Fletch

A dividend layer on Robinhood Chain that splits a stock token into two halves: PT carries principal, trading at a discount to face and returning to full value at maturity, while YT carries only the dividend stream at a low unit price with high sensitivity to payouts. Together they reconstitute the original deposit one to one, and once traded separately the PT discount becomes a directly observable implied dividend yield.

Mechanically it ports the principal-and-coupon separation of fixed income onto tokenised equities: buying PT at a discount locks in a maturity return, buying YT amplifies dividend exposure, and each side forms its own price. Markets cover SGOV, SPY and QQQ among others, swaps charge a 0.30 percent fee, and a challenge window lets depositors review a split after it lands on-chain. PT and YT merge back into the original deposit at 1:1 and can also be sold separately, with both directions executed by the contract. Prices on each side move with supply and demand, making implied dividend yield directly comparable with dividend expectations on the book.