BoringDao AMA Recap: All you need to know about BoringDao
On March 21, 2022, KCC and BoringDao had an Ask-Me-Anything session on the KCC main Telegram group, which has over 12,000 members. “All you need to know about BoringDao” was the main topic. If you missed the AMA, here’s a recap of what happened.
Venue: KCC Official English Community
Time: March 21, 2022, 2 p.m. (UTC).
Guests: Dewei Liu, Founder of BoringDao
Hi everyone, welcome to the AMA today with BoringDAO
I am the ambassador of KCC, and I will be your host today
For me, I heard BoringDAO before, and I have tried their products
Personally, I think they have amazing products, so I am really excited to host this AMA
Without further delay let’s welcome Dawei, the Co-founder of BoringDAO @TheWayL
Please go ahead and introduce yourself
Hello guys, nice to meet you all
hey guys, my name is The way, I am the co-founder of BoringDAO and head of BD and Marketing. I’ve been a researcher for 3 years, a crypto lover for 4 years.
[ William ]
So, the first questions for today. Can you share with us what BordingDAO is about?
BoringDAO is a cross-chain service provider driven by DAO, offering two major products: oToken and oPortal.
oToken is for transfers from PoW chain to EVM chain, and oPortal is for transfers between EVM chains.
The transaction fees collected from both services will be allocated as incentives for BORING holders. It is also the governance token of our DAO.
Good. I know that you have done some great jobs on other chains, can you share some of the results or stats you have so far?
Sure, we would like to summarize the results by using 4 numbers.
The first number is 13,000. So far, BoringDAO has been served for transfers of at least 13,000 BTC to/from ETH. As loyal supporters of BTC, we hope to use our NEL technology to make BTC more secure and achieve programmability in a decentralized manner. At present, every oBTC has 110% protection, including contract-level assets, and our corporations with decentralized insurance projects such as Nsure and InsureDAO.
The second number is 18. We are loyal to BTC, LTC, and DOGE. And up until now, BoringDAO has supported 15 different chains in total: ETH, BSC, Polygon, AVAX, FTM, Harmony, xDAI, OEC, HECO, Boba , Aurora, Arbitrum, Optimism, and Metis. Now we welcome KCC to join the Boring family.
The third number is 2M. BoringDAO has made an income of ~ $2,000,000 for BORING holders and the treasury in the past year. There is no DAO that could survive without a consistent income. At the moment, BoringDAO has made 20 proposals in total, and quite a few of those are directly related to the income model. We have involved our community in making decisions and gained trust from our members.
The last number is 0, BoringDAO has been operating for one and half years without a single accident. Safety has always been the TOP 1 priority in execution. We are constantly reviewing our code and working closely with audit teams, as our code has been audited 5 times and all the reports can be found on our website.
It is very cool. So, you are a very mature project already. Why did you choose to move to KCC?
We pay great attention to the development of the crypto space, our goal is to connect as many blockchains as possible but with discretion, because we don’t want our bridge to be exposed to some risky chains that may compromise our security.
Therefore, all the blockchains that we connected have been reviewed carefully by our team. We chose to connect with KCC for the following reasons.
Since the launch of the KCC mainnet, we noticed that there have been 10 million+ transactions, over 280,000 user addresses, and TVL has hit the $60 million mark, which is quite impressive achievement for a blockchain in just half a year.
Same as BoringDAO, KCC always puts safety as their top priority, we believe that together we will ensure all users’ funds are well protected. Moreover, with support and collaborations from the KuCoin and KCS community, the network will thrive as more native and cross-chain projects are incubated and moved to KCC.
We care about security and community the most
Move on to the next question, what is your plan or roadmap for 2022?
Our goal remains the same, expanding.
We will connect to more blockchains, bridging more assets between different chains.
Right now, our portal allows USDC, USDT and ETH to be transferred between 15 chains and a number of ERC 20 tokens to be transferred between various chains.
We are partnering with projects to build exclusive bridges for specific tokens such as $CRV and $AAVE cross-chain bridge between Ethereum and Metis and $ONE cross-chain bridge between Harmony and Aurora, etc.
More partnerships with projects on KCC are expected, as exclusive bridges can be built to ensure that more tokens can be transferred freely to KCC for cross-chain projects to thrive here. We believe that it will bring more users and synergies to the KCC ecosystem.
Sounds interesting, may I ask what kind of projects on KCC you wish to collaborate on in the future?
We have many good projects here.
There are no specific projects we can or cannot collaborate with, though.
You heard that. KCC!
Because what we do is to introduce capital to the projects and allow the assets to be moved freely Stimulate the liquidity
I am aware of Kuswap and MojitoSwap, we will defiantly come up with a collab opportunity in the future
More than that, we are happy to talk to all the projects who may need help from us so if you are a project owner on KCC, feel free to reach out to me
Good to know that!
And for the next question, please share one thing special about your project
As a DAO driven project, we believe that the most special part about BoringDAO is that we do our best to reward and incentivize our community members and liquidity providers.
