Meme coins were created as a joke, and DOGE proved that a joke could be worth more than what you've expected. Here are the top meme coins that have taken the internet by storm.

One of the trickiest parts of investing in cryptocurrencies is the need to evaluate the actual value and utility it brings about. As the cryptocurrency landscape becomes saturated with meme coins, which often don’t have real value and are highly speculative, it has become even more difficult for investors to determine which cryptocurrencies are worth investing in.

What are the top meme coins in which you can invest? What’s the next meme coin that’s going to make it big? In this article, we’ll look into the top ten meme coins in the cryptocurrency market now.

 with no inherent value or utility. In most cases, these 

 are themed around internet memes — images from social media platforms that can be humorous in nature.

Meme coins differ from cryptocurrencies primarily due to their lack of utility. Cryptocurrencies such as 

 (BTC) were created to tackle problems of centralization, serving as a peer-to-peer (P2P) payment method. Ethereum (ETH), on the other hand, is a platform that allows developers to create a series of 

 (DApps), and has flourished because of the growth of 

Meme coins are usually hyped for a short period of time, due to factors such as news and influencers’ promotions. For example, 

 of 2021, in which other prominent meme coins such as 

 (SHIB) also experienced significant price increases. However, its price came crashing down just a few months after. Just a few months ago, DOGE experienced drastic price increases once again when Elon Musk 

What Contributes to Meme Coins’ Notoriety?

Meme coins gained popularity through the support of influencers in the cryptocurrency industry, celebrities and investors whose actions drive the price higher during a short period of time. In general, meme tokens or coins are often seen as jokes circulating on social media platforms, and their prices typically crash after surging.

One instance of this phenomenon was in May 2021, when Facebook CEO Mark Zuckerberg posted a photo with the caption, 

 As soon as the post came online, a meme token, AquaGoat, surged nearly 300% within hours.

In a similar scenario, Elon Musk tweeted that any scandal involving him would become known as “Elongate.” Some time later, the ELONGATE token was launched — and developers claim that they’ve donated $3 million from their profits.

Since meme coins have little to no inherent value and are lacking in fundamentals, the primary trading aim is to sell short when their price surges. While meme coins are notorious for pump-and-dump schemes, there are still a few that might be worth your time.

Meme coins are indeed volatile and highly speculative, yet there are investors who refuse to sell them. So, which meme coins are genuinely worth your attention?

 is the original meme coin, created as a joke in 2013 based on the “Doge” internet meme featuring a Shiba Inu dog logo. Two software engineers, Billy Markus and Jackson Palmer, created this open-source cryptocurrency from a 

 fork. Later on, it caught investors’ attention after Tesla’s CEO, Elon Musk, posted several tweets on social media praising it.

, which features a block time of one minute, and the coin has an unlimited supply. Therefore, you can mine it anytime by 

. The first use of Dogecoin was as a reward on Reddit and Twitter for creating and sharing quality content. 

 (SHIB), known as the DOGE killer, was launched in August 2020 by an anonymous founder known as 

. Like Dogecoin, SHIB garnered significant attention from the market when it received mention from prominent figures such as Musk and 

The token has recently gained market attention again, due to the announcement of its 

. This development is meant to expand the SHIB ecosystem, enabling faster and cheaper transactions.

SHIB is run by a Scrypt-based mining algorithm. The 

 was launched on Apr 17, 2023, and the project describes it as the “most memeable meme coin in existence.” It’s based on the 

Upon its launch, PEPE experienced a price surge 

. One of the most prominent purchases was by a user who purchased 5.9 trillion PEPE with $250, which grew into $1 million upon the PEPE price increase. This naturally attracted the market’s attention, resulting in more investors jumping on the bandwagon. The subsequent demand then contributed to further price increases.

The max supply of PEPE is just over 420 trillion.

As of this writing, PEPE has a market cap 

 gained a significant amount of market attention when it was launched in September 2022 through OKX’s 

 (IEO). Unlike typical meme coins, TAMA differentiates itself with a play-to-earn ecosystem that comprises Tamadoge pets, 

arcade-style games and an augmented reality app. This is complemented by the Tamaverse, a virtual space where players can interact.

