BIP 44: Integrating bwbtcBadgerSLP & bwbtcBadgerUNI-V2

BIP | Badger Improvement Proposals
#1

Category: Badger Asset Integrations
Scope: Collaborate with ARCx to encourage usage of bwbtcBadgerSLP & bwbtcBadgerUNI-V2 in the wider DeFi ecosystem. These assets are already earning BADGER interest, with ARCx their underlying liquidity can be re-unlocked.
Status: Accepted

Objective: In order to increase the use cases of wbtcBadgerSLP & wbtcBadgerUNI-V2 in the DeFi ecosystem, ARCx would like to collaborate with the Badger community for a unique joint yield farming opportunity. Here’s how it’d work:

  1. Users come to the ARCx platform and can mint STABLEx (our native stablecoin) with bwbtcBadgerSLP or bwbtcBadgerUNI-V2.
  2. With this newly minted STABLEx, they can then provide liquidity with a Curve 3Pool token to acquire LP tokens
  3. These LP tokens can then be staked inside an ARCx farming contract which rewards users with both ARCx and BADGER tokens. However, the contract specifically ensures that the LP minted STABLEx with Badger assets

We ran an initial version of this campaign with Lido for their StETH and saw over $10m of StETH deposited within 24 hours. The outcome was great for both communities to collaborate and enjoy double yield.

Benefits:

  • Badger users can earn BADGER based yield and ARCx yield from their existing idle assets
  • Increase confidence of Badger based products in the DeFi ecosystem
  • Unite the Badger and ARCx communities
  • Enable Badger users to earn ARCx tokens before the token goes live next week

Specifics:

  • The ARCx team is willing to distribute 1.25% of the first year supply (125 ARCx tokens) to this joint yield campaign
  • As a gesture of collaboration, we’re requesting $250k worth of BADGER tokens for the joint yield farming campaign so users can earn double yield
  • The joint yield farming campaign will run for exactly 1 month from the date of being approved
Allocate $250k worth of Badger tokens from treasury for this initiative?
  • For
  • Against

0 voters

12 Likes
#2

NO

For me

I wish there were a better explanation…I read the proposal and can barely understand…I spend 15 hours a day working full time in crypto and I can barely understand this proposal SMH

What are the details ?
Will the stable loan expire like claws ?
Can I sell the stable ?
What are the parameters ?
Practical use cases ?

1 Like
#3

Hey, appreciate the feedback :slight_smile: Will take the time to do my best to respond to your questions:

  1. The high level aim of this proposal is to promote the use of BADGER assets, specifically the BADGER/WBTC LP pair in the wider DeFi ecosystem. This campaign will incentivise those who mint and LP with both BADGER and ARCx tokens.

  2. No, this is a non-expiring stablecoin that has been live for 6+ months and is currently holding $30m in assets (pre-token launch). We’re also backed by some of the top names such as 1kx, Electric Capital and more.

  3. Yes you can sell the stable. There is over $10m of Curve liquidity that you can tap into.

  4. Parameters will be 150% c-ratio with 10% liquidation penalty.

  5. Primary use case atm is to either become a STABLEx/3POOL LP and stake to earn ARCx and BADGER tokens or mint with the LP tokens then swap STABLEx for USDC/DAI/USDT

Hope that answers your questions, more than happy to elaborate further if it still doesn’t make sense.

10 Likes
Badger Weekly Recap (March 15 - March 21 2021)
#4

Similar to our initiatives around CLAWS and ibBTC it’s critical for our protocol when driving stickiness and utility for user deposits to have places to put your Badger vault tokens to work.

For ibBTC those will cover the CRV LP’s and CLAWS wbtc/eth SLP Badger vaults. Many other protocols are going to turn on bBadger and bDIGG.

With ArcX focusing on our BADGER UNI/SUSHI LP positions almost all vaults can unlock their liquidity to get Bitcoin or stablecoins. They also can farm Arcx token if they prefer.

I think this proposal will also help bridge our communities and turn more regular folks into BADGERS!

11 Likes
#5

As a member of both communities, I fully support this proposal.

7 Likes
#6

I am also an active member of both communities and i also fully support this proposal, it sounds great to me. If unsure what ARCx is check out ARCx @ arcx.money and see what they are trying to do. I can see Badgers and ARC Angels working together in perfect harmony and these are exciting times.

2 Likes
#7

ArcX is underrated and awesome. Approved!

4 Likes
#8

Nothing but upside here. Will use my LP tokens to mint STABLEx and farm ARCx and BADGER. Looking at STABLEx’s price history, it looks like it’s been within 10% or so off peg, so the risk of any impermanent loss will be very low.

3 Likes
#9

It is great to see two projects will integrate together and help promote further utilisation of Defi ecosystem. Keep going! full support from me

1 Like
#10

I’ve been with the Badger since the beginning and truly love the community. Arcx and dev Kerman is the kind of projects we’d like to collabadger with.

1 Like
#11

https://snapshot.org/#/badgerdao.eth/proposal/QmfC5PWsiWwxPGJ4ukL6sEMdSc4tfgS9W1NUhXD2kUQQn6

#12

This was moved to snapshot after only 21 hours. Not even a day. Even when there is a clear signal that this will pass (and I would have voted for), I strongly believe that a healthy governance process should allow for a little more time. I bet most Badgers were not even aware of this BIP.

5 Likes
#13

lol i agree with you just saw this and already snapshot no time everything rushed wtf??? lol not healthy at all lol

2 Likes
#14

My guess is that Frog was probably just trying to get the other snaps out and mistakenly did this one too without thinking about the timing. I doubt it was intentionally trying to be malicious.

1 Like
#15

@DeFiFrog please remove this from snapshot. We haven’t had enough time for discussion. Still trying to find out the possible benefits of ARCx and BADGER and the negatives…

2 Likes
#16

3. Accepting and rejecting BIPs

  1. Once submitted, the BIP should be open for discussion for at least 5 days (assuming it is well-formed). The BIP can be left open for longer if the content is highly contested or no consensus for path forward is reached. During the early stages of expansion, we may move with greater agility.
  2. While the BIP is open, the team and community should present arguments to justify its acceptance or rejection.
  3. After one week, the Governance Facilitator or Ops Team will determine if consensus has been reached for the content of the BIP. If there are changes necessary, they will synthesize/modify in a comment which will then be pushed forward to snapshot.
  4. If the BIP has a majority support from the community, the team will signal that it has been accepted.
3 Likes
#17

I’m voting for this, but what is the rush to snapshot? The bip guidelines clearly call for 5 days of discussion. If you don’t want this then change the guidelines, but it should be minimum 3 days in my opinion unless it’s an emergency.

2 Likes
#18

Any chance the ARCx team would consider adding the WBTC / DIGG sett tokens as well? Think it could be a nice boost for DIGG and would allow holders to unlock some value from a product that has been through almost a month of negative rebases.

1 Like
#19

Thanks for quoting the guidelines. The DAO is only 3 months old, and we’re still in a position of fast expansion. Appreciate your concern. Let’s see what folks think in snapshot.

#20

Why ARCx specifically? Was this a more opportunistic choice or specifically targeted play?

Thanks!