Mechanics

Bonds

Deposit USDG to receive newly minted ROTEO over 2 days, priced never below Hard NAV.

How a bond works

  1. You deposit USDG, and every USDG goes into the Treasury.
  2. The protocol mints ROTEO at the bond price.
  3. Your ROTEO vests over 2 days. Claim it at any time, to your wallet or straight into staking.

The price

The bond price is max(TWAP × 97%, Hard NAV): 3% below the time-weighted average price, and never below Hard NAV. The TWAP is read over a window between 30 minutes and 4 hours, so one trade has little effect on it.

Because the discount is measured against the TWAP and not the live pool price, a bond is not automatically cheaper than buying in the pool. If the pool falls faster than the TWAP follows, the bond price can sit above it until the average catches up.

Capacity

Each 8-hour epoch, bonds can sell up to 0.25% of ROTEO supply. Unused capacity does not carry over; the next epoch opens a fresh allowance.

Compare with the pool. If the pool price is below the bond price, buying ROTEO directly in the pool may be better value.
Bonds | Roteo