DAOrayaki Reserach |BitDAO：一个开放的金融和去中心化的代币经济

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a year ago • 31 min read • Loading Views

DAOrayaki DAO Research Grant：

Fund Address: DAOrayaki.eth

Voting Result：DAO Committee Yes

Grant Amount： 200 USD

Category: BitDAO, Treasury, Research and development, Fluidity, funds, DeFi products development, DeFi products incubation, Liquidity providing

Contributor：Jones, 黑白BQ@Daorayaki

成立时间	2021
上线时间	Jun 16th
融资额度	$230M
分类	DAO, DeFi, Community
代币	BIT
代币类型	ERC-20
合约地址	0x1a4b46696b2bb4794eb3d4c26f1c55f9170fa4c5
市值排名	#234 (Coinmarketcap)
代币价值	$1.58 (截止 Sep 14th, 2021)
市值	$4.8B
循环量	3B pieces
代币总供应量	10B
交易对	BIT/USDT, BIT/WETH, BIT/USDC
Top 10 交易商	BitMart, Sushiswap, Gate.io, MXC, Lbank, CoinEx, XT, Poloniex Uniswap

BitDAO简介

BitDAO是世界上最大的DAO之一，由Peter Thiel, Founders Fund, Pantera, Dragonfly等支持。Bybit已承诺向BitDAO金库提供经常性捐款，以2021年的利率计算，每年超过10亿美元，其愿景是通过DeFI技术实现开放金融和去中心化的代币化经济。因此，BitDAO依托于DeFi的成功，并将分配大量的财务和人才资源来支持DeFi的发展。

背景

DeFi技术允许在区块链上进行不可阻挡且无许可的金融交易，包括交易、借贷和合成资产的创建。由于没有注册流程，没有中间商批准，没有中间商执行，DeFi将从根本上颠覆传统金融，并可能成为一个万亿美元的行业。代币化扩大了产权范围，为DAO、可收藏NFT和游戏提供了新的经济模式。

BitDAO将自己定位为世界上最大的DAO之一，其愿景是开放金融和去中心化的代币化经济。它是一个贡献者的集合。随着时间的推移，社区领袖会出现。BitDAO的愿景和使命将由代币持有人、贡献者和社区领袖来推动。

简单来说，DAO通过区块链和智能合约发起提案，协调成员行动和资源。成员可以通过投票对提案进行表决。他们持有的代币越多，投票权就越大。如今，DAO（Decentralized Autonomous Organization）也成为许多DeFi项目的重要方向，如Maker。

"BitDAO是一个由BIT代币持有人控制的DAO。它不是一个公司，没有治理团队或员工。任何个人、开发团队或研发实验室都可以为BitDAO提出升级、代币交易和合作建议，BIT代币持有人将投票决定是否批准或拒绝这些建议。" BitDAO官方表示，并希望通过DAO的使用支持DeFi行业的发展，具体从三个方向努力。

● 研发 -- BitDAO合作伙伴将建立研发中心，开发BitDAO核心协议（治理和基金管理），开发BitDAO DeFi产品，支持DeFi合作伙伴，并为新兴DeFi项目提供孵化服务。

● 流动性 -- BitDAO将控制最大的资产池之一，可用于为合作伙伴协议提供流动性。BitDAO可以指导新的协议，如DEX、借贷和合成。

● 资金 -- BitDAO将通过拨款（如通过Gitcoin）支持区块链技术，并通过代币交易支持DeFi项目。

BitDAO的普及与它背后的主要衍生品交易所Bybit的贡献是分不开的。根据公告，Bybit承诺将其未来合约交易量的0.025%作为收入贡献给BitDAo金库，并定期进行捐赠。BitDAo官方给出的估计是，年收入将超过10亿美元。经查询发现，Bybit确实按照承诺每天定期向BitDAo捐款，日均捐款金额接近400万美元，如下图所示：

平均每天的捐款为400万美元，约占收入的一半。Bybit资助BitDAo显然有自己的考虑。此前，英国金融监管局和加拿大安大略省证券委员会都禁止Bybit向其公民提供服务，ByBit随后停止了在该地区的服务。随着全球监管趋严，加密货币衍生品交易平台面临转型：一是走合规之路，迎合监管；二是通过DAO走去中心化之路。Binance选择了前者，Bybit选择了后者。从这个角度看，BIT也可以看作是Bybit的 "平台货币"。

