BitDAO (BIT) is a collective of builders and stakeholders that build Web3 ecosystems and Autonomous Entities (AEs).
The BitDAO is a decentralized autonomous organization (DAO) that operates a treasury that finances the construction of Web3 ecosystems and Autonomous Entities. BitDAO also administers and operates the collective.
They claim the BitDAO Treasury held $1.405 billion in cryptocurrencies and other tokens on 22 August 2022. In particular, BitDAO held $484.883 million worth of BitDAO (BIT), $406.063 million in Ethereum (ETH), $238.710 million in USD Coin (USDC), $152.119 million in Tether USD (USDT), $91.379 million in FTT (FTT), $10.859 million in Wrapped Ether (Univ3 LP WETH), $6.5 million in PleasrDAO (PEEPS), and $3.281 million in SushiBar (xSUSHI) on 22 August 2022.
Contributions from Bybit, partner labs, and autonomous entities finance the BitDAO Treasury.
Autonomous Entities and BitDAO
They claim BitDAO distributed over $638 million to Autonomous Entities and cryptocurrency developers as of 22 August 2022. Autonomous Entities are decentralized apps (dApps) or platforms that they purpose build to achieve goals or facilitate an activity such as a game.
Autonomous Entities BitDAO is backing include Game7, zkDAO, EduDAO, and PleasrDAO. Game7 has $500 million in funding to support crypto gaming, zkDAO has $200 million to support the development of ZK rollups, EduDAO has $33 million to incubate and finance blockchain innovation at universities, and PleasrDAO has received $6.5 million finance solutions for NFT collectors and digital artists.
They claim BIT holders get a stake in the growth of BitDAO and the AEs it supports. BitDAO (BIT) holders vote on the allocation of treasury funds. Users can submit proposals to the BitDAO forum and vote on proposals on the BitDAO Governance Module.
Notable BitDAO token holders and voters include: Bybit, Pantera Capital, Dragonfly Capital, Spartan Group, Alameda Research, Mirana Ventures, Windranger Labs, Pentagon Labs, Game7 Labs, and Davion Labs.
BitDAO users can partner with a lab, or found their own Autonomous Entities. There is a fixed supply of 10 billion BIT Tokens.
What Value does BitDAO (BIT) Offer?
itDAO (BIT) was CoinMarketCap’s 15th most trending cryptocurrency on 20 August 2022.
Conversely, BitDAO was CoinMarketCap’s 210th ranked cryptocurrency with a 47.7₵ Coin Price on 22 August 2022. CoinMarketCap gave BitDAO a $983.085 million Market Capitalization, a $4.770 billion Fully Diluted Market Cap, and a $67.805 million 24-Hour Market Volume on 22 August 2022. They base those numbers on a Circulating Supply of 2.068 billion BIT, a 10 billion BIT Maximum Supply, and a 10 Billion BIT Total Supply.
In contrast, CoinBase gave BitDAO a 48₵ Coin Price, a $982.5 million Market Cap, and a $68 million 24-Hour Market Volume on 22 August 2022. They base those numbers on a Circulating Supply of 2.1 billion BIT. BitDAO was CoinBase’s 37th most popular cryptocurrency on 22 August 2022. CoinBase gave BitDAO an all-time high Coin Price of $3.64.
I think BitDAO is an interesting DAO because it has $1.405 billion in its treasury and can disperse $638 million worth of venture capital. If you are looking for an interesting speculative investment in blockchain and Web3 venture capital, I think BitDAO is worth examining.
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