A standard interface for contract, that manage multiple callable bonds. A single contract includes any given number of bond classes, bond nonce, bond balance of an address. This standard provides independent functions to read, transfer any collection of bonds, as well as allow bonds to be redeemed from the bond issuer if certain conditions are met. This token standard can replace current ERC20 LP token. ERC-659 has more complex data structure, which will allow the LP token to store more information, and allow the developer to build more sophisticated logic for the redemption and reward system of the DEFI project in question.
This API standard allows for the creation of any number of bonds type in a single contract. Existing LP token standards like ERC-20 require deployment of separate factory and token contracts per token type. The need of issuing bonds with multiple redemption data can’t be achieved with existing token standards. ERC-659 Multiple Callable Bonds Standard allows for each bond class ID to represent a new configurable token type, and for each bond nonce to represent an issuing date or any other forms of data in uint256. Every single nonce of a bond class may have its own metadata, supply and other redemption conditions.
Current LP token is a simple ERC-20 token, which has not much complicity in data structure. To allow more complex reward and redemption logic to be built, we need a new LP token standard that can manage multiple bonds, stores much more data and gas efficient. ERC-659 standard interface allows any tokens on solidity compatible block chains to create its own bond. These bonds with the same interface standard can be exchanged in secondary market. And it allows any 3rd party wallet applications or exchanges to read the balance and the redemption conditions of these tokens. ERC-659 bonds can also be packed into separate packages. Those packages can in their turn be divided and exchanged in a secondary market.
New functions built in ERC-659 Multiple Callable Bonds Standard, will allow the users to economize their gas fee spend. Trading and burning of ERC-659 Bonds will also multiply tokens market cap, helping it to recover from recession period(1). Existing structures, such as AMM exchanges or lending platform can be updated to recognize ERC-659 Bonds.
Full version of the proposal and code can be fond here:
ERC(BEP)-659 Multiple Callable Bonds Standard Proposal
An interface standard for contracts, that manage multiple callable bonds.
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