BitDAO, as its name indicates, functions as a DAO (Decentralised Autonomous Organisation). Its goal is to create opportunities for developers working in the decentralized economy. To do this, it looks to expand a community of Autonomous Entities (AEs). These AEs include Web3-focused teams and initiatives building decentralized solutions across areas like arts, gaming, finance, and education.

BIT serves as the platform’s native cryptocurrency, with a total supply of 10,000,000,000 BIT. Holders of BIT can participate in platform governance, including voting on and submitting proposals related to platform development and growth.

What are BitDAO’s key features and how does it work?

Because it operates as a DAO, governance sits at the core of the platform. BitDAO doesn’t rely on an in-house workforce or traditional management; instead, token holders and builders shape its development and help drive its overall success. Anyone is able to submit proposals, such as partnerships or upgrades, and BIT holders vote to approve or reject them.

A central part of the BitDAO ecosystem is its treasury. This treasury is tasked with investing in the BitDAO community and supporting broader ecosystem growth. Its work can involve delegating funds and managing grants. Responsibility for the treasury rests with BIT token holders.

BitDAO intends to expand its treasury using liquid opportunities as well as short- and long-term prospects. This can include building yield strategies, along with approaches such as token swaps and venture-style deals.

What is noteworthy about BitDAO?

BitDAO works with multiple key partners that play an important role in its day-to-day operations. For instance, Bybit regularly contributes to the platform by allocating resources toward research and partnerships, and by pledging to contribute 2.5pbs of futures trading volume to the BitDAO treasury. 

Other early partners include SushiSwap DAO and several major VC funds.

What can BitDAO be used for?

As noted, developer teams may collaborate with a lab or establish an AE, then propose a project for development. Projects that have already found success include:

Where can you buy BIT?

BIT can be traded on the CEXs and DEXs shown here. The most widely used platforms with the greatest liquidity are Bybit Spot, SushiSwap, and FTX. BIT’s price will change based on the exchange selected and broader market conditions. For the latest and historical BIT market data, check the price charts on this page.