Bank Of Cronos Treasury Deconstructed

Bank Of Cronos
4 min readJan 9, 2022


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

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