Yield stripping for tokenized stocks on Solana. xStocks pay dividends by raising a Token-2022 multiplier on the token, so a share's income arrives silently, blended into every holder's balance. Stripr turns that income into an asset of its own. It splits a tokenized share into two tokens:
- PT (Principal Token): the claim on the share itself.
- YT (Yield Token): every dividend the share pays.
Each part can be kept, sold or bought separately, and a PT + YT pair always redeems for the original stock. An on-chain offer book lets anyone sell future dividends for USDC today, or buy them.
Live app · Demo video · Technical video · Program on mainnet · Submission notes
Built by NetLayer Labs for the Stocklana Hackathon, main track, Credit & Yield.
| Live on Solana mainnet | Fifteen markets against Backed's own xStocks, quoted in circulating USDC |
| Dividends without an oracle | Read straight from each mint's Scaled UI Amount multiplier; anyone can sync it |
| Priced, not guessed | Every YT listing carries a yield measured from the stock's realized dividend rate |
| Real market data | Pyth prices the underlying stock where the key is entitled; Jupiter prices every xStock |
| Tested | 19 end-to-end tests on a local validator, including the real AAPLx mint, and 8 accounting unit tests |
- For judges
- Who it's for
- How it works
- Deployments
- Program
- App
- Market data
- Demo video
- Repository layout
- Getting started
- Built with
- Known limitations
- After the deadline
- License
Stripr runs on mainnet against the real xStocks, and on devnet with test tokens. Devnet is the fastest way to try the whole flow: it needs no KYC-gated stock, and the faucet funds you in one click.
Try it in three minutes (Solana Devnet, no setup, at stripr.xyz/app):
- Open the app. It opens on Mainnet, so switch to Devnet in the header, then pick the PG market. It pays both kinds of dividend.
- Connect any wallet on Devnet and press Get test PG + USDC. You receive 100 PG, 1,000 demo USDC and a little SOL for fees.
- Strip 10 PG with "Lock YT to earn" on. One transaction mints 10 PT-PG and 10 YT-PG and locks the YT.
- In Trade PT and YT, press Sell and list 5 YT-PG at any price. It appears in the book as a share of the live PG price, with the yield it implies.
- Press Buy on someone else's listing with "Lock to start earning" on. One transaction buys and locks.
- Recent activity shows every step with explorer links, and the charts are rebuilt from those on-chain events.
Then look at mainnet (switch back in the header):
- TSLAx or QQQx: the stock's price from Pyth, beside the xStock's own on-chain price and the gap between them.
- AAPLx: a real stripped position and a YT listing held in the program's escrow.
- The landing page's "What each xStock last paid" table: every xStock's latest dividend, read from its mint.
Verify it on-chain
| What | Where |
|---|---|
| Program (Mainnet) | 9wpHm…nzZF, byte-identical to target/deploy/stripr.so built from this repo |
| Program (Devnet) | 9wpHm…nzZF |
| A real AAPLx market with a stripped position | 2iZTHs…iNTjC |
| A YT offer escrowed on mainnet | 2jK3uX…EfK8z |
| A reinvested dividend reaching locked YT | 5noUGW…Touve (devnet) |
| A YT sale filled from the order book | 3E4yeZ…nYhiy (devnet) |
What is real, and what is a demo
On mainnet everything is real: the markets hold Backed's own xStocks and quote in circulating USDC. The demo column describes devnet, which exists so the flow can be tried without KYC-gated stock.
| Real | Demo (devnet) | |
|---|---|---|
| Dividend mechanism | Read from the Token-2022 Scaled UI Amount multiplier, the way xStocks actually pay | - |
| Mainnet markets | Fifteen, against the real xStocks, with every multiplier, dividend and price read live | - |
| Market data | Pyth for the underlying stock where entitled, Jupiter for every xStock | - |
| Stocks in the markets | - | Team-minted Token-2022 tokens named after the companies |
| USDC | - | A demo mint, so the faucet can hand out spending money |
| Cash dividends (KO, PG) | The program instruction is real | Real xStocks only reinvest; a cash payer must deposit the USDC |
| Trades and positions | Every transaction is on-chain and verifiable | Seeded by our own demo wallets |
Stocks are coming on-chain as SPL tokens, but a share's income still can't be separated from its principal. Stripr gives dividends their own token, much as Pendle does for DeFi yield, and a place to trade it.
- Long-term holders believe in the company but would rather have cash now than small payouts over years. They strip their xStock, keep PT for the share, and sell YT for USDC.
- Income investors want dividends without paying for the whole share or riding its price. They buy YT for a fraction of the share price, lock it in the same transaction, and collect every dividend.
- Builders get PT and YT as plain SPL tokens, ready for structured products, lending collateral or an AMM.
- Strip. Deposit a stock into the market vault and receive equal amounts of PT and YT.
- Lock YT. Only locked YT earns. The app locks it in the same transaction as the strip.
