BitDAO Token launch now Live on Sushi MISO

New Cryptocurrency, Crypto Startups, IDO, IFO

Published on: 16.08.2021

Summary

BitDAO is excited to collaborate with Sushi MISO for the BIT token launch:

Limited amount of 200M BIT tokens available (Dutch auction)
Participate with ETH, or participate with SUSHI
Up to 40% bonus airdrop (early participants receive more)
Not available for U.S. and other restricted jurisdictions
Participants need to provide “Representations and Warranties” (MISO pop-up)

Disclaimer

The content contained in this website does not constitute an offer or sale of securities in or into the United States, or to or for the account or benefit of U.S. persons, or in any other jurisdictions where it is unlawful to do so.

Transfer of BIT tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall BIT tokens be reoffered, resold or transferred within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. Any public offering of the BIT tokens to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling token holder and that will contain detailed information about the company and management, as well as financial statements.

Background

BitDAO is a new DAO (Decentralized Autonomous Organization) supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit and more. BIT token holders can vote to allocate the world’s largest DAO-directed treasury, partner with leading protocols, and build a decentralized and tokenized future.

Bybit, a leading crypto exchange and early supporter of BitDAO, has pledged recurring contributions to the BitDAO treasury which at 2021 rates exceeds $1B per year (see analytics).

BitDAO aims to:

Partner with projects via token swaps and co-development efforts. Token swaps will enable the BitDAO treasury to accumulate a collection of the top crypto project tokens.
Build core products which enable BitDAO and other DAOs to function more effectively. This includes on-chain and off-chain Governance solutions, and DAO Treasury Management solutions.
Provide grants to teams that produce research or products that are public goods for the crypto industry.

All treasury actions will be determined by BIT token holders via a proposal and voting process.

Read more about BitDAO here:
https://medium.com/bitdao/introducing-bitdao-464ebf80eb56

SushiSwap is a leading community driven DeFi platform.

MISO is a standardized, one-click launchpad to launch new project on the SushiSwap exchange. MISO aims to drive diverse projects (social tokens, utility tokens, NFTs, etc.) to the exchange with the most user-friendly and capital efficient manner for both technical and non-technical project founders. Projects launched through MISO and traded on Sushiswap will also enjoy suite of other product support Sushi provides.

The SushiSwap DAO is the first DeFi DAO to work with BitDAO and have provided technical support for BitDAO governance and treasury management design and roadmap.

MISO Auction Details

Auction Parameters

Auction start: August 16th 13:00 UTC
180M BIT tokens available using ETH (link to auction)
— Starting Price: 0.0006325 ETH (~$2.00)
— Reserve Price: 0.0003795 ETH (~$1.20)
20M BIT tokens available using SUSHI (link to auction)
— Starting Price: 0.2000 SUSHI (~$2.00)
— Reserve Price: 0.1200 SUSHI (~$1.20)
Auction end: August 30th 13:00 UTC (participants can claim only after)
BIT token: 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
Airdrop bonus available — early commitments can receive up to 40% airdrop bonus (see below for mechanics)

Note: dollar prices above are based on contract creation time August 9 1700PM UTC. ETH and SUSHI dollar prices may have changed since then.

Airdrop Bonus Explained

Bonus will be in the form of BIT-ETH SLP based on final price
SLP will be staked for 90 days, then airdropped after
Earlier participants receive a larger airdrop based on the table below:

Note: during the 90 days the BIT-ETH SLP tokens may be influenced by farming rewards, swap fees, and impermanent loss

Dutch Auction Explained

A simple explanation is: Dutch auctions starts at a higher Starting Price and falls to a lower Reserve Price over time. Participants can commit assets at any point in time to secure allocation. The auction concludes when all available tokens are allocated. All participants receive the same Final Price or Clearance Price.

For example, if Participant A commits $20,000 at $2.00 and after a few days the Final Price is $1.60, then Participant A will receive $20,000 / $1.60 = 12,500 tokens at $1.60 (the same price as all other participants).

Note:

when a commitment is made the amount is locked, and the token quantity that will be claimable can increase overtime as the auction price falls.
participants cannot commit a higher price than the current price. The price is determined by the current time, with the price falling constantly over time.

Reasons for committing earlier:

to secure allocation
to receive a larger airdrop bonus (see above)
the final price for all participants is the same (for earlier and later commitments)

More details
https://instantmiso.gitbook.io/miso/markets/markets#dutch-auction

Be a BIT Token Holder

Control the Treasury and Protocol

BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:

token swaps with existing and emerging projects
treasury allocation into various strategies
liquidity support for partner projects
grants or milestone rewards to development teams and R&D centers (to build BitDAO products, or support partner products)
grants to blockchain technology projects, education programs, or other blockchain public goods
updates to BitDAO core protocols (including governance and treasury management functions)

More details: https://medium.com/bitdao/introducing-bitdao-464ebf80eb56