Ribbon Testnet Bond Issuance
We’re excited to announce the Ribbon DAO bond issuance is live on Rinkeby testnet! The issuance will run until 24:00 Wednesday, June 1st (Pacific Time). This testnet launch will give lenders a chance to try out the Porter Finance platform before the mainnet bond issuance.
If you’d like to participate in the testnet issuance, email a Rinkeby wallet address to support@porter.finance with the subject line “Ribbon Testnet Bond Issuance”. We will send you 100,000 testnet USDC so you can participate in the offering!
Once you have your testnet USDC, here’s how to participate in the auction:
1. Input order details
Input an amount of bonds to purchase and the price per bond. Review your order details below to see your bid size, potential interest earned, and APY.
2. Approve USDC for use
The auction contract has to be approved to spend your USDC so that you can place a bid.
3. Confirm order placement
Review your order details and place the order.
Now that your order has been placed, you must wait until the close of the auction to claim your bonds. If your order was not competitive, you will not receive an allocation of bonds. Therefore, it’s important to put your best foot forward when bidding. To learn more about how the auction settlement process works, read our documentation.
About Ribbon Finance
Ribbon Finance is a protocol that helps users access crypto structured products for DeFi. It combines options, futures, and fixed income to improve a portfolio’s risk-return profile.
About Porter Finance
Porter Finance is building an on-chain credit marketplace for DAOs to borrow at fixed rates with no liquidation risk. Using their project tokens and social capital as collateral, DAOs can mint zero-coupon bonds and sell them to fixed income investors. This provides a liquidation-free loan to DAOs while generating sustainable yield for lenders.
If your DAO is interested in raising funds without selling tokens and without liquidation risk, get in touch with us through this borrower form. If you’re interested in providing liquidity for bond issuances, please fill out this lender form.