Only a small portion of the generated transaction fees from oPortal is dedicated to the treasury, the majority of which are rewarded to the LPs through our farms, and the rest are used to burn the BORING tokens.
It may not be common for someone to generate a decent amount of passive income for stablecoins as a bridge LP, but we have managed to achieve a daily APR as high as 40%.
Unlike some farms where the rewards will not decrease as more people join in, oPortal farm’s APRs are only dependent on the number of cross-chain bridge users, which could increase dramatically due to the thriving ecosystems on different chains. We want to truly develop a project that is built by DeFi users, for DeFi users.
That is very special
You must have a strong team to back you up then. Please tell us about your team
We started small, the initial team had 5 people and all of us were experienced BTC farmers in the first place.
We have managed to mint quite a lot of WBTC and RenBTC in the DeFi summer on Curver while the APY for BTC was above 100%
but we were quite worried about these wrapped BTC because the centralized service providers are always subjected to some risks.
Since we had some technical people and experienced entrepreneurs in our team, this was the time when we decided to start our own project BoringDAO.
The first service we provided was called oTunnel, which is used to move PoW tokens such as BTC, LTC and DOGE to Ethereum.
As the number of blockchains with thriving ecosystems continues to increase, we have seen the enormous demand for stablecoins and native tokens to be transferred between chains.
Hence, the oPortal has been added to our project as part of the cross-chain service.
While the business is expanding, the size of the team also starts to grow, we have onboarded more people with different expertise, such as front end development, marketing and customer service etc.
This is to ensure that we can fulfil every user’s need in every single aspect and BoringDAO can take steady growth and make progress step by step to become one of the most commonly used bridges in the DeFi world.
Wow, it is amazing that you start with a small team and now grow into a mature project.
For the $Boring, what does the tokenomic look like? When will KCC users be able to buy some of them on KCC?
It is an amazing experience to build everything from the ground up and brainstorm overnight. fully committed to it.
That is absolutely right
Below is the tokenomics of BORING:
$BORING Maximum Supply: 2,000,000,000 (fixed)
30% for Mint Mining: $BORING is mined with native crypto asset minting fee and rewarded to those who participate in minting.
30% for Boring Farm: $BORING is generated with Ethereum blocks and rewarded to those who participate in oToken & BOR liquidity & pledge farming.
19% for infrastructure: 1% for initial $BORING liquidity; 3% for initial BTC Tunnel pledge; 15% reserved;11% for early contributors: 10% for private round; 1% for public round.
When will KCC users be able to buy your token on KCC? or try your products on KCC?
Haha, that really depends on the KCC listing team, we have already submitted the listing application form Fingercross
So, very soon!
As to the products, we can try it now, the bridge is officially deployed
Glad to know that, I am ready to farm some BORING
Here is the Link for stable coin bridge
Here we go
Alright, thank you TheWay! We have finished the first part of our AMA
Let’s now move to the free-ask section
I will unmute the group for the community to ask questions. Our guest, TheWay, will pick and answer 5 questions from the community. If your question gets selected, you will not only get your best answer for it but also $20 worth of BORING as a reward. I have to remind you that, the bot will not be selected during this process. If there are too many bots, we will handpick the questions from familiar community members. Please get ready for it.
Alright, we have got enough questions. Let’s give TheWay some time to answer them
Please follow their links for updates
How many Chains/bridges is Boringdao currently supporting? What partnership (such as AnySwap) do you have to attract more users to use Boringdao ?
BoringDAO has supported 15 different chains in total: ETH, BSC, Polygon, AVAX, FTM, Harmony, xDAI, OEC, HECO, Boba , Aurora, Arbitrum, Optimism, and Metis. And our new friend KCC
How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?
We now have more than 20 ppl in the projects, are of them are crypto natives. Most of them are like me, got in crypto an early age and danced along with it for years
What are your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
Top 3 would be more chains, more assets on the bridge and keep the accident record as 0
When will your tokens be listed on the exchange and which exchanges do you plan to list in the future?
Right now, Kucoin would be a treat. In the future, I am not sure, I don’t normally pay much attention to this sort of thing, now we are more focused on BUIDL
Can you share your social media links so we can keep ourselves updated?
sure man, our Twitter is @theBoringDAO,
TG group: https://t.me/boringdao_official.
Is your project a community only for English speaking countries or for users not of other languages?
Our community is multi-lanes, we have Russia group, Persian group, Chinese group, English group for now, in the future, we are happy to become more, multi-cultural
You can share the link here
Sorry, I can’t find the other one, anyway. Feel free to come over our TG group or discord channel to hang out, ask questions
Any last words for the community?
Anything that you would like to share before we wrap up?
That will be all, it was a pleasure to meet you all
Awesome, it is my pleasure as well
Thank you TheyWay for being with us today!
It was a great AMA
Telegram NG: https://t.me/KCCOfficialNigerianCommunity
Telegram Channel: https://t.me/KCCOfficialChannel