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Testnet

Testnet. MockXAU is not gold and test MDLR has no value.

What that means
Draft, pending counsel

Issuance and redemption terms (testnet)

Terms for test MDLR on Midas Chain testnet. There is no mainnet MDLR.

This document is a draft. It has not been reviewed by counsel, it has no effective date, and it does not create any right or obligation. Items marked TBD are facts that have not been settled. It describes a testnet token that has no value.

1

What test MDLR is

  1. Test MDLR is a token on Midas Chain testnet, a test network. It has no value, is not sold, and is not money, a deposit, electronic money, a security or a claim on anyone.
  2. There is no mechanism to convert test MDLR into mainnet MDLR, into any other token, or into anything of value, and none is promised. Acquire it only to test.
  3. The testnet reserve is made of MockXAU, a token that is not gold and is backed by nothing. A statement that test MDLR is backed by gold would be false.
2

The issuer

  1. The issuer of mainnet MDLR has not been constituted. It is proposed to be a bankruptcy-remote special purpose company outside Singapore, the United States and the European Union, a subsidiary of Krysos, separate from the issuer of MIDS, so that MDLR's reserve is not exposed to any other business. [TBD: issuing entity, jurisdiction and registration]
  2. MDLR is not a licensed stablecoin or electronic money, and it is not designed to become one: no regime reviewed for the issuer accepts gold and a hedge as a stablecoin reserve. Mainnet MDLR is planned as an offshore synthetic dollar. It will not be offered in the United States, the European Union, Hong Kong or the United Arab Emirates, and it will not be marketed to retail customers in Singapore. No mainnet MDLR will be minted before counsel has given its opinions on this structure. [TBD: counsel's opinions and the full list of excluded jurisdictions]
  3. The testnet contracts are operated by the Krysos team for testing only.
3

Minting

  1. On testnet anyone may mint by delivering an accepted reserve asset to the controller contract. No identity check applies on testnet. On mainnet, minting will require identity verification and sanctions screening at the point of mint, and will not be open to persons in the jurisdictions excluded in section 2. [TBD: eligibility]
  2. A mint is valued at the oracle price, less the asset's haircut and the mint fee published on the fees page. The controller refuses a mint when minting is paused, when the price is unavailable, when the latest proof of reserves is older than the permitted age, when the daily mint cap is full, when the asset would exceed its share of the reserve, or when the collateral ratio would fall below 1.02.
4

Redemption

  1. Any holder may redeem by returning MDLR to the controller. Redemption is paid in the reserve asset, at the oracle price, less the redeem fee. On testnet there is no redemption in US dollars or in any other currency, and none is planned for the testnet.
  2. While the collateral ratio is at least 1.00, each MDLR redeemed is paid, after the fee, one US dollar of the reserve asset. Below 1.00, each redemption is paid its pro rata share: the amount after the fee times the ratio, never more than one dollar per MDLR, so no holder gains by leaving first.
  3. Under controller version 2, the ratio for a redemption is computed from live prices or, when another asset held by the reserve cannot be priced, from the latest proof-of-reserves epoch.
  4. Redemption is limited per 24-hour epoch to a published share of supply, with a published minimum. It needs an available price for the asset paid out. It cannot be paused, and it is not refused because the collateral ratio is low.
  5. Mainnet redemption terms are not set. Mainnet MDLR is planned to redeem into the gold token its reserve holds: PAXG or XAUT at first, and MGLD later. Delivery of physical gold is planned through MGLD, not MDLR. [TBD: mainnet redemption assets, minimums and fees]
5

What the issuer can and cannot do

  1. The issuer's guardian may pause minting. Only the timelock may unpause it.
  2. The controller, the collateral registry and the oracle configuration can be changed only through a public timelock. On testnet the delay is 1 hour; on mainnet it is planned to be 7 days. Queued changes are shown on the reserves page before they can run.
  3. No one, including the issuer, can freeze, seize, burn or move a holder's MDLR, or stop a transfer. The token contract has no function that could do so and cannot be upgraded.
6

No warranty

  1. The contracts, the price feed, the proof of reserves, this site and the API are provided for testing, as they are, without any warranty. They may fail, stop, be redeployed or be reset without notice, and testnet balances may be lost.
  2. The contracts have not yet been audited by an independent firm. An independent audit is a condition of mainnet.
7

Law and changes

  1. [TBD: governing law and forum]
  2. These terms may change. Each version will be published here; there is no effective date because this is a draft.

Nothing on these pages is an offer, a solicitation or a recommendation to buy, sell or hold any asset, in any jurisdiction. Test MDLR is not sold and has no value.