A Step-by-Step Guide to Using Sett Vaults on BSC
Badger is the trusted place to put your Bitcoin to work- on all chains. The Badger DAO expands on this vision every day, with the influx of new builders, ambassadors, and an incubation program to fund and foster emerging Bitcoin-DeFi products.
Bitcoin Across Chains
Ethereum has been the birthplace of many DeFi projects that have advanced open finance by leaps and bounds. But the Badger DAO was never intended to be exclusive to any particular chain. Badgers build for Bitcoin, bottom line. The DAO will extend support to any chain that bolsters itself as a sandbox for new products for Bitcoiners.
Our next frontier for Badger outside of the Ethereum ecosystem is Binance Smart Chain.
Here are the 3 new Badger Setts coming to BSC:
Badger will be launching the following Setts on PancakeSwap, a Uniswap-like DEX on BSC. These Sett Vaults will consist of staked LP comprised of:
- bBadger <> BTCb (BSC’s Bitcoin peg)
- bDIGG <> BTCb
- BNB (BSC’s native asset) <> BTCb
Depending on which Sett you want to stake in determines how you use the Badger App and the bridges to get your assets to Binance Smart Chain. Let’s walk through how to get everything you need to participate in these vaults. If you simply want to stake in BNB <> BTCb for example, the user journey is substantially shorter than the other 2 Setts.
First thing’s first: here’s how to get on BSC using Metamask
Sign in to Metamask.
If you like shortcuts, go to Chainlist.org and search for Binance Smart Chain Mainnet.
Once you click “Add to Metamask”, you’ll have Binance Smart Chain added without any hassle. 😉
But if you want to do it the old fashioned way, click this button in your Metamask:
Then, you click this:
This is for adding the BSC network. When you switch to this network, you can now interact with smart contracts on the BSC network using the BNB native asset.
Fill in these boxes with the following information:
- Binance Smart Chain
New RPC URL
Block Explorer URL
Once you’ve added the Binance Smart Chain to Metamask, you will be ready to get the necessary assets to start staking.
How to get bBadger or bDIGG
First- what is bBadger and bDIGG? They are the interest bearing versions of our native assets. Badger being the governance token of the DAO, its treasury and all its products (like Sett vaults!). DIGG is the first rebasing Bitcoin. It uses elastic mechanics to mimic the price of Bitcoin.
When you stake them in their respective vaults, they begin earning interest which auto-compounds back into your vault position. When you withdraw from those vaults you realize the accumulated Badger or DIGG.
There are two ways to get bBadger or bDIGG
Then deposit Badger or DIGG in the Badger App (without staking) to get bBadger/bDIGG. It will show up in your wallet upon deposit completion.
*If you plan to only use the BNB <> BTCb Sett, you can skip this step.
Bridging bBadger & bDIGG to the Binance Smart Chain
When you have your bBadger or bDIGG tokens, the next step is to bridge these assets over to Binance Smart Chain through an application called Multichain. In the search box, input bBadger or bDIGG and you’ll see the appropriate assets show up. Choose the “from” asset on ETH Mainnet and the “to” asset on BSC Mainnet. It should look like this:
Next, procure BCTb (BEP20) and/or BNB on Binance Smart Chain using the Binance Bridge
When you’re on the bridge, you can swap any of the listed native assets (such as BTC) to their equivalent peg on the Binance Smart Chain Network. If you do not have BNB on BSC, you will need to have some to pay for transactions on the BSC network. The cool thing about the bridge is it allows you to purchase some BNB at the same time while bridging your native BTC to Binance Smart Chain to get BTCb (a BEP20 token on Binance Smart Chain Network).
Go to Pancake Swap and provide liquidity in the pair of choice
To get the LP tokens required to stake in the Badger BSC App, you will need to stake the two necessary assets to a 50/50 liquidity pool in Pancake Swap. When you have both assets:
- bBadger <> BTCb pool
- bDIGG <> BTCb pool
- Head here for the BNB <> BTCb pool
When you procure your LP tokens, you are ready to utilize Badger’s liquidity strategy to earn CAKE tokens. Remember not to stake the LP tokens in PancakeSwap, as you will be doing that in the Badger App on BSC.
(LIVE) App.badger.finance to deposit your LP tokens from Pancake Swap
To earn on your LP tokens through the Badger Sett, head to the Badger App and switch to Binance Smart Chain network in your MetaMask browser extension. The app will automatically switch to our BSC vaults and display all relevant data.
To deposit your LP assets, choose the vault you’d like to participate in, the amount to deposit and click deposit. You’ll be prompted in MetaMask to approve and send.
Once you complete these two transactions, our vaults will now optimize the yield you receive for your LP assets by staking the CAKE and then auto-compounding them back into your LP position. There will be no need to claim anything. When you withdraw from our vaults you will have a larger LP position than when you deposited.
You should now be stacking sats on the Binance Smart Chain! Hope this broke down the process for going from zero to staking in the Binance Badger Setts.
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