We are excited to announce that BoringDAO V2 is now launched, and this marks the first milestone of Boring community in 2021.
Main updates include:
-Launch of Litecoin Tunnel
Asset Ratio of the Litecoin Tunnel is 150%, same as the parameters of the Bitcoin Tunnel. In consideration of the high gas fee on the Ethereum network, the minimum minting amount has been adjusted to 50 LTC, with the minimum burning amount being set at 10 LTC. For this particular oLTC tunnel, BoringDAO has allocated 2% of all BOR as mint-mining reward.
As for mint-mining reward for this oLTC tunnel, for every 1,000 BOR mined, the reward will be reduced by 20% for the next 1,000 BOR cycle.
To put this in simple terms, at the time when oLTC is minted, you need to pay 0.2% as the minting fee, but you can get a 0.4% equivalent BOR reward.
Read more about mint-mining: https://theboringdao.medium.com/boringdao-the-incentive-mechanism-195f5bde834f
The Boring Farm will launch new Pool for the PPT (Pledge Providers Token) of Litecoin. The reward will be 5x for the first two weeks, equivalent to a total of 12.5 BOR per day.
As described in the white paper, the successful launch of Litecoin Tunnel requires a total pledge of 3,000 BOR within 48 hours after the initial pledge.
The proposal to launch Litecoin [BIP-4] has been approved by the community!
At present, the BoringDAO Mainnet is utilizing Chainlink oracle for price feeds of Bitcoin. This is a key step towards complete decentralization of BoringDAO.
For more details, please refer to the article published last week: https://theboringdao.medium.com/boringdao-chainlink-a-critical-step-to-make-obtc-more-decentralized-94312f6faf4a
-New governance model
The previous governance voting system only allows for a small percentage of BOR/PPT holders/community members to participate. If other members want to participate, they need to pay high gas fees, which is very inconvenient, so the voting logic needs to be changed.
The new governance: voting weight=BOR token balance x 50%+ (Total pledged BOR quantity in Tunnel +Tunnel unlocked BOR quantity +Tunnel locked BOR quantity +Uniswap BOR-ETH pair LP token quantity +Sushi BOR-ETH pair SLP token quantity) x 100%.
For example, if you pledged 10 BOR in oBTC Tunnel and added 5 BOR in Sushiswap BOR-ETH Pair. At this moment, you have 15 Boring voting weight.
Another example, if you hold 10 BOR in an Ethereum wallet, and you have pledged 10 BOR in the Tunnel and stake PPT in Boring Farm, then you also have 15 Boring voting weight.
Staking BOR in the Tunnel or DEX will bear more risks than simply holding BOR. Therefore, the voting weight for BOR storing in wallets has been set to 50%.
In the future, the Boring Community is likely to vote in this new governance model [BIP-3].
-Brand New UI/UX
Like our new UI/UX? Your suggestions for improvement are always welcome!
PS: In this article, the high gas fee of Ethereum has been mentioned for several times. Well, now can you guess what will be the next BIG MOVE of BoringDAO?