Deliciously wrapped finance!
Bao (包) stands for a treasure or package. Something wonderful that is wrapped up in another layer. Bao buns, or in Chinese Baozi (包子) 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.
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We're Building a Crosschain DeFi Ecosystem
Bao is creating a multinetwork suite of applications that will provide services to DeFi users regardless of their preferred chains. We’ve already deployed our main project and franchised versions of it on xDai, Binance Smart Chain, and Polygon; with more planned in the future.
The Bao Vision
Traditional finance doesn’t work. For too long it’s been serving the wealthy suits while erecting barriers of entry for everyone else. They own the data, restrict the tools, and change the rules to always be in their favor. It’s time to not only give that power back to the people, but to create even more powerful tools that the old cumbersome system could never dream of.
At Bao Finance, we’re building a community composed of brilliant minds all seeking control of their own finances and building a new system that works for everyone. Synthetic assets allow us to create financial instruments and markets never seen before. If the data exists, so too can a marketplace for it - the possibilities are endless.
It all comes down to data. Most people aren’t aware that financial data is what makes institutions so powerful and why you can’t do what they do. This is why synthetics will matter. If you can get liquidity in any discrete quantifiable event, what have you created? The world’s most accurate financial data system. Financial data is used within insurance, lending, hedge funds, risk mitigation, banking, yield, mortgages, credit scores, etc.
Incentivised synthetics allow you to start building an open financial data market. Once you have synthetics, you own the financial data stream to anything because you can incentivise liquidity to make it more accurate. With this financial data stream you can start any DeFi business you want on top of it, or package and sell the data for others to build on. You become the foundation for the future of finance.
2022 Goals
Bao Finance is an open-source, fully community run project. Our native token, BAO, acts as a governance token that puts control in the hands of our community, otherwise know as the BaoDao.
Deploy Bao Markets
Hard Synthetics
Our intial deployment of Bao Markets will feature our first hard synth, baoUSD, a multi-collateralized stablecoin.
Deploy Bao Baskets
Soft Synthetics
Bao Baskets will be similar to our Polly Nests, but will feature the gas saving feature from PieDAO, the oven!
Bao Baskets as Collateral for baoUSD
Product Synergy
Using Bao Baskets as collateral for baoUSD, and future synthetics, allows users to leverage yield bearing assets as collateral to mint synthetics.
Token Migration
BAOv2
We will migrate to a new token contract to alleviate some of the issues that our v1 contract presented.
veBAO and Staking
Improved Distribution Model and Rewards
veBAO will introduce a new rewards mechanic that will incentivize users to lock their tokens for extended periods of time. All rewards will go through veBAO.
Basket Strategies
New Strategies and Integrations
We will focus on developing new strategies and integrations for our Bao Baskets so that we can maximize yield and diversify exposure.
Improve Hard Synths
New Synth and More Collateral Types
Develop a new synthetic for Bao Markets as well as introduce more collateral types.
Improved Governance
On-chain Governance
Implement Governance Bravo. Governance Bravo is the governance system developed and used by Compound Protocol.
Deploy Hard Synths on Polly
Polygon Franchise
Deploy our hard synth market to our Polly franchise on Polygon.
Phase 1 of Permissionless Baskets
Build Your Own Basket
Our soft synths, Baskets and Nests, will become a permissionless platform over time. Users will have the ability to create their own Basket compositions, as well as choose custom strategies for them. Phase 1 will allow users to create their own Baskets and choose from a predetermined list of strategies.
Bao Labs
New Galaxy
Bao Labs will be a galaxy with the sole function of researching and developing new synthetic assets for our Bao Markets.
Balancing, Automation, and Options
Our community wants to build innovative products on top of this cutting-edge technology and create serious competition for the established giants – together. Goodbye Big Banks.
Hello BaoBanks.
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Synthetics
Soft and hard synthetics that utilize LP tokens as collateral.
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Robo
Auto-balancer system that will manage a users synthetics, futures and LP positions.
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Lending
Lending pools which will utilize LP tokens as collateral.
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Advanced Features
Options, perpetual futures, margin trading and limit orders utilizing LP tokens as collateral.
FAQ
What are synthetics?
Synthetic assets are an important part of a decentralized ecosystem. They allow decentralized infrastructure to offer assets that track the price of any system.
How do they work?
What's the difference between soft and hard synthetics?
How does Bao do synthetics differently?
