Dual-Market Architecture
고지 사항: 이 백서는 영어 버전이 공식 문서입니다. 다른 언어 버전은 참고용입니다。
Overview
섹션 제목: “Overview”PIPO operates a dual-market system where Call and Put warrants form complementary sides of a unified liquidity ecosystem. This architecture enables:
- Two-way price discovery (bullish + bearish sentiment)
- Natural hedging between market sides
- Sustainable liquidity through symbiotic incentives
- Risk distribution across participant types
Market Structure
섹션 제목: “Market Structure”┌─────────────────────────────────────────────────────────────────────────┐│ PIPO DUAL-MARKET ARCHITECTURE │├─────────────────────────────────────────────────────────────────────────┤│ ││ CALL MARKET (Bullish) PUT MARKET (Bearish/Hedge) ││ ═══════════════════════ ═══════════════════════ ││ ││ ┌─────────────────────┐ ┌─────────────────────┐ ││ │ CALL BUYERS │ │ PUT BUYERS │ ││ │ ───────────────── │ │ ───────────────── │ ││ │ • Retail Degens │ │ • Employee Hedgers │ ││ │ • Tech Believers │ │ • Bearish Speculators│ ││ │ • HNW Bulls │ │ • Portfolio Hedgers │ ││ └──────────┬──────────┘ └──────────┬──────────┘ ││ │ │ ││ │ USDC │ USDC ││ ▼ ▼ ││ ┌─────────────────────┐ ┌─────────────────────┐ ││ │ CALL AMM │◄──────────►│ PUT AMM │ ││ │ (Price Discovery) │ Arbitrage │ (Price Discovery) │ ││ └──────────┬──────────┘ └──────────┬──────────┘ ││ │ │ ││ │ Warrant Tokens │ Warrant Tokens ││ ▼ ▼ ││ ┌─────────────────────┐ ┌─────────────────────┐ ││ │ CALL ISSUER │ │ PUT ISSUERS │ ││ │ ───────────────── │ │ ───────────────── │ ││ │ • Platform (SPV) │ │ • Platform Pool │ ││ │ • 100% Share-Backed│ │ • KYB Writers │ ││ └──────────┬──────────┘ │ • 100% Cash-Backed │ ││ │ └──────────┬──────────┘ ││ │ │ ││ ▼ ▼ ││ ┌─────────────────────┐ ┌─────────────────────┐ ││ │ SPV VAULT │ │ USDC VAULT │ ││ │ (Stock Collateral) │ │ (Cash Collateral) │ ││ └─────────────────────┘ └─────────────────────┘ ││ │└─────────────────────────────────────────────────────────────────────────┘Market Comparison
섹션 제목: “Market Comparison”| Attribute | Call Market | Put Market |
|---|---|---|
| Direction | Bullish | Bearish/Hedge |
| Buyer Profile | Speculators, believers | Hedgers, bears |
| Issuer | Platform only | Platform + KYB writers |
| Collateral | SPV shares | USDC |
| Settlement | Cash or Physical | Cash only |
| Primary Use | Upside speculation | Downside protection |
| Yield Opportunity | None for writers | Premium income |
Flywheel Dynamics
섹션 제목: “Flywheel Dynamics”Primary Flywheel: Call Market
섹션 제목: “Primary Flywheel: Call Market”┌─────────────────────────────────────────────────────────────────┐│ CALL MARKET FLYWHEEL │├─────────────────────────────────────────────────────────────────┤│ ││ ┌──────────────┐ ││ ┌────────▶│ Hot Event │─────────┐ ││ │ │ (SpaceX IPO)│ │ ││ │ └──────────────┘ │ ││ │ ▼ ││ ┌───────┴───────┐ ┌───────────────┐ ││ │ More Trading │ │ Retail FOMO │ ││ │ Volume │ │ Attention │ ││ └───────┬───────┘ └───────┬───────┘ ││ │ │ ││ │ ▼ ││ │ ┌───────────────┐ ││ │ │ Buy Call │ ││ │ │ Warrants │ ││ │ └───────┬───────┘ ││ │ │ ││ │ ┌──────────────┐ │ ││ └─────────│ Price Goes Up│◄────────┘ ││ │ (AMM Impact) │ ││ └──────────────┘ ││ │└─────────────────────────────────────────────────────────────────┘Secondary Flywheel: Put Market
섹션 제목: “Secondary Flywheel: Put Market”┌─────────────────────────────────────────────────────────────────┐│ PUT MARKET FLYWHEEL │├─────────────────────────────────────────────────────────────────┤│ ││ ┌───────────────┐ ┌───────────────┐ ││ │ Call Volume │────────▶│ Platform Has │ ││ │ Generates │ │ Cash Reserves │ ││ │ Revenue │ └───────┬───────┘ ││ └───────────────┘ │ ││ ▼ ││ ┌───────────────┐ ││ │ Platform Seeds│ ││ │ Put Pool │ ││ └───────┬───────┘ ││ │ ││ ▼ ││ ┌───────────────┐ ┌───────────────┐ ││ │ KYB Writers │───────▶│ Put Liquidity │ ││ │ See Yields │ │ Available │ ││ └───────────────┘ └───────┬───────┘ ││ ▲ │ ││ │ ▼ ││ │ ┌───────────────┐ ││ │ │ Employees Can │ ││ │ │ Hedge (Buy Put)│ ││ │ └───────┬───────┘ ││ │ │ ││ │ ▼ ││ │ ┌───────────────┐ ││ └────────────────│ More Premium │ ││ │ For Writers │ ││ └───────────────┘ ││ │└─────────────────────────────────────────────────────────────────┘Combined Flywheel
