# Tokenized bonds

Just like staking and locking, bonding positions are also tokenized. When a user buys a bond, his bonding position is represented by an **`NFT`**. This **`NFT`** will be burned once the full **`CVG`** amount has been redeemed.

Users may iterate on an existing bonding position or create a new one at any time. However, iterating on an existing position (increase the amount of bonded asset and thus increase the amount of **`CVG`** that can be redeemed) will reset the vesting term.

Like other Convergence's financial **`NFTs`** (staking and locking), bonding **`NFTs`** can be traded and/or sent to another wallet. Thus, each **`NFT`** has a “*lock*” function that forbids its owner to redeem **`CVG`** once triggered. The purpose of this function is to ensure that bonding **`NFTs`** buyers won't be frontruned and receive an empty **`NFT`**.