ENote Protocol


The Obligate platform enables BulletBond issuances using smart contracts, deployed on Polygon PoS. The operator (Obligate) determines the off-chain terms and allocations, with issuers confirming their correctness through on-chain signatures which deploys the bond and opens the funding window. Investors fund their allocated orders into escrow, and once completed, funds and bonds are exchanged between issuer and investor. Obligate pre-identifies and whitelists primary market participants.
Bond holders can transfer their ERC20 bond tokens freely, unless restricted by the issuer. At maturity, issuers repay principal and coupon, allowing bond holders to burn their tokens for repayment.

Book building

The book building process occurs on the Obligate platform, where terms and allocations for BulletBond issuances are established off-chain. Obligate facilitates the negotiation and agreement between issuers and investors, ensuring that both parties are legally bound to their respective commitments.
During this phase, issuers define the bond's structure, including interest rates, maturity, and any transfer restrictions. Investors, in turn, submit their order preferences. Both issuers and investors provide legal signatures, binding them to issue or fund the bond orders as agreed.
Currently bonds are denominated and settled in USDC or EUROe, with more currencies to be added later.


Following the book building phase, Obligate initiates the issuance process by deploying a smart contract reflecting the finalized bond terms and allocations. Issuers then review the smart contract to ensure its accuracy based on the prior agreements made during book building.
Once the issuer confirms the contract's correctness, they provide an on-chain signature as a form of acceptance. This action triggers the deployment of the BulletBond smart contract and opens the issuance program for investor payments.
Investors can now proceed to fulfill their orders by making payments into the smart contract's escrow account.
On issuance date the bonds are issued to investors and the funding goes to the issuer's payment address.

Bond holding period

From the point of issuance to maturity, investors hold their bond in their wallet. They're able to freely transfer them (or sell them) to other wallets, unless there are transfer limitations set by the issuer. Coupon is currently only paid at maturity.


On maturity the issuer repays the entire obligation (principal + coupon) into escrow. Investors are able to settle the bond by burning their tokens and receiving final payment in exchange.

Collateralized Bond

On Obligate, issuers are able to optionally secure their bonds with collateral. This adds a security agreement to the bond which in case of default leads to liquidation of the provided collateral.
Collateral could be digital assets but also deliverables. Obligate works with Apex Group as security agent to provide those services to customers.


The smart contracts will be open sourced in late 2023.
Meanwhile find audits from ottersec:
and sec3: