Orbitum
Indonesian Sovereign Bonds Accessible to Everyone
Created on 30th January 2026
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Orbitum
Indonesian Sovereign Bonds Accessible to Everyone
The problem Orbitum solves
The Problem (Market Gap)
Indonesia has the largest Muslim market globally, yet retail access to high-yield (5%+), Shariah-compliant government bonds is restricted by high entry barriers and complex traditional brokerage processes.
Yield Gap: 5% annual returns in Indonesia vs. 2-3% globally.
Accessibility: Demand is 3x supply (Green Sukuk), yet retail investors are underserved.
The Solution (Orbitum on Base)
Orbitum tokenizes Indonesian Sovereign Funds and Sukuk on Base, lowering the investment threshold to as little as $500 for retail and $10,000 for HNWI.
Base L2: Ensures transactions are fast and cost pennies, making micro-investments viable.
Impact & Market Size
- AUM Goal: Targeting $600M AUM (1% of Indonesia’s $60B Sovereign Fund).
- Scalability: Projected RWA market to exceed $10T by 2030; Orbitum positions Base as the home for Shariah-compliant RWAs.
Challenges we ran into
Hurdle: On-chain vs Off-chain State Mismatch in Instant Buy & Sell
One of the biggest hurdles we faced while building Orbitum was maintaining data consistency between on-chain logic and off-chain systems, especially for the instant buy & sell feature of tokenized bonds.
Because bond pricing is governed by NAV management, the actual buy/sell price depends on:
- On-chain state (token supply, allowlist status, transaction execution)
- Off-chain data (updated NAV, bond parameters, indexer-derived state)
During early testing, we encountered a state desynchronization bug where:
- The smart contract executed a buy/sell correctly on-chain
- But the off-chain system responsible for pricing and authorization was still using an outdated NAV or allowlist state
This resulted in invalid EIP-712 signatures being generated, which caused transactions to revert on-chain due to mismatched parameters.
How We Solved It
We addressed this problem by improving both architecture and data flow:
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Event-Driven Indexing
We redesigned the indexer to rely strictly on on-chain events (buy, sell, NAV update, allowlist changes) as the single source of truth, instead of inferred or cached state. -
Explicit NAV Versioning
Each NAV update now carries a version / timestamp that is emitted on-chain and included in the EIP-712 signature payload, ensuring signatures are only valid for a specific NAV state. -
Strict Allowlist Validation
We enforced allowlist checks at both: -
Smart contract level (hard enforcement)
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Backend level (signature generation is blocked if the address is not allowlisted)
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Backend Revalidation Before Signature Generation
Before issuing an EIP-712 signature, the backend now re-validates: -
Latest NAV version
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Allowlist status
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Contract configuration
This ensures that every signature matches the current on-chain state at the moment of execution.
Result
After these changes:
- Pricing became deterministic and consistent
- Signature reverts caused by stale off-chain data were eliminated
- The system became more resilient and auditable, which is crucial for a financial product like tokenized bonds
This hurdle ultimately helped us design a more robust on-chain/off-chain synchronization model, which is now a core strength of Orbitum.
Tracks Applied (1)
Base Track
Technologies used