Two days ago Jack Levin — founder of X1 and of the Fair Crypto Foundation behind XEN — minted a memecoin on somebody else's blockchain. 69Eleven went live on Robinhood Chain at 22:10 UTC on 4 September, and in the thirty-six hours since it has done 15,253 swaps, drawn a crowd from Robinhood's own user base, and acquired a liquidity-staking app, a fee booster contract and a reflection mechanism built on tokenized Apple and Tesla shares.
It has also, at the time of writing, a booster reserve holding $2.42. Both are true at once, and the second is not a knock — this is a token two days old, shipping something new most days.
The token, and where it trades
The contract at 0xbC191B1d09e51cBE10C15C9191086931B5876b83 reports the name 69Eleven, symbol 69ELEVEN, 18 decimals, and a total supply of exactly 1,000,000,000 tokens. Market cap and fully diluted value are the same number — $263,000 — because the whole supply is out. It last traded at $0.000263, up 14% on the day.
The headline venue is fomo.family, a social-first trading app that lists 69Eleven under Levin's own creator profile and is named as the token's official website in its listing metadata. Fomo's pitch is the social layer that a memecoin actually needs — a feed, a leaderboard, alerts on what the best traders are buying, gasless multichain trading, Apple Pay funding — and it claims 500,000 traders. It is also, today, entirely gated: the token page and the creator profile both bounce a logged-out visitor to the marketing homepage, and they serve the same generic preview card to crawlers that every other page does. If you want to look at 69Eleven before signing up, you cannot.
Worth flagging only because it is the sort of small friction that counts for a lot in week one, and the sort that is easy to fix.
Reflection, and why the stonk pools exist
The design idea is the interesting part, and Levin has described it directly:
"So $69Eleven uses uniswap v4 reflection hook, is a separate contract on the Robinhood chain which collects small tax from every trade against all of the major Robinhood stocks (Amzn, Googl, TSLA, NVDA, Spcx, AAPL), distributing it to coin holders. That's the main idea with reflection."
That accounts for something the pools make no sense without: why a memecoin would open books quoted in Apple, Tesla, NVIDIA, Alphabet, Microsoft and SpaceX shares when those books hold five to seventeen dollars each. They are not there to be traded. Each one is a tax collector. The more stock pools exist, the more surfaces the hook has to skim, which is why Levin’s stated goal was a coin "with largest amont of stonk pools."
We checked it against the chain, and the design is real. Reading the Uniswap v4 PoolManager’s own Initialize events, 28 pool keys involving 69ELEVEN have been created on Robinhood Chain. Creating one is not the same as funding one, and the difference matters here: 13 currently hold liquidity, and only around ten carry enough of it to show up on a market tracker like DexScreener. The other fifteen are opened and empty — in v4 initialising a pool costs little more than the gas to do it.
Of the 28, nine carry a hook contract, one per tokenized equity — six of those nine are funded and trading today:
| Equity | Pool fee | Hook contract |
|---|---|---|
| AAPL — Apple | 0.10% & 0.0075% | 0x574aa3c4…74088 |
| AMZN — Amazon | 0.10% | 0x4ad64476…38088 |
| GOOGL — Alphabet | 0.10% | 0x3d701a27…c8088 |
| MSFT — Microsoft | 0.10% | 0xd159d2e7…10088 |
| MSTR — Strategy | 0.10% | 0xd1453846…40088 |
| NVDA — NVIDIA | 0.10% | 0xb7bda988…14088 |
| TSLA — Tesla | 0.10% | 0x4b6d4f13…10088 |
| SPCX — SpaceX | 0.30% | 0x1f422c06…88088 |
Seven of those pools were created within about thirty seconds of each other, roughly two and a half seconds apart — a scripted deployment, not seven separate decisions. Three are not yet trading: the Amazon and Strategy pools, and a second Apple pool at a 0.0075% fee, are initialised with their hooks in place but hold no liquidity, which is why no tracker lists them. Levin’s list of stocks describes the intended set; two of them are simply still to be seeded.
