<p>BadgerDAO is building the infrastructure to bring Bitcoin to DeFi. We make it easy to bridge your Bitcoin into other blockchains and start earning yield right away.</p>


<p>BADGER is the native governance token of BadgerDAO. It is an ERC-20 token with a maximum fixed supply of 21 million. It is currently traded on Ethereum, Binance Smart Chain, and Polygon, with support coming soon for Fantom.</p>
<p>BADGER tokens give you the right to vote in <a href="/governance">governance of BadgerDAO</a>, including product mix, leadership, treasury allocation, and community initiatives.</p>
<p>BADGER can also be used to earn staking rewards and as collateral on different platforms across DeFi.</p>
<p>Holding BADGER in your wallet (or staked as bBADGER) increases your APYs in other <a href="/products/sett-vaults">Sett Vaults</a> as part of the <a href="/products/badger-boost">Badger Boost</a> system.</p>
<h2>Earning BADGER Tokens</h2>
<p>Users receive BADGER tokens as a reward for using the Badger App and participating in our ecosystem. In many cases, the BADGER token makes up a significant percent of the overall reward mix in our Vaults.</p>
<p>The amount of BADGER tokens that is emitted by various Sett Vaults is set by a governance vote on a 12-week rolling basis.</p>
<h2>bBADGER</h2>
<p>bBADGER is the interest-bearing Vault token that you receive by depositing your BADGER in our single asset <a href="/products/sett-vault">Sett Vault</a>. bBADGER is a representation of the BADGER deposited in the Vault.</p>
<p>bBADGER does not correspond 1:1 with BADGER. As interest accrues inside the vault, the value of bBADGER increases against BADGER.</p>
<h2>Utility for BADGER and bBADGER</h2>
<ul>
<li><a href="/governance">BadgerDAO governance</a>: Propose, comment, and vote on the future of the protocol.</li>
<li><a href="/products/sett-vaults">Sett Vaults</a>: Stake BADGER in to receive bBADGER receipt token and claimable rewards.</li>
<li><a href="/products/sett-vaults">Sett Vaults</a>: Provide BADGER-WBTC liquidity in Sushiswap or Uniswap, deposit your LP token in a Vault, and receive several types of claimable rewards</li>
<li><a href="https://unit.xyz/">Unit Protocol</a>: create a Collateralized Debt Position (CDP) with BADGER as collateral minting USDP. (50% collateral ratio).</li>
<li><a href="https://app.rari.capital/">Fuse</a>: allows borrowing, collateralizing and lending of BADGER.</li>
<li><a href="https://app.pooltogether.com/pools/mainnet/PT-stBADGER">Pooltogether</a>: Enter a pool to get a chance to win a weekly prize and receive POOL tokens as incentive.</li>
<li><a href="https://app.cream.finance/">Cream</a>: Supply bBADGER for borrowing on Cream and earn interest on your supplied assets.</li>
</ul>
<h2>Explore</h2>
<ul>
<li><a href="https://discord.gg/badgerdao">BADGER Tokenomics Discussion (Discord)</a></li>
<li><a href="https://github.com/orgs/Badger-Finance/repositories">BADGER Github</a></li>
</ul>


BADGER

SushiSwap

UniSwap

Binance

<p>Interest Bearing Bitcoin (ibBTC) is a fully collateralized representation of Bitcoin on Ethereum, Matic, and BSC. ibBTC aims to be the most liquid, secure, and widely used BTC-backed asset throughout DeFi while at the same time providing users with a base interest rate from holding it.</p>
<p>Built in collaboration with <a href="https://dusd.finance/">DefiDollar</a>, ibBTC is an index of the top Bitcoin-pegged assets in DeFi, including wBTC, renBTC, sBTC, and tBTC. Users can <a href="https://app.badger.finance/ibBTC">mint ibBTC</a> by providing any of the following four vault tokens from Sett Vaults:</p>
<ul>
<li>byvWBTC</li>
<li>bCrvRenBTC</li>
<li>bCrvRenSBTC</li>
<li>btBTCcrv</li>
</ul>
<p>Once minted, BadgerDAO manages the assets to provide a base interest rate that is derived from the return of the underlying Sett Vaults.</p>
<p>ibBTC may be redeemed for the underlying vault tokens at any time or traded on exchanges like <a href="https://app.sushi.com/swap?inputCurrency=0x2260fac5e5542a773aa44fbcfedf7c193bc2c599&amp;outputCurrency=0xc4e15973e6ff2a35cc804c2cf9d2a1b817a8b40f">Sushiswap</a>.</p>
<h2>Utility for ibBTC</h2>
<ul>
<li><a href="http://app.badger.com">WBTC / ibBTC SLP</a>: Provide liquidity on Sushiswap and stake SLP in Badger Vault to receive Badger, and SUSHI rewards</li>
<li><a href="https://swapr.eth.link/#/pools/0x82aF49447D8a07e3bd95BD0d56f35241523fBab1/0x9Ab3FD50FcAe73A1AEDa959468FD0D662c881b42?chainId=42161">ETH/ibBTC Swapr LP</a>: Provide liquidity in the Swapr ETH/ibBTC pool and then deposit the LP token in the Badger Vault to earn Swapr and Badger rewards</li>
<li><a href="https://app.sushi.com/farm">Sushiswap Farm (Polygon)</a>: Provide liquidity in the Polygon Sushiswap ibBTC/wBTC pool and then deposit the SLP tokens in Sushi to earn MATIC and SUSHI rewards</li>
</ul>


