What is BoringDAO (BORING)?
BoringDAO is a cross-chain service provider for crypto assets driven by a Decentralized Autonomous Organization(DAO). It provides a decentralized and permissionless solution that ensures a safe, effective, and seamless experience for asset transfers and peg token wrapping.
The platform has different products that have been designed to achieve its aims. One such product is the BoringDao Bridge Aggregator. This product gives users a one-stop cross-chain bridging solution for safe transfers of crypto assets at a cost-effective fee rate. The aggregator supports more than 10 on-chain and off-chain bridges and decentralized exchanges(DEX). Besides, it has a router protocol that implements the use of multiple bridges in one transaction.
Another product in the BoringDAO ecosystem is the oPortal bridge. It allows the free transfer of assets between 14 layer-one and layer-two blockchains, in a fast and inexpensive manner. The supported blockchains include Ethereum, Polygon, BSC, Arbitrium, and more.
The native utility token of the project is known as the BORING token. Initially, the token was known as BOR. However, it underwent a redenomination at the 1:10000 ratio.
Check out the current BORING price on the BoringDAO price chart featured above.
Use Cases of BORING Tokens
BORING is the governance and utility token of the Boring ecosystem. Besides, it's used for various activities and transactions.
For starters, BORING coin holders have the power to initiate and vote on proposals in the Boring forum. In addition to that, insurance-related decisions are made by the community through governance votes.
Moreover, BORING tokens are rewarded to network participants. As it stands, 15% of mint fees goes to the core developers, 15% to multi-signature signers, and 70% to tunnel operators. Tunnel operators pledge BORING crypto tokens to increase old token tunnel capacity and are responsible for the completion of the minting process.
You can also stake BORING tokens in the different staking options available. Some of the farms available for staking include Wild Wild West and Manifest Destiny farms.
Lastly, users who wish to be passive investors in the project can do so by providing liquidity. Liquidity providers earn up to 35% in cross-chain transaction fees and BORING tokens.
It is advised that you do a thorough analysis before investing in BORING crypto assets. One good place to start analyzing the current BoringDAO price and its recent changes is the aforementioned BORING price chart.
The project has a maximum supply of 2 billion BORING tokens. 30% of these tokens were dedicated to minters on the platform. Another 30% are kept as rewards to those who provide liquidity, take part in farming activities, and participate in staking. 10% has been allocated to core developers of the project, and 19% to the BoringDAO infrastructure. The remaining 11% were rewarded to early contributors.