Split a stock into its price and its dividends.

Each half becomes its own token. Keep the one you want, sell the other for cash, borrow against either, or lend them out. Hold both and you can turn them back into the stock at any time.

1 SPY at $770, split Principal token$766 Dividend token: $4 the next two dividends
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Drawn to scale. SPY at about $770 with two quarterly dividends before a 31 March 2027 maturity. The dividend token is a thin slice of the stock, and that slice is what a buyer pays you cash for today.

One stock, two assets, eight ways to use them

Both halves are separate tokens you can pledge, sell, lend or hold. Here are all eight uses side by side.

1 SPYyour stock split Principal token4 uses Dividend token4 uses 1Borrow USDGLending pools2Sell and buy backSell and buy back desk3Lend it outStock lending4Hold to maturityRedeems for SPY5Sell your dividends for cash nowDividend desk6Claim dividends any timePaid as SPY7Borrow USDG against earned dividendsLending pools8Sell and buy back, or lend it outSame desks as the PT
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You can use each half on its own. Keep the principal token as collateral while you sell the dividend token for cash, or the other way round.

How the split works

One SPY goes into the split contract and one of each token comes out. A tracker watches SPY for changes so that only real dividends reach the dividend token.

SPYstock token in your wallet Dividend trackerTurns each multiplier changeinto a dividend-only index Rises by up to 3%a dividend, credited to YT Clean ratio, like 2:1a stock split, ignored Anything elseheld for a public 2-day review Split contractHolds the deposited SPY.Mints, merges and redeems. Principal token (PT)The price, without dividends.Redeems for SPY at maturity. Dividend token (YT)Every dividend to 31 Mar 2027.Claim them as SPY, any time. deposit 1 SPY multiplier updates dividend index mints 1 PT mints 1 YT merge 1 PT + 1 YT back into 1 SPY, any time, no fee
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A stock split changes SPY's multiplier too. The tracker tells it apart from a dividend, so a 2-for-1 can never be paid out to dividend token holders.

What each token can do

Both tokens plug into the desks Lightbringer already runs. Selling future dividends for cash is the one new desk.

What you wantWith the principal tokenWith the dividend tokenWhereWhat to watch
Cash now for future dividendsNot availableA buyer posts a USDG price. Accept it and you are paid on the spot.Dividend deskThe buyer keeps every dividend from then on.
Borrow USDGAgainst the principal's price. You keep its moves.Against dividends already earned. Future ones never count.Lending poolsLiquidation if the value falls below the limit.
Cash now, buy back laterSell at a small discount with a fixed buy-back price.Same terms, on the dividend token.Sell and buy back deskSkip the buy-back and the buyer keeps it.
Earn a feeLend it for a set term.Lend it for a set term.Stock lendingThe fee stops if you recall it early.
Collect dividends yourselfNot availableClaim each dividend as SPY, whenever you like.Split contractCompanies can cut or skip dividends.
Get SPY backRedeem for SPY at maturity.Merge with a PT for SPY, any time.Split contractMerging needs one of each.

Life of a series

Every series ends on one maturity date. Dividends reach the dividend token as they are paid, and the principal token becomes SPY at the end.

Sep 2026You split Dec 2026Dividend paid Mar 2027Dividend paid 31 Mar 2027Maturity MergeYT claimsPT redeems open the whole time, including after maturity first dividend claimableboth claimable, any time after PT turns back into SPY
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What keeps it sound

Splits are never paid out as dividends

Only rises of up to 3% count as dividends. Anything unclear waits two days in public before it counts.

Merging is always open

One of each token always gets you one SPY back, even while everything else is paused.

Borrowing pauses when a change is unclear

Prices for both tokens stop until the tracker has classified the change, so no loan runs on a stale number.

The two halves always add up

What principal and dividend holders receive equals exactly the SPY deposited. The split contract never lends out what it holds.

Split one now

287 series are open across Solana and Robinhood Chain. Pick a stock and a date, and both halves land in your wallet in one transaction.

Split a stockEvery series