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Bao Finance  


BAO Price:
$48.1 K
All Time High:
Market Cap:
$11.9 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #BAO today is $0.000114 USD.

The lowest BAO price for this period was $0, the highest was $0.000114, and the exact current price of one BAO crypto coin is $0.00011375.

The all-time high BAO coin price was $0.00327.

Use our custom price calculator to see the hypothetical price of BAO with market cap of ETH and how the supply affects the price of BAO at different market capitalizations.


The code for Bao Finance crypto currency is #BAO.

Bao Finance is 1.7 years old.


The current market capitalization for Bao Finance is $11,941,478.

Bao Finance is ranking downwards to #530 out of all coins, by market cap (and other factors).


There is a modest daily trading volume on #BAO.

Today's 24-hour trading volume across all exchanges for Bao Finance is $48,112.


The circulating supply of BAO is 104,982,207,692 coins, which is 11% of the total coin supply.

Bao Finance has a relatively large supply of coins, 864 times larger than Ethereum's supply, as an example.


BAO is a token on the Ethereum blockchain, and has digital contracts with 1 other blockchain.

See list of the BAO Blockchain contracts with 2 different blockchains.


BAO is available on several crypto currency exchanges.

View #BAO trading pairs and crypto exchanges that currently support #BAO purchase.


Note that there are multiple coins that share the code #BAO, and you can view them on our BAO disambiguation page.



BAO Finance -Treasury Update

Written by 50, Treasury galaxy contributor Hello BAO fam! Over the past weeks the treasury galaxy has been working on an initiative to update the stance of the treasury into one that is best equipped to earn bear market resistant yield, and fund DAO operations far into the future. In this article, we will be detailing the new philosophy of the treasury team, and sharing some of the insights we gained along the way. Yield-farming maximalism Due to the notoriously volatile state of the crypto ecosystem, the treasury galaxy has decided that a strict *no trading* policy will be adhered to (meaning the treasury galaxy will not try to time the market in the hope to realize gains on bluechip DeFi tokens, nor will we gamble treasury value on highly speculative crypto assets). From here on out, the positions taken will be exclusively focused on providing liquidity to stable pools in addition to yield farming on Eth — with the goal being to maintain the team runway in perpetuity. Previous allocations For the past few months, the treasury funds have mostly sat in the RAI3crv pool on curve earning a healthy double-digit APR — however, with recent governance concerns rising within Reflexer Lab DAO and the fact Bao Finance held more than 25% of RAI liquidity on Curve, we decided that it would be a wise choice to diversify our treasury holdings to mitigate the risk of RAI/FLX exposure. Just tell us the positions! Okay okay, here: We will hold; $1m in stablecoin positions, split evenly between four pools, 80 Eth in farming positions, split between two pools, 80 Eth in farming positions, split between two pools Given current market volatility, we decided that in order to keep our runway safe we would maintain a ‘risk-off’ stance from now into the foreseeable future. This means a heavy weighting into stablecoins as opposed to market-exposed assets such as Eth and governance tokens. For further risk mitigation we deployed our stablecoin holdings across four carefully selected LPs. Not-so-stable coins In light of the recent Luna/UST implosion, the team spent many an hour reviewing and re-reviewing the pros and cons of each individual stablecoin. Our guiding principles for selection were; No undercollateralised coins., High-quality collateral only., Decentralisation where possible., During our dive into the stablecoin ecosystem we encountered some interesting information about the options currently available. First and foremost is the tradeoff between decentralisation and liquidity; in an ideal world we would be able to interact with stablecoins in such a way that no third party risk is harboured, however in the current climate we found that simply wasn’t practical. Sadly, the most liquid and widely adopted stables tend to carry the risk of centralisation (USDC is a prime example), however given the lack of viable alternatives we decided that a hybrid approach was the best way to handle the situation. Exposure is therefore split between high liquidity/high centralisation and lower liquidity/lower centralisation positions. As the ecosystem continues to expand we can expect the situation to improve, and the team will be closely monitoring the available options. More excel sheets. Hurray! To sum up… The updated treasury positions mean that the team can continue building while having to worry less about market volatility and runway, so we can ship the new generation of BAO products as quickly and effectively as possible. We’ve been hard at work behind the scenes and this is one important step towards our grand vision — we are super excited to share what we’ve been up to, so stay tuned! :) BAO Finance -Treasury Update was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

