List bBADGER as Collateral Asset

Summary

We propose to add $bBadger to CREAM for lending and borrowing.

BadgerDAO went live on December 3, 2020. Badger is a governance token for the DAO while bBADGER is the token that represents one’s position in the Badger Sett. bBADGER is indicative of a user’s partial ownership of the assets within the vault.

Currently, the TVL across all Setts is ~ $1,000,000,000 (https://app.badger.finance/)

Should this proposal be accepted, CREAM would be the first lending protocol to accept bBADGER tokens.

What Is Badger?

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. Badger is, first and foremost, a community-led initiative that prioritizes collaboration over competition and operates on fairness, transparency, and high collective engagement.

Badger’s first of two products are 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, Digg successfully launched on January 22, 2021

How do the Sett vaults work?

  • User goes to app.badger.finance and deposits $BADGER
  • User receives $bBADGER that represents their share of $BADGER staked in the Sett
  • $bBADGER is yield bearing and the rewards earned will be auto compounded for the user soon, outlined in BIP 24 (https://forum.badger.finance/t/bip-24-badger-boost-multiplier-replacement/1914)
  • User’s can at anytime unstake and claim their share of the $BADGER in the Sett

Benefits for CREAM

Access to Badger’s User Base: Badger brings along with it a vibrant community of 6,000 holders and 6,000+ community members, known as Badgers, on Discord.

Increased TVL for Cream: This proposal will allow the CREAM TVL to expand and will allow the Badger community to borrow other Assets against their $bBADGER tokens.

At the time of writing, the Badger Sett has 3,467,679 $BADGER tokens in the vault earning 126% APY. These tokens represent ~ $86,484,000 in TVL.

The price for $bBADGER is determined by price of badger * PricePerFullShare() of the bBADGER contract.

Action Item

For: Add $bBADGER to CREAM.

Against: Do nothing.

bBadger Contract Address: 0x19d97d8fa813ee2f51ad4b4e04ea08baf4dffc28

bDIGG Contract Address: 0x798d1be841a82a273720ce31c822c61a67a601c3

40 Likes

Token holders source https://etherscan.io/token/0x3472a5a71965499acd81997a54bba8d852c6e53d#balances

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Github: Badger Finance

Gitbook: Badger Finance

2 Likes

Badger has one of the biggest communities and this move will be a win-win for badger and cream!

9 Likes

Please accept this proposal. Badger is fantastic and the community is alive, healthy, and growing.

9 Likes

Add $bBADGER to CREAM. This would be great the community is growing and awesome.

7 Likes

this would be a long term solid partnership, nice proposal :slight_smile:

6 Likes

Add $bBADGER to CREAM would be an awesome addition

4 Likes

Looking forward to this great addition. We have a huge value locked which is waiting to be leveraged. Please add this @Cream. Thanks

2 Likes

This will be a great integration, badger’s future looks very bright.

3 Likes

Definitely! Would be a solid partnership…

3 Likes

Please add. Badger is a great project and great community.

3 Likes

Yes! Add bBadger and bDigg. Great project, great community!

3 Likes

BadgerDAO has formed a robust community that is focused on building, integrating, and has a long term mindset. A lot of our users would like to unlock bBadger’s value by plugging into the DeFi stack.

Combined with the current TVL at Badger, adding this as a collateral asset would be a huge win for CREAM.

6 Likes

I fully support this proposal bBADGER as collateral in CREAM makes total sense

3 Likes

bBadger is the way to go for cream! the best defi project out last 30 days and it isn’t even close!

3 Likes

Great partnership from 2 great projects! Please list bBadger as Collateral Asset in Cream!

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This would be a GREAT partnership.

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I absolutely support this idea and would love to see bBadger as collateral in CREAM. By doing so, the entire DeFi community will benefit.

4 Likes

bBADGER would be a phenomenal collateral addition to Cream. Badger DAO comes with a fierce and loyal following of active participants in the defi space looking to build and collaborate with the best. Badger and Cream together can help accelerate the adoption of bringing Bitcoin to defi. $1B TVL in 2 months, imagine where this can lead!

5 Likes