As the name suggests, BitDAO operates as a DAO (Decentralised Autonomous Organisation). It seeks to provide opportunities for developers building in the decentralized economy. It hopes to achieve this by growing a network of Autonomous Entities (AEs). AEs comprise Web3-based teams and projects developing decentralized tools in sectors such as arts, gaming, finance, and education.
BIT is the platform’s native cryptocurrency and has a total supply of 10,000,000,000 BIT. BIT token holders are able to take part in platform governance. This includes voting on and submitting proposals for platform development and growth.
What are BitDAO’s key features and how does it work?
As a DAO, its governance is fundamental to the platform. BitDAO does not have a team of employees or management, instead, token holders and builders are involved in its development and overall success. Anyone can submit proposals, including partnerships and upgrades, and BIT holders vote to either approve or reject the proposals.
A core component of the BitDAO ecosystem is its treasury. The treasury is responsible for investing in the BitDAO community and facilitating ecosystem growth. Some of its activities include delegating funds and overseeing grants. BIT token holders are in charge of the treasury.
BitDAO aims to increase the size of its treasury with the help of liquid, short and long term opportunities. For example, developing yield strategies, as well as through token swaps and venture deals.
What is noteworthy about BitDAO?
BitDAO has several key partners which are crucial to its operations. For example, Bybit regularly supports the platform with contributions such as dedicating resources to furthering research and partnerships, as well as pledging to contribute 2.5pbs of futures trading volume to the BitDAO treasury.
Some other early partners include SushiSwap DAO and several major VC funds.
What can BitDAO be used for?
As mentioned, developer teams can partner with a lab or create an AE and propose a project for development. Successful projects include:
EduDAO An incubator for university groups and centres to develop blockchain technologies.
PleasrDAO A collection of DeFi thought leaders, NFT artists and collectors who work towards acquiring culturally significant works of art.
Game7 A project focused on bringing the gaming industry to a more equal ground.
Historical events:
BitDAO (BIT) has migrated 1:1 on Mantle (MNT). More infomation:https://www.mantle.xyz/blog/announcements/bit-to-mnt-user-guide
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