Issuance: Primary Market Funding
Issuance is the first stage of the Bond Token lifecycle, where new Bond Tokens are created through a Primary Market funding process.
Overview
Bondi's Primary Market is the onchain issuance mechanism through which new Bond Tokens are created. Investors deposit stablecoins into audited, non-custodial funding contracts (see the Security Audit Report), receive FpUSD receipts as a synthetic deposit record, and upon successful funding, Bond Tokens are minted and distributed proportionally.
Bondi is designed to enable multichain offerings using its multichain infrastructure. The infrastructure aggregates funds raised across multiple chains toward a single, global funding target without requiring users to bridge assets. Upon successful funding, Bond Tokens are minted and distributed natively across all participating chains.
Bondi supports multiple funding rounds for the same Bond Token line: a subsequent round reuses the existing Bond Token while deploying its own Funding and Handler contracts and sharing the same Distribution. Each funding round is a series of that line (a distinct target raise amount and deadline against the same Bond Token) while a different Bond Token is a different line.
Fee parameters (serviceFeeBps, mintingCommissionBps, couponCommissionBps, and principalCommissionBps) are set at deployment time and are fully immutable: they cannot be changed after the contracts are deployed. At least one fee recipient address is always required. See Fees for rates and how revenue is shared with Bondi's distribution partners.
For details of early‑participant rewards during the funding phase, see our blog post.