In Q3 BadgerDAO focused on building the eBTC protocol, pushing through the final stages of development. Further audits of eBTC were completed to ensure the safety and robustness of the product at launch. While the Badger Treasury continued to bring positive returns in Q3, these returns have diminished due to yields moving lower in DeFi across the board.

In Q2 Badger continued to focus on building the eBTC protocol and preparing to go to market. The eBTC protocol underwent intense review and auditing to assure a quality product. The Badger Treasury continued to bring positive returns in Q2 as crypto markets experienced volatility related to regulatory uncertainty.

Q1 was a time for the Badgers to buidl. The framework for a new DeFi primitive called eBTC was introduced to the community (forum: introduction, update#1) while a boon to the Badger Treasury in Q1 stemmed from a strong market recovery for crypto in general.

In DeFi, all financial transactions are public by definition. However, administering a DAO's financial data on a quarterly or annual basis is not always as simple as it is in traditional financial systems. There, monitoring two or three bank accounts is usually enough to gather all transactions. In BadgerDAO’s case, the system is composed of at least 250 different addresses, making it a challenge to generate a complete overview of all transactions.

BadgerDAO was relentless in building through very difficult conditions in 2022 (see retrospective report). The challenges faced acted as a catalyst for elevating the DAO's business maturity:

Badger is rounding its second year in operation and it's safe to say the ecosystem from which it was born has gone through tremendous changes since the DAO was first launched in 2020. Many innovators have persevered, challenged the status quo and continue to forge new paths for the next generation of courageous builders to follow. Others have fallen from great heights, highlighting the need for more work to be done to harden the ecosystem, remove significant points of failure while remaining transparent, decentralized and censorship resistant.