Now look at the last three hex digits of every hook address. They all end in 088, and that is not decoration. Uniswap v4 encodes a hook’s permissions in the low bits of its own address, so a deployer has to mine a CREATE2 salt until the contract lands somewhere whose bits spell out what it is allowed to do. Masked to the fourteen permission bits, all eight read 0x0088 — beforeSwap plus beforeSwapReturnsDelta. That is precisely, and only, the permission pair a contract needs to reach into a swap before it settles and take a cut of it. Each hook carries 14.7–15.5 KB of deployed code. Somebody mined eight addresses to build these.
Levin's argument for building this on Robinhood's chain rather than Solana is custody: "One advantage of trading tokenized stocks on Robinhood is they act as a licensed custodian, which is quite different than Solana based stocks." He wants those same equities wrapped onto X1 over the Warp Bridge next.
Where the reflection applies — and where it deliberately does not
One detail is worth pinning down, because it looks like a design decision rather than an accident. The deep 69ELEVEN/ETH pool carries no hook — its hooks field is the zero address.
That can be shown two independent ways. A Uniswap v4 pool ID is the keccak-256 hash of its own PoolKey, which makes the ID a commitment to every parameter in it, hook included — you cannot attach a hook to a pool without changing its ID. Hashing the key (ETH, 69ELEVEN, fee 2500, tickSpacing 25, hooks 0x0) reproduces 0x90939d0f…e8e515f exactly, which is the live pool. Independently, the PoolManager’s Initialize event for that pool records the hooks field as zero.
Read in context, it is a sensible split. A reflection tax on the main ETH pair would sit on the token’s own price discovery, making it costlier to get in and out and taxing exactly the market you most want people using. Putting the hooks on the equity pools instead keeps the deepest book clean and low-friction, and places the tax where the actual idea lives — trading a memecoin against tokenized Apple, Amazon and SpaceX. Plenty of reflection tokens tax everything and make themselves painful to trade in the process. This one does not.
The trade-off is a matter of timing rather than design. Reflection income scales with flow through the equity pools, and that flow is small so far — those books are days old and hold a couple of hundred dollars between them. The mechanism is fully built and waiting on volume, which is roughly where you would expect a project to be in its first week.
The spread of fee tiers reads the same way. Nineteen of the twenty-eight keys are hookless, and several carry unusual rates — 77%, 89.99%, even 99.043%. Most of those are among the fifteen that were never funded, so they are entries in a registry rather than markets anyone can trade. That looks like what it probably is: parameters being tried out in public over a couple of days, at a moment when opening a v4 pool costs almost nothing. The handful that do hold a little liquidity are tiny, and any aggregator ranking routes by output will pass straight over them. For anyone trading by hand, the canonical market is the 0.25% tier, pool 0x90939d0f…e8e515f — the one the LP app and the FortiSwap corridor both point at.
The LP app, and what 771% actually means
On 5 September Levin published a liquidity-staking front end, pitched as removing the guesswork: "A user doesn't need to guess how much $ETH or $69Eleven they need to stake." Enter either side and the app derives the other from the pool ratio, mints a full-range Uniswap v4 position at the 0.25% fee tier, and refunds any unused slippage headroom in the same transaction. Positions show up in Uniswap's own interface afterwards.
Its live stat bar, read today, is a fair snapshot of the whole project: $92,011 liquidity, $388,755 of 24-hour volume, $972 of fees in a day, $8,434 of fees since inception, and a pool APY of 771%, flagged BOOSTED.
Levin's announcement quoted "almost 2000% in APY" and "if you are staking $300.00 you will be earning $15/day (today)." Those numbers were accurate when he wrote them, and the arithmetic shows why they have moved. The pool has earned $8,390 in fees over 1.50 days — an average of $5,596 a day, which at a 0.25% fee implies roughly $3.36 million of lifetime volume. Against a book of about $85,000, that is 6.6% a day, or a shade over 2,400% annualised. His figure was real.
