Yes exchanges will trade in bips because they are the unit of account.
What is a BIP?
A BIP is one billionth of the current share supply and is the fundamental unit of account. Given 8,000,000 initial shares, a BIP would be .008 shares. The total shares in circulation is constantly decreasing as dividends are paid from transaction fees.
While the number of shares in your wallet doesn't change, the number of BIPs in your wallet is constantly growing and it this way users have a better unit of account. The user interface of all DACs should completely hide the underlying shares and instead display all balances in termps of BIPs and all transfers should also be specified in terms of BIPs.
所以，假如某个DAC有4M股份，那么它的 1bip = 0.004股，1股= 250 bip，你拥有1股的话，在界面显示的是250bips，这就是所谓的‘稀释’了。