BAO DAO goals for 2022 - A focus on synthetics

With the deployment of hard synths to main net imminent, galaxy members have been busy defining what we think our goals should be for the rest of the year. As always, we want to make sure these goals are aligned with the rest of the community before we go too much further with them

We have listed them below and the approximate order we expect them to be achieved.

When working with new technology anything can happen. You often run into unknown unknowns, which makes it hard to make an accurate assessment of how long things take. You can find lots of examples of this in the crypto industry - Ethereum promising to launch every 2 weeks for 6 months illustrates this well.

Instead of assigning dates to the items we will keep you up to date regularly with our progress. We do hope to complete them all, and more even, but it is also equally likely we run into problems that slow us down and leave some unfinished. As many of you already know, we are careful to only release products when we are as sure as we can be they are safe and secure.

  1. Deploy markets on main net. We plan on rolling these out very slowly. Contracts are expected to go live with a very small cap on the amount to borrow. To incentivize testing we will likely run a gas refund program. Over time as we gain in confidence and we have had our contracts thoroughly reviewed we will increase limits.

  2. Deploy Bao Baskets on main net with the oven from PieDao. First implementation will likely be bDEFI and bSTBL. A proposal is already in the works & the rollout should be fairly quick in comparison to hard synths because we have already deployed the contracts on polygon and they are battle tested.

  3. Bao Baskets as collateral for bUSD. Allowing baskets as collateral will mean users can have a robust yield bearing token as collateral on markets and help to drive growth for both hard and soft synths.

  4. Audit of Hard Synths

  5. Token migration. As Baoman mentioned his annual roadmap concept last year (The Next Path for Bao (Annual Roadmap BIP)) - we probably need to migrate to a new token with a smaller supply in order for it to work with the ve token code. It also presents an opportunity to resolve issues like BAOcx and formulate some new tokenomics. There have already been a number of discussions around this amongst galaxy members. There will be many more too, but expect to see some concept/s floated on the forum in the next month or 2.

  6. veBAO and staking After the token migration we will be able to enable veBAO and staking rewards.

  7. Develop new strategies and integration for Bao Baskets.

  8. Integrate more collateral types for Hard Synths

  9. Develop a new hard synth on main net. At the moment the most likely are an ETH or BTC synth because we can follow the same formula as bUSD and use a curve pool to help us stay close to peg.

  10. Governance Bravo implementation. You can find some reading here to help you understand why this will be beneficial for BAO: Understanding Governor Bravo. A review of key changes versus… | by monetsupply | Tally | Medium

  11. Deploy Hard Synths on Polygon.

  12. Phase 1 of making Soft Synths permission-less. Allowing anyone to create a custom basket from a whitelist of tokens, with no rebalancing and each token following a preset, global strategy. Phase 2 will allow automate rebalancing and phase 3 will allow custom strategies for each token but they will most likely be out of scope for 2022.

  13. A new laboratory. The goal will be to create a research and develop a prototype synthetic linked to real world data in a test environment - this is the next step towards our long term goal.

As well as the goals above we will be be looking for partnerships and other ways to boost the adoption of our synthetic tokens on a continuous basis.

Please give is your feedback! Are you happy with these goals or would you like to see a shift in focus to something else somewhere, or a change in priorities?

8 Likes

Exciting things for 2022! Looking forward to building some baskets. Happy to be able to possibly use my Klima stacks on poly as well.

2 Likes

I feel like these priorities are good and the objectives are definitely things i’d like to see haha, however when introducing our synth we will also be looking into integrations as well with it correct? Into other projects and such.