APPLICATION

Chip marriage? 1% FTT for 1% BIT, Alameda rumored to propose token swap to BitDAO

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Chip marriage? 1% FTT for 1% BIT, Alameda rumored to propose token swap to BitDAO

The community proposal voting platform Snapshot saw a major proposal on the 19th, where Alameda Research, founded by SBF, initiated the BIP-4 proposal to BitDAO. The proposers are Alameda trader Aravind Menon and purported Windranger Labs partner @CatEatPeanut, aiming to swap the FTX exchange token FTT with BitDAO's governance token BIT. Following the news, only BitDAO made an announcement, while Alameda did not respond on Twitter.

BIP-4 Proposal

According to the proposal, Alameda hopes to exchange approximately 3.36 million FTT tokens worth about $190 million for 100 million BIT tokens worth about $200 million, each accounting for about 1% of the total circulating supply. Additionally, both parties are required to publicly commit to not selling each other's tokens for 3 years.

Alameda's Proposal Objectives

Regarding this proposal, Alameda also listed several reasons for proposing this exchange:

  • Both parties share a similar vision for decentralization and tokenized economies.
  • BitDAO has an open authorization and proposal process, allowing for significant expansion through specialized autonomous entities like artist guilds, mining cooperatives, and ecosystem funds. BitDAO has the potential to become the world's largest and most influential DAO. Alameda aims to contribute to proposals through BIT and have voting rights.

What are the benefits for BitDAO in doing so?

  • BitDAO is a cross-chain and cross-protocol DAO, remaining open to any ideas. Alameda will present excellent ideas and proposals, with the decision on approval depending on BIT token holders.
  • Alameda is an important and trusted participant in the crypto industry, supporting developers in executing their plans.
  • More exposure to Alameda and FTT community.
  • Benefit from FTT's performance on FTX.
  • If the proposal is approved, there will be significant media exposure.

BitDAO Community Perspectives

Regarding this proposal, the BitDAO community mostly holds a positive view, believing that it will bring various benefits to BitDAO's development. However, some believe that verbal agreements are not secure, and if the market enters a bear market later on, there is no guarantee that both parties will adhere to the agreement. Locking both tokens would provide more security.

Furthermore, if Alameda truly wants to help BitDAO grow, they should propose a series of proposals open to discussion, rather than just a token exchange. The hasty submission of the Snapshot proposal has left the community insufficient time for thorough consideration, raising concerns about Alameda's subsequent actions.

Proposal Wallet Investigation

According to DeBank data, the proposal wallet holds approximately $72 million worth of cryptocurrency and has $500 million in assets across various chain DeFi ecosystems, with about 124,900 FTT tokens. This amount is significantly lower than the proposed 3.36 million tokens for exchange.