In the Tamadoge play-to-earn ecosystem, players are rewarded with TAMA by participating in games. The platform’s team has been active in developing games, and has released 

. With the TAMA they earn, players can purchase Tamadoge pets from the ecosystem, which can then be bred, traded and used to compete with other players.

TAMA has a maximum supply of 2 billion, and has implemented a long unlocking schedule of up to 10 years for 600 million TAMA. This could help reduce supply shock in the future, decreasing the chances of the TAMA token price tanking. TAMA is deflationary, with 5% of transacted TAMA burned every time TAMA is used in the store.

 (MONA) is an open-source payment network that facilitates P2P transactions. MONA uses the 

 proof-of-work algorithm for block approval. This algorithm uses less power, and is resistant to 

. MONA miners earn 25 MONA coins for every 90 blocks processed. Block creation time is 90 seconds (almost seven times faster than Bitcoin), while mining difficulty varies depending upon each block. 

 featuring land purchased using MONA. The project was conceived in 2013, and was based on a cat-like internet meme. An anonymous developer, Mr. Watanabe, created MONA (Watanabe remains unidentifiable to date). Today, MONA is gaining extensive popularity in Japan and is widely accepted by merchants there.

There’s a maximum supply of 105.12 million MONA worldwide, with both 

 is a token belonging to the Arbitrum community. The airdrop of AIDOGE began on Apr 15, 2023, for users who have previously qualified for the 

 (ARB) airdrop. There’s a total supply of 210 quadrillion AIDOGE. 

Users have till May 15, 2023 to claim their AIDOGE. The remaining AIDOGE that hasn’t been claimed after the expiration date will then be used as incentive for the AIDOGE ecosystem and early contributors, and some of the tokens will be burned.

The project seeks to further engage the ArbDoge AI community by running a Lucky Drop program. Every time a user buys AIDOGE 

, they’ll receive a Lucky Drop ticket, giving them a chance to win an ARB prize. The probability of winning depends upon the amount of AIDOGE purchased by the user.

To further incentivize users to hold AIDOGE, 3% of AIDOGE’s transaction value will accrue toward AIDOGE stakers. Hence, buyers of AIDOGE will be encouraged to continue holding onto their tokens so that they can earn 

 provides a form of utility that is distinctly different from that of other meme coins. It’s a Twitter bot built on OpenAI, and when users tag/reply to tweets with @explainthisbob, the bot will help to explain the tweet in a simpler manner.

With a maximum supply of 690 billion, BOB has been experiencing a significant increase in price. This is partially due to the interaction that Elon Musk has with Bob.

Given that AI is the new narrative, we can foresee BOB providing value to the Crypto Twitter community, which could be a key factor in maintaining its upward price action.

 is a multi-chain ERC-20– and BEP-20–compliant token. It differentiates itself from other meme coins with its suite of real-life use cases.

Intermediate

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Top 8 Meme Coins to Pay Attention To (2023 Edition)

An impermanent loss will only incur on paper and only becomes realized once it's withdrawn from the liquidity pool. Learn how it works.

 (DeFi) is liquidity mining, which is how users place their cryptocurrencies into liquidity pools on 

 (LPs) earn rewards for increasing the liquidity available in these DEXs for market participants to swap.

These AMM DEXs utilize algorithms that drive the token rebalancing formula for the pools, allowing for sustainable swapping. However, using such algorithms result in divergence between the new price of the cryptocurrency in the liquidity pool and the original price at which LPs have deposited it. This difference in price is known as impermanent loss, and becomes greater when the change in price is larger.

In this guide, we’ll discuss impermanent loss, the pros and cons involved in providing liquidity, and how you can avoid or minimize your level of impermanent loss.

Liquidity Pools and Automated Market Makers (AMMs)

In order to understand how impermanent loss works, it’s vital to be familiar with AMMs and liquidity pools.

