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Gungun Bhatia
Dec 30, 2022
by Gungun Bhatia

BITDAO's Bit Token Increases By 20% Before $100 Million Buyback

Bit Token

Table of contents

  1. BitDAO’s Bit Token Augmentation
In less than 24 hours prior to the anticipated authorization of a $100 million repurchase plan, the value of BitDAO's bit token has increased by over 20%. With 148 million affirmative votes and no negative votes, the legislation's voting allocation has already exceeded the required threshold. The vote ought to pass unless anything unexpected occurs before the deadline at 11 p.m. EST on December 30. The DAO will start buying bits on January 1 and will do so for 50 days at a rate of $2 million in USDT each day.

BitDAO’s Bit Token Augmentation

One of the justifications given for returning surplus funds to token holders was restricted deployment prospects, according to the proposal. The BitDAO treasury is anticipated to keep $300 million in USDT and USDC in addition to 270,000 ether valued at about $345 million, even after the buyback program.

A pseudonymous author of the repurchase scheme by the name of cateatpeanut wrote in the petition that the present value of $BIT is appealing, particularly with the impending Mantle project, alluding to a new Ethereum Layer 2 backed by BitDAO that would employ bit as its native coin. Mantle and zkSync's zkDAO, which received $200 million from BitDAO and finances awards for its ecosystem, is one of the research, innovation, and grant initiatives that BitDAO has supported.

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BITDAO's Bit Token Increases By 20% Before $100 Million Buyback
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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