Robinhood stock tokens don't pay cash — each distribution is reinvested into an on-chain multiplier that climbs with every payout. SemiVault tokenizes that stream and splits it: lock a fixed yield, or trade the dividend upside. Backed by the underlying shares, split on-chain, non-custodial.
One row per season. Click a row to trade it: lock the fixed rate with PT, buy the dividend stream with YT, provide liquidity, or split and redeem the stock yourself.
| Ticker | Season | Fixed rate | PT price | YT price | Liquidity | Days left |
|---|---|---|---|---|---|---|
| reading seasons | ||||||
Prices are in shares of the stock token, the unit your wallet shows. PT matures to one base share of the stock; YT collects that share's reinvested dividends until maturity and then expires. The fixed rate is the yearly rate a PT buyer locks at the current price. Liquidity is the SY and PT in the season's pool.
Robinhood stock tokens are explicitly non-rebasing. When the underlying company pays a
dividend, your raw balance doesn't move — the token's uiMultiplier() ticks up, and
each unit quietly redeems for more shares. That's the yield: on-chain, deterministic, and until
now, un-tradeable.
Read it yourself on any stock token:
uiMultiplier() starts at 1e18 and climbs — every dividend reinvestment bumps it up.balanceOf() and totalSupply() never change — your shares are raw × multiplier ÷ 1e18.UIMultiplierUpdated event fires on every accrual. The yield index is the chain itself.The copies describe a product that can't exist on these tokens:
eth_getBalance — that reads native ETH, not the token.Deposit a stock token for a season. You get back two ERC-20s that add up to your position — hold both and you're exactly where you started, or sell either side to the market.
PT trades below par and redeems at maturity for your principal in share value (par = 1.00). The discount you buy it at is your fixed return in share terms — known the moment you buy, still a claim on a real dividend-paying share. It's a fixed yield, not a fixed dollar value: you keep the underlying's price risk.
YT captures every multiplier tick between now and maturity — the whole reinvested-dividend stream, in one token, for a fraction of the share price. Leveraged, expiring exposure to exactly how much the underlying pays this season.
With 2,000+ stock and ETF tokens live on Robinhood Chain, the market that matters isn't the 0.4% blue-chips — it's the income names where the multiplier climbs fast enough to trade. The first seasons target exactly those.
Current distribution yields on the underlying equities (2026). Covered-call and mortgage-REIT names (gold) pay largely return of capital — the price drops with the payout — so they're clean YT distribution plays, not fixed-rate PT markets. The steady-dividend names (cyan) work as both. Illustrative of the target set, not a SemiVault return or quote; final launch list set before each season.
Pick a real name and a season size. Everything below is computed live from the underlying's distribution yield and a 0.30% trading fee (a year's worth, scaled to the time left on the season). 70% of every fee buys SEMI on the open market and sends it to the burn address; 15% pays operations and 15% stays in the pool for the LPs. Burned SEMI never comes back.
Deposit a stock token into the SY wrapper. It reads the live uiMultiplier() — no oracle guesswork, no custodian.
The season mints equal PT + YT. Together they're your full position; apart, they're two markets.
A time-decay AMM quotes PT and YT continuously, surfacing a live implied fixed yield for the season. 70% of every fee buys and burns SEMI.
At maturity PT redeems 1:1 for the underlying; YT has paid out its dividends. Or recombine anytime to exit early.
PT and YT are ERC-20s in your own wallet. Nothing sits on a company ledger crediting you an IOU — you hold the claim, you redeem the claim.
Every PT is redeemable against the actual stock token and its real on-chain multiplier — the tokenized equity itself (shares custodied by Robinhood), not an IOU we mint.
Every season's contracts are on-chain and linked from its market panel. The yield index is a public function anyone can read. Same standard as the rest of SemiVault.
Plainly, in the order it matters.
Robinhood can pause or block transfers of a stock token and can upgrade its contract. While that lasts, the SY, PT and YT of that stock cannot be unwrapped, and SemiVault cannot move the shares for you.
Liquidity per season is only what LPs have put in. A large order moves the price a long way, and there may be no bid at all when you want out. Read the quote and the fee before you confirm.
PT matures to one base share of the stock. The fixed rate is fixed in shares; the dollar value follows the stock price, up or down.
A season that sees no payout leaves YT near zero at maturity. YT is a position on the size and timing of this season's dividends, and it decays to zero at maturity whatever happens.
A single observed rise of more than 15 % in the issuer's multiplier is treated as a stock split and is not credited to YT; that value stays with the principal. A keeper that syncs after every issuer update keeps a real dividend from being folded in with a split.
The contracts are new and a season cannot be changed once it is open. The factory owner can pause new splits into a season and nothing else; redeems and claims never stop. Trade amounts you can afford to lose.
New seasons and new stocks are announced there first, with the contract addresses the day they go live.
SemiVault Dividends is an experimental protocol. Nothing on this page is an offer, solicitation or promise of any return. Tokenized equities, fixed-yield instruments and yield tokens carry risk, including total loss. Illustrative figures are not quotes. Verify every contract yourself before interacting. Not available where prohibited.