PARE

PARE splits a Robinhood Stock Token into a principal token that redeems for the stock token at maturity and a yield token that collects its dividends until then; both trade in Uniswap v3 pools and the principal token is posted on Morpho. It runs only on Robinhood Chain, which carries an active rejected verdict, so the version-1 rejected-chain dossier decides. The underlying stock tokens are themselves on file: the issuer does not offer them to US persons.

Review triggers: events that reopen the verdict
• The Robinhood Chain verdict changes, at which point the split contract, maturity redemption, pool pricing and Morpho liquidation path require their own review
• PARE deploys on an approved chain over a stock token a US client may hold

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-12-24.

The research file

Mechanism applicability

A holder deposits one stock token (for example SPY or PFE as issued by Robinhood on Robinhood Chain) and receives a principal token for a fixed maturity, such as pSPY-DEC27, plus a yield token that receives every dividend the deposited position earns before that date. The principal token trades below the stock because the dividends were cut away and redeems for the deposited baseline position at maturity; the two halves can be merged back into the stock at any time. PARE charges 10 basis points on the split. The DefiLlama pools read on 2026-09-24 show fixed-rate principal pools for PFE and SPY and a PFE/USDG liquidity pool whose headline rate is entirely reward emissions.

Current observation and perimeter

The DefiLlama protocol API read on 2026-09-24 classified PARE under Interest Rate Derivatives, listed on Robinhood Chain only, with about $48,000 of TVL; the site marked the application pre-deploy on the same date. Size does not decide this file. The chain does.

Control and exit applicability

Every leg sits on Robinhood Chain: the stock token, the split contract, the Uniswap v3 pools, and the Morpho market. Robinhood Chain was rejected on 2026-08-19 because a transaction filter can reject even force-included L1 transactions and emergency upgrades bypass the timelock, so the seven-day canonical withdrawal is not an exit the holder can enforce. The stock token underneath adds its own layer: Robinhood Stock Tokens are a note issued by a Jersey company that tracks the share, not the share, and the issuer does not offer them to US persons (Ketju eligibility file robinhood-stock-tokens). A principal token redeems for that note, not for a brokerage share.

Class rule

The rejected chain class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• PARE · primary · accessed 2026-09-24
  Supports: protocol identity, principal and yield tokens, split fee, merge at any time, Uniswap v3 pools, Morpho collateral, pre-deploy status
• DefiLlama — PARE record · secondary · accessed 2026-09-24
  Supports: current TVL, Robinhood Chain perimeter, Interest Rate Derivatives category, listing date

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.