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Welcome to BoringDAO Community
BoringDAO: Multi-Chain Solutions for Every Crypto Asset.
BoringDAO is a DAO-Driven cross-chain service provider.
Driven by DAO, we provide safe, high efficient, frictionless cross-chain solutions for blockchain networks, including Bitcoin, Ethereum, BSC, Polygon, and many other L1s & L2s.
Product1: oToken
BoringDAO oToken offers a safe way to maximize utilization rate of Bitcoin and other crypto assets. $BORING is the native utility and governance token. BoringDAO is driven by the community and aims to build BitcoinFi on multi-chain.
Product2: oPortal
BoringDAO oPortal provides a easy and quick way to transfer funds among many L1s & L2s. Any tokens can be listed on BoringDAO oPortal permissionlessly, whether stablecoins and various governance tokens.
Why we need BoringDAO?
Various Ethereum DeFi applications on Ethereum aim to solve only one problem: the increase in operational efficiency of funds in the Ethereum ecosystem. Today, most of the heavily-traded DeFi assets, such as ETH, USDT, DAI, USDC, etc., are issued on Ethereum. However, in reality, Ethereum and Ethereum-based token assets only accounts for a small proportion of the total market value of all cryptocurrencies. This means that, a large number of well-received cryptocurrencies are incompatible with the current DeFi structure. Such as, BTC, LTC and DOGE, because they are not ERC-20 Tokens. The incompatibility makes these token-holders outsiders of the prosperous DeFi world, meaning that these non-ERC-20 token-holders cannot enjoy DeFi services, as well as the opportunities of liquidity mining and farming in DeFi. This seriously hinders the liquidity of crypto assets and causes unnecessary friction.
We are aware that some projects are already working on addressing this problem. For example, WBTC [1] and renBTC [2] can allow a small number of BTCs to be used within the Ethereum network. However some major limitation afloats: centralized solutions cannot meet the needs of DeFi and Metaverse.
BoringDAO’s mission is to help DeFi expand its compatibility in the form of DAO. BTC, LTC, DOGE, and other crypto assets that have been left out can be converted into the wrapped token (ERC-20 token) decentrally and safely with low friction. These assets can participate in the broader DeFi world on Ethereum and finally usher in a brand-new open financial era.
The creation of BoringDAO expands the current DeFi landscape supported by DeFi and will eventually serve as an important infrastructure that connects DeFi to the broader crypto world. BoringDAO will operate under community governance mechanisms, while $BORING (BoringDAO Token) will serve as BoringDAO’s native governance token.
How can I Participate in BoringDAO Ecosystem
Be a Minter
- Transfer your BTC into oBTC with app.boringdao.com
- Get your oBTC and BORING reward
Pay a certain amount of commission fee to have one’s own non-ERC-20 token converted into a wrapped ERC-20 version, namely minting and redemption of one’s native crypto assets.
Be a Tunnel operator
- Pledge your BORING token into oBTC Tunnel with app.boringdao.com
- Lift the Tunnel capacity
- Get your Pledge Provider Token in your ethereum address.
Pledge BOR assets to set up a tunnel, be responsible for the complete minting and redemption process, and obtain a part of the commission paid by users.
Each tunnel has “operators,” and their mission is to help users complete minting/redeeming cryptoassets in the tunnel.
Explanation on participating in tunnel operation (pledge): BORING Holders participating in tunnel pledge will become operators of the tunnel. In other words, it works similarly to staking. For example, once the proposal is approved, the proposer will become the initial operator of the tunnel because he has deposited BORING as a pledge for the tunnel at the proposal stage.
Subsequently, when more operators join in, all operators will obtain the respective share of the tunnel commission according to the respective proportion of the pledge amount. However, at the same time, if there is a Black Swan risk in the custody assets of the tunnel, the tunnel pledge will be settled and compensated to the minting users in proportion.
Be a Farmer
- Put your oBTC into "Wild Wild West" for more $BORING reward
- Put your PP Token into "Manifest Destiny" for more $BORING reward
Farm in our pools, get competitive APR. BoringDAO has set up a staking pool in which users can receive rewards by pledging oToken, BORING on “Boring Farm.”
Last modified 21d ago
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