Badger DAO Weekly Newsletter #18

Badger x Yearn: WBTC Vault, Badger Bridge, Gitcoin Round 9 Results, Rebase Mining with UMA

Hey there, Badgers

Since the Coinbase IPO launched, the crypto market is correcting… But that doesn’t stop the Badgers from building the future of DeFi! There is a lot going on behind the scenes and you have all reason the be excited about a bright future. The long-awaited BTC Bridge launched and the ibBTC security review is complete and in final UI testing. On top of that, the DAO is working on opening the limits of the wBTC vault in due time.

Badger DAO made a lot of updates to the roadmap (see “what’s ahead for Badger DAO” for details) and the submissions for the $CLAWS Token Design Contest are finally closed. Thank you to everyone who participated and submitted artwork. Badger DAO and UMA selected the top 10 designs and now it is up to you to vote for your favorite here!

With that being said, let's digg into what exactly has been going on with the Badger DAO during the third and fourth week of April 2021. 🦡

Weekly Recap

Badger x Yearn Partnership: Launching the WBTC Only Vault

Only the most loyal Badgers are able to access our 1st WBTC vault powered by YFI during its guarded the guarded launch.

  • 2117 eligible addresses

  • 50 BTC Cap

  • .5 BTC per address

  • Get juicy BADGER/DIGG rewards

The cap of 50 BTC was reached in 30 minutes for phase one and the Badgers are expanding the cap for phase 2 of the WBTC vault guarded launch. As of April 25th, 12 PM EST, an additional 120 WBTC can be deposited on http://app.badger.finance.

  • Same eligible addresses (2117)

  • 4 WBTC per address

  • Similar APY

Phase 2 will last 5-7 days before Badger opens the cap completely and eliminates the guest list. Increasing the vault cap in phase 2 extends the total pool size which is important to further strengthen its security.

Shoutout to @arbingsam for the impressive strategy and @iearnfinance for pushing the boundaries on what's possible in DeFi.

Gitcoun Round 9: Badger Builder Hackathon Results are in!

The Gitcoin Round 9 Builder Hackathon results are in. Gitcoin Grants is an experiment where people can fund their open source projects for public benefit with QF (Quadratic Funding) matching contributions from Gitcoin’s QF Fund, sponsored by donors in the Ethereum ecosystem. Thanks to everyone who participated and congrats to our nine winners!

Check out the top 3 projects:

A complete list of winners can be seen in the picture above.

Announcing our New Rebase Mining Program & DIGG Options Airdrop with UMA

Liquidity Mining has become ubiquitous in DeFi. With the release of KPI options, UMA broke new ground with TVL mining. BadgerDAO is extending this model in collaboration with UMA to launch Rebase Mining.

Rebase 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 (when DIGG is higher than the price of Bitcoin).

BadgerDAO will be using UMA to mint 30-day duration DIGG Rebase options (standard ERC20 tokens) that will be redeemable at maturity for a portion of a rewards pool that will be funded (pending BIP) from the BadgerDAO treasury.

Options will launch on May 7th & mature on June 7th 2021. There must be a minimum of 5 positive rebases in that month for the options to mature for any rewards. The rewards then increase every positive rebase to a maximum of 30 days which pays out 100% of the rewards pool.

Furthermore, DIGG options will be airdropped to Badgers based on certain criteria and claimable through the Badger app

You can find an in-depth blog post on our medium.

Launch of the Badger Bitcoin Bridge powered by RenVM

The Badger Bridge is the first of its kind to enable users to earn yield on their tokenized Bitcoin immediately, all while transacting within the same app. Not only will users now be able to seamlessly earn yield on tokenized BTC, they will also get rewarded for doing so.

  • Earn interest on native BTC in 1 click

  • $6m in reward incentives

In addition to helping improve the overall user experience around earning yield on native BTC, @renprotocol will be migrating http://WBTC.cafe to the Badger Bridge. In other words, http://WBTC.cafe's traffic will now route users to the Badger Bridge

Badger Improvement Proposals

What’s Ahead for Badger DAO

  • ibBTC will be backed by an index of your Badger @CurveFinance vault positions & more moving forward. As ibBTC is integrated across DeFi it will enable users to unlock their BTC LP positions.

  • Experimental in-app vault zone for guarded launches

  • BSC multi-strategy BTCB vault

  • New single BTC vault ETH (renBTC, hBTC)

  • DIGG conditional liquidity mining airdrop

  • 0confirmation Swaps

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