The primary reason why $BOND exists is to steward the BarnBridge protocol through the BarnBridge DAO. Users can stake their $BOND tokens to acquire voting rights in the DAO and can actively steer the continued development of BarnBridge’s suite of DeFi applications, as well as how fee revenues and treasury resources are allocated.
The BOND token conforms to Ethereum’s ERC-20 standard. Therefore, the token is fungible and can be supported by any wallet that supports ERC-20 tokens. The total number of tokens is set to 10,000,000 (ten million) and cannot be changed because there is no minting function in the contract.
To participate in the BarnBridge governance, a user needs xBOND in their wallet, which can be claimed by staking their BOND tokens.
To receive xBOND, you need to stake your BOND into the staking contract. Your BOND will be held for a warmup duration of 7 days, after which you can call enter on the staking contract to receive the amount of xBOND you are due. If you decide that you wish to cancel the warmup period, you can do so at any time before calling enter, this will send you back the entire amount of BOND you originally staked.
To unstake BOND, you need to deposit your xBOND back into the staking contract, which will initiate a cooldown period. Your xBOND will be held for a cooldown duration of 7 days, after which you can call leave on the staking contract to receive the amount of BOND you are due. If you decide that you wish to cancel this cooldown period, you can do so at any time before calling leave, this will send you back the entire amount of xBOND you deposited in the contract.