Bao Q2 Update

Taken from a slide in the June community call. Key: Now that July has come to a close, it’s time to look back at the progress made in Q2 of 2022 and what we expect to see in the coming quarter. — Bao Baskets / bSTBL launch. — Bao Baskets are a flexible synthetic building block that “wrap” tokens, allowing the underlying assets to be used in various ways while the “wrapper” or basket token stays where it is. In June, Bao released the first version of Bao Baskets on Ethereum main net, with bSTBL as the first basket — The Bao Stable Basket provides a way to earn yield and diversify counterparty risk on stable assets. Shortly afterward, a governance vote passed to reduce the fees for bSTBL to 0 and add it as collateral to Bao Markets so that it could fulfill its primary use case as collateral for baoUSD. The community has designed bSTBL so that it could be effective collateral regardless of the depth of liquidity available for the token. Instead, the underlying assets have deep liquidity and chainlink price feeds so that liquidators can easily calculate the value of bSTBL and liquidate at-risk positions. — bSTBL as collateral and fee removal. — The most recent product change has seen bSTBL added as collateral to baoUSD and all fees associated with bSTBL reduced to ZERO! Bao wants bSTBL to act as low-risk yield-bearing collateral for baoUSD, but fees add friction to its use as collateral. The community decided it was best to eliminate them and allow baoUSD to grow unimpeded. We see it as a win-win because users will enjoy collecting all the yield earned on their positions, while baoUSD generates revenue for Bao holders. — Governance Galaxy. — The Maintainer Galaxies 2022 Agenda saw the community mandated to create a new galaxy to help manage the governance process. That process is now complete with Chickn, Baowolf, and Fabiaz as its guardians and Jester and Nox as contributors. You can view the full proposal to see other responsibilities the new galaxy will take on. — Mission vision and values. — As the DAO continues to decentralize, Varyints initiated a concept to establish our mission, vision, and values. By making them set and clear, we will have a united community pushing towards the same goal, and the project will become easier to understand and explain. — Polly finance updates. — Polly Finance continues to prove its worth in the Bao ecosystem by providing valuable feedback on deploying soft synthetics for Bao and in the future. We also strengthened our relationship with Chainlink, whose price feed integrations are integral to making them safe to integrate with our products of other Defi projects. The community proposed several changes to nests on Polly Finance in line with their learnings, which the Galaxies promptly implemented. nDEFI now takes a new streamlined form. New nINFRA and nPoly nests focus on Polygon infrastructure and ecosystem tokens, respectively. All nests now exclusively include tokens with chainlink price feeds and good liquidity available on the polygon network to improve their composability with the rest of Defi. — Treasury Analytics. — Varyints, an occasional contributor for the DAO, has kindly created a Dune Analytics dashboard for the Bao treasury. During the latest downturn, the community thought it was essential to be more transparent with our treasury, to reassure holders that it has been managed adequately. You can view Varyints work here: — Team Changes. — The Bao Guardians have been continuing to evolve over the last quarter. Nox and Jester have continued to increase their responsibilities at Bao after being added as contributors in Q1. Both recently were voted in by the community as guardians for the Smart Contract and Community galaxies. FreshPizza, who has led the development of Bao Baskets and Bao Markets, will also be decreasing his involvement with Bao to concentrate on his new project Adeptus Digitales — a liquidity and exchange aggregation protocol on StarkNet. Pizza started his solidity development journey with Bao in the QA Galaxy, having had no prior professional experience. His talents evolved quickly, and it wasn’t long before there was a live governance vote to promote him to a guardian of the smart contract galaxy, where he led several development activities. While we will be sad to be spending less time with Pizza, we are also excited about the possibilities of working together with Adeptus Digitales and FreshPizza in the future, should Bao decide to deploy on the same network. It’s also rewarding to see a trail has already been blazed for others to follow with Bao, going from a community member to contributor, then guardian, and eventually having the skillset to start your own project. — Next Steps for baoUSD. — Working on both baoUSD and bSTBL has meant many hours of research into other stablecoins on the market. We found a wide range of offerings that all made compromises in one way or another, balancing between the 3 points of the stablecoin trilemma: decentralization, capital efficiency, and peg stability. Optimizing one aspect usually leads to the degradation of another and has long been a thorn in the side of stablecoin designers. Guardians have been thinking about exactly how baoUSD could optimize each aspect and turn it into a product with a real market fit. This process throws up all sorts of interesting questions that will need to be agreed upon via governance before forging our path forwards. Making baoUSD immutable and trying to improve on capital efficiency and peg stability compared to other immutable stables has been the focus of conversation so far, but we would love to have some more discussions with the community about what could work before creating a proposal with a route forward for the communities approval. If you are interested in participating in discussions, we would love to hear your thoughts on our discord server. — veBAO, token migration, and unlocking.. — The passing of BIP-14 with a 99.9% majority was a positive result for the BAO community, which had spent many months evaluating models for unlocking tokens. The community chose to keep their tokens locked until a sustainable plan for unlocking and staking could be found in BIP-6. Smart Contract, Governance, and Community Galaxies all worked together to plan a veBAO staking model, similar to curve finance, and how it should be optimally applied to Bao’s products. — Bao is hiring. — With FreshPizza reducing his time spent with Bao, we will be on the lookout for an additional smart contract developer. If you are interested in applying, you can use the #apply-to-bao channel on our discord server. We also hope to expand the Front End Galaxy, so welcome applications with web3 expertise. Our community prides itself in supporting each other’s development. If you have no professional experience, you should be able to get the skills you need by asking questions on our discord server. Guardians are always happy to advise, share learning resources, and set tasks suited to your ability level. Bao Q2 Update was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

Bao Finance Has Integrated Chainlink Price Feeds To Help Secure Synthetic Assets

We’re excited to announce that Bao Finance — a synthetics protocol that enables anyone to build tokens pegged to any numerical data feed — has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, Bao Finance now has access to high-quality, tamper-proof price feeds needed to create secure synthetic assets that reliably flag at-risk collateral for liquidations. This will provide our users with stronger assurances that the protocol will remain solvent and that the data used for synthetic token prices is not possible to manipulate. Our initial integration involves the use of ETH and USDC-based feeds for collateral on Bao Markets. A corresponding Chainlink Price Feed is also a requirement for tokens included in a Bao Basket, as high-quality price data is needed to reliably use any asset as collateral on Bao Markets. Our first Bao Basket, bSTBL uses USDC, DAI, and RAI based price feeds to calculate its Net Asset Value. Bao Baskets are an easy way to gain yield-bearing, rebalancing exposure to crypto on the Ethereum network. Our first basket, bSTBL, represents ownership of an equal split of USDC, DAI, and RAI, which is deposited into other protocols to earn yield. In the future, we plan to implement novel functionality that enables users to create their own baskets with custom yield farming and rebalancing strategies. Bao Markets help users mint synthetic tokens backed by Bao Baskets and other approved collaterals. The first synthetic token on our platform, baoUSD, is already available. It enables users to keep exposure to their preferred digital assets by locking them as collateral and receiving baoUSD to be spent however they choose. However, users must keep in mind Bao Finance’s collateral requirements, or they may be at risk of liquidation. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. To help secure our synthetic asset protocol, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application. After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as: High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges., Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages., Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network., Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify node operators’ historical and real-time performance and oracle networks., In the future, we expect to continue to integrate many more Chainlink Price Feeds as we expand to new EVM chains and enable the creation of new synthetic tokens. About Chainlink Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. Learn more about Chainlink by visiting or reading the developer documentation at To discuss an integration, reach out to an expert. About Bao Finance Bao Finance is a dao-governed project completely run by its community. Our vision is to allow the creation of accurate, consumable data streams in the form of synthetics, to move the power of information from institutions to individuals. We are building a platform so anyone can create synthetic tokens that represent any kind of data. Synthetics will be backed by liquidity to ensure their accuracy, making the most accurate data the most highly valued. This new, open financial data stream, will enable the creation of novel markets and DeFi projects. You can learn more about Bao by visiting, reading the documentation at, or by coming to our discord server and asking questions Bao Finance Has Integrated Chainlink Price Feeds To Help Secure Synthetic Assets was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

