The terms are
the product.
Seren is a seller-funded Dutch auction for Stock Tokens, settled in USDG. It is not an AMM, interest account or guaranteed execution service.
The auction
A seller escrows a lot and fixes the starting price, minimum price and duration. Price declines linearly from start to floor. Buyers can purchase an exact portion while inventory remains and the auction is active.
price(t) = start − (start − floor) × elapsed / duration
The implemented integer price is rounded down in the discount calculation; the total buyer cost rounds up to the smallest USDG unit. The floor is never crossed. Fills stop at expiry, even though the quoted price reaches the floor.
Assets & pricing
Stock amounts use 18-decimal raw ERC-20 units. Prices are six-decimal USDG per whole raw token, not USD per underlying share. USDG is not guaranteed to equal one US dollar. There is no oracle peg, automatic pricing recommendation or AMM routing.
Stock Tokens provide economic exposure, not ownership of underlying shares. Their corporate-action multiplier can change while the raw balance stays unchanged. Seren snapshots uiMultiplier when funding and rejects new fills if it differs later. Cancel the remainder and relist with reviewed prices. Issuer upgrades, temporary changes and quote-token policy still carry risks.
Only the immutable supported-asset set can be listed. The landing catalog describes checked mainnet metadata, not live liquidity. The current mainnet app uses the canonical immutable asset set recorded at deployment.
Settlement
Buyers specify an exact quantity, maximum USDG cost and transaction deadline. The contract checks inventory, time and multiplier. USDG transfers directly from buyer to the fixed seller; purchased tokens transfer from escrow to buyer. Both legs revert together on failure.
Approvals are transaction-specific amounts in the interface, not unlimited grants. Transactions still cost network gas. Multiple buyers compete for remaining inventory; a stale purchase can revert. Self-purchases are rejected.
Cancellation & recovery
The seller may cancel remaining inventory at any time. After expiry, anyone may trigger recovery, but all returned tokens always go to the original seller. No one can redirect the exit. Previously purchased tokens and settled proceeds are not reversed.
Recovery requires a transaction and working token transfers. Changed multiplier metadata alone does not block recovery. An issuer pause, blacklist or freeze may still prevent transfers until the issuer permits them; no app can promise an instant exit in that state. Do not transfer unrelated tokens directly to this contract: there is no admin rescue.
Permissions & fees
No protocol fee, admin, upgrade function, keeper, order editor or protocol withdrawal role. The supported assets and quote token are immutable at deployment. Network gas and issuer policies still apply. The seller has the explicit power to cancel the unsold remainder. Contracts remain unaudited; tests are not a security audit.
Risks & eligibility
No guaranteed buyers, complete sale, price improvement, yield or resale liquidity. Sellers can receive a price below the market; buyers can overpay relative to outside markets. Evaluate Stock Token issuer/credit risks, underlying price, USDG depeg, corporate actions, contract bugs, network congestion and restricted transfers.
Issuer and jurisdiction restrictions apply, including restrictions concerning U.S. persons and other jurisdictions. An app connection or ERC-20 transfer is not proof of legal eligibility. Review the issuer’s current documents and applicable law. Seren is not affiliated with Robinhood and provides no investment, legal or tax advice.
Contracts & environment
Current interface: Robinhood Chain mainnet. Transactions use real Stock Tokens, USDG and ETH gas.
Auction contract: 0xB979dfb6970ca88a879978B2B3469f8d86f49cd1
Source verification, independent audit and eligibility review are not completed.