Pare

PARE splits a tokenized stock into two things you can trade separately: the stock itself (at a discount), and the stream of dividends it earns

[Pare @PareStocks]

Every share you have ever owned was two assets stapled together. The price, and the income it throws off.

For a hundred years you had to take both. Buy Apple, you get Apple’s dividends whether you wanted them or not. Want the dividends without the exposure? You couldn’t. Want the exposure without the dividends? Also no.

PARE takes them apart.

Deposit a tokenized stock, get two tokens back. One is the price with the dividend cut away, so it trades under spot and redeems the full share at maturity. The other is the dividend on its own, with zero price risk.

Buy the half you actually wanted. Sell the half you didn’t. Put them back together into the original share any time, for free, forever.

That last part is the whole design. The free merge is your exit no matter what happens to us, and it’s what keeps both halves honestly priced.

Every dividend that trades on its own, on any chain, trades here. We’re the only place that exists. That’s not a boast, it’s just where the category is right now, and we intend to still be saying it when it’s crowded.

AAPL, SPY, QQQ and PFE live. No emissions, no lockups, no staking contracts. The contracts can’t be upgraded and the fees were fixed at deploy, so we can’t raise them on you later. Protocol fees buy and burn $PARE.

Ca: 0x15d36B6A28d8327ABc7aFABF0F106AE2c9Af5C4d

https://t.co/N5QgFT21Z1

[Pare @PareStocks]

Something drops on PARE today.

Not a new series. Not a new pool.

Four markets are live. What's coming isn't a market. It's the piece every protocol on Robinhood Chain has been missing, and we're giving it away.

Why free? Because every protocol that plugs it in becomes a new home for pAAPL, pSPY, pQQQ and pPFE. The more places our split tokens can go, the deeper this whole thing gets.

https://t.co/N5QgFT21Z1

[Pare @PareStocks]

A 6% dividend yield usually means the market isn't sure the dividend holds.

until now there was nowhere to have that argument. you either owned pfizer or you didn't.

think it gets cut? buy pPFE at 0.91271 and take a fixed 5.98% a year in shares, whatever happens to the payout. think it holds or rises? buy yPFE at 0.08729 and own the dividend stream on its own.

same share. both trades, at once.

[Pare @PareStocks]

People keep asking what happens at maturity, usually expecting something bad.

nothing expires. nothing is forced. the accountant settles the final index once, then principal redeems for the baseline with no fee, and the dividend token redeems the drip it earned less 5% of that drip.

if you do nothing, nothing is lost. merge stays free afterwards, same as before.

no cliff, no expiry, nothing to miss.

[Pare @PareStocks]

Most people haven't clocked what the principal token actually is.

pPFE trades at 0.91271 PFE. hold it to march 2028 and it redeems for exactly one baseline share. that's a 9.56% return over 574 days, or 5.98% a year, denominated in pfizer shares rather than dollars.

and here's the part that surprises people: that return doesn't depend on the dividend at all. if pfizer raises it you get 1.00000. if pfizer cuts it you get 1.00000.

the token redeems d0/dT of the raw balance, and raw is worth dT/d0 more by then. the two cancel exactly.

a zero coupon bond, denominated in a stock.

[Pare @PareStocks]

48 hours on PARE. quick recap, a lot moved.

one market became four. AAPL, SPY, QQQ and now PFE, all live and splitting.

you can buy in with ETH and pick what you walk out holding: the stock, the stock at a discount, or just the dividend. sells the same way in reverse.

you can provide liquidity with nothing but ETH either. it buys the stock, pares it, and opens both positions for you. withdraw unwinds the lot whenever.

your positions show what they've actually earned in fees now, across every series.

implied dividend yield went live, what the pool prices a stock's dividend at between now and maturity.

and today PFE landed on a two year term. our first three were great tickers with thin dividends, so the spreads were under 1%. PFE's principal token sits 8.73% under spot and its dividend token is worth 0.087 of a share. nearly ten times the spread from the same contracts.

around $20k of our own liquidity across eight pools. no emissions, no lockups, no staking contracts.

https://t.co/N5QgFT21Z1

[Pare @PareStocks]

Series 04 is live, and it's the one where the maths starts to matter.

Our first three were AAPL, SPY and QQQ. great tickers, thin dividends. SPY pays about 1.1% a year on a seven month term, so the whole spread was 0.90%. the mechanism worked perfectly and the numbers were too small for anyone to care.

PFE pays around 6%, and we ran it on a two year term. 9.43% of dividend over the term, a principal token sitting 8.73% under spot, and a dividend token worth 0.087 of a share instead of 0.009.

Nearly ten times the spread, from the same contracts.

As far as we know nobody has had a live implied dividend yield for real equities on chain before. we shipped one, and on this series it finally reads like a number worth trading. it comes straight out of the principal token's price, because a token that redeems for a known fraction of a share is already a forecast of the dividend whether anyone meant it that way or not.

~$4k seeded into its pools, taking us to around $20k across eight pools.

