Create a chrome or reflective look on type and add some gleamie specular highlights for a shiny effect.
Choose a typeface and create a word. This typeface is called Raceway and it is available on type.adobe.com and can be activated for use in Illustrator. Outline the font. Choose Object>Compound Path>Make to turn all the shapes into a single acting shape. Grouping it together will not create a single shape.
Fill the type with a gradient from white to a medium color.
Set the angle so the highlight is on the top and the darker color is on the bottom.
Add a stroke to the shape. In the stroke panel set the Align Stroke to the outside so it does not encroach into the the shape.
Add a gradient to the stroke by selecting the stroke icon in the gradient panel. Add a light color by clicking under the gradient ramp. Click under the ramp to add another color. With the color dot selected, set the color locations at 0, 25, 50, 75 and 100 to space the color out equally.
This will create a beveled look to the badge with a multi-step gradient on the stroke.
In the Appearance Panel, click on the add Stroke button in the lower left. Set the stroke to be under the initial stroke and twice the weight.
Click on the Stroke link in the Appearance Panel and set the Align Stroke to the outside.
Add a darker gradient to the second stroke.
The darker gradient on the second stroke give more of reflective edge on the bevel.
In the Appearance Panel, turn the strokes off by clicking on the eye next to the stroke.
Select the type and choose Object>Path>Outline Stroke. Set the offset to -1 to make the shape smaller. Click OK.
Move the offset type off the original shape.
Create a rectangle over the top of the offset path.
Select the type and the rectangle and choose Minus Front in the Pathfinder panel to cut off the top, leaving just the bottom of the offset type.
Move the cut off section to the lower of the type. Turn on the strokes in the Appearance panel.
Set the lower section to Multiply.
This blends the section into the type and makes the bottom inset appear darker.
Select the badge and set the Corners to be rounded in the Stroke Panel.
Add a gleamie highlight. Create the gleamie by drawing a Star. While drawing the star, use the UP ARROW to add points to the star. While drawing, hold the COMMAND key and pull in toward the center of the star to make the points longer.
Direct Select the end points and pull them longer and shorter.
Make the gleamies white and add them to the badge to create highlights.