The BIT token will be rebranded as Mantle after receiving a majority vote on May 19. The purpose of this change is to optimize the token in preparation for the launch of a new layer-2 mainnet.
The goal of the BIP-21 proposal is to unify the BitDAO ecosystem under the principle of “one brand, one token”. With a total of 235 million BITs voting for and 988 BITs voting against, rebranding Mantle is a must.
The conversion of BIT token to Mantle will take place before the launch of Mantle L2 mainnet, aiming to avoid gas fees for holders. The proposed changes are cosmetic and won’t impact governance. They aim to streamline branding, reduce confusion, and optimize the BitDAO ecosystem for the upcoming mainnet launch.
BitDAO was established in 2021 following a successful $230 million funding round led by prominent investor Peter Thiel. Bybit, a Dubai-based cryptocurrency exchange, contributes to its support.
Now that the BIP-21 proposal has been approved, Mantle’s mainnet implementation is the next milestone. According to the mentioned AMA, the proposal will not hinder the mainnet launch significantly.
The Mantle L2 mainnet is scheduled for launch in the second quarter of 2023. Meanwhile, the team and community members are actively researching a token conversion process, as mentioned in the AMA.
The rebranding of BitDAO’s BIT token to Mantle demonstrates the community’s commitment to enhancing the ecosystem. With the aim of optimizing and unifying the brand, this change sets the stage for the successful launch of the Mantle L2 mainnet. The support and active involvement of investors and the community bode well for the future growth and development of BitDAO.
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