Badger DAO
Tier 4badger-dao
Yield AggregatorArbitrumBinanceEthereumFantomPolygon
BadgerDAO is a decentralized collective of builders supporting community driven growth for Bitcoin across DeFi.
6.4Safety Score70% confidence
Audits
5
reports collected
Findings
17
across all audits
Last Updated
5/20/2026
Analyzed
DeFiLlama
GitHub
Twitter/XAnalysis Overview
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Protocol Overview
Badger DAO is a Bitcoin-focused yield aggregator that deposits wrapped BTC assets (wBTC, renBTC, sBTC) into Curve Finance pools and Convex Finance for yield generation. The protocol operates across five chains—Ethereum, Arbitrum, Polygon, Binance, and Fantom—with approximately $9.7M in TVL. It has over 5 years of operational history with no documented exploits. Key risks include heavy dependency on Curve and Convex for yield generation, unknown oracle implementations, multi-chain bridge exposure, and limited transparency around governance.
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Code Security
7.5/10
Two professional audits—Zokyo (98/100, LOW risk, Dec 2020) and Quantstamp (16 findings, 12 resolved, 1 mitigated, Jan 2022)—found no critical or high-severity issues. Test coverage improved to over 90% post-remediation. However, the Quantstamp audit covered only Vault.sol and BaseStrategy.sol; concrete strategy implementations were explicitly out of scope, leaving the highest-risk code unaudited. The most recent audit is over 4 years old and no current external security ratings are available. Key risks include unaudited strategy contracts handling live funds, upgradable code differing from audited versions, and lack of ongoing security monitoring.
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Economic Security
6.5/10
Badger DAO holds approximately $9.68M in TVL with a market cap of roughly $8.5M, indicating moderate user trust relative to token valuation. The protocol operates across five chains, introducing cross-chain bridge vulnerabilities, while its economic security is significantly constrained by missing tokenomics data—including BADGER token distribution and emission schedules. Oracle risk is moderate given Curve's time-weighted pricing, though no explicit oracle documentation exists. Governance controls extensive vault powers without documented multisig protection, and performance fee alignment between governance and strategists creates incentive concentration.
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Team & Transparency
4.5/10
Badger DAO is organized as a decentralized autonomous organization with no doxxed team members publicly identified. The protocol has over 5 years of operational history with no documented security incidents, two professional audits on record, and publicly available GitHub repositories. However, the most recent audit dates to January 2022 (over 4 years old), and no evidence of a bug bounty program was found despite a formal recommendation from Zokyo in 2020. Financial transparency data is absent, social metrics are unavailable, and social analysis is severely constrained by the lack of primary documentation. Score: 4.5/10.
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Governance
5.5/10
Badger DAO uses a multi-role access control system where governance can assign strategies, modify fee parameters, and set key roles. A guardian can independently pause vault operations, and a keeper can trigger fund deployment to strategies. The team has committed to timelocks and a Compound-style governor contract for progressive decentralization. However, no multisig is documented, the specific timelock duration is unknown, and the most recent governance audit is from January 2022 with no evidence of decentralization progress since then. The absence of documented multisig protection, combined with an anonymous team managing governance keys, elevates key-person risk and single-point-of-failure exposure. Score: 5.5/10.
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Cross-Analysis
The highest combined risk at Badger DAO emerges at the intersection of governance concentration and unaudited code: a compromised or malicious governance key could redirect vault funds to an attacker-controlled strategy contract with no multisig threshold to block the action and an unknown timelock delay. Strategy contracts were explicitly out of scope for the Quantstamp audit, meaning the code handling live fund deployment to Curve and Convex has never been professionally reviewed. No bug bounty program exists to incentivize external security research. Multi-chain deployment across 5 chains introduces additional bridge exploit exposure. Overall risk profile is moderate, with worst-case scenarios concentrated in governance key compromise combined with unaudited strategy code.
