Wen DIGG? BadgerDAO’s Bitcoin rebasing token seems on chain

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Badger DAO has been one of many most-talked-about DeFi protocols over the previous few months.

The yield-farming protocol kicked off with a bang at the beginning of December when it distributed free BADGER tokens to 1000’s of DeFi customers. Many bought it, although others held the airdrop.

Badger DAO, which was launched as a yield farming protocol to permit customers to earn a yield on their tokenized Bitcoin, seems to be broadening its horizons, although.

The venture launched with the premise that it could launch a secondary token referred to as DIGG, which might be an Ampleforth-based token that rebases to the value of 1 Bitcoin. Because the sub-site for DIGG reads:

“Digg’s rebase of provide is distributed on a ten day rolling interval, primarily based on the route Bitcoin value is shifting, it may be used to hedge in opposition to a recognized enhance or lower in BTC value.”

After weeks of anticipation, it could lastly be right here.

Wen DIGG?

DIGG seems to be proper across the nook.

On Sunday, Badger DAO launched an in depth Twitter thread outlining this new section of the protocol.

The thread indicated that there might be 600 DIGG airdropped from the get-go to customers of the Badger DAO utility. 3,400 DIGG, which is the remaining provide, might be distributed sooner or later via different mechanisms like liquidity mining.

Liquidity mining will happen via a brand new yield farming mechanism referred to as bDIGG, swimming pools with SushiSwap, amongst different mechanisms.

Additional indicating that DIGG is true across the nook, traders famous that an deal with affiliated with the Badger DAO staff printed a wise contract creating a brand new token referred to as DIGG.

Buyers now assume the launch is about to reach within the coming two to 3 days.

What traders are additionally enthusiastic about is the introduction of a U.S. stablecoin that’s collateralized solely by yield-bearing Bitcoin belongings, equivalent to the present Badger DAO Vault tokens.

Ought to this technique be applied, customers will be capable of use a U.S. dollar-based stablecoin within the DeFi ecosystem however will nonetheless be capable of keep publicity to a yield-bearing by-product of Bitcoin.

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