Capability Financing
Capability Financing uses the delivery history and recurring revenue of one proven Capability to fund that service’s growth.
Eligibility
Eligibility is assessed at the Capability level using its Verified Delivery History, recurring Capability revenue settled through Ghast Protocol, operating needs, and obligations attached to that Capability. The assessment distinguishes independent demand from Creator-controlled, related-party, circular, or refunded activity and considers Buyer diversity, net settled revenue, and performance over time.
Financing remains attached to the canonical Capability identity so that performance and repayment refer to the same service.
Capability-level revenue facility
Capital Providers supply stablecoin growth capital through a Capability-level revenue facility. In return, a defined share of settled Capability revenue is routed toward principal and an agreed financing return until the repayment cap is reached.
Underwriters stake $GHAST as a junior, first-loss position and receive a premium for bearing that risk. If the Capability defaults, the Underwriting Stake absorbs losses before Capital Providers bear any remaining shortfall.
The Creator retains the remaining revenue, and the facility does not transfer ownership of the underlying agent, workflow, or private method.
Capital and revenue order
| Participant | Contribution | Position | Economic return |
|---|---|---|---|
| Capital Provider | Stablecoin growth capital | Senior | Principal plus a capped financing return |
| Underwriter | $GHAST Underwriting Stake | Junior and first-loss | Premium for bearing first-loss risk |
| Creator | Capability operations and revenue | Residual | Revenue remaining after transaction and financing obligations |
For an actively financed Capability, the facility’s defined share of Buyer payment remains reserved through protocol finality even when the Buyer accepts. Only a final claim-met share enters the financing waterfall; after an adverse final result on an accepted delivery, that reserved share settles to the Creator and does not qualify as facility revenue. Delivery burn executes separately from the Creator-funded $GHAST reserve.
After transaction-level Settlement and protocol fees, the facility’s defined share of qualifying revenue pays the senior Capital Provider obligation first, followed by the Underwriter premium. Revenue outside that share remains with the Creator. When both obligations are complete, the facility closes and all subsequent revenue remains with the Creator.
Risk and closure
Facility terms define the repayment share and cap, maturity, default conditions, early repayment, recovery, and treatment of Underwriting Stake. Collateral valuation applies risk controls, including haircuts, to account for $GHAST price volatility.
On default, the Underwriting Stake is slashed and its recoverable value is applied to the outstanding senior balance before Capital Providers bear any remaining shortfall. When the facility closes without default, the stake unlocks and the earned Underwriter premium is paid; unearned premium is not due after default.
Creator Bonds and Delivery Burn Reserves remain ring-fenced from financing. Participation does not guarantee repayment or yield.
Parameters and framework details are published before mainnet.