> ## Content Index > Fetch the complete content index at: https://www.metatalks.ai/llms.txt > Use this file to discover other available public pages before exploring further. # Bybit-backed BitDAO Proposes Burn Update for Further Decentralization - URL: https://www.metatalks.ai/bitdao-update/ - Published: 2022-08-28T20:51:07.000Z - Updated: 2022-08-29T06:41:22.000Z - Author: Katelyn Chow - Tags: bitdao, #helen, burn, decentralization, dao BitDAO is highly discussed in social media as its team published an update proposal that includes the reduction of total supply of BBIT tokens via their burning in order to achieve the decentralization. According to the proposal, the circulating supply of BIT will decrease over time rhtough the burning of contributed tokens and direct treasury burn by sending directly to the nominated burn address. The mecanism if approved by the community is scheduled to be launched on September 16, 2022. > \[New Soft Proposal\] > > Proposed by: [@benbybit](https://twitter.com/benbybit?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai), co-founder and CEO of [@Bybit\_Official](https://twitter.com/Bybit%5FOfficial?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > > 1\. Change Contribution Asset Mix to 100% [$BIT](https://twitter.com/search?q=%24BIT&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > 2\. Burn contributed [$BIT](https://twitter.com/search?q=%24BIT&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > 3\. Pause TDPA > 4\. Bybit to bootstrap BitNetwork (temporary name) > > ⬇️ View full proposal: [https://t.co/4rJ5kUnY58](https://t.co/4rJ5kUnY58?ref=metatalks.ai) > > — BitDAO (@BitDAO\_Official) [August 23, 2022](https://twitter.com/BitDAO%5FOfficial/status/1561962123638349827?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) Furthermore, the proposal includes a new initiative which is premised on Bybit, an exchange backing BitDAO, bootstraping the R&D and go-to-market of BitNetwork. > "To accelerate the timelines for BitNetwork, Bybit will commit people and resources to bootstrapping: global R&D efforts (including core protocol development, protocol research, user portals, developer portals); and go-to-market efforts (grants, accelerators, ecofunds)." According to LunarCrash, BitDAO becam a coin of the day by social activity on August, 28\. The mentions of BitDAO reached 484 posts within 24 hours. > BitDAO 1-week activity: > Price: $0.5539 +15.07% > Social engagements: 15.63M +28.53% > Social mentions: 4.78K +57.78%[https://t.co/7wt6ishES1](https://t.co/7wt6ishES1?ref=metatalks.ai) > $bit2 [#bitdao](https://twitter.com/hashtag/bitdao?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > > — Bitcointop ❤️🇺🇦✌🏻ॐ (@bitcointop) [August 28, 2022](https://twitter.com/bitcointop/status/1563890402729541638?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) BitDAO calls itself "a decentralized autonomous organization that wants to level the playing field for every person in the world by building a decentralized token economy." Its aim is to support in a financial and marketing way a broad range of projects including DeFi, DAOs, NFTs and gaming. Unlike many other invetment funds, BitDAO do token swaps with supported projects. The swaps fulfill the BitDAO treasury with a collection of the top crypto project tokens. For example, one of its swap was a swap with FTX for its FTT token, with a 3-year lockup. Currently, the BitDAO treasury is one of a largest in the crypto field. According to Open-Orgs, BitDAO has $1.5 bln, following that of Uniswap and ahead of those of ENS, Lido, and MakerDAO. ![](https://storage.ghost.io/c/ef/d4/efd46b24-40c6-4ee1-b2e7-34720b3b26fd/content/images/2022/08/image-2.png) Source: Open-Orgs BitDAO announced $230 mln in sales of BIT token in June, 2021, to Peter Thiel, Founders Fund, Pantera, Dragonfly and others. Then it raised another $365 mln on SushiSwap’s MISO platform in August, 2021, selling BIT to over 9,000 people. Bybit pledged recurring contributions to the BitDAO treasury. > Bybit is proud to support [https://t.co/KRPTmhQsdm](https://t.co/KRPTmhQsdm?ref=metatalks.ai). We have made a \~$77M contribution (in [$ETH](https://twitter.com/search?q=%24ETH&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai), [$USDT](https://twitter.com/search?q=%24USDT&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) and [$USDC](https://twitter.com/search?q=%24USDC&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai)) to the [@BitDAO\_Official](https://twitter.com/BitDAO%5FOfficial?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) treasury for July 1 through July 31. > > We pledge recurring contributions. > > — Bybit (@Bybit\_Official) [August 21, 2022](https://twitter.com/Bybit%5FOfficial/status/1561245455341785088?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai)