{"id":13492,"date":"2023-05-12T10:58:38","date_gmt":"2023-05-12T10:58:38","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=13492"},"modified":"2022-07-01T19:46:36","modified_gmt":"2022-07-01T19:46:36","slug":"what-is-bondly-and-how-does-it-work","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bondly-and-how-does-it-work","title":{"rendered":"What is Bondly and how does it work?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bondly-and-how-does-it-work\/#history_of_bondly\" >History of Bondly<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bondly-and-how-does-it-work\/#how_does_bondly_work\" >How does Bondly work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bondly-and-how-does-it-work\/#bond_protect\" >Bond Protect<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bondly-and-how-does-it-work\/#bond_dex\" >Bond Dex<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>When we talk about\u00a0<strong>Bondly<\/strong>\u00a0we refer to a\u00a0<strong>project<\/strong>\u00a0aimed at being the next generation of\u00a0<strong>payment infrastructure<\/strong>\u00a0designed for the sale of\u00a0<strong>digital<\/strong>\u00a0assets on the Polkadot network.<\/p>\n<p>Bondly\u2019s goal is to make\u00a0<strong>DeFi<\/strong>\u00a0(Decentralized Finance) more accessible to users through payments deposited in decentralized collateral. It is basically a\u00a0<strong>decentralized exchange<\/strong>\u00a0protocol.<\/p>\n<p>Among the main characteristics of the\u00a0<strong>project<\/strong>\u00a0are\u00a0<strong>reliability, transparency and portability<\/strong>. Its creation was based on the idea of turning a user into a marketplace.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"history_of_bondly\"><\/span><strong>History of Bondly<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This project was launched in Polkadot in\u00a0<strong>September 2020<\/strong>. Brandon Smith founded\u00a0<strong>Bondly<\/strong>\u00a0Finance. He also holds the position of CEO currently at the company. Brandon\u00a0<strong>Smith<\/strong>\u00a0had a background prior to creating Bondly as a managing partner at Shuttle Capital and vice president at Shieldpay. He also held the position of\u00a0<strong>director<\/strong>\u00a0of digital strategy and risk at PricewaterhouseCoopers and also held the position of analytics team leader at General Electric.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_bondly_work\"><\/span><strong>How does Bondly work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bondly currently offers a\u00a0<strong>system<\/strong>\u00a0of fully decentralized products including\u00a0<strong>BondSwap or BSWAP<\/strong>. These decentralized products allow any user to make\u00a0<strong>digital peer-to-peer payments<\/strong>. This project can also communicate via any messaging service or social networking platform.<\/p>\n<p><b>BondSwap<\/b>\u00a0is a core Bondly product that allows users to send cryptocurrencies from one chain to another via atomic exchange. In addition, BondSwap offers over-the-counter (OTC) trustless wallet-to-wallet trades which it executes by signing a smart contract.<\/p>\n<p>In addition, it supports<strong>\u00a0\u201cportable\u201d smart<\/strong>\u00a0links that can be sent via messaging applications or social networks.\u00a0<strong>BondSwap<\/strong>\u00a0<strong>supports all ERC-20\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-token\/\">tokens<\/a>.\u00a0<\/strong><\/p>\n<p>Another of BondSwap\u2019s great contributions is to allow users to sell large amounts of tokens with\u00a0<strong>low liquidity<\/strong>\u00a0without the risk of\u00a0<strong>slippage<\/strong>. We can buy assets with both credit and debit cards through an\u00a0<strong>external<\/strong>\u00a0partner.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"bond_protect\"><\/span><strong>Bond Protect<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Another of Bondly\u2019s products is<strong>\u00a0Bond Protect or BPROTECT<\/strong>. This is a\u00a0<strong>decentralized<\/strong>\u00a0escrow and buyer protection system for clients in\u00a0<strong>crypto-friendly<\/strong>\u00a0<strong>markets<\/strong>. This system was designed to target the\u00a0<strong>electronic trading<\/strong>\u00a0market. BPROTECT allows selling assets that users do not yet own through\u00a0<strong>OTC<\/strong>\u00a0to\u00a0<strong>bet\u00a0<\/strong>collateral to the Bondly network.<\/p>\n<p>As for these bets, transactions\u00a0<strong>over-the-counter<\/strong>\u00a0involve minimally two parties and generally require a high level of trust between the participants in the bet. The\u00a0<strong>seller<\/strong>\u00a0might wager a\u00a0<strong>guarantee<\/strong>\u00a0and ensure that the buyer will receive the asset on an exact date or in a certain condition. In the event of a breach of the agreement, the collateral is forfeited and passed on to the\u00a0<strong>buyer<\/strong>.<\/p>\n<p>Another feature of the betting is that the sellers themselves can\u00a0<strong>side<\/strong>\u00a0<strong>bet<\/strong>\u00a0and get\u00a0<strong>rewards<\/strong>\u00a0for placing their bet. If the vendor does not respect the terms of the sale a<strong>\u00a0BOND<\/strong>\u00a0guarantee will be provided to the buyers as compensation. All sales made are recorded on the<strong>\u00a0blockchain<\/strong>\u00a0ensuring transparency.<\/p>\n<div id=\"image_2104025947\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/Qu%C3%A9-es-Bondly3.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/Qu\u00e9-es-Bondly3.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/Qu\u00e9-es-Bondly3-300x205.jpg 300w\" alt=\"Qu\u00e9-es-Bondly\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/Qu\u00e9-es-Bondly3.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/Qu\u00e9-es-Bondly3-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/Qu\u00e9-es-Bondly3.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"bond_dex\"><\/span><strong>Bond Dex<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Bondly has developed its own decentralized\u00a0<strong>exchange<\/strong>\u00a0called Bond DEX. This exchange proportionately includes the reward\u00a0<strong>token<\/strong>\u00a0to liquidity providers in addition to the\u00a0<strong>DEX<\/strong>\u00a0fee.<\/p>\n<p>Bond DEX allows its users to\u00a0<strong>exchange<\/strong>\u00a0native\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-polkadot-dot\/\">Polkadot<\/a>\u00a0assets on Ethereum with\u00a0<strong>USDC<\/strong>\u00a0and provides recommendations on the most economical bridging transaction paths.<\/p>\n<p><strong>Liquidity<\/strong>\u00a0providers bundle transaction\u00a0<strong>fees<\/strong>\u00a0together with rewards while the pricing engine compares\u00a0<strong>cross-blockchain<\/strong>\u00a0exchange options allowing to know which is more affordable.\u00a0<strong>Validation<\/strong>\u00a0takes place within the Web3 browser or in the\u00a0<strong>Polkadot.js<\/strong>-based Native Wallet.<\/p>\n<p>In a few words, Bond Dex enables trading with Polkadot\u00a0<strong>assets<\/strong>\u00a0on Ethereum with USDC, allows to get the best\u00a0<strong>recommendations<\/strong>\u00a0on the cheapest bridging transaction paths and also allows its users to create their own token\u00a0<strong>pairs<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>When we talk about\u00a0Bondly\u00a0we refer to a\u00a0project\u00a0aimed at being the next generation of\u00a0payment infrastructure\u00a0designed for the sale of\u00a0digital\u00a0assets on the Polkadot network. Bondly\u2019s goal is to make\u00a0DeFi\u00a0(Decentralized Finance) more accessible to users through payments deposited in decentralized collateral. It is basically a\u00a0decentralized exchange\u00a0protocol. Among the main characteristics of the\u00a0project\u00a0are\u00a0reliability, transparency and portability. Its creation was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/13492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=13492"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/13492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/8072"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=13492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=13492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=13492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}