Documentation

Overview

RELAY is the dividend layer for tokenized equities on Robinhood Chain. Stock tokens on the chain earn real dividends — but the income is invisible: it's folded into an onchain accounting multiplier, never paid out, never shown. RELAY makes that income visible, verifiable and routable.

The full product lets you deposit a supported stock token into an isolated vault, keep your full price exposure, and receive the dividend component as USDG you can route anywhere — back into the same stock, into other markets, into a shared network pool, or to your wallet.

One sentence: RELAY proves where every dollar of yield comes from, and lets you send it anywhere.

For the full protocol design — mechanism math, network economics with worked numbers, architecture and risk model — read the whitepaper →

What's live today — and what isn't

RELAY ships in honest layers. This table is the source of truth for which layer you're touching:

Anything simulated is labeled in-product. RELAY never requests signatures and cannot move funds.

How dividends actually work on Robinhood Chain

Robinhood Chain stock tokens (issued by Robinhood Assets, Jersey) don't pay cash dividends. They implement ERC-8056, the "scaled amount" standard: your raw token balance never changes, but each token carries a uiMultiplier() that says how many economic shares one token represents.

When a company pays a dividend, the issuer reinvests it into more underlying shares and bumps the multiplier. Example, live onchain right now: AAPL's multiplier sits above 1.0 because of its August 2026 dividend — every AAPL token holder received that dividend invisibly, as a slightly larger claim per token. No cash arrived; no notification fired.

Every bump emits a public UIMultiplierUpdated event. That event stream is RELAY's raw material.

The harvest math

The core mechanism converts multiplier growth into spendable USDG while provably preserving your share exposure:

Worked example: a vault holds 1,000 AAPL-equivalents when a 0.057% dividend lands. The harvest sells ≈ 0.57 tokens — about $180 at current prices — into USDG. The other 999.43 tokens now represent precisely the 1,000 shares you started with. Principal preserved by arithmetic, not by promise.

Harvests are sized by dividends (small), not by vault size — which is why ordinary DEX liquidity is enough to run them with tight slippage bounds.

Entering and exiting: the two-leg zap

Most users don't hold stock tokens — they hold crypto. RELAY's entry is therefore a zap: one atomic transaction with two legs.

Atomicity is the safety property: both legs execute in a single transaction, so a failure in either reverts everything — you can never be stranded holding a half-completed position. Exit mirrors entry: redeem blocks → unwrap to the stock token → optionally swap back to USDG or ETH, again in one transaction. You may also exit to the stock token itself and keep it.

The swap panel prices both legs live and itemizes each fee before you act.

The five steps

Yield sources — and the rules that keep them honest

• Native — dividends generated by your own deposited asset. The only source ever called a dividend.
• Network — distributions from the opt-in cross-asset pool (below).
• Protocol — wrap and routing fee revenue shared back with network participants.
• Sponsored — USDG streamed from prefunded sponsor escrows. Always labeled with the sponsor, the remaining reserve and the end date. When the escrow runs out, the number goes to zero — no trailing averages.

Display rules

• Every blended APR is shown decomposed into its sources — a total you can't unpick doesn't ship.
• Projected figures come from declared forward dividends, never from extrapolated bull-market history.
• The word "dividend" is reserved for Native. Sponsored incentives are never dressed up as corporate dividends.

The network pool — sharing without draining

Cross-asset sharing has an obvious failure mode: if zero-dividend assets are paid from dividend-payers' income, the payers leave and the pool dies. RELAY's design splits the pool into two buckets with different funding and different rules, never mixed:

Bucket A — dividend tithe

Network-mode vaults tithe 10% of harvested dividends. It's distributed 70% by dividends-contributed and 30% by time-weighted value — so most of it returns to contributors, and the solidarity slice is small, visible and capped: no vault's participants can draw more than 3× what that vault contributed.

Bucket B — activity yield

Funded by protocol revenue and 100% of sponsored campaigns — not by depositors. Distributed by time-weighted value with a modest lock boost. This is where zero-dividend assets earn: from real activity and sponsors, never from other people's dividends.

Anti-gaming

• Time-weighted average balance (TWAB) everywhere — depositing the day before a payout earns a day's weight, not a full share. Record-date sniping earns approximately nothing.
• Native-mode vaults never tithe and never receive. Network membership is optional and switchable per position, effective next epoch.

