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Bybit Pledge

https://www.bybit.com/

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).
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

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
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/