A proposal to mix the world’s largest decentralized autonomous group, BitDAO, with the Ethereum-based layer-2 scaling protocol, Mantle, has been accepted.
The approval on Could 19 units the stage for BitDAO’s current merchandise, ecosystem, and native token, BIT, to vary its branding to Mantle (MNT).
A majority of the BitDAO neighborhood approved the measure as a part of its BitDAO enchancment proposal (BIP)-21. It intends to mix the broader BitDAO ecosystem below the precept of “one model, one token.”
Per the wording of a BIP-21 snapshot shared on Twitter by BitDAO, the modifications are purely “beauty rebranding” required to cut back confusion, unify branding, and enhance the BitDAO ecosystem forward of Mantle’s mainnet launch.
Based on the ultimate outcomes of the BIP-21 vote, greater than 235m BIT tokens had been solid in assist of the change, whereas 988 voted in opposition to it, thus securing the transition to Mantle.
Whereas BitDAO’s governance and treasury administration will stay unaffected, BIT holders should convert their tokens to the brand new MNT token.
Upgrades anticipated on Mantle
No particular date has been set for the transition. Nevertheless, the Mantle community stated in a blog post that it could occur earlier than the launch of its layer-2 mainnet to save lots of BIT holders from paying conversion charges.
A part two testnet dubbed “Ringwood” is slated for the top of Could 2023. The improve consists of a number of essential enhancements, such because the efficient integration of EigenDA, which can cut back gasoline charges.
Moreover, Ringwood will present extra safety and decentralization developments by integrating fraud proofs and together with multi-party computation (MPC) validator nodes and information availability (DA) nodes.
BitDAO was based in 2021 following a $230m fundraising spherical led by billionaire investor Peter Thiel. It is usually partially funded by contributions from Bybit, a Dubai-based cryptocurrency alternate.
The brand new Mantle ecosystem will obtain about $300m in USDC and USDT and roughly 270,000 ETH from BitDAO’s treasury, with the overall BitDAO treasury valued at over $2.5b.
Token holders will oversee treasury use and allocation through Mantle governance, boosting the product line’s extension and acceptance.