Decentralized organization (DAO) BitDAO, which has received support from Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit and more, has entered into a partnership with Sushi MISO, a standardized, one-click launchpad to launch new project on the SushiSwap exchange, for the BIT token launch. In particular, cryptocurrency exchange Bybit has already contributed with around $1B.
As a result, they will conduct an airdrop of 200 million BIT tokens with bonuses of up to 40% through a Dutch auction on August 16. However, early participants will receive even higher bonuses.
It must be noted that this offer is not addressed in any way to US investors.
According to the announcement, the holders of BIT tokens can vote to allocate the world’s largest DAO-directed treasury, partner with leading protocols as well as build a decentralized and tokenized future.
It is worth mentioning that BitDAO aims to partner with other projects through token swaps and co-development efforts, develop core products allowing BitDAO and other DAOs to function more effectively and provide grants to teams that contribute to the crypto industry with their products and research.
The auction will start on August 16 at 13:00 UTC at the Sushi MISO site. Of the 200 million BIT tokens, 180 million can be bought with ETH. The remaining 20 million BIT with SUSHI. The starting price will be 0.0006325 ETH (0.2000 SUSHI). The auction is expected to end on August 30 at 13:00 UTC.
The actual distribution of BIT tokens will take place after the auction. The bonus itself will be made in BIT-ETH SLP based on final price. However, US investors cannot participate in the auction.
How Do Dutch Auctions Work?
They start at a higher Starting Price and fall to a lower Reserve Price over time. Participants can place bids at any point in time to secure allocation. The auction finishes when all the available tokens are allocated.