Bao Finance, synthetic assets, yield farming and defi banking
This project has been moving along making continual steady progress toward building a crosschain defi ecosystem. They claim to be working toward a replacement of many traditional banking and financial services through their platform.
The market cap and price per token are extremely low compared to the potential of this multi faceted project.
Sitting at #1176 in the CMC rankings this project still remains obscure in spite of its upside potential.
I didn't see any information about it on Hive so I thought I'd try this as one of my first blog posts.
Please share your thoughts in the comments below. Anyone willing to donate some Hive to get me over this starting hump so I can start posting more than once every few days will be greatly appreciated!
Below is an excerpt from the main site.
Traditional finance doesn’t work. For too long it’s been serving the wealthy suits while erecting barriers of entry for everyone else. They own the data, restrict the tools, and change the rules to always be in their favor. It’s time to not only give that power back to the people, but to create even more powerful tools that the old cumbersome system could never dream of.
At Bao Finance, we’re building a community composed of brilliant minds all seeking control of their own finances and building a new system that works for everyone. Synthetic assets allow us to create financial instruments and markets never seen before. If the data exists, so too can a marketplace for it - the possibilities are endless.
It all comes down 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. If you can get liquidity in any discrete quantifiable event, 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.
Incentivised 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 incentivise 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.