Bybit CEO proposes ‘BitDAO’s L1 Infrastructure’ to leverage web3 potential
Cryptocurrency exchange Bybit has rolled out a “soft proposal” for its collective Decentralized Autonomous Organization (DAO), which is dedicated to tapping into high value opportunities through a range of web3 verticals.
Co-founder and CEO of Bybit, Ben Zhou revealed that BitDAO’s Layer 1 (L1) infrastructure aims to develop a new L1 blockchain utilizing BitDAO’s native token $BIT. Launched via the official BitDAO Discourse forum, the initiative is collaborating with specialized autonomous entities across various blockchain sectors.
The alliance brings together a clutch of reputable players in the crypto space including Game7, an autonomous institution with a $500 million treasury and Ethereum scaling solution zkDAO. It also sees participation from blockchain education provider EduDAO, art curation and collection startup PleasrDAO, as well as other product labs and treasury management strategies.
These organizations are purpose-built to drive the development of Web3 tools and technologies across industries including arts, education, media, finance, gaming, and technology. BitDAO is leveraging its billions in assets to grow an ecosystem of Autonomous Entities (AEs) with a shared vision for the future.
“This proposal aims to open new avenues for high-value collaborations generated from ground-up demand and support, which is true to BitDAO’s mandate,” said Zhou. “Bybit supports BitDAO’s vision in being a changemaker for all changemakers. In collaboration with BitDAO and its community, we look forward to propelling the mass adoption of open finance to greater heights and shaping the future of the industry.”
Since its inception, BitDAO has been one of the largest decentralized treasuries in the world with billions in assets, and aims to promote the potential of DAOs by leveraging on a tokenized governance system. As an initial proponent of BitDAO, Bybit has pledged a contribution of 2.5bps of its futures contracts trading volume to the BitDAO treasury. Its recurring contributions to BitDAO will scale with both Bybit’s business and the overall crypto industry growth.
$BIT holders are not only getting a stake in the growth potential of BitDAO, but the AEs it’s helping accelerate. Practically speaking, the token gives the community voting power to direct how treasury funds are allocated and the terms of the funding.