| Daily Series |
One day's market for PONS Daily: one target price, one entry cutoff, one settlement. |
| Money Pool |
The pool of USDG deposits in a series. Earns premium paid in PUT and buys matched PONS at the target if the series settles at or below it. Never pays a fee. |
| Asset Pool |
The pool of PONS deposits in a series. Gets protection at the target price. Pays the protocol's only fee, on delivery. |
| Premium |
What the Money Pool receives for taking on the obligation to buy at the target. During launch it is paid only in PUT, accruing by share-time. It is not USDG yield. |
| Target price |
90% of the official reference price at series creation, rounded down to the tick. Fixed for the series. |
| Reference price |
The official price read at 11:00 UTC when a series is created. Not the settlement price. |
| Settlement price |
The official price read at 12:00 UTC. The only price that decides the outcome. |
| Entry cutoff |
11:00 UTC. The series stops accepting deposits and the pools are matched. |
| Pro-rata match |
The two pools are matched by size at the cutoff. Every share carries the same match rate. |
| Series cap |
The maximum amount of PONS that can be matched, set when each series is created. The initial value has not been published yet. |
| Matched notional |
Matched PONS × target price, in USDG. The settlement fee is calculated on it. |
| Physical delivery |
At or below the target: matched PONS is exchanged for USDG at the target. |
| Release |
Above the target: all deposits are returned as they are. |
| Settlement fee |
0.9% of matched notional, paid only on physical delivery by the Asset Pool out of the USDG it receives. The Money Pool pays no fee. |
| Share-time |
Deposit amount × time active. How the Money Pool's premium in PUT is measured. |
| Auto-Renew |
Rolls a balance that is still the token you deposited after settlement into the next series. Never swaps. |
| Treasury Fee Reserve |
Where settlement fees accrue in USDG until a manual, atomic buyback and burn of PUT is executed. |
| Epoch |
A weekly reward budget period of seven days during the cold start. |
| TGE |
Token generation event. Start of the team unlock clock. Date not yet set. |