Why (BORING, BORING) pool in the first place?
The success of OlympusDAO has enlightened us on the new ways to increase liquidity for the project. To celebrate BoringDAO’s first anniversary and in the true spirit of (3, 3), we are launching a new prize pool - (BORING, BORING) this week.
What is the deal with (3,3)?
(3,3) is the idea that, if everyone cooperated together, it would generate the greatest gain for everyone (from a game theory standpoint). Currently, there are three actions a user can take: Staking (+2) Bonding (+1) Selling (-2)
Staking and bonding are considered beneficial to the protocol, while selling is considered detrimental. Staking and selling will also cause a price move, while bonding does not (we consider buying tokens from the market as a prerequisite of staking, thus causing a price move). If both actions are beneficial, the actor who moves price also gets half of the benefit (+1). If both actions are contradictory, the bad actor who moves price gets half of the benefit (+1), while the good actor who moves price gets half of the downside (-1). If both actions are detrimental, which implies both actors are selling, they both get half of the downside (-1).
Thus, given two actors, all scenarios of what they could do and the effect on the protocol are shown here:
If we both stake (3, 3), it is the best thing for both of us and the protocol (3 + 3 = 6).If one of us stakes and the other one bonds, it is also great because staking takes tokens off the market and put it into the protocol, while bonding provides liquidity for the treasury (3 + 1 = 4). When one of us sells, it diminishes the effort of the other one who stakes or bonds (1 - 1 = 0). When we both sell, it creates the worst outcome for both of us and the protocol (-3 - 3 = -6).
Note: the above explanation is an excerpt from
How to participate?
(BORING, BORING) is a single stake pool, which means that you can stake $BORING and earn $BORING with no impermanent loss on both ETH and BSC.
Is there anything special about the (BORING, BORING) pool?
Withdrawal of $BORING from the (BORING, BORING) pool will be locked for 72 hours (3 days) on ETH, 120 hours (5 days) on BSC.
What is Bond?
The bonding mechanism allows BoringDao to acquire its own liquidity and other reserve assets by selling $BORING at a discount in exchange for these assets. On the other hand, token holders can purchase $BORING bonds by BORING-ETH Uni LP tokens and BORING-BNB Cake LP tokens.
How to provide liquidity for $BORING on Uniswap/Pancake Swap?
Uniswap: select BORING-ETH pair and deposit $BORING and $ETH to add liquidity, and then you will receive BORING-ETH Uni LP tokens
Pancake Swap: input $BORING and $BNB to add liquidity and then you will receive BORING-BNB Cake LP tokens
Is there anything special about the bond?
We offer 7-day/14-day/28-day bonds with 5%/10%/20% ROI respectively.
For example, you can provide BORING + ETH liquidity in Uniswap V2 to get LP tokens, and then you can use 100 USD LP to buy 105 USD equivalent of $BORING, but it will take 7 days to redeem it.
When can you claim the bond?
At the end of the vesting term, 7 days/14 days/28 days, the full amount of BORING-ETH Uni LP tokens and BORING-BNB Cake LP tokens will be claimable.
Is $BORING an algorithmic stablecoin?
No, BoringDAO is a project that deploys decentralized bridges or tunnels between blockchains and $BORING is the governance token. The primary purpose for launching the (BORING, BORING) pool is to provide more liquidity.
Any risks for the (BORING, BORING) pool?
There is no impermanent loss and no liquidation, but your liquidity will be locked for at least 120 hours (5 days).
Any rebase?
Where are the LP tokens after you spend it to purchase bonds?
The LP tokens will be locked in the treasury, so there is no way to move those liquidity.
Why can't I unblock my address to see the (BORING, BORING) pool?
Only boring people can see it! So you need to complete the ritual to see the page: post "Only the true boringman can see through the mystery of (BORING, BORING)." on your Twitter, @TheBoringDAO, and leave your most boring address 0x… Next, your address will enter the whitelist.
Why can't I take out yield from the (BORING, BORING) pools?
Because the (BORING, BORING) pool will auto-compound for you. When you stake $BORING, you will receive $sBORING as a voucher in return.
What is $sBORING?
You can regard sBORING tokens as LP tokens and they represent your share of the (3,3) pool. This is a little bit different from how sOHM works. sOHM is backed by OHM tokens in a 1:1 ratio, and the rebase mechanism guarantees that 1 staked OHM is always redeemable for 1 OHM. While for sBORING, each sBORING token can redeem more than one BORING tokens over time given the power of compounding.
Last modified 17d ago
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