Pare splits a Robinhood stock token into two ERC-20s that share a maturity date: a principal token (pAAPL-MAR27) that is the share with its dividends stripped out and redeems the baseline position at maturity, and a yield token (yAAPL-MAR27) that collects every dividend the position earns until then. Splitting costs 10 basis points; merging the pair back into the underlying is free and always available, before and after maturity, which is what holds the two halves to the price of the whole. A series runs ACTIVE, MATURED, SETTLED, and a permissionless settle() freezes the dividend index at maturity. The dividends themselves reach the protocol through the uiMultiplier that the chain’s ERC-8056 stock tokens raise when a dividend is reinvested, so no oracle prices the coupon. Redeeming a yield token gives up 5% of the dividend growth, and the protocol says its fees deepen the PT and YT pools and buy back PARE. PARE is a fixed one billion supply launched straight to a Uniswap v4 pool with no presale. The mechanism is well specified; what is not yet established is demand for trading the two exposures apart, and the series pools are young and thin.

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Pare has a token, $PARE: PARE price, market cap, holders and trades.

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