Understand your partial.
The basics
A partial is a tradable token for a defined business segment inside a company. It belongs to a complete set backed by an underlying tokenized equity held in escrow. Each partial trades independently; holding it does not give you separate voting rights over the referenced business. Holding 100 tokens of every segment lets you redeem one underlying equity token, subject to applicable fees.
You trade the defined partial that includes that business. Waymo is included in Alphabet's Waymo and Other Bets partial alongside other businesses and corporate items. Starlink is included in SpaceX's Starlink and Others partial together with Starshield and the kit business. Neither is a standalone token. Availability and the exact contents of each partial are shown on the markets page.
Daybreak grounds partials in the segments and business breakdowns a company reports in its quarterly Form 10-Q. This gives traders a common, externally reported basis for comparing businesses. It also means a partial can include several familiar brands.
A partial is a spot token. It has no expiry, no standard funding payments, and no liquidations, and nothing settles it on a date. Partials are mapped with the underlying's price using the mint and redeem mechanism and permissionless arbitrage. More on this below.
Bounded: A partial can never be worth more than the company it belongs to. One underlying equity token always mints 100 tokens of every segment, so if 100 tokens of any one partial ever sold for more than the underlying, anyone could mint a set, sell that partial, and keep the other segments for free. Arbitrage keeps every partial between zero and the value of the whole, and the partials in a set together track the parent.
Sentiment: A partial does not receive its segment's revenue, profits, or a separate dividend. Its price reflects how much of the company's value traders think that business represents. Because the set always adds back up to the parent, partials share a fixed whole. If traders become more bullish on Starlink relative to the rest of SpaceX, the Starlink and Others partial gains weight and the other partials lose weight, even if SpaceX's share price doesn't move.
Like a prediction market, prices within a set are bounded shares of a whole that sum to one. Unlike a prediction market, nothing resolves, so there is no outcome date. The “answer” is the ongoing market consensus, held in place by mint and redeem.
How it behaves
The underlying equity token. Each partial trades in its own pool against that token, so its price is a fraction of the underlying. Its dollar value is that fraction multiplied by the underlying token's price. Users can trade these against stablecoins using on-chain routers like Jupiter, OKX and Titan.
Opening prices are seeded from a published sum-of-the-parts estimate that draws on the company's reported segment figures. The seed sets each pool's opening price, not how many tokens each segment receives. After launch, trading determines prices; the opening ratios are not fixed weights.
Supply, demand, dividend claims and spin-offs. Traders can respond to business results, expectations, and the underlying equity's price. There is no automatic payout tied to a segment's revenue or profit: a business can grow while its partial falls if expectations or demand change. Claims on dividends can change based on segment prices; for more on dividend claims, see What happens to dividends? To understand the mechanics of a corporate spin-off, read What happens if a business is spun off?
- Value of the parent: The value of the set is tied to the value of the underlying share. Partials move in price in aggregate with the parent company.
- Mint and redeem arbitrage: If the sum of the parts costs less to acquire than the value of the parent, or vice versa, any user can arbitrage this delta.
- Dividends: Dividends accrue to the underlying shares, and a partial's share of that value is its market weight.
- Corporate spin-offs: In case of a corporate spin-off, shares of the new company are airdropped to holders of the partial, subject to the timelines of the issuer of the underlying tokenized security.
Revenue share comes from company reporting. Market weight is a segment's share of the complete set's current market value, counting 100 tokens per segment. For example, a segment with 20% of company revenue could trade at 30% of set value. If the set were worth $200, its 100 tokens would be worth $60, or $0.60 each.
Mint/redeem arbitrage. When a complete set sells above the equity token's price by enough to cover costs, a trader can acquire the equity token, mint partials, and sell them. When a set costs less, a trader can acquire all its components and redeem it. Anyone can participate through the protocol. These incentives encourage price alignment, but fees, liquidity, and execution risk can leave a premium or discount. There are no recurring funding payments, and convergence is not guaranteed.
Partials trade at all hours. Because they are priced in the underlying token, a partial's weight can move at any time. Its dollar value also depends on the underlying token's own market, which may be thinner or wider outside trading hours.
Mint and redeem
Deposit one underlying equity token to mint 100 tokens of every segment, before fees. Return 100 tokens of every segment to redeem one underlying equity token. A complete set needs every segment in the required quantities. Quantities are counted in the token's base units, so a provider's multiplier adjustment does not change the ratio. The mint/redeem screen shows the applicable fee and net output before confirmation.
Yes, through assisted redemption (coming soon). A flash loan provides temporary funds to acquire the missing segments, assemble and redeem a complete set, and repay the loan and costs within one transaction. You receive the remaining underlying equity tokens. The complete-set rule still applies inside the transaction. Your output depends on the cost of the other segments, fees, and liquidity. This is not a fixed fractional claim on the referenced business. You can also sell the partial on its secondary market.
Dividends and corporate actions
Both underlying providers reflect dividends by increasing the token's multiplier (Token-2022 Scaled UI Amount) instead of paying cash. The token held in escrow grows in value accordingly, so dividends accrue to the complete set. There is no separate payout to any partial. A partial's share of that value is its market weight.
If a company spins off a business and the underlying token's provider distributes tokenized shares of the new company, Daybreak passes those shares to holders of the partial that contained that business, based on a snapshot of holders announced in advance. Holders of other partials receive nothing, since they did not hold that exposure. Complete sets continue to redeem for the underlying equity token, which now represents the company without the spun-off business. The affected partial's price is expected to fall at the snapshot to reflect what was distributed, and the other partials' weights rise because the underlying is smaller. Distribution is subject to the underlying issuer's terms and conditions.
No. Partials provide no voting rights over the company or the referenced business. Any rights attached to the underlying token are set by its provider.
The underlying and custody
The underlying token's provider determines its rights and redemption terms. xStocks describes its products as equity-linked tracker certificates without shareholder voting rights. Backpack describes its issued tokenized securities as convertible into corresponding security entitlements through Backpack Securities. Daybreak redemption returns the underlying token; converting that token into securities or cash is a separate provider process with its own eligibility, fees, and timing. Read the xStocks legal overview ↗, xStocks in-kind redemption guide ↗, and Backpack ownership guide ↗.
Fees, security, and risks
Check the quote for fees, price impact, and network costs. Assisted redemption also depends on borrowing costs and the prices of the other segments. Partials can lose value, including your full position, and liquidity may be insufficient to exit at your expected price. Smart-contract failures and risks of the underlying equity token, its issuer, and custody arrangements also matter. A complete-set redemption mechanism does not guarantee an individual partial's price or an immediate exit.
No. A fee change has to be scheduled on-chain at least 24 hours before it takes effect, and once scheduled it cannot be replaced or cancelled. Each set also commits a fee cap when it is created that can never rise, and the program caps every fee at 3%. The current rates are shown on the mint page and the mechanics are in the fee docs.
Access
Explore a market and read what its partial includes. Eligible users can sign in or connect a Solana wallet, then review a quote; minting requires the underlying equity token. You also need SOL for network fees. Trading is unavailable in the U.S., to U.S. persons, and to other ineligible users. Restricted visitors can browse markets in view-only mode. Underlying providers have separate eligibility requirements.
Tax treatment depends on your jurisdiction and circumstances. Daybreak does not provide tax advice.
We list new companies based on user demand. You can request a company on the request page.