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Solvency Framework

Aspan Finance prioritizes fund security above all else. Our risk control system is built on rigorous mathematical backtesting, multiple defense mechanisms, and a decentralized governance structure, aiming to ensure that apUSD maintains its redeemability even amid extreme market volatility.

To quantify the risks facing the system, we introduce the VaR (Value-at-Risk) model and conduct in-depth backtesting on BNB’s historical price volatility.

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BNB Historical Volatility Backtesting

We selected all price data since the launch of BNB Chain (2020–2024), focusing on daily maximum drawdowns and extreme black swan events.

  • Data Sample: BNB/USD daily data (September 2020 – December 2024)

  • Extreme Samples: Including the 2021 "May 19" crash, the 2022 FTX collapse, and other historical crises

Backtesting Results (99.9% Confidence Level)

1 Hour

-18.5%

-12.4%

✅ Covered

24 Hours

-42.8% (Extreme Black Swan)

-33.0%

✅ Covered

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Threshold Setting

Based on the above backtesting data, we set the system’s safety liquidation threshold at 130%. Why 130%?

  • At a 130% CR, xBNB (as the safety buffer) still accounts for ~23% of the total TVL.

  • This means that even if BNB crashes by 23% in a matter of minutes (far exceeding the historical 1-hour maximum drawdown), apUSD remains fully collateralized.

  • This buffer gives the Keeper Bot enough time to trigger the rebalancing mechanism and complete deleveraging.

VorherigeSystem RebalancingNächsteFour-Tier Defense System

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