DEXs were developed to enable token exchanges that don’t need to use a reliable intermediary. Assets never leave users’ wallets, and are never in the possession of the exchange, unlike when using a centralized exchange (CEX). DEXs preserve decentralization through AMM algorithms and liquidity pools, two blockchain-based inventions.

Understanding Automated Market Makers (AMMs)

Traditional order book models depend upon the matching of buyers and sellers in order to carry out transactions. When you use an AMM DEX, you’re trading against pools of tokens instead of other traders, with the liquidity in the pool provided by LPs. Although liquidity pools can be made up of multiple tokens, they are usually just made up of two pools of tokens. The ratio of tokens available within these pools is controlled by the following algorithm:

 represent the value of each type of token in the pool. 

 is the fixed constant that keeps the total liquidity of the pool constant.

According to this formula, the total value of each liquidity pool are always equal to each other. The fixed constant creates an automatic pricing mechanism  that maintains the equal value of each token pair.

A liquidity pool (LP) usually comprises two tokens, known as a pair. For instance, DAI and ETH form a pair. The weightage of both cryptocurrencies is equal in value to make it simpler for users to conduct trading. The number of tokens can be different in each pool but the total value of each pool must equal each other. For example, in terms of dollar value, the ratio will be 50% DAI and 50% ETH in this pool.

Liquidity pools are essentially smart contract–enforced deposits of two tokens needed to enable swaps on a DEX.

, there’s a constant formula-based algorithm that ensures the values of the two cryptocurrencies remain the same. Moreover, the algorithm allows liquidity to be provided, no matter the trade’s magnitude.

 increasing a token’s price as its desired quantity rises. As a result, the price of a token in a liquidity pool is dictated by the proportion of that currency.

For example, when you purchase DAI from an ETH/DAI pool using ETH, you are essentially reducing the supply of DAI in the pool. At the same time, the supply of ETH increases as you add ETH to the ETH/DAI pool. In such a situation, the quantity of ETH increases and DAI decreases, which results in each ETH being worth less DAI. 

Since these pools offer a better trading experience, some systems have begun to incentivize liquidity providers with additional tokens to provide liquidity to some pools. This process is more commonly called liquidity mining.

When you deposit into a liquidity pool and the price of the tokens change compared to when you deposit them, this is referred to as impermanent loss. 

Another way to look at impermanent loss is when you provide liquidity by depositing two cryptocurrencies in a liquidity pool, and make a profit that’s less than what you would have made by simply holding the two cryptocurrencies. It occurs when a cryptocurrency’s market price shifts, depreciating the value of the cryptocurrency you deposited in a liquidity pool below its current market value. The loss is even greater with a greater price change.

Impermanent loss can be negated if the token price reverts to its previous value, making the loss "impermanent", or “temporary”. It's also critical to remember that this loss does not account for trading fees that investors receive in exchange for supplying liquidity, which can cancel out losses.

If investors remove their cryptocurrencies from the pool, the impermanent loss becomes realized. In order to make up for this loss, pools have trading fees that go to liquidity providers to hopefully make up for their impermanent loss.

Which Pools Are Prone to Impermanent Loss?

Some pools are more prone to impermanent loss than others. Typically, these pools contain volatile cryptocurrencies. If the price of a cryptocurrency has been volatile for a while, it makes for a risky cryptocurrency pair, since price fluctuations will likely result in impermanent loss.

Likewise, a pool with cryptocurrencies that are correlated, such as a liquidity pool consisting of ETH and cryptocurrency correlated to ETH such as frxETH, or USDT and USDC that are both correlated to the USD, will have no impermanent loss as prices move in tandem with each other. 

You can take some precautions, discussed further in this article, in order to avoid impermanent loss.

How Does Impermanent Loss Happen in DeFi?

Let’s use an example: As a liquidity provider, Jack stakes 1 ETH and 100 USDT. According to the AMM concept, the staked tokens need to be of equivalent value. Thus, Jack’s 1 ETH would be equal in value to 100 USDT. At that moment, Jack’s stakes translate to 10% of the total of 10 ETH and 1,000 USDT in the liquidity pool.

