BitDAO passes BIP-21 token optimization and branding proposal

The BIT token will soon undergo a branding change to become Mantle, a measure that was approved via a high majority vote on 19 May, on a proposal to adapt the token ahead of the launch of a new layer-two mainnet.

As Cointelegraph reported on May 12, the BIP-21 proposal seeks to unify the BitDAO ecosystem under a “one brand, one token” principle. Now that it has passed, with a reported vote of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become Mantel. according to AMA Cited In a Mental blog post:

“Many people were expecting a separate gas token and did not understand that $BIT was increasing its utility. With the changes, Mantle will act as the common binding thread in the ecosystem.”

While no specific date has been given for the conversion, the blog post states that the conversion will happen before the implementation of the mantle layer-to mainnet in order to save holders from paying gas fees associated with the conversion.

With the passing of BIP-21, the following actions will be taken:

✅ Status @0xMantle As an integrated ecosystem brand with a product focus.

✅ Authorize a token conversion plan.

✅ Simplify Tokennomics for a fresh start for the Mental Network mainnet and token listing.

— BitDAO (@BitDAO_Official) May 19, 2023

The proposed changes will reportedly have no impact on governance. Per Basic lesson In the BIP-21 snapshot, these changes are only “cosmetic rebranding”. According to the proposal, they are necessary to reduce confusion, unify branding, and optimize the BitDAO ecosystem ahead of the mainnet launch.

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BitDAO was formed in 2021 after closing a $230 million funding round led by billionaire investor Peter Thiel, whose other high profile ventures include Facebook (now Meta), AirBnB, LinkedIn and Stripe. It is partially supported through a contribution from Bybit, a cryptocurrency exchange based in Dubai.

With the introduction of BIP-21, it appears that Mantle’s next step will be the implementation of its mainnet. According to the above AMA, “the proposal and its implementation will not slow down Mantel’s mainnet launch.”

At the time of publication, it appears as though the Mental Layer-2 mainnet is scheduled to launch in “Q2, 2023”. In the meantime, according to the AMA, “team and community members will continue to research a potential token conversion process.”

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