BitDAO/BIT#64 7

What is BitDAO (BIT)?

BitDAO is one of the world's largest and most revolutionary decentralized autonomous organizations (DAOs). Backed by Bybit, BitDAO supports various projects across DeFi, DAOs, NFTs, and gaming- the whole catalogue of projects that mirror an open, decentralized, and tokenized economy for all.

 BitDaO Governance is operated by its BIT token, which allows its holders to propose, vote, and adopt initiatives in favour of an economy that is decentralized: this way, effective community rule. The conscious shared decision-making process applies to all calls taken. The funding of long-term projects is through the organization's treasury. Conversations run through art, research and development, venture projects, education systems, and grants.

Key features Of BitDAO:

• Decentralized Governance: BitDAO is governed by the BIT token holders community, who can propose, vote, and decide the direction of the project.
• Community-Driven: Anyone could submit a proposal and participate in the governance process, which means that the ecosystem is full of different voices.
• Treasury Funded: BitDAO deploys the cash from its treasury to fund innovative projects, partnerships, and initiatives contributing to decentralized finance's growth and the broader blockchain ecosystem.
• Centralized Management-Free: BitDAO does not traditionally have a management team or employees; it simply involves the efforts of its stakeholders.
• Open Platform: It is open and transparent with all proposals, thus encouraging collaboration and innovation across decentralized space.

What is a BIT (BitDAO) token?

BitDAO Governance 

BitDAO operates as a decentralized governance structure wherein holders of Bit Token participate in decision-making and shaping the future of BitDAO. The whole system runs on Snapshot, which is an off-chain platform for easy proposal forming and voting. Each BIT token corresponds to a single vote, thus giving BitDAO coin holders an opportunity to influence key decisions on treasury allocation and partnership.

However, to participate in the governance process using BIT tokens, voting rights must be delegated either to one's own or another address. Proposals undergo preliminary community forum discussion before a formal proposal is made.

The BitDAO price and treasury are secured with Gnosis Safe, which is a multi-signature solution and adds an extra level of security. 

Thus, BitDAO strengthens its commitment to building a decentralized tokenized economy by empowering Bit price holders through its governance model.  

BitDAO's Partnership with SushiSwap DAO

Today, BitDAO signed a definite partnership with SushiSwap DAO, a decentralized platform with a lot to offer regarding governance and treasury management. The collaboration is part of BitDAO's commitment to the betterment of its ecosystem with prima facie DeFi projects.

BitDAO's partnership with SushiSwap has supported BitDAO with the design of its governance architecture and treasury management strategy by providing insight into technical aspects to be considered when laying foundations and constructing a roadmap for these new structures. Overall, this partnership will go a long way toward building a foundation for effective resource allocation and decision-making.

Both BitDAO and SushiSwap look forward to organizing various projects to advance decentralized finance in the future. 

From BitDAO ($BIT) to Mantle ($MNT): Redefining the Future of Web3

BitDAO, the largest DAO in the world by treasury size, has renamed itself as Mantle, a shift that is confirmed to mark significant changes in its course. Active in the framework of putting together the strong governance, ecosystem, and tokenomics of BitDAO with a modular Layer 2 blockchain, now available as part of the Merger under the approved BIP-21 proposal, configured an entire DAO-led Web3 ecosystem. The Merger aims to transition branding and structuring under Mantle.XYZ while emphasizing both parties' long-term growth and innovation.

Transitioning to Mantle is more than a name change; it is also a change in focus toward product-oriented development. Mantle's main product is the Mantle Network, which rolls up to Ethereum Layer 2 high-performance. It aims to introduce a better decentralized Ethereum environment with reduced gas fees. Other innovations on the way include the Mantle LSD.

BitDAO's $BIT token has evolved into the $MNT token, with the rights of all existing holders bolstered in their governance and financial frameworks. Now, this ecosystem includes Mantle Governance, Mantle Treasury, and the Mantle Network. Mounting a treasury of over 2.5 billion dollars, Mantle seeks to accelerate Web3 adoption and ground-breaking projects.

