[BIP-9] Proposal regarding reconstruction the BSC-BoringDAO product

In the enlightening of discussion previously happened between Fugu, JLee, Skanda, kschan and other community members on Discord, we have come up with some adjustments which we believe will improve BoringDAO’s mechanism.

First of all, we hope to reconstruct the product architecture of BSC-BoringDAO. At present, BSC-BoringDAO can directly mint oBTC and oLTC for users and allow them to stake their PP Token for farming. But users cannot use oPortal to chain-cross their assets from Ethereum to BSC. Instead, users need to redeem their assets to BTC network first and mint them into BSC chains. Secondly, the amount of oBTC and oLTC on BSC is heavily restricted by the tunnel capacity.

Therefore, we are considering changing the product architecture of the BSC network in four aspects bellowed:

Close the BTC⇄BSC and LTC⇄BSC tunnels of the BSC network, stop minting and burning, and stop rewarding PP Token on BSC; (Users who have minted oToken on the BSC can still redeem it)

Enable oBTC, oLTC and oDoge on Ethereum to cross-chain to the BSC network through oPortal;

Increase the reward of PP Token pool on Ethereum;

The satellite city pool on the BSC network will be renamed to the “Gold Rush” pool. All tokens that use oPortal cross-chain can enter this pool.

Positive aspects:

※The product structure is crystal-clear: In this way, ETH will become the “relay chain” of BoringDAO, all chains will be connected with Ethereum by oPortal. oBTC will be completely built on Ethereum, which is more decentralized and secure.

※This will make the BSC network no longer be restricted by the BSC tunnel capacity and allow more BTC, LTC and Dogecoin to enter the BSC network.

※The APY of oBTC related pool on Ethereum will increase accordingly, because more oBTC will flow into the BSC network.

Negative aspects:

If users of the BSC network need to mint oBTC, they must own an Ethereum address and complete cross-chain activities, which will cost them extra fees and extra time. Minting has become more complicated, but it is expected to be improved by some auxiliary function in the future.