BitDAO is the DAO that is shaking up the venture capital funding world. The DAO is supporting open finance and decentralized tokenized economy to make funding processes smoother. It is currently the world’s largest DAO-directed treasury with billions of dollars in existing assets and forecasted contributions.
The DAO supports builders of the decentralized tokenized economy, with proposals voted on by BIT holders across the ecosystem. It does this through strategic investment in autonomous entities, creating and partnering with them. It differs greatly from other DAOs as BitDAO has a diverse portfolio and takes tons of organization for a project to receive funding.
BitDAO Puts Hundreds Of Millions In Funding
So far, over $633 million has already been allocated to projects. zkDAO is the latest to benefit from this, with $200 million allocated to the DAO. The funding goes toward zkSync, an Ethereum Layer 2 scaling solution that promotes the scalability of the network. It is utilized by decentralized apps (DApps), tools, exchanges, and others on the leading smart contract platform. zkSync will provide a scaling solution and tools for BitDAO, which can be utilized by other DAOs as well.
BitDAO’s $200 million commitment to zkDAO will be spread across various crypto assets in tranches, the first of which will be a $40 million tranche based on the project’s performance and governance vote by the BitDAO community.
BitDAO currently has $2.5 billion in its treasury and is always on the hunt for new proposals. All of the funds in its treasury go towards propelling the right projects to rise to the top. It is building the future of finance one protocol at a time. Its diverse communities feature individuals and communities from all walks of life taking the opportunity to contribute to the success of their favorite projects.
Participating With BIT
BIT is the native token of BitDAO which acts as the utility token of the ecosystem. Holding BIT tokens allows users to participate in voting and governance in the BitDAO ecosystem. BitDAO’s treasury is aimed at allocating funds to projects that will bring about more growth for the decentralized finance (DeFi) ecosystem but these fundings have to be approved by the BitDAO community before they can move forward.
BitDAO will also sometimes provide funds to BitDAO contributors to go towards the development of bespoke government modules, community management initiatives, and/or a future BitDAO foundation. BIT holders help to shape the future of BitDAO by staking and voting on governance proposals.
All of the projects funded by BitDAO are part-owned by the DAO, and by extension, part-owned by the community members who vote on the projects. This means that BIT holders are able to profit and realize returns on all of the DAO’s investments and partnerships.
To learn more, visit https://www.bitdao.io/
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