DIGG Launch Parameters

This post is intended to be an open place to discuss any and all parameters around the launch of DIGG.

Initial Supply: 6250
Launch Date: 12/20/2020
Rebase Rate: 24 hours
Rebase Multiplier: .1
Rebase Start: Immediately (1st rebase 24 hrs after launch)
Farming Period: 8 weeks
Initial Distribution:

  • 40% BadgerDAO treasury
  • 40% Farming Rewards
  • 5% Founding team
  • 15% Airdrop (including Early Contributor Program)
    BadgerDAO will create first liquidity pools with funds from treasury at 1:1 DIGG:WBTC price

Initial setts that will earn $DIGG:

  • All current Setts
  • DIGG/WBTC (Sushiswap w/ recursive SUSHI staking)

Other possible Setts
availability for launch dependent on complexity/resources to build

  • Uniswap DIGG/WBTC LP
  • Balancer smart pool (fork of https://link.medium.com/vxssOWUF5bb)
  • Balancer overweight (80/20 WBTC/DIGG) LP
  • Rebalancer Sett (sells on positive rebases, buys on negative, still being scoped)

Please discuss and we can then take any changes/additions through voting to include.


Will keep the above the same but just want to consolidate a few things that I think we are starting to see clear support for.

  • Launch with Sushi AND uniswap
  • Dont drop/reward tokens to folks outside of the badger ecosystem (folks seem fine with founding team and early contributors getting some but most of any drop should go current users of the setts).
  • Maybe look for strategic ways to bring in AMPL/YAM folks
  • If technically feasible there should be the same mechanism as the badger hunt to clawback unclaimed DIGG

Other interesting things that have support

  • balancer setts (overweight BTC, 0 IL smart pool)
  • dynamic rewards based on peg status (Give LPs more through negative rebases)

Other Distributions
I would propose we do not do these from the initial drop but do so from the treasury post-launch

  • Moonbase rover
  • MEME NFTs drop
  • Gitcoin
60 Likes

I like Sushiswap choice actually but feel like also Uniswap LP is a must. There is a reason Uniswap is so popular, it is OG after all and should be incentivized as well.

22 Likes

Please include time zone for the Lunch of DIGG so we all clearly understand! We all love and understand uniswap and I think sett for uniswap should be available at lunch, I am skeptic when anything is on sushi swap because of initial vampire attack on uniswap, I am more comfortable with uniswap please, it most reputable

4 Likes

I really DIGG it when you get the free airdrops…is there a reason we shouldn’t air drop DIGG in a similar fashion to the initial BADGER drop and included people who contributed to other protocols…could even target something like Ampleforth users since they get the rebasing concept.

4 Likes

Thank you for putting this together Jon.

Question for you and the community regarding:

  1. What are you thinking for the emissions rate per Sett?

This will be a key factor for us to assure the sustainable launch and adoption of $DIGG. Let’s make sure we try our best to model out different scenarios as it relates to community sentiment/adoption + where bitcoin’s sentiment is at around time of launch. Launching during high volatility (of course unpredictable) could prove deadly.

  1. What does the community think of using a $DIGG/$renBTC pool as opposed to wBTC?

For the sake of a healthier DeFi ecosystem, I believe that we should help increase the Total Volume of renBTC to have a better balance across products and to support our decentralized Ally, Ren Project. They were one of our earliest Badger Builder partners, and we should look to utilize their assets more frequently.

A large benefit to doing so is that we will also be able to implement “Native Bitcoin Support” via RenJS and GatewayJS that the Ren team has created. Our goal is to accelerate the use of bitcoin and the development of product/infrastructure of bitcoin on Ethereum; I believe the technology that Ren Project has already built would prove pivotal for our mission as BadgerDAO.

14 Likes

airdrop means quick dump, Team has 50% I hope team don’t dump on us, any sudden dump we will know whose responsible

as it gets closer the target time + timezone will be included for sure

1 Like

thanks alot for quick response

The team does not have 50%. The DAO has 50%. Same with the BADGER supply right now

3 Likes

ok understood! thanks for clarity

1 Like

Fair point, but I like the idea of getting it in to as many hands as possible. The gesture of free $ will create some loyal community members, so I would eat the early price volatility from dumpers.

i would avoid doing the entire airdrop again as many people didnt claim. If there are some strategic groups you think would be useful to include (AMPL, YAM, BASED holders) then it can be discussed to include them.

3 Likes

I agree. I would suggest distributing the liquidity over several pegged BTC tokens, not just wBTC

Who would you like to include? all of this can be tweaked

Under any condition would a rebase not happen? YAM rebases but rebases occur only when a person hits the rebase button on their dashboard at the allotted time.

It will be the same. Like all rebasing assets there are conditions (time and price) that need to be in place for a rebase to happen. At that time someone needs to trigger it and pay the gas for the transaction so while the rebase limit is 24 hours it wont be exact.

1 Like

I compeltely agree it should be strategic. Ampleforth comes to mind since it has such a similar concept. I have not gone too deep into YAM and BASED, are those similar? I also think the %'s could be adjusted to favor the current BADGER holders/LPs, but think as just pure marketing it will be good to pop this in their wallets.

2 Likes

Other possible Setts
availability for launch dependent on complexity/resources to build

  • Uniswap DIGG/WBTC LP
  • Balancer smart pool (fork of https://link.medium.com/vxssOWUF5bb )
  • Balancer overweight (80/20 WBTC/DIGG) LP
  • Rebalancer Sett (sells on positive rebases, buys on negative, still being scoped)

I’ve been thinking about the potential of a Balancer pool for Sett, combined with a basket of other BTC on ETH products. Balancer is often used for arbs as the pool acts as the price feed. Would like to see some thoughts on this.

3 Likes

Good to know what to expect. I imagine that as long at the rebases occur reliably, we could see relatively close peg to BTC. But if community members do not rebase for any number of reasons we could see a greater deviation from the peg.

We should issue some DIGG as “rebase reward” to smooth this process. ESD does this and it works perfectly.

3 Likes