Launch Countdown: BoringDAO Mint Tunnel Construction Completed

TL;DR

-BoringDAO mainnet launch time: Nov 12 10:00 UTC+0!

-Parameters of BoringFarm Pools released

-The abbreviated name of BoringDAO BTC is set as oBTC (the beta version is bBTC)

-Use OP-Return instead of address binding to determine the minter’s BTC/ETH address

-The testnet Bounty has officially ended, and rewards will be distributed to travellers within a few days.

Hi, BoringFans!

After a week of “construction” and the help from dozens of ‘travellers’, BoringDAO’s first oBTC tunnel is completed and the mainnet version on Ethereum will be launch on 2020/11/12.

In this version, you can now turn real BTC into oBTC (ERC-20 Token). With each minted oBTC, you will also get 0.4% of the equivalent BOR as mint reward.

Our expected launch time is Nov 12 10:00 UTC+0.

This means that there’s only 9 hours left!

Whats more, we are announcing the parameters of BoringFarm (which everyone cares about) :p

Pool 1 PP Token 15 $BOR/day

Pool 2 oBTC 80 $BOR/day

Pool 1 is for BOR pledger. Here You can pledge BOR in the oBTC tunnel to become a tunnel operator, and deposit PP Token (Pledge Provider Token) into pool 1 to earn BOR.

Pool 2 (stake oBTC) and Pool 3 (stake LP token) will also be open once the condition has been met.

Pool1 & Pool2

But in the early stage, extra bonus will be provided to each pool. The Bouns amount will be adjusted weekly depending on the TVL situation.

Improvement on the mainnet:

There are two important changes compare to the testnet:

① bBTC→oBTC

Our testnet phase was successfully completed. Dozens of community members participated in the testnet. Many interesting and useful suggestions were raised and made BoringDAO’s Tunnel more robust.

Meanwhile, many members of the community suggested that we ought to change from bBTC to oBTC because there might be confusion between our wrapped BTC and BTC on Binance smartchain.

We hope oBTC will work the same way as blood type O and can smoothly integrate with various DApps and DeFi system.

② Address binding → OP_Return

We found that the address binding approach used in the test-net sometimes encounters Bitcoin’s “Change address” Mechanism. It will be very inconvenient to switch the binding address back and forth.

Therefore, we gave up address binding approach and changed to OP_Return mode.

When you are minting BOR, you need to use the OP_Return function that comes with the BTC wallet and fill in your Ethereum address in the OP_Return column.

[Detailed version] A complete new mint process is as follows:

Overview:

In order to mint oBTC on BoringDAO, you will have to first send BTC to BoringDAO multi-sig wallet. After 3-block confirmation, a multi-signers voting will automatically begin that will determine whether the transfer process is successful. Based on the current BTC network condition, it might take 30–60 minutes.

How to let the Bitcoin client know your Ethereum address:

In order to mint successfully, you will need to also provide your ERC-20 address, where the oBTC will be received. As a result, please make sure you’re putting in the right address during the minting process. BTC wallets OP_RETURN function allows users to add message when sending BTC to another address, and the message will be your ERC-20 destination address in this case.

Please send BTC from a wallet that supports the OP_RETURN function (eg: imToken, Math Wallet, TokenPocket, or Bitpie). When sending BTC to the multi-sig wallet, put down your ERC-20 address in the OP_RETURN column(Usually in advanced options, then use Hex instead of String)

Like this

You will not get oBTC in the following situations:

OP_RETURN is not filled in or in wrong format

Keep in mind that if a user fails to provide the correct ERC-20 destination address with the OP_RETURN function, the minting process will not be successful and the BTC will be automatically returned to your BTC address, but you will have to pay for the network fee.

Tunnel capacity reached the upper limit

The successful minting requires that the tunnel pledge ratio is not less than 100%. If the tunnel capacity is full, the BTC will be automatically returned to your BTC address, but you will have to pay for the network fee.

Use the wrong address to mint oBTC (eg. Exchange Account)

please DO NOT directly send BTC to the multi-sig address from an exchange wallet, since exchange wallets do not support the OP_RETURN function and the BTC will not be returned to your exchange wallet even if the minting wasn’t successful. You may not get your bitcoins back.

Thanks again to the travellers on the testnet! The testnet bounty has officially ended, and rewards will be distributed to travellers within a few days.

Let us safely and boringly bring 1 million BTC into the Ethereum world!

💬Join Us!

Twitter: https://twitter.com/BoringDAO_Defi

Medium: https://boringdao-defi.medium.com/

Discord: https://discord.gg/zCQ2ddp

Telegram Global Fans: https://t.me/joinchat/NkA4p1E2PyS2GclCxdGX4g

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