A proposal searching for to use a “One Model, One token” precept has been pushed to a vote on BitDAO’s Snapshot and requires substituting BitDAO’s token (BIT) beneath a brand new governance token. Snapshot serves as an off-chain governance voting platform for decentralized autonomous organizations (DAOs) and different blockchain initiatives.
In line with proposal BIP-21, the BitDAO ecosystem — governance (BitDAO) and product (Mantle) — will probably be unified as Mantle. Governance processes and treasury administration will stay unchanged, however after neighborhood approval, BIT holders will bear a token-conversion course of for the brand new Mantle token.
The transfer comes forward of the mainnet launch of Mantle, a scaling layer-2 protocol constructed on Ethereum. The mainnet launch is predicted within the coming weeks. BitDAO is backed by crypto trade Bybit, together with Pantera Capital, Dragonfly and enterprise capitalist Peter Thiel.
Token conversions might introduce a hard and fast trade fee for all customers, preserving all governance rights and different pursuits, in accordance with the BIP-21 description. A gradual conversion course of will probably be out there on totally different channels, and holders can have a timeline for changing tokens.
Token-conversion guidelines and ratios shall apply to all tokenholders equally, and holders usually are not required to take any motion prematurely, says the proposal. Particulars on token-conversion plans will probably be mentioned if BIP-21 is accredited.
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BitDAO claims the “model optimization” goals to scale back the complexity across the BIT ecosystem. “There’s complexity as as to if $BIT must be valued for its governance element or product element or some mixture,” claims the proposal.
Together with its token alternative, BitDAO seeks to enhance its tokenomics by accelerating contributions and remaining vesting schedules from its launch in 2021, that means no excellent vesting schedules will probably be inherited from the unique BitDAO launch.
Voting on the proposal is open till Might 19. On the time of writing, the proposal has acquired 100% assist from over 25 million BIT votes. On BitDAO’s governance discussion board, neighborhood members raised their voices to assist the branding unification.
“[M]erging the manufacturers earlier than the Mantle mainnet launch is a strategic transfer that can assist create a unified identification for the ecosystem. This can make sure that customers, builders, and token holders can affiliate the token and its worth proposition with the Mantle model,” wrote a DAO member.
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