This switch boldly signals a stride into greater transparency, decentralization, and user-friendly solutions, making Mantle a competitive force in the Web3 arena.

How to convert $BIT to $MNT?

There are two ways to Migrate $MNT from $BIT. 

Option 1: Migrate using migratebit. Mantle.XYZ (Best option)

• Go to migratebit. Mantle.xyz and connect your wallet.
• Approve $BIT tokens for migration. This lets the tool access your tokens.
• Enter the amount of $BIT that you want to migrate, or go with the 'Auto Max' option if you wish to migrate all your tokens.
• Confirm the transaction. If the gas fee seems very high, then the Migrator contract is likely paused temporarily or out of funds of $MNT.
• At the end of the process, add $MNT to your wallet by this token address: 0x3c3a81e81dc49A522A592e7622A7E711c06bf354.

Method 2: Etherscan (Advanced)

• Connect your wallet to Etherscan at the $BIT contract page for the approval of $BIT by filling in the Spender address: 
• 0xfFb94c81D9A283aB4373ab4Ba3534DC4FB8d1295 Amount: Desired amount (1 $BIT = 10^18 units).
• Migrate using the migration contract. Choose between:
  • migrateAllBIT: All $BIT in possession will be migrated.
  • migrateBIT: To specify an amount.
• Add $MNT to your wallet using the token address provided above.

Where to Buy BIT (BitDao) Token?

BitDAO ($BIT) Tokens are available for purchase from a number of reputed cryptocurrency exchanges. These include: Bybit, MEXC, Huobi, gate.io, BingX, and Korbit. To purchase BitDAO tokens, create an account at any of these exchanges, verify your identity, if necessary, and trade supported cryptocurrency pairs such as USDT/BIT.

Where to Store BitDAO (BIT) Token?

For token security, BitDAO ($BIT) tokens can be kept in wallets supporting Ethereum-based tokens (ERC-20). Recommended wallets include:

MetaMask: A browser and mobile wallet that features easy integration with ERC-20 tokens.

Trust Wallet: An easy-to-use mobile wallet for keeping Ethereum-based tokens.

Ledger or Trezor: Hardware wallets have maximum security for the long term.

Make sure that your wallet is always backed up with a secure recovery phrase, and never share your private keys.

BIT (BITDAO) Tokenomics and Coin history?

The BIT token, the heart and soul of BitDAO, launched on August 16th, 2021, for $2.03. It was sold via IDO on MISO at an average of $2 and brought in a whopping $400 million. Before this, a private sale in Q2 2021 somehow pulled off $230 million at a paltry $0.46/token, attracting big names like Pantera Capital and Dragonfly Capital.

Going into BIT tokenomics, there are 3 billion tokens allocated for treasury, 1.5 billion for Bybit flexible staking, 500 million for private sales, and 300 million for launch rewards, now fully unlocked. The token drives governance and treasury decisions within the BitDAO ecosystem.

As of 2024, the BIT token reached its all-time high (ATH) of $4.60 on July 12, 2024, and its all-time low (ATL) of $0.2702 on November 22, 2022. The token has a maximum supply and total supply of 10 billion BIT, while the circulating supply information remains unavailable.

How does BitDAO (BIT) work?

BitDAO functions as a DAO (Decentralized Autonomous Organization) whereby BIT token holders participate in deciding on proposals and voting on them. Important BitDAO decisions include development financing for the teams, upgrades for protocols, deployments from treasury funds, and support for blockchain initiatives, all of which will come into effect after being approved by the DAO community.

The BIT governance token is designed to support a delegated voting method, allowing users to delegate their voting rights to a specific address without needing to lock or transfer it to anybody. Tokens stay in their custody. That way-safety and flexibility in a decentralized collaborative ecosystem for advancing blockchain solutions.