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.
BitDAO is banking on the success of DeFi and will allocate massive financial and talent resources to support DeFi growth.
1\ Research and Development
BitDAO partners will establish R&D centers to develop BitDAO core protocols (governance and treasury management), develop BitDAO DeFi products, support DeFi partners, and provide incubation services to emerging DeFi projects. We imagine that BitDAO affiliated R&D centers will employ hundreds of people in the coming years.
Mirana Labs - a privately funded R&D center is being set up and looking to recruit top talent in blockchain development, front end development, and community management. Visit Mirana website
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.
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.
BitDAO will support blockchain technologies through grants (e.g. via Gitcoin), and support DeFi projects through token swaps.
With billions in assets and recurring contributions, BitDAO will continue to create partnerships, accumulate the best DeFi assets, and build useful products. Our partners and products will then contribute assets into the BitDAO treasury, creating a compounding and accumulation dynamic.
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.
DAO (decentralized autonomous organization) is a common structure used by DeFi projects to govern their protocols.
BIT token holders have full control over all BitDAO actions through a proposal and voting process. Successful proposals can be automatically executed on-chain without reliance on a middleman.
Possible proposals include:
Swapping BitDAO treasury assets with an external project creating a financial partnership.
Modifying BitDAO governance parameters (proposal and voting rules).
Modifying BitDAO product parameters.
Transferring BitDAO treasury assets to any set of addresses.
Voting on partner project DAOs.
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 R&D centers 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.
We encourage contributors how do we draw the line?
The thoughts above are written by our initial partners. Ultimately, the vision and mission of BitDAO will be driven by token holders, contributors, and community leaders.
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).