Things are moving very fast.
BadgerDAO is on a mission to collect every Convex vote we can get our paws on.
Why? So we can boost the rewards on our Bitcoin vaults and pass along even better yields to users.
Last week, we opened up what we believe is the best CVX vault in defi that will now be earning five layers of rewards:
cvxCRV + airdrops from Convex
All vlCRV bribes normally claimable through Convex
10% APY in BADGER (calculated weekly)
Equal share of 10,000 per week cvxCRV through the rest of 2021 (from the Badger Treasury)
Share of all Votium Bribes on pools Badger votes for (Including BADGER bribes)
On top of this, the Badger team will soon propose launching a CVX-bveCVX Curve pool to give even more liquidity to users who wish to exit the vault. $100k USD of each asset will be proposed to start, and Badger will consider adding more liquidity incentives in the future.
So, if you’re looking for a way to stack your CVX rewards without stress about voting and gas fees, check out our locked CVX vault.
But what if your CVX are already locked in Convex governance?
Not to worry.
Badger’s got you covered, with a project we are calling:
Badger Bribe Season
Late last week, the Badger Council authorized a budget of 20,000 BADGER to test Votium bribes for our BTC Sett Vaults.
This allows us to directly reward CVX lockers who vote for the Convex pools that Badger designates.
But this also has a double benefit for depositors in our Locked CVX Sett. Since the Locked Sett and our Votium bribes will be for the same pools, the BADGER tokens used for Votium bribes will be passed through to locked Vault depositors as additional rewards.
To get your hands on some of these sweet, sweet bribes, head over to Votium on October 14 (and each two weeks thereafter) and cast your votes for the Badger sponsored pool!
Frequently Asked Questions
Ok What Do I Need To Do?
I have CVX but haven't locked - Go to app.badger.com and deposit into the Locked CVX vault. Sit tight and earn all of the stacked yield listed above. Claim with the rest of your Badger rewards. You’ll get your share of any bribes Badger makes.
I already locked my CVX in Convex Governance - Go to app.badger.com and delegate to Badger (one time gas fee). When your CVX unlocks, deposit into the Locked CVX vault. Done and Done. Along the way collect rewards from the Votium app and after depositing in the vault claim all from Badger.But wait, what about my bCVX (Non-Locking CVX Sett)?! Governance is in the process of deciding on phasing out bCVX emissions. We are planning a rebate program to swap to bveCVX and cover withdrawal fees and gas costs (see below for details).
But wait, what about my bCVX (Non-Locking CVX Sett)?! Governance is in the process of deciding on phasing out bCVX emissions. We are planning a rebate program to swap to bveCVX and cover withdrawal fees and gas costs (see below for details).
Can I get bribes without delegating? Yes! All votes for Badger relevant pools are counted. You’re welcome to compare the bribes for the Badger pools vs others and vote how you please each round.
More Incentives Coming Down The Road
Badger governance has been working overtime to approve even more powerful incentives to partner with Badger for your CVX voting.
The programs described below are not yet approved by governance, so please follow the links below to have your say.
Proposal 1: Extra Bonus to Vote & Lock With Badger
Badger is proposing to offer an additional layer of incentives to Convex-locked CVX holders who take both of the following actions:
Vote for Badger incentive pools during the next six Convex votes (starting on 14 Oct. 2021); AND
Deposit their newly-unlocked CVX into our Badger Locked Convex Vault between 24 Dec. 2021 and Jan. 21, 2022
This bonus in the amount of .0015 BADGER per vote per CVX would be unlocked six weeks after depositing into the Locked CVX vault, assuming that the wallet still holds the Badger Locked CVX Vault token (bveCVX).
If approved, this BADGER will be distributed on or before March 1 over the Badger Tree to claim with your other rewards.
A snapshot will be taken on or around 21 Jan. (plenty of lead time will be given for exact time) of blCVX holdings. For those that have been voting they will receive .0015 * ([Total CVX Voted]/([blCVX balance] * [Number of Eligible Votes]) BADGER.
For Example: Bob the Badger has already locked 1,000 CVX and is unable to deposit in the bveCVX pool. Starting October 14, Bob takes his 1,000 locked CVX and votes for the Badger sponsored renBTC pool. He does this for the six voting rounds between 14 Oct 2021 and 24 Dec. 2021. When his 1,000 CVX unlock, he deposits them in the bveCVX pool between 24 Dec. 2021 and 21 Jan. 2022. Bob the Badger accrued 0.0015 BADGER * 1,000 CVX votes * the 6 rounds in which he voted, resulting in a 9 BADGER distribution on or before 1 Mar. 2022.
