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BAO Finance is an L2 DeFi for synthetic decentralized financial assets. It was built atop Uniswap, SushiSwap, and Balancer. The platform is based on the ideology of synthetic assets, allowing users to create different synthetic assets of their choice. This is done with LP tokens from other protocols and when they deposit collateral to BAO.
Bao (包) stands for "treasure" or "package," and the platform is governed by its community of token holders. The Bao is distributed to liquidity providers that stake their liquidity tokens in gauges. Holders will be able to stake and lock Bao tokens for about four years and get veBAO in return, in proportion to the duration of the lock.
veBAO tokens do not trade on liquid markets, and they are not transferable. They operate like an account-based point system denoting the duration of the tokens' lockdown in the protocol.
A user's veBAO balance will decide their share of Governance power as 1 veBAO equals 1 vote. Holders of veBAO can vote on where to direct the rewards for Bao synths liquidity.
