Alameda Responds to BitDAO Claim, Proves It Holds 100M Bit Tokens
The BitDAO community can finally breathe a sigh of relief. Alameda Research, the trading firm founded by crypto billionaire and…
BitDAO will allocate funds for the growth of the DeFi ecosystem by developing BitDAO DeFi products and supporting DeFi partners and projects. They may also provide funds to BitDAO contributors, such as for the development of a bespoke governance module, community management initiatives, or the future BitDAO foundation. The project will work to assist these initiatives so that the rest of the community benefits from them. All decisions will be made through the BitDAO proposal and voting system.
Anyone can join BitDAO’s community by contributing to the project, becoming a partner, or holding the tokens.
Non-token holders can join their forum and social media, as well as pitch their ideas. Holders of BIT tokens may embrace the good ideas presented to them. Delegated votes may be given to community leaders.
Any DeFi or CeFi project that can help BitDAO or is ready to search for methods to operate together in a partnership.
BIT token holders own the platform and have the ability to recommend and vote on BitDAO’s growth strategies as well as the usage of BitDAO’s treasury resources.
The holders of BIT tokens govern and administer BitDAO. It works on the DAO mechanism as discussed below.
DAO (decentralized autonomous organization) is a common governance structure utilized by crypto ventures. Through a proposal and vote procedure, the DAO framework allows BIT token holders to have control over BitDAO activities.
The following measures will be carried out only after a successful proposal and vote on the DAO platform:
BIT holders are unable to vote or make proposals unless their voting rights are delegated to an address. A single address, such as the holder’s own, can be delegated in a single instance.
Tokens are not locked or transferred via delegation. It implies that if a delegatee wallet gets hijacked, infiltrated, or connected with the wrong smart contract, the BIT tokens are not lost, and the BIT holder can delegate it to a different address.
BitDAO will seek projects to collaborate with via token swaps and co-development initiatives. The project will swap tokens and build a portfolio of the best existing and new DeFi and crypto ventures. BitDAO will be rewarded for assisting these partner projects in their quest to become category leaders. It will also award grants to teams that make crypto-related research or products that offer benefits to a wide range of audiences. The project aims to create such key products that will help BitDAO and other DAOs run more efficiently. These include:
The project will form new alliances, acquire the DeFi assets with growth potential, and develop useful solutions using fundings through assets and regular contributions. The ultimate goal of BitDAO is to invest in the success of its partners and the industry as a whole.
The BitDAO community can finally breathe a sigh of relief. Alameda Research, the trading firm founded by crypto billionaire and…