Make your coins grow up to 100%
For those who want to make their Debit Coin (DBC) grow up to 100%*, we open the 1st BILLEX (Discount Bill of Exchange) auction – a special DBC-intended series.
Now you can convert your DBC to BILLEX and get a high return on discount.
You can issue BILLEX tokens for under 1 DBC each through an open auction, and you can receive 1 DBC at maturity.
To issue a BILLEX, you should participate in an auction, where all participants place their bids, entering a BILLEX number and a price at which they want to convert DBC to BILLEX. In other words, that are you who determine how much DBC 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 issue 100 BILLEX for 0.9 DBC each.
You place you bid sending it to our BILLEX Chat in the following form:
/ifttt GC5XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 100 0.9
with all data separated by space, where:
/ifttt – required command;
GC5XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX – your Stellar address;
100 – number of BILLEX
0.9 – price at which you would like to change your DBC to BILLEX from 0.5 to 0.99 DBC
Please keep in mind that a 0.50 DBC artifical limit is placed on the BILLEX price at the moment.
Your bid is considered accepted after you receive a confirmation from IFTT bot.
Once you have sent the order, you should transfer specified amount of DBC to the Stellar address GACUJFJOW6FHH6KUETURQDRFEOGM4ZGHCNQ24UVXXSX265THVR3ZUC3Z to confirm it, only after that your order will become valid.
After receiving all bids, we begin converting holders’ DBC 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 were placed three buy orders:
-one bid for 80 BILLEX at 0.8 DBC each
-one bid for 80 BILLEX at 0.6 DBC each
-one bid for 80 BILLEX at 0.4 DBC each.
• The system will compute the clearing price, i.e. a single price at which all offered BILLEX would have been converted. Here, the clearing price is 0.6 DBC.
• 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 DBC
–the second participant will receive 20 BILLEX in exchange for 20 * 0.6 = 12 DBC.
–the third participant will receive 0 BILLEX, i. e. all bids below clearing price 0,6 would be considered lost, and the DBC would be sent back to addresses they were received from.
BILLEX payout
The maximum maturity of BILLEX 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 buy BILLEX and 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 DBC price in the market.
All BILLEX unclaimed after 1 year will be considered overdue and not redeemable.
IMPORTANT: You do not freeze your DBC when issuing BILLEX. At any moment, you can sell BILLEX together with accumulated interest on any stellar exchange for any available currency, including DBC. In other words, BILLEX is your DBC in the form of BILLEX, that earns income.
The BILLEX issue limit is 2 million tokens. The end of bidding session is in 3 days from the date of the news release. After that the auction results and the clearing price will be published. The bidding process, participants’ proposals for prices and a number of DBC can be observed online at http://bit.ly/2GemRUF.
*The bid is determined at a public auction, where participants themselves offer a price at which they would like to convert their DBC to BILLEX.
This service is only offered as a part of our Airdrop program.
