Solv Protocol
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Solv Protocol

Repayment Announcement #3: STRP Bond Voucher

Solv Protocol is pleased to announce that Strips Finance has successfully repaid the full amount of 1,901,695 USDC for the STRP Bond Voucher–the first bond issuance and the third fully repaid bond powered by Solv.

Solv Protocol is pleased to announce that Strips Finance has successfully repaid the full amount of 1,901,695 USDC for the STRP Bond Voucher–the first bond issuance and the third fully repaid bond powered by Solv.

Overview of the STRP Bond Voucher issuance

All fractionalized STRP Bond Vouchers are now redeemable for the amount indicated in the face value, as STRP convertibility will not be exercised.

Recap of the STRP Bond Voucher offering

  • Pre-issuance

Strips Finance provided STRP and USDC-STRP LP tokens worth $3.6M as collateral. Using EthSign, Strips Finance signed an on-chain statement outlining the protocol’s commitment to repayment.

Link to the statement:

https://arweave.net/tmsgMN13KAoEUiCpC5uTycAVUVQnZRudhENc9OqeZ1w

  • Issuance

On April 12, 2022, Strips Finance offered a $2M Bond Voucher on Solv Marketplace–Arbitrum with a 13% APR and a 90-day maturity. The issuance ran until April 21, 2022 (UTC) and closed with $1.88M raised in USDC.

  • Use of funds

Strips Finance has used the net proceeds from the sale of the Bond Voucher to provide protocol-owned liquidity, through the multi-sig executions of Solv Protocol, Strips Finance, and Cobo, a crypto asset management and custodian platform.

  • Collateral

Throughout the bond’s term, the collateral ratio for the STRP Bond Voucher has been well above 185%. View the status of the collateral through this multi-sig address: arb1:0x0A5624cf7AFb304Dc7B273f168097eA3DaeB232a

Note Strips Finance owned $8.3M USDC in the protocol’s wallet (0x5aA4e90DC2452195a5E5654F549DF0f2bC5d9996) in addition to the collateral stored in the multi-sig, indicating early on the strong likelihood of repaying the debt.

  • Repayment

On July 12, 2022, Strips Finance paid 1,901,695 USDC including the principal and interest, redeemable by all investors who held a portion of the original STRP Bond Voucher through Solv’s dApp.

Transaction hash (txid): https://arbiscan.io/tx/0x94e84f58c2581d6a5163e5de669216a6272954094175d506eac5b39f9a1ba085

Based on the successful repayment of the STRP Bond Voucher, Strips Finance has proved to be creditworthy. The issuance has not only enabled the protocol to access liquid funds to cover expenses but also allowed investors to receive steady returns at a 13% APR.

As the leader of debt financing in crypto, Solv Protocol welcomes protocols of any stage of development to leverage credit for access to consistent, incremental funding.

About Strips Finance

Strips Finance is an interest rate derivatives platform. Strips’ aim is to build an open platform to trade, create and invest in fixed-interest products. The first product is Strips Exchange, an interest rate derivatives exchange.

About Solv Protocol

Solv Protocol is a decentralized marketplace for trading and creating financial NFTs and other Web3 digital assets.

Featured assets of the Solv marketplace include Vesting Voucher, an allocation management fundraising tool, Convertible Voucher, a structured product allowing DAOs to leverage native tokens, Bond Voucher, the first market-tested debt instrument in DeFi that helps DAOs tap into the debt capital markets, and Dream Voucher, a lightweight solution for untokenized projects to bootstrap their communities.

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Solv Protocol Team

Solv Protocol Team

The DeFi platform for creating, managing, and trading Financial NFTs. https://t.me/SolvProtocol