₿adger 🦡
₿adger 🦡
BTC+1.85%
BADGER+1.54%
The BadgerDAO community has always been about building Bitcoin's future in DeFi. Today, we want to share some important updates about our path forward and what's changing ⤵️🧵
1/ After careful consideration, the BadgerDAO Treasury Council has decided to sunset the development of @eBTCprotocol and minimize its maintenance overhead.
2/ While eBTC delivered some of the highest DeFi-native yields for BTC, it has not achieved product-market fit. TVL has remained low and the product has not proven to be a sustainable source of revenue for the DAO.
3/ For these reasons, the Treasury Council has decided to minimize further investment in eBTC and put it into a deprecated state.
4/ The Treasury Council appreciates the work of all contributors who brought eBTC to life and delivered a secure BTC pegged product with industry leading yields. These efforts have laid a strong foundation for future innovation within the DAO.
5/ As part of this transition, we're also ending our relationship with the Swiss Association. This high-overhead structure no longer aligns with our evolving needs as we move toward a leaner, more decentralized operating model.
6/ If you're using eBTC, Legacy Vaults, or remBadger through our UIs, make sure to withdraw before June 30th.
7/ The Treasury Council has committed to provide enough liquidity for eBTC so that our users can withdraw positions as close to peg as possible.
8/ As always, our products are onchain, and our users keep custody of their funds, so these funds will remain accessible to them.
9/ We will be providing ongoing support to help you navigate the withdrawals at
10/ Looking Ahead The Treasury Council is working with a team of developers focused on building a new product direction that leverages our core strengths while aligning with today’s DeFi landscape.
11/ This transition represents a thoughtful progression - one that reduces complexity and strengthens collaboration across the DAO.
12/ Our mission to bring Bitcoin to DeFi continues with renewed focus. We remain committed to building protocols that advance financial freedom and we appreciate each one of you that contributed to this journey so far.
13/ If you have questions or feedback related to the transition, please join the #rff-transition channel below:
14/ An extensive manual about how to withdraw eBTC, remBadger, and legacy vault positions will be provided shortly via communication channels.
15/ For more information related to this decision, please head here:
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