BAO Treasury Plan and Treasury update (06/18

BAO Treasury Plan and Treasury update (06/18/2022) - — Introduction - On March 5th, 2022, the unanimous passing of BIP-9 officially marked the creation of the Treasury Galaxy. In the BIP, the Treasury Galaxy was given 120 days to define a proper risk management strategy and to update the DAO with their plan. Since then, the Treasury Galaxy has been hard at work creating a plan to ensure BAO can meet its operating expenses through a prolonged bear market while still providing positive risk-adjusted returns to grow the DAO’s treasury. — Approved Protocols - The Treasury Galaxy plans to use the following list of protocols in their ongoing management of treasury funds: Convex, Curve, Yearn, Lido, Rocketpool, BAO Synthetic Markets and BAO Baskets, — Strategies - The treasury is currently staking the majority of stablecoin reserves (1M) in the RAI+3CRV pool at Convex Finance earning both CRV and CVX tokens. As our stable reserves grow, we will also continue to accumulate more CRV and CVX. CVX tokens will be locked in 16 week periods on Convex Finance earning platform fees as well as bribes for gauge weighting votes on Curve. CRV tokens will either be swapped to ETH or stables or will be swapped to CVX and locked in the Convex strategy previously mentioned. — State of the Treasury - Current monthly operating expenses are around $52,150. This comes from a combination of salaries ($33,150/month) and galaxy budgets (maximum of $19,000/month). Galaxy budgets will likely be less than this on a month-to-month basis as not all galaxies will fully spend their allocated budgets and therefore will not need additional resources from the treasury. We expect the monthly salary expense to increase as the DAO continues to onboard guardians over the next year. — Long Term Goals - 3-year runway In order to reduce the risk of insolvency in a bear market, we are aiming to build up a 3-year runway in stablecoins and bluechip tokens. This will include a combination of liquid stables and stable reserves held in liquidity pools. Regarding all of the recent scrutiny around stablecoins, it is important to note that the BAO Treasury will never be involved with or hold undercollateralized stables. This is an important line to draw to reduce the risk of depeg events. We currently have a runaway of around 36 to 40 months, not accounting possible new protocol revenue coming from BAO Markets or any franchise revenues. We do not include any BAO in our treasury valuation as we aren’t considering selling the BAO token held by the treasury and truly consider this as illiquid. Risk Management The treasury galaxy will seek to actively manage treasury funds using strategies through the use of the protocols listed in the Approved Protocols section. Quarterly Updates The treasury galaxy plans to provide quarterly updates on the state of the treasury to the DAO. This will include a cash flow statement, balance sheet, income statement, and an update on treasury risks. Consolidation of Funds Currently, treasury funds are centralized in the Treasury Multisig, but certain low liquidity or illiquid liquidity pool tokens are still scattered across multiple chains. The Treasury Galaxy will seek to consolidate all treasury funds if possible to the Treasury Multisig (BaoTreasury.ETH). The team also plans to keep the list of approved protocols small to ensure ease of management and tracking. Decentralization The role of the treasury galaxy is to ensure that the DAO maintains a sufficient cash flow and proper risk allocation to ensure the long-term health of BAO Finance. The galaxy will be tasked with the following responsibilities: Consolidating and centralizing liquidity from all revenue sources and franchises., Create and maintain proper risk management strategies to manage excess treasury funds., Maintain sufficient levels of short-term liquidity to cover the operating expenses of the DAO., Facilitate the payment of grants, salaries, bounties, and operating expenses., Create projections to forecast cash flows and treasury balances., Provide the DAO with pay scales for the onboarding of new guardians that are in line with similar pay scales across the broad Defi ecosystem., Publish quarterly/annual summary reports, The BAO treasury is currently set up as a 5-of-8 multisig with the following signers : Baowolf, Baoman, Chickn, Vital, Fresh Pizza, Fabiaz84, Vex, 0xC0le, State of the treasury (As of 06/18/2022) Our liquid assets for the treasury are worth around 1.655M$. You can find the detailed composition of our treasury here :BAO Treasury compositionsDetailed composition BAO Treasury Plan and Treasury update (06/18 was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

