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.
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. 80% of every fee routes into the SEMI LP — the locked, up-only floor — so the dividends desk doesn't just stand next to SEMI, it thickens its backing.
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.
At launch a time-decay AMM will quote PT and YT continuously, surfacing a live implied fixed yield for the season.
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.
Contracts published and verified before launch. The yield index is a public function anyone can read. Same standard as the rest of SemiVault.
Seasons launch in waves, starting with the highest-yield names. Follow for the drop, the underlying list, and the contract addresses the day they go live.
SemiVault Dividends is an experimental, unreleased protocol shown here as a preview. Nothing on this page is an offer, solicitation, or guarantee 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.