The three bond terms
| Term | Discount | Delivered as | Button says |
|---|---|---|---|
| 12 hours | 10% | stake, locked 12h, then 6h cooldown | Bond 12h → 10% off |
| 24 hours | 20% | stake, locked 24h, then 6h cooldown | Bond 24h → 20% off |
| 48 hours | 30% | stake, locked 48h, then 6h cooldown | Bond 48h → 30% off |
The tokens land as a stake that earns from the first epoch after the 6h warm-up. You cannot start unstaking until the term ends; after that the normal 6h cooldown applies.
How the price is set
The reference price is the lower of the 10-minute TWAP and spot, so one pump or dump cannot move your quote. Your discount is applied to that. Then a cap: you never receive more PAPERVAULT than your PAPER buys at the current backing per token (tokens = min(market × (1 + discount), PAPER ÷ backing)). So a bond can never lower the floor.
Bonds never close. When price sits close to backing the cap binds and the effective discount shrinks; the panel shows the real number before you confirm.
Worked example
1,000 PAPER, three ways
| Route | Price paid | PAPERVAULT received | Available | Floor effect |
|---|---|---|---|---|
| Buy on market | 1.284 PAPER | 739.9 | now | +20 PAPER into pool (2% fee) |
| Bond 12h (10% off) | 1.167 PAPER | 856.7 | locked 12h, earning from epoch 2 | +1,000 PAPER into pool |
| Bond 24h (20% off) | 1.070 PAPER | 934.6 | locked 24h, earning from epoch 2 | +1,000 PAPER into pool |
| Bond 48h (30% off) | 1.112 PAPER | 899.3 | locked 48h; cap binds: 30% would exceed backing, so you get 1,000 ÷ 1.112 | +1,000 PAPER into pool |
Example uses preview prices (1.284 PAPER market, 1.296 TWAP, 1.112 PAPER backing). The 48h row shows the backing cap binding. The bond panel above quotes live numbers.
FAQ
Bond questions
Can I cancel a bond?
No. Once the PAPER is in the pool it is locked like all other liquidity. The vesting stake is yours; you can start unstaking once the term ends (6h cooldown applies).
Does a bond reset my loyalty boost?
No. A bond adds to your stake; adding never resets the boost. Only unstaking does.
Is there a cap per bond?
Yes. The contract limits each bond so that backing per token after the mint stays at or above the Hard Floor. If your amount would exceed that, the panel shows a smaller “you receive” and the button tells you the maximum.
Why three terms?
The longer your PAPERVAULT stays locked, the longer the PAPER you paid works for the floor before you can sell. 12h, 24h and 48h pay 10%, 20% and 30% for that.