Bao Baskets (Soft Synths) Launch with bSTBL

At BAO we believe that DeFi should be built for everyone. Crypto is too technical and time-consuming to navigate for normal users and full of hidden risks. Many users still opt to use centralized solutions because the barrier to entry is too high for DeFi. Bao Baskets help address this problem by removing some of the pain points. — What are Bao Baskets? - A Basket (soft synth) is a token that represents a group of underlying tokens. Bao has taken this concept and used it to create an automated portfolio management platform. Basket tokens are backed by, and can be redeemed for underlying assets. The underlying assets can be deposited into other protocols to earn yield, and rebalanced without the token in your wallet ever moving. The first release will allow users to choose from a list of DAO managed baskets, with future versions planned to open up the platform so anyone can choose their own composition, rebalance schedule and yield strategies. Today sees the launch of Bao Baskets on Ethereum main net, and our first basket bSTBL, designed to fix many of the issues users face when using stablecoins. — Introducing bSTBL - Since the purpose of stablecoins is to provide stability, we believe they should be designed with safety in mind. Recent market events surrounding UST/LUNA have attracted the attention of market regulators, highlighting the need for us as an industry to do better with the safety of our products. Choosing which stablecoins to use can be a challenge too, even for DeFi veterans. Every stablecoin has risks attached to it that aren’t always obvious. Choosing where to earn yield with them can be just as challenging and even more time-consuming as every new deposit opens up an entirely new set of risks that need to be successfully identified and evaluated. On top of all of these issues, each time you swap to a different token to protect your capital or deposit into a new protocol to earn yield, they are likely taxable events, opening a whole new can of worms. bSTBL can fix all of these problems for its holders. By constantly evaluating and spreading risk between the industries’ safest, fully backed stablecoins, then depositing them into battle-tested yield farms we can make earning yield on stable coins low risk, low effort, and capital efficient for holders. Ideal for everyone from retail users to institutions and other treasuries looking for a safe and decentralized way to protect and grow their wealth. BAO holders will vote on the composition of bSTBL with the goal of making it as low risk as possible. They will also decide which protocols to approve for earning yield, and what fees to apply. It is their responsibility to make sure choices are optimal so the bSTBL token can prosper. To begin with, bSTBL will start with equal portions of USDC, DAI, and RAI which will all be deposited into AAVE to earn yield. — What’s next for Bao Baskets - Now that the first basket is live on main net, members of the Bao community will be concentrating on adding it as collateral for baoUSD on Bao Markets. Stablecoins are less volatile when they are backed by other similar assets — It’s easier to profit from arbitrage when slightly off peg for example. Arbitrageurs can provide another stable as collateral and mint to sell when above peg, or buy back and repay when below peg. Choosing the best stables to provide some of the backing for our own stablecoin isn’t easy — as discussed above, they all have risk attached and the market is still young. bSTBL provides an excellent way for BAO to spread risk between multiple underlying assets that can be easily changed via governance if the market shifts, while providing yield at the same time for collateral providers, opening up some new use cases. Self repaying loans: the bSTBL you deposit to Bao Markets will earn more interest than is being paid to mint and borrow baoUSD. You can spend much of the value of your collateral while it is gradually replaced by the additional interest being earned, Leverage your yield: Instead of spending the baoUSD you mint, you could sell it for more collateral then repeat the process, increasing your overall return with little risk of liquidation, — Useful Links - Bao app: Docs: Discord: Twitter: Bao Baskets (Soft Synths) Launch with bSTBL was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

