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Wen DIGG? BadgerDAO’s Bitcoin rebasing token seems on chain
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 offered 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 might 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, based mostly on the path Bitcoin worth is transferring, it may be used to hedge in opposition to a recognized enhance or lower in BTC worth.”
After weeks of anticipation, it could lastly be right here.
DIGG seems to be proper across the nook.
On Sunday, Badger DAO launched an in depth Twitter thread outlining this new phase of the protocol.
The thread indicated that there can be 600 DIGG airdropped from the get-go to customers of the Badger DAO software. 3,400 DIGG, which is the remaining provide, can be distributed sooner or later by different mechanisms like liquidity mining.
Liquidity mining will happen by a brand new yield farming mechanism referred to as bDIGG, swimming pools with SushiSwap, amongst different mechanisms.
We’re near the $DIGG launch so it is essential customers know what they will do with it.
600 $DIGG can be airdropped to app customers. This would be the solely circulating provide.
➡️Stake for bDIGG
➡️LP & Stake
— ₿adger DAO 🦡 (@BadgerDAO) January 17, 2021
Additional indicating that DIGG is true across the nook, traders famous that an tackle affiliated with the Badger DAO staff printed a sensible contract creating a brand new token referred to as DIGG.
Traders now suppose the launch is ready 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 property, comparable to the present Badger DAO Vault tokens.
Ought to this technique be applied, customers will have the ability to use a U.S. dollar-based stablecoin within the DeFi ecosystem however will nonetheless have the ability to preserve publicity to a yield-bearing by-product of Bitcoin.
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