Proposal to Whitelist Badger Sett Tokens: bBADGER and bDIGG
Contract Addresses:
bBADGER 0x19d97d8fa813ee2f51ad4b4e04ea08baf4dffc28
bDIGG 0x7e7e112a68d8d2e221e11047a72ffc1065c38e1a
Project Website: https://badger.finance/
Discussion
The Badger DAO is a DeFi ecosystem project focussed entirely on building financial products and blockchain infrastructure with Bitcoin. Their products are designed to support the role of Bitcoin on blockchains other than its own, through the development of decentralized alternatives to, for example, wrapped Bitcoin (wBTC), which requires some element of trust, custody, and KYC policies.
The governance structure and philosophy of the project is highly collaborative; all Badger DAO products are community-led initiatives, affording it the coveted accolade of being among the most community-centric, fair and transparent projects in DeFi. It’s organization (“community run, developer first”), and fair token launch is largely inspired by Yearn. Moreover, the team is publicly known, and highly visible in their own community. All smart contracts are fully audited prior to launch. In short, Badger DAO is already setting a high standard for good behavior, and over its short life has already become a beacon of trustless innovation.
bBadger and bDIGG Tokens
There are two tokens associated with the Badger DAO. BADGER is the native governance token for the project, and was distributed fairly, with a disclaimer that it has no monetary value and strictly governs the DAO. From the perspective of the BancorDAO, there is no opacity, uncertainty, unbecoming behavior, anonymity or VC control that could compromise the token supply at this stage. Today Badger is the 10th largest token by liquidity on Uniswap and Sushiswap with between $75-100M in daily trading volume.
The original iteration of the Badger token required a deposit into the vault, followed by staking of the issued bBadger token in the geyser to earn yield. However, an improvement proposal was created and passed that made Badger staking entirely composable, and rewards are distributed entirely in bBadger.
The second token is DIGG, the second product release from the Badger community. DIGG is a synthetic rebasing token with a value pegged to Bitcoin. Due to incompatibility issues with the Bancor protocol, the DIGG token, like all rebasing tokens, is ineligible for whitelist status with the current contracts. However, DIGG holders can deposit their tokens into vaults, and receive bDIGG (Badger Sett Digg) tokens in return. The bDIGG tokens are a tokenized representation of the vault share, similar to pool tokens in AMMs, and are not subject to the rebasing mechanism.
Available Audits
The BadgerDAO contracts have been audited by Zokyo, Haechi, and Quantstamp.
Market and Trading Data
The parent token, BADGER has the following market data available:
Market Capitalization: $2000,596,353
Circulating Supply: 2,513,161 of max 21,000,000
Trading Volume: $58,258,844
All-time-high: $89.08
All-time-low: $2.81
Exchange Availablity: Uniswap, Sushiswap, Huobi Global, FTX, OKEx.
Social Networks and Community
Twitter - Telegram - Github - Discord - Forum
Proposed Insurance Tier
We are asking the BancorDAO to consider our whitelist launch with a mid-range BNT coinvestment limit of 300,000 BNT (approx. $1m).