The BadgerDAO have expanded from the depths of their Mountain, to find the lost Citadel, in hopes to rebuild it to its former glory and restore the sustainable vein of digital gold found at the heart of the badger mDAOuntain.
Badgers are like dwarves, they love shiny gold.
So much so, they have created a source of gold that generates yield, from a sustainable sauce from the depths of the metaverse mother nature, deep in the twinning’s of the algorithmic smart ethernet contracts.
with every great opportunity comes great responsibility and a large burden to bear, the badgers have found the sauce of digital gold generation through the convex black hole of liquidity of the badger vaults.
hidden away from the world in the depths of the mountains, coding ethernet algos to mine the digital gold from within the metaverse liquidity blackholes, in the beginning of 2022 the light of the Citadel was founded.
All great heights seem to be achieved only through hardship in crypto, just look at the story of bitcoin born in 2009 after the last great financial meltdown spawned from the webs of web3, at first only used by drug dealers and black market sales — now you have corporations, countries and councils, even banks APING into Bitcoin. how far we came, from that cryptocurrency butterfly effect. right.
Can the badgers secure the heart of the mountain without waking the dragon smaug that guards the gold from greed hungry goblin kings? is the question that will be asked constantly in the following journey.
well find out about the vision of CitadelDAO x BadgerDAO throughout this article.
How it aims to be the largest community owned bitcoin DAO in the world, and why? How its going to get there, with what technology have they harnessed to find the ore of the digital gold mountain😉 and how that benefits all those who dwell long term-ly in the Citadel.
how the butterfly effect spawned the badgers out of the Diggs to rebuild the Citadel?
The technology the badgers found in their previous mountain DAO, (BadgerDAO), with citadels slightly inspired by the mechanics of redacted cartels btrfly token acting as the yield generator for the lord DAO — in Citadels case, Badger dao being the lord dao.
Badger DAO harnesses yield influencing abilities in the curve and convex ecosystems (the blackholes) with bitcoin and crv cvx tokens, to earn yield on bitcoin — the team are bitcoin maxis for sure, they believe in satoshis vision just like Michael Saylor does and aim to overthrow his crown of ‘bitcoin dominance’ and give the mountain to all those who seek it, freely.
creating the largest treasury of bitcoin owned by the community, the dao. that then generates more value back to its members. acting as a form of dao bank.
the tDAO is the way ~ lao tzu 🦋
what are the steps the team are taking to reach the ore of the mountain?
the treasury aims to grow with mainly bitcoin and convex, eventually down the path when the dao gets to its 3rd phase, the long term holders of CTDL will earn yield in bitcoin as well as other yield bearing assets from convex. the journey forwards for the badgers is going to be a long one, piece by piece will they be rebuilding the ore of the mountain found in the ancient ruins of the citadel that early day in 2022.
how close have they come to waking smaug before? and what measures are they taking to not wake him?
unfortunately, all good technology comes with pitfalls and the badgers previously experienced an exploit of their badger vaults on December 2 when a hacker attacked the vaults for over $130 million.
around 2100 BTC and 150 eth vanished from the vaults. $9 million was retrievable on the instant, but has been a side journey itself for the badger team
Smaug began to awaken, badger team on their nimble feet in search for the gold found a way to start reimbursing bitcoin back to those effected by the hack. Smaug only slightly waking, but staying overall asleep. recovering as much funds as they can for those who were effected. good badgers!
many protocols around today have experienced hacks and funds never been able to be retrieved. while badger is still retrieving more and more funds for those effected to this day.
“If you know the enemy and know yourself, your victory will not stand in doubt.” — Sun Tzu, The Art of War
the team aligns with the greater goal of bitcoin, just like Satoshi would have. they also align highly with the new vision of 3,3 and they want to inspire the building of Defi layered on bitcoin as well, something they think is extremely under utilized.
even after/during a malicious hack, within a short amount of time, they were working secretly to release the CitadelDAO, learning from their previous mistakes which may have caused the hack, now with greater knowledge of the Ethereum blockchain, they move forward, creating the future while learning from the past and building in the present moment whatever season it may be in, winter, summer or spring…
The badgers were not effected by the seasons of the human emotions of the crypto currenseas, now emerging from the depths to release the citadel amidst a giant winter… hmm, though at least we know after the coldest night of winter, spring always dawns. (even though price of badger surely is in a downtrend, that hasn't stopped the team from building)
more on the recovery phase in their article:
https://badger.com/recovery-phase
how do they achieve sustainable long term yield to aid in long term user alignment?
the badger vaults are where it all begins, using mainly curve, convex and bitcoin, through curve and convex black holes they create a perpetual yield loop to continue to flourish the badger vaults.
this is why citadel was founded, build a Dao, using the Olympus bonding inspired mechanics along with a redacted like yield acquirer, citadel can use the already tested and true yield strategies built in the badger vaults.
overall, as these tokens continue to grow as the butterfly effects begin to spawn all sorts of new wars, the self perpetuating yield generating mountain ore founded and developed by the badger team in the deep worm holes of the metaverse, will continue to generate yield on yield, in forms of more cryptocurrencies then one.
in the beginning it will seem like Ohm x Btrfly vs Badger x Ctdl.
