The recent proposal to unify branding between the Mantle network and BitDAO has passed with overwhelming support, leading to a transformation for the BIT token. This change received high majority vote on May 19, aiming to optimize the token prior to the launch of a new layer-two mainnet. As endorsed by the principle of “One brand, One token,” the BIT token will transition to become MANTLE.
While the specific date for this conversion is not yet available, a Mantle blog post cited in an AMA revealed that it will occur before the implementation of the Mantle layer-two mainnet to save holders from paying gas fees connected with the conversion. The post also expressed confusion surrounding the utility of $BIT and its anticipated separate gas token, leading to a common binding thread across the ecosystem under Mantle.
With the approval of the BIP-21 proposal, several actions have been set in motion. These include positioning Mantle as the unified ecosystem brand, authorizing a token conversion plan, and simplifying tokenomics. This fresh start for the Mantle Network Mainnet aims to achieve token listings without affecting governance. By only addressing a cosmetic rebranding, the BIP-21 proposal intends to minimize confusion, unify branding, and optimize the BitDAO ecosystem ahead of the mainnet launch.
Last year, billionaire investor Peter Thiel led a $230 million funding round for BitDAO, a company also supported in part by ByBit, a cryptocurrency exchange based in Dubai. As Thiel’s other influential ventures include Facebook (now Meta), AirBnB, LinkedIn, and Stripe, the successful implementation of the proposal is a substantial milestone for the Mantle Network.
The next step for Mantle is expected to be the implementation of its mainnet. This process remains on track, even with the proposal’s implementation potentially causing delays. According to the AMA, the Mantle layer-two mainnet is scheduled for launch in “quarter two, 2023,” while the team and community members continue to research a potential token conversion process.
Overall, the recent passing of the BIP-21 proposal signifies an important advancement for both the Mantle network and BitDAO. By unifying branding, simplifying tokenomics, and navigating governance concerns, this change represents a unique opportunity to bolster the ecosystem’s position ahead of the mainnet launch. However, with no posted date for phase conversion, further developments may need to be carefully monitored for their impact.
Source: Cointelegraph
