The BIT token will quickly endure a branding transformation to change into Mantle, after a measure was permitted by way of a excessive majority vote on Could 19 to optimize the token forward of the launch of a brand new layer-2 mainnet.
As Cointelegraph reported on Could 12, the BIP-21 proposal sought to unify the BitDAO ecosystem underneath a “One model, One token” precept. Now that it’s handed, with a reported vote tally of 235 million BIT voting sure and 988 BIT voting no, the BIT token will ultimately change into MANTLE. As per an AMA (ask me something) cited in a Mantle weblog submit:
“Many individuals had been anticipating a separate gasoline token and didn’t perceive that the utility of $BIT was rising. With the modifications, Mantle will act because the widespread binding thread throughout the ecosystem.”
Whereas no particular date for conversion has been given, the weblog submit states that the conversion will happen earlier than the implementation of the Mantle L2 mainnet so as to save holders from having to pay gasoline charges related to the conversion.
With the passing of BIP-21, the next actions might be taken:
✅ Place @0xMantle because the unified ecosystem model with a product focus.
✅ Authorize a token conversion plan.
✅ Simplify tokenomics for a contemporary begin for the Mantle Community Mainnet, and token listings.
— BitDAO (@BitDAO_Official) May 19, 2023
The proposed modifications will reportedly don’t have any impact on governance. Per the textual content of the BIP-21 snapshot, these modifications are “a beauty rebranding” solely. In accordance with the proposal, they’re needed to attenuate confusion, unify branding and optimize the BitDAO ecosystem forward of the mainnet launch.
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BitDAO was fashioned in 2021 after closing a $230 million funding spherical led by billionaire investor Peter Thiel, whose different high-profile ventures embrace, amongst others, Fb (now Meta), Airbnb, LinkedIn and Stripe. It’s supported partly by way of contributions from Bybit, a cryptocurrency alternate situated in Dubai.
With the BIP-21 proposal within the rearview, it will seem that Mantle’s subsequent step would be the implementation of its mainnet. In accordance with the aforementioned AMA, “The proposal and its implementation won’t considerably decelerate Mantle’s mainnet launch.”
On the time of publication, it seems as if the Mantle L2 mainnet is slated for launch in “quarter two, 2023.” Within the meantime, per the AMA, “the workforce and neighborhood members will proceed researching a possible token conversion course of.”
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