Crypto Exchange ByBit’s BitDAO Raises $360 Million in Just 2 Hours on Sushi MISO

On Monday, BitDAO raised a whopping $360 million in a matter of two hours in a dutch auction on DeFi bluechip SushiSwap’s standardized, one-click launchpad MISO.

The BIT-ETH auction concluded with over 112,000 ETH raised from over 9200 participants; the BitDAO team shared on Twitter.

With this, BIT is now tradable on SushiSwap DEX.

“BitDAO is excited to collaborate with Sushi for the next phase of building decentralized organizations and coordinating on various community events,” said the team.

The BIT-SUSHI auction also airdropped bonuses to those who participated in the SUSHI-BIT auction.

“Sushi got 2.6%, they sell 1.8% for ETH + 0.2% for SUSHI. There is also an average bonus of 20%, which leaves them with 0.2% to add as liquidity. So they add 20M BIT + ~12.5k ETH, which leaves them with ~91k free ETH,” noted Yearn developer Banteg.

https://t.co/T3dK54h3O1

— 0xMaki 源 義経 🦇🔊 (@0xMaki) August 16, 2021

This puts BIT’s fully diluted value (FDV) at $19.1 billion, almost on par with the 10th largest cryptocurrency Solana (SOL), which has a market cap of $20.4 bln and is more valuable than the popular DEX Uniswap (UNI), which is a $15.6 billion coin.

As of writing, BIT is trading at $1.88, down over 18% from its all-time high of $2 on the day of auction but up from the $1.44 low that came to a couple of hours after the launch, according to CoinGecko.

BitDAO was able to raise capital this fast in the currently recovering public market, where private markets are still hot as ever, with sky-high valuations still coming in every other day.

Also, BitDAO was reportedly using influences to appeal to the Japanese investors, with their YouTube videos having thousands of views.

*no mention of BitDAO at all on my feed*

*raises 200 mil in 5 mins* @BitDAO_Official

— Sandra Leow (@sandraaleow) August 16, 2021

Just at the end of last month, Bybit had announced that it is an early supporter of the new decentralized autonomous organization BitDAO which has support from the likes of PayPal co-founder Peter Thiel, Founders Fund, Alan Howard, Amber, Pantera, Dragonfly, Spartan, SushiSwap, Synthetix founder Kain Warwick, mgnr, Fenbushi Capital, and more.

It also said that Bybit has pledged to contribute 2.5bps (0.025%) of futures trading volume to BitDAO’s treasury, equivalent to more than $1B per year.

BitDAO aims to allocate resources to support DeFi’s growth in the form of research and development, liquidity bootstrapping, and funding.

“This is really impressive. Bybit Official is launching its own DeFi initiative. Whereas CEXs like Binance or Huobi just build their own blockchains, Bybit chose to support and expand existing DeFi ecosystem,” said Fiskantes, a VC partner with Zee Prime Capital.