{"id":18787,"date":"2023-03-16T11:53:42","date_gmt":"2023-03-16T11:53:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bit-price-flat-as-bitdao-seeks-to-change-bybits-contributions-to-treasury\/"},"modified":"2023-03-16T11:53:42","modified_gmt":"2023-03-16T11:53:42","slug":"bit-price-flat-as-bitdao-seeks-to-change-bybits-contributions-to-treasury","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bit-price-flat-as-bitdao-seeks-to-change-bybits-contributions-to-treasury\/","title":{"rendered":"BIT price flat as BitDAO seeks to change Bybit\u2019s contributions to treasury"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
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BitDAO\u2019s BIT price was little changed on Thursday after the developers unveiled a new proposal for adjusting Bybit\u2019s contributions to its treasury. The goal of this proposal will be to improve the token\u2019s tokenomics and lead to more decentralization.\u00a0<\/p>\n

BitDAO proposes new Bybit contribution mechanism<\/h2>\n

In a statement, BitDAO, one of the biggest decentralized autonomous organizations (DAO), said that a core contributor had submitted a key proposal that will change its tokenomics. The proposal primarily targets the contributions made to Bybit, one of the biggest cryptocurrency companies in the industry.\u00a0<\/p>\n

The main part for the new adjustment will be to modify the Bybit contributions from a dynamic exchange-linked amount to a fixed scheduled amount for over 4 years. The schedule will start at 120 million BIT per month. To boost its tokenomics, the amount will halve every year.\u00a0<\/p>\n

Further, the new changes will help to retain Bybit\u2019s contributions in the community instead of burning them. Burning is a process of removing tokens from circulation by locking them in an unopenable or inaccessible account.\u00a0<\/p>\n

Why this upgrade matters<\/h2>\n

The upgrade will have numerous outcomes. For one, it will help to increase the stability and predictability of BIT\u2019s tokenomics. This will happen by having a clean schedule of Bybit\u2019s activities going forward. Further, it will lead to more decentralization of BIT\u2019 holdings and overall governance.\u00a0<\/p>\n

Most importantlt, it will reduce the number of BIT in circulation from about 6 billion to 3.3 billion in the next few years. Reduced supply of tokens tends to have a positive impact on a crypto token\u2019s price. At the same time, BitDAO will have a 1.8x boost for its economics and voting power.<\/p>\n

Bybit is an important part of BitDAO\u2019s community. Over the years, it has contributed over $600 million USDT\/USDC and 177k Ethereum<\/a> to BitDAO Treasury. The statement said:<\/p>\n

\u201cBitDAO will continue to partner with Bybit in terms of product ideation, bootstrapping product development, BIT integration, and product distribution.\u201d<\/p>\n

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(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News ) BitDAO\u2019s BIT price was little changed on Thursday after the developers unveiled a new proposal for adjusting Bybit\u2019s contributions to its treasury. The goal of this proposal will be to improve the token\u2019s tokenomics and lead to more decentralization.\u00a0 BitDAO proposes new Bybit […]<\/p>\n","protected":false},"author":32,"featured_media":18788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18787"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18787"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18788"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}