Measured on devnet · 8 holders, 33 bonds, 4 coupons, 8 trades, buyback, tender offer

One bond from issue to redemption

Move the slider or press play. The register, the vaults and the ledger show the bond at that moment. Trades are sent after each record moment and before its payment, so the 09:00 list and the holdings at payment differ.

Bond time · UTC+52026-03-03step 1 of 28 · Issue
Supply33bonds outstanding
Vaults0.00cash waiting to be paid
Paid to holders0.00of 38,660.00
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Issue33 bonds placed with 5 holders, only until the first record moment.

Registerholder records on chain
HolderBondsAt 09:00OwedCash received
Bond holder #110––0.00
Bond holder #25––0.00
Bond holder #30––0.00
Bond holder #48––0.00
Bond holder #54––0.00
Bond holder #60––0.00
Bond holder #76––0.00
Bond holder #80––0.00
Ledger28 steps
  1. 2026-03-03create_bond · register 3 holders · place 33 bondsbond token BH#1 BH#2 BH#4 BH#5 BH#733 bonds placed with 5 holders, only until the first record moment.
  2. 2026-03-09buyback: up to 4 at 990.00 · tender: up to 6 at 1,000.00 · each funded in its own vaultbuyback opened tender opened funded fundedBuyback: 4 at 990.00. Tender: 6 at 1,000.00. Both funded in full.
  3. 2026-09-07 09:00record moment 0Record moment 0: the 09:00 list is fixed, trading stays open.
  4. 2026-09-10transfer 3: BH#1 → BH#3 · both positions for record 0 saved firsttransactionBH#1 sells 3 to BH#3; their 09:00 positions are saved first.
  5. 2026-09-12transfer 8: BH#4 → BH#6 · both positions for record 0 saved firsttransactionBH#4 sells 8 to BH#6; their 09:00 positions are saved first.
  6. 2026-09-15transfer 2: BH#7 → BH#8 · both positions for record 0 saved firsttransactionBH#7 sells 2 to BH#8; their 09:00 positions are saved first.
  7. 2026-09-16buyback: BH#2 sells 2 · BH#6 sells 2 at 990.00BH#2 BH#6Buyback: BH#2 sells 2, BH#6 sells 2 at 990.00, burned as paid.
  8. 2026-09-21coupon 0: budget 33 × 50.00 = 1,650.00 · funded, confirmedvault opened funded confirmedCoupon 0 budget: 33 bonds at 09:00 × 50.00 = 1,650.00, funded.
  9. 2026-09-27pay_coupon 0: 1,650.00 to 5 holders on their 09:00 positionsBH#1 BH#2 BH#4 BH#5 BH#7Coupon 0 paid on the 09:00 list: 1,650.00 to 5 holders.
  10. 2027-03-09 09:00record moment 1Record moment 1: the 09:00 list is fixed, trading stays open.
  11. 2027-03-13transfer 3: BH#3 → BH#5 · both positions for record 1 saved firsttransactionBH#3 sells 3 to BH#5; their 09:00 positions are saved first.
  12. 2027-03-14transfer 2: BH#2 → BH#1 · both positions for record 1 saved firsttransactionBH#2 sells 2 to BH#1; their 09:00 positions are saved first.
  13. 2027-03-15transfer 1: BH#8 → BH#2 · both positions for record 1 saved firsttransactionBH#8 sells 1 to BH#2; their 09:00 positions are saved first.
  14. 2027-03-16tender: BH#1 +6 · BH#5 +5 · BH#5 −1 · 10 tendered for up to 6BH#1 +6 BH#5 +5 BH#5 −110 bonds tendered for 6; they stay locked and keep their coupon.
  15. 2027-03-21coupon 1: budget 29 × 50.00 = 1,450.00 · funded, confirmedvault opened funded confirmedCoupon 1 budget: 29 bonds at 09:00 × 50.00 = 1,450.00, funded.
  16. 2027-04-01pay_coupon 1: 1,450.00 to 7 holders on their 09:00 positionsBH#1 BH#2 BH#3 BH#5 BH#6 BH#7 BH#8Coupon 1 paid on the 09:00 list: 1,450.00 to 7 holders.
  17. 2027-09-06 09:00record moment 2Record moment 2: the 09:00 list is fixed, trading stays open.
  18. 2027-09-09transfer 4: BH#6 → BH#4 · both positions for record 2 saved firsttransactionBH#6 sells 4 to BH#4; their 09:00 positions are saved first.
  19. 2027-09-10transfer 1: BH#1 → BH#3 · both positions for record 2 saved firsttransactionBH#1 sells 1 to BH#3; their 09:00 positions are saved first.
  20. 2027-09-12coupon 2: budget 29 × 50.00 = 1,450.00 · funded, confirmedvault opened funded confirmedCoupon 2 budget: 29 bonds at 09:00 × 50.00 = 1,450.00, funded.
  21. 2027-09-15pay_coupon 2: 1,450.00 to 6 holders on their 09:00 positionsBH#1 BH#2 BH#5 BH#6 BH#7 BH#8Coupon 2 paid on the 09:00 list: 1,450.00 to 6 holders.
  22. 2027-09-18tender settled pro rata: BH#1 3 of 6 · BH#5 3 of 4 · 1,000.00 eachBH#1 BH#5Tender settled pro rata: BH#1 3 of 6, BH#5 3 of 4; the rest released.
  23. 2028-03-06 09:00record moment 3 (final): transfers closeFinal record moment: trading closes, the last list is fixed.
  24. 2028-03-11coupon 3: budget 23 × 50.00 = 1,150.00 · funded, confirmedvault opened funded confirmedCoupon 3 budget: 23 bonds at 09:00 × 50.00 = 1,150.00, funded.
  25. 2028-03-18pay_coupon 3: 1,150.00 to 8 holders on their 09:00 positionsBH#1 BH#2 BH#3 BH#4 BH#5 BH#6 BH#7 BH#8Coupon 3 paid on the 09:00 list: 1,150.00 to 8 holders.
  26. 2028-03-21the redemption: budget 23 × 1,000.00 = 23,000.00 · funded, confirmedvault opened funded confirmedRedemption budget: 23 bonds × 1,000.00 = 23,000.00, funded.
  27. 2028-03-26redeem_holder: 8 holders · 23 bonds burned · 23,000.00 principalBH#1 BH#2 BH#3 BH#4 BH#5 BH#6 BH#7 BH#8Redemption: 23 bonds burned, 23,000.00 principal paid; supply 0.
  28. afteraudit of the public ledger: 43 of 43 checksaudit resultAudit of the public ledger: 43 of 43 checks pass.
IssueTradeRecordCalculateFundPayRedeemOfferAudit

SimulatedDevnet time is compressed: 1 bond day = 1 chain second, so this two-year bond ran in about 13 minutes, and transactions seconds apart are days apart in bond time. The cash is a test token minted by a test bank key; trades are direct transfers between registered holders.