BitBay

The BitBay name covers two separate operations: an exchange founded in Poland in 2014, and an on-chain marketplace protocol that kept the name and continued development. The protocol's technical core is a dynamic peg: the token carries a liquid and a reserve balance, and stakers vote to freeze part of the liquid supply when the market falls and to unfreeze reserve coins when it overheats, adjusting supply without handing control to an issuer.

Voting can be manual or delegated to an algorithm following preset preferences, and frozen reserve coins release on a delay similar to a bond, giving holders another term structure. A two-sided escrow contract requires both parties to post equal funds as performance collateral, and the deposit moves by rule if either side defaults, which reduces disputes in peer-to-peer trades. On the exchange side the brand became Zonda in 2021 and zondacrypto in 2023, its Estonian licence was revoked in June 2026, and on 27 August 2026 the operating company was declared bankrupt by Harju County Court, after which the two tracks diverged.