Expiring Multi Party

The Expiring Multi Party (EMP) contract is the core mechanism for creating a synthetic asset. TRANT builds on the well-tested priceless-synth (EMP) design, which turns virtually any publicly reported statistic into a collateralised token.

There is one EMP per synthetic. Given enough collateral from sponsors, an unlimited amount of that synthetic token can be minted. Every EMP has a predetermined expiry date.

Mint, redeem, settle

• Mint: a sponsor deposits approved collateral and receives newly created synthetic tokens.
• Redeem: a sponsor repays synthetic tokens and withdraws collateral, keeping the position above its minimum collateralisation ratio.
• Settle: after expiry, every sponsor and every holder of the synthetic can redeem for the underlying collateral at the oracle's final value.

Roles

• Sponsor: supplies collateral and mints synthetic tokens against it.
• Token holder: holds the synthetic token (bought or minted); can act as a liquidator.
• Liquidator: opens a liquidation against an under-collateralised sponsor position, posting a bond.
• Disputer: challenges a liquidation they believe is wrong, posting their own bond.

Expiry & settlement

The contract is built around its expiry date. At expiry, anyone can trigger a price request to the optimistic oracle; once a value resolves, holders convert their positions back to collateral through the priceless position manager.