Understanding Badger DAO
Badger DAO is an ecosystem where projects and crypto-enthusiasts in the DeFi world can create partnerships and build the much needed products and platforms required for DeFi to thrive. The shared ownership in the DAO will allow builders to have aligned incentives while decentralized governance can ensure those incentives remain fair to all parties. The DAO goal is to build the products and infrastructure necessary to accelerate Bitcoin as collateral across other blockchains by making "crypto-scientists" compete less and collaborate more. This concept came from Chris Spadafora's beautiful mind. He is the Nick Kyrgios of crypto, the Badger "Godfather" and the operations lead for the project.
Badger was born as a DAO, and every decision included a vote. Everything was created to be fair and involve everyone. Badger builders, the community created products, the operations team, the $BADGER holders are working in a sublime synergy. The $BADGER holders can create new proposals, which have to pass three stages of voting before approval. When approved, the proposal will move to the operations team, which will collaborate with the community to build, fund and market the new idea. SETT was the first product created by Badger DAO, an automated DeFi aggregator focused on tokenized BTC assets and is the only way for people to earn $Badger.
The Badger Builders are ready to work with anyone wanting collaborations, giving the opportunity to build what’s needed. This need is leaded by what the community and the world, not by the needs of developers or blockchain company.
The $BADGER, the governance token, has no monetary value, however sits nicely over $11 per unit. Before it's launch, all smart contracts and systems were audited by Zokyo and the entire community was informed in advance about the launch details. The community had control and decisions on how $BADGER was distributed and no capital was raised. All this effort was made to maintain the transparency and community control.
The whole team led by Chris Spadafora is publicly known and involved in ongoing operations. The team kept 10% of the total supply, approximately 2,100,000 tokens, as founders reward but the founder wallet will have a 365 days lock and no ability to participate in governance. I honestly think this is a supreme gesture of transparency and goodwill. dOrg will help support the technical infrastructure, Albert Castellana and Alberto Cevallos will hold advisory roles within BadgerDAO while Ameer Rosic joined Chris Spadafora in the operations team. This set-up will promote the community-driven project and total transparency.
What is $DIGG?
The second product created by BadgerDAO is called DIGG. DIGG is a non-custodial synthetic Bitcoin build on the Ethereum chain. This means that DIGG is an elastic token that is pegged to the Bitcoin's price and will automatically adjust across all wallets. WOW ... this is much cooler than Ampleforth (AMPL) and Ditto Money (DITTO). The rebase will increase the wallet balance is the DIGG's value is higher than the Bitcoin's value and will increase the balance if it's lower. Yes... definitely cooler than the elastic tokens that aim to maintain a value close to the US Dollar!
DIGG's aim is to remove the need of CeFi entities for Bitcoin custody and replace it with the elastic parameters of DIGG as the oracles will rebase the price daily. This simple supply and demand system will help DIGG to maintain the peg. The launch will be be done in steps, through the Badger distribution system, using an independent LP where holders can stake and a series of airdrops. The DAO will have complete control of the protocol and will control the remaining 50% of the DIGG supply. DIGG... DIGG... DIGG ... Welcome to the Badger Family!
DIGG will maintain an elastic supply across all wallets holding the token and will be non-dilutive. The holder of 6.9% of the supply, will always own 6.9% of the supply, no matter how many rebases will take place. The DIGG mechanics, rules and behaviour is identic for all holders.
The Digg token will be launched and shared through the $BADGER distribution system. Similar to Badger, it will have an independent liquidity launch where users will stake in our Setts and the Badger DAO token holders will have complete control of the protocol. The Badger DAO will also control the remaining 50% of the $DIGG supply not distributed during liquidity mining, further driving community ownership. But ... wen airdrop sir?
DIGG will have three new SETTS allocated for the launch. The initial distribution will share 4000 DIGG tokens, with 600 through airdrop. The initial distribution will send 40% into the BadgerDAO Treasury and 40% in the DIGG Setts, for farming rewards. The founding team will hold 5% and the remaining 15%, 600 DIGG tokens, will be airdropped to Badger app users. It's a good time to hold $BADGER!
The 600 DIGG, representing the 15% of the initial supply, will be distributed following this plan: 55% as total Badger rewards, 35% as Badger staked ratio and 10% as Badger staked over time. The Badger Stake Days are calculated based on the total of $BADGER tokens and LP staked and multiplied with the staked days. This system will reward HODL-ers more then those who sold for profit and will match the DIGG purpose to share wealth fairly. The recommended approach is to use the Badger APP and wait patiently for the DIGG to be distributed.
The new Setts are dedicated exclusively the help LP's generate additional rewards through staking $DIGG and to give LP’s flexibility and variety in how they earn returns on their $BTC assets. The DIGG set will compound $DIGG rewards to users staking DIGG, the DIGG/wBTC UNI will create $DIGG rewards and $BADGER for users staking DIGG and $wBTC while the DIGG/wBTC SUSHI will offer three rewards ($BADGER, $DIGG and $SUSHI). The DIGG dashboard will contain all the required information, and rebase updates, including the rebase impact on the DIGG token.
How to claim DIGG?
Just listen to the tech-badger and follow his instructions. Go to the Badger Dashboard and click on "Airdrops" than if you are eligible for the DIGG distribution, just select it from "Available Airdrops" and click "CLAIM". Ethereum gas fees will be asked when claiming.
I am happy for the Badger family but I am sad for myself, as a series of unfortunate events stopped me to own some $DIGG. Few months ago, Harvest Finance had a vote, which I missed by 2 minutes. Few days later BadgerDAO announced that all whom participated at the Harvest Finance vote will receive Bagder Token airdrops. For those two minutes, I missed the airdrop, and now this butterfly effect prevented me to have some DIGG airdroped! Sad story! However, DIGG is live, and the tokens are ready to be claimed. If you still asking WEN DIGG? than you live in a cave (or a sett). Just read...
Resources:
Badger Medium - DIGG at a glance
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