Badger DAO Biweekly Newsletter #22

Rebase Mining Phase II, Convex Helper Vaults, #HackMoney, Treasury Talk

Jul 24, 2021

Hey there, Badgers

While the market remains sideways the Badgers stay building and shipping ⚒

Over the last weeks, the DAO had a very active community discussion around Badger Boost, utilizing NFTs in DeFi (hint: they are going to be massive), and deploying Badger Pools on Rari Capital. Make sure to participate in the BIPs around these topics and vote — Together we are shaping the future of Badger!

On top of that, Badger successfully launched Helper Vaults with over 100% increased APY and is happy to share the financial summary of the first half of 2021. More on that later!

Lastly, check out these Badger punks by community member @dadofcats as an example of the power of community and how tight the Badgers are. Most of the core team rep these punks proudly!

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 July 2021. 🦡

Bi-Weekly Recap

The Launch of DIGG Rebase Mining Program Phase II+

A minimum of 5 positive DIGG rebases between July 1st - July 31st are required for the options to mature for any rewards. The rewards then increase every additional positive rebase to a maximum of 30 days which pays out 100% of the rewards pool. A 1.5 power will be applied to redemption value which means that each positive rebase will increase redemption value at a rate higher than the last one. You can read more about the options airdrop here.

While the fundamentals of Rebase Mining have not changed, Badger adapted two key areas of the current program.

Continue to roll over redemption pool funds month over month in perpetuity until all funds are exhausted
Split out KPI options distribution into 2 snapshots to align incentives with behaviour during the event

Read more about Phase II here. In total, there are 1,981 qualified wallets (see if you are eligible) and 177,739 options to be minted.

5 New CRV LP Vaults and Auto-Compounding CVX and cvxCRV Vaults Launched

Users who deposit crvBTC directly into Convex would receive CRV and CVX rewards as a result. You would then want to use stake CVX to generate cvxCRV and stake that in addition to your CRV to earn even more rewards. This process can be onerous and gas-intensive.

Now, Badger is doing the work for you! With the introduction of the 5 new CVX and cvxCRV helper vaults, Badger automatically takes user rewards from the CRV vaults, and stakes them in the helper vaults, creating a higher underlying return along with additional Badger rewards.

Anyone Can Deposit
No Wallet Cap
No Vault Deposit Cap

In the 6+ months since launch Badger has been finding its place in the market as a partner-first aggregator of products and services supporting BTC in DeFi. Read more about the upgraded strategies in our in-depth blog post and deposit here.

A Deep Dive: Convex Helper Vaults Explained

All Badger strategies to this point have either had a BTC or Native (BADGER/DIGG) component. In order to optimize returns on the new CRV LP Vaults and future partner vaults, we’ve launched our new helper vaults. They are aimed at optimizing partner rewards earned by our depositors to bring better yields to the underlying BTC strategies. Our first 2 helper vaults are CVX and cvxCRV.

As standalone vaults, users can deposit CVX or cvxCRV and as a result, Badger will manage the staking and auto-compounding of rewards earned with those assets. With helper vaults, we take the reward token and further optimize yield by putting those assets to work. You can find all the details here.

Badger Participated in ETH Global's Largest #HackMoney

Badger is proud to have participated in ETH Global's largest #HackMoney to date and wants to extend a huge thank you to the ETH Global team and all of the participants who submitted entries.

We are truly grateful for everyone’s interest in building with Badger! The grand prize winners are...

Ayush Shukla: WBTC Curve Yield Strategy
Xuefeng Zhu: Leveraged COMP Farm
DAOMoon: Leveraged AAVE Farm

The rest of the prize pool went to…

Hippodrome: Putting DOGE to work on Polygon and earning via ibBTC
Enzyme: Integrate Setts into Enzyme
Ayush Shukla: WBTC Curve Yield Strategy
Xuefeng Zhu: Leveraged COMP Farm
DAOMoon: Leverage AAVE Farm
DIFO: Leveraged COMP Farm

Badger reviewed all the submissions and put together a short video with feedback.

Treasury Talks: Badger Treasury Update

Shoutout to @summmason for these awesome weekly infographics and a special thanks to everyone who attended his inaugural Treasury Talks on Monday, where he took us through the H1-2021 Financial Summary, capturing all financial data from the first half of 2021. In case you missed it, check out the recording! On top of that, a link to download the full H1-2021 Financial Summary is now live on our wiki.

Badger Improvement Proposals

What’s Ahead for Badger DAO

Badger Boost
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