Introduction
BitDAO is one of the world's largest DAOs supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit, and more.
Bybit has pledged recurring contributions to the BitDAO treasury, which at 2021 rates exceeds $1B per year. (see analytics)

Vision

BitDAO’s vision is open finance and a decentralized tokenized economy.
DeFi technology allows for unstoppable and permissionless financial 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.

Mission

BitDAO hopes to support a broad range of projects including DeFi, DAOs, NFTs, gaming, and other blockchain technologies. Support will be in the form of research and development, liquidity boot strapping, and funding.
1\ Research and Development
BitDAO partners will establish R&D centers to develop BitDAO core protocols (governance and treasury management), develop BitDAO products, support partners, and provide incubation services to emerging projects. We imagine that BitDAO affiliated R&D centers will employ hundreds of people in the coming years.
    Windranger Labs - a privately funded R&D center is being set up and looking to recruit top talent in product, design, blockchain development, front end development, and community management. Visit the website here:TBA
    BitDAO Foundation - will be set up in the future and request funds from BitDAO.
    Other R&D Centers - we encourage our partners and other ambitious teams to create R&D centers and request funds from BitDAO.
2\ Liquidity
BitDAO will control one of the largest pools of assets, which can be used to provide liquidity to partner protocols. BitDAO can bootstrap new protocols such as DEX, lending, synthetics, vaults, bridges, etc.
3\ Funding
BitDAO will support blockchain technologies through grants (e.g. via Gitcoin), and support projects through token swaps.

Growth

BitDAO will look to partner with projects through token swaps and co-development efforts.
Swap — we aim to token swap and accumulate a collection of the top existing and emerging 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.
With billions in assets and recurring contributions, BitDAO will continue to create partnerships, accumulate the best crypto assets, and build useful products. Our partners and products will then contribute to the BitDAO treasury, creating a compounding and accumulation dynamic.
Growing the BitDAO Ecosystem
Note: extent to which there will be execution of grants, token swaps, or protocol changes will depend on whether proposals are raised and garner sufficient votes from BIT token holders.

Why DAO?

DAO (decentralized autonomous organization) is a common structure used by crypto projects to govern their protocols. DAOs allow token holders to manage key actions such use of treasury assets, or changes to the project code.
BitDAO is a DAO controlled by BIT token holders. It is not a company. It does not have a management team or employees.
Any individuals, development teams, or R&D Labs can propose upgrades, token swaps, and partnerships for BitDAO. BIT token holders will vote on whether to approve or reject these proposals.

Be a BIT Token Holder

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).

Principles

    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 project 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.

Initial Governance Policies

We want to encourage contribution to the BitDAO project and not all issues need to go through formal governance proposals.
Requires formal BitDAO proposals:
    Transactions involving any BitDAO Treasury assets (including grants, swaps, wrapping, staking).
    Code updates to BitDAO core protocols (exceptions include security releases).
Does not require formal BitDAO proposals:
    Creating a BitDAO affiliated hackathon or event (where the contributor covers the expense).
    Creating a BitDAO affiliated research & development entity to build products (where the contributor covers the expense).
Last modified 16d ago