BondAppetite Stablecoin Peg Lost - Revision history

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← Older revision		Revision as of 14:08, 5 July 2023
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	== About BondAppetite ==		== About BondAppetite ==
	BondAppetite USD is a decentralized finance (DeFi) protocol that offers a stablecoin backed by real-world assets and a fixed periodic income<ref name="cryptorank-9595" /><ref name="bondappetit-9596" /><ref name="bondappetit-9597" />. BondAppétit aims to connect real-world debt instruments (bonds) with the Ethereum ecosystem<ref name="bondappetit-9604" />. It aims to solve multiple challenges such as high volatility and a lack of ties to real-world assets, limiting the blockchain integration with traditional finance<ref name="bondappetit-9604" />. It allows businesses to borrow money using bonds as collateral, accepting both fiat and cryptocurrency<ref name="cryptorank-9595" /><ref name="defibondstwitter-9601" />. The team behind BondAppetit includes experienced individuals such as the CEO Artem Tolkachev<ref name="cointelegraph-9607" />, who was previously the head of Deloitte Blockchain Lab<ref name="defibondstwitter-9601" />. ~~Digital Fortress, an investment fund, injected~~ $350,000 ~~into BondAppetit~~<ref name="bondappetitmedium-9611" />, and ~~they are~~ partnered with EAST.Finance, an enterprise-grade DeFi protocol that combines real-world and crypto assets<ref name="defibondstwitter-9601" />. The token of EAST.Finance ~~will be~~ partially backed by $USDap<ref name="defibondstwitter-9601" />~~. BondAppetit was launched on April 5[, 2021]~~.		BondAppetite USD is a decentralized finance (DeFi) protocol launched on April 5, 2021<ref name=":0">[https://bitcourier.co.uk/news/bond-appetit "BondAppetit was built by a Team of Seasoned coders, Lawyers, and Financiers" - an Interview with Igor Varnavsky, CMO of BondAppetit - BitCourier] (Jul 5, 2023)</ref> that offers a stablecoin backed by real-world assets and a fixed periodic income<ref name="cryptorank-9595" /><ref name="bondappetit-9596" /><ref name="bondappetit-9597" />. BondAppétit aims to connect real-world debt instruments (bonds) with the Ethereum ecosystem<ref name="bondappetit-9604" />. It aims to solve multiple challenges such as high volatility and a lack of ties to real-world assets, limiting the blockchain integration with traditional finance<ref name="bondappetit-9604" />. It allows businesses to borrow money using bonds as collateral, accepting both fiat and cryptocurrency<ref name="cryptorank-9595" /><ref name="defibondstwitter-9601" />. The team behind BondAppetit includes experienced individuals such as the CEO Artem Tolkachev<ref name="cointelegraph-9607" />, who was previously the head of Deloitte Blockchain Lab<ref name="defibondstwitter-9601" />. BondAppetit received $350,000 from investment fund Digital Fortress<ref name="bondappetitmedium-9611" />, and partnered with EAST.Finance, an enterprise-grade DeFi protocol that combines real-world and crypto assets<ref name="defibondstwitter-9601" />. The token of EAST.Finance were partially backed by $USDap<ref name="defibondstwitter-9601" />.

	BondAppetite described "USDap [a]s a stablecoin done right. Algorithmic automated issuance, real-world assets as collateral, and publicly available oracles for real-time collateral verification."<ref name="bondappetit-9596" /> BondAppetite USD (USDap) is a stablecoin that is backed by real-world assets in the form of outstanding debt secured by collateral in the form of bonds<ref name="bondappetit-9604" /><ref name="bondappetit-9598" /><ref name="defibondstwitter-9601" />. Built on the Ethereum blockchain, the protocol connects traditional debt instruments with decentralized finance, involving regulated securities and cryptocurrency broker/dealers<ref name="cryptorank-9595" />. It is issued automatically through a smart contract when there is sufficient collateral available in the real world<ref name="bondappetit-9597" />. The governance and reward token of BondAppetit is $BAG, which is used for on-chain voting and collecting interest from bonds in dollars<ref name="defibondstwitter-9601" />. Investors can stake $BAG and earn income in $USDC stablecoin<ref name="defibondstwitter-9601" />. The BondAppetite protocol allows users to buy USDap and earn interest income in USDC by holding BAG tokens, which are backed by the bonds that support USDap<ref name="bondappetit-9596" />. Users can also stake their BAG tokens and earn rewards in USDC<ref name="bondappetit-9596" />.		BondAppetite described "USDap [a]s a stablecoin done right. Algorithmic automated issuance, real-world assets as collateral, and publicly available oracles for real-time collateral verification."<ref name="bondappetit-9596" /> BondAppetite USD (USDap) is a stablecoin that is backed by real-world assets in the form of outstanding debt secured by collateral in the form of bonds<ref name="bondappetit-9604" /><ref name="bondappetit-9598" /><ref name="defibondstwitter-9601" />. Built on the Ethereum blockchain, the protocol connects traditional debt instruments with decentralized finance, involving regulated securities and cryptocurrency broker/dealers<ref name="cryptorank-9595" />. It is issued automatically through a smart contract when there is sufficient collateral available in the real world<ref name="bondappetit-9597" />. The governance and reward token of BondAppetit is $BAG, which is used for on-chain voting and collecting interest from bonds in dollars<ref name="defibondstwitter-9601" />. Investors can stake $BAG and earn income in $USDC stablecoin<ref name="defibondstwitter-9601" />. The BondAppetite protocol allows users to buy USDap and earn interest income in USDC by holding BAG tokens, which are backed by the bonds that support USDap<ref name="bondappetit-9596" />. Users can also stake their BAG tokens and earn rewards in USDC<ref name="bondappetit-9596" />.
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	"First governance initiatives. Starting from the first days since launch, BondAppetit has implemented a community governance system. All key decisions are passed through a general vote."		"First governance initiatives. Starting from the first days since launch, BondAppetit has implemented a community governance system. All key decisions are passed through a general vote."


