Documentation

Split tokenized stock into price and dividends.

Unlockable takes a verified Robinhood Stock Token and separates it into two positions for a maturity you choose: PT, which is the token’s price, and YT, which is its future dividends. These pages describe what each action does, what it does not do, and why the two sides always add back up to the token they came from.

Start hereSee a worked example

Getting started

What Unlockable isA market that separates a tokenized stock's price from its dividends.How a split worksThe whole path, from connecting a wallet to settlement.Connecting a walletWhat connecting does, and what it does not.System componentsWhich part owns which responsibility.

Core concepts

Robinhood Stock TokensThe underlying asset, and what it is not.USDGThe cash asset behind every market.PT, the price sidePrincipal exposure that converges to the token.YT, the dividend sideEvery dividend until maturity, without the price.MaturitiesOne token, one date, one isolated market.Pricing and fixed returnWhere the numbers on a market page come from.FeesCharged where value moves, paid to liquidity.Settlement and corporate actionsWhat happens when the company does something structural.

Trading

Buy and sell PT and YTThe trade ticket, start to finish.Reading a market pageEverything keys off one token and one date.The order bookBoth sides of the market, led by the return they imply.Positions, orders, historyEverything you hold and everything you did.

Splitting

Split a tokenOne deposited token becomes one PT and one YT.Merge backEqual PT and YT burn back into the token.Claim dividendsYT accrues continuously; claiming moves it to USDG.Redeem at maturityPT settles one-for-one into the stock token.

Liquidity

PoolsA PT pool and a YT pool for every market.Providing liquidityDeposit, earn the fees, exit when you choose.PT loopingBorrowing against PT to multiply a fixed return.Looping riskA rate spread with leverage, and the risks that implies.

Swapping

Swap stock and USDGMove between cash and any verified token.Routing and settlementSwaps fill from pool depth and settle immediately.

Reference

Worked exampleOne token, split, with every number shown.Vaults and depositsWhere deposits go and how they are credited.Account, balances, historyWhat the app tracks against your address.Risk notesWhat can go wrong, by which side you hold.FAQShort answers to the questions the rest of the pages raise.GlossaryThe dozen terms these pages lean on.ChangelogWhat shipped, and when.