BitDAO Releases Proposal For BIT Purchase Program Open For Voting

Key Points:

• The BitDAO community has opened voting on a proposal for a BIT purchase program as part of its strategic plan for DAO deployment. The proposal suggests setting the Target Daily Purchase Amount (TDPA) at 2 million USDT per day starting January 1, 2023, for 50 days.

• The post-BIT purchase, the BitDAO Treasury will still hold $300 million USDT/USDC and 270,000 ETH (about $345 million), which should be sufficient to cover over 5 years of BIT product development.

As part of its strategic strategy for DAO deployment, the BitDAO community has opened voting on a proposal for a BIT purchasing program.

The Target Daily Purchase Amount (TDPA) is proposed to be set at $2 million USDT every day beginning January 1, 2023, for a period of 50 days (a total of $100 million USDT).

Similar to traditional corporations, when there are few options for deployment, excess capital may be distributed to token holders or repurchased from them. Apart from the objectives and risk tolerance of the DAO, token holders have varied risk appetites and possibilities that they might pursue with their own funds.

BitDAO, on the other hand, is an investment DAO that aspires to provide funds to encourage Web3-based research and development. The DAO has also started working on its own initiatives, and in 2023 it intends to introduce the Mantle Ethereum Layer 2 network.

Mantle is envisaged to be one of these BIT core products. Mantle is a Layer 2 Ethereum network that offers minimal fees and great security thanks to a modular design. Mantle offers a protocol that promotes dApp adoption and mass user acquisition, as well as better results for marketing and growth initiatives.

Following the purchase of BIT, the BitDAO Treasury will continue to hold $300 million USDT/USDC and 270,000 ETH (about $345 million), which should be enough to fund the development of BIT products for at least five years.

The value of the reserves held by DAOs, whose native tokens make up the majority of their treasuries, has suffered significantly this year. This is due to the fact that the price of these tokens has decreased during 2022, along with that of the whole crypto market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News