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Bybit Issues Soft Proposal to Establish BitDAO’s L1 Infrastructure

Bybit, a cryptocurrency exchange, has announced today the introduction of a “soft proposal” for the construction of BitDAO’s Layer 1 (L1) infrastructure across a variety of web3 verticals. Bybit CEO, Ben Zhou, made the announcement on BitDAO’s official Discourse forum. Using BitDAO’s native currency $BIT, the proposal proposes to create a new L1 blockchain that can be used to access a variety of high-value opportunities across the web3. Zhou urged the community and other interested entities to join actively in the conversation and research and development activities in the Discourse forum or by email.

Bybit’s plans and the place of BitDAO in its growth plans

As of now, BitDAO is working with autonomous entities in a wide range of sectors, including financial services. Gaming with Game7, Ethereum scaling with zkDAO, blockchain education with EduDAO, and art curation and collection with PleasrDAO are among the areas of focus. Additionally, there are a variety of product development facilities and financial management strategies. Also, the proposal proposes to have BitDAO fund the research and development entity in the near future, with a preference for EVM similar initiatives that use $BIT.

Using a tokenized governance structure, BitDAO strives to enhance the potential of distributed autonomous organizations (DAOs). As an early supporter of BitDAO, Bybit has committed to making a financial contribution to the BitDAO treasury equal to 2.5 basis points (bps) of the trading volume of its futures contracts.

Zhou had this to say about the proposal:

“This proposal aims to open new avenues for high-value collaborations generated from ground-up demand and support, which is true to BitDAO’s mandate.” 

He added the BitDAO community will help Bybit take open finance to new heights and shape the industry’s long-term direction. DAOs are central to the growth and development of the cryptosphere. They help create strong foundations for the sustainable management of projects.