One week later, the price of 1 ETH is equivalent to 400 USDT. Thus, the pool is now imbalanced as 10 ETH is worth 4,000 USDT but the pool is paired with only 1,000 USDT. 

Arbitrageurs will quickly spot this pricing inefficiency in this pool and buy up ETH from the pool with USDT, removing ETH and adding USDT, until the total value of ETH in the pool is equal to the total value of USDT in the pool, also known as rebalancing the pool. In this case, arbitrageurs will rebalance the pool until there is 5 ETH and 2,000 USDT left, as 5 ETH at 400 USDT is equal to 2,000 USDT. 

To know if Jack will suffer an impermanent loss or profit from his stakes, he’ll have to withdraw 10% of his share from the liquidity pool of 0.5 ETH and 200 USDT, which amounts to $400:

200 USDT + $200 = $400. However, Jack would have made $500 if he’d held onto his ETH and USDT because 1 ETH has increased in value to $400.

By providing liquidity in an AMM, Jack’s gains are 50% less than they would have been if he’d held his cryptocurrencies. 

This loss is called “impermanent” because it is not realized before the LP position is withdrawn. Also, if ETH’s value returns to 100 USDT in the above example, the loss will be reversed. Therefore, it’s an 

 loss that changes with the dynamism in the market.

As discussed above, liquidity providers don’t always experience a monetary setback because of impermanent loss. However, it can happen in some cases, such as the example below.

Suppose you have $500 worth of two cryptocurrencies. We’ll use UNI and ETH for this example. Let’s assume you have 150 UNI and 1 ETH, that 1 ETH is worth 150 UNI, and that the total value of each is $500. However, once you deposit both the currencies in the pool, the ratio will differ, since the currencies will fluctuate in terms of price as trades occur in the market.

, you might have more UNI or more ETH in the pool. So, what happens when the rate differs from the time you deposited both the currencies? You’ll suffer from impermanent loss once your cryptocurrencies are withdrawn from the liquidity pool. 

Keep in mind that the rates have changed since you first deposited the currencies. Therefore, when you withdraw them, you may have more of one currency and less of the other — or vice versa.

What if you’d just held your assets and hadn’t provided them as liquidity? You would have more of both currencies, which would translate to a higher value.

For an advanced impermanent loss calculation with formula, 

By becoming an LP and providing liquidity to AMM DEXs, you receive rewards in the form of platform trading fees. With increased trading activity and higher volatility, the rewards earned by LPs also increases. Hence, with sufficient trading volume on the platform, it’s likely that the accumulated fees earned by LPs will be able to cover their impermanent losses, making the liquidity provision profitable.

More recently, AMM DEXs have also begun to reward LPs with their governance tokens. Examples include UNI, CRV and BAL. Such tokens can either be utilized elsewhere in the DeFi ecosystem or traded on exchanges for a profit.

However, the profitability of being an LP is highly dependent on the time and pool you choose to provide liquidity to. Picking a pool with high trading activity fueled by market conditions is often profitable for LPs.

The most prominent disadvantage of liquidity pools is impermanent loss, because it can occur regardless of the direction in which the market moves.

In some cases, if the market is volatile an impermanent loss is inevitable, since prices are bound to fluctuate. However, you can take some steps to make sure you avoid impermanent loss— or at least don’t suffer a heavier blow when prices move.

If you want to avoid impermanent loss altogether, you can consider providing liquidity to a stablecoin pair. For example, if you provide liquidity using USDT and USDC, there will be no risk of impermanent loss, since stablecoin prices are meant to be stable.

However, the major downside to this approach is that you won’t benefit from any rise in the market. If you’re liquidity mining in a bull market, there’s no point in holding stablecoins, because you won’t receive any returns on them.

However, if you’re liquidity mining in a bear market, try to provide liquidity with stablecoins and earn trading fees. This way, you’ll be profiting through trading fees without losing any money.

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How to Avoid Impermanent Loss When Providing Liquidity in DeFi

One up-and-coming use case for NFTs is “staking” — locking up a collection in a pool and earning rewards from the staking platform.  Here's how you can get started on this. One up-and-coming use case for NFTs is “staking” — locking up a collection in a pool and earning rewards from the staking platform.  Here's how you can get started on this.

