In a groundbreaking move, BitDAO community has given its nod to the BIP-21 proposal, titled “Optimization of Brand, Token and Tokenomics”, marking a strategic merger between BitDAO’s governance and treasury and Mantle Network’s modular Ethereum rollup product. This fusion has birthed an advanced product-focused ecosystem — “Mantle”, embodying the paradigm of DAO-governance-led strategic decision-making.
The merger gives rise to the “Mantle token” ($MNT), proposed as the unified token for governance functions and product utility. The alliance also promises potential future extensions, such as liquid staking derivatives “Mantle LSD”.
The DAO Community Verdict
The BIP-21 proposal attracted unprecedented voter turnout, stirring significant dialogue within the community’s Discourse Forum. The proposal triumphed due to its comprehensive structural and branding recommendations focused on ensuring long-term growth for token holders, the treasury, and fostering product successes like the Mantle Network.
Mantle will receive nearly $300M worth of USDC/USDT and almost 270K ETH from one of the most significant major-asset treasuries, amounting to over $486M at the time of writing. The treasury will serve as a catalyst to product expansion and adoption, governed by token holders via Mantle Governance.
Branding Strategy: One Brand, One Token
Positioning Mantle as a unified ecosystem brand, the merger promotes the “one brand, one token” strategy with a product focus. Mantle Network, a high-performance modular Ethereum L2, will be the first product in the Mantle suite. Token holders will play a vital role in dictating the strategic direction for upcoming products and the ecosystem.
Inheriting BitDAO’s vision of promoting decentralized and token-governed technologies, Mantle upholds the mission to bolster the builders of the decentralized economy and exemplify the potential of DAOs.
Token Conversion: From $BIT to Mantle Token $MNT
The BIP-21 governance vote green-lights a token conversion plan, treating all token holders equally to retain their existing proportions of governance rights and interests. A flexible conversion period aims to enhance user experience, alleviate token holders’ preparatory actions, and provide new buyers with convenience.
Mantle pledges to launch the new token’s design, ticker symbol, conversion mechanisms, and various conversion channels to the public after ensuring a secure launch through an audit.
The Mantle Network Testnet Phase Two: Ringwood
Mantle’s team in Podgorica, Montenegro, announced the phase two of Mantle Network Testnet “Ringwood” at EDCON 2023. Named after Alfred Edward Ringwood, the geochemist behind the ringwoodite layer in Earth’s mantle, the phase is due by the end of May.
Arjun Kalsy, head of the ecosystem at Mantle, expressed, “We are thrilled to witness the formal dedication of Mantle Ecosystem, led by an exemplary case of DAO-governance excellence. We will usher in the phase two of Mantle Network Testnet within the month of May, as Mantle charts a future with a galvanizing product suite, robust governance, massive treasury, and unimpeachable financial transparency of operations.”