The reserve
Bonds
Buy KRONOS from the treasury with USDG at a discount, vesting over a few days.
A bond is an oath: you pay USDG now and the treasury owes you KRONOS, released evenly over the vesting period. You can claim what has vested at any time.
bond price = max(market price × (1 − discount), backing per token)
- The discount band and the vesting period are fixed when the contract is deployed. The planned band is 1% to 15% with 5-day vesting.
- Capacity is limited per epoch, so a single buyer cannot drain the premium.
- Because the price never goes below backing, every bond raises backing per token.
The bond desk
Terms are set by a bond desk agent holding only DESK_ROLE. It can move the discount and capacity inside the on-chain bands and nothing else, and it publishes its reasoning with every change (BondDepository.TermsSet).