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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

¿Gaming for profit? This Ethereum based protocol enables it

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum BadgerDAO

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Conceived as a bridge between Bitcoin and decentralized finance on Ethereum, Badger DAO protocol has expanded its investment strategies. As of today, users will be able to profit from yielding NFTs by participating in its new “game”.

Using one of Badger DAO’s products called Honeypot part I, participants can farm NFTs for staking bBadger or BAdger UNI tokens. Thus, they were allowed to obtain 1 of the 6 NFTs needed to get a prize of up to $30,000.

Now, the team behind the protocol launched “the most gamified experience to date”. Via a partnership with MEME, they have deployed Honeypot part II: Diamond Hands. With a mechanism intended to “level the playing field,” this second version of the product promises to deliver a portion of the prize to all holders of NFTs earned for playing.

In addition, the longer a player takes to redeem his NFT for a share of the winnings, the bigger his loot will be. This mechanic is intended to incentivize greater player participation and make them seek more rewards for playing longer.

Adding the power on the more common cards makes it so that the later you are to redeem the higher portion of the pool you will receive (shout out to tree.finance for the inspiration here). There is a massive disadvantage early but that dissipates as the final cards are being redeemed so, as they all become more scarce, the values of the different cards should converge.

Bitcoin on Ethereum and Binance Smart Chain

The tokens that participants receive have “Redemption Power” (RP). The more of this a user accumulates with their NFT, the greater their reward. BadgerDAO team member Jon Tompkins said:

Redemption Power (RP) = relative portion of the pool you can claim with an NFT.  The lower the better! At any point until the last is NFT redeemed, lower RP = larger portion of redemption pool As redemptions occur and all NFTs become more scarce the RP disparity shrinks.

To obtain the NFTs, users must stake bDIGG tokens at the time of launch. Participants with more bDIGG staked will have more chances to receive the NFT.

$500K NFT Honeypot w/@DontBuyMeme is on 🔥

A community member developed a leaderboard that gives great insight in time to mint NFTs.

At this rate a legendary won't be minted for 5.5 days from now!

➡️ https://t.co/AQFiaHOk3S

One of the largest MEME drops ever $18M STAKED

— ₿adger 🦡 (@BadgerDAO) March 25, 2021

Badger DAO is a protocol that operates on Ethereum and Binance Smart Chain, its vaults allow users to mint synthetic versions of Bitcoin to offer liquidity and receive rewards. According to DeFi Pulse, Badger DAO is the 12th largest protocol by total value locked (TVL) and contains 9,177 BTC “locked” on its platform.

BADGER’s price, the protocol’s native token, shows significant losses all across the board. The lowest losses are registered on the last day with 2.9% and the most pronounced in the monthly chart with losses of 34.8%.

Ethereum ETH Badger DAO
BADGE follows the general sentiment in the market for the 24-hour chart. Source: BADGERUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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