Products
Dividend Engine
Traditional brokerages pay quarterly dividends in lumpy, taxable events. Marian converts every dividend cash flow to USDC and streams it per block, pro-rata, to every basket holder — including those who have locked or collateralized their shares.
Life of a dividend
T-15d Company announces dividend (ex-div date, amount)
T-0d Ex-div: custodian records entitlement per share
T+1d Custodian receives cash from DTCC
T+2d Custodian sells cash → USDC, deposits to DividendDistributor
T+2d Distributor sets per-block drip rate for basket:
r_bps = D_total / (blocks in stream_window)
T+2d..T+32d USDC streams to holders every block
(30-day distribution window)Per-block accrual
The distributor uses an accumulator pattern identical to Synthetix's staking rewards. It stores a global reward-per-share counter that increases each block:
Update on every action (mint / redeem / claim): accGlobal ← accGlobal + (blocks_elapsed · r) / S_total userReward = s_user · ( accGlobal − userSnapshot ) Invariant: Σ_i userReward_i = streamed_total (up to 1 wei rounding)
Locked and collateralized shares still earn
The accumulator lives on the basket token itself, not on the wallet balance. Whether the user holds the basket in a wallet, has it locked in mLocker, or has it pledged as collateral in a BorrowMarket — the dividend accrual is identical. Only the claim address changes (borrowers claim to their debt account by default).
Yield mathematics
A basket's on-chain dividend yield is the annualized USDC streamed divided by NAV:
Yield_div = ( Σ D_k over trailing 365d ) / ( NAV · S_total ) Adjusted for basket management fee f_mgmt: Yield_net = Yield_div − f_mgmt
Worked example — bDIV25
| Constituent | Weight | Div Yield | Contribution |
|---|---|---|---|
| Coca-Cola (KO) | 8.0% | 3.10% | 24.8 bps |
| Procter & Gamble (PG) | 8.0% | 2.45% | 19.6 bps |
| Johnson & Johnson (JNJ) | 7.5% | 3.05% | 22.9 bps |
| PepsiCo (PEP) | 6.5% | 3.28% | 21.3 bps |
| Walmart (WMT) | 6.0% | 1.35% | 8.1 bps |
| ExxonMobil (XOM) | 5.5% | 3.60% | 19.8 bps |
| … 19 more constituents | 58.5% | avg 3.87% | 226.4 bps |
| Gross basket yield | 100.0% | — | 342.9 bps |
| Less management fee | — | — | −20.0 bps |
| Net dividend yield | — | — | 322.9 bps |
Reinvest vs. claim
Every basket holder chooses a routing preference. Auto-reinvest converts the streamed USDC back into basket shares at the next block, using the same NAV pricing. This produces continuous compounding:
Effective APY = ( 1 + y / n )^n − 1
= ( 1 + 0.0323 / 365 )^365 − 1
= 0.03283 = 3.283%
Continuous compounding limit:
e^y − 1 = e^0.0323 − 1 = 3.283%
(convergence is already essentially reached at daily.)Tax note (not tax advice)
US-qualifying dividends flow through as such because the underlying custody is a regulated RWA-1400 structure. The USDC conversion happens post-custodian, so the payment retains its character on tax reporting the user's fiscal agent generates from their KYC-linked wallet.