Split one share into price & yield

Overview

Ondo Global Markets issues hundreds of tokenized US stocks and ETFs on BNB Chain (NVDAon, QQQon and more), each backed by real shares held at a broker. They are total-return tokens: dividends are reinvested automatically, so holders can neither see nor withdraw that yield.

stocksplit keeps it simple:

• Deposit a stock token and the protocol mints an equal amount of price leg p and dividend leg d at the current share count.
• Every time Ondo reinvests a dividend, the added value goes entirely to dividend-leg holders, claimable any time.
• Hold equal amounts of p and d to merge back into the original stock token whenever you like.
• Every split, merge and claim pays a 0.5% fee, used entirely to buy back and burn $SPLIT.

Core concepts

sValue: shares per token

Ondo's SyntheticSharesOracle records a multiplier sValue for each asset: 1 token = sValue shares. QQQon's sValue is about 1.00335, meaning roughly 0.335% in dividends has been reinvested since listing. Routine dividends nudge sValue up in small steps (Ondo caps each update at 3%); corporate actions like stock splits go through a pause window and then jump.

Price leg p

1 p = the price of 1 share, without future dividends. Its fair value = share price − present value of future dividends, so it trades slightly below the stock — ideal for traders who only want price exposure. p can't be redeemed on its own; its price is set by the market.

Dividend leg d

1 d = all future dividends of 1 share, paid in the underlying stock token and claimable any time. d is freely transferable; dividends accrued before a transfer stay with the sender.

Merging

Equal amounts of p and d can always be merged back into the underlying stock token, which anchors p + d to the stock price.

User guide

1. Get a stock token. Acquire an Ondo tokenized stock (e.g. NVDAon) through Ondo or on PancakeSwap, plus a little BNB for gas.
2. Connect your wallet. Click “Connect wallet” in the split tool. MetaMask, OKX Wallet, Binance Web3 Wallet and other browser wallets work; the site switches you to BNB Chain automatically.
3. Split. Pick an asset and enter an amount. The first time, “Approve” the token, then click “Split”. You'll see the p / d you receive and the fee before confirming.
4. Hold or trade. p and d are standard BEP-20 tokens — transfer them, trade them on a DEX, or provide liquidity.
5. Claim dividends. While you hold d, your pending dividends grow with every Ondo reinvestment. Claim them in one click on the “Claim” tab.
6. Merge. With equal p and d, get the stock token back on the “Merge” tab.

How it's calculated

The protocol tracks just two numbers: tokensPerUnit (stock tokens backing 1 price unit) and accDividendPerUnit (stock tokens accrued per dividend unit).

Split

Dividend accrual

Merge & claim

Example

Deposit 100 QQQon at sValue = 1.00335: the fee is 0.5 QQQon and you get 99.5 × 1.00335 ≈ 99.83 pQQQon and 99.83 dQQQon. Ondo then reinvests a 0.5% dividend (sValue × 1.005). Those 99.83 d accrue about 99.5 × (1 − 1/1.005) ≈ 0.495 QQQon, while the 99.83 p still track the price of 99.83 QQQ shares.

Every division rounds down, so the contract always holds at least what it owes users — verified by an invariant test over 256,000 random operations.

Fees & buyback

• Split, merge and claim all pay 0.5%, collected in the stock token. The rate is a contract constant nobody can change.
• Fees accrue inside StockSplitter; anyone can call flushFees(asset) to push them to the $SPLIT vault (StockSplitVault, see below). So even if the buyback breaks, users can still merge and claim.
• The vault runs the buyback itself: every hour its heartbeat (run by the Flap Trigger Service) sells one stock token's fees for WBNB through Flap's FlapVaultEx, buys $SPLIT on PancakeSwap and sends it to the dead address 0x…dEaD. No keeper picks routes or timing.
• Each buyback is capped at a small share of pool depth (0.25% of the PancakeSwap WBNB reserve, at most 1 BNB per run), which makes front-running it unprofitable. A large balance is spent over many hours.
• The fee recipient is locked: since launch, StockSplitter has been owned by StockSplitterFeeLock, which has no way to change it.
• Total burned is live on the homepage and via totalBurned() on the vault.
• Before launch, fees went to BuybackBurner, run by a keeper. It is retired: it receives no fees and holds no funds.

$SPLIT token

$SPLIT (Split) is the community token of stocksplit, fair-launched on flap.sh as a Flap tax token. It represents no equity or claim on the protocol. Its links to the protocol: every tool fee is used to buy $SPLIT on the open market and burn it forever, and the $SPLIT trading tax is split between more buybacks, BNCB dividends for holders, and the team.

