Proposal regarding reconstruction the BSC-BoringDAO product

Greetings, Boring communities!

In the enlightening of discussion previously happened between Fugu, JLee and other community members on Discord, we have come up with some adjustments which we believe will improve BoringDAO’s mechanism.

First of all, we hope to reconstruct the product architecture of BSC-BoringDAO. At present, BSC-BoringDAO can directly mint oBTC and oLTC for users and allow them to stake their PP Token for farming. But users cannot use oPortal to chain-cross their assets from Ethereum to BSC. Instead, users need to redeem their assets to BTC network first and mint them into BSC chains. Secondly, the amount of oBTC and oLTC on BSC is heavily restricted by the tunnel capacity.

Therefore, we are considering changing the product architecture of the BSC network in four aspects bellowed:

  1. Close the BTC⇄BSC and LTC⇄BSC tunnels of the BSC network, stop minting and burning, and stop rewarding PP Token on BSC;

(Users who have minted oToken on the BSC can still redeem it)

  1. Enable oBTC, oLTC and oDoge on Ethereum to cross-chain to the BSC network through oPortal;

  2. Increase the reward of PP Token pool on Ethereum;

  3. The satellite city pool on the BSC network will be renamed to the “Gold Rush” pool. All tokens that use oPortal cross-chain can enter this pool.

Positive aspects:

※The product structure is crystal-clear: In this way, ETH will become the “relay chain” of BoringDAO, all chains will be connected with Ethereum by oPortal. oBTC will be completely built on Ethereum, which is more decentralized and secure.

※This will make the BSC network no longer be restricted by the BSC tunnel capacity and allow more BTC, LTC and Dogecoin to enter the BSC network.

※The APY of oBTC related pool on Ethereum will increase accordingly, because more oBTC will flow into the BSC network.

Negative aspects:

If users of the BSC network need to mint oBTC, they must own an Ethereum address and complete cross-chain activities, which will cost them extra fees and extra time. Minting has become more complicated, but it is expected to be improved by some auxiliary function in the future.

3 Likes

How about the gas cost though. Despite the current low usage of ETH, there is still a very big chance that ETH gas will go off the roof

yeah, good point.
but I think this is a trade-off, and L2 will help us reduce minting gas to almost 0.

I am for this proposal - having a single point of minting/burning oTokens simplifies the whole system. This also concentrates the rewards for BOR token pledgers, as they no longer have to decide which chain they want to pledge their tokens.

I am for this proposal.

BORing if first and foremost an Ethereum project. Everything should revolve around Ethereum.

Its core objective is the tunnel system. High gas fee issue is to be solved by other projects.

yeah, that’s exactly what I am thinking.
Let’s make BOR to be concentrated

Exactly.
Ethereum will paly of “relay chain” role in BoringDAO’s oPortal.

What do you mean by saying “the amount of oBTC and oLTC on BSC is heavily restricted by the tunnel capacity.” ?

How heavily?

6934 BOR stake in the tunnel, but only 0.053 oBTC and 6.05 oLTC mint.

The tunnel is almost empty

You are right. But I have chatted with some miners & whales, they thought ~100 bitcoin capacity is not enough for being supportted by other BSC DeFi.