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V1: Core Features
NFT Ticket Series for Hord Pools
Each pool initiated by the Champion must be bound to an unallocated HORD NFT. On the first pool launched by the Champion it will be assoiciated with gen1 nft. afterwards, each time the champion will want to create a new pool, a new ticket series will be created in the process.
The hord pool manager, at subscription time, will check that the follower has at least 1 access ticket for this pool. no need for the follower to send their tickets, just enough to hold it in their wallet. The number of tickets held by the follower determine the max amount he can try and participate with.
To subscribe to each additional pool in parallel, for each champion, additional ticket tokens are required.
Becoming a Champion
Becoming a champion is a DAO-based process:
- 1.Anyone can create an Hord Pool (hPool) issuance request, and put down at least 5K$ in ETH. (MIN_CHAMP_STAKE)
- Requires login with twitter: hPool will flag that the champion is your twitter account and link to it.
- This transaction will be a cheap gas transaction for inputting ETH and the initial params of the hPool into hPoolManager singleton contract.
- option to upload media for the ticket NFT // {managed service for tailored design for the NFT}
- 2.Then there are 72 hours (MAX_WARMUP_PERIOD) of warmup where people can view the hPool launch offer, but cannot subscribe to the strategy information feed.
- 3.After the warmup period ends, starts a 24 hours (MAX_FOLLOWER_ONBOARD_PERIOD) for the champion's followers to stake a minimum total of 200K$, a Maximum of $2M (MIN_FOLLOWER_ETF_STAKE , MAX_FOLLOWER_ETF_STAKE) in ETH for subscribing to that champion's hPool feed:
- These too will be cheap ETH transactions into the hPoolManager singleton contract.
- There is a maximum stake per follower, that is equal to the number of NFT tickets held by the follower multiplied by the MIN_STAKE_PER_POOL_TICKET.
- There is no requirement to socially sign in for joining an hPool.
- 4.If the stake target is reached in time, the deposited funds are verified, the Hord Pool goes live, and the funds staked will be utilized:
- 95% (ASSET_UTILIZATION_RATIO) for purchasing the underlying assets utilizing the information feed as selection criteria for which funds to purchase and in which ratios.
- 4% (GAS_UTILIZATION_RATIO) for covering gas fees in the contracts, this is converted on Hord Pool launch to ETH and kept as such for covering the Ethereum gas costs for launching the Hord Pool and the mirror basket, and for covering costs of editing the basket.
- This can be also seen as a minimal requirement for ETH stake in the hPool portfolios (Champion's and mirror basket)
- 1% (PLATFORM_STAKE_RATIO) as platform stake (converted at initial funding time to HORD, or taken directly as HORD if participants approve and have enough)
- This can be also seen as a minimal requirement for HORD stake in the hPool Portfolios.
- 5.If the minimum stake is not reached, the Hord Pool is liquidated, and everyone gets back their staked funds.
- automatically withdraw back everyones funds to their addresses utilizing the gas pool
Creating Hord Pools
A champion defines the iStock by providing the following:
- 1.Name: Up to 32 chars, 20K gas
- 2.hPool Token Symbol e.g. HORD-IVAN
- 3.Initial Traded Assets and compositions (e.g. 20% DOT, 50% ETH, 5% UNI, 5% 1INCH etc..)
- 1.be taken from one of a selection of uniswap lists. (e.g. 1inch)
- 4.at least MIN_CHAMP_STAKE $ worth in ETH
Then the champion makes a single transaction to generate an hPool launch proposal on the hPoolManager contract with the initial params. The transaction will also carry the initial deposit value in ETH.
The ETH will only be used to purchase HORD once the hpool actually launches, making it cheaper for everyone to join..
Joining Hord Pools
Once the hPool has been initiated, and the warmup period ended, the join phase commences and the countdown starts. Followers have limited time and funding limits to subscribe to the hPool.
Each follower makes a single cheap gas transaction to the hPoolManager contract to subscribe, providing the initial deposit value in ETH
The ETH is only used to purchase HORD once the hpool actually launches, making it cheaper for everyone to join..
The first generation pools will be using the first generation tickets that were minted. For future version pools the champion will have the option to choose how many tickets to mint, as well as some other params controlling pool size, but there will still be enforced, most probably, the network wide params of the minimum and maximum subscription amounts for the pools.
These will also vary, once the secondary market is live, there is a point of making the original subscriptions more of a scarce opportunity, moving the demand to the secondary marketplace. Also, the minimum is important for making sure only qualified champions or champions with minimal following are able to actually launch a pool. Hord pools should ultimately be self-regulating, whereby any user able to raise the minimum amount of subscription funds to follow their trades can be auto-considered a potential champion and can launch a pool with no further central moderation or control.
Regarding reaching the maximum allocation, we currently perceive that while most ticket series will be capped at most by 400 tickets, most probably not all tickets will be used come subscription time, and those used will most probably not use their entire allocation. This will potentially leave space for a gas war post-tickets-utilization phase, where if after all tickets have been utilized the maximum subscription allocation has not been met, there will be some limited time phase where non-ticket holders will be able to join some gas war for joining with lower allocations per subscriber.
