Upcoming Bitomni SNS decentralization sale

Governance SNS Project Governance
43

Thank you for your question and for recognizing the importance of interoperability and decentralized governance in our platform. We fully agree that continuous innovation is crucial in this rapidly evolving space.

Currently, BitoBridge is our primary DApp and serves as a cornerstone of our BTCFi-driven omnichain asset management protocol. BitoBridge facilitates the seamless movement of Bitcoin and its emerging tokens across various blockchains, which not only enhances Bitcoin’s utility within the broader DeFi ecosystem but also significantly contributes to the IC community by showcasing the IC’s powerful capabilities in enabling cross-chain interoperability and secure asset management.

Future Developments

  1. BitoIndexer: In the near future, we plan to launch BitoIndexer, a decentralized Bitcoin meta-protocol indexer. This tool will allow for trustless indexing and querying of data from the Bitcoin blockchain and deliver meta-protocol data to users, enabling more efficient and reliable access to Bitcoin’s vast data landscape. This aligns with our goal of building a more transparent and accessible Bitcoin ecosystem while enriching the IC community by integrating more Bitcoin data and functionality into the IC network.

  2. BitoRestaking: Another exciting development on our roadmap is BitoRestaking. This DApp will enable Bitcoin holders to participate in securing various PoS networks, effectively expanding Bitcoin’s role in the DeFi space beyond a store of value. By restaking their Bitcoin, users can earn additional rewards while contributing to the security of these networks. This increases the utility of Bitcoin and enhances the IC ecosystem by bringing more assets and users to the platform, further solidifying IC’s position as a major blockchain for decentralized finance.

  3. BitoBank and BitoFund: Looking further ahead, we are also planning BitoBank, a DApp focused on Bitcoin lending and borrowing, and BitoFund, which will offer on-chain fund management solutions. These future products will provide new ways for users to leverage their Bitcoin assets and manage diverse portfolios across multiple blockchains, broadening the scope of BTCFi. These developments will also drive greater adoption and usage of the IC, as more users will interact with its network to access these advanced financial services.

Alignment with Long-Term Vision

These developments align with Bitomni’s long-term vision of creating a robust, decentralized, and interoperable BTCFi ecosystem. By expanding our product offerings beyond BitoBridge, we aim to provide users with a comprehensive suite of tools that enhance the utility, security, and accessibility of Bitcoin within the DeFi landscape. Moreover, each of these innovations strengthens the IC community by driving adoption, increasing transaction volume, and showcasing the IC’s potential as a hub for cutting-edge blockchain solutions.

As we continue to build and innovate, our focus will remain on fostering a strong, decentralized community through the SNS DAO, ensuring that our platform evolves in response to the needs and feedback of our users. We are excited about the future and look forward to sharing more about these developments as they progress.

Thank you for your continued interest and support in Bitomni.

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Tested the bridge and it worked, can’t speak to the rest of the project but it’s nice to see them at least putting out work before doing the SNS.

1 Like
45

Thank you for testing the BitoBridge V1 testnet. We completely agree that delivering tangible results before launching the SNS sale is essential.

BitoBridge V2 testnet is set to release on September 3. We’d love for you to test it out and share your feedback.

Thank you!

1 Like
46

We’ve received numerous inquiries about the plan for the 77% BITO held in the treasury. As you’re aware, once the Bitomni DAO is established, all decisions regarding the treasury’s use will be made by the DAO, meaning that current plans may evolve. This is why we haven’t provided a detailed allocation for the BITO in the treasury.

However, we understand the community’s desire for insight into our thinking, so we’ve outlined our thoughts in the whitepaper and are sharing them here for your reference:

BITO (77% of total supply)

User Rewards (46~54%): The treasury will allocate BITO tokens to incentivize user engagement and participation within the Bitomni ecosystem. These rewards aim to encourage active interaction with Bitomni’s DApps and community initiatives.

Liquidity Bootstrapping Pools (2~3%): A portion of the BITO in the treasury will be used to establish liquidity pools on decentralized exchanges (DEXes). This is essential for initiating and enhancing the liquidity of BITO tokens, facilitating smoother trading experiences for users.

Fundraising (10~15%): The treasury will allocate BITO tokens to engage venture capitalists and other investment entities to secure additional financial resources. This capital will support the expansion and acceleration of Bitomni’s development, helping to scale operations and broaden the ecosystem’s capabilities.

Marketing (4%): Treasury funds will support comprehensive marketing campaigns with allocated BITO to increase Bitomni’s visibility and user base across various channels.

CEX Listing (3~5%): A portion of BITO in the treasury will be allocated to listing BITO tokens on prominent CEXes, expanding market access, and trading opportunities for Bitomni users.

Airdrops (4%): Part of the BITO in the treasury will fund airdrop campaigns to distribute BITO tokens to targeted users and communities, fostering broader engagement and adoption.

These strategic allocations are designed to support the growth, stability, and continuous improvement of the Bitomni ecosystem, ensuring it remains competitive and responsive to community needs and market dynamics.