Cleave takes a Robinhood stock token and cleaves it in two: a Share Token that delivers the stock at maturity, and a Dividend Token that collects every dividend until then. Trade either half. Dividends stream to you as they land. Merge back any time, free.
Every row is read from the factory on Robinhood Chain. Prices come from the pools; the fixed rate is what a Share Token earns if you buy it under its baseline and hold it to maturity.
A zero-coupon bond wearing an equity. It trades under the stock because the dividends were cut away, and it redeems the full baseline position at maturity. Buy under par, hold, collect the difference.
Every dividend the position earns before maturity, for a fraction of the share price. Each one is credited to your wallet the moment the ledger classifies it. No leverage, no margin, no liquidation, and no waiting for maturity.
Other designs pay the yield leg once, at maturity. A Cleave Dividend Token credits each dividend when it lands and lets you claim it in stock on the spot. Sell the token afterwards and you keep what it already earned.
Merge never locks. If a multiplier change is waiting to be classified, merge pays at the worst-case rate for the vault instead of refusing, so nobody can drain the pool and nobody is trapped.
A series opens at par and then a raw stock token keeps reinvesting. Cleave mints pairs at the live baseline rate, so a late depositor never overpays and an early one is never diluted.
Split and yield fees round up, per call, so fragmenting a deposit into dust never pays less than a single one. Capacity counts pairs, not balance, so donations cannot fill a series.
The dividend ledger classifies every multiplier change into a dividend or a stock split, holds anything that fits neither, and exposes a live sync flag any lender can wire into a pause.
Both halves support permit, so trading and lending integrations can move them with a signature instead of an approval transaction.
Deposit a stock token. Receive a Share Token that redeems for the stock at maturity and a Dividend Token that collects every dividend until then. Fee 10 bps, once, on the way in.
Sell the dividends and keep a fixed-rate claim on the stock. Or buy the dividends alone for a fraction of the share price and claim them as they arrive. Both halves trade on Uniswap v3.
Post the Share Token on Morpho Blue and borrow against it. Or merge both halves back into the stock, any time, free, whatever state the series is in.
Separating an asset from its income stream is one of the most proven structures in finance. It just never had a retail door.
Dealers split a Treasury into its principal and each coupon, and every piece trades on its own. A multi-trillion-dollar market that still clears every day.
Americus Trusts split blue chips into a dividend claim and a price claim listed on the AMEX. A 1986 tax change killed the wrapper. The demand did not go anywhere.
Pure dividend streams trade in size on Eurex and CME, behind ISDA paperwork and broker minimums. Retail was never on the list.
The same trade as two ERC-20s over tokenized stocks. Self-service, on-chain accounting through the token's own multiplier, and a free merge back to par at any time.
Fixed supply of one billion, no mint function, burnable: that much is in the contract. The design routes a share of protocol fees to buying $CLEAVE on the open market and burning it, so usage shrinks supply.
The treasury is designed to route a share of split and yield fees to market-buying $CLEAVE and burning it. No emissions, no staking contract, no lockups. It is a treasury policy, not an on-chain guarantee.
New series are a choice: which tickers, what caps, when. $CLEAVE holders steer the listing pipeline. The dividend heavyweights are the obvious ballot.
Fee tiers on splits and priority capacity when a series cap fills, delivered through new vaults with lower immutable fees. Roadmap, stated plainly as such.
Governance and holder fee tiers are intended, not deployed. Fees are immutable per vault and identical for every address today. $CLEAVE is not a share and not a claim on revenue.
Every contract address is linked to the block explorer from the docs the moment it is deployed.
One small contract per stock token classifies dividends and splits. Any lender on the chain can read it with no key.
This build ships with a full test suite and no independent audit. Lending against Share Tokens stays treasury-only until a review is public.