BadgerDAO and Polygon Bring Bitcoin to Polygon!
BadgerDAO is excited to launch on Polygon to accelerate the adoption and utility of Bitcoin on its network. With BadgerDAO’s mission to bring BTC to DeFi, the BadgerDAO team wanted to make it as easy as possible for users to put their Bitcoin to work where there is utility.
Polygon has seen explosive growth in the last few months with over $10B in the total value of assets locked and $1.3B worth of BTC already being utilized in protocols like Aave and Sushiswap. This clearly shows demand for BTC and together with Polygon, we can help grow that footprint substantially.
To start, the BadgerDAO team plans on accomplishing three main things:
- Bringing a yield-bearing version of Bitcoin to Polygon
- Incentivizing and making it easy for users to bridge BTC to Polygon
- Creating unique strategies to optimize yield for BTC on Polygon
Bringing Interest Bearing Bitcoin (ibBTC) to Polygon
BadgerDAO will be bringing ibBTC to Polygon and creating deep liquidity. In collaboration with Sushiswap with an ibBTC/WBTC pool that is incentivized with SUSHI and MATIC rewards on June 7th 2021. Today the similar pool on Ethereum has $51M in liquidity making it a top 10 pool on Sushiswap by TVL. We anticipate similar liquidity to flow to Polygon through this joint initiative.
With fragmented representations of BTC across chains (e.g. BTCB on BSC, WBTC on Polygon etc.) the intention is to make ibBTC the most liquid and composable BTC on all chains. Users can move between chains without having to go through all the hassle to convert between different flavours of Bitcoin. All while still earning interest on their Bitcoin by simply holding.
Polygon is ibBTC’s first stop cross-chain and with its simple to understand value proposition, we’re excited to see its utility grow on Polygon.
Integrating the Badger Bitcoin Bridge with Polygon
With the launch of the Badger bridge on Ethereum BadgerDAO has seen over $180M in volume since its launch 30 days ago. The team will make Polygon the first new chain to be added to the bridge and make the bridge the preferred path for any user that wants to put their BTC to work on Polygon.
Badger’s most popular bridge feature, mint and earn, where users can go from native BTC into a yield earning position with 1 click will be activated on Polygon as well.
BadgerDAO will also launch an additional bridge mining program with Polygon where users will earn MATIC for bridging Bitcoin with Badger. Specifics will be outlined prior to launch and announced to the community.
The bridge will go live in the next 45 - 60 days.
Sett Vaults for Optimized Yield on Polygon
Finally, BadgerDAO will be working to launch Sett vaults to give users access to unique strategies for optimizing yield on their BTC.
As more protocols launch on Polygon and capture value the need for optimizing their yield will increase. This is the perfect time to bring BadgerDAO’s Sett Vaults to Polygon and expand our footprint as the trusted place to put your BTC to work regardless of the chain. The team intends to launch vaults as the final phase to this partnership with no definite timeframe for a go live date determined yet.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 350+ Dapps, ~121M txns and ~1M+ unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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*Badger tokens are a means by which users may utilize and govern the protocol. Badger DAO does not recommend purchasing Badger for speculative investment purposes. Badger tokens may lose value or have no value and may have no market. Note that if applicable law does not allow all or any part of the above limitation of liability to apply to you, the limitations will apply to you only to the maximum extent permitted by applicable law.*