The Bean Paper

01Background

Bloom Energy (NYSE: BE) builds solid oxide fuel cells that turn natural gas, biogas, or hydrogen into electricity without combustion. Its customers are the people who need power faster than the grid can deliver it, which in 2026 mostly means AI datacenters. That is the stock.

Robinhood issues a tokenized version of that stock on its own L2, Robinhood Chain. The token, BE, is an ERC-20 that Robinhood says carries economic exposure to one share. The float on-chain is small and fully observable. At the time of writing it is a few thousand tokens, backing a company with roughly 295 million shares outstanding.

Two things follow. The on-chain float is small enough to move with a memecoin's demand, and Robinhood's mint is fast enough to crush any premium that opens.

02The mechanism

There is one design choice in this project. The pool is BEANS / BE, not BEANS / USDC. Everything else follows from that.

Buyer workflow. A buyer does not need to hold BE. Aggregators route any input asset through an intermediate leg, buy BE from whichever pool is cheapest, and deposit it into the BEANS pool in exchange for BEANS. The buyer sees one swap. The pool sees a BE deposit.

Three consequences.

1. The pool accumulates equity exposure. Its BE reserve equals cumulative net demand for the memecoin, denominated in Bloom shares.
2. Sourcing that BE pushes the on-chain price above the NYSE reference. We call the spread the voltage.
3. A sustained premium makes minting profitable. Robinhood, or an arbitrageur with a brokerage account, moves more BE on-chain to close it.

03The arithmetic

3.1 Every buy deposits full value

The pool is a Uniswap V4 constant-product market. With P BEANS and L BE in reserve, a buy that deposits ΔL BE and withdraws ΔP BEANS satisfies:

The BE reserve after the trade is L + ΔL, for any ΔL, at any price. Over any interval:

Key identity. BE in the tank is cumulative net BEANS buying, expressed in shares of Bloom Energy. It cannot be inflated by wash trading, because a wash trade is a buy and a sell that net to zero. It is read from the chain.

3.2 Crowd versus treasury

Net skew is net buying as a fraction of gross volume. At a 10% net skew and an on-chain BE price near $225:

Against a float of a few thousand tokens, the middle row out-accumulates any sane treasury budget inside a week.

04Token and distribution

Distribution. Fair launch. 100% of supply is placed into the liquidity pool at launch by the venue. There is no presale, no private round, no vesting schedule, no dev buy, and no allocation to the team or advisors. long.xyz has no creator pre-buy, so anyone on the team who wants $BEANS buys it from the pool at the open, like everyone else.

Fees. The venue's V4 market carries a 1% pool fee, and the venue charges a 1% app fee on the stock leg. The app fee is split 50/50 between the creator side and the venue, and harvested stock-side LP fees use the same 50/50 split. The creator share arrives in BE, not in BEANS. That accruing BE is the only thing the project holds that it did not buy in the open market. At $1M daily volume it is on the order of $5K a day. At $200K it is about $1K. There is no token tax, no reflection mechanic, and no buyback promise.

Venue protections. long.xyz reserves tickers for 24 hours before launch, validates tokens against its official factory, and issues token addresses ending in 1e18. Check the suffix before you buy.

05Measurement

6.1 Data sources

The scoreboard on the main page reads these every thirty seconds, in the browser, with no server in between:

6.2 Implementation notes

V4 custody. Uniswap V4 holds every pool's balances inside a single PoolManager contract. A naive balanceOf(pool) returns nothing meaningful, so the tank figure comes from the indexer's pool accounting rather than a direct balance call.

Mint baseline. The BE float is snapshotted at the moment of launch and stored in the page config. The counter on the main page runs forward from that number and only from that number.

6.3 Failure behaviour

The page reports one of four states: prelaunch, indexing, live, or degraded. Stale data is never served as fresh.

06Fair launch

There is no team wallet to police, because there is no team allocation and no way to buy before the open. Two rules anyway, both verifiable from the chain.

1. Anything we hold, we bought. Any $BEANS held by anyone associated with this project was bought from the pool after launch, at the open, through the same router as everyone else. If we publish a wallet, it will be one address and it will be marked to market on the main page.
2. No silent distribution. If that wallet ever sells $BEANS, notice comes first. Selling drains BE out of the tank, so the same scoreboard that makes accumulation legible makes distribution legible, on the same refresh.

Creator fees from the venue accrue in BE, not $BEANS. They are the only thing the project receives that it did not buy.

07What this is not

• Not a security, an investment, or a claim on anything.
• Not affiliated with, endorsed by, or connected to Bloom Energy Corporation, Robinhood Markets, or Long.
• Not engineering advice.
• Not financial advice or a solicitation of any kind.
• Not a roadmap. There are no deliverables, milestones, or commitments.

08Reference data

Glossary

Document history. Version 1.0, 3 Sep 2026, published ahead of launch. Contract address and launch block to be added on the day.

Appendix AThe gas, explained

Beans contain oligosaccharides that humans cannot digest. Gut bacteria can, and produce hydrogen, carbon dioxide, and in about a third of people, methane. A Bloom Energy Server is a solid oxide fuel cell: it takes a hydrocarbon or hydrogen fuel, reforms it at high temperature, and produces electricity electrochemically, with no combustion. It runs on natural gas, biogas, or hydrogen.

Methane is natural gas. Hydrogen is hydrogen. Both are on the input list.