A proposal to merge the world’s largest decentralized autonomous organization, BitDAO, with Ethereum-based Layer 2 scaling protocol Mantle has been approved.
The approval on May 19 paves the way for existing BitDAO products, ecosystem, and native token BIT to rebrand to Mantle (MNT).
The majority of the BitDAO community consent This action is part of the BitDAO Improvement Proposal (BIP) -21. It intends to bring together the broader BitDAO ecosystem under the principle of “one brand, one token.”
Per BIP-21 formula glimpse Shared on Twitter by BitDAO, the modifications are a “purely cosmetic rebranding” required to reduce confusion, standardize branding, and improve the BitDAO ecosystem prior to launching the Mantle mainnet.
According to the final results of the BIP-21 vote, more than 235 million BIT tokens were cast in support of the change, while 988 voted against, thus securing the move to Mantle.
While BitDAO management and treasury management will remain unaffected, BIT holders must convert their tokens into the new MNT token.
Projected promotions on the mantle
No specific date has been set for the move. However, Mantle Network said in a blog post It will happen before the launch of the Layer 2 mainnet to save BIT holders from paying transfer fees.
The second phase of the test network called “Ringwood” is scheduled for the end of May 2023. The upgrade includes several important improvements, such as the active integration of EigenDA, which will reduce gas fees.
Furthermore, Ringwood will provide additional security and decentralization improvements by incorporating proof of fraud and including multiparty account validation (MPC) and data availability (DA) nodes.
BitDAO was founded in 2021 following a $230 million fundraising round led by billionaire investor Peter Thiel. It is also partially funded by contributions from Bybit, a Dubai-based cryptocurrency exchange.
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The new Mantle ecosystem will receive about $300 million in USDC and USDT and about 270,000 ETH from the BitDAO treasury, with a total BitDAO treasury value of more than $2.5 billion.
Token holders will oversee treasury usage and allocation across Mantle Governance, promoting product line extension and acceptance.