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BitDAO is building a decentralized token economy open to everybody. Managed by BIT token holders and one of the largest decentralized autonomous organizations (DAOs),  BitDAO is committed to growing the DeFi ecosystem through partner projects and a decentralized economy.

What Is BitDAO?

BitDAO aims to create an accessible tokenized economy that provides support, such as research and development, liquidity bootstrapping and funding, to a wide range of partner projects across the DeFi, DAO, NFT and gaming space. Through co-development offers and token swaps, BitDAO aims to attract developer talent and build a sustainable treasury of top crypto coins. 

BitDAO's ultimate goal is to create products that will not only improve BitDAO's efficiency and effectiveness, but also other DAOs. The core product comprises a series of both on-chain and off-chain governance solutions and products; with the latter, DAO treasury management would be able to deploy and monitor assets in order to earn yield.

Moreover, BitDAO plans on providing grants to different teams within the crypto industry for research or development purposes, all of which are voted on by members and given for the public good of cryptocurrency communities worldwide.

Through its DAO structure, the company does not rely on a traditional hierarchy to operate, instead, it is run by a group of token holders that contribute to the platform's development. Token holders are then rewarded in BIT tokens for participating. 

Changes to the BitDAO protocol are proposed to the BIT token holders who then have the power to vote on whether these changes are implemented or rejected. While the platform's vision has been outlined, where it ends up will be decided on by governance suggestions and forum participation. 

To sum it up, the people who hold BitDAO's tokens, investors, and members of its community will help shape BitDAO's vision which includes dedicating both financial and human resources to support DeFi's development.

What is the BitDAO Treasury?

Controlled by BIT token holders, the BitDAO Treasury is responsible for allocating funds as per decisions made by BIT token holders. The BitDAO Treasury also undertakes token swaps with emerging and existing projects with the intention to support them and incentivize the project's contribution to their success.

The BitDAO Treasury allocation was 30% of the projects initial 10 billion BIT total supply. Monthly contributions from Bybit and varying contributions from DeFi partners, determined by smart contracts, also contribute to the DAO treasury management solutions.

Who created the BitDAO platform?

In a unique move, the BitDAO platform has no founders. While being supported by big names such as Bybit, Peter Thiel, Pantera, Founders Fund and more, the project is entirely run by contributors holding BIT tokens. Bybit is recorded as being an early contributor and is believed to have contributed over $1 billion in funding to the initiative.

Taking the notion of decentralization to a new level, the project has no teams, leaders or companies behind its operations. All changes are proposed by individuals within the community and then voted on by BIT token holders.

How do the BitDAO core protocols work?

BitDAO is governed and administered by the holders of BIT tokens. It works on the DAO mechanism, a common governance structure within the crypto space. The DAO framework gives BIT token holders power over BitDAO decisions and actions through a system of voting on proposals.

The platform supports the following measures, which will only be executed if the proposal receives a positive vote through the DAO system.

• Financing or milestone development grants for development teams and R&D centers who create BitDAO solutions or assist partnered existing and emerging projects.
• Upgrades to BitDAO's fundamental protocols, notably governance and treasury management.
• Token swaps for current and new initiatives.
• The Treasury will deploy funds based on various tactics.
• Grants will be made available for blockchain technology projects, educational programs, as well as other services related to blockchain.
• Support in the way of cash flow through existing assets will be provided to partner initiatives.

There are three ways to get involved with BitDAO: contributing to the project, becoming a partner, or holding the tokens. Contributors and partners can be any DeFi or CeFi project looking to build the BitDAO ecosystem while token holders are considered to "own" the platform as they have the power to recommend and vote on BitDAO's growth strategies as well as the allocation of BitDAO's treasury resources.

Non-token holders are defined as community members and can have their say through the forum and social media channels. Here they can pitch their ideas, which BIT token holders can then choose to embrace. 

What is the BIT token?

The BIT token is the native token of the BitDAO ecosystem. The governance token allows for off-chain vote aggregation and delegated voting and provides the opportunity for switching to on-chain governance in the future. The BIT token can best be compared to the COMP token in the Compound Finance ecosystem. 

There is a maximum supply of 10,000,000,000 BIT tokens, with the BitDAO Treasury allocation accounting for 30% of these. Token holders technically possess these treasury tokens based on their share of BIT. I.e. if someone holds 10% of the total BIT supply, they have ownership of 10% of the Treasury's 30% supply, equating to an additional 1%. 

