BarnBridge is a risk tokenization protocol on Ethereum. It allows users to enter supported DeFi applications with varying degrees of risk exposure. Currently, the protocol provides two applications- SMART Yield and SMART Alpha. SMART Yield offers users fixed or levered variable yield on their stablecoins whereas SMART Alpha allows users to calibrate their exposure to the performance of an underlying asset. BarnBridge DAO is governed by the BOND tokens. It began operations through a Launch DAO on Aragon, but eventually moved out of it to Snapshot (an onchain governance structure is promised to come soon). On February 2022, a Snapshot poll passed with the objectives of migrating BOND tokens to BARN and moving the DAO to Optimism network.