Tax & the vault

$SPLIT is a Flap tax token with its own vault. Every buy pays 2% and every sell 2%; Flap sends the tax (after its protocol share) to our vault contract, StockSplitVault, which splits it by fixed shares of all tax ever received:

• 50% buyback & burn — joins the tool fees in the same buyback: $SPLIT is bought on flap's bonding curve (PancakeSwap after migration) and sent to 0x…dEaD. Each buyback is capped at a small share of pool depth, which makes front-running it unprofitable in our tests.
• 20% BNCB dividends — swapped into BNCB (CEA Industries' securities token, 0x4902C5ebc598265Ed2212b559B042De8a5Eeec3f) through FlapVaultEx and deposited into $SPLIT's own Flap Dividend contract as soon as the swap settles (at most 1 BNB per purchase).
• 30% team — paid in BNB to the team wallet 0x2355C95531bA2826a32D52f3946960268b0d5b5f; it funds development and operations.

The shares are fixed in the vault contract and can't be changed. The vault runs itself: every hour the Flap Trigger Service executes its heartbeat — one capped buyback, one BNCB purchase and the dividend deposit — and the heartbeat books the next run for as long as there is work (buyback funds of at least 0.1 BNB, or dividends to buy or deposit). If it ever stops, anyone can restart it with kick(). Money can only go where its share says. Upgrades are reserved to Flap's Guardian.

Claiming BNCB dividends

• Just hold $SPLIT in your wallet — no staking. Each deposit is shared pro rata among everyone holding $SPLIT at that moment.
• Liquidity pools, the burn address and Flap's own contracts are excluded, so $SPLIT in a DEX pool earns nothing.
• Claim through the Flap Dividend contract (withdrawDividendsFor(your address), callable by anyone for you). You receive real BNCB.
• You only earn deposits made while you hold; buying after a deposit doesn't earn it retroactively.

Corporate actions

Stock splits and reverse splits also change sValue, but they shouldn't count as dividends. The rules:

To keep dividends and splits from landing in the same update, the keeper calls the permissionless sync(asset) after every Ondo update.

Contract addresses

All addresses are on BNB Chain. Click any address to view source and transactions on the block explorer. Only interact with the addresses listed here — beware of impersonators.

Protocol contracts

Price-leg / dividend-leg tokens

External dependencies

Permissions & security

Who can do what

Testing & review

• 30 unit tests covering split, merge, dividends, transfer settlement, corporate actions, oracle pauses and asset removal.
• Invariant test: 256,000 random operations verify the contract always holds ≥ what it owes every user, and that p and d supplies always match.
• BSC mainnet fork tests: the full flow runs against real NVDAon / QQQon, the Ondo oracle, PancakeSwap and the flap Portal; all 149 roadmap assets were verified listable.
• One independent code review completed; its findings (fees blocking exits, oracle dips misread as dividends, and more) were fixed with added tests.

Risk disclosure

• Smart-contract risk: the contracts may contain unknown bugs.
• Underlying-asset risk: Ondo can pause its tokens or blocklist addresses; if StockSplitter is blocklisted, deposited assets are frozen.
• Oracle risk: dividend accounting depends on Ondo's sValue; corporate actions are detected with a ±10% rule that can misclassify edge cases (e.g. a special dividend above 10% goes to the price leg).
• Liquidity risk: p and d prices are set by the market and may be hard to sell at a fair price without liquidity. p cannot be redeemed alone.
• Market risk: share prices and dividends fluctuate; past dividends don't guarantee future yield.
• Token risk: $SPLIT is a meme token. It carries no ownership or claim on the protocol, and its price can go to zero.
• Dividend risk: $SPLIT dividends depend on trading volume and are not guaranteed. BNCB is bought through Flap's FlapVaultEx executor; if a purchase can't be filled, the BNB stays reserved for dividends until it can. BNCB is an issuer-controlled securities token: its issuer can pause transfers, change its compliance rules or upgrade its contract. While BNCB can't be bought or deposited, dividends pause and the money waits in the vault; Flap's Guardian can move that reserve into the $SPLIT buyback instead — it can never be paid to any wallet.

FAQ

Brand kit

• Logo (logo.svg)
• Key visual (hero.svg)
• Cream #FFF5EF · Ink #000000 · Blue #0028FF · Orange #FF5A00

The logo: one share (the circle) cut in two — black is the price leg, blue with the star is the dividend leg.