All Network figures shown today are Paper Network simulations of this model.

The router

Every settlement can be split across four destination types: reinvest into the source asset, the network pool, another supported asset, or USDG to your wallet. Allocations must total 100%; presets (Core 40/30/20/10, Growth 60/20/20/0, Income 10/10/0/80) are starting points, not defaults you're pushed into.

The compounding boost shown in simulations weights reinvested and pooled yield by their expected compounding effect (reinvest 4.5bp, network 3.5bp, cross-asset 2bp per allocation point). It's a model, labeled as such.

Routing rules are entirely user-authored. RELAY takes no discretion over destinations and charges no performance fee on yield.

Wallet connection

RELAY uses the EIP-6963 standard to discover every wallet extension in your browser (MetaMask, Coinbase Wallet, Phantom and others) and lets you pick one. Connections are strictly read-only:

• RELAY requests your address (eth_requestAccounts) and nothing else — never a signature, never a transaction.
• If you're on the wrong network, RELAY offers to switch or add Robinhood Chain (chainId 4663) with the official RPC and explorer preconfigured.
• Connections persist across visits and can be dropped anytime from the address menu. Switching accounts in your wallet updates the site instantly.

What connecting unlocks today: your real stock-token balances in the wrap panel, and your wallet auto-inspected on the Portfolio page — including the dividend component already sitting inside your tokens.

Live data — what we read and from where

• Multipliers — uiMultiplier() called directly on each canonical token via the official RPC rpc.mainnet.chain.robinhood.com, batched, from your browser.
• Prices & holders — Blockscout's public token API at robinhoodchain.blockscout.com.
• Balances — balanceOf() for the six canonical tokens against any address you inspect.

Reads are cached for two minutes, time-boxed so a slow node can never freeze the page, and every live surface fails soft to labeled paper values. Nothing you do is stored anywhere — the reads happen in your browser.

Canonical assets on Robinhood Chain

Verified against the official onchain registry (chainId 4663). The chain is full of same-name impostor tokens — these are the only addresses RELAY recognizes:

The fifteen extended dividend markets (KO, PEP, JNJ, PG, XOM, CVX, JPM, WMT, HD, MCD, IBM, VZ, T, MO, O) are Paper Network placeholders — they go live only if and when canonical tokenized versions are listed onchain.

Corporate actions — the dual-attestation rule

A multiplier change alone is ambiguous: a jump could be a dividend or part of a split, and harvesting a split would sell principal. RELAY only classifies an event as harvestable when two independent sources agree:

• The declared calendar: a published cash dividend with matching ex-date and per-share amount, and
• The observed onchain effect: a multiplier move of ≈ amount ÷ price within tolerance, with the oracle price continuous across the event.

Splits fail this test by construction and are recorded as splits — principal is re-based, nothing is harvested. Anything unclassifiable freezes the vault until resolved. The issuer helps here: large corporate actions on Robinhood Chain use scheduled pause windows (oraclePaused()) that RELAY treats as automatic harvest freezes. Market closures (weekends, NYSE holidays) also gate the harvester.

Risk, plainly

• Price risk stays yours. Vaults preserve your share count — they cannot preserve value. "Principal-protected" is a banned phrase here.
• Issuer risk. Stock tokens are issued by Robinhood Assets (Jersey) Ltd, whose contracts carry pause, burn and upgrade powers. Any wrapper inherits them, RELAY included.
• Liquidity risk. Harvests convert through onchain pools; thin depth delays settlement into later epochs rather than forcing bad prices.
• Sponsored yield ends. When a campaign's escrow is spent, its APR contribution is zero. APRs are projections, never promises.
• Jurisdiction. Robinhood Chain stock tokens are not available to US, UK, Canadian or Swiss persons. RELAY inherits those restrictions.
• Smart-contract risk will apply once vaults deploy — audits and a timelocked admin design are part of the launch gate, and no admin path will touch principal.

Roadmap

A real-world catalyst worth watching: SPY's first ex-dividend date since the chain's mainnet launch — the first S&P 500 dividend ever processed onchain, and RELAY will be reading it live.