[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"0d78eaaa-cfad-4653-9439-63e3954c8a24","updated_at":"2022-07-27T11:53:00+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"Decentralized Autonomous Organization (DAO) projects are becoming prevalent as a result of the autonomy in their operation. BitDAO was introduced to level up a decentralized tokenized economy. Let’s take a deep dive into Amp and its AMP token!","sapo":"Decentralized Autonomous Organization (DAO) projects are becoming prevalent as a result of the autonomy in their operation. BitDAO was introduced to level up a decentralized tokenized economy. Let’s take a deep dive into Amp and its AMP token!","title":"BitDAO (BIT): Is It a Good Investment?","content":"

Overview of BitDAO

As one of the largest Decentralized Autonomous Organizations (DAOs) in the world, BitDAO builds an open finance market and a decentralized tokenized economy using decentralized assets, technology, and organizations.

BitDAO is a collective of builders and stakeholders, bringing mutual merits for Web3 ecosystems among users, products, and public goods.

BitDAO protocol focuses on DeFi and operates on voting by BIT holders.

Dubbed to be a DeFi 2.0 project based on the success of the cryptocurrency, BitDAO treasury will accumulate a collection of the top crypto project tokens.

History of BitDAO

BitDAO was launched on August 3, 2021, with significant investment and credible backers including Peter Thiel, Founders Fund, Bybit, Pantera, Spartan Fund, Sushiswap, Polygon, and Dragonfly Capital.

One of the first units responsible for the development of BitDAO was the ShushiSwap development team led by 0xMaki.

Bybit, an early supporter of BitDAO, engaged in recurring contributions to the BitDAO treasury at 2021 rates exceeding 1B dollars per year.

On November 16, 2021, the BIT governance token of BitDAO hit an all-time high of $3.64, marking a milestone on the development path of this project.

About BitDAO (BIT) token

Built on the Ethereum network, BitDAO (Symbol: BIT) is the native governance token of the BitDAO ecosystem, holding power for delegated voting and off-chain vote aggregation.

The BIT token is utilized to:

Swap assets in the BitDAO Treasury with external projects to create partnerships;
Modify BitDAO governance parameters such as proposal and voting rules;
Modify BitDAO product parameters;
Transfer assets in the BitDAO Treasury to any address;
Vote for partner project DAOs.

How BitDAO works

Token swaps allow Treasury BitDAO to amass a collection of leading crypto project tokens.

BitDAO focuses on developing core products that enable BitDAO and other DAOs to work more efficiently, including internal and off-chain governance solutions as well as Treasury DAO management solutions.

BitDAO supports 3 main projects:

Research and Development: BitDAO will cooperate with partners to build R&D centers, BitDAO DeFi products and support other outstanding DeFi projects. It is structured by To Be Announced Labs, BitDAO Foundation, and other R&D centers.
Liquidity: BitDAO can manage bootstraps for projects that have just launched and need liquidity to operate, such as Aggregator, DEX, and Lending. Assets managed by BitDAO can also be used to provide liquidity to the counterparty protocols.
Capital: To support capital for projects running on the Blockchain network, BitDAO often depends on sponsors, like Gitcoin, and swaps tokens to support DeFi projects.

Features of BitDAO

BitDAO can provide multiple benefits to projects by:

Working in partnership with specialized autonomous entities (AE) for ecosystem funds, art, farming, R&D, ventures, events, grants, education, DAO operations services, etc.
Avoiding micro-decisions from being hindered by the top-level BitDAO governance process.
Fostering partners to become category leaders via R&D, liquidity, funding, and operational support.
Attracting builders and incentives to create a convenient environment for autonomous entities.

Outlook on BIT token

BitDAO deploys capital in tranches from its treasury to fund long-term projects such as art, R&D, venture, events, grants, education

BitDAO is gradually strengthening its position through the rapid development of its decentralized platform. BitDAO's vision will be driven by BIT holders, contributors, and community leaders, motivating the success of DAOs.

At the time of writing on July 27, 2022, the BIT value remains $0.55.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[{"tag":{"tag":"DeFi","id_tag":"defi"}}],"image":{"fileName":"bitdao-bit-deep-dive.png"}}]

BitDAO (BIT): Is It a Good Investment?

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