BitDAO Price (BIT)

BitDAO has managed to attract a big number of blockchain projects, as well as venture capitalists and other interested organizations. The list of its partners includes such famous names as Pantera Capital, Dragonfly Capital, SushiSwap, Polygon, Alameda Research, and many others. ByBit itself has also provided great support to the DAO, too. In addition to the seed funding, the derivatives exchange contributes 2.5bps of its futures trading volume to the treasury of the project.

As BitDAO aims to support the advance of the blockchain industry, it provides grants for the development of such technologies as DeFi, NFTs, layer 1 and layer 2 blockchain solutions, and so on. The grants are assigned through proposals and the general voting system on the platform.

The BIT token

As mentioned earlier, BitDAO is fueled by its native utility token BIT which provides its holders with voting rights. Those who actively participate in the governance processes on the platform, i.e. submit proposals and vote, get the right to perform a set of actions with the token. Thus, BIT holders can swap their tokens with existing and emerging projects on the platform, vote for treasury allocation and grants to development teams, have their say in the updates to the core protocols of the platform, and much more.

It’s important to note, though, that BIT holders cannot create any proposals or vote until they delegate their voting power to a selected address. They can do this via Single Sign Wallet on BitDAO or on Etherscan or via Multisig using Gnosis safe. At the same time, the platform claims that tokens are not locked or transferred anywhere which means that the funds will remain safe even if the delegatee wallet gets hijacked.

BitDAO governance

The overall process of governance on BitDAO is segregated into two phases. During Phase 1, BitDAO relies on the industry standard setup by Gnosis Safe for protecting its treasury. The governance module is provided by the Gnosis Snapshot, an off-chain aggregation platform that supports many other leaders of the blockchain industry such as Bancor, Aave, UniSwap, SushiSwap, Balancer, and many more. During this stage, a multi-sig wallet is used for the administration of BitDAO Treasury and Snapshot Space.

Phase 2 implies the creation of a custom governance module to enhance on-chain upgradable solutions with the help of the BIT token and to support the future products and features of the platform. Projects that want to participate have to follow a set of strict requirements. Thus, they must be upgradeable, they must be easily modified by other DAOs, they must support on-chain voting, and more.

BitDAO token sale

BitDAO conducted two rounds of fundraising. The private sale took place in June 2021 with BIT being distributed at a price of $1.42 per token. At that time, the platform managed to raise $230 million USD with the help of the venture capital companies mentioned above. Out of 10 billion tokens making up the total supply, only 2% were sold then.

On August 16th, BitDAO conducted an IDO (Inicial Dex Offering) on Sushi MISO, a standardized launchpad provided by SushiSwap. 200 million tokens were distributed via the Dutch auction. In addition, the participants received up to 40% bonus tokens via airdrop. At this, the project raised nearly $380 million USD. In total, the project distributed only 5% during the fundraising initiative. 45% of tokens were locked at ByBit, 30% were kept in the BitDAO treasury, 15% went to ByBit Flexible, and 5% more were assigned for the partner rewards.

The token is available for trading on various centralized exchanges such as Coinbase, Kraken, Huobi Global, and, of course, ByBit. As for decentralized options, one can purchase BIT on SushiSwap and UniSwap. Being an ERC-20 compliant token, BIT can be stored on any wallet that supports Ethereum, such as Metamask, MyEtherWallet, Ledger, or Trezor. On the official website, the platform claims that it plans to develop its own blockchain with the use of BIT tokens, but at the time of writing, there is no clear roadmap and no predefined plans for that.

BitDAO ecosystem

As BitDAO aims to support various blockchain-based initiatives and help developers reach their goals, it lists some of its most successful projects on its website. Thus, some of its ecosystem partners include the following projects. Game 7, an autonomous gaming institution, gained $500 million USD from BitDAO’s treasury. ZkDAO, a decentralized organization building the zkSync ecosystem received $200 million USD. An innovations incubator EduDAO and NFT platform PleasrDAO received $33 million USD and $.6.5 million USD correspondingly. Also, BitDAO acted as a sponsor of two hackathons during ETHNewYork, where it contributed $10k USD in BIT tokens to support various DAO-related processes.