but they all have a separate mission, inspired from the vision within Olympus, for the first few years it will seem as though they are ‘fighting’ dao against dao for the liquidity spice, but in the end all 4 daos will most likely merge together and play an even greater game of the metagame ;)
Olympus = reserve currency for Defi
BTRFLY = governance acquirer throughout ETh ecosystem that backs OHM
Badger = yield generator in btc and crv convex
Citadel = liquidity influencer to that backs Badger
for now we can see the top 3 badger vaults by apr, all have an average apr of 40%. if this can be turned into an infinite flywheel at a sustainable rate, this would mean that long term dwellers in the citadel will really start to get rewarded, the team is trying to drive long term user alignment with the dao of the citadel. think about it, average mutual fund in stocks is 6–8% per year. Citadel in its more adolescent phases could very well be generating more than 6x a standard mutual fund in the year, and with crypto still being highly volatile, potential is very high with a long term in mind.
this being said, the top 3 vaults by tvl have an average around the 4% on your bitcoin.
with over half a billion dollars locked in the badger btc vaults. small apr on the bitcoin, but everlasting uptrend (even thru the mists of bear markets) for bitcoin means your earning bitcoin on bitcoin. wow
badger is also looking to implement stable farms in the badger vaults to reduce volatility of treasury yielding, and also branching into non bitcoin asset yield strategies too. this will help Citadel become more stable in its yield generation and secure yield for the Citadel Dwellers.
Running a treasury Dao has shown to be a tremendous leap of faith in daos, it must not be easy to do what the badger team are trying to achieve through these smart contracts.
through 3,3 hopefully we can see the horizon the the citadel will be built on.
quick little summary:
- badger created yield strategies to generate sustainable 40% apr.
- the built citadel to earn more influence over those yields and boost the treasury
- all the citadel dwellers will eventually earn both yield tokens and bitcoin for being apart of the citadel
The Perpetual Flywheel Badger creates in building the Citadel
Citadel will also aim to become one of the largest holders and lockers of the BADGER token, of course as citadel is using the yield strategies withing the badger, this makes senses as SUB-DAOs will hold each others token, this creates a form of black hole deflation for the badger token too, as the Citadel gobbles up the badger tokens and uses all its vaults.
there is 21 million badger tokens, just like Bitcoin. (CTDL supply unannounced, but since using OHM mechanics the supply will swing over its infancy stage)
Looking to the past of the BadgerDAO i see that it has already been using Governance abilities since the beginning of 2021, with a total of over 16,000 members in their discord, in the past year roughly 70 voters are active in the forums, while over 36000 bveCVX tokens are used in governance rounds on snapshots.
badger discord: https://discord.gg/xvwEjmVP
citadel discord: https://discord.gg/HyKHAWWu
this community is active around the direction of the badger vaults, even though the builders are singular people, they are building with the community first in mind, that is the way of the DAO. and it is only as strong as its faithful builders and faithful community.
In Badger we trust to rebuild the Citadel and provide sustainable INCOOM for the dwellers. (ROADMAP)
of course, the vision is why the citadel is being built and from day one, the vision has a long roadmap ahead to achieve such great heights of rebuilding the mountains ore to generate this sustainable gold mine for the citadel dwellers.
in the beginning phases, the Citadel just aims to build its treasury, as large and as quick as possible. this is so the badger team can deploy the citadels capital into the badger vaults. while CTDL using a rebase mechanic with a slowly decreasing APY for people to hold a good percentage of the treasury as it increases.
in phase two, the badger team will begin adding locking mechanics to xCTDL to citadel to attract more lockers they will increase APY for the lockers, with the lockers Badger can then use these locked funds to ‘guarantee’ better yields in the curve convex systems and strengthening badger. if you do not lock, you will suffer from a slowing APY, the choice is yours. there is of course risks with locking and unlocking, though I'll talk about that in another article.
in phase 3, this is where long term holders begin to really see the benefits of the gold mine, at this stage the treasury is grown pretty large while accumulating a very good yield influence in the curve, convex ecosystems and badger vaults are producing sustainable yield in the forms of bitcoin and other yield bearing assets, this then starts to be rewarded to the xCTDL stakers and lockers, so now they are not only getting rebase rewards, but also a separate token — a dividend on your cryptocurrency. Anew branch of Defi that I am very excited about.
and finally the last phase is where the citadel reclaims its former glory and its yield influence is very large and dominants a large portion of the black holes in curve and convex, the bitcoin gold mine is generating good yield as well, the long term lockers and stakers of xCTDL are now being rewarded in bitcoin too with the badger vaults consistently keeping just as good APY as the convex ecosystem. which is not a gargantuan APY, but is similar to the screenshot we looked at before, long term the badger vault, citadel vault and the community's wallets will all be growing in harmony, creating an everlasting ‘flywheel support’ the team likes to call it. which means there will be volatile swings during its infancy stages, but the end going overall is consistent profits in the forms of xCTDL, crvcvx yield bearing assets and bitcoin (and potentially more) — look to the history of bitcoin, 12 years even though there become tidal waves of human emotions, it overall continues to go up. this article is a pledge for me to say I'll be holding xCTDL for over 10 years. the vision has inspired me and i hope it can inspire you too.
its going to be a long journey for the badgers, though i believe its the idea behind the citadel is what is the most powerful thing there is and yes i mean this on top of all the interesting mechanics badger Dao has created, the idea is what cannot die, even through hardships, which badger Dao has already face and will continue too, “a DAO bank of bitcoin for our future generations, that generates sustainable yield for its dwellers”
if your inspired to join the vision of the CITDAEL; clap for this article & join the Citadel thru Discords and Social Medias :)
CITADEL DISCORD: https://discord.gg/HyKHAWWu
BADGER DISCORD: https://discord.gg/xvwEjmVP
Twitters:
https://twitter.com/TheCitadel_DAO
https://twitter.com/BadgerDAO
if you find this article interesting, please leave some feedback and if you want to follow my stream of consciousness about the cryptocurrenseas please give me a follow on twitter :)
https://twitter.com/PythagorOhm
