ComputeBonds
A zero-coupon bond collateralized by locked coinbase emissions, tokenized so the principal stays liquid while the lock holds.
A bond, not a staking receipt
Locked coinbase rewards form the collateral. The bond is issued at a discount to face value and tokenized — hold to maturity for full face, or sell into the secondary market at any time.
Locked coinbase
A miner locks a portion of block rewards for a fixed term. The lock is enforced by the protocol, not by a custodian, and the locked emission is the asset backing the note.
Discount to face
The bond issues below face value and accretes to par at maturity. Yield is fixed at issuance by the protocol lock multiplier — there is no rate committee and no discretionary adjustment.
Tokenized principal
The claim trades freely while the underlying stays locked. The miner gets cash flow without breaking the commitment; the protocol keeps the security the lock was bought for.
GPU networks lack capital commitment.
Miners can switch chains in hours, which leaves a network exposed to rental-hashrate attacks. ASIC networks solve this with hardware lock-in — capital that physically cannot go anywhere else. GPU networks have no such constraint and need a financial mechanism instead.
Locked rewards create ASIC-like commitment without specialized hardware. Tokenizing the principal preserves capital flexibility, so the miner is not choosing between security and solvency.
Security for the protocol, cash flow for the miner
A lock the miner would otherwise refuse becomes acceptable once the claim on it is liquid. That is the whole mechanism: the protocol buys duration, and the miner sells it without surrendering access to capital.
Three tenors, each a point on a discount curve denominated in energy-backed emission.
Taken together the three points give the compute economy something it has never had: an observable discount curve on energy-denominated work, quoted by counterparties with real positions.
A bond on the energy economy.
Futures price compute today; bonds price compute tomorrow. One produces the spot curve, the other the term structure, and each is more useful because the other exists — a discount curve without a spot reference is unanchored, and a spot rate without a curve cannot be financed against.