[Pare @PareStocks]

You can now build an LP position with nothing but ETH.

Send ETH and the terminal buys the stock, pares it into its two halves, and opens both pools in your wallet. before this you had to go and get the stock yourself first.

it's one flow but your wallet will ask you to sign a few times, approvals for each token then the positions. we cut it from nine prompts down to seven and kept every approval to the exact amount rather than unlimited, which is the safer way round even though it costs a click. figures in the clip are an example.

new too: your positions now show what they've actually earned in fees, across every series, and withdraw unwinds the whole thing back to stock whenever you want.

$AAPL , $SPY and $QQQ.

[Pare @PareStocks]

Quick update on audits.

We've started conversations with a few firms this week. getting quotes back, comparing scope and lead times.

no announcement yet because we're not signing with the first name that replies. it's a small codebase with one invariant that really matters, and we want the right team on it at a price that makes sense.

we'll say who and when once it's locked in.

[Pare @PareStocks]

there's no residual to allocate because we never promise a number. PT redeems d0/dT, YT redeems (dT−d0)/dT, against the realized index at maturity. those sum to exactly 1 whatever the dividend turns out to be.

cut means YT redeems less and the YT buyer wears it, which is the risk they bought. special dividend lands in the same index and YT captures it. PT gets its baseline either way.

withholding is upstream, the token's multiplier already reflects what the issuer credited and it's the same for every holder.

[Pare @PareStocks]

The line that lands is that you're not creating yield, you're financializing it.

the dividend was always there. it just never had its own price, because you could never own it apart from the share. now it does, and the market gets to argue about what a year of Apple's payouts is actually worth.

first time that argument is open to anyone with a wallet instead of a trading desk.

[Pare @PareStocks]

This one's live and it's a big one! 📢

You can now go from ETH to a piece of a real company's dividend stream in a single transaction. no brokerage, no bank, no forms, no waiting for the open. just a wallet.

Pick what you walk out holding:

- The stock itself, dividend and all
- The stock at a discount, dividend stripped out
- The dividend on its own, none of the price

That middle one is Apple under spot. that last one is a pure claim on Apple's payouts, which until now was basically a swap desk product you needed an institution to touch.

native ETH in, native ETH out. no approvals, no wrapping to undo, and it runs the same way in reverse whenever you want out.

splitting is optional now. you can just buy the piece you actually wanted.

AAPL, SPY and QQQ live.

[Pare @PareStocks]

There’s a question going round about creative ways to get people adding liquidity to tokenized stocks.

every answer to it is money. print a token, pay it to LPs, hope they stay when it stops.

We went at it from the other end and deleted the friction instead. adding liquidity here used to be eight steps and a tick maths problem that silently reverts if you get it wrong. now it’s a button. pick an amount, confirm, withdraw whenever.

and the position is easy to sit in. both sides of the pool are the same stock, one just has the dividend removed, so the pair only moves inside a band about a percent wide.

[Pare @PareStocks]

The interesting part with stocks is you don’t have to print anything to get liquidity in. the yield’s already real, it’s just locked inside the share.

so we cut the share in two. one token holds the price, one token holds the dividend. the yield stops being an emission you farm and becomes something you can buy, sell and LP on its own.

We have AAPL, SPY and QQQ live on RH chain, around $15k of liquidity in the pools already.

[Pare @PareStocks]

Series 03 is live. QQQ, split.

pQQQ is the Nasdaq 100 at a discount. yQQQ is nothing but its dividends. Same terminal, same March maturity, same free merge. Three markets now: AAPL, SPY, QQQ.

We seeded it with $5k of our own QQQ straight into the pools, same as we did for AAPL and SPY. Every market we open, we're first in.

And the next thing opens these markets to everyone. Right now you need tokenized stock before you can touch a split. Not for much longer. Anyone holding crypto is about to have a direct line into real equities and the dividends behind them, in one step, no brokerage and no paperwork 👀

Millions of wallets, three markets, one door. Soon.

https://t.co/oMOmAdwF2v

[Pare @PareStocks]

Appreciate the deep dive, and mostly agree.
On the caps: 1,000 is shares per series, not dollars. That’s about $326k of AAPL and $766k of SPY per vault. It’s immutable per series and was set deliberately small until the contracts are heavily audited. Later series can raise it once that has been completed.

On YT liquidity: agreed, and it’s physics as much as budget. A yAAPL is worth under a cent on the dollar, so the YT pools only deepen as more stock gets pared. We put $8k of our own in today and the EARN tab lets anyone add. The treasury’s split fees go back into the pools, so that’s the flywheel you’re describing.

[Pare @PareStocks]

Robinhood Chain tells you about a dividend before it happens.

Every stock token carries two multipliers: the live one, and the next one with a timestamp for when it takes effect. Apple's August dividend sat on-chain as 1.00056608 with a date attached before a single wallet balance changed.

Our terminal reads that slot every block. The moment a dividend is scheduled, the series flips to pending and the event gets classified on-chain. Your wallet finds out later. We don't.