Bank Of CronosDAO will be launching January 20th 2022.
Disclaimer: This article assumes you have a fundamental understanding of rebasing tokens (bonding, staking, etc.) along with their importance to the DeFi ecosystem. See documentation on OlympusDAO, KlimaDAO, Wonderland for a general overview.
The overall goal of the Bank Of CronosDAO is to grow the treasury assets backing the BOC tokens. As a fork of OlympusDAO, the treasury ensures that each BOC token is backed by at least 1 USDC token. A BOC token can only be minted only when 1 DAI/USDC is passed through to the BOC treasury. The bond sales will start with USDC, DAI, BOC/USDC LP, and BOC/DAI LP bonds. The LP tokens will allow the DAO to earn fees on BOC token OTC-trading and build the protocols “Protocol Owned Liquidity”. We will release more details closer to the release.
The release of the BOC token, treasury, and the 4 initial bonds will mark the 1st stage of protocol growth and token price discovery. Tokens will only be available in liquidity pools (with LP tokens held ideally by the treasury) or via treasury bonds. The staking initial reward rate will be announced in the coming days and will help decrease selling pressure for the token.
The second stage for protocol growth will see the treasury move toward earning income on stablecoin balance, introduce stablecoin LP token (e.g. USDC/DAI LP), bonds and governance token bonds (e.g. gOHM). Our focus is to execute these strategies so as to further the continued development of the DAO’s treasury.
The treasury contract itself is a vault that holds all of the assets used to purchase BOC. The treasury contract is to be guarded by a 4 of 7 multisig. That means any transaction for the treasury must be approved by at least 4 signers, of which we have 7 signers in total. The operation security for our treasury assets is thus protected from a single actor going rogue, because it takes a quorum of 4 to authorize any transaction like moving funds in and out. Note that the DAO and the Treasury signers are the same, since the DAO is the manager of the Treasury contract.
BOC token holders can stake to earn token rebase rewards. This system maintains a stable intrinsic value and reduces the incentive role of appreciation in favor of accumulation . Our launch strategy was to keep it as fair as possible without VCs as we attempt to create the largest DAO on Cronos. Our NFT sales are to begin building our treasury. We will launch the BOC DAO with any sale number, and our future protocols will continue to add to our treasury! Our NFTs are our pre-sale before we launch our app on January 20, 2022. Everyone that has come across Bank Of Cronos is whitelisted, whether you choose to participate is your choice alone, as you are receiving the BOC token at a discount. We will continue to try educating and enhancing our Docs and add Medium posts as we continue through our journey!
Authored by: NewageSage
The information provided in this Medium Post pertaining to the BOC,
Inc. (“Bank Of Cronos” or the “Company”), its crypto-assets, business assets,
strategy, and operations, is for general informational purposes only and is not
a formal offer to sell or a solicitation of an offer to buy any securities,
options, futures, or other derivatives related to securities in any
jurisdiction and its content is not prescribed by securities laws. Information
contained in this Medium Post should not be relied upon as advice to buy or
sell or hold such securities or as an offer to sell such securities. This
Medium Post does not take into account nor does it provide any tax, legal or
investment advice or opinion regarding the specific investment objectives or
financial situation of any person. BOC and its agents, advisors,
directors, officers, employees and shareholders make no representation or
warranties, expressed or implied, as to the accuracy of such information and BOC expressly disclaims any and all liability that may be based on such information
or errors or omissions thereof. BOC reserves the right to amend or
replace the information contained herein, in part or entirely, at any time, and
undertakes no obligation to provide the recipient with access to the amended
information or to notify the recipient thereof. The information contained in
this Medium Post supersedes any prior Medium Post or conversation concerning
the same, similar or related information. Any information, representations or
statements not contained herein shall not be relied upon for any purpose.
Neither BOC nor any of its representatives shall have any liability
whatsoever, under contract, tort, trust or otherwise, to you or any person
resulting from the use of the information in this Medium Post by you or any of
your representatives or for omissions from the information in this Medium Post.
Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters
discussed in this Medium Post.