BoringDAO 🌀— The Incentive Mechanism
Opening A Brand New Era of Cross-chain with $BOR Tokenomics!
🧨Good News for Everyone!
We have developed some incredible new token incentives to maximize the benefits of BoringDAO’s currency token, $BOR, for all user groups. We’re on the verge of starting Usage Mining and Boring Farm.
Some people would wonder where the minting incentives in WBTC and renBTC are? The existence of BoringDAO is about to twist the phenomenon.
🧾Here’s a summary of the incentive mechanism:
In BoringDAO🌀, there are two ways of mining $BOR:
⛏ Mint Mining
Users who participate in mint (mining) will receive 💲BOR rewards. 30% of 💲BOR of the whole system is generated through mining. With the current BoringDAO configuration, user will be charged 0.2% of the commission fee. No worry! You will be rewarded 0.4% of $BOR, TWICE the value of commission charge! YOU DESERVE THIS🤑!
🔣Core Formula for Mint Mining:
Amount_BOR refers to the amount of 💲BOR that a mining user earns at a time, Price_asset & Amount_asset refers to the current minting price & amount of the assets, m refers to the minting commission rate, Price_BOR refers to the current price of 💲BOR, and Reduction Factor is the current output reduction coefficient.
The output reduction coefficient ( Reduction Factor) is related to the supply. Whenever 10k 💲BOR is mined, the output reduction coefficient will be adjusted. The initial value of the output reduction coefficient is 💯%, and the new output reduction coefficient is 80% of the previous output reduction coefficient.
🔣The formula of the output reduction coefficient is as follows:
Among them, Mined_BOR refers to the 💲BOR that has been mined, and INT function returns the integer part of a decimal number by rounding down to the integer. For example, when the ten-thousandth 💲BOR is mined, the output of the whole 💲BOR will be reduced by 20%, thus allowing long-term incentives of the system.
Get confused😕? No Worries! 🧐Please see the attached chart.
🖇️Scheme of Relationship Between 💲BOR Output Reduction📉 and Supply
🦅 The early bird catches the worm! Minting harder to mine 💲BOR!
Of course, some people might ask😕: “What are the applications for 💲BOR?” Boring Farm is the answer to this!
In this section, BoringDAO has set up pools in which users can receive rewards, a total of 30% of 💲BOR, by pledging bTokens, 💲BOR, etc. We can vividly call this ‘Boring Farm’.
🎈P.s. Note that the farm bonus is not permanent; it is only available to those willing to accept and use the bToken at an early stage. In the future, b assets will enter the whole DeFi world, such as MakerDAO, Compound, Curve, Yearn.Finance, etc. In this stage, farm bonus will no longer be provided🙃.
🛎️Last but not least, Let’s have a look at $BOR Output Mode.
Now, ready to get your 🌀 $BOR by Minting & Farming?
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