BORA currently encompasses three interconnected areas.
BORA Chain and On-Chain Services
BORA(Klaytn) tokens listed and distributed on exchanges
BORA Cross Chain Bridge
As mentioned above, the positioning of BORA tokens as the native token for the BORA Chain redefines the relationships compared to the earlier version. To clarify this shift, here's a simplified breakdown of BORA 3.0 and how it differs from the previous iteration.
BORA(BORA Chain) tokens, the native tokens of BORA Chain, are guaranteed to be convertible 1:1 into BORA(Klaytn) tokens, which are already externally listed and circulating, through the BORA Bridge. The token conversion follows a "Lock and Mint" process, as described below.
Minting of BORA(BORA Chain) tokens Transfer BORA(Klaytn) tokens from address A to the bridge → Lock up the corresponding amount and create the same amount of BORA(BORA Chain) tokens → Transfer to address A
Burning of BORA(BORA Chain) tokens Transfer BORA(BORA Chain) tokens from address A to the bridge → Burn the corresponding BORA(BORA Chain) tokens and unlock the same amount of BORA(Klaytn) tokens → Return to address A
(*) Note: BORA(Klaytn) tokens transferred to the BORA Bridge fall under the 'BORA Safety Policy' for secure handling. For further details and the latest token management information, please refer to the following link: (https://scope.boraportal.com/safety-policy)
Therefore, BORA(BORA Chain) tokens can only be created within the circulating supply of BORA(Klaytn). In addition, pBORA(Polygon), eBORA(Ethereum), and bBORA(BNB Chain) tokens created and distributed through BORA's cross-chain bridge are also converted to BORA(BORA Chain) tokens at a 1:1 ratio through a similar mechanism.
