Aven

Understand the position.

A focused route between USDG and SGOV Stock Tokens. Read the mechanics, costs and limitations before using the app.

What Aven does

Aven is an immutable, noncustodial exchange gateway for one pair. It helps eligible users swap USDG for Robinhood-issued SGOV Stock Tokens, or sell those tokens back into available USDG liquidity.

The underlying SGOV ETF tracks an index of U.S. Treasury securities with remaining maturities of zero to three months. The Stock Token is a debt security issued by Robinhood Assets (Jersey) Limited; it provides economic exposure, not direct ownership of the underlying ETF shares or government bonds.

Aven adds no lending, leverage, managed vault or deposit lock. Bought tokens are sent to the caller's wallet in the same transaction. There is no independent Aven yield source.

References: underlying ETF and Stock Token documentation.

Entry and exit

  1. Connect a browser wallet and use the correct Robinhood Chain network. Aven never asks for a private key.
  2. Choose buy or sell and enter an amount. The app asks a standard Uniswap V3 QuoterV2 for direct-pool quotes at that exact size and chooses the largest qualifying output.
  3. Review the pool fee, minimum received and quote expiry. The UI quote is valid for 45 seconds; a new quote requires another review.
  4. Approve only the input amount to the Aven gateway. This is separate from the swap. If an approval is needed, the app refreshes the quote and asks you to confirm the swap afterward.
  5. The gateway checks oracle prices, the deadline and the minimum output. It temporarily approves the pinned router, executes the swap and clears its router allowance.
  6. Output goes only to the transaction caller. Any unused input is refunded to that caller; there is no arbitrary recipient field.

Selling uses the same flow in reverse. No Aven lock-up does not mean guaranteed liquidity or immediate execution. There is no direct ETF redemption or primary-market minting through Aven.

Costs

Aven takes no protocol fee. The selected pool charges its swap fee (0.05% or 0.30% on the planned mainnet routes), reflected in the quote. Network gas and price impact remain your costs; approval may require a separate gas payment.

Where returns come from

The economic exposure comes from the underlying short-term Treasury ETF, not a payment from Aven or a token incentive. Fund expenses, changes in rates, market prices, token terms and trading costs affect the result.

Stock Token dividends and corporate actions are reflected through the issuer's multiplier. Aven does not promise daily or monthly USDG interest. A fixed raw token balance can correspond to a changing share-equivalent amount; that is not an additional Aven distribution.

The Chainlink feed already prices one raw Stock Token including the multiplier. The gateway uses it directly and divides by the USDG/USD feed to calculate a reference exchange amount. It never multiplies that price by the corporate-action multiplier again.

The app displays raw token amounts for trades and wallet balances. The oracle reference is not a guaranteed execution price. Aven does not show profit or APY inferred from balances without a verified cost basis.

Reference: oracle and multiplier accounting.

What the gateway enforces

  • Only the immutable USDG/SGOV pair, pinned router and factory, and approved fee tiers are accepted. No user-supplied router, arbitrary calldata or arbitrary output recipient.
  • Prices must be positive, completed, not future-dated and no older than the configured maximum age. An SGOV oracle pause blocks the trade.
  • The minimum received cannot be more than 1% below the oracle reference. This is a maximum oracle deviation guard, not a 1% promise about performance. The app also applies the user's chosen quote slippage; the stricter minimum wins.
  • A trade deadline can be at most 15 minutes ahead; the app uses five minutes. Expired transactions revert.
  • Reentrancy protection, exact input accounting, output balance checks, allowance clearing and caller-only refunds apply.
  • There is no administrator, upgrade mechanism, fee setter or keeper. No one can change the gateway's assets or feeds after deployment.
Sequencer limitation: a Robinhood-specific Chainlink uptime proxy was not listed in the public uptime directory during integration. The planned mainnet config has no explicit sequencer-up/grace-period feed. Price freshness checks still apply, but do not substitute for that protection. This limitation must be reviewed before mainnet activation; Aven makes no claim of sequencer-outage protection.

The SGOV and USDG feed directory currently lists 24-hour heartbeats. The planned maximum age is 24 hours plus five minutes. SGOV follows a 24/5 market schedule; old feeds during weekends, market closures or corporate actions can block both purchases and sales. Aven does not silently extend stale prices to keep trading enabled.

Risks and eligibility

  • Capital and rates: returns vary; the position can lose value. Aven is not a savings account or insured bank deposit.
  • Issuer and rights: Stock Tokens are RHJ-issued instruments with issuer terms, restrictions and counterparty risk. They are not shares held directly in your name.
  • Liquidity: an executable route can disappear or offer poor pricing. Aven cannot guarantee exit size, timing, or an exit at all.
  • USDG: stablecoins have issuer, redemption, freeze and depeg risks. The gateway uses a USDG price feed rather than treating every USDG as a guaranteed dollar.
  • Oracles and network: delayed, unavailable or incorrect feeds and network/RPC outages can prevent trades. An oracle guard does not eliminate MEV or every pricing risk.
  • Contracts: Aven has not had an independent audit. Immutable code cannot be patched in place. Use only funds you can afford to lose.
  • Transfers: fee-on-transfer assets are unsupported. Do not send tokens directly to the gateway outside its swap function: there is no admin recovery function for accidental transfers.
  • Approval: an exact-amount approval may remain if a swap is cancelled or reverts; it can be revoked in your wallet. Aven does not spend it without a caller-initiated swap.

Stock Tokens are restricted for U.S. persons and in other jurisdictions, including the United Kingdom, Canada and Switzerland. This list is not exhaustive. Review the current issuer documents and eligibility terms; a checkbox is not a legal determination.

Independent application; not affiliated with or endorsed by Robinhood, iShares or Aven Financial. Nothing here is personalised financial, legal or tax advice.

Network and contracts

Current application: Robinhood Chain mainnet (4663).

Canonical production asset reference

SGOV: 0x92FD66527192E3e61d4DDd13322Aa222DE86F9B5
USDG: 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168

These production asset addresses are not testnet assets and do not imply an Aven mainnet deployment. Source verification and an independent audit are separate from successful deployment.

Official website: https://avenfinance.xyz