Bybit对BitDAO的影响

BitDAO的价值主要来自于Bybit的赋能，所以我们先来看看Bybit的现状。众所周知，Bybit是衍生品赛道上的一颗新星，仅次于三大交易所，并不时超越第二和第三。Bybit自身的现货功能很弱。虽然Huobi团队目前正在加紧开发，但要赶上其他交易所还有很长的路要走。BIT的现货交易也需要依赖其他交易所。另一方面，Bybit目前规模庞大，受到各国监管机构的严格关注。因此，它特别重视合规性。再加上对 "DAO "透明度的要求，支出需要披露。很明显，不可能看到。

增长

BitDAO希望通过代币交换和共同开发工作与项目合作，以增加社区的增长。

● 交换 -- BitDAO的目标是进行代币交换，并积累顶级的现有和新兴的DeFi和加密货币项目的集合。交换将使他们的利益保持一致。BitDAO将被激励支持这些伙伴项目成为类别领导者。一个优先事项是现货和衍生品DEXes。

● 建设 -- BitDAO旨在建设核心产品，使BitDAO或其他DAO更有效地运作，这些产品包括。

● 治理套件 - 一套链上和链下产品和最佳实践。

● 财务管理 -- DAO能够部署和监控资产以赚取收益或启动产品。

● 赠款 -- BitDAO旨在为生产研究或产品的团队提供赠款，这些产品是加密货币行业的公共物品。一种可能性是匹配Gitcoin赠款。

利益来自于合作伙伴和整个行业的成功。凭借数十亿的资产和经常性的贡献，BitDAO将继续创建伙伴关系，积累最好的DeFi资产，并建立有用的产品。然后，合作伙伴和产品将为BitDAO的金库作出贡献，创造一个复合和积累的动态。

代币分配

● 30%的BitDAO资产将由金库持有，以促进生态系统互换。

● 5%将作为奖励提供给项目开始时的初始合作伙伴。

● 60%的Bybit将分配给Bybit建立研发中心，以支持BitDAO，支持Bybit的发展，而这又可以帮助BitDAO基金库的发展。其中，15%的代币供应可以立即使用，其余45%的代币供应可以立即使用。供应将被锁定1年，锁定期结束后将在2年内逐步释放。

代币锁定和释放

根据BIT代币解锁规则，代币上线后有30%（30亿）的代币在流通，包括。10%的 "BitDAO Vault"，5%的 "初始合作伙伴奖励 "和15%的Bybit锁定资金。根据目前的价格，其目前的流通市值约为48亿美金，与XMR和FTT基本持平，超过了Pancake。

