What is BitDAO (BIT)? BitDAO Token Details

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2021-07-31 07:32:45

The article will help you understand what the highlights of BitDAO are and other information about the tokenomics of BIT Token. From there, there is an overview of whether to invest in the project or not. Let’s find out together!

What is BitDAO?

BitDAO is one of the largest DAO (Decentralized Autonomous Organization) in the world. BitDAO’s vision is a future of open finance and a decentralized crypto economy. ‌BitDAO is governed by users who own BIT – BitDAO’s governance token.

Highlights of BitDAO

BitDAO is not a project about a specific area like AMM, Lending, but a community that contributes to the development of DeFi through directions like R&D (Research & Development), liquidity, and support capital.

R&D – Research & Development

BitDAO will work with partners to build R&D centers, to build BitDAO’s own DeFi products, or to support other prominent projects working on BitDAO. DeFi. Structure includes:

  • To Be Announced Labs – R&D center is being established and is recruiting top talent in the fields of product, design, blockchain development, user interface development and community management.
  • BitDAO Foundation – to be established in the future and requires capital from BitDAO.
  • Other R&D centers – a combination of BitDAO and partners to create R&D centers with funds coming from BitDAO.

Liquidity

BitDAO will control one of the largest pools of assets, which can be used to provide liquidity to partner protocols.

BitDAO can bootstrap liquidity for newly launched projects, need liquidity to function as DEX, Lending, aggregator,…

Capital support

BitDAO will support the Blockchain technology through grants (e.g. via Gitcoin) and supporting DeFi projects via token swap.

Detailed information about BIT Token

Key Metrics BIT

  • Token Name: BitDAO.
  • Ticker: BIT.
  • Blockchain: Ethereum.
  • Token Standard: ERC-20.
  • Contract: 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
  • Token Type: Governance.
  • Total Supply: 10,000,000,000 BIT.
  • Circulating Supply: Updating…

BIT Token Allocation

  • Bybit Locked: 45%
  • Ecosystem Swap: 30%
  • Bybit Flexible: 15%
  • Launch Partners Rewards: 5%
  • Private Sale: 5%
Distribution of BIT Token

BIT Token Sale

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BIT Token Release Schedule

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BIT Token Use Case

Currently, the BIT used to administer BitDAO includes the following items:

  • Swap assets in the BitDAO Treasury with an external project to create a partnership.
  • Modify BitDAO governance parameters (proposal and voting rules).
  • Modify BitDAO product parameters.
  • Transfer assets in the BitDAO Treasury to any address.
  • Vote for partner project DAOs.

How to earn and own BIT Token

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BIT Token exchange & storage wallet

Instructions for storing BIT on CHK Wallet

BIT is an ERC-20 token, so it will be stored on CHK Wallet.

To watch CHK Wallet User Guide and install CHK Mobile Wallet now:

Trade BIT on CHK Wallet

BIT is an ERC0-20 token, so it can be traded on CHK Wallet through DEXs like Uniswap, Sushiswap,… in the future. Details will be updated later.

Roadmaps & Updates

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Project team, investors & partners

Project team

Sushiswap The dev team, led by 0xMaki, was one of the first teams to join BitDAO. Team Sushiswap provided technical support for BitDAO Governance and designed the budget management and roadmap.

SushiSwap and BitDAO intend to work together on building the future of finance (pending community approval of both projects).

Investors

BitDAO raised $230M – not a small amount, from many famous investors such as: Peter Thiel, Pantera Capital, Dragonfly Capital and Founders Fund, Spartan Group, Jump Capital, Fenbushi, Kain Warwick of Synthetix,. ..

Bybit, one of the largest cryptocurrency derivatives exchanges in the world, was the original main proponent of BitDAO, pledging periodic contributions to the project upon launch. The company specifically committed to contribute 2.5 basic points of its futures trading volume to the BitDAO treasury, which is expected to generate over $1B per year.

Partner

There are currently 30 names that are Early Partners of BitDAO, most of which are the same investors mentioned above.

Similar projects

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Thus, I have provided you with detailed information about BitDAO and BIT Token. What do you think the future and potential of BitDAO will be? Don’t hesitate to leave a comment below and join the group CHK Insights Chat to exchange and discuss with admins and many other brothers!

Follow the channel now CHK Insights News to get the fastest update of all the information and outstanding events about BitDAO and BIT Token and other Crypto projects!

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