ShadowBond
Private bond infrastructure on Mantle. Tokenize bonds with custom APY, trade on a TEE-powered dark pool, and earn yield — no front-running, no MEV, full privacy.
视频
描述
# ShadowBond
**Private Bond Infrastructure on Mantle Network**
---
## Executive Summary
ShadowBond is a full-lifecycle bond platform that enables institutions and retail investors to issue yield-bearing tokenized bonds, trade them on a compliant dark pool, and earn APY — all with institutional-grade privacy on Mantle Network.
---
## Problem Statement
### The $130 Trillion Problem
The global bond market is worth over **$130 trillion**, yet it remains:
1. **Illiquid** — Secondary bond markets have limited liquidity, especially for smaller positions
2. **Opaque** — Trading happens OTC with no price transparency for retail investors
3. **Exclusive** — High minimums ($100K+) lock out retail participation
4. **Exposed** — On-chain bond trading reveals order sizes, prices, and strategies to front-runners
### Current Pain Points
| Stakeholder | Problem |
|-------------|---------|
| **Issuers** | Complex, expensive bond issuance process requiring intermediaries |
| **Institutions** | No privacy when trading — competitors and MEV bots see every move |
| **Retail Investors** | Locked out of yield-bearing bonds due to high minimums |
| **Market Makers** | Strategy leakage when providing liquidity on transparent DEXs |
### The Dark Pool Gap
In traditional finance, **40% of all equity trades** happen in dark pools to protect institutional strategies. Yet in DeFi:
- Every trade is visible on-chain before settlement
- Front-running and MEV extract value from traders
- Large orders cause slippage due to visible intent
- No compliant venue exists for private RWA trading
**There is no dark pool for tokenized bonds on any major L2.**
---
## Solution: ShadowBond
ShadowBond bridges the gap between traditional bond markets and DeFi by providing:
### Three Core Capabilities
```
┌─────────────────────────────────────────────────────────────┐
│ │
│ 1. TOKENIZE 2. TRADE 3. EARN │
│ ──────────── ───────── ────── │
│ Issue bonds Private dark Automatic │
│ on-chain with pool trading yield to │
│ custom terms via TEE bondholders │
│ │
└─────────────────────────────────────────────────────────────┘
```
### How We Solve Each Problem
| Problem | ShadowBond Solution |
|---------|---------------------|
| **Illiquidity** | 24/7 secondary market with private order matching |
| **High Minimums** | Fractional bond ownership via ERC-20 tokens |
| **No Privacy** | Orders encrypted in TEE, only proof hashes on-chain |
| **Complex Issuance** | One-click bond creation with configurable parameters |
| **Compliance Risk** | Reclaim Protocol KYC without exposing personal data |
---
## Platform Overview
### What is ShadowBond?
ShadowBond is a decentralized platform for the complete bond lifecycle:
1. **Bond Issuance** — Anyone can issue tokenized bonds with custom APY, maturity, and terms
2. **Primary Market** — Investors deposit stablecoins to mint bond tokens
3. **Dark Pool Trading** — Secondary market with encrypted order matching
4. **Yield Distribution** — Automatic APY accrual to all bondholders
5. **Redemption** — Claim principal + yield at maturity
### User Flows
#### For Bond Issuers
```
Define Terms → Deploy Contract → Receive Deposits → Pay Yield → Redeem at Maturity
```
#### For Investors
```
Verify KYC → Browse Bonds → Deposit USDC → Receive Bond Tokens → Earn Yield → Trade or Redeem
```
#### For Traders
```
Connect Wallet → Submit Encrypted Order → TEE Matches Orders → Settlement On-Chain
```
---
## Features
### 1. Bond Tokenization Engine
Create yield-bearing bonds with full customization:
| Parameter | Description |
|-----------|-------------|
| **Name & Symbol** | Bond identifier (e.g., "Treasury Bond 2025" / TB25) |
| **APY Rate** | Annual yield percentage (e.g., 8.5%) |
| **Maturity Date** | When principal can be redeemed |
| **Minimum Investment** | Lowest deposit amount accepted |
| **Total Supply Cap** | Maximum bonds that can be issued |
| **Payment Token** | Stablecoin for deposits (USDC, USDT) |
**Smart Contract Features:**
- ERC-20 compliant bond tokens
- Automatic yield calculation based on time held
- Transferable on secondary market
- Redeemable at maturity for principal + accrued yield
### 2. Private Dark Pool
Trade bonds without revealing your strategy:
| Feature | Benefit |
|---------|---------|
| **Encrypted Orders** | No one sees your order until settlement |
| **TEE Matching** | Orders matched inside Trusted Execution Environment |
| **No Front-Running** | MEV bots cannot see or exploit your trades |
| **Atomic Settlement** | All-or-nothing execution on Mantle |
