Full description of Badger
Badger is an open-source utility and governance
Token (?) issued by a
Decentralized (?) Exchange (or Cryptocurrency exchange) (?) with the same name. Badger DAO that was founded in 2020 employs the Bitcoin-focused
DeFi (Decentralized Finance) (?) protocol. The project brought Bitcoin to the industry of decentralized finance creating use cases for ‘wrapped Bitcoin’ products.
The form of DAO chosen by the founders provides shared ownership with decentralized governance that enables aligned incentives for developers and a fair system for all members of the community. The voting system arranged on the platform is destined to solve the governance issues.
The goals of Badger DAO
The goal of the platform is to develop the products and necessary infrastructure for the widespread adoption of Bitcoin across different blockchains. The developers create an ecosystem where people from different decentralized platforms can work jointly and create products to improve the DeFi industry.
The developers think that the only fair launch of the
Cryptocurrency (?) took place in 2009 when Satoshi Nakamoto launched Bitcoin with a ledger that was transparent and immutable to all members of the community. It happened without seed rounds, ICOs, public sales, and other procedures of this type. In the opinion of the founders, the cryptocurrency market goes the wrong way due to the lack of creativity and innovation in new projects that mainly duplicate their rivals. Badger plans to change the situation and restore the integrity of the DeFi market.
Badger platform
The platform is based on smart contracts, decentralized organization, and liquidity
Mining (?) infrastructure which feature composability between smart locks and parts of the facility. The system is entirely secure as the code was necessarily audited before the launch. There are no investors to contribute to the platform, capital raising is not involved either. The protocol employs the burning system to control the balance of the system.
Financial and organizational decisions are made via voting. For proposal processing, the participation of 10% of the Badger token’s total supply is needed. The voting continues for seven days and requires a 50% quorum to pass a vote.
Badger products
The first product created by the Badger platform is SETT, which is an automated DeFi aggregator that specializes in tokenized BTC products. The developers were inspired by Yearn.Finance vaults. It accepts users’ deposits so that they could earn a yield. It’s possible to withdraw funds at any time paying a 0.5% withdrawal fee for it. There is also a 4.5% fee for generated profit that is required for the coverage of gas and transaction expenditures.
The team also developed DIGG, a synthetic Bitcoin on Ethereum, which is an elastic supply cryptocurrency pegged to the Bitcoin price. The supply is adjusted automatically every day based on the
Coin (?) value in USD. The protocol calls a price oracle that delivers the USD value of Bitcoin to see if there is a necessity to balance the system.
Badger token
The Badger DAO token (BADGER) can be held, traded, used for voting and farm yielding. Customers must stake their tokens for depositing Badger into the vault, after which they get minted bBadger tokens instead.
In January 2020, the platform introduced BIP24, which is a Badger Boost for the holders of the token. A new policy implies that the rewards are boosted to the customers proportionally depending upon the amount of Badger on the account.
The founders’ rewards include 10% of the token supply which is locked for a year and gets released gradually. The funds will be released each week in the course of a year. The remaining 90% is allocated for the community.
Badger team
The team includes four long-term cryptocurrency investors who decided to launch an ecosystem, which is a really decentralized community-owned platform. The co-founders are Chris Spadafora who is an Operations Lead, Ameer Rosic, also responsible for operations, Albert Castellana, holding the position of Product Advisor in the company, and Alberto Cevallos, working as Technical Advisor on Badger. All of them are
Crypto (?) enthusiasts with huge experience. For instance, Chris Spadafora founded Angelrock, Ameer Rosic invested in multiple cryptocurrency products and founded Blockgeeks.com, Alberto Cevallos founded Fostrum and was also CTO there. As for Albert Castellana, he is a founder за StakeHound and a founding member of the Catalan Chamber of Digital Commerce and the NEM.io Foundation.
Badger partnerships
The company partners with Zolyo, the company that is responsible for the auditing of all contracts before their launch on the platform. The other partner is dOrg DAO, dedicated to the development of cryptocurrency projects focused on the DeFi products such as custom DAOs and web3 tooling.
In February 2021, the company announced the completion of diversification of its 1 million USD treasury with its strategic partners and named such companies as Polychain Capital, Parafi Capital, and
Blockchain (?) Capital. These companies will supposedly help the facility to grow, providing liquidity and working over its synergy with other institutional funds.
- Exchange symbol (?): BADGER
- Cryptocurrency type (?): Token (?)
Badger for developers
Badger social sites
Source: NOMICS
