List bBADGER as Collateral Asset

Summary Proposal to add $bBadger to CREAM for lending and borrowing.

BadgerDAO went live on December 3, 2020. Badger is a governance token for the DAO while bBADGER is the token that represents one’s position in the Badger Sett. bBADGER is indicative of a user’s partial ownership of the assets within the vault.

Currently, the TVL across all Setts is ~ $1,000,000,000 (https://app.badger.finance/ 15)

Should this proposal be accepted, CREAM would be the first lending protocol to accept bBADGER tokens.

What Is Badger?

Badger is a decentralized autonomous organization (DAO) focused on building the products and infrastructure necessary to accelerate Bitcoin as collateral across other blockchains. Specifically, it is an ecosystem DAO where projects and people from across DeFi can come together to collaborate and build the products DeFi needs. Shared ownership in the DAO incentivizes builders to have aligned objectives while decentralized governance ensures that those incentives remain fair to all parties and that the projects pursued are determined by the community. Badger is, first and foremost, a community-led initiative that prioritizes collaboration over competition and operates on fairness, transparency, and high collective engagement.

Badger’s first of two products are Sett, an automated DeFi aggregator focused on tokenized BTC assets, and DIGG, a non-custodial synthetic Bitcoin on Ethereum. Sett was launched on December 3, 2020, Digg successfully launched on January 22, 2021

How do the Sett vaults work?

User goes to app.badger.finance and deposits $BADGER User receives $bBADGER that represents their share of $BADGER staked in the Sett $bBADGER is yield bearing and the rewards earned will be auto compounded for the user soon, outlined in BIP 24 (https://forum.badger.finance/t/bip-24-badger-boost-multiplier-replacement/1914 25) User’s can at anytime unstake and claim their share of the $BADGER in the Sett Benefits for CREAM

Access to Badger’s User Base: Badger brings along with it a vibrant community of 6,000 holders and 6,000+ community members, known as Badgers, on Discord.

Increased TVL for Cream: This proposal will allow the CREAM TVL to expand and will allow the Badger community to borrow other Assets against their $bBADGER tokens.

At the time of writing, the Badger Sett has 3,467,679 $BADGER tokens in the vault earning 126% APY. These tokens represent ~ $86,484,000 in TVL.

The price for $bBADGER is determined by price of badger * PricePerFullShare() of the bBADGER contract.

Action Item

For: Add $bBADGER to CREAM.

Against: Do nothing.

bBadger Contract Address: 0x19d97d8fa813ee2f51ad4b4e04ea08baf4dffc28

bDIGG Contract Address: 0x798d1be841a82a273720ce31c822c61a67a601c3