The discount opens the bond. The vest carries the risk.

A bond is supplying a qualifying LP position and receiving vested PAPER (or, after genesis, PLATE) at a discount to the live market. It is how the protocol adds its own depth. This is separate from shredding PAPER for RECEIPT: that path burns PAPER you already hold, only below target. A bond here means supplying LP whenever bonds are open, in exchange for a vested payout. Four steps:

Genesis bond mechanics

1. A participant supplies a qualifying LP position.
2. The protocol determines the bond value against the live market.
3. The available genesis vest is selected: 3 days or 5 days.
4. PAPER is received as the selected vest completes.

FIG. 1 · The two genesis vests. Valued against the live market, never against target. The market sets the discount; it is not a fixed price.

Bond types and terms

The PLATE bond is a separate post-genesis instrument. Live-market terms are published before each bond opens.

How terms are measured

Discount: set by the market while the bond is open, so it is not a fixed price.

Live market: the discount is measured against what PAPER trades at, never against target.

Bonds exist to add protocol-owned depth. They are not a fixed-price purchase and not a low-risk alternative to holding liquidity.

Where this runs

These bonds settle through a third-party bonding platform's own contracts. StonkPress integrates with it directly rather than running the bond logic itself. Custody of the LP you supply and vesting of what you receive both happen on that platform's infrastructure. Read the platform and enforcement risks this creates.