These tokens have different jobs

• Check current conversion settings, transfer restrictions, unstaking limits, and the complete exit path before converting RAM.
• Selling wrapper shares requires market liquidity and an acceptable quote. Creating or withdrawing shares may be restricted by processing windows or underlying contracts.
• More xRAM backing does not guarantee a higher dollar value. A direct-redemption calculation is not a guaranteed market sale quote.
• Count the RAM burn at creation once. Burning xRAM on redemption is not a second RAM burn, and more activity does not guarantee that total RAM supply falls.
• Execution is role-gated, not continuous or permissionless. Approved aggregators, maximum input and minimum RAM output constrain swaps. RAM already held can be sent directly to the dead address without a market purchase.
• On Robinhood, BuybackModule transfers RAM to 0x000000000000000000000000000000000000dEaD. It does not call token burn() or decrement totalSupply. Track unusable RAM separately from the token supply counter and new issuance; neither price appreciation nor net deflation is guaranteed.
• This update applies to Robinhood only. HyperEVM MEV handling and legacy r33 burials are separate mechanisms. Further Robinhood emissions changes are planned, not established as live.

Write the full asset name at every step. Converting RAM creates xRAM, staking xRAM supplies voting power, and depositing into an available liquid wrapper creates shares in staked xRAM. These are different balances with different permissions and exits.

The documented RAM-to-xRAM conversion mints the same number of xRAM units as the RAM input even though half the RAM is burned. That does not mean xRAM has the same cash-out value as RAM. Direct redemption follows the configured backing and penalty rules.

A wrapper's backing ratio is measured in xRAM per share. A market price is measured in the token or currency offered by buyers. A useful review looks at both and reads the redemption preview; it never treats a rising ratio as a guaranteed dollar return.

Since October 14, 2026, 100% of protocol revenue on Robinhood Chain is routed to BuybackModule; the Sarcophagus is closed there. Accumulated revenue funds taker-side market purchases of liquid RAM, which is sent to the dead address. This redirects protocol revenue, not all swap fees. The documented fee-only default remains 95% LPs / 5% protocol; the gauged default remains 100% of swap fees to voters, with configurable exceptions.

Execution is role-gated, not continuous or permissionless. Approved aggregators, maximum input and minimum RAM output constrain swaps. RAM already held can be sent directly to the dead address without a market purchase.

On Robinhood, BuybackModule transfers RAM to 0x000000000000000000000000000000000000dEaD. It does not call token burn() or decrement totalSupply. Track unusable RAM separately from the token supply counter and new issuance; neither price appreciation nor net deflation is guaranteed.

This update applies to Robinhood only. HyperEVM MEV handling and legacy r33 burials are separate mechanisms. Further Robinhood emissions changes are planned, not established as live.

A successful Robinhood transaction at block 88827919 on October 15, 2026 at 01:23 UTC spent 0.071744581440628082 WETH and sent 2611.034882007904115227 RAM to the dead address. This verifies one market buy, not a fixed future cadence or that every module event includes a purchase.

The revenue-routing transaction confirmed at block 88696587 on October 14, 2026 at 21:41:43 UTC. It records the routing change; the separately cited October 15 execution receipt demonstrates a market purchase.

Shares are not a RAM balance

Suppose an illustrative wrapper has 120 xRAM backing 100 shares. The backing ratio is 1.2 xRAM per share, so 10 shares represent 12 xRAM before rounding and transaction constraints. If that xRAM is directly redeemed under the documented 0.5 RAM-per-xRAM setup, the reference amount is 6 RAM.

That arithmetic is a redemption reference, not a guaranteed trade quote. Market liquidity, costs, contract state and current conversion settings still matter.

A wrapper's xRAM backing grows while RAM's dollar price falls. Can the wrapper's dollar value fall too?