BitDAO becomes the largest DAO in the world with 2.5 Billion in Treasury
Bybit announced its support for BitDAO by contributing $134 million in Ethereum, USDT and USDC to the BitDAO treasury. BitDAO seeks to assist those who are working to create a decentralized economy. It’s a public forum where BIT token holders may vote on ideas. It is unconcerned about chains or initiatives. Direct collaborations or exchanges with projects are one possibility, as is expansion through specialized autonomous organizations such as ecosystem funds, artist guilds, farming cooperatives, R&D Labs, and so forth. Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit, and others have all backed BitDAO.
BitDAO is a DAO governed by BIT token holders. Through the proposal and voting process BIT token holders will determine the actions and direction of BitDAO. BIT token value is correlated to the ecosystem’s success via various economic links (predominantly tokenization). Anyone can propose partnerships and product upgrades for BitDAO. BIT token holders will vote on whether to approve or reject these proposals. Ideas need to provide sufficient analysis and be executable.
Further, Bybit users can now deposit and withdraw Ether, Tether and USD Coin (USDC) on the Arbitrum. Arbitrum is an Ethereum Layer 2 scaling solution and one of the first optimistic rollups that seek to relieve congestion on the Ethereum mainnet. BitDAO grants and contributions are expected to increase the open finance and decentralized token ecosystem.
The Rise and Rise of DAOs
DAO (decentralized autonomous organization) is a structure used by many crypto projects. Typically DAOs require key actions such use of treasury assets or changes to the project code to be proposed and approved by token holders.
The structure of a DAO is inherently open and accountable, a forcing function to share value with the participants who create it. Otherwise, other DAOs will out-compete them or their participants will leave for other opportunities.
DAOs as open economies will power the X-to-earn trend, making work more flexible, fluid, and playful than the 9-5s we are accustomed to. The openness of these crypto economies will allow people to participate in several DAOs and crypto-networks, mixing and matching different income streams and ownership returns. People’s income will be a mix of things we already currently do in our lives (e.g., play games), things we think of as traditional work (e.g., bounties/contracts), and things that are currently accessible to only a small percentage of the population (e.g., investing, passive income). To think of it another way, DAOs will expand the type and quantity of opportunities open to various kinds of participants, including token holders, bounty hunters, and core contributors.
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