Bob could alternatively delegate his 1,000 CVX to Badger through the Badger app, allow Badger to vote on the renBTC pool on his behalf over the next 6 votes, deposit his 1,000 CVX into the bveCVX pool when his CVX unlocks, and earn the same distribution.
In another example, let’s say Bob votes as he has in the previous two examples. This time however Bob decides to buy an additional 1,000 CVX on 24 Dec. 2021. He then goes to deposit his now 2,000 CVX into bveCVX. Because Bob only voted with 1000 CVX, he will only be rewarded a 9 (namely; 1,000 * 6 rounds * .0015) BADGER distribution.
Alternatively, if Bob decided to only lock 500 of the 1,000 CVX he used to vote, he would only receive a distribution of 4.5 BADGER, (500 * 0.0015 * 6). The minimum of the number of votes placed and the amount of CVX deposited into bveCVX between 24 Dec. 2021 21 Jan. 2022 will be used to calculate the March BADGER distribution.
There are plenty of more complicated examples out there, so if you’re still confused please come to the Badger Discord and ask!
Proposal Status: BIP 70 Under Discussion
Proposal 2: Fee Rebates for Migrating to Locked CVX
Many long time depositors in our Convex Setts have gotten rewards in the form of bCVX, our non-locking Convex Sett. We are planning to sunset this vault (pending BIP) as we move to the Locked CVX model.
To help, we have cooked up some juicy fee incentives to make it easy to hop into the bveCVX (Locking Convex) Vault.
Badger is proposing that all fees on re-deposited bveCVX will be refunded as well as one 10 BADGER gas rebate for anyone who migrated before 8 Oct, as well as another that will be announced once we no longer emit bCVX
To prevent sybil attacks, this offer only applies up to twice per address, and only applies to addresses that had deposits in Badger as of October 11th, 2021.
A user’s full amount of bCVX must be withdrawn and redeposited into bveCVX to qualify.
The rebate will be paid out not more than 14 days after badger stops emitting bCVX based on a snapshot taken from 10 days after the emissions change.
This is a one time program.
BADGER to compensate for the bCVX withdrawal fee will be paid out based on a 30 day TWAP taken 1 week before distribution.
That this rebate will be provided to all users who moved, including those who have before this governance action.
Users that have already migrated will be eligible for one additional fee & gas rebate on migrations done before Oct 11th.
To be eligible for this rebate you must:
Have an address with current deposits in the badger system as of October 8th 2021.
Withdraw your full balance from the bCVX vault
Re-deposit the same amount or more into the bveCVX vault within 1 week
Complete your deposit within 10 days following the switch from emitting bCVX to bveCVX.
Proposal Status: Discord RFF
Proposal 3: bCVX Whale Rebate
For any user that withdraws 5,000 bCVX or more, we’d really like to get your CVX locked before the next vote.
For this reason we are proposing an accelerated rebate payout for users who move over 5,000 bCVX to Locked.
Under this program, users who withdraw all of bCVX and deposit it all in bveCVX before 13 Oct. 2021 at 21:00 UTC, will be paid once for your migration now and may still use the program above to move the recently emitted portion of your bveCVX once we switch emissions on the Convex Setts.
This bonus will be paid out before 31 Oct. 2021 based on coin pricing from 12:00 UTC on 14 Oct. 2021.
Proposal Status: Discord RFF
Proposal 4: Switch Emissions to Locked Convex (bveCVX)
To improve user experience and prevent people from having to pay gas and withdrawal fees to get maximum yields in our Convex Setts (Bitcoin/Tricrypto) Badger is proposing to switch from emitting bCVX to bveCVX.
In order to create additional utility and exit options for bveCVX, the Curve pool launching soon will allow users wishing to withdraw their locked CVX to simply swap it for CVX rather than waiting for the unlock to withdraw from Badger.
Proposal Status: Pre RFF
The Choice Is Yours ...
At this point you have two choices:
You can continue to play the voting game, paying outrageous gas fees to collect your bribes and try to figure out the optimal strategy.
Or you can lock with Badger and go about your day knowing we are doing everything in our power to deliver you a great return while contributing to a stable yield environment for Bitcoin in DeFi.
So what are you going to do anon?