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BoringDAOBoringDAOby0xaE9D1d6B271e17a996dbA90b0f5487fD476c3FA70xaE9D…3FA7

[BIP-6] Updating Asset Ratio Structure

Voting ended almost 5 years agoSucceeded

This proposal seeks to: Reduce the oBTC asset ratio from 150% to 125%.

The primary motivating factor for this proposal is that continuous increase of BTC price led asset ratio close to 150%, which means that no more new oBTC can be minted. Since the oBTC tunnel has run safely and smoothly for 5 months, we consider reducing the oBTC asset ratio from 150% to 125%.

Currently, any amount of BTC minting needs 150% asset ratio to support tunnel capacity. If this proposal passed, that means more BTC could be minted with 125% asset ratio and BoringDAO’s total value locked will continue to grow.

Option 1 oBTC tunnel is about to run out of tunnel capacity temporarily and will not be able to mint oBTC. But oBTC will be backed by more ERC-20 Token. Option 2 decreasing the asset ratio will allow the capacity of the oBTC tunnel to increase, more oBTC will be minted. But oBTC will be backed by fewer ERC-20 Token.

Off-Chain Vote

Yes, reduce the oBTC asset ratio
351.44 97.4%
No, keep the same
9.38 2.6%
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Timeline

Mar 24, 2021Proposal created
Mar 24, 2021Proposal vote started
Mar 26, 2021Proposal vote ended
Oct 26, 2023Proposal updated