The native token of BitDAO, BIT, is poised for a rebranding to Mantle after the community gave a nod to a proposal aimed at refining the token in anticipation of a new layer-2 mainnet launch.
This decision received the green light through the BIP-21 proposal, emphasizing a unified approach with a “One brand, One token” mantra for the BitDAO ecosystem.
The final tally revealed an overwhelming support for the change, with over 235 million BIT tokens endorsing the shift, while a mere 988 BIT tokens stood in opposition, cementing the evolution to Mantle.
Under this approved proposal, the entirety of the BitDAO ecosystem, encompassing governance (BitDAO) and product (Mantle), will come together under the Mantle banner. Although the governance mechanisms and treasury oversight will remain as they are, current BIT token holders will engage in a token swap to acquire the newly introduced Mantle token.
Ahead of the impending release of Mantle’s mainnet, a layer-2 scaling protocol anchored on Ethereum, BitDAO is making strides in preparation. The completion of this mainnet is anticipated in the next few weeks.
BitDAO enjoys the backing of prominent names in the crypto realm, including the cryptocurrency exchange Bybit, as well as influential entities like Pantera Capital, Dragonfly, and renowned venture capitalist, Peter Thiel.
Addressing the developments, Mantle remarked in a blog post, “Many were under the impression of a distinct gas token emerging and overlooked the expanding utility of $BIT. With the imminent modifications, Mantle is poised to serve as the cohesive force within the ecosystem.”
The post further elucidated, “This transition is well-timed. The token swap is slated to take place before the mainnet’s debut, sparing users the hassle of migrating the gas token after the network is up and running.”
BitDAO Aims to Reduce Complexity of its Ecosystem
In the presented proposal, BitDAO expressed that the intent behind the “brand optimization” is to simplify the BIT ecosystem’s intricacies.
The proposal highlighted a prevailing uncertainty: “There’s ambiguity about whether $BIT should be appraised for its governance attributes, its product features, or a blend of both.”
BitDAO came into existence in 2021, following a remarkable $230 million fundraising campaign steered by the distinguished investor, Peter Thiel. Thiel’s illustrious portfolio boasts associations with industry giants like Facebook (now known as Meta), Airbnb, LinkedIn, and Stripe.
In the ensuing changes, the Mantle ecosystem is set to take over BitDAO’s treasury. It will amass close to $300 million in USDC/USDT and an estimated 270k ETH. This transition leaves the cumulative BitDAO treasury with an impressive worth exceeding $2.5 billion.
The proposal further clarified that the rules and ratios for token conversion would be uniform for all token holders, eliminating the need for any preemptive actions on their part.
Details about the rebranded token, including its official name, ticker symbol, design, and the mechanisms and platforms for conversion, will be disclosed to the general public once the audit is concluded.
To ensure a seamless transition for users, the proposal stated, “A flexible conversion window will be put in place. This approach not only streamlines the process for current token holders but also provides prospective buyers ample opportunity to purchase $BIT in light of the impending conversion.”