Mint or bond
Tokens you can move now, or a discount for waiting.
Three ways in
Mint, stake and bond each give you a different position.
Mint: liquid RETF
Deposit the basket pro-rata and receive RETF right away, minus the mint fee. The tokens are yours to hold, move, trade on any Solana DEX, or burn back into the basket. Liquid RETF does not earn staking rewards.
Stake: sRETF
Deposit RETF into the stake pool and receive sRETF. You can unstake at any time at the current pool rate, with no vesting. Stakers earn fee flow and, on Policy RETFs, epoch expansion.
Bond: discounted and staked
A bond is a discounted purchase. You choose how long to vest, between the RETF's minimum and maximum. The longer you vest, the larger the bonus, up to the creator's cap. The bonus shrinks the amount you pay for, and you still receive the full principal.
- Your payment goes into the reserve pro-rata, the same way a mint does.
- The program mints and stakes the full principal at once. Your bond holds the sRETF in escrow.
- Principal vests at a constant rate. Halfway through your period, you can claim half.
- Rewards accrue the whole time, because the escrowed sRETF is a share of the stake pool.
- You can transfer the bond to another wallet. The account closes once you claim the last of it.
The first bond
A new RETF has no reserve until the first bond opens it. The program sizes that deposit from the creator's initial price and weights, using the rate providers for the marks. The first bond must be at least one whole RETF. After it, each quote is pro-rata against the live reserve.
Worked example
| Choice | Pay for | Receive | Liquid when |
|---|---|---|---|
| Mint 1,000 | 1,000 RETF of basket + 0.5% fee | 995 RETF | now |
| Bond 1,000, 30 days, 10% bonus | 909.1 RETF of basket | 1,000 RETF staked as sRETF | at a constant rate over 30 days |
Fees
The creator sets the mint and burn fees, up to 10% each, and you pay them in RETF. The protocol fee vault takes a share, the creator takes a share as sRETF, and the rest goes to the stake pool for stakers and bonders. Bonds pay no mint fee.