⚒️Technical Overview
Bondis is a purpose-built blockchain network for global FX markets. Every component—from consensus to execution—is designed to support high-throughput, low-latency trading while enabling native interoperability with other chains and payment rails.
Consensus
Bondis uses a variant of Pipelined HotStuff, a leader-based Byzantine Fault Tolerant (BFT) consensus protocol. In this model, the network’s validators collectively agree on the sequence of blocks through quorum-certified votes, while new blocks are continuously proposed even as previous ones finalize. This design ensures fast block production and deterministic finality with minimal coordination overhead.
Execution Layer
The execution layer in Bondis is a domain-specific virtual machine (VM) optimized for exchange operations and seamless capital flows across chains. At its core, state is organized around three main primitives:
Markets: Limit order books with configurable parameters such as tick size, leverage, and collateral requirements.
Accounts: Entities that hold balances, open orders, and collateral across multiple assets.
Oracles: External data sources providing signed price feeds used for risk and settlement.
Native Modules
Order Book Engine: Order placement, updates, cancels, and matching through a dual-flow batch auction.
Risk Engine: Margin, leverage, and liquidation checks for derivative products.
Transfer Module: Asset transfers and internal ledger updates, including mints and burns.
Oracle Module: Ingestion and validation of external price feeds.
Liquidation Engine: Deterministic liquidation flow for undercollateralized positions.
Bridge Module: Interoperability layer supporting verified deposits and withdrawals across external chains. It manages lock/mint and burn/unlock operations for seamless capital movement between Bondis and connected networks.
Prime Brokerage Vaults: On-chain lending and borrowing across currencies. Each vault tracks deposits, borrows, utilization, and accrued interest—enabling yield generation for depositors and credit access for traders or market makers within the same deterministic environment.
Exchange Dynamics
Bondis uses dual flow batch auctions inspired by Jump Crypto’s research. In each block, two complementary uniform-price auctions are run:
Bid-side flow: Maker-buy vs. taker-sell orders.
Ask-side flow: Maker-sell vs. taker-buy orders.
For each auction, the clearing price is defined to maximize traded volume, leaving no unfilled order at a better price. All matched orders execute at the same price. If excess quantity remains, fills are allocated by price priority, then pro-rata by size.
Deterministic Execution Pipeline
Process Cancels – Validators apply cancels.
Place New Orders – Filter orders for solvency, then add valid orders to the book.
Pre-Settlement Hooks – Oracles and risk engines compute funding rates and trigger liquidations if necessary.
Dual Flow Auction Phase – Two auctions per market: taker-sell vs. maker-buy and taker-buy vs. maker-sell.
Settlement Phase – Fills applied pro-rata; balances and margins updated.
Zero-Fee Transactions & Rate Limits
Bondis does not charge transaction fees for core operations. Validators and operators earn revenue from exchange trading fees on executed volume. To prevent spam and ensure fairness, Bondis enforces deterministic rate limits based on account age, balance, and traded volume.
New or low-activity accounts receive lower throughput limits.
Mature, well-capitalized, or high-turnover accounts receive proportionally higher allowances.
This adaptive model discourages spam without penalizing legitimate liquidity provision. Rate limits are applied deterministically by validators at block inclusion time, ensuring fairness and consistency across the network.
Prime Brokerage Vaults
Bondis integrates Prime Brokerage Vaults (PBVs) to provide native, cross-currency lending and borrowing. Each vault represents a pooled credit facility denominated in a specific stablecoin or fiat-equivalent token (e.g., USDₜ, BRLₜ, ARSₜ, MXNₜ).
Depositors / Yield Seekers: Earn yield in their local stablecoin by lending liquidity.
Borrowers / Market Makers: Borrow alternate currencies for trading or hedging.
Each vault maintains an on-chain balance sheet of deposits, borrows, and accrued interest, managed deterministically by validators. Collateral ratios and liquidation thresholds are enforced by the Risk Engine using real-time FX oracle data. Borrow rates adjust dynamically with utilization, ensuring market-driven pricing for credit.
Risk & Oracle Synchronization
Bondis maintains a deterministic synchronization cycle between oracles and the risk engine to ensure all validators operate on the same market state each block.
At the beginning of every block, validators finalize a price snapshot from signed oracle feeds across all supported assets and FX pairs. Each feed includes both spot and TWAP values, with deviation filters to exclude stale or outlier data.
This snapshot forms the canonical reference for all risk and valuation processes within that block. If new oracle data is unavailable or invalid, validators fall back to the last valid TWAP, applying conservative margin multipliers to preserve solvency. This ensures all trades, liquidations, and cross-currency operations are validated against a unified and deterministic pricing baseline.
Bridges
Bondis implements a native bridging framework that connects its validator network with supported external chains such as Ethereum, Solana, and major Layer 2s.
Validators in the Bondis consensus set operate lightweight nodes or relayers on these networks, enabling direct verification and submission of cross-chain messages. Each connected chain hosts a Bondis Bridge Contract, deployed and maintained as part of the ecosystem.
When users deposit assets on an external chain:
Bondis validators verify the transaction.
Aggregate signatures form a quorum certificate.
Equivalent tokens are minted within the Bondis network.
When users withdraw:
Validators burn the internal representation.
Submit a proof to the external chain for release.
All bridge actions finalize only after consensus finality on Bondis, ensuring deterministic reconciliation and eliminating double-minting. This structure combines validator-operated relays and on-chain verification to deliver secure, low-latency interoperability across ecosystems.
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