# DeFi — X 热门讨论 (2026-09-21 00:49 UTC)
## @seydinaof (𝑺𝑬𝒀𝑫𝑰𝑵𝑨) · 09-20 19:35 · ♥71 ↻11 💬93 On prépare un tournoi eFootball Mobile entre passionnés de la TL 221
Tu es chaud pour participer ? 🔥
Intéressé(e) ? Laisse ton arobase en commentaire et follow la page @ketket_sn , où le tournoi sera organisé
Qui est prêt à relever le défi ? https://t.co/Rp6qfOtpZ5 https://x.com/seydinaof/status/2101757259957063883
## @WhaleFactor (Whale Factor) · 09-20 17:35 · ♥113 ↻9 💬11 🐋 WHALE WATCH : Robinhood introduced stocks to the blockchain.
But what about dividends ?
$PARE is creating a missing yield layer for tokenized stocks on the Robinhood chain separating the stock price from the dividends it receives.
When you deposit a stock token
@PareStocks creates two ERC20 tokens.
pAAPL pSPY pQQQ and pPFE represent non dividend stocks. They trade as equity credits and can be redeemed for the underlying stock at maturity.
In addition there are yield tokens.
yAAPL ySPY yQQQ and yPFE represent all the dividends paid by that stock until maturity and nothing more.
So instead of having a single token where the dividend is embedded in the stock value, you can separate them.
Want stock exposure? Hold the main token.
Want a dividend stream? Buy the Yield token.
Want to combine them again? Combine them for free at any time.
This free merge keeps both tokens pegged to the original stock.
Splitting a stock costs 10 basis points once. When the Yield token is redeemed Pare keeps 5% of the dividend received not the Principal.
The DeFi side is where things get even more interesting.
Both tokens are traded on Uniswap v3 quoted relative to the stock. The Principal token can also be used as collateral.
pSPY/USDG is now available on Morpho Blue.
But this requires something that traditional DeFi collateral systems dont have for these assets: a way to separate dividend payments from stock splits.
Pare created an on chain oracle that tracks every multiplier change and classifies it as either a dividend or a split. If the change cant be explained the system stops.
Without that accounting layer tokenized shares become very difficult to use as DeFi collateral.
The currently active series includes AAPL SPY and QQQ until March 2027 as well as PFE until March 2028.
PFE is particularly interesting because its longer maturity and higher dividends make the difference between equity and yield even more significant.
If youre familiar with Pendle this concept will be familiar.
Pendle separated the cryptocurrencys equity from its yield.
Pare applies the same idea to tokenized shares.
Then theres $PARE.
Its a protocol token not something required to use the product. The supply is fixed at one billion with no minting issuance or staking contracts.
Revenue comes from a 10 basis point split fee, a share of the settled dividends pool fees and finally interest on loans.
The mechanism described is simple: in each stock split $PARE is bought and burned per share.
There are still some important limitations.
Pare is not available to the US public because the underlying Robinhood stock tokens are not available. Pashovs audit is still ongoing, so the protocol has maintained these limitations until its publication.
But the main idea is simple.
The stocks have been digitized on the blockchain but their dividends remain locked within the tokens.
Pare is trying to convert that hidden yield into an independent tradable asset.
The big question is whether tokenized stocks will grow enough for the yield market to become relevant. https://x.com/WhaleFactor/status/2101726888234291302
## @andrewmoh (andrew.moh) · 09-20 16:25 · ♥70 ↻2 💬25 emerging rwa issuers under $10m in distributed value:
+ @liqvid_xyz: $8.7m, stellar only. builds custom yield-bearing tokenized assets for institutions
+ @Vault_St: $7.08m across its first 2 vaults. formerly resolv, now rebranded. targets professional investors who want leveraged rwa strategies
+ @NUVAFinance: $6.96m in 2 main credit assets on ethereum. access runs through morpho, with kyberswap as the main dex route
+ @st0x_io: $1.72m on base, and the strongest name in tokenized equities right now. also live on robinhood, which opens tokenized trading to new markets
+ @m1xglobal: $1.3m, a new stellar competitor with an $8.5m seed round from paradigm. pushing usdm1 as sovereign collateral for capital markets that connect traditional finance and defi
+ @csigmafinance: still under the radar. tokenizes traditional loans across sectors and pays lenders 15-18% fixed yield
➜ small issuers are pulling in real capital and real backing. networks need more tokenized products to keep pace with new chains like RH, so they will push issuers harder.
this is the window to watch sme issuers before the crowd gets there https://x.com/andrewmoh/status/2101709305858908643