Introduction
The information in this document is of informational nature only, can be subject to change or update without notice and should not be construed as a commitment by Hordapp Limited (“HORD”). This document, and parts thereof, must not be reproduced or copied without HORD’s written permission, and contents thereof must not be imparted to a third party nor be used for any unauthorized purpose.
These docs are a work in progress, and are changing on a daily basis. Please continue to monitor them to understand more about the product specification as it evolves. You should not take any of these docs as a fixed promise or commitment from the hord.app team to deliver any specific set of features. The contents and timelines of the releases of hord.app may and will change dynamically, as the market requirements evolve, and as our planning evolves to account for more accurate product requirements and implementation constraints. We wish to thank you for your interest in hord.app
If you're a crypto champion - a twitter influencer, a market maker, a well known fund or trader, or anyone that has influence and a following in crypto, you can use hord.app to create and manage one or more Hord Pools (hPools)- a basket of crypto assets in various ratios of holdings, which is then tokenized into its own ERC20 token allowing followers to actively subscribe to and utilize the hPool strategy.
When you launch your hPool, your followers have a limited time to subscribe to your information feed by adding their own funds into a separate smart contract context which will charge for the subscription to the information feed of your hPool trading strategies. hPool Followers approve their contract to copy trade your hPool adjustments and later pay fees for utilising your produced information feed. At launch time of the hPool, all subscribers mint hPool tokens in direct relation to the amount of funds they insert into the hPool contract followers section.
Success Fee: Each time a holder of hPool tokens redeems (burns) their hPool tokens, a fee of 15% is charged from the net gains (relative to launch time) in underlying assets on the hPool.
10% fee is paid to the hPool champion for the information feed subscription.
5% protocol fee, may be used for buybacks and burns.
Exit Fee: Each time a holder of hPool tokens redeems (burns) their hPool tokens, a fixed fee of is charged from the withdraw amount. The exit fee is a protocol fee, and may be used for $HORD buybacks and burns. (the square root of the underlying assets owned by this hPool tokens divided by 5). The fee affectively becomes a lower percentage fee of the underlying holdings the bigger the hPool token holdings.
When user redeems, the $HORD is withdrawn as is, and all other assets are liquidated back to ETH. Users can also choose to liquidate all assets back to $HORD, upon which a 20% discount on fees will apply.
On the layer2 orderbook dex of hpools, the seller can set their price for selling their hPool tokens. Notwithstanding the price set by the seller, which is at their own discretion, the platform will compute, at order placement time, the due success fee payable by the seller. This due success fee is a function of the fair cost of the hPool tokens at the time of order placement (i.e. the overall underlying value of the hPool portfolio divided by the number of hPool tokens, multiplied by the number of hPool tokens being sold), and the gains at that time (the difference between the overall underlying assets value at that time and at time zero of hPool launch).
This allows the platform to compute the payable success fee of the seller at time of order placement.
So for example, the seller sets to sell at 1000$, and the platform computes that at that time, a success fee of 90$ is payable. Then when a buyer comes, they can take the sell order for the seller-set price. But the seller will receive at that time the price they set minus the payable fee.
So a buyer in our example comes, buys at 1000$, but the seller will only receive 910$, as the rest will automatically be utilized to purchase HORD for fulfillment of the success fee, split by the champion (2/3) and the platform (1/3). Platform fees may be used for $HORD buybacks and burns.
The 2nd layer protocol will persist the underlying assets worth of the purchased hPool tokens at time of purchase, so that the applicable success fee for this buyer may be properly taxed upon withdraw to layer1 or subsequent selling on the layer2 dex.
Each time a holder of hPool tokens trades them, a fee is charged, equal to (the square root of the underlying assets owned by this hPool tokens divided by 5). The fee affectively becomes a lower percentage fee of the underlying holdings the bigger the hPool token holdings.
2/3 of the fee will be paid to the hPool champion for the information feed subscription
1/3 of the fee will be a protocol fee, and may be used for buybacks and burns.
This fee is taken in hPool tokens from the sold tokens, and may be then used to subsequently sell by the platform on the layer2 dex for ETH, utilizing the ETH for $HORD buy backs and burns.
Anyone holding an hPool token can redeem it at any time, though redeeming before the fund has matured will require the redeemer to pay the entire gas costs of the transactions, whereas in liquidation time the gas cost is amoritised across all subscribers.
Anyone holding an hPool token can trade it, it is an ERC20 compatible token.
Each time an hPool holder transfers the token to another address, this is regarded by the hord protocol as a trade, and will trigger the Trading Fee to automatically apply on the seller (meaning the transferred amount will be deducted the volume based fee prior to the transfer). In addition, various DEXs usually have their own fee structure per trade.
Hord.app will also enable a FREE in-app secondary DEX for trading hPool tokens. In the hord.app DEX, no further fees will apply on top of the volume based success fee. The current plan is to clone uniswap v2 into hordswap and enable free trades on all hPool tokens.
Of Course! the main idea is that each hPool token created, once launched, can be no further minted, but only burnt if holders redeem. Once the hPool token is out, the only way to get it if you're not an original subscriber, is in the secondary markets.
Of course, a champion can decide to launch more than 1 hPools, and to also configure the amount and time to join of each.
No! All funds are solely managed by their owners, in a non-custodial manner. The champions manage their own funds via the hPool smart contract, the hPool subscribers manage their own funds by ordering the hPool smart contract to utilise strategy information sold to them by the champion. Each of champion and subscribers have their funds separately managed in a non-custodial manner by the hPool smart contract. The hord.app simply provides a software interface for interacting with the hord protocol smart contracts.
Yes! Anyone participating in hord.app will earn participation tokens HORDx, the more you participate the more you earn. HORDx will allow you to take place in governance of the protocol, which enables to update all protocol parameters.
