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Bank Of Cronos
The Bank of Cronos (BOC) is a community-owned decentralized autonomous organization 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 consists of a basket of assets (e.g. USDC, DAI, LP tokens), giving it an intrinsic value that it cannot fall below.
Bank Cronos token and treasury are implemented as a fork of the Olympus DAO Protocol (seen on Ethereum) and will feature unique economic dynamics through staking and bonding strategies. The Treasury will eventually consist of various Protocol tokens including those created by Bank of Cronos to share
revenues with the BOC token holders.
Bank of Cronos will launch its first Defi protocol, the BOC DAO with the BOC token on January 20th 2022. The BOC DAO will be a fork of the Olympus DAO which allows users to stake/bond the BOC token.
The BOC treasury will consist of DAI, USDC, BOC/DAI LP, BOC USDC LP to start and will look to release ETH, BTC, CRO, GOHM etc. bonds in the near future.
Bank of Cronos Token will be most successful if it is positioned as a decentralized store of value encompassing a diversified portfolio of assets in the treasury. Bank of Cronos will be releasing future Protocols to earn revenue for the BOC treasury and BOC token holders. The first release (slated for February 2022 release) is the
overcollateralized lending protocol Asteroid Finance.
Bank of Cronos DAO aims to be allow the community members to vote on treasury asset allocation and investments so that the community can be aligned with what assets are being collected (through bonds offered) and how they are used to further earn revenue for the token holders.