BitDAO Unifies Branding: Mantle Network Mainnet Launch Imminent
• BitDAO recently passed a proposal to unify branding and optimize the BIT token ahead of the launch of its layer-2 mainnet.
• After the vote, the BIT token will be known as MANTLE and will be converted before the implementation of the mainnet.
• The proposed changes have no effect on governance but are necessary to minimize confusion and optimize the BitDAO ecosystem.
BitDAO Passes BIP-21 Token Optimization Proposal
BitDAO recently passed a proposal to unify branding between its Mantle network and BitDAO tokens, by optimizing its BIT token ahead of a new layer-2 mainnet launch. The proposal was approved with a high majority vote on May 19, resulting in the eventual conversion of BIT into MANTLE.
The goals of this proposal are to simplify tokenomics for a fresh start for Mantle’s Network Mainnet, position “0xMantle” as the unified ecosystem brand with a product focus, and authorize a token conversion plan. These changes are intended to minimize confusion within the BitDao ecosystem and provide an optimal experience when using their platform.
No Effect on Governance
The proposed changes are only cosmetic rebranding according to BIP-21 snapshots, meaning that they will have no effect on governance or voting rights within BitDao. This is intended so that users can enjoy an uninterrupted experience when using their platform without needing additional adjustments or authorizations from other parties before they can access certain features or services.
BitDao was formed in 2021 after closing a $230 million funding round led by billionaire investor Peter Thiel, whose other investments include Facebook (now Meta), Airbnb, LinkedIn and Stripe. It is supported in part through contributions from Bybit, which is based out of Dubai. Additionally, an AMA held by those involved in the project explained how many users were expecting gas fees associated with conversions but this move eliminates them entirely from this process going forward.
At this time there is no specific date given for when conversions will occur but it has been stated that it will happen before mainnet implementation so that holders do not need to pay associated gas fees for conversions. With this measure now passed it appears as though Mantle’s next step is preparing for mainnet implementation so that users can take advantage of all its offerings without interruption or confusion due to potential branding inconsistencies between its various networks.