State of the DAO: 2023-Q3


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.

Some highlights of the most important treasury events:

  • ~$2M decrease in the notional value of treasury holdings due to price depreciation of treasury assets

  • A continuation of decreased revenue due to falling yields of TCL

  • Stablecoin inflows have diminished and no longer extend BadgerDAO runway due to increased security and development spending towards eBTC launch, however overall operational costs decreased quarter over quarter by $435k

  • Badger established a relationship with a market making counter party

More details in the report below.


The treasury’s biggest positions saw mixed price movements;

  • BADGER: $2.235 -> $2.215 (-1%)

  • BTC: $30505-> $26947 (-11.6%)

  • ETH: $1932 -> $1662(-14.2%)

The BADGER token is performing on par with a conglomerate of DeFi tokens within similar scope.

Live dashboard of the treasury’s complete portfolio

Counter Parties

200,000 Badger tokens were lent to a market making counter party to increase liquidity depth on centralized exchanges.


  • Opolis (BIP#49): the 17.9M staked WORK’s fair value is now ~$133k. Still another 8.4M WORK vesting over the next 27 months (~$62k)

  • zeroDAO (BIP#50, BIP#96): 30% cut ($120k) of their raise still to be paid to us post-TGE (token generating event), plus 12% of $zeroDAO supply.

Profit & Loss

Full profit and loss statement inclusive of BADGER and DIGG

  • Revenue has decreased by 50% due to yields on TCL positions falling

  • The DAO now has no active vaults reducing performance fees to $0

  • Overall costs reduced due to a decrease in gas cost, consulting and software - additional consulting costs were required in Q3 for finalizing the development of eBTC

  • These effects combined resulted in non-native EBITDA being negative for Q3 (-$742k)


The restitution program continued as agreed upon, in the form of deposits into remBADGER (73k BADGER) and emissions to remBADGER holders (95k BADGER).

The remBADGER program can be tracked live on The Official Dune Dashboard.


Most of the data presented here is sourced from various interactive reports created with Google Looker Studio, all updated at least once a day:

Be relentless. Be Badgers

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