Thirteen slides. What is live, how EXDIV earns, three projection scenarios with the model behind them, and the risks. Projections are not forecasts.
EXDIV splits a Robinhood stock token into the stock and its dividends. Two tokens, two markets, and the only dividend oracle on the chain. Live, verified, under audit.
The dividend lands inside the token as a multiplier change. There is no token for it, no price for it, and no way to buy or sell it on its own.
A lender cannot tell a dividend from a stock split. Both look like the same multiplier move. So no protocol could safely list a stock token as collateral.
Nobody could buy the stock without the dividend at a discount, which is the oldest fixed-income trade there is. Treasury STRIPS are a multi-trillion-dollar version of it.
EXDIV fills all three with one split. A principal token, a yield token, and an on-chain accountant that classifies every multiplier change so lenders can trust the price.
1 AAPL at pool prices, September 2026. On PFE the yield token is over 9% of the share.
The stock, discounted. Trades under the stock because the dividends were cut away. Redeems the full position at maturity. A fixed rate on Apple, on chain.
The dividends, alone. Every dividend the position earns before maturity, for a fraction of the share price. Pure dividend exposure with no leverage and no liquidation.
Pashov Audit Group, four senior auditors, 7 to 9 September. Report public when it lands. Contracts frozen until then.
Every contract, every series, verified on Blockscout. The site reads everything it shows from chain.
Every multiplier change classified within a minute. Anything outside the dividend or split bands halts the market instead of guessing.
On every split, taken in the stock. Merge is free.
Of the dividends a yield token collects, at redemption.
A EXDIV-curated USDG vault lending into every p-token market. Fee on lender interest.
0.05% on principal pools, 1% on yield pools. The treasury is the largest LP today.
Same fee design Pendle used to reach $40M a year on crypto yield, pointed at an asset class Pendle cannot touch.
Turns: a unit of stock is split about three times a year as positions roll, re-split, and rotate between series. Yield 1.5% is a blend of SPY, QQQ, AAPL and PFE. Vault inputs mirror the live Morpho market.
Fees from every series market-buy $PARE and burn it. No staking contracts, no lockups, no emissions. Usage shrinks supply.
Which stock splits next, at what cap, and when. Not live in the contracts today.
Fee discounts on splits and priority capacity when a series cap fills. Not live in the contracts today; every split pays the same 0.1% fee.
| Pendle · launched June 2021 | EXDIV · launched September 2026 | |
|---|---|---|
| Year one | $38M TVL peak, under $4M by mid-2022. Bear market. Revenue well under $1M. | Strong case $28M split, — revenue. |
| Year two | $10M to $100M as liquid staking took off. Revenue in the low millions. | Strong case $140M split, —. |
| Year three | $234M to $1B in six weeks. Restaking wave. $40M annualised revenue the year after. | Strong $500M split, —. Breakout $3B, —. Dominant $9B, —. |
| Today | $1.2B TVL, about $20M in trailing-year fees, 14 chains. | Four series, one lending market, day four. |
Pendle waited two years for liquid staking to arrive. EXDIV's wave is already here: tokenized stocks are the fastest-growing real-world asset on chain, and Robinhood is shipping them onto the chain EXDIV runs on.
Every projection on this page is illustrative and depends on assumptions stated on the slides. Nothing here is an offer, a forecast, or investment advice. $PARE is not a share and not a claim on revenue. The only $PARE contract is Address hidden.