What happens if the CENTUS price
goes beyond the reasonable volatility?

To manage the CENTUS supply and bring the CENTUS price back to its pegged value of 1 US CENT, it is crucial to incentivize CENTUS holders to lock up their CENTUS in exchange for future rewards. This is achieved by issuing BILLEX tokenlar (Chegirmali veksel) CENTUS-ni blokirovka qilish evaziga aqlli shartnoma orqali. As mentioned earlier, BILLEX tokens are offered through an open auction at prices generally below 1 CENTUS. In return, they promise a future payout of 1 CENTUS when the system expands and there are no older outstanding BILLEX tokens. Let’s first discuss the open auction system. To issue BILLEX, the smart contract conducts a continuous auction where participants specify their bids and bid sizes for new BILLEX tokens. In simple terms, auction participants state how much CENTUS they are willing to lock for each BILLEX and how many BILLEX tokens they want to issue at that price. For instance, someone can specify that they want to issue 100 BILLEX for 0.9 CENTUS per BILLEX. When the smart contract decides to contract the coin supply, it selects the orders with the highest bids and converts the holders’ coins into BILLEX tokens until a sufficient amount of CENTUS has been destroyed. Here’s an example:
  • Suppose you want to issue 100 BILLEX tokens.
  • Assume there are three buy orders on the order book: one bid for 80 BILLEX at 0.8 CENTUS each, one bid for 80 BILLEX at 0.6 CENTUS each, and one bid for 80 BILLEX at 0.4 CENTUS each.
  • Tizim hisoblab chiqadi tozalash narxi, which is the single price at which all offered BILLEX tokens would be purchased. In this case, the clearing price is 0.6 CENTUS.
  • The system fulfills the winning bids at the clearing price: the first user will receive 80 BILLEX in exchange for 80 * 0.6 = 48 coins, and the second user will receive 20 BILLEX in exchange for 20 * 0.6 = 12 coins.
Now, let’s discuss the payout of BILLEX. First, the smart contract counts the BILLEX tokens in circulation and orders them based on their creation time, with the oldest ones first. This forms an ordered sequence of BILLEX tokens, known as the ‘BILLEX navbati.’ The smart contract also keeps track of all locked CENTUS tokens. Then, the smart contract generates N new CENTUS tokens and distributes them as follows: The payout of BILLEX tokens follows a first-in-first-out (FIFO) basis. The smart contract starts converting BILLEX tokens into CENTUS tokens based on their order in the BILLEX Queue, one-to-one. For example, if we need to mint 100 CENTUS tokens, we convert the 100 oldest outstanding BILLEX tokens into 100 new CENTUS coins. The FIFO queue incentivizes people to buy BILLEX tokens and lock their CENTUS tokens earlier rather than later, as older BILLEX tokens are redeemed before newer ones. Stay Connected! 🙂
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