About Bao Finance (BAO)
Bao Finance (BAO) is in alpha, it is unaudited and was originally developed by a one-person self-taught team. While they are in the process of scaling the team, please understand the risks and use this product accordingly. Traditional finance doesn’t work. Not for most people. It works for wealthy suits. It’s great for them. They own the data. They own the marketplace. And if things don’t go their way they change the rules of the game. Many people think the answer to fixing this system is simple. Just put it all on DeFi. But in reality that doesn’t work by itself.
The projects that have been successful in DeFi are the ones that do things that did not exist in old finance. Compound, Uniswap, Balancer are good examples. They all do things in a new way.
Bao Finance (BAO)Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Bao Finance |
| Short Name | BAO |
| Circulating Supply | 34.07B BAO |
| Total Supply | 560,270,974,250 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Chat | Click Here To Visit |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Why Does this Happen?
It all comes to data. Most people aren’t aware that financial data is what makes institutions so powerful and why you can’t do what they do. This is why synthetics will matter.
But Why Does that Matter?
If you can get liquidity in any discrete quantifiable event then what have you created? The world’s most accurate financial data system. Financial data is used within insurance, lending, hedge funds, risk mitigation, banking, yield, mortgages, credit scores, etc. Incentivized synthetics allow you to start building an open financial data market. Once you have synthetics, you own the financial data stream to anything because you can incentivize liquidity to make it more accurate. With this financial data stream you can start any DeFi business you want on top of it, or package and sell the data for others to build on. You become the foundation for the future of finance.
Implementation
Bao Finance is like a combination of SNX and Aave, but use LP tokens for collateral. Rather than re-invent the wheel, Bao will create new features for existing DeFi protocols. The BAO token acts as a governance token for the fully community run project. It is also backed by the insurance fund where all Bao fees go.
Deliciously Wrapped Finance!
Bao (包) stands for a treasure or package. Something wonderful that is wrapped up in another layer. Bao buns, or in Chinese Baozi (包子) are delicious wrapped dumplings. These bao buns are the tradition of taking something good that exists, and wrapping it up into being a new treasure. Bao Finance aims to do this by being a new protocol that adds features to existing DeFi systems.
Benefits of BAO
Why Synthetic Assets?
Synthetic assets are a system that allows users to create 24/7 financial markets related to any value. For example, right now there does not exist a financial market future for the US Unemployment Report. If you wanted to trade against it, or include it in a portfolio that represents a snapshot of the US economy, you would be unable to.
But, with the BAO protocol all you need is to have an oracle track the price and then you can create a synthetic asset that has a price related to US Unemployment. Synthetic assets can track anything including the price of existing assets, allowing 24/7 worldwide access to markets. The global market for cryptocurrency is at about $2 trillion. By comparison the global stock market is at $73 trillion, and derivatives are at $544 trillion.