For those unfamiliar, DIGG is based off the AMPL code base. The most battle tested elastic cryptocurrency in the market.
Instead of being pegged to USD, DIGG is targeting the price of #Bitcoin
After some conversations with friends around $DIGG it seems like @BadgerDAO needs to do a better job explaining how we are tackling composability with $bDIGG.
1 of the most frequent criticisms of rebasing tokens is the lack of composability with DeFi protocols.
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For those unfamiliar, DIGG is based off the AMPL code base. The most battle tested elastic cryptocurrency in the market.
Instead of being pegged to USD, DIGG is targeting the price of #Bitcoin
Due to the elastic nature of rebasing tokens, centralized parties (like exchanges) and DeFi protocols (like money markets) have some trouble integrating.
DeFi in particular thrives because of the composable lego pieces. Not having that is problematic.
The secret sauce Badger has are its vaults which currently hold over $600M in tokenized Bitcoin.
When you deposit in a vault today you get a “b” token back which represents your share of the vault.
We then ask you to stake that to quantify your multiplier.
Our attempt at making a rebasing asset more composable is by using the vault representation of your deposited DIGG aka $bDIGG which DOESNT REBASE.
At launch we will have a DIGG only vault where users can deposit to earn APY in the form of $BADGER & $DIGG.
Rebasing is isolated in the vault & it doesn’t matter how much or little the supply has expanded bc your share doesn’t change.
Ex. You deposit 1 DIGG when the total supply is 10. 1 month later the supply 10x’s to 100. You still own 10% & will receive 10 DIGG at withdrawal.
You can now use your bDIGG as you would any normal erc20 token in DeFi.
Along with centralized crypto products that support erc20.
bDIGG is also yield bearing since the owner is entitled to the BADGER and DIGG rewards in our app.
If you trade bDIGG that owner now will receive those rewards accordingly.
But what about my multiplier and the need to stake?
With DIGG we are NOT going to adhere to the same multiplier method (stake in geyser).
Why? Because the community is working on a new multiplier based on rewarding those deposited in vaults vs farm & dumpers.
Similar ratio to Stake days that we’re using for the drop
The intention is for this new multiplier to be ready for DIGG launch.
Outside of the benefit associated with bDIGG composability and transferability, users no longer need to do 2 transactions in our app.
Which cuts gas costs by almost half.
Geyser staking can then be used for longer term lockup’s of 3-6 months that will come with higher rewards.
Community members are working on proposing the same model for our other vaults that would activate at the end of the current 8 week multiplier.
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
So it's now October 10, 2018 and....Rod Rosenstein is STILL not fired.
He's STILL in charge of the Mueller investigation.
He's STILL refusing to hand over the McCabe memos.
He's STILL holding up the declassification of the #SpyGate documents & their release to the public.
I love a good cover story.......
The guy had a face-to-face with El Grande Trumpo himself on Air Force One just 2 days ago. Inside just about the most secure SCIF in the world.
And Trump came out of AF1 and gave ol' Rod a big thumbs up!
And so we're right back to 'that dirty rat Rosenstein!' 2 days later.
At this point it's clear some members of Congress are either in on this and helping the cover story or they haven't got a clue and are out in the cold.
Note the conflicting stories about 'Rosenstein cancelled meeting with Congress on Oct 11!"
First, rumors surfaced of a scheduled meeting on Oct. 11 between Rosenstein & members of Congress, and Rosenstein just cancelled it.
He's STILL in charge of the Mueller investigation.
He's STILL refusing to hand over the McCabe memos.
He's STILL holding up the declassification of the #SpyGate documents & their release to the public.
I love a good cover story.......
The guy had a face-to-face with El Grande Trumpo himself on Air Force One just 2 days ago. Inside just about the most secure SCIF in the world.
And Trump came out of AF1 and gave ol' Rod a big thumbs up!
And so we're right back to 'that dirty rat Rosenstein!' 2 days later.
At this point it's clear some members of Congress are either in on this and helping the cover story or they haven't got a clue and are out in the cold.
Note the conflicting stories about 'Rosenstein cancelled meeting with Congress on Oct 11!"
First, rumors surfaced of a scheduled meeting on Oct. 11 between Rosenstein & members of Congress, and Rosenstein just cancelled it.
Rep. Andy Biggs and Rep. Matt Gaetz say DAG Rod Rosenstein cancelled an Oct. 11 appearance before the judiciary and oversight committees. They are now calling for a subpoena. pic.twitter.com/TknVHKjXtd
— Ivan Pentchoukov \U0001f1fa\U0001f1f8 (@IvanPentchoukov) October 10, 2018