- Earn from two sources:
- Reinvested dividends. An xStock pays a dividend by raising its multiplier, so the vault needs fewer raw tokens to back the same shares. Stripr releases that surplus to locked YT, paid in the stock itself.
- Cash dividends. A market admin can deposit a cash payout (for example USDC), split pro rata across locked YT.
- Trade. List PT or YT at a fixed USDC price. Buyers fill all or part of a listing on-chain, and YT buyers can lock in the same transaction.
- Claim earned stock and cash at any time, including after unlocking or selling the YT.
- Redeem equal PT + YT for the stock at the current multiplier.
- O(1) payouts. Payouts use accumulator indexes (1e12 precision), so a dividend costs the same whether ten people hold YT or ten thousand.
- Solvent by rounding. Accrual rounds down and debt rounds up, so claims can never exceed what the vault holds.
- Share units. PT and YT are minted in share units (
raw × multiplier). Redemption and reinvested yield together never exceed the deposit. - Monotonic multiplier. The multiplier never moves down. When nothing is locked, released yield waits as pending for the next locker.
- Permissionless sync. Anyone can call
sync_multiplier, and every state-changing instruction syncs first.
| Address | |
|---|---|
| Program | 9wpHmYvuq7qrAuH4VV3LyC54d2VyTYFMfveMMph2nzZF |
| Upgrade authority | 3EGKfA8W2ocah3Gusox5JRfoN5WVAgXw9hubgyBGXvSy |
| Quote token | Circulating USDC EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v |
Fifteen markets, one per xStock, each holding the issuer's own Token-2022 mint:
AAPLx · AMZNx · COINx · GOOGLx · JNJx · KOx · MCDx · METAx · MSFTx · MSTRx · NVDAx · PGx · QQQx · SPYx · TSLAx
| Address | |
|---|---|
| Program | 9wpHmYvuq7qrAuH4VV3LyC54d2VyTYFMfveMMph2nzZF |
| AAPL market (reinvested dividends) | 5skjAoJPtmEtSKSKX2LsWUeoRRLFUiTEtrjbjHQ8DEPT |
| MSFT market (reinvested dividends) | DTpinbLoRCjBLhMsT8hBybLLvL7DUiy8vEZDwdCziR8h |
| JNJ market (reinvested dividends) | GZWRhhSeNtzmrmcTvAkK122828gLsPzcPcpifkXNwDbR |
| KO market (cash dividends) | 3vjNhamX7jEbkttwD3igm21ScDC6PVrF7JLEakcdxgSe |
| PG market (both) | 67YC3kn27N1K84N4KE1HeR33ccqqEywn7NKVWYPDwygX |
The demo stocks are Token-2022 mints with the Scaled UI Amount extension, seeded with several dividend rounds so the charts have real on-chain history. The app's faucet sends test stock, demo USDC and devnet SOL.
A single Anchor program (programs/stripr) with twelve instructions:
| Instruction | Who | What it does |
|---|---|---|
initialize_market |
Admin | Creates the stock vault, PT/YT mints and dividend vault for a stock |
strip |
Anyone | Deposits stock, mints equal PT and YT in share units |
redeem |
Anyone | Burns equal PT and YT, returns the stock |
lock_yt |
YT holder | Locks YT so it earns, settling yield first |
unlock_yt |
YT holder | Returns YT to the wallet; earned yield stays claimable |
distribute_dividend |
Admin | Deposits a cash dividend for locked YT |
claim_yield |
YT holder | Pays unclaimed cash dividends |
sync_multiplier |
Anyone | Releases reinvested dividends after the stock's multiplier rises |
claim_stock_yield |
YT holder | Pays unclaimed reinvested stock |
create_offer |
PT/YT holder | Escrows PT or YT for sale at a fixed price in the market's quote token (USDC) |
fill_offer |
Anyone | Buys all or part of an offer, paying the seller directly |
cancel_offer |
Seller | Returns unsold tokens and closes the offer |
Fills must pass the price the buyer saw, so a relisted offer at a new price can't overcharge anyone. Costs round up in the seller's favor, and a sold-out offer closes and refunds its rent.
Works with classic SPL tokens and Token-2022 mints, including the extensions xStocks use: ScaledUiAmount, Pausable, PermanentDelegate and TransferHook.
A Next.js 14 app (app/), live at stripr.xyz:
- Landing page: the protocol explained, a dividend calculator, and a live table of what every xStock last paid.
- Markets dashboard: fifteen markets with each issuer's own logo, key figures, a sortable table ranked by YT yield, eight per page.
- Market pages: strip, redeem and earn forms; your position; and analytics rebuilt from on-chain events (supply, reinvested and cash dividends, recent activity).
- Order book: PT and YT with best prices, lifetime dividends per YT, one-transaction "list" (unlocking first if needed) and "buy & lock", and cancelling your own listings.
- Yield on every YT listing: a YT price becomes a yield and a payback period. PGx has paid 1.67% a year through its multiplier, so a YT at 8.78 USDC is a 28% yield that pays for itself in 3.6 years.
