Create/Manage rBonds
All rBonds are created in a trustless manner and once a user creates an rBond they can manage the rBond's settings and add/remove liquidity.
rBonds creators gain access to liquidity generation and incentivized activity through the Discount mechanism and their rBond is automatically listed in Rena's rBond Marketplace.
All rBonds have a protocol fee of 1% on all Input Tokens swapped into them by purchasers. The fee is distributed between rStakers and the Rena DAO. This fee is adjustable and can be changed by Rena as needed or as directed by the DAO.
Creating an rBond
When a user creates an rBond they must select the Input & Output Tokens, the Uniswap LP pair the rBond is bound to, and set the Discount and Locking parameters.
Navigate to Create/Manage page in the Rena App and click the "+ NEW RBOND" Button to open the Create rBond interface.
Select Tokens: Both the Input Token and Output Token for the rBond.
The Input Token is what rBond purchasers use to buy from the rBond.
The Output Token is what rBond purchasers receive when buying from the rBond.
Tokens can be added to the Input & Output dropdowns using the bar below. Enter the smart contract ID and click the "ADD" button and the token, if supported, will appear in the dropdown. After which, it can be selected by the user for either Input or Output Token selection.
Select Uniswap Pair To Bind Price To: The pair the rBond creator specifies is the Uniswap LP pair that the rBond's price is based on. (This can be updated later in the Management page.)
Select rBond Parameters:
Enter Output Token Liquidity: This is the amount of tokens the rBond creator will provide for Output Token liquidity.
Provided Input Token Liquidity (rToken): The Input Token liquidity will automatically adjust based on the the amount entered in the Output Token Liquidity field. The token selected as the Input Token will be provided by the protocol in the form of a synthetic rToken.
Set Discount: The Discount set for an rBond is the discount on the current price of the bound Uniswap pair reflected in the rBond price with with each rBalance. (This can be updated in the Management Page later.)
Set Lock Time: This is the vesting period before Output Tokens purchased from the rBond can be claimed by the purchaser. (This can be updated later in the Management Page.)
rTokens: rTokens are synthetic placeholders in the rBond pair that adjust to reflect what would be the actual amount of the Input Token in the rBond pair. This is done so that the rBond (which is an LP-style pair) can adjust weight accordingly when Output Tokens are bought form the rBond. At the same time, since the rBonds have the rTokens in place (on the Input Token side of the rBond pair), any tokens inputted into the rBond can be directed toward the rBond creator's designated wallet address.
Final step(s): Follow the four-step transaction process to complete the rBond creation. After which the rBond will be active and listed in the rBond Marketplace. (By default, new rBonds are listed as Unverified and will only appear on the Unverified page of the rBond Marketplace.)
Four-step transaction process to complete rBond creation:
Create rBond - (Initial LP is also added as part of this transaction.)
Set Discount - (Sets the Discount to the selected value in the Create rBond interface If not set for any reason the default Discount value for newly created rBonds is 5%.)
Set Lock Duration - (Set to selected value in UI otherwise contract default is 24 hours.)
Set Uniswap Pair - (This makes rBond operational and listed.)
IMPORTANT: Approve and process all 4 transaction steps BEFORE leaving the page.
If the first transaction is complete, but not the others, the rBond is created but requires further action by the creator before it is listed. The missing transactions must be completed in the Manage interface, and only after that will it go live.
Verified & Unverified rBonds
By default all new rBonds are listed in the Unverified page on the rBond Marketplace. This is done because rBond creation is trustless and any tokens can be listed (this unfortunately includes fakes and scams).
Get Verified
To get onto the Verified page in the rBond Marketplace, Rena must add the rBond to the Verified approved list. This is done proactively, to an extent, by Rena but rBond creators can request the DAO verify their rBond either via direct reach out on Rena socials or by issuing a proposal to the DAO.
This process will be further streamlined and automated with future iterations.
Managing your rBond
Users can manage their rBond's parameters including add/remove liquidity, discount %, locking period, as well as trigger rBalances in the rBond Management interface.
Within the rBond Management interface rBond creators can perform the following actions:
Add/Remove LP: Adjust the amount of liquidity in the rBond by adding or removing Output Tokens. The Input Token side, which is the synthetic protocol placeholder rToken side of the liquidity, will automatically adjust.
Bind Pair: The Uniswap pair bound to an rBond can be changed at any time. A user may, of course, only bind their rBond to a Uniswap pair with the same two tokens as the rBond.
Discount %: Change the rBalance target discount % for the rBond.
Locking Duration: Change the amount of time purchasers must wait before they can claim tokens purchased from the rBond.
Input Token Destination: Change it from the default wallet address. The default value is the address which created the rBond.
rBalance: This button calls the rBond's rBalance function and resets rBond price to the target discount market price. This is achieved by the amount of rTokens in the rBond being adjusted by the function. The rBalance function has no cool down and can be called without limitation (gas fees apply).
Allow rBalance Address: Add a contract ID to the allow list for the rBond's rBalance caller function role. This is often only done by advanced users seeking to automate the rBalancer calling with outside integrations. By default only the rBond creator can call the rBond's rBalance function. There can be multiple addresses allowed with this role but only the one default at creation.
Rena rBalance Included: If the rBond is Verified, and this option is selected, the rBond will be automatically rBalanced every 12 hours along with the other Verified rBonds included on the Rena rBalance List.
rBalancer
The rBalance function is the action which resets the rTokens in the rBond to meet the target set Discount % as well as distributes rewards to rStakers and Input Tokens for rBond owners. Every rBond has its own rBalancer and can opt-in to be automatically rBalanced with the Rena rBalancer which triggers every 12 hour.
The Rena rBalancer: Rena protocols own rBalancer is called the Rena rBalancer and is automatically called by Rena. When it is called all rBonds included on the Rena rBalancer List are called using gas from the Rena rBalancer. Verified rBonds can request to be included in the Rena rBalancer List.
Note: All rBonds have their own rBalancer and do not require interaction with the Rena rBalancer to function. rBonds not included in the Rena rBalancer List can call their own rBalancer manually or setup their own automation with the Allow rBalance Address.
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