Fables is a dynamic fee market-making protocol based on Uniswap v4 Hook on the Robinhood Chain, distributing fees to LPs through three autonomous models, with the TGE and airdrop expected to take place at the end of the points program on October 5th.

Written by: Sanqing, Foresight News

Fables is a tokenized US stock Uniswap v4 liquidity market-making interface deployed on the Robinhood Chain, set to go live in mid-August 2026, planning to adopt a ve(3,3) mechanism after the TGE. Users can deposit assets, choose price ranges, earn fees, and withdraw at any time. The product follows a non-custodial mechanism, with underlying assets held in the Uniswap v4 official PoolManager.

The Fables points program will end on October 5th. An announcement released on August 22nd on the X platform stated, "On October 5th, the points program will conclude with the Fables TGE, and tokens, Gauge, voting, and staking will go live on that day." However, the fables.fi website documents page marks this date as unconfirmed, indicating that earlier public information referenced October 5th; confirmation should come from the latest official channels with a date. There is a discrepancy between the two official sources.

Project Mechanism

Fables currently covers trading pairs valued in stablecoin USDG such as ETH, GLD, SPY, AAPL, NVDA, etc.

Each Fables market consists of a Uniswap v4 liquidity pool and a non-upgradable Fables hook that 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 and closing prices of the underlying assets, the overnight and weekend periods; the fixed benchmark model applies to all-weather trading assets; the directional model references the direction of the trades themselves. The three models aim to alleviate the information asymmetry risk caused by the mismatch between 24-hour on-chain trading of tokenized assets and traditional trading hours of US stocks.

In addition to the autonomous models, an authorized off-chain keeper program can temporarily adjust fees within a limited range. Each adjustment cannot exceed a 50% reduction of the autonomous rate and will automatically become ineffective after a maximum of 72 hours, with an absolute upper limit hardcoded in the contract bytecode; keepers cannot transfer users’ assets. Larger parameter adjustments require AccessManager approval with a fixed delay.

As of the time of publication, Fables has a total deposited amount of approximately $8.4 million, with a total trading volume of about $75.3 million.

Team Background

The technical lead of the protocol is Yanis Berkani, who has a background in computer science from the École Polytechnique Fédérale de Lausanne (EPFL) and cybersecurity from ETH Zurich.

Berkani previously served as the head of smart contracts at APWine (now renamed Spectra Finance), and later as the co-founder and technical lead of Alphix. Alphix is another market-making protocol based on Uniswap v4 hook that implements dynamic fees, operating on the Arbitrum and Base networks.

Another core member who publicly voices frequently uses the online alias cs361, and their real identity has not been located through public channels. The Canary project, which he developed with Yanis Berkani, was shortlisted in the top 10 at ETHGlobal New York 2026; it is a parametric insurance tool priced and underwritten by prediction markets.

No public records have been found regarding the team's funding disclosures, team size, or equity structure. In terms of security, the development process utilized unit testing, fuzz testing, invariant testing, and automated review tools such as Olympix, Sherlock AI, and pashov security processes. As of now, the official team has not released a third-party independent audit report that includes audit firms, code submission hashes, audit scope, and specific conclusions.

Current Data and Token Arrangements

Fables is conducting a six-week points program (from August 24, 2026, 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 for referral rewards. The weekly market maker share is distributed in increasing proportions of 8%, 11.5%, 15%, 18.5%, 22%, and 25%, based on the actual effective fees generated that day, not based on the amount locked.

There is also a separate creator fee mechanism, with funds generated from transaction fees from the PROLOGUE/ETH trading pool, which is converted to USDG by the treasury and distributed weekly at the project's discretion: 600 USDG for the first week (August 31) and 3000 USDG for the second week (September 7).

Subsequent weeks with undisclosed amounts will not provide a creator rewards annual interest rate, nor pay any assumed carryover amounts. Neither the PROLOGUE/ETH nor the ETH/USDG pools participate in this distribution; the remainder is calculated based on the actual fee proportions of each market, not on points weight.

Points are merely an internal accounting receipt of the protocol, do not constitute an asset, nor represent any redemption commitments; the official has not disclosed conversion paths to PROLOGUE or FABLES.

FABLES is the formal governance token of the protocol. Currently, there is only a proposed allocation plan, with a total of 1 billion tokens, of which 50% (500 million tokens, not circulating at issuance) are allocated, 12% (120 million tokens, of which up to 60 million can circulate at issuance) for community distribution; 8% for the team, 8% for the ecosystem, 7.5% for strategic reserves, 5% for grants, and 4% for operations (the above five are not circulating at issuance); 3% (30 million tokens, circulating at issuance) for FABLES/USDG liquidity, and 2.5% (25 million tokens, circulating at issuance, i.e., the aforementioned conversion pool) for PROLOGUE. Specific allocations, issuance times, and emission curves have not been determined, and the project has not deployed conversion contracts or initiated qualification snapshots.

PROLOGUE is a pre-governance token that is publicly traded on pools.trade. pools.trade is a token launchpad created by Uniswap specifically for the Robinhood Chain. The official has proposed a conversion arrangement between PROLOGUE and the future token FABLES: the proposed plan sets a lower limit of 40 PROLOGUE tokens for 1 FABLES token, and the portion locked permanently does not count towards conversion eligibility, with the actual ratio potentially being more favorable.

As of the time of publication, PROLOGUE ranks second by valuation on the "popular tokens" list on pools.trade, with an FDV of about $10 million and approximately 7300 holders. The community mainly deduces FABLES's implied valuation to be around $400 million based on the secondary market price of PROLOGUE and the minimum proposed ratio of 40 to 1. As the conversion plan is undetermined and PROLOGUE's price is highly volatile, this deduction cannot represent TGE pricing.

Risk Warning:

Asset price volatility may alter holding proportions, and fees earned may not cover principal losses; the Hook contract code is hardcoded on-chain; if there are vulnerabilities that cannot be repaired, it may affect all market-making funds in the pool; despite code limits and time locks, there may still be short-term pricing errors; points and creator fees rely on off-chain statistics, and the official can retract modifications due to rule adjustments, making them non-reversible assets off-chain; the underlying assets are not real US stocks, the issuer has the authority to freeze addresses, suspend trading, and adjust rules; the Robinhood Chain is subject to risks such as network congestion, data delays, or front-end inaccessibility; current trading volume is mainly driven by the six-week points program, and whether real trading volume can be maintained after the incentives end, before audits and token details are finalized, depends on market demand.

Additionally, be aware that an independent meme coin with the same name "fable" exists on-chain and is unrelated to the Fables protocol.