Description
Bao Finance is a community-driven DeFi project that originated in DeFi Summer 2020, with the mission to create a more open, transparent, and accessible financial system through onchain tokenized derivatives. The protocol enables the creation of synthetic assets for any quantifiable event, aiming to disrupt the traditional derivatives market. Its core products include baoUSD (a decentralized stablecoin) and baoETH, which are backed by ETH and other ETH-backed tokens, with plans to introduce baoBTC. The platform allows users to borrow at competitive rates, earn rewards by providing liquidity, and will eventually support the minting of pegged or leveraged tokens. Governance is managed by the community through the BAO token and veBAO mechanism. Bao Finance emphasizes security via continuous audits and integrates with major DeFi protocols like Balancer, Aura, and Chainlink to bolster its ecosystem.