BitDAO经济模式

● 代币BIT：治理代币+平台代币

● 商业模式：开发defi产品，孵化defi项目，并提供流动性。

● 收入来源1：Bybit利润的50%（约400万美元/天）

● 收入来源2：BitDAO的未来业务收入。

治理

● BitDAO由BIT代币持有者拥有和治理，以下行动只有在成功的提案和投票后才能执行。

● 与现有和新兴项目进行代币交换。

● 将资金分配给各种战略。

● 对合作伙伴项目的流动性支持。

● 对开发团队和研发中心的拨款或里程碑奖励（建立BitDAO产品，或支持合作伙伴产品）。

● 对区块链技术项目、教育项目或其他区块链公共产品的资助。

● 对BitDAO核心协议的更新（包括治理和财务管理功能）。

原则

● BitDAO不是一个公司。它没有一个治理团队或员工。

● BitDAO是一个贡献者的集合。贡献者将持有BIT代币，并有动力使该项目获得成功。

● 不同的个人和团队将提出对BitDAO协议的修改。由BIT持有人投票接受或拒绝这些建议。

● 持有BIT使个人有权提交提案并进行投票。但它并不赋予将个人的意愿强加给其他贡献者的权利。

● BitDAO将是一个不断发展的项目，社区领袖将随着时间的推移而出现。治理建议和论坛参与将影响项目的方向。

● BitDAO的愿景和使命将由代币持有人、贡献者和社区领袖推动。

最初的治理政策

BitDAO旨在鼓励对BitDAO项目的贡献，并非所有问题都需要通过正式的治理提案。

正式的BitDAO提案。

● 涉及任何BitDAO财政资产的交易，包括赠与、互换、包装和抵押。

● 对BitDAO核心协议的代码更新，例外情况包括安全发布。

非正式的BitDAO提案。

● 创建一个BitDAO附属的黑客马拉松或活动，贡献者承担费用。

● 创建一个BitDAO附属的研究和开发实体，以建立产品，贡献者承担费用。

每一个BIT都很重要

BitDAO是由BIT代币持有者拥有和治理的。它的初始政策是只有在上述的成功提案和投票后才会执行行动，这同时也是在与BitDAO社区讨论后可以改变的。

第一阶段

BitDAO将利用Gnosis Safe的行业标准设置，Gnosis Snapshot链外治理，以及多签名管理员。

BitDAO金库 (Gnosis Safe)

BitDAO将使用Gnosis Safe来存储金库资产。Gnosis Safe通常被加密货币项目用于对以太坊地址进行多重签名控制。

BitDAO的主要金库合同地址是：

https://etherscan.io/address/0x78605Df79524164911C144801f41e9811B7DB73D

治理模块（Gnosis Snapshot）

Gnosis Snapshot是一个链下投票聚合平台。Snapshot支持许多行业领先的区块链和DeFi项目的链外治理，如Balancer、Yearn Finance、SushiSwap、Uniswap、Bancor、The Graph和Aave。我们选择Snapshot作为链外投票汇总平台，使治理对我们的用户来说简单而透明。它是一个久经考验的解决方案，具有良好的用户界面和用户体验。

基于快照的治理，通常被称为 "软 "治理，因为投票的结果不会自动执行 -- 它需要开发和运营团队执行后续行动，并通过多重签名来执行变化。

BitDAO快照空间：https://snapshot.org/#/bitdao.eth

治理代币（BIT）

BitDAO的治理代币，BIT，是Compound Finance的治理代币COMP的一个实例。这已经被选中，而不是标准的ERC-20代币，因为它支持1）委托投票，和2）链外投票汇总，有可能在以后的阶段转移到链上治理。

BIT代币合约地址是：

https://etherscan.io/address/0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5

其他治理讨论

在社区的Discord和论坛中，将有一个单独的频道来讨论关于赠款、代币交换、协议路线图和治理的想法。获得足够社区支持的想法可以提交投票。社区成员可以为Snapshot起草一个软提案，从而导致正式的社区投票。这样的提案可以作为一个 "温度测试 "或投票，但不保证实施。这个想法需要被一个开发团队采纳，最终的代码被审核并提交，然后由多签管理员部署。

委托投票

BIT持有人在将其投票权委托给一个地址之前，不能投票或创建提案。委托一次可以给一个地址，包括持有人自己的地址。

多重签名管理员

在第一阶段，BitDAO库房（Gnosis Safe）和快照空间由一个多签名钱包管理。最初的设置是由Bybit团队提名的5个签名者中的3个。与其他DeFi项目类似，我们将寻求社区的建议，以更广泛地分配签名密钥（例如，12个签名者中的6个）。对多签名者或规则的修改建议将通过快照建议和投票程序提交。

提案和投票参数

定义

快照策略

定义了每个代币的投票权重。BitDAO的初始设置是1个BIT=1投票权重，所以每个BIT的投票权相等。未来的策略可能包括：将投票权重分配给xBIT或BIT-ETH LP代币，以使已经抵押、包装或提供流动性的BIT持有人保留投票权。

提案门槛

"提案门槛 "通常被定义为创建一个提案所需的投票数。在BitDAO快照空间中，这是通过视觉过滤器完成的，只显示来自BIT代币达到阈值数量用户的提案。

投票时间

投票开始和投票结束之间的时间长度。

投票门槛

对一项提案进行投票所需的最低票数权重（BIT代币）。如果没有达到这个最低限度，即使多数票投了赞成票，投票也是不成功的。

第二阶段

BitDAO将寻求建立一个定制的治理模块，最有可能参考链上可升级的解决方案，如Compound Governor Bravo。

BitDAO的附属研发中心正在为第二阶段建立一个定制的治理模块。其目的是提高BIT代币持有人的权力，并支持BitDAO未来的产品和功能。BitDAO欢迎社区在他们设计新的治理模块时提供反馈，特别是与权衡有关的反馈：例如，Gas费用、治理过程效率、链上/链下、安全、用户参与等。

