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How a split works

Six steps, from a connected wallet to a settled position. Only the first three are required; everything after them is optional.

The path#

  1. 1

    Connect and deposit

    The app finds the wallets your browser advertises, connects on Robinhood Chain, and credits anything sent to the vault address assigned to you. USDG funds your cash balance; stock tokens fund the balance a split draws from.
  2. 2

    Pick a token and a maturity

    Every verified token lists several dates. The one you choose fixes when PT settles and how long YT collects, and it decides which isolated market your two positions will live in.
  3. 3

    Split

    The deposited token is locked and equal units of PT and YT are credited to your account. Both appear in your portfolio straight away, and from that moment each can be acted on without touching the other.
  4. 4

    Trade either side

    Sell the half you did not want, put either side into a pool, or loop PT for a leveraged fixed return. All of this is optional — a split you never touch behaves exactly like the token it came from.
  5. 5

    Collect along the way

    YT dividends accrue continuously and can be claimed in USDG whenever you like. The claim tab shows the running total for each position and what it expects per quarter.
  6. 6

    Settle

    On the maturity date PT redeems one-for-one for the stock token. YT collects its final distribution and is finished. Anything merged earlier simply stopped existing, and the token went back to its owner.

It is reversible the whole way through#

Merging is the exact inverse of splitting and is available at any point before maturity. Equal PT and YT of the same token and the same date burn back into the original token — whether you minted those units yourself or bought them on the market.