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Tyco wraps a concentrated liquidity position into a single fungible token, and routes orders into that liquidity without publishing them first. It runs on Robinhood Chain, against Uniswap v4 pools quoted in USDG.

A v4 position is an NFT with a range attached. It is not fungible, so no lending market will take it and no order book will quote it.

A Tyco vault owns the position and issues T-Shares against it: an ordinary ERC-20 named after its underlying: tyAAPL, tyETH. The hook inside the pool manages the range.

Each vault tracks one number: price per share, the amount of underlying one T-Share redeems for.

pps    = totalUnderlying / totalShares
deposit: shares = amountIn / pps
redeem:  out    = shares * pps

Fees are harvested into totalUnderlying and mint no shares. The numerator grows, the denominator does not, and price per share ratchets up. There is no claim step and no reward token: if you held through the fees, you already have them.

A pending transaction is a free option for whoever reads it first. Tyco never creates one for your order.

1. Order. You sign an intent: what to fill, the worst price you accept, when it expires. A signature, not a transaction, so it never enters the mempool.
2. Match. Solvers compete to fill it against resting intents and vault inventory. Price competition is what keeps the fill honest, since you are not watching an order book.
3. Settle. The winning fill lands as one atomic transaction. By the time it is public it is already done.

Your limit is enforced at settlement, so a solver cannot fill you worse than you signed for. The failure mode is a missed fill, not a bad one.

A T-Share is a plain ERC-20 with a monotonic price per share, so it behaves like any other yield-bearing token:

• Trade it. The vault itself is a market.
• Lend it, or borrow against it. The range keeps quoting and keeps accruing the whole time it sits as collateral.
• Redeem to the underlying, any time, no queue.

• Position risk. You still own an LP position. Price moving through the range leaves you worse off than holding the assets, and fees may not cover the difference.
• Depth. Redemptions come out of real pool liquidity. Thin markets redeem worse than deep ones, which is why not every ticker gets a vault. See the vault list for what is live.
• Solver liveness. If no solver bids your intent, it expires unfilled. You are never filled at a worse price than you signed, but you are not guaranteed a fill.
• Contract risk. Hook, vault and settlement are code, and code has bugs.

Do I need to pick a price range?

No. The hook owns the range and rebalances it. You interact with the vault, never with a tick.

Can price per share go down?

The fee component only adds. What moves against you is the position itself: an LP range that ends up on one side of the market is worth less than the assets you put in, and price per share reflects that.

What happens to my fees while the shares are collateral?

They keep accruing to the vault, which raises price per share and therefore the value of the collateral. Nothing needs claiming.

Is private routing the same as a private mempool?

No. A private mempool still ships a transaction a builder can see. Tyco matches the intent first and publishes only the settlement, so there is no pending route to read.

Which markets are supported?

Tokenized equities and crypto with a USDG pool on Robinhood Chain. Depth is the limiting factor, not the ticker list: thin pools do not get a vault.