Badger DAO (BADGER) Review
Badger DAO (BADGER) The governance of Badger Finance is managed via an Aragon DAO with a liquid governance token.
Sett The debut yield aggregator product of the DAO, focused on innovating on the best bitcoin-related yield strategies.
Digg A BTC-pegged elastic supply currency, based on the Ampleforth protocol.
Token Distribution The Badger governance token ($BADGER) and the Digg token ($DIGG) will be initially distributed via airdrops for users who have demonstrated an active interest in Bitcoin DeFi and community governance, early contributors to the DAO, and as staking rewards for participation in Sett.
Assistants Traditional backend services to provide necessary updates to the system. These include oracles, keepers, and system monitors
Community members that helped Badger DAO during the pre-launch phase with feedback, suggestions, guidance and operational support will be rewarded with 5% of the total $BADGER supply and 10% of the Digg supply. 30% of these rewards will be distributed at launch with the remaining 70% distributed monthly over the following 6 months.
The DAO can elect trusted parties to have various permissions for Sett activities (Such as strategy decisions and entering emergency withdrawal mode). There is inherently a tradeoff between DAO-wide decision making and speed, so the option exists to delegate the speed-critical decisions to “subcommitees”Centralized Market Oracle Details
The centralized oracle is a Gnosis safe.
The multisig is 1 of N, with keys belonging to trusted participants.
The oracle server has one of the keys, calculates BTC/BADGER Price, and calls pushReport() on the MedianOracle by proposing it through the Gnosis safe. (It is instantly executed because it’s 1 of N).
The remaining N-1 keys are used for backup purposes, and to fix incorrect data pushes from the server.
The purpose of oracles in the Digg system is to track the market price of Digg relative to Bitcoin, and adjusts the Digg supply to maintain it’s peg. The market median oracle is the ultimately ‘source of truth’ for this data. The median oracle is named as such because it can take in multiple sources for the same data, and will report the median of the values as the official value.Data Sources
Initially, A centralized oracle, represented on-chain by a Gnosis safe, provides data to the marketMedianOracle. The trusted operators of this centralized oracle will calculate the TWAP (24-hour weighted average price) of Digg relative to BTC off-chain and submit this data. New data sources, beyond the centralized oracle, are intended to be added to the market median oracle over time. A chainlink integration is a likely next step.
|Acceptable currencies||USD, BTC, ETH|
|Badger DAO Price||$6.26 USD|
|Token Name||Badger DAO|
|Badger DAO ROI||-0.81%|
|Market Cap||No Data|
|Circulating Supply||No Data|
|Number of tokens for sale||–|
|Tokens exchange rate||–|
|Minimal transaction amount||–|
More about Badger DAO (BADGER):
The initial circumstances of the DAO are noteworthy in that there is a large initial supply of governance tokens minted, which are locked & distributed over time. In Aragon DAOs, the ‘canonical’ way of distributing governance is to mint new tokens for participants entering the system as they join.
The effect of this initial minting is that during the first days of the DAO it will not be possible to pass actions via the governance process, as a vast majority of the governance weight will be locked. At least Minimum Approval % of tokens must be distributed and used to vote in order for proposals to pass within the system with a relative majority. Proposals will not be able to immediately pass until the Support threshold is able to be used within voting, and is used. This means that every proposal in the initial days of the system must pass via relative majority, and be subject to a 7 day waiting period before the action occurs.
In order to alleviate the duration of this effect, the Minimum Approval threshold has been reduced to 10% (from 20% default). In the first thirty days, before the remaining 50% of tokens is released from the timelock, it will effectively take 20% of token holders to reach the minimum approval, and 100% to instantly pass a proposal.
Relative percentage of tokens that are required to vote “Yes” for a proposal to be approved. For example, if “Support” is set to 50%, then more than 50% of the tokens used to vote on a proposal must vote “Yes” for it to pass.Percentage of the total token supply that is required to vote “Yes” on a proposal before it can be approved. For example, if the “Minimum Approval” is set to 20%, then more than 20% of the outstanding token supply must vote “Yes” on a proposal for it to pass.Length of time that the vote will be open for participation. For example, if the Vote Duration is set to 7 days, then token holders have 7 days to participate in the vote.
In addition to the marketMedianOracle, the cpiMedianOracle plays a role in understanding the market value of Digg. This oracle is used in the Ampleforth system to track the consumer price index in order to understand the relative purchasing power of a USD over time. In Digg, as BTC is the peg rather than a 2019 USD, the CPI Oracle is effectively unused. Rather than modify the audited Ampleforth code, it was considered perferable to ‘disable’ this functionality by having the CPI oracle always return “1”. A trustless ConstantOracle is deployed and used as a data provider to provide this static information to the cpiMedianOracle.
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