Why We Chose Bondly As Our First Incubation Project

Published in

The Foundry

4 min readSep 16, 2020

Dear Foundry Community,

It’s been a two days since we announced Bondly as our first incubation project and we could not be happier with the early response. Over 700 people joined the Telegram channel, over 300 joined the Twitter, and we have received hundreds of private messages expressing tremendous interest in the project. And the best is yet to come!

Some may be wondering why we chose Bondly as the first Foundry incubator project. From a fundamentals standpoint, it is one of the strongest projects we have encountered. It has a strong business use case, innovative DeFi technology, clear token utilities, a savvy and experienced team, and will be building on Polkadot.

In this article, we provide the five main reasons we are so excited to work with Bondly. Let’s begin!

Legitimate Business Use Case

Our incubation model is based on a long term outlook. This means we only work with projects that have a strong probability of thriving over many years. In a market riddled with short term projects, Bondly stands out.

With Bondly’s eCommerce plugin, Online Marketplaces will have an easy way to integrate crypto into their customer buying process (like Stripe but for crypto). Bondly handles the crypto transaction side all within a smart contract so custody of funds is not held by the marketplace themselves. Since they have already signed MOU with marketplace clients (really impressive for not even being fully released), Bondly has already demonstrated product-market fit. We have no doubt Bondly will build on these early successes on the road to revenue and growth.

But Bondly is what we call a. “dual threat” — with DeFi technology to match its business use case.

Strong DeFi Credentials with Cross Chain P2P Swaps, Staking and More

In addition to offering an innovative staking model (which will be revealed soon), Bondly enables the P2P trading of any digital asset over any medium. This is an absolute game changer in the world of DeFi because participants will be able to swap assets peer-to-peer across any chat app or social media platform, regardless of its originating chain.

This technology will essentially turn apps like Telegram (and even the users themselves), into a DEX. It’s a thrilling concept that we believe will syphon power from the centralized entities and change the world of crypto for the better.

Token Utility Tied to the Bondly Business

Another reason we love Bondly is that there is token utility embedded in nearly all of its technology, which balances the circulating supply with lockup and burn mechanics.

For instance, eCommerce clients will stake BOND tokens as a buyer protection (as a kind of collateral), which will also earn rewards for the merchants. And since the staking is performed through a simple plug-in, the path to client adoption is clear.

Second, BOND tokens will be used to reduce the fees and trades on swaps. Want to swap some ETH for ADA over Telegram? It’s fast, easy and low cost when you use BOND to reduce fees.

Finally, in addition to an advanced staking regime and liquidity provisions, BOND will also be burned as a result of certain transactions, for instance if users create or swap NFTs peer-to-peer, ensuring that the system is deflationary.

Top Notch Team

At the end of the day, it’s all about the team. Bondly has what it takes from a tech, business and marketing standpoint, as demonstrated by the fact they already signed up client’s pre-launch, and have been working diligently on this project behind the scenes for nearly three years. In working closely with Bondly for the past few months, we have been extremely impressed with their drive and their business saavy. It’s those fundamental qualities that will lead to their success over the long term.

Polkadot Connection

Last but not least we come to Polkadot. Polkadot represents the next evolution in crypto: secure low cost cross-chain transactions.

By demonstrating a commitment to building top of Polkadot, Bondly is has shown that it understands this market and will provide value to its users and community by getting in front of this emerging trend. We can’t wait to see the finished Bondly product running on Polkadot!

What’s Next For Bondly

There is a ton of activity happening behind the scenes in preparation for the next phase. But for now we will continue to release information related to Bondly’s fundamentals, so please sign up to receive the Bondly Lite Paper and prepare yourself for the next phase of the Foundry incubation process.

Thank You

We want to thank everyone on the The Foundry, Bondly, Ferrum Network and Duck DAO teams and communities. We could not have gotten this far without your support!

-The Foundry Team