How to Participate in the BitDAO ID0 Scramble

BitDAO, a decentralized autonomous organization supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit, announced on August 10th that it will be on the Sushi MISO platform at 21:00 on August 16th Launch token BIT ID0.

This ID0 supports ETH and SUSHI to participate in the purchase, and it will be conducted in the way of Dutch auction, which will provide the total 2%, or 200 million BITs, will be auctioned. Among them, 180 million pieces are priced in ETH, and 20 million pieces are priced in SUSHI.

Dutch auction, refers to the bidding from high to low in descending order until all tokens are distributed, all participants The final price of the tokens obtained by the participants is the same. The starting unit price of BIT denominated in ETH is 0.0006325 ETH, and the base price is 0.0003795 ETH; the starting unit price of BIT denominated in SUSHI is 0.2 SUSHI, and the base price is 0.12 SUSHI. (Rhythmic Note: The price is based on the token price at 17:00 on August 9th, and the actual participation price may change)

How to participate

MISO ID0 home page, find BitDAO project.

1. Click "CONNECT" in the upper right corner to connect to MetaMask wallet.

2. Wait After the auction time, the countdown interface will be updated to the interface shown in the figure below. After filling in the amount of ETH you want to participate in the purchase, click "COMMIT".

 Source: MISO, non-BIT project

3. After that, MetaMask will pop up the authorization operation (Rhythmic Note: The authorization operation can be completed in advance, without waiting for the countdown to end). After the authorization is completed, just confirm the participation amount. Some community users said that the RPC network of Eden Network can be used for preemptive transaction sorting. It should be noted that at least 100 EDEN are required to be pledged for the front-running transaction through Eden Network. About Eden Network, you can read "Eden Network: "Eden" that illuminates the dark forest ｜Project Introduction".

Since only nearly 30% of the Ethereum computing power in the entire network supports Eden Network, there is no guarantee to participate in BitDAO ID0 The first few blocks that were snapped up were mined for Eden Network. Users are advised to be prepared with both hands.

If you need to set up the RPC network of Eden Network, you can refer to the following tutorial:

Select "Custom RPC" in the MetaMask wallet, and set the following parameters.

Network Name: Eden Network

Chain ID: 1

Currency Name: ETH

RPC URL: https://api.edennetwork.io/ v1/rpc

Explorer URL: https://etherscan.io

 

4, August 30, 21 :00 The auction ends, and users can receive BIT airdrops.

 

According to BitDAO official Medium, ID0 participants can also receive airdrop rewards. The first 10% participating users can get 40% of the airdrop rewards, and the next 10% participating users can get 35.6% of the airdrop rewards, and the rewards will be reduced in proportion to 10%, as shown in the figure below for details.

Economic Model

 

Token name: BitDAO (BIT)

Token address: 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5

Total amount of tokens: 10 billion

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Distribution mechanism:

Private placement: 500 million pieces (5%);< /p>

Partner launch reward: 500 million (5%);

BitDAO treasury: 3 billion (30%);

Bybit not locked: 1.5 billion (15%);

Bybit locked: 4.5 billion (45%).

 

 

The encrypted trading platform Bybit is an early supporter of BitDAO, and promised to contribute 0.025% of the futures contract trading volume to the BitDAO treasury. On August 9, Bybit has donated 0.025% of the contract trading volume from July 25 to August 8 to the BitDAO vault, totaling $47.2 million. According to the official data disclosed by BitDAO, in the past 10 days, the average daily contribution of Bybit has exceeded 3 million US dollars.

 

 

 

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