In the blink of an eye, we have reached the end of another year since Covid-19 turned the world on its head. However, it is a year that we have witnessed some huge revolutions in the crypto world.
“Multi-chain” is probably one of the most commonly mentioned words in 2021, as we have seen quite a number of new blockchains are being developed to address the performance and scalability of the blockchain networks, which have always been the main focus of the crypto industry.
Some of these are for performance improvement, and some are for specializing in a certain field. The Ethereum community is actively developing L2 scaling solutions, such as Metis and Arbitrum. Non-EVM chains such as Solana and NEAR are growing rapidly, while EVM chains such as Polygon, Avax, BSC, Harmony, and Gnosis (previously xDAI) keep optimizing throughput efficiency and accumulating TVL.
More and more talented developers and teams all around the world will be drawn to the crypto world, developing hundreds or thousands of chains in the near future. However, most blockchain networks operate on isolated ecosystems, resulting in the inability of different chains to communicate with each other, which will significantly impede users to enjoy the full benefits of blockchain technology.
How can we overcome the communication barriers between the chains? It is not difficult for one to come to a conclusion that the thriving multi-chain economy will contribute to the booming demand for cross-chain services.
Unfortunately, we have witnessed a number of cross-chain protocol security incidents during the past year. Most third-party bridges spend too much time and effort on finding the “new-generation” and “fancy” technical solutions, which makes them especially susceptible to hacks.
For us, security is always our first priority. The Nash Equilibrium Lock (NEL) technology developed by our BoringDAO team has proven to be a safe, simple, and time-tested solution. It has been audited many times and operated without a single accident for over 13 months since initial launch. Up until now, we have reached 118 Million TVL and deployed tunnels and portals on over 14 EVM compatible chains and non-smart contract chains, which have generated an income stream of more than $2M dollars to BORING holders.
It speaks for all people who trust us!
That is why we believe that 2022 is going to be a BORING year!
We have a full plan ready to achieve this.
Support more chains and assets:
- EVM chains - Aurora, Klaytn, Oasis, IoTeX, Cosmos, Double-A Chain, etc.;
- Non-EVM chains - NEAR, Solana, Flow
- More assets - we provide cross-chain services for ANY assets on ANY blockchains
Does it sound impressive to you already?
We are not satisfied with it and we have made great progress in developing a new bitcoin cross-chain solution — Shadow Bitcoin. It is a new generation of pegged Bitcoin, which will likely be released in the middle of 2022. It is no longer a pegged asset, but more like a “shadow asset.”
For those who don’t know what Shadow Bitcoin is — users can use the script developed by BoringDAO to lock UTXO in their own wallets and simultaneously issue an equivalent amount of shadowBTC, an ERC-20 token on Ethereum. It works as if you are holding your private key, and nobody can move the underlying Bitcoin without your signature. It will be the first implementation of shadow assets in the crypto world and we estimate the utility rate of Bitcoin in the Defi world will increase by 10–20x.
Moreover, we are building the BoringDAO universe ecosystem, developing multi-chain finance layers. By the end of 2022, we plan to launch a BoringDAO incubator to provide continue support for oBTC and oPortal innovations, such as a Bitcoin perpetual annuity product, or a multi-metaverse tunnel which will enable interoperability between metaverses thus making it easy for them to communicate with one another and share information.
We never forget why we started.
Building an advanced DAO!
Last year, our community initiated 13 proposals, and 12 of those got passed and executed. Our cooperation with Sunder protocol allowed BORING holders to extract the full value of governance tokens. In the coming year, we strongly encourage more Boringman to participate in the governance affairs. We are open to adopting some other voting mechanism such as quadratic voting, so that our voting results could more accurately reflect the preference of our community. Again, the decision belongs to the community.
Besides, the hottest topic in 2021 was no doubt “metaverse”, inspiring a lot of conversations about what lives and business will be within the metaverse. There can be an infinite number of metaverses in the future, requiring a tremendous amount of trustless data and asset exchange, which cannot be handled by just a few number of bridges.
That is why we need a DAO that utilizes a Boring machine to build new bridges/tunnels between metaverses. Since the metaverse built on Web 3.0 belongs to every single individual with privacy and freedom guaranteed, BoringDAO will always commit to diversity and inclusion.
Yes, in DAO we trust.
This is exactly what is happening with BoringDAO. Let’s keep striving…