> For the complete documentation index, see [llms.txt](https://docs.bondprotocol.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bondprotocol.finance/products/permissionless-bonds/bonders/navigating-the-dapp.md).

# Navigating the dApp

* **Bond**: What the bonder will provide in exchange for the Payout Asset, also known as the Quote Asset
* **Bond Price**: Current price of the Payout token via bonding (i.e. via providing Quote token)
* **Discount**: Price difference between Market Price and Bond Price
  * Positive (<mark style="color:green;">green</mark>): It is cheaper to buy the bond vs. buying directly from market
  * Negative (<mark style="color:red;">red</mark>): It is more expensive to buy the bond vs. buying directly from market
* **Max Payout**: Maximum amount of Payout token currently available from this market
* **Vesting**: Time duration for the bond to vest i.e. when one will be able to redeem for the Payout token
* **TBV**: Refers to Total Bond Value which indicates the dollar value of the bond sold
* **Issuer**: Name of the bond issuer

<figure><img src="/files/x9ES1sZa1aUhHHtzc1TV" alt=""><figcaption></figcaption></figure>

### BOND&#x20;

<div align="left"><figure><img src="/files/TZCqWyOGTOgMnnbNs6pt" alt=""><figcaption></figcaption></figure></div>

### BOND PRICE and DISCOUNT

* **Bond price** refers to the price of the payout token that the bonder will be paying
* **Market price** refers to the price of the payout token on the open market
* **Discount** reflects the difference between market price and bond price and is calculated as:

$$
Discount = \[(marketPrice - bondPrice) / marketPrice ] \* 100
$$

{% hint style="info" %}
Note that discounts to market price are highlighted green in the dApp, while "negative discounts" are highlighted in red indicating a premium to market price
{% endhint %}

In the example below, the WETH bond has a negative discount of -12.29%, indicating that it is more expensive to bond than buying from the open market.

* *Discount = \[($203.19 - $228.17) / $203.19] \* 100 = -12.29%* (negative discount = red)

<figure><img src="/files/gH47dQSo0DllwXIeWcMG" alt=""><figcaption></figcaption></figure>

### Max Payout

Reflects the maximum amount of payout token a user can receive from a single purchase at that moment in time

### Vesting

<figure><img src="/files/mUd2wygJoLoQDgVFITkL" alt=""><figcaption></figcaption></figure>

* YYYY/MM/DD format is based on local time zone&#x20;
* A Fixed-Expiry vs XX days term further differentiates whether your tokenized bond position is an ERC20 or ERC1155 token
* Fixed-Expiry bonds are tokenized as ERC20
* Fixed-Term bonds are reflected as XX days term and are tokenized as ERC1155

### TBV

Refers to Total Bond Value which indicates an approximate total value in USD of all purchases from the Issuer's markets


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