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Real-World Example

Scenario: $1,000,000 funding round, USDC (6 decimals, scalingFactor = 10¹²), 1% minting fee (0.5% service fee + 0.5% Bondi commission = 100 bps), $80 dirty price per Bond Token.


1. FpUSD Minting (at investment time):
  • Total USD stablecoin raised: 1,000,000 × 10⁶ (6 decimals)
  • Total FpUSD minted: 1,000,000 × 10⁶ × 10¹² = 1,000,000 × 10¹⁸ (18 decimals)
2. Fee Deduction at Extraction:
  • Minting fee (100 bps): 1,000,000 × 10⁶ × 100 ÷ 10,000 = 10,000 × 10⁶ ($10,000 distributed to Bondi and its configured distribution partners)
  • Net capital forwarded to bond purchase: 990,000 × 10⁶ ($990,000)
3. Bond Token Emission:
  • Bond Tokens at $80 dirty price: (990,000 × 10⁶) × 10¹⁸ ÷ (80 × 10⁶) = 12,375 × 10¹⁸ (18 decimals)
Exchange Rate Calculation:
  • Exchange Rate = (12,375 × 10¹⁸ × 10¹⁸) ÷ (1,000,000 × 10¹⁸)
  • Exchange Rate = 0.012375 × 10¹⁸ (18 decimals)
Individual Claim Example ($1,000 investor):
  • FpUSD balance: 1,000 × 10⁶ × 10¹² = 1,000 × 10¹⁸ (18 decimals)
  • Bond Tokens received = (1,000 × 10¹⁸ × 0.012375 × 10¹⁸) ÷ 10¹⁸ = 12.375 × 10¹⁸
  • The 1% fee reduces the Bond Token yield from 12.5 to 12.375 per $1,000 invested, equivalent to paying $80.81 effective dirty price inclusive of fees.