Badger DAO Biweekly Newsletter #20

Badger Boost, ibBTC is Live, Rebase Mining with UMA

Hey there, Badgers

Don’t you worry, friends! Despite the market shaking out weak hands, the Badgers stay committed to bringing Bitcoin to the DeFi ecosystem.

In the last two weeks, BadgerDAO upgraded the BTC Bridge, launched the $DIGG Stability Vault, the Experimental Vault Zone, Badger Boost and its NFT integration, $DIGG Rebase Mining/Options, and started phase 3 of the ibBTC Guarded Launch.

It is incredible to see how far the network has come since its beginning:

  • $126M total through native BTC bridge ($8M+ last 24hrs)

  • $850M Vault TVL ($6M+ rev this month)

  • 200 ibBTC minted (guarded launch)

  • 40k Badger hodlers

  • 57 Badger governance improvement proposals to date

  • $40M BTC/ETH/USDC Treasury

This is only possible with the amazing Badger community. If you want to contribute and join the team, just visit our official Discord and get active. See you there!

That’s it. For now, let's digg into what exactly has been going on with the Badger DAO during the second and third week of May 2021. 🦡

Bi-Weekly Recap

Increasing Flexibility and Sustainability: The Badger Boost V1 is Live

Badger Boost is a user reward multiplier. The higher your boost, the higher percentage of the reward pool you earn. When depositing Bitcoin in the Badger app, users receive interest in the form of compounding returns along with Badger and Digg rewards. Each vault has a range of returns based on your Badger Boost.

Users earn more rewards based on the dollar value of Badger or Digg they have staked relative to the dollar value of their Bitcoin deposits. With this model, we're able to align incentives with users who want to stake their native assets while enabling them to get the most out of their positions and not locking them up. Increasing your Boost multiplier is as simple as increasing the dollar value Badger or DIGG assets staked within the app, relative to the value of Bitcoin you have staked in non-native setts.

Check out this in-depth blog post for more information.

Start of the DIGG Rebase Mining Program in Partnership with UMA

BadgerDAO is partnering with UMA on the next evolution of incentive mining in DeFi. Liquidity Mining has become ubiquitous in DeFi and with the release of their KPI options, UMA broke new ground with TVL mining. BadgerDAO is extending this model in collaboration with UMA to launch Rebase Mining.

Rebasing mining is an action-oriented way for users to earn DIGG rewards instead of just providing liquidity. The volume of rewards is distributed based on the number of positive rebases DIGG experiences in a given 30-day span. The more positive rebases the more rewards earned and each additional day increases the % of rewards distributed. This incentive model should align DIGG holders to take action to ensure DIGG has as many positive rebases as possible.

90% of the DIGG Options will be distributed via airdrop. You can check your eligibility at https://digg.finance/. For more information read this in-depth article.

Interest Bearing Bitcoin is Bringing Liquidity and Utility to Badger Vault Positions

  • Unlimited minting capability

  • No per wallet limit

  • All addresses qualify

Users can mint ibBTC here using the following 4 Badger vault tokens:

  • WBTC

  • renbtcCRV

  • sbtcCRV

  • tbtcCRV

Right now the only utility is providing liquidity on Sushiswap with ibBTC/wBTC and depositing in our Badger vault for optimized rewards. More options on ETH & cross chain to come soon. You can read this blog post for in-depth information.

Badger Improvement Proposals

What’s Ahead for Badger DAO

  • Badger Boost V2

That’s all for now. Feel free to follow us on Twitter and join our Discord to get in on the conversation. Until next time, Badgers. 🦡

-Badger DAO