01 ·what exdiv is
exdiv is a fixed supply erc 20 on robinhood chain implementing erc 8056 scaled ui amounts, and it is simultaneously the uniswap v4 hook attached to its canonical exdiv/eth pool. every swap routed through that pool surrenders 2 percent of its volume to the hook, which holds it in an internal dividend reserve. the reserve is not dripped and not claimable. it is declared, goes ex, and is paid, on the same rail the tokenized equities on this chain use for their own dividends.
02 ·the standard
erc 8056 is the corporate action standard robinhood co authored for its stock tokens: raw balances never move, and underlying units equal raw balance × uiMultiplier / 1e18. on this chain a dividend is not a transfer. it is a multiplier tick, published before it happens through newUIMultiplier and effectiveAt. exdiv adopts the native rail wholesale, so a wallet, an indexer, or a lending market that already prices nvda here already prices exdiv correctly, with the same two reads.
03 ·the cycle
one cycle per calendar day, on bell times kept as pure ritual by a market that never closes. at 21:00 utc the hook declares: it computes the pending tick from the reserve and exposes it through newUIMultiplier with effectiveAt set to the next close. at 13:30 utc the dividend goes ex: the record is the ex block, and exdiv bought after it earns nothing this cycle, exactly like the equity convention. at the following 21:00 utc it is paid and the multiplier takes effect.
04 ·the payment
payment is a buyback expressed as a corporate action. at the bell the hook spends the declared reserve buying exdiv through its own pool, retires what it bought, and ticks the multiplier: m becomes m × (1 + bought / supply). every holder's ui balance grows pro rata in the same block, with no claim transaction, no snapshot gas, and no list of recipients, because the multiplier is the list. the pool absorbs the buy like any other flow, 2 percent fee included: the dividend pays its own toll.
05 ·dividend capture
the classic trade is buying before ex and selling after. here the defense is arithmetic, printed on this page: 2 percent on entry and 2 percent on exit put the round trip near 4 percent, so capture profits only when a single cycle's yield clears that bound, and the chart shows how rarely that region is reachable. the chain removes the other edge too: sequencing is first come, first served, so there is no priority auction into the ex block at any price.
06 ·no operator
one contract holds the token, the hook, the reserve, and the calendar. the bells are utc constants compiled in, the fee is immutable, there is no admin key, no pause, no treasury, and nothing to extract: reserve ether can leave only as a buyback that every holder receives through the tick. if everyone who shipped this disappeared tonight, it declares tomorrow at 21:00 anyway. that is the entire feature.