Q1 2022 Update

2022 has seen Bao continue to step up the pace, hitting multiple milestones in Q1. If you haven’t been able to keep up, then this article is for you. At the start of the year we agreed with the community some goals for 2022 via governance, we’ll go through each of them and update you on our progress as well as any other achievements in Q1. — 01. Deploy Bao Markets on Ethereum main net — COMPLETE - Our new synthetics platform Bao Markets is now live in alpha testing. You can use USDC or ETH to mint baoUSD, a dollar pegged stablecoin. There are no incentives or farms for using it, yet. We have purposely chosen to launch slowly. Don’t worry though, it won’t always be like that. We have big plans. To make sure we can go far, we need to make sure the foundations are solid first. Over time we will add a farm for the curve pool to boost liquidity and stability, increase collateral factors and add use cases for Bao USD beyond what you are used to seeing from other stablecoins — Markets will provide a powerful building block for our vision of building a platform allowing the creation of synthetic assets linked to any data. You can try out Bao Markets here: Documentation is here: Guides are here: You can find the BaoUSD curve pool here: — 02. Deploy Bao Baskets on Ethereum Mainnet - Now we have hard synths on mainnet, the next goal is to release soft synths (Bao Baskets) there too. We have already made a lot of progress towards that goal and expect them to go live in the next few weeks with 2 nests — bDEFI and bSTBL. bDEFI will be a basket of the the top 12 Ethereum focussed projects by TVL (Total Value Locked) and nSTBL will bSTBL will be a basket of yield bearing stablecoins, preferring decentralized options where possible (If there is a good yield option for them) You can find more information on Bao Baskets in the governance proposal to approve their implementation here: — 03. Bao Baskets as collateral for hard synths - As soon as Bao baskets are live on mainnet, we can add them as collateral for hard synths. It will be the first time we have seen the two products working together — they compliment each other nicely. Anyone will be able to mint synthetics backed by their yield bearing, automatically managed portfolio. We will start with pre-made baskets and work towards opening up the platform so you can choose any tokens you want, then pick some yield options, weightings and a rebalance strategy. The potential for use cases is boundless, allowing new yield farming strategies that aren’t currently possible, or required many steps across multiple protocols. — 04. Audit of Synth Contracts - As soon as hard synths were launched we added a $100k bounty to Immunefi. So far there have been no vulnerabilities flagged. We are also currently investigating hiring a high quality professional audit firm to look over the contracts too. — 05 & 06. Token Migration and veBAO - The token migration and veBAO are still in the planning phase, discussions between galaxy members and the community continue to happen as we work towards a proposal, which we hope to have ready in the next few weeks. When thinking about veBAO and a token migration we have 3 key areas to get right: What exactly do we need to achieve with a token migration and is it worth any pain we go through to get there?, Where should revenue/incentives go?, How do we deal with unlocking locked tokens?, Right now we see a token migration as necessary because it will allow us to consolidate BAO and BAOcx, as well as reduce the supply 10:1 or 100:1 so that we are able to use the veToken contracts that have already been developed. Revenue/ incentives could be used in a number of different ways: funding the treasury, incentivizing product usage, governance, token locking, LPs, burning BAO. We probably need to be very selective with what we choose because we want incentives to be enough that it will change behavior. For example, if there is $100 to share and LPs get 10%, $10 is not going to be enough to change behavior towards wanting to LP vs not having anything. Locked tokens will be interesting too. The community will need to decide how to unlock 95% of the supply in a way that keeps the project and as many people as happy as possible. We are expecting the above to be a hot topic of conversation over the next month or so while the community comes up with a concept then proposal to be approved. If tokenomics is something that is of interest to you, come and join the discussion on discord — now is your chance to help shape the future of Bao’s. — 07. Develop New Strategies and Integrations for Soft Synths - New strategies have already been approved via governance at the same time the Bao Baskets implementation was approved. Work will start on them after Baskets are live on mainnet. The projects that baskets have been approved to integrate with already are: Yearn Finance, Convex, Rari Capital, We will continue to look for other suitable opportunities on an ongoing basis. — 08. Introduce More Collateral types For Hard Synths - We have plans eventually to allow many different collateral types and this will start to come more into focus later in the year. — 09. Develop New Synth on Eth Main Net - There have been plenty of discussions about what synth we could implement next, but we will wait until closer to the time it will be implemented to make any concrete plans — 10. Governor Bravo implementation - No updates so far. — 11. Deploy Hard Synths on Polygon - Hard synths being deployed on Polygon will likely happen after Baskets are released on main net and have been added as collateral to Markets. — 12. Begin Development on Permissionless Soft Synths - The first step we have taken towards this is to work on automated rebalancing, which is a key part of being able to make nests permissionless as well as reducing overheads for us in the meantime. We expect Baskets to launch on mainnet with automated rebalancing live on day 1. Being able to create your own baskets and choosing yield options for them are most likely going to be released in 2023 — 13. Creation of Bao Labs Galaxy - Expect to see a proposal in the next few weeks! There has already been some work done that would fall under a Bao labs Galaxy with the implementation of the Delphi oracle, so we will formally propose a structure for it very soon. — Other Updates - Besides our primary goals for the year, there are plenty of other updates too — Its been a busy quarter at Bao Dao! — Open Bao Dao. — Opening the Dao has been seen as an important step for a while. We wanted to stimulate more participation from the community by making the contribution and application processes as clear and easy as possible. This will help us to continue moving towards a more decentralized structure, where all aspects of the Dao are run by the community through self organized “galaxies”. We used a working group from the community to help us create a complete structure for anyone to very easily contribute to the Dao. There is a public job board, dedicated discord channels for collaboration, learning and applying for roles, and some detailed documentation to help guide you. The initiative has had a great start — there have been lots of applications for roles, the community has been increasing participation, and a couple of contributor roles have already been awarded. — New Treasury Galaxy. — We recently saw the creation of a new treasury galaxy. Its role is to ensure that the DAO maintains a sufficient cash flow and proper risk allocation to ensure the long-term health of BAO Finance. The galaxy will be tasked with the following responsibilities: Consolidate liquidity from all revenue sources and franchises, Create and maintain proper risk management strategies to manage excess treasury funds, Maintain sufficient levels of short-term liquidity to cover the operating expenses of the DAO, Facilitate the payment of grants, salaries, bounties, and operating expenses, Create projections to forecast cash flows and treasury balances, Provide the DAO with pay scales for the onboarding of new guardians that are in line with similar pay scales across the broad Defi ecosystem, Publish quarterly/annual summary reports, The ever dependable Baowolf has been put in charge of the galaxy, with Baoman and Chickn as guardians and a new contributor 0xCole. — Delphi. — Just last week we released another key building block that will help get us towards our vision of synths linked to any data — a new oracle built on top of chainlink. A Delphi oracle’s data feed is essentially the result of an expression. The expression evaluator supports both arithmetic and boolean operators, and its variables represent ChainLink aggregator results. ChainLink provides the oracles’ base data, and their expressions transform that data into new information and insights. — New Governance Galaxy. — As part of the maintainer galaxy’s annual agenda, they tasked the DAO with creating a new Governance Galaxy to manage the governance process, support in its documentation and focus on engaging the community and other stakeholders in each proposal to increase involvement in governance. In the last week we have seen a concept posted on the forum for the new governance galaxy, which will pass through the governance process in the next few weeks. You can find the concept here: — Team Expansion. — Q1 has seen a number of new galaxy members join us as contributors: Jester (Community Galaxy), N0xmare (Smart Contract Galaxy), 0xc0le (treasury Galaxy), The success we have had building a team is something we should be proud of. Every person with a role in the DAO has come from within the community and have earned their roles on merit. This is something we would like to continue by supporting anyone who is interested and enthusiastic to go from 0 to full time crypto, even if they do not yet have the skills required. If that sounds interesting to you, come and ask some questions on the discord server. Q1 2022 Update was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.