Interest Bearing Bitcoin

Sushiswap

<p>Sett Vaults, named for the complex underground tunnels where Badgers live, are the core product of BadgerDAO.</p>
<p>Sett Vaults allow you to deposit over twenty Bitcoin-linked crypto assets into smart contracts that execute automated strategies to achieve some of the best risk-adjusted rewards across DeFi.</p>
<p>Some strategies involve securely lending the assets to earn interest, providing liquidity to traders, or &quot;farming&quot; the governance tokens of <a href="/partners">other DeFi protocols</a>.</p>
<p>Some of these rewards are automatically re-deposited into your underlying balance, while others will need to be periodically claimed through the app.</p>
<p>In some cases, users receive an interest-bearing version of their reward token like xSUSHI, allowing them to earn additional rewards on top of their existing ones until redeemed.</p>
<p>By pooling funds together, Sett Vaults allow users to save money on transaction costs, and benefit from Badger's extensive smart contract security checks.</p>
<p>Some Vaults are upgradable, meaning they can switch between strategies when new opportunities become available.</p>
<h2>Increase Rewards with Badger Boost</h2>
<p>To align converge holders with users, Sett Vaults pay higher rewards to users that hold more native Badger assets (BADGER, bBADGER, DIGG, and bDIGG) in their wallets or in Sett Vaults. Rewards increase on a sliding scale and you can use the <a href="https://app.badger.com/boost-optimizer">Badger Boost Optimizer</a> to determine the amount of native assets you need to hold to reach the next level.</p>
<h2>Fees</h2>
<p>Certain vaults charge performance and withdrawal fees, as detailed below:</p>
<h3>Withdrawal Fees:</h3>
<ul>
<li>Curve.fi Convex : 0.10%.</li>
<li>Sushiswap wBTC/ETH: 0.10%.</li>
<li>Sushiswap ibBTC/wBTC: 0.10%.</li>
<li>Convex Helper (cvxCRV and CVX): 0.10%.</li>
<li>Native Vaults (Badger, DIGG single staking and LP): 0%.</li>
</ul>
<h3>Performance Fees:</h3>
<p>Performance fees apply on profits of the underlying (CRV, FARM, CAKE, CVX, xSushi, etc earned), as follows:</p>
<ul>
<li>Curve.fi Convex Vaults (renBTC, sBTC, tBTC): 20%.</li>
<li>Sushiswap SLP: 20%.</li>
<li>Convex Helper (cvxCRV and CVX): 10%.</li>
</ul>
<h2>Explore</h2>
<ul>
<li><a href="https://docs.badger.com/badger-finance/sett/overview">Sett Vaults Technical Documentation</a></li>
<li><a href="https://discord.gg/badgerdao">Sett Vaults Discussion (Discord)</a></li>
</ul>


Sett Vaults

<p>The BadgerDAO <a href="/dao-and-community">community</a> voted to allocate more <a href="/products/badger">BADGER</a> rewards to users who show a desire to participate in <a href="/governance">governance</a> and support the BadgerDAO ecosystem by holding Badger native assets - BADGER and DIGG in their wallet, a system known as Badger Boost.</p>
<p>Simply put, Badger Boost adjusts the amount of BADGER rewards a user receives up or down based on your <a href="/news/badger-boost-power-up-stake-ratio-levels">Stake Ratio</a>, which is the ratio of your native balance (bBadger or a DIGG LP) compared to non-native balance (funds deposited into BTC Setts). The higher your native balance, the more BADGER token rewards you receive on your non-native Vault positions.</p>
<p>To help you calculate the amount of native Badger assets needed to increase your Boost, we have released a tool called the <a href="https://app.badger.com/boost-optimizer">Badger Boost Optimizer</a>. It will tell you the exact ratio of native to non-native assets required to take your Boost to the next level.</p>
<h1>Explore</h1>
<ul>
<li><a href="https://app.badger.com/boost-optimizer">Badger Boost Optimizer</a></li>
<li><a href="https://discord.gg/badgerdao">Vaults Discussion (Discord)</a></li>
</ul>


