BadgerDAO is a decentralized autonomous organization (DAO) that enables BTC to be used as collateral across various decentralized applications, DApps. BADGER is an Ethereum token that powers BadgerDAO.
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What Is Badger DAO (BADGER)?
Badger DAO is a decentralized autonomous organization that aims to bring Bitcoin (BTC) into the decentralized finance ecosystem. It enables Bitcoin to be used as collateral across decentralized finance (DeFi) applications, mainly on the Ethereum, Polkadot, and Solana networks.
One of Bitcoin's significant challenges is that it doesn't support the smart contract features of Ethereum. Moreover, the infrastructure of products and protocols for enabling Bitcoin on other blockchains is very limited. This limits the usage of Bitcoin -Bitcoin users can't earn a yield on their BTC tokens and trade with users of other platforms. Badger Dao aims to address this problem by building the products and infrastructure to accelerate Bitcoin's use in DeFi.
Badger Dao is also a yield-earning platform that allows users to stake their Bitcoins and earn passive interest. It uses Sett Vaults, i.e., smart contract lockers containing yield farming strategies deployed across DeFi protocols enabling you to deposit BTC quickly. Badger then wraps BTC for you in the background.
As a community-led initiative, decisions in BadgerDAO are made through a governed vote, including what, how, and when Badger DAO products are created. BADGER tokens are fairly distributed to give all participants the opportunity to get involved and benefit.
The Badger DAO community pillars include the Badger Builders, the community-created products, the Dedicated Badger Operations team, the fairly initial distribution of the BADGER tokens for governance, and the open-sourced code. Builders are Badger DAO community members who collaborate with others to develop new products.
BADGER Token
BADGER coin is the BadgerDAO ecosystem's native token. BADGER is an ERC-20 token used for protocol governance and distribution of rewards within the Badger DAO.
It has a maximum fixed supply of 21 million. You can obtain BADGER or sell BADGER DAO tokens on Ethereum, Binance Smart Chain, and Polygon.
BADGER tokens grant holders voting rights on such matters as the governance of BadgerDAO, product mix, leadership, treasury allocation, and community initiatives. BADGER token holders can also vote on proposals set forth by community members. The more BADGER tokens you hold, the more voting power you have, and proposals with the highest votes are put into effect by the community.
BADGER can also be used to earn staking rewards and as collateral on different platforms across DeFi.
How Does Badger DAO Work?
Badger DAO has developed a rich suite of products to achieve its aim, including:
SETT Vaults: Badger DAO was named after badgers, i.e., animals that fiercely protect themselves and their loved ones from larger animals to express the same fierce unity and desire to create. Badgers build Setts, homes out of leaves and grass built to last and provide a home to generations of badgers over decades of use. In the same way, Badger DAO has created SETT, its first product, aiming to provide a home for its user’s crypto holdings. SETT is an automated DeFi aggregator that uses tokenized Bitcoin to allow users to deposit assets and earn yield in return. Users deposit BTC assets that are put into smart contracts, which then execute various strategies to put the assets to work across DeFi protocols. This enables users to optimize the yield they get for their tokens without having to do all the heavy lifting (multiple transactions, gas fees, etc.).
Digg: Digg is the software that manages the DIGG token, a decentralized “elastic-supply” cryptocurrency pegged to the price of Bitcoin.
The goal of the Digg product is to remove the need for centralized parties to custody users' synthetic BTC assets. Instead, Digg relies on the elastic parameters in the token smart contracts to maintain the peg.
Badger Bridge: Badger Bridge is a product that allows users to swap their Bitcoins to function on the Ethereum blockchain.
The Bridge has three main functions:
- Mint: Brings BTC from the Bitcoin blockchain and outputs either renBTC or wBTC on Ethereum.
- Mint & Earn: Brings BTC from the Bitcoin blockchain and deposits it into a Sett Vault.
- Release: Converts Vault positions, renBTC, or wBTC on Ethereum back to BTC on the Bitcoin blockchain.
CLAWS: This is a "yield dollar," a collateralized asset with an expiry date. The closer it gets to the date, the closer to its peg it becomes. CLAWS are minted when a user provides collateral and are of two types. To mint CLAWS tokens, liquidity providers can use bBadger and wBTC/ETH liquidity pool tokens. These tokens maximize your potential returns. Once a user mints CLAWS tokens, they can deposit them into a Sushiswap Liquidity Pool and get CLAWS-SLP tokens that can be staked in a Badger Sett vault to earn additional rewards.
Badger DAO Founders
Badger DAO was founded by Chris Spadafora, Ameer Rosic, Albert Castellana, and Alberto Cevallos in September 2020. When building its DAO infrastructure, the Badger team collaborated with dOrg, a company specializing in building DAO-related software.
Among other accomplishments, Spadafora is the creator of the Crypto COVID-19 Charity Poker Tournament. At the same time, Rosic is a serial entrepreneur and co-founder of Blockgeeks.com, and Castellana is a co-founder of StakeHound.
Spadafora and Rosic are currently part of the Badger operations team, while Castellana and Cevallos have taken advisory roles in the project.
The BadgerDAO platform had a fair launch, i.e., all the launched tokens were fairly distributed to all the participants to give equal opportunity and benefit.
Where Can You Buy Badger DAO (BADGER)?
You can buy Badger DAO (BADGER) on Binance, Huobi Global, OKEx, ZT, Coinbase, etc.
You’re welcome to visit our CoinStats blog to get a broader perspective on decentralized finance and how it seeks to empower people. You can also read our articles, such as What Is DeFi, explore our in-depth buying and staking guides on various cryptocurrencies, such as How to Buy Bitcoin, How to Stake MATIC, How to Stake Ethereum, How to Buy Cryptocurrency and learn more about wallets and exchanges, portfolio trackers, etc.
