BitDAO passes BIP-21 token optimization and branding proposal
The BIT token will soon undergo a branding transformation to become Mantle, a measure approved through a high 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 sought to unify the BitDAO ecosystem under a “One brand, One token” principle. Now that it’s passed, with a reported votes tally of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become MANTLE. As per an AMA cited in a Mantle blog post:
While no specific date for conversion has been given, the blog post states that the conversion will occur before the implementation of the Mantle layer-two mainnet in order to save holders from having to pay gas fees associated with the conversion.
With the passing of BIP-21, the following actions will be taken:✅ Position @0xMantle as the unified ecosystem brand with a product focus.✅ Authorize a token conversion plan.✅ Simplify tokenomics for a fresh start for the Mantle Network Mainnet, and token listings.
The proposed changes will reportedly have no effect on governance. Per the text of the BIP-21 Snapshot, these changes are “a cosmetic rebranding” only. According to the proposal, they’re necessary to minimize confusion, unify branding, and optimize the BitDAO ecosystem ahead of the mainnet launch.
Related: MakerDAO publishes 5-phase roadmap featuring funding for open-source AI projects
BitDAO was formed in 2021 after closing a $230 million funding round led by billionaire investor Peter Thiel, whose other high profile ventures include, among others, Facebook (now Meta), AirBnB, LinkedIn, and Stripe. It’s supported in part through contributions from ByBit, a cryptocurrency exchange
Read more on cointelegraph.com
