Hi All,
Thank you for being patient with us. We wanted to provide an update to the status of the HourGlass project:
- We have received our audit results back and are cleaning up minor fixes in our contracts
- We have our testnet deployed with a front end that we’d like to receive feedback on
- Dapp: https://test.hourglass.wtf/
- Feedback Form: HourGlass Goerli Form
We’re targeting a Halloween Launch. In the interest of decentralization, we’d like to encourage someone from the community to propose and issue the bond itself. This will include learning how HourGlass works, and making forum proposals which will set bond params such as interest rate, penalty, bond ratios etc. To be clear our team will not set up bonds on behalf of the Forth DAO, it must be community led. We have prepared the following resources to help answer any questions:
- Docs:
- Issuance Guide:
- Spreadsheet Tool:
As a refresher, HourGlass will be the first permissionless Web3 Convertible Bond Market. HourGlass Bonds have specific redemption rights and obligations. This makes them the ideal tools for DAO’s looking to leverage their tokens.
The Bond process will have 3 phases:
- Initial Bond Offering (IBO)
- Active
- Maturity
The IBO is facilitated with the help of an IBO-box. This is an escrow to hold funds before the bond is activated. When a DAO deposits collateral, they create an IssueOrder. When lenders deposit stablecoins, they create a BuyOrder. Orders can be canceled before the bond is activated.
When the DAO sees that there is enough lending demand, the DAO can activate the bond. After activation, IBO-Orders can be executed for the Bond-Slips / Loan.
Once the bond is activated, the DAO can repay the loan + interest to the Bond-Box at any time to get their collateral back. As a lender, you can redeem your bond-slips for stablecoins as soon as they have been repaid by the DAO. In the event that the DAO does not repay by maturity, the slips can be redeemed for tranches of the DAO token.
It’s important to note that new bond-slips cannot be issued after the Bond is activated. So we encourage the DAO to market during the IBO-process to solicit lending demand. Please reach out to the HourGlass team for any questions. Thanks.