Written by Vex, edited by Chickn In ancient Greece, the people considered the center of the world to be in Delphi. Many journeyed to the city’s oracle for help when making important decisions.While most came to it seeking advice, in doing so, they also left their learnings behind for future visitors. We named this tool after the famous city because it enables anyone to easily create management-free oracles that anyone visiting after is able to use. Delphi will be a critical piece of our ultimate vision of synthetic tokens linked to any data. A Delphi oracle’s data feed is essentially the result of an expression. The expression evaluator supports both arithmetic and boolean operators, and its variables represent ChainLink aggregator results. ChainLink provides the oracles’ base data, and their expressions transform that data into new information and insights. — But… why? - Good question! Delphi is a feeless and permission less tool, not a protocol. Without an application, it is just a cool toy. Thankfully, we’ve got the perfect use-case. At Bao Finance, we’re working on our Markets protocol — a collateral debt position (CDP) style synthetic asset issuer. Recently, we deployed Markets along with baoUSD, the flagship synthetic asset of the protocol. Now that we’ve got a way to collateralize and issue our synthetics, we can use that lego brick to build more on top of it.Delphi will become a key lego brick we can use to build our vision of synthetics linked to any data With Delphi, anyone can create oracles that represent creative, unique positions, all without the need to write any code. In the UI, the oracle creation dashboard lets you designate an expression that will be stored in the oracle contract. Each time the latest value is fetched, your expression will be evaluated and the result will be the oracle’s answer. A simple but powerful adaptation to data feeds that open up countless new use cases. Variables in this expression represent ChainLink aggregator results and/or constants. By using ChainLink, we can ensure that Delphi Oracles are provided with the most reliable, secure and accurate on-chain data available. Because of the near endless possibilities and its reliance on ChainLink for data, Delphi is perfect for creating secure oracles for synthetic assets that represent obscure positions. Squared ETH, ETH vs. BTC Market Cap, or Inverse Oil? No problem!Delphi UI — Oracle Creation (Early test version) Because the expressions can also include boolean logic, piecewise functions can be defined using the ternary operator. For example, an oracle could be created to adjust a synthetic’s price from 2x to 4x OIL based on a constant price threshold.Example piecewise exposure adjustment function for OIL/USD — Explorer - The Delphi explorer shows oracles that have been curated by the protocol and offers a search function for all other oracles. Here, you can view the expressions of existing oracles as well as 90 day historical data that starts when the oracle is deployed.Delphi UI — Explorer (Early test version) — Integrating into BAO Markets - There are a few steps we’ll need to take before Delphi’s oracles power BAO’s synthetics. To begin with, Delphi needs to be tested thoroughly and audited. After that, a formal process for creating synthetics supported by Delphi oracles must be established. The process for creating a synthetic based on a Delphi oracle could look something like this: Create a data feed on Delphi., Submit your data feed for audit., The audit process will involve rating the synthetic’s risk, ensuring that the expression is safe and modeling the potential price action of the synth based on existing historical data., Once the data feed has been audited and approved by the Testing & QA Galaxy and contributors, a governance vote will be presented for the DAO to approve the new synthetic., Once the governance vote passes, the team will configure and deploy the synthetic, and then the multisig will add it to BAO Markets., — Final Notes from Vex - To me, synthetic assets are exciting- the possibilities are endless. Delphi embraces that idea, offering a permission less playground for the creation of synthetic asset data feeds and a process for users to have their own synthetics listed on BAO’s Markets. I’ve had a blast learning and evolving with the BAO team over the past year, and it’s rewarding to see the original goals of the DAO start to take shape. We’re just getting started 😉 Delphi is an early idea and a functional proof of concept. I hope to be able to expand upon it with off-chain data provided by ChainLink, Uniswap style TWAP oracle support, more variable types, and overall provide the tool with as much customization potential as possible without compromising its security. If you’d like to contribute or report an issue, Delphi’s GitHub repos can be found at baofinance/delphi & baofinance/bao-ui. If you made it here, thanks for reading! Special shoutout to N0xMare for the initial idea and the BAO team for feedback throughout the initial stages of the development process. If you’re learning about BAO Finance from this article, consider joining our discord and checking out the project :) The testnet UI is located at Delphi still has to go through extensive testing before being deployed on mainnet, and we’ll likely find a few issues here and there over the next couple weeks. Delphi is licensed under GPL-3.0. 🔮🌜 Delphi was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

BIP 7 — Opening up BaoDAO

BIP 7 — Opening up BaoDAO - It’s been an eventful 2021 and this year we are excited about deploying new products across the BAO ecosystem. We are equally as excited to open up BaoDAO, launching the new structure and processes the community have created in BIP-7. The changes in BIP-7 will give us a framework so that the DAO can easily scale and make it much easier for the community to contribute to our success. In this article we will cover the new framework for scaling BaoDAO: How to contribute, Our plans for compensation to contributors, Bounties, Onboarding & progression within BaoDAO, How and when to create new Galaxies, How to submit new ideas, The new Galaxy monthly budgets and how they are managed., — Contributing - To organize tasks and ideas that the community can take on, we have deployed a new public job board that anyone can use to pick up jobs and contribute to BaoDAO — Everyone has equal access and opportunity to take on new jobs and tasks. The public job board can be found here: To participate in the public job board Bao members need to select a job that they are interested in, open it to find the appropriate contact for the job, and ping them on the BAO discord server in the relevant Galaxy’s public channel. The contact will discuss the next steps and move the task to “onboarding”, so that others looking at the board can see there is a Bao member working on it. — Code Contribution - BaoDAO uses Github as the central system of every code contribution. From smart contracts to UI, main net products or for our franchises, every code in production is public and is open to improvements and bug fixes by our Bao members. As such, we want to align with the best practices coming from Github and we will follow their Developer Contribution Guide — If you are interested in contributing to the front end or smart contract coding then check out our detailed documentation and introduce yourself on the discord server. — Compensation - There are no set rewards for contributors for individual tasks unless they are posted as a bounty, however each galaxy has a monthly budget and can choose to allocate it however they wish. If an individual provides value to a galaxy they will likely want to incentivize them to keep doing so, and reward them for their commitment. It is therefore expected that some of the monthly budget each galaxy has will be used to reward contributors on an ad hoc basis, based on the value provided. — Bounties - Bounties can be posted by the Galaxy Guardians if a task is deemed complex, seeks a specific skill set, or because the DAO needs extra capacity in a timely manner. Contributors can apply for a bounty but not guardians as they are core contributors and subject to regular payment by the DAO. Bounties will be posted on the discord server and in public channels like gitcoin. — Onboarding - We can begin with discussing the old process: community members from the discord who were active, showed good judgment, and demonstrate unique / valuable skills were onboarded as Baofriends. This role is voluntary and provides members access to additional channels to communicate and determine areas where they feel they can make the most impact. Baofriends who are consistent in their respective contributions were promoted by Galaxy members to the Galaxy they contribute the most to. This process is successful so far, however to scale we need to adapt. So we have created a new process for community member recruiting and growth: Image 1: Community member progression flow Go to the “apply to baodao” discord channel, Find a galaxy you want to contribute to, and interact to the message with the correct emoji, Follow the instructions in the application channel for that galaxy., Once accepted, you will be added as a contributor to the galaxy. You will need to prove yourself first, either by contributing before you apply, or completing trial tasks., You will be paired with a Guardian who will help you fit into the galaxy and get started., — Progression - After contributing to a galaxy for a period of time any member of the community can make a BIP to have a Contributor promoted to Galaxy Guardian. Promotions to Guardian should be reserved for individuals who are instrumental to the success of the galaxy & must have the support of the Galaxy in which the Contributor is to be promoted in order to ensure a harmonious working environment within the Galaxy. The DAO will reward new Galaxy Guardians with a small grant and regular payments can be negotiated in line with the contributions the Guardian is expecting to make on an ongoing basis. — Creating new Galaxies - If the Bao community member finds an area in which they would like to contribute but there isn’t a Galaxy present to address / serve that requirement, they can submit a BIP (Bao Improvement Proposal) to create a new Galaxy. The BIP should have the endorsement of one of the Guardians of any Galaxy to ensure that the creation of the new Galaxy is indeed a requirement for the DAO and a benefit for fellow Bao members. This Galaxy can be permanent or temporary and is tasked with a multisig wallet for operational funds of that Galaxy. If a Galaxy completes its task or the function of that Galaxy is no longer required, the Galaxy can be shut down by the community and the multisig and any funds will be transferred back to the DAO Treasury for future use. Currently the following galaxies are in place: Maintainer Galaxy, Community Galaxy, Front-End Galaxy, Smart-Contract Galaxy, Quality Assurance Galaxy, Creative Content Galaxy (formerly Art Galaxy), Treasury Galaxy, — Idea Submissions - If a Bao member has an idea they can create a post in the proposals and suggestions channel on Discord, with the details of the task they would like to see completed and create a thread from the post. A proposed task will need to follow a specific template in order to help the Galaxies capture the essence and details of the idea or task to be done: Summary:, Description:, Requirements: What would be needed in order to achieve the task (Proposal voted, budget, expertise, knowledge, etc.), Scope | Acceptance criteria: How can we define the task as a success?, If the job adds value it will be accepted and added to the public or team job board with a link to the thread so it can be easily followed up on. This process allows ideas to be discussed in public and for the conversation to be easily tracked. — Galaxy Budgets - Galaxies have been given a set amount they are approved to spend monthly: Maintainer Galaxy (5k) Community Galaxy (2.5k) Front-End Galaxy (2.5k) Smart Contract Galaxy (5k) Quality Assurance Galaxy (1k) Creative Content Galaxy (1k) For safety of funds for each galaxy they will be held in a multisig, made up of members of that galaxy and at least one of another galaxy, they will also be responsible for reporting their expenses and each budget will be visible to the public for community members to be able to see. The budget is there to help operations and to be able to compensate and incentivize contributors of the galaxy. — BAO Resources - For anyone looking to find more information on BAO, a list of links are included below: Website: Discord: Snapshot (Voting): Documents: Public job board: If you still have unanswered questions or concerns about the project, do not hesitate to reach out to the team on discord! BIP 7 — Opening up BaoDAO was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

