Bybit Pledge
https://www.bybit.com/

Overview

Bybit has pledged to contribute 2.5bps of futures trading volume to BitDAO's treasury. Note that the 2.5bps calculation is based on the policy of 50% nominal fees, which currently is 7.5bps taker and -2.5bps maker.
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.

2.5bps 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
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/

Future Direction

Bybit will discuss Contributed Asset Mix with the BitDAO community: (for example, whether we should add wBTC, aUSDT (Aave stable yield tokens), BIT tokens, or DeFi project tokens).
Last modified 2mo ago
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