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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.
š¦¾Utility
ćPledgeć
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.
ćMint miningć
Users will earn $BORING rewards, which are equivalent to 0.4% of the minting value.
ćBurning feeć
Users will be charged a 0.2% fee when burning oBTC to redeem BTC.
ćYield-farmingć
BoringDAO has partnered with SushiSwap, PancakeSwap and etc., which allow users to stake $BORING and earn yield-farming rewards.
ćInitiation and activation of new tunnelć
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.
š¦æGovernance
ćBoringDAO Improvement Proposal (BIP)ć
Anyone who hodl $BORING can initiate a proposal on the forum ā Boring Forum. And other hodlers can vote on the proposal here āSnapshot.
ćDAO insuranceć
Insurance related decisions will be made by the community and users can share their thoughts and vote accordingly.
ćAdjustment about system parametersć
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.
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Last modified 3mo ago
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