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 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. $BORING 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.
【Mint mining】
Users will get a 0.4% equivalent $BORING reward to minting value.
【Burning fee】
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 $BORING to get yield-farming rewards.
【Initiation and activation of new tunnel】
5M $BORING is needed to initiate a new tunnel, 30M BOR in total need to be pledged in order to reach activation.
【BoringDAO Improvement Proposal (BIP)】
Anyone that hodl $BORING can initiate a proposal. And other hodlers can take a vote on the proposal.
【DAO insurance】
The use of insurance will be decided by the community and users can vote on it.
【Adjustment 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 signers, 70% goes to tunnel pledge operators. At the later stage, community member can propose to change the distribution of mint and burn fee.
Last modified 2mo ago
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