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Intro

What is Bank of Cronos?

The Bank of Cronos (BOC) is a community-owned decentralized autonomous organization (DAO) with the goal of developing and maintaining decentralized financial (DeFi) protocols on the Cronos network. The BOC token is backed by the BOC Treasury which will consist of a basket of assets (e.g. USDC, DAI), giving it an intrinsic value that it cannot fall below. Bank of Cronos token and treasury are implemented by modified fork of the Olympus DAO Protocol (seen on Ethereum) and will feature unique economic dynamics through staking and bonding strategies.

Our Purpose

The goal of the BOC treasury is to build a policy-controlled system, in which the behavior of the BOC token is controlled at a high level by the DAO. In the long term, we believe this system can be used to optimize for stability and consistency so that BOC can serve to distribute profits from the BOC treasury and its various protocols. In the short term, we intend to optimize the system for growth and wealth creation for participants.

How do I participate in Bank of Cronos?

Through staking and bonding, Bank of Cronos offers two main strategies for market participants. Stakers stake their BOC tokens in return for more BOC tokens, while bonders provide LP or tokens in exchange for discounted BOC tokens after a fixed vesting period. A BOC token is minted only when 1 DAI/USDC is passed through our protocol. By doing so, Bank of Cronos ensures that users no longer need to go through a multitude of DeFi bonds and/or swap platforms.
We are always looking for new community members to contribute and governance participants can get involved on our forum, and through our discussion on our community discord server.

How can I benefit from Bank of Cronos?

The main benefit for stakers comes from supply growth. The protocol mints new BOC tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.
The main benefit for bonders comes from price consistency. Bonders commit a capital upfront and are promised a fixed return at a set point in time; that return is in BOC and thus the bonder's profit would depend on BOC price when the bond matures. Bonders benefit from a rising or static BOC price.

Who runs Bank of Cronos?

Our team is mostly anonymous, born from the DeFi Community. We currently have a 7 signer multi-sig which governs the BOC protocols but the goal is to be DAO-governed. We will eventually have all decisions formed by community members on the forum and finalized by token holders through snapshot voting.