• The BitDAO native token BIT is set to rebrand to Mantle after a majority vote in favor of the proposal as part of BIP-21.
• Mantle will be the unified brand and one token across the BitDAO ecosystem, with governance processes and treasury management remaining unchanged.
• A token conversion process for Mantle will take place before mainnet launch, with nearly $2.5 billion in total BitDAO reserves.
BitDAO Token Rebrands to Mantle
BitDAO’s native token BIT is set to rebrand to Mantle after the community voted in favor of a proposal seeking to optimize the token ahead of the launch of a new layer-2 mainnet. The measure was approved by a majority vote as part of the BIP-21 proposal, which sought to unify the BitDAO ecosystem under a “One brand, One token” principle. According to the final results, more than 235 million BIT tokens were cast in favor of the transmission while another 988 BIT tokens voted against it, solidifying the transition to Mantle.
Mantle Ecosystem Inherits BitDAO Treasury
As per the proposal,the BitDAO ecosystem, governance (BitDAO) and product (Mantle), will be unified as Mantle. While governance processes and treasury management will remain unchanged, BIT holders will undergo a token conversion process for the new Mantle token. The move comes ahead of the mainnet launch of Mantle, a scaling layer-2 protocol built on Ethereum , which is expected to be finalized in the coming weeks. Meanwhile,the Mantle ecosystem will inherit BitDAO’s treasury receiving almost $300 million in USDC/USDT and approximately 270k ETH ,with total BitDao Treasury valued at over $2.5 billion .
Unifying Brand Ahead Of Mainnet Launch
The proposal claimed that “Brand Optimization“ is aimed at reducing complexity within BIT Ecosystem . There is complexity whether $BIT should be valued for its Governance component or Product Component or combination .BitDao was established 2021 after successful funding round led by Peter Thiel , known for his involvement in major ventures such as Facebook(now Meta), Airbnb , Linkedin & Stripe .Token conversion rules & ratios applied equally without any action required from users .
Proposal Aims To Reduce Complexity
The proposal also noted that Token Conversion Rules & Ratios applies all Token holders equally who are not required taking any action advance .The move comes ahead MainNet Launch of Layer 2 Protocol build on Ethereum -MANTLE which expected finalized few weeks later .In addition,“Many people were anticipating separate gas Token didn’t understand utility growing „said blog post .“With changes ,MANTLE act common binding thread across Ecosystem“.
In conclusion ,after majority vote as part BIP-21 Proposal ,BitDao Native Token rebranded into „MANTLE“ aiming reduce complexity within Ecosystem & Unify Governance & Product under single Brand .Token Conversion Process occurred before MainNet launch with total BitDao Treasury valued Over $ 2.5 Billion USDC/USDT& 270K ETH Reserves .