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Badger DAO (BADGER)

Badger DAO is an open-source and decentralized automated organization with the primary goal of simplifying the use of Bitcoin (BTC) as collateral across various smart contract platforms. The organization comprises Badge Builders, who collaborate to implement Bitcoin as collateral on multiple blockchains. Badge Builders receive a portion of fees and BADGER tokens from the developer mining pool for each successful implementation. The mainnet of Badger DAO was launched on December 3, 2020.

Badge Builders can be individuals, groups, or companies, and there are no strict requirements for participation. The core components of Badger DAO include the Badge Builders, community-created products, a dedicated Badger Operations team, a fairly distributed initial supply of BADGER tokens for governance, and a commitment to open-source code.

Founder

Chris Spadafora is a prominent figure in the cryptocurrency space and is known for his role as the founder of Badger DAO. As a long-term crypto enthusiast and investor, Spadafora has demonstrated a strong commitment to the blockchain and cryptocurrency ecosystem.

Before his involvement with Badger DAO, Chris Spadafora was a partner at Angelrock, a company that specializes in investment, advisory, and philanthropy services. His experience in the investment and financial sector likely played a significant role in shaping the direction and vision of Badger DAO.

With his background and expertise, Spadafora identified the potential of integrating Bitcoin as collateral across various smart contract platforms, a concept that forms the core focus of Badger DAO. His leadership and strategic decisions have contributed to the growth and development of the project, which aims to simplify the use of Bitcoin as collateral and promote wider adoption of cryptocurrencies in decentralized finance (DeFi) ecosystems.

Chris Spadafora's involvement in Badger DAO showcases his dedication to innovation within the cryptocurrency space and his belief in the transformative power of blockchain technology. His role as the founder underscores his commitment to creating solutions that bridge traditional finance with the emerging decentralized financial landscape.

What makes it unique?

Badger DAO operates as a community-driven project, where decisions about product development are proposed, voted on, and approved by token holders. The project offers two main products: Sett and DIGG, both aimed at advancing decentralized finance (DeFi) and enhancing the utilization of Bitcoin within the Ethereum ecosystem.

Sett functions as a DeFi aggregator with a focus on tokenized BTC. The platform employs various strategies to mitigate flash loan risks and optimize yield generation. Users can deposit tokenized BTC into Sett's vaults and earn yields, while the smart contract manages the underlying strategies. As an incentive for participation, users who provide tokenized BTC to the Sett vaults are rewarded with BADGER and DIGG tokens. A portion of the yield, along with a fee and gas costs, contributes to the rewards.

On the other hand, DIGG is a non-custodial synthetic Bitcoin that exists on the Ethereum blockchain. This synthetic Bitcoin is designed to maintain a price peg to BTC, utilizing a flexible supply and a rebase function. The primary aim of DIGG is to eliminate the need for centralized intermediaries and empower users to interact with a synthetic version of Bitcoin directly on the Ethereum network.

Both Sett and DIGG reflect Badger DAO's commitment to enhancing the decentralized finance ecosystem and providing innovative solutions for integrating Bitcoin into Ethereum-based DeFi applications. The community-driven nature of the project ensures that the development and implementation of these products align with the interests and preferences of token holders.

Network security 

Badger DAO has successfully completed the initial smart contract audit conducted by the Zokyo audit team, and this audit did not identify any critical issues.

To further strengthen its security measures, Badger DAO has formed a security advisory committee comprising ethical hackers who actively assess the security of the project's ecosystem. The committee's role is to conduct regular reviews to ensure the project's security protocols are robust and effective.

In addition to this, Badger DAO is planning to introduce incentives to encourage public peer reviewers to participate in the security assessment process. The project is also preparing to launch a bug bounty program, which will offer rewards to individuals who discover and report vulnerabilities in the system.

These initiatives underscore Badger DAO's commitment to maintaining a high level of security and integrity within its platform, with a strong emphasis on proactive security measures and community engagement in ensuring the project's safety.

Recent developments

Badger DAO is introducing a synthetic bitcoin (BTC) on the Ethereum blockchain through a new crypto asset called eBTC. This initiative aims to create one of the most decentralized synthetic BTC assets by utilizing liquid-staked ether (ETH) as collateral, all while relying on immutable smart contracts.

Unlike existing solutions such as wrapped BTC (wBTC) that involve centralization, eBTC seeks to provide a decentralized alternative. It allows users to mint eBTC without the need for custody, thus reducing potential censorship risks. The project's focus on decentralization is evident in its immutable smart contracts and the minimization of governance influence.

The eBTC protocol utilizes an over-collateralized debt position model, where liquid-staked ether is used to borrow eBTC. The debt position's stability is determined using Chainlink's LSD/BTC oracle, with Tellor as a backup oracle. If a user's debt falls below the minimum over-collateralization ratio, liquidation is triggered based on the staked ETH/BTC ratio. However, users can redeem their positions for underlying collateral as long as they remain within the liquidation threshold.

Badger DAO's goal is to provide a decentralized BTC primitive on Ethereum that avoids the need for bridging or wrapping BTC, making it a valuable addition to the decentralized finance (DeFi) ecosystem. While the project is still refining stability mechanisms and parameters, its emphasis on decentralized control, collateral, and immutability represents a significant step toward achieving a censorship-resistant synthetic Bitcoin asset on the Ethereum network.

Future developments 

Not available