BitDAO's New Proposal Aims to Reduce Total Supply of $BIT

Bybit co-founder Ben Zhou has released a new proposal in the BitDAO community, which aims to facilitate the decentralization of $BIT holdings and to reduce the total supply of $BIT. The proposal suggests to change the contribution asset Mix shall to 100% $BIT starting September 16th, and the contributed $BIT shall be burnt (by sending directly to the nominated burn address). Target Daily Purchase Amount (TDPA) shall be paused from 2022 September 16th. Bybit shall bootstrap the R&D and go-to-market of BitNetwork (temporary name).