Long · ZAI-backed credit

Selected documentation baseline · implementation and economic qualification remain open.

Spectre is the proposed Marketsphere: communication and exchange among people, organisations and machine intelligence. This aspect explains its ZAI-backed SKY credit. A credit draw creates a liability; a separate purchase creates the additional long position.

1. 1

   Pledge ZAI

   Reserve existing ZAI as exclusive loan collateral.

2. 2

   Draw SKY

   Create a matching SKY balance and principal debt.

3. 3

   Choose the use

   Buy more ZAI only through a separately authorised trade.

1. Inspect the collateral and price

   Identify the owner, available ZAI, existing pledges and a valid price source with a timestamp. One pledged unit cannot secure two loans. Missing or stale prices need an explicit decision; they cannot be filled with an invented mark.

2. Lock collateral and draw

   An eligible draw records an exclusive pledge, credits SKY and creates equal principal debt. Pledging or staking alone creates no SKY. Qualifying pledged ZAI can retain stake eligibility under the selected baseline, while remaining counted once in total inventory.

3. Create additional exposure deliberately

   The borrower may hold the SKY or use it for an accepted purpose. Buying more ZAI creates a leveraged long; it requires a size-specific quote, spending permission and a settled trade. Purchased ZAI is not automatically added to the original collateral.

4. Track debt and collateral together

   Interest increases debt once and issues the same SKY amount once to entitled AMM LPs, or to tracked escrow if no LP shares exist. A falling collateral mark increases loan-to-value. The rate curve, production coefficient and intervention rules require separate qualification.

5. Repay or resolve the shortfall

   Actual SKY repayment pays interest before principal and is burned in the selected reference closure. Full repayment releases the remaining pledge. Liquidation records proceeds, debt discharged, surplus and any residual default; selling collateral does not guarantee sufficient recovery.

Hypothetical balances and prices, before interest and trading costs. The purchase uses an assumed executed average price; no pool is claimed to offer that quote. These numbers are not loan terms or an intervention threshold.

Collateral

10 ZAI × 100 SKY = 1,000 SKY

The collateral value is marked in the same unit as the debt.

Draw

400 SKY debt; x = 0.40

Loan-to-value x is debt divided by the marked value of the pledged ZAI.

Optional purchase

400 SKY ÷ 100 = 4 more ZAI

The illustrative purchase raises total ZAI exposure to 14; only the original 10 remain pledged here.

Mark falls to 80

400 ÷ (10 × 80) = 0.50

Debt is unchanged before accrual, but its ratio to the pledge rises. Additional ZAI also loses value.

The reference curve uses x = D / (q × p) and r = β × x / (1 − x), for 0 ≤ x < 1. Here D is SKY debt, q pledged ZAI, p SKY per ZAI and β a separate annual rate scale. x is the loan-to-value ratio; x / (1 − x) is a multiplier, not the loan size or an offered interest rate. The expression is outside its domain at x ≥ 1.

Closing the position

Repay with available SKY, or separately authorise a sale to obtain it. Keep the sale receipt, actual repayment and pledge release distinct. A loss-bearing rule must name who bears an unpaid balance; the website does not write it off or promise liquidation will cover it.

This aspect has its own VMOSK-A within Spectre, the proposed Marketsphere. These are development objectives; operational availability and measured results need their own evidence.

VVision

Participants can use coordination capital while understanding the resulting debt, exposure and route to exit.

MMission

Develop inspectable ZAI-backed SKY credit within Spectre, with each pledge, draw, trade and repayment recorded separately.

OObjectives

Preserve one-use collateral and balanced issuance; explain long exposure; disclose finite recovery and unresolved default.

SStrategies

Implement the selected accounting in bounded reference cases, compare price and recovery policies, then qualify distributed execution before offering credit.

KKPIs

Measure pledge conflicts, issuance reconciliation, price freshness, realised recovery and completed exits. Record failures and unknowns; production targets remain unselected.

AAgents & skills

Accounting, price-evidence, scenario-analysis and recovery skills prepare reviewable evidence and unsigned proposals. Actual appointments and transaction authority remain separate.

Each evaluation must record its workload, observation window, source revision and baseline. Numeric production targets remain unset; these definitions describe what to test.

These are required capabilities, not appointed operators. Agents can prepare explanations, proposals and evaluations from permitted inputs. Publishing a plan gives them no permission to sign, trade, hold assets or change a network.

• Select production price sources, stale-price handling, origination limits, intervention thresholds and the rate coefficient with economic evidence.
• Specify distributed pledge, draw, repayment and release validity, including replay, concurrent requests and recovery after failure.
• Name funded recovery capacity, loss bearers and legitimate exit rights. Preserve the selected stake-eligibility overlap unless a later decision explicitly changes it.

These pages explain the product direction and the work needed to qualify it. They do not provide a live borrowing, swap or deposit facility.