			BitCourier interview - October 18th, 2021.

			BondAppetit.io was created by a team of experienced coders, lawyers, and financiers who have worked with renowned global companies such as Deloitte, Interfax, Mango Insurance, VK, and Art. Lebedev Studio. The protocol was launched on April 5th, 2021, and quickly gained a total value locked (TVL) of $8 million. The launch of BondAppetit occurred in three phases, with the first phase focused on attracting liquidity and proving the business model by distributing 5% of the initial BAG offering to liquidity providers. In the second phase, the protocol acquired bonds to back the USDap stablecoin and started distributing coupon payments to governance token holders. The third phase will commence once the protocol reaches a capitalization of at least $100 million, with no additional BAG tokens being issued to the open market.<ref name=":0" />

			BondAppetit aims to target three audiences: big and mid-sized businesses seeking cheap financing opportunities, lending protocols in need of decentralized stablecoins with robust collateral, and crypto investors interested in using USDap as a means of payment and investing in the governance token, BAG. By October 2021, BondAppetit achieved key milestones, including USDap being fully backed by yield-generating bonds and the distribution of interest income generated by bonds to BAG holders. The protocol is still in the MVP stage but is prepared for scaling and aims to grow the supply of USDap and offer loans.

			To verify the existence of collateral, the bonds are stored by Wise Wolves Finance, a Cyprus-based Investment Firm regulated by the Cyprus Securities and Exchange Commission (CySEC). The availability of collateral can be checked online at the provided link, ensuring transparency through digitally signed data that prevents data spoofing.

			Investing in BondAppetit offers advantages such as greater security, as the protocol can acquire additional collateral through issuing more BAGs in the event of default, and higher income potential for BAG holders, as more USDap leads to more bonds and increased returns. The BondAppetit governance token, BAG, serves as a governance and reward token for voting on-chain and collecting interest from bonds. It is an ERC-20 token based on the Compound Governance system, allowing members with over 1 million BAG tokens to initiate governance proposals.

			The team behind BondAppetit includes Founder and CEO Artem Tolkachev, formerly the Head of Blockchain Lab at Deloitte, CTO Vladislav Komissarov with extensive experience in development and technical direction, CMO Igor Varnavsky with a background in marketing and journalism, and advisor Sasha Ivanov, the founder of Waves Tech.

			While BondAppetit does not require an extensive ecosystem like Layer-1 protocols, it is interested in collaborating with intermediaries, custodians, and potential borrowers from key markets, including the UK.


			BondAppetit protocol was launched on April 5, 2021. In its first year of operations, the protocol reached the TVL of $10 million, built a vibrant community, launched on Binance Smart Chain, Waves Exchange and Swop.fi, established its first partnership with EAST.Finance, acquired bonds to fully back the USDap (it’s RWA-backed stablecoin), raised the first investment round from the Digital Fortress investment fund and started distributing profits among BAG token holders.<ref name="makerdaoforum-9612" />


			TBD Review <ref name="makerdaoforum-9612" /> more

	== The Reality ==		== The Reality ==
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	!Event		!Event
	!Description		!Description
			\|-
			\|April 5th, 2021
			\|BondAppetit Protocol Launched
			\|The BondAppetit protocol is reportedly launched<ref name=":0" />.
	\|-		\|-
	\|April 18th, 2021		\|April 18th, 2021
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	\|May 12th, 2022 6:30:00 AM MDT		\|May 12th, 2022 6:30:00 AM MDT
	\|Kredika Twitter Announced		\|Kredika Twitter Announced
	\|BondAppetit announces Kredika on Twitter<ref name="defibondstwitter-9608" />.		\|BondAppetit announces Kredika on Twitter<ref name="defibondstwitter-9608" />. Kredika is an end-to-end solution that aims to tokenize real-world assets (RWAs) based in the European Union (EU) and the United Kingdom (UK). It combines a technology platform and a legal framework to facilitate the tokenization of these assets and secure funding from both traditional finance (TradFi) and decentralized finance (DeFi) sources. Kredika plans to leverage BondAppetit's smart contracts as the foundation for its technological infrastructure. The primary objective of the BondAppetit protocol is to identify market demand for its stablecoin, USDap, and explore various options to meet that demand. In one example, Kredika proposes adopting BondAppetit's technology for private lending, specifically for onboarding property-backed loans to Maker vaults. While this proposal does not immediately impact BondAppetit, future iterations may involve incorporating other asset types, such as bonds, into Kredika. This partnership with YesGrowth, a real estate company, will bring attention to the BondAppetit protocol and create new opportunities for expansion within the MakerDAO community<ref name="defibondstwitter-9608" />.
	\|-		\|-
	\|May 26th, 2022 1:27:00 PM MDT		\|May 26th, 2022 1:27:00 PM MDT
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	\|June 8th, 2022 3:44:00 AM MDT		\|June 8th, 2022 3:44:00 AM MDT
	\|USDap Buyback Procedure		\|USDap Buyback Procedure
	\|BondAppetit mentions a new buy-back procedure for the USDap token<ref name="defibondstwitter-9609" />. This is the last update placed on the BondAppetit Twitter account<ref>[https://twitter.com/DeFiBonds DeFiBonds Twitter Account] (Jun 21, 2023)</ref>.		\|BondAppetit mentions a new buy-back procedure for the USDap token, and links to their Telegram account<ref name="defibondstwitter-9609" />. This is the last update placed on the BondAppetit Twitter account<ref>[https://twitter.com/DeFiBonds DeFiBonds Twitter Account] (Jun 21, 2023)</ref>.
	\|-		\|-
	\|July 10th, 2022 5:00:00 AM MDT		\|July 10th, 2022 5:00:00 AM MDT
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	"BondAppetite USD Price [as of November 4th, 2022]: $ 0.460" "USDap Total Supply: $1.09M"		"BondAppetite USD Price [as of November 4th, 2022]: $ 0.460" "USDap Total Supply: $1.09M"

			=== New Buyback Procedure Implemented ===
			<ref name="defibondstwitter-9609" />.

