Jun 22, 2021 - 1 day read

Proposals, Voting, and Delegated Voters

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Via Medium

To kick-start the process, a major BIT token holder (Bybit) has delegated voting power to various Labs, Ventures, and Growth Teams. These initial delegates are expected to:

Setup

  • BIT token holders cannot vote or create proposals until they delegate their voting power to an address.
  • Delegation can be given to one address at a time, including the holder’s own address. This is similar to Uniswap voting.

How to Delegate

Kick-starting the Process

To kick-start the process, a major BIT token holder (Bybit) has delegated voting power to various Labs, Ventures, and Growth Teams. These initial delegates are expected to:

  • Propose partnerships (swaps, grants, yield, BIT use-cases)
  • Propose creation of Autonomous Entities (including linked-DAOs or sub-DAOs)
  • Propose cooperation with existing DAOs
  • Build and propose new tooling and products for BitDAO
  • Maintain high standards for proposals (must have clear benefits for BitDAO and partner projects, and be executable with terms thoroughly negotiated and defined)
  • Inspire others to join the BitDAO mission
  • Have skin in the game

Delegations may be added, removed, or adjusted based on activity and community feedback.

The Current Dynamic

  • Based on current delegations, no single voter can push through a proposal (minimum 100M vote threshold) without support from other voters.
  • Delegation of votes is permissionless. We encourage BIT token holders to identify other delegates to support with voting power.
  • Delegation leader board can be seen here: https://delegate.bitdaotools.io/

Current Known Delegated Voters

Please refer to this list:
https://docs.bitdao.io/litepaper-1/delegated-votes