Bybit CEO proposes ‘BitDAO’s L1 Infrastructure’ to leverage web3 potential

abdelaziz Fathi

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.

Bybit

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.

Read this next

blockdag

BlockDAG’s $28.5M Presale Ignites Investor Frenzy! Dashboard Upgrade Unveils Top Rankings, Overshadowing Retik Finance Listings!

Learn how BlockDAG’s updated dashboard, featuring detailed community rankings, is diverting investor interest from Retik Finance’s anticipated market entries.

Digital Assets

Gala Games reportedly hacked for $200 million, token nosedives

The native token of crypto gaming project Gala Games (GALA) dropped sharply amid rumors of a massive transfer worth over $200 million that traders suspected might be a hack.

Digital Assets

Ether skyrockets amid rumors of spot ETF approval

The chances of the U.S. government approving spot Ether ETFs have increased, according to top Bloomberg ETF analysts. Initially viewed as unlikely, analysts James Seyffart and Eric Balchunas now see a 75% chance of approval, up from 25%, following recent developments.

Digital Assets

New York judge approves $2 billion settlement with Genesis

A New York bankruptcy judge has approved a $2 billion settlement between the New York State Attorney General’s office and crypto lender Genesis, marking the largest settlement against a crypto firm in the state’s history.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, ECB, Geopolitical Tensions, May 20 ,2024

Fed holding rates to fight inflation, ECB likely cuts June rates, geopolitical tensions favor safe-haven USD

Digital Assets

Grayscale CEO steps down, replaced by Goldman Sachs veteran

Grayscale CEO Michael Sonnenshein after 10 years with the digital asset investment firm, the company said on Monday.

blockdag

Influencers Fuel BlockDAG’s $28.4M Presale Amid Solana Price Surge & Kaspa Bull Run

Dive into BlockDAG’s presale success, boosted by influencer endorsements. Explore the Solana price surge and Kaspa’s bullish sentiments.

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 20 May, 2024

EURGBP currency pair can be expected to fall further toward the next support level 0.8525, which is the low of the previous corrective wave ii.

Digital Assets

Pump.fun exec arrested for $1.9 million exploit, claims bail in UK

Jarett Dunn, a former employee of the memecoin creator and trading platform pump.fun, claims he was arrested and subsequently released on bail in the United Kingdom following a $1.9 million exploit on the platform.

<