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BitDAO

BitDAO

BitDAO is a decentralized autonomous organization that supports the growth of Web3.

Overview

BitDAO is a decentralized autonomous organization (DAO) that is composed of developers, products, and other ecosystems. It is not a registered company and is governed by people who hold its token, $BIT. It was launched in August 2021 with Bybit, a derivative exchange. The stated goal of the DAO is to develop an economy of decentralized assets, technologies, and other DAOs by supporting developers and builders working on various projects with innovative ideas.

Platform

BitDAO provides an open platform where developers and builders can submit proposals for project ideas, which will then be voted on by $BIT holders. The platform is chain and project agnostic, allowing for more ideas to be proposed. There are multiple ways that individuals can contribute to BitDAO, including being a non-token holder, in which case they are a community member and can participate in discussions in its forum and on social media. Token holders can contribute by being able to vote on the direction of BitDAO and the use of treasury funds.

To contribute to the building of protocols, individuals or teams can do that on BitDAO. They can also request grants, and in March 2022, it was announced that BitDAO had allocated $633,000,000 in funding for projects related to blockchain gaming, infrastructure, and education. BitDAO also fosters partnerships with other teams that are working on decentralized and centralized finance projects (DeFi and CeFi).

Token

BitDAO's token, $BIT, is an Ethereum-based token. It was launched in August 2021 with a maximum supply of 10,000,000,000 tokens. As previously mentioned, the token is a governance token and can be held in ERC-20 wallets, such as Trezor or Ledger hardware wallets that are linked to MetaMask or MyEtherWallet.

Notable Events

In November 2022, $BIT dropped by more than 20 percent in one hour, causing alarm within BitDAO. The founding team behind the DAO suggested that the fall in price could have been from a sudden sale of a large amount of $BIT by Alameda Research, a trading firm linked to bankrupt FTX. BitDAO requested the proof of funds from Alameda Research to prove that it held 100 million $BIT tokens the DAO acquired in November of last year by converting 3.36 million FTT tokens. The deal was to hold the tokens for three years, so if Alameda Research had sold the tokens, it would have been a breach of the commitment. Shortly after requesting proof of funds, there were indications that Alameda Research did indeed have the tokens and were fulfilling the aforementioned agreement.

Timeline

January 27, 2022
Bybit donates $134M to BitDAO and integrates Arbitrum
December 20, 2021
Blockchain education is to be supported by Harvard, MIT, and Oxford using BitDAO's $2.5 billion.
November 18, 2021
$500M blockchain gaming proposal Game7 to come online with backing from industry veterans
September 9, 2021
BitDAO raises a $61,000,000 crowdfunding.
June 17, 2021
Peter Thiel leads a $230 million funding round for BitDAO.
2021
BitDAO was founded.

Invested in

Patents

Further Resources

Title
Author
Link
Type
Date

BITDAO | BYBIT UTILITY COIN | GOOD TO BUY

Web

March 30, 2022

Matter Labs, BitDAO Back $200M DAO for zkSync

Brandy Betz

Web

January 27, 2022

References

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