Fletch

Fletch is an experimental, non-custodial protocol on Robinhood Chain that creates separate markets for the principal value and dividend yield of tokenized stocks. Users deposit a supported stock token and split it into two assets: Principal Tokens (PT), representing the stock’s value and redeemable for the full share value at maturity, and Yield Tokens (YT), representing exposure to dividends paid during the term. PT and YT can be traded independently, allowing users to sell dividend exposure while retaining principal, or take a position in expected payouts without holding the whole stock.

Fletch provides markets, trading, portfolio and analytics tools, along with documentation and educational resources. Its system distinguishes cash dividends from stock splits using on-chain rules, a challenge period, guardian review and corporate-action data. The protocol describes its contracts as designed to remain fully backed and reports extensive testing; it also notes that an independent audit and multisig guardian are planned before mainnet.

Fletch’s tokens are volatile and can lose value