What Is BitDAO and BIT Token?
BitDAO’s vision is open finance and a decentralized tokenized economy. The DAO hopes to support a broad range of projects including DeFi, DAOs, NFTs and gaming. Support will be in the form of research and development, liquidity bootstrapping, and funding.
BitDAO aims to: 1. Partner with projects via token swaps and co-development efforts. Token swaps will enable the BitDAO treasury to accumulate a collection of the top crypto project tokens. 2. Build core products which enable BitDAO and other DAOs to function more effectively. This includes on-chain and off-chain governance solutions, and DAO treasury management solutions. 3. Provide grants to teams that produce research or products that are public goods for the crypto industry.
All treasury actions will be determined by BIT token holders via a proposal and voting process.
What Is a DAO?
DAO (decentralized autonomous organization) is a governance system used by many crypto projects. DAOs allow token holders to manage key actions such use of treasury assets, or changes to the project code.
BitDAO is a DAO controlled by BIT token holders. It is not a company. It does not have a management team or employees.
Any individuals, development teams, or R&D Labs can propose upgrades, token swaps, and partnerships for BitDAO. BIT token holders will vote on whether to approve or reject these proposals.
What Is the BIT token?
Control the Treasury and Protocol
BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:
- token swaps with existing and emerging projects.
- treasury allocation into various strategies.
- liquidity support for partner projects.
- grants or milestone rewards to development teams and R&D centers (to build BitDAO products, or support partner products).
- grants to blockchain technology projects, education programs, or other blockchain public goods.
- updates to BitDAO core protocols (including governance and treasury management functions).
BitDAO will look to partner with projects through token swaps and co-development efforts.
Swap — token swap and accumulate a collection of the top existing and emerging DeFi and crypto projects. Swaps will align our interests. BitDAO will be incentivized to support these partner projects to become category leaders. One priority is Spot and Derivatives DEXes.
Build — build core products which enable BitDAO or other DAOs to function more effectively, these include:
- Governance suite — a set of on-chain and off-chain products and best practices.
- Treasury Management — ability for DAOs to deploy and monitor assets to earn yield or bootstrap products.
Grant — provide grants to teams that produce research or products that are public goods for the crypto industry. One possibility is to match Gitcoin grants.
BitDAO benefits from the success of our partners and the industry as a whole.
With billions in assets and recurring contributions, BitDAO will continue to create partnerships, accumulate the best DeFi assets, and build useful products. BitDAO partners and products will then contribute to the BitDAO treasury, creating a compounding and accumulation dynamic.
The extent to which there will be the execution of grants, token swaps, or protocol changes will depend on whether proposals are raised and garner sufficient votes from BIT token holders.
How to Acquire/Buy BIT Tokens
Since the BIT token is fairly new, it may not yet be available on all trading platforms. Currently, BIT can be purchased via SushiSwap DEX on the Ethereum blockchain.
BIT tokens were made available on Bybit on Sept. 17, 2021, as part of the crypto platform’s Launchpad debut, and additional use-cases for BIT.Trade BIT/USDT Spot
The Bottom Line
BitDAO is poised to be a major player and influencer in the decentralized tokenized economy. The flexibility and transparency of DAO governance allow BIT token holders to “build their own adventure”. The possibilities are immense.
BitDAO will be an evolving project, and community leaders will emerge over time. Governance proposals and forum participation will affect the direction of the project. The vision and mission of BitDAO will be driven by token holders, contributors, and community leaders.
BitDAO allows for multiple independent teams to coordinate proposals, negotiate partnerships, and develop products for BitDAO governance approval. There can be hundreds of developers and partnership coordinators contributing to the BitDAO mission. BIT token holders can pick and choose the best ideas.