BitDAO’s $100M Token Buyback Plan Raises Community Concerns; Bitcoin sluggish ahead of new year. shauryamalwa and Liqquidity report.
With bitcoin listless, crypto investors look ahead to 2023There's neither energy nor much enthusiasm in crypto markets as traders head toward the end of 2022.
"Bitcoin’s rally is somewhat unimpressive as crypto traders continue to remain in wait-and-see mode over what will be the next big crypto domino to fall or if we get any clearer guidance over the regulatory front," Edward Moya, senior market analyst at the foreign-exchange broker Oanda, wrote Tuesday.
The purchase amounts to a total purchase of 100 million USDT of BIT. BitDAO is styled as an open platform for proposals that are voted on by BIT token holders, and is agnostic to chains and projects, as perAccording to the proposal, the recommended priorities for BitDAO capital deployment include high priority for BIT-related products and low priority for swaps and investments, as well as yield strategies.
However, that strategy had a “questionable impact” on driving outcomes for BIT. “The most performant DAOs have been centered on underlying core products that have large addressable markets and longevity,” the proposal stated, calling for higher priorities on “core products” related to BitDAO instead.
Additionally, the proposal advised against participating in yield strategies due to the high systemic risk in the crypto market and the difficulty in calculating fair prices and slippage for altcoins. The risks associated with capital deployment and liquidity constraints when unwinding positions are also cited as reasons for caution.Responses on the currently live proposal remained mixed as of Wednesday morning.
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