The corporate-action layer for tokenized stocks.

What EXDATE separates

A tokenized stock bundles several economic exposures into one instrument: the price of the underlying business, the dividends it declares, any special distributions, spin-offs, and other rights that attach to a holder of record.

Those exposures have different holders. Someone who wants the business does not necessarily want to wait a quarter for the cash; someone who wants the cash flow does not necessarily want the price risk. Bundled together, neither can be priced separately, and neither can be traded without the other.

EXDATE unbundles one corporate action at a time. A deposit into an event vault produces two tokens: a principal token representing the position through the event, and a distribution token representing the claim on that specific action. Both are transferable. Together they reconstitute the original position.

Event vault architecture

Each corporate action gets its own vault. A vault is scoped to one underlying asset and one declared event, and it holds nothing else. Scoping this narrowly means a vault's solvency can be checked against a single obligation rather than a portfolio of them.

A vault has three states. It is open from listing until the ex-date, accepting deposits and issuing token pairs. It is sealed from the ex-date until the settlement adapter reports delivery — no new eligibility can be created. It is settled once the distribution has been received and distribution tokens become redeemable.

Eligibility and snapshots

Eligibility is determined at the vault, not at the wallet. Whatever the vault holds at the ex-date is what the issuer treats as the holder of record, and that quantity fixes the total claim the vault can distribute.

A snapshot is taken when the vault seals. It records the total underlying held and the total distribution tokens outstanding. Because those two numbers are equal by construction, the snapshot is a check rather than an allocation: it confirms that every outstanding claim is backed.

Deposits after the ex-date are not eligible for that event. The vault rejects them rather than accepting them into a claim it cannot honour.

Principal-token lifecycle

A principal token is minted one-for-one against a deposited unit. It represents the underlying position with the specific corporate action stripped out, and it trades at roughly the spot price less the value of the separated right.

Mint

Issued on deposit, one per underlying unit.

Transfer

Freely transferable while the vault is open or sealed.

Redeem

Exchangeable for the underlying once the vault settles.

Recombine

A principal token and its matching distribution token can be burned together at any time to withdraw the underlying early.

Recombination is what keeps the two legs priced consistently: if the pair ever traded for less than the underlying, the difference could be closed by recombining.

Distribution-token lifecycle

A distribution token is the claim on one declared corporate action for one underlying unit. It is minted alongside the principal token and burned on redemption.

Mint

Issued on deposit, one per underlying unit.

Price

Trades at the declared payout less the cost of carry to the payment date and a premium for settlement risk.

Converge

Both discounts shrink as the payment date approaches, so the price converges on the declared payout.

Redeem

Burned against the delivered distribution once the settlement adapter reports receipt.

A distribution token for an unconfirmed action carries a materially wider discount, because the payout itself is an expectation rather than a declared figure.

Settlement adapters

Corporate actions do not arrive in one shape. A cash dividend credits a balance; a spin-off delivers a different security; an elective dividend asks the holder to choose. A settlement adapter is the component that turns any of these into a distributable balance the vault can pay out.

Cash

Credits the vault with the declared amount per unit.

In-kind

Receives the distributed security and makes it claimable pro rata.

Elective

Resolves a cash-or-stock election at the vault level and distributes the outcome uniformly.

Adapters are the part of the system most exposed to the outside world, so they are kept small, single-purpose, and governed separately from the vaults themselves.

Solvency invariant

This is the one property everything else is arranged around. Because tokens are only ever minted in pairs against a deposit, and only ever burned in pairs or against a delivered distribution, the count of outstanding distribution tokens equals the count of underlying units held. There is no path that mints a claim without collateral behind it.

The invariant is observable rather than asserted: an event market's separated supply and its principal locked are the same number, and both are shown on every event page.

Basket composition

Distribution tokens are ordinary transferable tokens, so they compose. A basket holds a defined set of them under a published rule — a date window, a sector, a yield screen — and issues a single unit representing pro-rata ownership of the whole set.

The composer enforces the rule rather than trusting the author to follow it. Component weights are normalised to sum to exactly one, and a rebalance can only produce a set that satisfies the published constraints.

A basket does not change the solvency invariant. It is a claim on distribution tokens, which are themselves claims on collateral held by vaults.

Fee flow

Separation fee

Charged in basis points on the notional deposited into an event vault.

Trading fee

Charged on event-right trades, paid by the taker.

Settlement fee

Charged on redemption, reflecting the cost of running the adapter through delivery.

Fees accrue to a protocol treasury. How that treasury is used — including any market purchases or burns of $EXD — is a governance decision and is described below as intent rather than as deployed behaviour.

$EXD network role

Event-operator staking

Operators submitting corporate-action terms stake $EXD against the accuracy of their submissions.

Settlement assurance

Staked capital backs the correctness of the terms a vault settles against.

Slashing

Provably incorrect event submissions are slashable, with the penalty directed to affected vaults.

Protocol insurance

A share of staked capital is reserved against adapter failure.

Fee-supported demand

Protocol fees may fund market purchases or burns, subject to final protocol design and governance.

Governance

Which settlement adapters are supported, and on what terms, is decided by token governance.

Risks and assumptions

EXDATE depends on assumptions that are worth stating plainly.

Issuer behaviour

A declared corporate action can be amended or cancelled. The protocol distributes what is delivered, not what was declared.

Adapter correctness

Settlement depends on an adapter reporting delivery accurately. An incorrect report is the most consequential failure in the system.

Underlying custody

Eligibility depends on the tokenized stock itself conferring the corporate-action right. EXDATE does not create that entitlement.

Market depth

Event-right markets are thinner than the markets for the underlying. Exiting a large position close to an ex-date may be difficult.

Principal lock

Principal tokens cannot be redeemed for the underlying until the vault settles, unless recombined with matching distribution tokens.