Fables is a dynamic fee market-making protocol based on Uniswap v4 Hook on Robinhood Chain. It distributes fees to LPs through three autonomous models and is expected to conduct TGE and airdrop when the points program ends on October 5th.
Written by: Sanqing, Foresight News
Fables is a tokenized US stock Uniswap v4 liquidity market-making interface deployed on Robinhood Chain. It launched in mid-August 2026 and plans to adopt the ve(3,3) mechanism after TGE. Users deposit assets, select price ranges, earn fees, and can withdraw at any time. The product is non-custodial, with underlying assets hosted in Uniswap v4's official PoolManager.
Fables' points program will end on October 5th. Its announcement posted on X on August 22nd states: "On October 5th, the points program will conclude with Fables TGE, and tokens, Gauge, voting, and staking will go live on the same day." However, the documentation page on the fables.fi website marks this date as unconfirmed, noting that the earlier public information mentioned October 5th and that the latest official channel with a date should be taken as final. There is a discrepancy between the two official sources.
Project Mechanism
Fables currently covers trading pairs priced in the stablecoin USDG, including ETH, GLD, SPY, AAPL, NVDA, etc.
Each Fables market consists of an Uniswap v4 pool and an immutable Fables hook, which calculates fees in real-time and records market-making shares.
Fees are determined by one of three autonomous models: the Calendar Model references the opening/closing, overnight, and weekend periods of the underlying asset; the Fixed Benchmark Model applies to assets traded around the clock; the Directional Model references the trading direction itself. These three models aim to mitigate the information asymmetry risk caused by the mismatch between 24-hour on-chain trading of tokenized assets and traditional US stock trading hours.
In addition to the autonomous models, authorized off-chain keeper programs can temporarily adjust fees within a limited range. Each adjustment can reduce the autonomous fee by no more than 50% and automatically expires after a maximum of 72 hours. The absolute upper limit is hard-coded in the contract bytecode, and keepers cannot transfer user assets. Wider parameter adjustments require approval via AccessManager and a fixed delay.
As of press time, Fables has a total deposit of approximately $8.4 million and a total protocol trading volume of approximately $75.3 million.
Team Background
The technical lead of the protocol is Yanis Berkani, who has a background in computer science from EPFL (Swiss Federal Institute of Technology Lausanne) and cybersecurity from ETH Zurich (Swiss Federal Institute of Technology Zurich).
Berkani previously served as the smart contract lead at APWine (later renamed Spectra Finance), then as co-founder and technical lead at Alphix. Alphix is another market-making protocol with dynamic fees based on Uniswap v4 Hook, running on Arbitrum and Base networks.
Another core member who speaks publicly often uses the screen name cs361, and no real identity has been found in public channels. The Canary project he co-developed with Yanis Berkani was shortlisted as one of the top 10 in ETHGlobal New York 2026; it is a parametric insurance tool priced and underwritten by prediction markets.
No financing disclosure records, team size, or equity structure of the team have been found in public channels. In terms of security, the development process used unit testing, fuzz testing, invariant testing, and automated audit tools such as Olympix, Sherlock AI, and pashov security processes. As of now, the official has not released a third-party independent audit report including the auditor, code commit hash, audit scope, and specific conclusions.
Current Data and Token Arrangements
Fables is running a six-week points program (August 24 to October 5, 2026) with a total of 1 billion points, of which 900 million are allocated to market makers and 100 million are reserved as referral rewards. The weekly share for market makers increases in increments of 8%, 11.5%, 15%, 18.5%, 22%, and 25%, calculated based on the actual effective fees generated on that day, not the amount of locked funds.
There is also an independent creator fee mechanism. Funds come from fees generated by the PROLOGUE/ETH trading pool; after being converted to USDG by the treasury, the project party decides the weekly allocation amount: 600 USDG in the first week (August 31) and 3000 USDG in the second week (September 7).
For subsequent weeks with no announced amount, no annual creator reward rate is provided, nor any assumed carry-over amount is paid. The PROLOGUE/ETH and ETH/USDG pools do not participate in this distribution; the rest are calculated based on the actual fee ratio of each market, not the point weight.
Among them, points are only internal accounting vouchers of the protocol, do not constitute assets, nor do they constitute any redemption commitments. The official has not released the conversion path to PROLOGUE or FABLES.
FABLES is the official governance token of the protocol. Currently, there is only a proposed distribution plan with a total of 1 billion tokens: 50% emission (500 million tokens, not circulating at launch), 12% community distribution (120 million tokens, of which up to 60 million can circulate at launch); 8% team, 8% ecosystem, 7.5% strategic reserve, 5% grants, 4% operations (all five above not circulating at launch); 3% FABLES/USDG liquidity (30 million tokens, circulating at launch), 2.5% PROLOGUE reserve (25 million tokens, circulating at launch, i.e., the redemption pool mentioned earlier). The specific ownership, issuance time, and emission curve have not been determined; the project has not deployed a redemption contract and has not started the eligibility snapshot.
PROLOGUE is a pre-governance token already publicly traded on pools.trade, which is a token launchpad built by Uniswap specifically for Robinhood Chain. The official has proposed a redemption arrangement between PROLOGUE and the future token FABLES: the proposed plan sets a minimum ratio of 40 PROLOGUE to 1 FABLES. The permanently locked portion is not eligible for redemption, and the actual ratio may be better.
As of press time, PROLOGUE ranks second in valuation on the "Popular Tokens" list on pools.trade, with an FDV of approximately $10 million and about 7,300 holder addresses. The community mainly calculates the implied valuation of FABLES based on the secondary market price of PROLOGUE and the proposed minimum ratio of 40:1, which is about $400 million. Due to the undecided redemption plan and large price fluctuations of PROLOGUE, this calculation cannot represent the TGE pricing.
Risk Warning:
Volatile asset prices will change the position ratio, and the earned fees may not cover principal losses; the Hook contract code is hard-coded on the chain, and if there are vulnerabilities, they cannot be fixed, which may affect all market-making funds in the pool; although there are code upper limits and time lock constraints, short-term pricing errors may still exist; points and creator fees rely on off-chain statistics, and the official can retroactively modify them due to rule adjustments—they are not irreversible on-chain assets; the underlying assets are not real US stocks, and the issuer has the right to freeze addresses, suspend transactions, and adjust rules; Robinhood Chain has infrastructure risks such as network congestion, data delays, or front-end inaccessibility; current trading volume is mainly driven by the six-week points program. Before the audit and token details are finalized, whether the real trading volume can be maintained after the incentive ends depends on market demand.
It should also be noted that there is an independent Meme coin named "fable" on the chain, which is unrelated to the Fables protocol.