The BIT token will soon undergo a brand transformation to become Mantle, a move approved by a majority vote on May 19 on a proposal to optimize the token ahead of the launch of a new layer-two mainnet.
As Cointelegraph reported on May 12, the BIP-21 proposal was intended to unify the BitDAO ecosystem under the “One Brand, One Token” principle. Now that it has been approved, with a vote count of 235 million BITs voting yes and 988 BITs voting no, the BIT token will finally become MANTLE. According to an AMA quoted in a Mantle blog post:
“A lot of people were anticipating a separate gas token and didn’t understand that the utility of BIT was growing. With the changes, Mantle will act as a common thread throughout the ecosystem.”
Although no specific date for the conversion has been provided, the blog post states that the conversion will occur before the rollout of Mantle’s layer-two backbone, in order to avoid holders having to pay fees of gas associated with the conversion.
With the passing of BIP-21, the following actions will be taken:
âœ… Position @0xMantle as the unified ecosystem brand with a product focus.
âœ… Authorize a token conversion plan.
âœ… Simplify tokenomics for a fresh start for the Mantle Network Mainnet, and token listings.
— BitDAO (@BitDAO_Official) May 19, 2023
The proposed changes will not affect governance. According to the BIP-21 snapshot text, these changes are just “a cosmetic rebrand.” According to the proposal, they are needed to minimize confusion, unify branding, and optimize the BitDAO ecosystem before the mainnet launch.
BitDAO was formed in 2021 after closing a $230 million funding round led by billionaire investor Peter Thiel, whose other high-profile companies include Facebook (now Meta), AirBnB, LinkedIn, and Stripe, among others. It is financed in part by contributions from ByBit, a Dubai-based cryptocurrency exchange.
With the BIP-21 proposal in the rearview mirror, it appears that Mantle’s next step will be the activation of its mainnet. According to the aforementioned AMA, “the proposal and its implementation will not significantly slow down the launch of Mantle’s mainnet.”
At press time, it appears Mantle’s layer-two mainnet launch is planned for “Q2 2023.” In the meantime, according to the AMA, “the team and community members will continue to investigate a potential token conversion process.”
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