1.1 Project Introduction

1.1 Project Introduction

BoringDAO strives to be a decentralized asset bridge. I hope to bring BTC, LTC and other assets to Ethereum, so that Bitcoin can be safely and seamlessly connected to various DeFi, and unlike WBTC, etc., BoringDAO is a decentralized solution that only believes in models and technologies .

1.2 Basic information

1.2 Basic information

2.1 Team

2.1 Team

The overall project team remains anonymous. Be active in the community by community members.

2.2 Fundraising situation

BoringDAO announced the completion of private equity financing of US$1.45 million, with investors including DeFiance, Hashkey, SNZ, Youbi, Altonomy, Puzzle Ventures, SnapFingers, BiLian Technology and several other institutions.

2.3 Project Highlights

Production reduction factor: In the cold start stage of the project, using the production reduction factor to achieve the first mine effect can effectively attract relevant assets to mint coins. For every 10,000 BOR successfully mined, the production reduction factor will be adjusted. The initial value of the production reduction coefficient is 100%, and the new production reduction coefficient is 80% of the previous production reduction coefficient.

Project Features:

Project Features:

BOR is required in the entire ecological economic model to provide price support for BOR tokens.

1. Cross-chain liquidity asset solution

2. DAO governance:

3. A universal bridge between multiple blockchain assets

4. Decentralized, secure and incentivized dual pledge model

3. Token Model

3. Token Model

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Token distribution

3.2 Token Value

Users can basically enter the BoringDAO ecosystem in the following ways

Minting: Pay a certain amount of service fees to convert your own non-ERC-20 tokens into the wrapped ERC-20 version, that is, minting and redemption of native encrypted currency assets. Earn your oBTC and BOR rewards.

Tunnel operator: Pledge BOR assets to open a tunnel, be responsible for the entire minting and redemption process, and get a part of the handling fee paid by users.

Custodian: It is composed of community members with high reputation and high number of BOR pledges. It is responsible for helping users complete multi-signature custody of other blockchain assets on the chain, and obtain part of the handling fee paid by users.

Farm: put oBTC into the "farm" section to get more $BOR rewards.

4. Track

4.1 Track Overview

Assets are one of the most important factors of production in the financial market, and liquidity and cross-chain capabilities are one of the most important core indicators. And BTC is the focus of large transactions in the encrypted world. Transferring important assets such as BTC to the defi world and activating the liquidity of assets is a key point of the entire industry.

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BTC cross-chain situation

wBTC

wBTC (Wrapped BTC) is initiated by BitGo, Kyber Network, etc., and is supported by real Bitcoin 1:1. wBTC is a custodian solution in which a coalition of custodians locks real BTC and issues corresponding wBTC tokens. Only registered merchants with full KYC/AML qualifications can issue wBTC. Its governance is carried out through DAO, and BTC custody is guaranteed through multiple contracts. The centralized design is not open and safe enough, and it supports the tokenization of a few assets, and only 20,000 WBTCs are issued, and it is highly dependent on distributors, so the redemption channel is not smooth.

HBTC

HBTC is a Bitcoin token on Ethereum launched by Huobi in February 2020. HBTC strictly abides by the 1:1 reserve guarantee, and can conduct two-way exchange business through Huobi Global or HBTC official website. HBTC connects the centralized market and the DeFi market, reducing the cost for users to enter DeFi.

RENBTC

REN used to do dark pool transactions, and later started to do cross-chain projects. The nodes in the REN system are called Darknodes (dark nodes), and each node needs to mortgage 100,000 REN, and the nodes get rewards for handling fees and punishments for doing evil.

The REN nodes of each shard must collectively bind assets no less than three times the value of the BTC locked in the corresponding shard to achieve anchoring.

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V. Summary

V. Summary

1. DeFi is one of the solutions for Bitcoin interest generation, and BoringDAO has submitted its own solution in the decentralized solution and has taken a seat.

2. The concept of BoringDAO is based on the further development of current WBTC, renBTC and other technologies. At present, the ecology on Ethereum is very rich, and many teams are committed to adding encrypted assets on other chains to the Ethereum ecology without friction. If successful, it will inevitably bring more prosperous application scenarios and greater capital volume to the Ethereum ecosystem.