News18 August 2021

BitDAO Token Auction Raises More Than 112,000 ETH worth $335M

BitDAO raises hundreds of millions through the BIT Token Sale
  • BitDAO nets $335M in BIT token sale
  • 9200 participants attended the virtual auction
  • The Protocol is dedicated to bootstrapping DeFi startups
  • BIT governance token set to become a pivotal component of the DAO.

On August 17, BitDAO helps a tone auction on the SushiSwap platform MISO, raising more than 113,000 ETH, valued at $335M, making the BIT tokens available for trading and claiming. It further stated that more than 9,200 people took part in the auction.

This information was corroborated on the SushiChef platform - “The BIT-ETH auction finished successfully in just a few hours with a maximum commitment size, prompting finalization and allowing the tokens to be immediately claimable. ~ 80M$ in liquidity available on SushiSwap.”

BitDAO set to boost DeFi

Self-acclaimed as one of the largest DAOs globally, BitDAO is backed by Peter Thiel, a renowned billionaire venture capitalist. Other supporters of the platform include Pantera, Founders Fund, Spartan, and Dragonfly. In June 2021, BitDAO raised more than 230M through these supporters led by Thiel and other VC firms.

Notably, Bybit, a large cryptocurrency derivative exchange, is a major initial proponent for BitDAO. Buybit has pledged recurring contributions to BitDAO after it launches.

BitDAO aims to collaborate with projects through co-development and token swaps. Its key mission is to offer support in research and development, funding, and bootstrapping.

According to BitDAO, DeFi is set to disrupt traditional finance with the potential of becoming a trillion-dollar industry. It plans to accumulate tokens from emerging DeFi projects to support its governance and treasury systems. The new BIT governance token is set to become a pivotal part of the DAO.

Immediately after the launch, the BIT token hit $2 and later fell to $1.60.

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