Bonds

Bonds let the treasury raise USDC by selling $MAIN it already holds, at a discount, with the $MAIN vesting to you over time. Proceeds fund acquisitions.

Where the $MAIN comes from

Only from the treasury: the launch dev buy (at most 50,000,000 $MAIN, the public bond reserve) and protocol fees paid in $MAIN. There are no buybacks. The Treasury page shows the reserve and how much is committed to open offers.

Pricing

• Each offer is priced from the live market price (the pump.fun bonding curve, or the main DEX pool after graduation)
• A discount is applied, currently capped at 15% (never more than 25%)
• No offer can be opened if the price is unavailable or the pool has not traded in the last 5 minutes

Expiry and vesting

Every offer is open for 24 hours. The expiry is enforced by the vault program itself, so an expired offer cannot be bought even by calling the program directly. Purchased $MAIN vests linearly over the offer's vesting period; claim vested $MAIN at any time on the Bonds page.

Bond purchases pay the protocol fee of 5%. Each offer needs the treasury wallet's signature; no server key holds treasury funds.