Questions and answers about BitDAO and Bybit: How are tokens distributed? What is the future trend?
Wu Said Author: Colin Wu
On the 16th, BitDAO conducted a public offering on SUSHI, and the amount exceeded 230 million US dollars in just 20 minutes. The amount of 112,000 ETH quickly reached the target, exceeding 360 million US dollars. In addition to the current fundraising of SUSHI, which is about 23 million US dollars, the final total may be It will exceed 400 million US dollars, a total of 200 million BIT. The IDO public offering amount is about 2U, but there are rewards from the beginning to the end. The earliest cost price is about 1.5U, and the market price is currently between 1.6-1.9U.
60% will be allocated to BitDAO to establish a research and development center to support BitDAO and support Bybit growth (which in turn, can help BitDAO treasury grow). Among them, 15% of the token supply can be used immediately, and the remaining 45% of the token supply will be locked for 1 year and gradually released within 2 years after the lock-up period ends.
30% will be held by treasury to facilitate ecosystem swaps
5% will be distributed through private sales
5% will be given as a reward to initial partners at project launch
60% will be allocated to BitDAO to establish a research and development center to support BitDAO and support Bybit growth (which in turn, can help BitDAO treasury grow). Among them, 15% of the token supply can be used immediately, and the remaining 45% of the token supply will be locked for 1 year and gradually released within 2 years after the lock-up period ends.
(Bybit has promised to contribute 0.025% of its futures contract trading volume revenue to BitDAO’s treasury. Based on the revenue from January to May this year as a reference, it is expected to exceed 1 billion US dollars per year)
Second, we can understand that BitDAO is the platform token of Bybit, a derivatives exchange. The above-mentioned 100% tokens belonged to Bybit at the earliest.
Sushi provided technical services for it, so it won 500 million of the 5% that "will be provided as rewards to the initial partners at the time of project launch". This time, 240 million were used for this public sale.
On June 6, BitDAO announced the completion of $230 million in financing, led by Peter Thiel, Founders Fund, Pantera Capital, and Dragonfly Capital.
This means that Bybit has conducted a private round of sales with 5% of the "private sale allocation", and will start unlocking on October 15th. According to market rumors, the price of private placement is 0.9U-1.2U. Well that part might not be completely sold out.
In addition, Bybit employees began to receive BIT as a bonus at a price of about US$1, which may be given in the above-mentioned 60% or 5% part.
Third, the outside world may be temporarily disappointed with BIT for the IDO, which is often times or even dozens of times. After the online transaction, the price has been hovering on the verge of breaking or not breaking. There are several reasons for this:
1: Bybit’s own spot function is weak. Although the Huobi team is currently developing intensively, there is still a long way to go to catch up with other exchanges. BIT’s spot transactions still need to rely on other exchanges.
Two: Bybit is currently large in size and is under the strict scrutiny of regulatory authorities in various countries, so it pays special attention to compliance. In addition, the transparency of "DAO" is required, and expenditures need to be disclosed. Obviously, it is impossible to pull offers.
Three: The key to the future of BIT is whether Bybit can refer to Binance to reduce or exempt some of the handling fees for users who hold BIT. This may be difficult as Bybit already donates half of its fee profits to BitDAO. The second is that one of the most important tasks of BitDAO is to create a decentralized Bybit and other ecological projects. BIT may become the basic Token and be used to pay service fees, etc., resulting in increased demand. This may be a more reasonable path.
According to the "Risk Reminder on Preventing Illegal Fundraising in the Name of "Virtual Currency" and "Blockchain" issued by the China Banking and Insurance Regulatory Commission and other five departments, readers are requested to abide by the laws and regulations of the region where they are located. The content of this article does not endorse any promotion of business and investment activities. , Investors are asked to raise awareness of risk prevention. Wu said that the content published on the blockchain is prohibited from being reproduced, copied, etc. without permission, and those who violate it will be held legally accountable.
read more
risk warning
According to the "Risk Reminder on Preventing Illegal Fundraising in the Name of "Virtual Currency" and "Blockchain" issued by the China Banking and Insurance Regulatory Commission and other five departments, readers are requested to abide by the laws and regulations of the region where they are located. The content of this article does not endorse any promotion of business and investment activities. , Investors are asked to raise awareness of risk prevention. Wu said that the content published on the blockchain is prohibited from being reproduced, copied, etc. without permission, and those who violate it will be held legally accountable.
