Solution Overview
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The Shadow Ledger of Silicon Valley
섹션 제목: “The Shadow Ledger of Silicon Valley”PIPO isn’t just a prediction market. It is the Shadow Ledger of Silicon Valley.
We don’t need their permission to list their stock. We use Covered Warrants to synthesize exposure. We strip away the lawyers, the SPVs (for retail), the accredited investor forms. We boil it down to the only thing that matters: The Probability of Success.
┌─────────────────────────────────────────────────────────────────┐│ THE CONTRARIAN TRUTH │├─────────────────────────────────────────────────────────────────┤│ ││ The Old World (The "Velvet Rope") ││ ───────────────────────────────── ││ Private markets satisfy two things: Ego and Inefficiency. ││ Bankers charge 5% fees to gatekeep fast-growing companies. ││ Employees are held hostage by 4-year cliffs and 10-year IPOs. ││ Capital is trapped in a "Black Box." ││ ││ The New World (The "Shadow Ledger") ││ ──────────────────────────────────── ││ We don't need their permission to list their stock. ││ We use Covered Warrants to synthesize exposure. ││ We strip away the lawyers, the SPVs, the accredited forms. ││ We boil it down to: The Probability of Success. ││ │└─────────────────────────────────────────────────────────────────┘The Reality Bridge
섹션 제목: “The Reality Bridge”Crypto projects fail because they are “Air” — pure speculation with no backing. Traditional Finance fails because it is “Lead” — heavy, slow, exclusive.
PIPO is the Bridge:
- 90% Pure Signal: Covered warrants priced by the crowd via AMM
- 10% Hard Asset: A “White Glove” redemption tunnel for Whales who want stock certificates
- The only market where the “Bet” can become the “Asset”
Two-Stage Product Evolution
섹션 제목: “Two-Stage Product Evolution”PIPO follows a “由实入虚” (Foundation to Derivatives) evolution:
┌─────────────────────────────────────────────────────────────────────┐│ PIPO 演进两部曲 │├─────────────────────────────────────────────────────────────────────┤│ ││ [PHASE 1: THE FOUNDATION] [PHASE 2: THE ACCELERATOR] ││ Access & Price Discovery Leverage & Hedging ││ ───────────────────────── ────────────────────── ││ ││ RWA TOKENIZATION COVERED WARRANTS ││ ├── SPV-backed Tokens ├── Bermuda-Style Options ││ ├── 1:1 Real Stock Mapping ├── Call (Bullish Exposure) ││ └── Primary Issuance ├── Put (Bearish/Hedge) ││ └── Quarterly + Event Windows ││ RFQ TRADING ││ ├── Peer-to-Peer Quotes BENEFITS ││ ├── Block Trades for Whales ├── Leverage for Retail ││ └── Initial Price Discovery ├── Hedging for Employees ││ └── Yield for Put Writers ││ ││ GOAL: Establish asset authenticity GOAL: Capital efficiency & ││ and pricing authority speculative demand ││ │└─────────────────────────────────────────────────────────────────────┘Phase 1: The Foundation (RWA + RFQ)
섹션 제목: “Phase 1: The Foundation (RWA + RFQ)”In Phase 1, we solve the “Access” and “Price” problems:
RWA Tokenization:
- Real pre-IPO shares held in offshore SPV
- 1:1 mapping to on-chain tokens
- Primary issuance via VC partnerships
- Proof of Reserve auditable on-chain
RFQ (Request for Quote) Trading:
- Peer-to-peer quote system for large orders
- Market makers provide two-way prices
- Optimal for low-liquidity, non-standard assets
- Enables initial price discovery without deep AMM liquidity
Phase 2: The Accelerator (Covered Warrants)
섹션 제목: “Phase 2: The Accelerator (Covered Warrants)”Once asset authenticity and pricing are established, we introduce leverage and hedging:
Call Warrants (Bullish Exposure):
- SPV pledges stock assets as collateral
- Issues call warrants representing upside exposure
- Retail can get leveraged exposure with $100 minimum
- Settlement: Cash (90%) or Physical delivery (10% eligible)
Put Warrants (Bearish/Hedge Exposure):
- USDC pool serves as collateral
- KYB-verified whales can also write puts
- Only instrument allowing unicorn employees to hedge
- Settlement: Cash only (100%)
Core Innovation: Covered Warrant Model
섹션 제목: “Core Innovation: Covered Warrant Model”What is a Covered Warrant?
섹션 제목: “What is a Covered Warrant?”A covered warrant is a derivative security issued by a financial institution (not the underlying company) that gives the holder the right—but not the obligation—to buy (call) or sell (put) an underlying asset at a predetermined price.
