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Bao Finance
Bao Finance is a community-driven DeFi protocol on Ethereum that issues tokenized derivatives, including ETH- and ETH-backed collateralized synthetic assets like baoUSD, baoETH, and the upcoming baoBTC. Users can mint, borrow, and provide liquidity for these tokens, with governance handled through the BAO token and veBAO locking mechanism. It serves retail DeFi users, liquidity providers, and borrowers seeking decentralized, capital-efficient alternatives to centralized derivatives markets.
Distributed
3 current maintainers3 active leads1 new active lead1 lead step-down1 early lead departure
Maintainer signals as of Aug 10, 2026
Description
Bao Finance builds tokenized derivatives on Ethereum aimed at creating an open, transparent alternative to traditional and centralized financial derivatives markets. Its core products include baoUSD and baoETH, over-collateralized synthetic tokens backed by ETH and ETH-derivative assets (wstETH, rETH, weETH, sUSDe), with baoBTC (a decentralized Bitcoin-pegged token) in development. Users can mint these tokens by depositing collateral, borrow against yield-bearing assets using various leverage and yield strategies, and supply liquidity to AMM and stability pools to earn rewards in AURA and BAL tokens. The protocol also plans to expand into tokenized derivatives for real-world data such as weather, sports, AI performance, and economic indicators ("baoxyz"). Bao Finance describes itself as a small, community-driven team that emerged during DeFi Summer 2020, funded by contributions from over 200 DeFi communities rather than venture capital. Governance is conducted via the BAO token, which can be locked for veBAO to vote on protocol parameters, team composition, tokenomics, and roadmap decisions through Snapshot. The protocol integrates with other DeFi projects including Aura Finance, Balancer, Chainlink, Lido, Liquity, Paladin, Rocket Pool, Safe, and StakeDAO, and undergoes continuous security review via a bug bounty program on Immunefi.Open Roles
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