STEP 01
Deposit your veUP NFT. Vault takes custody. You keep every future vote and every bribe stream , voting is delegated through the vault, not away.
Locker
STEP 02
Mint the BondToken. An ERC-20 is minted 1:1 to the lock's principal, less a 1% issuance fee. Every unit claims a pro-rata share of the underlying UP at maturity.
Vault
STEP 03
Sell the bond. Trade on up. against USDG, or OTC. Whoever holds it at maturity redeems the position. Voting stays with the original locker throughout.
Market
STEP 04
At lock expiry, redeem. Anyone can call redeem. Vault withdraws the fully-compounded UP; bond holders burn their tokens for their pro-rata share.
Holder
01
Locking is illiquid.
up. lockers pledge UP for up to four years. Rebase auto-compounds into the lock. The principal is dead capital until expiry , worth something, worth less than face.
02
Bonds fix that.
ten0r wraps the lock. Lockers get liquidity today by selling their claim on the eventual principal. Buyers get a fixed-term zero-coupon strip on a known maturity.
03
Voice stays local.
Every bond is delegated back to its original locker. Vote. Direct bribes. Poke. The vault never touches gauge weights , it holds custody, not agency.
DESIGN NOTE
up.'s VotingEscrow auto-compounds rebase into the lock's principal , yield can't be streamed per-epoch. ten0r treats that constraint as the product: a pure zero-coupon strip, priced against maturity, not against a coupon stream. Cleaner primitive, harder to farm, easier to price.
v1
Zero-coupon strips. One lock, one bond, one maturity. Live on RH mainnet at launch.
Q4
v1.1
Deep secondary. A curated USDG/BondToken venue on up. gauges. Yield-curve terminal , see every open tenor priced against UP.
Q4
v2
Split-issued strips. Contingent on up. team whitelisting the vault for canSplit. One lock, N bonds, N maturities , a full on-chain up. yield curve.
Q1'27