Getting started

Core concepts

Vaults, principal tokens, distribution tokens and the invariant.

Vocabulary

Corporate action: A distribution declared by an issuer: a dividend, a special distribution, or a spin-off.
Event vault: A contract scoped to exactly one asset and one declared corporate action.
Principal token: pAAPL. The underlying position with one corporate action stripped out.
Distribution token: dAAPL-2026Q4. The claim on that specific action for one unit.
Ex-date: The date after which a buyer is no longer entitled to the declared distribution.
Record date: The date on which the issuer fixes the list of eligible holders.
Payment date: The date the distribution is delivered to the settlement adapter.
Settlement adapter: The component that turns a delivered distribution into a distributable balance.

Naming

Principal tokens are the underlying ticker prefixed with p. Distribution tokens are the ticker prefixed with d and suffixed with the event identifier, so a token always names the exact action it is a claim on.

text

pAAPL              principal, Apple
dAAPL-2026Q4       Apple Q4 2026 dividend right
dCOST-SPECIAL      Costco special distribution right
dWMT-SPIN26        Walmart 2026 spin-off right

The invariant

The protocol must never create more event claims than the eligible underlying assets controlled by the corresponding event vault.

Tokens are only minted in pairs against a deposit, and only burned in pairs or against a delivered distribution. The count of outstanding distribution tokens therefore always equals the underlying held. Every event page shows both figures so the property is observable rather than asserted.