Split any Robinhood Chain stock token into a principal claim and a yield claim with a shared expiry, then trade the two.
Open the appPT plus YT is one share, always. Buying PT takes a fixed rate. Buying YT is the bet that dividends beat it.
Live markets:
About hdfi
A Robinhood Chain stock token pays no cash dividend. Dividends, and stock splits with them, are folded into an on-chain multiplier — ERC-8056. A balance is raw and never moves on a corporate action; only the multiplier does, and shares are raw times that number.
That single fact is the whole design. hdfi splits a token into the shares it will settle for at maturity and the shares the multiplier adds before then, and runs a pool where the two trade. There is nothing to distribute, so nothing is distributed: yield is settled against an index, and the vault stays solvent by construction rather than by accounting.
Four things a stock token can become once its yield is separable: a fixed rate, a levered claim on dividends, a pool position, and a rate a lender can price collateral against.
Read the docs01
Buy the principal claim at a discount and hold it to maturity, where it settles for exactly one share. The discount is the rate, and it is locked the moment you buy.
02
Buy the strip on its own. You pay one share minus the principal price, and you collect every share the multiplier adds before expiry.
03
Provide principal tokens against the stock token. The curve flattens into expiry, so the divergence a liquidity provider carries shrinks as the pool converges to par.
04
The pool averages the rate, not the price. Snapshot the cumulative at two moments and it returns a time-weighted principal price a lender can hold collateral against.
Markets
Every stock token on Robinhood Chain carries the same multiplier, so every one of them can be stripped. A market is a vault and a pool sharing an expiry, and whitelisting an underlying type-checks it for ERC-8056 first, so a plain ERC-20 cannot be opened as a market by mistake.
Open a marketHow it works
A Robinhood Chain stock token pays no cash dividend. Dividends, and stock splits with them, are folded into an on-chain multiplier: balanceOf never moves on a corporate action, only uiMultiplier() does. The vault reads it and banks the high-water value.
What one share earned between two multipliers is the raw it no longer needs as backing — 1/prev minus 1/index — and that is exactly what falls out as the principal claim shrinks. The two sides are complementary by construction, so the vault is solvent without any distribution accounting.
Strip vault
Custody and the yield index
01 — 03
hdfi is four contracts and a router. No upgradeable proxy in the borrow path, no privileged pause on withdrawals, no off-chain matching engine holding your position. Every parameter that can move is published before it moves, and every one that cannot is fixed at deploy.