Deep Dive
1. OKX SG Delists BADGER (17 October 2025)
Overview:
OKX Singapore announced the delisting of BADGER and three other tokens, effective 23 October 2025. Buy/sell services were halted on 20 October, with withdrawals permitted until January 2026. The decision stemmed from BADGER no longer meeting OKX’s listing standards, likely due to diminished trading activity or compliance factors.
What this means:
This reduces BADGER’s accessibility in a key Asian market, potentially exacerbating liquidity challenges. The token’s price has declined 30% in the past month, partly reflecting weakened demand. (OKX)
2. OKX Removes Perpetual Contracts (23 July 2025)
Overview:
OKX delisted BADGER perpetual contracts, citing low liquidity and volatility risks. Positions were settled using average index prices, with users advised to back up trade records.
What this means:
The removal of derivatives trading limits speculative opportunities and institutional interest. BADGER’s open interest had already dropped 15.7% in July 2025, signaling waning trader confidence. (OKX)
Overview:
Crypto.com disabled BADGER trading and withdrawals, converting remaining balances to USD. The exchange provided no specific rationale, but the token’s 64% 90-day decline at the time suggested underperformance.
What this means:
Losing a tier-2 exchange listing further isolates BADGER from retail traders, compounding its 86% yearly price drop. The automatic conversion mechanism may have pressured prices during the transition. (Crypto.com)
Conclusion
BADGER’s recurring delistings highlight liquidity and adoption challenges, with exchanges increasingly sidelining the token. While the project’s focus on Bitcoin DeFi infrastructure remains, its ability to retain exchange partnerships is critical. Will Badger DAO’s upcoming protocol updates reverse this trend, or will shrinking accessibility deepen its bearish cycle?