Intruduction of $BORING
$BORING is the governance token & utility token of the BoringDAO ecosystem.
There are 2,000,000,000 $BORING, and over 60% of them will be fairly distributed to community members through Mint mining and Boring Farms.
BoringDAO adopted the triple-pledge model. In order to have new oBTC minted, the tunnel needs to have enough capacity. $BORING served as over-collateral pledged in Tunnels. In return, $BORING holders will receive PP Token (Pledge Providers Token), and get the fees for minting and burning.
Users will earn $BORING rewards, which are equivalent to 0.4% of the minting value.
Users will be charged a 0.2% fee when burning oBTC to redeem BTC.
BoringDAO has partnered with SushiSwap, PancakeSwap and etc., which allow users to stake $BORING and earn yield-farming rewards.
【Initiation and activation of new tunnel 】
5M $BORING will be required to initiate a new tunnel, and a total of 30M $BORING has to be pledged in order to activate the tunnel.
【BoringDAO Improvement Proposal (BIP)】
Insurance related decisions will be made by the community and users can share their thoughts and vote accordingly.
【Adjustment about system parameters】
Community members can propose to make adjustments to system parameters such as the minting fee or Asset Ratio. Originally, 15% of mint fee goes to the core developers, 15% goes to multi-sig signers, 70% goes to tunnel operators. Later on, community members can propose to change the distribution of minting and burning fees.