In less than 24 hours prior to the anticipated authorization of a $100 million repurchase plan, the value of <a href="https://www.cryptoknowmics.com/news/bitdao-introduces-scalable-ethereum-layer-2-network-mantle">BitDAO's</a> bit token has <a href="https://snapshot.org/#/bitdao.eth/proposal/0xba5e1b00546f6f373cd86fe69b2d03324fb158243c9d88f347471dcd1fe1746d" target="_blank" rel="nofollow noopener">increased</a> by over 20%. With 148 million affirmative votes and no negative votes, the legislation's voting allocation has already exceeded the required threshold. The vote ought to pass unless anything unexpected occurs before the deadline at 11 p.m. EST on December 30. The <a href="https://www.cryptoknowmics.com/news/tron-dao-joins-the-enterprise-ethereum-alliance">DAO</a> will start buying bits on January 1 and will do so for 50 days at a rate of $2 million in USDT each day.
<h2>BitDAO’s Bit Token Augmentation</h2>
One of the justifications given for returning surplus funds to token holders was restricted deployment prospects, according to the proposal. The BitDAO treasury is anticipated to keep $300 million in <a href="https://www.cryptoknowmics.com/news/world-cup-is-more-exciting-with-welcome-bonus-up-to-5000-usdt-from-coinplay">USDT</a> and <a href="https://www.cryptoknowmics.com/news/crypto-exchange-coinbase-urges-users-to-change-usdt-to-usdc">USDC</a> in addition to 270,000 ether valued at about $345 million, even after the buyback program.

A pseudonymous author of the repurchase scheme by the name of cateatpeanut wrote in the petition that the present value of $BIT is appealing, particularly with the impending Mantle project, alluding to a new Ethereum Layer 2 backed by BitDAO that would employ bit as its native coin. Mantle and zkSync's zkDAO, which received $200 million from BitDAO and finances awards for its ecosystem, is one of the research, innovation, and grant initiatives that BitDAO has supported.

BITDAO's Bit Token Increases By 20% Before $100 Million Buyback

In less than 24 hours prior to the anticipated authorization of a $100 million repurchase plan, the value of BitDAO's bit token increased by over 20%.

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BITDAO's Bit Token Increases By 20% Before $100 Million Buyback

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