James Atkins
Editor
Editor
The exchange says Ben Zhou, the co-founder, and CEO of Bybit, is proposing the expansion of the platform’s BitDAO Layer 1 framework.
The expansion will focus on three main areas: cross-chain interoperability, decentralized finance (DeFi), and tokenization.
Zhou’s proposal comes as part of Bybit’s overall strategy to increase cryptocurrency adoption. The exchange has already made significant progress in this area. With over $1 billion worth of crypto transactions taking place on the platform every day.
The BitDAO Layer 1 infrastructure will aim to further increase crypto adoption by providing a more user-friendly interface and improved security. It will also allow users to access a variety of DeFi applications and tokenized assets.
The proposal is currently being reviewed by the Bybit team and community. If it is approved, work on the expansion will begin immediately.
The soft proposition was announced on the formal BitDAO Discourse gathering. Aims to establish a new L1 blockchain to dive into investment possibilities across different Web3 vertices.
The expansion will help BitDAO become a one-stop shop for all things related to Web3 investments, according to the proposal.
It will also provide users with greater security and flexibility when it comes to managing their digital assets.
Furthermore, the expansion will allow BitDAO to tap into new markets and offer its services to a wider range of users.
The BitDAO team is currently working on the expansion and is expected to release more details in the coming weeks. According to a Bybit Tweet.
“This proposal aims to open new avenues for high-value collaborations generated from ground-up demand and support, which is true to BitDAO’s mandate,” Zhou noted. He believes such developments will help further the adoption of crypto.
“Bybit supports BitDAO’s vision in being a changemaker for all changemakers. In collaboration with BitDAO and its community, we look forward to propelling the mass adoption of open finance to greater heights and shaping the future of the industry.”
As the crypto industry continues to mature, exchanges are playing an increasingly important role in its infrastructure.
Crypto exchange Bybit is the latest to join the ranks of those looking to support the development of the industry. With CEO Zhou Tong proposing the expansion of BitDAO’s L1 infrastructure.
BitDAO is a decentralized autonomous organization (DAO) that is focused on building the infrastructure for the next generation of crypto applications.
The organization has already made headway in this area, with many popular projects already built on its platform.
The expansion of BitDAO’s L1 infrastructure would provide a boost to these projects and help to further drive the adoption of cryptocurrencies. This is something that Zhou Tong believes is essential for the continued development of the industry.
Zhou encourages the user community and relevant parties to be involved in the discussions, including research and development. The new project will use BitDAO’s native token BIT.
The company’s CEO also believes that the project has the potential to “bring DAOs to a new level.” Noting that it could lead to the development of an entire ecosystem of decentralized applications.
BitDAO has already made significant progress in its mission to drive crypto adoption, with many popular projects built on its infrastructure. These include the popular decentralized exchanges Binance DEX and IDEX.
The expansion of BitDAO’s L1 infrastructure is a logical next step in the company’s mission to drive crypto adoption and bring DAOs to a new level.
With the help of the community, the project has the potential to revolutionize the way we interact with decentralized applications.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
