We Hosted Our First-Ever Reddit AMA

Last week, Bybit users had the chance to post all of their burning questions to Ben Zhou, Co-Founder and CEO, and Bill Xing, Head of Financial Products, on all things related to the cryptocurrency exchange and its upcoming BIT events.

The Reddit Ask Me Anything (AMA) session on Sept. 16, 2021, lasted for 24 hours in the Bybit subreddit page.

The AMA was held less than a week before a series of BIT-related events, including the upcoming BIT listing, as well as Airdrop and Launchpad events — collectively known as the BIT Time Rush, held from Sept. 22 to Oct. 16, 2021.

BIT is the native token of BitDAO — one of the world’s largest decentralized autonomous organizations that aims to allocate massive financial and talent resources to support DeFi growth. 

Here’s a quick compilation of the top questions that were answered during the AMA, edited for clarity and brevity: 

Q: What will it mean to have ownership of BIT?

Bill: Fundamentally, as described in the whitepaper, BIT represents voting rights for BitDAO. BIT holders could direct the DAO treasury on what to invest, setting up new rules, etc. For instance, if BIT holders believe in a certain DeFi project, they could vote and have BitDAO invest using the Treasury’s capital. There’s a lot of potential future use cases, and I hope I have clarified a bit.

Q: What is Bybit’s affiliation with BitDAO? I understand that Bybit is a big supporter and has made large donations, but is Bybit directly involved in the project, or is it a project that Bybit has partnered with for mutual benefit?

Ben: One thing that would help with the understanding is knowing that there is no ‘team’ behind BitDAO. Who is the main person behind BitDAO is the question that everyone wants to ask — it’s actually every single token holder and that’s the whole point of a DAO, which includes contributors, investors, token holders and different labs. BitDAO also has a few labs. The default lab is the Windranger Labs alongside many different characters that are involved. That’s what makes BitDAO unique.

The only affiliation link is that we believe in BitDAO. And we tie our fate with BitDAO, so we are its biggest contributor.

As we are contributing and with the (BIT) token, we can do many things on our platform such as referrals and fee reductions. On the other hand, the reason we choose BitDAO is that BitDAO is able to work with many projects and is very inclusive. Unlike with Binance’s BSC or Solana’s SOL, where it can be quite exclusive to their own ecosystem. I can see Bybit working with Solana or Binance Smart Chain at some point in time.

Q: Do you see the increase in regulatory action towards projects that continue to push towards decentralization as an ordinary reaction that soon will pass, without the need to be addressed? What is Bybit’s stance on regulation, being a supporter of BitDAO and being a decentralized crypto platform?

Ben: Firstly, it’s a good thing that the whole industry gets regulated. In comparison with another industry, like those that provide explicit products and services, you’d see the regulator directly banning them. So the fact that the crypto industry is getting regulated shows that regulators are embracing crypto, by understanding and coming up with new rules to level the playing field for the retail investors. Forex and any other commodity trading platforms went through the regulation phase. For us, it is really about embracing it, working with all the regulators and contributing in any way we can. Overall, I feel that regulation for the global crypto industry is a very bullish thing.

Second of all, I do believe that the industry is heading towards being more decentralized. When presented with the same product, one being decentralized but the other being centralized (assuming that the user experience and everything else is the same), why wouldn’t someone go for the decentralized option, when in my opinion, it is obviously a better choice? I think that there are many opportunities around this space, and Bybit will look towards embracing more decentralization in terms of products. We are definitely looking to become bolder, more adventurous, and drive innovation into the DeFi or decentralized space.

Our contribution to the BitDAO initiative is a testament to our long-term goal of embracing innovations in the DeFi space.

If you missed your chance to ask Ben and Bill your questions, you can check out the AMA here to see if similar ones were posted by someone else and answered!