1. Product Structure

This product is a series of ETF-like index products based on digital asset portfolios. Each product defines a fixed allocation of assets (e.g., 50% BTC + 50% ETH) and completes asset purchases and NAV management through a backend matching and settlement mechanism.

Users participate in the product by subscribing with USDT. The system settles daily based on the net asset value (NAV) and allocates corresponding shares.

2. Deposit and Subscription Process

• Each user is assigned a unique on-chain USDT deposit address (supports Ethereum, BSC, and Tron).
• The backend monitors blockchain transactions in real time. Once a deposit reaches a configurable confirmation threshold (e.g., 12 network confirmations):
  1. The system records the deposit amount (minimum 100 USDT).
  2. The net amount is marked as “pending subscription funds” and consolidated into the platform’s Bybit master account.
• There is no subscription fee on deposit; all fees (subscription, slippage, trading costs) are applied during the T+1 settlement process.
• Pending subscription funds are dynamically reallocated across underlying assets according to the product’s target allocation upon each deposit.
• At 00:00 UTC daily, the system executes settlement and allocates corresponding product shares.
• Users receive a notification (email or in-app) upon deposit confirmation and again shortly before each settlement.

3. Settlement Mechanism (T+1)

Settlement Time

• Settlement occurs daily at 00:00 UTC
• All purchase and redemption requests from the previous day are processed in a batch.

Asset Purchase Logic

• Each product defines a target allocation (e.g., 50% BTC, 50% ETH);
• Assets are purchased in proportion to the current market price;
• Internal matching of subscriptions and redemptions is prioritized;
• Only the net subscription or net redemption portion is traded on Bybit.

Share Allocation Logic