	== Total Amount Recovered ==		== Total Amount Recovered ==
	While some portion of token holders were able to participate in the buyback process, participation was limited due to the required KYC procedures and discretionary nature of the redemptions. As a result, the price of the USDap token remained well below the $1 USD peg.		While some portion of token holders were able to participate in the buyback process, participation was limited due to the required KYC procedures and discretionary nature of the redemptions. As a result, the price of the USDap token remained well below the $1 USD peg.

	The USDap token appears to have ultimately recovered the peg.		The USDap token appears to have ultimately recovered the peg on January 28th, 2023.

	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?

			=== Launch of Kredika Protocol ===
			In May 2022, BonAppetite announced Kredika, an end-to-end solution that aims to tokenize real-world assets (RWAs) based in the European Union (EU) and the United Kingdom (UK). It combines a technology platform and a legal framework to facilitate the tokenization of these assets and secure funding from both traditional finance (TradFi) and decentralized finance (DeFi) sources. Kredika plans to leverage BondAppetit's smart contracts as the foundation for its technological infrastructure. The primary objective of the BondAppetit protocol is to identify market demand for its stablecoin, USDap, and explore various options to meet that demand. In one example, Kredika proposes adopting BondAppetit's technology for private lending, specifically for onboarding property-backed loans to Maker vaults. While this proposal does not immediately impact BondAppetit, future iterations may involve incorporating other asset types, such as bonds, into Kredika. This partnership with YesGrowth, a real estate company, will bring attention to the BondAppetit protocol and create new opportunities for expansion within the MakerDAO community<ref name="defibondstwitter-9608" />.

			Kredika is a financial technology company developing a platform and legal framework for tokenizing real-world assets (RWAs) in the UK and EU. Their solution aims to allow lenders and asset managers to use their RWA portfolios as collateral in Maker DAO institutional vaults. The platform incorporates smart contracts and oracles to ensure transparency and compliance with legal and regulatory requirements. Kredika plans to issue ERC-20 tokens representing the collateral and lock them into the vault. The initial implementation will focus on a £100 million vault for bridging loans secured with UK properties. The loans will be originated and managed by an FCA-regulated portfolio manager, YesGrowth. Kredika aims to continuously develop its platform to accommodate multiple asset managers and expand capacity. The chosen collateral of UK property-backed loans provides stability and resilience, and the platform leverages the technology and smart contracts of BondAppetit.<ref name="makerdaoforum-9612" />

	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:Individuals:Placeholder}}		{{Prevention:Individuals:Placeholder}}

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← Older revision		Revision as of 10:26, 27 June 2023
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	== About BondAppetite ==		== About BondAppetite ==
	~~<ref name="bondappetit-9597" /><ref name="bondappetit-9598" /><ref name="coingecko-9599" /><ref name="coinbase-9600" /><ref name="defibondstwitter-9601" /><ref name="ath-9602" />~~<ref name="bondappetit-9604" /><ref name="geckoterminal-9605" /><ref name="bondappetittelegram-9606" /><ref name="cointelegraph-9607" /><ref name="bondappetittelegram-9610" /><ref name="bondappetitmedium-9611" />		<ref name="bondappetit-9604" /><ref name="geckoterminal-9605" /><ref name="bondappetittelegram-9606" /><ref name="cointelegraph-9607" /><ref name="bondappetittelegram-9610" /><ref name="bondappetitmedium-9611" />

			BondAppetite USD is a decentralized finance (DeFi) protocol that offers a stablecoin backed by real-world assets and a fixed periodic income<ref name="cryptorank-9595" /><ref name="bondappetit-9596" /><ref name="bondappetit-9597" />. It allows businesses to borrow money using bonds as collateral, accepting both fiat and cryptocurrency<ref name="cryptorank-9595" /><ref name="defibondstwitter-9601" />. The team behind BondAppetit includes experienced individuals such as the CEO Artem Tolkachev, who was previously the head of Deloitte Blockchain Lab<ref name="defibondstwitter-9601" />. Digital Fortress, an investment fund, has injected $350,000 into BondAppetit, and they are partnered with EAST.Finance, an enterprise-grade DeFi protocol that combines real-world and crypto assets<ref name="defibondstwitter-9601" />. The token of EAST.Finance will be partially backed by $USDap<ref name="defibondstwitter-9601" />.

