BoringDAO (BOR)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

• From an Oasis blog (22-4-2021):

"At its core, BoringDAO is a fully decentralized multi-chain asset bridge driven by DAO. It has the capacity to connect digital assets across any smart-contract enabled blockchain platforms. In addition to bridging networks, BoringDAO offers staking services in a range of assets such as BTC, LTC and $BOR."

Token

Token Allocation

• From their docs (3-2021):

"Maximum Supply: 200,000 (fixed)

1. 30% for Mint Mining: BOR is mined with native crypto asset minting fee and rewarded to those who participate in minting.
2. 30% for Boring Farm: BOR is generated with Ethereum blocks and rewarded to those who participate in oToken & BOR liquidity & pledge farming.
3. 19% for Infrastructure: 1% for initial BOR liquidity; 3% for initial BTC Tunnel pledge; 15% reserved;
4. 11% for early contributors: 10% for private round(20%/24% without lock and 80%/76% linear daily unlocking in 12 months); 1% for public round without lock
5. 10% for core developers: linear daily unlocking in 24 months"

Technology

• Whitepaper can be found here (2020).
• Code can be viewed here.

Implementations

• Built on:
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

Tunnels

• From their website (3-5-2021):

1. "Operating by the DAO-based community
2. Freely creating new tunnels through pledging
3. 70% minting fee is allocated to tunnel operators
4. The total value of pledged tokens is proportional to the maximum "wrapping" limit of each tunnel.
5. Each oToken is backed by 100%+ assets
6. Asset Layer: 100% original crypto assets
7. Contract Layer: 25% - 150% $ETH, $BOR, $DAI, etc. over collateral
8. Application Layer: Several decentralized insurances"

• From their docs (3-2021):

"In a simple overview, each oBTC is backed by 100% BTC and 25% ERC-20 tokens (such as BOR, ETH, DAI etc). At the same time, BoringDAO also use different insurances to protect those BTC, like COVER & Nsure.

The BTC layer is protected by P2SH multi-signature, and there are over-pledge on ETH layer (they will only be liquidated when BTC are lost in some black swan event). In other words, each oBTC has three layers of protection (multi-signature + over-pledge + insurance).

We also use OP-Return (a cool native function of Bitcoin) to help users connect their BTC & ETH address which means that we do not use any centralized server in the minting process of oBTC."

Liquidity Mining

Mint Mining

• From their website (3-5-2021):

"Mint Mining is the mechanism which users can wrap their non-ERC20 tokens to oToken, e.g. Bitcoin to oBTC and get $BOR as rewards. 30% of $BOR will be distributed through Mint Mining."

Boring Farm

• From their website (3-5-2021):

"Boring Farm is the mechanism which users can use oToken, $BOR LP Token, oToken LP Token, and Tunnel Pledge Token to farm $BOR. 30% of $BOR will be distributed through Boring Farm."

Interoperability

• Began building a multi-chain asset bridge for Avalanche (15-4-2021).
• From the Oasis blog (22-4-2021):

"Through this collaboration ROSE will gain multi-chain support through BoringDAO’s multi-chain bridge, allowing ROSE to be easily transferred across networks like Ethereum, BSC, Avalanche, Polkadot and more.

BoringDAO plans to develop a native, two way “tunnel” with the Oasis and Bitcoin Network."

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Team, Funding, Partnerships, etc.

Team

• Full team can be found here (3-2021).
• Enki Yan; founder

Funding

• 'Investment partners' that are mentioned on the website are (3-5-2021):

DeFiance Capital, Haskey, SNZ, Youbi Capital, Snap Fingers and others.

Partners

• Mentioned (12-7-2021) as a partner on the website of DFI.Money (YFII)

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