Users can farm up to 2x leveraged positions on $BOR-BNB since 18:00 (UTC8) 12th May. The current APY of this pool is as high as 2000%. As part of the Grazing Range, users can stake ibALPACA for $202K in $BOR rewards. And 25,000 $ALPACA rewards will be added if the weekly TVL reaches $1M.
Then what is BoringDAO?
BoringDAO is a decentralized multi chain bridge and Bitcoin Layer2 solution.
With BoringDAO as your bridge, you can become a Minter to
Transfer your own non-ERC-20 token into a wrapped ERC-20 version on Ethereum. For example, mint your $BTC into $oBTC.
If you redeem your $oBTC into $BTC, the $oBTC token will be burnt.
Get your $BOR rewards (The native utility and governance token of BoringDAO).
You need to pay a certain amount of commission fee.
The assets will be transferred via “Tunnels”. You can also create new tunnels of minting and burning through pledging $BOR. 70% minting fee and 50% burning fee will be allocated to tunnel operators.
Pledge your $BOR token into a Tunnel
Lift the Tunnel capacity
Get your Pledge Provider Token in your Ethereum address.
After becoming a tunnel operator, you will receive $BOR and $oTOKEN rewards for each minting and burning operation. The rewards come from minting and burning fees paid by users. And with more tunnel operators, all operators will get the corresponding share of the tunnel commission proportional to the staked amount.
Currently, BoringDAO supports minting and burning for $BTC, $LTC and $DOGE.
To go even further, it joins hands with Polygon. Polygon was formerly known as Matic, a famous scalability solution of Layer 2 that has created great possibilities for the market by solving the gas fee problem of Ethereum.
Now BoringDAO has reached cooperation with Polygon in 3 steps:
Use the Polygon PoS bridge to admit $oBTC, $oLTC and $BOR into the Polygon network;
Deploy BoringDAO on Polygon and open the Satellite City pool, which can support MATIC to farm $BOR;
Will deploy a native $oBTC minting tunnel to Polygon, so that users’ Bitcoin can directly enter Polygon, skipping Ethereum to further save Gas.
Initially, BoringDAO will transfer $BOR, $oLTC, $oBTC and other assets to Polygon.
So will the good news trigger BoringDAO’s on-chain performance? Let’s track its on-chain data at present.
To note, the users/volume/transactions we track here are minting and burning users/volume transactions; and the TVL stands for the value of assets transferred in BoringDAO to mint $oBTC, $oLTC or $oDOGE.
As the data dashboard demonstrates, during the past 90 days, the users and transactions of Boring DAO have experienced violent fluctuations and now show a downward trend. The unique users ATH in BoringDAO are just 13, while the transactions ATH are only 54. As for the volume, although the ATH exceeds $30M, the average daily volume is bare $5M.
Only the TVL of BoringDAO has risen volatility and reached ATH $69,268,820.042 last month. And you might have noticed that the $BOR price has a similar trend as the TVL.
So we can describe the status of BoringDAO as “not satisfying” at the moment. With the 2 big corporations, will more potential in this DeFi project be dug out? Keep track of its data dashboard and see!
You may also like: