Settlement Methods
고지 사항: 이 백서는 영어 버전이 공식 문서입니다. 다른 언어 버전은 참고용입니다。
Overview
섹션 제목: “Overview”PIPO offers two primary settlement methods for exercised warrants:
- Cash Settlement (Default): USDC payout based on intrinsic value
- Physical Delivery (VIP Only): Actual share transfer from SPV
Cash Settlement
섹션 제목: “Cash Settlement”How It Works
섹션 제목: “How It Works”┌─────────────────────────────────────────────────────────────────┐│ CASH SETTLEMENT FLOW │├─────────────────────────────────────────────────────────────────┤│ ││ 1. EXERCISE REQUEST ││ ┌─────────────────────────────────────────────────────────┐ ││ │ User submits exercise during window │ ││ │ ├── Warrant tokens locked │ ││ │ └── Exercise intent recorded on-chain │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 2. WINDOW CLOSES ││ ┌─────────────────────────────────────────────────────────┐ ││ │ Oracle Committee finalizes settlement price │ ││ │ ├── Multi-source price aggregation │ ││ │ ├── 2/3 committee signature │ ││ │ └── Price published on-chain │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 3. PAYOUT CALCULATION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ Smart contract calculates payout │ ││ │ ├── Call: max(0, (Oracle - Strike) / Strike × Notional) │ ││ │ ├── Put: max(0, (Strike - Oracle) / Strike × Notional) │ ││ │ └── Fee deduction: Payout × 1% │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 4. DISTRIBUTION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ Automated USDC transfer │ ││ │ ├── From: Settlement vault │ ││ │ ├── To: User wallet │ ││ │ └── Warrant tokens burned │ ││ └─────────────────────────────────────────────────────────┘ ││ │└─────────────────────────────────────────────────────────────────┘Payout Formula
섹션 제목: “Payout Formula”Call Warrant:
Payout = max(0, (Settlement Price - Strike) / Strike) × Notional × (1 - Fee)
Example:├── Settlement Price: $220B├── Strike: $200B├── Notional: $1,000├── Fee: 1%├── Gross Payout: ($220B - $200B) / $200B × $1,000 = $100├── Fee: $100 × 1% = $1└── Net Payout: $99Put Warrant:
Payout = max(0, (Strike - Settlement Price) / Strike) × Notional × (1 - Fee)
Example:├── Settlement Price: $150B├── Strike: $180B├── Notional: $1,000├── Fee: 1%├── Gross Payout: ($180B - $150B) / $180B × $1,000 = $166.67├── Fee: $166.67 × 1% = $1.67└── Net Payout: $165Timeline
섹션 제목: “Timeline”| Event | Time |
|---|---|
| Exercise window opens | T |
| Exercise submissions | T to T+5 days |
| Window closes | T+5 days |
| Oracle price finalized | T+5 + 6 hours |
| Payout calculation | T+5 + 12 hours |
| USDC distribution | T+5 + 24 hours |
Physical Delivery
섹션 제목: “Physical Delivery”Eligibility Requirements
섹션 제목: “Eligibility Requirements”| Requirement | Threshold |
|---|---|
| Minimum position | $500,000 |
| KYC/KYB status | Verified |
| Accreditation | Required (US) or equivalent |
| Request timing | During exercise window |
How It Works
섹션 제목: “How It Works”┌─────────────────────────────────────────────────────────────────┐│ PHYSICAL DELIVERY FLOW │├─────────────────────────────────────────────────────────────────┤│ ││ 1. VIP REQUEST ││ ┌─────────────────────────────────────────────────────────┐ ││ │ User submits physical delivery request │ ││ │ ├── Must meet $500K minimum │ ││ │ ├── KYC/KYB verification confirmed │ ││ │ └── Warrant tokens locked │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 2. DOCUMENTATION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ Legal team prepares transfer documents │ ││ │ ├── Share Purchase Agreement (SPA) │ ││ │ ├── SPV membership transfer │ ││ │ ├── ROFR waiver (if applicable) │ ││ │ └── Tax documentation │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 3. PRICING ││ ┌─────────────────────────────────────────────────────────┐ ││ │ Physical delivery price calculated │ ││ │ ├── Base: Cash settlement value │ ││ │ ├── Discount: 20% of base value │ ││ │ ├── Fees: 2% transfer + legal │ ││ │ └── Net: Base - Discount - Fees │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 4. EXECUTION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ Share transfer executed │ ││ │ ├── User pays net amount in USDC/wire │ ││ │ ├── SPV transfers shares to user entity │ ││ │ ├── Cap table updated │ ││ │ └── Warrant tokens burned │ ││ └─────────────────────────────────────────────────────────┘ ││ ││ Timeline: 10-15 business days ││ │└─────────────────────────────────────────────────────────────────┘Physical Delivery Pricing
