A member from BitDAO proposed a $100 million token buyback program Members of the community had mixed reviews for the proposal BitDAO, at press time, was caught between mixed reviews from its community over the latest proposal regarding token buyback program. BitDAO is one of the largest decentralized autonomous organizations (DAO) in the world and […]
put forward on the DAO’s forum. The proposal seeks to set the Target Daily Purchase Amount at $2 million USDT per day for 50 days.
This effectively means that starting 1 January 2023, BitDAO will spend $100 million to buyback its native token BIT. The community member who put forward this proposal cited the current price of BIT for this plan. The current price, thus presents the opportunity to accumulate the token at a considerable discount.
The member also stated that upon acquiring said BIT tokens, BitDAO should focus on deploying the capital on BIT related products. Furthermore, the user also suggested that the DAO focus less on swaps and investments as well as yield strategies be given less preference.A significant portion of the community stood against the proposed plan of action.
Other users emphasized on the need to burn the tokens after the buyback as opposed to sending them to the treasury to maintain a sustainable price for the token. Furthermore,This included 3.1 billion BIT, 269,947 ETH, 237 million USDC and 173 million USDT among other tokens., BIT’s market capitalization stood at $600 million. The token’s trading volume over the past 24 hours came in at $4 million.Subscribe to get it daily in your inbox.
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