 (NFTs) have gained significant attention since 2021, with prominent collections such as 

. NFTs are commonly known as digital representations of art and collectibles that could potentially appreciate in value over time. However, as the NFT landscape progresses, artists, developers and collectors have been exploring new use cases for NFTs, one of which is NFT staking — the locking of NFTs in a protocol in exchange for rewards.

In this guide, we’re going to take a look at what NFT staking is, how it works, factors to consider when staking NFT, pros and cons of staking NFTs, the type of rewards holders can receive and the best platforms for NFT staking. 

NFT staking refers to locking up NFTs on a platform or protocol in exchange for staking rewards and other benefits. Staking NFTs allows holders to earn passive income from their NFT holdings while maintaining ownership.

, typically based on the Ethereum network, that use the ERC-721 token standard, meaning every NFT is unique. These cryptographic tokens — much like cryptocurrencies — are recorded on the blockchain, and can be used to prove the ownership, authenticity and provenance of pretty much anything physical or digital, including artwork, 

A lot of the buzz and hype around NFTs concerns their potential to revolutionize the 

. A significant number of NFTs that have made headlines generally involve art. For example, digital artist 

 made history in March 2021 after selling his NFT artwork “Everydays: the First 5000 Days” 

 at Christie’s. This was one of the first milestones to accelerate the meteoric rise of NFTs. 

NFTs have also found a role to play in blockchain-based 

. Play-to-earn crypto games use NFTs to give players verifiable ownership of virtual items they collect in games. Examples are 

The uniqueness of NFTs makes them ideal for wait-and-

 strategies, though it can take a while before such long-term investment comes to fruition. Buying and holding onto NFTs isn’t without its drawbacks. The process of minting, buying and selling NFTs can be resource-intensive, sometimes requiring high transaction fees, especially on 

. There’s also the uncertainty of whether the NFT will actually appreciate in value over time. 

NFT staking opens up new opportunities for collectors to monetize their NFT collections, and has become a new method for NFT holders to earn passive income. By locking their NFTs into 

 (DeFi) protocols, owners can earn passive income through staking yields offered by DeFi protocols while maintaining ownership over their locked NFTs. 

NFT staking is similar to the concept of 

, in which users holding onto cryptocurrencies can lend or stake their assets to liquidity providers to receive rewards. It’s also similar to earning interest from a bank account, but without a middleman facilitating transactions and taking a cut. 

 involves “locking” tokens in a digital wallet to support a blockchain network’s operations and security in exchange for rewards. Platforms that support staking typically use a 

Blockchains rely on a global network of transaction validators to secure their networks by authenticating transactions before the data is added to new blocks on their chains. These validators are rewarded in the native cryptocurrency of a particular blockchain for devoting their resources to the network. 

For energy-intensive blockchains that use a 

 (PoW) mechanism, such as Bitcoin, the resource validators must devote their computing power, which requires a lot of electricity and expensive specialized hardware. 

 by requiring significantly fewer computing resources to verify transactions and secure the network. Users who want to become validators simply have to “stake,” or pledge, the native cryptocurrency of a blockchain. Hence, simply put, the security of the blockchain network increases when more holders stake their cryptocurrency.

If you're familiar with depositing money in a bank savings account, then you can easily comprehend NFT staking. While there are differences, the main principle is the same: You're able to earn interest on your funds for the duration you're invested. By staking your NFTs, you're essentially locking them into a smart contract and using them as collateral to earn rewards during the staking period. 

The rewards are often based on the established annual percentage yield (APY) and number of NFTs staked. NFT staking is a simple way to make the most out of your investments, with the added benefit of giving you extra earnings.

However, it’s important to note that, like cryptocurrencies, not every NFT can be staked for rewards. Make sure to check a platform's rules before staking your NFTs, since there may be unique requirements for each one.

