About BitDAO (BIT)
BitDAO is an investment-based decentralized autonomous organization (DAO) created in 2021 by Bybit, a Singapore-based derivatives exchange. It has a sizable DAO-oriented vault, with approximately $2.5 billion worth of assets under management. BitDAO's reported central focus is to support the development of decentralized finance and help token-based economies grow using its treasury funds to support art, R&D, venture, and education in the blockchain industry. $BIT is the DAO's governance token. The current price of BitDAO is live-tracked on Binance.
BitDAO intends to offer grants to teams developing products or conducting research to advance and enhance the cryptocurrency industry. Additionally, it plans to collaborate with other projects and facilitate token trading on behalf of its community members. At the time of writing, BitDAO partnerships include, ByBit, Dragonfly Capital, Polygon (MATIC), and SushiSwap (SUSHI), among others.
BIT is the governance token of the DAO; as such, BIT token holders have a voice in the development of the DAO. Holders can submit and vote on proposals such as token swaps with emerging and existing projects, treasury allocation, and updates on core governance and treasury management protocols.
Governance of the DAO is split into two phases; Phase 1, at the time of writing, includes the use of multi-sig administrators, Gnosis Safe, and off-chain governance. Development plans for the BitDAO include DAO-related tools such as an easily up-gradable smart contract, on-chain voting and proposals, and governance parameters regarding vote duration, fees, thresholds, and more.
