[PASSED] BIP-20: Adjustments to Bybit Contributions to the BitDAO Treasury to Improve Tokenomics, Project Focus, and Decentralization

The suggestion above is that we are completely separate from bybit, and will lose the ability to use $BIT for launchpad and launchpool purposes… get users.

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  • Invest in something meaningful like PleasrDAO.
  • Let what’s good, then do better - suggest more useful problems for BitDao.
  • If you want Bybit to change from burning every month exactly, it must be more than 120m BIT a lot to a smaller number from 120m Bit. Why not just go straight to BitDao once. After a few months, it changed again.

I think you got misunderstood to this discussion actually, Bybit never said that want to separate with BitDAO, the reason why this discussion come out is that Bybit might contain more than 50% voting power to BitDAO and that is an issue which Bybit can control the entire BitDAO, so the halving system able to reduce the power from Bybit and also provide more voting power to retailer and new users, which is more friendly to the outsider, and even halving system ended, Bybit might still hold 3.2b $BIT

and will also become the largest holder in BitDAO, so there is no point to worry about Bybit whether want to leave BitDAO or not.

Try to imagine that you invest over a hundred million in a DAO and you want to leave without any revenue received, is it a good deal to the investor itself? If Bybit wants to leave BitDAO the best choice is to OTC all their BIT or sell to the market, but they don’t do it.

BITDAO WILL BECOME MORE DECENTRALIZED AS MOST OF THE VOTING POWER IS SEPARATELY REASONABLE.

Because burning relies on Bybit’s daily trading volume, try to imagine we getting bulls run but the Bit price still maintains that the portion of burning is very high, maybe they are afraid of losing all BIT and changing another measurement on Bybit Contribution. :grinning: :grinning:

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  • When the volume of transactions is large, they use the fees collected to buy more BIT - if they still want to keep a large amount - the bit value will increase. Here they only sell, not buy.
  • That is, they use the CONTRIBUTION by buying BIT in the market. True value will be increased. Here they just burn their BIT.
  • And they don’t burn enough compared to the announcement on BitDAO
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FYI

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My comments will be deleted soon. Because they won’t like the truth :sweat_smile:

Actually keep your comment here, everyone should be have their voice out their concern.

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[BIP-20] Adjustments to Bybit Contributions to the BitDAO Treasury to Improve Tokenomics, Project Focus, and Decentralization

Vote here:

https://snapshot.org/#/bitdao.eth/proposal/0x6ebdd692948cb84ef2f1855718ffd4aa6421c092a656825870f70b2c27485040

No need to vote to get the results :rofl:

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I dont think it is necessary by the moment to implement it

I support such a proposal


Bybit saved over 60 million BIT. Should have voted this month for next month. If you don’t burn it, bybit should give all 180 million Bits to BITDAO

I’m not sure what you try to bring up…

FYI, the contribution from burning become halving (would might continue to burn if needed). Mean bybit will keep contribute their portion to bitDAO treasury, those portion might use for burn (may voting decide in future), or use for mantle network ecosystem building. So what’s mean by bybit saved over 60million BIT?

Absolutely yes. This is a good one.

That is: instead of bybit will burn 186 million BIT of March, now bybit will only contribute to BITDAO 120 million. And so Bybit will never have to buy BIT outside and still have 65m/month left after each unlocking period. Then this decision will also be changed by many BIT holders (Bybit) in their favor. What everyone knows…So I think this month, if bybit plays well, bybit will pay 186 million BIT to BITDAO. KKK
Thank you Bybit for dedicating to BITDAO!

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we knew that in bear market burning mechanism can’t work on price impact, so bybit decide to contribute based on halving mode to treasury which is good because the portion in treasury getting more and more, and those bit can used for Mantle ecosystem building for each project, other than that, it will also reduce the centralised power from bybit to bitdao, so overrall the decision is good and perfect,

Seem burning doesn’t work to bitDAO, we should focus more on Mantle Network that would have high probability to bring more adoption to bitDAO, at that time burning is not suitable anymore because demand is high !

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BIP-20 has passed, with 253M BIT voting “Yes” and 1.1M BIT voting “No”.

With the passing of BIP-20, the following actions will be taken:

  • Modify the Bybit contribution from a dynamic exchange-linked-amount to a fixed-schedule-amount.
  • Retain the Bybit contribution $BIT in the BitDAO Treasury instead of immediately burning.

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.

This discussion will be moved to the archive category within the next seven days. The proposal vote will remain accessible on Snapshot.

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arjunkalsy,

Contributions received from Bybit also contributed more than the first New Bybit Contribution Schedule in the bear market.
If burning causes a value-destroying problem, we can move $BIT to a bitdao wallet without burning it, or we can change it to a bitdao wallet with another form of coin.
Why do we need to change contributions even though Bear Market received more contributions from Bybit than New Bybit Contribution?
As the price increases, so does the $BIT that is transferred to the bitdao wallet.

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Great proposal! I fully support the idea of focusing on product development and user growth, as well as the proposed changes in $BIT tokenomics. Modifying the Bybit Contribution from a dynamic exchange-linked-amount to a fixed-schedule-amount and increasing the stability and predictability of $BIT will undoubtedly contribute to the decentralization and strengthening of the BitDAO community. I believe that transitioning to a fixed-schedule contribution, reducing the likelihood of $BIT being viewed as a “Centralized Exchange Token,” and paving the way for its listing on other centralized exchanges will make BitDAO even stronger. Let’s work together to boost BitDAO’s long-term prosperity and competitiveness!