You shrugged off a dumpling themed project as just another meme coin.
You didn’t like that we banned shillers or that we often told users that they weren’t experienced enough to use this product.
We wanted to make it hard because Bao isn’t about investors, it is about users. We wanted to find users who are ready to go on a journey that we feel is important in reclaiming our financial system.
I didn’t think we’d see Bao grow so much so fast. …
As we start to move towards our xDAI migration and the release of Bao Baskets, we have to begin to think of which model to use in order to handle the fee capture of the Bao ecosystem.
As this is a complicated model, it is best for us to have a proposal put forward and let the community discuss and provide feedback before moving it to a governance vote.
The following is the rough idea I have been working with:
Recently Bao forged a partnership with SushiSwap to build our synthetic issuance infrastructure using solely Sushi LP tokens.
Ultimately, this means the need to make changes to either Bao’s contract that may be challenging, or to migrate to a new version of Bao.
After consulting with the community, I’ve decided to pursue a hybrid plan that will allow users to choose between remaining in the current contract or migrating to the new one.
Given this migration we’re also going to take this opportunity to introduce our L2 plan — which is sooner than I had expected, but it makes sense…
The global market for existing assets sits at a large $5.5T but has limited access and can only be built upon existing assets.
But imagine a world where anyone can trade any asset they can imagine.
With synthetic assets you can trade anything from a synthetic Chinese Yuan, a synthetic S&P500 or any number of newly created assets.
Perhaps you want to create an asset tied to the value of the United States Unemployment Report, or the number of Big Macs that McDonald’s sells each year in Peru.
This is all…
Just a simple Bao bun.