What Is BoringDAO (BORING)?

BoringDAO is a cross-chain service provider driven by a decentralized autonomous organization. DAO (decentralized autonomous organization) is a community-driven entity with no central authority. The platform builds multiple decentralized bridges between blockchains that let users move their crypto assets between various blockchain networks, including Bitcoin, Ethereum, and more, to increase the utilization rate of assets in the DeFi world.

According to the whitepaper, BoringDAO's goal is to expand the compatibility of the DeFi system in the form of DAO. All the left-out crypto assets, BTC, DOGE, and LTC, aim to be converted into the ERC-20 token (wrapped token) safely with lower friction to participate in the DeFi world on Ethereum. To participate in the BoringDAO ecosystem:

• A user has to pay a certain commission fee to convert their non-ERC-20 token into a wrapped version, namely redemption and minting of their native crypto assets. Minting uses the proof-of-stake mechanism to generate new coins.

• A user must pledge their BORING token or asset into a tunnel and lift its capacity. Users have to complete the redemption and minting process and own some commissions paid by users. BoringDAO has launched two products known as oToken and oPortal. oToken seeks to offer a secure way to increase the utilization rate of crypto assets. oPortal seeks to offer a safe and simple way to move funds among multiple L1 and L2s. Users can list their tokens on BoringDAO oPortal in a permissionless way.

BoringDAO ecosystem offers its native utility and governance token named BORING. The token is distributed to community members fairly through Mint mining and BoringFarm. BORING is served as over-collateral for the tokens pledged in the Tunnels. However, the token holders of BORING can receive Pledge Providers Token (PP Token) and also receive minting and burning fees. Being the governance token, BORING token holders can create a proposal, and other holders can vote on it.

History of BoringDAO (BORING)

The BoringDAO team is a community-based team with around ten core team members. The core contributors in the BoringDAO ecosystem are Enki Yan, Henry Chen, Mike Meng, Leo Gu, Stephen Dang, and Dewei Liu. All the members come from the DeFi farmers and BTC miners’ community.

The maximum total supply of the BORING token is 2,000,000,000 BORING.