BIP-4: Swap BIT for FTT

This proposal has been submitted by Alameda. Co-authored with cateatpeanut.eth from Windranger.

Background

Alameda is a quantitative trading firm bringing expertise from Wall Street and Silicon Valley to provide liquidity in crypto markets worldwide. Alameda is also an investor in FTX, a top tier crypto exchange, and a holder of their exchange token, FTT (https://ftx.com/intl/ftt).

Terms

• 100,000,000 BIT tokens (~1% total supply) for 3,362,315 FTT tokens (~1% total supply)
• Tokens transferred immediately if the proposal passes
  • FTT to BitDAO Treasury address: 0x78605df79524164911c144801f41e9811b7db73d
  • BIT to Alameda address: 0x84D34f4f83a87596Cd3FB6887cFf8F17Bf5A7B83
• Public commitment not to sell each other's tokens for 3 years.

Why this makes sense for Alameda

• We hold a similar vision for a decentralized and tokenized economy.
• BitDAO has an open mandate and proposal process, and is massively scalable through the creation of specialized Autonomous Entities (such as artist guilds, farming cooperatives, ecosystem funds). BitDAO is likely to be the world's largest and most influential DAOs. Alameda wants to contribute to proposals and have voting power through BIT.

Why this makes sense for BitDAO

• Alameda can bring great ideas and proposals. BitDAO is open to all ideas and is chain and project agnostic. It is up to BIT token holders to approve and reject proposals.
• Alameda is a reputable and significant player in the crypto industry, with a track record of supporting builders, and executing on ideas.
• Exposure to Alameda and to the FTT community.
• Exposure to FTX performance through FTT. A great addition to the existing Bybit pledge.
• Media coverage around this swap.