BitDAO is a new DAO supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit and more.
Bybit, a leading crypto exchange and early supporter of BitDAO, has pledged to contribute 2.5bps (0.025%) of futures trading volume to BitDAO’s treasury. At 2021 rates this is equivalent to more than $1B per year (see analytics).
BitDAO’s vision is open finance and a decentralized tokenized economy.
DeFi technology enables unstoppable and permissionless transactions on the blockchain, including trading, lending, and creation of synthetic assets. With no signup process, no middlemen approvals, no middleman execution, DeFi will fundamentally disrupt traditional finance and is likely to become a trillion dollar sector.
Tokenization has broadened the scope of property rights, and enabled new economic models for DAOs, collectible NFTs, and gaming.
BitDAO is banking on the success of crypto and will allocate massive resources to support its growth.
BitDAO will look to partner with projects through token swaps and co-development efforts. The mission is to provide support in the form of: research and development, liquidity boot strapping, and funding.
Swap — we aim to token swap and accumulate a collection of the top existing and emerging DeFi and crypto projects. Swaps will align our interests. BitDAO will be incentivized to support these partner projects to become category leaders. One priority is Spot and Derivatives DEXes.
Build — we aim to build core products which enable BitDAO or other DAOs to function more effectively, these include:
- Governance suite — a set of on-chain and off-chain products and best practices.
- Treasury Management — ability for DAOs to deploy and monitor assets to earn yield or bootstrap products.
Grant — we aim to provide grants to teams that produce research or products that are public goods for the crypto industry. One possibility is to match Gitcoin grants.
We benefit from the success of our partners and the industry as a whole, growing assets in the BitDAO treasury, and creating a compounding and accumulation dynamic.
Every BIT Counts
BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:
- token swaps with existing and emerging projects.
- treasury allocation into various strategies.
- liquidity support for partner projects.
- grants or milestone rewards to development teams and R&D centers (to build BitDAO products, or support partner products).
- grants to blockchain technology projects, education programs, or other blockchain public goods.
- updates to BitDAO core protocols (including governance and treasury management functions).
- BitDAO is not a company. It does not have a management team or employees.
- BitDAO is a collection of contributors. Contributors will hold BIT tokens and are motivated to make the DAO a success.
- Various individuals and teams will propose changes to the BitDAO protocol. It is up to BIT holders to vote to accept or reject these proposals.
- Holding BIT entitles you to submit and vote on proposals. It does not entitle you to impose your will upon other contributors.
- BitDAO will be an evolving project, and community leaders will emerge over time. Governance proposals and forum participation will affect the direction of the project.
- The vision and mission of BitDAO will be driven by token holders, contributors, and community leaders.
Any individuals, development teams, or R&D Labs can propose upgrades, token swaps, and partnerships for BitDAO. The DAO (BIT token holders) will vote on whether to approve or reject these proposals.
The process has been kickstarted with Windranger Labs. Stay tuned for more details. The Labs will propose some impactful products and partnerships for the DAO to approve.