DIGG
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DIGG
A decentralized, elastic-supply asset pegged to BTC.
DIGG is the first decentralized, elastic supply crypto asset pegged to the price of Bitcoin and governed by BadgerDAO.
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.
Every day, a "rebase" 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.
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.
Rebases change the number of DIGG tokens you see in your wallet, but does not change your percentage ownership of total supply.
Holding DIGG in your wallet (or staked as bDIGG) increases your APYs in other Vaults as part of the Badger Boost system.
bDIGG
bDIGG is an interest-bearing receipt token you receive after depositing your DIGG in our single asset Sett Vault, representing your share of DIGG in the Vault.
bDIGG does not correspond 1:1 with DIGG. As interest accrues inside the vault, the value of bDIGG increases against DIGG.
Utility for DIGG and bDIGG
- Stake DIGG in Vault to receive bDIGG receipt token and claimable rewards.
- Provide DIGG-WBTC liquidity in Sushiswap, deposit your LP token in a Vault, and receive several types of claimable rewards