Market conditions
The machine, running. Policy, bonds, backing and the ratchet, epoch by epoch.
Epoch
0
day 0
Market
$1.3500
Trading at 1.02x backing. A premium is an offer, not a peg violation.
Backing
$1.3289
Realisable treasury per ducat, after haircuts. 1.06x the reference.
Reference
$1.2500
The floor policy aims from. No path down.
Governor band
Aggressive expansion
Surplus 1.063. Cushion retained rather than spent. Expansion closed.
Market conditions
Policy state
Ratchet, next step to $1.3125
Supply and burns, cumulative
Treasury, marked down before it counts
| Asset | Tier | Value | Haircut | Realisable |
|---|---|---|---|---|
| USDG | 1 | $20.00m | 2.0% | $19.60m |
| AAPL | 2 | $3.00m | 15.0% | $2.55m |
| NVDA | 2 | $2.00m | 20.0% | $1.60m |
| TSLA | 2 | $1.00m | 25.0% | $750k |
| WETH | 2 | $1.00m | 25.0% | $750k |
| All positions | $27.00m | 6.5% | $25.25m |
Ownership layer
Invariants
Epoch ledger
0 entries
Illustrative model of the mechanics described in the Ducat white paper: three prices, seven governor bands, bond floor at 1.02 backing, expansion capped at 0.5 percent a week and only into surplus above 1.05, the 30 and 90 day ratchet tests, warchest accumulation and burn, recovery entered on backing rather than price, redemption at the lower of reference or backing less one percent, and arbitrage capture gated at one percent. Parameters follow the published set. Price paths, asset moves and demand are simulated, and no figure here is read from a live protocol.