A zero-coupon bond wearing an equity: PT trades under spot because the dividends were cut away, and redeems the full baseline position at maturity.
Every dividend the position earns before maturity, for a fraction of the share price. Reprices hard on dividend news. No leverage, no margin, no liquidation.
Deposit a Stock Token. One incision mints equal PT and YT — the whole position, in two tradable parts.
Sell the drip and hold discounted stock, or sell the stock and hold pure dividend exposure. Pools live on Uniswap.
At maturity PT redeems the baseline, YT redeems the accrued drip. Before and after, PT + YT always merges back to the underlying — free.
Splitting an asset from its income stream is one of Wall Street's biggest and most proven trades — and for 40 years it has been locked behind institutional desks. PAIR opens it to anyone with a wallet.
Wall Street splits Treasury bonds into principal and coupons and trades each piece on its own. A multi-trillion-dollar market that still runs every day.
Blue-chip stocks — AT&T, Exxon, GM — split into a dividend token and a price token, trading on the AMEX. It ran for a decade; a 1986 tax rule shut the structure down, but the demand never died.
Pure dividend streams trade in size on Eurex and CME every single day. Minimum ticket: institutional. Retail was never invited.
The same trade, rebuilt as two tokens anyone can hold. Split any stock, keep the side you want, merge back free at any time. No desk. No minimums. No permission.
Every split pays 10 bps. Every drip pays 5%. The treasury routes it straight back on-chain:
Protocol revenue becomes protocol liquidity. Every split anyone makes deepens the market for the next one — the protocol builds its own trading floor, block by block.
Most tokens ask you to believe. $PAIR launched into a protocol that already earns — built around one idea: every split, on every stock, buys and burns.
Protocol fees — from AAPL today, from every series after — are designed to market-buy $PAIR and burn it. Usage shrinks supply. No staking contracts, no lockups, no emissions. Hold, and let the tape work.
New series are a choice: which tickers, what caps, when. $PAIR governs the listing pipeline — the dividend heavyweights are the obvious ballot.
Holder fee discounts on splits, and priority capacity when a series cap fills. Using the protocol and holding the token compound each other.
REVENUE FIRST. TOKEN SECOND. — $PAIR SHIPPED INTO A WORKING PROTOCOL, NOT A PROMISE.