About

BitDAO, now Mantle Network, is a DAO which endeavors to support the growth of open finance and develop decentralized, tokenized economies. Launched through and with Bybit, a derivatives exchange based out of Singapore, BitDAO deploys capital in tranches from its treasury to fund long-term projects such as art, R&D, venture, events, grants, education and more.

History

BitDAO launched on August 3rd, 2021 with significant investment and credible backers to include Peter Thiel, Founders Fund, Bybit, Pantera, Spartan Fund, Sushiswap, Polygon, and Dragonfly Capital amongst many others. The DAO launched with a large view goal to build an entire economy of decentralized assets, technologies, and organizations through supporting builders executing a very wide range of ideas and experiments. BitDAO would accomplish these goals through partnering with specialized autonomous entites, partner with existing projects through token swaps, and avoid bottlenecking of decisions by limiting governance to mandate and funding approval. In essence, BitDAO aims to be an investment vehicle for other decentralized products and services and their successes will further continue BitDAO's flywheel for growth.

Shortly after BitDAO was announced, the $BIT governance token launched through a Dutch Auction on MISO, a launchpad for new projects on SushiSwap. A fixed supply of 10B $BIT tokens was launched: 60% reserved for Bybit (45% on a vesting schedule), 30% for the BitDAO treasury, 5% for launch partners, and 5% allocated through a private sale. Sushiswap's DAO was the first to partner with BitDAO and provided technical support for governance and treasury operations and in turn, they were allocated 2.6% of the supply. the currently is mostly composed of $BIT and ETH with a goal to slowly diversify through token swaps.