Treasury bonds

Pledges

Backing

Treasury

—USDG

Backing per LSD

—USDG

Bond price

closed

Discount

—

Predicted weekly

—

Room this epoch

—LSD

Unclaimed bonds

—LSD

Bonding hands the protocol an asset and owes you LSD 4 epochs later at a discount. The asset stays, which is what puts a floor under the price: anyone can burn LSD and take its share of everything held, so LSD cannot trade far under its backing for long. Every trade in the pools adds to it too, since a 0.05% fee on the USDG pool and 1% on the stock pools go straight to the treasury.

What the Coffer holds

Redemption pays a share of every line.

Nothing listed yet.

Asset	Held	Price	Value	Share	Bonds

Value and price are in USDG. Stocks are priced by the Chainlink feed Robinhood publishes for each one; the USDG line needs no feed, because everything is measured against it. Governance decides what gets listed. It is the one change that could be used to drain the protocol, so it is a vote rather than a setting.

Swap fees

0.05% of USDG trades, 1% of stock trades, waiting to be banked.

Collected

—USDG

To burn

—LSD

Anyone can do this and it can only go one way: the USDG joins the treasury, where redemption pays it out, and the LSD is burned, which lifts backing per LSD from the other side. It is the only part of the backing that grows without anyone choosing to bond.

Bonds are closed because the pool is too thin for the oracle to vouch for a price. That is the one thing that closes them; no discount setting and no market condition can. Redemption stays open either way.

Pledge

Connect a wallet to bond.