100% Reserve Model
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Core Principle
Section titled “Core Principle”PIPO operates on a 100% reserve model—every warrant issued is fully backed by collateral. There is no fractional reserve, no leverage on the collateral side, and no counterparty credit risk.
┌─────────────────────────────────────────────────────────────────┐│ 100% RESERVE GUARANTEE │├─────────────────────────────────────────────────────────────────┤│ ││ For every $1 of warrant liability: ││ ││ CALL WARRANTS PUT WARRANTS ││ ┌─────────────┐ ┌─────────────┐ ││ │ $1 worth of │ │ $1 USDC in │ ││ │ shares held │ │ smart contract│ ││ │ in SPV │ │ vault │ ││ └─────────────┘ └─────────────┘ ││ ││ NO FRACTIONAL RESERVE ││ NO LEVERAGE ││ NO COUNTERPARTY RISK ││ │└─────────────────────────────────────────────────────────────────┘Why 100% Reserve?
Section titled “Why 100% Reserve?”Comparison with Alternatives
Section titled “Comparison with Alternatives”| Model | Mechanism | Risk | PIPO Choice |
|---|---|---|---|
| 100% Reserve | Full collateral | Minimal | ✅ Selected |
| Fractional Reserve | Partial collateral | Bank run | ❌ Rejected |
| Uncollateralized | Promise to pay | Counterparty default | ❌ Rejected |
| Insurance-Backed | Third-party guarantee | Insurer failure | ❌ Too complex |
Benefits
Section titled “Benefits”- No Bank Run Risk: Every holder can redeem simultaneously
- No Counterparty Credit: Settlement doesn’t depend on platform solvency
- Transparent: On-chain proof of reserves
- Simple: Easy to audit and understand
- Trust-Minimized: Smart contract enforces guarantees
Reserve Architecture
Section titled “Reserve Architecture”Dual Reserve System
Section titled “Dual Reserve System”┌─────────────────────────────────────────────────────────────────┐│ RESERVE ARCHITECTURE │├─────────────────────────────────────────────────────────────────┤│ ││ PIPO PLATFORM ││ │ ││ ┌──────────────┴──────────────┐ ││ │ │ ││ ▼ ▼ ││ ┌─────────────┐ ┌─────────────┐ ││ │ CALL RESERVE│ │ PUT RESERVE │ ││ │ (SPV System)│ │(Smart Contract)│ ││ └──────┬──────┘ └──────┬──────┘ ││ │ │ ││ ▼ ▼ ││ ┌─────────────┐ ┌─────────────┐ ││ │ Private Co. │ │ USDC │ ││ │ Shares │ │ Tokens │ ││ │ (Custodied) │ │ (On-Chain) │ ││ └─────────────┘ └─────────────┘ ││ ││ Audit: Annual + Audit: Real-time ││ quarterly on-chain verification ││ attestations ││ │└─────────────────────────────────────────────────────────────────┘Call Reserve Details
Section titled “Call Reserve Details”SPV Holdings
Section titled “SPV Holdings”Call Reserve Composition:├── Asset: Private company shares├── Held By: PIPO Holdings Ltd (Cayman SPV)├── Custody: Qualified custodian (fund administrator)├── Verification: Quarterly cap table confirmation└── Ratio: 1:1 with outstanding Call warrant notionalReserve Calculation
Section titled “Reserve Calculation”Required Call Reserve = Σ (Call Warrant Outstanding × Notional)
Example:├── SPACEX-CALL-180B: 1,000,000 tokens @ $1 notional = $1M├── SPACEX-CALL-200B: 500,000 tokens @ $1 notional = $0.5M├── SPACEX-CALL-220B: 300,000 tokens @ $1 notional = $0.3M└── Total SpaceX Call Reserve Required: $1.8M in SpaceX sharesPut Reserve Details
Section titled “Put Reserve Details”Smart Contract Vault
Section titled “Smart Contract Vault”Put Reserve Composition:├── Asset: USDC stablecoin├── Held In: Settlement smart contract├── Verification: Real-time on-chain├── Auditor: Anyone can verify└── Ratio: 1:1 with outstanding Put warrant notionalReserve Calculation
Section titled “Reserve Calculation”Required Put Reserve = Σ (Put Warrant Outstanding × Strike Notional)
Example:├── SPACEX-PUT-180B: 200,000 tokens @ $1 notional = $200K├── SPACEX-PUT-150B: 100,000 tokens @ $1 notional = $100K└── Total SpaceX Put Reserve Required: $300K USDCReserve Monitoring
Section titled “Reserve Monitoring”Real-Time Dashboard
