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Making DeFi Complete

Borrow and Lend with Certainty & Flexibility

Defi

Problems
in DeFi

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Unstable Returns

The returns and costs from existing money market protocols fluctuate based on supply and demand dynamics, which is unsuitable for long-term borrowers/lenders.

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Inefficient Prices

As proven in TradFi, for fixed-income instruments, combining batch auctions in the primary markets and orderbook in the secondary markets is the most suitable way for price discovery.

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Unhedgeable Risks

DeFi users have neither forward products and term futures to hedge exchange risks nor fixed-income markets to hedge interest rate risks.

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Mission in 3 Stages

1. Establish a term structure of interest rates as a fundamental infrastructure.
2. Provide full hedging instruments to both DeFi users and TradFi institutions.
3. Enable people to earn future revenue streams in DeFi via tokenized real-world assets.

Fixed Income
Protocol

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Primary Market

Hourly batch auction to match bid/ask orders for fixed-income tokens
  • Most tokens with sufficient liquidity will be the underlying tokens and can be used as the collateral
  • 75% LTV (Loan to Value) and liquidation mechanism guarantee lenders' returns
  • Available tenors on any given date would be the end of that month and that of the next month, and the very last day of the following four quarters
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Secondary Market

Orderbook exchange for price discovery of fixed-income tokens
  • Users can trade their fixed-income tokens for hedging and risk-taking
  • Primary dealers will provide liquidity in secondary markets
  • Primary dealers can enjoy fee waiver plus profit sharing after the obligation fulfilled
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Repo Market

Orderbook exchange for collateralized loans with fixed-income tokens
  • Users can collateralize their fixed-income tokens to borrow the underlying tokens
  • A foreclosure auction protects borrowers' valuable fixed-income tokens from a fire sale
  • Available repo tenors are 3-day, 7-day
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zkTrue-up

zkTrue-up is a customized zk-rollup solution for auction and orderbook matching on DeFi. zkTrue-up ensures fairness and privacy for auctions by leveraging zero-knowledge proof and Sparse Merkle Tree technology. zkTrue-up also makes orderbook matching efficient and scalable. Overall, zkTrue-up guarantees data availability and security.

What Makes us
Different

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Non-custodial

Thanks to zkTrue-up, a custom-built ZK-rollup based on zk-SNARKs, users always control their assets and can force withdraw their assets should our server go down.

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Peer-to-peer

Compared to other fixed-income protocols, Term Structure adopts a peer-to-peer model rather than peer-to-pool, enabling users to use limit orders and have better quotes.

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User-friendly

Interdependent primary, secondary, and repurchase bond markets allow users to take risks and hedge with flexibility. Transparent cost and zero slippage provide a better trading experience.

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Roadmap

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Subscribe

Contact us: info@termstructure.com

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