BitDAO is a platform open to proposals voted on by BIT token holders and agnostic for chains and projects, and aims to support those building the decentralized economy.
What is BIT Token?
BitDAO is an entrepreneurial platform managed by BIT token holders.BIT token is the native currency of this platform.
Owning BIT gives the right to submit proposals and vote. It does not authorize the owners to impose their will on other contributors.
For example, a proposal that says “BitDAO should build X product” is unlikely to be executed, as the platform has no employees and cannot force third-party development teams to take action. Such a proposal should be written as “We believe product X is necessary, we will build it, here is BitDAO funding request and detailed offer”.
BitDAO aims to grow its treasury and ICT use cases by:
- Committed contributions from Bybit
- Development of ICT products (like Mantle)
- Private initiatives (like Game7 collaborating with Forte or zkDAO collaborating with Matter labs)
- R&D laboratories
- token swaps
BitDAO Whose?
BitDAO is not a company. So it does not have a management team or employees, it is managed by Bitcoin token holders.
In short, this platform is a collection of developers and stakeholders who own BIT tokens and are motivated to make the project a success.
Anyone can suggest partnerships and protocol upgrades for BitDAO. BIT token holders can vote to approve or reject these offers.
How to Use Bit Token?
BitDAO directly uses the Gnosis Safe app to store treasury assets. Gnosis Safe is a widely used standard for providing multi-signature control on an Ethereum address.
BitDAO’s management token BIT token is an example of Compound Finance’s governance token COMP. This was chosen instead of a standard ERC-20 token and consists of 2 stages:
- Authorized voting
- Off-chain voting with the potential to move to on-chain governance at a later stage
In phase 1, the platform treasury (Gnosis Safe) and Snapshot Space are managed by a multi-signature wallet. See community recommendations to distribute signature keys more widely (For example, 6 out of 12 signers). Proposed changes for multi-signers or rules will be submitted through the Snapshot Bid and voting process.
Note: BIT holders cannot vote or create proposals until they have transferred their voting rights to an address. Authorization can be given to one address at a time, including the holder’s own address.
In the second stage, R&D centers connected to the platform are trying to create a special governance module. The aim is to increase the power of BIT token holders and support the future products and functionality of the platform.
Community feedback is welcome when designing the new governance module, especially regarding swaps: eg. gas fees, governance process efficiency, onchain/off-chain, security, user engagement etc.
BitDAO Market Data
BIT market data can be followed on websites such as CoinGecko, CoinMarketCap that provide up-to-date stock market data. In cryptocurrency markets, market data often shows the price, volume, and other economic indicators of a cryptocurrency. This data usually lists how valuable a cryptocurrency is at a given time and in what direction it is changing. In addition, market data reflects the factors that affect the price of a cryptocurrency. These factors include the balance of supply and demand in the market, news and economic developments.
BitDAO Price
The BIT token price usually shows how valuable this cryptocurrency is at a given time. Because, as it is known, crypto money prices are generally listed up-to-date on many stock exchanges and trading platforms around the world and may change according to different time zones. It is also shaped according to the balance of supply and demand, market conditions, news and economic developments.
BitDAO Supply
Currently, there is a circulating supply of 1.1 billion BIT coins, while the total supply is recorded as 10,000,000,000.0. Bybit is currently the most active exchange to buy or sell BitDAO.
What is Bit Token ATH Level?
Bit token ATH (All-time high) price was recorded as $3.10 on November 12, 2021.
What is Bit Token ATL Level?
Bit token ATL (All-time low) price was $0.27 USD on November 22, 2022.
Where to Buy BitDAO? How to Buy?
To buy BitDAO, it is necessary to visit the exchanges where the token is for sale. After creating a membership on the said exchanges and loading money, the purchase is made. Money can be transferred from a bank account, as well as by using a credit or debit card. It is also possible to buy using cryptocurrencies in your hand.
Some exchanges where BitDAO is involved are as follows:
- Bybit
- LBank
- Uniswap
- Gate.io
