Governance & Product Roadmap

Overview

PIPO follows a phased development and governance evolution:

Product: Foundation (RWA+RFQ) → Accelerator (Warrants) → Scale
Governance: Centralized → Hybrid → DAO

Product Roadmap

Phase Overview

┌─────────────────────────────────────────────────────────────────┐
│                    PIPO PRODUCT ROADMAP                         │
├─────────────────────────────────────────────────────────────────┤
│                                                                 │
│   ALPHA               BETA                GROWTH       SCALE    │
│   Q1 2025             Q2 2025             Q3-Q4 2025   2026     │
│   ─────────           ────────            ──────────   ─────    │
│                                                                 │
│   • VC Partnership    • Put Market        • 20 Underlyings      │
│   • SpaceX Launch     • 5 Underlyings     • Whale Program       │
│   • Call-Only MVP     • Dual Market       • Institutional API   │
│   • Points Program    • RFQ Live          • Mobile App          │
│   • Community Build   • Security Audit    • Global Expansion    │
│                                                                 │
│   Goal: PMF           Goal: Product       Goal: Growth   Scale  │
│                       Completeness                              │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

Alpha Phase (Q1 2025)

Theme: Product-Market Fit Validation

Milestone	Description
VC Partnership	Secure pilot VC for stock sourcing
SPV Setup	Offshore legal structure operational
SpaceX Launch	First underlying goes live
Call-Only MVP	Single-sided market for initial traction
Points Program	Early user incentive mechanism
Community Building	Discord, Telegram, CT presence

KPI Targets:

Twitter impressions: Significant reach
Active wallets: Initial user base
TVL: Seed liquidity established

Beta Phase (Q2 2025)

Theme: Product Completeness

Milestone	Description
Put Market Launch	Dual-market architecture complete
5 Underlyings	SpaceX, OpenAI, Stripe + 2 more
RFQ System	Block trade capability for whales
Security Audit	Smart contract audit by top firm
Oracle Committee	Multi-source pricing operational

KPI Targets:

TVL growth: Significant increase
Unique wallets: Growing user base
Daily volume: Active trading

Growth Phase (Q3-Q4 2025)

Theme: Market Expansion

Milestone	Description
20 Underlyings	Broad coverage of top unicorns
Whale Program	VIP services, physical delivery
Institutional API	Programmatic trading access
Additional VC Partners	Expanded sourcing network
Cross-chain	Multi-chain deployment

Scale Phase (2026)

Theme: Category Leadership

Milestone	Description
Mobile App	Native iOS/Android experience
Global Offices	Singapore, Dubai presence
Full DAO	Decentralized governance
Protocol Integrations	DeFi composability

VC Partnership Roadmap

VC partnerships are critical to the flywheel:

┌─────────────────────────────────────────────────────────────────┐
│                    VC PARTNERSHIP FLYWHEEL                      │
├─────────────────────────────────────────────────────────────────┤
│                                                                 │
│                      ┌─────────────┐                            │
│                      │   VC 合作   │                            │
│                      └──────┬──────┘                            │
│                             │                                   │
│           ┌─────────────────┼─────────────────┐                 │
│           │                 │                 │                 │
│           ▼                 ▼                 ▼                 │
│     ┌──────────┐     ┌──────────┐     ┌──────────┐             │
│     │ 货源背书  │     │ 信任背书  │     │ 传播背书  │             │
│     │ (Reserve)│     │ (Brand)  │     │ (Story)  │             │
│     └────┬─────┘     └────┬─────┘     └────┬─────┘             │
│          │                │                │                   │
│          ▼                ▼                ▼                   │
│     Physical         User Trust        KOL/Media               │
│     Delivery         "Real Backing"    Content                 │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

Partnership Progression

Stage	Target	Value
Pilot	1-2 small VCs	Proof of concept, first inventory
Case Study	Successful campaign	Marketing material for larger VCs
Expansion	Mid-tier VCs	Diversified sourcing
Scale	Top-tier VCs	Brand association, premium inventory

Governance Evolution

Phase 1: Centralized (Launch - Month 6)

