@BounceBit Issuer Commercial Paper as a 'Neutral Base'
Structured Issuer 'Xinshi' needs a base that is both compound interest and liquid to support multiple ETPs. They use stBBTC as the foundation, with dividends and fees carried over at the note level; the market-making leg ensures the depth of T+0 subscription and redemption, while the stable leg and PoS provide predictable annualized returns. During the new product launch week, routing increased the market-making weight from 40% to 75% linearly, then fell back to 50% after two days of trading;
In the busiest hour for subscriptions and redemptions, the failure retry rate remains below 0.8%. The disclosure page no longer explains 'where the income comes from in three places', but instead attaches the routing timeline and note snapshot, allowing investors to see the sources and distribution at a glance.
The product line expansion is akin to changing a formula: a change in weight corresponds to different risk-strategy packages, with compliance and operations sharing the same breakdown. For Xinshi, what is sold is not just the yield curve, but a 'verifiable cash flow machine'.