Trailing 24-hour volume is now $389,000, not $2.2 million. The same maths on today's numbers gives $972 a day of fees on $92,000 of liquidity — 387% before the booster, 771% with it, and about $3.18 a day on a $300 position. Nothing broke. A launch spike decayed, as launch spikes do, and the APY is a trailing figure that tracks volume rather than a rate anyone promised.
The booster is real and nearly empty
The booster is the piece Levin said he was "working setting up," funded by the creator rewards he earns on Fomo. It is deployed: contract 0xb211E70494e5b86626d651AE506cC662dd399F44, 5,111 bytes of code, owned by an ordinary wallet at 0xf7A4C1b7…96B4 that holds 117,849 69ELEVEN. It is switched on, unpaused, and set to a 100% match rate — every dollar of LP fees you collect is matched with an equal value in 69ELEVEN, paid out in the same Collect transaction.
Its reserve currently holds 9,210 69ELEVEN — about $2.42. It has paid out 790 tokens so far. The plumbing works and value has actually moved through it; the reserve behind it is still being filled, which is what Levin said he was in the middle of doing. Until it is, read the boosted half of that 771% as the part still coming online.
The app handles this honestly. The booster is not a service Levin runs on users' behalf — the interface will deploy one from your own wallet, and states that "the contract is owned by whoever deploys it and no key is held server-side." Levin's own framing carries the same caution: "This service is under active development, expect changes and use at your own risk." He has also warned that copycat tokens using the name are already circulating, and told people to type the URL rather than follow links.
The LP app does not create pools
Worth separating, because the two get conflated easily: none of those 28 pool keys came from people using the staking app. The app targets a single hard-coded pool — 0x90939d0f…e8e515f, the 0.25% ETH tier — and what it mints is a full-range position inside that one pool, held as an NFT by the depositor. In Uniswap v4 that emits a ModifyLiquidity event, not an Initialize; a pool is only ever initialised once, by whoever opens it. So every LP who deposits through the app is adding depth to the same book as everyone else, which is the point of it — their positions show up in Uniswap’s own interface afterwards, and they share that pool’s fees pro rata rather than fragmenting liquidity into private pools of their own.
Reflections and the booster are two different things
These are easy to run together, and they are funded from opposite directions.
The reflection is on-chain and self-financing. The eight hooks skim each swap made against a tokenized stock and push it out to holders. It needs no treasury at all, only trade flow through the equity pools — which today is single- and low-triple-digit dollars a day per pool. The mechanism is fully built; what it needs now is flow through those pools.
The booster is off-chain in origin and points at liquidity providers rather than holders. It is funded by the creator rewards Levin earns on Fomo, and it matches LP fees instead of taxing trades: "I am working setting up booster rewards where your rewards are augmented by my creator rewards I am getting on Fomo."
Reflections do not come out of the Fomo creator rewards, and the booster does not come out of the trade tax. One pays you for holding; the other pays you for providing liquidity.
Forty-eight hours of shipping
Laid out on a timeline, the pace is the story. The token went live late on 4 September. By early on the 5th there were eight tokenized-equity pools with eight separately mined reflection hooks behind them. Later that day the LP front end appeared, and the booster contract went up, was funded and started paying. By the 6th there was a live corridor on FortiSwap taking 69ELEVEN straight into USDC.x on X1 in one transaction. Levin says a Robinhood-to-X1 bridge prototype is working too.
Against that: a $263,000 market cap, 15,253 swaps, $92,000 of liquidity with 99% of it in one pool, six funded stock pools holding a couple of hundred dollars between them, and a booster reserve of $2.42. Those numbers are small, and they are supposed to be — the machinery went up first and the capital follows, which is the normal order of events and not a warning sign.
What is already built is more than the market cap suggests: a reflection design running on a chain where a licensed US brokerage custodies the underlying equities, a working non-custodial LP app with a fee booster anyone can deploy themselves, and a route into X1 that did not exist three days ago. The idea has a shape, and the parts of it that can be checked, check out.
Volume is the part that cannot be shipped in a weekend. Everything else, so far, has been.