Proposal: Whitelist the BOR token

[tomdawn]

The expected date for this proposal to appear on Snapshot for voting is Monday 12th April 2021, 12:00 pm UTC

TL;DR

• Proposal to whitelist BOR
• Default co-investment limit (20k)
• A proposal by BoringDAO community, Contact us: [email protected]
• Bor token Contract address: 0x3c9d6c1c73b31c837832c72e04d3152f051fc1a9
• Project Website: https://www.boringdao.com/

Voting Instructions

• Vote FOR to whitelist BOR
• Vote AGAINST to deny whitelist status to BOR

Discussion

BoringDAO is a decentralized bridge that connects all blockchain assets, we offer users a safe way to maximize their utilization rate of crypto assets. Simply said, we allow users to bridge over their crypto assets onto the Ethereum ecosystem using a “wrapped” token method.
Compared to other similar solutions in the market (wBTC, renBTC), our solution is significantly more permissionless, decentralised and thus safer to the user.

Features:

1. Safe: Multi-signature and BOR Tunnels provide a double guarantee of assets.
2. Fast: oToken can be minted/redeemed within several minutes.
3. Permissionless: User friendly, anyone can freely use BoringDAO protocol.
4. One-click: Non-ERC20 token can be easily converted to oToken with just one click.
5. Decentralised: BoringDAO runs in a fully decentralized way.
6. DAO governance: The community members are the real controllers of BoringDAO.
7. Boring tunnel mechanism (“wrapped token mechanism”)
8. For each blockchain asset, there will be an exclusive minting tunnel operated in the form of DAO and performing bi-directional mapping between blockchain assets and tokens.

Each oToken (eg oBTC) is backed by 100%+ assets and thus very safe:

• Asset layer: 100% original crypto asset (eg. BTC)
• Contract Layer: 25% - 150% $ETH, $BOR, $DAI, etc. over collateral
• Application Layer: Insurance protocol ( Eg. Cover)

[ Tokenomics ]

BOR is the governance token & utility token of the BoringDAO ecosystem. BOR tokens are currently used (1) as collateral to secure the boring tunnel, and (2) as governance voting.

Total supply: 200,000 BOR.
BOR tokens are designed to be fairly distributed to the community members over time (60% of supply) through Mint mining and BoringFarm.

Community and Communication

BoringDAO started in August 2020. Since launching, we have been very fortunate. Our community growth has been rapid and we very quickly found ourselves deeply entrenched in the DeFi community.

You can find our presence in every major DeFi vertical, such as money market, DEXs, asset management, insurance. We have recently expanded beyond Ethereum, having cross deployed our protocol in BSC, and OKex chain. Currently, BOR token is traded in CEXs such as Huobi and Gate.io.

The Boring community which is so called ⽆聊社区 are active on Telegram, WeChat, Weibo, Discord, and forum . The BoringDAO team is a distributed and community-based team with about 10 core team members, mainly based in Taipei, Beijing, Shanghai and Cambridge. We originate from BTC miners and various yield farming communities, and we trust Bitcoin and DeFi can change the world with no doubt.

TVL: USD 96m
oBTC: 771 minted.
oLTC: 23500 minted.
Twitter: 6200 followers.

Available Audits

PeckShield has completed the BoringDAO smart contracts audit, and here is the audit report:

https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report BoringDAO-1.0-2020-89.pdf

Market and Trading Data

BoringDAO’s price at the time of writing is $975.66. It’s all-time high was $975.66 (Mar 29, 2021), and its all-time low was $92.43 (Nov 16, 2020). There are 83,349 tokens in circulation, of a 200,000 maximum supply. The current market capitalization is $81,334,920. The BOR token is available on major exchanges, including Huobi Global, Gate.io and MXC. The 24-hour spot vol umes range from $2,672,537 (Huobi Global) to $36,628 (Gate.io).

