[BadgerDAO] Citadel Launch, Governance Roundup, and Vault 🌸 Spring Cleaning 🌸

Welcome back to the Badger stack.

Lots going on in your DAO so let’s get right to it:

Citadel Launch

The launch of Citadel is happening very, very soon. How soon? Soon enough that I am authorized to use the following gif:

Yes, Citadel aims to be the largest on chain BTC treasury actively earning yield on its assets. The launch will consist of Badger plus eight partner DAOs that have been announced so far (👀 👀), which are Convex, Tokemak, Frax, Alchemix, Redacted, Ren, Tribe, and Jones DAO.

Each of these partners, or Knights of the Citadel, was selected for their unique contributions to DeFi. The initial launch will be limited to whitelisted participants who have been qualified by their on-chain actions as determined by each of the partner DAO’s. 

The DAO is wrapping up some post-audit tweaks to the codebase and finalizing the launch parameters. In the meantime, here are a few links to get you up to speed:

• Citadel Sessions #1 Recorded AMA with Spada n’ the gang

• Citadel Tokenomics  A deep dive

• Citadel Early Contributor Program For those interested in building with Citadel 

• Citadel Yield Strategies Whitepaper on how Citadel will earn on its treasury assets, specifically within Badger to start

• Citadel Initial Sale Parameters Roll out plan

• Citadel Whitelist Checker See if your address can participate in the initial launch event  

• Frax governance proposal to invest $11m in Citadel launch

If you are NOT on the whitelist, the DAO is doing a daily giveaway of slots inside the Citadel discord. Just head over there and give a tip of the hat to @Hash_Error. 

Ye olde invite: discord.gg/citadeldao

Governance Roundup

DAO governance is a lot of things but never boring… 

Here’s a recap of all the latest governance news:

Treasury BIP in Snapshot: This BIP allows the treasury to be more nimble in how it manages assets. This will help better capture opportunities for farming stables or buying yield influence assets that allow more emissions to flow to Badger vaults. This BIP is now in Snapshot. => VOTE HERE

Badger Boost Updates: Following the approval of BIP 90, the DAO is rolling out changes to the Badger Boost system that will calculate boosted emissions on a smooth linear scale, rather than stepwise jumps. This is intended to avoid arbitrary reward cliffs and reduce token sell pressure as each incremental BADGER token held will add to Boost.  

New Councilmembers: Following recent changes in Council personnel (welcome to new counseloooors Mitche50, Freddy, Prince Tok, Vipes, and Yafeh), governance is considering an evolution of the BIP process. These discussions are still in the early stages, so head over to the Badger discord (governance channel) to jump into the discussion. => discord.gg/badgerdao

DIGG BIP: Another BIP under active development involves changes to how DIGG interacts with Badger Boost. This BIP was proposed by a group of community members and is in the process of being clarified and re-formulated after an initial forum vote.

🚨OPTIMISM AIRDROP🚨: Governance - in addition to being not boring - is also profitable. Optimism (an Ethereum L2) has just announced their initial token airdrop. One of the criteria they sought to reward was voting in DAO governance, Badger included. If you voted on past Badger governance snapshots, you should check if your address is eligible for the airdrop here: https://app.optimism.io/governance

Vault Cleanup: 

If you are returning to app.badger.com after a break you will notice some spring cleaning was done. Badger has adopted a clear process for deprecating vaults that have low TVL, are unprofitable, or otherwise have outlived their useful life. Emphasizing the top vaults will reduce choice overwhelm and help more assets flow to the most productive places. 

That’s all for today.

But stay tuned to your inbox because the DAO has a whole lot more cooking up in the kitchen.  

BRAX and Balancer wars is all I can say…  

Till next time, 

Wasabi