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.
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 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.
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.