Bao’s Coming to Polygon?! Community Round-Up June 2021
Hey there #BaoGang! This month we launched BAO staking on xDai, started organizing several amazingly-talented galaxy teams, and even heard chirps of a new franchise hatching up on the Polygon chain! Let’s take a look at all these recent and upcoming developments in this month’s edition of the Bao Finance Community Round-Up!
xDAI Is All Farmed Up
First off, a huge thank you to everyone who’s farmed with us over at xDai. Our farms have reached their rewards cap, marking an important milestone for our project and DAO. Although the limit was lower than expected due to the farming contract counting the treasury holdings in its calculations, our community voted on proposal #QmRYVHr to end xDai farming rewards and move forward with a new franchise and the launch of Soft Synthetic assets.
This same lower than expected soft-cap will also come into play around April next year for the Ethereum Mainnet farms. BaoWolf drafted up a well crafted proposal for how we could address this, should we decide to. If you have any suggestions for moving forward, or even if you think rewards should be left at this new capped amount, please share your ideas with us over at our Discord server or Governance forums. We always want to continue growing and building in the direction that best benefits everybody in our community.
The launch of our first product is right around the corner, and we will continue developing our xDai platform with future updates. In fact, a feature that we previously teased deployed onto xDai recently~
~Come Stake In The Bao Tea House~
Lookin’ for a way to earn more rewards with all that BAO.cx you farmed up? We’ve got you covered! The Tea House has opened its doors and has plenty of seats available for all your little dumplings. Staking your BAO.cx here will give you tBAO in return, which allows you to collect a portion of all fees taken from BaoSwap trades. It works out exactly like BAMBOO over on PandaSwap, so you can use it as a stress-free way to keep the rewards coming your way. Let your dumplings relax their days away with some delicious tea, and they’ll bring home the friends they’ve made in the tea house when you pick them up.
Branching Out On Polygon
Have you seen all the volume our partners over at Sushi have been bringing over to Polygon (previously Chu- I mean Matic)? They’ve been bringing in so much volume that their Polygon branch alone is ranking them above their competitors’ total volumes on other chains.
Well, a little birdie told me there’s a new Bao franchise making itself a home on the Polygon chain. BaoMan wrote a proposal for how this franchise should launch, including a very important decision on potentially utilizing a modified version of PieDao for our indexes for its release rather than Balancer. Because their infrastructure is very similar to Ethereum’s, Polygon makes for the perfect playground to launch our first iteration of Soft Synthetics (indexes). Should we decide to leverage PieDao’s code for our indexes, its modular design will allow for more flexibility to upgrade in the future, as well as shielding us from potential exploits that Balancer’s code may face. Going this route will also provide an update path to a Balancer fork later down the line should we need features within their code.
The live testing that we do on our new Polygon chain will ensure that Synthetic Assets are robust and fully featured by the time we’re ready to launch them on other chains. Details are still being openly discussed on our new #Polygon Discord channel and of course our governance forums. We’re addressing everything from potential partnerships to tokenomics, and after gathering enough input a formal proposal for the new franchise will be posted for community governance. If you’d like to get involved with shaping the future of our project, then come join us and make your voice heard~!
Let’s Hear Your Ideas!
We’re always trying to make it easier for the community to share ideas and collaborate. That’s why we launched a new Brainstorm section of our Governance Forums. We have so many great ideas floating around, but sometimes they end up lost in the middle of Discord conversations; so we hope to have a more easily accessible platform to flesh out concepts and ideas our community has. You can even use your Discord account to create a profile on our Governance Forums, so if you’re already an active member there’s no need for additional signups.
Our most active discussion so far is a thread discussing the role NFTs will play in the Bao ecosystem, but we want to read about any other topics you want to focus on and ideas you have in mind. We’d love to see community members organizing and forming their own Galaxies, or putting up proposals for projects that can help the whole ecosystem.
Bao Listings on More Tools
As we draw closer to the launch of the first phase of Soft Synthetics, we’re gradually increasing our exposure to the broader DeFi markets. We currently have a proposal up to get PandaSwap listed onto Zapper.fi and we would appreciate all the help we can get it to make this a reality. Zapper doesn’t support the xDai network yet, but we also have a proposal for BaoSwap we want to draw their attention towards for when they eventually expand support to xDai.
If you’re looking for some analytics on PandaSwap pairs, the folks over at CryptoKek have integrated PandaSwap directly into their dashboard. Just select PandaSwap as the exchange provider in the search options when looking for a specific pair. Because our teams share the same vision of expanding our tools to multiple chains, they may even be able to provide similar analytics to our future franchises.
We also owe a big thanks to our Bao Friend zashton for helping Bao Finance get listed on DeFi Llama. We’ll continue to reach out to other tools and attempt to list Bao and our franchises onto their platforms. Please let us know where you’d like to see Bao listed next and we’ll submit our applications there!
Bao Galaxies Start to Cluster
In the previous round-up, I mentioned how Bao continues to grow and decentralize with the concept of team galaxies. Our new Front End Galaxy has launched and is led by Vital who has accepted a full time position with Bao to create, design, and update all of our web pages. He’s joined by jon.almostfree and vex, who created the extremely useful BaoView analytics site.
We also have a new Quality Assurance Galaxy, which has become an increasingly important team to have given the frequency of recent exploits in the DeFi space. Leading this team is fabiaz84, who has already helped greatly behind the scenes with testing, auditing, and providing technical breakdowns of our contracts. Assisting him is Fresh Pizza, who’s been very thorough in the past at reading over the contract code for Bao and its franchises. We value the security of our protocol as a top priority, and we’re glad to have them hard at work to help ensure a safe and user friendly experience.
The banner for this article is courtesy of the Artsy Bao Galaxy lead by bread, who previously drew custom artwork for the Discord and the pixel art for our upcoming NFT badges. She’ll be working on providing custom assets for us such as concept designs, promotional/marketing material, NFT artwork, and site illustrations. This Galaxy will work closely with the Front End and Community Galaxies, and we hope to add unique character and visual flare to our projects.
Finally, our Community Galaxy has expanded further with deardallweird leading moderation of our Spanish channel and language documents. He’s always been exceedingly helpful and patient around the Discord, and we’re glad to have him on board. And on another note, I’m very happy to take on the position as a Community Manager alongside BaoWolf. I look forward to continue doing everything I can to help us all grow and prosper together!
Anyone can contribute to our project. You can even apply for grants if you consistently deliver any useful skillsets to the protocol. We’d love to see more members of the community join our existing Galaxies or even form new ones. When Bao Finance first started, BaoMan was the sole member, with many hats, building this whole project on his own. It’s exciting to see how far we have come these past 8 months, thanks to our community members coming together to help make Bao Finance what it is today. We want to continue growing and attracting the best and brightest stars into our universe.
