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Bear Bonds

The ETH Maxis favorite bond during a bear market. An omnichain bond that rewards long term eth holders.

Bear Bonds

Created At

ETHOnline 2023

Winner of


💸 Mantle — Best DeFi


🥇 Axelar — Best Use of GMP


🏊 Scroll — Pool Prize


🏆 ETHOnline 2023 Finalist

Project Description

Bear bonds is an omnichain project that is fun, consumer friendly, and useful. It is an ETH maxis favorite bond.

Here's how Bear Bonds Work:

  1. People can bond ETH by depositing ETH into the Bear Bonds vault (ERC4626).

  2. The vault converts ETH to StETH and continuously yields.

  3. In return, the person that bonded gets an omnichain NFT that represents their bond (their position in the vault).

  4. The person can do 2 things. Either wait for ETH to hit ATH, which is when the bond becomes redeemable - the user gets back all their ETH + that glorious yield. OR, the user can break their bond which means they get back ALL of their principle (so no loss to the user), but the yield is forfeited and distributed back to the vault - meaning all ppl that are still holding bonds get rewards (long term ETH holders are rewarded).

  5. If the person exits the bond early, they are minted a soul bound token that shows they betrayed ETH and are paper handed.

  6. The bond NFTs are multichain and can be used as collateral on other chains - the bond values continuously increase as Steth rebases.

  7. We also made this mechanism for Apecoin because Apecoin has similar staking mechanics.

Bonus: Bear Bonds act as wrapped StETH that are omnichain - can be used as collateral in a easy to understand way.

How it's Made

Smart Contracts:

ERC4626 - Vault standard for our Bear Bonds. We modified the internal accounting to ensure it was protected against inflation attacks. Traditionally these vaults are not good at handling rebasing tokens, but our custom internal accounting allows our vaults to use steth and perform proper calculations on early exits and redeems.

Axelar + hyperlane: We used both messaging protocols as Hyperlane has some chains Axelar doesnt. More omnichain the better.

Chainlink: For price feeds and to detect bond maturity.

Foundry: For testing and deploying

Web App:

The Graph: Used to grab events and ETH price for web app.



Rainbow Kit.

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