What is BitDAO?

BitDAO (BIT) is a decentralized autonomous organization that seeks to democratize the token economy. It is a sizable organization focusing on decentralized finance (DeFi). BitDAO is managed by holders of BIT tokens, who can propose changes to the protocol and vote on them. The organization aims to attract developers through token swaps and co-development efforts, allowing the BitDAO treasury to accumulate a diverse collection of crypto project tokens. BitDAO's vision encompasses open finance and a decentralized tokenized economy, with a focus on supporting a wide range of projects, including DeFi, DAOs, NFTs, and gaming.

How does BitDAO work?

BitDAO operates through a system of proposals and voting, with BIT token holders having the power to propose changes to the protocol and vote on them. The organization aims to partner with existing and emerging projects through token swaps, which will enable the BitDAO treasury to gather a collection of crypto project tokens. BitDAO also seeks to build core products that aim to enhance the functionality and effectiveness of BitDAO and other DAOs. These core products include on-chain and off-chain governance solutions and products, with the DAO’s treasury management able to deploy and monitor assets to earn yield. Additionally, BitDAO aims to provide grants to teams in the crypto industry for research or products, with all grants being voted on and given for the public good of the crypto world.

What are the potential use cases for BitDAO?

BitDAO has a broad range of potential use cases, primarily centered around supporting projects in the decentralized finance (DeFi) space. It aims to partner with existing and emerging projects through token swaps, which will enable the BitDAO treasury to gather a collection of crypto project tokens. This could potentially provide a boost to these projects, as well as to the overall DeFi ecosystem. Additionally, BitDAO seeks to build core products that aim to enhance the functionality and effectiveness of BitDAO and other DAOs. These products could potentially include on-chain and off-chain governance solutions and products, as well as DAO treasury management solutions.

What is the history of BitDAO?

BitDAO is a decentralized autonomous organization with no founders. The project is maintained by a group of contributors holding BIT tokens. The protocol has no teams or companies behind it, as it is a DAO, meaning that various individuals can propose changes to be made to the BitDAO protocol and it is up to the BIT holders (contributors) to vote on whether to accept or reject these suggested proposals. BitDAO has received support from various figures and organizations. Bybit is an early supporter of BitDAO and has pledged recurring contributions to the BitDAO treasury.