Expiring Multi Party
This page describes the intended design, not shipped software. The only behaviour live on-chain today is synthetic position creation. The $TRANT token, bonds, staking, liquidity pools and mining, trading, liquidation, and oracle mechanics described across these pages are specified but not built or deployed. See Technical overview.
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.