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B-DEX

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B-DEX

B-DEX is Libertum’s bonding-curve decentralized exchange. It gives offerings continuous on-chain liquidity from the moment they deploy — no order book, no market makers, no liquidity providers required. The bonding curve mathematics determine price deterministically as supply moves, so investors always have a buy-side and sell-side price quoted on chain.

Use B-DEX when continuous, programmatic liquidity matters from day one — for utility / governance tokens, for primary fundraising on a curve, or as a continuous secondary venue layered on a tokenized asset.

What B-DEX gives you

Instant liquidity from day one

Traditional secondary markets need either an order book (bids and asks from many participants) or an automated market maker pool (someone has to deposit liquidity). B-DEX needs neither: the bonding curve itself is the counterparty. As soon as the contract deploys:

  • Investors can buy by sending stablecoin to the curve and receiving tokens at the curve’s current price
  • Investors can sell by sending tokens back to the curve and receiving stablecoin (less the configured fee)
  • The price moves smoothly as supply changes, so there’s never a gap and never a “no liquidity” condition until the curve hits its configured target

Deterministic price discovery

Pricing on B-DEX is fully deterministic, derived from a few configurable parameters:

  • Initial market cap — the offering’s starting valuation (e.g. $100,000)
  • LBM percentage — the premium target above initial market cap (e.g. 20%)
  • Target market cap — initialMarketCap × (1 + LBM%) (e.g. $120,000)
  • Token price — targetMarketCap ÷ totalTokenSupply
  • Cost to buy X tokens — X × tokenPrice
  • Fee — cost × feePercentage / 10,000 (typically 2–5%, distributed between platform and fee collector)

Because the curve is deterministic, any participant can verify the price they’ll get before they sign the transaction. There are no surprises and no hidden slippage from front-running market makers.

Capital-raise mode

For issuers, B-DEX doubles as a fundraising mechanism:

  • Configure the curve at deployment with the target raise (initial market cap → target market cap)
  • Investors fund the offering by buying on the curve until the target market cap is reached
  • The proceeds (in stablecoin) are available to the issuer’s treasury
  • After target market cap, the curve transitions: liquidity continues for sell-side, but new buys become subject to the issuer’s secondary-market policy

This makes B-DEX a hybrid tool — primary fundraise + continuous liquidity in a single contract — and is particularly well-suited for bonding tokens, utility tokens, and offerings where price discovery via the curve is more attractive than a fixed primary price.

Smooth entry and exit for investors

For investors, B-DEX feels like an instant on/off-switch on the offering:

  • Buy — approve stablecoin to the curve, sign the buy transaction, receive tokens
  • Sell — approve tokens, sign the sell transaction, receive stablecoin (less fee)
  • No counterparty risk on liquidity — the curve always quotes a price; the only “risk” is that the offering’s curve has hit a saturation point

Built-in fee distribution

Every buy and sell pays a fee that’s automatically split on chain between:

  • The platform (Libertum’s protocol fee)
  • The fee collector (typically the issuer’s designated wallet)

Both portions are settled in stablecoin and accounted for in the platform’s audit trail. Issuers can use the fee collector portion as an ongoing revenue stream from secondary trading on top of any primary raise.

Where B-DEX sits in the stack

B-DEX is one of two secondary-market models Libertum offers:

  • B-DEX (this page) — bonding curve, continuous liquidity, deterministic pricing, no order book
  • P2P order book (the standard secondary market) — peer-to-peer listings with explicit price and quantity, settling in stablecoin escrow with a 20-minute payment window

Issuers can use either or both:

  • Bonding tokens, utility tokens and revenue tokens are typically natural B-DEX candidates
  • Security tokens with hold-time and concentration restrictions usually fit the P2P order book better
  • Some offerings layer both — B-DEX for continuous baseline liquidity plus P2P for higher-value bilateral trades

All B-DEX flows settle in S-Suite stablecoin; investor identity, KYC and wallet whitelisting are enforced by the same compliance stack as T-Suite offerings — there’s no separate identity layer.

Who uses B-DEX

  • Bonding-token issuers — utility / community / ecosystem tokens that benefit from continuous, programmatic liquidity
  • Issuers running a bonding-curve fundraise — using the curve as the primary capital-raise mechanism
  • Investors — who want guaranteed, programmatic entry and exit on supported offerings
  • Treasury teams — managing the fee-collector wallet and the seigniorage-style revenue from secondary trades

Status

The core B-DEX contracts are deployed on Base Mainnet (Bonding Factory Proxy: 0x7EF73E4E6e2Bcb4bF38CFE5d14A50441F63809b9). The investor-facing /bonding-market route is currently disabled in the production frontend pending a secondary-market policy review; B-DEX continues to be available for issuer-side fundraises and via direct contract integration.

See the Roadmap for re-enablement timing.

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