[DISCUSSION] BitDAO L1 Infrastructure

Background

BitDAO is expanding through a range of web3 verticals, such as: gaming with Game7, Eth Scaling with zkDAO, student bodies with EduDAO, arts with PleasrDAO, product labs, venture, and treasury management strategies. More details at: https://docs.bitdao.io/.

Opportunity

A high value area that has not yet been explored is an infrastructure / layer 1 opportunity.

Preferences

  • EVM equivalent
  • Uses $BIT as native token

Optimized for

  • High throughput EVM dApps such as derivatives Dexs, and gaming; and/or
  • DAO operations, participation, and tokenomics; and/or
  • Bridging

What’s Next

  • Invitation to the community for participation of ideas, and contributors who want to join the research and development effort
  • R&D entity to be funded by BitDAO in the future
  • Open to working with existing projects

How to Get Involved

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This is going to be huge. Bybit could copy the success of binance.

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Awww Don’t say copy, we have our own success also hahaa

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I am Mog from Multichain Team. We would love to join the BitDao Chain initiative as one of interoperable layer that help connecting with more than 50 evm chain/non-evm chain.
Few things about Multichain:
Multichain: TVL and stats - DefiLlama
Exited to work/collab with BitDAO to realize L1 vision !

3 Likes

great idea!

kick off dydx

just do it

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BitDao moving towards a bright future, step by step!

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Wow, This really is a big and great idea. And coming from you ,I think if passed could be executed nicely.

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This proposal is what I’ve been waiting for because it will have a long term use for the $BIT token.

If this is done. How to deal with safety, speed, gas cost? Because all of these are problems that are still being experienced by L1

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Will you cooperate with zkDAO to transfer to L2 in the future?

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Would love to look at different consensus mechanisms that could effectively redefine how DAOs work too.

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Finally, we see that bitdao is going to create a public chain, and it is hopeful to enter the next round of finals. I am very happy

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Great to see another potential use for $BIT, which if it pans out could be pretty huge for the long term holders.

Infrastructure does tend to take a while to be delivered (usually measured in years), although as we seem to be in a crypto winter within a broad bear market …meaning this may be a really good time to try this, as it should be line up (live in production) before the next crypto summer :thinking:

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That’s a really good idea. Let’s proceed with this proposal right away!

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If you want to build BitDao L1, i think the best chooise is to build using Cosmos SDK (as Binance did for $BNB) because:

•Easy way to build a L1 blockchain
•Proof of Stake
•Secured by Cosmos hub (using interchain Security)
•$BIT as Blockchain token (you can stake and governance)
•full control of the blockchain
•fast and near to 0 fee
•EVM and CosmWasm compatible

Cosmos Network has a over 251 apps and chains connected: you can connect with the entire ecosystem using IBC. A lot of dapps are migrating in Cosmos (recently, dydx announced it).

Cosmos Network has over 51B value in, and is growing fast. Nowadays is the 2° network (just after Ethereum!)

I think that build BitDao in Cosmos could give a huge benefit, because you can expand your business through it. BnB is not connect with IBC, i think that if you do this instead, you can gain an advantage.

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Personally i’m not a cosmos dev, but i’ll do everything i can to help you and get in touch with devs :slight_smile: . I really like Cosmos Network: im in crypto’s since 4 years and during this time a used few times Ethereum and is dapps (to much fees), while i’m daily involved in Cosmos. You can bring a lot of value in this network and vice versa. It could be a game changer!

1 Like

That’s a really good idea. Let’s proceed with this proposal right away!

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@Ben.Zhou since you have mentioned derivatives Dexs and dApps, Here is an idea can be used for yield strategies, derivatives Dexs and dApps.

For example:
Create Optimized liquidity pool and tranfer governance power to the LP instead of Bit token.

USDC / USDT / ETH / Bit = veBit ( will have Gov power )
20% / 20% / 20% / 40% = 100% veBit ( you can give any name on the LP )

veBit can be staked for 5% to 10% APR ( can be more or fixed rate )
An oracle can be created for generating yield by ( releasing or not releasing ) certain amount or % of bit token in the market if the price reaches the target for stable coin.
Out of generating funds 50% can be allocated to the existing liquidity pool and 50% can be added to the LP stakers rewards + the market makers fees ofc. you can implement minimum lockup period for 3 months, 6 months and 1 year or more.

This strategy will make sure long term strategic goals and will help build bit treasury.stronger. Plus I like the idea of build eco-system around bitDAO. It will greatly improve perticipation of creators + devs + communities.

Do ask questions If anyone is unsure about my strategies. :slight_smile:

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With so many EVM compatible L1s nowadays, is there anything that the BitDAO L1 can do to be special?

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Actually, I am thinking to play a plan bigger than this. Why not build an L1 reference with the elastic of Avalanche subnet with the bigger vision for Game products and DEXs services? And reference the advantage of Cosmos SDK for its convenience for bridging.

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Some ideas drop in here. (0-7)

  • 0/ That’s one small step for $bit, one giant leap for #BitDAO universes. :BIT: :airplane: :rocket: :full_moon:

  • 1/ so, is there any more elaborate plan for the L1? Do we have a rough prototype yet, or it is still on the suggestion step?

  • 2/ Will Ben take place an AMA recently, if yes, when?

  • 3/ Would it prefer to be a POS chain more than a POW chain? (I suggestion it will be POS only) But if it is using POS, how we handle the decentralize issues, as we have Top 1,000 holders (From a total of 17,741 holders) but the Top 10 holder occupy 95.89% of Bit token.

  • 4/ Based on the bold predictions and observations, the future web3 world will be the Ethereum plus multi-chain ecology. What kind of consensus will bit chain prefer? the snowman like Avalanche with subnet; the cosmos SDK; or the Parallel chain like BNC.

  • 5/ Personally, a combination of Avalanche subnet with Cosmos SDK would be a game-changer. As we can not only take advantage of the elastic of Subnet but also exploit the bridging mechanism from Cosmos.

  • 6/ The bitdao multi-subdao Structure would be a good fit to subnet, owning several game subnet for game7; on-chain Dexs for leverage borrowing, and derivatives; DAOs operations, and participation.

  • 7/ more discussion and idea…

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