Purpose

This proposal recommends freezing the Tunnel and oPortal services and transitioning the underlying assets to a custodial account managed by the BoringDAO Foundation. This decision aligns with BoringDAO’s narrative shift toward a meme-centric mission, as outlined in the referenced article here.

Rationale

As BoringDAO embraces meme culture and prioritizes community-driven engagement, legacy services like Tunnel and oPortal no longer align with our refreshed vision.

Despite discontinuing these bridge services, we are committed to ensuring that all user assets remain accessible under this mechanism. The assets will be safeguarded through a secure custodial system, allowing users a straightforward process to withdraw their funds.

Proposed Actions

1. Freeze Tunnel Details: Tunnel operations will be suspended, and all BTC, LTC, and DOGE assets will be transferred to a custodial account managed by the BoringDAO Foundation.

Freeze Deadline: January 31, 2025.

Future Withdrawal Process: Users needing to withdraw assets after the deadline can email info@boringdao.com for assistance.

Additionally, the current node operator, HashQuark, also will conclude its services on January 31, 2025.

2. Freeze oPortal Details: oPortal operations will be suspended, and all underlying USDT, USDC, ETH, and other assets will be transferred to the BoringDAO Foundation custodial account.

Freeze Deadline: January 31, 2025.

Future Withdrawal Process: Users can retrieve their assets by emailing info@boringdao.com.

Withdrawal Email Process:

(1) Initial email request: Users send an email to info@boringdao.com providing their requested withdrawal amount.

(2) BoringDAO response: BoringDAO replies with two key details: 1. The designated “black hole address” (burn account). 2. A unique verification code (e.g., 1234) to confirm the transaction as a signal.

(3) Users send: 1. o-assets to the provided black hole address 2. A L1 or L2 ETH transaction of 0.000000001234 ETH (containing the verification code) to the same black hole address as a confirmation signal.

(4) Send confirmation email: Users email info@boringdao.com with the following details: 1. Txid of the o-asset transfer. 2. Txid of the ETH signal transfer. 3. Their wallet address for receiving the redeemed assets (e.g., BTC, USDT address).

(5) Asset return: Within 10 business days, BoringDAO’s custodial account will process the redemption and return the specified assets to the user’s provided wallet address.

3. Fee Policy 2025 Fee Waiver: No custodial management fees for withdrawals made before December 31, 2025.

2026 Fee Introduction: Starting January 1, 2026, a custodial management fee of 2% annually will apply, charged at the beginning of each calendar year.

Custodial Security Measures

The BoringDAO Foundation is committed to maintaining the highest security standards to protect these assets:

Multi-Signature Cold Wallets: Funds will be secured in multi-sig cold wallets for maximum safety.

Transparency Commitment: Regular public updates on custodial accounts will ensure complete transparency.

Closing Note

Even as we shift to a meme-centric mission, we ensure boring precision and trust in handling your assets. Meme culture, boring execution—some things never change.