The type of reward NFT holders can get for staking their collection depends on the platform used and the type of NFT staked. The majority of platforms that allow users to stake NFTs offer daily or weekly rewards. Staking rewards are typically issued in a platform’s native utility token, which is often listed on exchanges and can be traded for other cryptocurrencies or 

Some staking platforms feature a decentralized autonomous organization (

), in which NFT holders can lock up their assets in the DAO pool to participate in the platform’s governance and vote on future proposals. NFT holders can then play an active role in the community, and have a say in how the project moves forward with its development plans or certain project decisions.

On top of this, some projects will even reward holders with free NFTs from their future collections or 

, which entitles them to a discounted buying price.

Since a majority of the NFT market is attributed to in-game NFTs, most staking opportunities are on play-to-earn gaming platforms such as 

 and others. We’ll cover some of the best platforms for NFT staking later on. 

Similar to cryptocurrencies that may be staked, most NFT projects offer staking benefits in terms of 

The reward rates for many NFT projects increase with the length of time that your NFT is locked in. As a result, NFT owners are encouraged to stake their assets for as long as feasible.

Other systems may display your predicted return in terms of tokens rather than an APY. One example would be receiving 20 of a platform’s native tokens for every day your NFT is staked.

Here are some factors for NFT holders to consider before they stake their NFTs.

As mentioned earlier on, not all NFTs can be staked. Hence, before purchasing an NFT, check whether you’ll be able to stake it for passive income. If not, you’ll want to evaluate whether the art, community or utility is enough to warrant the purchase even if it doesn’t come with passive income opportunities.

This can be checked through the project's documentation, or by asking through the originating NFT project’s official Discord channel.

Most NFT staking protocols impose lock-up periods, which can vary from days to years. During this period, when the NFT is staked, it’s likely that you won’t be able to access the NFT. Hence, you have to choose a period during which you’re comfortable with not being able to access the NFT. However, do keep in mind that the ownership of the NFT still belongs to you as its holder.

Staking platforms will typically display the annual expected return for staking an NFT. Some of them may provide ridiculously high returns for staking, so be wary and 

 to determine whether the platform and its offer are safe and sustainable. 

For certain projects, NFTs of a higher rarity might receive higher rewards. On the other hand, some may distribute equal rewards, regardless of rarity, while others give random rewards.

Right to Participate in Project Governance

Some NFT staking platforms issue their own governance tokens to their holders. This might include 

NFTs are denominated in cryptocurrencies, which will differ based on the network they’ve launched on. Projects on Ethereum are denominated in ETH, while projects on Solana are denominated in SOL.

Hence, users have to be cautious of the volatility in a cryptocurrency’s price. If you predict that Ethereum’s price might soon fall drastically, it might be best to wait before purchasing an NFT denominated in ETH. This is because if you purchase the NFT at a high ETH price, you’ll take a loss when Ethereum’s price comes back down. Should this difference be drastic, the rewards from staking the NFT might be insufficient to recoup your losses.

NFT prices can fluctuate drastically. Since holders usually have to lock up their NFTs for a period when they stake, they need to be wary of any potential NFT price changes. If they’re expecting a huge price increase to occur, they may want to consider selling the NFT for a profit instead of staking it. 

Conversely, by staking the NFT, the asset will be locked, and a holder might miss their opportunity to turn a profit on their NFT. This is especially true if the NFT price increase far exceeds the staking reward.

If you’re hesitant to stake an NFT for fear of 

 and other exploits, you can check through the project’s website to see how much of the total NFT collection is being staked. A higher percentage of staked NFTs is a healthy sign, indicating that other NFT holders are also dedicated to holding their NFTs for a long time.

Hence, there will be a lower chance that other users will unstake or mass sell their NFTs for profit, causing the 

 to tank. A large community staking their NFTs is also representative of the reliability of a collection or NFT staking platform. Hence, users can reduce the worry of fraud.

If you’re holding onto an NFT that qualifies for staking, and don’t have plans to sell the NFT anytime soon, staking can be a great opportunity to put your idle asset to work and earn some rewards. Once the staking period is over and you’ve collected all of your rewards, you can then choose to continue staking once more, or sell the NFT for a profit.

