Bao Finance (BAO)

Bao Finance (BAO) is a protocol that aims to enhance existing DeFi systems by adding new features and creating a cross-chain DeFi ecosystem. The name “Bao” is derived from the Chinese word for treasure or package, symbolizing the idea of wrapping something good and creating a new treasure. Bao Finance has deployed its main project and franchised versions on multiple chains, including xDai, Binance Smart Chain, and Polygon. The project provides services to DeFi users regardless of their preferred chains.

At Bao Finance, the vision is to create a new financial system that works for everyone, giving power back to the people and offering more powerful tools than traditional finance. The project focuses on synthetic assets, which allow the creation of new financial instruments and markets. By leveraging financial data, Bao Finance aims to build an open financial data market and become the foundation for the future of finance. The project is fully community-run, with the native token BAO serving as a governance token, putting control in the hands of the community.

In 2022, Bao Finance has set several goals to develop its ecosystem further. These goals include deploying Bao Markets, which will feature the multi-collateralized stablecoin baoUSD as the first hard synth. Similar to Polly Nests, Bao Baskets will also be deployed, allowing users to leverage yield-bearing assets as collateral to mint synthetics. The project plans to migrate to a new token contract (BAOv2) to address issues from the previous contract and introduce improved distribution models and rewards through veBAO and staking. Bao Finance also aims to expand its product offerings, improve governance, and continue developing new strategies and integrations.