BitDAO, launched by Bybit, is a treasury DAO where BIT token holders can support a wide range of projects such in the Defi, DAOs, NFTs, and gaming areas. It is an open platform for proposals that are voted by using BIT token. ^[1]

History

BitDAO was established on August 3rd, 2021, with the investment of notable backers including Peter Thiel, Founders Fund, Bybit, Pantera, Spartan Fund, Sushiswap, Polygon, and Dragonfly Capital, among others. The DAO was launched with a broad objective of fostering a decentralized ecosystem encompassing various assets, technologies, and organizations. ^[2]

BitDAO x Mantle Integration

As part of Mantle Network's Mainnet Alpha launch on July 17, 2023, BitDAO and Mantle Network have merged, laying the groundwork for the Mantle ecosystem. This collaborative effort aims to streamline operations under a unified brand. With the merger, a new proposal under BIP-21 was passed, planning to introduce a new token, MNT, emphasizing the "one brand, one token" principal. This token will serve multiple purposes, including gas fee payments, ecosystem building through grants, staking, and governance voting. Existing BIT tokens will be converted to MNT before Mantle's mainnet launch. This conversion ensures that existing token holders maintain governance rights within the ecosystem. For staking in the new ecosystem, the ETH allocation within BitDAO's treasury will be used to generate revenue for ecosystem development. ^[13][14]

Overview

BitDAO allocates funds to support the expansion of the DeFi ecosystem through the development of BitDAO DeFi products and by providing assistance to DeFi partners and projects. Funds can be allocated to support BitDAO contributors, such as for the creation of a customized governance module, community management initiatives, or the establishment of a future BitDAO foundation. The objective is to facilitate these initiatives in a manner that benefits the broader community. All decisions regarding fund allocation and initiatives are made through the BitDAO proposal and voting system. ^[3]

Governance

$BIT token holders can participate in the governance of BitDAO. The process of submitting soft proposals on the BitDAO forum and official proposals on the BitDAO Governance Module (Snapshot) is permissionless. Holding $BIT tokens, delegating $BIT, and participating in voting on proposals are also permissionless actions. Every decision within BitDAO, ranging from launching new initiatives to transferring and recalling treasury resources, assigning and modifying powers for operating teams, and implementing corrective actions, is subject to proposals and voting conducted by $BIT token holders. ^[4]

Delegation

To participate in voting and proposal creation within BitDAO, BIT token holders must delegate their voting rights to a specific address. Delegation can be assigned to a single address at a time, including the holder's own address. In the event that a delegatee wallet is stolen, compromised, or interacts with an incorrect smart contract, it will not directly result in the loss of BIT tokens. In such cases, the BIT holder has the flexibility to delegate their voting rights to another address. Delegation enables the adjustment of vote weight independently from BIT holdings, facilitating the decentralization of voting on BitDAO proposals. This allows for the distribution of vote weight among voters with different areas of expertise and interests. ^[5]

BIT Token

The $BIT governance token was introduced via a Dutch Auction on MISO, which serves as a launchpad for new projects on SushiSwap. The initial token supply consisted of 10 billion $BIT tokens, allocated as follows: 60% reserved for Bybit (with 45% subject to a vesting schedule), 30% designated for the BitDAO treasury, 5% allocated to launch partners, and another 5% distributed through a private sale. BitDAO entered into a partnership with Sushiswap's DAO, which provided technical support for governance and treasury operations. As part of this collaboration, Sushiswap's DAO received an allocation of 2.6% of the token supply. ^[2][6]

Funding Projects

Game7

Game7 represents a collective of experienced gaming professionals and leaders in the crypto space, united by their shared interest in fostering a fairer and more inclusive gaming industry. Their mission centers around creating an environment in which developers and players can collaborate harmoniously, working together towards common goals. BitDAO committed $400 million worth of crypto assets in its treasury, including ETH and USDT. BitDAO retains the majority of ownership rights regarding intellectual property, while prioritizing the allocation of governance rights to community partners. ^[7][10]

EduDAO

EduDAO focuses on nurturing future innovators by providing support and resources to university groups and centers. Through the provision of resources and active capital, the aim is to encourage and facilitate blockchain innovation for the greater benefit of the community at large. BitDAO intends to allocate $11 million annually with the aim of enabling member groups to conduct research and design blockchain innovations. ^[8][11]

Mantle EcoFund

The Mantle EcoFund operates as a capital pool of $200 million, intended to catalyze investments in top-tier Mantle applications and technology partners associated with the core protocol. Its objective is to support and finance high-quality projects within the Mantle ecosystem. Mantle is an Ethereum layer-2 network developed by the BitDAO ecosystem. According to the proposal, a capital pool of $200 million was planned to be deployed within the Mantle ecosystem during three years after its creation. BitDAO's treasury provided $100 million in USDC, while another $100 million was supplied by external venture partners as matching capital. ^[9][12]