BoringDAO is a community-governed project that attempts to bridge blockchain-based assets between different networks. The decentralized autonomous organization's native ERC-20 token, BORING, was originally called BOR but was rebranded following its supply expansion from 200,000 to 2 billion.
When users want to bridge their assets between chains with BoringDAO, they first bind their addresses via a smart contract. Next, they transfer their assets to a multisignature custody address and mint oTokens — also known as Boring BTC, Boring LTC, etc., or oBTC, oLTC and so on. To redeem assets on the original chain, users must burn their oTokens. Launched in late 2020, BoringDAO has attracted funding from DeFiance Capital, Nothing Research, Hashkey and other notable investors.