This proposal is authored by cateatpeanut.
Objectives
Since BitDAO’s launch in July 2021, we have explored various strategies, and received datapoints from community feedback, price performance, and observations of other crypto projects. To optimize BitDAO’s long-term prosperity and competitiveness within a dynamic crypto industry, it is imperative that we periodically review BitDAO structuring.
This proposal is intended to address the following key issues that arose from feedback and observations:
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The lack of focus of the BitDAO strategy and narratives - the community has supported a variety of initiatives and pilot programs, including: the initial and ongoing Bybit Contribution, venture investments, broad mandate ecosystem initiatives, and core product development led by Mantle and various ad hoc projects. This multi-strategy approach lacks competitive strength, and it is preferred that BitDAO looks for its own long term vision with clear focus of strategies and resources.
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The unpredictable nature of the $BIT circulating supply (due to the dynamic Bybit Contribution).
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The concentration of $BIT token holdings.
This proposal aims to take first steps to deal with the above issues through simple adjustments to existing mechanisms. The intended result is: a focus on product and user growth (instead of treasury growth); a focus on BitDAO initiatives instead of Bybit; increased the stability and predictability of $BIT tokenomics; and decentralization of $BIT holdings and governance.
Proposal
By voting “Yes” on this proposal, you are in favor of:
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Modifying the Bybit Contribution from a dynamic exchange-linked-amount to a fixed-schedule-amount over 48 months, starting at 120M $BIT per month and halving every 12 months (total 2.7B units).
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Retaining the Bybit Contribution $BIT in the BitDAO Treasury instead of immediately burning. The burn may be restarted via a subsequent BitDAO proposal.
New Bybit Contribution Schedule
| Period | $BIT per Month | Total $BIT tokens |
|---|---|---|
| First 12 months [1] | 120,000,000 | 1,440,000,000 |
| Next 12 months | 60,000,000 | 720,000,000 |
| Next 12 months | 30,000,000 | 360,000,000 |
| Next 12 months | 15,000,000 | 180,000,000 |
| 2,700,000,000 |
Notes:
[1] The first contribution under the new schedule shall be 2023 April 20th, in replacement of the contribution under the old model.
Analysis and Commentary
Fixed-Schedule Contribution
The existing Bybit Contribution depends on the dynamic trading volume. Modifying this to a fixed schedule brings the following benefits:
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Focus $BIT tokenomics on BitDAO initiatives such as the development and adoption of core $BIT products (e.g. Mantle), instead of Bybit performance.
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Focus BitDAO on products and user growth, instead of treasury growth.
- While treasury resources are critical for development and longevity, BitDAO prosperity is primarily accelerated and sustainable through product and user adoption.
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Decouple the economic and legal exposures of BitDAO and Bybit.
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Reduce the likelihood of $BIT being viewed as a “Centralized Exchange Token” or “Bybit Token”.
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Reduce risk from future regulations around Centralized Exchange Tokens.
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Pave the way for $BIT to be listed on other centralized exchanges (which may view Bybit as a competitor).
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Increase the predictability of $BIT tokenomics.
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More predictable $BIT circulating supply.
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Easier to benchmark $BIT to other tokens.
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Improve the decentralization of $BIT holdings and governance.
- Each future contribution tranche furthers the decentralization of $BIT holdings, from Bybit-owned to community-owned-and-distributed via the BitDAO Treasury.
Bybit’s Support for BitDAO Products
Bybit has contributed more than $600M USDC/USDT and 177k ETH to the BitDAO treasury (see Treasury Monitor Analytics). This level of resources is sufficient to support the development of BitDAO products. There is a high standard for approving new initiatives, as we should ensure deployment of BitDAO resources has a direct impact on long-term BitDAO prosperity.
That being said, Bybit remains an important sponsor and partner to the BitDAO community. BitDAO will continue to partner with Bybit in terms of technology development and product adoption, particularly in the areas of product ideation, bootstrapping product development, $BIT integration, user integration, and product distribution. We believe such support will create more value for the BitDAO community.
As an example, the early stages of Mantle development was funded by Bybit until the recent Mantle budget proposal under BitDAO. Mantle will use $BIT as native token (versus having its own token), and be BitDAO governed and accountable (see BIP-19 Budget Proposal, Mantle Ecofund Proposal, and Mantle zkEVM Discussions).
After completion of the 2.7B $BIT fixed-schedule contribution, Bybit will likely remain the largest holder of $BIT and be incentivized in BitDAO’s success (see wallet holdings).
Tokenomic Impact
The resultant supply impact of this proposal is that the circulating supply of $BIT (defined as outside of the BitDAO Treasury and Burn address) will be reduced from approximately 6.0 bln units (3.3bln treasury, 0.7 bln burned) to 3.3 bln units (6.0 bln treasury, 0.7 bln burned). This represents a 1.8x boost of BitDAO economics and governance voting power for all existing $BIT holders.
Note: the circulating supply of $BIT will be increased from any distributions and issuance from BitDAO Treasury (approved by future BIPs), and decreased via any approved burn, $BIT token sinks designed into core products, or BIT purchase programs.
