Issue a revenue bond

Before raisingCopy Anchor Link

BondrailFactory.createBond requires the caller to own the account, no attached bond, nonzero policy hash, valid terms and minHistory() since firstRevenueAt(). Read the factory value; the current manifest configures 600 seconds for demonstrations. Booked history includes self-payments.

Native projects must be bound and approved, individually via setNativeApproval or through a still approved template deployed with deployNative. Custom contracts need individual review; reviewed templates need none. Watched bonds require nonzero stake and zero minFeeBps, with no Native source. Approve the stake asset to the factory before creation. See Native and x402.

The app's signed profile and manifest establish listing metadata; they are separate from contract issuance checks. Sign the profile in the console to participate in its default market view.

Choose terms and performance triggersCopy Anchor Link

terms() fixes raise, repay cap, base share, stake, release schedule, milestone and optional fee floor. repayCap must be at least the raise; the base investor share is positive and at most 50%. First release is 25% or 50%. Effective revenue cap scales with principal actually released. Coverage and SDK creditLine estimates use revenue assumptions; they are not verified future income or financing guarantees.

To disable the performance trigger, set triggerRevenue, triggerWindowDays and stepUpBps all to zero. Otherwise choose a positive asset-unit revenue floor, a 1–30 day window, and a step-up share greater than revenueBps and at most 5000 bps. @bondrail/sdk/trigger.parseTriggerTerms validates UI input.

Anyone can call bond.checkTrigger() once per UTC day while Active and not defaulted. It sums complete UTC buckets in account.revenueByDay, excluding the activation day and today. The first eligible day is floor(activationTime / 86400) + 1 + triggerWindowDays. Below the floor uses stepUpBps; equality or above restores the base share. Payments use the last checked result until another check; they do not evaluate it automatically. The cap does not change. Self-payments count; this is not wash-adjusted revenue.

Fund, withdraw during the raise, then activateCopy Anchor Link

import { bondrailClient, Tier } from '@bondrail/sdk/client';
const bondrail = bondrailClient({ publicClient, walletClient, factory });
const bond = await bondrail.createBond({ account, terms, tier: Tier.Native, source: project, policyHash, name, symbol });
// After investors fully fund the raise and the source passes the factory's health check:
await bondrail.activate(bond);
// Later, inside the release window and after the Onchain milestone:
await bondrail.releaseSecond(bond);

Investors call bond.deposit(amount) during Funding before the deadline. They may call bond.withdraw(amount, to) before that deadline while still Funding, burning claims and taking their escrow back 1:1. This reopens a funding gap, even if the raise was full; activation needs full funding at execution. Withdrawal does not require a healthy route. After the deadline, a still-Funding bond can be cancelled with account.cancelFunding(bond) and refunded with bond.refund(amount, to).

factory.activate books uncollected pre-activation inflows for the issuer before revenue sharing starts. Watched activation and second release require a fresh Compliant observation; deposits only reject covenant.inViolation, so deposit eligibility is not proof of fresh compliance.

Release the rest and withdraw earned revenueCopy Anchor Link

releaseSecond uses the on-chain counter since activation plus the minimum operating period. releaseSecondSigned uses the disclosed milestone signer's EIP-712 attestation instead. Both need a healthy source, no default and the agreed release window. If the deadline passes, anyone can call bond.expireUndrawn() to move the remaining principal to investor recovery.

account.withdraw(to, amount) pays the issuer's already-booked issuerCredit; it is distinct from an investor's Funding withdrawal. Revenue sharing ends when cap collection closes or account.closeBondAtMaturity(bond) closes collection at maturity. See milestones and defaults.