Money Pool: earn premium with USDG

Deposit USDG into the Money Pool of the open PONS Daily series. Your USDG stands behind the day's target price for the Asset Pool. In return it earns premium, paid in PUT. The Money Pool never pays a fee under any circumstances.

How the premium works

• PUT accrues by share-time: how much USDG you deposit and how long it stays active, from the moment it is active until settlement at 12:00 UTC.
• Every unit of USDG in the pool accrues at the same rate. The final match rate, pool utilization and the settlement outcome do not change what you earn.
• You can watch the estimate grow in real time. It becomes final at settlement.
• The premium is paid only in PUT. It is not USDG yield, interest or a guaranteed return.

What happens at settlement

Each series has one target price: 90% of the official reference price when the series was created. At 12:00 UTC one official settlement price is read.

Settles above the target

• All of your USDG is released.
• No fee.

Settles at or below the target

• The matched part of your USDG buys PONS at the target price.
• The unmatched part is released as USDG.
• No fee.

So USDG in the Money Pool can partly turn into PONS. The share that does is your pool share times the day's match rate, never more.

What you need to know

• On delivery you buy PONS at the target price. A settlement at or below the target means the market price of PONS may be below the target at that moment, so the PONS you receive may be worth less than the USDG you gave up.
• Your USDG is locked from deposit until settlement. You cannot exit early, and you cannot decline allocation at settlement.
• Your PUT accrual is not affected by the outcome, but the value of PUT is not guaranteed in any way.

Locking and timing

• Deposits join the series that is open now. After the 11:00 UTC cutoff you join the next day's series.
• Your USDG is locked from deposit until settlement at 12:00 UTC.
• You can choose One Series or Auto-Renew. Auto-Renew only rolls USDG that is still USDG after settlement into the next series. PONS received through delivery is never swapped back or rolled.
• If the next series has no capacity or is not accepting deposits, Auto-Renew does not run and the balance becomes claimable.

Receiving PUT

Rewards are finalized at settlement:

When	Unlocks	Cumulative
Settlement	30%	30%
Day 30	17.5%	47.5%
Day 60	17.5%	65%
Day 90	17.5%	82.5%
Day 120	17.5%	100%

You can claim whatever is unlocked at any time. Claiming does not change the schedule.

Worked example

Series: reference 1.00 USDG, target 0.90 USDG. Money Pool 1,000,000 USDG, Asset Pool 600,000 PONS, so 540,000 USDG is matched and the Money Pool match rate is 54%.

You deposit 10,000 USDG.

• Settles above 0.90: you get 10,000 USDG back.
• Settles at or below 0.90: you get 6,000 PONS (5,400 USDG bought at 0.90) and 4,600 USDG unmatched.

No fee in either case, and your PUT for the day is the same.

All figures are illustrative.