BoringDAO is a cross-chain service provider allowing you to move Bitcoin (BTC) and other cryptocurrencies between blockchains easily and within minutes. This is enabled by their secure bi-directional decentralized bridges, called tunnels. BORING is the name and ticker symbol of BoringDAO's native governance and utility token.
BoringDAO creates an exclusive minting tunnel for non-ERC-20 tokens to be wrapped into BoringDAO's native ERC-20 tokens, oTokens. These oTokens are a Layer 2 solution for BTC and other non-smart contract blockchains.
In the BoringDAO ecosystem, you can be a minter, a tunnel operator, or a yield farmer to earn passive rewards:
- You can mint oBTC using your BTC holdings to earn BORING rewards.
- You can stake BORING to earn yield farming returns.
- You can pledge BORING tokens in a tunnel to earn Pledge Providers (PP) tokens and fees from burning and minting. Similarly, you can pledge BORING tokens to initiate or activate a new asset tunnel.
BoringDAO is a DAO-governed project. You can participate in BoringDAO's governance process using BORING by creating a new BoringDAO Improvement Proposal (BIP) or voting on submitted proposals.
BoringDAO's governance involves voting for new asset multi-signers, deciding the system parameters (mining fee, rewards, or asset ratio), proposing yield farming pools, managing BoringDAO's treasury, and suggesting new asset tunnels. Furthermore, the BoringDAO project has been audited four times by blockchain security firms like Certik and Peckshield.
BORING price and tokenomics
BORING has a fixed maximum supply of 2 billion tokens. 30% of BORING tokens are rewarded to people participating in the minting process. Another 30% will be distributed as BORING farm rewards to farmers and liquidity providers. Of the remaining supply, 19% is reserved for infrastructure development, 11% is allocated to early contributors, and 10% to core developers. Tokens issued to early contributors and core developers will be unlocked in 12 and 24 months.
BoringDAO has made around $2 million in income for BORING holders, supported 15 blockchains, and facilitated at least 13,000 BTC transfers to and from Ethereum (ETH). Achieving these results in a short period has positively impacted BORING price charts.
About the founders
BoringDAO was officially launched in November 2020. The BoringDAO team has ten core team members, mainly based in Taipei, Beijing, Shanghai, and Cambridge. The core members include BTC miners and DeFi farmers.
Notable members of BoringDAO include SnapFingers founder Enki Yan, former G Labs incubation director Henry Chen, Cambridge engineer Mike Meng, Leo Gu, Dewei Liu, and Allen Ding.
BoringDAO raised $1.45 million in October 2020 from leading blockchain investors like DeFiance, Hashkey, SNZ, Youbi, Altonomy, Puzzle Ventures, and SnapFingers. Other investors include Nothing Research, Fundamental Labs, Bilian Technology, and Digital Renaissance.
