Badger DAO Biweekly Newsletter #21

ibBTC on Polygon, Convex, Extended Rebase Mining, Gitcoin Grants 10

Jun 29, 2021

Hey there, Badgers

While the Badger jerseys are arriving, the team is working hard to bring Bitcoin to DeFi. And that shows! According to the DAO Data Leaderboard, BadgerDAO is the #1 DAO by unique voters and ballots cast.

Furthermore, the total amount of Bitcoin at work has increased by over +30% in the past 90 days. For more metrics, feel free to check out BadgerDAO’s weekly financial insights report.

Lastly, ibBTC fees have now been reduced after a week-long, productive community discussion:

Mint from 0.5% > 0.2%
Redeem 0.5% > 0.1%
ibBTC SLP vault withdrawal fee 0.5% > 0.2%

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

Bi-Weekly Recap

BadgerDAO is the Largest Matching Partner for Gitcoin Grants Round 10

Once again, BadgerDAO is proud to be the largest matching partner for Gitcoin Grants. In addition to the typical Honeypot, BadgerDAO introduces bounties focused around:

Strategy review
Referral programs
DeFi explainers
Subgraphs
Bridging art, finance and technology into a cohesive vision for the future

Find all available bounties here, read our in-depth blog post, or learn more about Gitcoin Grants Round 10.

BadgerDAO Launching Curve Optimizer Vaults in Collaboration with Convex Finance

Badger is taking a partner-first approach to how we manage farmed rewards while ensuring the highest yield for users. Original BTC-only Badger Setts are strategies that collect and sell CRV for more of the underlying. This is different from how we treat other tokens earned via strategies (e.g. taking Sushi earned and staking it for xSUSHI before distributing to users).

Therefore, it is time for a change! In collaboration with Convex Finance, BadgerDAO is deploying new Curve strategies that will:

Only sell 20% of the earned CVX & CRV rewards for BTC & the rest is staked
Lock 80% of all CRV earned for veCRV (in the form of cvxCRV)
Optimize yield on CVX & CRV by staking rewards and supporting the Convex protocol

Deposits in the strategy will receive CRV and CVX.

10% will be sold for the underlying BTC asset and compounded to the pool
Remaining CVX & CRV will go towards optimal auto compounding as staked positions that will be distributed to users directly & earn more yield

BadgerDAO will be launching 5 new CRV LP BTC vaults:

HBTC
bBTC
oBTC
pBTC
Tricrypto

These vaults are now live in a guarded state within our new Experimental Vault Zone located in the Badger Arcade. If you are eligible, deposit here. For more information, read this blog post.

ibBTC is live on Polygon - the Easiest Way to Leverage Your Positions Cross-Chain

ibBTC is finally live on Polygon! Users can now bridge their highly composable interest-bearing Bitcoin to Polygon in order to put it to work. As of today, users who bridge their assets will be able to earn both $MATIC and $SUSHI rewards in the newly launched WBTC/ibBTC LP on Sushi. This same LP on Ethereum is the 9th largest pool on Sushiswap.

In collaboration with our partners at DeFiDollar, we've developed a comprehensive guide:

Following the reduction of fees, it has never been easier or more cost-effective for users to leverage their position cross-chain.

Badger x UMA: Extending the Rebase Mining Event (Phase II)

In partnership with UMA, BadgerDAO will be extending the Rebase Mining event with adapted drop criteria to incentivize buyers and holders over time.

The initial event was a one-time event launched on May 13th and failed to unlock any rewards during the 30 days. Despite >2 weeks of positive rebases leading up to the event, it failed to overcome the market down-turn.

BadgerDAO remains committed to the initial strategy and belief that KPI options harness the power of out-of-protocol incentives to align interests and incentivize behavior. Rebase Mining Phase II+ will launch on July 1st in perpetuity and will include the following changes:

Continue to roll over redemption pool funds month over month.
Split out KPI options distribution into 2 snapshots to align incentives during the event.

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

Badger Improvement Proposals

What’s Ahead for Badger DAO

Badger Hoodies
BadgerDEX

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

BadgerDAO