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Fixed-Term Bonds allow users to exchange USDM for discounted RBT that vests over a chosen term. Unlike traditional bonding models where users either deposit single assets or provide LP tokens directly, Blackhaven handles liquidity formation automatically. When a user bonds, the deposit is split. Half goes to the reserve treasury to back RBT. The other half goes to the Liquidity Manager, which pairs it with newly minted RBT to form a permanent Uniswap V3 position. Every bond strengthens backing and deepens liquidity. The Liquidity Manager holds these Uni V3 position NFTs permanently. Trading fees accumulate in the positions and flow to the treasury. As the protocol acquires more assets, they can be deposited into existing positions to deepen liquidity over time. This creates a self-reinforcing system: bonds grow reserves, reserves enable more liquidity, liquidity generates fees, fees strengthen the treasury. Quick Steps:
  1. Select a bond term and discount
  2. Deposit USDM
  3. Liquidity Manager splits deposit between reserves and Protocol-Owned Liquidity (POL)
  4. RBT vests linearly over the term
  5. Claim fully vested RBT at maturity
Deposits earn ecosystem rewards, claimable when released by MegaETH.

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Bond Structure and Vesting

Blackhaven bonds are fixed-term instruments that vest linearly over a user-selected period.
  • Hold to Maturity: At the end of the vesting period, users claim their fully vested RBT. Ecosystem rewards earned are claimable when released.
  • Early Redemption: Exit early and receive vested RBT minus a small fee. Unvested RBT and ecosystem rewards are forfeited to the treasury. Forfeited RBT flows to the treasury, where the BAM can sell it for USDM to increase backing.
Protocol-Owned Liquidity (POL): Inspired by OlympusDAO’s pioneering model, POL ensures liquidity without relying on liquidity mining incentives. Blackhaven adopts this model through LP bonds, building treasury-owned liquidity that provides deep, permanent market depth for RBT.