目的
自 BitDAO 于 2021 年 7 月推出以来，我们探索了各种策略，并从社区反馈、价格表现和对其他加密项目的观察中获得了数据点。为了优化 BitDAO 在动态加密行业中的长期繁荣和竞争力，我们必须定期审查 BitDAO 结构。
该提案旨在解决从反馈和观察中产生的以下关键问题：
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BitDAO 战略和叙述缺乏重点——社区支持了各种倡议和试点项目，包括：最初和正在进行的 Bybit 贡献、风险投资、广泛的授权生态系统倡议，以及由 Mantle 和领导的核心产品开发各种临时项目。 这种多策略方法缺乏竞争优势，BitDAO 更倾向于寻找自己的长期愿景，明确战略和资源重点。
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$BIT 流通盘的不可预测性（由于动态的 Bybit 贡献）。
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$BIT代币持有集中度。
本提案旨在通过对现有机制的简单调整，初步解决上述问题。 预期结果是：关注产品和用户增长（而不是资金增长）； 专注于 BitDAO 计划而不是 Bybit； 提高了 $BIT 代币组学的稳定性和可预测性； $BIT 持有和治理的去中心化。
提案
通过对该提案投“是”票，您赞成：
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在 48 个月内将 Bybit 贡献从动态交易所挂钩金额修改为固定时间表金额，从每月 1.2 亿 $BIT 开始，每 12 个月减半（总计 2.7B 单位）。
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将Bybit贡献的$BIT保留在BitDAO金库中，而不是立即销毁。 销毁可以通过随后的 BitDAO 提案重新启动。
New Bybit Contribution Schedule
| Period | $BIT per Month | Total $BIT tokens |
|---|---|---|
| First 12 months [1] | 120,000,000 | 1,440,000,000 |
| Next 12 months | 60,000,000 | 720,000,000 |
| Next 12 months | 30,000,000 | 360,000,000 |
| Next 12 months | 15,000,000 | 180,000,000 |
| 2,700,000,000 |
分析与评论
固定时间表贡献
现有的Bybit贡献度取决于动态交易量。 将其修改为固定时间表会带来以下好处：
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将 $BIT 代币经济学重点放在 BitDAO 计划上，例如核心 $BIT 产品（例如 Mantle）的开发和采用，而不是 Bybit 交易业绩。
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将 BitDAO 的重点放在产品和用户增长上，而不是资金增长上。
- 虽然资金资源对于发展和生命周期至关重要，但 BitDAO 的繁荣主要是通过产品和用户采用来加速和可持续的。
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区隔 BitDAO 和 Bybit 的经济和法律风险。
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降低 $BIT 被视为“中心化交易所代币”或“Bybit 代币”的可能性。
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降低未来围绕中心化交易所代币的法规带来的风险。
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为 $BIT 在其他中心化交易所（可能将 Bybit 视为竞争对手）上市铺平道路。
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增加 $BIT 代币经济的可预测性。
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更可预测的 $BIT 流通盘。
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更容易将 $BIT 与其他代币进行基准测试。
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提高 $BIT 持有和治理的去中心化程度。
- 未来的每一笔捐款都进一步推动了 $BIT 持有的去中心化，从 Bybit 拥有到社区拥有并通过 BitDAO Treasury 分配
Bybit对BitDAO产品的支持
Bybit 已向 BitDAO 金库贡献了超过 $600M的 USDC/USDT 和 177k ETH（参见 Treasury Monitor Analytics）。这个级别的资源足以支持BitDAO产品的开发。 批准新举措的标准很高，因为我们应该确保 BitDAO 资源的部署对 BitDAO 的长期繁荣有直接影响。
尽管如此，Bybit 仍然是 BitDAO 社区的重要赞助商和合作伙伴。 BitDAO 将继续在技术开发和产品采用方面与 Bybit 合作，特别是在产品构思、引导产品开发、$BIT 集成、用户集成和产品分发等领域。 我们相信这样的支持将为 BitDAO 社区创造更多价值。
例如，Mantle 开发的早期阶段由 Bybit 资助，直到最近 BitDAO 下的 Mantle 预算提案。 Mantle 将使用 $BIT 作为原生代币（相对于拥有自己的代币），并接受 BitDAO 的管理和问责（参见 BIP-19 预算提案、Mantle EcoFund 提案、和 Mantle zkEVM 讨论）。
在完成 2.7B $BIT 固定时间表贡献后，Bybit 可能仍然是 $BIT 的最大持有者，并受益于 BitDAO 的成功，并因而受到激励（参见钱包持有量) 。
代币经济影响
该提案的最终供应影响是 $BIT 的流通盘（定义为 BitDAO 金库和销毁地址之外）将从大约 60 亿单位减少到 33 亿单位。 这代表所有现有 $BIT 持有者的 BitDAO 经济和治理投票权提高了 1.8 倍。 注意：$BIT 的流通盘将从 BitDAO Treasury（由未来 BIPs 批准）的任何分配和发行中增加，并通过任何批准的销毁、设计到核心产品中的 $BIT 代币汇或 BIT 购买计划减少。
