Bybit Pledge
https://www.bybit.com/
Date and Proposal | Comments |
|---|---|
July 15, 2021
Initial Parameters at Launch | Contributed Asset Mix: 50% ETH, 25% USDT, 25% USDC |
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 | |
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. |
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 |
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.
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).
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.
- 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).
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
Last modified 5mo ago