> For the complete documentation index, see [llms.txt](https://docs.cvg.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cvg.finance/bonds-and-treasury/bonds/understanding-bonds.md). # Understanding Bonds ### Overview Convergence’s bonding model is slightly different from Olympus’s one. Bonds will have a modulable vesting term, a **maximum ROI**, and a **minimum ROI** (fixed range). Bond prices will be calculated thanks to an ad-hoc on-chain oracle that gets bonded assets' prices over various AMMs. ### Bonding rounds *Bonding rounds* will be set to control the inflation resulting from bonds. A *bonding round* will last three months, and 2,000,000 **`CVG`** will be available to sell during that time. If all **`CVG`** are sold before the end of a given *bonding round* N, users will be able to bond again at the beginning of the *bonding round* N +1. The bond program is planned to last for approximately four and a half years and to sell a maximum amount of 40,000,000 **`CVG`**. ### Bonding round distribution *Bonding round* distribution (amount of **`CVG`** sold for each stablecoin or asset) will be set before the beginning of each *bonding round*. Multiple scenarios will be established for *bonding round* N + 1 at the beginning of *bonding round* N. ### Elastic reserve 8,000,000 **`CVG`** will remain unplanned in the bond program as a strategic elastic reserve. This reserve will allow Convergence to deploy bonds anytime, preventing the protocol from being out of available bonds when **`CVG`**'s price action is favorable.

Bonds flows

{% hint style="info" %} To summarize: * A *bonding round* lasts 3 months (12 weeks) and sell a maximum amount of 2,000,000 **`CVG`**; * The bond program is planned to last 4.6 years (240 weeks); * The **ROI** will vary within a fixed range; * Bonds prices are computed thanks to a custom on-chain oracle. {% endhint %}