| **Proof-Only On-Chain** | Only cryptographic proofs visible, not trade details |
**Order Types Supported:**
- Limit orders (buy/sell at specific price)
- Market orders (execute at best available price)
### 3. Compliant KYC via Reclaim Protocol
Privacy-preserving identity verification:
```
┌──────────────┐ ┌──────────────┐ ┌──────────────┐
│ User has │ ──► │ Reclaim │ ──► │ ShadowBond │
│ KYC done │ │ generates │ │ verifies │
│ elsewhere │ │ ZK proof │ │ proof │
└──────────────┘ └──────────────┘ └──────────────┘
│
▼
┌──────────────┐
│ User can │
│ trade with │
│ privacy │
└──────────────┘
```
**Benefits:**
- No personal data stored on-chain
- Prove accreditation without revealing identity
- One-time verification, reusable across sessions
- Compliant with regulatory requirements
### 4. Automatic Yield Distribution
Passive income for bondholders:
- Yield accrues every block based on APY
- Claimable anytime or auto-compounds
- Pro-rata distribution to all token holders
- Transparent calculation visible on-chain
### 5. Portfolio Dashboard
Track all bond positions in one place:
- Total portfolio value
- Accrued yield across all bonds
- Maturity calendar
- Trade history
- Performance analytics
---
## System Architecture
### High-Level Architecture
```
┌─────────────────────────────────────────────────────────────────┐
│ USER INTERFACE │
│ (Next.js Frontend) │
│ ┌─────────────┐ ┌─────────────┐ ┌─────────────┐ │
│ │ Issue │ │ Trade │ │ Portfolio │ │
│ │ Bonds │ │ Dark Pool │ │ Dashboard │ │
│ └──────┬──────┘ └──────┬──────┘ └──────┬──────┘ │
└─────────┼────────────────┼────────────────┼─────────────────────┘
│ │ │
│ │ │
┌─────────▼────────────────▼────────────────▼─────────────────────┐
│ MIDDLEWARE LAYER │
│ │
│ ┌──────────────────┐ ┌──────────────────────────────┐ │
│ │ Reclaim Protocol │ │ Phala TEE │ │
│ │ ────────────────│ │ ────────────────────────────│ │
│ │ • KYC Proofs │ │ • Encrypted Order Book │ │
│ │ • Identity │ │ • Private Matching Engine │ │
│ │ Verification │ │ • Settlement Trigger │ │
│ └──────────────────┘ └──────────────────────────────┘ │
│ │
└─────────────────────────────────┬────────────────────────────────┘
│
│ RPC Calls
│
┌─────────────────────────────────▼────────────────────────────────┐
│ MANTLE NETWORK │
│ (Smart Contracts) │
│ │
│ ┌────────────────┐ ┌────────────────┐ ┌────────────────────┐ │
│ │ BondFactory │ │ Settlement │ │ TradingPermit │ │
│ │ ──────────── │ │ ──────────── │ │ ──────────────── │ │
│ │ Creates new │ │ Atomic swaps │ │ Soulbound KYC │ │
│ │ bond tokens │ │ for trades │ │ credentials │ │
│ └────────────────┘ └────────────────┘ └────────────────────┘ │
│ │
│ ┌────────────────┐ ┌────────────────┐ ┌────────────────────┐ │
│ │ BondToken │ │ BondWrapper │ │ YieldDistributor │ │
│ │ ──────────── │ │ ──────────── │ │ ──────────────── │ │
│ │ ERC-20 with │ │ Wraps bonds │ │ Calculates and │ │
│ │ yield logic │ │ for privacy │ │ distributes APY │ │
│ └────────────────┘ └────────────────┘ └────────────────────┘ │
│ │
└───────────────────────────────────────────────────────────────────┘
```
### State Diagram: Bond Lifecycle
```
┌─────────────────┐
│ │
│ CREATED │
│ (Deployed) │
│ │
└────────┬────────┘
│
│ Investors deposit
▼
┌─────────────────┐
│ │
│ ACTIVE │
│ (Accepting │
│ Deposits) │
│ │
└────────┬────────┘
│
┌───────────────────┼───────────────────┐
│ │ │
▼ ▼ ▼
┌─────────────────┐ ┌─────────────────┐ ┌─────────────────┐
│ │ │ │ │ │
│ TRADING │ │ YIELD ACCRUAL │ │ TRANSFERS │
│ (Dark Pool) │ │ (Continuous) │ │ (Secondary) │
│ │ │ │ │ │
└────────┬────────┘ └────────┬────────┘ └────────┬────────┘
│ │ │
└───────────────────┬┴────────────────────┘
│
│ Maturity date reached
▼
┌─────────────────┐
│ │
│ MATURED │
│ (Redeemable) │
│ │
└────────┬────────┘
│
│ Holders redeem
▼
┌─────────────────┐
│ │
│ REDEEMED │
│ (Closed) │
│ │
└─────────────────┘
```
### State Diagram: Trade Lifecycle
```
┌──────────────┐ ┌──────────────┐ ┌──────────────┐ ┌──────────────┐
│ │ │ │ │ │ │ │
│ ORDER │────►│ ORDER │────►│ ORDER │────►│ TRADE │
│ CREATED │ │ ENCRYPTED │ │ MATCHED │ │ SETTLED │
│ │ │ │ │ │ │ │
└──────────────┘ └──────────────┘ └──────────────┘ └──────────────┘
│ │ │ │
│ │ │ │
▼ ▼ ▼ ▼
User submits Sent to TEE TEE finds On-chain atomic
order params for private matching swap executes
storage counterparty
ALTERNATIVE PATHS
─────────────────
┌──────────────┐ ┌──────────────┐
│ │ │ │
│ ORDER │────►│ ORDER │
│ MATCHED │ │ CANCELLED │
│ │ │ │
└──────────────┘ └──────────────┘
│
│ User cancels before match
▼
Order removed
from book
```
### Data Flow: Private Trade Execution
```
Step 1: Order Submission
─────────────────────────
User ──► Frontend ──► Encrypt Order ──► Phala TEE
│
└── Order: {side, amount, price, bond}
All encrypted with TEE public key
Step 2: Order Matching (Inside TEE)
