Bybit Contributes $19.3M in ETH, USDC & USDT to BitDAO

To make any sector grow, finance is the backbone. So is true for the Decentralized Finance sector as well. Even though it may not deal with the requirements of any tangible goods or raw materials, the presence of digital assets, i.e., cryptocurrencies itself, stands testimony to date for the growth of the DeFi sector. 

However, to make any of the platforms supporting digital assets a resounding success, it is essential to have a financial contribution that would function as the lifeblood of that specific entity. The specific goals of growth and momentum in the DeFi sector can be achieved only with a reinforced finance backing. Here comes the role of philanthropic contributions by major DeFi sector players who have set themselves apart by making immense contributions to help platforms sustain and grow in leaps and bounds.

Conglomerates like Bybit have ensured that these paradigm contributions are made by way of finance and a talent pool that could significantly aid in diversification, allowing more products and bringing technological innovations to the fore. Giving robust support to BitDAO, Bybit has made almost a $19.3M contribution (in ETH, USDC, and USDT). 

This phenomenal amount is in no way comparable to the quantum leap that the platform is supposed to see in the near future in terms of technologically diverse offerings. Talking to media, the spokesperson at Bybit said, “This is only the beginning as Bybit has committed itself to be a major role player contributing 2.5bps of futures trading volume to BitDAO’s treasury. It is worth mentioning that this is not just a one-time contribution but a recurring one.”

Bybit has also reserved a pool of its resources to facilitate the development of the BitDAO protocol. This shall also include any alliance that BitDAO proposes to enter into in the near future. The consensus for any alliance strategy or development of code shall be arrived at by common voting being formally proposed to DAO.

The 2.5 bps policies also include a plethora of products and services viz. linear and perpetual inverse contracts, quarterly futures contracts, etc. The initial phase of contribution shall witness a fusion of digital assets in diverse proportions like 50% ETH, 25% USDT, 25% USDC. 

The trading volume provided daily by Bybit API shall be converted to units of each Contributed Asset at the end of the day. While USDT and USDC are taken as indicative price of $1.00, the other digital assets shall be considered on weighted Index Price of Kraken, Gemini, Coinbase Pro, Bittrex, and Bitstamp spot pairs.

It may be noted Bybit contributions are set to arrive from below mentioned wallets:

  • 0x6a159503e49ddB8E49659D6CACf5236aC4213D86

A detailed discussion with the BitDAO community with Bybit shall also be scheduled to chalk out a future vision and way forward for contributed Asset Mix. This is essential from the perspective of deciding whether any additions should be made by way of wBTC, aUSDT (Aave stable yield tokens), BIT tokens, or DeFi project tokens.

Trushti Patel

Trushti Patel is a news writer and a regular contributor to CryptoNewsZ. She always stays up-to-date with the latest happenings regarding the world of crypto. She is also sound in technical analysis.

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