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BitDAO (BIT) Price

BIT

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About BitDAO (BIT)

Developers setting out to create a Web3 economy that is more truly decentralized have a supportive friend in BitDAO. The platform is seeking to bankroll a range of decentralized projects.

The platform’s native governance token is BIT.

According to Messari, the project is owned and governed by a network of BIT token holders who collectively propose and vote on various proposals designed to upgrade and improve the platform.

More specifically, the platform aims to support Web3 development by engaging in various token swaps and co-development efforts, building a suite of core products which enable projects to operate in a more efficient manner, and providing grants to independent development teams. As noted by project documentation, BitDAO actively partners with projects through both token swaps and co-development efforts. Token swaps enable the platform’s treasury to accrue a collection of top digital assets while also offering an economic incentive for BitDAO to support the project’s development.

In that vein, BitDAO has provided direct funding to a number of decentralized projects including a $500 million grant to gaming collective Game7. Moreover, efforts are currently underway to develop BitDAO’s core product suite which is set to include both a governance module and treasury management protocol.

As of September 2022, the BitDAO treasury held roughly $1.6 billion worth of digital assets. Per documentation, the treasury currently adheres to a multi-pronged growth strategy that leverages token swaps, venture deals, and various yield strategies to cultivate a positive return on capital. Treasury growth is also supported by leading digital asset exchange Bybit which has pledged to donate 0.25% of all futures trading volume to BitDAO’s coffers. At current rates the pledge will likely equate to about $1 billion annually.

While organized as a DAO with no centralized ownership party, BitDAO is currently supported by a range of though leaders and crypto VCs including Peter Thiel, Alameda Research, and Pantera Capital.

When was BIT created and how much was it worth?

BitDAO was created in August of 2021 via some significant backing from a number of entities including Bybit, Pantera Capital, Sushiswap, Polygon and PayPal/Palantir co-founder Peter Theil. Together these industry leaders collectively provided the BitDAO with more than $230 million prior to its public release. Additional funding was obtained via $365 million public token sale on Suhshiswap’s MISO launchpad platform, as Decrypt explained.

Data from CoinGecko shows that BIT initially began trading at a price of $1.60 and endured a brief period of volatility following its distribution before rallying to a record high of $3.10 in November of 2021. BIT’s price prospects have since been dampened by strong macro headwinds and general market uncertainty. As of September 2022, the token was swapping hands for less than $0.65.

How is the price of BIT determined?

BIT is a deflationary asset. Its supply is capped at 10 billion tokens, of which 1.045 billion are currently in circulation. In terms of tokenomics, some 60% of BIT’s supply was allocated to Singapore-based exchange Bybit, while an additional 30% was allocated the BitDAO treasury. The remaining 10% of supply was split equally between a private BIT token sale and various launch partner rewards.

Why does BIT have value?

BitDAO is actively seeking to support and fund the next generation of decentralized innovation. Its role as a governance token could see the coin gain value should the platform’s treasury continue to swell.

Is BIT secure?

A standard ERC-20 asset, BIT is supported by a number of leading Ethereum wallets and exchange-based storage solutions.

Moreover, BitDAOs smart contract stack was extensively audited in June of 2021 prior to the platform’s official release.

What are the main benefits of BIT?

  • BitDAO is actively working to fund and support various decentralized projects spanning the realms of DeFi, NFTs and gaming. 
  • While structured as a DAO with no central ownership party, BitDAO is backed by a series of industry giants including Peter Thiel, Pantera Capital and Alameda Research, among others. To date the platform has received over $500 in funding.
  • BitDAO’s treasury, which is used to fund/support independent project, currently contains $1.6 worth of digital assets.

What do critics say about BIT?

That, in terms of technicals, BIT seems stuck in a bearish rut with 17 of 25 indicators signaling an impending price correction, Coincodex said recently.

How to buy BitDAO (BIT)

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