Category: Treasury Management
Scope: Allocate $500k as incentives for the Pancakeswap Syrup pools as part of Sett vaults launch on BSC.
Objective: To determine community sentiment and approval to allocate $250k in bBadger and $250k in bDIGG for Pancakeswap incentives.
As outlined today Badger is embarking on its cross chain journey and launching our Sett vaults across multiple chains and layer 2 solutions. The first stop is Binance Smart Chain. We will have 3 vaults at launch, bBadger/btcb , bdigg/btc and bnb/btcb, all LP tokens of PancakeSwap. Pancakeswap will be incentivizing those 3 pools with CAKE rewards and as part of our vault strategies we will be auto-compounding those rewards back into the users underlying LP positions. As per their standard process, newly incentivized LP pools will have the partner allocate $250k worth of their token as rewards for a separate program called Syrup. In syrup pools over a 60 day period users stake CAKE and earn partner rewards (details >) PancakeSwap
Pancakeswap has agreed to allocate substantial CAKE rewards to our 2 pools. Each pool would receive $150k/day for the first 48 hours, $100k for the following 48 hours and $45k/day there after. This will translate to very high APY’s for Badger vault depositors and generate solid revenue for the DAO through performance fees.
In return we would allocate $250k in bBadger and $250k in bDIGG total to Syrup pools over a 60 day period that CAKE stakers would earn linearly.
It’s important that Badger launches on additional chains and quickly establishes itself as the most trusted and highest yielding protocol for users to put their Bitcoin to work. I think we will accomplish that through these reward mechanics on BSC.
To meet the reward allocation cutoff for CAKE and launch the vaults later this week as intended we would need to move faster than usual on this BIP. With that if we reach quorum quickly the team will upload to Snapshot for voting with a 24 hour window.
Upon passing snapshot, $250k in bBadger and $250k in bDIGG from the treasury will be transferred to the Pancakeswap contracts for distributing in the Syrup pools upon launch of our vaults.
If you are in favour then vote “for” and if you are not in favour vote “against”. Please share your feedback and guidance.