Mantle (MNT)

An investment DAO slash ecosystem support

"Aims to promote and propel the mass adoption of open finance and decentralized tokenized economy."

Basics

• Based in:
• Started in / Announced on: early 2021
• Testnet release:
• Mainnet release:

History

• ByBit spinned up the BitDAO concept (8-3-2022).

Audits & Exploits

• No bug bounty program for BitDAO was found. Although a Gnosis Safe program exists, BitDAO does not share its bug reporting (2-5-2022).
• Scored 78% on DeFi Safety (2-5-2022):

"BitDAO uses a direct implementation of the Gnosis Safe, which was formally verified here. A single audit before deployment was found here. However, we would like to note that this audit only covers ERC-20 compliance for the BIT token, and does not cover the treasury contract or other contracts. However, Gnosis Safe contracts were also extensively audited as seen here."

With the comment:

"As a 1:1 implementation of the Gnosis Safe contract, BitDAO inherits much of its process quality. In spite of this, the team sets itself apart from its sourced protocol through dedication to communication and transparency. Indeed, BitDAO is a direct copy of the Gnosis Safe treasury contract which we have diffchecked. This traceability is especially important for a protocol that mainly utilizes a 1:1 fork, as their users still need to comprehend how the protocol works, and this information is often missing.

Even so, BitDAO finds ways to distinguish itself from its sourced protocol. Most notably, the protocol clearly labels its treasury contract as upgradeable and also details its ownership parameters. Although upgrade capabilities need to be provided, this is a good first step.

In the future, we would love that BitDAO acquires its own bug bounty program. Even if Gnosis has its own, bug reports are not shared between both teams, and this is crucial for futureproofing.

In addition, with BitDAO's governance phase 2 being worked on, we would like to see timelocks becoming a larger part of the protocol to safeguard the upgrade mechanisms."

• Got an audit by Peckshield (6-2021).

Governance

Admin Key

• From DeFi Safety (2-5-2022):

"BitDAO clearly identifies its treasury contract as being upgradeable. Ownership is MultiSig clearly indicated in this location. BitDAO's pause control is not documented or explained. BitDAO's timelocks are not currently in-effect."

Treasury

• BitDAO Treasury will hold 30% of total BIT tokens.
• From The Defiant (8-3-2022):

"According to Open-Orgs, BitDAO currently has $1.8B in it, making it the second largest treasury of any publicly viewable treasury on Ethereum, following that of Uniswap and just ahead of those of Ethereum Name Service, Lido, and Gitcoin. BitDAO holds the No. 2 spot largely thanks to its governance token, BIT, which accounts for about $1B of that treasury. That treasury also grows at a pace of roughly $2M per day without diluting BIT holders. The real revenue stream into BitDAO comes from its association with ByBit, the exchange. It’s been putting about 2.5 basis points from its volumes, the lion’s share of its profits, into the BitDAO treasury. In exchange, ByBit controls 60% the BIT supply, according to the litepaper. One of its first investments was a swap with FTX for its FTT token, with a 3-year lockup. With so much money available, the other core idea in BitDAO is autonomous entities. Instead of trying to invest $2B directly through DAO governance, the current plan is to make very large commitments to autonomous entities that can make whatever investments they want in a specific area."

BitDAO holds 3.36M FTT with the agreement not to sell before Nov 2024, likewise Alameda eld 100M BIT with similar agreement.

Token

Launch

• BitDAO raked in $365M from its governance token sale (17-8-2021).

Token Allocation

• Fixed supply of 10,000,000,000 BIT tokens (10-2021). BitDAO Treasury will hold 30% of total BIT tokens. Bybit owns 60% of the supply, with 45% being locked for 3 years with unlocking.

Utility

• From a proposal/announcement on their forum (22-8-2022):

"$BIT will represent: the protocol value of BitNetwork, value and governance control over the existing BitDAO treasury and initiatives, exposure to BitDAO ecosystem partners, the Bybit contribution, and continued use cases across on-chain and off-chain platforms."

• Governance (8-3-2022).

Technology

• Whitepaper can be found here.
• Code can be viewed here. From DeFi Safety (2-5-2022):

"BitDAO is a 1:1 implementation of the Gnosis Safe contracts. At 595 commits and 9 branches, these contracts are robustly developed."

Implementations

• Built on: Ethereum

Oracle Method

• From DeFi Safety (2-5-2022):

"BitDAO does not need an Oracle for its sole Gnosis Safe treasury contract."

Their Other Projects

Game7

• From The Defiant (8-3-2022):

"[BitDAO] has committed $500M to Game7, a DAO committed to building out the gaming ecosystem in blockchains, but it’s giving the funds out in $100M chunks, Allen explained. BitDAO won’t decide on each grant Game7 makes with the funds, but it can decide not to make further contributions if the partnership isn’t working."

Roadmap

• Can be found [Insert link here].
• From a proposal/announcement on their forum (22-8-2022):

"BitNetwork (temporary name for BitDAO Protocol) will be a suite of Ethereum scaling solutions including an optimistic rollup and zk rollup built using an iterative modular chain approach, and supported by BitDAO’s native token $BIT."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

Funding

• From Decrypt (17-6-2021):

"BitDAO took in $230 million in a funding round led by PayPal co-founder Peter Thiel, Thiel-founded Founders Fund, Pantera Capital, and Dragonfly Capital. Other funders include Brevan Howard Asset Management co-founder Alan Howard and Synthetix's Kain Warwick. Singapore-based crypto exchange ByBit is also contributing regular revenue from its futures contracts trading, which could inject hundreds of millions to the fund."

• Took part in the Range Token raise for UMA of $2.66M (16-7-2021).
• BitDAO raked in $365M from its governance token sale on SushiSwap’s MISO platform in August, selling BIT to over 9,000 people (17-8-2021).

Partners

• According to its website (8-3-2022):

Peter Thiel, Founders Fund, Pantera, Dragonfly Capital, Alan Howard, SushiSwap, Spartan Capital, ByBit, Kain Warwick, Polygon, Jump Capital, Peak Capital, Amber, Fenbushi, NGC Ventures, Longhash Ventures, Kronos and a couple other ones.

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