How BIT token holders can leverage Tap

You can now easily incorporate BitDAO (BIT) into your crypto portfolio by using the Tap app. The Tap app has recently added BIT to the list of supported crypto tokens, allowing anyone to conveniently and securely access the BitDAO market and safely store their BIT tokens.

Users can buy BitDAO (BIT) with fiat currency or engage in token swaps with other supported cryptocurrencies on the platform, or they can use traditional payment methods like bank transfers. The integrated wallets on the platform also make it easy for users to store and manage their BIT cryptocurrency.

We are delighted to announce the listing and support of BitDao (BIT) on Tap !

BIT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold BIT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting BIT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

BitDAO is building a decentralized token economy open to everybody. Managed by BIT token holders and one of the largest decentralized autonomous organizations (DAOs),  BitDAO is committed to growing the DeFi ecosystem through partner projects and a decentralized economy.

BitDAO is governed and administered by the holders of BIT tokens. It works on the DAO mechanism, a common governance structure within the crypto space. The DAO framework gives BIT token holders power over BitDAO decisions and actions through a system of voting on proposals.

Get to know more about BitDao (BIT) in our dedicated article here.

Dear Tappers,

We are delighted to inform you of significant enhancements coming to your account, as we have successfully partnered with a UK FCA regulated provider to revolutionise your financial experience.

We have some fantastic news to share! Our quest to find the perfect banking partner is complete, and we are thrilled to announce that we've joined forces with a UK FCA regulated provider to elevate your financial experience with added benefits.

Please find below a summary of the upcoming changes:

1. Seamless Transition: We have diligently worked to ensure a smooth and unnoticeable transition, allowing you to continue using our services without interruption.
2. Enhanced Features: Our new partner brings a wealth of innovative features, designed to make your user experience on our platform more intuitive and enjoyable.
3. Robust Security: Your financial information remains a top priority, and with our new partner's industry-leading security measures, you can have peace of mind knowing your data is well-protected.
   

Please note that as a result of this upgrade, your account will receive new IBAN, Sort Code, and Account Number details for Euro and GBP payments, respectively.

🚨 Important: Please refrain from sending funds to your old accounts, as they will be returned to you. Ensure that you update your payment details in the bank accounts you use to transfer funds to your Tap account.

We understand that change can be as intimidating as karaoke night, but we are confident that this transition will be both positive and seamless for you.

Our friendly support team is here for you, ready to provide assistance.

Thank you for being a valued member of our community. We're excited to embark on this new chapter together!
‍
Sincerely,

The Tap Team

We are delighted to announce the listing and support of Synthetix (SNX) on Tap!

SNX is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold SNX for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting SNX will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Synthetix is a groundbreaking decentralized asset protection protocol that permits users to mint, hold, and trade derivatives across different asset classes such as commodities, fiat currencies, stocks, and even cryptocurrencies like Bitcoin.

Synthetix provides a decentralized, permissionless, and censorship-resistant platform that allows users to gain exposure to both crypto and non-crypto assets without the need for ownership of these assets. This enables anyone with an interest in DeFi to join the industry through the use of synthetix assets regardless of whether they hold the actual assets or not.

Get to know more about Syntheticx (SNX) in our dedicated article here.

You’ve probably heard whispers about the "whales" swimming in the crypto seas. But these aren’t your typical marine mammals – they’re the ultra-wealthy folks and organizations holding massive amounts of digital currency.

What Exactly is a Crypto Whale?

So, what makes someone a crypto whale? There’s no hard-and-fast rule, but it generally comes down to owning a huge chunk of a coin’s total supply. We’re talking over 10% of the available coins for a particular cryptocurrency. That’s an ocean-sized wallet!

Take Bitcoin, for example. In May 2022, just four wallets controlled over 3% of all Bitcoin in existence. The top 100 wallets? They collectively held over 15%. Now that’s some serious whale power!

Bitcoin isn’t the only one with its share of whales. Dogecoin, the beloved meme coin, had a pretty wild concentration too. In 2022, just 15 addresses held nearly 52% of its total supply. Even Vitalik Buterin, the mastermind behind Ethereum, is considered an Ether whale thanks to his massive stake in the coin he created.

How Whales Make Waves

With that kind of buying power, whales can really make waves in the crypto marketplace. If a whale decides to sell off a giant chunk of their holdings, it creates a tidal wave of downward pressure on prices due to the sheer volume and lack of liquidity. Other crypto enthusiasts are always on the lookout for signs of an impending "whale dump," closely monitoring exchange inflows to spot potential dangers.

