Victoria, Seychelles - Recently, DeFi fever has drawn much attention from both the crypto and the traditional world. With few solutions available, BTC holders, holding 18 million Bitcoins in more than 30 million addresses, can barely do anything but watch the Ethereum DeFi carnival. The community is also eager to use $BTC to participate in the MakerDAO's collateral or be freely exchanged with other Cryptos in the Uniswap or just join the yield farming.
Therefore, BoringDAO aims to build decentralized assets"Tunnels" among blockchains, offering the opportunity for non-ERC20 assets to maximize utility and the yield-generating effect.
BoringDAO is a project whose name may sound boring, but some of the most exciting work is currently going on. BoringDAO is a cross-chain compatible, decentralized asset protocol, and its first and most important product is bBTC (BoringBTC). They provide Bitcoiners access to all the different Defi.
BoringDAO's goal shortly: Wrapping all assets to the Ethereum ecosystem
BoringDAO's ultimate goal: Building bridges that connect all blockchains and different assets to migrate to any of the Blockchains
BoringDAO will launch in October and initiate the bBTC tunnel supporting BTC to be minted into bBTC under a double pledge model that will provide the highest level of asset security compared to other wrapped BTC solutions in the market.
The BoringDAO native BOR token will also issue in October, supporting two core incentive mechanisms: Minting and Farming. Minting and Farming will be the two main ways for users to obtain BOR.
With the leading blockchain investors like DeFiance, Hashkey, SNZ, Youbi, Altonomy, Puzzle Ventures, SnapFingers and some BTC miners joining BoringDAO, and strong partners such as HashQuark, Peckshield, DODO, Band and Link etc., BoringDAO is ready to allow 1M BTC into the DeFi world in a decentralized and safe way.
BoringDAO, this 'boring' project may make bitcoin not 'boring' anymore.
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