	BondAppetite USD ~~is a decentralized finance~~ (~~DeFi~~) ~~protocol that offers~~ a stablecoin backed by real-world assets ~~and a fixed periodic income~~<ref name="~~cryptorank~~-~~9595~~" /><ref name="~~bondappetit~~-~~9596~~" />. It ~~allows businesses to borrow money using bonds as~~ collateral, ~~accepting both fiat~~ and ~~cryptocurrency~~<ref name="~~cryptorank~~-~~9595~~" />. The protocol allows users to buy USDap and earn interest income in USDC by holding BAG tokens, which are backed by the bonds that support USDap<ref name="bondappetit-9596" />. ~~The protocol aims to provide transparency by storing the bonds with a licensed custodian in a stable jurisdiction and allowing anyone to check their availability online<ref name="bondappetit-9596" />.~~ Users can also stake their BAG tokens and earn rewards in USDC<ref name="bondappetit-9596" />. Built on the Ethereum blockchain, the protocol connects traditional debt instruments with decentralized finance, involving regulated securities and cryptocurrency broker/dealers<ref name="cryptorank-9595" />. The stablecoin within the ecosystem, called BondAppetite USD (USDap), maintains a constant value of $1 and is issued only when sufficient collateral is available<ref name="cryptorank-9595" />. The price of USDap is automatically balanced using a basket of real-world debt obligations held by the protocol<ref name="cryptorank-9595" />. BondAppetit is governed by its community, and early investors have the opportunity to participate and help grow the protocol<ref name="bondappetit-9596" />.		BondAppetite USD (USDap) is a stablecoin that is backed by real-world assets in the form of outstanding debt secured by collateral in the form of bonds<ref name="bondappetit-9598" /><ref name="defibondstwitter-9601" />. It is issued automatically through a smart contract when there is sufficient collateral available in the real world<ref name="bondappetit-9597" />. The governance and reward token of BondAppetit is $BAG, which is used for on-chain voting and collecting interest from bonds in dollars<ref name="defibondstwitter-9601" />. Investors can stake $BAG and earn income in $USDC stablecoin<ref name="defibondstwitter-9601" />. The BondAppetite protocol allows users to buy USDap and earn interest income in USDC by holding BAG tokens, which are backed by the bonds that support USDap<ref name="bondappetit-9596" />. Users can also stake their BAG tokens and earn rewards in USDC<ref name="bondappetit-9596" />. Built on the Ethereum blockchain, the protocol connects traditional debt instruments with decentralized finance, involving regulated securities and cryptocurrency broker/dealers<ref name="cryptorank-9595" />.

			USDap maintains a constant value of $1 and is issued only when sufficient collateral is available<ref name="cryptorank-9595" /><ref name="bondappetit-9597" />. Loans offered by BondAppetit are either secured by bonds or issued in exchange for bonds<ref name="defibondstwitter-9601" />. The protocol aims to provide transparency by storing the bonds with a licensed custodian in a stable jurisdiction and allowing anyone to check their availability online<ref name="bondappetit-9596" />. The protocol aims to provide public information on the collateral and real-time verification through publicly available oracles<ref name="bondappetit-9597" />. The price of USDap is automatically balanced using a basket of real-world debt obligations held by the protocol<ref name="cryptorank-9595" /><ref name="bondappetit-9597" />. The availability of collateral can be checked online<ref name="defibondstwitter-9601" />. Various issuers and their corresponding debt amounts, coupons, maturities, and ISIN codes are listed on the BondAppetit website<ref name="bondappetit-9598" />. They reportedly include various bonds from companies such as Delta Air Lines, Nexa Resources, Xerox Holdings, Ford Motor Co, Ecopetrol, and American Airlines<ref name="bondappetit-9598" />. BondAppetit is governed by its community, and early investors have the opportunity to participate and help grow the protocol<ref name="bondappetit-9596" />.

			USDap also provided its own liquidity pools composed of liquidity flows from real-world assets<ref name="bondappetit-9597" />. When compared to other stablecoins like Tether (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), and Pax Dollar (USDP), USDap offers unique features such as decentralized issuance, collateral backed by real-world assets, and crypto-liquidity backed by real cash-flows<ref name="bondappetit-9597" />.

			USDap was listed on platforms like CoinGecko<ref name="coingecko-9599" /><ref name="ath-9602" />, CoinBase<ref name="coinbase-9600" />, and CoinMarketCap, and users can subscribe to stay updated on protocol updates and new features<ref name="bondappetit-9598" />. The protocol also provides governance and offers resources such as a whitepaper, litepaper, GitHub repository, and documentation<ref name="bondappetit-9598" />.


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	"During the second development stage which is planned to start in 2022, BondAppétit aims to create a borrowing platform that will operate directly with issuers of fixed-income debt instruments. Therefore, providing access to traditional financial instruments in a fully decentralized manner. As a platform, BondAppétit will charge fees from the borrowers for each deal completed on the platform. Another feature that is vital for correct operations of the protocol during the second stage is the automated prediction system that will forecast asset price, calculate coupon payments and forecast possibility of default for each issuer."		"During the second development stage which is planned to start in 2022, BondAppétit aims to create a borrowing platform that will operate directly with issuers of fixed-income debt instruments. Therefore, providing access to traditional financial instruments in a fully decentralized manner. As a platform, BondAppétit will charge fees from the borrowers for each deal completed on the platform. Another feature that is vital for correct operations of the protocol during the second stage is the automated prediction system that will forecast asset price, calculate coupon payments and forecast possibility of default for each issuer."



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	"First governance initiatives. Starting from the first days since launch, BondAppetit has implemented a community governance system. All key decisions are passed through a general vote."		"First governance initiatives. Starting from the first days since launch, BondAppetit has implemented a community governance system. All key decisions are passed through a general vote."


	~~The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.~~

	Include:		Include:
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	<ref name="cryptorank-9595">[https://cryptorank.io/price/bond-appetite-usd BondAppetite USD Price Today (Official) \| Live USDAP Price Chart in USD - CryptoRank.io] (Nov 3, 2022)</ref>		<ref name="cryptorank-9595">[https://cryptorank.io/price/bond-appetite-usd BondAppetite USD Price Today (Official) \| Live USDAP Price Chart in USD - CryptoRank.io] (Nov 3, 2022)</ref>
	<ref name="bondappetit-9596">[https://bondappetit.io/ BondAppetit Homepage] (Nov 3, 2022)</ref>		<ref name="bondappetit-9596">[https://bondappetit.io/ BondAppetit Homepage] (Nov 3, 2022)</ref>
	<ref name="bondappetit-9597">[https://bondappetit.io/stablecoin BondAppetit] (Nov 4, 2022)</ref>		<ref name="bondappetit-9597">[https://bondappetit.io/stablecoin Stablecoin - BondAppetit Homepage] (Nov 4, 2022)</ref>
	<ref name="bondappetit-9598">[https://bondappetit.io/collateral BondAppetit] (Nov 4, 2022)</ref>		<ref name="bondappetit-9598">[https://bondappetit.io/collateral Collateral - BondAppetit Homepage] (Nov 4, 2022)</ref>
	<ref name="coingecko-9599">[https://www.coingecko.com/en/coins/bondappetite-usd BondAppetite USD Price in USD: USDAP Live Price Chart & News \| CoinGecko] (Nov 4, 2022)</ref>		<ref name="coingecko-9599">[https://www.coingecko.com/en/coins/bondappetite-usd BondAppetite USD Price in USD: USDAP Live Price Chart & News - CoinGecko] (Nov 4, 2022)</ref>
	<ref name="coinbase-9600">https://www.coinbase.com/price/bond-appetite-usd (Nov 4, 2022)</ref>		<ref name="coinbase-9600">[https://www.coinbase.com/price/bond-appetite-usd Bond Appetite USD USDap - CoinBase]

