IV. EM Operation Process

  1. EM receives bond purchase quotes and market prices

  2. Calculates Premium and verifies if it meets the threshold (whether it's higher than the minimum premium)

  3. Applies the formula to calculate the minting cap

  4. Opens the bond market → Users subscribe → Assets enter the ATS treasury

  5. All ARK produced from bond purchases are in locked form (15/30/60/90/180/360 days)

Result: This process is executed once daily (every 12 hours as one Epoch).

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