Kaspa Explained20 tokens still waiting
Money mechanics
Follow the money.
Redeem a token for dollars, borrow against coins or pay the winning side of a prediction. Walk through each promise to see where the money comes from and what can stop a payout.
Educational models with imaginary balances. No funds are involved.
100 tokens. $100 in backing.
Cash limits immediate redemption
$0.00 cash · $80.00 Treasuries
Cash availableTreasury assets
Assumptions, redemption rights, and Treasury backing
This invented issuer values its Treasury assets at par. The model does not sell securities, estimate bank settlement, charge fees, or model insolvency. Only paid redemptions reduce the token supply. Moving the slider starts a new snapshot.
A real token needs enforceable redemption terms and custody arrangements. On-chain arithmetic cannot establish that assets exist, are unencumbered, or are legally owed to you. Tokenized Treasury funds also depend on their fund documents, access rules, and intermediaries.
Reserve disclosures · Example redemption terms · Limits of reserve reports
10 collateral units. $50 borrowed.
Falling prices reduce collateral coverage
10 hypothetical coins
Fixed in this example
Liquidation eligibleHealth factor 1More collateral
Calculation and missing infrastructure
Health factor = collateral value × 0.75 ÷ debt. These invented parameters illustrate one lending rule. There is no interest, price impact, fee, or liquidation execution here. A real system needs price feeds, available buyers, and rules for shortfalls. Code cannot guarantee those will work during a crash.
100 Yes claims. 100 No claims.
The reported outcome determines the payout
Waiting for a result
Claims, resolution, and model boundaries
One unit of collateral backs one complete Yes/No pair. Only one side receives the unit after binary resolution. Before resolution, a complete pair could be merged back into collateral. This example shows settlement, not trading, odds, fees, disputes, or forecasting quality. Pending does not mean a 50/50 payout.
Testnet contracts and assets
Use a disposable browser wallet to try escrow, shared treasury spending, prediction payouts, token transfers, and backed receipts on Testnet-10. Review each transaction before signing.