A new crypto asset aiming to bring Bitcoin to the decentralized finance (DeFi) movement is mooning, making over 1,000% gains in the past 30 days.
DeFi projects have led the way in the current altcoin bull cycle, with multiple assets earning investors significant returns.
One such asset is Badger DAO’s BADGER token which has surged 1,086% in the last month. The token started trading in early December of 2020.
Badger is a platform that aims to enable the collateralization of Bitcoin across multiple blockchains including Ethereum’s.
In an interview on Scott Melker’s Wolf of All Streets podcast, Badger DAO founder Chris Spadafora explains the motivation behind the project, and how the team plans to accelerate the adoption of DeFi by more fully integrating Bitcoin with Ethereum and other smart contract chains.
“We need more bridges to get Bitcoin from Bitcoin to ETH, and other chains not just Ethereum right, all the other chains. And we need more applications once they’re on those chains to accelerate decentralized finance – the ability to put it to work and do different things while being outside of your traditional financial system.
So you don’t have to go to the bank to earn 1%. You can do peer-to-peer lending and take that tokenized Bitcoin and earn 10%. Or you can provide liquidity so people can trade between similar tokenized Bitcoins without getting massive dips in prices.
So with that whole market, what we decided to do was to build a DAO. And to bring all the best builders together under one roof to collaborate on building these bridges and these products, specifically for bringing what I would consider the best collateral ever invented, Bitcoin, to smart contract platforms. So it can be used in decentralized finance. That’s what Badger is all about.”
Badger also recently launched a second token called Digg.
The synthetic rebasing asset is ultimately meant to utilize game theory and an elastic supply to track the price of Bitcoin.
As of writing BADGER is trading at $74.50 and Digg is at $38,612, according to CoinGecko.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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