Welcome to this week’s coin review and Issue# 31 of Wealth Mastery. With Dogecoin mania in full effect and carrying with it an almost 300% gain this week. Congratulations to those of you sitting on the sidelines doing nothing as much as those who capitalized on the run. With both these strategies being commendable. If you’re not already a part of the fun, don’t FOMO your way in to get REKT at the same time, those holding onto their DOGE bags shouldn’t miss an opportunity to profit. In this week’s report, we’ll be looking at a new DAO that’s looking to expand the use and function of Bitcoin in the Defi space. Developed as a community effort in collaboration with some of the best yield farmers in the space is Badger Finance.
Introduction
Badger Finance is a brand new decentralized autonomous organization protocol that has a singular and distinct purpose. That is to build the products and infrastructure necessary to accelerate Bitcoin as collateral across many other blockchains. In a similar manner to how we’ve seen renBTC and WBTC operate with regards to their utility. Badger Finance expands on this by integrating a community DAO via Aragon with a liquid governance token, a yield aggregator product focused on providing the best bitcoin yield strategies, a BTC-pegged elastic supply currency based on the Ampleforth protocol, and a strong focus on fair distribution. This includes other traditional backend services like oracles, keepers, and system monitors to provide all necessary updates to Badger. A long-term goal for Badger is to “flip the stack” so to speak. Instead of Badger being the end-point in a cycle of smart contract transactions that currently operate as; wrapping your BTC, pooling your WBTC with Ethereum, and then depositing pool tokens into Badger for yield. The team looks to Badger Finance as becoming more of a base-layer when developed further. Allowing users to unlock an illiquid position and borrow against it. Whether that’s buying more Bitcoin or reinvesting it into the protocols vault to increase your APY in the Badger App. Badger is looking at the next evolutionary step in Defi to better calibrate where their energy should focused.
One of the first protocols developed by Badger Finance is an elastic supply cryptocurrency pegged to the price of Bitcoin and governed by the Badger DAO called Digg (DIGG). At its core, Digg is based on the Ampleforth system. At the smart contract level, it is composed of an Orchestrator, uFragmentsPolicy, and uFragments. The Orchestrator allows the entry point of rebasing actions, and can forward notifications of the rebase to other contracts. The Digg system requires regular updates to react to market prices. But, this rebasing process that’s designed to occur daily isn’t necessary for function, as Badger can still operate fine without it. Digg’s rebase of supply is distributed on a 10-day rolling period. Based on the direction Bitcoin price is moving, it can be used to hedge against a known increase or decrease in BTC price. The uFragmentsPolicy manages supply policy functions by consuming data from Oracles to determine the market value of the DIGG token and giving it unique permissions. The purpose of oracles in the Digg system is to track the market price of Digg relative to Bitcoin and adjust the Digg supply to maintain its peg. UFragments itself maintains all…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
