You can get BILLEX (special series for CENTUSX — BILLEXC, hereinafter referred to as BILLEX) for less than 1 CENTUSX through an open discount auction and receive 1 CENTUSX or 1 CENTUS at maturity.
Asset code: BILLEXC
Issuer address: GDLI5OIORSAMPCVPARULISFTKOUNDR257M4HR6QAHOJEKUVIBUBZV264
Friendly name: Bill of Exchange
Description: BILLEXC, Special CENTUSX Series, is Blockchain-Based Discount Bill of Exchange for instant transactions and daily income generation.
The discount is determined at a public auction: To get BILLEX, you place your bid, entering a price for 1 BILLEX in CENTUSX and number of BILLEX you want to receive. In other words, that are you who determine how much of your CENTUSX will be converted to BILLEX and how much BILLEX you will receive at the price you specified.
The CENTUSX / BILLEX auction takes place on the Stellar DEX. Below we outline the procedure for placing bids (orders) for auction through StellarTerm:
- Login to StellarTerm DEX using your private key (it is safe because StellarTerm does not store your private keys).
2. Then go to the Accept assets tab.
3. At the Accept assets tab type the domain name billex.club in the search box and add a trustline for the BILLEXC asset.
5. Return to your Account and click the Trade button opposite the BILLEXC asset.
6. Select CENTUSX from the drop-down list on the right.
7. Determine how much CENTUSX you want to convert to BILLEX and submit an order to buy BILLEX at a price from 0.1 to 1 CENTUSX for 1 BILLEX (maximum allowable discount is 90%).
For example, you indicate that you want to receive 100 BILLEX at 0.7 CENTUSX each:
a) Enter 0.7 in the Price CENTUSX field and 100 in the Amount BILLEXC field.
b) The total amount of CENTUSX that will be converted to BILLEX will be re-calculated automatically and shown in the field Total CENTUSX: 70 CENTUSX.
c) Click the button Buy 100.0000000 BILLEXC for 70.0000000 CENTUSX.
8. Your accepted offer for the purchase of BILLEX at the price you desired will appear in the Manage offers section.
After receiving all bids, we begin converting holders’ CENTUSX 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 conversion orders:
-one bid for 80 BILLEX at 0.8 CENTUSX each
-one bid for 80 BILLEX at 0.6 CENTUSX each
-one bid for 80 BILLEX at 0.4 CENTUSX 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 CENTUSX.
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 CENTUSX
-the second participant will receive 20 BILLEX in exchange for 20 * 0.6 = 12 CENTUSX
-the third participant will receive 0 BILLEX, i.e. all bids below clearing price 0,6 would be considered lost.
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 CENTUSX 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 CENTUSX price in the market.
If desired, BILLEX can be redeemed to a deposit stellar address right in CENTUS tokens with a condition to withdraw 5% of the CENTUS amount monthly, taking into account seigniorage and basic income accrued.
All BILLEX not redeemed after 1 year will be considered overdue and not repayable. 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 CENTUSX to BILLEX.
BILLEX can be traded at a market price along with accumulated earnings on any Stellar exchange for any cryptocurrency, including CENTUSX and CENTUS.
CONDITIONS:
Auction start: 14.12.2020 at 11.00 UTC
Auction limit: 157,481,358 BILLEXC
Bidding deadline: 72 hours
Minimum bid: 100 CENTUSX
Maximum discount: 90%
From the moment of this announcement, the payment of seigniorage on CENTUSX has been suspended.
The bidding process, participants’ proposals for prices and a number of CENTUSX can be observed by selecting the BILLEXC / CENTUSX pair in the Exchange section.
