The BitDAO (BIT) community plans to process $100 million worth of BIT buybacks next year.
Strong projects of the crypto industry are conducting various studies towards their circulating supply. These works stand out especially as buyback and burn. In the so-called buyback, projects buy their own tokens with cash inflows. This leads to price rise and volatility. On the other hand, the burn process represents projects trying to reduce their current supply by incineration. BitDAO, which is also supported by the Bybit exchange, is planning to realize a $100 million buyback next year.
BitDAO Plans Daily Buyback for 50 Days
BitDAO (BIT), run with decentralized community management, gained momentum with its community’s buyback plans. The plan of the project includes $2 million of BIT buyback transactions per day for 50 days from January 1.
This buyback will be carried out from BitDAO’s $1.7 billion treasury. If the community accepts this plan, the percentage of BIT assets in the DAO treasury will increase considerably. In this case, the strong DAO project will have purchased the assets in circulation and transferred them to its treasury.
In addition, BitDAO became the project with the second largest DAO treasury after Uniswap.
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