100% Reserve Model

고지 사항: 이 백서는 영어 버전이 공식 문서입니다. 다른 언어 버전은 참고용입니다。

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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                                         │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

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Why 100% Reserve?

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

1. No Bank Run Risk: Every holder can redeem simultaneously
2. No Counterparty Credit: Settlement doesn’t depend on platform solvency
3. Transparent: On-chain proof of reserves
4. Simple: Easy to audit and understand
5. Trust-Minimized: Smart contract enforces guarantees

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Reserve Architecture

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                                          │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

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Call Reserve Details

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 notional

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 shares

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Put Reserve Details

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 notional

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 USDC

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Reserve Monitoring

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]                         │
│                                                                 │
└─────────────────────────────────────────────────────────────────┘

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Reserve Operations

Adding Reserves (Call)

New Call Warrant Issuance Flow:

1. Platform acquires shares in secondary market
2. Shares deposited to SPV custody
3. SPV confirms receipt
4. Warrant tokens minted
5. Tokens added to AMM pool

Timing: Warrants NOT minted until shares confirmed

Adding Reserves (Put)

New Put Warrant Issuance Flow:

1. Put writer deposits USDC to vault
2. Smart contract locks USDC
3. Warrant tokens minted to writer
4. Writer sells tokens on AMM

Timing: Instant, atomic with deposit

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 buyer

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Edge Cases

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 buffer

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 together

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Audit & Verification

On-Chain Verification (Puts)

// Anyone can verify Put reserves
function 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)

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/IPFS

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Insurance Layer

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

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API Reference

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

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...'
}

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Next Steps

• Call Warrant Backing (SPV)
• Put Warrant Backing (USDC)
• Proof of Reserve