BOR is the governance token & utility token of the BoringDAO ecosystem. There are 200,000 BOR, and over 60% of them will be fairly distributed to the community member through Mint mining and BoringFarm.
BoringDAO adopted the triple-pledge model. In order to have new oBTC minted, the tunnel need to have enough capacity. BOR served as over-collateral pledged in Tunnels. In return, BOR Holders can get PP Token (Pledge Providers Token), and get the fees for minting and buring.
Users will get a 0.4% equivalent BOR reward to minting value.
Burning is the process which you burn oBTC and redeem your BTC. 0.2% burn fee is required when you want to switch oBTC back to BTC.
BoringDAO has partnered with sushiswap, pancakeswap and etc., which allows BOR to get yield-farming rewards.
【Initiation and activation of new tunnel】
500 BOR is needed to initiate a new tunnel, 3000 BOR in total need to be pledged in order to reach activation.
【Boring Improvement Proposal (BIP)】
Anyone that hodl BOR can initiate a proposal. And other hodlers can take a vote on the proposal.
【Use of DAO Insurance】
The use of insurance will be decided by the community and users can vote on it.
BOR hodlers can initiate a proposal to support other asset (such as ETH and DAI) as collateral
【Adjustment on system parameter】
Such as Minting fee or Asset Ratio. At the initial stage, 15% of mint fee goes to the core developers, 15% goes to multi-sig signer, 70% goes to tunnel pledge operators. At the later stage, community member can propose to change the distribution of mint and burn fee.