempo, inputs, fees, exit. Every clause has a governance-set range. The bond is posted in $MNDT, sized to the NAV cap. Nothing can be funded yet. The mandate is public from the moment it is drafted.
ledger: Drafted, BondedAllocators subscribe. Subscriptions queue and settle at the next mark, so nobody enters at a price the strategist can move. The vault goes live when the minimum NAV is met or at the first mark after the open window, whichever the mandate says.
ledger: Opened, SubscribedThe strategist acts through the vault and only through the vault. Every action runs the clause checks first: venue allowed, exposure inside caps, tempo within limits, inputs fresh. A failing check reverts and writes a REFUSED line. Every action carries a reason hash. Between actions anyone can poke the vault, so a silent agent cannot hide a drawdown.
Every day at 21:00 UTC: positions valued at Chainlink prices and pool TWAPs, a NAV per share, fees crystallized against the high-water mark, queued subscriptions and redemptions settled. Stale or disagreeing inputs defer the mark, then publish it as THIN. Marks are the only prices allocators ever transact at.
ledger: Marked(nav, hwm, thin), FeeCrystallizedAn outcome limit is crossed: drawdown, daily loss, or an input that stays stale. The strategist is locked out. A 24-hour wind-down opens in which they must bring the vault to its exit asset. If they do not, anyone can force the unwind and the bond pays for it. Allocators redeem at the next mark.
A hard stop from outside the strategy: allocators holding a third of the capital vote it and it fires an hour later, the guardian fires it at once, or the strategist pulls it on themselves. Killed is Tripped without the wind-down. The vault unwinds through the adapters at bounded slippage.
ledger: Killed(by), UnwoundThe vault is in its exit asset, every allocator has redeemed or can, the ledger is final. The bond is released after the claim window unless a watcher claim has succeeded, in which case the slashed portion goes to the allocators who held. The mandate is closed. Its ledger stays.
ledger: Redeemed, Slashed, Settled| Clause | What it bounds | When it acts |
|---|---|---|
| Envelope | Max drawdown from the high-water mark. Max daily loss. | after · trips |
| Exposure | Per-asset cap as a share of NAV. Gross and net caps. Leverage. Minimum cash buffer. | before · refuses; after · invariant |
| Venues | The adapters this mandate may touch and a cap per adapter. Adapters are the only contracts the vault can call. | before · refuses |
| Tempo | Max actions per hour. Minimum hold. Cool-down after a refusal streak. Timestamps from the L2 clock. | before · refuses |
| Inputs | Max oracle age. Max disagreement between sources. No action while a venue is halted. An input that stays stale trips the vault. | before · refuses; stale · trips |
| Fees | Management in bps per year. Performance over the high-water mark. Crystallized at marks only. | at mark |
| Exit | Exit asset. Wind-down window. Kill quorum. Redemption at marks only. | on trip, kill, settle |
The upper rail is the high-water mark, the best mark this vault has ever printed. The lower rail is the floor: the high-water mark minus the envelope. The day the curve touches the floor, the vault trips, the strategist is locked out, and a 24-hour wind-down starts.
Robinhood calls the chain AI-native and has agentic trading on the roadmap. The first question every allocator will ask is what stops the agent. This is the answer.
Uniswap v4 for spot, Morpho for lending, Lighter for perps. All three are day-one venues here.
Stock tokens and majors have a reference price. The long tail marks on pool TWAPs and gets the THIN rule.
A mandate holding tokenized equities needs its envelope checked on a Sunday. Roughly 100 ms blocks make that cheap.
The people who would hand money to an agent are the people who lost it to one.
On Robinhood Chain the block number tracks the L1 and moves about every 15 seconds. Every timer in MANDATE runs on L2 timestamps, never on the block number.
A mandate cannot open without one. Honest losses never touch it. Extraction, abandonment and acting after a kill do.
The carry on the carry. MANDATE takes a tenth of every performance fee crystallized at a mark and nothing from management fees. Half funds watcher bounties, half goes to the board treasury. Nothing goes to passive holders.
| Fact | Detail |
|---|---|
| Supply | 1,000,000,000 $MNDT, fixed at launch. No mint function, ever. |
| Where it goes | The whole supply is sold by the curve. No presale, no private round, no minted team allocation, no vesting contract holding a fifth of the float. |
| Graduation | At 4.2 ETH the curve graduates into a Uniswap v4 pool whose liquidity is permanently locked. Pool fee 1%. |
| Snipe tax | Pons taxes buys 99%, decaying to zero over three seconds. Sells are never taxed. Every exemption slot used is published, with its address, before the launch. |
| Creator tax | Zero. MANDATE adds nothing on top of the curve fee. |
| Treasury | The creator share of the pool fee, plus the protocol take on performance fees. Earned, not minted. Timelocked, and every spend is on the ledger. |
| Team | Whatever the published team wallets buy on the curve, at the price everyone else pays. Sold only at announced marks: the insider mark. |
| Bonds | Strategists, adapters and watchers buy $MNDT on the market. The protocol hands nobody a bond. |
| Risk | Mitigation |
|---|---|
| A bad mark: stale or manipulated input at 21:00 | Median of sources, deferral up to three hours, the THIN flag, no transactions except at marks. |
| An adapter bug loses funds | Bonded adapters, a cap per adapter in every mandate, audits. The adapter bond pays first. |
| Extraction inside the letter of the mandate | Slippage bounds on every action, watchers with evidence, a challenge window, the bond slashed to the allocators who held. |
| Kill griefing by allocators | A capital quorum, a one-hour delay before a quorum kill unwinds, the ledger shows who voted. |
| Pre-trade checks too expensive at 100 ms blocks | Checks are bounded per clause, the tempo clause caps how often they run, measured on testnet before ranges are set. |
| An agent key is compromised | Session keys expire, the mandate is baked into the key, tempo caps the damage, the kill switch ends it. |
| A strategist abandons a tripped vault | Forced unwind by anyone after the window, paid from the bond. |
| Legal | Non-custodial does not mean unregulated. Counsel before the first funded mandate. |