Editing BOND tokens (section)

== BOND market design ==
The market for selling newly minted BONDs may be external or internal to the DAO issuing them. Relying on an external market is often preferred because market depth and liquidity improves its efficiency, so larger external markets are generally superior. However, relying on an external market incurs transaction costs that can be mitigated with an internal market.

=== External markets ===
If a DAO is using an external market to sell its BONDs, then it must decide how to exchange between the DAO's currency and the market's currency. This is called a cross-chain swap. 

Then the DAO must set the price it will accept for its BONDs and the quantity it wishes to sell. Since the DAO is decentralized, coordinating these decisions is a difficult governance issue. To a large degree the issues amount to the same difficulty as setting the prices for an internal market.

=== Internal markets ===
<nowiki>**</nowiki>This section needs development.