Convert your CENTUS to BILLEX with discount and get a high return at redemption.
You can get BILLEX (Bill of Exchange) for less than 1 CENTUS (U.S. Stable Cent) through an open discount auction and receive 1 CENTUS at maturity.
Asset code: BILLEX
Issuer address: GBILKAL6TH56OTUIWRVUCUGTV22NHLH5QFWBHCUPVHBX6B5FVJYSSIBD
Friendly name: Bill of Exchange
Description: BILLEX is Blockchain-Based Discount Bill of Exchange for instant transactions and daily income generation.
The discount is determined at a public auction: To get a BILLEX, you place your bid, entering a price for 1 BILLEX in CENTUS and number of CENTUS you want to convert. In other words, that are you who determine how much CENTUS will be converted to BILLEX and how much BILLEX will be issued at the price you specified.
FOR EXAMPLE, you specify that you would like to get 100 BILLEX for 0.9 CENTUS each.
You place a bid in the AUCTION page in the following form:
GC5XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX — your Stellar address;
100 — number of BILLEX;
0.9 — price at which you would like to convert your CENTUS to BILLEX.
IMPORTANT: Once you have sent the bid, you should transfer specified amount of CENTUS to the Stellar address GCBB7VTRUMKUZAVD6NRZJNP5BWTWKRBJ4NCLXKNKRUYQDOJG5WPFFYNH to confirm it, only after that your order will become valid.
After receiving all bids, we begin converting holders’ CENTUS to BILLEX by iterating the BILLEX Queue in descending order and selecting bids with the highest rates.
An example of how the discount will be determined:
• Let’s assume that 100 BILLEX are issued at auction.
• Suppose that holders placed three convertation orders:
-one bid for 80 BILLEX at 0.8 CENTUS each
-one bid for 80 BILLEX at 0.6 CENTUS each
-one bid for 80 BILLEX at 0.4 CENTUS each.
• The system will compute the clearing price, i.e. a single price at which all asked BILLEX would have been converted. Here, the clearing price is 0.6 CENTUS.
Clearing price
• The system will fill the winning bids at the clearing price:
-the first participant will receive 80 BILLEX in exchange for 80 * 0.6 = 48 CENTUS
-the second participant will receive 20 BILLEX in exchange for 20 * 0.6 = 12 CENTUS.
-the third participant will receive 0 BILLEX, i.e. all bids below clearing price 0,6 would be considered lost, and the CENTUS would be sent back to addresses they were received from.
BILLEX redemption (payout)
The maximum BILLEX circulation period is 1 year. During this period, BILLEX will be redeemed on a first-in-first-out (FIFO) basis, that is, they will be redeemed one by one, in accordance with their order in the BILLEX Queue.
The FIFO queue incentivizes people to convert their CENTUS earlier rather than later, since BILLEX created earlier are paid out before BILLEX created later.
One year maturity does not mean that BILLEX will be redeemed in exactly one year. They can be redeemed before their maturity date depending on the CENTUS price in the market.
All BILLEX unclaimed after 1 year will be considered overdue and not redeemable. Read more about how BILLEX works in the White Paper.
IMPORTANT: The higher your bid, the more chances to win the auction and convert your CENTUS to BILLEX.
CONDITIONS:
Auction start: 22.03.2021 at 11.00 UTC
Auction limit: 100,000,000 BILLEX
Bidding deadline: 72 hours
Minimum bid: 100 CENTUS
Maximum discount: 90%
Auction address: http://bit.ly/2P6XXNR
Only CENTUS that had been hold on the participants’ accounts on March 9 at 16:48 UTC i.e. before a snapshot was taken can be offered at the auction
The bidding process, participants’ proposals for prices and a number of CENTUS can be observed online HERE.
