Bonding, recently popularized by OHM, TIME, and others, revolutionized the landscape of DeFi in 2021. In a typical bonding program, you give LP shares to the protocol in exchange for protocol tokens at a hefty discount. Itβs a win-win: the protocol gets to own its own liquidity (protocol owned liquidity, or POL, also called protocol controlled value, or PCV), and users get to buy tokens at a lower cost basis.