A bond coating having high corrosion and oxidation resistance and good compatibility with a thermal barrier coating is disclosed. The bond coating may be an optimized NiCrAlY material with additional materials that eliminates the presence of beta phase for oxidation by replacing the beta phase with a gamma/gamma prime system. The bond coating may also decrease the presence of phases that are detrimental to the mechanical and oxidation properties of the system, such as the sigma and BCC chromium phases. The bond coating may also have a gamma/gamma prime transition temperature that is about 400 degrees Celsius higher than conventional bond coatings, which enables local stresses to be reduced.