───────────────────────────────────
┌─────────────────────────────────────────────────────────┐
│ PHALA TEE │
│ │
│ Buy Orders Matching Sell Orders │
│ ────────── Engine ─────────── │
│ [B1: $1.02] ◄────────────────────► [S1: $1.01] │
│ [B2: $1.01] Price/Time [S2: $1.02] │
│ [B3: $1.00] Priority [S3: $1.03] │
│ │
│ │ │
│ ▼ │
│ Match Found! │
│ B2 ↔ S1 @ $1.01 │
│ │
└─────────────────────────────────────────────────────────┘
Step 3: Settlement
──────────────────
TEE ──► Generate Settlement Proof ──► Call Settlement Contract
┌─────────────────────────────────────────────────────────┐
│ MANTLE NETWORK │
│ │
│ Settlement.sol │
│ ────────────── │
│ 1. Verify proof from TEE │
│ 2. Transfer bonds: Seller → Buyer │
│ 3. Transfer USDC: Buyer → Seller │
│ 4. Emit event (proof hash only, no amounts) │
│ │
└─────────────────────────────────────────────────────────┘
Step 4: Confirmation
────────────────────
Settlement Contract ──► Event ──► Frontend ──► User notified
│
└── Only visible: trade happened
NOT visible: who, how much, price
```
---
## Why Mantle Network?
### Technical Alignment
| Mantle Feature | ShadowBond Benefit |
|----------------|-------------------|
| **Low Gas Fees** | Affordable bond issuance and trading |
| **Fast Finality** | Quick trade settlement (~1 second) |
| **EVM Compatible** | Standard Solidity smart contracts |
| **L2 Security** | Ethereum-backed security guarantees |
### Ecosystem Alignment
| Mantle Initiative | ShadowBond Integration |
|-------------------|------------------------|
| **RWA Focus** | Native tokenized bond infrastructure |
| **TaaS (Tokenization-as-a-Service)** | Built on Mantle's RWA vision |
| **Institutional Push** | Privacy features attract institutions |
| **USDY Integration** | Compatible with Ondo's USDY on Mantle |
### Why Not Other Chains?
| Chain | Limitation |
|-------|------------|
| Ethereum L1 | Too expensive for retail bond trading |
| Other L2s | Less RWA focus, no TEE partnerships |
| Alt L1s | Security concerns for institutional assets |
**Mantle is the only L2 with:**
- Dedicated RWA tokenization focus
- Phala TEE integration for privacy
- Sub-cent transaction costs
- Growing institutional adoption
---
## Technology Stack
### Smart Contracts
| Component | Technology |
|-----------|------------|
| Language | Solidity 0.8.x |
| Framework | Foundry |
| Testing | Forge |
| Standards | ERC-20, ERC-721 (permits) |
### Privacy Layer
| Component | Technology |
|-----------|------------|
| TEE Provider | Phala Network |
| Hardware | Intel TDX |
| Order Book | TypeScript in TEE |
| Settlement | On-chain atomic swaps |
### Identity & Compliance
| Component | Technology |
|-----------|------------|
| KYC Provider | Reclaim Protocol |
| Proof Type | Zero-Knowledge Proofs |
| Credential Storage | Soulbound tokens |
### Frontend
| Component | Technology |
|-----------|------------|
| Framework | Next.js 14 |
| Language | TypeScript |
| Styling | Tailwind CSS |
| Wallet | RainbowKit + wagmi |
| State | React hooks |
### Infrastructure
| Component | Technology |
|-----------|------------|
| Blockchain | Mantle Network (L2) |
| RPC | Mantle public RPC |
