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Cardano Preprod testnet. No real-money investment opportunities are currently available.
StellarisFinance

How it works

From real-world project to reviewed, reported asset.

Three journeys explained: how assets are reviewed through four gates, how investors take part, and how Tessera (TSRA / sTSRA) works — kept separate from project cash yield.

Cardano Preprod testnet. No real-money investment opportunities are currently available. The stages below are educational and do not describe the status of any real project.

Asset lifecycle

Nine stages every project follows. These are educational steps, not the status of any real project. Each stage shows two separate things: what happens to the project, and how ready the platform feature is today.

  • Issuer verified (KYB)

    No project moves forward until the issuer is verified.

    Before: Issuer identity

  • Accountable listing approval

    Legal and offering approval by an accountable party — separate from testnet governance.

    Before: Offering terms

  • Funding conditions met

    Only the actual conditions in the terms — never a target set by the page.

    Before: Funding

  • Release authorised

    Each tranche needs its own recorded authorisation.

    Before: Milestone release

Gate A · Issuer verified (KYB)

Gate B · Accountable listing approval

Gate C · Funding conditions met

Gate D · Release authorised

Project cash yield · conceptual

Where project cash goes before anyone is paid.

Project distributions come from the asset's own cash flow — not from Tessera. This chart shows categories only; it contains no real or example amounts.

How project cash flows to holdersConceptual · categories only, no amounts · bar lengths are not to scale

  1. Revenue received (received)

    Cash the asset actually collects.

  2. Operating costs (deducted)

    Running, maintenance and insurance.

  3. Debt service & tax (deducted)

    Loan repayments, interest and tax.

  4. Reserve (deducted)

    Held back for repairs and shortfalls.

  5. Approved distributable cash (result)

    What remains after approval of accounts.

  6. Eligible holder distributions (result)

    Shared pro rata among eligible holders.

Risks to the flow

  • Revenue can fall or stop.
  • Costs, interest or tax can rise.
  • Reserves may be topped up before anything is distributed.
  • Distributions can be reduced, delayed or skipped.
  • You can lose some or all of the capital.

If funding fails

PLANNED
  1. Minimum raise not met by the deadline.
  2. No capital is released to the issuer.
  3. Subscriptions are refunded under the offering terms.
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