This will preserve the scarcity of the tickets, and allow ticket holders to enjoy guaranteed vip access to subscribe to the pool with a bigger allocation, while leaving those without tickets some chance to join as well, only if ticket holders do not exercise their full allocation. Those without tickets then will be able to participate in a first-come-first-serve gas war subscription phase where those who are able to get the transactions inside can top up the subscription allocation left vacant by ticket holders who didn’t utilize their entire allocation.
In the future versions, we might even back compensate the ticket holders for this, i.e. if you hold a 5K$ ticket and only utilized 3k$, then if someone comes in the last minute subscription phase for non-ticket holders and is able to secure a 2K$ allocation, you will get some of that allocation in the pool, or some similar mechanism which will effectivetly allow ticket holders to capitalize on their unspent allocation.
Activating and Launching the hPool
Once the staking threshold is achieved, hord.app will activate the hPool i.e. launch The hPool Smart Contract with the following separated financial components:
- 1.ChampionPortfolio: A zone in the contract managed and owned by the Champion - where the Champion funds will be kept and to which the Champion commands dictate portfolio readjustments.
- 2.FollowersMirrorBasket: A zone where followers dictate management of their funds utilising the information feed from the ChampionPortfolio to which they subscribe.
- 3.hPoolToken:
- Champion will not receive hPoolTokens (he's just managing his portfolio)
- an ERC20 compatible token depicting the relative holdings of each participant in the iStock contract from the total underlying assets. There is an initial total supply of 1000 (MAX_SUPPLY_HPOOL_TOKEN) Tokens for each iStock, and this supply can deminish if subscribers redeem ahead of iStock general liquidation/maturation.
The gas for the launch transaction is paid from the gas pool reserve in the iStock contract.
This can take up to 24 hours to launch.
Editing an hPool
The champion can edit their portfolio as they wish. Each edit can:
- 1.add new tokens to the portfolio
- 2.remove tokens from the portfolio
- 3.change ratio of holding in a given token
The Edit, once done, triggers the Hord protocol to update the champion's portfolio. In addition, the Followers' Mirror Basket, as long as subscribed to the content feed from the champion, will utilise these changes to also copy the Champion's strategy.
These modifications are auto-approved by the followers in advance, as well as the gas pool in the contract is pre-approved by the followers for spending on these modification events. A subscriber can always redeem their hPool tokens (burning them effectively), in case they wish to cancel their subscription and stop following the portfolio strategy content feed from the Champion.
Hord Pool Finalization VS Perpetuity
Immediate Finalization
The Champion can decide to terminate the hPool entirely, thereby liquidating everyone's holdings back to ETH. Hord.app will, in such case liquidate back all holdings to ETH, and distribute those to the followers and champion, utilizing some of the ETH for the gas fees. In such case the hPool is finalized and will no longer be active.
Static Perpetuity
The Champion can choose a graceful exit from the hPool, where only their own portfolio is liquidated, but the hPool contract remains active.
Following a Champion's graceful exit, there will be a vote timeframe of 3 days where hPool token holders can vote to either stay on board or redeem. All those who wish to redeem will be pool-exited together, and all those who vote to stay will continue to be exposed to the last strategy snapshot in the pool, which will remain static.
All fees in such case will be split:
- Champion will continue to receive success fee portion on redemption
- hPool token holders will receive the trading fees.
Dynamic Perpetuity (move to V2)
The Champion can choose a graceful exit from the hPool, where only their own portfolio is liquidated, but the hPool contract remains active. In such case, the hPool contract becomes DAO governed, so that any hPool token holder can propose edits to the portfolio, and given majority vote of hPool token holders, the order is executed.
Following a Champion's graceful exit, there will be a vote timeframe of 3 days where hPool token holders can vote to either stay on board or redeem. All those who wish to redeem will be pool-exited together, and all those who vote to stay will continue as co-contributors to the strategy information feed. Once the Champion exits gracefully, any and all champion fees are paid back to the iStock token holders in direct proportion to their holdings.
Redeeming hPool Tokens
- 1.Any subscriber wishing to redeem their holdings can do so immediately, anytime, and this will simply cost the full gas cost of redemption from the underlying assets back to ETH.
- 2.When iStock finalizes all liquidation is pooled and so are gas costs, and in this case the funds are automatically sent to the subscribers. These gas costs are taken from the underlying gas fund or the assets themselves if the gas fund is depleted.
- 3.When an iStock goes into perpetuity mode, those subscribers electing to exit are again pooled together, and likewise share the gas costs.
Trading hPool Tokens
a 2nd layer orderbook dex based on zk-rollups on STARK proofs will be implemented.
- 1.Any new hPool launched, all the hPool tokens supply (ERC20) will be immediately and primarily available on layer2 for trading
- 2.Subscribers or traders that hold hPool tokens on layer 2 can always withdraw them back to layer1 Ethereum as standard ERC20 tokens.
- 3.Any holder of hPool tokens can create sell orders on the orderbook dexs
- 4.Any hord.app user can deposit ETH/USDT on layer1 Ethereum and receive equal tokens credit on hord.app layer2, to be used for trading hPool tokens.
- 5.Any hord.app user with layer2 ETH/USDT on hord.app can issue buy orders for hPool tokens with active orderbooks.
Last modified 9mo ago
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