If you are interested in the field of cryptocurrencies, you will surely see that over the years, DeFi has become the most prominent event in the crypto world, closely tied to Ethereum, the second largest cryptocurrency network by market capitalization, on which almost every existing DeFi application runs.

As you all know, Ethereum not only allows you to make money transfers on the blockchain network, but it can also provide services and perform more complex tasks. It was these two functions that became the basis for the emergence of the DeFi phenomenon.

If Bitcoin is the spark for the financial services revolution, then DeFi is the catalyst for it. We can see how decentralized finance can become the new digital economy in the future.

With an open financial vision and a decentralized crypto economy, Based on the success of cryptocurrency, BitDAO has been named a DeFi 2.0 project.

What is BitDAO’s mission?

Before we learn about the purpose of the birth of BitDAO, let’s understand what DAO is. And why is the DAO so important?

What is DAO?

Before we begin, what exactly is a DAO? I would like to ask if you would like to operate an organization where participants come from all over the world, where they do not know each other and where you can establish your own rules and even make decisions autonomously. Especially since it’s all encrypted on the blockchain? That is the mission of the DAO.

So why is it important? I think that is the condition and catalyst to promoting cooperation opportunities on a global scale. In the traditional economy, we can see that there are many businesses and organizations that are destroyed by opaque business relationships. However, with DAO, you don’t need to trust anyone else. All you need is 100% transparent DAO code.

What is BitDAO?

BitDAO is a decentralized autonomous organization that seeks to support builders in both new and existing projects, including DeFi, NFTs, DAOs, and games. BitDAO is one of the newest and largest autonomous organizations in the world.

Who is the foundation of BitDAO (BIT)?

As I mentioned above, the DAO does not have a specific founder. Because there is no decentralization, all participants have equal authority. This eliminates the possibility of manipulation that traditional organizations often encounter.

That means that the members of the ecosystem can contribute to its development. Yesterday, the transparent voting system for proposals or by choosing a decision maker on any field on behalf of the network, they can collaborate and profit from BitDAO through its token system.

Initially, it was the Bybit derivatives exchange that proposed the establishment of BitDAO. As a result, BitDAO successfully raised $230 million from many famous investors, such as billionaire businessman Peter Thiel, fund manager Alan Howard, and a number of venture capital funds, such as Founders Fund, Dragonfly Capital, etc.

Who is a huge contributor to BitDAO treasures?

Bybit is a major contributor to the BitDAO treasury, which has seen strong growth to $2 billion per year by 2022. The exchange will send up to 0.025% daily transaction fees to the BitDAO Treasury, with a central average daily value of $3 M, and a 1 year transfer value of $1 B.

If you wonder what a bybit is, you can understand it like this. In today’s crypto market, we can see there are many ways to make a profit, from doing bounty and airdrops to trading crypto-crypto with each other. In addition, we can also trade its derivative products. Bybit is a derivatives exchange for the crypto market, also known as the Cryptocurrency Derivatives Exchange.

Where is BitDAO’s revenue from you?

Funding source: As I mentioned above, the main part comes from the Bybit exchange.

Profit from other projects in the BitDAO ecosystem: Profit from other projects in the BitDAO ecosystem.Currently, this revenue source has not been activated.

What is a BIT?

BIT is the token of the platform. BIT token holders have control over decision-making on the platform by voting on various proposals, such as providing grants to development teams or public projects in the industry. the crypto industry, allocating funds to different strategies.

The total supply of BIT is 10,000,000,000. The BitDAO Treasury will keep 30% of all tokens, and holders will receive Treasury tokens proportionate to their holdings.

What are the main bitDAO options supported?

BitDAO supports 3 main projects, including: research and development, liquidity, and capital.

Research and Development: Build and develop BitDAO’s own Defi products or support other potential Defi projects.
Liquidity: BitDAO supports providing liquidity to the projects it supports. Especially Defi protocols that require initial liquidity, such as DEX, Lending, Aggregator, and so on.
Support for the development of new projects via protocols such as Gitcoin or token swap. blockchain technology projects, educational programs, and other blockchain services.

Closing Thoughts

Going forward, token holders, investors, and community members will come together to advance the BitDAO vision and goals. It will dedicate financial and human resources to supporting the development of DeFi. BitDAO will be looking for projects to collaborate on through token swaps and co-development initiatives. And in return, BitDAO will be rewarded for supporting these partner projects in their development to become the leader of the field.

BitDAO is currently partnering with SushiSwap DAO, a community-based decentralized platform SushiSwap assisted BitDAO in designing and mapping out the treasury management and operations strategy. In the near future, SushiSwap and BitDAO plan to work together to develop both platforms, which are currently awaiting approval of both DAO protocols.

After a successful fundraising of $230 million in a private sale in June, BitDAO is now working with the Sushi MISO launch pad to launch the BIT token.

BitDAO’s upcoming token will allow users to vote to distribute a massive DAO-based treasury, cooperate with highly regarded protocols, and develop a tokenized and decentralized future.

So we can see that the development potential of BitDAO is very large in the future.

See ya in the next article !

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