Traditional finance doesn’t work. Not for most people. Bao Finance works for wealthy suits. It’s great for them. They own the data. They own the marketplace. And if things don’t go their way they change the rules of the game. Many people think the answer to fixing this system is simple.
Just put it all on DeFi. But in reality that doesn’t work by itself. Bao Finance projects that have been successful in DeFi are the ones that do things that did not exist in old finance. Compound, Uniswap, Balancer are good examples. They all do things in a new way.
Bao Finance is like a combination of SNX and Aave, but use LP tokens for collateral. Rather than re-invent the wheel, Bao will create new features for existing DeFi protocols. The BAO token acts as a governance token for the fully community run project. It is also backed by the insurance fund where all Bao fees go.
Deliciously wrapped Finance!
Bao Finance stands for a treasure or package. Something wonderful that is wrapped up in another layer. Bao buns, or in Chinese Baozi are delicious wrapped dumplings. These bao buns are the tradition of taking something good that exists, and wrapping it up into being a new treasure. Bao Finance aims to do this by being a new protocol that adds features to existing DeFi systems.
For distribution, they will be using a modified version of the SushiSwap farming infrastructure. Since Bao Finance does not intend to create its own competitor to Uniswap, they will not be migrating to own pools. Instead they will just use the yield farming model for distribution. They have made a number of changes to the distribution system in order to:
Prevent abuse/exploits from flashloans and flash minting.
Encourage long-term participation in the ecosystem.
Create a robust and diverse treasury.
Create additional treasury funds that the community owns.
Penalize users who leave pools too quickly and try to manipulate prices or optimize farming.
Create locking and vesting to reduce deflation and align stakeholders long term.
While the community will have the ability to vote to change the caps of the token, the current plan is for Bao Finance to produce a maximum of roughly 1.5T tokens over 5 years. The total tokens is not a hard cap, as they close in on distribution it will be up to a community vote to cap the tokens.
Decide which synthetic assets to create/list/remove.
The live Bao Finance price today is $0.000545 USD with a 24-hour trading volume of $1,033,061 USD. Bao Finance is up 17.94% in the last 24 hours. The current CoinMarketCap ranking is #712, with a live market cap of $18,563,218 USD. It has a circulating supply of 34,066,471,176 BAO coins and the max. supply is not available.
Bao Finance the system of governance the community elects a team to manage the Bao ecosystem. That team is pre-approved to spend up to 50% of the treasuries annual gain without any additional approval. The team shall create any official votes using Snapshot. In order to pass a vote will need:
>33% of eligible votes voting to establish this quorum.
Votes established by the community require:
>50% of eligible votes voting to establish this quorum.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.