Bao V2 — The Journey

Plan Summary/TL;DR:

  • We are going to have 2 Bao Farmer contracts, one on Ethereum mainnet and on the xDAI network (an Ethereum L2 sidechain).
  • The Bao Farmer contract on Ethereum mainnet will keep its current pools (excluding broken ones which will be removed) and have its base reward reduced from 1000 Bao per block -> 250.
  • The Bao token contract will always live on the main Ethereum chain
  • The Bao Farmer contract on xDAI will use SushiSwap LP tokens and have a base rewards set at 750 Bao per block.
  • The new xDAI chain contract will issue $BAO.CX (Bao Coupon XDAI) which will be redeemable 1:1 for Bao tokens on the main Ethereum chain.
  • Users will be able to pick to farm in either contract. Using the xDAI chain is simple and requires them to move their tokens via a bridge contract.
  • We will also launch “Bao Baskets” on xDAI — this will be Bao’s modified fork of Balancer, which will be used to create what we call “soft synthetics” (more commonly known as indexes) this balancing product needs to exist for us to build full synthetics on the xDAI chain in the future.
  • To not compete with Sushi, Bao Baskets will only issue synthetic LP tokens with multiple (3+) assets rather than things like just BAO/ETH
  • All the fees gathered from Bao Baskets will be used in an upcoming stake/buy/burn model adding value to the Bao ecosystem.
  • Do not want to migrate to xDAI
  • Do not want to migrate to Sushi LP
  • Want to wait in current Bao pools to reduce their fee
  • Do not want to spend the gas fee to withdraw/migrate

xDAI V2 — Timeline:

  • Ensure xDAI has simple UI and supports metamask ✔️
  • Check that xDAI’s EVM compiles BaoMasterFarmer without issue ✔️
  • Check that xDAI gas fees are lower ✔️
  • Check transfers can be done by AMB bridge ✔️
  • Check that all LP tokens can be easily transferred by OmniBridge UI (not just contract) ❔
  • Check that front-end EtherJS/Web3 libraries can be modified to work with xDAI ❔
  • Verify final frontend integration ❔

Bao Baskets:

FAQ:

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