BadgerDAO Setts Course
A Look At What’s To Come for Badger
The main purpose of Badger DAO is to support expanded utility for Bitcoin in the DeFi ecosystem. As such, we have set our sights on a variety of initiatives to achieve this goal. In this article we’ll take a brief overview of our roadmap, focusing in on some of the recently launched (and soon-to-be launched) utilities for BTC, $BADGER, and $DIGG!
A Sneak Peek of the Badger Roadmap from our new web design.
This quarter has already flown by productively with the launch of DIGG and prep for an entire suite of products, and we’re excited to continue pushing additions to the ecosystem.
The Badger BTC Bridge is powered by RenVM which was developed by Ren Project to enable users to wrap their assets to be compatible with non-native blockchains. The best example of this is renBTC — an Ethereum-wrapped BTC token that can be used in ETH-based DeFi applications. Right now, if a user wants to deposit funds in a Sett Vault, they must first acquire some wrapped BTC (WBTC or renBTC, for example). By integrating RenVM directly into our platform in the form of the Badger Bridge, users will be able to conveniently wrap, deposit, earn, and even withdraw their bitcoin all in one place. The “Badger Bridge” will be incentivized with a rewards program, which was passed via BIP 41. For more information on the RenVM and Bridge, check out this explainer!
Also aimed at making the DeFi experience more seamless and accessible, Badger Zaps integrates Zapper Finance’s Zap functionality. “Zaps’’ are transactions done through the Zapper DeFi Dashboard — another fantastic platform that allows users to track their portfolio, trade, deposit, and rebalance their assets in one UI. Users will be able to deposit and stake into all Sett vaults all from within the Badger Dapp!
Aimed at unlocking the value held in Sett Vaults, CLAWS will be a yield-dollar collateralized by bBadger and SLP tokens. There will be two types of claws depending on which collateral is used — bCLAWS and sCLAWS — for bBadger and BTC/ETH SLP collaterals, respectively. These will have liquidity pools and incentivized Sett Vaults in their own right, allowing you to stack your yields — or alternatively — sell your CLAWS and pursue other yield opportunities! Check out our CLAWS explainer for more information.
After the successful launch of DIGG earlier this quarter, we are planning to implement additional enhancements and products to maintain a closer peg to the price of BTC. This includes:
- Peg based rewards — DIGG vaults will receive more DIGG relative to non-DIGG vaults when below the peg and less when above. This should distribute DIGG to natural DIGG holders when below and sellers when above. These changes were discussed and voted upon in BIP 22.
- DIGG Stability Vault — Partnering with Stabilize.Finance team to deploy a vault that will act as the ideal rational economic actor, selling DIGG for WBTC while above the peg and buying with that WBTC reserve when below.
- Honeypot Part II — Diamond hands w/ MEME x DIGG — 3 new NFTs will be made available for DIGG stakers in MEME. But nothing is that simple with DIGG. A massive prize pool, uncapped deposit pools and completely new game mechanics will make this a huge event for $BADGER, $DIGG, and the crossover of DeFi and NFTs as a whole. More info to come!
The break-neck pace doesn’t end with Q1. We already have a full slate for Q2, and we plan to continue adding to our pallet of BTC-based products that will help us realize more Bitcoin and BADGER utility within DeFi.
ibBTC will be launched in partnership with DeFi dollar and will allow any of the BTC denominated Sett depositors to deposit their vault token (bTOKEN) and mint ibBTC. By having an option to consolidate the underlying value of the BTC denominated Setts into one asset, badgerDAO is hoping to create the best holding opportunity for interest bearing BTC exposure.
We also plan to implement a “Layer-2” Decentralized Exchange allowing users to swap between various types of tokenized Bitcoin. Users will be able to seamlessly transition between sBTC, renBTC, WBTC, bBTC and so on — all with the lowest fees possible. Layer 2 technology will make this possible, allowing “off-chain” transactions to be periodically recorded to the main chain.
If you are a $BADGER token holder, the future is in your hands! The Badger DAO is completely community controlled, and our token holders have voting rights to determine next steps!