| Indexing | Direct contract reads |
| Hosting | Vercel (frontend), Phala Cloud (TEE) |
---
---
## Deployed Contracts
### Mantle Sepolia Testnet
| Contract | Address | Description |
|----------|---------|-------------|
| MockUSDY | `0xA3178841da52F72E1a1DA8e6d365e06FAb704f6A` | Test yield token |
| MockUSDC | `0x38a576417c46526C217b970FfdD6891A4E1BF0cF` | Test stablecoin |
| BondWrapper | `0xfD60BE1D94521baA630A3C35759160CEE1D638Ed` | Privacy wrapper |
| Settlement | `0xE08A42e5592d07dcb51d06d5aAbBF3592CeA4E66` | Trade settlement |
| TradingPermit | `0x1461B95650B32a173CfD3C66D79afD4002fADC95` | KYC credentials |
---
---
## Business Model
### Revenue Streams
| Source | Fee | Description |
|--------|-----|-------------|
| **Issuance Fee** | 0.1% | One-time fee on bond creation |
| **Trading Fee** | 0.05% | Per-trade fee on settlement |
| **Yield Fee** | 1% | Small cut of distributed yield |
### Value Proposition by User
| User | Value |
|------|-------|
| **Issuers** | Low-cost bond issuance, global investor access |
| **Institutions** | Private trading, no strategy leakage |
| **Retail** | Access to yield-bearing bonds, low minimums |
| **Market Makers** | Protected liquidity provision |
---
## Competitive Landscape
| Platform | Bonds | Dark Pool | Privacy | On-Chain |
|----------|-------|-----------|---------|----------|
| Traditional Markets | Yes | Yes | No | No |
| Ondo Finance | Yes | No | No | Yes |
| Maple Finance | Yes | No | No | Yes |
| Renegade | No | Yes | Yes | Yes |
| **ShadowBond** | **Yes** | **Yes** | **Yes** | **Yes** |
**ShadowBond is the only platform combining:**
- Tokenized bond issuance
- Private dark pool trading
- Regulatory compliance
- Full on-chain settlement
---
---
## Links
| Resource | URL |
|----------|-----|
| Live Demo | https://shadow-bond.vercel.app/ |
| GitHub | https://github.com/e-man07/shadow-bond |
---
## Conclusion
ShadowBond brings institutional-grade bond infrastructure to Mantle Network:
1. **Democratizes Access** — Anyone can issue or invest in bonds
2. **Protects Privacy** — TEE-powered dark pool prevents front-running
3. **Ensures Compliance** — ZK-based KYC without data exposure
4. **Maximizes Yield** — Automatic APY distribution to holders
We're building the future of private bond markets on Mantle.
---
本次黑客松进展
During the hackathon, we built ShadowBond from the ground up: Smart Contracts (Solidity/Foundry): - BondFactory for deploying tokenized bonds with custom APY - BondToken (ERC-20) with automatic yield calculation - Settlement contract for private atomic swaps - TradingPermit for soulbound KYC credentials - All deployed and verified on Mantle Sepolia TEE Backend (Phala Network): - Encrypted order book running in Intel TDX enclave - Price-time priority matching engine - Settlement proof generation Frontend (Next.js/TypeScript): - Bond issuance flow with configurable parameters - Dark pool trading interface - Portfolio dashboard with yield tracking - Reclaim Protocol KYC integration - RainbowKit wallet connection Deployed: - Live demo: shadow-bond.vercel.app - 5 contracts on Mantle Sepolia - TEE on Phala Cloud
技术栈
融资状态
N/A