Hard Synths are live!

This week we stealth launched our hard synths, known as Bao Markets, on Ethereum main net — here is everything you need to know about them and our plans for them in the next few weeks and months. — What are hard synths? - Hard synths are essentially a tokenized representation of data. In theory you can link a token to anything, but at the moment they are usually linked to the price of another asset and backed by collateral to help maintain its peg. Bao Markets replicate some of the functionality of a bank, by minting new synthetic tokens when a loan is taken out. Users will deposit collateral to back the tokens they mint & pay interest on them until they are paid back. Unlike a bank though, there are no minimum payments and no deadlines. You just need to make sure your debt limit is not reached, or your collateral will get liquidated to pay back your loan to ensure the protocol remains solvent. The first synthetic token available on Bao Markets will be a synthetic dollar token, bUSD. We have no plans to stop there though with more synthetic tokens expected to be available to mint later this year. BAO’s long term goal is to create a platform for minting synthetic tokens linked to any reliable data source, allowing the creation of new markets and a new foundation for the future of finance. — Robust & user Friendly - The first step for BAO has been to take already battle tested code from Inverse Finance, which is based on Compound, and adapt it for our needs. The first major innovation to be added, the IMF (Initial margin Factor), brings 2 attractive features that help make the platform more user friendly, and more robust. Loan to value (LTV) represents the % value of your collateral you can borrow. So a max LTV of 75% on $10k of collateral means up to $7500 can be borrowed. The IMF reduces the max LTV the larger your collateral size is, based on a curve that is set per asset depending on the depth of the market. This reduces the risk of liquidating large positions, by providing more of a safety margin when liquidating, which could have otherwise caused the price to drop to below the minimum price needed to cover the loan & leave the platform insolvent. It also works the other way around, increasing your max LTV as your collateral drops in price — very handy to help avoid those annoying liquidations that happen when a token price wicks just below your liquidation price on a platform without it. An Example of how the IMF could change the max LTV — Stealth Soft Launch - As mentioned above, Bao Markets are already live on Ethereum main net, in alpha testing. There are no BAO rewards for using it yet & maximum collateral ratios are set low to begin with — We do not want a “gold rush” and lots of value deposited in the contracts to start with — It’s no secret that the Ethereum blockchain is a highly adversarial environment. To enable us to go far, we first have to make sure the foundations are solid. We expect to increase max collateral ratios overtime & introduce rewards and after an audit has taken place, and the wizards at Immunefi have had a chance to comb through all our changes for issues. If you do choose to try out Bao Markets at this very early stage please bear in mind risks involved with using a new, un-audited platform and other smart contract risks. — What’s Next? - This is just the beginning, the foundation for many other interesting products and innovations to be built on. The next step will be to add more collaterals and release Bao Baskets then enable them as collateral to mint synthetics, eventually allowing users to have custom, yield bearing baskets of tokens, with custom rebalancing strategies as collateral. More options for synthetics to mint will be added too, which could enable some interesting and unique strategies. For example, imagine being able to use interest bearing ETH as collateral to borrow synthetic ETH and loop through Bao Markets to multiply the yield you earn with little risk of liquidation. We will also start a “Bao Lab”, with the sole intention of developing other new synthetic types, bringing us closer to our long term vision of minting synthetic assets linked to any discrete, quantifiable event. — Useful Links. — You can try out Bao Markets here: Documentation is here: Guides are here: You can find the BaoUSD curve pool here: Hard Synths are live! was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