Here’s the twist, though – whales keeping their coins locked away actually reduces trading liquidity in the market since there are fewer coins actively circulating. Their massive idle fortunes are like icebergs weighing down the crypto ocean.

Tracking Whale Movements

Not every whale transaction is a sell-off. These giants could simply be migrating to new wallets, switching exchanges, or making monster-sized purchases. But you can bet experienced crypto folks keep a keen eye on those huge whale wallets, carefully tracking any ripples they make to navigate the ever-shifting tides of the market.

Whale Alert is a popular service that tracks these large transactions and reports them, often on Twitter. Whenever a whale makes a big move, it’s usually publicized quickly, giving everyone a heads-up on potential market changes.

Below is an example from Twitter from Whale Alert:

The Human Side of Whales

Behind these massive holdings are real people and organizations. Some whales are early adopters who bought into Bitcoin or other cryptocurrencies when they were cheap. Others are companies that have invested heavily in the belief that cryptocurrencies will continue to grow in value. For instance, Ethereum’s founder, Vitalik Buterin, is the biggest Ethereum whale because he holds a significant amount of the cryptocurrency he created.

How whales affect crypto's price

Price volatility can be increased by whales, particularly when they move a significant amount of one cryptocurrency in one go. For example, when an owner tries to sell their BTC for fiat currency, the lack of liquidity and enormous transaction size create downward pressure on Bitcoin's price. When whales sell, other investors become extremely vigilant, looking for hints of whether the whale is "dumping" their crypto (and whether they should do the same). 

The exchange inflow mean, also known as the average amount of a certain cryptocurrency deposited into exchanges, is one of the most common indicators crypto investors look for. If the mean transaction volume rises above 2.0, it implies that whales are likely to start dumping if there are a large number of them using the exchange. This can be viewed by regular crypto traders as a time to act before losing any potential profit.

How whales effect liquidity

When it comes to learning about whales and liquidity, one must remember that while whales are generally considered neutral elements in the industry, when a large number of whales hold a particular cryptocurrency, instead of using it, this reduces the liquidity in the market due to there being fewer coins available. 

What crypto whales mean to investors

In terms of the relationship between whales and investors, one must remember that there are various situations in which a person may transfer their cryptocurrency holdings. It's worth mentioning that moving one's assets doesn't always indicate that you're selling them; they might be switching wallets or exchanges, or making a major purchase.

Occasionally, whales may sell portions of their holdings in discrete transactions over a longer period to avoid drawing attention to themselves or generating market anomalies that send the price up or down unpredictably. This is why investors keep an eye on known whale addresses to check for the number of transactions and value. This is not necessarily a task that newbie investors need to actively be involved with, however, understanding the terms and how whale accounts can affect the market is recommended.

Why Whales Matter

Whether you love them or hate them, whales are a formidable force in the crypto world, shaping its dynamics in profound ways. These giants, whether they’re creators, collectors, or traders, have a tremendous impact across the digital waters. When they make a move, it can trigger monumental swells that ripple through the entire market.

By understanding whale activity, anyone involved in cryptocurrency can better navigate these choppy waters. Staying informed about whale movements helps both newbies and seasoned traders make smarter decisions and stay afloat in this ever-changing space. Keep an eye on these behemoths; their actions can significantly influence your crypto journey.

While tracking whale activity can offer valuable insights into the cryptocurrency market, it's important to complement this knowledge with expert advice. Consulting with a financial advisor can help you navigate the complexities of investing and ensure your strategies align with your personal financial goals and risk tolerance.

‍

We are delighted to announce the listing and support of Chiliz (CHZ) on Tap!

CHZ is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold CHZ for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting CHZ will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Chiliz is a fintech company that uses blockchain technology to create new ways for fans to support and engage directly with their favorite sports teams. The company's goal is to be the leading provider of fintech solutions for sports and entertainment businesses around the world. Chiliz enables its users to trade tokens to show their support for professional sports teams.

Chiliz fans can buy their favorite team's Fan Tokens using the native Chiliz token " CHZ " on socios.com, the crowd management platform that Chiliz uses. Sports fans staking $CHZ on Socios.com also have opportunity to receive new Fan tokens as well as a up to 10% $CHZ bonus yield.