关键要求

可升级（可能依靠代理合同和代理模式）。

链上提案和投票

● 控制BitDAO治理参数（投票权重策略、提案门槛、投票门槛、投票时间）

● 控制未来的BitDAO产品参数（费用，阈值等）

● 可以被其他DAO轻松修改和利用

不错的选择

● 授权给多人（而不是授权给一人）

● 可以不通过委托进行投票

● 委托X个区块（时间锁定）

● 对提案和投票进行单独的委托

● 常见有效载荷的模板（即代币交换、授予等的可执行代码

要考虑的是

● 没有多重签名的备份或超控

团队成员

除了其早期合作伙伴和目前的首席运营官 "Arby Leonian "之外，关于BitDAO团队成员的信息并不多。

推特账户: https://twitter.com/arbyleonian

BitDAO 早期合作伙伴

● Peter Thiel

● Founders Fund

● Pantera Capital

● Dragonfly Capital

● Alan Howard

● Bybit

● Spartan Group

● SushiSwap

● Kain Warwick (founder of Synthetix)

● Polygon

● Jump Capital

● Peak Capital

● Amber

● Cambium Grove Capital

● Coinhako

● Fenbushi Capital

● Tembusu Partners

● NGC Ventures

● LongHash Ventures

● alphanonce

● iAngels Blockchain

● Univalues Associates

● mgnr

● The London & Amsterdam Trust Company Limited

● PreAngel

● Fintelics

● Pythagoras Investments

● Wemade Tree

● Kenetic

● The Brooker Group

● Kronos

总结

从以上内容我们可以了解到，BitDAO既是一个DAO组织，又是Bybit项目的一半。其代币BIT既是治理代币，又是Bybit的平台货币（Bybit一半的收益都捐给了BitDAO）。BitDAO是Bybit通过DAO向去中心化的转型。无论如何，Bybit已经走上了一条业内前所未有的平台货币发行之路，其未来的发展可能由BitDAO自己来探索。

资源

● BitDAO网站: https://www.bitdao.io/

● BitDAO核心信息: https://docs.bitdao.io/

● TLDR and Graphic Assets: 概念

● Twitter: https://twitter.com/BitDAO_Official

● Discord: https://discord.gg/jTBC4BKnj7

● Telegram: https://t.me/BitDAO_Official

● Reddit: https://www.reddit.com/r/BitDAO

● Medium: https://medium.com/bitdao

● LinkedIn: https://www.linkedin.com/company/bitdao

● Instagram: https://www.instagram.com/bitdao_official/

● Facebook: https://www.facebook.com/BitDAOOfficial/

● Twitch: https://www.twitch.tv/bitdao

● BIT Token: 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5

● 金库：0x78605Df79524164911C144801f41e9811B7DB73D

● 快照空间：https://snapshot.org/#/bitdao.eth

● 授权页：https://delegate.bitdaotools.io/

● GitHub：TBD

BitDAO: An open finance and decentralized tokenized economy.

DAOrayaki DAO Research Grant：

Fund Address: 0xCd7da526f5C943126fa9E6f63b7774fA89E88d71

Voting Result：DAO Committee Yes

Grant Amount： 200 USD

Category: BitDAO, Treasury, Research and development, Fluidity, funds, DeFi products development, DeFi products incubation, Liquidity providing

Contributor：Jones, 黑白BQ@Daorayaki

Year of Establishment	2021
Publish Time	Jun 16th
Financing Amount	$230M
Sector	DAO, DeFi, Community
Token Symbol	BIT
Token Protocol	ERC-20
Contract address	0x1a4b46696b2bb4794eb3d4c26f1c55f9170fa4c5
Market Value Ranking	#234 (Coinmarketcap)
Current Currency Price	$1.58 (Consulted Sep 14th, 2021)
Market Capitalization	$4.8B
Circulation	3B pieces
Total Supply	10B
Online Trading Pairs	BIT/USDT, BIT/WETH, BIT/USDC
Top 10 Exchanges	BitMart, Sushiswap, Gate.io, MXC, Lbank, CoinEx, XT, Poloniex Uniswap

Brief Overview About BitDAO

BitDAO is one of the world’s largest DAOs supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, and more. Bybit has pledged recurring contributions to the BitDAO treasury which at 2021 rates exceeds $1B per year with a vision of open finance and a decentralized tokenized economy through DeFI technology. For this reason, BitDAO is banking on the success of DeFi and will allocate massive financial and talent resources to support DeFi growth.