섹션 제목: “Physical Delivery Pricing”Physical Delivery Price Calculation:
Cash Settlement Value: $100,000Physical Delivery Discount: -$20,000 (20%)Transfer Fee (2%): -$2,000Legal Fee: -$2,500────────────────────────────────────────Net to User: $75,500 equivalent in shares
Why the discount?├── Shares are restricted (lock-up periods)├── Transfer costs are significant├── Operational complexity└── Incentive to take cash (simpler for platform)Settlement Comparison
섹션 제목: “Settlement Comparison”| Attribute | Cash Settlement | Physical Delivery |
|---|---|---|
| Availability | All users | VIP only ($500K+) |
| Settlement time | T+1 | T+10-15 business days |
| Fee | 1% | 2% + legal |
| Discount | None | 20% |
| Complexity | Simple | Complex (legal docs) |
| Asset received | USDC | Actual company shares |
| Restrictions | None | Share lock-up may apply |
Settlement Dashboard
섹션 제목: “Settlement Dashboard”User View
섹션 제목: “User View”┌─────────────────────────────────────────────────────────────────┐│ SETTLEMENT CENTER │├─────────────────────────────────────────────────────────────────┤│ ││ Pending Settlements: ││ ││ ┌──────────────────────────────────────────────────────────┐ ││ │ SPACEX-CALL-180B-Q42025 │ ││ │ ├── Status: ⏳ Awaiting Oracle Price │ ││ │ ├── Exercise Amount: 5,000 tokens │ ││ │ ├── Settlement Type: Cash │ ││ │ ├── Estimated Payout: $495 - $520 │ ││ │ ├── Expected Settlement: Dec 26, 2025 │ ││ │ └── [View Details] │ ││ └──────────────────────────────────────────────────────────┘ ││ ││ Completed Settlements (Last 30 Days): ││ ││ ┌──────────────────────────────────────────────────────────┐ ││ │ OPENAI-CALL-80B-Q32025 │ ││ │ ├── Status: ✅ Settled │ ││ │ ├── Settlement Date: Sep 25, 2025 │ ││ │ ├── Payout: $1,234.56 USDC │ ││ │ └── [View Transaction] │ ││ └──────────────────────────────────────────────────────────┘ ││ ││ Settlement History: [Export CSV] ││ │└─────────────────────────────────────────────────────────────────┘Settlement Edge Cases
섹션 제목: “Settlement Edge Cases”1. Oracle Price Dispute
섹션 제목: “1. Oracle Price Dispute”Scenario: User disputes Oracle settlement price
Process:├── 1. User submits dispute with evidence (24h after price posted)├── 2. Oracle Committee reviews├── 3. If valid: Price adjusted, settlement recalculated├── 4. If invalid: Original settlement proceeds├── 5. Appeal: Binding arbitration available└── Timeline: 72h resolution target2. Insufficient Settlement Fund
섹션 제목: “2. Insufficient Settlement Fund”Scenario: Settlement vault has insufficient USDC (unlikely due to 100% reserve)
Process:├── 1. System flags shortfall├── 2. Emergency protocol reserves activated├── 3. Partial settlement if needed (pro-rata)├── 4. Remaining settled within 72h└── Insurance claim initiated if systematic3. User Wallet Issue
섹션 제목: “3. User Wallet Issue”Scenario: User's wallet cannot receive funds (blacklisted, contract issue)
Process:├── 1. Settlement attempt fails├── 2. Funds held in escrow├── 3. User notified via all channels├── 4. 30-day window to provide alternative address├── 5. After 30 days: Manual review and contact└── After 180 days: Funds to protocol reserve (with legal review)API Reference
섹션 제목: “API Reference”Submit Exercise
섹션 제목: “Submit Exercise”const exercise = await pipo.submitExercise({ warrant: 'SPACEX-CALL-180B-Q42025', amount: 5000, settlementType: 'CASH', // or 'PHYSICAL' recipientAddress: '0x...' // Optional, defaults to connected wallet});
// Response{ exerciseId: 'EX-2025-12345', status: 'PENDING', tokensLocked: 5000, estimatedPayout: { min: 495, max: 520 }, settlementType: 'CASH', expectedSettlement: '2025-12-26T00:00:00Z'}Check Settlement Status
섹션 제목: “Check Settlement Status”const status = await pipo.getSettlementStatus('EX-2025-12345');
// Response{ exerciseId: 'EX-2025-12345', status: 'ORACLE_PENDING', // PENDING | ORACLE_PENDING | CALCULATING | DISTRIBUTING | SETTLED | DISPUTED oraclePrice: null, // Populated after oracle finalizes calculatedPayout: null, actualPayout: null, settledAt: null, txHash: null}Request Physical Delivery
섹션 제목: “Request Physical Delivery”const physical = await pipo.requestPhysicalDelivery({ exerciseId: 'EX-2025-12345', entityName: 'Chen Family Office LLC', entityType: 'US_LLC',});
// Response{ physicalRequestId: 'PHY-2025-001', status: 'KYB_REVIEW', requiredDocuments: [ 'Formation documents', 'Authorized signers', 'Tax ID (W-9 or W-8BEN)', 'Proof of accreditation' ], estimatedCompletion: '2026-01-10',}