Badger DAO/BADGER#605 0

What is BadgerDAO ($BADGER)?

BadgerDAO is a decentralized autonomous organization (DAO) focused on integrating Bitcoin into the decentralized finance (DeFi) ecosystem. It enables Bitcoin holders to use their assets as collateral across multiple blockchain networks, allowing them to earn yields without relying on centralized intermediaries. The platform primarily operates through SETTs, automated staking vaults that generate passive income on wrapped Bitcoin assets.

Founded in September 2020 by Chris Spadafora and a team of developers, BadgerDAO was created to optimize Bitcoin's use in DeFi. While tokenized BTC, such as wBTC and renBTC, gained traction, they lacked decentralized yield strategies. BadgerDAO filled this gap with Bitcoin-focused yield optimization solutions. Built on Ethereum, it has expanded to Binance Smart Chain (BSC), Polygon, and Arbitrum. Governance is controlled by token holders who vote on upgrades, yield strategies, and community initiatives.

What is the BADGER Token?

$BADGER is the governance and utility token of BadgerDAO, playing a crucial role in the ecosystem. It enables token holders to participate in governance by voting on protocol decisions. Additionally, users can earn BADGER through liquidity mining and staking in SETTs, while also receiving incentives for contributing to the BadgerDAO ecosystem.

Security and the 2021 Hack

On December 1, 2021, BadgerDAO suffered a security breach, where an attacker exploited contract permissions to drain approximately 2,100 BTC and 151 ETH from users' wallets. Investigations revealed that the exploit was tied to the user interface rather than core protocol vulnerabilities. In response, BadgerDAO froze smart contracts, engaged cybersecurity firms Mandiant and Chainalysis, and cooperated with U.S. and Canadian authorities to recover stolen funds.

Core Products

• SETTs (Sett Vaults): Automated yield-aggregating vaults where users can deposit tokenized BTC and earn interest. Depositors receive bTokens (e.g., bBADGER) that represent their stake and can be used in DeFi applications.

• DIGG: An algorithmic, elastic-supply cryptocurrency pegged to Bitcoin. Its supply automatically adjusts based on BTC price fluctuations, ensuring that the value remains stable over time.

• ibBTC (Interest-bearing BTC): A token pegged to Bitcoin that allows users to earn yield through farming strategies integrated with DeFi platforms like Curve and BadgerDAO ecosystem.

BadgerDAO Ecosystem

The BadgerDAO ecosystem encompasses various components designed to enhance the usability and accessibility of Bitcoin in DeFi:

• Badger Wallet: A multi-chain wallet enabling users to interact with DeFi applications seamlessly.

• Badger Vault: A staking platform that allows users to generate DeFi token rewards.

• Badger Bridges: A cross-chain solution for seamless BTC transfers across blockchain networks.

• Badger Developer Ecosystem: A platform for developers to build and integrate DeFi applications within the Badger infrastructure.

Where to Buy BADGER Token?

You can buy BADGER tokens from several popular cryptocurrency exchanges. Some of the well-known exchanges where BADGER is available include Binance, OKX, Kraken, Coinbase Exchange, Gate.io, HTX (Huobi), MEXC, Bitget, DigiFinex, LBank, CoinEx, Uniswap V3 (Ethereum), Sushiswap, Bitrue, and Crypto.com Exchange. 

Top BADGER Supported Wallets?

The Badger Wallet is an official multi-chain wallet designed for seamless interaction with DeFi platforms. Other popular options include Trust Wallet, Ledger, MetaMask, Coinbase Wallet, TokenPocket, and SafePal. Other reliable choices are imToken, Torus, iToken Wallet, Assure Wallet, BRD Wallet, Coinhub, OKX Wallet, and SimpleHold Wallet, supporting seamless DeFi interactions and security.