Introduction

EXDATE is a corporate-action protocol for tokenized stocks. It separates a tokenized position from the distributions it is entitled to, so the position and the event can be priced, held and traded independently.

The problem

A tokenized stock bundles several exposures into one instrument: the price of the business, its dividends, any special distributions, spin-offs, and other rights attaching to a holder of record. Those exposures suit different holders, but bundled together neither can be priced or traded on its own.

The mechanism

Depositing an eligible position into an event vault produces two tokens, one of each for every unit deposited.

Deposit: 100 KO

Receive:
100 pKO             principal, locked through the event
100 dKO-2026Q4      the right to the Q4 2026 distribution

Both tokens are transferable. Held together, they reconstitute the original position and can be recombined into it at any time.

What you can do

• Keep both exposures and behave exactly as you did before.
• Sell the distribution rights and realise the dividend as value today.
• Buy only the distribution rights, without taking price exposure to the underlying.
• Provide liquidity to an event market.
• Compose distribution rights into a basket with a defined cash-flow schedule.
• Track and redeem completed corporate actions.