BadgerDao paves the way for Bitcoiners to stake sats across chains. Decentralized finance protocols Badger DAO and RenVM have announced today the launch of “Badger Bridge”. The badger bridge will allow users to earn a yield on their tokenized Bitcoin, all while transacting within the same app.
Users are also incentivised with the transfer of up to 100,000 BTC with nearly $6 million in user rewards. The team refers to it as “The Bridge Minning program”.
“The badger bridge is the first of its kinds to enable users to earn yield on their tokenized Bitcoin immediately, all while transacting within the same app. What used to be an arduous process to obtain yield on your Bitcoin is now just a few short clicks.” “With the launch of the Bridge within the badger App, we have taken a significant step towards realizing the Badger mission of being the one-stop shop for users to put their Bitcoin to work.”
The Ren project has agreed to transition their wBTC.cafe platform, into what will effectively be a new badger bridge. In sort, wBTC.cafe’s traffic will now route users to the Badger Bridge. Since June 2020, “wBTC.cafe has been responsible for successful minting over 25,000 BTC,” or $1.3b in token conversions, said announcement.
Badger plans to partner with more blockchains to provide the new Bitcoin Bridge in more DeFi application, according latest announcement, “Given this depth of collaboration, we expect to mimic this functionality throughout all DeFi Ecosystems, so keep an eye out for similar product on Binance smart chain, Fantom, Solana, Polygon and more!”
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The announcement post continues with a description about how to implement the badger bridge and connecting wallets. The latest solution from Badger surely helps BTC holders enter the DeFi world easier. Some of those holders never want to convert BTC to other tokens. The solutions help them keep BTC while benefiting from DeFi opportunities.
“BadgerDAO is becoming the one stop shop for BTC in DeFi and RenVM is underpinning this functionality by providing seamless interoperability for their users,” RenVM chief operating officer Michael Burgess said of the integration. “Together we’re truly expanding breath and utility for the Bitcoin, and all of DeFi.”
Burgess said that decision was made for easing the use of wrapped bitcoin as collateral in the DeFi ecosystem.
