How a stock token pays a dividend

A stock token on Robinhood Chain never sends you cash. When the company pays a dividend, Robinhood reinvests it and raises the token's uiMultiplier(): the number of underlying shares one token stands for. Your balanceOf never moves. balanceOfUI, your balance times the multiplier, grows.

Every change is posted on chain first, as newUIMultiplier and effectiveAt, and takes effect a few minutes later. We read every one of them since July. The Ledger of Rises lists each with its transaction.

A split uses the same lever. CRWD went to 4.0 in July: four shares per token, not a dividend.

The tithe

$REZ trades in a Uniswap v4 pool whose hook taxes the ETH side of every swap. From the very first swap and for good: 1 % on buys and 1 % on sells. There is no launch tax.

One third of that tax, about 0.33 % of all volume, is the tithe. The PoolManager pays it straight into the Reliquary inside the swap itself. The other two thirds go to the operator the same way. No one can change these numbers.

Resurrect

Anyone can call resurrect(). It takes the ETH waiting in the Reliquary, at most 0.25 ETH and at least 0.005 ETH, no more than once every 10 minutes, and buys one relic: the one furthest below its target share of all the ETH ever routed.

The route is fixed in the contract. Every book it crosses must hold at least 100 price observations, and the swap must return at least the 30 minute average price less the pool fees and 1 %. A pushed book makes the swap revert instead of paying for it. If the first relic cannot pass, the next one is tried, so one broken book never stops the others.

The seven relics

The deepest dividend payers on Robinhood Chain, five of which have already risen on chain, and the two index funds.

Ascend

Burn $REZ and receive your slice of everything the Reliquary holds, in kind: raw tokens of all seven relics plus the ETH still waiting to be resurrected. Your slice is your REZ over the supply before the burn, less a 1 % toll that stays behind.

Nothing is sold on the way out, so no price is involved. If a stock token refuses a transfer, because its issuer paused it or blocked your address, your part is not lost: it is set aside in your name and claimOwed() tries again later.

bury() burns any REZ that lands in the Reliquary by mistake, which leaves more behind every other token.

The invariant

The raw amount of every relic behind one REZ can only go up.

Resurrecting adds relics. Ascending takes exactly a slice and leaves the toll. Burying removes supply. Nothing else moves a relic out. On top of that, every dividend Robinhood reinvests raises the shares each raw token stands for.

In dollars the Reliquary still moves with the stocks and with ETH. A falling market lowers it.

Contracts

Every address is fixed in the contracts. The Reliquary has no owner, no setter, no rescue function and no arbitrary call. The operator's share is paid in the hook, never out of the Reliquary.

Risks

• Stock tokens are issued by Robinhood Assets (Jersey) Limited through upgradeable beacon proxies. The issuer can pause them, block addresses, burn balances and change their code. The Reliquary cannot defend against the issuer.
• Stock tokens are not available to U.S. persons and are restricted in several other jurisdictions.
• The Reliquary buys through Uniswap v3 books. Crossing a thin book costs more. The guards cap that cost, they do not remove it.
• The dollar value follows the stocks and ETH. Nothing here is a promised return.
• New code.

Questions