Key Distinction from Options:
| Feature | Exchange-Traded Options | PIPO Covered Warrants |
|---|---|---|
| Issuer | Anyone can write | Platform (backed by collateral) |
| Backing | Margin, can be naked | 100% collateralized |
| Settlement | Standardized | Cash + Physical hybrid |
| Access | Accredited / Regulated | Permissionless |
Why Covered Warrants for Pre-IPO?
섹션 제목: “Why Covered Warrants for Pre-IPO?”| Feature | Benefit |
|---|---|
| Issuer-backed | Platform controls quality and collateral |
| Standardized terms | No bespoke negotiation per trade |
| Cash settlement default | No need for actual share transfer |
| Physical delivery option | Whales can access real equity if desired |
| Regulatory flexibility | Derivative, not direct security |
Dual-Market Architecture
섹션 제목: “Dual-Market Architecture”┌─────────────────────────────────────────────────────────────────┐│ PIPO DUAL-MARKET SYSTEM │├─────────────────────────────────────────────────────────────────┤│ ││ [看涨用户] [看跌用户] ││ │ │ ││ ▼ ▼ ││ 买入 Call ◄─────── 做市商 ───────► 买入 Put ││ │ 撮合 │ ││ ▼ ▼ ││ ┌────────┐ ┌────────┐ ││ │ SPV │ │ 资金池 │ ││ │ 卖 Call│ │ 卖 Put │ ││ │ 赚权利金│ │ 赚权利金│ ││ └────────┘ └────────┘ ││ │ │ ││ └──────────► Platform Fee ◄────────┘ ││ ││ Call Backing: SPV Stock (100%) ││ Put Backing: USDC Reserve (100%) ││ ││ ✅ No Naked Shorts ✅ No Bad Debt ✅ Full Collateral ││ │└─────────────────────────────────────────────────────────────────┘Key Mechanisms
섹션 제목: “Key Mechanisms”1. Bermuda-Style Exercise
섹션 제목: “1. Bermuda-Style Exercise”Unlike American options (exercise anytime) or European (exercise at expiry only), PIPO uses Bermuda-style:
Exercise Windows├── Quarterly Windows: Q1, Q2, Q3, Q4 (5 days each)├── Event Triggers: Funding round, IPO, M&A (48-72h window)└── Expiry: Final mandatory settlementWhy Bermuda?
- Reduces gamma risk for issuer
- Aligns with natural liquidity events
- Simplifies pricing and hedging
- Prevents exercise timing manipulation
2. 100% Collateralized
섹션 제목: “2. 100% Collateralized”Every warrant is fully backed:
| Warrant Type | Collateral | Held By |
|---|---|---|
| Call Warrant | Equivalent shares | SPV (offshore) |
| Put Warrant | USDC (notional value) | Smart Contract Vault |
No naked exposure. No systemic risk. No counterparty default.
3. AMM Liquidity (CPMM)
섹션 제목: “3. AMM Liquidity (CPMM)”For retail-sized trades, liquidity is provided via Constant Product Market Maker:
x * y = k
Where:x = Warrant Token reservey = USDC reservek = Constant product4. Oracle Committee
섹션 제목: “4. Oracle Committee”Private companies don’t have public stock prices. PIPO uses a multi-source oracle:
Oracle Price Determination├── Primary: Latest funding round (409A adjusted)├── Secondary: Bloomberg BVAL, PitchBook estimates├── Tertiary: Secondary market broker quotes└── Committee: Multi-sig for disputesValue Proposition by Stakeholder
섹션 제목: “Value Proposition by Stakeholder”| Stakeholder | Current Pain | PIPO Solution |
|---|---|---|
| Retail | No access to pre-IPO | $100 minimum, permissionless |
| Tech Employees | Can’t hedge locked options | Put warrants for downside protection |
| HNW / Family Office | Opaque pricing, slow settlement | Transparent AMM + physical delivery option |
| Global Investors | US restrictions | Offshore structure, crypto-native |
| Yield Seekers | Low DeFi yields | Put writing premium income |
What PIPO is NOT
섹션 제목: “What PIPO is NOT”| What People Think | Reality |
|---|---|
| Prediction market | No — Not binary outcomes, not event expiry |
| Synthetic perp | No — No funding rates, no liquidations |
| Equity token | No — No direct ownership claim (it’s a warrant) |
| Leveraged product | No — 1:1 exposure, no margin |
PIPO IS: A covered warrant platform with DeFi characteristics, bridging TradFi structure with crypto accessibility.
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