Nacre

The dividend market for tokenized equities.
Keep the shell. Trade the pearl.

On Robinhood Chain a dividend is not sent to anybody. It is a number that goes up. Nacre is what happens when you let that number trade on its own.

scroll to swim

Plate I

The shell that never opens

Every tokenized share on this chain is a beacon proxy over one Stock contract, and it does not pay dividends the way a token normally would. When Apple pays, the issuer raises a single number — uiMultiplier — from 1.000000000 to 1.000566080.

Your raw ERC-20 balance does not move by one wei. It has never moved. Only balanceOfUI can see the payment, and almost nothing on this chain reads balanceOfUI. The single largest holder of tokenized Apple here is a Uniswap pool that cannot read it at all.

Every venue on this chain is, right now, blind to every dividend already paid.

Plate II

Where the pearl comes from

Nacre cuts a deposit along the line the chain already draws. Hand it raw units of a share and it hands back two tokens.

The shell is a claim on a fixed number of shares at a fixed date, stripped of every dividend until then. The pearl is a claim on every raw unit the multiplier frees between now and that date.

Shell plus pearl is the deposit, exactly, at every instant. There is no reward token, no emission and no oracle anywhere in it — the dividend was already inside the asset, sitting in a number nobody was counting.

Plate III

A dividend you can see coming

updateMultiplier takes two arguments: the new number, and the second it takes force. Both are public the moment they are scheduled, and uiMultiplier does not move until the clock reaches them.

So here — and, as far as we can find, only here — the next dividend is not a forecast. It is an amount and a timestamp, readable by anyone, before it lands. A pearl’s payoff stops being an estimate and becomes a countdown.

reading chain 4663…

Plate IV

The pool that is paid for the event

The second a dividend takes force, a pool holding pearls is worth more than it is quoting, and it stays that way until somebody moves the money. That interval is where liquidity providers normally lose.

Nacre’s hook prices it. The fee widens to 5% from the second the payment lands to the second it is delivered, and anyone may call pulse to end it — collecting the dividend the pool’s pearls earned, keeping half a percent for the trouble, and donating the rest to the providers who were holding them.

The pool is not protected from the event. It is paid for it.

Plate V

The seal

A series ends on a fixed second, and a payment effective after that second belongs to whoever holds the share then — not to a pearl whose term is over.

Because effectiveAt is public, the vault can tell the difference on its own. The first sync at or after maturity checks whether the multiplier it is reading took force too late, and seals the one before it if so. No keeper, no oracle, no trusted party.

Shells then redeem their shares. Pearls stop earning, and keep what they earned.

VI

Cut one open

Bring a tokenized share. Take back a shell and a pearl. Sell whichever half you did not want in the first place.

Open the desk What can go wrong