			(Nov 4, 2022)</ref>
	<ref name="defibondstwitter-9601">[https://twitter.com/DeFiBonds/status/1456567150601199620 DeFiBonds - "BondAppetit is an Ethereum-based DeFi protocol for business loans. The loans are secured by bonds or issued in exchange for bonds." - Twitter] (Nov 4, 2022)</ref>		<ref name="defibondstwitter-9601">[https://twitter.com/DeFiBonds/status/1456567150601199620 DeFiBonds - "BondAppetit is an Ethereum-based DeFi protocol for business loans. The loans are secured by bonds or issued in exchange for bonds." - Twitter] (Nov 4, 2022)</ref>
	<ref name="ath-9602">[https://ath.ooo/usdap BondAppetite USD (USDAP) ATH: $1.11 \| ath.ooo] (Nov 4, 2022)</ref>		<ref name="ath-9602">[https://web.archive.org/web/20221206064316/https://ath.ooo/usdap BondAppetite USD (USDAP) ATH: $1.11 - ath.ooo Archive December 5th, 2022 11:43:16 PM MST] (Nov 4, 2022)</ref>
	<ref name="bondappetitmedium-9603">[https://medium.com/bondappetit/h1-2021-results-and-plans-for-the-near-future-89e82295920b H1 2021 Results And Plans For The Near Future - Medium] (Nov 4, 2022)</ref>		<ref name="bondappetitmedium-9603">[https://medium.com/bondappetit/h1-2021-results-and-plans-for-the-near-future-89e82295920b H1 2021 Results And Plans For The Near Future - Medium] (Nov 4, 2022)</ref>
	<ref name="bondappetit-9604">[https://bondappetit.io/whitepaper BondAppetit] (Nov 11, 2022)</ref>		<ref name="bondappetit-9604">[https://bondappetit.io/whitepaper Whitepaper - BondAppetit Homepage] (Nov 11, 2022)</ref>
	<ref name="geckoterminal-9605">[https://www.geckoterminal.com/eth/pools/0x5393b489e9bfb09be9cac59ed5c65cacc55cdebd Bond Appetite USD Price (USDap/USDC) on Uniswap V2] (Nov 11, 2022)</ref>		<ref name="geckoterminal-9605">[https://www.geckoterminal.com/eth/pools/0x5393b489e9bfb09be9cac59ed5c65cacc55cdebd Bond Appetite USD Price (USDap/USDC) on Uniswap V2] (Nov 11, 2022)</ref>
	<ref name="bondappetittelegram-9606">[https://t.me/BondAppetit/29 Telegram: Contact @BondAppetit] (Nov 11, 2022)</ref>		<ref name="bondappetittelegram-9606">[https://t.me/BondAppetit/29 Telegram: Contact @BondAppetit] (Nov 11, 2022)</ref>

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2023-06-21T16:44:13Z

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Azoundria: Initial 30 minutes. Price action into event history.

2023-04-18T22:22:10Z

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Azoundria at 16:10, 12 April 2023

2023-04-12T16:10:32Z

← Older revision		Revision as of 10:10, 12 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bondappetitestablecoinpeglost.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/bondappetitestablecoinpeglost.php}}
			{{Unattributed Sources}}

	[[File:Bondappetit.jpg\|thumb\|BondAppetite]]BondAppetite was a stablecoin backed by real-world yield generating bonds. The bonds that back USDap are supposedly stored by a licensed custodian in a stable jurisdiction.		[[File:Bondappetit.jpg\|thumb\|BondAppetite]]BondAppetite was a stablecoin backed by real-world yield generating bonds. The bonds that back USDap are supposedly stored by a licensed custodian in a stable jurisdiction.
Line 5:		Line 6:
	After multiple excursions below $1, the peg appears to have been lost at some point on April 18th, 2022. On June 8th, 2022, the protocol began an apparent buy-back of the tokens at a $0.97 USD price, however the token price remains far lower. There have been no further updates to social media.		After multiple excursions below $1, the peg appears to have been lost at some point on April 18th, 2022. On June 8th, 2022, the protocol began an apparent buy-back of the tokens at a $0.97 USD price, however the token price remains far lower. There have been no further updates to social media.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="abettametatwitter-9354" /><ref name="cryptorank-9595" /><ref name="bondappetit-9596" /><ref name="bondappetit-9597" /><ref name="bondappetit-9598" /><ref name="coingecko-9599" /><ref name="coinbase-9600" /><ref name="defibondstwitter-9601" /><ref name="ath-9602" /><ref name="bondappetitmedium-9603" /><ref name="bondappetit-9604" /><ref name="geckoterminal-9605" /><ref name="bondappetittelegram-9606" /><ref name="cointelegraph-9607" /><ref name="defibondstwitter-9608" /><ref name="defibondstwitter-9609" /><ref name="bondappetittelegram-9610" /><ref name="bondappetitmedium-9611" /><ref name="makerdaoforum-9612" />

