SPex Bond Market
SPex Bond Market is the second market that SPex introduces. It consists of two parts.
The Bond Creation Tool.
Secondary bond markets.
Before we dive deeper into the bond products, we need to understand the following concepts that are exclusive to Filecoin:
What is Beneficiary
The beneficiary is a type of address that controls where the unlocked rewards deposit to and can be split from the owner's address. In general, whoever owns the beneficiary address, will receive the released unlocked rewards.
What is Leasing Beneficiary
The beneficiary address also enables the owner to establish specific parameters (time period / FIL quota) when transferring to another party. Once one of the pre-set criteria is met, ownership reverts back to the original owner - we refer to this as "leasing".
For example, if Owner A sends a beneficiary address to Party B with terms dictating a quota of 2,000 FIL, ownership of the address will temporarily transfer to Party B. During this time, Party B will receive 2,000 FIL from the unlocked rewards generated by the address. After the 2,000 FIL quota is met, ownership of the beneficiary address reverts back to Owner A. same applies to the time frame set.
The Bond Creation Tool
SPex has developed an innovative algorithm enabling SPs to easily create and issue their own customized bond securities based on the Filecoin incentive structure. The tool allows SPs to select the specific attributes of the bonds they want to generate with just a few clicks. SPex will then produce a unique smart contract for those bonds, making them ready to sell on the market.
Parameters of bond price calculation:
1. Miner credit score
2. Coupon rate
3. Trend of FIL token
4. Mature date
Type of the Bonds:
Normal coupons: Purchase and receive coupon payment every month/week till mature
Zero coupons: Do not pay coupon payments and instead are issued at a discount to the par value that will generate a return once the bondholder is paid the full face value when the bond matures
Convertible coupons: allow bondholders the option to convert bonds into tokens, meanwhile adding utility to token
More detail about the algorithm of bond creation will be revealed later when time is matured.
Secondary bond market
The secondary bond market gives bondholders an easy way to trade their bonds for liquidity. Combined with the existing miner account trading market, SPex truly builds a comprehensive marketplace enabling SPs to access liquidity, financing, and interaction.
More details regarding the bond market will be revealed when the time matures.
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