One stock. Multiple markets.
Lock a tokenized stock on Robinhood Chain and get it back as two tokens: one that is the price, one that is the dividends. Trade either without the other.
Markets open right now.
Every row was read from the factory contract when this page loaded. Anyone can open a market for any tokenized stock at any month end.
What does 100 AAPL turn into?
The figures below use the live multiplier of the AAPL token on chain, read just now. Nothing here is a forecast.
You lock 100 AAPL in a market that matures in December 2027. The token's multiplier is -, so 100 raw tokens are entitled to - shares.
You get that many of each piece. p is the share count. d is every distribution the multiplier adds before the market matures. Sell either one and keep the other.
If AAPL reinvests a dividend the size of its last one, the multiplier rises to -. p still redeems the same shares, now - raw AAPL. d is owed the - AAPL that freed up. Together they are still 100.
The same thing in symbols
lock d raw tokens at multiplier M0 -> a = d x M0 shares, mint a of p and a of d
later, at multiplier M1 (a payout): p redeems a / M1 raw tokens
d is owed a x (1/M0 - 1/M1) raw tokens
the two sum to exactly d
a step of 5% or more is a split, not a payout, and passes through to p untouched.
The rules.
Short, because the contract is short. There is no admin key on any market and no oracle anywhere.
The stock token is the oracle.
Robinhood's stock tokens carry their own dividends as a number called uiMultiplier() that only goes up. Every piece settles off that one integer. Nobody reports a price, nobody reports a dividend.
A split is not a dividend.
A 4-for-1 split arrives through the same number as a payout. Any step of 5% or more is treated as a corporate action and passes through to p, so a split moves neither piece. The largest distribution ever recorded on this chain is 88 times smaller than that line.
Anyone can open a market.
Pick a stock token and a month end. The factory derives the piece names from the token's own symbol and the date, so nothing about a market is typed in by whoever opened it. One market per stock and date.
The door never closes.
Hold matching p and d and you can combine them back into the stock at any moment, before or after maturity. After maturity, p alone redeems its shares and d alone claims what it is owed.
Unaudited, and the stock token has an owner.
The contracts are small and tested against the live AAPL token, but nobody outside has reviewed them. Separately, Robinhood's token can be paused, and balances can be blocked or burned by its issuer. A market holds that token and inherits all of it.
This is a market in basis points.
Few of the tokenized stocks on this chain have ever paid anything, and where they have, the steps are hundredths of a percent. A d piece is small by nature. It is honest to say so on the front page.