Bao Finance Community Round-up! April Edition 2021
With Baoswap’s launch on the xDai chain, Bao’s new governance proposal, and much more, Bao development has been heating up! We’ve cooked up quite a bit this past month, so here’s a quick rundown of some recent steaming hot events in the world of Bao.
Baoswap launches on xDai
March began with the launch of Baoswap and Bao farms on the xDai chain. xDai’s fast and inexpensive transactions allow you to easily create and trade liquidity provider (LP) tokens, while avoiding Ethereum’s soaring gas fees. Our community successfully migrated over $20M of liquidity from over 70 assets for Baoswap, making it xDai’s largest and most diverse exchange.
The delectable Bao farms let you take advantage of xDai’s cheap transaction fees- meaning you can harvest more frequently without paying exorbitant amounts for gas. Initially, not all of Bao’s planned SLP pools were migrated over due to a chain-wide restriction placed on the OmniBridge. BaoMan worked with the xDai team to resolve this issue, and now all pools are live for farming on xDai! Baoswap has brought over not only a massive boost in volume and liquidity, but also this important quality of life fix for the entire chain!
If you haven’t used the xDai chain yet and need help getting started, check out this video by JimmyRustles featured in our newly updated documentation.
Franchises on Binance Smart Chain and Avalanche
Now that Baoswap has completed its xDai launch, Bao plans on branching out to more EVM compatible chains. Check out these teasers for Pandaswap by Bao [BSC] and Yetiswap by Bao [AVAX]! Governance votes have yet to pass on these, but the community has been buzzing with excitement and anticipation over them. If we vote in favor of these franchises, they will provide cross chain liquidity for synthetic assets in Q3. Each franchise is proposed to have their own separate governance token, with Bao holders automatically owning 15% of their tokens through a shared vault.
They also aim to leverage large amounts of volume from their respective chains as Baoswap did for xDai. The newly proposed tBAO and xBAO tokens are expected to coincide with these platforms, allowing anyone to stake their BAO to collect trading fees. These tokens intend to be modeled after xSUSHI, collecting trading fees cross chain from both these new exchanges for staking rewards. Future franchises are expected to also have their fees collected as well. More details will be revealed as we draw closer to their governance votes, be sure to let your voice be heard if you’re in favor of them!
Bao Baonties
We also have several User Experience updates in the works, courtesy of the GitCoin bounties listed by BaoMan:
Create a 1:1 swap contract for converting BAO.cx into BAO; users have reported the price ratio between the two occasionally falling out of sync.
Resolve certain pools on Bao farms that don’t display their APY values. Even one of our active community developers (jon.almostfree) is taking a crack at this bounty!
Build an arbitrage trading bot to maintain price parity throughout the many different chains Bao plans to expand onto. This bot will keep us ahead of the curve once we become a multi-chain project, ensuring a similar user experience across all chains.
The bounties add up to $35k total (to be paid in ETH) and were all accepted within 24 hours of listing. We plan on listing more GitCoin bounties in the future to encourage new features and other quality of life fixes. Join the Discord or follow BaoMan on Twitter to stay updated.
Bao’s core devs have been focusing on Synthetic Assets, so creating bounties allows them stay on track while ensuring lower priority updates are also addressed. Soft Synthetics are still slated for release in Q2 2021.
Decentralized Governance Expansion
Community is the foundation of Bao Finance. As a testament to this, BaoMan has laid out a huge proposal to further decentralize the project’s governance structure. BaoMan has always expressed that although he currently holds most of the control over the project, his goal is to build a strong community that will collectively dictate the direction of Bao Finance.
His proposal emphasizes several key concepts:
· More clearly defined roles (Core Team, Community Team, BaoFriends, External Teams, and Contributors) and their permitted powers within community governance
· Establishment of multisig wallets
· Alteration of voting mechanics that distribute power more evenly
· Launch and acquisition of Yetiswap by Bao and Pandaswap by Bao
· Deployment of Bao staking model
· Improvements to treasury management
These key points and more are detailed thoroughly on BaoMan’s forum post, where you can provide feedback or ask questions. These concepts pave the way for the expansion of Bao Finance, so I encourage reading it to fully understand each concept. We want to decentralize further and give the community more power. That would have never been possible without our outstanding community! Speaking of community…
Community Developed Tools
The Bao community has amazingly talented and dedicated members. Before GitCoin bounties were even established, we’ve had active community developers create new tools to benefit the entire community. Please note — all community tools are unofficial enhancements for Bao Finance and are not managed by the Bao Finance team. Use these tools at your own risk. Bao Finance will not be liable for any losses and/or damages in connection with the use of these tools.
First up is Bao Live by rfw/basedbao. This fully featured tool gives an overview of APYs on both chains, as well as your current staked values and pending values. It also gives you a total breakdown of all your values across both chains so you can more easily keep track of all your farms! Get a snapshot of your staked LP, research pool information, and more. To use - paste in a wallet address, and it gives a very detailed profiling of its interactions with Bao across both networks. It makes for an excellent dashboard for the more detail oriented Bao farmer.
Bao View by vex is an analytic powerhouse! With graphed out metrics of pool performance and breakdowns of weekly/monthly/daily APY, this tool gives great insight to help you decide what pools work best for you. Amazingly, vex said he’s only been learning web3 for about a month before creating this tool. We’re honored to have giving him inspiration for one of his first web3 projects!
Next up we’ve got xdai.farm by jon.almostfree. This tool aims to condense Bao farming interactions in one tidy little package. You can trade from Baoswap, create BAO LP tokens, farm/harvest your pools, and even view pool analytic data. It’s a great one-stop shop if you want to quickly tend to your farms.
If you’re looking to keep track of impermanent loss and a detailed summary of your LP tokens on xDai, Staked Value from somethingElse is the spot for you! It gives an easy dashboard to keep track of your Bao balances on xDai. Total locked and pending values are also calculated. It even gives an estimated breakdown of your LP tokens based off their current values.
Lastly, we’ve got BaoBoard by our Bao Friend, zashton. BaoBoard was one of the first community tools created for Bao. It features easily organizable and searchable analytics for different Bao pools. It also has a Distribution Schedule, making it easy to track which week the project is currently in.
The Bao community has many highly talented and dedicated members consistently contributing to the ecosystem. Because these tools aren’t advertised outside of the community, the best way you can keep up to date with all these convenient enhancements is to join our Discord where the creators of these tools actively take feedback and regularly provide updates.
Bao Team Expansion
On a closing note, Bao Finance continues growing and has added new team members! Our second full time developer has officially started at the beginning of March, and has been working hard behind the scenes alongside Baoman. Lastly, Madotsuki (that’s me!) was added as a BaoFriend.
I’ve met so many wonderful people in this community and am truly honored to have the chance to help us learn and grow. Although I’ve been loosely involved with DeFi before joining Bao, I will say that this is the first project that I’ve truly connected with and encouraged me to truly get involved. And this same sentiment is one that I’ve seen from many other members throughout the community as well.
The vision we share for the future of finance is truly inspiring, and I thank BaoMan for helping bring together such a talented and passionate group of likeminded individuals. At its core, Bao Finance is a community run project and everyone’s voice and votes are important.
Like other contributors to our project, my drive for creating this roundup purely from my love of the community and all the friends I’ve made within it. If you’re not already a part of the Discord, I encourage you to join and discover all that we have to offer for yourself!