To inventivize users to participate in the NFT staking community, staking NFTs typically rewards holders with the NFT staking platform’s governance tokens. Token holders will be able to vote on the platform’s future direction. The weightage of your vote usually depends on the amount of governance tokens you’re holding.

Some projects have multiple launches, with different NFTs being distributed to the market each time. They tend to reward previous holders by 

 them. With a whitelist, holders can gain access to a variety of benefits, including:

Beginner

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Explained: NFT Staking and How It Works

BadgerDAO is a decentralized autonomous organization building the infrastructure necessary to allow the use of Bitcoin as collateral across DeFi blockchains.

Bitcoin’s dominance in the fintech space cannot be underestimated. While 

 has been used largely as a store of value, there’s been a growing practice of using it on blockchains such as 

This has opened up the asset to the lucrative world of 

 (DeFi), where holders can earn interest and use Bitcoin as collateral to borrow assets.

However, along with the evolution of the global financial landscape via DeFi, there’s been an influx of projects that aren’t backed by any intrinsic value. Moreover, the infrastructure and protocols that allow you to bridge BTC to participate in DeFi opportunities are still relatively immature and highly centralized.

It’s against the backdrop of these challenges that BadgerDAO was born. Let’s take a deeper look at the project, and its efforts to entrench Bitcoin into DeFi.

 (DAO) that’s building the infrastructure necessary to allow the use of Bitcoin as collateral across DeFi blockchains.

Launched in 2020, BadgerDAO has provided a community-led ecosystem to build products through shared ownership and aligned incentives to promote fairness.

As a fair and transparent platform, its key pillars are the Badger Builders, community-created products, governance through fair distribution of Badger tokens and the full open-sourcing of all its codes.

BadgerDAO’s community makes all decisions through consensus and 

 DAO.The project has expanded its assets beyond Bitcoin to include tokens such as ETH and 

BadgerDAO’s primary token is BADGER, which is used for governance, 

 and as collateral across DeFi platforms.

BadgerDAO operates a DAO-based ecosystem in which all of its products are ideated and passed by its community through the support of an operations team and the DAO treasury.

Some key elements of BadgerDAO are as follows.

One key component of BadgerDAO’s operations are its vaults. Borrowed from 

’s concept, Badger vaults allow you to deposit assets in order to earn optimized yield through leveraged opportunities in various DeFi protocols, known as 

. The vaults are powered by smart contracts, and users can withdraw their funds anytime from some of them. When you deposit your tokens into the vault, you’ll receive b-tokens (e.g., bBadger) to represent the amount you’ve deposited, usually in a 1:1 ratio.

DIGG is an elastic supply token pegged to Bitcoin’s price. By depositing DIGG in a vault, users receive bDIGG tokens, which don’t rebase and can be used as any other ERC-20 token across DeFi protocols.

While DIGG isn’t a stablecoin, it mimics BTC and uses a non-dilutive, continuous rebase to ensure fairness and transparency. DIGG tokens are also bound in price between 0.95 BTC and 1.05 BTC, which helps ensure elastic supply.

Interest Bearing Bitcoin (ibBTC) was launched in collaboration with 

. It’s designed to serve as the tokenized version of Bitcoin on Ethereum, allowing users to generate interest from it.

, it can be collateralized, lent out or bridged to other chains. The ibBTC token can be minted on the 

 using different assets such as byvWBTC, bCrv RenBTC and bCrv BTC.

BADGER is the native token of the BadgerDAO ecosystem. As a 

 token, BADGER plays a crucial role in the collective governance and incentivization of the BadgerDAO community. Holding BADGER allows you to vote on proposals for new product ideas on the platform.

 proposal. Those who hold BADGER tokens in select vaults and are willing to participate in community voting receive more BADGER rewards as determined by a stake ratio.

Furthermore, you can use BADGER to participate in yield farming across numerous DeFi protocols such as 

 through a hack totaling approximately $120 million. The hacker is said to have injected a malicious 

 from Cloudflare, a cloud network on the platform. 

 keys, the hacker periodically injected malicious code to exploit several customers on the DeFi platform.

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