mUSDT

Liquidity providers deposit USDT into mUSDT Vault and mint mUSDT tokens. mUSDT is an BEP-20 token that represents ownership of deposited USDT and its earnings, it can be transferred between wallets without converting. mUSDT can be viewed as a yielding asset, used as collateral in other DeFi protocols, and as an over-collateralized stablecoin backed by mUSDT Vault.

mUSDT= 1 + accRewardsPerToken - Math.max(0, accPnlPerTokenUsed)

accRewardsPerToken are the accumulated rewards of each USDT token;

accPnlPerTokenUsed are the accumulated closed positions’ PnL and open positions’ PnL at the beginning of each TikTok.

The open positions’ PnL in accPnlPerTokenUsed adopts the average of the four open positions’ PnL obtained every 6 hours (0:00, 6:00, 12:00 and 18:00) at the start of the third day of the previous TikTok.

The market is in volatility. Open positions may be closed at any time, positive PnL may be paid from the vault at any time, and the USDT generated by negative PnL has not yet been deposited into the Vault. Moda Network conservatively estimates the Vault Collateral Rate and the price of mUSDT by setting the minimum open positions’ PnL to 0 and only considering positive PnL.

The price of mUSDT is updated at the start of each TikTok.