	== About BondAppetite ==		== About BondAppetite ==
Line 79:		Line 80:
	!Description		!Description
	\|-		\|-
	\|April 18th, 2022 ~~12:00:00 AM~~		\|April 18th, 2022
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 106:		Line 107:
	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			It is unclear whether the buyback is actually available, and why the price has not increased given the apparent buyback. It is unclear whether there is a loss situation here.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	~~It is unclear whether the buyback is actually available, and why the price has not increased given the apparent buyback. It is unclear whether there is a loss situation here.~~		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	[https://twitter.com/ABettaMeta/status/1547165531584843777 @ABettaMeta Twitter] (Jul 13)		<references><ref name="abettametatwitter-9354">[https://twitter.com/ABettaMeta/status/1547165531584843777 @ABettaMeta Twitter] (Jul 13, 2022)</ref>

	[https://cryptorank.io/price/bond-appetite-usd BondAppetite USD Price Today (Official) \| Live USDAP Price Chart in USD \| CryptoRank.io] (Nov 3)		<ref name="cryptorank-9595">[https://cryptorank.io/price/bond-appetite-usd BondAppetite USD Price Today (Official) \| Live USDAP Price Chart in USD \| CryptoRank.io] (Nov 3, 2022)</ref>

	[https://bondappetit.io/ BondAppetit] (Nov 3)		<ref name="bondappetit-9596">[https://bondappetit.io/ BondAppetit] (Nov 3, 2022)</ref>

	[https://bondappetit.io/stablecoin BondAppetit] (Nov 4)		<ref name="bondappetit-9597">[https://bondappetit.io/stablecoin BondAppetit] (Nov 4, 2022)</ref>

	[https://bondappetit.io/collateral BondAppetit] (Nov 4)		<ref name="bondappetit-9598">[https://bondappetit.io/collateral BondAppetit] (Nov 4, 2022)</ref>

	[https://www.coingecko.com/en/coins/bondappetite-usd BondAppetite USD Price in USD: USDAP Live Price Chart & News \| CoinGecko] (Nov 4)		<ref name="coingecko-9599">[https://www.coingecko.com/en/coins/bondappetite-usd BondAppetite USD Price in USD: USDAP Live Price Chart & News \| CoinGecko] (Nov 4, 2022)</ref>

	[https://www.coinbase.com/price/bond-appetite-usd https://www.coinbase.com/price/bond-appetite-usd] (Nov 4)		<ref name="coinbase-9600">[https://www.coinbase.com/price/bond-appetite-usd https://www.coinbase.com/price/bond-appetite-usd] (Nov 4, 2022)</ref>

	[https://twitter.com/DeFiBonds/status/1456567150601199620 @DeFiBonds Twitter] (Nov 4)		<ref name="defibondstwitter-9601">[https://twitter.com/DeFiBonds/status/1456567150601199620 @DeFiBonds Twitter] (Nov 4, 2022)</ref>

	[https://ath.ooo/usdap BondAppetite USD (USDAP) ATH: $1.11 \| ath.ooo] (Nov 4)		<ref name="ath-9602">[https://ath.ooo/usdap BondAppetite USD (USDAP) ATH: $1.11 \| ath.ooo] (Nov 4, 2022)</ref>

	[https://medium.com/bondappetit/h1-2021-results-and-plans-for-the-near-future-89e82295920b H1 2021 Results And Plans For The Near Future] (Nov 4)		<ref name="bondappetitmedium-9603">[https://medium.com/bondappetit/h1-2021-results-and-plans-for-the-near-future-89e82295920b H1 2021 Results And Plans For The Near Future] (Nov 4, 2022)</ref>

	[https://bondappetit.io/whitepaper BondAppetit] (Nov 11)		<ref name="bondappetit-9604">[https://bondappetit.io/whitepaper BondAppetit] (Nov 11, 2022)</ref>

	[https://www.geckoterminal.com/eth/pools/0x5393b489e9bfb09be9cac59ed5c65cacc55cdebd Bond Appetite USD Price (USDap/USDC) on Uniswap V2] (Nov 11)		<ref name="geckoterminal-9605">[https://www.geckoterminal.com/eth/pools/0x5393b489e9bfb09be9cac59ed5c65cacc55cdebd Bond Appetite USD Price (USDap/USDC) on Uniswap V2] (Nov 11, 2022)</ref>

	[https://t.me/BondAppetit/29 Telegram: Contact @BondAppetit] (Nov 11)		<ref name="bondappetittelegram-9606">[https://t.me/BondAppetit/29 Telegram: Contact @BondAppetit] (Nov 11, 2022)</ref>

	[https://cointelegraph.com/news/a-nightmare-on-stable-street-centralized-stablecoins-may-be-doomed https://cointelegraph.com/news/a-nightmare-on-stable-street-centralized-stablecoins-may-be-doomed] (Nov 11)		<ref name="cointelegraph-9607">[https://cointelegraph.com/news/a-nightmare-on-stable-street-centralized-stablecoins-may-be-doomed https://cointelegraph.com/news/a-nightmare-on-stable-street-centralized-stablecoins-may-be-doomed] (Nov 11, 2022)</ref>

	[https://twitter.com/DeFiBonds/status/1524728648493846528 @DeFiBonds Twitter] (Nov 11)		<ref name="defibondstwitter-9608">[https://twitter.com/DeFiBonds/status/1524728648493846528 @DeFiBonds Twitter] (Nov 11, 2022)</ref>

	[https://twitter.com/DeFiBonds/status/1534471473938800641 @DeFiBonds Twitter] (Nov 11)		<ref name="defibondstwitter-9609">[https://twitter.com/DeFiBonds/status/1534471473938800641 @DeFiBonds Twitter] (Nov 11, 2022)</ref>

	[https://t.me/BondAppetit/130 Telegram: Contact @BondAppetit] (Nov 11)		<ref name="bondappetittelegram-9610">[https://t.me/BondAppetit/130 Telegram: Contact @BondAppetit] (Nov 11, 2022)</ref>

