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Introduction

Summary

BitDAO is a DAO with billions in existing assets and billions in forecasted contributions. BitDAO aims to support builders of the decentralized economy. It is an open platform for proposals that are voted upon by BIT token holders, and is agnostic to chains and projects.

Treasury Growth

BitDAO aims to grow the treasury through liquid, short term, and long term opportunities including:
  1. 1.
    pledged contributions from Bybit
  2. 2.
    specialized initiatives (such as Game7 in collaboration with Forte, zkDAO in collaboration with Matter Labs, EduDAO in collaboration with student groups)
  3. 3.
    R&D labs
  4. 4.
    token swaps and venture deals
  5. 5.
    yield strategies
BitDAO benefits from the success of partner projects and the crypto industry as a whole. Success of BitDAO partners and treasury growth strategies will increase the contributions to the BitDAO treasury, allowing more resources to be deployed. This is the flywheel for growth.

$BIT Purchase Program

BitDAO treasury growth will be related to $BIT price via the dynamic $BIT Purchase Program, see: proposal BIP-9.

Governance

BitDAO is governed by $BIT token holders. It is permissionless to submit soft proposals on the BitDAO forum, and official proposals on the BitDAO Governance Module (Snapshot). It is permissionless to hold $BIT, delegate $BIT, and vote to approve or reject proposals.

Principles

  • BitDAO is not a company. It does not have a management team or employees. BitDAO is a collection of builders and stakeholders who hold BIT tokens and are motivated to make the project a success.
  • Anyone can propose partnerships and protocol upgrades for BitDAO. BIT token holders will vote on whether to approve or reject these proposals.
  • Holding BIT entitles holders to submit and vote on proposals. It does not entitle holders to impose their will upon other contributors.
    • For example, a proposal that says "BitDAO should build X product" is unlikely to be executed as BitDAO has no employees and cannot compel third party development teams to act. Such a proposal should be written as "we believe X product is required, we will build it, here is the BitDAO funding request and detailed proposal".
  • Partnerships or BIT use-cases which are sponsored by others do not require a governance proposal (for example hackathons or education events). BitDAO welcomes all free publicity and BIT use-cases.