> For the complete documentation index, see [llms.txt](https://docs.rwa.vip/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.rwa.vip/iii.-rwa-ecosystem-protocol-operation-mechanisms/bond-contract/bond-summary.md).

# Bond Summary

1. Bonds do not rely on market data. The bond market is self-regulating; the bond price is determined by the number of bonds that are still within their exercise period. When there are fewer bonds in the exercise period, the bond execution value is higher, and the bond unit price is lower; conversely, when the execution value is lower, the bond unit price is higher. Market participants choose to buy bonds at what they perceive to be a reasonable price, which causes the bond price to be in a constantly changing dynamic.
2. Bonds delay the impact of new RWA supply on the market. After 5 days, RWA from the bonds becomes available assets for users, expanding the distribution range of the new RWA supply. The sale of bonds creates a quick arbitrage opportunity (buying at a discount and then selling into the pool), which will increase the volatility of the RWA price.
3. Bonds require less management. Bond sales are designed with a discount rate controlled by the protocol. This discount rate needs to be high enough to attract buyers. The discount rate is also influenced by the premium, so the inflation rate (BCV) is a parameter that requires micro-management. However, the discount for USDT bonds is more market-driven and requires less intervention.
4. Bonds are a more market-driven way to achieve the protocol's goals. USDT is exchanged into the treasury, and the protocol mints new RWA. The transaction volume increases as the trading price rises.


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