Enter the Bao vol.1

Written and edited by ash|inthewild & Chickn Hello, welcome to Bao Finance. This is the first of a series of articles helping new users to understand Synthetic tokens and Bao finance. First we’ll explain exactly what we are and why BAO started, where we operate, when we started on our journey and how we plan to achieve our mission. — What is BAO?. — So let’s begin with what Bao is. BAO stands for “Balancing Automation & Options”, also it’s a tasty food item. A doughy exterior, which inside it holds various sweet and savoury foods found in Chinese cuisine. A bit of a cultural knowledge drop: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. Now that you understand the cultural and culinary reference, let’s move onto what Bao Finance is: a DeFi (Decentralized Finance) platform that operates across Ethereum & other EVM compatible networks. The core product will be a platform to allow you to create and manage synthetic assets linked to any data you want. — Synths. — Lets begin with a basic idea of what a synthetic asset is: synthetic assets are assets that link their value to another asset. Synthetic assets are important because you can ‘tokenize’ any real world asset onto the blockchain; for example a stock or commodity. Now that’s pretty cool but that’s where some people think the vision ends. It is only the beginning of what is possible. We can create a synthetic token for any ‘ discrete quantifiable event’, you can get data for, like the # of times steph curry launches a three pointer in a season, interest rates, or crime data. These synthetic assets don’t have the same restrictions as the asset or markets they represent. The market may not have even existed. They can trade all day, every day using decentralized exchanges. You don’t have to deal with Robinhood style outages, or have to worry about being from the wrong place to get access. Open and fair access for everyone. So you got the basics of what a synthetic asset is and why it’s awesome, let’s get into some intermediate material, how Bao differentiate between Soft & Hard synthetic assets Hard synths are synthetic assets, usually backed by collateral and linked to price data, for example a stock price or the Steph Curry 3 pointer count. Soft synths on the other hand are tokens that represent a ‘basket of tokens’. Bao’s implementation allows you to create a basket that doesn’t have to deal with impermanent loss and at the same time get those sweet returns from automated yield farming with the underlying assets — The Bao Token. — Next up is distribution / tokenomics — At launch no tokens were sold. Instead, they were distributed for free via yield farming in order to bootstrap a community. To avoid whales controlling a large share of the supply, there were over 200 pools created, helping to distribute tokens to as many like minded communities as possible. Bao tokens are used for governance as Bao Finance is a DAO (Decentralized Autonomous Organization). Those who hold Bao tokens gain voting power on decisions like what to do with the fees collected from Bao products, which new products to make and what changes to make to them along the way, approving hiring from within the community, or anything else the community wants to propose. Anyone can put forward ideas and owners of the token decide on the outcome through the voting process. — Why did Bao form?. — Most people don’t understand that data makes financial institutions so powerful, and why you can’t do what they do.They own the data. They control the marketplace.If things don’t go their way, they change the rules of the game.Bao aims to change this. With synthetic assets able to be linked to any data, Bao will become an open platform in which users can get an uninterrupted and untampered financially incentivized stream of data. Financially incentivized data is accurate data. When you have the most accurate financial data you have the ability to start any DeFi business you want on top of it, or package and sell the data for others to build on; making your project the foundation of the future of finance. — Where. — The BAO community’s ambitions are so large that a franchising model was established. Each chain has its own token and Bao holders own a share of the supply of each. This allows a degree of separation from the main BAO brand and ample rewards for product users on each chain. Franchises are used to alpha test products where possible before they are rolled out under the main BAO brand and to allow each chain to develop its own sub community, with control over their own franchise. BAO and its franchises currently operate on ETH main net, Polygon, Gnosis Chain (formerly xDai) and BSC. Gnosis Chain(Bao) and BSC (Panda) have a DEX, Polygon (Polly) has been used to test our soft synths and hard synths are due to be released on main-net under Bao imminently. — When. — The project’s inception was in December 2020 and started with the yield farm to distribute tokens. The first product launch was a DEX on xDai in Q1 2021 before the first franchise Panda Finance launched in April 2021 then Polly Finance in October of 2021. Polly Finance is currently successfully testing out soft synths before they are launched on main-net. Currently hard synths, known as BAO Markets, are in public testing on Ropsten test network and are due to go live on main net in Q1 this year with future plans to deploy on additional chains with EVM compatibility. After hard synths are launched the community will help us to decide where to go next. A proposal for what to do with the rest of 2022 will be on the forum soon for comments before going to governance to vote on. — How. — The project was the brainchild of BaoMan, he created the DAO and we are now going through the process of decentralizing. This means much of the development on the project from technical aspects to marketing is done by the community. Since starting, a number of independent teams called “galaxies” have formed to handle things like community management, front end and smart contract development, creative content and quality assurance. Anyone can create a new galaxy by following our galaxy creation process, or become a member of an existing one by contributing to it on our discord server. As a DAO, any changes the community wants to make are put forward on our forum. This is known as a BIP (Bao Improvement Proposal) where the community can discuss potential proposals, draft a fully formed proposal, and submit it to the community for a vote. If passed the BIP will be implemented. More details of the Bao Improvement Proposal can be found in Bao Finance docs. — In Summary. — As I mentioned, this is just the first in a series of introductory articles around Bao. The next in the series will be a deeper dive into franchises. — BAO Resources. — For knowledge seekers looking to further explore the project, a list of links are included below: Website: Discord: Snapshot (Voting): Documents: If you still have unanswered questions or concerns about the project, do not hesitate to reach out to the team in the discord! Enter the Bao vol.1 was originally published in Baommunity on Medium, where people are continuing the conversation by highlighting and responding to this story.

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