Bybit Pledge

https://www.bybit.com/

BIP Authorizations

Date and Proposal	Comments
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.

Period	$BIT per Month	Total $BIT
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/