References

• WBTC, HOW IT WORKS. Retrieved August 23, 2020, Wrapped Bitcoin ( WBTC ) an ERC20 token backed 1:1 with Bitcoin Ren, Developers Overview. Retrieved August 23, 2020, https://docs.renproject.io/developers/get ting-started
• MakerDAO, The Maker Protocol: MakerDAO"s Multi-Collateral Dai (MCD) System. Retrieved August 23, 2020, The Maker Protocol White Paper | Feb 2020
• Synthetix, SYNTHETIXLITEPAPER V1.4. Retrieved March 2020, https://www.synthetix.io/up loads/synthetix_litepaper.pdf/
• https://www.boringdao.com/
• Telegram, Telegram: Contact @boringDAO, Medium,https://theboringdao.medium.com/ Discord, https:// discord.com/invite/zCQ2ddp
• Twitter, https://twitter.com/TheBoringDAO Forum, https://forum.boringdao.com/ • GitHub, BoringDAO · GitHub

[tenzent]

I like the boringDAO, will vote yes so long as the Bancor team can confirm the contracts are all good.

[superhorse]

yeah, double B!
love to see $BOR on Bancor

[glenn]

From my end, this project looks solid and has my backing. Here is some info that I found while looking through their information.

Investors

It has some good investors (I am familiar with at least 3 of these):

1. DeFiance
2. Hashkey
3. SNZ
4. Youbi
5. Altonomy
6. Puzzle Ventures
7. SnapFingers

It appears that they received roughly 1.45M in backing.

Team

The team doesn’t appear to be anonymous and the following individuals are listed in their docs as core members:

• Enki Yan: Finance Ph.D | Former college associate professor | Senior token economist (linkedin)
• Henry Chen Core: Former Nervos Community Director in Asia | Former Band Protocol PR Lead China | Founder of SnapFingers (linkedin)
• Mike Meng: | Former G Labs Incubation Director | BTC miner | DeFi miner & investor
• Leo Gu: Year two Cambridge Engineer | Aviation Enthusiasts (linkedin)
• Stephen Dang: Four years blockchain wallet engineer | ETH community developer

Token Distribution

Token distribution seem fairly sane to me given what I have seen with other projects in this space:

The token contract address shows the following largest holders:

#2 and #3 appear to be for staking/yield farming although perhaps the team can confirm? Token appears to have fixed supply (200K) as stated by OP.

[glenn]

Regarding the token itself, the largest pools is on sushiswap at the moment and it is roughly 2.24M in depth with another pool on uniswap that’s 23K deep:

That’s about $2.26M in liquidity on DEXes. The team is asking for a co-investment limit of 20K BNT and with BNT at $7 that’s roughly 140K in liquidity from our end for a potential pool that’s 280K in depth (if the other side fills completely). In my opinion, I think this is low and I think we should look at a higher co-investment limit. I think we should modify this proposal to ask for a 200K BNT co-investment which is inline for what we have done (200K-250K) with other projects that have a similar market cap.

Lastly, Some of our Chainlink friends might find the following interesting: BoringDAO + Chainlink：A Critical Step to Make oBTC more Decentralized! | by BoringDAO | Medium

[Eugin]

Thank you for proposing this BIP to list BOR on BNT. I think its an excellent initiative that will create positive synergies for both DeFi projects.

We have been working with the Boring team since they started last year. Since then, this “boring”, hardworking and enterprising team have been delivering on all fronts. Boring have gathered partnerships in almost every DeFi vertical and their wrapped products have shown good PMF - as seen in their TVL and trading vol.

We are happy to support this BIP initiative.

Eugin
DeFiance Capital

[snorlaxHODL]

I support 100% this project to be whitelisted, boringDAO provides a good platform to bridge assets over to Ethereum network, one of the first/ if not the first to bridge LTC!

[Shauny]

Agree with this whitelist proposal. BOR is one of the few truly decentralised methods available to wrap BTC and other tokens.

[bavi]

The boringdoa has delivered on their promises to to bring btc and ltc to ethereum and the bsc, by utilising some innovating tech. Certainly looks like a promising project, so I’m PRO to whitelist the BOR token.