How it works
From the first payment to a repaid bond.
Monad testnet; not audited. Addresses and service roles come from the selected deployment.
1. The account builds history
A business creates its BondrailAccount in the token it charges fees in (USDC, WETH, any ERC-20). From then on
payments through collect, settleOut or settle are booked; plain transfers need sweep: cumulativeRevenue, cumulativeVolume, paymentCount, uniquePayers,
firstRevenueAt, revenueByDay. With no bond, 100% of revenue is credited to the business (passthrough).
2. The business raises
Through factory.createBond, after minHistory seconds of history the issuer creates a bond: raise amount, repayment cap, revenue share,
schedule and milestone. Investors deposit and receive claims 1:1. Every deposit re-checks the source.
3. Capital is released in two stages
At activation 25% or 50% of the raise goes to the business. The rest stays in the bond until a milestone
proves revenue since activation. If the milestone deadline passes, expireUndrawn moves it to investor recovery.
4. Every payment repays
While the bond is active, each payment's revenueBps share goes straight to the bond (credit mode), up to
the cap. BondrailAccount._split carries rounding remainders into later payments; an individual tiny payment can still allocate zero.
Optional performance trigger (BondrailBond.checkTrigger): at issuance the business can agree to a larger
investor share if booked revenue falls below a floor over 1–30 complete UTC days. Anyone can check
once per UTC day when the full window falls strictly after the activation UTC day. The first check is
on UTC day activationDay + 1 + triggerWindowDays; the entire activation day and today's partial bucket
are excluded. A later check at or above the floor restores the base share. Both tiers use the same
on-chain check, outside payments, and the cap stays unchanged. The last checked share persists until
someone checks again. Issuer self-payments count: padding costs real money through the investor share,
but can avoid the trigger. See the bond terms.
5. The bond closes
At cap collection or an account.closeBondAtMaturity call the bond closes and the account returns to passthrough. Holders redeem their share
of the pool. The closed bond stays on the business's profile as track record.
Funding ──activate──► Active ──cap or maturity──► Closed (Native)
│ │ └────► Closing ─120 s─► Closed (Watched: late evidence window)
└─deadline, still Funding─► Cancelled (refunds) └─ two violations or 24 h dark ─► default (stake to investors)The credit vault can hold a portfolio of these bonds. The credit registry exposes recorded outcomes and separately signed assessments.