BitDAO is a decentralized autonomous organization (DAO) that aims to support the growth of open finance and develop decentralized, tokenized economies. Launched in collaboration with Bybit, a Singapore-based derivatives exchange, BitDAO deploys capital from its treasury to fund various long-term projects, including art, research and development (R&D), venture initiatives, events, grants, education, and more. It was officially launched on August 3rd, 2021, with substantial investment and backing from notable entities such as Peter Thiel, Founders Fund, Bybit, Pantera, Spartan Fund, Sushiswap, Polygon, and Dragonfly Capital, among others. The DAO's overarching goal is to build an entire economy of decentralized assets, technologies, and organizations by supporting builders who execute a wide range of ideas and experiments. BitDAO achieves this by partnering with specialized autonomous entities, engaging in token swaps with existing projects, and ensuring efficient decision-making through limited governance focused on mandates and funding approvals. Essentially, BitDAO aims to serve as an investment vehicle for other decentralized products and services, with the success of these ventures further fueling BitDAO's growth.

Shortly after its announcement, BitDAO launched the $BIT governance token through a Dutch Auction on MISO, a launchpad for new projects on SushiSwap. The token has a fixed supply of 10 billion $BIT tokens, with 60% reserved for Bybit (45% on a vesting schedule), 30% allocated to the BitDAO treasury, 5% designated for launch partners, and 5% distributed through a private sale. Sushiswap's DAO was the first to partner with BitDAO and provided technical support for governance and treasury operations. In return, they received an allocation of 2.6% of the token supply. Currently, the BitDAO treasury primarily consists of $BIT and ETH, but there are plans to gradually diversify through token swaps. Bybit, as an early supporter of BitDAO, has committed to recurring contributions to the BitDAO treasury, which, at 2021 rates, exceeds 1 billion dollars per year. For more information, visit: https://www.bitdao.io/analytics/

BitDAO's vision revolves around open finance and the creation of a decentralized tokenized economy. The project aims to support a wide range of initiatives, including decentralized finance (DeFi), decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and gaming. This support will be provided through research and development, liquidity bootstrapping, and funding.

BIT is a decentralized digital asset based on the Binance Smart Chain and is BEP20 compliant. The BIT Token is created for the benefit of the community, ensuring the most desirable terms and commissions for transferring the token.

BITs value relies on the reputation of the Biconomy crypto exchange, along with other factors. The BIT token was created to increase community involvement in using the exchange, give the international community the right to participate in the exchange's activities, and receive bonuses. The BIT token represents the currency of the future economy, where users have decision-making power and vote for beneficial initiatives. Biconomy can leverage its own token for a flexible marketing strategy, attracting new users and growing the platform. The token reduces trading commissions, offers discounts on transaction fees, voting rights, crypto rewards, early access to events, and can be traded for other cryptocurrencies.

BIT token holders have direct benefits from working with Biconomy exchange. The following utilities of the BIT token make it a reliable and stable asset.