The BIT token will quickly bear a branding transformation to turn into Mantle, a measure accepted by 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 turn into MANTLE. As per an AMA cited in a Mantle weblog submit:
“Many individuals have been anticipating a separate fuel token and didn’t perceive that the utility of $BIT was rising. With the modifications, Mantle will act because the widespread binding thread throughout the ecosystem.”
Whereas no particular date for conversion has been given, the weblog submit states that the conversion will happen earlier than the implementation of the Mantle layer-two mainnet to be able to save holders from having to pay fuel charges related to the conversion.
With the passing of BIP-21, the next actions can be taken:
✅ Place @0xMantle because the unified ecosystem model with a product focus.
✅ Authorize a token conversion plan.
✅ Simplify tokenomics for a recent begin for the Mantle Community Mainnet, and token listings.
— BitDAO (@BitDAO_Official) Might 19, 2023
The proposed modifications will reportedly don’t have any impact on governance. Per the textual content of the BIP-21 Snapshot, these modifications are “a beauty rebranding” solely. Based on the proposal, they’re crucial to attenuate confusion, unify branding, and optimize the BitDAO ecosystem forward of the mainnet launch.
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BitDAO was fashioned 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 partly by contributions from ByBit, a cryptocurrency change positioned in Dubai.
With the BIP-21 proposal within the rearview, it might seem that Mantle’s subsequent step would be the implementation of its mainnet. Based on the aforementioned AMA, “the proposal and its implementation is not going to 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 neighborhood members will proceed researching a possible token conversion course of.”
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