This proposal is authored by cateatpeanut

Context

This proposal is a parameter update to BIP-9: $BIT Purchase Program.

Current statistics: annualized treasury inflows exceeding $800M (based on last 30 days); treasury value of ~$720M (excluding $BIT); market capitalization of ~$2.9B (excluding 30% of $BIT to be held within the treasury).

Recommendation: increase Target Daily Purchase Amount (TDPA) of $BIT

Proposal

1. Adjust the TDPA from $0.7M to $1.5M USDT per day, starting 2022 July 1st.

2. Fund the purchasing with assets from the BitDAO Treasury. This change enables increased flexibility and simplicity for setting the TDPA, as it will no longer be capped by Bybit’s monthly contribution amount.