BitDAO, a decentralized autonomous organization launched in July 2021, has announced a new proposal to address key issues that have arisen since its launch. The proposal aims to improve the organization’s tokenomics, project focus, and decentralization. The proposal, which is authored by user cateatpeanut 3, was posted on the BitDAO forum for community discussion.

One of the main issues that the proposal seeks to address is the lack of focus of the BitDAO strategy and narratives. The community has supported a variety of initiatives, including venture investments, ecosystem initiatives, and core product development, leading to a multi-strategy approach that lacks competitive strength. The proposal suggests that BitDAO should focus on its own long-term vision with clear strategies and resources.

The proposal also aims to address the unpredictable nature of the circulating supply of the BIT token due to the dynamic Bybit Contribution and the concentration of BIT token holdings. By modifying the Bybit Contribution from a dynamic exchange-linked amount to a fixed-schedule amount over 48 months, the proposal seeks to increase the stability and predictability of BIT tokenomics and decentralize BIT holdings and governance.

According to the proposal, the fixed-schedule contribution will start at 120 million BIT per month and halve every 12 months, totaling 2.7 billion units. The Bybit Contribution BIT will be retained in the BitDAO Treasury instead of immediately burning it, and the burn may be restarted via a subsequent BitDAO proposal.

The proposal brings several benefits, including focusing BIT tokenomics on BitDAO initiatives, such as the development and adoption of core BIT products, and reducing the likelihood of BIT being viewed as a “Centralized Exchange Token” or “Bybit Token.” The proposal also paves the way for BIT to be listed on other centralized exchanges, increases the predictability of $BIT tokenomics, and improves the decentralization of BIT holdings and governance.

Bybit, which has contributed over $600 million USDC/USDT and 177k ETH to the BitDAO treasury, will continue to partner with BitDAO in terms of technology development and product adoption. BitDAO will use BIT as its native token and be BitDAO governed and accountable. After completion of the 2.7 billion BIT fixed-schedule contribution, Bybit will likely remain the largest holder of BIT and be incentivized in BitDAO’s success.

The proposal’s tokenomic impact will result in the circulating supply of BIT being reduced from approximately 6.0 billion units to 3.3 billion units. This represents a 1.8x boost of BitDAO economics and governance voting power for all existing BIT holders. The proposal is open for community discussion, and the community is encouraged to vote on it.

#BitDAO #BIT #Mantlenetwork

This article was republished from azcoinnews.com

Mantle Network, a leading Optimistic Rollup solution provider in the crypto world, has recently received a massive boost in funding and support from BitDAO, one of the most well-funded and respected DAOs in the space.

This news was announced via a tweet from Mantle Network, in which they outlined why they are bullish on the project and the exciting developments that are underway.

The crypto market is constantly evolving, and the rise of Optimistic Rollups has been one of the most significant developments in recent years. Optimistic Rollups are a layer 2 scaling solution that allows for faster and cheaper transactions on the Ethereum network, without sacrificing security or decentralization.

Mantle Network is one of the most promising Optimistic Rollups out there, and has been attracting a lot of attention in the crypto world due to its innovative approach and strong development team.

The recent tweet from Mantle Network outlined the reasons why they are bullish on the project, and why they believe it has the potential to revolutionize the world of crypto. According to the tweet, BitDAO has one of the largest treasuries in the crypto world, and has backed Mantle Network with a strong commitment to the project. This commitment was recently demonstrated through the passing of the BIP-19 proposal, which allocated significant funds for Mantle Network for the next year.

BIP-19 includes $10M in $BIT and $14M in $USDC for Testnet Opex, $145M in $BIT and $34M in $USDC for Mainnet Opex, and 15,000 ETH for gas fees. This injection of funds is a clear sign of BitDAO’s confidence in the project, and will undoubtedly help to accelerate the development of Mantle Network. With this kind of financial backing, Mantle Network is well positioned to take on the big players in the space and establish itself as a leader in the world of Optimistic Rollups.

In addition to the significant funding from BIP-19, the BitDAO forum is currently discussing two exciting proposals that could have a huge impact on the future of Mantle Network.

The first proposal involves partnering with core zkEVM Infrastructure to develop its own zkEVM, which would work alongside Mantle Network. This would be a significant step forward for the project, as it would enable it to offer even faster and more secure transactions.

The second proposal is about Mantle EcoFund, which would invest in development projects on the Mantle Network and develop the ecosystem. The fund would be worth $200M in total, and has reportedly attracted interest from prominent VCs like Dragonfly Capital, Pantera, and Folius Ventures.

These developments are a huge vote of confidence in the Mantle Network project, and are sure to generate a lot of excitement and attention in the crypto world. As the market becomes increasingly aware of the potential of Optimistic Rollups, Mantle Network is well positioned to become a leading player in this space. The team behind the project is highly skilled and experienced, and is constantly pushing the boundaries of what is possible in the world of Optimistic Rollups.

Overall, the future looks bright for Mantle Network and BitDAO in general. With a strong commitment to the project and significant funding and support, there is no doubt that this project has the potential to revolutionize the world of crypto. As the crypto world continues to evolve, it will be exciting to see how Mantle Network and BitDAO continue to push the boundaries of what is possible in this space. With the support of BitDAO and the wider crypto community, there is no limit to what Mantle Network can achieve.

This article was republished from azcoinnews.com

#Bitdao #Mantlenetwork #mantle #BIT