Background

DeFi technology allows for unstoppable and permissionless financial transactions on the blockchain, including trading, lending, and creation of synthetic assets. With no signup process, no middlemen approvals, no middleman execution, DeFi will fundamentally disrupt traditional finance and is likely to become a trillion dollar sector. Tokenization has broadened the scope of property rights, and enabled new economic models for DAOs, collectible NFTs, and gaming.

BitDAO positions itself as one of the largest DAOs in the world, and its vision is to open finance and a decentralized tokenized economy. It's a collection of contributors. Overtime, community leaders will appear. BitDAO’s vision and mission will be promoted by token holders, contributors and community leaders.

To put it simply, DAO initiates proposals through blockchain and smart contracts to coordinate member actions and resources. Members can vote on proposals through voting. The more tokens they hold, the greater the voting power. Nowadays, DAO (Decentralized Autonomous Organization) has also become an important direction for many DeFi projects such as Maker.

“BitDAO is a DAO controlled by BIT token holders. It is not a company and has no management team or employees. Any individual, development team or R&D laboratory can propose upgrades, token transactions, and partnership proposals for BitDAO BIT token holders will vote to decide whether to approve or reject these proposals.” BitDAO officials said, and hope to support the development of the DeFi industry through the use of DAO, specifically working in three directions:

- Research and development –– BitDAO partners will establish R&D centers, develop BitDAO core protocols (governance and fund management), develop BitDAO DeFi products, support DeFi partners, and provide incubation services for emerging DeFi projects.

- Fluidity –– BitDAO will control one of the largest asset pools, which can be used to provide liquidity for partner agreements. BitDAO can guide new protocols, such as DEX, lending, and synthesis.

- Funds –– BitDAO will support blockchain technology through grants (such as through Gitcoin) and support DeFi projects through token transactions.

The popularity of BitDAO is inseparable from the contribution of Bybit, the main derivatives exchange behind it. According to the announcement, Bybit promised to contribute 0.025% of its futures contract trading volume as income to BitDAo vault, and make regular donations. The official estimate given by BitDAo is that the annual revenue will exceed 1 billion US dollars. After inquiry, it was found that Bybit did make regular donations to BitDAo every day in accordance with its commitment, and the average daily donation amount was close to 4 million U.S. dollars as shown below:

The average daily contribution is US$4 million, which is about half of the income. Bybit funding BitDAo obviously has its own considerations. Previously, the UK Financial Supervisory Authority and the Ontario Securities Commission of Canada both prohibited Bybit from providing services to its citizens, and ByBit subsequently ceased services in the region. With the tightening of global supervision, crypto derivatives trading platforms are facing transformation: one is to follow the path of compliance and cater to the supervision; the second is to take the path of decentralization through DAO. Binance chose the former and Bybit chose the latter. From this perspective, BIT can also be regarded as Bybit’s “platform currency”.

Bybit’s impact on BitDAO

The value of BitDAO mainly comes from Bybit empowerment, so let’s take a look at the current status of Bybit first. As we all know, Bybit is a rising star in the derivatives track, second only to the three major exchanges, and surpasses second and third from time to time. Bybit’s own spot function is weak. Although the Huobi team is currently intensively developing, there is still a long way to go to catch up with other exchanges. BIT’s spot trading also needs to rely on other exchanges. On the other hand, Bybit is currently large in size and has received strict attention from regulatory agencies in various countries. Therefore, it pays special attention to compliance. Coupled with the requirement for the transparency of the “DAO”, expenditures need to be disclosed. Obviously, it is impossible to pull offers.

