Badger Knife is one of the interesting projects along with its token BADGER, which aims to accelerate the use of Bitcoin in DeFi.
The use of Bitcoin in DeFi used to be limited to the small ecosystem on the Bitcoin network until protocols emerged that would allow Bitcoin holders to wrap their BTC on Ethereum (or Wrapped Bitcoin). Since then, the amount of BTC on the Ethereum blockchain has increased dramatically.
In this article, let’s go with the GTA team to find out what you need to know about Badger Knife – projects to accelerate the use of Bitcoin in DeFi and should invest in BADGER token of the project okay!
What is Badger Knife?
Badger Dao is a project to build the infrastructure and products needed to accelerate the use of Bitcoin on Ethereum and other blockchains.
The developers of Badger Dao designed it to be a complete ecosystem where DeFi products can collaborate to build products. The DAO allows developers from different projects to align their incentives with decentralized governance. This brings builders together by encouraging them to cooperate rather than compete.
Their goal was to make sure the Badger DAO started as a community-led initiative from the start. As such, the Badger DAO is committed to a “community first” outlook that is fair and transparent. So, the Badger DAO must attract and maintain a pool of coders, content creators, liquidity providers, and users in order to succeed. Bringing these diverse skill sets together will ultimately benefit everyone involved. Badger DAO community members will contribute to the success of the platform with internally generated revenue. Ultimately, they believe that the profits will belong to those who contribute to the development of the DAO.
Ecosystem of Badger DAO
Badger DAO is a project in the form of Fair Launch. Unlike other Fair Launch projects (anonymous dev team and some information), Badger DAO is transparent about everything on their homepage.
The project is not a company or a product, but in essence the project is to support the community with encouraging people to come up with product ideas, then vote off-chain ( off-chain voting). If approved, the Badger DAO will directly cooperate with the idea creator, and will provide capital for the project (if necessary).
Badger DAO has two main components in the ecosystem, Sett and Digg:
Badger DAO used SETT as its automatic DeFi aggregator. SETT will also be the only way for members to earn BADGER tokens.
Users will deposit assets to earn profits, smart contracts will implement different strategies to bring assets to work on multiple DeFi protocols. Thus, users can optimize yield without having to work hard and put effort into implementing yield farming strategy.
There are two main ways to make profit in Sett: Staking and providing liquidity (liquidity farm). You can profit from the following liquidity pools:
• sBTC Curve Pool LP
• tBTC Curve Pool LP
• Badger Pool
• Badger<> WBTC Uniswap LP
• renBTC Curve Pool LP
Although you can withdraw at any time, there will be a 0.5% fee on withdrawal as well as 20% action fee (Not applicable to Badger or wBTC <> Badger Setts)
DIGG is a token with pegged value on BTC, or in other words, DIGG is a non-custodial BTC on Ethereum blockchain based on Rebase mechanism.
On a daily basis, the supply of DIGG is automatically adjusted across all wallets based on the USD value of DIGG against BTC. If the price of DiGG is higher than BTC, your wallet balance will increase; if it is lower your balance decreases.
Since the Badger DAO ecosystem is based on cryptographic bitcoin tokens, a pricing mechanism is required to pay interest. To make it easier to understand, Digg is the stable token of bitcoin in this ecosystem. Digg’s liquidity is based on two exchanges, Sushiswap and Uniswap.
Mechanism of action of Digg based on the Ampleforth system. At the smart contract level, it consists of three components Orchestrator, uFragmentPolicy and uFragment.
- Orchestrator: entry point for rebase actions, can forward rebase messages to other contracts
- uFraecesPolicy (i.e. SupplyPolicy: Using data from Oracles, to determine the market value of Digg tokens.) has the sole right to notify Digg tokens of this.
- uFragment: core Digg token. Maintain balance/approval data according to ERC20 and adjust supply displayed according to Ampleforth mechanism
There is also a backend service to provide necessary updates to the system. These include oracles, who keep and monitor the system. Investors do not need to worry about this issue.
Highlights of BADGER DAO?
There are three differences between the Badger Sett and regular DeFi products:
The first, Badger brings BTC to yield farming erc-20 DeFi. You can see that of the 5 liquidity pools in Sett, 4 of them are using tokenized BTC assets like renBTC, sbtc, wBTC, tBTC. Don’t want to sell your BTC when it goes up but still want to join Defi? BTC can now join yield farming DeFi to earn rewards.
