# Overview

## Product Introduction

Like the Snowball product, the Phoenix product does not distribute interest payments upon a knock-out event or at maturity. Instead, they are disbursed on a regular, fixed schedule as dividends

### Product Features

* Interest payments are individually tracked during each observation period. Investors are eligible for interest payments during the operating period if the price of the underlying asset exceeds the knock-in price on any given observation date. This product is designed for more risk-averse investors compared to the standard Snowball product.
* The product offers 30% downside protection, enabling investors to continue receiving interest payments as long as the underlying asset's value does not depreciate by more than 30%.
* The maximum potential loss is capped at the value of the underlying asset that the investor holds.

## Product Parameters

<table data-header-hidden><thead><tr><th width="217.5"></th><th></th><th data-hidden></th></tr></thead><tbody><tr><td>Issuer</td><td>VETA Ltd</td><td></td></tr><tr><td>Notional Principal</td><td>U.S. dollar stable currency, usually USDC</td><td></td></tr><tr><td>Duration</td><td>180 days (redemption is not allowed during operation)</td><td></td></tr><tr><td>Underlying Asset</td><td>BTC、ETH</td><td></td></tr><tr><td>Coupon Interest</td><td>2%/month (subject to the product parameters of each issue)</td><td></td></tr><tr><td>Knock-In Level</td><td>75% (observed in real-time)</td><td></td></tr><tr><td>Knock-Out Level</td><td>105% (observed monthly)</td><td></td></tr></tbody></table>

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Please note that these product specifications are provided for reference purposes only. The specific parameters of each product offering may vary, so please refer to the terms of the current product for details.
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