BadgerDAO
(Note, BadgerDAO’s airdrop has currently been flagged by MetaMask, who have confirmed they are working to resolve the issue.)
BadgerDAO are a new community with a focus on integrating Bitcoin into the DeFi ecosystem.
What caught my attention about this project wasn’t the tools they’re building (even though these are pretty cool), it was the novel approach to token distribution.
Chris from the Badger team connected in the PieDAO discord to share their plan to distribute their community’s token across the decentralised governance ecosystem.
Their idea was to connect decentralised communities and reward individuals who are active participants in this values-driven segment of the cryptocurrency ecosystem.
Things have been pretty busy in the PieDAO bakery, and I somehow managed to completely miss the launch of the airdrop on Friday, sorry guys!
Read the announcement here.
In total 10% of the community’s governance token will be distributed to users who share BadgerDAO’s values, with new tasks being rewarded over the coming weeks.
Gitcoin
The airdrop kicked off by airdropping BADGER to anyone who had supported Gitcoin grants (1400 addresses).
The team have taken a novel approach to claiming these tokens.
To get hold of their BADGER eligible users have to interact with the community’s dapp game, Honey Badger. This is where things get interesting.
Honey Badger
After connecting users have a choice to make: claim your BADGER or leave it there to grow.
But leaving your BADGER comes with a risk. Other users can hunt down your address and steal your unclaimed rewards.
So do you claim today, and miss out on further rewards, or take the risk and wait it out?
Or maybe you engage full honey badger mode yourself, and hunt down other’s rewards.
What’s Next?
So what other actions are going to be rewarded?
Discord discussions have identified a range of actions that align with the DAO's values:
Supplied or borrowed tokenized BTC on Compound, Aave and Maker
Minted wbtc, renbtc or tbtc
Participated in governance on Sushi, Yam, YFI etc.
Alongside the airdrop BadgerDAO are focusing on building their first products.
Sett
The DAO’s first product, an automated DeFi aggregator focused on tokenised Bitcoin assets. The team describe it as a BTC focused yEarn vault.
The initial Setts will be:
Curve_sbtc_lp tokens: Compounding strategy
Curve_renbtc_lp tokens: Compounding strategy
Badger: Stake Badger and earn Badger
Digg
Digg is a non-custodial synthetic Bitcoin on Ethereum. It’s a rebasing currency similar to Yam and Ampleforth that modifies the supply to maintain a BTC peg.
Get Involved
You can learn more about both Sett and Dig here.
As always, the point of this blog is to spread awareness and participation in decentralised communities.
If you’re interested in this topic why not join the community’s discord channel.