Timvi - FAQ

Frequently Asked Questions

You can learn more about the service
and its capabilities.

What is TMV?

TMV (Timvi) — is an ERC-20 token based on the Ethereum blockchain with the rate aiming at $1 USD.

How to get TMV?

To get your TMV you can create a TBox or use Bond Owner or 1 by 1 services.

What is a TBox?

TBox — is a blockchain based account to which ETH funds for TMV emission are deposited.

What is a TBond?

A collateralized bi-currency debt-based interest-bearing bond of instant execution that can be recapitalized.

There are two parties that take part in the bond circulation process:

  • the emittent;
  • the holder.

How does the Bond work?

Unlike a simple TBox account, a bond provides for an annual interest and has an expiration date. It is impossible to withdraw ETH or TMV or change the holder of the bond before the expiration date. When the deal is closed (the bond generation request is executed), a new TBox is created, and the bond becomes its ‘owner’.

What is a Leverage?

A service for receiving funds in ETH for a collateral in the same currency. It is helpful for saving user’s time. This procedure is much faster than opening a new TBox that is followed by withdrawing and selling TMV.

How does the Leverage work?

  1. Request generation. The request for a leverage is generated, if the user wants to receive ETH for a collateral in the same currency, but recover the balance in TMV in order to get the ETH back.
  2. Finding a counteragent on request (“matching). At this step a counteragent for the deal is found and the transaction between the participants is performed. The participants are the request generator and a user that is willing to provide the needed amount of ETH for TMV that is emitted in the newly opened TBox with the request generator’s collateral.

TMV emission = ETH sent for matching × internal exchange rate

The request generator becomes the owner of the new TBox.

What is 1 by 1?

This operation allows to execute an exchange of ETH to TMV at the system's internal exchange rate.

The exchange procedure is executed in two steps:

  1. Exchange request generation.
  2. Matching (finding a counterpart) and the actual exchange.

The chosen contragent provides the amount of ETH requested in order to lock them in a TBox and withdraw the needed amount of TMV. TMV is sent to the request generator, while the counterparty receives the request generator’s ETH. Also, the counterparty becomes the owner of the TBox account newly generated during a transaction.

What is the maxRatio?

maxRatio is a threshold value for stablecoin emission calculated taking into account a set total commision for recapitalization the following way:

  • at a 6% commision, maxRatio is ~115,21%
  • at a 1% commission, maxRatio is ~109,78%

Note: 1% < commission for recapitalization ≤ 6%

What is the global collateral?

The global collateral is the availability of TMVs in percentage. Target (and starting) value is approximately 150%. The global collateral depends on the ratio of available issued stablecoins to locked ETH for new TBoxes.

What is recapitalization?

Recapitalization is a regulated procedure of increasing collateral of another person’s toxic TBox through “burning” of TMVs from the balance of the person who initiates the recapitalization. During this procedure the value of withdrawn TMV on a toxic TBox (see below) decreases and the deposit funds are spent.

The person initiating the recapitalization indicates the amount of to-be-burnt TMVs and receives their equivalent in ETH at the current internal exchange rate plus a reward (1 to 6%, 3% by default). The received sum in ETH and the system commission (1 to 6%, 3% by default) are subtracted from the deposit of the toxic TBox account.

Note: the system commission can be bigger than a reward for the person initiating recapitalization.

What is a toxic TBox?

A TBox becomes toxic and can be recapitalized:

  • if the commission is 6%, the recapitalization is initiated when the TBox collateral value varies from 112,91% to 106% and is executed until the collateral value reaches 115,21%.
  • If the commission is 1%, the recapitalization is initiated when the TBox collateral value varies from 107,59% to 101% and is executed until the collateral value reaches 109,78%.

What is a “dusty” TBox?

During the recapitalization process the TBox can acquire a “dusty” status. It means that this TBox’s locked ETH amount is less than $3.

$3 is the limit that is fixed in the smart contract, and it cannot be changed.

Any user can close a dusty TBox and receive a bonus for that. To do it, a user needs to put the missing TMVs to the dusty TBox. In return, the user will receive ETH equivalent to the deposited TMVs + 3%. The remaining ETH will be transferred to the system.

How many TMVs can be withdrawn from a TBox?

The algorithm is designed so that the creation of a new TBox does not cause a decrease of the global collateral below the target value. If the global collateral is above the target value, the ratio decreases, opening up a possibility for issuing stablecoins at lower collateral, but no lesser than maxRatio.

If the global collateral is lower than the target value, ratio equates to ~150%.

What is the system commission for using a TBox?

There is no system commission for any transactions with TBox or TMV.

Where does the ETH rate within the service come from?

The rate is updated every 15 minutes by sorting exchange rates and public authoritative sources. During this process the biggest and the smallest rates are discarded and those left are used to work out an average rate. This average rate is the one used in our service.

What is the Percent of usage?

Percent of usage indicates how many percent of all available for withdrawal TMVs are withdrawn from a TBox. The number of TMVs available for withdrawal changes in real time and depends on the Global collateral. The bigger the global collateral, the more TMVs are available for withdrawal from all TBoxes. However, at the same time the collateral percentage of every TBox cannot be less than ~115,21%. Consequently, the Percent of usage also changes. It may seem that this parameter is limited to 100%, but that is incorrect.

What happens if the Percent of usage is above 100%?

Example. Imagine that the system’s global collateral is holding at high levels (more than 300%, the system has big amounts of locked ETH). Peter decides to create a small TBox (for example, with 1 locked ETH) and withdraw the maximum available amount of TMVs. With said global collateral, Peter can withdraw TMVs with ~115,21% collateral. In other words, the percent of usage at this period of time will be higher than 100%.

After that, the system’s global collateral decreases to 150%. Peter isn’t doing anything with his TBox. At that moment, users can create TBoxes and withdraw TMVs with 150% co llateral. But if Peter has withdrawn with ~115,21% collateral, what happens? Not much, Peter’s TBox’s percent of usage is ~130%. No fines or restrictive measures are introduced for Peter.

Why is Gate needed?

This service allows to exchange TMVs for ETH. If the volume of your request is bigger than the size of the ETH available, a request is created, which can be carried out by any other user.