Pare

PARE is a yield-splitting protocol on Robinhood Chain, launched on 3 September 2026. It separates tokenized stocks into two tradeable components: a principal token representing the underlying share with its dividends removed, and a yield token representing every dividend the share pays until a fixed maturity date. Holders can buy either component on its own, or recombine both at any time to recover the original stock token.

The protocol operates on Robinhood Stock Tokens, which are ERC-8056 tokens issued by Robinhood Assets. These tokens do not pay dividends as cash. Instead, the issuer reinvests each dividend and records it as an increase in the token's on-chain multiplier. PARE reads that multiplier through a component called the accountant, which classifies each change as a dividend or a stock split according to fixed, non-overlapping bands. Changes that fall outside both bands are resolved by a guardian role subject to a two-day public timelock. The resulting dividend index is published on chain and is available to any other protocol.

Each stock is deployed as a series with its own vault and maturity date. A vault's fees, treasury address, maturity and deposit cap are set at deployment and cannot be changed. There is no pause function, no upgrade mechanism and no administrative control over user funds. Settlement at maturity is permissionless and derives redemption values from the recorded dividend index. Recombining the two components into the stock token is always available and carries no fee.

As of September 2026, four series are live: AAPL, SPY and QQQ maturing in March 2027, and PFE maturing in March 2028. Each series has principal and yield token pools on Uniswap, quoted in the underlying stock token. A lending market for principal tokens is deployed on Morpho and gated to the treasury pending the completion of a security audit by Pashov Audit Group, which is scheduled to conclude on 19 September 2026. Deposit caps on all series remain in place until the audit report is published.

The protocol charges a 0.1% fee on each split, paid in the stock token, and a 5% fee on the dividends collected by a yield token, taken at redemption. Fees accrue to a treasury address that is immutable in each vault. Protocol revenue is intended to be used to deepen liquidity in the series pools and to purchase PARE on the open market and burn it, at the treasury's discretion.

PARE is the protocol's token. It has a fixed supply of 1,000,000,000 with no mint function, no staking contract and no emissions. 97.74% of supply was placed in the launch liquidity pool and 2.26% is held in a locked developer wallet. PARE is not required to use the protocol and no vault, principal token or yield token depends on it. Live supply figures are published at parestocks.com/api/supply.

Robinhood Stock Tokens, and by extension PARE's series, are not available to US persons.