Instruments that pay their holders
Two token features let an instrument pay income: dividend yield pays a declared amount per unit on a chosen date, and interest yield accrues continuously.
DALP 3.2 adds dividend yield and interest yield alongside fixed treasury yield. Dividend yield pays a declared distribution. Interest yield accrues against the holder's balance at an annual rate.
Two ways an instrument pays income
Both arrive as token features: modules attached to an instrument when it is issued, the same way a compliance rule or a maturity redemption attaches. Neither one holds your money. Each pays from a treasury you fund and can point somewhere else later.
- Dividend yield
- Declared per unit, per date
- Interest yield
- Continuous, annual rate
- Funding
- A treasury you control
- Entitlement
- Balance at the record date
The declared distribution, and the running rate
Declared distributions and continuous accrual need different calculations.
An equity, a fund, or a real-estate vehicle declares a distribution: the board decides an amount per share, fixes the date that decides who receives it, and pays whoever held the asset on that date. Nothing accrues in between. Dividend yield models this. The issuer records a cash dividend as a corporate action, naming the amount per unit, and the platform fixes the entitlement from the register as it stood on the record date, the date that decides who is paid. Holders then claim what they are owed.
A syndicated loan or a money-market fund does the opposite: interest accrues under the configured rate, and value accrues every moment the holder holds it. Interest yield models this. Governance sets an annual rate in basis points, meaning hundredths of a percent, and interest accrues continuously against each holder's balance. There is no calendar and no declaration. A holder draws what has accrued whenever they choose.
- One yield shape: a fixed schedule paying every holder in fixed intervals.
- An equity dividend had to be approximated with it, and a continuously accruing loan had no honest model at all.
- Three shapes side by side.
- A fixed schedule for a coupon, a declared distribution for an equity or a fund, and a continuous rate for a loan or a money-market fund.
- The instrument template picks the right one.
The register decides, and the platform proves it
A distribution record must connect each entitlement to the holder balance used to calculate it.
Both features build on historical balances, the record of what each account held at each past point, so entitlement is read from the register rather than reconstructed. When a dividend is declared, the platform waits for the record-date block to be final, then reads every holder's balance as of that block and computes the exact amount each one is owed. It publishes a single cryptographic summary of that whole list, a Merkle root, which lets each holder later prove their own entitlement without the full list of holders and amounts being written on chain.
The computation reports the amount required to fund the distribution, the total entitlement, and the holder count. Review these figures before confirming the allocation. Recording the action has already declared the dividend on chain; Confirm applies the allocation. The platform rejects a confirmation whose preview no longer matches the current state.
Your treasury pays, the feature never holds
Neither feature takes custody of anything. Each claim draws from a treasury account you fund and control, either a wallet that grants the feature an allowance to pull from, or a vault contract that pays on request. The instrument's own denomination asset, the one asset a payout-bearing feature pays per unit, is what moves.
This matters for a compliant denomination. Where the payout currency is itself a regulated token with its own transfer rules, an intermediate holding account would have to pass those rules like anybody else, and a bare feature contract carries no identity to pass them with. Paying from a treasury you already control avoids that problem rather than working around it.
The treasury address is the one setting either feature exposes for change after issuance. The rate, the interval, and the dates are fixed when the feature is configured, and no control edits them afterwards.
Which instruments carry them now
The platform's own instrument templates moved onto the new features, so a standard template issues with the right income model already attached.
| Income model | Templates now carrying it |
|---|---|
| Dividend yield | Equity, preferred equity, funds, ETF, real estate |
| Interest yield | Syndicated loan, money-market fund |
A feature attaches when the asset is issued. An asset either carries it from the start or it does not, and nothing attaches one to an asset that is already live.
Collect every return at once
A holder with several income-paying assets collects them from the Returns dashboard in one step. Collect all lists every return the acting wallet can claim now, across fixed treasury yield, dividends, and interest. The holder verifies the wallet once, and each return is claimed as its own transaction. A claim that fails does not stop the others, and each row reports whether it was collected, failed with a reason, or skipped. At most ten returns are claimed per round; the dashboard offers the next round with a fresh verification.
Integrators reach the same flow through two v2 operations: GET /api/v2/portfolio/returns/collectable previews the list, and POST /api/v2/portfolio/returns/collections claims it and answers one result per item.
Availability and compatibility
Both features are configurable in the Asset Designer today, and neither is hidden behind a flag. A cash dividend is recorded, previewed, and confirmed from the Console's corporate-actions surface; the claim, cancel, and treasury operations run on the versioned public API.
Nothing here changes an existing integration. The features are additive, the v1 API stays frozen, and an instrument issued before 3.2 is unaffected: it keeps whatever features it was issued with, and no migration touches it.
Because these contracts are new in this line and not yet part of the frozen contract surface, their on-chain shapes can still change before the version is cut. Read the current definitions from the API rather than pinning to a shape you captured during a preview.
Understand composable tokens → · Run a cash dividend → · Fund a treasury and claim →
Primary offerings
A primary offering, the first sale of a new asset, now has both sides in the Console: a desk that runs the raise and a portal where investors subscribe.
Corporate actions
Thirteen corporate-action types such as cash dividends and stock splits are recorded objects: enter the terms, read the effect on every holder, then confirm.