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Where the money comes from

Goat Street distributes real revenue. It arrives on-chain as ETH, is converted into whatever each holder has chosen, and is credited in proportion to weight. The engine does not know where the money came from. It splits whatever ETH reaches it, so adding a new source is a matter of sending revenue to the same address — no contract change, no migration, nothing for holders to opt into. Two sources reach it today: Cashmere app revenue, and revenue from the products that come after it, are intended to be routed into the same pot. That is a commitment the team makes rather than something the contracts enforce — the same kind of promise as the royalty split below, and it belongs in the same category as everything on Roadmap. Nothing about the payout itself is scheduled or discretionary. Revenue accumulates, and anyone can ring the Bell to convert and credit it.
Be precise about what kind of promise the royalty split is. Creator earnings are configured in the marketplace’s own panel — half to the reward pot, half to the treasury — and enforced by the marketplace off-chain rather than by a contract, so whoever controls that account can change it.On-chain the collection advertises ERC-2981 but has no royalty configured, so a venue that reads the standard rather than running its own creator-earnings programme currently collects nothing. Pointing that receiver at the distributor is planned.The entry fee split is different: it is a constant in the contract, half and half, with no setter and no admin path to change the ratio.

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What it costs to join

Registering a goat costs a fee in ETH. Half funds the reward pot, where it is distributed by weight exactly like royalty. Half goes to the treasury. The fee scales with rarity. A King Broker pays 7.20× what an Intern pays — and earns 7.20× the share, so what you pay per unit of weight is identical whichever goat you hold. Every entry adds a fixed 0.0000025 ETH to the base price. It is a straight line applied per entry, so nobody pays a jump for arriving a block later than someone else. All figures in ETH. The price doubles a third of the way through the first round of registrations.
Selling clears your entry. The buyer registers as a new entrant and pays the price the curve has reached; your payment does not carry over to them. The counter therefore tracks turnover, not goats — one goat changing hands ten times advances it ten steps.
The rise decelerates. The step from the first entry to the second is 0.05%; by the hundred-thousandth it is 0.001%. Entering early is worth the most precisely because the proportional climb is steepest at the start.

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What determines your return

Your share of any distribution is one fraction:
The level is the only lever you hold after you have bought. It is also the largest single one available: 3.00× is a bigger move than every rarity step below King Broker.

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Three things worth understanding before you buy

Entry fees are a transfer, not revenue. They come from somebody registering and are paid to everybody already registered — real money to receive, but it does not come from outside the system. Counting entry fees alone and no other income at all, an entrant is ahead of that flow until roughly the 3,300th and behind it after. External revenue is what carries the return over any long horizon. Today that means marketplace royalty; the intention is that Cashmere app revenue and later products add to it. If you are entering late, expect your return to come from external revenue rather than from the entries behind you — and weigh the intended sources as intentions, not as income already arriving. Every registration dilutes the ones before it. There is no cap on how many NFTs register, and each one enlarges the denominator. A holder who does nothing sees their share fall as the collection registers around them. That is what makes the entry fee coherent: price rises while the value of an entry falls, and together those stop the curve running to its ceiling on its own. Sold positions keep taking a share until somebody clears them. A sale notifies no contract. Until a stale position is cleared it keeps its weight at the seller’s level and keeps taking a share, which comes out of everybody still holding. Nothing can be extracted from it — the engine refuses to pay a position the registry no longer recognises — but the dilution is real while it sits there. Clearing one is open to anyone and costs only gas.

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Choosing what you are paid in

Each NFT chooses independently.

Take ETH

The default. Register and do nothing else, and your share of every distribution is credited in ETH. No decision, no attestation, and no exposure to equity price movement.

Take equities

Pick up to three assets from the menu below and split your weight between them.
A choice is a standing instruction, not a one-off order. It applies to every distribution from the moment it is set until you change it, reset it, or move the NFT. A transfer clears it — including a move to your own hardware wallet, since the contract only sees that ownership changed.
An asset can be removed from the menu. If that happens, a position still pointing at it is left out of the split entirely — no equity and no ETH — until you choose again. The removal is visible on chain, but nothing updates your choice for you. The app flags a stale choice; if you manage a position yourself, check it after any menu change.

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The menu

Fifteen tokenized equities and ETFs, capped at sixteen. Every address below is the canonical Robinhood Stock Token published at docs.robinhood.com/chain/contracts.
Check the address, not the ticker. Robinhood’s own documentation states it plainly: a token with a matching name or ticker but a different contract address is not a Robinhood Stock Token.
An asset earns its place by having a live Chainlink feed and enough depth to fill against it. Depth is measured on chain by buying at several sizes and comparing the result to the oracle. Every asset above fills within tolerance at the sizes a distribution can actually reach, with room to spare — a single round is capped well inside the thinnest route on the menu.
Choosing an equity means holding that equity. Tokenized NVDA can fall like NVDA can fall, and the protocol takes no view on that — it converts and delivers, and the position is yours from that moment. Leaving your choice empty means being paid in ETH. Neither is presented here as the better one.

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How a distribution works

1

Royalties arrive

ETH accumulates from secondary sales and entry fees.
2

The pot is split by asset

Weight is totalled per chosen asset, and each asset’s slice is sized by its share of that total.
3

Each slice converts

One swap per asset, bounded by an oracle floor. Weight that chose nothing takes its share directly in ETH.
4

Credit accrues

Nothing is pushed. Your entitlement is recorded and can be collected whenever you choose.
A slice that cannot fill is paid in ETH, not lost. If an asset has no route at that size, a stale feed, or is paused for a corporate action, its share is credited to the holders who chose it as ETH, in the same round. It does not leak to everyone else and it is not held over — only the denomination changes, and it is claimable immediately.

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Where rewards land

Each NFT owns a real wallet — a standard ERC-6551 token-bound account, controlled by whoever holds the NFT. Royalty payouts land there, because the revenue belongs to the NFT and transfers with it on sale.
Withdraw before you sell, and check the wallet before you buy. Rewards sitting in an NFT’s wallet go with the NFT in the same transaction, with nothing in the transfer to warn either side. A seller can also empty that wallet at any moment, including immediately before a sale settles, and marketplaces do not show its contents. This is inherent to the standard and cannot be prevented from inside the wallet.

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Collecting is two steps

1

Deliver it to the goat

Moves what you are owed into the NFT’s own wallet. Anyone can do this for any NFT, so you never depend on the team to be paid — and never pay gas for someone else’s delivery either.
2

Withdraw it to yourself

Moves it from the NFT’s wallet into the wallet you connect with. Only the current holder can do this.
Until the second step is done, the rewards belong to the NFT rather than to you. The app does both from one screen.

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The first four hours

A position that registered less than four hours ago is credited normally but cannot be withdrawn yet. It is a deferral, not a forfeit: the credit sits in the ledger and pays in full once the four hours are up. This is what stops buying, draining and selling being an instant round trip. Levelling up does not restart the clock, because the level was earned by waiting rather than acquired. Losing weight does not restart it either — nobody is made to wait again for being worse off. Selling inside that window costs you nothing you had earned: royalty credit belongs to the NFT, so it transfers to the buyer along with the wallet it would have been paid into. What you give up is only the ability to have taken it out early.