BitDAO
BitDAO is one of the most significant decentralized autonomous organizations (DAOs). BIT is the governance token in the BitDAO network, with proposal and vote power. The project's purpose is to create a decentralized tokenized economy that is open to anyone. It is a protocol run by BIT token holders.
BitDAO will invest in the DeFi ecosystem by developing BitDAO DeFi products and assisting DeFi partners and projects. They may also contribute funding to BitDAO contributors for purposes such as the creation of a custom governance module, community management efforts, or the future BitDAO foundation. The project will aim to support these activities so that the rest of the community can benefit.
BitDAO went live on August 3rd, 2021, and has no founders; the project is run by a community of contributors who own BIT tokens. As a DAO, the network has no teams or companies behind it, which means that anyone can submit changes to the BitDAO protocol, and it is up to the BIT holders (contributors) to vote on whether to accept or reject these proposed changes.
It is one of the largest DAOs, with backing from Peter Thiel, the Founders Fund, Pantera, Dragonfly, Spartan, Bybit, and others.
Bybit was an early supporter of BitDAO and has made regular contributions to the BitDAO treasury totaling more than $1 billion per year at 2021 pricing.
DeFi technology allows unstoppable and permissionless blockchain transactions such as trading, lending, and synthetic asset creation. There will be no registration process, middleman approval, or middlemen control. DeFi will fundamentally transform finance and could grow into a trillion-dollar business. Tokenization has increased ownership and enabled new economic models like DAO, NFT, and GameFI.
BitDAO is termed a DEFI 2.0 initiative based on the success of Bitcoin, with the objective of open finance and the decentralized crypto economy, and will commit large resources to assist the development. BitDAO will collaborate with projects to develop jointly by exchanging tokens. BitDaO's aim is to provide assistance in the form of research and development, liquidity support, and project funding.
Bybit established BitDAO with the intention of funding various projects in the blockchain ecosystem, such as gaming, DAOs, DeFi, and so on. Rather than being established like a decentralized venture fund, BitDAO intends to support and manage entire blockchain ecosystems with vast sums of money. BitDAO is chain agnostic, despite the fact that it is currently focused on Ethereum. BitDAO's overall goal is to promote open finance and the development of decentralized, tokenized economies. BitDAO functions as a capital provider, incubator, and accelerator in this manner.
BitDAO is currently governed by Gnosis Safe and Snapshot, with an open agenda and proposal mechanism. Windranger Labs is one of the key contributing teams, with the purpose of developing alongside major DeFi protocols and L1/L2s while leveraging the BitDAO treasury.
The BIT token presently serves the following functions: · Proposal: Submission of suggestions to the DAO. · Vote: Voting the BitDAO plans. · Swap: Token exchange with partner projects.
The total supply of BIT tokens available is 10,000,000,000. · Private Sale: 5% · Launch Partner Rewards: 5% · BitDAO treasury: 30% · Bybit Flexible: 15% · Bybit Locked: 45%
BitDAO has the potential to become a key participant and influencer in the decentralized tokenized economy. DAO governance's flexibility and transparency enable BIT token holders to "create their own experience." The opportunities are limitless. BitDAO will be a developing project, with community leaders emerging over time. Governance recommendations and forum engagement will have an impact on the project's progress. Token holders, contributors, and community leaders will drive BitDAO's vision and mission. Multiple separate teams can work together to arrange proposals, form collaborations, and produce goods for BitDAO governance approval. Holders of BIT tokens can select the best ideas.
