DIGG, BadgerDAO’s synthetic rebasing Bitcoin
Last week, after receiving so much excitement on Twitter with “wen DIGG” memes, DIGG, BadgerDAO’s long-awaited synthetic rebasing Bitcoin, was finally released. To ensure a fair and flat launch, BadgerDAO set up a unique distribution. Jon Tompkins, core BadgerDAO contributor, and distribution architect explained that Badger DAO used a “formula centered on an Ethereum address’ activity in the BadgerDAO app” to determine the “amount of claimable DIGG for each eligible account.” This formula took into account “[f]actors such as total native platform Badger tokens earned, the Badger earned to Badger staked ratio, and total stake days were taken into consideration.”
As the first synthetic rebasing Bitcoin, DIGG uses a vault system to allow users to “hold the core asset in anticipation of a positive rebase, or sell the tokens on the open market.” Other exciting features of DIGG include utilizing DIGG to “provide liquidity to DIGG/WBTC Sushiswap and Uniswap pairs, hold the core asset in anticipation of a positive rebase, or sell the tokens on the open market.”
