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Glossary

Terms used across the Bondi documentation. Legal definitions follow the Terms of Service.

  • Accrued Interest: Interest earned on a bond since its last coupon payment but not yet paid. It is included in the dirty price at purchase.
  • Basket: A pool of two or more underlying bonds to which a single Bond Token Line is linked. Holders of a Basket Bond Token have a pro-rata economic interest in the pooled Basket as a whole and no claim to any individual bond within it.
  • Blacklisting: An onchain flag on a Bond Token that blocks transfers for a specific address. By default, a KYC revocation also blacklists the holder on every attached Bond Token; blacklisting is required before onchain compliance actions such as complianceBurn.
  • Bond Token (btXXX): Digital representation of a corporate bond, legally issued by Ensuro Re Ltd. acting in respect of the Bondi Finance segregated account and administered via smart contracts provided by Bondi. Each token represents $100 face value with 18 decimal places. Named btXXX after the issuer, e.g. btLIFE.
  • Canonical Pool: The one Uniswap v3 Bond Token / stablecoin pool per Bond Token that is registered onchain (BondToken.canonicalPool()). Bond Tokens inside it earn coupons for the liquidity providers; the relayer's post-maturity principal sweep never touches it. Liquidity in any other pool earns no coupons.
  • Cell: A segregated account of Ensuro Re Ltd. under Bermuda's Segregated Accounts Companies Act 2000, designed to segregate assets and liabilities from Ensuro Re Ltd.'s general account and other cells. The Cell is not a legal person. The Bondi Finance Cell holds the underlying bonds.
  • Claim tokens: Coupon Tokens and Principal Tokens together. See Coupon and Principal Tokens.
  • Clean Price: The market price of a bond excluding accrued interest.
  • Coupon: The periodic interest payment of the underlying bond. Bond Token holders receive coupons as stablecoin payments through a snapshot-based distribution system.
  • Coupon Token: A transferable ERC-20 claim on $1 of coupon stablecoin owed by a specific Distribution contract or Reinvestment Vault. Issued when the holder cannot receive stablecoin. See Coupon and Principal Tokens.
  • DAB Class F Licence: A Digital Asset Business licence issued by the Bermuda Monetary Authority under the Digital Asset Business Act 2018. Ensuro Re Ltd. holds this licence and acts as regulatory principal for Bond Token issuance and KYC/AML verification.
  • Dirty Price: The price at which bonds are purchased: the clean price plus accrued interest from the last coupon payment to the settlement date. Bond Token supply is minted against net capital divided by the dirty price.
  • Exchange Rate (FpUSD): Determines how many Bond Tokens investors receive per FpUSD receipt when a funding round succeeds: (Total Bond Tokens × 10¹⁸) ÷ Total FpUSD Supply.
  • FpUSD (Funding Participation USD): A receipt token you receive when you contribute to a funding round. It records how much you put in; when the round succeeds, FpUSD is exchanged for Bond Tokens based on the round's exchange rate and then burned.
  • Fractionalization: Splitting a bond that normally requires a $200,000 minimum investment into $100 face-value tokens with 18 decimal places, making corporate bond exposure accessible to everyone.
  • Funding Phase (Primary Market): Bondi's onchain issuance mechanism through which new Bond Tokens are created. Investors deposit stablecoins into non-custodial funding contracts; if the target is reached within the funding window, bonds are purchased and Bond Tokens are minted.
  • Issuer: Ensuro Re Ltd., acting in respect of its segregated account designated "Bondi Finance" (the Cell), which legally issues Bond Tokens.
  • Issuer Bond Call: The bond issuer exercising its right to redeem part or all of the outstanding bonds before maturity at the contractual call price. Bond Token holders are settled pro-rata at that price.
  • KYC Verification: Identity verification conducted by Ensuro Re Ltd. as Class F DAB licence holder. Holding and trading need no KYC. Receiving stablecoin proceeds, or redeeming Coupon and Principal Tokens, requires KYC.
  • Limited Recourse: Token holders' claims are limited exclusively to the Line Assets of their Bond Token Line; they have no claim on Ensuro Re Ltd.'s general assets or on other Lines.