Second, Badger has liquidity pools with pairs containing other platforms’ tokens to reduce risk. Unlike other DeFi products (e.g. Harvest Finance, Pickle Finance, etc.) which only offer liquidity pools of their platform tokens and have higher risk for investors, here in Badger Sett , you can reduce your risk by choosing another liquidity group (curve.fi/renBTC LP, curve.fi/sbtc LP, curve.fi/tBTC LP).
Tuesday, High risk, higher return. You can see that the highest APY above is the Badger/ wBTC LP group that has a profit of up to 1847% a year. Users can see how many trades are being made in the Badger staking pool by checking the transaction number on the Badger product page.
When was the project established?
The project was established in early 2020
The project’s Twitter was established in August 2020 and currently has 34K Follows.
Roadmap – The development roadmap of the project
Team – Project development team
The Barger DAO development team is completely anonymous, but there are four individuals who publicly represent the Badger DAO to manage projects on the internet. Barger DAO does not raise capital at all, does not have a roadmap. They claim to be only responsible for the initial development of the Barger DAO and then completely hand over the project back to the community for management.
• Chris Spadafora – Founder: He is an investor and crypto enthusiast.
• Ameer Rosic: An investor and founder of other crypto projects.
• Albert Castellana: Product Advisor and CEO at StakeHound.
• Alberto Cevallos: Technical Advisor, he also advises Travala.
Investor & Partner – Investor & Partner
The project has no investors, but their partner information is as follows:
• Kyber Swap – The DEX exchange is used to swap tokens of the Ethereum blockchain.
• Keep – Project to build infrastructure for personal data on public blockchains, DApp and DAO. Their first project was tBTC, a decentralized way of encoding BTC on the Ethereum blockchain.
• Enoki – Enoki and Badger will collaborate on NFT initiatives and integrate them with profit reward systems in the near future.
• Pickle – The project helps to maintain the value of stablecoins.
• Harvest Finance – The project belongs to the yield farming array, can optimize profits by different farming methods
• Lace – Project to improve cross-chain liquidity through RenVM. At the forefront of Ren’s product line is renBTC, a form of Bitcoin encrypted on the Ethereum blockchain.
BADGER is the project’s governance token and has no intrinsic value.
Basic information about Badger token.
• Token Name: BADGER Token.
• Ticker: BADGER.
• Blockchain: Ethereum.
• Token Standard: ERC-20.
• Contract: 0x3472a5a71965499acd81997a54bba8d852c6e53d.
• Token type: Governance.
• Total Supply: 21,000,000 BADGER.
• Circulating Supply: 846,508 BADGER.
Token Use Case
• Governance: BADGER holders have the right to vote to change the parameters and features of the Badger DAO.
• Get profit: BADGER holders will receive profits from the project’s own products and also from the community.
• DAO treasury: 35%.
• Liquidity Mining: 23%.
• Developer Mining: 15%.
• Airdrop: 15%.
• Team: 10%.
• Gitcoin: 2%.
Token Release Schedule
• Liquidity Mining: During 8 weeks, users who deposit into the Badger Sett product will earn BADGER tokens. The longer you stake, the more reward you will receive.
• Team: Tokens will be released linearly every month for 1 year.
• DAO treasure:Lock for 30 days after launch to ensure proper token distribution.
Current Badger DAO Rate
Where to buy – sell Badger DAO?
Currently Badger DAO is being traded on Binance, Huobi, MXC, Uniswap with the price fluctuating around $13.5 and has a 24-hour Volume of $8,411,946
Medium : https://badgerdao.medium.com/badger-dao-how-it-works-57854b31f264
Badger Knife is quite an interesting project as they look like they will accelerate the use of Bitcoin in DeFi. The project has also partnered with Nexus Mutual which allows users to secure their deposits against flaws in smart contracts. The project team is known to the public. And that’s why smart contract auditing company-Zokyo audited all systems and smart contracts before launch.
However, this is a community project, so it is completely impossible to know what they will do in the future when they do not provide the project’s roadmap. So Badger Knife is a suitable project for the risk-takers who like the risk and with it the high returns that come with it. If you do not intend to participate in the administration of the Badger DAO or participate in the liquidity pool, I advise you not to buy. Due to its nature as a governance token, it does not have a clear upside potential and can be generated on a daily basis, making it difficult for a sudden price increase.
Above is all the information that GTA Research team has researched about the project Badger Knife and is not investment advice. Hope this article will help you get the necessary information and give your personal opinion about the project.