This proposal is expected to appear on Snapshot for voting on 2021-08-02T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TL;DR
- Proposal to whitelist BORING.
- Proposed co-investment is 200,000 BNT which would be the deepest pool for BoringDAO
- There are no apparent security concerns that would prohibit whitelist status.
- There is no reason to doubt the legitimacy of the BoringDAO project.
- The benefit to Bancor is clear: 1) larger liquidity and volume 2) oPortal support. 3) Marketing co-operation.
- This is the second BoringDAO whitelist proposal on BancorDAO because BoringDAO has finished governance token migration recently.
BORING token address: 0xbc19712feb3a26080ebf6f2f7849b417fdd792ca
Project Website: https://www.boringdao.com
Token Security
The BORING token supply is fixed at 2,000,000,000, of which 416,048,255 are in current circulation. The contracts and addresses with the highest concentration of BORING tokens are the Huobi, oBTC Tunnel, oLTC Tunnel, oDoge Tunnel and Team’s wallets, Uniswap, MXC, Gate.io.
We use Triple Layer Formation to protect users’ assets:
The 1st Layer: When users mint oBTC, oLTC, oDoge, their pledged BTC, LTC, Dogecoin will become the first layer of pledging.
The 2nd Layer: Whenever one oBTC/ oLTC/ oDoge is being minted, Tunnel will pledge BORING tokens worth 25% of one BTC/ LTC/Dogecoin that has been minted. Every oBTC, oLTC and oDoge is backed up by 125% of crypto assets made up of 100% their corresponding token and 25% of BORING tokens provided by Pledge providers.
The 3rd Layer: COVER and Nsure provides Insurance service for all the assets in the Tunnel.
Project
BoringDAO deploys a series of decentralised bridges and tunnels that allow you to safely move your Bitcoin & other crypto assets between Ethereum & different blockchains to maximise the utilisation rate of crypto assets in the DeFi world. Currently, oBTC from BoringDAO is the 4th largest BTC-Pegged tokens and one of the largest decentralised BTC-pegged tokens in the DeFi world. BoringDAO uses a unique tunnel mechanism that encourages BORING holders to become pledge providers and participate in the minting process.
The upcoming product of BoringDAO is oPortal. oPortal is a one-stop solution for token chain-crossing, which can transfer any tokens between different blockchains. oPortal will mobilise your assets and allow every token of yours to engage in any DeFi activities on any blockchains.
Tokenomics
BoringDAO’s native token, BORING, deeply participates in the services BoringDAO provides. In the Tunnel, users must pay BORING as a minting fee and redemption fee. In the oPortal, users must pay BORING as a cross-chain fee. BORING holders can pledge their BORING in the Tunnel and receive Pledge Provider Tokens (PP Token), which can be staked in BoringDAO’s farm and generate BORING as rewards.
Community and Communication
BoringDAO is active on Twitter, Telegram, Discord, YouTube, and WeChat.
Available Audits
BoringDAO has been audited three times since 2020 by reputable auditors:
- PeckShield (Dec 2020)
- Certik (May 2021)
Market and Trading Data
- BORING’s price at the time of writing is $0.0227.
- All-time high: $0.0554(26th June 2020)
- All-time low: $0.0225 (2nd July 2017)
- 416,048,255 tokens in circulation
- 2,000,000,000 maximum supplies.
- The current market capitalization is $10,148,867.
- The BORING token is available on major exchanges, including Huobi, Uniswap, Sushiswap, Pancake, Quickswap, DODO, Wault Finance.
Benefits for Bancor:
- BoringDAO will bring more liquidity and trade volume to Bancor and, further, make Bancor the central trading platform of BORING on ERC20. In this way, Bancor would increase activeness and a more prominent reputation.
- We invite Bancor to join our oPortal programme and build a connection to other blockchains.
- We will cooperate with Bancor’s marketing activities on social media platforms.
