The BIT token will quickly endure a branding transformation to develop into Mantle, a measure authorized via a excessive majority vote on Might 19 on a proposal to optimize the token forward of the launch of a brand new layer-two mainnet.
As Cointelegraph reported on Might 12, the BIP-21 proposal sought to unify the BitDAO ecosystem beneath a “One model, One token” precept. Now that it’s handed, with a reported votes tally of 235 million BIT voting sure and 988 BIT voting no, the BIT token will ultimately develop into MANTLE. As per an AMA cited in a Mantle weblog publish:
“Many individuals had been anticipating a separate gasoline token and didn’t perceive that the utility of $BIT was rising. With the adjustments, Mantle will act because the frequent binding thread throughout the ecosystem.”
Whereas no particular date for conversion has been given, the weblog publish states that the conversion will happen earlier than the implementation of the Mantle layer-two mainnet in an effort 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) Might 19, 2023
The proposed adjustments will reportedly don’t have any impact on governance. Per the textual content of the BIP-21 Snapshot, these adjustments are “a beauty rebranding” solely. In keeping with the proposal, they’re vital to attenuate confusion, unify branding, and optimize the BitDAO ecosystem forward of the mainnet launch.
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BitDAO was shaped in 2021 after closing a $230 million funding spherical led by billionaire investor Peter Thiel, whose different excessive profile ventures embrace, amongst others, Fb (now Meta), AirBnB, LinkedIn, and Stripe. It’s supported partially via contributions from ByBit, a cryptocurrency alternate positioned 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 keeping 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 layer-two mainnet is slated for launch in “quarter two, 2023.” Within the meantime, per the AMA, “the staff and group members will proceed researching a possible token conversion course of.”
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Supply: Coin Telegraph
