Weekly Pill — Volume 004

BadgerDAO 🦡
eBTC Protocol
Published in
2 min readFeb 20, 2024



  • ETH up 11% and BTC up 4% on the week
  • BTC touched $53k and ETH touched $3k
  • ETHBTC up 6% to 0.057
  • USDe and BTC ETF inflows
  • eBTC Bug Bounty and Builder Update

ETH/BTC Market Snapshot

ETH and BTC have seen significant gains this week, with BTC touching $53k and ETH reaching $3k before consolidating today. The ETHBTC ratio saw a 6% increase to 0.565

Dose of ETH

Quinn Thompson’s reasoning for expecting a surge in ETHBTC to 0.07 after capitulating on the Bitcoin ETF approval:

Ethena’s $USDe launched and reached $300M TVL in two days. USDe is a stablecoin backed by delta-hedging strategies that uses staked ETH as collateral. To learn about their risk management approach, check out the post from Ethena’s Head of Research:

Dose of BTC

BTC ETF holdings excluding Grayscale have surpassed 250k BTC.

With the recent surge in prices, Bitcoin made new highs against the Japanese Yen.

Security Spotlight

eBTC’s BadgerDAO Boosted Bug Bounty with Immunefi is now live!

💵Total Reward Pool: $200,000 USD

📅 Duration: Feb 19th 8am UTC to March 4th 8am UTC

Check out the technical walkthrough below:

Did You Know?

This week we covered various peg maintenance strategies for collateralized debt position (CDP) stablecoins. Catch up here:

Builder Update

Last week we released our first monthly build update for eBTC. Read more in the thread below or on the BadgerDAO forum.

eBTC Roadmap

More exciting details will follow as we lead up to the eBTC launch, here is what we’ve accomplished and what’s up next.



BadgerDAO 🦡
eBTC Protocol

Supporting Community Driven Growth for Bitcoin across DeFi.