Cleave

Split a stock from its dividends.

Cleave cuts a tokenized share on Avalanche into two tokens. Cap is the share itself, delivered at maturity. Flow is every dividend paid until then. Buy the one you want.

Browse marketsSee the split

1 share = 1 Cap + 1 Flow

The two tokens always add up to the share. Cap starts at a discount and climbs to the full share price by maturity. Flow carries the dividends, so it is worth less with each payment and nothing after the last one.

Drag the handle to move through the year.

KO $100.00FlowCap
TodayMaturity, one year out

365 days to maturity

$95.00+$5.00=$100.00

Projection at today's fixed rate with the share price held at $100.00. The vertical scale starts at $86.51 so the split is visible.

Cap, the share

Bought below the share price, redeemed for one whole share at maturity. The gap is your return, and it is fixed the moment you buy.

What you get
A fixed APY in share terms, known up front
Made for
DAO treasuries and cautious holders

Flow, the dividends

Costs a small fraction of the share and collects every dividend it pays until maturity. Its price moves with dividend news.

What you get
Leveraged exposure to dividends, with no liquidation
Made for
Traders with a view on the next payout

From deposit to maturity

  1. 1

    Mint

    Deposit 10 KO shares tokenized by Dinari and receive 10 Cap-KO and 10 Flow-KO. Nothing is gained or lost; the share is only split.

  2. 2

    Trade

    Swap either token against USDC on the Cleave AMM. Keep the side you want and sell the other.

  3. 3

    Claim

    While you hold Flow, every dividend the share pays is yours to claim, paid out in more of the share.

  4. 4

    Redeem

    At maturity the pool freezes. Burn 1 Cap-KO and receive 1 KO share back.