What is BitDAO? Things you need to know about BitDAO

BitDAO is one of the biggest DAOs at the moment and attracts a lot of big funds like Pantera, Bybit or Peter Thiel to join to develop the DeFi ecosystem. Let's learn more about this project with FoxCryptoNews through the article below!

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What is BitDAO?

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BitDAO Overview

What is BitDAO?

BitDAO is a DAO (Decentralized Autonomous Organization) owning billions of existing assets and billions of contributions from major parties such as: Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit , and many other large investment funds.

BitDAO was established to support and develop a decentralized economy. This is an open platform for proposals that will be voted and decided by the community of BIT token holders.

In addition, BitDAO is supported by a major exchange, Bybit, by a commitment to contribute 0.025% of the futures trading volume to the BitDAO treasury. 

Highlights of BitDAO

BitDAO is one of the largest DAO projects at the moment, and the total assets in the reserve fund are more than 1.8 billion USD.

BitDAO Treasury Fund

Because BitDAO is not a company, there will be no management or staff. BitDAO is a collection of Builders and BIT token holders who have a desire to help the project succeed.

In addition, BitDAO receives the full support of Bybit exchange.

When holding BIT tokens, users can make new proposals or vote to decide the operation of that proposal. However, voting on a proposal does not mean imposing personal opinions on the proposed proposal.

Partnerships or use cases of BIT for sponsorship by others do not require a governance proposal (e.g. hackathons or educational events). BitDAO welcomes all BIT use cases and free publicity.

How BitDAO works

The operating model of BitDAO is quite similar to other DAOs with the following operating rules:

Summary of BitDAO's DAO operation

Basically, almost the operation of each DAO is similar. However, because of the user-centric core and operational processes in BitDAO, it is relatively more efficient than other DAOs (including internal and external governance of the DAO's supply chain and fund management solutions). should attract more investors.

Unlike other DAOs, BitDAO will not really focus on any specific area such as AMM, Lending, NFT, ... but rather spread and evaluate the project through the research and development process (Research and Development). ), the liquidity of the project to make decisions about capital support (Raise Fund and give Grants). Specifically, BitDAO has 3 main components:

  • Research & Development
    • To Be Announced Labs: An R&D center built and attracted talented human resources in many fields.
    • BitDAO Foundation: A fund that invests in the future and requires capital from BitDAO itself.
    • Other R&D centers.
  • Liquidity :
    • With the amount of assets in its Treasury, BitDAO helps provide liquidity to the projects it supports. For example, ETH, USDT, USDC, BIT, and FTT, etc.
  • Grants
    • Support the development of new projects through protocols such as Gitcoin… or token swap.

With the above operating model, the partners and projects supported by BitDAO all have a win-win relationship and are likely to develop relatively stable and less volatile.

In the future, to expand decentralization, BitDAO will give priority to support and develop more on other R&D centers to increase the decentralization of the project.

Basic information about the BitDAO project's BIT token

Technical parameters

  • Token Name : BitDAO
  • Ticker : BIT
  • Blockchain: Ethereum
  • Token Standard : ERC-20
  • Contract : 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
  • Token Type : Governance
  • Total Supply: 10,000,000,000 BIT

Distribution of BIT tokens

Distribution of tokens BItDAO

  • Private / Public Sale: 5% – Pay in 12 months
  • Launch Partner Reward : 5% – N/A
  • BitDAO Treasury: 30% – Installment in 12%
  • Bybit Flexible : 15% – N/A
  • Bybit Locked: 45% – Installment in 24 months

Uses of the BIT token

For BitDAO's BIT token, the main use of the token is:

  • Used to convert BIT tokens in the Treasury fund with a project BitDAO wants to support to create a partnership.
  • Administer and change specifications or the way the DAO operates
  • Governance and voting for DAOs of partner projects.

Where to buy, sell and store BIT tokens

For BIT tokens, users should prioritize trading and buying BIT tokens on the Bybit exchange, because this is a centralized exchange that greatly supports BIT tokens.

Project development roadmap

BitDAO does not have a specific development roadmap, but the development process will be divided into 2 main phases:

  • Phase 1 : BitDAO will use Gnosis Safe's standard setup, Gnosis Snapshot off-chain admin, and multi-sig admin to manage the Treasury DAO.
  • Phase 2: BitDAO will look to build a custom governance module, most likely referencing on-chain upgradeable solutions like Compound Governor Bravo.

Development team

Although there are no details so far, BitDAO has the companionship of 0xMaki and the SushiSwap development team. This team has actively contributed in terms of engineering as well as the design and management of BitDAO in the early days. In the future, the two sides still maintain cooperation to build a foundation for the decentralized market.

Current investor and development partner of the BitDAO project

Funds invested in BitDAO

Project overview

It is undeniable that BitDAO is one of the most potential DAO projects currently and one of the DAOs with relatively efficient operation. But at the present time, because of market conditions and the strong impact of FTT token through Drama event between CZ and Sam has caused a negative impact on the value of BIT token. So now, at this time, you need to observe the market closely through the FoxCryptoNews news site to get the fastest updates and based on that to determine the necessary factors to make investment decisions in the future. .

You can also refer to the following events:

  • BTC plunges to $19,500, ETH hits $1,450, FTT breaks $22 "hard support" because of intense "war"

  • BitDAO threatens to sell 3.36 million FTT if Alameda does not show proof of holding BIT

Through this article, you must have somewhat grasped the basic information about Bitdao (BIT) to make your own investment decisions. FoxCryptoNews is not responsible for any of your investment decisions. Wish you success and make a lot of profit from this potential market.

Nov 12, 2022

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