Bybit launches a soft proposal to establish BitDAO’s Layer 1 infrastructure

Crypto exchange startup Bybit continues to grow and expand globally amid the ongoing turmoil in the crypto market. Early this week, Bybit announced the launch of its grid trading bot that lets users utilize automate their buy and sell orders and adjust their investment amount. But that has not stopped the company from its other projects including online spot and derivatives trading services, mining, and staking.

Today, Bybit co-founder and CEO Ben Zhou announced the issuance of a soft proposal today for the establishment of BitDAO’s Layer 1 (L1) infrastructure through a range of web3 verticals on BitDAO’s official Discourse forum.

The proposal aims to develop a new L1 blockchain utilizing BitDAO’s native token $BIT, and tap into high-value opportunities through a range of web3 verticals. BitDAO is currently working with specialized autonomous entities across various verticals such as gaming with Game7, Ethereum scaling with zkDAO, blockchain education with EduDAO, and art curation and collection with PleasrDAO, as well as other product labs and treasury management strategies.

In line with BitDAO’s vision to support builders of the decentralized economy and shape the future of finance for the benefit of all participants, Zhou called for the community and interested parties to actively participate in the discussion as well as research and development efforts in the Discourse forum or via email: infra@bitdao.io. With a preference for EVM equivalent projects that utilize $BIT, the proposal aims to have the research and development entity potentially funded by BitDAO in the near future.

Since its inception, BitDAO has been one of the largest decentralized treasuries in the world with billions in assets, and aims to promote the potential of DAOs by leveraging on a tokenized governance system. As an initial proponent of BitDAO, Bybit has pledged a contribution of 2.5bps of its futures contracts trading volume to the BitDAO treasury. Its recurring contributions to BitDAO will scale with both Bybit’s business and the overall crypto industry growth.

“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,” said Zhou. “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.”

Founded in March 2018, Bybit offers a professional crypto exchange platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. Currently, Bybit is now the world’s third most visited cryptocurrency exchange with more than 5 million registered users. The ByBit crypto trading exchange offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support.