Badger DAO (decentralised autonomous organisation) was launched in December 2020 with the aim of integrating Bitcoin more effectively with the DeFi economy.
While DeFi platforms already offer a Bitcoin equivalent known as Wrapped BTC (WBTC, available on CoinJar), the system usually requires centralised custodians to hold the users BTC while they engage with the DeFi ecosystem.
BadgerDAO overcame this by creating an entirely decentralised BTC equivalent known as DIGG. DIGG uses an algorithm to maintain its peg to BTC, much like the way the stablecoin DAI maintains its peg to the US dollar. DIGG tokens can be deposited with BadgerDAO’s own vaults, which then deploy it across a variety of DeFi protocols in a similar way to YFI.
BADGER is the governance token of BadgerDAO. It allows holders to vote on changes to the BadgerDAO protocol and fee structures, and BADGER tokens are paid to developers and users of the platform.
Like Bitcoin, only 21 million BADGER tokens will ever exist.
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