One share. Two tradable halves.
price and yield.

Why you'd need this

Four people, one share, incompatible wishes.

A tokenized stock bundles two different assets into one price. That is fine until you want only one of them, and there is no way to ask for it. Cleave exists because these four trades are impossible today and obvious tomorrow.

None of this needs a new asset class. It needs the existing one to stop being sold as a single indivisible number.

How it works

One deposit, one settlement, one redemption.

A full lifecycle, with real arithmetic. NVDA at $100 with a $1.00 quarterly dividend, one share deposited.

1. 1

   Deposit the share

   You send 1 NVDAt to the vault. It stays there. The vault never lends it, never rehypothecates it, never routes it to a strategy. You receive 1 pNVDA and 1 dNVDA in the same transaction.

   deposit(1e18) → 1 pNVDA + 1 dNVDA
2. 2

   Trade the legs apart

   The two tokens are ordinary ERC-20s with their own V4 pools. The market prices them independently: the principal leg tracks the share minus its future income, the dividend leg tracks that income. Their sum should track the share, and when it doesn't, that gap is the arbitrage.

   pNVDA ≈ $96.20  ·  dNVDA ≈ $3.80  ·  Σ ≈ NVDAt
3. 3

   The ex-dividend date arrives

   The vault's cash balance rises by $1.00 and the feed price drops from $100 to $99. Two independent observations agree, so the event is classified as a dividend. Agreement is the only thing that qualifies it. A price drop with no cash is a market move and pays nobody. Cash with no price drop is quarantined and credited to nobody.

   Δcash +$1.00 · Δprice −1.00% · gap ≈ cash/share → DIVIDEND
4. 4

   Cash routes to one leg only

   The $1.00 is credited pro rata to dNVDA holders and is claimable immediately. pNVDA receives nothing, which is correct: the share it represents is now worth $1 less. Entitlement follows the token, so it survives a transfer: sell your dNVDA and the buyer inherits the unclaimed cash.

   dividendPerToken += 1e18  ·  splitIndex unchanged
5. 5

   Swaps during the gap pay the LPs

   Between the corporate action and the settlement, the pool's books and the feed disagree. The hook replaces the 0.30% static fee with a surge fee scaled to the unexplained gap, so the arbitrageur who came to extract that gap funds it instead. Adding liquidity is blocked entirely until anyone calls poke().

   currentFee() = BASE_FEE + gapBps × surgeMultiplier / 100
6. 6

   Redeem whenever you hold both

   Burn 1 pNVDA and 1 dNVDA together and the original share comes back. No maturity date, no rollover, no expiry. The two halves are always worth exactly one share, which is what makes the arbitrage between them enforceable rather than hopeful.

   redeem(1e18) → 1 NVDAt

The problem

An AMM cannot tell a dividend from a crash.

On the ex-dividend date a stock gaps down by roughly the dividend. Nothing is lost. The value moved from the share into cash. A pool holding that share does not know this. It quotes the old price for one block and arbitrageurs take the difference out of LP inventory. Every quarter. Forever. The same pool cannot tell that gap apart from a 2-for-1 split, where the price halves and nothing is owed to anyone.

Cleave settles the question before the pool has to answer it.

The hook

LPs get paid for the gap instead of paying it.

The Uniswap V4 hook reads the vault's reconciliation state on every swap. While the books and the feed disagree, the static fee is replaced with a surge fee scaled to the unexplained gap, so the value an arbitrageur came to extract is charged to them and paid to the LPs. Liquidity cannot be added into an unreconciled pool at all. Anyone can clear the state with one permissionless poke().

// StripHook.sol
function currentFee() public view returns (uint24) {
    if (!vault.unsettled()) return BASE_FEE;              // 0.30%
    uint256 gapBps = unexplainedGapBps();
    uint256 surge  = BASE_FEE + (gapBps * surgeMultiplier) / 100;
    if (surge > MAX_SURGE_FEE) revert GapTooLarge();      // refuse, don't guess
    return uint24(surge);
}

Live

Run the classifier yourself.

This is the exact arithmetic of CorporateActionLib.classify(), ported line for line to the browser. Move the inputs and watch the verdict change.

Network

Connect and read the chain.

MetaMask, Robinhood Chain 4663. The panel reads live chain state over JSON-RPC; when a vault address is configured it reads the vault's real settlement state too.