Establishment of BitDAO’s Layer 1 (L1) Proposed by BitDAO Development Team Headed by Bybit

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Today, Ben Zhou, CEO of Bybit, one of the world’s fastest-growing crypto exchanges, made a soft proposal on BitDAO’s official Discourse forum for establishing BitDAO’s Layer 1 (L1) infrastructure via a variety of Web 3 sectors.

Using BitDAO’s native token $BIT, the proposal aims to create a new L1 blockchain that can be used to access a variety of high-value opportunities throughout the web3. Several autonomous organizations are working with BitDAO in many sectors, including gaming with Game7, Ethereum scaling with zkDAO, blockchain education with EduDAO, art curation and collection with PleasrDAO, and product labs and treasury management strategies, among others.

On the heels of BitDAO’s mission to help decentralized economy builders, Zhou urged the community and others interested in research and development activities to join the conversation in the Discourse forum or by emailing [email protected]. BitDAO might support the research and development entity in the near future if BitDAO prefers similar EVM initiatives that use $BIT.

Zhou said:

“This proposal aims to open new avenues for high-value collaborations generated from ground-up demand and support, which is true to BitDAO’s mandate. Bybit supports BitDAO’s vision in being a changemaker for all changemakers. In collaboration with BitDAO and its community, we look forward to propelling the mass adoption of open finance to greater heights and shaping the future of the industry.”

One of the most prominent decentralized treasuries in the world, BitDAO has aspired to promote the potential of DAOs through a tokenized governance structure since its establishment. Bybit has agreed to contribute 2.5bps of its futures contracts trading volume to the BitDAO treasury as an early proponent of BitDAO. BitDAO’s recurrent donations from Bybit will rise in tandem with the cryptocurrency sector as a whole and with Bybit’s operations.

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