- Who is the interested party for this collateral application?
- Provide a brief high-level overview of the project, with a focus on the applying collateral token.
Badger is a decentralized autonomous organization (DAO) focused on building the products and infrastructure necessary to accelerate Bitcoin as collateral across other blockchains. Specifically, it is an ecosystem DAO where projects and people from across the ecosystem can collaborate and build the products DeFi needs. Shared ownership in the DAO incentivizes builders to have aligned objectives while decentralized governance ensures that those incentives remain fair to all parties and that the initiatives pursued are determined by the community.
BADGER is the DAO’s governance token, while bBADGER is the token that represents one’s position in the Badger Sett on app.badger.finance and is indicative of a user’s partial ownership of the assets within the vault. bBADGER receives liquidity incentives and is a yield-generating asset with revenues from Badger’s suite of products and vaults.
There is currently 2,815,000 bBADGER in circulation, which corresponds to 3,434,300 BADGER. This amount of BADGER represents approximately half of the circulating BADGER supply.
- Provide a brief history of the project.
The BadgerDAO was bootstrapped by a small team before launching an Early Contributors Program in October of 2020. This led to Badger’s first two products, the Sett, an automated DeFi aggregator focused on tokenized BTC, and Digg, a non-custodial synthetic Bitcoin on Ethereum. Sett was launched on December 3, 2020, and Digg was launched on January 22nd, 2021. There are additional products under development, such as a fixed term yield dollar product and an interest-bearing bitcoin basket. The DAO is collaborating with projects like UMA, DeFiDollar, and Yearn.finance.
- Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
Documentation: Badger Finance - Badger Finance
Source Code: Badger Finance · GitHub
bBADGER token contract: https://etherscan.io/token/0x19d97d8fa813ee2f51ad4b4e04ea08baf4dffc28
BADGER (underlying token) contract: https://etherscan.io/token/0x3472a5a71965499acd81997a54bba8d852c6e53d
- Link any available audits of the project. Both procedural and smart contract focused audits.
- Link to any active communities relating to your project.
Telegram: Telegram: Contact @badger_dao
- How is the applying collateral type currently used?
bBADGER is the staked version of the BADGER token. Currently, bBADGER holders receive liquidity incentive rewards for staking, but bBADGER’s utility increases daily as the DAO pursues expanded cash flow streams, use cases, and products. bBADGER is currently under consideration to be onboarded as a collateral type to Aave, and is already a supported asset on Cream
- Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
Badger contracts are upgradable by the BadgerDAO multisig which is behind a 48 hour timelock and 5/7 signer at the address: 0x21CF9b77F88Adf8F8C98d7E33Fe601DC57bC0893
BadgerDAO is a decentralized organization, and BADGER is a bearer/non-custodial asset.
- Where does exchange for the asset occur?
bBADGER can be easily exchanged for BADGER via the bBadger deposit contract. BADGER is traded on several decentralized exchange platforms, with the largest amount of liquidity available on Sushiswap. BADGER was also recently listed on Binance, and is also listed on other prominent exchanges such as FTX, OKEx, and Huobi.
There is significant liquidity for BADGER across the crypto ecosystem. Through January and February, there was over $40 million worth of BADGER liquidity across both Uniswap and SushiSwap. Importantly, the liquidity for the token has been stable despite volatile market conditions.
According to CoinGecko, BADGER has consistently seen over $20 million worth of volume per day across centralized and decentralized exchanges since the start of January.
- (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
- (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
- (Optional) List any possible oracle data sources for the proposed Collateral type.
Centralized exchanges listed in section 9 may offer price feeds for BADGER. The BADGER<>bBADGER ratio can be computed from on chain data. The live ratio can be viewed by querying the bBadger contract, found here.
The price for bBADGER is determined by price of BADGER * PricePerFullShare() of the bBADGER contract.
- (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.
Disclosure: Interested parties may hold a financial stake in tokens mentioned. This collateral application is for informational purposes only, and does not constitute advice of any kind.
Copyright and related rights waived via CC0.