Badger Boost

<p>DIGG is the first decentralized, elastic supply crypto asset pegged to the price of Bitcoin and governed by BadgerDAO.</p>
<p>Unlike custodial forms of BTC on Ethereum, DIGG is not backed by Bitcoin under management. Instead, DIGG relies on parameters built into its smart contracts in order to maintain a loose peg to BTC.</p>
<p>Every day, a &quot;rebase&quot; occurs. If the price of DIGG is greater than 1.05 BTC, a positive rebase occurs and the supply of DIGG in wallets and smart contracts increases. If the price is under .95 BTC, the supply decreases. If the price is between .95 and 1.05 BTC, the supply remains unchanged.</p>
<p>In this way, the smart contract works to push circulating supply of DIGG closer to an equilibrium where the market demands an amount of DIGG such that its price equals the current price of BTC.</p>
<p>Rebases change the number of DIGG tokens you see in your wallet, but does not change your percentage ownership of total supply.</p>
<p>Holding DIGG in your wallet (or staked as bDIGG)  increases your APYs in other Vaults as part of the <a href="/products/badger-boost">Badger Boost</a> system.</p>
<h2>bDIGG</h2>
<p>bDIGG is an interest-bearing receipt token you receive after depositing your DIGG in our single asset <a href="/products/sett-vaults">Sett Vault</a>, representing your share of DIGG in the Vault.</p>
<p>bDIGG does not correspond 1:1 with DIGG. As interest accrues inside the vault, the value of bDIGG increases against DIGG.</p>
<h2>Utility for DIGG and bDIGG</h2>
<ul>
<li>Stake DIGG in Vault to receive bDIGG receipt token and claimable rewards.</li>
<li>Provide DIGG-WBTC liquidity in Sushiswap, deposit your LP token in a Vault, and receive several types of claimable rewards</li>
</ul>
<h2>Explore</h2>
<ul>
<li><a href="https://app.badger.com/">Stake in Sett Vault</a></li>
<li><a href="https://docs.badger.com/badger-finance/digg/digg-faq">DIGG Technical Docs </a></li>
<li><a href="https://www.youtube.com/playlist?list=PLM6E5kYOSJZyvXMeiDkAFIOiTwNmdm-_W">DIGG Dojo</a></li>
<li><a href="https://github.com/Badger-Finance/digg-core">DIGG Github</a></li>
</ul>


DIGG

<p>Badger’s Vested Escrow CVX (bveCVX) Vault is a managed CVX position designed to save on gas and optimize income for depositors.</p>
<p>Convex is a significant DeFi yield influence asset as it controls nearly half the voting power in Curve governance, making it essential for projects needing liquidity for their tokens. Since launch, bveCVX has amassed around 3% of the outstanding CVX vote weight, and growing.</p>
<p>Voting with CVX to generate boosted yield requires users to lock their tokens in a governance contract for 16 weeks. bveCVX automates locking of tokens, locking on a weekly cadence.  Deposited tokens, as well as any unlocked tokens from a given week can be withdrawn until the next lock. 5% of the vote weight controlled by bveCVX is also used to incentivise bveCVX/CVX liquidity on Curve, providing additional but limited exit liquidity available at any time.</p>
<p>The vault solves a number of problems for Convex holders:</p>
<ul>
<li>Automated voting strategy to optimize income and gas consumption.</li>
<li>Automated reward collection and processing</li>
<li>Partial liquidity on locked CVX through an incentivized <a href="https://curve.fi/factory/52">Curve pool</a></li>
<li>Autocompounding of vlCVX underlying cvxCRV rewards via our <a href="https://app.badger.com/vault/convex-cvxcrv">bcvxCRV helper vault</a>.</li>
</ul>
<p>As approved by governance in <a href="https://forum.badger.finance/t/bip-87-bvecvx-restructure-voting-strategy-and-emissions-revised-with-community-feedback/5521">BIP 87</a>, the current parameters of bveCVX are as follows:</p>
<ul>
<li>Selling 85% vote weight for bribes to buy 75% / 25% bveCVX and BADGER for distribution to bveCVX depositors</li>
<li>Selling 5% vote weight for bribes to buy BADGER distributed to bveCVX / CVX LPs to maintain liquidity in the Curve pool</li>
<li>Selling 5% vote weight for bribes to buy treasury bveCVX (operations fee).</li>
<li>Voting with 5% vote weight for BADGER / WBTC LP on Curve to generate underlying emissions for Badger’s BADGER/ WBTC Vault.</li>
</ul>


Products

BADGER

Interest Bearing Bitcoin

Sett Vaults

Badger Boost

DIGG

bveCVX