Section titled “Real-Time Dashboard”┌─────────────────────────────────────────────────────────────────┐│ RESERVE STATUS │├─────────────────────────────────────────────────────────────────┤│ ││ Overall Status: 🟢 FULLY RESERVED ││ ││ CALL RESERVES ││ ├── Required: $12,500,000 ││ ├── Held: $13,200,000 (105.6%) ││ └── Status: 🟢 Over-collateralized ││ ││ PUT RESERVES ││ ├── Required: $3,200,000 ││ ├── Held: $3,200,000 (100.0%) ││ └── Status: 🟢 Fully collateralized ││ ││ By Underlying: ││ ┌────────────────────────────────────────────────────────┐ ││ │ SpaceX │ Call: $8.2M / $7.8M ✓ │ Put: $1.5M / $1.5M ✓│ ││ │ OpenAI │ Call: $3.1M / $3.0M ✓ │ Put: $0.8M / $0.8M ✓│ ││ │ Stripe │ Call: $1.9M / $1.7M ✓ │ Put: $0.9M / $0.9M ✓│ ││ └────────────────────────────────────────────────────────┘ ││ ││ Last Verification: 2 minutes ago ││ [View Audit Report] [Verify On-Chain] ││ │└─────────────────────────────────────────────────────────────────┘Reserve Operations
Section titled “Reserve Operations”Adding Reserves (Call)
Section titled “Adding Reserves (Call)”New Call Warrant Issuance Flow:
1. Platform acquires shares in secondary market2. Shares deposited to SPV custody3. SPV confirms receipt4. Warrant tokens minted5. Tokens added to AMM pool
Timing: Warrants NOT minted until shares confirmedAdding Reserves (Put)
Section titled “Adding Reserves (Put)”New Put Warrant Issuance Flow:
1. Put writer deposits USDC to vault2. Smart contract locks USDC3. Warrant tokens minted to writer4. Writer sells tokens on AMM
Timing: Instant, atomic with depositReleasing Reserves
Section titled “Releasing Reserves”Reserve Release Triggers:├── Exercise: Reserve pays out to exerciser├── Expiry (OTM): Reserve released to issuer├── Buyback: Writer repurchases tokens└── Physical Delivery: Shares transferred to buyerEdge Cases
Section titled “Edge Cases”Temporary Over-Collateralization
Section titled “Temporary Over-Collateralization”Scenario: Share price increases, reserve exceeds liability
Example:├── Purchased shares at $180B valuation├── Current valuation: $220B├── Reserve value: $1.1M (vs $1M liability)└── Status: Over-collateralized (no action needed)
Note: Excess reserves provide safety bufferReserve Shortfall (Theoretical)
Section titled “Reserve Shortfall (Theoretical)”Scenario: Share price decreases significantly (for Call reserves)
Example:├── Purchased shares at $180B valuation├── Current valuation: $120B├── Reserve value: $0.67M (vs $1M liability)├── BUT: Warrants are now OTM (no intrinsic value)└── Status: Still effectively fully reserved (liabilities also down)
Key Insight: Reserve value and liability value move togetherAudit & Verification
Section titled “Audit & Verification”On-Chain Verification (Puts)
Section titled “On-Chain Verification (Puts)”// Anyone can verify Put reservesfunction verifyPutReserve(address warrant) external view returns (bool) { uint256 outstanding = IWarrant(warrant).totalSupply(); uint256 notional = IWarrant(warrant).notional(); uint256 required = outstanding * notional;
uint256 held = IERC20(USDC).balanceOf(vault);
return held >= required;}Off-Chain Attestation (Calls)
Section titled “Off-Chain Attestation (Calls)”Call Reserve Verification:├── Quarterly: Fund administrator attestation├── Annual: Big 4 accounting firm audit├── On-Demand: Cap table confirmation from company└── Public: Summary posted to website/IPFSInsurance Layer
Section titled “Insurance Layer”Additional Protection
Section titled “Additional Protection”While 100% reserve eliminates most risk, PIPO maintains insurance for:
| Coverage | Amount | Provider |
|---|---|---|
| Smart contract exploit | $5M | Nexus Mutual / custom |
| Custodian failure | $10M | Traditional D&O |
| Oracle manipulation | $2M | Nexus Mutual |
| Key person | $5M | Traditional |
API Reference
Section titled “API Reference”Get Reserve Status
Section titled “Get Reserve Status”const reserves = await pipo.getReserveStatus();
// Response{ overall: { status: 'FULLY_RESERVED', callReserveRatio: 1.056, putReserveRatio: 1.000 }, call: { required: 12500000, held: 13200000, byUnderlying: { 'SPACEX': { required: 7800000, held: 8200000 }, 'OPENAI': { required: 3000000, held: 3100000 }, 'STRIPE': { required: 1700000, held: 1900000 } } }, put: { required: 3200000, held: 3200000, vaultAddress: '0x...', verifiable: true }, lastVerified: '2025-10-15T12:00:00Z'}Verify On-Chain
Section titled “Verify On-Chain”const verification = await pipo.verifyOnChainReserve('SPACEX-PUT-150B-Q42025');
// Response{ warrant: 'SPACEX-PUT-150B-Q42025', outstanding: 100000, notional: 1000000, // $1M total vaultBalance: 1000000, ratio: 1.0, verified: true, blockNumber: 12345678, txHash: '0x...'}