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Home All Events - Ape O'Clock Chicken Bonds Launch


Oct 04 2022

TimePacific Time

6:00 am

Your Time

  • Timezone: America/New_York
  • Date: Oct 04 2022
  • Time: 9:00 am



Chicken Bonds Launch

New bonding mechanism powered by Liquity.

  • Chicken Bonds is a bonding mechanism where users acquire ‘bTokens’ (derivative asset) at a discount upon depositing yield bearing tokens
  • Unlike other bonding mechanisms, the bonded tokens perpetually accrue yield and are always withdrawable
  • For protocols, Chicken Bonds offer a new way to bootstrap Protocol Owned Liquidity/Treasury via boosted bonds
  • For investors, Chicken Bonds offer amplified, auto-compounded yield tokens at a discount, which can either be held or traded
  • Chicken Bonds are represented as on-chain dynamic NFTs that changes based on the users’ actions;
    • an egg (while bonding)
    • a chad chicken (after claiming the bond – “Chicken In”)
    • a run-away chicken (after canceling the bond – “Chicken Out”)
  • Chicken bond NFTs are transferrable and can be sold on secondary marketplaces e.g. OpenSea
    • NFT transfers are disabled for the first 24 hours after a Chicken In or Out
  • Chicken bonds will first be available for LUSD (Liquity’s stablecoin) and then will launch “Generalised” Chicken Bonds for protocols/DAOs in Q2 2023
  • To create and earn with LUSD Chicken Bonds,
    • you’ll need some LUSD. You can obtain LUSD by opening a Trove in Liquity and borrowing LUSD against ETH, or purchasing it on a DEX such as Curve or Uniswap
    • Bond LUSD in exchange for bLUSD (boosted LUSD) or buy bLUSD from the bLUSD-LUSD Curve v2 pool – no maturity and no lock up
    • Claim bond (‘Chicken In’) any time and get the accrued bLUSD in exchange for your deposited LUSD
    • Cancel bond (‘Chicken out’) anytime and reclaim your principal
    • Sell bLUSD and re-bond or just hold bLUSD and benefit from the amplified yield
  • No limit on how many bonds can be created per wallet
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