Rational
We would like to make a proposal for Aave to support bBADGER as a collateral asset. We think being able to lend and borrow bBADGER on Aave would open up several exciting opportunities for both Aave and Badger.
References
- Project
- Whitepaper
- None at the moment
- Document portal
- Source code for the system(s) that interact with the proposed asset
- Ethereum addresses contracts
- $bBADGER - 0x19d97d8fa813ee2f51ad4b4e04ea08baf4dffc28
- ChainLink Oracle
- Not active yet, Uni/Sushi TWAP is the current oracle. (The price for $bBADGER is determined by price of badger * PricePerFullShare() of the bBADGER contract.)
- Audits
- Communities
- Twitter: @BadgerDAO
- Discord: Server Invite 1
- Medium: Badger DAO
Paragraph Summary
Badger is a governance token while bBadger is the token that represents one’s position in the Badger Sett on app.badger.finance and is indicative of a user’s partial ownership of the assets within the vault.
Currently, the TVL across all Setts is $[2.2b] (app.badger.finance), primarily in BTC via CRV LP tokens and our wBTC paired vaults.
We Propose AAVE lists the output token of the Badger Sett, bBADGER as collateral on AAVE V2 for borrowing and lending.
Motivation
Connect Badger’s User Base to aaves: Badger brings along with it a vibrant community of [9,500] holders (source) and [11,000]+ community members, known as Badgers, on Discord.
Increased TVL for Aave: This proposal will allow the Aave TVL to expand and will allow the Badger community to borrow other Assets against their $bBadger tokens, and further build out the DeFi “lego building block” stack and allow 9,500+ bBADGER holders to earn an additional layer of yield through borrowing and lending.
Specifications
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What is the link between the author of the AIP and the Asset?
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I am BitcoinPalmer a member of BadgerDAO
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Provide a brief high-level overview of the project and the token
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Badger is a decentralized autonomous organization (DAO) focused on building the products and infrastructure necessary to accelerate Bitcoin as collateral across other blockchains. Specifically, it is an ecosystem DAO where projects and people from across DeFi can come together to collaborate and build the products DeFi needs. Shared ownership in the DAO incentivizes builders to have aligned objectives while decentralized governance ensures that those incentives remain fair to all parties and that the projects pursued are determined by the community.
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Explain positioning of token in the AAVE ecosystem. Why would it be a good borrow or collateral asset?
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The current yield on bBadger stands around [85]% APY with over $[275m] locked in the Sett Vaults, making this an ideal productive asset as collateral.
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Provide a brief history of the project and how it overcame stressed conditions
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The BadgerDAO was bootstrapped by the seeding team before launching an Early Contributors Program in october of 2020. This led to Badger’s first two products, the Sett, an automated DeFi aggregator focused on tokenized BTC assets, and Digg, a non-custodial synthetic Bitcoin on Ethereum. Sett was launched on December 3, 2020, and Digg was launched on January 22nd, 2021. Since then Badger has overcome the native issues with creating a DAO structure, and non critical UI/UX bugs on the Sett vaults. We rallied our badgers to provide alternative community UI while the core team worked on issues with the native app. Our saving grace to overcoming obstacles is and will always be our community.
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How is the asset currently used?
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bBADGER is the productive asset of the Governance token (BADGER) aside from this core function, bBADGER has been listed on CREAM for borrowing and lending.
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Emission schedule
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Token permissions and upgradability
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Badger contracts are upgradeable under multisig which is behind a 48 hour timelock and 5/7 signer at the address: 0x21CF9b77F88Adf8F8C98d7E33Fe601DC57bC0893, there are no permission related blockers to usage of bBADGER as a collateral asset unless there is a requirement to interact w/ the bBADGER vault.
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Market data (Market Cap, 24h Volume, Volatility, Exchanges, Maturity)
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Market Cap: $147,942,328
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24h Volume: $43,553,651
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7 Day = -24%, 30 Day = 366.2%
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Sushiswap, Uniswap, Huobi Global, FTX, OKEx, Hoo
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75 Days on market
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Social channels data (Size of communities, activity on Github)
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[9,500] holders (source) and [11,000]+ community members
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Contracts date of deployments, number of transactions, number of holders for tokens
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Nov-28-2020
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216,923
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9890
Technical Specifications
Security Considerations
Poll
- Yes
- No
0 voters