	[https://medium.com/bondappetit/digital-fortress-investment-fund-injects-350-000-into-bondappetit-defi-lending-protocol-9b9a1f8a2cfe Digital Fortress Investment Fund Injects 350 000 Into Bondappetit DeFi Lending Protocol] (Nov 11)		<ref name="bondappetitmedium-9611">[https://medium.com/bondappetit/digital-fortress-investment-fund-injects-350-000-into-bondappetit-defi-lending-protocol-9b9a1f8a2cfe Digital Fortress Investment Fund Injects 350 000 Into Bondappetit DeFi Lending Protocol] (Nov 11, 2022)</ref>

	[https://forum.makerdao.com/t/kredika-mip6-application-pilot-vault-for-a-portfolio-of-bridging-loans-secured-with-uk-based-properties/15051 <nowiki>[KREDIKA] MIP6 Application: Pilot Vault for a portfolio of bridging loans secured with UK-based properties - Collateral Onboarding Applications (MIP6) - The Maker Forum</nowiki>] (Nov 11)		<ref name="makerdaoforum-9612">[https://forum.makerdao.com/t/kredika-mip6-application-pilot-vault-for-a-portfolio-of-bridging-loans-secured-with-uk-based-properties/15051 <nowiki>[KREDIKA] MIP6 Application: Pilot Vault for a portfolio of bridging loans secured with UK-based properties - Collateral Onboarding Applications (MIP6) - The Maker Forum</nowiki>] (Nov 11, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bondappetitestablecoinpeglost.php}} BondAppetiteBondAppetite was a stablecoin backed by real-world yield generating bonds. The bonds that back USDap are supposedly stored by a licensed custodian in a stable jurisdiction. After multiple excursions below $1, the peg appears to have been lost at some point on April 18th, 2022. On June 8th, 2022, the protocol began an a..."

2023-01-29T03:35:37Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bondappetitestablecoinpeglost.php}} thumb|BondAppetiteBondAppetite was a stablecoin backed by real-world yield generating bonds. The bonds that back USDap are supposedly stored by a licensed custodian in a stable jurisdiction. After multiple excursions below $1, the peg appears to have been lost at some point on April 18th, 2022. On June 8th, 2022, the protocol began an a..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bondappetitestablecoinpeglost.php}}

[[File:Bondappetit.jpg|thumb|BondAppetite]]BondAppetite was a stablecoin backed by real-world yield generating bonds. The bonds that back USDap are supposedly stored by a licensed custodian in a stable jurisdiction.

After multiple excursions below $1, the peg appears to have been lost at some point on April 18th, 2022. On June 8th, 2022, the protocol began an apparent buy-back of the tokens at a $0.97 USD price, however the token price remains far lower. There have been no further updates to social media.

This is a global/international case not involving a specific country.

== About BondAppetite ==
"The first decentralized lending protocol with a stablecoin 100% backed by yield generating bonds." "USDap is the first decentralized stablecoin that is based on a basket of real-world debt obligations." "An infrastructure that connects decentralized finance and traditional debt instruments with the participation of regulated securities and cryptocurrency broker/dealers."

"The growth of the USDap supply expands the portfolio of bonds and boosts the price of BAG." "USDap is backed by real-world fixed-income securities (bonds) provided as collateral for the loan by borrowers." "USDap is backed by a basket of debt obligations with different terms, interest rates (3-7.5% per annum), and redemption dates." "Receive interest income in USDC every quarter from bonds that back the USDap. The growing value of BAG helps grow the emission of USDap."

"The main asset inside the protocol’s ecosystem is the stablecoin — BondAppétit USD (USDap). The price of USDap equals $1 at all times. The token is issued only if the protocol has sufficient collateral. Information regarding the collateral can be checked through blockchain at any time. The USDap price is balanced automatically based on a basket of real-world debt obligations that form part of the protocol’s assets."

"USDap is a stablecoin done right. Algorithmic automated issuance, real-world assets as collateral, and publicly available oracles for real-time collateral verification." "The bonds that back USDap are stored by a licensed custodian in a stable jurisdiction. Anyone can check their availability any time online. No single protocol with fiat collateral has this level of transparency." "The price of USDap equals $1 at all times and the asset is issued only with sufficient collateral."

"The borrowing process is built in the most convenient way for a borrower in order to ensure compliance with regulatory and financial requirements and the conclusion of an appropriate agreement. A borrower can receive funds in fiat as well as in crypto." "BAG holders receive coupon payments from bonds that back the USDap stablecoin. Interest income in USDC is distributed among token holders every quarter." "USDap has its own crypto liquidity pools which are partially composed of liquidity flows coming from real-world assets."

"BondAppetit is a decentralized protocol controlled only by its community." "There is no centralized issuer behind USDap — tokens are issued automatically by a smart-contract only when required collateral is available in the real world. Anyone can check collateral any time online at bondappetit.com/collateral. No single protocol with fiat collateral — neither USDC, nor USDT — has this level of transparency." "BondAppet is governed by its community. All token holders can participate in governing the protocol. Any member of the community with more than 1,000,000 BAG tokens can create a proposal."

Founder and CEO Artem is "[f]ormer head of the Blockchain Lab at Deloitte. For over seven years, Artem has been one of the key opinion leaders in the CIS region in blockchain and tokenization. Since 2011, he has been a lawyer by trade and an entrepreneur." CTO "Vlad has over 17 years of experience in web development. He launched and managed a number of major ICT products and services on the CIS market." "USDap represents a means of transferring value and it is defined as such exclusively by market participants. The token itself does not imply any obligations of the protocol, any of its participants, or third-parties."

