BoC operates as a yield aggregator, where BoC strategies help users allocate their funds deposited into third-party yield generating DeFi protocols, aggregating yield from different sources. The BoC platform connects rigorously selected protocols within the crypto ecosystem, including Automatic Market Makers (AMMs), lending protocols, yield aggregators, among others. (see Dashboard for more details). By accessing high-quality protocols and utilizing smart strategies, BoC provides a 4-5% more APY than other similar USD managed funds, whilst having the minimal risk.
Traditional bank services require high operational costs including but not limited to high employee salaries, compliance costs, physical branches, bookkeeping and auditing expenses, and network infrastructure. Planning towards a community-owned neobank (online bank/digital bank) based on blockchain, BoC utilizes the blockchain technology to significantly reduce the costs mentioned.
To summarise, BoC as a Decentralized Ethereum Protocol presents the following essential bank functions:
- Sustainable interest-bearing vaults for both fiat and crypto (developed).
- Asset management with private bank-level reporting and performance analysis (developed).
- Self-served lending and over-collateralized borrowing (in development).
- Seamless international payments and foreign exchange (achievable with current blockchain infrastructure).
- Fiat on-ramp (available through third-party providers such as PayPal and Silvergate Bank).
- Future plans for insurance, synthetic stock trading, and other advanced DeFi functions.
For newcomers to the crypto industry, this is the most ideal place to start in the DeFi ecosystem. As a one-click protocol, BoC will bring a new revolution to the DeFi industry, attracting hundreds of millions of dollars in investment.