Funding Participation USD (FpUSD): Receipt-Based Distribution
FpUSD is a receipt token you receive when you contribute to a funding round. It records how much you put in so your share of the round is clear and verifiable. Later, you use that receipt to claim your Bond Tokens.
Bondi introduces a receipt-based distribution system that eliminates the scalability constraints of per-investor tracking. Through the FpUSD tokens, the platform achieves O(1) complexity for Bond Token distribution, enabling efficient distribution to thousands of participants.
FpUSD Receipt Token
The system centers around FpUSD (Funding Participation USD), a specialized receipt token that serves as proof of investment participation. When a funding round succeeds, FpUSD is exchanged for Bond Tokens based on the round's exchange rate and then burned. If a round fails, refunds are processed via refundInvestors: a public function that anyone can call, though Bondi handles this for all investors; no individual action is required. FpUSD is burned as part of the refund process. See the Refund Mechanism for details.
- Token Standard: ERC20 with transfer restrictions
- Decimal Precision: 18 decimals (standardized DeFi precision)
- Exchange Rate: 1 USD stablecoin = 1 FpUSD, scaled to 18 decimals using
scalingFactor = 10^(18 − stableDecimals)(e.g. 10¹² for USDC with 6 decimals) - Non‑Transferable: Required for regulatory compliance; primary distributions are limited to KYC‑verified participants. See Compliance Model and Onboarding & Participation.
- Mintable/Burnable: Created during investment, destroyed during Bond Token claims or refunds
Each bond offering can have multiple emission rounds, each with its own FpUSD token and independent exchange rate. Every FpUSD token is specific to one round, a holder's FpUSD tracks their participation in that particular round and is exchanged at that round's exchange rate when claiming Bond Tokens.