• About Us
  • Privacy Policy
  • Contact Us
Newsletter
Kelscrypto
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord
No Result
View All Result
Kelscrypto
No Result
View All Result
Home Bitcoin

Bitcoin DeFi project Badger DAO diversifies its $21 million treasury

March 4, 2021
in Bitcoin
0
Bitcoin DeFi project Badger DAO diversifies its $21 million treasury
Share on FacebookShare on Twitter


Badger DAO is one of the only Bitcoin-focussed DeFi products on the market and is expanding its ambitions.

Forwards for Badger

Badger DAO, the Bitcoin-focused decentralized finance (DeFi) protocol, has diversified a $21 million treasury via its “strategic partners,” the project said this morning. The partners shall help add value to the DAO’s governance along with bringing long-term Bitcoin liquidity.

We’re excited to share that we’ve completed a $21M diversification of the Badger DAO treasury with strategic partners @0x_b1, @polychaincap, @paraficapital & @blockchaincap.

21M Bitcoin ➡️ 21M Badger ➡️ 21M Diversification

All the details 👉 https://t.co/0AntGBZhnq

Thread 👇 pic.twitter.com/Yyu42ilBB0

— ₿adger DAO 🦡 (@BadgerDAO) March 3, 2021

The move came after the Badger Improvement Proposal (BIP) 37 [Treasury Diversification through Strategic Partnerships] was passed earlier in February. 

Founded last year, Badger brings Bitcoin to DeFi by building out usecases for ‘wrapped BTC’ products. Over $2 billion worth of various cryptocurrencies is locked on Badger, $36 million in annualized profit has been generated, and a treasury of $600 million has been amassed via Badger (a governance token) and DIGG (elastic supply crypto pegged to Bitcoin).

The protocol’s now taking its aspirations a step ahead. As per the announcement, the new strategic partners—crypto funds Polychain Capital, Parafi Capital, and Blockchain Capital, and anonymous DeFi investor “0xB1”—would now be involved in governing the platform, helping the protocol grow, provide long-term liquidity, and building more synergy with other institutional funds.

“Over the past year, close to 1% of circulating Bitcoin has migrated to Ethereum’s DeFi ecosystem and made productive in various yield generating opportunities,” said Santiago Santos, a partner at ParaFi Capital.

He added as more Bitcoin holders looked towards interacting with DeFi apps, Badger would capture the growing share of that demand.

Jacob Phillips, a Technical Researcher at Polychain, said that by aggregating existing Bitcoin DeFi protocols, building out a suite of new BTC-focused DeFi products, and economically aligning a community passionate about BTC in DeFi, Badger was quickly becoming a Schelling point for both new and existing Bitcoin liquidity.

Not a 21 meme

In the release, Badger said the treasury diversification marked the start of the “Badger Backstop” fund—an effort that would see continual development towards securing user assets and growing the protocol “regardless of the market conditions.”

The release said:

“We plan to use a portion of the DAO capital to create an insurance fund, providing increased platform protection for our users — which will drive increased TVL in the long run.”

Doing so would avoid the situation of protocol development ceasing in case of an unfavorable market (last seen in the aftermath of the infamous 2017 ICO bubble).

6/

Although there will only be 21M Bitcoin & 21M Badger, there will NOT only be this $21M diversification. This represents the first tranche of potentially 3 we intend to complete over the coming months as outlined in BIP 37.

We’ll continue to look for the right partners.

— ₿adger DAO 🦡 (@BadgerDAO) March 3, 2021

Meanwhile, despite the “21” meme (of there being 21 million Bitcoin, 21 million Badger, and the $21 million diversification), Badger said the move was just the start of three upcoming diversification. The team said it would continue to find the right partners to grow Badger and build trust in the protocol.

“Badgers are relentless, fearless, and unshakeable,” the release ended.

Like what you see? Subscribe for daily updates.





Source link

Tags: BadgerBitcoinDAODeFidiversifiesMillionProjectTreasury
Share76Tweet47

Related Posts

The $1200 U.S. stimulus payment invested in Bitcoin in April is now worth $6,495

The U.S. just got a ‘pure-play’ Bitcoin and crypto ecosystem ETF

April 15, 2021
0

Global investment manager VanEck launched its ‘Vectors Digital Transformation ETF’ (DAPP), yesterday, as per a release. The fund offers...

Why a trader says a Bitcoin bottom is close, based on a key technical structure

Native Bitcoin trading is coming to ShapeShift via THORChain (RUNE)

April 14, 2021
0

ShapeShift, a non-custodial cryptocurrency exchange, announced yesterday that it was now fully integrated with THORChain, the decentralized cross-chain liquidity...

The Real Reason Behind Bitcoin Explosive Rally is Not Coinbase But Inflation

The Real Reason Behind Bitcoin Explosive Rally is Not Coinbase But Inflation

April 14, 2021
0

Bitcoin surged past $64,500 this week, shattering yet another record-high milestone after a month of downside consolidation, over sentiments...

Daily Bitcoin Transaction Volume Thriving, Nears Milestone $10 Billion

Daily Bitcoin Transaction Volume Thriving, Nears Milestone $10 Billion

April 13, 2021
0

Bitcoin price is booming but there’s still the same old argument that remains: “nobody uses the top cryptocurrency for actual...

The Simplest Bitcoin Analysis as BTC/USD Refreshes Milestone High

The Simplest Bitcoin Analysis as BTC/USD Refreshes Milestone High

April 13, 2021
0

A quick look into the world’s leading cryptocurrency Bitcoin and what’s ahead for it as it achieves another lifetime...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Huobi-Branded Crypto Exchange Launches for Malaysian Market

Huobi-Branded Crypto Exchange Launches for Malaysian Market

November 27, 2020
Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

Despite losing $120M in a day, MicroStrategy is still up on its Bitcoin investment

November 27, 2020
Yes, You Can Spend Your Bitcoin This Black Friday

Yes, You Can Spend Your Bitcoin This Black Friday

November 26, 2020
Bitcoin derivatives market hasn’t been this wrecked since the March crash

Bitcoin derivatives market hasn’t been this wrecked since the March crash

November 27, 2020
China’s answer to Bitcoin could wreck Macau’s multi billion casinos

Macau’s high-rolling casino industry faces a digital currency threat

0
Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
What makes the crypto market’s rise to $500 billion different from 2017?

What makes the crypto market’s rise to $500 billion different from 2017?

0
China’s answer to Bitcoin could wreck Macau’s multi billion casinos

Macau’s high-rolling casino industry faces a digital currency threat

April 15, 2021
The $1200 U.S. stimulus payment invested in Bitcoin in April is now worth $6,495

The U.S. just got a ‘pure-play’ Bitcoin and crypto ecosystem ETF

April 15, 2021
Much wow! Dallas Mavericks fans bought $122,000 of merch using Dogecoin

Much wow! Dallas Mavericks fans bought $122,000 of merch using Dogecoin

April 15, 2021
Dogecoin (DOGE) shoots 270% higher as WallStreetBets starts to pick up on crypto

Dogecoin jumps 88% in a single day to $0.13, reviving Ponzi fears

April 14, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2020 kelscrypto.com

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • Discord

© 2020 kelscrypto.com