When issuing bonds, one might believe that the Farmer Frank protocol will suffer from revenue dilution, leaving early bond holders worse off. Yet upon further inspection it is clear that this isn't the case. When issuing a new bond the total amount of shares increases, which leads to a decrease in the proportion of owned shares for all other bond holders --> share dilution. Yet, this bond is minted in exchange for JOE that is invested throughout the protocol. This invested JOE generates more revenue: therefore, even if total shares increase rewards per user stay the same, avoiding the problem of revenue dilution.