What is SuperBonds and why to get hyped?
Introduction
SuperBonds at its heart is really simple. It’s a fixed yield for bond buyers. When the platform launches tomorrow (it’s launching in a couple of weeks by this article published) and imagine the yield is 12% for a 30d bond. What does that mean? It means the bond buyer will provide capital, say 990 USDC to the smart contract, and against it they’ll have a unique claim on the smart contract (a bond or a financial NFT) for about 1,000 USDC. Then in 30 days they’ll redeem the bond and get the 1,000 USDC. It’s as simple as that. No token to farm, nothing to sell. Very easy. You know from the outset how much capital you are placing in the smart contract, and how much you will get at maturity.
Well, in DeFi in general, all yield is variable (typically). You have to surrender custody to get a fixed yield. SuperBonds see that as pointless. And at the same time, to even take on variable yield, you have to become active on all kinds of chains, have so many wallets, etc.
What done is create a single faucet. Those that want a fixed yield (bond buyers) can get it very easily- just buy the bond. Those that want the variable yield (who have to underwrite the fixed yield), choose to become LPs.
Why become an LP? Because it brings CROSS CHAIN stable-farming benefits directly to the platform. as you can see in this image, an LP could accomplish quite a lot with a single contribution on SuperBonds.
The competitors are few actually. The reason for this is in the diagram above. LPs benefit from stable farm yields cross-chain. Hence, the more DApps there exist, the more destinations SuperBonds will deploy capital. Hence they are not predatory to the ecosystem, but additive. This is why they have been making inroads with partnerships. Orca listed the project in their aquafarm pool right away, that built on top of Saber, and did a Jupiter integration. And there are more in the pipeline.
By the way, you can find the project on Orca here: https://www.orca.so/
Facilities
SuperBonds has a few key USPs/pillars. They are:
Guaranteed yield (if you want it as a bond buyer) Single source of access (LPs) Bond is as good as collateral (it’s fully denominated in USDC) Bond buyers have full custody SB token is NOT a fake utility token. It’s baked into the ecosystem (to buy/sell or do anything on the platform), $SB will be burned.
Every bond is buyable in USDC. And it is redeemable for USDC. As the platform is on Solana, SOL will be used as gas (same for every platform) and $SB in our case will be a special access token. If you don’t have $SB in your wallet, you can’t do anything on the platform. Hence it’s actually needed to participate. Because it will be burned (in some part) in EVERY transaction.
Now $SB is limited in supply. It is burned in every transaction. But it is also likely to become a gateway (by staking) to accrue governance tokens.
Hence there is enormous positive reflexivity about the price.
Right now, $SB trades at a $2mm market cap. It’s as cheap as I’ve seen anything that is 15 days (related with the article's date) from a mainnet launch.
MetaYielder & MetaLend
MetaLend is a little different. It’s a Q2 roll-out and it will be an UNSECURED borrowing platform. Whereby people will be able to refer to their on-chain assets and try to raise money. They will create an on-chain identity, and funders will be able to pick and choose who to fund. SuperBonds envision it to effectively be the start of the credit market.
So, for anyone that thinks fixed rates may not matter, think of it this way:
Right now, you own an LP token from some farm. The $value of that that LP token will change. Plus the amount of yield it’ll accrue is uncertain (as that’ll be in some other token). Hence if you took that LP token to someone and said you wanted to borrow against it, they wouldn’t know how to value it.
In SuperBonds' instance, when you buy a bond, you receive a financial NFT. And it has recorded, how many USDC you put into the smart contract, and how many you are due back. As a result, the value of your bond/cash at redemption, is KNOWN. Because it is known, it’s MUCH easier to borrow against.
This opens up many avenues of opportunities.
So as it stands, though the platform is accessed on Solana, behind the scenes, there is automated plumbing that goes cross-chain on top of Wormhole Bridge.
Partnerships
In terms of early backers:
Commonwealth Asset Management — large macro fund (bond investors) LVNA Capital — a very known fund in various crypto ecosystems Polychain Capital — a very known VC Genesis Block Capital — an active VC in Solana
Only 4 select investors early on, as envisioned a small, tight group of backers would help them expand the development of the platform.
In terms of product partnerships:
SuperBonds are built on top of various DApps like: Orca, Saber, Sunny, Jupiter, Francium, Mercurial, Wormhole, Curve Finance, Convex Finance, etc. Some of these platforms in turn are now showcasing SuperBonds to their communities to help raise awareness. SuperBonds are also talking to one of the largest insurers in the space to help underwrite the risk LPs take on. SuperBonds are actively taking on KOL/Advisors that we think will help expand our offering. SuperBonds have also established an ambassador program to let select individuals also partner up with SuperBonds.
Audit
The audit has just been completed. I want to emphasize this. There are a lot of platforms, even big platforms, that have not yet been fully audited. We went through the process and remediated all the issues. And we’ll do it more than once. We’re about doing things correctly, and I think you’ll see that in the platform functionality.
Tokenomics
Roadmap
Community Ambassador Program
The Ambassador Program is designed by SuperBonds to encourage user participation. The project users can participate in different capacities to benefit from the rewards offered by SuperBonds.
Feel free to check medium article.
Token
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