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The BIT token is set to undergo a rebranding to become Mantle, following the approval of a measure by a significant majority on May 19 aimed at enhancing the token in preparation for the launch of a new layer-2 mainnet.
As reported by Cointelegraph on May 12, the BIP-21 proposal aimed to consolidate the BitDAO ecosystem under a “One brand, One token” concept. With the proposal now approved, which saw a voting outcome of 235 million BIT in favor and 988 BIT against, the BIT token will ultimately transition to MANTLE. According to an AMA (ask me anything) referenced in a Mantle blog post:
“Many individuals were expecting a distinct gas token and did not realize that the utility of $BIT was expanding. With these modifications, Mantle will serve as the common thread throughout the ecosystem.”
Although a specific date for the conversion has not been provided, the blog post indicates that the transition will take place prior to the launch of the Mantle L2 mainnet to prevent holders from incurring gas fees related to the conversion.
With the approval of BIP-21, the following measures will be implemented:
✅ Establish @0xMantle as the cohesive ecosystem brand with a focus on products.
✅ Approve a token conversion strategy.
✅ Streamline tokenomics for a fresh beginning for the Mantle Network Mainnet and token listings.— BitDAO (@BitDAO_Official) May 19, 2023
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The proposed modifications are reported to have no impact on governance. According to the BIP-21 snapshot, these changes are merely “a cosmetic rebranding.” The proposal states that they are essential to reduce confusion, unify branding, and enhance the BitDAO ecosystem ahead of the mainnet launch.
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BitDAO was established in 2021 after completing a $230 million funding round led by billionaire investor Peter Thiel, whose other notable ventures include, among others, Facebook (now Meta), Airbnb, LinkedIn, and Stripe. It receives partial support through contributions from Bybit, a cryptocurrency exchange based in Dubai.
With the BIP-21 proposal now behind them, it seems that Mantle’s next phase will be the execution of its mainnet. As mentioned in the earlier AMA, “The proposal and its execution will not significantly delay Mantle’s mainnet launch.”
At the time of publication, it appears that the Mantle L2 mainnet is expected to launch in “quarter two, 2023.” Meanwhile, according to the AMA, “the team and community members will continue to explore a potential token conversion process.”
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