The calendar

Ask a stock token for its pending multiplier before a dividend and it answers zero. The fields only populate as the tick is applied. Until then the schedule exists solely in the issuer’s corporate-actions endpoint, off chain.

That is the gap Scrip fills. The calendar publishes each scheduled action with the size of the step it will open against the current token price, and the depth of the pool that will absorb it. When the tick lands, the entry moves to settled and carries the old and new multiplier read straight from the contract.

What happens at the tick

• 01The multiplier steps up. Every holder, pools included, now represents more shares.
• 02Raw balances do not change, so an AMM’s reserves and its quoted price do not change either.
• 03For a moment the pool is selling the token at its pre-dividend price while it is worth more.
• 04Whoever trades first captures that difference, and the liquidity providers pay it.

Scrip publishes this to everyone at the same time rather than trading it. The estimate on the calendar is half the depth of the deepest pool times the step, which is a ceiling and not a promise: real capture depends on who arrives first and what the pool does next. Across the whole chain it is a small number, in the low tens of thousands of dollars a month.