섹션 제목: “Combined Flywheel”┌─────────────────────────────────────────────────────────────────────────┐│ DUAL-MARKET FLYWHEEL │├─────────────────────────────────────────────────────────────────────────┤│ ││ CALL SIDE PUT SIDE ││ ││ ┌─────────────┐ ┌─────────────┐ ││ │ Retail │ │ Employee │ ││ │ Attention │ │ Need Hedge │ ││ └──────┬──────┘ └──────┬──────┘ ││ │ │ ││ ▼ ▼ ││ ┌─────────────┐ ┌─────────────┐ ││ │ Buy Calls │ │ Buy Puts │ ││ └──────┬──────┘ └──────┬──────┘ ││ │ │ ││ ▼ ▼ ││ ┌─────────────┐ ┌──────────┐ ┌─────────────┐ ││ │ Platform │───────▶│ PLATFORM │◄────────│ Premium │ ││ │ Revenue │ │ TREASURY │ │ Income │ ││ └─────────────┘ └────┬─────┘ └─────────────┘ ││ │ ││ ▼ ││ ┌─────────────┐ ││ │ More SPV │ ││ │ Inventory │ ││ └──────┬──────┘ ││ │ ││ ┌────────────────────┼────────────────────┐ ││ │ │ │ ││ ▼ ▼ ▼ ││ ┌─────────────┐ ┌─────────────┐ ┌─────────────┐ ││ │ More Calls │ │ More VCs │ │ More Puts │ ││ │ Available │ │ Want Access │ │ Available │ ││ └─────────────┘ └─────────────┘ └─────────────┘ ││ │└─────────────────────────────────────────────────────────────────────────┘Price Relationship
섹션 제목: “Price Relationship”Put-Call Parity (Modified)
섹션 제목: “Put-Call Parity (Modified)”In traditional options, put-call parity dictates:
C + PV(K) = P + S
Where:C = Call priceP = Put priceK = StrikeS = Current underlying pricePV = Present valueFor PIPO warrants, a modified relationship exists:
Call(K) + Discount(K, T) ≈ Put(K) + Oracle(S)
Where:Oracle(S) = Current valuation from oracleDiscount = Time/risk adjustmentArbitrage Prevention
섹션 제목: “Arbitrage Prevention”If prices diverge significantly, arbitrageurs can:
- Call too cheap: Buy call, sell synthetic (borrow + short put)
- Put too cheap: Buy put, sell synthetic (buy call + lend)
This keeps both markets in relative alignment.
Liquidity Management
섹션 제목: “Liquidity Management”Cross-Market LP
섹션 제목: “Cross-Market LP”PIPO allows unified LP positions across both markets:
Unified LP Position├── Deposit: 100 USDC├── Allocation: 60% Call pool, 40% Put pool├── Auto-rebalancing: Based on utilization└── Single LP token representing both exposuresBenefits
섹션 제목: “Benefits”- Simplified UX for LPs
- Better capital efficiency
- Automatic rebalancing to higher-demand side
- Combined fee earning
Market Phases
섹션 제목: “Market Phases”Phase 1: Call-Dominant (Launch)
섹션 제목: “Phase 1: Call-Dominant (Launch)”Initial Market Structure├── Call Market: 90% of volume├── Put Market: 10% of volume├── Put Writers: Platform pool only└── Focus: Retail speculation, FOMOPhase 2: Balanced (6 months)
섹션 제목: “Phase 2: Balanced (6 months)”Maturing Market Structure├── Call Market: 60% of volume├── Put Market: 40% of volume├── Put Writers: Platform + 10 KYB writers└── Focus: Hedging narrative, yield seekersPhase 3: Two-Sided (12+ months)
섹션 제목: “Phase 3: Two-Sided (12+ months)”Mature Market Structure├── Call Market: 50% of volume├── Put Market: 50% of volume├── Put Writers: Platform + 50+ KYB writers└── Focus: Full price discovery, market makingRisk Distribution
섹션 제목: “Risk Distribution”Call Market Risks (Borne by Platform/SPV)
섹션 제목: “Call Market Risks (Borne by Platform/SPV)”- Share sourcing/inventory risk
- Custody risk
- Settlement execution risk
Put Market Risks (Borne by Writers)
섹션 제목: “Put Market Risks (Borne by Writers)”- Directional risk (valuation decline)
- Opportunity cost (locked capital)
- Liquidity risk (can’t exit early)
System Risks (Borne by All)
섹션 제목: “System Risks (Borne by All)”- Oracle failure/manipulation
- Smart contract bugs
- Regulatory changes
Governance Considerations
섹션 제목: “Governance Considerations”Market Parameters
섹션 제목: “Market Parameters”| Parameter | Current | Governance |
|---|---|---|
| Call trading fee | 0.3% | DAO vote (future) |
| Put trading fee | 0.3% | DAO vote (future) |
| Writer minimum | $50K | Admin |
| LP allocation ratio | 60/40 | Automatic |
| New underlying listing | Admin | DAO vote (future) |