Kriptoks

BoringDAO (BORING) is a decentralized autonomous organization (DAO) that aims to increase the compatibility of the DeFi system. The platform allows users to move their crypto assets between various blockchain networks, including Bitcoin and Ethereum, through its multiple decentralized bridges, to increase asset utilization in the DeFi world.

BoringDAO's primary goal is to convert left-out crypto assets such as BTC, DOGE, and LTC, into ERC-20 tokens, called wrapped tokens, to safely participate in the DeFi world on Ethereum. To participate in the BoringDAO ecosystem, users have to pay a commission fee to convert their non-ERC-20 token into a wrapped version through redemption and minting of their native crypto assets. The platform uses the proof-of-stake mechanism to generate new coins during the minting process.

In addition to minting, users must pledge their BORING token or asset into a tunnel and lift its capacity to complete the redemption and minting process. BoringDAO offers two products, oToken and oPortal, to increase the utilization rate of crypto assets and 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 has a native utility and governance token named BORING, which is distributed to community members through Mint mining and BoringFarm. The token serves as over-collateral for the tokens pledged in the Tunnels, and token holders of BORING receive Pledge Providers Token (PP Token) and also receive minting and burning fees. BORING token holders can create proposals, and other holders can vote on them as part of the governance process.

BoringDAO team consists of around ten core members, including Enki Yan, Henry Chen, Mike Meng, Leo Gu, Stephen Dang, and Dewei Liu, all from the DeFi farmers and BTC miners' community. The maximum total supply of the BORING token is 2,000,000,000 BORING.

In summary, BoringDAO aims to expand the compatibility of the DeFi system in the form of DAO, by building decentralized bridges between blockchains to increase asset utilization in the DeFi world. Through its native token BORING and various products such as oToken and oPortal, BoringDAO offers a secure and simple way for users to participate in the DeFi ecosystem.