Product Overview

免責事項: このホワイトペーパーは英語版が正式な文書となります。他言語の翻訳は参照用です。

What is PIPO?

PIPO (Pre-IPO Prediction Oracle) is a decentralized platform enabling permissionless exposure to pre-IPO unicorn valuations through a two-stage product architecture:

Phase 1: RWA + RFQ — Asset tokenization and price discovery Phase 2: Covered Warrants — Leverage and hedging derivatives

┌─────────────────────────────────────────────────────────────────┐
│                    PIPO PRODUCT STACK                           │
├─────────────────────────────────────────────────────────────────┤
│                                                                 │
│   PHASE 1: FOUNDATION              PHASE 2: ACCELERATOR         │
│   ───────────────────              ─────────────────────        │
│   RWA Tokenization                 Covered Warrants             │
│   ├── SPV-backed tokens            ├── Call warrants (Long)     │
│   ├── Primary issuance             ├── Put warrants (Short)     │
│   └── Proof of reserve             └── Bermuda exercise         │
│                                                                 │
│   RFQ Trading                      AMM Trading                  │
│   ├── Peer-to-peer quotes          ├── 24/7 liquidity           │
│   ├── Block trades                 ├── CPMM pricing             │
│   └── Whale-friendly               └── Instant execution        │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

Phase 1: RWA + RFQ Trading

RWA Tokenization

Real pre-IPO shares are held in offshore SPV structures and mapped 1:1 to on-chain tokens.

Component	Description
Asset Source	VC partnerships, secondary market acquisition
Custody	Offshore SPV (Cayman/BVI)
Token Standard	ERC-20 extended
Proof of Reserve	Periodic attestation + on-chain audit

RFQ (Request for Quote) Trading

For non-standard, low-liquidity assets, RFQ is the optimal trading mechanism:

┌─────────────────────────────────────────────────────────────────┐
│                    RFQ TRADING FLOW                              │
├─────────────────────────────────────────────────────────────────┤
│                                                                 │
│   [Buyer]                    [Market Maker]             [Seller] │
│      │                            │                         │   │
│      │  1. Request Quote          │                         │   │
│      │ ─────────────────────────► │                         │   │
│      │                            │                         │   │
│      │  2. Two-way Price          │                         │   │
│      │ ◄───────────────────────── │                         │   │
│      │                            │                         │   │
│      │  3. Accept / Reject        │                         │   │
│      │ ─────────────────────────► │                         │   │
│      │                            │  4. Fill from inventory │   │
│      │                            │ ───────────────────────►│   │
│      │  5. Settlement             │                         │   │
│      │ ◄─────────────────────────────────────────────────── │   │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

RFQ Benefits:

Optimal for large orders ($100K+)
No slippage on block trades
Price discovery without deep AMM liquidity
Professional market maker support

Phase 2: Covered Warrant Trading

Product Matrix

Attribute	Call Warrant	Put Warrant
Direction	Bullish (long)	Bearish (short/hedge)
Underlying	Pre-IPO company valuation	Pre-IPO company valuation
Strike	Target valuation	Target valuation
Expiry	Quarterly cycle	Quarterly cycle
Exercise Style	Bermuda	Bermuda
Settlement	Cash (default) / Physical (VIP)	Cash only
Collateral	SPV-held shares (100%)	USDC in vault (100%)
Issuer	Platform (SPV)	Platform Pool + KYB Writers
Buyer	Anyone (permissionless)	Anyone (permissionless)
Minimum Trade	$100	$100

Strike Price Tiers

Each underlying offers standardized strike tiers for liquidity concentration:

Tier	Definition	Example (SpaceX @ $180B)
ATM	At-the-money (current valuation)	$180B
OTM-10%	10% out-of-money	$200B (calls) / $162B (puts)
OTM-20%	20% out-of-money	$216B (calls) / $144B (puts)

Strike Selection Logic:

Platform defines fixed strike tiers (not user-defined)
Concentrates liquidity into fewer pools
Simplifies pricing and risk management

Expiry Cycles

Warrants follow quarterly expiry cycles with event triggers:

Window Type	Timing	Duration
Q1 Regular	March 15-19	5 days
Q2 Regular	June 15-19	5 days
Q3 Regular	September 15-19	5 days
Q4 Regular	December 15-19	5 days
Event Trigger	Funding / IPO / M&A	48-72 hours
Final Expiry	End of quarter	Mandatory settlement

Supported Underlyings

Launch Slate (MVP)

Company	Sector	Est. Valuation	Rationale
SpaceX	Aerospace	$180B+	Maximum retail interest, clear narrative
OpenAI	AI	$100B+	Peak narrative momentum
Stripe	Fintech	$65B+	IPO imminent

Expansion Roadmap

Phase 2 (3 months post-launch):

ByteDance ($220B)
Databricks ($43B)
Discord ($15B)

Phase 3 (6 months post-launch):

Shein ($66B)
Revolut ($33B)
Canva ($26B)

Selection Criteria

Market Cap > $10B: Sufficient interest and news flow
Active Secondary Market: Enables hedging and price discovery
Clear IPO Path: 12-36 month horizon
Retail Interest: Social media mentions, news coverage
Sourcing Availability: Platform can acquire shares for SPV

User Segments

Four Segments, One Platform

┌─────────────────────────────────────────────────────────────────┐
│                    PIPO USER SEGMENTS                           │
├─────────────────────────────────────────────────────────────────┤
│                                                                 │
│   ┌─────────────────────────────────────────────────────────┐  │
│   │  A: RETAIL DEGENS              │  B: TECH BELIEVERS      │  │
│   │  "I want to bet on OpenAI"     │  "I believe in SpaceX"  │  │
│   │                                │                          │  │
│   │  • $100-$10K tickets           │  • $10K-$100K tickets   │  │
│   │  • High frequency trading      │  • Buy and hold         │  │
│   │  • Call + Put speculation      │  • Call accumulation    │  │
│   │  • Points maximizer            │  • Long-term exposure   │  │
│   ├────────────────────────────────┼──────────────────────────┤  │
│   │  C: WHALES / FAMILY OFFICES   │  D: UNICORN EMPLOYEES   │  │
│   │  "I want real shares"          │  "I need to hedge"      │  │
│   │                                │                          │  │
│   │  • $500K+ tickets              │  • $50K-$500K exposure  │  │
│   │  • Physical settlement         │  • Put for protection   │  │
│   │  • VIP white-glove service     │  • Unique hedging tool  │  │
│   │  • RFQ block trades            │  • Risk management      │  │
│   └─────────────────────────────────────────────────────────┘  │
│                                                                 │
│   GTM Priority: A + B first (volume) → D organic → C via BD    │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

User Journey by Segment

Segment A (Retail Degen):

Connect wallet (MetaMask, WalletConnect)
Select underlying (SpaceX, OpenAI)
Choose Call or Put
AMM swap, instant execution
Monitor via dashboard
Cash settlement at exercise window

Segment B (Tech Believer):

Research underlying fundamentals
Buy Call warrants for long-term exposure
Hold through multiple quarters
Rollover if needed
Cash settlement or physical delivery (if eligible)

Segment C (Whale/VIP):

Complete KYC/KYB onboarding
Deposit via OTC desk
RFQ block trades for large orders
Physical delivery option
White-glove service

Segment D (Unicorn Employee):

Connect wallet
Buy Put warrants on employer’s valuation
Hedge locked equity exposure
Peace of mind during valuation volatility
Cash settlement if puts are ITM

Token Representation

Each warrant is represented as an ERC-20 compatible token:

// Warrant Token Interface
interface IPIPOWarrant {
    // Standard ERC-20
    function transfer(address to, uint256 amount) external returns (bool);
    function balanceOf(address account) external view returns (uint256);

    // Warrant-specific
    function underlying() external view returns (string memory);
    function warrantType() external view returns (WarrantType); // CALL or PUT
    function strikeValuation() external view returns (uint256);
    function expiryDate() external view returns (uint256);
    function exerciseWindows() external view returns (Window[] memory);

    // Actions
    function exercise(uint256 amount) external;
    function redeem(uint256 amount) external; // For physical delivery
}

Token Properties

Property	Value
Standard	ERC-20 Extended
Decimals	6 (matches USDC)
Transferable	Yes
Divisible	Yes (down to 0.000001)
Chain	Base (primary)

Naming Convention

Warrant Series Naming:
[COMPANY]-[TYPE]-[STRIKE]-[EXPIRY]

Examples:
SPACEX-CALL-200B-Q42025
SPACEX-PUT-150B-Q42025
OPENAI-CALL-150B-Q22026

Key Differentiators

vs. Prediction Markets (Polymarket)

Factor	Polymarket	PIPO
Outcome	Binary (Yes/No)	Continuous (any valuation)
Backing	Event resolution	Real asset (SPV shares)
Expiry	Event-based	Quarterly + events
Settlement	Binary ($0 or $1)	Pro-rata to outcome

vs. Synthetic Perps (Hyperliquid, dYdX)

Factor	Perps	PIPO
Leverage	Up to 100x	1:1 (no leverage)
Liquidation	Yes	No
Funding Rate	Continuous	None
Underlying	Tradeable assets	Pre-IPO (illiquid)

vs. Traditional Secondary (Forge, EquityZen)

Factor	Traditional	PIPO
Minimum	$100K+	$100
Settlement	30-90 days	Instant
Access	Accredited only	Permissionless
Liquidity	Fragmented	AMM 24/7