Growth

BitDAO looks to partner with projects through tokens swaps and co-development efforts and that is to increase the growth of the community:

- Swap –– BitDAO aims to token swap and accumulate a collection of the top existing and emerging DeFi and crypto projects. Swaps will align their interests. BitDAO will be incentivized to support these partner projects to become category leaders. One priority is Spot and Derivatives DEXes.

- Build –– BitDAO aims to build core products which enable BitDAO or other DAOs to function more effectively, these include:

- Governance suite –– a set of on-chain and off-chain products and best practices.

- Treasury Management –– ability for DAOs to deploy and monitor assets to earn yield or bootstrap products.

- Grant –– BitDAO aims to provide grants to teams that produce research or products that are public goods for the crypto industry. One possibility is to match Gitcoin grants.

The benefit comes from the success of partners and the industry as a whole. With billions in assets and recurring contributions, BitDAO will continue to create partnerships, accumulate the best DeFi assets, and build useful products. The partners and products will then contribute to the BitDAO treasury, creating a compounding and accumulation dynamic.

Token distribution

- 30% BitDAO Treasury will be held by the treasury to promote ecosystem swaps.

- 5% will be provided as a reward to the initial partner at the start of the project.

- 60% Bybit will be allocated to Bybit to establish an R&D center to support BitDAO and support the growth of Bybit which, in turn, can help the growth of BitDAO’s fund library. Among them, 15% of the token supply can be used immediately, and the remaining 45% of the token supply can be used immediately. The supply of licenses will be locked for 1 year and will be gradually released within 2 years after the end of the lock-up period.

Token lock-up and release

According to the BIT token unlocking rules, 30% (3 billion) of the tokens are in circulation after the token goes online, including: 10% of the “BitDAO Vault”, 5% of the “Initial Partner Rewards” and 15% of Bybit Lock up funds. Based on the current price, its current circulating market value is about 4.8B US dollars, which is basically the same as XMR and FTT, and surpasses Pancake.

BitDAO economic model

Token BIT: governance token + platform token

Business model: develop defi products, incubate defi projects, and provide liquidity.

Source of income 1: 50% of Bybit’s profit (approximately US$4 million per day)

Source of income 2: BitDAO’s future business revenue.

Governance

BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:

- token swaps with existing and emerging projects.

- treasury allocation into various strategies.

- liquidity support for partner projects.

- grants or milestone rewards to development teams and R&D centers (to build BitDAO products, or support partner products).

- grants to blockchain technology projects, education programs, or other blockchain public goods.

- updates to BitDAO core protocols (including governance and treasury management functions)

Principles

- BitDAO is not a company. It does not have a management team or employees.

- BitDAO is a collection of contributors. Contributors will hold BIT tokens and are motivated to make the project a success.

- Various individuals and teams will propose changes to the BitDAO protocol. It is up to BIT holders to vote to accept or reject these proposals.

- Holding BIT entitles you to submit and vote on proposals. It does not entitle you to impose your will upon other contributors.

- BitDAO will be an evolving project, and community leaders will emerge over time. Governance proposals and forum participation will affect the direction of the project.

- The vision and mission of BitDAO will be driven by token holders, contributors, and community leaders.

Initial Governance Policies

BitDAO aims to encourage contribution to the BitDAO project and not all issues need to go through formal governance proposals.

Requires formal BitDAO proposals:

- Transactions involving any BitDAO Treasury assets including grants, swaps, wrapping, and staking.

- Code updates to BitDAO core protocols, exceptions include security releases.

Does not require formal BitDAO proposals:

- Creating a BitDAO affiliated hackathon or event, where the contributor covers the expense.

- Creating a BtiDAO affiliated research & development entity to build products, where the contributor covers the expense.

Every BIT Counts

BitDAO is owned and governed by BIT token holders. It’s initial policy is for the actions to be executed only after a successful proposal and vote as mentioned above, which is at the same time changeable after discussions with the BitDAO community.

Phase 1

BitDAO will utilize the industry standard setup of Gnosis Safe, Gnosis Snapshot off-chain governance, and multi-sig administrators.

BitDAO Treasury (Gnosis Safe)

BitDAO will use Gnosis Safe to store treasury assets. Gnosis Safe is commonly used by crypto projects for multi-sig control over an Ethereum address.

