Bybit Pledge
https://www.bybit.com/
BIP Authorizations
July 15, 2021 Initial Parameters at Launch
Contributed Asset Mix: 50% ETH, 25% USDT, 25% USDC
September 16, 2022 BIP-14
Contributed Asset Mix changed to 100% BIT. Introduced Burn mechanism. Selected Burn Address: 0x000000000000000000000000000000000000dEAd Note: As the $BIT token does not have native Burn functionality, we cannot send to the "zero address”. The above address is the most commonly used alternative burn address
April 5th, 2023 BIP-20
Modified the Bybit Contribution from a dynamic exchange-linked-amount to a fixed-schedule-amount over 48 months, starting at 120M $BIT per month and halving every 12 months (total 2.7B units). The first contribution under the new schedule shall be 2023 April 20th, in replacement of the contribution under the old model. Retain the Bybit Contribution $BIT in the BitDAO Treasury instead of immediately burning. The burn may be restarted via a subsequent BitDAO proposal.
[Current] BIP-20 Fixed Schedule
The Contribution has been modified to a fixed-schedule following the approval of BIP-20 on 2023 April 5th. Under the fixed schedule, the first month's contribution will occur on 2023 April 20th.
First 12 Months
120,000,000
1,440,000,000
Next 12 Months
60,000,000
720,000,000
Next 12 Months
30,000,000
360,000,000
Next 12 months
15,000,000
180,000,000
2,700,000,000
More details: https://www.bitdao.io/analytics/
[Historical] Dynamic Schedule
Prior to BIP-20, for the period from 2021 July 15th to 2023 February 28th, a dynamic contribution structure was in place. This contribution structure is now considered historic.
Overview
Bybit has pledged to contribute 2.5bps of futures trading volume to the BitDAO treasury. Note that the 2.5bps was based on 50% of nominal fees (which at the time was 7.5bps taker and -2.5bps maker).
References: https://twitter.com/Bybit_Official/status/1419503288211238912
Bybit will also dedicate resources for BitDAO protocol development and BitDAO partnerships. Any developed code or partnership ideas (such as token swaps) will be formally proposed to the DAO for vote approval.
Initial Parameters and Policies
Futures products only (linear and inverse perpetual contracts, quarterly futures contracts, etc.)
Initial Contributed Asset Mix: 50% ETH, 25% USDT, 25% USDC
Daily trade volume as provided by Bybit API to CoinGecko
Daily trade volume converted to units of each Contributed Asset at end of day's CoinGecko price
Day start = UTC 0, Day end = UTC 0
USDT and USDC price will be $1.00 for simplicity
Other Asset price feed based on Index Price (currently the weighted average of Kraken, Gemini, Coinbase Pro, Bittrex, and Bitstamp spot pairs) as described here https://help.bybit.com/hc/en-us/articles/360039261094
Contribution start date: July 15, 2021
At the start, the injections will be monthly. Based on the cumulative units of each Contributed Asset (derived from the daily calculations).
Contributions from Bybit will come from the following wallets:
0x6a159503e49ddB8E49659D6CACf5236aC4213D86
The Contributed Asset Mix can be modified to by BitDAO proposal and vote (e.g. to include BIT or other tokens).
Parameter Updates
An Example
Day trade volume $10,000,000,000
ETH price $2,500, USDT price $1, USDC price $1
Daily contribution value (2.5bps) = $2,500,000
Asset to be contributed = 500 ETH units, 625,000 USDT units, 625,000 USDC units
References
Link to the daily analytics: https://www.bitdao.io/analytics/
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