- Transaction modal: every action walks through each step and ends with an explorer link.
- Network switch: Mainnet by default, Devnet one click away. A server-side RPC proxy keeps the provider key off the browser.
Three sources, each used for what it is best at:
| Figure | Source |
|---|---|
| Dividends and dividend rates | Each xStock mint's Token-2022 Scaled UI Amount multiplier, read on-chain. No oracle. |
| The underlying stock's price | Pyth equity feeds, for every stock the configured key is entitled to |
| The xStock's own price | Jupiter's public price API, for every xStock |
Where Pyth prices the underlying stock, the market page shows both prices and the gap between them: how closely the token tracks the stock it stands for. Each Pyth feed is requested on its own, so a key covering some stocks still prices those, and the rest fall back to Jupiter. The current key covers TSLA and QQQ; the configuration already maps all fifteen.
Realized dividend rates, annualized since each token launched (read live, 24 September 2026): KOx 1.75%, PGx 1.67%, MCDx 1.64%, JNJx 1.52%, MSFTx 0.46%, SPYx 0.44%, QQQx 0.27%, AAPLx 0.25%.
Two films, both rendered with Remotion:
- Walkthrough (2:31): the product, from recordings of the live app.
- Under the hood (1:57): the program itself. Every line of code on screen is verbatim from
programs/stripr, with its real line numbers.
The footage is real. The capture registers a Wallet Standard wallet in the page and sends every signature to a local signer that holds a devnet key, so the strip in the video is an actual devnet transaction. The pipeline lives in demo/remotion.
programs/stripr/ Anchor program: state, instructions, multiplier sync, unit tests
tests/ End-to-end tests: classic mints, the real AAPLx mint, an xStock-like Token-2022 mint
scripts/ Market opening, devnet seeding, and a live reinvested-dividend trigger
app/ Next.js app and API routes: prices, dividends, market history, RPC proxy, faucet
demo/remotion/ The demo video: app capture, narration and the Remotion edit
docs/ Mainnet research, the deployment runbook and the submission notes
- Rust 1.98+
- Solana / Agave CLI 4.1.2
- Anchor 1.2.0 (via
avm) - Node.js 20+
npm install
npm run build:program # anchor build (SBPF v2)
npm run test:program # 19 end-to-end tests on a local validator
cargo test -p stripr # 8 accounting unit tests
npm run idl:sync # copy the IDL and types into the appcd app
npm install
cp .env.example .env.local
npm run dev # http://localhost:3000app/.env.example documents every setting: network, RPC providers, the devnet faucet key and the optional Pyth key.
npm run deploy:devnet
ROUNDS=3 ROUND_DELAY_SECONDS=45 npm run seed:devnet # five markets with dividend history
npm run seed:offers:devnet # PT/YT listings and a sale in every market
npm run snapshot:devnet # decoded history, so charts paint instantly when hosted
SYMBOL=AAPL RATE=0.005 npm run reinvest:devnet # pay a reinvested dividend liveDRY_RUN=1 npm run open:mainnet:markets # plan and cost only, nothing is sent
DRY_RUN=0 SYMBOLS=AAPLx npm run open:mainnet:markets # open the named marketsStripr's program, app and demo are original work for this hackathon, built on these open-source projects and services:
- Anchor and Agave for the on-chain program
- SPL Token and Token-2022 with
@solana/spl-tokenand@solana/web3.js - Solana Wallet Adapter
- Pyth Network equity feeds and Jupiter's price API for market data
- Next.js, React, TanStack Query, Tailwind CSS and Lucide icons
- Mocha, Chai and tsx for tests
- Remotion, Playwright and ElevenLabs for the demo video
- Not audited. This is a hackathon build. Don't use it with meaningful real assets.
- Issuer controls. xStocks issuers can pause transfers and move tokens from any account through a permanent delegate, including Stripr's vaults.
- Dividend timing. Yield goes to whoever holds locked YT when a multiplier update is synced, so someone can lock just before a known update.
- Fixed-price offers, not an AMM. Prices come from sellers' listings, so thin markets can have wide spreads. PT and YT don't expire yet; maturity-dated series and a PT/YT AMM are the next step.
- Early mainnet liquidity. The mainnet markets are live but thin; devnet carries the seeded history and order books.
- Pyth coverage. The underlying stock's price comes from Pyth only for the stocks the configured key is entitled to (TSLA and QQQ today). The others use Jupiter.
The submission is the state of this repo at the Stocklana deadline (25 September 2026, 4:00 PM ET). One change has been made since, to keep the live app reachable, and it adds no features:
- 5 October 2026,
ecb8ab0: the mainnet RPC provider's plan hit its usage cap and began refusing requests, so stripr.xyz could not load its markets. Server-side RPC calls now fall back to Solana's public RPC when the provider refuses. The program, the markets and the app's behavior are unchanged.
MIT. Copyright (c) 2026 NetLayer Labs.