- The main BitDAO treasury contract address is: https://etherscan.io/address/0x78605Df79524164911C144801f41e9811B7DB73D

Governance Module (Gnosis Snapshot)

Gnosis Snapshot is an off-chain vote aggregation platform. Snapshot supports off-chain governance for many industry leading blockchain and DeFi projects such as Balancer, Yearn Finance, SushiSwap, Uniswap, Bancor, The Graph, and Aave. We chose Snapshot as an off-chain vote aggregation platform to make governance simple and transparent for our users. It is a tried and true solution with a great user interface and user experience.

Snapshot-based governance, is commonly referred to as "soft" governance as the result of the vote is not automatically implemented –– it requires a development and operations team to perform subsequent actions, and implementation of changes via a multi-sig.

- BitDAO Snapshot Space: https://snapshot.org/#/bitdao.eth

Governance Token (BIT)

BitDAO’s governance token, BIT, is an instance of Compound Finance’s governance token COMP. This has been selected instead of a standard ERC-20 token, as it supports 1) delegated voting, and 2) off-chain vote aggregation with the potential of moving to on-chain governance at a later phase.

- The BIT token contract address is: https://etherscan.io/address/0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5

Other Governance Discussions

In the community Discord and Forum, there will be a separate channel to discuss ideas around grants, token swaps, protocol roadmap, and governance. Ideas that garner enough community support can be submitted for voting. A community member may draft a soft proposal for Snapshot that leads to an official community vote. Such proposals act as a “temperature test” or a poll, but do not guarantee implementation. The idea needs to be adopted by a development team, with finalized code audited and submitted, then deployed by the multi-sig administrators.

Delegated Voting

BIT holders cannot vote or create proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time, including the holder’s own address.

Multi-Sig Administrators

In Phase 1, BitDAO treasury (Gnosis Safe) and Snapshot Space are administered by a multi-sig wallet. The initial setup is 3 of 5 signers whom have been nominated by the Bybit Team. Similar to other DeFi projects, we will look to community suggestions to distribute the signing keys more widely (for example 6 of 12 signers). Proposed changes to multi-sig signers or rules will be submitted via Snapshot proposal and voting process.

Proposal and Voting Parameters

Definitions

Snapshot Strategy

Defines the vote weight of each token. BitDAO initial setting is 1 BIT = 1 vote weight, so each BIT has equal voting power. Future strategies may include: allocating vote weight to xBIT or BIT-ETH LP tokens to enable BIT holders who have staked, wrapped, or provided liquidity to retain voting power.

Proposal Threshold

“Proposal Threshold” is typically defined as the number of votes required to create a proposal. In BitDAO Snapshot Space this is done through a visual filter, to only display proposals from users who have at least the threshold number of BIT tokens delegated to their address.

Vote Duration

The length of time between voting start and voting end.

Vote Threshold

The minimum number vote weight (BIT tokens) required to vote on a proposal. If this minimum is not met, the vote is unsuccessful even if the majority of votes voted yes.

Phase 2

BitDAO will look to build a custom governance module, most likely referencing on-chain upgradable solutions such as Compound Governor Bravo.

BitDAO affiliated R&D centers are working on building a custom governance module for Phase 2. The objective is to enhance the power of BIT token holders, and support BitDAO future products and functionality. BitDAO welcomes the community feedback as they design the new governance module, especially in relation to tradeoffs: eg. gas fees, governance process efficiency, onchain/off-chain, security, user participation, etc.

Key requirements

- Upgradable (probably relying on proxy contract, and proxy patterns)

- Onchain proposal and voting

- Control BitDAO governance parameters (vote weight strategy, proposal threshold, voting threshold, vote duration)

- Control future BitDAO product parameters (fees, thresholds, etc.)

- Can be easily modified and utilized by other DAOs

Nice to have

- Delegate-to-many (instead of delegate-to-one)

- Can vote without delegating

- Delegate for X number of blocks (time lock)

- Separate delegation for proposal and voting

- Templates for common payloads (i.e. executable code for token swaps, grants, etc.)

To be considered

- No multi-sig backup or override

Team members

There is not that much information about BitDAO team members except for its tremendous early partners and the current Chief Operating Officer which is “Arby Leonian”.

Twitter Account: https://twitter.com/arbyleonian

BitDAO Early Partners