PARE

Summary

Ketju does not approve PARE under its class rule for protocols on unapproved chains: it runs only on Robinhood Chain, which Ketju does not approve. 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 holders post the principal token on Morpho. Ketju’s eligibility file on Robinhood Stock Tokens records that the issuer does not offer them to US persons. We made no finding on how well PARE is run.

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

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-24.

Research

How it works

A holder deposits one stock token, such as SPY or PFE as Robinhood issues them on Robinhood Chain. The holder receives a principal token for a fixed maturity, such as pSPY-DEC27, plus a yield token that receives every dividend the deposit earns before that date. The principal token trades below the stock because the dividends are stripped off, and it redeems for the deposited position at maturity. The holder can merge the two halves back into the stock at any time, and 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 comes entirely from reward emissions.

Size and holdings

The DefiLlama protocol API, read on 2026-09-24, classed PARE under Interest Rate Derivatives on Robinhood Chain only, with about $48,000 of TVL. PARE’s site marked the application as not yet deployed on the same date. The verdict rests on the chain, and size does not affect it.

Who controls it

Every part of the product sits on Robinhood Chain: the stock token, the split contract, the Uniswap v3 pools and the Morpho market. Ketju did not approve Robinhood Chain on 2026-08-19 because a transaction filter can reject even force-included L1 transactions and emergency upgrades skip the timelock. A holder therefore cannot force the seven-day canonical withdrawal. The stock token adds its own layer: a Robinhood Stock Token is a note, issued by a Jersey company, that tracks the share, and the holder does not own the share. The issuer does not offer these notes to US persons, according to Ketju’s eligibility file robinhood-stock-tokens. A principal token redeems for that note, and its holder receives no brokerage share.

Withdrawals

A PARE holder merges a principal token and a yield token back into the stock token at any time, with no fee. A principal token redeems for the underlying stock token at maturity on Dec. 31, 2027, once anyone calls settle, with no fee. A yield token redeems for dividend growth less a 5% fee, and a split costs 10 basis points. PARE’s documentation describes no pause function for its series contracts and does not say what a paused stock token would do.

Class rule

Ketju does not approve any protocol under the class rule for protocols on unapproved chains while the rule stands. The rule covers the structure and makes no finding about this protocol’s quality. It does not tell an advisor what a client should hold. The review triggers list the events that would lead Ketju to review the rule or this protocol again.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• 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
• PARE Docs: lifecycle, fees and redemption · primary · accessed 2026-10-18
  Supports: merge, redeem at maturity, fees

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.