Fletch Finance separates a tokenized stock's dividend stream from the share itself. Robinhood's stock tokens apply dividends and splits by growing a per-token multiplier rather than changing balances, and Fletch decomposes exactly that: deposit into a per-series vault and receive equal amounts of a principal token and a yield token, which at maturity divide the position between the two by the accrued dividend factor. The split conserves value precisely, so there are no liquidations and no bad debt, and burning equal amounts of both returns the underlying at any time. The hard part is telling a dividend from a split: a permissionless keeper posts that classification, an on-chain heuristic flags implausible ones, and a guardian has a day to dispute. The price a principal token trades at is the market's implied dividend yield. Treat it as early despite working contracts: on-chain the vaults hold about $30k, effectively a single deposit across two of the configured series, and no principal or yield pools exist yet, so the yields shown are computed rather than quoted. The documentation says prices come from Chainlink, while the shipped application reads a conventional market-data provider and the feed addresses are unset, and the site says an audit and a guardian multisig come before mainnet even as it describes itself as live.

www.fletch.finance · @FletchFinance · Docs

Fletch Finance has a token, $FLETCH: FLETCH price, market cap, holders and trades.

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