Governance Structure:
├── Core team makes all decisions
├── Oracle Committee operational
├── User feedback collected
└── Rapid iteration enabled

Rationale:
├── Speed needed for launch adjustments
├── Insufficient token distribution for voting
├── Security requires quick response
└── Product-market fit exploration

Phase 2: Hybrid (Month 6-18)

Governance Structure:
├── Community Advisory Board formed
├── Token holder signaling votes
├── Parameter changes require community input
├── Core team retains emergency veto

Key Changes:
├── Fee adjustments: Community vote
├── New underlying listing: Advisory input
├── Risk parameters: Committee + community
└── Protocol upgrades: Team + signaling

Phase 3: Decentralized (Month 18+)

Governance Structure:
├── Full DAO governance
├── Token-weighted voting
├── Proposal system (Snapshot/on-chain)
├── Elected committees
└── Multi-sig treasury

DAO Controls:
├── Fee parameters
├── New underlying approval
├── Protocol upgrades
├── Treasury allocation
└── Committee elections

Points & Future Token

Points System (Live at Launch)

Points are earned through platform participation:

Activity	Points Reward
Trading volume	Variable based on amount
LP provision	Multiplier on TVL × time
Referrals	Bonus for new user activity
Early access	Bonus for alpha/beta users

Points Narrative:

“Early Points holders will receive allocation at TGE, following the Hyperliquid model.”

Future Token (Conceptual)

Note: Token not launched at MVP. Details subject to change.

Potential utility:

Governance voting power
Fee discount for holders
LP boost multiplier
Revenue sharing for stakers

Distribution framework (no specific numbers):

Team allocation (vested)
Investor allocation
Community/Airdrop (from Points)
Treasury
Liquidity

Committee Evolution

Current Committees

Committee	Role	Selection
Oracle Committee	Price determination, disputes	Appointed by team
Risk Committee	Parameter management	Internal team
Technical Committee	Smart contract upgrades	Internal team

Future Committees (DAO)

Committee	Role	Selection
Oracle Committee	Price determination	Elected + Appointed
Risk Committee	Risk parameters	Elected + Appointed
Grants Committee	Ecosystem funding	Fully elected
Treasury Committee	Fund allocation	Elected + Appointed

Governance Parameters

Current (Centralized)

Parameter	Controller	Change Process
Trading fees	Team	Immediate
Settlement fees	Team	Immediate
Position limits	Team	Immediate
New underlyings	Team	Internal review
Smart contracts	Team (multi-sig)	Timelock

Future (DAO)

Parameter	Controller	Change Process
Trading fees	DAO vote	7-day vote + timelock
Settlement fees	DAO vote	7-day vote + timelock
Position limits	Committee	Notice period
New underlyings	DAO vote	14-day vote
Smart contracts	DAO vote	30-day vote + timelock

GTM Campaign Integration

Launch Sequence

Week 1  [预热]
────────────────────────────────────
Day 1-2   • VC 合作官宣
          • 核心 messaging 定调
          • 悬念预告："SpaceX 即将登陆 PIPO"

Day 3-4   • KOL 深度 thread 发布
          • Discord/TG 开放 + AMA 预告
          • Points 规则公布

Day 5-7   • 顶层大 V 发声
          • 媒体稿同步
          • 社区话题：#What Wall Street wont let you buy

Week 2  [上线 + 引爆]
────────────────────────────────────
Day 8     • 产品上线
          • 首发标的：SpaceX
          • KOC 批量晒单

Day 9-10  • 实时数据外显（交易量/持仓分布）
          • UGC 二次传播
          • 互动投票

Day 11-14 • 战报发布
          • 第二标的预告 (OpenAI?)
          • 下一波节奏预告

Risk & Mitigation

Risk	Mitigation
IPO market stalls	Warrants retain value, platform can wait
Crypto bear market	Lower CAC, build during downturn
Regulatory pressure	Offshore structure, compliance-first
Competition	First-mover advantage, VC relationships
VC sourcing failure	Diversified partner pipeline