  • Line (Bond Token Line): A distinct Bond Token, identified as such in the Issuer's records and linked to its own underlying bond or Basket. Each Line is a separate class of limited-recourse obligations of Ensuro Re Ltd. acting in respect of the Cell and is the unit at which assets, proceeds, reserves, and recourse are identified. Different Bond Tokens are different Lines.
  • Line Assets: The underlying bond assets, coupon proceeds, redemption proceeds, reserves, and other assets identified in the Issuer's books and records as linked to a particular Bond Token Line.
  • Maturity Redemption: Standard end-of-life settlement: when the underlying bond matures, principal is registered onchain and holders redeem it against their Bond Tokens.
  • Principal Token: A transferable ERC-20 claim on $1 of principal stablecoin owed by a specific Distribution contract or Reinvestment Vault. Issued for issuer calls, amortizations, maturity, and a basket constituent maturing, when the holder cannot receive stablecoin. See Coupon and Principal Tokens.
  • Redemption Vault: Bondi's batch-based early exit path. Holders deposit Bond Tokens; once the batch reaches the minimum lot size, a broker sells the bonds off-chain and proceeds are distributed. Depositing does not guarantee a sale.
  • Reinvestment Vault (vbtXXX): A Bondi product built as an ERC-4626 wrapper around a Bond Token that compounds coupon payments back into the underlying Bond Token. Depositors receive Vault Bond Tokens (vbtXXX), fully transferable and usable as DeFi collateral.
  • Series (Emission Round): A funding round of a Bond Token Line. A Line may be offered in successive Series, each with its own target raise amount and funding deadline, all of which mint the same Bond Token. Series of the same Line are backed by the same assets and are not segregated from one another. Each round has its own exchange rate.
  • Snapshot-Based Entitlements: Coupon payments are distributed based on a holder's Bond Token balance at a specific snapshot block, not at transfer time, so entitlements cannot be gamed by transferring tokens.
  • Transfer Resistance: Historical coupon entitlements are immune to gaming: moving tokens after the snapshot block does not move the entitlement.
  • Unwinding: After an issuer bond call, the Reinvestment Vault lets any non-blacklisted holder take their share of call proceeds via claimCallProceeds. A verified holder receives stablecoin. A non-verified holder receives the call part as vault Principal Tokens and the coupon part as vault Coupon Tokens.
  • Vault Share: A token issued by a Reinvestment Vault or a Redemption Vault as a receipt for Bond Tokens deposited into it, representing the depositor's pro-rata claim on the assets held by that vault. A Vault Share is not a Bond Token.
  • Whale Threshold: A minimum contribution level ($5,000 in the inaugural offering) that qualifies investors for enhanced benefits and recognition within the platform ecosystem.

Technical terms​

  • AccountingToken: Non-transferable ERC-20 records that mirror cross-chain deposits so every chain shows the same global funding total. They have no economic value or redemption rights.
  • Deposit ID: Unique identifier for each deposit, computed from the source chain, investor address, and block timestamp, used to prevent replay.
  • Distribution Contract: The onchain contract that registers coupons, principal, and call proceeds, pays verified holders and registered vaults in stablecoin, and issues Coupon and Principal Tokens to everyone else.
  • Handler Contract: The per-round contract that orchestrates the bond lifecycle from funding through distribution, including minting and fee extraction.
  • Lock-and-Mirror: Bondi's multichain approach: real stablecoin deposits stay on their origin chain while only the accounting is mirrored to other chains, avoiding bridges.
  • Merkle Snapshot: A record of every holder's Bond Token balance at a specific block, used to build a Merkle tree whose root is published onchain. Holders claim coupons and incentives by presenting a proof against that root.
  • Relayer: A Bondi-operated service that submits coupon, incentive, and redemption claims onchain on behalf of holders. The relayer covers the transaction cost but cannot redirect funds.
  • Watcher Service: Bondi's monitoring service that detects investment events on every supported chain and mirrors them to the others by minting AccountingTokens.