"The price of USDap equals $1 at all times and the asset is issued only with sufficient collateral. USDap is 100% backed by yield-generating bonds. The bonds are stored by a licensed custodian in a stable jurisdiction. Anyone can check their availability any time online. The information is transmitted from the custodian and is digitally signed making data spoofing impossible." "In the event of a significant change in asset prices or a default, the protocol may initiate additional capitalization."

"During the second development stage which is planned to start in 2022, BondAppétit aims to create a borrowing platform that will operate directly with issuers of fixed-income debt instruments. Therefore, providing access to traditional financial instruments in a fully decentralized manner. As a platform, BondAppétit will charge fees from the borrowers for each deal completed on the platform. Another feature that is vital for correct operations of the protocol during the second stage is the automated prediction system that will forecast asset price, calculate coupon payments and forecast possibility of default for each issuer."

"You must consider the risk that BondAppétit may not be able to implement the Protocol Launch Phases described herein. You must bear in mind that the launch of Phase 2. RWA Collateralization and Phase 3. Direct Investment may be postponed or cancelled. Your investments are not secured. In case it is not possible to implement any of the phases of the BondAppétit protocol, you may lose all of your investments."

"BondAppetit was launched on April 5[, 2021]. In the first few days since launch, the volume of locked funds reached $8 million. In the first weeks since launch, the profitability of BondAppetit pools was hovering over 1,000% per annum, values which attracted many players from the DeFi market."

"First AMA session by BondAppetit founder Artem Tolkachev. Artem talked a lot about the development strategy, the regulatory environment, and other related issues. We recommend that you listen the recording of the AMA if you missed it or had joined late."

"First governance initiatives. Starting from the first days since launch, BondAppetit has implemented a community governance system. All key decisions are passed through a general vote."

After multiple excursions below $1, the peg appears to have been lost at some point on April 18th, 2022.

"BondAppetit is launching the USDap buyback procedure. The buyback procedure will involve the purchase of USDap/EUR on an OTC. We are offering a fixed purchase rate of 1 USDap = $1. The minimum amount for the transaction will be 30,000 USDap with the 3% transaction fee charged from our side (plus other fees charged by financial institutions)."

"In order to make an OTC transaction, you will be required to sign the relevant agreement and provide the documents requested for KYC procedures."

"The request for the transaction shall be made via email including the amount of the contemplated transaction (not less than 30,000 USDap), your personal details (including name/surname, wallet, and account information). Please note that we reserve the right to refuse to proceed with the transaction based on the provided information or change the type of the consideration for USDap indicated above."

"BondAppetite USD Price [as of November 4th, 2022]: $ 0.460" "USDap Total Supply: $1.09M"

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - BondAppetite Stablecoin Peg Lost
!Date
!Event
!Description
|-
|April 18th, 2022 12:00:00 AM
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|}

== Total Amount Lost ==
The total amount at risk has been estimated at $8,000,000 USD. The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
The total amount recovered is unknown.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
It is unclear whether the buyback is actually available, and why the price has not increased given the apparent buyback. It is unclear whether there is a loss situation here.

== References ==
[https://twitter.com/ABettaMeta/status/1547165531584843777 @ABettaMeta Twitter] (Jul 13)

[https://cryptorank.io/price/bond-appetite-usd BondAppetite USD Price Today (Official) | Live USDAP Price Chart in USD | CryptoRank.io] (Nov 3)

[https://bondappetit.io/ BondAppetit] (Nov 3)

[https://bondappetit.io/stablecoin BondAppetit] (Nov 4)

[https://bondappetit.io/collateral BondAppetit] (Nov 4)

[https://www.coingecko.com/en/coins/bondappetite-usd BondAppetite USD Price in USD: USDAP Live Price Chart & News | CoinGecko] (Nov 4)

[https://www.coinbase.com/price/bond-appetite-usd https://www.coinbase.com/price/bond-appetite-usd] (Nov 4)

[https://twitter.com/DeFiBonds/status/1456567150601199620 @DeFiBonds Twitter] (Nov 4)

[https://ath.ooo/usdap BondAppetite USD (USDAP) ATH: $1.11 | ath.ooo] (Nov 4)

[https://medium.com/bondappetit/h1-2021-results-and-plans-for-the-near-future-89e82295920b H1 2021 Results And Plans For The Near Future] (Nov 4)

[https://bondappetit.io/whitepaper BondAppetit] (Nov 11)

[https://www.geckoterminal.com/eth/pools/0x5393b489e9bfb09be9cac59ed5c65cacc55cdebd Bond Appetite USD Price (USDap/USDC) on Uniswap V2] (Nov 11)

[https://t.me/BondAppetit/29 Telegram: Contact @BondAppetit] (Nov 11)

[https://cointelegraph.com/news/a-nightmare-on-stable-street-centralized-stablecoins-may-be-doomed https://cointelegraph.com/news/a-nightmare-on-stable-street-centralized-stablecoins-may-be-doomed] (Nov 11)

[https://twitter.com/DeFiBonds/status/1524728648493846528 @DeFiBonds Twitter] (Nov 11)

[https://twitter.com/DeFiBonds/status/1534471473938800641 @DeFiBonds Twitter] (Nov 11)

[https://t.me/BondAppetit/130 Telegram: Contact @BondAppetit] (Nov 11)

[https://medium.com/bondappetit/digital-fortress-investment-fund-injects-350-000-into-bondappetit-defi-lending-protocol-9b9a1f8a2cfe Digital Fortress Investment Fund Injects 350 000 Into Bondappetit DeFi Lending Protocol] (Nov 11)

[https://forum.makerdao.com/t/kredika-mip6-application-pilot-vault-for-a-portfolio-of-bridging-loans-secured-with-uk-based-properties/15051 <nowiki>[KREDIKA] MIP6 Application: Pilot Vault for a portfolio of bridging loans secured with UK-based properties - Collateral Onboarding Applications (MIP6) - The Maker Forum</nowiki>] (Nov 11)