@BounceBit A 'Neutral Base' for Product Issuance
Structured and ETP products aimed at retail generally require a 'compoundable, liquid, and auditable' neutral base.
The note form of @BounceBit meets these three points: returns are compounded through a robust leg and PoS, liquidity is ensured by the market-making leg, and end-of-month settlement is completed by aggregating the notes. One issuer constructs a market-neutral ETP with stBBTC as the base, automatically adjusting market-making weights intraday based on depth and volatility; dividends and fees are carried over at the note level, disclosed as 'Note Hash - Routing Snapshot - Income Breakdown', thus reducing the explanatory cost of underlying multi-platforms.
As a result, the product line can expand more quickly: changing weights yields strategy packages for different risk bands. Indicators to assess scalability include note utilization rate, contributions from market-making depth, PoS annualized stability range, and switching frequency/cost. When these dimensions stabilize, product issuance can focus more on customer segmentation and channels rather than funding operations.