Background
The Badger Treasury has historically held mostly wBTC as the main choice of Bitcoin flavors on the Ethereum network. Based on available liquidity and the trust model built behind wBTC. Recently, cbBTC has grown and has a similar key man risk as wBTC but in different jurisdictions and because of coinbase IPO is highly regulated. The badger/wBTC pools will remain the same as those are managed by a BIP and not the Treasury. The remaining wBTC holdings in the Treasury will be swapped to cbBTC to diversify the Treasury’s risk of holding only wBTC in the case of a depeg event.
Implementation
- Swap all Treasury holdings of wBTC outside of Badger UniV3 pools to cbBTC.
Vote
Decision: Swap Treasury wBTC outside of UniV3 pools to cbBTC
- Yes - approve this swap
- No - There’s a better way