Executive Summary
Executive Summary: Badger DAO
Safety Rating: YELLOW
Overall Score: 6.4/10 | Confidence: 0.70 | Data Completeness: 0.80 "Badger DAO presents a moderate overall risk profile with specific high-risk vectors concentrated in governance-centralization and external dependency exposure"
Scores by Dimension
| Dimension | Score | Key Finding |
|---|---|---|
| Code Security | 7.5/10 | Two professional audits with no critical/high findings, but strategy contracts out of scope and 4+ years since last audit "No critical or high-severity findings were identified in either audit" |
| Economic Security | 6.5/10 | Reentrancy and front-running issues fixed, but significant data gaps in tokenomics and oracle documentation "All medium issues fixed/mitigated" |
| Team Transparency | 4.5/10 | No doxxed team, most recent audit from Jan 2022 (4+ years old), no evidence of bug bounty despite recommendation "No doxxed team members" |
| Governance | 5.5/10 | Hybrid DAO with timelock but significant centralization risk, no multisig documented, unknown timelock duration "Partially centralized with privileged governance powers" |
| Track Record | 7.0/10 | 5+ years operational history with no documented exploits, but anonymous team and no recent audit activity "At least 5+ years of operation with no documented exploits or major security incidents" |
What This Protocol Does
Badger DAO is a decentralized Bitcoin yield aggregator enabling users to deposit wrapped BTC assets (wBTC, renBTC, sBTC) into vault strategies that automate yield farming across Curve Finance, Convex Finance, and other DeFi protocols "deposits wrapped BTC assets (such as wBTC, renBTC, sBTC) into vault strategies that automate yield farming".
Key Strengths
- Two professional security audits (Zokyo 98/100, Quantstamp) with no critical or high-severity vulnerabilities identified "Neither audit identified critical or high-severity vulnerabilities"
- 5+ years of operational history with no documented exploits or major security incidents "At least 5+ years of operation with no documented exploits or major security incidents"
- Timelock commitment for governance changes provides depositor protection window "The team has committed to using timelocks for governance changes to protect depositors"
- Role-based access control with bounds on fee parameters limits damage from malicious governance action "maxWithdrawalFee, maxPerformanceFee, maxManagementFee"
- Guardian pause role provides independent emergency brake independent of governance consensus "Guardian role can pause the vault and pause deposits independently"
Key Risks
- Strategy contracts explicitly out of scope of Quantstamp audit, combined with no bug bounty program increases hidden vulnerability risk "The highest combined risks emerge at the intersection of governance power and code security" "strategy-specific contracts were explicitly out of scope"
- Governance has no documented multisig, unknown timelock duration, and team is anonymous — creating elevated key compromise and insider attack risk "No multisig threshold to slow or prevent malicious action"
- Multi-chain deployment across 5 chains introduces bridge exploit exposure not documented in available sources "Cross-chain operations depend on bridge protocols that are not documented"
- Curve Finance dependency creates yield sustainability risk if CRV/CVX emissions disrupted "Strategies depend on Curve Finance gauges for yield generation. Any disruption to Curve rewards or liquidity could impact returns"
Critical Findings
- Strategy contracts unaudited: The code that actually handles fund deployment to Curve/Convex was never professionally reviewed "strategy-specific contracts were explicitly out of scope"
- No multisig documented: Governance key compromise has no threshold protection — a single compromised key could drain all vault funds "No multisig documented"
- Timelock duration unknown: Response time to critical vulnerabilities or attacks is unpredictable "specific governance parameters (timelock duration, quorum thresholds, multisig configuration) are not documented"
Recommendation
Badger DAO is suitable for risk-tolerant users seeking BTC yield exposure who understand the protocol's limitations. The 5+ year operational history with no exploits provides some baseline trust, and the audit history shows professional security practices. However, the YELLOW safety rating reflects significant concerns: no recent audits (4+ years), strategy contracts never audited, anonymous team, no bug bounty, and governance centralization risks without documented multisig protection. Users with moderate-to-low risk tolerance should wait for the identified gaps — particularly current audit coverage of strategy contracts, documented multisig configuration, and verified timelock parameters — to be addressed before committing significant capital.
Report Sections
- Protocol Overview
- Code Security
- Economic Security
- Social & Team
- Governance
- Cross-Risk Analysis
Vulnerability Findings
Medium2Low6Info9