Can BitDAO Be Compatible With Heco?

BitDAO

There is an interesting DAO that just appeared in 2021, BitDAO.

BitDAO is a DAO controlled by BIT token holders. It is not a company and has no management team or employees. Any individual, development team or R&D lab can propose upgrades, token trading and partnerships for BitDAO. The BIT token holders will vote on whether to approve or reject these proposals.

BitDAO’s development goals are threefold: first, to establish an R&D center to develop BitDAO’s core protocols (governance and fund management), develop BitDAO DeFi products, and provide incubation services for emerging DeFi projects. Second, BitDAO will control one of the largest pools of assets that can be used to provide liquidity to partner agreements. BitDAO can bootstrap new agreements such as DEX, lending, and synthetic. Third, BitDAO will support blockchain technology through grants (e.g., through Gitcoin) and support DeFi projects through token trading.

BitDAO completed a private placement in June 2021 from a total funding of $230 million and started a crowdfunding auction at SushiSwap’s MISO on the evening of August 16 of the same year. In just 50 minutes, BitDAO had raised 74,000 ETH and 850,000 SUSHI, or approximately $250 million, with nearly 6,100 participants.

BitDAO has gone hot thanks to the contribution of Bybit, a derivatives exchange. Bybit has pledged to contribute 0.025% of its futures contract trading volume to the BitDAO treasury regularly, and according to BitDAO’s official estimation that value will exceed $1 billion per year.

Can BitDAO break the DAO curse?

Will BitDAO become the largest DAO ever, or just another “semi” DAO (semi-decentralized)? There are no official moves yet, so this question is still a mystery. But as I see it, BitDAO is backed by giant exchange and loved by virtual currency enthusiasts, so it is expected to be the hottest DAO in finance in 2022.

Users on Heco can issue a DAO as long as based on same token. And BIT issued by BitDAO is based on Ethereum so it’s not compatible with Heco.

Risk warning: please readers to comply with the laws and regulations in your area, the above content is not as investment advice!

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