Dec 31, 2021
The Bank Of Cronos is here.
Starting January 3rd 2022, an exclusive NFT sale will be live to mark the Initial Public NFT Offering for the Bank Of Cronos. BOC tokens will be airdropped to the lucky few who mint these NFTS by January 20th 2022.
The Bank Of Cronos will launch its first DeFi protocol, the BOC DAO with the BOC token on January 20th 2022. The BOC DAO will be a fork of the Olympus DAO which allows users to stake/bond the BOC token. The BOC treasury will consist of DAI, USDC, BOC/DAI LP, BOC/USDC LP to start and will look to release ETH, BTC, CRO, gOHM, TIME etc. bonds in the near future.
The Bank Of Cronos and BOC token hope to achieve an independently valued digital currency. The goal is to develop and establish a currency that retains purchasing power through the present and into the future. There has been a recent wave of algorithmic stablecoins being produced and offered that seek to emulate a dollar peg without collateral, or less than a 1:1 backing. While functional stablecoins may still be able to achieve a stable USD value, that does not mean they are stable in purchasing power. The Bank of Cronos DAO differs and further improves on creating and achieving a true stablecoin by maintaining a floating market driven price, doing so by backing each BOC token with 1 DAI/USDC in the treasury.
A BOC token is minted only when 1 DAI/USDC is passed through our protocol. By doing so, Bank Of Cronos ensures that users no longer need to go through a multitude of DeFi bonds and/or swap platforms. Bank Of Cronos has eliminated the need to rely on swapping supported tokens only, so that any participating user can purchase a BOC with ease while also saving the user from constantly having to pay exuberant fees.
The protocol itself retains a DAI/USDC for each token and thus enables BOC to not trade below its intrinsic value. Since the protocol can and will buy indefinitely below 1 DAI/USDC until no sales are left to be made, regardless if the supply is reduced to zero, we have enabled investments to be made with a defined risk by setting 1 DAI/USDC as a guaranteed long-term price floor.
Staking is the profit distribution mechanism of Bank Of Cronos and designed as the dominant strategy for participating users and is how we will distribute profits equitably to participants. Bonding is the process of trading an LP share to the protocol for BOC. The protocol quotes an amount of BOC and a vesting period for the trade. Bonds enable one to purchase BOC at a lower cost basis. In return for selling your LP tokens, the protocol will sell you BOC at a discount because we want to incentivize participating users to provide liquidity.
Bank Of Cronos DAO consists of its protocol managed treasury, protocol owned liquidity (POL), bond mechanism, and staking rewards that are designed to control supply expansion. Bond sales generate profit for the protocol and the treasury uses the profit to distribute them to stakers. With liquidity bonds the protocol is able to accumulate its own liquidity.
We are starting with DAI and USDC because USD is both familiar and common, and we want to minimize complexity in this initial stage. Plus, DAI and USDC enjoy some of the highest liquidity in DeFi and Cronos. BOC will be most successful if it is positioned as a USD-alternative primitive for DeFi and we will work hard to get BOC integrated into money markets, DEX pairs, and yield farming protocols. We will also encourage its use as an alternative to holding USD so that one can eventually quote prices in BOC and our expectation for the price to be sustained through the future.
In the days, weeks and months to come, Bank Of Cronos will be creating and adding more stories on our Medium page to help further convey our progress, strategies being deployed, and extensive breakdowns about everything and anything about our protocols. We will do as much as we can to realize this goal and ultimately rely and call upon the support of you, the community, to embark on this journey with us in sustaining a true decentralized reserve currency.
Authored by: NewageSage
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