Badger
BADGER
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
BADGER (Badger DAO) displays a mixed profile characterized by notable data gaps, fixed-supply tokenomics, and historical security challenges. Two sections suffered from severe name-contamination in source data and could not be scored: Active Development (-1.0) and Market and Use Case (-1.0); their weights were redistributed proportionally across the remaining sections. Among evaluable sections, Tokenomics (5.0/10) benefits from a fixed 21M supply cap with ~95% circulating, though utility remains narrow and pool yields negligible. Community Support (4.0/10) and Team and Governance (5.0/10) show an active DAO with over 100 historical BIPs and token voting, but suffer from low voter turnout (~3%) and limited visibility. Security and Audit History (4.0/10) features extensive multi-party audits (Quantstamp, Code4rena) and bug bounties, alongside a historical December 2021 front-end exploit (~$120M loss) that was remediated with cybersecurity forensics. The weighted average across the four scored sections yields an overall score of 4.5/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Badger (BADGER)
BADGER is the native governance and rewards token for Badger DAO, an Ethereum-based decentralized finance protocol designed to facilitate the use of Bitcoin across DeFi applications. Governance is conducted through token-weighted voting on Badger Improvement Proposals (BIPs), allowing token holders to participate in protocol management, although historical governance participation has remained low at approximately 3% turnout.
The token features a fixed maximum supply cap of 21,000,000 tokens, mirroring Bitcoin's supply limit. Approximately 95% of the total supply (around 19.93 million tokens) is in circulation. The utility of BADGER is primarily focused on protocol governance, staking, and liquidity incentive programs within the Badger DAO ecosystem.
Badger DAO's smart contracts have undergone security reviews and audit contests with firms and platforms including Quantstamp, Code4rena, and DeFiYield.info. However, in December 2021, the protocol suffered a major front-end security breach when a compromised Cloudflare API key enabled attackers to inject malicious script into the user interface, resulting in the theft of approximately $120 million (from roughly $130 million drained, with $9 million recoverable). The protocol engaged cybersecurity and blockchain forensics firms to remediate the attack and rotate credentials. Alongside the exploit, BADGER has experienced an unrecovered price decline of more than 99% from its 2021 all-time high, accompanied by reduced ecosystem total value locked and thin trading volumes.