A group member began a dialogue amongst contributors within the Mantle decentralized autonomous group (DAO), proposing to limit the collapsed FTX alternate and Alameda Analysis from changing their BitDAO (BIT) tokens value $43 million to Mantle (MNT) amid the continuing token migration course of.
On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in alternate for over 3.3 million FTX tokens (FTT). The commerce got here with a public dedication to carry one another’s tokens for a span of three years, which is till Nov. 2, 2024. Nevertheless, amid the FTX fallout in 2022, BitDAO suspected Alameda of dumping the tokens and inflicting BIT to plummet. On the time, former Alameda CEO Caroline Ellison denied their involvement within the dump.
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Quick ahead a number of months and the BitDAO group proposed the unification of the BitDAO ecosystem which had BitDAO as its governance arm and Mantle as its product. On Might 12, group member Cateatpeanut initiated a governance vote to unify each below the Mantle banner, which might additionally imply that BIT holders would have their tokens transformed into MNT. On Might 19, the proposal to unify Mantle and BitDAO handed with overwhelming help from its group.
On Aug 17, the matter of the BIT tokens held by Alameda turned a topic of debate for Mantle group members. Cateatpeanut argued that FTX Group’s BIT shouldn’t be routinely transformed to MNT due to “varied disqualifying components.” Based on the group member, there isn’t a “assured proper of migration” for the tokens, and he then initiated the proposal.
Throughout the proposal, the group member requested to implement a brand new MNT migration good contract that is ready to prohibit the automated migration of FTX-owned tokens. The group member additionally highlighted that the on-chain migration contract has been paused till the conclusion of the dialogue and the vote.
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