Hi, All Boring Fans!
It was another ‘boring’ week. After BoringDAO went online this week, it quickly reached a milestone. Now the total number of minted tokens has reached 295!
According to DeBank, the total number of oBTC has surpassed pBTC in three days, ranking №7 of the BTC anchored tokens. Thank you, boring community and boring fans.
Nevertheless, we believe many people have also realised an issue: the tunnel capacity is insufficient.
The tunnel pledge ratio remains at 100–105% for a long time, so there are still thousands of BTC that cannot be minted.
For this reason, ‘Satellite City’ will open to expand our oBTC tunnel.
The first batch of satellite city assets will introduce wETH, USDT, USDC and DAI as pledges in oBTC’s tunnel along with BOR.
WETH is the ERC-20 version of ETH. Anyone can 1:1 convert ETH for wETH on Uniswap)
This will boost our tunnel capacity at a 5x-10x speed.
We warmly welcome miners from the UNI community to join BoringDAO. You have just completed the work of providing liquidity into the Crypto world, and now it is time to complete another great job: helping BTC enter the Ethereum network.
The output of the ‘Satellite City’ pool will be 16 $BOR per day. Evenly distributed to wETH, USDT, USDC, DAI in the first week.
Additionally, before participating in the ‘Satellite City’ farming, please remember to convert ETH to WETH (ERC-20 version of ETH) through Uniswap.
Besides, the community frequently asked about the liquidation process of BoringDAO. Let us be clear, if the capacity is lower than 100%, it will not trigger any liquidation and will only stop minting new oBTC. Liquidation only initiates when a “Black Swan” event occurs in the underlying assets, and the P2SH-based multi-signature technology will hardly allow this to happen.
Welcome all tunnel travelers to explore satellite cities!