Tulpea - Whitepaper V1
  • Tulpea: The First Decentralized Bank
    • What is Tulpea?
    • Systemic Failures in Traditional Finance
    • Limitations of DeFi: Structural Inefficiencies and Barriers to Adoption
    • Tulpea: A New Financial Paradigm
      • Architecture: DAO at the core
      • Business Units
  • Decentralized Intermediation
    • Smart-Collateralized Loans in Rental Real Estate Investment
    • RE Lending: Between Bureaucratic Gatekeeping and Asset-limited Lending
    • Inefficient Existing Alternatives
  • Tulpea’s Solution
    • 1. Identification of Opportunities
    • 2. Submission to the DAO
    • 3. Collective Capital Contribution
    • 4. Debt structuring
    • 5. Deal Execution
    • 6. ABDT Distribution to Lenders
    • 7. REBT Distribution to Borrowers
    • Banking-Financed Model
  • System Analysis
    • Borrowers’ Perspective
    • Lenders’ Perspective
    • Institutional Lenders’ Perspective
  • Expansion of the Model: Decentralized Banking
  • veTULIP: Locked Governance & Incentive Mechanism
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  1. Tulpea’s Solution

6. ABDT Distribution to Lenders

ABDT represent structured real estate-backed debt, ensuring stable, risk-adjusted returns for lenders while maintaining capital efficiency. The issuance and distribution of ABDT follow a structured financial framework to optimize liquidity, risk mitigation, and transparency.

Initial ABDT Issuance

  • Investors in ABD receive 100% of their ABDT at loan issuance, representing their share of the structured real estate-backed debt.

  • These ABDT represent a portion of the property value, corresponding to the mortgage loan amount, which typically accounts for around 80% of the total asset value, depending on the project's LTV.

  • ABST holders do not receive progressive unlocks like REBT holders; rather, they hold a tradable debt instrument that accrues principal and interest payments over time.

Debt Amortization & Periodic Payouts

  • The loan follows an amortizing structure, meaning each payment reduces the outstanding principal while covering interest payments.

  • Lenders receive stable returns, proportionate to their tranche’s risk exposure.

  • Tokenized debt enables continuous liquidity, as ABDT holders can trade their tokens on secondary markets.

The periodic distribution of principal and interest for ABST holders is determined by:

Pperiodic=PtotalNP_{periodic} = \frac{P_{total}}{N}Pperiodic​=NPtotal​​
Iperiodic=Premaining×rI_{periodic} = P_{remaining} \times rIperiodic​=Premaining​×r

Where:

  • PtotalP_{total}Ptotal​ = Total loan principal.

  • PremainingP_{remaining}Premaining​= Remaining loan principal at each period.

  • NNN = Total number of payment periods.

  • nnn = Fixed interest rate per period.

  • PperiodicP_{periodic}Pperiodic​ = Principal repaid per period.

  • IperiodicI_{periodic}Iperiodic​​ = Interest paid per period.

The cumulative repaid principal and interest at any period n are given by:

Pcumulative=n×PperiodicP_{cumulative} = n \times P_{periodic}Pcumulative​=n×Pperiodic​
Pcumulative=∑k=1nIperiodic(k)P_{cumulative} = \sum_{k=1}^{n} I_{periodic}(k)Pcumulative​=k=1∑n​Iperiodic​(k)

Liquidity & Trading of ABDT

  • Secondary Market Trading: ABDT tokens can be traded on DeFi platforms, allowing investors to exit early without waiting for loan maturity.

  • Collateral Utility: ABDT tokens can be used as collateral in DeFi lending protocols, unlocking additional capital efficiency.

  • Variable Compononant of the Yield: The additional yield paid in $TULIP is dynamically adjusted based on market conditions. This extra reward enhances returns for investors and incentivizes long-term participation in the ecosystem.

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Last updated 1 month ago