> ## Documentation Index
> Fetch the complete documentation index at: https://docs.iris.credit/llms.txt
> Use this file to discover all available pages before exploring further.

# Bond Model Roadmap

> How the current BLM works today, and how bond policy could evolve over time.

## Current BLM first

The current on-chain bond floor in this codebase is intentionally simple:

```text theme={null}
requiredBond = debt × (slope[debtToken] × duration / 1 day + intercept[debtToken])
```

That rule is implemented by the BLM contract selected in the quote:

* `Blm` applies the formula directly.

* `WhitelistBlm` applies the same formula but requires the solver to be whitelisted.

This gives IRIS a bond floor that is:

* cheap to enforce on-chain,

* easy to reason about,

* duration-aware,

* configurable per debt token.

## A reasonable evolution path

### Stage 1: deterministic on-chain schedule

This is the current implementation: a transparent formula based on duration and token-specific parameters.

### Stage 2: quote-aware adjustments

Bond requirements could start reflecting more of the actual quote profile, not only the raw duration.

### Stage 3: market-aware overlays

The policy could become more conservative during stressed venue conditions, volatile utilization, or other adverse market states.

### Stage 4: versioned off-chain risk policy

The protocol could publish and govern richer calibration logic without turning the on-chain path into a black box.

### Stage 5: signed per-quote dynamic enforcement

In a more advanced design, an off-chain model could compute a quote-specific bond requirement while the contract still enforces a minimum governed floor.