Dividends & halts
Dividends
Dividend-paying assets pass income through to eToken holders via a rewards-per-share accumulator built into the token. The flow:
- The wrapper tokens in the Reserve Vault receive the real dividend from their issuer.
- The surplus above the reserve's 1:1 target is skimmed into the eToken's dividend accumulator.
- Holders claim their accumulated share at any time; unclaimed amounts keep accruing.
| Situation | Who receives the dividend |
|---|---|
| eToken in your wallet | You, via the accumulator |
| eToken locked as borrow collateral | The lending vault (LPs), while the loan is open |
| eSPY locked as eUSD collateral | The protocol treasury, while custodied (resumes to you on withdrawal) |
| Wrapper tokens in the Reserve Vault | The protocol, which is what funds the accumulator |
Corporate actions
Stock splits and similar events change a wrapper's conversion ratio. The PSM's ratio-jump guard freezes a wrapper whose ratio moves more than 1.5% in one operation until an operator acknowledges the event, and per-asset uiMultiplier values track split adjustments for display and pricing. Legacy tokens from past splits remain redeemable.
Trading pause
A reversible freeze on new trading, global or per asset. During a pause, new risk cannot open (mints, borrows against the asset, eUSD mints against it), while every exit path stays available. Valuations are unchanged.
Asset halt
The permanent lever: an operator-set halt fixes the asset's redeemable value at the halt price forever.
- eToken holders redeem at the halt price, funded by reserves and, if needed, LP collateral.
- The PSM keeps redeeming in kind for halted assets.
- eUSD positions against a halted collateral value it at the halt price for every ratio, liquidation, and redemption, so exits keep working after the feed dies.
A halt is the required path for delisting any asset that backs outstanding tokens: it guarantees a funded exit for every holder rather than letting a dead feed strand them.