xStocks
You end up with more tokens
The contract raises a multiplier and your balance goes up. One token still tracks one share.
Provablemultiplier() + nonce
Phase 3
The Dividend Layer
PlannedOwn the company, or own what it pays you. Not necessarily both.
A share does two things: it tracks a company’s value, and it pays you a dividend. Those are different assets with different buyers, and off-chain markets have separated them for decades.
On the normalized asset, splitting them is straightforward. One half tracks the price. The other half collects the payments. Hold the part you want and sell the part you do not.
It becomes possible only when the dividend is a typed, provable event rather than an unexplained balance change. That is the whole reason Phase 0 comes first.
How it pays for itself
A fee on splitting and recombining, plus the market-making spread between the two halves.
Live today
Four issuers. Four ways to pay the same dividend.
Before any of the above can be built, a dividend has to be a fact rather than a balance that moved. Here is how each issuer handles one right now.
bStocks
A stored number moves instead
Your token count never changes. A separate figure scales what those tokens are worth.
ProvableuiMultiplier()
Ondo
The price quietly rises
Dividends are folded into the price by the issuer. Nothing about it reaches the blockchain.
Not provablenothing on-chain
Any issuer
A split looks exactly the same
Both double your tokens. One is income, one is not. Telling them apart needs the company’s filings too.
Provablechain state vs calendar