Introduction
Trade the businesses inside a tokenized stock.
Daybreak splits one tokenized equity into several tradeable tokens called partials, one for each business inside the company. Each partial trades in its own on-chain market. A complete set of partials can always be reassembled into the original share.
The mechanism is an ETF-style mint and redeem:
- Mint. Deposit one underlying token (for example GOOGLx) and receive one unit of every partial.
- Redeem. Hand back one unit of every partial and receive one underlying token. Redeem is permissionless, works at any size, and has no Daybreak-side pause.
Because a complete set always redeems for one underlying, the partial prices sum to the underlying's price. The relative prices, the share of the company each business is worth, are set by the market.
Note. A partial is a share of the whole company, never a claim on the subsidiary. Nothing ties a partial to its named business except the committed scope definition and market convention. Its value comes from two things: it is one piece of a set that always redeems for the whole share, and it has its own market where that piece can be bought and sold.
Where to go next
- Mint and redeem: the rules of the primary.
- Units and pricing: decimals, ratios, and how to derive a partial's USD price.
- Price discovery: how the pools and the peg keep prices honest.
- Trust and authorities: every power Daybreak holds over your position.
- Live markets: addresses for every live set, partial, and pool.